Shea & Company, LLC
Business Intelligence and Analytics Platforms Market Map
F E B R U A R Y 2 0 1 6
Agenda
1
Outlook & Key Themes
Business Intelligence & Analytics Technology Stack and Landscape
Transaction & Acquisition Landscape
Shea & Company Firm Overview
Copyright © 2016 Shea & Company, LLC
Outlook & Key Themes
Key Themes for Business Intelligence & Analytics in 2016
Business intelligence (BI) sector growth
remains strong and consistent
Enterprises are moving away from legacy solutions and towards a growing
crop of disruptive vendors (e.g. Tableau, GoodData) addressing a new set of BI
needs such as mobile, BigData, cloud and social
BI remains a top priority for IT, but rising
business user demands are shifting the BI
landscape
Enterprises are refocusing on growth initiatives and upgrading to more robust
BI solutions
New cloud-based solutions touting ease-of-use will also extend the appeal of
BI solutions to the mid-market, who will play a major role in overall market
growth
Difference in BI firm approaches and
evolution – components vs. platforms
The current market features BI “1.0” and “2.0” vendors fall on a spectrum of
providing components of the BI & analytics stack or platforms with
functionalities that cross the stack layers
There are constraints and opportunities
caused by the reality of multiple BI tools in
the organization
Organizations will use multiple BI solutions to accommodate different needs
Emerging BI players tend to address enterprise departmental needs in the
enterprise and mid-market cases, and incumbent BI vendors have provided
the oversight and control that traditional IT seeks
Investors have made bets at all layers of
the stack that enables BI, with more
immediate opportunity in the middle
Top-of-stack visualization is becoming relatively commoditized functionality
and the bottom-of--stack data infrastructure is well-funded and maturing
Investors will find immediate opportunity at the middle of stack, as much
effort in BI is spent indexing, discovering, integrating and preparing extant
data for analysis
1.
2.
4.
5.
3.
The BI analytics market is quickly moving within the “2.0” phase of its lifecycle which we believe will
usher in a wave of investment and consolidation activity
Legacy BI will respond to the current
market evolution with M&A
Larger legacy players (SAP, Oracle, IBM, etc.) will inevitably look to acquire
more nimble independent vendors in an effort to keep pace with the rapid
evolution of the BI analytics market
6.
Key Themes for 2015-16
2
Copyright © 2016 Shea & Company, LLC
The BI analytics market is anticipated to grow at 6% annually as BI continues to be a top IT spending
priority and as legacy solutions are upgraded
Outlook & Key Themes
Theme #1: Growing Market
Source: Gartner, IDC
Trends Forcing Market Evolution
Rise of Business User
The analytics user in the organization is shifting from IT and analytics
experts to the business users, empowered by more intuitive solutions
and new visualization and analytics tools tailored to them
Growth of the user base within the organization increases 3.5x
Enhanced Access
Data across the organization is being made available to users,
allowing for more complex, cross-functional analyses; analysis is no
longer limited to a siloed data set
Self-Service Functionality
Users now expect the ability to access and analyze enterprise data
without the need for extensive IT intervention
Collaboration
Users expect the ability to share insights across teams within and,
increasingly, outside the organization in the cloud via both desktop
and mobile
Proliferation of Data Sources and Methods
Enterprises are adopting more applications generating exponential
amounts of data; additionally, unstructured data is becoming a key
input into analysis, particularly for marketing and commerce
applications
Technological advancements such as in-memory databases are
enabling real-time, next-generation capabilities such as predictive
analytics and event processing of this diverse data
Vendors are exploring and commercially offering tools for advanced
analytics such as machine learning
Business Intelligence and Analytics Market Size ($ billions)
$13 $14
$15 $16
$17 $18
$19 $20
$-
$5
$10
$15
$20
$25
2012 2013 2014 2015 2016 2017 2018 2019
7% CAGR
Market Share, Top Vendors
6% CAGR
SAP
20.4%
Oracle
13.1%
SAS
11.6%IBM
11.1%
Microsoft
10.0%
Qlik
3.4%
MicroStrategy
2.8%
Tableau
2.7%
FICO
2.6%
Information
Builders
1.3%
Others
21.0%
3
Copyright © 2016 Shea & Company, LLC
Decentralized data discovery deployments
that enable easier and broader use without
the assistance of IT
Investing in enterprise features for
governance, administration, embeddability
and scalability; but still works in progress
