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Roadmap to Valuation
Commentary and analysis provided by MergerTech research team, including breakout by sector (Hardware,
Healthcare IT, Internet/Digital Media, IT Services and Software)
October20,2014
3Q deal flow remained robust as the quarter marked the most technology M&A announcements since 4Q13. Year to date, over $190B of transactions have been
announced (+15% year-over-year [Y/Y]) over the first three quarters of 2013, putting 2014 on course to be the most active M&A year since the financial tumult of
2008. With over 1,600 total M&A transactions across the five sectors we actively monitor, we saw a 25% increase in quarter-over-quarter (Q/Q) deal activity.
Amongst transactions with disclosed deal values, average deal size rose 8% Q/Q following a 15% decline in the prior quarter. Average EV (enterprise
value)/revenues per transaction rebounded off of last quarters decline to 3.4x, coming in at 4.7x. Most notably, deal volume within the Internet
Software/Services sector rose 36% Q/Q and marked a five-year peak (576 deals in 3Q), highlighted by Zillows acquisition of Trulia (15x EV/revs) along with
Alliance Datas purchase of Conversant (4x EV/revs) in the advertising technology space.
Heading into the final quarter of 2014, we anticipate M&A activity to remain at record levels and eclipse 3Qs levels as both buyers and sellers race to get deals
closed before calendar year-end. Additionally, recent volatility in the markets may spur sellers to reconsider their long-term business plans and reassess a sale
before they lose any of the leverage they have built over the last few years.
Some of our 3Q observations about these sectors:
Sector
Hardware
Healthcare IT
Internet Software/Svcs.
IT Services
Software
Announced
Deals
375
56
576
250
347
EV/ Revs
4.3x
2.1x
5.4x
5.0x
4.0x
EV /EBITDA
21.0x
11.9x
49.2x
10.1x
24.9x
MergerTech has continued to represent companies benefitting from this robust deal environment by closing three transactions in the quarter. Following on our
Q2 work in FinTech (Financial Technology), Enterprise Cloud Computing, Geospatial Data Discovery and Supply Chain Management, we have closed transactions
for clients providing Developer Services, Financial Data Analytics and Infrastructure Services for Government.
We believe this comprehensive report covering M&A market conditions by sector provides further insight into deal flow, M&A activity, industry leaders, as well as
an evaluation of quarterly market valuations and individual transactions. This report is published on quarterly on MergerTechs website as a resource for business
owners wanting to stay informed about the environment for technology M&A. If you have specific questions or would like to schedule an introductory call with our
team to review MergerTechs services, we can be reached at 925.215.2770 or inquiries@mergertech.com.
3Q14
510
1,410
$67,649
$190,031
Q/Q
11.6%
$132.6
4.7x
23.3x
8%
38%
34%
3%
29%
68%
89
250
22
137
12
-7%
36%
29%
7%
-14%
-13%
18%
38%
-12%
50%
17
12
58
423
42%
-8%
-13%
16%
42%
33%
16%
0%
20.5%
Y/Y
3.4%
2.8%
6.6%
15.0%
Valuation Summary
Average Deal Value ($M)
Average TEV/Revenue
Average TEV/EBITDA
TEV: Total Enterprise Value
Transactions by Region
Europe
Asia / Pacific
Africa / Middle East
United States and Canada
Latin America and Caribbean
EV/Revenues
2.1x
5.4x
4.3x
5.0x
4.0x
EV/EBITDA
11.9x
49.2x
21.0x
10.2x
24.9x
Source: CapitalIQ
10/20/14
inquiries@mergertech.com
Sector Overview
Hardware
Healthcare IT
Internet Software & Services
IT Services
Software
Revenue
Growth %
8.3%
8.6%
30.8%
7.9%
7.3%
GM %
41.6%
53.9%
71.2%
37.5%
74.6%
EBITDA %
22.7%
14.7%
26.9%
22.9%
20.7%
Debt / Cash %
66.4%
9.0%
42.7%
146.1%
51.3%
EV / Revs
2.4x
3.0x
8.1x
3.0x
4.3x
EV / EBITDA
9.1x
12.1x
23.9x
11.1x
12.9x
VRCompositeoverall(Equal)IndexValue
NASDAQCompositeIndex(^COMP)IndexValue
Source: CapitalIQ
10/20/14
inquiries@mergertech.com
Healthcare IT:
Top 40 Public Companies, by Market Capitalization
EV / Revenues
Company
Cerner Corporation
IMS Health Holdings, Inc.
M3, Inc.
athenahealth, Inc.
Veeva Systems Inc.
Allscripts Healthcare Solutions, Inc.
Medidata Solutions, Inc.
HMS Holdings Corp.
Shanghai Kingstar Winning Software Co., Ltd.
MedAssets, Inc.
CompuGroup Medical AG
Castlight Health, Inc.
Omnicell, Inc.
Advanced Computer Software Group plc
Quality Systems Inc.
EMIS Group PLC
Healthstream Inc.
Computer Programs & Systems Inc.
Agfa-Gevaert N.V.
Cegedim SA
Pharmagest Interactive Societe Anonyme
Imprivata, Inc.
Nexus AG
Craneware plc
Merge Healthcare Incorporated
Software Service, Inc.
Vocera Communications, Inc.
Raysearch Laboratories AB
Infinitt Healthcare Co., Ltd.
ND Software co., Ltd.
iCAD, Inc.
UBCare Co., Ltd.
Simulations Plus, Inc.
Streamline Health Solutions, Inc.
BIT Computer Co. Ltd.
PRO Medicus Ltd.
MEDIAN Technologies S.A.
Synektik Splka Akcyjna
UMS United Medical Systems International AG
CE Holdings Co., Ltd.
10/20/14
Ticker
NasdaqGS:CERN
NYSE:IMS
TSE:2413
NasdaqGS:ATHN
NYSE:VEEV
NasdaqGS:MDRX
NasdaqGS:MDSO
NasdaqGS:HMSY
SZSE:300253
NasdaqGS:MDAS
DB:COP
NYSE:CSLT
NasdaqGS:OMCL
AIM:ASW
NasdaqGS:QSII
AIM:EMIS
NasdaqGS:HSTM
NasdaqGS:CPSI
ENXTBR:AGFB
ENXTPA:CGM
ENXTPA:PHA
NYSE:IMPR
XTRA:NXU
AIM:CRW
NasdaqGS:MRGE
JASDAQ:3733
NYSE:VCRA
OM:RAY B
KOSDAQ:A071200
TSE:3794
NasdaqCM:ICAD
KOSDAQ:A032620
NasdaqCM:SLP
NasdaqCM:STRM
KOSDAQ:A032850
ASX:PME
ENXTPA:ALMDT
WSE:SNT
XTRA:UMS
TSE:4320
Current Price
as % of 52 wk
94%
92%
93%
64%
57%
68%
65%
71%
64%
78%
89%
31%
90%
90%
57%
95%
60%
80%
74%
86%
88%
91%
83%
81%
77%
77%
42%
91%
84%
85%
70%
82%
98%
54%
93%
93%
90%
84%
79%
93%
2013
2014E
EV / EBITDA
2015E
2013
2015E
6.5x
4.7x
15.9x
8.0x
13.8x
2.1x
7.9x
3.6x
28.6x
3.0x
2.6x
68.3x
2.2x
3.0x
1.6x
4.5x
4.2x
3.3x
0.2x
0.9x
2.1x
3.2x
2.0x
4.6x
1.8x
1.5x
1.0x
6.4x
2.2x
0.9x
3.5x
1.1x
9.0x
2.7x
2.1x
6.4x
56.2x
2.3x
1.3x
0.5x
5.8x
4.6x
NM
6.8x
10.7x
2.1x
7.0x
4.0x
14.6x
2.9x
2.4x
23.3x
2.0x
2.8x
1.5x
3.5x
3.2x
2.9x
0.2x
0.9x
2.3x
3.1x
1.9x
4.2x
1.9x
NM
0.9x
5.6x
NM
NM
3.0x
NM
8.2x
3.0x
NM
NM
NM
2.2x
1.4x
NM
5.0x
4.3x
9.4x
5.5x
8.6x
2.0x
5.8x
3.4x
11.9x
2.8x
2.3x
12.7x
1.8x
2.6x
1.4x
3.3x
2.7x
2.8x
0.2x
0.9x
2.2x
2.5x
1.8x
3.8x
1.9x
NM
0.8x
4.7x
NM
NM
2.2x
NM
5.7x
2.5x
NM
4.0x
NM
2.1x
1.3x
NM
26.2x
17.6x
43.4x
93.2x
79.9x
297.5x
75.6x
13.7x
125.2x
9.8x
15.9x
NM
16.3x
22.0x
9.8x
13.8x
24.0x
