Global Software Market Perspectives – Q1 2019 by GP Bullhound

Loading ...
Techceler...
Technology & Engineering
SaaS and Business Software
174
http://www.techcelerate.ventures
Important disclosures appear at the back of this report 
GP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA
Global Software Market Perspectives
Q1 2019
2
Software Perspectives  Executive Summary
 GP Bullhound is a leading technology advisory and investment firm, providing transaction advice 
and capital to category leaders with a robust focus on Software globally 
 We publish this quarterly SaaS market report to provide quantitative insights into public and private 
market valuations across the transaction spectrum and qualitative insights into company business 
models, technology and customer trends
 We also feature many of the leading SaaS companies & CEOs across interesting sub-sectors

Based in our San Francisco office, Jonathan Cantwell is the head of our Software practice with over 
15 years of experience and has completed over 50 transactions with public and private tech 
companies globally 
 We have completed 12 Software deals in the last year; several of our recent Software advisory 
transactions and investments are showcased below
Sold to
Sold to
Sold to
Sold to
Investment from
Investment from
Investment from
Investment from
3
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
4
Rise of  the Monoclouds
1
Software providers look to the Salesforce AppExchange for growth
3
New-age POS solutions augment customer engagement in retail
4
HCM Software activity to be dominated by PE roll-ups
5
The Zero Trust Cloud Security Model will become an industry standard
6
Acquisitions fuel enterprise software portfolio expansion
2
GP Bullhound's Views on Current Trends in Software
5
 The desire to integrate new areas of the enterprise software stack is driving 
M&A deals as software providers expect large gains when inserting new and 
scalable offerings into their existing marketing channels
 We anticipate major acquisitions to continue as industry players are looking 
to further invest in their enterprise suite, especially their AI, data and analytics 
capabilities, supported by strong public markets
 Median enterprise SaaS deal size climbed to $70m in 2018 from $34m in 2017
 SAP, IBM and Twilio top the charts, paying high premiums in a hotly 
contested market to secure leading SaaS Targets
GP Bullhound's Views on Current Trends in Software (Cont'd)
Source: CapitalIQ, Pitchbook
Rise of  the Monoclouds
Acquisitions fuel enterprise software portfolio expansion
1
2
 Adobe, Amazon, Google, Microsoft, and Salesforce lead the Monocloud
initiative to become more dynamic across verticals, offering consumers the 
ability to utilize multiple services on a single platform
 Driven by companies with billions on their balance sheet, allowing for strong 
engineering teams that can rapidly enhance their platforms
 With Tech players expanding their SaaS offerings, startups have an 
opportunity to enter partnerships with cloud providers by providing services 
specific to the development of these cloud ecosystems and product suites
 By offering hosted services of popular services, startups will increase their 
technological capabilities and value propositions, and focus their use cases 
to find niches that broader platforms won't pursue
EV: $875m
EV/ Rev: N/A
Deal Date: 12/21/2018
EV: $32.8bn
EV/ Rev: 18.7x
Deal Date: 10/15/2018
EV: 8.0bn
EV/ Rev: 20.0x
Deal Date: 11/11/2018
EV: $32.2bn
EV/ Rev: 10.2x
Deal Date: 10/28/2018
EV: N/A
EV/ Rev: N/A
Deal Date: 10/5/2018
EV: N/A
EV/ Rev: N/A
Deal Date: 10/2/2018
EV: $200m+
EV/ Rev: N/A
Deal Date: 1/10/2019
EV: N/A
EV/ Rev: N/A
Deal Date: 11/19/2018
6
 Vendors expect POS solutions to provide live data and integrated analytics, 
in addition to payment processing capabilities, to allow for more dynamic 
and comprehensive management of customers and inventory
 Digital payment integration and comprehensive CRM management will 
ensure a robust and streamlined customer retail experience
 Demand for POS solutions will be driven by increasingly affordable wireless 
technologies and a transition towards credit cards and digital payment apps 
as dominant payment methods
 New age POS Solutions will adopt the form factor of mobile devices to 
create a seamless checkout for customers 
GP Bullhound's Views on Current Trends in Software (Cont'd)
Source: CapitalIQ, Pitchbook
Software providers look to the Salesforce AppExchange for growth
New-age POS solutions augment customer engagement in retail
3
4
 The Salesforce AppExchange platform is the fuel for the Salesforce 
ecosystem economic engine
 89% of Fortune 100s have installed at least one app on the Salesforce 
AppExchange, with more than 35m apps currently on the platform
 The App ecosystem is vital for the success of Salesforce  for every $1.00 
spent on Salesforce licenses, the Salesforce ecosystem is expected to earn 
$4.54 on successful deployments by 2020
 Assuming their licenses revenue reaches $16bn by 2020, AppExchange 
has the potential to generate $73bn in revenue for the ecosystem
 We anticipate that SaaS providers will increasingly try to capitalize on this 
demand within Salesforce's growing enterprise solutions ecosystem
EV: N/A
EV/ Rev: N/A
Deal Date: 2/26/2019
EV: $37.7bn
EV/Rev: 2.7x
Deal Date: 1/16/2019
EV: $1.4bn
EV/Rev: N/A
Deal Date: 10/07/2018
EV: N/A
EV/Rev: N/A