Key vendors:
An ideal architecture where both IT and
business users have easy access to each
stack subject to their needs and sufficient
tools to perform various tasks with different
complexity levels
To date, no vendor in the market has been
able to provide such a platform
Legacy BI vendors, emerging BI platforms, as
well as component players are all racing
towards this “Ultimate” BI standard
Still best-suited for enterprises’ standard
system-of-record reporting provisioning
Wants to deliver on rising business user
demands without sacrificing governance
Investing aggressively to support
decentralized, governed data discovery and
OEM/embedded BI use cases, but limited
success to date
Key vendors:
4
Outlook & Key Themes
Theme #2: Rising Business User Demands Shifting the BI Landscape
Traditional IT-Led Full-Stacked BI Platform
Business Intelligence, Analytics
& Visualization
Next-Generation BI Platform
Data (IT-Supplied)
Data Warehouse / Marts
ETLIT
Data
Scientist
Business Intelligence, Analytics
& Visualization
Self-Service Data Prep
(Governed)
Data Warehouse / Marts
ETLIT
Business
User
CR
M
ER
P
SC
M
Un
stru
ctu
red
CR
M
ER
P
SC
M
Un
stru
ctu
red
Emerging Business-Driven Decentralized BI Platform
Business Intelligence, Analytics
& Visualization
Self-Service Data Prep
Business
User
CR
M
ER
P
SC
M
Un
stru
ctu
red
The decentralized BI model is taking market share from traditional centralized BI platforms by
effectively delivering for the rising line-of-business demands in enterprises and SMBs
APIs APIs APIs
Copyright © 2016 Shea & Company, LLC
Outlook & Key Themes
Theme #3: Different Approaches in the Evolution – Platform vs. Components
Emerging Decentralized BI Platforms
Da
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isco
very
an
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Infr
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Da
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Traditional Full-Stacked BI PlatformsFragmented Component Vendors
Continue to shift the focus of new product
investment and platform emphasis from IT-
authored production reporting to governed,
business-user-driven data discovery and
analysis tools
Investing aggressively in next-generation,
smart data discovery experience (self-
service data preparation, automated
pattern detection, etc.)
Trying to differentiate through integration
with the rest of their enterprise platforms
to support governed data discovery, but
have had limited adoption to date
Running against time to close gaps with
emerging platform leaders and regain
momentum and differentiation
Large legacy vendors:
Cloud BI continues to grow as data gravity
shifts to the cloud; new challengers:
Recent BI players continue to invest in
making their platforms easier to use for a
broader range of users, yet less emphasis
on emerging growth areas
Others are trying to accommodate
emerging requirements such as smart
data discovery, self-service data
preparation, embedded advanced
analytics and big data capabilities to
differentiate themselves
Unclear the new platform vendors will
extend into the data infrastructure layer
A number of vendors provide access to
sophisticated, yet business-user-
accessible, data preparation tools:
The ever-increasing amount and diversity
of data has given rise to the use of NoSQL
databases, such as Hadoop, and thus
Hadoop-based data discovery specialists:
Though general visualization still
dominates new investment, new
requirements are occurring on the data
discovery and advanced analytics level
Smart data discovery players emerged to
further “democratize” data analytics:
Vendors focusing on governed data
discovery found their spot trying to balance
between business users demands and
data governance requirements from IT:
A mature market with several clear, large
leaders and significant funding for each
Emerging demand for multi-structure data
capabilities, especially NoSQL
5
Copyright © 2016 Shea & Company, LLC
Market entering
maturation phase
at visualization
layer with several
clear, large leaders
(e.g. Tableau, Qlik)
Commoditized
visualization
offerings have
resulted in high
churn rates and
low switching
costs
Deployment
satisfaction is
dropping as
business users
look for features to
identify, prepare
and enrich data on
their own
Increasingly facing
constraints in
moving down the
stacks and into
enterprise wide
deployment; this
would allow wider
access to cross-
silo data and more
robust analysis
6
Outlook & Key Themes
Theme #4: Constraints & Multiple BI Tools in the Organization
Fragmented
Component
Vendors
Emerging
Decentralized
BI Platforms
Traditional
Full-Stacked
BI Platforms
Integrated into
Acquire
Integrated into
Developed into
Acquire
Possibly Remain Standalone?