11.6x
2.0x
6.7x
10.9x
NM
17.8x
16.6x
16.2x
6.2x
NM
NM
13.8x
3.9x
198.9x
52.1x
24.7x
NM
70.0x
NM
NM
14.3x
3.7x
4.9x
16.8x
14.1x
NM
38.0x
42.3x
13.5x
29.9x
15.9x
59.2x
8.7x
11.9x
NM
10.5x
12.1x
10.9x
11.1x
20.8x
10.4x
2.6x
5.2x
9.3x
NM
9.4x
14.1x
10.1x
NM
NM
13.4x
NM
NM
23.4x
NM
NM
25.5x
NM
NM
NM
11.1x
3.3x
NM
14.4x
12.7x
26.8x
30.9x
35.4x
11.0x
24.3x
11.7x
45.6x
8.2x
10.1x
NM
9.1x
11.4x
8.3x
10.2x
17.0x
9.7x
2.2x
5.0x
8.9x
NM
8.0x
12.9x
8.9x
NM
NM
10.8x
NM
NM
12.5x
NM
NM
16.2x
NM
7.8x
NM
8.9x
3.2x
NM
Revenue
Rev Growth %
(TTM, $M)
(TTM)
$3,075
13.4
2,614
0.0
404
43.1
672
36.0
260
54.9
1,373
(2.2)
305
24.2
467
(4.5)
60
25.8
683
1.8
678
8.4
28
0.0
407
14.4
340
68.0
453
0.3
213
36.9
152
30.9
203
3.7
3,698
(10.4)
1,226
(0.9)
154
(0.2)
82
0.0
112
13.1
43
2.7
216
(12.3)
133
44.5
102
1.8
35
22.0
67
0.0
128
21.9
36
13.2
67
0.0
11
8.8
27
(3.8)
35
3.6
13
27.9
2
45.1
28
24.2
53
(3.5)
74
10.6
GM %
EBITDA % Rev Growth % Total Cash Total Debt
(LTM)
(LTM)
(2-yr fwd)
(MRQ, $M) (MRQ, $M)
84.8
26.2
15.2
$989
$155
53.4
23.8
0.0
266
3,985
65.4
34.8
0.0
144
1
59.4
9.1
24.6
109
217
61.6
20.4
34.3
350
0
46.0
2.1
4.5
39
559
74.6
8.2
22.5
218
235
34.7
23.6
2.0
96
198
57.6
22.4
47.1
62
0
76.9
29.6
4.0
6
796
36.4
16.2
8.5
21
462
12.4
(295.7)
0.0
160
0
53.9
14.7
11.6
126
0
50.2
14.6
6.6
42
124
54.0
11.3
7.7
116
0
47.7
30.3
16.9
20
20
56.5
16.3
23.6
112
0
47.1
27.9
4.7
24
0
30.0
9.6
(3.5)
216
457
45.4
13.2
0.6
109
751
25.9
22.2
2.6
65
2
70.6
(15.7)
0.0
86
2
30.1
11.2
9.5
35
0
95.4
28.6
11.5
33
0
59.4
13.4
(1.4)
24
231
35.4
29.5
19.4
27
0
62.1
(15.1)
0.8
121
1
96.7
(2.3)
22.9
4
0
56.2
6.8
0.0
17
11
42.2
19.8
0.0
74
3
73.0
2.2
32.3
35
13
57.4
5.6
0.0
27
0
86.6
40.6
33.8
8
0
51.4
(34.2)
15.8
5
10
22.1
9.5
0.0
9
10
98.0
19.1
0.0
14
0
NM
0.0
0.0
0
0
38.7
16.1
9.4
6
4
48.0
38.4
3.5
7
10
23.4
12.6
0.0
22
6
Average
Median
Median excl High & Low
$1,582
416
1,129
$1,693
484
1,268
78%
83%
79%
7.4x
3.0
6.0
4.5x
3.0
4.0
3.8x
2.7
3.6
41.2x
16.3
34.2
16.8x
12.1
15.7
13.9x
10.8
13.1
$468
142
395
14.2
8.6
13.4
55.2
53.9
54.3
6.5
14.7
13.7
10.0
4.6
9.1
$96
37
75
$207
3
113
High
Low
20,317
54
19,483
39
98%
31%
68.3
0.2
23.3
0.2
12.7
0.2
297.5
2.0
59.2
2.6
45.6
2.2
3,698
2
68.0
(12.3)
98.0
12.4
40.6
(295.7)
47.1
(3.5)
989
0
3,985
0
9/30/14
inquiries@mergertech.com
2014E
20.0%
15.0%
10.0%
5.0%
0.0%
5.0%
10.0%
VRCompositeHC(Equal)IndexValue
NASDAQCompositeIndex(^COMP)IndexValue
Source: CapitalIQ
10/20/14
inquiries@mergertech.com
56
$3,148
$185
2.1x
11.9x
Q/Q
8%
4315%
2497%
-1%
-86%
Y/Y
19%
1134%
844%
-18%
-39%
Transactions by Region
Europe
Asia / Pacific
Africa / Middle East
United States and Canada
Latin America and Caribbean
12
5
1
36
2
1
0
2
14
39
$350
16x
$300
14x
$250
12x
10x
$200
8x
$150
6x
$100
4x
$50
2x
0x
$0
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
4Q10
1Q11
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
AverageDealValue($M)
3Q14
AverageTEV/Revenue
10/20/14
Buyers/Investors
9/30/2014
MedSynergies, Inc.
Optum Inc.
9/26/2014
Implied
Implied
Cash % of
$4.3
1.1x
14.4x
100.0
9/25/2014
MethodCare, Inc.
ZirMed Inc.
9/23/2014
PatientKeeper, Inc.
9/23/2014
Workflow.com, LLC
9/17/2014
9/17/2014
emsCharts Inc.
9/15/2014
$3.1
1.6x
100.0
9/15/2014
TriZetto Corporation
9/11/2014
$2,700.0
9/10/2014
9/8/2014
$0.2
9/4/2014
farma3tec S.r.l.
9/4/2014
OPIE Software
9/3/2014
$6.3
100.0
9/3/2014
9/2/2014
VetSpace Limited
9/1/2014
AZE, Ltd.
8/27/2014
8/26/2014
8/26/2014
8/25/2014
Four Rivers Software Systems, Inc. and Facilities Technology Group, Inc.
Accruent, LLC
8/25/2014
Aperek, Inc.
8/13/2014
Sg2, LLC
8/13/2014
Nirvaco AS
Datawell Oy
8/11/2014
8/6/2014
Telethrive, Inc.
8/6/2014
$48.5
100.0
$142.0
100.0
$2.7
100.0
TheraSim, Inc.
Medscape, LLC
8/5/2014
TheraDoc, Inc.
8/5/2014
Transpire, Inc.
8/5/2014
Benesan Corp
8/4/2014
MD Buyline, Inc.
8/4/2014
$117.0
100.0
$20.0
100.0
TractManager, Inc.
7/31/2014
$0.0
7/31/2014
7/30/2014
XIFIN, Inc.
GTCR, LLC
7/29/2014
GetWellNetwork, Inc.
7/28/2014
7/24/2014
7/23/2014
ORLive, Inc.
7/22/2014
simplifyMD, LLC
7/17/2014
7/17/2014
7/15/2014
7/15/2014
Cetrea A/S
7/14/2014
7/14/2014
$0.5
BroadcastMed, Inc.
$6.3
1.5x
100.0
MAQUET GmbH
$16.1
3.7x
100.0
Phlexglobal Ltd.
$71.8
2.8x
9.3x
100.0
PatientTrak
7/10/2014
7/8/2014
Infometers Inc.
7/7/2014
7/3/2014
7/2/2014
7/1/2014
GXP Ltd.
$8.3
48.1
Source: CapitalIQ
10/20/14
Healthcare IT VC Activity
Includes early-stage rounds only
Date of Funding
9/30/2014
9/29/2014
9/23/2014
9/22/2014
9/16/2014
9/10/2014
9/8/2014
8/28/2014
8/25/2014
8/6/2014
8/6/2014
7/28/2014
7/18/2014
7/16/2014
7/16/2014
7/16/2014
7/16/2014
7/8/2014
Company
Consensus Orthopedics
Pristine.io
Ivantis
AVIA
DoctorC
Lybrate
Tryton Medical
Deontics
Solstice Medical
Practo
Doctor on Demand
Ludi
Sancilio and Company
Nightingale
Pretty Padded Room
ListRunner
Prodigo Solutions
Mint Solutions
Amount
8,000,000
5,400,000
25,000,000
6,000,000
410,000
1,230,000
20,000,000
700,000
2,500,000
20,000,000
21,000,000
1,000,000
20,000,000
120,000
120,000
120,000
12,500,000
6,000,000
Currency
USD
USD
USD
USD
USD
USD
USD
GBP
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Series
Venture
A
B
Venture
Seed
Venture
Venture
Angel
Venture
B
A
A
Venture
Seed
Seed
Seed
Venture
A
City
El Dorado Hills
Austin
Irvine
Chicago
Hyderabad
New Delhi
Durham
London
Columbia City
Bangalore
San Francisco
State
CA
TX
CA
IL
Andhra Pradesh
Delhi
NC
London
IN
Karnataka
CA
Country
USA
USA
USA
USA
IND
IND
USA
GBR
USA
IND
USA
Riviera Beach
San Francisco
FL
CA
NY
CA
PA
USA
USA
USA
USA
USA
Mountain View
Pittsburgh
10/20/14
Ticker
NasdaqGS:GOOGL
Google Inc.
NYSE:BABA
Alibaba Group Holding Limited
NasdaqGS:FB
Facebook, Inc.
SEHK:700
Tencent Holdings Ltd.
NasdaqGS:BIDU
Baidu, Inc.
NasdaqGS:EBAY
eBay Inc.
NasdaqGS:YHOO
Yahoo! Inc.
NYSE:TWTR
Twitter, Inc.
NYSE:LNKD
LinkedIn Corporation
KOSE:A035420
Naver Corporation
TSE:4689
Yahoo Japan Corporation
NasdaqGS:EQIX
Equinix, Inc.
NasdaqGS:NTES
NetEase, Inc.
NasdaqGS:AKAM
Akamai Technologies, Inc.
NasdaqGS:YNDX
Yandex N.V.
DB:UTDI
United Internet AG
NYSE:QIHU
Qihoo 360 Technology Co. Ltd.
NasdaqGS:VRSN
VeriSign, Inc.
LSE:MAIL
Mail.ru Group
NasdaqGS:IACI
IAC/InterActiveCorp
Leshi Internet Information and Technology Corporation., BSZSE:300104
NasdaqGS:CSGP
CoStar Group Inc.
NYSE:P
Pandora Media, Inc.
NYSE:YELP
Yelp, Inc.
NasdaqGS:MELI
Mercadolibre, Inc.
NYSE:RAX
Rackspace Hosting, Inc.
NasdaqGS:Z
Zillow, Inc.
