Public markets are hitting records, valuations are at all-time highs, and buyers are hungry for companies with the disruptive technology they need to succeed in this era of rapid change. How should technology company owners, investors and executives be thinking about M&A in today's environment? How long will this boom last? July 13, tune in to the Tech M&A Monthly Midyear Update, for a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, an update on this year's Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Visual Intelligence Systems and Connected Health driven deals this year? What’s next? What do these complex, interrelated trends mean for your company's future? Join Corum’s research and deal teams for the 2017 Midyear Global Tech M&A Update.

1. 1
Tech M&A Monthly
2017 Midyear Report
13 July 2017

2. 2
Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Welcome
Timothy Goddard
SVP, Marketing
Corum Group Ltd.

3. 3
Agenda
Welcome
Field Report
 Endeavor Commerce acquired by Vendavo
2017 Midyear Research Report
Top 10 Disruptive Tech Trends update
Q&A

4. 4
Field Report:
Endeavor Commerce acquired by Vendavo
Allan Wilson
Senior Vice President
Corum Group Ltd.
Allan has over 30 years of executive and entrepreneurial experience and has built and sold several software
companies in sectors including, manufacturing, supply chain, big data, predictive analytics and social networks.
He has deep understanding of Aerospace, Automotive, High Tech, Healthcare, Consumer Products and Military
Contracting operating models.
Allan has extensive international experience and lived in Germany for a time working for SAP, following the sale
of his company to them in 2009.

5. 5
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Yasmin Khodamoradi
Director, Valuation Services
Amanda Tallman
Senior Analyst

6. 6
Public Markets
Dec. Jan. Feb. Mar. Apr. May Jun.
26%
8%
14%
0%
5%
10%
15%
20%
25%
30%
35%
Weekly Percentage Change
S&P TECH Dow Jones NASDAQ

7. 7
The Long Bull Market, 2009-Present
Last 6 months
2009 2011 2013 2015 2017
0%
50%
100%
150%
200%
250%
300%
350%
400%
450% Daily Percentage Change
NASDAQ S&P TECH Dow Jones
2009 2011 2013 2015 2017

8. 8
*Since the Great Depression. Source: S&P Capital IQ, The Associated Press
Macro view: 4 Longest Bull Market Runs
Start End Years
Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5
Current Mar. 9, 2009 ? 8.3
Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1
That 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2

9. 9
1. Disruptive trends – Strategic imperative to buy
2. Cash – Strategic & financial buyers
3. Low cost debt for leveraged buyouts
4. Many new buyers (IPOs, non-tech)
5. Strong financial markets
5 Reasons Tech M&A Remains Strong

10. 10
Corum Index
Market
Transactions
1H:20171H:2016
2069 1802
Mega Deals
34 20
Largest Deal $26B $15.3B
Pipeline
Private Equity Deals
139 199
VC Backed Exits
285322
Attributes
34%
Cross Border
Transactions 39%
Start-Up
Acquisitions 11%12%
17 yrs15 yrs
Average Life
of Target
1H:2016 1H:2017
1H:2016 1H:2017
0%
43%
11%
13%
41%
41%

11. 11
2017 Mega Deals – YTD
$1.1B
VERTICAL
$20B
$2.0B
$2.3B
$15.3B
HORIZONTAL
$2.7B
$1.4BEnterprise software
$3.7B
$1.6B
$1.1B
$1.1B
INFRASTRUCTURE
$8.6B
$1.1B
HR BPO assets
$2.6B
$2.8B
IT SERVICES
$11B
$4.3B
$2.0B
$1.3B
$2.4B
INTERNET
$11B
$1.9B
$3.4B
$2.4B
$1.3B

12. 12
2017 Mega Deals – YTD
$1.1B
VERTICAL
$20B
$2.0B
$2.3B
$15.3B
HORIZONTAL
$2.7B
$1.4BEnterprise software
$3.7B
$1.6B
$1.1B
$1.1B
INFRASTRUCTURE
$8.6B
$1.1B
HR BPO assets
$2.6B
$2.8B
IT SERVICES
$11B
$4.3B
$2.0B
$1.3B
$2.4B
INTERNET
$11B
$1.9B
$3.4B
$2.4B
$1.3B
Sold to
Target: Syncsort [Clearlake Capital Group] [USA]
Acquirer: Centerbridge Partners [USA]
Transaction Value: $1.26B
- Data integration and management software

13. 13
2017 Mega Deals – YTD
$1.1B
VERTICAL
$20B
$2.0B
$2.3B
$15.3B
HORIZONTAL
$2.7B
$1.4BEnterprise software
$3.7B
$1.6B
$1.1B
$1.1B
INFRASTRUCTURE
$8.6B
$1.1B
HR BPO assets
$2.6B
$2.8B
IT SERVICES
$11B
$4.3B
$2.0B
$1.3B
$2.4B
INTERNET
$11B
$1.9B
$3.4B
$2.4B
$1.3B
Sold to
Target: Nimble Storage [USA]
Acquirer: Hewlett Packard Enterprise [USA]
Transaction Value: $1.1B
- Predictive cloud infrastructure

14. 14
2017 Mega Deals – YTD
$1.1B
VERTICAL
$20B
$2.0B
$2.3B
$15.3B
HORIZONTAL
$2.7B
$1.4BEnterprise software
$3.7B
$1.6B
$1.1B
$1.1B
INFRASTRUCTURE
$8.6B
$1.1B
HR BPO assets
$2.6B
$2.8B
IT SERVICES
$11B
$4.3B
$2.0B
$1.3B
$2.4B
INTERNET
$11B
$1.9B
$3.4B
$2.4B
$1.3B
Sold to
Target: CEB [USA]
Acquirer: Gartner [USA]
Transaction Value: $2.6B (3.5x EV/S and 18.5x EBITDA)
- Business management and IT Consulting Services