Next–
Generation BI
Architecture
BI vendors are all facing their own challenges in moving towards next-generation architecture; in the near
term, multiple BI tools will probably coexist in an organization to serve different purposes
Traditional BI Platforms
IT-centric
architecture failed
to respond to the
rising demands
from business
users
Limited adoption
to date of their
internally-
developed data
discovery tools
Issues include
cloud capabilities,
incorporating
unstructured data,
legacy
infrastructure and
longer time-to-
discovery relative
to emerging
platforms
Losing momentum
to decentralized
products and
running out of time
to play “catch-up”
Relatively slow
acquisition pace
since the last wave
of consolidation
back in 2007-
2010
Emerging BI Platforms
Market is emerging and highly fragmented; analysts are beginning to define different segments
and identify leaders
Most employ API strategies to plug into existing BI platforms
Some are moving into additional stacks to become a platform player; standalone may not be a
viable option in the long term
Fragmented Component Vendors
Copyright © 2016 Shea & Company, LLC 7
Outlook & Key Themes
Theme #5: Bets Placed at All Layers, With Immediate Opportunity in the Middle
An
aly
tics
& V
isu
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Da
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an
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Da
ta In
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Public$100m Raised Public$156m Raised $250m Raised
According to a 2013 Forrester survey, only 17% of information workers used a data dashboard or BI tools as part of their job
Multiple public competitors exist in this space already, with companies like Tableau trading at around 10x CY15E Revenue multiple
A new group of leaders is emerging and have raised significant amounts of capital
Self-service platforms are in the early stage of market evolution and will be used to accelerate a shift toward the business user by lowering complex analysis
Most platforms integrate with the likes of Tableau and Qlik, filling the gaps for data preparation and analytics features
Only now finding defined, repeatable use cases
Various segments of the data infrastructure market are very mature with clear leaders and large contenders raising large amounts of capital
The market for Hadoop-centric products alone is also believed to grow at a 64% CAGR from $4.2bn to $50bn by 2020; and existing companies have major partnerships
across the software realm
Source: Gartner, Forrester
$1,042m RaisedPublic PublicPublic $174m Raised$47m Raised
$51m Raised$23m Raised
$65m Raised$32m Raised
$108m Raised
$28m Raised$78m Raised$77m Raised $39m Raised$49m Raised
$208m Raised $28m Raised
Platforms
$24m Raised
Component
Copyright © 2016 Shea & Company, LLC 8
Outlook & Key Themes
Theme #6: How We See the Market Playing Out
The BI market will undergo a paradigm shift over the next few years as emerging players seek to gain
further market share and larger players look to play catch-up
Continued Acceleration of
Emerging Vendors
Legacy Vendors will
Maintain a Foothold
Solutions More
Widely Adopted
at SMB Level
Next Wave of
Consolidation Starts
Well-funded, disruptive independent vendors focused on the top stack (Birst, Tableau,
GoodData) continue to take share from legacy solutions and move down stack
Vendors see use at the departmental level as more than just a complement to the standard BI
