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Software Equity Group, L.L.C.
p: (858) 509-2800f: (858) 509-2818
October 2009
Software Equity Group Flash Report
Selected M&A Transactionsand
Financial and Stock Market PerformancePublic Software Companies By Product Category
Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has represented and guided private companies throughout the United States and Canada, as well as Europe, Asia Pacific, Africa and Israel. We have advised public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also represents several of the world's leading private equity firms. We were recently ranked among the top ten investment banks worldwide for application software mergers and acquisitions.
Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domainexpertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.
THE SEG SOFTWARE COMPANY MENTORING PROGRAM
As part of our informal mentoring program, we are currently guiding and advising some fifty software companies around the globe that are not yet exit candidates, but aspire to be in the next few years. We meet with them periodically, invite them to call whenever they’d like our opinion on an operational issue that might have exit implications later on, and we keep them apprised of M&A activity and financings in their product category. And the best news – we don’t charge for this mentoring advice. It’s complimentary. It’s our way of building value, and relationships.
We’re looking for a few more such relationships. We begin with an introductory phone call with companies interested in being mentored, followed by a more in-depth telephone conversation. We’ll then invite qualified candidates to meet personally with four or five members of our team at our San Diego office. During this three to four hour sit-down, we’ll discuss the current market, specifically as it relates to valuations, transactions and trends in your product category. We’ll assess the strengths and weakness of your financial performance, how that compares to other software companies your size, and how that relates to buyer expectations. We’ll discuss your market strategy, sales strategy, sales team track record, software and maintenance pricing strategies, equity structure, and a wide array of other factors that can materially impact your salability and valuation down the road. We’re a terrific sounding board. We’ll give you an informed, honest and frank opinion – that’s what we’re known for. And we’ll offer informed and insightful observations, ideas and options based on 17 years of working with countless software companies worldwide.
If you run a profitable software company with revenue in excess of $10 million, and you’re interested in learning more about SEG’s complimentary, no obligation mentoring program, please contact Kris Beible at [email protected] or 858-509-2800.
ADDITIONAL RESEARCH
For our complimentary current and archived Quarterly Reports from 1Q03, please visit: http://www.softwareequity.com/research_quarterly_reports.aspx
For our complimentary current and archived Monthly Flash Reports from July 2008, please visit: http://www.softwareequity.com/research_flash_reports.aspx
For our Annual Reports from 2003 through 2008, please visit: http://www.softwareequity.com/research_annual_reports.aspx
CAD Computer-aided DesignCAM Computer-aided ManufacturingCRM Customer Relationship ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesHR Human ResourcesNASDAQ National Association of Securities Dealers Automated Quotation SystemOS Operating SystemPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date