NYSE:ATHM
Autohome Inc.
SHSE:603000
People.cn CO.,LTD
NasdaqGS:YY
YY Inc.
TSE:2121
Mixi, Inc.
NYSE:SFUN
SouFun Holdings Ltd.
NYSE:YOKU
Youku Tudou Inc.
NasdaqGS:WB
Weibo Corporation
NYSE:AOL
AOL Inc.
NYSE:WUBA
58.com Inc.
NYSE:BITA
Bitauto Holdings Limited
TSE:2371
Kakaku.com., Inc.
SZSE:300059
Eastmoney Information Co.,Ltd.
SZSE:300017
Wangsu Science & Technology Co.,Ltd.
10/20/14
Current Price
as % of 52 wk
2013
2014E
EV / EBITDA
2015E
2013
2014E
2015E
Revenue
(TTM, $M)
Rev Growth %
(TTM)
GM %
(LTM)
$394,259
219,016
205,508
137,892
76,514
70,290
40,530
31,291
25,539
22,727
21,646
11,260
11,137
10,654
8,837
8,613
8,496
6,891
5,878
5,495
5,099
5,024
4,989
4,920
4,797
4,655
4,647
4,417
4,415
4,186
4,164
4,078
3,732
3,686
3,536
3,269
3,237
3,140
3,092
2,856
$344,271
220,156
191,878
135,441
72,874
68,242
39,002
29,396
23,178
21,931
17,678
14,807
8,155
10,493
8,755
8,919
8,378
6,714
5,102
5,532
5,323
4,974
4,664
4,569
4,591
4,393
4,289
4,164
4,192
3,786
3,978
3,731
2,098
3,208
3,648
2,855
3,059
2,984
2,728
2,751
96%
89%
99%
86%
94%
95%
93%
69%
82%
92%
62%
95%
94%
92%
61%
92%
54%
88%
63%
82%
67%
71%
60%
67%
74%
60%
70%
73%
92%
78%
82%
50%
47%
72%
84%
63%
79%
67%
97%
79%
5.3x
26.0x
24.0x
13.5x
12.6x
3.8x
7.8x
41.4x
14.0x
9.4x
4.8x
6.4x
5.1x
6.2x
6.6x
2.4x
11.6x
6.8x
5.6x
1.6x
13.8x
10.0x
5.9x
17.7x
9.8x
2.9x
18.5x
20.2x
23.8x
11.6x
47.5x
5.9x
3.5x
15.4x
1.4x
19.0x
10.3x
10.8x
66.9x
14.3x
5.2x
19.9x
15.7x
10.5x
9.1x
3.8x
8.9x
21.6x
10.6x
8.1x
NM
6.1x
4.5x
5.4x
6.2x
2.4x
6.2x
6.6x
5.8x
1.8x
5.0x
8.7x
5.1x
12.2x
9.0x
2.5x
13.2x
13.2x
16.2x
6.6x
6.3x
5.1x
3.2x
9.9x
1.4x
11.3x
8.9x
9.3x
26.8x
8.9x
4.4x
14.9x
11.6x
8.5x
6.5x
3.3x
8.7x
13.0x
8.0x
6.7x
4.4x
5.5x
3.8x
4.6x
5.0x
2.1x
4.2x
6.3x
4.8x
1.7x
3.7x
7.4x
3.9x
8.4x
7.7x
2.1x
9.7x
9.3x
11.6x
4.4x
2.9x
4.2x
2.3x
6.8x
1.3x
7.6x
6.7x
7.3x
19.1x
5.8x
19.1x
50.6x
48.8x
39.4x
31.9x
14.3x
20.2x
NM
139.0x
35.5x
9.0x
16.4x
10.9x
18.8x
17.9x
18.5x
41.3x
11.4x
14.1x
10.3x
34.2x
52.9x
NM
NM
27.8x
11.1x
NM
43.0x
92.3x
43.4x
NM
10.2x
41.9x
NM
8.4x
148.1x
63.8x
22.8x
NM
58.8x
13.1x
35.8x
23.9x
24.5x
27.2x
11.6x
31.8x
120.8x
41.5x
24.3x
NM
13.3x
9.8x
12.4x
15.2x
12.3x
23.8x
10.1x
11.1x
10.7x
15.4x
27.8x
81.5x
66.2x
27.8x
7.5x
80.2x
28.4x
52.1x
20.8x
16.0x
10.7x
NM
NM
7.2x
NM
33.5x
18.7x
270.1x
31.1x
10.9x
27.5x
18.0x
19.5x
18.9x
10.4x
30.1x
54.2x
28.9x
17.8x
8.2x
11.7x
8.2x
10.8x
12.1x
10.2x
13.6x
9.5x
9.2x
8.4x
17.0x
22.0x
35.4x
37.0x
23.2x
6.4x
46.4x
20.5x
35.5x
13.7x
9.3x
8.5x
21.0x
42.7x
6.7x
104.9x
21.2x
14.8x
144.3x
20.3x
$65,142
9,246
10,013
11,153
6,416
17,050
4,622
974
1,847
2,533
3,889
2,293
1,594
1,761
1,335
3,842
993
988
780
2,978
731
495
800
297
505
1,659
257
252
199
419
224
692
550
230
2,374
200
279
308
60
254
21.1
0.0
63.7
36.8
52.8
13.5
(4.2)
117.3
48.5
10.0
10.1
12.6
14.1
19.9
36.2
11.5
121.3
6.3
24.5
(1.4)
232.9
20.9
0.0
66.2
21.4
16.3
68.6
68.7
49.0
113.7
102.3
35.6
42.0
0.0
9.9
86.7
43.7
25.9
116.4
64.2
57.7
73.5
80.9
57.1
63.6
68.2
71.6
63.0
86.8
77.5
82.7
51.2
72.5
68.5
70.8
34.6
82.6
81.1
61.2
70.1
18.5
72.6
43.5
93.2
78.8
67.0
90.9
86.7
59.1
52.5
81.3
84.0
29.9
74.8
28.0
94.9
78.9
91.7
69.1
43.0
29.8
51.6
54.2
35.4
38.4
29.2
16.7
(73.1)
10.6
30.3
54.3
41.0
47.0
35.1
37.8
16.0
26.6
61.5
45.5
17.3
24.1
25.9
(1.4)
2.2
35.9
25.6
(1.9)
48.0
27.1
31.9
25.7
55.5
11.0
0.4
18.2
14.5
23.5
49.9
7.4
25.3
14.8
38.9
44.9
27.2
46.5
13.5
0.3
84.1
37.9
22.4
0.0
11.8
18.9
20.3
25.2
13.7
72.5
5.0
17.9
4.7
94.5
23.3
33.5
53.1
12.0
15.5
49.5
49.4
46.8
69.8
222.6
18.6
34.3
0.0
9.0
60.1
39.7
24.1
87.8
55.8
$58,315
9,587
13,956
8,166
7,825
7,369
2,744
2,097
2,367
1,172
4,380
616
3,306
757
663
105
804
1,545
776
1,069
165
445
324
351
491
340
358
253
248
796
201
927
1,634
499
136
414
178
171
359
103
$8,327
9,987
326
5,630
3,919
5,321
1,178
202
0
337
0
3,936
331
595
582
436
605
1,368
0
1,080
369
395
0
0
281
78
0
0
0
396
0
581
0
20
238
0
0
0
0
0
Average
Median
Median excl High & Low
$35,110
5,297
26,508
$32,922
5,213
25,540
78%
79%
78%
13.6x
10.1
12.5
8.8x
8.1
8.5
6.5x
6.0
6.3
37.2x
27.8
34.5
35.2x
23.9
29.1
24.7x
17.9
22.1
$4,006
981
2,501
44.5
30.8
41.3
68.5
71.2
68.4
26.4
26.9
28.0
37.5
26.2
34.1
$3,400
710
2,042
$1,163
303
961
High
Low
394,259
2,856
344,271
2,098
99%
47%
66.9
1.4
26.8
1.4
19.1
1.3
148.1
8.4
270.1
7.2
144.3
6.4
65,142
60
232.9
(4.2)
94.9
18.5
61.5
(73.1)
222.6
0.0
58,315
103
9,987
0
9/30/14
VRCompositeInternetSW/Svcs(Equal)IndexValue
NASDAQCompositeIndex(^COMP)IndexValue
Source: CapitalIQ
10/20/14
576
$19,366
$130
5.4x
49.2x
Q/Q
36%
281%
125%
47%
178%
Y/Y
43%
98%
61%
59%
55%
Transactions by Region
Europe
Asia / Pacific
Africa / Middle East
United States and Canada
Latin America and Caribbean
143
90
14
311
18
5
6
17
21
427
$160
$140
$120
$100
$80
$60
$40
$20
$0
16x
14x
12x
10x
8x
6x
4x
2x
0x
1Q09 2Q09 3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
AverageDealValue($M)
4Q13
1Q14
2Q14
3Q14
AverageTEV/Revenue
10/20/14
inquiries@mergertech.com
10
Implied
Implied
Cash % of
Buyers/Investors
9/30/2014
$1,030.8
3.9x
92.5x
95.3
9/26/2014
$34.9
100.0
9/25/2014
Mapfre SA (CATS:MAP)
$700.2
100.0
9/23/2014
Nexage Inc.
$88.0
14.4x
25.6
9/22/2014
$320.0
1.9x
100.0
9/18/2014
FeedHenry Ltd.
$82.0
100.0
9/18/2014
$58.4
100.0
9/15/2014
$275.2
100.0
9/15/2014
FolioDynamix, Inc.
$210.0
9/12/2014
Ericsson (OM:ERIC B)
$95.0
9/11/2014
$2,448.9
4.0x
12.0x
46.0
9/9/2014
$1,000.0
6.0x
100.0
9/5/2014
SuperDerivatives Inc.
