Software M&A Update Q2 2016 July 8, 2016
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Software M&A Update
Q2 2016 July 8, 2016
Table of Contents
M&A Market Brief – Page 3
Global M&A Deal Value (Quarterly Comparison) – Page 4
Software M&A Activity – Half-Year Comparison – Page 4
Key Industry Trends – Page 5
Notable Software M&A Transactions – Page 7-8
Ten Most Active Software Acquirers, Q1 2016 – Page 9
Publicly Traded Software Firms (Valuation Table) – Page 10-12
M&A Spotlight: Microsoft / LinkedIn – Page 13
M&A Spotlight: Oracle / Opower – Page 14
M&A Spotlight: Salesforce / Demandware – Page 15
M&A Spotlight: IBM / Resilient – Page 16
M&A Spotlight: Vista Equity Partners / Cvent – Page 17
DISCLAIMER
The information contained herein is of a general nature and is not intended to address the circumstances of any particular company,
individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such
information is complete or accurate as of the date it is received or that it will continue to be accurate in the future. We perform our
own research and also use third party research. No one should act on such information without appropriate professional advice
after a thorough examination of the particular situation. This is not an offer or recommendation to buy or sell securities nor is it a
recommendation to merge, acquire, sell or exit a specific company or entity. We do not hold any equity or debt position in any of
the securities listed herein as of the date of this report.
Sources for our research and data include: Dealogic, Thomson Reuters, Company Websites, SEC Filings, MergerMarket, Pitchbook
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M&A Market Brief
M&A Activity Remains Healthy, with Software Performing Exceptionally
Worldwide
• Global M&A activity during the second quarter of 2016 improved slightly over that of the first quarter. After 2015's surge of M&A activity, deals are adjusting back to a sustainable level.
• Deal volume for Q2 2016 rose to $689 billion from $633 billion in Q1 2016.
• Global M&A deal value in H1 2016 was down 26.6% compared to that of H1 2015.
• Political uncertainties such as the UK's Brexit and the United States election cycle have contributed to the M&A cooldown, and they will continue to do so.
• The drama surrounding the UK's referendum caused many firms to postpone deals. This was a major reason why deal value for Q2 2016 in the United Kingdom fell 50.5% compared to that of Q1 2016. We expect to see an uptick in UK deal volume in the coming months as the deals that were postponed are revisited.
• China is relaxing its regulations on bidding for acquisitions, which will allow the country to better compete with the United States and Europe.
United States
• The M&A climate in the United States is in the process of rebalancing after a record-setting year. Nonetheless, US deal activity in the second quarter remained stable.
• In Q2 2016, deal value totaled $313.2 billion, compared to $248.8 billion in Q1 2016.
• In H1 2016, United States M&A deal value totaled $563 billion, with 2,242 transactions. This represents a 31% drop in value from H1 2015.
• The uncertainty resulting from the United Kingdom's departure from the EU lead to a 27% drop in US outbound activity into the UK. Outbound activity into the UK will remain low until the outcomes of the post-exit negotiations become clearer.
• The M&A environment for the US technology industry remained robust despite the global M&A downturn. In H1 2016, technology deal value rose to $81 billion compared to $65 billion in H1 2015, with deal volume increasing 4%.
Software
• The software sector experienced very strong deal activity in the second quarter of 2016. Deal value for Q2 2016 totaled $43 billion across 545 transactions. Both metrics are improvements on the first quarter's deal value and volume, which were $21 billion and 523 transactions, respectively.
• Growth driven M&A seems to be on the rise, a shift from the non-growth motivations of going private and consolidation that has existed since the 2000 boom.
• Deal value in H1 2016 increased to $66 billion from $57 billion in H1 2015. Deal volume in H1 2016 rose to 1,068 from 1,027 in H1 2015.
• Of the 1,068 deals in H1 2016, 196, or 18%, involved financial buyers.
• The median revenue multiple in H1 2016 rose to 3.2x from 2.1x in H2 2015. The median EBITDA multiple remained at about 13.1x.
• H1 2016 transactions with enterprise values between $10 million and $20 million had a median revenue multiple of 2.5x.