15. 15
2017 Mega Deals – YTD
$1.1B
VERTICAL
$20B
$2.0B
$2.3B
$15.3B
HORIZONTAL
$2.7B
$1.4BEnterprise software
$3.7B
$1.6B
$1.1B
$1.1B
INFRASTRUCTURE
$8.6B
$1.1B
HR BPO assets
$2.6B
$2.8B
IT SERVICES
$11B
$4.3B
$2.0B
$1.3B
$2.4B
INTERNET
$11B
$1.9B
$3.4B
$2.4B
$1.3B
Sold to
Target: Chewy.com [USA]
Acquirer: PetSmart [USA]
Transaction Value: $3.4B (reported)
- Online pet products marketplace

16. 16
2017 Mega Deals – YTD
$1.1B
VERTICAL
$20B
$2.0B
$2.3B
$15.3B
HORIZONTAL
$2.7B
$1.4BEnterprise software
$3.7B
$1.6B
$1.1B
$1.1B
INFRASTRUCTURE
$8.6B
$1.1B
HR BPO assets
$2.6B
$2.8B
IT SERVICES
$11B
$4.3B
$2.0B
$1.3B
$2.4B
INTERNET
$11B
$1.9B
$3.4B
$2.4B
$1.3B
Sold to
Target: Mobileye [Israel]
Acquirer: Intel [USA]
Transaction Value: $15.3B (41.0x EV/Sales and 117.6x EBITDA)
- EyeQ system-on-chip, semiconductors and related systems for
automakers

17. 17
3-Year Market Valuation Trends
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
EV/Sales
5.00
7.00
9.00
11.00
13.00
15.00
17.00
19.00
21.00
EV/EBITDA

18. 18
17
11
9 9
7 7
6 6
5 5 5 5
Top Strategic Acquirers – 1H:2017

19. 19
17
11
9 9
7 7
6 6
5 5 5 5
Top Strategic Acquirers – 1H:2017
Target: Trimble Navigation [USA]
Acquirer: Network Mapping Group [United Kingdom]
- 3D visualization and mapping software for the utility industry
Sold to

20. 20
17
11
9 9
7 7
6 6
5 5 5 5
Top Strategic Acquirers – 1H:2017
Target: MSC Software Corporation [Symphony Technology Group] [USA]
Acquirer: Hexagon [Sweden]
Transaction Value: $834M (3.6x EV/Sales)
- Motion control, dynamics and acoustical vibration simulation software
Sold to
Target: VIRES Simulationstechnologie [Germany]
Acquirer: MSC Software Corporation [Hexagon] [Sweden]
- 3D simulation and virtual test drive software
Sold to

21. 21
North America
Sellers 1073
Buyers 1145
Europe
Sellers 509
Buyers 475
Latin America
Sellers 15
Buyers 9
Asia
Sellers 155
Buyers 146
Source: 451 Research
Mideast/Africa
Sellers 28
Buyers 17

22. 22
North American Deals
West
Sellers 368
Buyers 369
Canada
Sellers 85
Buyers 71
Northeast
Sellers 264
Buyers 329
Southeast
Sellers 230
Buyers 226
Source: 451 Research
Midwest
Sellers 126
Buyers 150
New York South KoreaDetroit United Kingdom
Vancouver Palo Alto
Toronto Atlanta
Seattle China

23. 23
European Deals
Nordics
Sellers 73
Buyers 79
Western Europe
Sellers 411
Buyers 388
Eastern Europe
Sellers 25
Buyers 9
Source: 451 Research
Czech Republic United States
Italy France
Germany United States
Sweden USA

24. 24
Asian Deals
China
Sellers 30
Buyers 37
Far East
Sellers 20
Buyers 27
SE/Oceania
Sellers 59
Buyers 47
India
Sellers 46
Buyers 35
Source: 451 Research
Japan United States
India China
China United States
India United States
Australia Japan

25. 25
Latin American Deals
Latin
America
Sellers 16
Buyers 9
Source: 451 Research
Peru United States
Brazil India

26. 26
North America
Sellers 1073
Buyers 1145
Europe
Sellers 509
Buyers 475
Latin America
Sellers 15
Buyers 9
Mideast/Africa
Sellers 28
Buyers 17
Asia
Sellers 155
Buyers 146
Source: 451 Research
Israel Israel
UAE United States

27. 27
Horizontal Application Software Market
Public Valuation Multiples
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x
EV/S 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x

28. 28
Subsector Sales EBITDA Examples
Business
Intelligence
3.86x 21.47x
Marketing &
Ad Tech
1.92x 16.62x
CRM 2.73x 43.83x
ERP 5.29x 20.73x
Human
Resources
6.40x 33.33x
SCM 5.41x 19.03x
Payments 4.19x 17.37x
Other 3.66x 17.04x
Horizontal Application Software Valuations

29. 29
Horizontal Application Software Market
Deal Spotlights: Marketing Analytics
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x
EV/S 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x
Sold to
Target: Infomart [Postmedia Network] [Canada]
Acquirer: Meltwater Group [USA]
Transaction Value: $30M
- Analytics and reporting SaaS for news and social media monitoring
Target: Turnstyle Analytics [Canada]
Acquirer: Yelp [USA]
- Customer analytics and marketing automation SaaS via public WiFi
Sold to

30. 30
Horizontal Application Software Market
Deal Spotlights: Cross-Device Programmatic Advertising
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x
EV/S 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x
Sold to
Target: Adelphic [USA]
Acquirer: Viant Technology [dba Viant] [Time] [USA]
Transaction Value: $25M (2x EV/S)
- Mobile and cross-device programmatic trading SaaS for advertisers and Web
publishers
Target: AdTheorent [USA]
Acquirer: H.I.G. Capital [USA]
- Mobile and cross-device trading and analytics SaaS for advertisers and Web
publishers
Sold to

31. 31
Horizontal Application Software Market
Deal Spotlights: HR
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x
EV/S 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x
Sold to
Target: Compass HRM [USA]
Acquirer: Asure Software [USA]
Transaction Value: $6M
- HR management SaaS for workforce management, payroll management, digital document management
Sold to
Target: iSystems [MBO] [USA]
Acquirer: Asure Software [USA]
Transaction Value: $55M
- Payroll, workforce and business tax management software and data hosting services
Sold to
Sold to
Target: ExcelPay Business Solutions [USA]
Acquirer: iSolved HCM [USA]
- Web-based HR management software for payroll management, applicant training and workforce management
Target: Vertex Solutions Group [USA]
Acquirer: TCC Software Solutions [USA]
- Employee training and workforce management software and consulting services