infrastructure in enterprises
Established vendors with existing footprints continue to control the “plumbing” and basic
reporting function of BI
Vendors will look to maintain a foothold by upgrading product offerings through both in-house
innovation (Amazon developing QuickSight) and through acquisition
SaaS-based, easy-to-use solutions extend the appeal and value to the mid-market, who will
increasingly drive growth of the overall market
Emerging vendors will control the majority of the share in these markets given their value
proposition
Legacy players (SAP, Oracle, IBM, etc.) acquire established platforms and smaller component
players to upgrade platforms
Growing next-generation vendors (TIBCO, Qlik, etc.) acquire rising technologies to extend their
lead
Copyright © 2016 Shea & Company, LLC 9
Outlook & Key Themes
Theme #6 (Cont’d): M&A Interest Comes from Several Angles
Diversified Technology Platforms
Diversified technology vendors offering
solutions across the BI stack, from
hardware to applications
Will look to do technology tuck-ins as
well as acquire platforms
Independent BI vendors of scale
looking to build BI product offering
across the technology stack
More focused on tuck-in technology /
functionality acquisitions
Vendors controlling the data and
infrastructure layer
Focused on platform acquisitions to
move up the technology stack towards
the application layer
Pure-Play BI Vendors Data & Infrastructure
Copyright © 2016 Shea & Company, LLC
Outlook & Key Themes
Theme #6 (Cont’d): Time to Action for Legacy Players
10
Since a strong consolidation period starting in 2007 amongst BI 1.0 solutions, legacy solution vendors
have been slow to react in the past few years and are now running against time to catch up in the
significant shift of the BI landscape
Source: 451 Group
Acquirer Data Infrastructure Data Assembly and Prep Analytics and Visualization
in 2010 for
$1.8bn
in 2010 for
undisclosed
amount
in 2014 for
undisclosed
amount
in 2015 for
undisclosed
amount in 2007 for $170m in 2009 for $12m
in 2013 for
undisclosed
amount in 2007 for $5bn
in 2009 for
$1.2bn
in 2007 for
undisclosed
amount in 2008 for $250m
in 2011 for
undisclosed
amount
in 2011 for
$27.5m in 2006 for $40m in 2008 for $1.2bn in 2014 for $115m
in 2015 for
undisclosed
amount
in 2006 for $60m in 2007 for $60m in 2009 for $7.4bn
in 2009 for
undisclosed
amount in 2006 for $45m
in 2009 for
undisclosed
amount in 2006 for $5.9bn in 2007 for $3.3bn in 2009 for $1.1bn
in 2005 for
undisclosed
amount in 2010 for $6.1bn
in 2012 for
undisclosed
amount in 2007 for $490m in 2007 for $490m in 2008 for $6.8bn in 2013 for $40m
in 2008 for
undisclosed
amount
in 2010 for
undisclosed
amount
in 2011 for
undisclosed
amount
in 2012 for
undisclosed
amount
(assets)
Agenda
11
Outlook & Key Themes
Business Intelligence & Analytics Technology Stack and Landscape
Transaction & Acquisition Landscape
Shea & Company Firm Overview
Copyright © 2016 Shea & Company, LLC
Business Intelligence & Analytics Technology Stack and Landscape
Market Map
Data Warehousing and Access Databases
Advanced AnalyticsAnalytics and Visualization
1010 Data
Actian
Actifio
Amazon
BDNA
BitYoda
Cloudera
DataGravity
EMC
Exasol
Hitachi
HP
IBM
Kognitio
InCorta
InfiniDB
Infobright
Oracle
Magnitude
Softare
MarkLogic
Microsoft
NetApp
Panoply.io
ParAccel
Pivotal
SAP
Splunk
Snowflake
Teradata
Vertica
Wherescape
Distributed Data Processing