Deal Date: 9/27/2018
EV: $415m
EV/ Rev: N/A
Deal Date: 10/24/2018
EV: N/A
EV/ Rev: N/A
Deal Date: 9/4/2018
EV: N/A
EV/ Rev: N/A
Deal Date: 2/4/2019
EV: N/A
EV/ Rev: N/A
Deal Date: 9/25/2018
Clovis Point Capital
7
GP Bullhound's Views on Current Trends in Software (Cont'd)
Source: CapitalIQ, Pitchbook
HCM Software activity to be dominated by PE roll-ups
5
 HCM software (recruiting, talent management, learning, collaboration & 
engagement) is a core focus for organizations as employee experience is a 
growing point competition in tight labor markets. More money has been 
allocated to HR budgets because organizations have identified HCM as a 
key determinant of employee experience
 The HCM software market is still fragmented, yet consolidation activity is 
beginning to pick up in the recruitment space
 We expect this activity to continue to play out in adjacent areas of HCM 
software, namely learning & training, given their big impact on CX
 Several roll-ups are playing out in the PE world: Visma Group (HG Capital), 
Allocate Software (Vista Equity), Bullhorn (Insight Ventures), Saba Software 
(Vector Capital)
EV: N/A
EV/Rev: N/A
Deal Date: 2/11/2019
EV: $11bn
EV/ Rev: 10.0x 
Deal Date: 2/4/2019
EV: N/A
EV/Rev: N/A
Deal Date: 10/01/2018
EV: N/A
EV/Rev: N/A
Deal Date: 8/15/2018
 Zero Trust is a security concept that an organization should not trust anything 
inside or outside its perimeters and instead must verify anything trying to 
connect to its systems before granting access
 This model is driven by the mobile-first workplace as firms shift more of their 
infrastructure into the cloud with users accessing applications from a range 
of devices and multiple locations
 The technology is becoming more available, allowing firms to easily 
implement a robust cybersecurity system, utilizing micro-segmentation, 
multifactor authentication, identity  and access management, orchestration, 
encryption, scoring and file system permissions
 Enterprises started implementing multifactor authentication and identity 
access management, plus micro-segmentation in parts of their environment
The Zero Trust Cloud Security Model will become an industry standard 
6
Capital Raised: $100m
EV/ Rev: N/A
Deal Date: 1/10/2019
Capital Raised: $55m
EV/ Rev: N/A
Deal Date: 1/29/2019
EV: $1.5bn
EV/ Rev: N/A 
Deal Date: 2/4/2019
EV: $2.4bn
EV/ Rev: NA
Deal Date: 9/28/2018
8
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
Appendix B: Software Public Comparables by 
Category
1
2
3
4
6
7
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
9
Announce 
Date
Issuer
Lead Investor
Issuer Description
Capital 
Raised ($m)
Feb 18
th
Digital banking platform 
35
Feb 11
th
Delivery platform, 
connecting couriers with 
customers
400
Feb 5
th
Cloud-based data 
integration platform
250
Jan 29
th
Online payment manager
100
Jan 28
th
Micro-investing software 
application platform
105
Jan 16
th
Enterprise software 
services
1,500
Jan 10
th
Cloud identity-
management platform
100 
Jan 9
th
Human capital 
management platform
50
Dec 21
st
Internet-connected sensor 
systems provider
100
Dec 20
th
Vehicle leasing software 
application
385
Dec 19
th
Social media 
management
40
Nov 12
th
Ride Sharing application 
platform
114
Nov 9
th
Cloud-based business 
management software for 
home service companies
165
Announce 
Date
Target
Buyer
Target Description
Value 
($m)
Implied 
EV/LTM Rev
Feb 4
th
Cloud-based human 
capital management
10,875
9.4x
Jan 28
th
Digital fax manager 
platform provider
230
-
Jan 16
th
Electronic commerce 
solutions
41,941
4.8x
Jan 3
rd
Social media listening 
platform
-
-
Dec 21
st
Cloud business 
management
2,154
8.0x
Dec 13
th
Cloud-based field 
management 
-
-
Nov 20
th
Cloud-based 
construction document 
collaboration platform
875 
-
Nov 11
th
Customer, employee, 
and brand 
management solutions
8,000 
-
Nov 11
th
Cloud-based business 
management platform
2,122 
8.3x
Nov 5
th
Cloud-based 
application security 
platform
950
-
Oct 28
th
Open-source enterprise 
software solutions
35,690.9
10.7x
Oct 15
th
Cloud-based digital 
communications 
platform
2,020
13.4x
Oct 10
th
Cloud-based cyber 
and application 
platform
2,119
5.2x
Oct 8
th
Data-driven employee 
engagement platform
400
-
Oct 3
rd
Data management 
service platform
2,107
6.1x
Notable Software M&A Deals & Private Financings
(Q4 2018 / Q1 2019)
Selected M&A Transactions
Selected Private Financings
Source(s): Capital IQ, Pitchbook
Median
8.2x
10
Global Software Transaction Trends
M&A and Private Placement Activity by Quarter
Source(s): Pitchbook as of 2/28/2019
Note: Data includes all "SaaS" M&A and private placement deals as defined by Pitchbook regardless of 
geography or transaction size
Transaction Deal Value & Volume Trending Upward
Private Placement Deal Values Becoming Larger
The US and Europe Continue to Dominate M&A Deal Volume
Private Placement Deal Volume by Region has Stayed Consistent
0
100
200
300
400
500
600
$0M
$20B
$40B
$60B
$80B
$100B
$120B
M&A
Buyout
M&A Deals
Buyout Deals
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
$0M
$5B
$10B
$15B
$20B
$25B
$30B
$35B
$40B
Total Capital Invested
Deal Count
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2018
Q4
2019
Q1
YTD
U.S. & Canada
Europe
Asia
Other
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2018
Q4
2019
Q1
YTD
U.S. & Canada
Europe
Asia
Other
11
Software IPOs
Source(s): Company SEC filings from Edgar, Capital IQ as of 2/28/2019