32. 32
Horizontal Application Software Market
Deal Spotlights: AI-Enabled BI
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x
EV/S 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x
Sold to
Target: Qlue [USA]
Acquirer: ServiceNow [USA]
- Customer service automation SaaS for direct customer-employee interaction
through mobile messaging interfaces
Target: DxContinuum [USA]
Acquirer: ServiceNow [USA]
Transaction Value: $15M
- Predictive analytics SaaS for management and performance of sales
Sold to

33. 33
Horizontal Application Software Market
Deal Spotlight: Social Media Monitoring
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x
EV/S 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x
Sold to
Target: Digital Roots [USA]
Acquirer: Interactions [USA]
- Social media monitoring, analytics and customer engagement SaaS
- Adds to Interactions’ portfolio of Omnichannel Intelligent Virtual Assistant
Solutions for Modernized Enterprise Customer Care
- Augments Interactions’ previous purchase of AT&T Watson AI

34. 34
Vertical Application Software Market
Public Valuation Multiples
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x

35. 35
Subsector Sales EBITDA Examples
A/E/C 6.08x 23.29x
Automotive 6.06x 20.85x
Energy &
Environment
4.50x 19.33x
Financial
Services
5.34x 16.77x
Government 2.03x 13.11x
Healthcare 4.55x 20.84x
Real Estate 8.44x 34.22x
Vertical Other 4.02x 15.07x
Vertical Application Software Valuations

36. 36
Vertical Application Software Market
Deal Spotlights: Fleet Management
0.40 x
0.50 x
0.60 x
0.70 x
0.80 x
0.90 x
1.00 x
1.10 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
EV/EBITDA 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x
EV/S 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x
Target Acquirer
Target
Country
Acquirer
Country
Description
USA USA
Telematics and fleet management electronic driver log
software
Canada USA Fleet management SaaS and GPS vehicle tracking solutions
Norway Bahrain Fleet and equipment tracking software
USA France Fleet management and telematics systems
USA USA Fleet management and driver safety SaaS
USA USA Vehicle management SaaS and IoT-based GPS fleet tracking
New
Zealand
Canada Fleet management and safety location-based SaaS

37. 37
Vertical Application Software Market
Deal Spotlights: Fleet Management
0.40 x
0.50 x
0.60 x
0.70 x
0.80 x
0.90 x
1.00 x
1.10 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
EV/EBITDA 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x
EV/S 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x
Target Acquirer
Target
Country
Acquirer
Country
Description
USA USA
Telematics and fleet management electronic driver log
software
Canada USA Fleet management SaaS and GPS vehicle tracking solutions
Norway Bahrain Fleet and equipment tracking software
USA France Fleet management and telematics systems
USA USA Fleet management and driver safety SaaS
USA USA Vehicle management SaaS and IoT-based GPS fleet tracking
New
Zealand
Canada Fleet management and safety location-based SaaS
Sold to
Target: Innovative Software Engineering [USA]
Acquirer: Trimble [USA]
- Telematics and fleet management electronic driver log software
- Refills Trimble's portfolio of Fleet Safety and Compliance Solutions
Target: Shaw Tracking [Canada]
Acquirer: Omnitracs [USA]
- Fleet management SaaS and GPS vehicle tracking solutions
- Expands Omnitracs’ presence in Canada
Sold to

38. 38
Vertical Application Software Market
Deal Spotlights: Fleet Management
0.40 x
0.50 x
0.60 x
0.70 x
0.80 x
0.90 x
1.00 x
1.10 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
EV/EBITDA 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x
EV/S 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x
Target Acquirer
Target
Country
Acquirer
Country
Description
USA USA
Telematics and fleet management electronic driver log
software
Canada USA Fleet management SaaS and GPS vehicle tracking solutions
Norway Bahrain Fleet and equipment tracking software
USA France Fleet management and telematics systems
USA USA Fleet management and driver safety SaaS
USA USA Vehicle management SaaS and IoT-based GPS fleet tracking
New
Zealand
Canada Fleet management and safety location-based SaaS
Sold to
Target: ABAX [Norway]
Acquirer: Investcorp [Bahrain]
Transaction Value: $210M
- Fleet and equipment tracking software
Target: NexTraq [USA]
Acquirer: Michelin [France]
- Fleet management and telematics systems
Sold to

39. 39
Vertical Application Software Market
Deal Spotlight: Connected Car
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x
Sold to
Target: Automatic Labs [USA]
Acquirer: Sirius XM Radio [dba SiriusXM] [USA]
Transaction Value: $115M
- Mobile driver assist devices and applications
- The deal solidifies SiriusXM’s position in the connected car infotainment space
Sold to
Target: Teramatrix Technologies [India]
Acquirer: Globetouch [USA]
- M2M IoT data collection and aggregation software
- Complements Globetouch’s IoT, Connected Car and Autonomous Driving systems

40. 40
Vertical Application Software Market
Deal Spotlight: Asset Management
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x
Sold to
Target: Sage Technology [Australia]
Acquirer: Prometheus Group Enterprises [Francisco Partners] [USA]
- Plant management SaaS to businesses in the manufacturing industry
Target: Pipeline Group [USA]
Acquirer: Prometheus Group Enterprises [Francisco Partners] [USA]
- Asset management SaaS for businesses in the manufacturing industry
- Builds upon Prometheus’s strategy to deliver a unified scheduling solution
Sold to