$350.0
9/5/2014
$158.2
30.9
9/3/2014
$233.0
8.5x
100.0
9/3/2014
Baseline, LLC.
Gracenote, Inc.
$50.0
100.0
9/3/2014
Wirecard AG (XTRA:WDI)
$34.2
100.0
9/2/2014
$33.0
100.0
9/2/2014
$30.5
100.0
9/1/2014
$169.1
2.5x
4.8
8/28/2014
$77.4
8/25/2014
$970.0
100.0
8/22/2014
$203.2
45.0
8/13/2014
$650.0
5.8x
100.0
8/11/2014
Ooyala, Inc.
$270.0
100.0
8/5/2014
[x+1], Inc.
$236.0
3.3x
42.4
8/4/2014
Bancopopular-e, S.A.
$684.2
100.0
8/4/2014
$50.0
100.0
8/1/2014
$33.7
100.0
7/31/2014
ViaWest, Inc.
$1,200.0
13.0x
100.0
7/28/2014
$3,305.4
14.8x
7/28/2014
$100.1
26.9x
100.0
7/25/2014
YouTube, LLC
$1,000.0
100.0
7/25/2014
$33.5
69.4
7/24/2014
$572.8
5.8x
14.9x
100.0
7/24/2014
Dassault Systmes BV
$336.7
3.3x
100.0
7/24/2014
$225.0
100.0
7/23/2014
Axeda Corporation
$170.0
7/22/2014
Bizo, Inc.
$175.0
7/22/2014
$30.6
100.0
-
7/17/2014
Venda, Inc.
$50.5
7/17/2014
$48.5
7/16/2014
$166.3
5.8
7/16/2014
Mobotap, Inc.
$91.0
100.0
7/14/2014
HealthPocket, Inc.
$33.6
64.5
7/11/2014
RelateIQ, Inc.
$391.0
7/10/2014
Domain Group
$46.9
100.0
7/8/2014
$83.3
50.9
7/2/2014
$70.0
100.0
7/2/2014
$52.5
100.0
Source: CapitalIQ
10/20/14
inquiries@mergertech.com
11
10/20/14
Company
ArtSetters
Parcel
Comprimato
MasteryConnect
StackAdapt
Massdrop
Qualtrics
Tharakan Web Innovations
Silvercar
Typeform
Zakaz
Experifun
SocialChorus
Jack Erwin
Rockit Education
Splice
Newsela
BeautyCon
1jiajie
Colorescience
Boston Startup School
GIDEEN
Bellabox
StudyTube
Product Hunt
Babadu
MobilePaks
PrettySecrets
Teleport Inc
Scarosso
Sgrouples
vBrand
Zoomin.com
Hipvan
FeedVisor
GlobeIn
TECNALIA RESEARCH
LTG Exam Prep Platform
Product Hunt
OrderUp
Gladitood
QikServe
WebLinc
Adskom
EverString
Dolls Kill
Chairish
Synup
TrueFacet
RoundPegg
MoveInSync
YogaTrail
Drop Messages
webinar.ru
Women.com
Amount
1,000,000
1,000,000
1,000,000
15,200,000
900,000
6,500,000
150,000,000
1,000,000
14,000,000
1,200,000
2,500,000
260,000
7,500,000
9,000,000
500,000
4,500,000
4,099,999
2,000,000
4,000,000
15,000,000
3,000,000
100,000
2,700,000
1,000,000
6,000,000
2,900,000
1,700,000
2,000,000
2,500,000
11,000,000
1,200,000
550,000
8,000,000
1,400,000
6,000,000
2,100,000
2,120,000
3,000,000
880,000
7,000,000
350,000
525,000
6,000,000
850,000
12,000,000
5,000,000
4,000,000
500,000
118,000
485,000
4,000,000
320,000
1,200,000
7,300,000
120,000
Currency
USD
USD
EUR
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
GBP
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Series
Seed
Seed
Venture
B
Seed
A
B
Seed
B
Seed
A
Seed
B
B
Seed
A
A
Seed
A
B
A
Angel
B
Seed
A
B
Seed
A
Seed
B
Seed
Seed
Venture
A
A
A
Seed
A
Seed
A
Seed
Venture
A
Seed
A
Seed
A
Seed
Seed
B
A
Seed
Seed
A
Seed
City
State Country
Brooklyn
Brno
Salt Lake City
Toronto
San Francisco
Provo
Chennai
DFW Airport
Barcelona
Kyiv
Bangalore
San Francisco
New York
Hanoi
New York
New York
Los Angeles
Beijing
Carlsbad
Boston
Malibu
Singapore
Amsterdam
San Francisco
St.Petersburg
Portland
NY
UT
ON
CA
UT
TX
CA
NY
NY
NY
CA
CA
MA
CA
CA
FL
OR
USA
CZE
USA
CAN
USA
USA
IND
USA
ESP
UKR
IND
USA
USA
VNM
USA
USA
USA
CHN
USA
USA
USA
SGP
NLD
USA
RUS
USA
Palo Alto
Berlin
Mountain View
Palo Alto
Mumbai
Singapore
Tel Aviv
Mountain View
CA
CA
USA
DEU
USA
USA
IND
SGP
ISR
USA
Boston
San Francisco
Baltimore
MA
CA
MD
USA
USA
USA
Roslin
Philadelphia
Singapore
Mountain View
San Francisco
San Francisco
Wilmington
New York
Boulder
Bangalore
Stuttgart
Boston
Moscow
Los Angeles
CA
CA
PA
CA
CA
CA
DE
NY
CO
MA
CA
GBR
USA
SGP
USA
USA
USA
USA
USA
USA
IND
DEU
USA
RUS
USA
inquiries@mergertech.com
12
Date of Funding
7/31/2014
7/29/2014
7/28/2014
7/28/2014
7/28/2014
7/24/2014
7/24/2014
7/24/2014
7/23/2014
7/22/2014
7/21/2014
7/21/2014
7/21/2014
7/18/2014
7/16/2014
7/16/2014
7/16/2014
7/16/2014
7/16/2014
7/16/2014
7/15/2014
7/15/2014
7/14/2014
7/11/2014
7/10/2014
7/10/2014
7/9/2014
7/8/2014
7/7/2014
7/2/2014
Company
BIGWORDS.com
Frameri
Peel-Works
ChoiceStream
Marinanow
Branching Minds
VenueBook
TuvaLabs
Anomo
Cotopaxi
Canva
Swoon Editions
ParkWhiz
Threadflip
JUNIQE.com
MTailor
Tiempo App
Theorem
Product Hunt
iVillage
Nosto
OpenEd
Bustle
Barkbox
mediakraftnetworks.de
Travelata
Ellevation
roposo.com
lmbang
Hippocampus Learning Centres
Amount
300,000
750,000
2,000,000
7,500,000
370,000
350,000
2,000,000
430,000
800,000
3,000,000
3,600,000
4,000,000
10,000,000
13,000,000
1,300,000
120,000
120,000
120,000
120,000
120,000
5,500,000
2,000,000
5,000,000
15,000,000
16,500,000
7,000,000
2,000,000
1,000,000
20,000,000
2,397,981
Currency
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
GBP
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
Series
Venture
Seed
A
B
Seed
Seed
Seed
Seed
Seed
Seed
A
A
B
B
Seed
Seed
Seed
Seed
Seed
Seed
A
Seed
B
B
B
B
Venture
Seed
B
Venture
City
Annapolis
Cincinnati
Mumbai
Boston
Arzachena
New York
New York
New York
Bellevue
Cottonwood Heights
Surry Hills
London
Chicago
San Francisco
Berlin
State Country
MD USA
OH
USA
IND
MA
USA
ITA
NY
USA
NY
USA
NY
USA
WA USA
UT
USA
AUS
GBR
IL
USA
CA
USA
DEU
San Francisco
San Francisco
San Francisco
New York
Helsinki
Los Gatos
New York
New York
CA
CA
CA
NY
Moscow
Boston
Gurgaon
Shenzhen
Bangalore
CA
NY
NY
MA
USA
USA
USA
USA
FIN
USA
USA
USA
RUS
USA
IND
CHN
IND
10/20/14
inquiries@mergertech.com
13
10/20/14
Ticker
NasdaqGS:AAPL
NasdaqGS:INTC
KOSE:A005930
NasdaqGS:CSCO
NasdaqGS:QCOM
TSEC:2330
NYSE:HPQ
NYSE:EMC
NasdaqGS:TXN
TSEC:2317
ENXTAM:ASML
OM:ERIC B
TSE:6501
NasdaqGS:MU
TSE:7751
KOSE:A000660
HLSE:NOK1V
TSE:6861
NasdaqGS:AMAT
NYSE:GLW
TSE:6981
NasdaqGS:BRCM
TSEC:2454
NasdaqGS:WDC
NYSE:TEL
NasdaqGS:AVGO
NasdaqGS:SNDK
LSE:ARM
NasdaqGS:STX
TSE:6971
NasdaqGS:NXPI
NYSE:MSI
NYSE:APH
NasdaqGS:ADI
SEHK:992
TSEC:2308
TSE:4901
TSE:6723
SZSE:000725
TSE:7741
Current Price
as % of 52 wk
2013
2014E
EV / EBITDA
2015E
2013
2014E