Description (HKG: 2013): Developer of 
CRM software designed to help businesses 
to build m-commerce platforms on 
WeChat

Listing Date: 01/15/2019
 Offering Amount: $107.8m
 Offering Price/Share: $0.36
 % Change/IPO Price: 17.4%

LTM Revenue: $17.0m

LTM EV/Revenue: 11.0x

Selected Metrics:

2.7m registered merchants

Paying customers: +50,000
Listed in Q1 2019
Filed in Q1 2019

Description (NYSE:ESTC): Developer of 
software products that ingest and store 
data from any source and format, 
performing search, analysis, and 
visualization 

Listing Date: 05/10/2018
 Offering Amount: $252.0m
 Offering Price/Share: $36

LTM Revenue: $159.9m

EV/Revenue: 28.2x
 % Change/IPO Price: 146%

Selected Metrics:

Rev % growth: 81%

Subscription rev as % of total: 93%
 Customers: 5,500
Listed in Q4 2018

Description (NYSE:PLAN): Provider of a 
cloud-based modelling and planning 
platform 

Listing Date: 10/12/2018
 Offering Amount: $263.5m
 Offering Price/Share: $17

LTM Revenue: $217.7m

LTM EV/Revenue: 17.14x
 % Change/IPO Price: 93%

Selected Metrics:
 Rev % growth: 39%
 Rev. generated from Global 2000 
clients: 56%
 Customers: 979
Filings to look for in 2019
Market volatility in late 2018 Q4 and the lengthy government shutdown 
postponed recent IPO considerations
Although the amount of IPOs is down roughly 70% compared to this point last 
year, several large filings are expected in the remainder of 2019
12
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
13
GP Bullhound Selected SaaS Index Market Valuations
Source(s): Capital IQ
1. Market capitalization as of 12/31/2018
2.
Change in market capitalization through 2/28/2019
(Market Cap Values in $ in billions)
104.8 
35.1 
31.9 
23.2 
21.2 
15.3 
15.5 
13.0 
8.8 
7.2 
7.7 
8.3 
7.0 
6.6 
6.2 
6.6 
4.9 
4.8 
4.6 
5.1 
4.6 
4.4 
2.0 
1.6 
1.1 
20.4 
8.4 
11.0 
10.7 
4.6 
5.7 
4.6 
4.2 
6.2 
3.5 
2.7 
1.5 
2.3 
2.5 
2.3 
1.9 
2.0 
2.1 
2.0 
1.4 
1.5 
0.9 
0.6 
0.6 
0.3 
125.2 
43.5 
42.9 
33.9 
25.7 
20.9 
20.1 
17.1 
15.0 
10.6 
10.4 
9.8 
9.4 
9.1 
8.6 
8.6 
6.9 
6.8 
6.5 
6.5 
6.1 
5.3 
2.6 
2.2 
1.4 
Market Cap
Change in Market Cap
1
2
14
Tech Giants  Show Me The Money
Source: Capital IQ
Note: existing cash balances allow companies to spend over 100% of operating cash flow
1. As of Q3 2018
LTM1 % of  Operating Cash Flow ($ 000s)
LTM - 2017 % of  Operating Cash Flow ($ 000s)
 Substantial uses of cash for acquisitions in 2018
 Workday acquired Adaptive Insights for $1.5bn in an all cash deal
 Adobe's acquisitions of Marketo and Magento for a total of $6.3bn in all cash and Salesforce acquisition of Mulesoft utilizing 
$4.9bn in cash of a $6.4bn total deal value
 Significant uptick in both R&D and share buybacks, the former up 6% YoY and the latter up 19% YoY respectively
0%
100%
200%
300%
400%
500%
600%
700%
0%
100%
200%
300%
400%
500%
600%
700%
R&D Debt Paydown CAPEX Dividends Share Buybacks Acquisitions
$52,904
$784
$3,152
$859
$1,287
$46,913
$428
$1,503
$77,848
$124,028
$10,564
$8,735
$160
$54,847
$749
$1,058
$518
$633
$24,175
$304
$828
$49,824
$75,434
$3,204
$2,542
$142
$39,319
$63,951
15
3.00x
4.00x
5.00x
6.00x
7.00x
8.00x
9.00x
10.00x
11.00x
12.00x
13.00x
2/28/2014
2/28/2015
2/29/2016
2/28/2017
2/28/2018
2/28/2019
2019 Q1 GPB SaaS Index - TEV/LTM Revenues
2019 Q1 GPB SaaS Index - TEV/NTM Total Revenue
Analysis of GP Bullhound SaaS Index Valuations