41. 41
Vertical Application Software Market
Deal Spotlights: Education
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x
Sold to
Sold to
Sold to
Target: AcademicWorks [USA]
Acquirer: Blackbaud [USA]
Transaction Value: $50M
- Scholarship management SaaS for K-12 schools, universities and nonprofits
Target: Questar Assessment [USA]
Acquirer: Educational Testing Service [dba ETS] [USA]
Transaction Value: $127.5M
- K-12 education assessment management software
Target: DATA180 [USA]
Acquirer: Interfolio [USA]
- Faculty reporting and evaluation management, program assessment and student tracking SaaS

42. 42
Consumer Application Software Market
Public Valuation Multiples
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 15.89 x 15.68 x 16.21 x 17.32 x 17.80 x 14.73 x 14.82 x 15.82 x 17.52 x 18.23 x 20.43 x 20.02 x 15.85 x
EV/S 1.96 x 2.15 x 2.09 x 2.31 x 2.16 x 2.12 x 2.04 x 2.27 x 2.18 x 2.44 x 2.62 x 2.83 x 3.22 x

43. 43
Subsector Sales EBITDA Examples
Casual Gaming 3.70x 21.46x
Core Gaming 3.25x 13.90x
Other 1.27x N/A
Consumer Application Software Valuations

44. 44
Consumer Application Software Market
Deal Spotlights: Video Games
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x
Sold to
Sold to
Sold to
Hunan Tianrun Digital
Entertainment & Cultural Media
Target: Shenzhen Muzhi Game Technology [dba Muzhi] [China]
Acquirer: Hunan Tianrun Digital Entertainment & Cultural Media [China]
Transaction Value: $249M
- Mobile video games developer
Target: Shanghai Woshi Culture Communication [China]
Acquirer: Hakim Unique Internet [China]
Transaction Value: $86.9M
- Developer and publisher of mobile video games
Target: IsCool Entertainment [France]
Acquirer: Hachette Livre [Lagardere] [France]
Transaction Value: $8.6M
- Social games for Web and mobile

45. 45
Consumer Application Software Market
Deal Spotlights: Facebook-Based Casino Games
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 15.89 x 15.68 x 16.21 x 17.32 x 17.80 x 14.73 x 14.82 x 15.82 x 17.52 x 18.23 x 20.43 x 20.02 x 15.85 x
EV/S 1.96 x 2.15 x 2.09 x 2.31 x 2.16 x 2.12 x 2.04 x 2.27 x 2.18 x 2.44 x 2.62 x 2.83 x 3.22 x
Sold to
Target: Double Down Interactive [International Game Technology] [USA]
Acquirer: DoubleU Games [South Korea]
Transaction Value: $825M
- Online casino simulation videogame for Facebook
Target: Luck Genome [Israel]
Acquirer: GamePoint [Netherlands]
Transaction Value: $12.5M
- Free casino games accessible on mobile and tablet devices as well as Facebook
Sold to

46. 46
Consumer Application Software Market
Deal Spotlights: Spotify
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x
Sold to
Sold to
Sold to
Target: MightyTV [USA]
Acquirer: Spotify [Sweden]
- Mobile application for digital entertainment content recommendations
Target: Sonalytic [USA]
Acquirer: Spotify [Sweden]
- Copyright monitoring and music identification SaaS
Target: Niland [France]
Acquirer: Spotify [Sweden]
- Online music search and AI-enabled software recommendations for publishers

47. 47
Infrastructure Software Market
Public Valuation Multiples
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
3.00 x
3.20 x
3.40 x
3.60 x
3.80 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 13.45 x 13.78 x 14.03 x 13.89 x 15.38 x 15.17 x 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x
EV/S 3.19 x 3.46 x 3.36 x 3.45 x 3.20 x 3.42 x 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x

48. 48
Subsector Sales EBITDA Examples
Endpoint 3.53x 15.46x
IT Services
Management
5.01x 13.25x
Network
Management
2.49x 8.59x
Security 4.04x 22.84x
Storage
& Hosting
2.77x 11.98x
Other 4.97x 11.94x
Infrastructure Software Market

49. 49
Infrastructure Software Market
Deal Spotlights: Identity Access Management
0.40 x
0.50 x
0.60 x
0.70 x
0.80 x
0.90 x
1.00 x
1.10 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
EV/EBITDA 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x
EV/S 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x
Target Acquirer
Target
Country
Acquirer
Country
Description
USA USA Identity theft monitoring technology
USA Canada Security & identity management SaaS
USA Israel Automated machine identity provisioning software
USA USA Application penetration and network vulnerability testing SaaS
USA Belgium Cloud-based identity & access management APIs and SDKs
USA Sweden Iris recognition biometric systems
United
Kingdom
United
Kingdom
Authentication software & SaaS

50. 50
Infrastructure Software Market
Deal Spotlights: Identity Access Management
0.40 x
0.50 x
0.60 x
0.70 x
0.80 x
0.90 x
1.00 x
1.10 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
EV/EBITDA 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x
EV/S 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x
Target Acquirer
Target
Country
Acquirer
Country
Description
USA USA Identity theft monitoring technology
USA Canada Security & identity management SaaS
USA Israel Automated machine identity provisioning software
USA USA Application penetration and network vulnerability testing SaaS
USA Belgium Cloud-based identity & access management APIs and SDKs
USA Sweden Iris recognition biometric systems
United
Kingdom
United
Kingdom
Authentication software & SaaS
Sold to
Sold to
Target: Delta ID [USA]
Acquirer: Fingerprint Cards [Sweden]
Transaction Value: $106M
- Iris recognition biometric systems for use in mobile devices and automobiles
Target: SecurEnvoy [United Kingdom]
Acquirer: Shearwater Group [United Kingdom]
Transaction Value: $25M (6.2x EV/Sales and 9.1x EV/EBITDA)
- Two-factor, tokenless, SMS and email authentication software and SaaS
Target: Conjur [USA]
Acquirer: CyberArk Software [Israel]
Transaction Value: $42M
- Automated machine identity provisioning software for DevOps providers
Sold to