2015E
Revenue
(TTM, $M)
Rev Growth %
(TTM)
GM %
(LTM)
$603,278
172,394
163,406
128,347
125,316
102,316
66,197
59,359
50,912
46,412
43,527
41,802
36,867
36,686
35,995
32,018
31,358
26,349
26,329
24,968
24,066
23,888
23,157
22,735
22,628
22,002
21,963
20,661
18,672
17,093
16,332
15,876
15,697
15,550
15,493
15,389
14,806
14,300
13,937
13,901
$596,392
168,376
124,658
97,192
107,172
100,051
71,949
58,739
52,756
39,661
41,522
35,655
69,061
39,547
29,972
33,002
23,227
21,933
25,405
25,154
22,002
22,150
17,819
20,085
24,021
26,243
21,310
19,725
19,938
13,014
19,479
15,480
16,618
13,486
12,145
14,242
13,536
14,590
11,856
11,896
97%
98%
79%
97%
91%
87%
93%
97%
96%
92%
99%
97%
95%
98%
98%
89%
98%
99%
92%
86%
97%
97%
83%
94%
85%
96%
90%
81%
91%
93%
93%
93%
94%
88%
91%
85%
97%
86%
95%
98%
3.4x
2.9x
0.5x
1.8x
3.9x
5.1x
0.6x
2.4x
3.8x
0.3x
5.7x
1.0x
0.8x
2.8x
0.8x
2.2x
1.3x
7.4x
2.7x
2.9x
2.7x
2.3x
3.4x
1.1x
1.7x
8.2x
2.9x
15.4x
1.3x
0.9x
3.3x
1.6x
3.3x
4.3x
0.3x
2.3x
0.6x
1.7x
2.3x
2.9x
3.2x
3.0x
0.6x
2.0x
3.9x
4.1x
0.6x
2.4x
4.1x
0.3x
5.8x
1.1x
0.8x
2.3x
0.9x
2.2x
1.5x
8.2x
2.7x
2.5x
2.6x
2.7x
2.5x
1.3x
1.7x
5.2x
3.2x
15.6x
1.4x
1.0x
3.5x
2.5x
3.1x
4.5x
0.3x
2.2x
0.6x
1.9x
2.1x
2.8x
2.9x
3.0x
0.6x
1.9x
3.6x
3.7x
0.6x
2.2x
3.9x
0.3x
4.8x
1.1x
0.8x
2.1x
0.9x
2.0x
1.4x
7.3x
2.6x
2.4x
2.5x
2.6x
2.2x
1.3x
1.6x
4.3x
2.8x
13.3x
1.4x
0.9x
3.2x
2.5x
2.9x
4.1x
0.2x
2.0x
0.6x
2.0x
2.0x
2.8x
10.5x
8.2x
2.5x
7.2x
12.6x
8.3x
5.5x
11.1x
13.6x
6.4x
21.8x
8.0x
8.1x
12.1x
5.4x
5.5x
11.2x
16.2x
17.4x
8.4x
12.8x
17.3x
18.7x
6.2x
9.3x
32.6x
10.1x
43.6x
7.2x
6.7x
16.0x
9.8x
16.0x
14.9x
10.3x
15.1x
5.1x
13.3x
10.1x
15.4x
9.6x
7.2x
2.9x
5.9x
10.1x
6.2x
5.5x
8.1x
10.8x
5.7x
22.4x
9.1x
7.1x
6.5x
5.1x
4.3x
10.9x
15.7x
11.4x
6.9x
10.5x
16.2x
10.2x
6.2x
8.6x
12.6x
9.0x
32.0x
7.2x
7.3x
11.8x
12.7x
14.0x
12.5x
8.2x
13.1x
5.4x
12.1x
NM
11.0x
8.9x
7.0x
2.9x
5.7x
10.5x
5.5x
5.3x
7.6x
10.0x
5.2x
16.2x
7.8x
7.3x
5.3x
5.1x
4.0x
9.8x
14.1x
10.4x
6.5x
9.6x
12.2x
9.4x
6.1x
7.7x
9.6x
8.3x
26.1x
6.9x
7.0x
11.0x
11.1x
12.8x
11.1x
6.8x
11.4x
5.0x
11.1x
NM
10.0x
$178,144
53,912
221,796
47,142
26,276
21,406
111,768
23,580
12,548
134,212
8,461
33,232
82,780
16,358
36,955
14,942
16,456
2,734
8,796
8,794
8,611
8,235
5,989
15,130
13,769
3,417
6,499
1,277
13,724
14,320
5,137
8,425
4,959
2,729
40,315
6,206
20,576
8,325
5,183
4,346
5.2
3.0
2.7
(3.0)
13.0
13.9
(0.8)
5.7
2.0
7.9
43.3
(2.8)
7.4
80.3
5.9
27.5
76.8
24.5
22.7
10.2
19.3
1.3
57.7
(1.4)
4.2
42.4
15.4
14.8
(4.4)
10.4
12.7
12.5
11.1
2.9
16.3
8.3
7.3
5.6
3.8
15.3
38.4
62.2
39.5
60.3
59.4
47.8
23.7
62.2
55.1
6.8
41.6
36.2
26.5
33.2
49.4
41.8
43.6
78.2
41.8
41.4
35.2
50.9
47.2
28.8
33.8
47.5
49.8
95.2
28.0
26.2
46.9
48.1
31.4
65.6
13.0
26.2
37.8
37.7
20.8
47.0
33.2
40.8
22.7
26.8
33.9
62.4
11.8
23.1
35.6
4.9
30.0
14.3
10.5
33.2
17.2
47.4
16.0
51.4
19.8
30.9
24.7
16.2
23.3
20.6
19.7
26.5
36.1
42.6
19.6
13.2
24.9
17.3
22.4
34.8
3.4
15.9
11.6
18.8
20.8
28.9
8.8
4.0
(4.6)
4.4
8.2
17.5
(0.8)
6.3
5.7
7.1
13.8
1.8
1.0
9.5
0.8
10.5
(26.1)
13.0
16.0
14.9
9.3
0.4
34.5
0.8
5.8
54.6
11.1
14.3
2.7
3.4
12.7
(15.8)
10.4
11.4
20.5
9.4
2.0
(2.8)
2.8
5.8
$37,926
17,406
59,962
52,074
18,153
10,557
14,474
7,649
2,804
21,189
3,695
10,222
5,748
4,534
8,113
3,074
12,395
4,741
2,871
5,886
2,720
3,133
6,574
5,088
1,613
1,277
2,679
1,002
2,654
5,477
661
2,876
1,444
4,932
5,533
2,053
6,509
2,491
7,171
2,857
$31,040
13,388
13,811
20,912
11
8,245
19,833
5,494
4,648
12,839
1,529
3,442
28,676
6,593
21
4,103
3,453
0
1,947
3,703
332
1,395
1,139
2,438
3,000
5,518
2,028
14
3,920
336
3,580
2,450
2,344
2,868
1,954
415
3,379
2,667
4,829
625
Average
Median
Median excl High & Low
$56,618
24,968
42,996
$53,825
24,021
40,295
93%
93%
93%
2.9x
2.3
2.6
2.8x
2.4
2.6
2.6x
2.2
2.4
12.2x
10.3
11.6
10.0x
9.1
9.6
8.9x
8.0
8.6
$32,131
13,769
27,839
15.3
8.3
13.8
43.1
41.6
42.1
25.2
22.7
24.7
7.8
7.1
7.3
$9,471
5,088
8,344
$5,854
3,379
5,331
High
Low
603,278
13,937
596,392
11,856
99%
79%
15.4
0.3
15.6
0.3
13.3
0.2
43.6
2.5
32.0
2.9
26.1
2.9
221,796
1,277
80.3
(4.4)
95.2
6.8
62.4
3.4
54.6
(26.1)
59,962
661
31,040
0
9/30/14
inquiries@mergertech.com
14
VRCompositeHardware(Equal)IndexValue
NASDAQCompositeIndex(^COMP)IndexValue
Source: CapitalIQ
10/20/14
inquiries@mergertech.com
15
Q/Q
21%
-19%
-53%
88%
2%
375
$14,629
$87
4.3x
21.0x
Y/Y
43%
16%
-16%
69%
109%
Transactions by Region
Europe
Asia / Pacific
Africa / Middle East
United States and Canada
Latin America and Caribbean
100
154
13
102
6
5
1
19
144
206
$350
8x
7x
6x
5x
4x
3x
2x
1x
0x
$300
$250
$200
$150
$100
$50
$0
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
AverageDealValue($M)
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
AverageTEV/Revenue
10/20/14
16
Implied
Implied
Cash % of
Buyers/Investors
9/26/2014
$1,468.9
9/26/2014
Tecnisco Limited
$28.0
1.1x
100.0
9/25/2014
$26.9
100.0
9/24/2014
100.0
9/22/2014
9/22/2014
Neul Limited
9/17/2014
Veritas Capital
9/17/2014
9/16/2014
9/12/2014
9/10/2014
9/7/2014
LedHut Ltd
9/2/2014
9/1/2014
8/30/2014
8/22/2014
100.0
$159.8
$1,006.4
0.8x
7.2x
68.8
$25.0
100.0
$150.0
2.1x
100.0
$25.6
1.0x
24.1x
100.0
100.0
$29.0
2.2x
6.8x
$140.2
15.0
$45.8
37.2x
100.0
$31.0
100.0
$696.0
100.0
$95.9
2.2x
100.0
$85.5
100.0
$468.8
2.2x
100.0
8/22/2014
$27.8
8/21/2014
$40.6
100.0
8/20/2014
$3,040.6
2.2x
13.9x
100.0
8/19/2014
ProMos Technologies Inc., Factory Buildings and Attached Equipment (Taichung City)
$213.2
100.0
8/19/2014
$178.8
1.7x
79.5
8/15/2014
Harxon Corporation
$158.4
11.5x
10.3
8/15/2014
$135.3
100.0
100.0
8/15/2014
8/14/2014
Shanghai Pudong Science and Technology Investment Co., Ltd.; Hua Capital
$47.4
1.3x
$1,677.2
0.8x
9.1x
100.0
8/14/2014
$37.8
8/14/2014
$27.4
100.0
1.3x
7.5x
8/13/2014
$64.0
100.0
100.0
8/8/2014
$26.7
8/7/2014
$69.1
29.5
8/6/2014
Brightstar Corp.