Revenue Multiple Trends  Last Five Years
Source(s): Capital IQ as of 2/28/2018
Note: GP Bullhound SaaS Index constituents can be found in Appendix A
Current SaaS valuations are now higher than the five year mean; 
showing the robustness of the current market environment
Mean: 8.4x
Mean: 6.8x
As of Feb 28 : 10.9x
As of Feb 28: 9.1x
16
CRM
WDAY
TEAM
SPLK
SHOP
VEEV
TWLO
PAYC
ULTI
OKTA
ZEN
DOCU
RNG
CDAY
HUBS
RP
NEWR
ZS
COUP
PVTL
MDB
WIX
PCTY
AYX
MDSO
TWOU
CSOD
FIVN
QTWO
MIME
BOX
BL
TENB
ZUO
APPF
APPN
WK
PS
EVBG
YEXT
EGHT
LPSN
SPSC
SCWX
FSCT
BNFT
INST
TLND
UPLD
SINCH
CBLK
CARB
MOBL
CSLT
ECOM
BCOV
AMBR
(20.0%)
(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
(5%)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
2018E Unlevered FCF Margin2018E Revenue Growth
Rule of 40%  Public SaaS
2018E Growth and Profitability of  Public SaaS Companies in GPB Index
Source(s): Capital IQ as of 2/28/2019
Note: Data based on GP Bullhound SaaS Index, constituents can be found in Appendix A,
excludes outliers and companies with "N/A"
The Rule of 
40% Line
17
Rule of 40%  Public SaaS (Cont'd)
Source(s): Capital IQ as of 2/28/2019
Note: Data based on GP Bullhound SaaS Index, constituents can be found in Appendix A,
excludes outliers and companies with "N/A"
Sub-Performers
Market-Performers
Out-Performers
Companies whose summed revenue growth rate and FCF margin is greater than 40%, are valued higher 
by investors than those below this 'rule of  40' line
CRM
SPLK
ULTI
DBX
DOCU
RNG
CDAY
HUBS
PFPT
RP
NEWR
PVTL
JCOM
WIX
PCTY
MDSO
LOGM
TWOU
CSOD
FIVN
QLYS
QTWO
MIME
BOX
BL
TENB
ZUO
APPF
APPN
WK
PS
YEXT
EGHT
LPSN
SPSC
SCWX
FSCT
BNFT
INST
TLND
SINCH
CBLK
CARB
MOBL
BCOV
AMBR
AMBR
JIVE 
0x
1x
2x
3x
4x
5x
6x
7x
8x
9x
10x
11x
12x
13x
14x
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
EV/2018E Revenue Multiple2018E Revenue Growth + 2018E Unlevered FCF Margin
18
75%
60%
46%
46%
32%
32%
25%
40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Horizontal vs. Vertical Focused Cloud Software Trends
Vertical-specific has lower Sales & Marketing spend as a percentage of  revenue
However, generally lower growth and valuation multiples
Horizontal Software
Vertical-Specific Software
Median: 21%
Median: 46%
Source(s): Capital IQ as of 2/28/2019
Note: GP Bullhound SaaS Index constituents can be found in Appendix A
13.0x
25.0x
10.1x
16.2x
6.4x
15.2x
7.0x
4.7x
6.8x
12.8x
18.6x
EV/LTM 
Revenue
FY19/18E 
Revenue 
Growth
6.9% 50.7% 26.8% 31.3% 18.3% 31.7%
2.4x
0.3%
16.1%
4.8%
13.7%
34.6%
25.9%
9.0x
20.2%
31%
24%
23%
19%
18%
17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
19
GP Bullhound SaaS Index Performance
L1M
L3M
L6M
L12M
Source(s): Capital IQ as of 2/28/2019
Note: GP Bullhound SaaS Index constituents can be found in Appendix A
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
115.0%
120.0%
125.0%
130.0%
11/28/2018 12/9/2018 12/20/2018 12/31/2018 1/11/2019 1/22/2019
2/2/2019
2/13/2019 2/24/2019
Index Value2019 Q1 GPB SaaS Index - Index Value
S&P 500
NASDAQ Composite
70.0%
75.0%
80.0%
85.0%
90.0%
95.0%
100.0%
105.0%
110.0%
8/28/2018
9/28/2018
10/28/2018
11/28/2018
12/28/2018
1/28/2019
2/28/2019
Index Value2019 Q1 GPB SaaS Index - Index Value
S&P 500
NASDAQ Composite
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
150.0%
160.0%
2/28/2018
4/21/2018
6/12/2018
8/3/2018
9/24/2018
11/15/2018
1/6/2019