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801.5
593.2
420.8
461.2
614.6
464.8
446.9
566.7
758.9
633.0
1280.0
678.2
396.4
433.0
586.3
565.5
559.7
963.9
1047.1
688.7
852.0
684.9
327.6
492.9
599.6
522.9
646.4
855.7
971.2
734.4
458.8
570.1
713.0
479.4
757.5
573.3
869.7
1205.1
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Value of deals (US$ bn) Q1 Q2 Q3 Q4
Global M&A Deal Value — Quarterly Comparison
Source: MergerMarket
Software M&A Activity — Half-Year Comparison
Source: Berkery Noyes
$62 $61 $57
$156
$66
930 931
1027 10281068
500
600
700
800
900
1000
1100
0
20
40
60
80
100
120
140
160
180
H1 2014 H2 2014 H1 2015 H2 2015 H1 2016
De
al V
olu
me
De
al V
alu
e (U
S$
bn)
Deal Value Deal Volume
Total 3,667.8
Total 2,415.1
Total 1,714.9
Total 2,100.1
Total 2,279.8
Total 2,310.7
Total 2,226.3
Total 3,256.0
Total 3,982.3
Total 1,321.7
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Key Industry Trends
As evidence of the technology shift taking place in the information technology industry, there has been a resurgence of growth M&A (i.e product extensions) in the software sector, as opposed to non-growth M&A motivated by going private transactions and consolidation of large, established tech companies that have been the dominant factors behind tech M&A activity for the last 15 years. Large tech companies such as IBM, Salesforce.com, Microsoft and Oracle have made several acquisitions in the first half of 2016 that are apparently greared towards extending their product life cycles in an attempt to gain more revenues from leading edge technologies as revenues from their core legacy products stabilize or decline. For instance, IBM has leveraged its Watson artificial intelligence (AI) platform to extend into healthcare analytics and cloud-based services. Some of the growth driven acquisitions are highlighted below. Other tech giants Apple, Google, Amazon and Facebook have also made acquisitions in the recent past in the virtual reality (VR) and augmented reality (AR) space. We expect deal activity in software to continue to increase. In particular, the Internet of Things (IoT) and Artificial Intelligence (AI) will continue to be key influencers. The Internet of Things (IoT) – The Internet of Things refers to the network (and software) that connects separate devices to one another and the Internet. Through the IoT, devices can exchange collected data without the need for human assistance. This year is on track to be a record year for IoT mergers and acquisitions, led by the Cisco acquisition of Jasper Technologies for $1.4 billion in February. IoT deals are taking place quickly because companies are realizing that the technology can be applied to almost any sector, from manufacturing, to retail to healthcare. IoT companies that focus on the automotive and healthcare sectors are expected to see the most M&A activity in the long term. In the automotive sector, IoT will become a key component of self-driving cars. In May, Intel added to its automotive portfolio by acquiring Itseez Inc., a company that specializes in Computer Vision (CV) algorithms and implementations. Intel believes that the acquisition, along with its acquisition of Yogitech in April, will position it to use IoT to make self-driving cars safer. The healthcare sector has also seen high activity in 2016. Nokia made a push into digital health in April by acquiring Withings S.A., a leader in IoT for healthcare. Withings has infused IoT technology into several medical devices, including activity monitors, thermometers and blood pressure monitors. Medical devices are expected to soon share networks with applications on smartphones, and IoT will lead that development.
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Artificial Intelligence (AI) - Artificial intelligence is one of the most exciting emerging technologies. Machines that have artificial intelligence have algorithms that mimic human cognitive functions, such as learning new tasks and problem solving. The technology is expected to become widely adopted, and Google, Facebook, Salesforce and other tech giants are preparing for that sea change by pursuing acquisitions agressively. In the first half of 2016, Apple acquired facial recognition software company Emotient, Salesforce acquired machine learning companies PredictionIO and Metamind, and Twitter acquired visual processing technologies company Magic Pony Technology. As a result of the growing interest in AI, 2016 is on pace to become a record year for the technology. According to Vator, deal volume in 2015 totaled thirty-six deals. In the first half of 2016, twenty-four deals were announced. If the second half of 2016 yields the same number of deals to bring the total to forty-eight, 2016’s deal volume will be 33% greater than that of 2015.