BMC Software
CA Technologies
Caspio
Cisco
Citrix
Epicor
HP
Intel
JDA
Peoplefluent
Rackspace
Redhat
SAP
SAS
Software AG
Talend
Vmware
WSO2
Aerospike
Basho
Citus DB
Clustix
Couchbase
Datastax
Deep DB
FoundationDB
Giraph
IBM (Cloudant)
InfiniDB
InfiniteGraph
Kognito
MammothDB
MapD
MariaDB
MarkLogic
MemSQL
Microsoft
MongoDB
Neo4j
NuoDB
OhmData
ParAccel
Paradigm4
ParStream
Pivotal
PostgreSQL
RainStor
Redis
SAP
SkySQL
Sones
SQLFire
Sqrl
Teradata
TransLattice
Vertica
VoltDB
Amazon
Atscale
Cazena
Cloudera
Databricks
Datadog
Datastax
Dell
H20.ai
Hadapt
Hitachi
Hortonworks
IBM
Infochimps
Intel
Jethrodata
FICO (Karmasphere)
MAPR
Pachyderm
Pivotal
Qubole
Splice Machine
Splunk
SuperMicro
Talend
Teradata
Zettaset
Adatao
Ai-One
Angoss
Ayasdi
BigML
Blue Yonder
Clatifai
Context Relevant
Cycorp
Dataminr
DataRPM
Dato
Dell (Statsoft)
Digital Reasoning
Expect Labs
IBM (Watson, SPSS)
Indico
KXEN
Lucid.ai
Mathworks
Metamind
Microsoft
(Revolution
Analytics)
MindOps
Numenta
Nutonian
Palantir
Precog
PredictionIO
Predixion
Prognoz
Quid
Rapidminer
Reactor Labs
Salford Systems
SAS
Scaled Inference
Sentient
Technologies
Skymind
StatAce
Statwimg
Vicarious
Viv Labs
Wagon Analytics
An
aly
tics
an
d V
isu
ali
zati
on
Actian
Adeptia
Algolytics
Alooma
Astera
Bissantz
Cisco
Dataiku
DataTorrent
Dell
Denodo
Domino
Ersatz Labs
Evidanza
FICO
Fuzzy Logix
Guavus
IBM
Informatica
Information Builders
Microsoft
OpenDataSoft
Oracle
Progress Software
SAP
SAS
Silvon
Sisense
Skytree
SnapLogic
Sumologic
Syncsort
Teradata
Talend
Tibco
Vitria
Waterline Data
IT Driven Self-Service
Adatao
Alation
Alpine Data Labs
Alteryx
Argo
Attivio
Board
Cirro
ClearStory Data
Datameer
Datawatch
Exago
IBM
InetSoft
Instabase
Informatica
Jedox
Knime
LavaStorm
Logi Analytics
Looker
Megaputer
Metabase
Microsoft
Palantir
Panorama
Paxata
Platfora
Qlik
Qubole
Rapidminer
Salient
SAP
SnapLogic
Splunk
Tamr
Teradata
Trifacta
Xplenty
Yhat
Zapier
Da
ta A
ssem
bly
an
d P
rep
Da
ta In
fra
stru
ctu
re
Adaptive Insights
Advizor Solutions
Alation
Anaplan
Argo
Attensity
BeyondCore
Bime
Birst
Bissantz
Bitam
Bizzscore
Blue Sky technologies
Board
Capillary Technologies
Cetova
Chart.io
Clear Analytics
Coheris
Continuum Analytics
Cooladata
Cubeware
Custora
Datahero
Datric
DBxtra
Dimensional Insight
Domo
Dundas
Evidanza
FICO
FirstRain
Geckoboard
GoodData
GoSquared
Graphiq
GroupVisual.io
Hitchai (Pentaho)
Host Analytics
IBM (Cognos)
iDashboards
Indicee
Indusoft
Inetsoft
Information Builders
InfoZoom
Insight Squared
Intelex
Intellicus
Interana
ISS
IXDots
Jinfonet
Klipfolio
Kognitio
Logi Analytics
Looker
Longview Solutions (Arcplan)
Lyzasoft
Meteorite
Metric Insights
MicroStrategy
MITS
NarrativeScience
Noetex
Opentext (Actuate)
Oracle (Hyperion)
Panorama Software
Panoratio
Paris Technologies
Phocas
Plotly
Prevero
ProDacapo
Pyramid Analytics
Qlik
QPR
QuantCell
Quantum4D
Qunb
Retention Science
RiverLogic
RJMetrics
Roambi
Saama Technologies
SAP (Business Objects)
Scorto
Semantria
Silvon Software
Sisense
Solver
Space-Time Research
SpagoBI
Spider Strategies
SpreadsheetWEB
SQLPower
Stonefield Query
Strategy Companion
SumAll
SurfBI
Tableau
Targit
ThinkAnalytics
TIBCO
Tidemark
Totvs
Treparel
Vanguard Software
Visokio
Visual Crossing
Visual.ly
WingArc
Xtraction
Yellowfin
Yurbi
Zap
Zementis
Zoomdata
Other Cross-Infra. / Legacy Platforms
12
Copyright © 2016 Shea & Company, LLC
Business Intelligence & Analytics Technology Stack and Landscape
Market LeadersD
ata
Ass
emb
ly a