Selected September 2009 Software Industry M&A Transactions
Date Announced Target EV/ Revenue
09/29/2009 Salary.com, Inc. (NasdaqGM:SLRY) Makana Solutions, Inc. - - -09/29/2009 Oracle Corp. (NasdaqGS:ORCL) HyperRoll, Inc. - - -09/28/2009 Forte Design Systems, Inc. Arithmatica Inc. - - -09/24/2009 YellowBrix, Inc. Pinnacor Inc. - - -09/22/2009 TeleTracking Technologies, Inc. RadarFind Corporation - - -09/21/2009 RealPage, Inc. A.L. Wizard, Inc. - - -09/21/2009 Arkoon Network Security (ENXTPA:ALARK) SkyRecon Systems SA $2.9 - -09/21/2009 Gödel Technologies Europe Limited Velum Limited - - -09/21/2009 ITS Group (ENXTPA:ITS) Prisme $9.4 $4.7 0.5x09/18/2009 Varsity Media Group Inc. Wireless Grids Corporation - - -09/17/2009 IHS Inc. (NYSE:IHS) Environmental Support Solutions, Inc. - $59.0 3.0x09/17/2009 PM Digital Corp. SpinShark, LLC - - -09/16/2009 Grapecity Inc. FarPoint Technologies Inc. - - -09/16/2009 London Stock Exchange Group plc (LSE:LSE) Millennium Information Technologies Ltd. $32.5 $29.7 0.9x09/16/2009 Orsyp S.A Sysload Software SA - - -09/15/2009 Myriad Group AG (SWX:MYRN) Xumii, Inc. - - -09/15/2009 Adobe Systems Inc. (NasdaqGS:ADBE) Omniture Inc. (NasdaqGS:OMTR) $335.5 $1,558.8 4.7x09/14/2009 Thomson Reuters Corporation (TSX:TRI) Abacus Enterprise Limited - - -09/14/2009 CA, Inc. (NasdaqGS:CA) NetQoS, Inc. - $200.0 -09/14/2009 Connectwise, Inc. CoreConnex, Inc., ConnexIT - - -09/14/2009 OpenTable, Inc. (NasdaqGM:OPEN) GuestBridge, Inc. - $3.0 -09/11/2009 Intuit Inc. (NasdaqGS: INTU) Mint Software, Inc. - $170.0 -09/10/2009 TrustWave Holdings, Inc. Vericept Corporation - - -09/09/2009 MRO Corporation Record Enterprises, Inc. - - -09/09/2009 Roamware, Inc. Macalla Software Ltd. - - -09/09/2009 Petro-Chem Development Co., Inc. PFR Energy Systems, Inc. - - -09/09/2009 Smilebox, Inc. Preclick Corporation - - -09/09/2009 Smith Micro Software Inc. (NasdaqGS:SMSI) Core Mobility, Inc. - $20.2 -09/08/2009 Disney Interactive Studios, Inc. Wideload Games Inc. - - -09/08/2009 Rightnow Technologies Inc. (NasdaqGM:RNOW) HiveLive Inc. - $5.6 -09/08/2009 Noble Systems Corporation Touchstar Software Corporation - - -09/07/2009 Mercury Mobility Limited (ASX:MMY) m.Net Corporation Ltd. $6.7 $5.0 0.7x09/07/2009 Kofax plc . (LSE:KFX) 170 Systems, Inc. $28.1 $32.9 1.2x09/04/2009 SmartSalary Pty Ltd. SeQoya Pty Ltd. - $1.0 -09/04/2009 Augeo Incent, LLC IncentOne, Inc., Performance and Loyalty Solutions Business - - -09/03/2009 Harris Computer Systems, Inc. MediSolution Ltd., Resource Management Business - $27.1 -09/03/2009 Second Foundation Consulting Inc. Enterprise Evolution - - -09/03/2009 Riverdale Capital Ltd. (OTCPK:RICP) Internet Properties Group, Inc. - $1.6 -09/03/2009 Fugro Subsea Services Support B.V. Fugro General Robotics Limited - - -09/02/2009 IHS Inc. (NYSE:IHS) LogTech Canada Ltd. - $3.0 -09/02/2009 Red Gate Software Ltd. Cachupa - - -09/02/2009 Informatica Corp. (NasdaqGS:INFA) Agent Logic, Inc. - - -09/02/2009 Election Systems & Software, Inc. Diebold Inc., Election Systems Business - $5.0 -09/01/2009 SeaChange B.V. eventIS Group B.V. $13.1 $44.9 3.4x09/01/2009 Raytheons Network Centric Systems BBNT Solutions, LLC - - -09/01/2009 Presagis USA, Inc. Seaweed Systems Inc. - - -09/01/2009 Channel Intelligence, Inc. Vcommerce Corporation - - -09/01/2009 DivX, Inc. (NasdaqGS:DIVX) AnySource Media, LLC - $15.0 -