51. 51
Infrastructure Software Market
Deal Spotlights: Security
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
3.00 x
3.20 x
3.40 x
3.60 x
3.80 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 13.45 x 13.78 x 14.03 x 13.89 x 15.38 x 15.17 x 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x
EV/S 3.19 x 3.46 x 3.36 x 3.45 x 3.20 x 3.42 x 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x
Sold to
Target: Invincea [USA]
Acquirer: Sophos [United Kingdom]
Transaction Value: $100M
- Endpoint security software for healthcare, financial and government services
- Enhances Sophos’s synchronized security portfolio and real-time intelligence sharing
Target: Skyfence Networks [Imperva] [Israel]
Acquirer: Forcepoint [Raytheon] [USA]
Transaction Value: $40M
- Security software for public cloud applications
Sold to

52. 52
Infrastructure Software Market
Deal Spotlights: Mobile Back-end
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
3.00 x
3.20 x
3.40 x
3.60 x
3.80 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 13.45 x 13.78 x 14.03 x 13.89 x 15.38 x 15.17 x 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x
EV/S 3.19 x 3.46 x 3.36 x 3.45 x 3.20 x 3.42 x 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x
Sold to
Sold to
Target: Apteligent [USA]
Acquirer: VMware [EMC] [Dell] [USA]
Transaction Value: $30M (3.8x EV/Sales)
- Mobile application intelligence solution providing both tools and app performance
insights
Target: Kinvey [USA]
Acquirer: Progress Software Corporation [USA]
Transaction Value: $30M
- Machine-learning predictive analytics SaaS for industrial IoT connected device
management

53. 53
Infrastructure Software Market
Deal Spotlights: Virtualization
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
3.00 x
3.20 x
3.40 x
3.60 x
3.80 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 13.45 x 13.78 x 14.03 x 13.89 x 15.38 x 15.17 x 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x
EV/S 3.19 x 3.46 x 3.36 x 3.45 x 3.20 x 3.42 x 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x
Sold to
Target: Unidesk Corporation [USA]
Acquirer: Citrix Systems [USA]
Transaction Value: $65M (3.8x EV/Sales)
- Desktop virtualization and app lifecycle management software and SaaS
Target: Viptela [USA]
Acquirer: Cisco Systems [USA]
Transaction Value: $610M (24.4x EV/Sales)
- Cloud-based WAN virtualization software
Sold to

54. 54
Public Valuation Multiples
Internet Application Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 23.49 x 23.13 x 20.76 x 22.21 x 20.40 x 19.07 x 18.57 x 20.12 x 21.80 x 21.78 x 26.43 x 27.08 x 26.11 x
EV/S 3.71 x 4.00 x 4.54 x 4.76 x 4.32 x 4.11 x 3.81 x 4.16 x 4.14 x 3.99 x 4.19 x 4.41 x 4.28 x

55. 55
Subsector Sales EBITDA Examples
Diversified
Internet
5.28x 20.03x
eCommerce 1.34x 53.82x
Social Network 4.33x 24.78x
Travel & Leisure 6.93x 25.04x
Internet Application Software Valuations

56. 56
Internet Application Software Market
Deal Spotlight: Diversified Internet
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x
EV/S 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x
Sold to
Target: Angie's List [USA]
Acquirer: HomeAdvisor / IAC [USA]
Transaction Value: $505M (1.6x EV/Sales)
- Online consumer review service
- IAC had courted Angie’s List for over 2 years
- Combined company spins out as new public company ANGI Homeservices

57. 57
Deal Spotlight: Coupon Services
Internet Application Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 23.49 x 23.13 x 20.76 x 22.21 x 20.40 x 19.07 x 18.57 x 20.12 x 21.80 x 21.78 x 26.43 x 27.08 x 26.11 x
EV/S 3.71 x 4.00 x 4.54 x 4.76 x 4.32 x 4.11 x 3.81 x 4.16 x 4.14 x 3.99 x 4.19 x 4.41 x 4.28 x
Target: RetailMeNot [USA]
Acquirer: Harland Clarke Holdings [USA]
Transaction Value: $630M (1.5x EV/Sales and 15.4x EBITDA)
- Searchable online directory of digital coupons and promotional codes for
consumers
Sold to

58. 58
Deal Spotlight: Classifieds
Internet Application Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 23.49 x 23.13 x 20.76 x 22.21 x 20.40 x 19.07 x 18.57 x 20.12 x 21.80 x 21.78 x 26.43 x 27.08 x 26.11 x
EV/S 3.71 x 4.00 x 4.54 x 4.76 x 4.32 x 4.11 x 3.81 x 4.16 x 4.14 x 3.99 x 4.19 x 4.41 x 4.28 x
Target: CareerBuilder.com [TEGNA] [USA]
Acquirer: Led by Apollo Global Management [USA]
Transaction Value: $483M (0.9x EV/Sales)
- Employment classified ad website with related online reference content
Sold to

59. 59
Internet Application Software Market
Deal Spotlights: Airbnb
0.40 x
0.50 x
0.60 x
0.70 x
0.80 x
0.90 x
1.00 x
1.10 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
EV/EBITDA 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x 10.33 x 10.14 x 10.35 x
EV/S 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x 0.90 x 0.98 x 1.06 x
Target Acquirer
Target
Country
Acquirer
Country
Description
Canada USA Short-term rentals classifieds website
USA USA Mobile & social payment applications
Germany USA Online vacation search & comparison service
USA USA
Machine learning-based identity screening
SaaS
USA USA Mobile app development software

60. 60
Deal Spotlights: Automotive Classifieds
Internet Application Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 23.49 x 23.13 x 20.76 x 22.21 x 20.40 x 19.07 x 18.57 x 20.12 x 21.80 x 21.78 x 26.43 x 27.08 x 26.11 x
EV/S 3.71 x 4.00 x 4.54 x 4.76 x 4.32 x 4.11 x 3.81 x 4.16 x 4.14 x 3.99 x 4.19 x 4.41 x 4.28 x
Sold to
Target: CarCo Technologies [USA]
Acquirer: KAR Auction Services [USA]
Transaction Value: $43M
- Online classifieds website that enables automotive dealers to acquire used cars
Target: Am.ru [Rambler&Co] [Russia]
Acquirer: Mail.Ru Group [Russia]
Transaction Value: $10M
- Online auto classifieds, news and blog website
Sold to