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Notable Software M&A Transactions in Q2 2016
Annoucement Date
Status Type Target Acquirer Target DescriptionDeal Size
($USD mm)
Implied EV/Rev
Implied EV/EBITDA
6/21/2016 Completed M&A GoFactory Space-Time InsightProvider of Internet of Things technology that assesses asset data.
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6/16/2016 Completed M&A OptitexElectronics For
Imaging
Provider of a software platform for creating 3D digital garments.
53 10.6x
6/16/2016 Completed M&A eSupply Systems RealPageDeveloper of cloud-based software with purchasing intelligence tools.
7.1 0.2x
6/12/2016 Announced M&A Blue Coat Systems SymantecProvider of web security and wide area network optimization software.
4,650 7.8x 20.9x
6/11/2016 Announced M&A LinkedIn MicrosoftOperator of a professional networking site.
26,200 7.2x 79.8x
6/7/2016 Completed M&A AccelOps FortinetProvider of cloud-based performance and security software.
32
6/2/2016 Announced M&A Recommind OpenTextProvider of software-as-a-service for managing information.
163 2.2x
6/1/2016 Announced M&A Demandware Salesforce.comProvider of enterprise cloud services and cloud-based software.
2,860 4.8x
6/1/2016 Completed M&A ExecuTime Software Tyler TechnologiesDeveloper of a time and attendance software.
115
5/31/2016 Announced Buyout Marketo Vista Equity PartnersProvider of engagement marketing software.
1,790 7.5x
5/21/2016 Completed M&A Mangrove Software Asure SoftwareProvider of cloud-based software-as-a-service for employee staffing.
17.3
5/18/2016 Announced M&A inContact NICE SystemsProvider of software for cloud contact centers and workforce optimization.
940 3.7x 102.58x
5/17/2016 Completed M&APortfolio Asset Management
RealPageProvider of a data aggregation platform for portfolio management.
4.8
5/2/2016 Completed M&A Serena Software Micro Focus GroupProvider of software for application development.
540
5/2/2016 Completed M&A Opower OracleProvider of a software-as-a-service platform for customer engagement.
532 3.2x
5/2/2016 Completed M&AHP (certain software
assets)Open Text
Developer of customer experience and workforce optimization software.
170 1.5x
5/2/2016 Completed Buyout LeanLogistics KewillProvider of transportation management services and software-as-a-service.
115
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Notable Software M&A Transactions in Q2 2016 (cont.)
Source: Solganick & Co., PitchBook data, SEC Filings
Annoucement Date
Status Type Target Acquirer Target DescriptionDeal Size
($USD mm)
Implied EV/Rev
Implied EV/EBITDA
4/28/2016 Announced M&A Textura OracleProvider of on-demand collaboration software for construction projects.
683 6.7x
4/27/2016 Completed Buyout SintecMedia Francisco PartnersProvider of broadcast management software.
400 3.6x
4/21/2016 Completed M&A DeviceAuthority CryptosoftDeveloper of end-to-end IoT security.
8.7 34.3x
4/19/2016 Completed M&AThe Property
Software GroupZoopla
Provider of software products and services for property management.
75 4.7x 14.77x
4/17/2016 Announced Buyout Cvent Vista Equity PartnersProvider of software solutions for event management.
1,650 7.4x 165.6x
4/12/2016 Completed M&A OpenSpan PegasystemsProvider of robotic process automation and workforce analytics software.
52
4/6/2016 Completed M&A Resilient IBMProvider of software for automating security-incident responses.
100
4/5/2016 Completed M&AXcaliber
TechnologiesRegenersis
Developer of application software for mobile and business development.