TTM Revenue Growth 1.7%TTM EBITDA Growth 9.0%TTM Earnings Growth -14.6%Gross Profit Margin 66.5%EBITDA Margin 14.8%Net Income Margin 4.5%SG&A Expenses as a % of Total Revenue 38.1%R&D Expenses as a % of Total Revenue 15.2%
Current Ratio 1.9Quick Ratio 1.7Cash as Percent of Market Cap 20.3%Avg Days Outstanding: Accounts Receivable 72Avg Days Outstanding: Accounts Payable 43Working Capital to TTM Operating Expense Ratio 0.4
Levered FCF Margin 8.1%Cash from Operations Growth (YoY) 2.2%Cash from Investing Growth (YoY) -0.7%Cash from Financing Growth (YoY) -14.1%Levered FCF Growth (YoY) 7.3%
TTM Revenue Growth 2.9%TTM EBITDA Growth -0.6%TTM Earnings Growth -0.4%Gross Profit Margin 49.8%EBITDA Margin 16.9%Net Income Margin 10.5%SG&A Expenses as a % of Total Revenue 18.9%R&D Expenses as a % of Total Revenue 14.0%
Current Ratio 2.9Quick Ratio 2.8Cash as Percent of Market Cap 23.5%Avg Days Outstanding: Accounts Receivable 90Avg Days Outstanding: Accounts Payable 31Working Capital to TTM Operating Expense Ratio 0.6
Levered FCF Margin 7.2%Cash from Operations Growth (YoY) -5.4%Cash from Investing Growth (YoY) -81.6%Cash from Financing Growth (YoY) -9.5%Levered FCF Growth (YoY) 56.4%
TTM Revenue Growth 1.5%TTM EBITDA Growth 21.4%TTM Earnings Growth -5.8%Gross Profit Margin 77.8%EBITDA Margin 17.4%Net Income Margin 11.4%SG&A Expenses as a % of Total Revenue 49.0%R&D Expenses as a % of Total Revenue 15.2%
Current Ratio 2.2Quick Ratio 2.0Cash as Percent of Market Cap 23.0%Avg Days Outstanding: Accounts Receivable 70Avg Days Outstanding: Accounts Payable 30Working Capital to TTM Operating Expense Ratio 0.6
Levered FCF Margin 6.4%Cash from Operations Growth (YoY) -13.6%Cash from Investing Growth (YoY) 9.7%Cash from Financing Growth (YoY) -159.1%Levered FCF Growth (YoY) -39.1%
TTM Revenue Growth 3.4%TTM EBITDA Growth 9.2%TTM Earnings Growth -21.7%Gross Profit Margin 72.5%EBITDA Margin 24.2%Net Income Margin 0.2%SG&A Expenses as a % of Total Revenue 47.4%R&D Expenses as a % of Total Revenue 14.8%
Current Ratio 1.4Quick Ratio 1.2Cash as Percent of Market Cap 21.3%Avg Days Outstanding: Accounts Receivable 58Avg Days Outstanding: Accounts Payable 51Working Capital to TTM Operating Expense Ratio 0.2
Levered FCF Margin 12.9%Cash from Operations Growth (YoY) -2.1%Cash from Investing Growth (YoY) -147.6%Cash from Financing Growth (YoY) -22.2%Levered FCF Growth (YoY) -0.5%
TTM Revenue Growth -17.2%TTM EBITDA Growth 7.9%TTM Earnings Growth -115.9%Gross Profit Margin 56.5%EBITDA Margin 0.8%Net Income Margin -6.4%SG&A Expenses as a % of Total Revenue 32.6%R&D Expenses as a % of Total Revenue 16.9%
Current Ratio 1.3Quick Ratio 1.2Cash as Percent of Market Cap 32.1%Avg Days Outstanding: Accounts Receivable 85Avg Days Outstanding: Accounts Payable 79Working Capital to TTM Operating Expense Ratio 0.1
Levered FCF Margin -3.9%Cash from Operations Growth (YoY) 13.0%Cash from Investing Growth (YoY) 15.8%Cash from Financing Growth (YoY) -24.8%Levered FCF Growth (YoY) 21.0%
TTM Revenue Growth 3.8%TTM EBITDA Growth 11.3%TTM Earnings Growth -0.8%Gross Profit Margin 83.0%EBITDA Margin 22.4%Net Income Margin 13.5%SG&A Expenses as a % of Total Revenue 46.7%R&D Expenses as a % of Total Revenue 16.8%
Current Ratio 2.4Quick Ratio 2.2Cash as Percent of Market Cap 25.7%Avg Days Outstanding: Accounts Receivable 72Avg Days Outstanding: Accounts Payable 42Working Capital to TTM Operating Expense Ratio 0.8