nd
Pre
pD
ata
Infr
ast
ruct
ure
Leaders determined by employment counts and amounts of financing raised
An
aly
tics
an
d V
isu
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13
Data Warehousing and Access Databases
Advanced AnalyticsAnalytics and Visualization
Distributed Data Processing
IT Driven Self-Service
Other Cross-Infra. / Legacy Platforms
Agenda
14
Outlook & Key Themes
Business Intelligence & Analytics Technology Stack and Landscape
Transaction & Acquisition Landscape
Shea & Company Firm Overview
Copyright © 2016 Shea & Company, LLC
Latest Round Date 06/12/14 09/09/14 09/15/14 03/17/15 07/22/15 10/28/15 01/14/16
Amount Raised $30 $26 $16 $65 $235 $85 $48
Post-Money, Latest Round n/a $276 $64 $500 $2,035 $765 n/a
Total Raised to Date $54 $100 $24 $156 $484 $163 $96
Transaction & Acquisition Landscape
Recent Capital Raise Activity
Source: PitchBook and other publicly available sources
($ millions)
15
Close Date Company Participating Investor(s) Description Amount Post Val
01/14/16 Looker KPCB, Meritech, Redpoint, Sapphire Ventures Web-based relational querying tools 48$ n/a
10/28/15 Alteryx Insight, Iconiq Capital Data pulling, cleaning, management and overlay 85 765
10/20/15 Pyramid Analytics Sequoia, Viola Group Integrated, scalable dashboards and analytics 30 n/a
09/09/15 Paxata Accel, EDBI, Walden Riverwood Ventures, Toba Capital Analyst-centric data preparation 18 72
09/02/15 Capillary Technologies Sequoia, Warburg Pincus, Norwest Venture Partners End-to-end, multichannel customer engagement, BI and social CRM 45 181
08/12/15 Datameer Citi Ventures, KPCB, Next World Capital, Redpoint, Top Tier Capital Partners, Workday Self-service data integration, analytics and visualization 40 224
07/23/15 Continuum Analytics BuildGroup, Defense Advanced Research Projects Agency, General Catalyst, Various Angels Scientific computing, analysis, visualization and reporting 24 n/a
07/22/15 Cazena Andreessen Horowitz, Formation 8, North Bridge Venture Partners On-demand big data platform for improved data access 28 88
07/22/15 Domo Glynn Capital, GGV Capital, and The Capital Group Companies Executive business management platform 235 2,035
06/23/15 Snowflake Computing Altimeter Capital, Redpoint, Sutter Hill, Wing Venture Partners Cloud data warehousing 45 274
06/09/15 Saama Technologies Carrick Capital Partners Machine learning and big data analysis tools 36 n/a
03/25/15 Ayasdi Bullpen, Centerview Capital, Citi Ventures, Draper Nexus, FLOODGATE, GE Ventures, IVP, Khosla, KPCB Machine intelligence platform for topological data analysis 55 n/a
03/19/15 Quid Artis, Atomico, Endeavour Vision, Founders Fund, Infocomm, Liberty Interactive, Subtraction, T.H. Lee Decision making optimization and data capturing and management 39 n/a
03/17/15 Birst DAG Ventures, Hummer Winblad, Northgate, Sequoia, Wellington Automated data warehousing and visual analytics 65 500
03/17/15 DataMinr Credit Suisse, Deep Fork, Expansion Venture, Glynn, Goldman, GSV, IVP, Venrock, Wellington, Wharton Equity Real-time social media analytics 130 700
02/18/15 RapidMiner Ascent Venture Partners, Earlybird Venture Capital, Longworth Venture Partners, Open Ocean Capital Open stack predictive dashboards, metrics and reporting 15 28
01/21/15 Interana AME Cloud, Battery, FUEL Capital, Index, Data Collective Real-time mass data interpretation 20 n/a
12/12/14 Hortonworks n/a Data storage, management and analytics 100 n/a