5.5 7.2x
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Ten Most Active Strategic Software Acquirers, Q2 2016 Buyer Name Acquisitions Targets
International Business Machines 3 EZSource, Truven Health Analytics, Resilient
Pinterest 3 Fleksy, URX, Curator
Vynyl 3 Pixel & Line, Project Forge, Vector Logic
Salesforce.com 3 Demandware, Implisit, MetaMind
Nymbus 3 Sharp BancSystems, AgilityFOUR, R.C. Olmstead
Microsoft 3 Wand Labs, LinkedIn, Solair
Smartling 2 Verbalizelt, Jargon
ServiceNOW 2 BrightPoint Security, ITapp
RealPage 2 eSupply Systems, Portfolio Asset Management
Oracle 2 Opower, Textura
Source: Solganick & Co., PitchBook
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Publicly Traded Software Firms, Valuation Table, Q2 2016
Enterprise Software Stock Price (as of 06/30)
Market Cap ($USD mm)
Enterprise Value (EV) / Revenue EV/ EBITDA
Adobe Systems [NAS:ADBE] $95.79 $47,802 9.7x 37.4x
Microsoft [NAS:MSFT] $51.17 $408,311 3.9x 15.0x
Netsuite [NYSE:N] $72.80 $5,767 7.6x -
Oracle [NYSE:ORCL] $40.93 $172,766 4.4x 10.9x
Pegasystems [NAS:PEGA] $26.95 $2,062 2.8x 21.8x
Red Hat [NYSE:RHT] $72.60 $13,273 6.3x 35.8x
Salesforce.com [NYSE:CRM] $79.41 $53,009 8.0x 83.1x
SAP [ETR:SAP] $75.96 $91,057 4.2x 15.7x
SS&C Technologies [NAS:SSNC] $28.08 $5,318 7.7x 24.3x
Workday [NYSE:WDAY] $74.67 $14,320 10.9x -
Average
6.6x
30.5x
Banking and Financial Software Stock Price (as of 06/30)
Market Cap ($USD mm)
Enterprise Value (EV) / Revenue EV/ EBITDA
CA Technologies [NAS:CA] $32.83 $13,986 3.1x 8.1x
CoreLogic [NYSE:CLGX] $38.48 $3,414 2.9x 12.5x
DST Systems [NYSE:DST] $116.43 $4,093 1.6x 10.7x
Fidelity National [NYSE:FIS] $73.68 $21,752 4.4x 16.5x
Fiserv [NAS:FISV] $108.73 $25,021 5.4x 16.5x
Genpact [NYSE:G] $26.84 $5,753 2.6x 15.1x
Jack Henry and Associates [NAS:JKHY] $87.27 $6,976 5.4x 15.6x
NCR [NYSE:NCR] $27.77 $4,386 1.4x 19.7x
Average 3.3x 14.3x
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CRM Stock Price (as of 06/30)
Market Cap ($USD mm)
Enterprise Value (EV) / Revenue EV/ EBITDA
Microsoft [NAS:MSFT] $51.17 $408,311 3.9x 15.0x
Oracle [NYSE:ORCL] $40.93 $172,766 4.4x 10.9x
Salesforce.com [NYSE:CRM] $79.41 $53,009 8.0x 83.1x
SAP [ETR:SAP] $75.96 $91,057 4.2x 15.7x
Average 5.1x 31.2x
Security Software Stock Price (as of 06/30)
Market Cap ($USD mm)
Enterprise Value (EV) / Revenue EV/ EBITDA
AVG Technologies [NYSE:AVG] $18.99 $984 2.6x 8.9x
CA Technologies [NAS:CA] $32.83 $13,986 3.3x 8.7x
Check Point Software [NAS:CHKP] $79.68 $14,087 8.2x 15.6x
FireEye [NAS:FEYE] $16.47 $2,568 3.3x -
Fortinet [NAS:FTNT] $31.59 $5,411 4.6x 100.6x
Imperva [NYSE:IMPV] $43.01 $1,336 4.3x -
Palo Alto Networks [NYSE:PANW] $122.64 $10,534 10.5x -
Progress Software [NAS:PRGS] $27.46 $1,385 3.4x 22.8x
Red Hat [NYSE:RHT] $72.60 $13,273 6.3x 35.8x
Symantec [NAS:SYMC] $20.54 $13,762 2.8x 13.2x
Average 4.9x 29.4x
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Software – NEC Stock Price (as of 06/30)
Market Cap ($USD mm)
Enterprise Value (EV) / Revenue EV/ EBITDA
AVG Technologies [NYSE:AVG] $18.99 $984 2.6x 8.9x
BroadSoft [NAS:BSFT] $41.03 $1,196 4.2x 34.3x
CA Technologies [NAS:CA] $32.83 $13,986 3.3x 8.7x
CommVault Systems [NAS:CVLT] $43.19 $1,950 2.7x 123.0x
PTC [NAS:PTC] $37.58 $4,298 3.8x 37.7x
Splunk [NAS:SPLK] $54.18 $6,960 8.8x -
Average
4.2x
42.5x
Business Intelligence & Analytics Stock Price (as of 06/30)
Market Cap ($USD mm)
Enterprise Value (EV) / Revenue EV/ EBITDA