Levered FCF Margin 15.5%Cash from Operations Growth (YoY) -4.8%Cash from Investing Growth (YoY) -29.4%Cash from Financing Growth (YoY) -168.9%Levered FCF Growth (YoY) -1.3%
TTM Revenue Growth 4.4%TTM EBITDA Growth -14.1%TTM Earnings Growth -61.2%Gross Profit Margin 70.4%EBITDA Margin 16.2%Net Income Margin 6.2%SG&A Expenses as a % of Total Revenue 36.9%R&D Expenses as a % of Total Revenue 14.0%
Current Ratio 2.1Quick Ratio 2.0Cash as Percent of Market Cap 17.1%Avg Days Outstanding: Accounts Receivable 67Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.6
Levered FCF Margin 15.6%Cash from Operations Growth (YoY) -3.7%Cash from Investing Growth (YoY) 1.5%Cash from Financing Growth (YoY) -73.2%Levered FCF Growth (YoY) 33.5%
TTM Revenue Growth 12.3%TTM EBITDA Growth 31.7%TTM Earnings Growth 60.4%Gross Profit Margin 65.2%EBITDA Margin 13.2%Net Income Margin -8.0%SG&A Expenses as a % of Total Revenue 39.0%R&D Expenses as a % of Total Revenue 9.1%
Current Ratio 1.8Quick Ratio 1.5Cash as Percent of Market Cap 23.1%Avg Days Outstanding: Accounts Receivable 59Avg Days Outstanding: Accounts Payable 29Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 5.4%Cash from Operations Growth (YoY) 25.5%Cash from Investing Growth (YoY) 105.7%Cash from Financing Growth (YoY) 4.8%Levered FCF Growth (YoY) 26.9%
TTM Revenue Growth 3.3%TTM EBITDA Growth 40.1%TTM Earnings Growth 61.8%Gross Profit Margin 70.2%EBITDA Margin 9.2%Net Income Margin 0.9%SG&A Expenses as a % of Total Revenue 42.8%R&D Expenses as a % of Total Revenue 13.0%
Current Ratio 0.9Quick Ratio 0.8Cash as Percent of Market Cap 7.8%Avg Days Outstanding: Accounts Receivable 53Avg Days Outstanding: Accounts Payable 34Working Capital to TTM Operating Expense Ratio 0.0
Levered FCF Margin -0.1%Cash from Operations Growth (YoY) 101.6%Cash from Investing Growth (YoY) 50.9%Cash from Financing Growth (YoY) 35.6%Levered FCF Growth (YoY) 104.0%
TTM Revenue Growth -3.9%TTM EBITDA Growth -161.4%TTM Earnings Growth n/aGross Profit Margin 78.2%EBITDA Margin -9.7%Net Income Margin -89.8%SG&A Expenses as a % of Total Revenue 50.8%R&D Expenses as a % of Total Revenue 45.4%
Current Ratio 1.8Quick Ratio 1.5Cash as Percent of Market Cap 32.6%Avg Days Outstanding: Accounts Receivable 126Avg Days Outstanding: Accounts Payable 37Working Capital to TTM Operating Expense Ratio 0.4
Levered FCF Margin 9.7%Cash from Operations Growth (YoY) -25.0%Cash from Investing Growth (YoY) 59.9%Cash from Financing Growth (YoY) 47.1%Levered FCF Growth (YoY) 145.4%
TTM Revenue Growth -4.2%TTM EBITDA Growth -23.8%TTM Earnings Growth -72.9%Gross Profit Margin 81.0%EBITDA Margin 11.0%Net Income Margin 1.4%SG&A Expenses as a % of Total Revenue 38.6%R&D Expenses as a % of Total Revenue 25.0%
Current Ratio 1.9Quick Ratio 1.7Cash as Percent of Market Cap 18.8%Avg Days Outstanding: Accounts Receivable 89Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.5
Levered FCF Margin 8.1%Cash from Operations Growth (YoY) -18.6%Cash from Investing Growth (YoY) 2.5%Cash from Financing Growth (YoY) -5.2%Levered FCF Growth (YoY) -16.3%
TTM Revenue Growth -5.2%TTM EBITDA Growth 11.1%TTM Earnings Growth -12.3%Gross Profit Margin 71.5%EBITDA Margin 19.8%Net Income Margin 10.1%SG&A Expenses as a % of Total Revenue 40.6%R&D Expenses as a % of Total Revenue 17.8%
Current Ratio 1.8Quick Ratio 1.6Cash as Percent of Market Cap 25.7%Avg Days Outstanding: Accounts Receivable 83Avg Days Outstanding: Accounts Payable 33Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 12.0%Cash from Operations Growth (YoY) 5.6%Cash from Investing Growth (YoY) -68.4%Cash from Financing Growth (YoY) 44.7%Levered FCF Growth (YoY) -8.1%