61. 61
Deal Spotlights: Online Food Ordering
Internet Application Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 23.49 x 23.13 x 20.76 x 22.21 x 20.40 x 19.07 x 18.57 x 20.12 x 21.80 x 21.78 x 26.43 x 27.08 x 26.11 x
EV/S 3.71 x 4.00 x 4.54 x 4.76 x 4.32 x 4.11 x 3.81 x 4.16 x 4.14 x 3.99 x 4.19 x 4.41 x 4.28 x
Sold to
Sold to
Sold to
Target: ZakaZaka [Russia]
Acquirer: Mail.Ru Group [Russia]
Transaction Value: $18M (21.7x EV/Sales)
- Online food delivery service in Russia
Target: MobileNosh [USA]
Acquirer: Electronic Payments [USA]
- Mobile application that enables consumers to order food from restaurants and food trucks
Target: Nowait [USA]
Acquirer: Yelp [USA]
Transaction Value: $40M
- Wait list management mobile application for restaurants

62. 62
IT Services – Developed Markets
Public Valuation Multiples
0.40 x
0.60 x
0.80 x
1.00 x
1.20 x
1.40 x
1.60 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 10.21 x 10.68 x 11.08 x 11.13 x 10.90 x 10.89 x 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x
EV/S 1.16 x 1.14 x 1.26 x 1.32 x 1.27 x 1.21 x 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x

63. 63
Public Valuation Multiples
IT Services – Emerging Markets
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
5.00 x
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
19.00 x
EV/SEV/EBITDA
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
EV/EBITDA 15.24 x 15.48 x 15.12 x 14.69 x 12.93 x 13.01 x 13.52 x 13.38 x 14.25 x 14.45 x 17.04 x 17.75 x 18.55 x
EV/S 3.12 x 3.43 x 3.09 x 3.15 x 2.91 x 2.77 x 2.70 x 2.70 x 2.95 x 3.04 x 3.14 x 3.26 x 3.27 x

64. 64
Subsector Sales EBITDA Examples
Developed 1.41x 11.81x
Emerging 3.27x 18.55x
IT Services Valuations

65. 65
IT Services Global Acquisitions 1H 2017

66. 66
IT Services Global Acquisitions 1H 2017
Target: solid serVision [Germany]
- Gold-rated ServiceNow SI & consultant; ~100 professionals
- Ranked among fastest-growing German IT companies
Sold to
Target: Focus Group Europe [United Kingdom]
- ServiceNow SI, consultant & VAR
- Won ServiceNow Top Influencer award; ~70 professionals
Sold to

67. 67
IT Services Global Acquisitions 1H 2017
Target: SinnerSchrader [Germany]
Transaction Value: $67.4M (2x EV/sales)
- Digital marketing & Web design services
Sold to

68. 68
IT Services Global Acquisitions 1H 2017
Target: Altitude [USA]
- Product design, consulting and engineering services
Sold to
Target: Media Hive [USA]
- Web and mobile e-commerce solutions
Sold to

69. 69
IT Services Global Acquisitions 1H 2017
Target: LabAnswer [USA]
- Research lab informatics consultant to FDA, pharma, others
- LIMS, ELN, instruments, migration and outsourcing support
Target: Genfour [USA]
- Intelligent Automation services
- Cornerstone for new IA Center in UK
Sold to
Sold to

70. 70
IT Services Global Acquisitions 1H 2017
Target: Endgame Systems Inc. (U.S. federal government
services business) [USA]
- Proactive cyber defense including threat hunting & red
teaming
- Apply machine learning & data science EDR platform
Sold to
Federal business unit

71. 71
IT Services Global Acquisitions 1H 2017

72. 72
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Yasmin Khodamoradi
Director, Valuation Services
Amanda Tallman
Senior Analyst

73. 73
Corum Top Ten Technology Trends 2017
AI Enablement IoT
Software
Visual
Intelligence
Systems
Digital Currency
Flow
Data Science
Monetization
Online
Exchanges
Omni-channel
Sales
Connected
Health
Focused IT
Services
Data
Security
CORECONTOUR

74. 74
Allan Wilson
Senior Vice President
Corum Group Ltd.
Allan has over 30 years of executive and entrepreneurial experience and has built
and sold several software companies in sectors including, manufacturing, supply
chain, big data, predictive analytics and social networks. He has deep
understanding of Aerospace, Automotive, High Tech, Healthcare, Consumer
Products and Military Contracting operating models.
Allan has extensive international experience and lived in Germany for a time
working for SAP, following the sale of his company to them in 2009.
Putting AI to work by means of big data and feedback
#1: AI Enablement
Corum Top Ten Disruptive Technology Trends 2017

75. 75
Putting AI to work by means of big data and feedback
#1: AI Enablement
 Nascent AIs and other
machine learning platforms
need data.
 Need tasks that provide
data, benefit from improving
expertise, then provide
feedback to improve the
platform.
 Business cases emerging
rapidly across all sectors.
 Significant stores of unique
data can short-circuit “build
vs. buy” debates in M&A.
Corum Top Ten Disruptive Technology Trends 2017

76. 76
Rob Schram
Senior Vice President
Corum Group Ltd.
Rob has over 30 years of executive and entrepreneurial experience in multiple
technologies: Integrated circuit testing, industrial process automation and control,
communications software, security software, and energy software and services.
Rob has founded and sold several companies and engaged in two IPOs. He was most
recently CEO of Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly
skilled strategic development professional with a proven reputation for targeting,
negotiating and developing profitable ventures and a demonstrated ability to successfully
analyze an organization's critical business requirements, identify deficiencies and
opportunities, and develop innovative and cost-effective solutions for enhancing
competitiveness, increasing revenues, and improving customer relationships.
Emerging platforms, standards & analytics
#2: IoT Software
Corum Top Ten Disruptive Technology Trends 2017