MicroStrategy [NAS:MSTR] 175.02 $1,991 2.9x 9.9x
Teradata [NYSE:TDC] 25.07 $3,401 1.4x 44.1x
Average 2.1x 27.0x
Source: PitchBook (All data provided as of June 30, 2016)
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M&A Spotlight Microsoft Agrees to Acquire LinkedIn for $26.2 Billion June 11, 2016 — LinkedIn is Microsoft’s largest acquisition yet. The move to acquire LinkedIn is part of Microsoft’s larger effort to adapt to changes in the technology landscape and expand on its Microsoft Office offerings. Microsoft offers professionals tools—such as Microsoft Office—for accomplishing daily tasks. By acquiring LinkedIn, Microsoft has widened that toolset to provide capabilities for professional networking. The company hopes to integrate its offerings with those of LinkedIn to make getting jobs done and connecting with professionals easier. According to Microsoft CEO Satya Nadella, the acquisition marks “the coming together of the professional cloud and the professional network.” Microsoft plans to connect Microsoft Office to LinkedIn to make document sharing seamless, as well as use LinkedIn data to help professionals improve customer relationships. In addition, Microsoft hopes to integrate LinkedIn data into its Cortana digital assistant project. Microsoft is also excited about Lynda.com, a company acquired by LinkedIn in 2015 that provides a channel for training videos. The timing of the acquisition was great for LinkedIn, whose stock tumbled in February to $101 after peaking at $269 in February of last year. Microsoft agreed to pay $196 per share, representing a 50% premium on LinkedIn’s closing share price. Microsoft hopes that introducing LinkedIn will spur growth in its stagnating productivity and business processes unit. EV/Revenue: 7.2x News link: http://www.wsj.com/articles/microsoft-to-acquire-linkedin-in-deal-valued-at-26-2-billion-1465821523?mg=id-wsj
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Oracle Acquires Opower for $532 Million
June 14, 2016 — One of the latest of Oracle’s ever-growing pool of acquisitions is Opower, a software company based in Arlington, Virginia, that provides customer engagement and energy efficiency cloud services to the utilities. The acquisition is among the many deals this year that have been fueled by customer care.
Opower’s customer engagement platform is designed to raise customer satisfaction whilst managing consumer energy demand and lowering service costs. The big data platform helps utilities to proactively comply with regulations and improve customer satisfaction by making sense of the heaps of data that it stores and analyzes.
Opower has implemented its software into 100 utilities frameworks across the globe, reaching more than sixty million homes and businesses.
In the first quarter, Oracle’s cloud-computing services segment netted $735 million, representing a forty percent increase from last year. Despite these promising results, the company is struggling to compete with the giants of the cloud market, and it is having trouble transitioning to a subscription model.
Oracle likely sees a vertical strategy as the best approach to making a dent in the cloud market, and acquiring Opower and its supply of customers expands Oracle’s foothold in the $2.3 trillion utilities industry. Opower will combine with Oracle’s Utilities Industry Cloud Platform team to integrate its customer engagement platform into Oracle’s cloud applications for utilities.