TTM Revenue Growth -1.1%TTM EBITDA Growth 4.6%TTM Earnings Growth -2.0%Gross Profit Margin 54.8%EBITDA Margin 17.4%Net Income Margin 4.7%SG&A Expenses as a % of Total Revenue 31.0%R&D Expenses as a % of Total Revenue 11.0%
Current Ratio 1.2Quick Ratio 1.1Cash as Percent of Market Cap 25.6%Avg Days Outstanding: Accounts Receivable 75Avg Days Outstanding: Accounts Payable 30Working Capital to TTM Operating Expense Ratio 0.1
Levered FCF Margin 9.7%Cash from Operations Growth (YoY) -2.1%Cash from Investing Growth (YoY) 25.3%Cash from Financing Growth (YoY) -20.5%Levered FCF Growth (YoY) 8.1%
TTM Revenue Growth -0.5%TTM EBITDA Growth -20.0%TTM Earnings Growth -76.8%Gross Profit Margin 59.0%EBITDA Margin 14.2%Net Income Margin -2.7%SG&A Expenses as a % of Total Revenue 25.7%R&D Expenses as a % of Total Revenue 11.4%
Current Ratio 2.0Quick Ratio 1.2Cash as Percent of Market Cap 31.5%Avg Days Outstanding: Accounts Receivable 28Avg Days Outstanding: Accounts Payable 42Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 6.3%Cash from Operations Growth (YoY) -4.2%Cash from Investing Growth (YoY) 59.5%Cash from Financing Growth (YoY) -90.9%Levered FCF Growth (YoY) 23.5%
TTM Revenue Growth 4.4%TTM EBITDA Growth 6.8%TTM Earnings Growth -3.9%Gross Profit Margin 57.1%EBITDA Margin 19.9%Net Income Margin 8.7%SG&A Expenses as a % of Total Revenue 32.5%R&D Expenses as a % of Total Revenue 12.0%
Current Ratio 1.3Quick Ratio 1.1Cash as Percent of Market Cap 12.7%Avg Days Outstanding: Accounts Receivable 69Avg Days Outstanding: Accounts Payable 24Working Capital to TTM Operating Expense Ratio 0.2
Levered FCF Margin 14.5%Cash from Operations Growth (YoY) 6.0%Cash from Investing Growth (YoY) 21.4%Cash from Financing Growth (YoY) -66.6%Levered FCF Growth (YoY) 28.9%
TTM Revenue Growth 8.3%TTM EBITDA Growth 8.7%TTM Earnings Growth -18.3%Gross Profit Margin 57.7%EBITDA Margin 21.8%Net Income Margin 9.3%SG&A Expenses as a % of Total Revenue 36.4%R&D Expenses as a % of Total Revenue 12.4%
Current Ratio 2.3Quick Ratio 2.2Cash as Percent of Market Cap 15.1%Avg Days Outstanding: Accounts Receivable 78Avg Days Outstanding: Accounts Payable 31Working Capital to TTM Operating Expense Ratio 0.5
Levered FCF Margin 7.3%Cash from Operations Growth (YoY) -4.4%Cash from Investing Growth (YoY) -7.7%Cash from Financing Growth (YoY) -21.6%Levered FCF Growth (YoY) -15.8%
TTM Revenue Growth 15.0%TTM EBITDA Growth 83.9%TTM Earnings Growth 63.0%Gross Profit Margin 68.1%EBITDA Margin 3.4%Net Income Margin -5.3%SG&A Expenses as a % of Total Revenue 38.4%R&D Expenses as a % of Total Revenue 16.1%
Current Ratio 1.2Quick Ratio 0.8Cash as Percent of Market Cap 10.1%Avg Days Outstanding: Accounts Receivable 75Avg Days Outstanding: Accounts Payable 25Working Capital to TTM Operating Expense Ratio 0.07
Levered FCF Margin 0.9%Cash from Operations Growth (YoY) 20.6%Cash from Investing Growth (YoY) 38.6%Cash from Financing Growth (YoY) -44.2%Levered FCF Growth (YoY) n/a
TTM Revenue Growth 1.2%TTM EBITDA Growth -1.8%TTM Earnings Growth -48.9%Gross Profit Margin 64.2%EBITDA Margin 11.0%Net Income Margin 4.6%SG&A Expenses as a % of Total Revenue 36.8%R&D Expenses as a % of Total Revenue 18.5%
Current Ratio 1.8Quick Ratio 1.5Cash as Percent of Market Cap 19.3%Avg Days Outstanding: Accounts Receivable 74Avg Days Outstanding: Accounts Payable 66Working Capital to TTM Operating Expense Ratio 0.4