77. 77
Emerging platforms, standards & analytics
#2: IoT Software
 Internet of Things (IoT)
growth brings us into its first
full software cycle.
 Each “Thing” needs
platforms, communication,
analytics, etc.
 Competing platforms and
associated ecosystems
beginning to coalesce.
 IoT software often, but not
always, inextricably
enmeshed with hardware.
 Compatibility-driven, as in
other cycles of disruption.
Corum Top Ten Disruptive Technology Trends 2017

78. 78
Daniel Bernstein
Vice President
Corum Group Ltd.
Daniel Bernstein has worked in a number of roles over a twenty year career in high
technology, most recently as the founder and CEO of Sandlot Games Corporation, a
leading casual games publisher and developer. Having sold Sandlot Games to Digital
Chocolate in 2011, Daniel started a small games studio and a consulting practice where
he advises larger companies such as RealNetworks and smaller high growth businesses
on product development, strategic initiatives, and M&A opportunities.
Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such
as Wild Tangent and Monolith. An accomplished composer, Daniel also writes music for
most of the games he works on.
Daniel holds a BS in Computer Science and an MA in Music Composition from the
University of Virginia.
Intersection of AI, computer vision & analytics
#3: Visual Intelligence Systems
Corum Top Ten Disruptive Technology Trends 2017

79. 79
Intersection of AI, computer vision & analytics
#3: Visual Intelligence Systems
Corum Top Ten Disruptive Technology Trends 2017
 Evolution of Positioning
Intelligence beyond GPS
required computer vision.
 Drones and self-driving cars
driving advanced vision tech
with even larger implications.
 Retail, security, energy,
agriculture, advertising are all
being impacted.
 Companies creating practical
solutions with this tech—
especially utilizing analytics—
are in high demand.

80. 80
Rob Griggs
Vice President
Corum Group Ltd.
As a serial entrepreneur and investment banker, Rob Griggs has had a successful 35+
year career in the high technology arena. Early in his career he was a top performer at
Apple before starting his first software company in the mid-1980’s. As a founder of
Authorware / MacroMedia, NetRadio, Wit Capital, and many other companies, Rob’s
sales, marketing, business development and capital raising skills have been honed over
supporting hundreds of company financial transactions during his career.
His success and extensive experience in software M&A uniquely qualify him as an expert
in building value and realizing wealth. Rob joined Corum Group, the world’s leading
software M&A firm, with a specific focus on educating and helping prospective sellers
maximize the value of their technology companies.
Decreasing friction in payments & exchange
#4: Digital Currency Flow
Corum Top Ten Disruptive Technology Trends 2017

81. 81
Decreasing friction in payments & exchange
#4: Digital Currency Flow
 Currency flow moving towards
fewer barriers, reduced regulation
and less friction on transactions
globally.
 Banks face competition from
nimbler mobile and web point
solutions.
 Includes alternative currencies—
from blockchain/bitcoin to in-
game currencies to Starbucks
payments.
 Software & systems that speed or
harness payment flow have
significant potential.
Corum Top Ten Disruptive Technology Trends 2017

82. 82
Entertainment software entrepreneur Jim Perkins is directly responsible for publishing
some of the industry’s biggest franchises, including Unreal, Duke Nukem, Wolfenstein,
Doom, Hunting Unlimited, and Driver. A well-known senior executive with a 22-year
track record of publishing such bestselling hits, he founded and grew two highly
successful software publishing companies (FormGen and ARUSH) from start-ups to
multi-million dollar enterprises.
Jim also launched Radar Group, the first Transmedia Incubation Company to monetize
entertainment franchises across all media, including film and television. His success
and extensive experience in software production, marketing and public relations,
packaging, online and retail distribution and software M&A, uniquely qualify him as an
expert in building value and realizing wealth. Jim joined Corum Group, the world’s
leading software M&A firm, with a specific focus on educating and helping prospective
sellers maximize the value of their digital media companies.
Jim Perkins
Executive Vice President
Corum Group, Ltd.
Maximizing return with real-time analytics
#5: Data Science Monetization
Corum Top Ten Disruptive Technology Trends 2017

83. 83
Maximizing return with real-time analytics
#5: Data Science Monetization
 In a world of freemium, free-to-
play & declining ad effectiveness,
turning users or viewers into
dollars is a premium capability.
 Robust analytic tools are no
longer optional, especially for
consumer-facing companies.
 Gaming companies are leading
the way, deriving value from their
analytic capabilities as much as
entertainment.
 Video ads are close behind with
opportunities in e-commerce,
brick & mortar, B2B and beyond.
Corum Top Ten Disruptive Technology Trends 2017

84. 84
Ivan Ruzic, Ph.D.
Vice President
Corum Group Ltd.
Dr. Ivan Ruzic has had a successful 30+ year career in the software business that has
included virtually every senior executive role. His resume spans marquee companies
such as BEA systems, Novell and Borland as well as multiple startups including his
own. His international experience is extensive and in addition to the United States has
been involved in mergers and acquisitions in Europe, Africa and Asia.
His success and extensive experience qualify him as an expert in building value and
realizing wealth. Ivan joined Corum Group, the world’s leading software M&A firm, with
a specific focus on educating and helping prospective sellers maximize the value of
their technology companies.
Connecting Creators & Consumers
#6: Online Exchanges
Corum Top Ten Disruptive Technology Trends 2017

85. 85
Connecting creators & consumers
#6: Online Exchanges
 Uber & others recharging the
concept that created online
commerce, putting unused
capacity to work.
 Not just connecting buyers &
sellers, but creating previously
non-existent opportunities on
both sides.
 Disruptive opportunities
include:
 Personalization
 Real-time commerce
 Financial disintermediation
Corum Top Ten Disruptive Technology Trends 2017