$298.0
100.0
8/5/2014
$118.2
0.8x
10.9x
100.0
8/4/2014
$45.9
6.1x
8/1/2014
$70.6
1.5x
100.0
8/1/2014
$45.3
0.8x
100.0
7/31/2014
$129.6
0.8x
7/30/2014
$120.0
7/30/2014
$105.0
2.1x
100.0
7/28/2014
$180.2
100.0
100.0
7/28/2014
$23.8
7/25/2014
$23.7
1.0x
9.8x
100.0
7/18/2014
OJSC Sitronics-Nanotechnologies
$92.4
7/17/2014
Ayrshire Electronics
$46.9
0.4x
100.0
7/15/2014
$50.7
0.6x
100.0
7/14/2014
$47.9
3.9x
22.5x
100.0
7/11/2014
$179.7
3.4x
15.8x
100.0
7/7/2014
$170.0
4.0x
100.0
7/7/2014
Movea SA
$74.8
100.0
7/6/2014
$1,283.0
5.4x
8.2x
100.0
7/1/2014
Tilera Corporation
$130.0
Source: CapitalIQ
10/20/14
17
Date of Funding
9/24/2014
9/23/2014
9/19/2014
9/16/2014
9/15/2014
9/10/2014
9/1/2014
8/26/2014
8/21/2014
8/18/2014
8/13/2014
8/11/2014
7/29/2014
7/29/2014
7/22/2014
7/21/2014
7/17/2014
7/16/2014
7/16/2014
7/15/2014
7/10/2014
7/1/2014
Company
Apptentive
COTA
makemoji
BlueBridge Digital
Everypost
Jimubox
Oyokey
Hike
Nervana Systems
Algolux
ClariPhy Communications
Hapzing
Kurbo Health
LVenture Group
Sunrise
Jinn
nantmobile
Notice Software
doblet
Yo
NextInput
Whatt Inc
Amount
5,300,000
3,700,000
1,000,000
1,000,000
850,000
37,000,000
1,010,000
65,000,000
3,300,000
2,600,000
19,740,000
20,000
5,800,000
4,970,000
6,000,000
200,000
30,000,000
120,000
120,000
1,500,000
1,500,000
500,000
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
Series
A
A
Seed
Seed
Seed
B
Seed
Venture
A
A
Venture
Seed
A
Venture
A
Seed
Venture
Seed
Seed
Seed
Angel
Seed
City
Seattle
Murcia
Los Angeles
Fisher
Miami
Beijing
Dallas
New Delhi
San Diego
Montreal
Los Altos
Cincinnati
Palo Alto
Roma
New York
London
Los Angeles
Toledo
San Francisco
State Country
WA USA
ESP
CA
USA
IN
USA
FL
USA
CHN
TX
USA
IND
CA
USA
CAN
CA
USA
OH USA
CA
USA
ITA
NY
USA
GBR
CA
USA
OH USA
CA
USA
New York
NY
USA
10/20/14
18
IT Services:
Top 40 Public Companies, by Market Capitalization
EV / Revenues
Company
International Business Machines Corporation
Visa Inc.
Tata Consultancy Services Limited
MasterCard Incorporated
Accenture plc
Automatic Data Processing, Inc.
Infosys Ltd.
Cognizant Technology Solutions Corporation
Cielo SA
Wipro Ltd.
HCL Technologies Ltd.
Amadeus IT Holding SA
Fiserv, Inc.
Fidelity National Information Services, Inc.
Paychex, Inc.
Xerox Corporation
Alliance Data Systems Corporation
Fujitsu Limited
FleetCor Technologies, Inc.
Cap Gemini S.A.
CGI Group, Inc.
NTT Data Corporation
SK C&C Co. Ltd.
Tech Mahindra Limited
Computer Sciences Corporation
The Western Union Company
Atos SE
Amdocs Limited
Gartner Inc.
Teradata Corporation
Nomura Research Institute, Ltd.
Computershare Limited
Total System Services, Inc.
Broadridge Financial Solutions, Inc.
Global Payments Inc.
Sabre Corporation
Jack Henry & Associates Inc.
Wirecard AG
Vantiv, Inc.
WEX Inc.
Ticker
NYSE:IBM
NYSE:V
BSE:532540
NYSE:MA
NYSE:ACN
NasdaqGS:ADP
BSE:500209
NasdaqGS:CTSH
BOVESPA:CIEL3
BSE:507685
BSE:532281
CATS:AMS
NasdaqGS:FISV
NYSE:FIS
NasdaqGS:PAYX
NYSE:XRX
NYSE:ADS
TSE:6702
NYSE:FLT
ENXTPA:CAP
TSX:GIB.A
TSE:9613
KOSE:A034730
BSE:532755
NYSE:CSC
NYSE:WU
ENXTPA:ATO
NasdaqGS:DOX
NYSE:IT
NYSE:TDC
TSE:4307
ASX:CPU
NYSE:TSS
NYSE:BR
NYSE:GPN
NasdaqGS:SABR
NasdaqGS:JKHY
XTRA:WDI
NYSE:VNTV
NYSE:WEX
Current Price
as % of 52 wk
95%
91%
98%
87%
95%
98%
97%
83%
85%
98%
99%
91%
98%
96%
96%
93%
83%
83%
95%
96%
91%
92%
93%
98%
93%
82%
80%
94%
96%
75%
97%
92%
93%
96%
94%
86%
91%
85%
89%
93%
2013
2014E
EV / EBITDA
2015E
2013
2014E
2015E
2.2x
10.2x
6.7x
9.3x
1.5x
3.0x
3.9x
2.5x
9.7x
3.1x
4.2x
4.3x
4.0x
3.3x
6.3x
1.0x
5.4x
0.4x
13.4x
0.8x
1.4x
1.0x
5.1x
3.4x
0.7x
1.9x
0.7x
1.8x
3.7x
2.0x
1.7x
3.4x
3.1x
2.0x
2.7x
2.3x
3.7x
5.7x
3.9x
5.9x
2.3x
9.9x
5.6x
8.7x
1.5x
3.2x
3.5x
2.3x
7.6x
2.8x
3.3x
4.4x
3.9x
3.2x
5.9x
1.1x
4.5x
NM
11.8x
0.9x
1.3x
0.9x
4.7x
2.6x
0.7x
1.9x
0.7x
1.7x
3.3x
2.1x
1.7x
3.4x
2.9x
2.0x
2.3x
2.5x
3.6x
4.9x
5.8x
5.7x
2.3x
9.0x
4.8x
7.8x
1.5x
3.0x
3.3x
2.0x
6.9x
2.6x
2.9x
4.1x
3.7x
3.0x
5.5x
1.1x
3.9x
0.4x
9.7x
0.8x
1.3x
0.9x
4.2x
2.3x
0.7x
1.8x
0.7x
1.6x
3.0x
2.0x
1.6x
3.3x
2.6x
1.9x
2.2x
2.4x
3.4x
4.1x
4.9x
4.9x
9.0x
16.6x
22.2x
16.8x
10.6x
16.6x
14.0x
12.4x
18.2x
14.8x
16.5x
12.3x
13.4x
13.0x
14.9x
8.5x
18.6x
5.7x
26.5x
9.3x
9.6x
6.7x
33.6x
16.0x
4.7x
7.4x
7.0x
9.7x
21.8x
9.3x
7.4x
15.9x
13.7x
10.7x
11.9x
11.8x
11.3x
24.3x
15.2x
15.6x
8.5x
14.7x
19.0x
14.8x
9.4x
15.9x
13.2x
11.0x
14.9x
11.8x
12.8x
11.2x
11.9x
10.5x
13.8x
6.9x
15.3x
NM
20.1x
8.0x
7.9x
5.6x
36.3x
12.9x
4.3x
7.9x
6.7x
8.6x
17.2x
7.7x
8.3x
12.5x
9.9x
9.2x
11.0x
8.9x
10.5x
17.5x
11.9x
13.3x
8.1x
13.1x
16.7x
12.9x
9.0x
13.8x
12.3x
9.7x
13.4x
11.1x
11.9x
10.6x
11.2x
9.8x
12.9x
7.0x
13.1x
4.9x
16.7x
7.3x
7.6x
5.1x
32.1x
10.8x
4.1x
7.6x
5.8x
7.8x
14.8x
7.3x
7.8x
11.6x
8.7x
8.5x
10.3x
8.0x
9.7x
14.1x
10.1x
11.2x
Revenue
Rev Growth %
(TTM, $M)
(TTM)
$96,191
(4.0)
11,705
7.9
14,300
30.0
8,898
13.9
30,002
5.0
11,833
8.1
8,526
7.8
9,601
19.7
3,288
19.2
7,459
18.2
5,360
14.4
4,435
8.1
4,951
7.6
6,200
4.6
2,532
9.0
20,804
(1.7)
2,485
19.4
47,706
9.2
1,008
25.4
13,913
0.2
9,820
13.4
13,679
6.4
2,351
4.5
3,303
110.4
12,981
(6.1)
5,460
0.5
11,638
(3.0)
3,509
5.6
1,898
11.5
2,739
3.6
3,893
7.2
2,011
(0.2)
2,417
30.1
2,558
5.2
2,629
8.9
2,995
0.0
1,210
7.1
764
24.7
2,237
13.1
757
12.4
GM %
EBITDA % Rev Growth % Total Cash Total Debt
(LTM)
(LTM)
(2-yr fwd)
(MRQ, $M) (MRQ, $M)
49.1
25.6
(0.9)
$9,725
$46,470
96.0
64.4
9.4
4,064
0
38.7
30.7
16.7
3,484
34
100.0
58.7
12.1
5,714
1,494
32.3
16.3
5.0
4,924
27
48.8
21.0
0.4
1,816
2,185
37.5
28.6
9.5
5,232
0
40.4
21.1
14.4
4,129
0
62.1
51.2
17.6
196
1,063
32.4
22.9
10.2
3,411
785
38.6
26.3
14.1
1,577
169
46.5
38.6
7.8
614
2,669
43.3
29.3
5.1
329
3,848
32.8
25.7
6.0
794
4,928
70.6
42.8
7.7