11/17/14 InsightSquared Atlas Venture, DFJ, NextView Ventures, Two Sigma Investments Employee activity tracking, sales forecasting and win loss analysis 14 85
10/06/14 Zoomdata Accel, B7 Ventures, Columbus Nova Technology, NEA, Razor's Edge Ventures Data analytics and visualization platform 17 52
09/29/14 Qubit Accel, Balderton Capital, Salesforce.com Website optimization, CRM, web personalization and testing 26 n/a
09/23/14 Radius Intelligence BlueRun, Formation 8, Founders Fund, Glynn Capital, Slow Ventures, Western Technology Investment Sales and marketing intelligence and insights 55 n/a
09/15/14 RjMetrics August, SoftTech VC, Trinity Ventures E-commerce analytics platform 17 64
09/09/14 GoodData Andreessen Horowitz, General Catalyst, Intel Capital, NWC, Pharus Capital, Tenaya, TOTVS, Windcrest Business intelligence and dashboard reporting tools 26 276
07/08/14 RetailNext Activant, American Express, August, Commerce Ventures, Nokia Growth, Qualcomm Ventures, StarVest, Tyco In-store business intelligence and data visualization 30 184
06/30/14 MapR Google Capital, Lightspeed, Mayfield, NEA, Qualcomm Ventures Data protection and business continuity for big data processes 110 583
06/12/14 SiSense Battery, DFJ Growth, Genesis Partners, Opus Capital Data analytics and reports sharing 30 n/a
05/29/14 Trifacta Accel, Greylock, Ignition Productivity platform for simplifying raw data into actionable form 25 133
05/08/14 Tidemark Systems Andreessen Horowitz, Greylock, Redpoint, SVB, Tenaya Enterprise performance management 32 250
03/19/14 Cloudera DAG Ventures, Google Ventures, Intel Capital, MSD Capital, T. Rowe Price Data management and enterprise Hadoop infrastructure 900 4,111
Copyright © 2016 Shea & Company, LLC
[b] Source: The 451 Group
Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful
($ millions)
16
Transaction & Acquisition Landscape
Recent M&A Activity
Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA
Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr
10/13/15 We Are Cloud (BIME) Zendesk 100.0% 0 0.0% 0 - 0 $45 0 - - 0 - -
08/03/15 1010data Advance Publications 100.0% 0 0.0% 0 - 0 $500 0 10.0x [b] - 0 - -
06/01/15 Maxifier Cxense ASA 0.0% 0 100.0% 0 - 0 $4 0 1.2x - 0 - -
05/21/15 Troux Technologies Planview 100.0% [b] 0.0% [b] - 0 $40 [b] 1.3x [b] - 0 - -
05/05/15 ColdLight Solutions PTC 100.0% 0 0.0% 0 - 0 $100 0 13.8x [b] - 0 - -
04/27/15 Applied Predictive Technologies MasterCard - 0 - 0 - 0 $600 0 - - 0 - -
03/05/15 Appfluent Attunity 61.0% 0 39.0% 0 - 0 $18 0 5.5x 2.4x 0 - -
02/26/15 Prelytix First Derivatives 80.0% 0 20.0% 0 - 0 $8 0 3.8x - 0 nm -
02/10/15 Pentaho Hitachi Data Systems 100.0% [b] 0.0% [b] - 0 $530 [b] 13.3x [b] - 0 - -
01/23/15 Revolution Analytics Microsoft 100.0% 0 0.0% 0 - 0 $115 [b] nm - 0 - -
12/05/14 Actuate OpenText 100.0% 0 0.0% 0 $330 0 $272 0 2.7x 3.0x 0 nm -
11/05/14 Dealogic Carlyle Group - 0 - 0 - 0 $700 0 5.0x - 0 - -
10/14/14 CQuotient Demandware 100.0% 0 0.0% 0 - 0 $22 0 - - 0 - -
07/08/14 Social Solutions Vista Equity Partners 100.0% 0 0.0% 0 - 0 $125 [b] 6.3x [b] - 0 - -
05/06/14 Adometry Google 100.0% [b] 0.0% [b] - 0 $150 [b] 7.5x [b] - 0 - -
04/28/14 Jaspersoft TIBCO Software - 0 - 0 - 0 $185 0 6.2x [b] - 0 - -
03/14/14 InfoCentricity Fair Isaac 100.0% 0 0.0% 0 - 0 $8 0 - - 0 - -
01/22/14 Scout Analytics ServiceSource International 100.0% 0 0.0% 0 - 0 $32 0 5.9x - 0 - -