Levered FCF Margin 5.4%Cash from Operations Growth (YoY) 4.0%Cash from Investing Growth (YoY) -85.7%Cash from Financing Growth (YoY) -14.3%Levered FCF Growth (YoY) 49.0%
TTM Revenue Growth -12.1%TTM EBITDA Growth -9.1%TTM Earnings Growth -59.0%Gross Profit Margin 68.9%EBITDA Margin 14.9%Net Income Margin 3.7%SG&A Expenses as a % of Total Revenue 37.7%R&D Expenses as a % of Total Revenue 18.7%
Current Ratio 2.2Quick Ratio 2.0Cash as Percent of Market Cap 17.0%Avg Days Outstanding: Accounts Receivable 47Avg Days Outstanding: Accounts Payable 50Working Capital to TTM Operating Expense Ratio 0.4
Levered FCF Margin 13.6%Cash from Operations Growth (YoY) -0.7%Cash from Investing Growth (YoY) -44.1%Cash from Financing Growth (YoY) 26.7%Levered FCF Growth (YoY) -6.7%
TTM Revenue Growth 3.2%TTM EBITDA Growth 11.8%TTM Earnings Growth 10.2%Gross Profit Margin 77.7%EBITDA Margin 20.3%Net Income Margin 9.5%SG&A Expenses as a % of Total Revenue 43.9%R&D Expenses as a % of Total Revenue 17.2%
Current Ratio 2.1Quick Ratio 2.0Cash as Percent of Market Cap 25.5%Avg Days Outstanding: Accounts Receivable 56Avg Days Outstanding: Accounts Payable 67Working Capital to TTM Operating Expense Ratio 0.6
Levered FCF Margin 13.9%Cash from Operations Growth (YoY) 20.0%Cash from Investing Growth (YoY) -137.5%Cash from Financing Growth (YoY) 45.6%Levered FCF Growth (YoY) 30.8%
TTM Revenue Growth 10.6%TTM EBITDA Growth 30.2%TTM Earnings Growth 2.4%Gross Profit Margin 77.0%EBITDA Margin 19.1%Net Income Margin 2.4%SG&A Expenses as a % of Total Revenue 46.4%R&D Expenses as a % of Total Revenue 16.2%
Current Ratio 2.2Quick Ratio 2.0Cash as Percent of Market Cap 17.2%Avg Days Outstanding: Accounts Receivable 67Avg Days Outstanding: Accounts Payable 52Working Capital to TTM Operating Expense Ratio 0.7
Levered FCF Margin 8.0%Cash from Operations Growth (YoY) 10.2%Cash from Investing Growth (YoY) -85.3%Cash from Financing Growth (YoY) 37.0%Levered FCF Growth (YoY) -23.3%
TTM Revenue Growth 1.0%TTM EBITDA Growth -2.6%TTM Earnings Growth -12.5%Gross Profit Margin 80.7%EBITDA Margin 19.6%Net Income Margin 6.4%SG&A Expenses as a % of Total Revenue 42.0%R&D Expenses as a % of Total Revenue 13.6%
Current Ratio 2.1Quick Ratio 1.9Cash as Percent of Market Cap 19.4%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 40Working Capital to TTM Operating Expense Ratio 0.4
Levered FCF Margin 15.8%Cash from Operations Growth (YoY) 0.6%Cash from Investing Growth (YoY) -18.6%Cash from Financing Growth (YoY) 17.3%Levered FCF Growth (YoY) 11.1%
TTM Revenue Growth 0.8%TTM EBITDA Growth 18.7%TTM Earnings Growth -30.9%Gross Profit Margin 56.7%EBITDA Margin 10.8%Net Income Margin 2.2%SG&A Expenses as a % of Total Revenue 30.5%R&D Expenses as a % of Total Revenue 13.1%
Current Ratio 2.1Quick Ratio 1.9Cash as Percent of Market Cap 17.4%Avg Days Outstanding: Accounts Receivable 68Avg Days Outstanding: Accounts Payable 27Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 11.4%Cash from Operations Growth (YoY) 27.1%Cash from Investing Growth (YoY) 0.0%Cash from Financing Growth (YoY) -0.3%Levered FCF Growth (YoY) 23.2%
TTM Revenue Growth -7.2%TTM EBITDA Growth 51.6%TTM Earnings Growth -21.3%Gross Profit Margin 41.3%EBITDA Margin 11.9%Net Income Margin -1.7%SG&A Expenses as a % of Total Revenue 34.0%R&D Expenses as a % of Total Revenue 11.5%
Current Ratio 4.0Quick Ratio 3.6Cash as Percent of Market Cap 32.4%Avg Days Outstanding: Accounts Receivable 82Avg Days Outstanding: Accounts Payable 34Working Capital to TTM Operating Expense Ratio 0.5