559
0
30.8
12.1
(0.6)
1,007
7,709
31.3
28.0
18.2
631
10,284
26.7
7.4
0.0
3,703
6,602
78.1
55.1
22.1
298
1,471
24.9
9.8
3.8
1,717
1,544
29.4
15.6
3.8
123
2,401
23.2
14.5
6.7
2,540
4,267
100.0
12.9
11.6
565
1,836
33.7
21.5
15.1
595
60
26.9
15.1
1.1
2,440
2,880
41.4
25.1
2.2
1,605
3,756
11.5
10.7
6.3
1,263
966
35.3
18.3
5.7
1,175
0
60.7
17.2
11.5
318
380
54.5
23.2
4.2
934
225
27.0
20.4
4.2
1,068
658
18.3
24.4
4.2
465
1,659
30.9
22.6
11.7
251
1,461
31.1
20.4
5.8
348
524
62.7
20.7
7.9
596
2,072
37.0
20.2
0.0
252
3,096
42.9
34.5
7.6
70
9
33.8
25.2
23.5
1,035
146
54.7
24.3
18.9
231
3,486
56.1
40.4
15.4
319
708
Average
Median
Median excl High & Low
$25,081
11,348
21,197
$26,509
12,687
21,726
92%
93%
92%
3.7x
3.1
3.5
3.6x
3.0
3.4
3.2x
2.6
3.0
13.8x
13.0
13.5
12.1x
11.1
11.6
10.7x
10.1
10.3
$10,238
4,951
8,171
11.9
7.9
9.7
43.7
37.5
43.4
25.7
22.9
25.1
8.2
7.6
8.3
$1,790
1,007
1,622
$3,107
1,471
2,019
High
Low
189,373
4,511
226,254
3,740
99%
75%
13.4
0.4
11.8
0.7
9.7
0.4
33.6
4.7
36.3
4.3
32.1
4.1
96,191
764
110.4
(6.1)
100.0
11.5
64.4
7.4
23.5
(0.9)
9,725
70
46,470
0
9/30/14
10/20/14
MergerTech: M&A by Technology Entrepreneurs for Technology Entrepreneurs
5858 Horton Street, Suite 101, Emeryville, CA 94608; phone 925.215.2770
inquiries@mergertech.com
19
VRCompositeITSvcs(Equal)IndexValue
NASDAQCompositeIndex(^COMP)IndexValue
Source: CapitalIQ
10/20/14
MergerTech: M&A by Technology Entrepreneurs for Technology Entrepreneurs
5858 Horton Street, Suite 101, Emeryville, CA 94608; phone 925.215.2770
inquiries@mergertech.com
20
250
$4,928
$65
5.0x
10.1x
Q/Q
24%
120%
33%
-50%
-21%
Y/Y
22%
230%
135%
132%
56%
Transactions by Region
Europe
Asia / Pacific
Africa / Middle East
United States and Canada
Latin America and Caribbean
79
68
10
76
17
2
0
10
64
174
20x
$250
$200
15x
$150
10x
$100
5x
$50
0x
$0
1Q09
2Q09
3Q09
4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
AverageDealValue($M)
4Q12
1Q13
2Q13
3Q13
AverageTEV/Revenue
10/20/14
21
Implied
Implied
Cash % of
Buyers/Investors
9/29/2014
$55.0
100.0
9/26/2014
Rejob Co.,Ltd.
$18.1
2.2x
100.0
9/25/2014
Sinobpo
$97.8
30.0
9/23/2014
$4.9
1.0x
16.7x
100.0
100.0
9/19/2014
9/12/2014
Datatech AS
Atea AS
9/4/2014
9/4/2014
9/4/2014
9/4/2014
REV Solutions, Inc. And 99.99% stake in REVTech Solutions India Pvt. Ltd.
9/2/2014
Nurun, Inc.
8/27/2014
Banelco S.A.
Visa Argentina SA
$29.1
$4.7
0.8x
4.3x
$95.3
100.0
DigitalHongKong.com (SEHK:8007)
$21.9
62.4x
100.0
DigitalHongKong.com (SEHK:8007)
Liang Tan Yi Xing International Foundation Company Limited; Hotex Holdings Limited
$9.1
62.4x
100.0
100.0
$5.8
$114.4
0.9x
100.0
$4.8
100.0
8/26/2014
$336.0
0.3x
7.8x
100.0
8/26/2014
Grupo Sonitel
$41.0
0.5x
100.0
8/26/2014
$18.6
0.0x
0.2x
100.0
8/26/2014
$17.9
100.0
8/26/2014
$14.4
0.7x
69.2
8/25/2014
$7.7
50.0
8/25/2014
B2finance
$4.8
100.0
100.0
8/21/2014
$89.4
5.3x
8/21/2014
$29.7
100.0
8/12/2014
$158.5
1.0x
13.2x
100.0
8/12/2014
$3.9
0.7x
100.0
8/7/2014
$196.9
100.0
8/6/2014
$129.5
40.0
8/6/2014
$122.8
0.2x
7.7x
100.0
100.0
8/5/2014
8/5/2014
SPIE SA
8/5/2014
$1,300.0
$52.8
0.4x
100.0
$3.0
100.0
7/30/2014
$101.3
4.1x
17.8
7/30/2014
$3.4
4.7x
100.0
$33.2
1.1x
11.6x
100.0
$4.3
1.3x
5.6x
33.0
$49.1
100.0
100.0
7/29/2014
7/24/2014
Kamanchi Limited
7/21/2014
7/17/2014
7/16/2014
7/16/2014
$195.2
$10.1
83.9
$8.1
0.1x
8.8x
100.0
7/15/2014
$13.0
7/15/2014
$6.9
100.0
7/15/2014
$2.8
100.0
7/8/2014
$6.5
5.6x
100.0
7/6/2014
$22.4
100.0
7/3/2014
R and S Consulting CC
$13.2
7/2/2014
GlobalCollect BV
$1,119.4
2.7x
16.4x
100.0
7/2/2014
FX Networks Ltd.
$104.5
2.0x
9.0x
31.2
7/2/2014
$6.8
0.6x
90.3
7/1/2014
$211.4
2.8x
16.3x
100.0
7/1/2014
$28.2
0.8x
7/1/2014
$15.0
1.8x
3.3x
100.0
7/1/2014
$14.9
4.6x
100.0
Source: CapitalIQ
10/20/14
22
Country
ISR
10/20/14
23
10/20/14
Ticker
NasdaqGS:MSFT
NYSE:ORCL
NYSE:VMW
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NYSE:WDAY
NasdaqGS:ATVI
NasdaqGS:CHKP
TSE:7974
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NasdaqGS:CA
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Current Price
as % of 52 wk
97%
89%
83%
86%
93%
99%
92%
96%
71%
86%
95%
74%
94%
77%
98%
91%
92%
90%
82%
80%
97%
85%
94%
52%
83%
93%
61%
99%
94%
91%
71%
89%
79%
89%
82%
31%
89%
91%
100%
94%
2013
2014E
EV / EBITDA
2015E
2013
2014E
2015E
3.6x
4.0x
6.5x
8.7x
7.3x
5.2x
2.0x
5.5x
28.6x
3.0x
8.2x
0.9x
4.9x
2.3x
3.9x
118.3x
2.4x
6.5x
18.8x
2.3x
12.2x
7.1x
5.5x
18.3x
3.0x
2.5x
2.8x
4.9x
5.4x
3.1x
16.4x
2.9x
3.2x
0.0x
5.7x
20.9x
3.2x
3.2x
20.4x
5.3x
3.4x
3.9x
5.8x
6.9x
7.9x
5.3x
2.1x
5.1x
18.2x
3.2x
8.1x
1.2x
4.6x
2.5x
3.8x
83.4x
2.3x
5.7x
12.4x
2.3x
9.7x
6.5x
4.0x
13.6x
3.2x
2.6x
2.9x
3.3x
5.3x
3.0x
11.7x
2.7x
3.2x
NM
5.5x
9.5x
3.4x
3.2x
16.8x
4.8x
3.1x
3.7x
5.1x
5.6x
6.6x
5.2x
2.1x
4.6x
12.4x
3.1x
7.6x
1.3x
4.4x
2.5x
3.5x
52.0x
2.1x
5.0x
8.9x
2.0x
7.8x
5.9x
3.9x
10.2x
3.0x
2.4x
3.0x
2.9x
4.9x
2.8x
8.6x
2.6x
3.0x
NM
5.0x
6.5x
3.3x
3.1x
13.5x
4.2x
9.8x
9.3x
24.1x
NM
42.2x
18.2x
7.4x
18.2x
NM
10.2x
15.5x
NM
26.6x
7.2x
18.8x
NM
42.2x
32.4x
NM
15.9x
213.3x
15.3x
23.3x
NM
10.9x
14.9x
5.8x
38.2x
15.1x
15.6x
NM
10.6x
30.5x
0.0x
15.9x
NM
10.4x
15.0x
95.5x
41.4x
10.0x
8.0x
16.3x
40.1x
29.4x
15.0x
6.6x
16.3x
NM
9.3x
14.0x
28.4x
24.9x
6.5x
12.5x
208.4x
8.7x
21.5x
142.0x
12.9x
61.4x
12.7x
12.1x
NM
10.8x
8.4x
5.0x
17.1x
14.2x
9.6x
187.1x
9.4x
11.8x
NM
14.1x
NM
9.9x
11.7x
87.9x
24.8x
8.7x
7.4x
13.9x
30.9x
20.3x
16.3x
6.1x
14.0x
NM
8.8x
13.4x
13.2x
21.3x
6.4x
11.5x
104.2x
8.5x
18.6x
80.9x
10.5x
47.2x
11.6x
11.4x
187.9x
10.1x
7.9x
5.5x
14.1x
12.9x
8.6x
97.2x
9.0x
11.5x
NM
12.5x
NM
9.7x
10.1x
65.0x
20.6x
Rev Growth %
Revenue
(TTM, $M)
(TTM)
$86,833
11.5
38,499
3.0
5,589
15.0
4,767
37.3
4,115
(1.2)
4,506