2/27/2019
Index Value2019 Q1 GPB SaaS Index - Index Value
S&P 500
NASDAQ Composite
95.0%
100.0%
105.0%
110.0%
115.0%
1/28/2019
2/4/2019
2/11/2019
2/18/2019
2/25/2019
Index Value2019 Q1 GPB SaaS Index - Index Value
S&P 500
NASDAQ Composite
20
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
21
SaaS Company CEO Profile
A modern POS, inventory and analytics SaaS platform changing 
how enterprises manage guest transactions. With an omni-
channel approach, Appetize makes front of house transactions 
more intuitive while providing robust kitchen and back office 
tools. Appetize serves the largest, highest volume businesses, 
including sports and entertainment properties, education 
campuses, travel and leisure sites, and national chain brands.
Max Roper
CEO & Co-Founder
"Most enterprise businesses are facing the same 
challenges today: rising labor costs, lack of  data 
and poor guest experience. Solving for these 
important issues is critical, and legacy players are 
not moving fast enough for their enterprise 
clients."
22
SaaS Company CEO Profile (Cont'd)
A provider of high-performance SaaS solutions that help local 
government agencies manage their physical assets and 
associated operations. Through the combined effort of success 
coaching, expert consulting, and state-of-the-art software 
solutions, Cartegraph provides governments the ability to help 
them manage their assets and spend smarter.
Josh Mallamud
CEO
"We continue to see evidence that software 
adoption is increasingly relying on smart devices 
to enhance communication, productivity, and 
morewhich is bleeding into their work lives 
and creating expectations around the availability 
of consumer-quality applications to assist in their 
day-to-day work. Urgency around technology 
adoption is being driven, in part, by the fact that 
experienced team members will retire at an 
increasing rate, given demographic trends among 
government employees."
23
SaaS Company CEO Profile (Cont'd)
Hugo Wernhoff
CEO & Co-Founder
"Education is the last big societal vertical where 
technology is yet to have significant impact. 
There are 1.5 billion school students and more 
than 100 million teachers in the world. In the 
coming years, SaaS has the capacity to move 
from dealing with admin and class lists, to 
leveraging the very core activity of any school 
and any teacher: Making sure that students learn 
faster and better."
A provider of digital textbooks that adapts to the learning needs of 
students and help teachers coach their students through their 
education. By mixing technology with education, Kognity brings life 
to textbooks in order to provide a digital, interactive and intelligent 
textbook across multiple academic qualifications. Kognity provides 
intelligent textbooks to schools in over 80 countries on 5 continents.
24
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
25
Key SaaS Metrics
Definitions & Calculations
Metric
Definition
Calculation
Normalized measurement of recurring revenue, most frequently 
measured with a constant value in each month of the 
subscription period
MRR
All S&M expenses for new customers. Sometimes excludes 
personnel management S&M costs
CAC = 
&
#   
Customer Acquisition 
Cost (CAC)
Amount of profit a customer is calculated to deliver to the 
company over the lifetime of the customer
CLV = 
  