Levered FCF Margin 5.6%Cash from Operations Growth (YoY) 60.5%Cash from Investing Growth (YoY) -64.0%Cash from Financing Growth (YoY) 161.0%Levered FCF Growth (YoY) -41.7%
TTM Revenue Growth 24.1%TTM EBITDA Growth 59.5%TTM Earnings Growth -32.6%Gross Profit Margin 67.4%EBITDA Margin 7.9%Net Income Margin -5.6%SG&A Expenses as a % of Total Revenue 53.8%R&D Expenses as a % of Total Revenue 13.3%
Current Ratio 1.6Quick Ratio 1.5Cash as Percent of Market Cap 15.4%Avg Days Outstanding: Accounts Receivable 69Avg Days Outstanding: Accounts Payable 25Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 4.8%Cash from Operations Growth (YoY) -10.1%Cash from Investing Growth (YoY) 25.4%Cash from Financing Growth (YoY) -34.0%Levered FCF Growth (YoY) -21.4%
TTM Revenue Growth 1.7%TTM EBITDA Growth 2.8%TTM Earnings Growth -8.1%Gross Profit Margin 59.7%EBITDA Margin 11.5%Net Income Margin 2.6%SG&A Expenses as a % of Total Revenue 40.6%R&D Expenses as a % of Total Revenue 9.2%
Current Ratio 2.4Quick Ratio 2.1Cash as Percent of Market Cap 20.3%Avg Days Outstanding: Accounts Receivable 38Avg Days Outstanding: Accounts Payable 38Working Capital to TTM Operating Expense Ratio 0.4
Levered FCF Margin 5.8%Cash from Operations Growth (YoY) -1.2%Cash from Investing Growth (YoY) -16.9%Cash from Financing Growth (YoY) 4.3%Levered FCF Growth (YoY) -12.2%
TTM Revenue Growth 4.6%TTM EBITDA Growth 11.3%TTM Earnings Growth -8.7%Gross Profit Margin 56.7%EBITDA Margin 15.0%Net Income Margin 4.1%SG&A Expenses as a % of Total Revenue 30.8%R&D Expenses as a % of Total Revenue 12.0%
Current Ratio 3.7Quick Ratio 3.5Cash as Percent of Market Cap 17.1%Avg Days Outstanding: Accounts Receivable 45Avg Days Outstanding: Accounts Payable 17Working Capital to TTM Operating Expense Ratio 0.6
Levered FCF Margin 5.6%Cash from Operations Growth (YoY) -25.0%Cash from Investing Growth (YoY) 20.2%Cash from Financing Growth (YoY) 40.4%Levered FCF Growth (YoY) -10.3%
TTM Revenue Growth -0.6%TTM EBITDA Growth 0.2%TTM Earnings Growth -9.0%Gross Profit Margin 75.1%EBITDA Margin 7.1%Net Income Margin -0.2%SG&A Expenses as a % of Total Revenue 45.7%R&D Expenses as a % of Total Revenue 10.0%
Current Ratio 2.1Quick Ratio 1.5Cash as Percent of Market Cap 14.8%Avg Days Outstanding: Accounts Receivable 23Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.2
Levered FCF Margin 5.2%Cash from Operations Growth (YoY) -0.1%Cash from Investing Growth (YoY) -6.9%Cash from Financing Growth (YoY) -22.4%Levered FCF Growth (YoY) -29.3%
TTM Revenue Growth -4.0%TTM EBITDA Growth 2.0%TTM Earnings Growth -23.0%Gross Profit Margin 57.7%EBITDA Margin 9.8%Net Income Margin 3.3%SG&A Expenses as a % of Total Revenue 48.9%R&D Expenses as a % of Total Revenue 10.7%
Current Ratio 1.6Quick Ratio 1.5Cash as Percent of Market Cap 33.4%Avg Days Outstanding: Accounts Receivable 32Avg Days Outstanding: Accounts Payable 51Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 3.8%Cash from Operations Growth (YoY) 46.5%Cash from Investing Growth (YoY) 48.4%Cash from Financing Growth (YoY) -78.7%Levered FCF Growth (YoY) n/a
TTM Revenue Growth -0.3%TTM EBITDA Growth 22.8%TTM Earnings Growth -30.8%Gross Profit Margin 39.3%EBITDA Margin 12.6%Net Income Margin 2.1%SG&A Expenses as a % of Total Revenue 31.0%R&D Expenses as a % of Total Revenue 6.8%
Current Ratio 2.1Quick Ratio 2.0Cash as Percent of Market Cap 34.3%Avg Days Outstanding: Accounts Receivable 39Avg Days Outstanding: Accounts Payable 41Working Capital to TTM Operating Expense Ratio 0.3