8.0
6,702
(3.5)
2,899
2.3
616
74.4
4,289
(13.9)
1,436
5.3
5,577
(10.6)
2,371
3.7
4,489
(1.6)
3,048
9.4
121
0.0
3,840
1.3
1,667
16.6
542
65.5
3,269
1.2
668
31.8
896
8.0
1,625
19.2
366
51.6
2,208
(3.7)
2,023
5.8
1,805
95.9
1,467
40.8
920
7.3
1,501
7.1
308
87.8
1,498
0.0
1,893
2.2
1,974
7.3
651
14.2
268
132.9
1,094
9.8
1,335
4.8
201
17.1
685
20.0
GM %
EBITDA % Rev Growth % Total Cash Total Debt
(MRQ, $M) (MRQ, $M)
(LTM)
(LTM)
(2-yr fwd)
69.0
37.0
10.6
$84,941
$23,215
61.4
43.7
3.8
51,616
32,570
85.8
26.0
15.6
6,637
1,500
76.0
0.1
28.0
845
2,347
85.2
17.5
10.3
3,520
1,508
85.8
33.0
5.1
1,914
499
83.5
29.0
0.9
4,049
2,095
86.8
28.6
11.7
1,843
508
63.9
(25.2)
55.2
1,822
485
65.1
27.2
4.6
4,204
4,321
88.4
54.7
6.1
1,234
0
28.2
(7.4)
(4.2)
7,556
0
87.1
15.3
6.8
1,906
747
85.5
31.7
(0.9)
3,260
1,909
85.5
23.8
9.1
820
1,277
74.6
4.1
0.0
149
0
60.9
9.5
5.3
2,316
586
84.8
18.9
15.0
803
0
63.3
(15.5)
48.2
677
429
38.5
14.9
10.2
510
14
62.5
3.3
25.6
816
673
87.4
46.5
9.6
784
0
72.8
27.6
11.5
428
1,319
86.7
(40.8)
37.2
838
0
94.3
29.5
0.5
186
787
82.5
17.8
6.1
903
83
67.0
55.9
5.1
727
9
32.3
9.8
27.6
101
439
61.6
36.6
7.8
136
0
85.3
19.0
8.1
655
433
91.4
5.0
48.1
627
0
0.0
0.0
4.7
894
0
59.2
9.1
2.9
888
2,376
39.1
21.3
0.0
403
22
51.2
39.5
11.3
1,110
0
60.0
(103.6)
97.3
464
0
83.0
35.1
4.1
1,133
0
72.3
23.7
4.1
304
315
86.4
20.7
25.9
84
4
70.3
12.5
17.2
558
0
Average
Median
Median excl High & Low
$24,753
7,933
15,650
$21,930
7,481
14,366
85%
89%
87%
9.8x
4.9
7.2
7.8x
4.3
5.9
6.1x
4.1
5.0
26.7x
15.6
21.2
31.8x
12.9
27.3
26.3x
12.1
22.2
$5,330
1,805
3,268
19.6
7.3
17.4
69.7
74.6
71.3
15.8
20.7
18.1
14.5
8.1
13.1
$4,926
845
2,894
$2,063
433
1,295
High
Low
381,999
4,286
320,273
3,487
100%
31%
118.3
0.0
83.4
1.2
52.0
1.3
213.3
0.0
208.4
5.0
187.9
5.5
86,833
121
132.9
(13.9)
94.3
0.0
55.9
(103.6)
97.3
(4.2)
84,941
84
32,570
0
9/30/14
24
20.0%
15.0%
10.0%
5.0%
0.0%
5.0%
10.0%
VRCompositeSoftware(Equal)IndexValue
NASDAQCompositeIndex(^COMP)IndexValue
Source: CapitalIQ
10/20/14
25
Q/Q
18%
252%
99%
-61%
24%
347
$29,616
$226
4.0x
24.9x
Y/Y
38%
61%
6%
-15%
151%
Transactions by Region
Europe
Asia / Pacific
Africa / Middle East
United States and Canada
Latin America and Caribbean
102
84
10
131
6
5
5
14
98
211
16x
14x
12x
10x
8x
6x
4x
2x
0x
$250
$200
$150
$100
$50
$0
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
AverageDealValue($M)
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14 3Q14
AverageTEV/Revenue
10/20/14
26
Implied
Implied
Cash % of
Buyers/Investors
9/29/2014
$4,533.9
3.7x
23.8x
100.0
9/24/2014
$49.4
3.6x
11.0x
100.0
9/22/2014
$993.4
2.2x
16.4x
100.0
9/22/2014
$157.8
4.1x
100.0
9/18/2014
$8,468.0
11.5x
235.8x
100.0
9/16/2014
$67.6
100.0
9/15/2014
Mojang AB
$2,500.0
7.7x
100.0
9/15/2014
$2,302.4
2.5x
13.7x
9/15/2014
Mobilethink A/S
$20.0
2.4x
100.0
9/12/2014
9/11/2014
Movirtu Limited
$160.1
$32.5
100.0
9/8/2014
$32.3
100.0
9/5/2014
$18.3
100.0
9/3/2014
Clear2Pay nv/sa
100.0
9/2/2014
9/2/2014
9/2/2014
9/2/2014
9/2/2014
$492.7
$2,366.4
2.9x
24.5x
100.0
Veritas Capital
$310.0
100.0
$204.5
2.8x
6.3x
100.0
Omnitracs, LLC
$190.6
3.4x
28.9x
100.0
MicroEdge, LLC
$160.0
100.0
9/2/2014
SOFTPRO GmbH
$34.7
2.6x
34.7x
100.0
9/1/2014
$69.1
2.7x
100.0
9/1/2014
Geminose Inc.
$17.2
8/21/2014
Supercell Oy
$344.1
3.7x
10.3x
100.0
8/19/2014
$960.0
100.0
8/15/2014
$68.3
7.3x
33.7
8/14/2014
$232.0
17.3x
100.0
8/14/2014
$73.1
100.0
8/12/2014
$90.0
100.0
8/8/2014
SafeNet, Inc.
Gemalto NV (ENXTAM:GTO)
$890.0
100.0
8/7/2014
$80.7
1.7x
12.0x
100.0
8/6/2014
$23.5
8/4/2014
$17.7
0.8x
100.0
8/1/2014
$65.0
7.4x
100.0
7/31/2014
$18.8
0.5x
11.7x
100.0
7/30/2014
$773.0
2.5x
100.0
7/30/2014
$375.0
100.0
7/29/2014
$18.8
7/23/2014
UT Game
$90.7
40.0
7/22/2014
$250.0
50.0
7/22/2014
FEESA Limited
$19.2
4.9x
89.1
7/21/2014
$22.0
1.6x
100.0
7/16/2014
$159.8
32.8
7/9/2014
$610.0
1.5x
100.0
7/9/2014
$100.0
100.0
7/9/2014
SAP Ventures
$20.0
5.2x
100.0
7/8/2014
Beijing Orient National Communication Science & Technology Co., Ltd. (SZSE:300166)
$72.7
25.0
7/7/2014
$31.0
68.4
7/4/2014
$109.9
3.4x
12.8x
100.0
7/3/2014
$36.0
42.0x
100.0
7/2/2014
$33.3
10.7x
100.0
Source: CapitalIQ
10/20/14
27
Software VC Activity
Includes early-stage rounds only
Date of Funding
9/30/2014
9/28/2014
9/25/2014
9/24/2014
9/18/2014
9/15/2014
9/10/2014
8/24/2014
8/21/2014
8/18/2014
8/13/2014
8/7/2014
8/7/2014
8/6/2014
8/5/2014
7/28/2014
7/22/2014
7/18/2014
7/18/2014
7/18/2014
7/18/2014
7/16/2014
7/10/2014
7/4/2014
7/2/2014
Company
Baremetrics
argus-sec.com
Context Relevant
Numerify
Code Climate
Cloudyn
Bastille Networks
BugHerd
Lastline
BlockTrail B.V.
Verold
Adatao
GridCraft
Splice Machine
Bitglass
SkyKick
EdgeWave
Aspire
FFFavs
ArchiveSocial
Wemo Lab
Bannerman
Malwarebytes
Hungama Digital Media
Veros Systems
Amount
500,000
4,000,000
13,500,000
15,000,000
2,000,000
4,000,000
1,500,000
1,000,000
10,000,000
500,000
1,600,000
13,000,000
2,200,000
3,000,000
25,000,000
3,000,000
6,000,000
400,000
50,000
1,000,000
2,720,000
120,000
30,000,000
40,000,000
3,000,000
Currency
USD
USD
USD
USD
USD
USD
USD
AUD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Series
Seed
A
B
B
Seed
A
Angel
A
Venture
Seed
B
A
Seed
B
B
Venture
A
Seed
Seed
Seed
Venture
Seed
A
Venture
A
City
Birmingham
Tel Aviv
Seattle
Cupertino
New York
Tel Aviv
Atlanta
Melbourne
Redwood City
Amsterdam
Toronto
Sunnyvale
Boulder
San Francisco
Campbell
Seattle
San Diego
State Country
AL USA
ISR
WA USA
CA USA
NY USA
ISR
GA USA
VIC AUS
CA USA
NLD
ON CAN
CA
CO USA
CA USA
CA USA
WA USA
CA USA
Santa Monica
Durham
Venice
San Francisco
San Jose
Mumbai
College Station
CA
NC
CA
CA
CA
TX
USA
USA
USA
USA
USA
IND
USA
10/20/14
28