86. 86
Jeff Riley
Vice President
Corum Group Ltd.
Jeff has over 25 years of large and small company experience in the technology
industry, focusing on enterprise software and IT services across a broad variety of
vertical industries and geographies.
In 2004, Jeff became CEO of Dinerware, a small restaurant software startup based
in Seattle. Under his leadership Dinerware grew rapidly, receiving numerous
industry awards along the way. After being listed on the Inc 5000 list of fastest
growing private companies for four years in a row, he led the successful sale of the
company to Heartland Payment Systems which was later acquired by Global
Payments.
The first half of Jeff’s career was spent in product management and business
development for new products and capabilities within large technology companies
including Digital Equipment, RR Donnelley, and Microsoft. While at Microsoft, Jeff
launched Microsoft’s first secure commerce website in 1997, managed Microsoft
Business Solutions SMB sales and marketing, and served as integration lead for the
Great Plains acquisition before being promoted to GM of Retail Business Solutions
within Dynamics.
He graduated from Babson College with a B.S. in Business Administration majoring
in Management Information Systems.
Purchasing decisions anywhere, any platform
#7: Omni-Channel Sales
Corum Top Ten Disruptive Technology Trends 2017

87. 87
Purchasing decisions anywhere, any platform
#7: Omni-Channel Sales
 Consumer platforms & devices
continually fragmenting.
 Marketing keeping pace – next
challenge is sales, both decision
points and actual purchase.
 Point at which money changes to
product must be immediately with
customer, moving closer by being
on their favorite device.
 Persuasion must move there as
well, taking new forms as it does.
 Consumer brands leading the
way, but enterprise is not far off.
Corum Top Ten Disruptive Technology Trends 2017

88. 88
David Levine
Vice President
Corum Group Ltd.
Dave joined Corum in 2015 and has a diverse background in technology and life
sciences. As an executive and entrepreneur, Dave has been operating and investing
in companies sitting at the convergence of commerce and eCommerce as well as
innovative life science businesses for over twenty-five years. Recently, Dave was
CEO North America for Gaxsys, an eCommerce and logistics company that is a
leader in last mile logistics and fulfillment for eCommerce marketplaces.
Dave has been on both sides of the mergers and acquisitions table having sold a life
science technology company, facilitated sell side and buy side technology transactions
and has also scaled multiple technology companies globally in the eCommerce, life
sciences and innovation intelligence markets. Dave sits on boards of public and
private companies including one company that recently filed for an IPO.
Dave holds a business degree from the Indiana University, Kelley School of Business.
Linking people to their health data & services
#8: Connected Health
Corum Top Ten Disruptive Technology Trends 2017

89. 89
Linking people to their health data & services
#8: Connected Health
 Technological, regulatory
and demographic changes
converging to create
significant opportunity.
 Leveraging new tech:
smartphones, trackers,
connected medical devices,
genomics, remote
monitoring.
 Improved self-care and
remote care/diagnosis.
 Makes healthcare more
patient-centric by enabling
healthcare consumerism.
Corum Top Ten Disruptive Technology Trends 2017

90. 90
Steve joined Corum after 25 years of executive experience in various high-tech
industries with both public and private venture-backed startups. He has extensive
global experience, opening international markets and growing sales from zero to
tens of million in revenue. He has been on the forefront of selling several companies
and spinning off software divisions, highlighted by the sale of GetFon to Alestra
(AT&T Mexico). He is fluent in Spanish.
Steve was the founding CEO of Solera Networks, a real-time intrusion detection
security company. He also co-founded Auction Trust Network, an eCommerce
company for online exchanges; which he sold to MediaForge (Rakuten Marketing).
Steve is a board member of several software companies and has industry expertise
in several areas: enterprise apps and infrastructure, security, mobile and wireless,
media & entertainment, supply chain, and embedded devices/systems (IoT).
Steve Jones
Vice President
Corum Group Ltd.
Differentiation drives new value in a sleepy sector
#9: Focused IT Services
Corum Top Ten Disruptive Technology Trends 2017

91. 91
Differentiation drives new value in a sleepy sector
#9: Focused IT Services
 New and more pervasive
technologies creating new
needs for maintenance,
extension and utilization.
 Teams that provide customer
value around a specific
technology, sector or problem
are seeing increased value.
 Buyers seeing more value in
purpose-built IP emerging out
of services firms.
 Services on the edge of key
trends seeing particular
interest.
Corum Top Ten Disruptive Technology Trends 2017

92. 92
Jon joined Corum in 2010 out of their Seattle headquarters and is now based in
Amsterdam. He has close to 30 years experience serving high technology companies
with the last 20 mainly in chief operating and chief executive roles. During this time Jon
has become known for his ability to successfully integrate strategies and tactics into well
executed operating plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and
compliance software company sold to Help/Systems in 2008, and Microserv Technology
Services, a nationwide tech services company which was acquired by Halifax Corporation
in 2003. Earlier he served as President and COO of Traveling Software, a leading
developer of communications software in Seattle. Prior to his operating roles Jon held
vice president roles in sales, marketing and business development for technology
companies.
Jon has taught in the software product management program at the University of
Washington and holds a business administration degree from San Francisco State
University.
Jon Scott
Managing Director
Corum Group
International
Building barriers in an age of blurred lines
#10: Data Security
Corum Top Ten Disruptive Technology Trends 2017

93. 93
Building barriers in an age of blurred lines
#10: Data Security
 New technologies creating
new risks from freer flowing
data.
 High impact breaches (DNC,
Yahoo, Dyn DNS, Oracle
Micros) drive broad
recognition of security needs.
 Key trends include security
analytics, rapid detection &
in-process threat response.
 Internet of Things opening a
new front in this fight – the
Dyn DDoS attach came from
infected IoT devices.
Corum Top Ten Disruptive Technology Trends 2017

94. 94
Upcoming Conference Schedule
Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position,
research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
event ever – participants have done over $1 trillion in transaction value.
Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends,
valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.”
www.CorumGroup.com/Events
Aug. 1: Lehi – MB
Aug. 3: Omaha – MB
Sep. 27: London – MB
Sep. 28: Dublin – MB
Oct. 12: Helsinki – SUSO
Oct. 25: Munich– SUSO
Oct. 26: Berlin– SUSO
Stockholm Dallas
Victoria B.C. Austin
Seattle Houston
Additional events upcoming in…

95. 95
www.corumgroup.com