Levered FCF Margin 6.2%Cash from Operations Growth (YoY) 11.3%Cash from Investing Growth (YoY) -48.0%Cash from Financing Growth (YoY) 56.9%Levered FCF Growth (YoY) -7.0%
TTM Revenue Growth -4.1%TTM EBITDA Growth -29.1%TTM Earnings Growth -98.4%Gross Profit Margin 56.8%EBITDA Margin 11.0%Net Income Margin -1.8%SG&A Expenses as a % of Total Revenue 46.8%R&D Expenses as a % of Total Revenue 18.9%
Current Ratio 3.4Quick Ratio 3.3Cash as Percent of Market Cap 20.4%Avg Days Outstanding: Accounts Receivable 57Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.6
Levered FCF Margin 8.2%Cash from Operations Growth (YoY) -20.5%Cash from Investing Growth (YoY) 22.4%Cash from Financing Growth (YoY) -111.1%Levered FCF Growth (YoY) -23.3%
TTM Revenue Growth 13.6%TTM EBITDA Growth 15.7%TTM Earnings Growth -9.3%Gross Profit Margin 61.5%EBITDA Margin 39.6%Net Income Margin 20.6%SG&A Expenses as a % of Total Revenue 24.4%R&D Expenses as a % of Total Revenue 12.5%
Current Ratio 4.0Quick Ratio 3.9Cash as Percent of Market Cap 15.8%Avg Days Outstanding: Accounts Receivable 34Avg Days Outstanding: Accounts Payable 15Working Capital to TTM Operating Expense Ratio 1.1
Levered FCF Margin 11.6%Cash from Operations Growth (YoY) 18.8%Cash from Investing Growth (YoY) 20.2%Cash from Financing Growth (YoY) 289.4%Levered FCF Growth (YoY) 42.9%
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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Since 1992, our firm has represented and guided private companies throughout the United States and Canada, as well as Europe, Asia Pacific, Africa and Israel. We have advised public companies listed on the NASDAQ, NYSE, Toronto, London and Euronext exchanges. Software Equity Group also represents several of the world's leading private equity firms. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858 509-2800, [email protected]).
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Software Equity Group, L.L.C.12220 El Camino Real, Suite 320San Diego, CA 92130www.softwareequity.com
p: (858) 509-2800f: (858) 509-2818
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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has represented and guided private companies throughout the United States and Canada, as well as Europe, Asia Pacific, Africa and Israel. We have advised public companies listed on the NASDAQ, NYSE, Toronto, London and Euronext exchanges. Software Equity Group also represents several of the world's leading private equity firms. We were recently ranked among the top ten investment banks worldwide for application software mergers and acquisitions.
Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (SaaS), software on demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.
Perhaps most important are the relationships we've built, and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than fifteen thousand industry executives, entrepreneurs and equity investors in 61 countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Information Week, The Daily Deal, Barrons, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. Software Equity Group’s senior bankers have keynoted and spoken at more than one hundred software industry conferences and seminars, including Software Business, SoftExpo, Culpepper, VAR Conference, ACETECH, and the Arizona, Colorado, Chicago, Southern California, Denver, San Diego, Washington State and Boulder Software Associations.