EV/Revenue: 3.2x (Pitchbook)
News link: https://www.washingtonpost.com/business/economy/oracle-agrees-to-buy-arlington-energy-data-firm-opower-for-532-million/2016/05/02/83739416-107f-11e6-93ae-50921721165d_story.html
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Salesforce.com to Acquire Demandware for $2.86 Billion June 1, 2016 — Salesforce has signed a definitive agreement to acquire Demandware, a provider of cloud-based e-commerce services. Salesforce has been missing a foothold in digital commerce, and this acquisition represents a big part of the company’s push into the industry. E-commerce has been one of the most consistent markets in the online space, and consumer comfort with transferring money digitally is growing quickly. As a global cloud leader in digital commerce, Demandware is well positioned to take advantage of the imminent growth of the industry. By acquiring the company, Salesforce is ready to capture those gains. Salesforce’s move into digital commerce was expected. The company offers software for helping salespeople connect with customers and has been expanding into marketing and customer service. The acquisition of Demandware will give Salesforce customers the ability to complete transactions on the newly formed Salesforce Commerce Cloud platform. Salesforce expects its new digital commerce revenues to increase annual revenue by between $100 million and $120 million. The company has had mixed results with buying companies and using them efficiently, and large acquisitions such as this one are risky in the software industry. Still, the growth potential for digital commerce is real, and the acquisition positions Salesforce to compete with IBM and the other leaders of the industry. News link: http://www.wsj.com/articles/salesforce-to-buy-e-commerce-platform-demandware-for-2-8-billion-1464781833
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IBM Acquires Resilient Systems for $100 Million April 6, 2016 — International Business Machines has acquired provider of incident response solutions Resilient Systems, Inc. in an effort to expand its IBM Security organization. Resilient is a software-as-a-service platform for automating security-incident responses to cyberattacks and business crises. The company’s technology automates the many processes of threat detection for a wide range of problems, from security breaches to lost devices. Resilient’s award-winning Incident Response Platform enables security teams to respond to and mitigate security incidents faster and more effectively. The platform also provides easy workflow customization and process automation. The acquisition of Resilient is part of IBM’s expansion in the incident response marketplace. IBM is already the leader in the security segment, and Resilient’s strength in incident response will bring additional capabilities. The transaction has resulted in the creation of the industry’s first totally integrated end-to-end Security Operations and Response Platform. The platform provides post-breach planning tools and consulting services to help companies both prepare for incidents and perform analysis in case of an incident. With its acquisition of Resilient, IBM has gained 100 employees and thirty of the Fortune 500 companies in Resilient’s portfolio. IBM will use the acquisition to bolster its security business whilst allowing Resilient to scale rapidly with access to IBM’s sales and service force. News link: https://techcrunch.com/2016/02/29/ibm-adds-post-cyber-attack-planning-with-resilient-systems-acquisition/
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Buyout Spotlight
Vista Equity Partners Agrees to Acquire Cvent for $1.65 Billion April 17, 2016 — Vista Equity Partners has entered a definitive agreement to acquire Cvent Inc., a leading cloud-based enterprise event management company that helps companies manage attendee marketing, online registrations, venue selection and other services. In the last year Cvent has experienced rapid revenue growth, but making acquisitions and investing in technology have held down profits. Vista Equity Partners is a leading private equity firm that focuses on software, data and technology-enabled businesses. Vista has agreed to buy all shares of Cvent common stock for about $1.65 billion, which translates to $36 per share. The purchase price represents a 69% premium on Cvent’s closing share price, and a multiple of approximately 7.4x its EV/Revenue and 165.6x its EV/EBITDA. Brian Sheth, co-founder and President of Vista, believes that Cvent, with its 16,000 customers and 2,000 employees, is well positioned to expand within its growing market. The acquisition is Vista’s largest investment in the meetings, incentives, conferencing and events (MICE) sector. Cvent believes that going private, as well as having the support of Vista’s resources, will allow it to make strides in product development. News link: https://www.tnooz.com/article/cvent-acquisition-vista/
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About Solganick Solganick & Co., Inc. is an independent investment banking and M&A advisory firm focused exclusively on the global Software, IT Services and Digital Media industry sectors. We advise buyers and sellers of companies and efficiently execute M&A transactions that help increase shareholder value. Our professionals have advised on $20+ billion in M&A transactions to date and have current clients and relationships globally with entrepreneurs, companies and leading private equity firms within the sectors we cover.
Please contact us for information regarding this report or to inquire about an M&A transaction.
Solganick & Co., Inc. 515 S. Flower St. Ste 500 Los Angeles, CA 90071 +1 (310) 684-3130 www.solganickco.com Aaron Solganick, CEO Alex Khoras, Director of Business Development [email protected] [email protected] Rachael Fang, Associate Michael Okayo, Associate [email protected] [email protected] David Gunther, Analyst [email protected] Follow Us on Twitter: @Solganickco
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