12/16/13 SignalDemand PROS Holdings 100.0% 0 0.0% 0 - 0 $14 0 - - 0 - -
09/18/13 Extended Results TIBCO Software - 0 - 0 - 0 $21 0 - - 0 - -
09/10/13 KXEN SAP 100.0% [b] 0.0% [b] - 0 $40 [b] 3.3x [b] - 0 - -
08/22/13 Jackbe Software AG 100.0% [b] 0.0% [b] - 0 $40 [b] 4.0x [b] - 0 - -
08/06/13 Infochimps Computer Sciences 100.0% [b] 0.0% [b] - 0 $25 [b] 12.5x [b] - 0 - -
06/27/13 Visual Analytics Raytheon 100.0% 0 0.0% 0 - 0 $14 0 - - 0 - -
06/17/13 Panopticon Software AB Datawatch 0.0% 0 100.0% 0 - 0 $31 0 6.3x - 0 - -
06/11/13 StreamBase Systems TIBCO Software 100.0% 0 0.0% 0 - 0 $52 0 2.6x [b] - 0 - -
06/07/13 EdgeSpring Salesforce.com 47.0% 0 53.0% 0 - 0 $134 0 - - 0 - -
05/06/13 NComVA AB QlikTech 100.0% 0 0.0% 0 - 0 $8 0 - - 0 - -
03/01/13 Altosoft Kofax 100.0% 0 0.0% 0 $14 0 $14 0 4.0x - 0 27.0x -
01/28/13 Angoss Software Corporation Peterson Partners 100.0% 0 0.0% 0 $5 0 $6 0 0.9x - 0 - -
01/28/13 Pervasive Software Actian 100.0% 0 0.0% 0 $162 0 $119 0 2.4x 2.3x 0 24.8x 22.5x
01/16/13 Cogility Software Drumright Group - 0 - 0 $7 0 $7 0 - - 0 - -
12/19/12 StoredIQ IBM - 0 - 0 - 0 - 0 - [b] - 0 - -
11/19/12 AltoStor WANdisco International Ltd. - 0 - 0 $4 0 $4 0 - - 0 - -
10/22/12 Quiterian Actuate 100.0% 0 0.0% 0 - 0 $5 0 - - 0 - -
09/04/12 Prelytis SA Access UK Ltd. - 0 - 0 - 0 $5 0 - - 0 - -
08/07/12 Xformity Altametrics 100.0% 0 0.0% 0 $1 0 $1 0 - - 0 - -
04/26/12 Torex Retail Holdings MICROS Systems 100.0% 0 0.0% 0 $107 0 $185 0 - - 0 - -
Mean 89.6% 10.4% $78.7 $112.9 5.6x 2.6x 25.9x 22.5x
Median $10.3 $32.0 5.0x 2.4x 25.9x 22.5x
Agenda
17
Outlook & Key Themes
Business Intelligence & Analytics Technology Stack and Landscape
Transaction & Acquisition Landscape
Shea & Company Firm Overview
Copyright © 2016 Shea & Company, LLC
Advisory Services and Selected Transactions
18
Mergers & Acquisitions
Buy-side and sell-side M&A advisory
Divestitures
Restructuring
Private Placements & Capital Raising
Late-stage venture and growth equity
Recapitalizations
IPO advisory
Corporate Strategy
Corporate development advisory
Fairness opinions
Selected TransactionsShea & Company has advised on billions of dollars of software M&A and capital raise transactions
Shea & Company Firm Overview
Introduction to Shea & Company
Shea & Company served as the exclusive
financial advisor to Mimecast
has received an investment from
Shea & Company served as the exclusive
financial advisor to Lacoon
has been acquired by
Shea & Company served as the exclusive
financial advisor to Bronto
has been acquired by by
Shea & Company served as the exclusive
financial advisor to TA Associates
has acquired
Shea & Company served as the exclusive
financial advisor to Bomgar Corporation
has received a majority investment from
Shea & Company served as the exclusive
financial advisor to SeeWhy
has been acquired by
Shea & Company served as the exclusive
financial advisor to MRI Software
has been acquired by
Shea & Company served as the exclusive
financial advisor to LastPass
has been acquired by
Shea & Company served as the exclusive
financial advisor to Secure Islands
has been acquired by
People ▪ Industry Expertise ▪ Process Excellence
Shea & Company served as the exclusive
financial advisor to HP
has been acquired by
Shea & Company served as the exclusive
placement agent for the transaction
has received an investment from
Shea & Company served as the exclusive
financial advisor to Sovos Compliance
has received a majority investment from