 
Customer Lifetime Value 
(CLV)
The number of months a company requires to pay back its cost of 
customer acquisition
Payback Period = 

  
Payback Period
Churn (Gross & Net)
Gross Churn is the number of customers lost in a given period or 
cohort regardless of account expansion or growth
Net Churn is the number of customers gained or lost in a given 
period or cohort after taking into consideration new, reactivated, 
or expanded accounts
Net Churn = 
( 
     
  )
 
   
Gross Churn = 
    
     
MRR= #     /
26
Key SaaS Metrics (Cont'd)
 Monthly Recurring Revenues (MRR), Annual Recurring Revenue (ARR), Annual Run Rate Revenue (ARRR) are the key 
metrics that investors will focus on
 Note: ARRR = ARR + Non-recurring revenue items
 Also important to understand, the % on-demand SaaS vs. traditional license, and the mix between software and 
services

Important to show continued growth in top line revenue (both for reported financials and the above metrics)
MRR / ARR / ARRR
 Customer Acquisition Cost (CAC) payback period is typically stated in months. Represents the time taken to fully pay 
back sales and marketing investment to acquire a single customer
 Growth is the key target for SaaS companies, but sales and marketing investments should ultimately be profitable. CAC 
payback periods:

For SMEs, CAC payback period should be 6-12 months

For Enterprise Customers, CAC payback period should be 9-15 months
 A CAC payback period of >24months should be a cause for concern
 Customer Lifetime Value = NPV of recurring gross profit of a customer less the initial cost of customer acquisition

For SMEs, CLV should be between 3 & 4 years

For Enterprise Customers, CLV should be between 5 & 7 years
CAC vs. CLV

Logo Churn: Churn of absolute number of customers. Top companies have a Logo Churn of <7%
 MRR Churn: Churn of customer MRR that has been lost over given period of time. Top companies have a MRR Churn of 
<5%; including upgrades/customer expansion, churn is ideally negative (Negative Net Churn)
 MRR Renewal: Total MRR of renewed customers/Total MRR of existing customers at year beginning. Top companies 
have a MRR Renewal percentage of 105-110% due to upsells to its installed base
 Net Revenue Retention: 

Key metric for performance of SaaS business

>100% upsells more than make up for churn
 ARR as a Percentage of Upsells: 15%+
Churn & Renewal Rates
 Growth is of paramount importance, with excess cash being used to fuel growth

Important, therefore, to understand the cash burn in the business and planning for capital efficient hyper-growth
Free Cash Flow / 
Burn Rate
Source(s): GP Bullhound analysis
Investors focus on key SaaS metrics, long-term business model viability and valuations
27
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
28
Public Comps  GP Bullhound SaaS Index
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Salesforce
US
29,000
$163.65
40.8%
7.0%
11.1%
$125,192
$126,133
$4,342
9.5x
7.9x
6.6x
 NM 
31.6x
25.2x
NA
77.1%
24.9%
Workday
US
10,200
197.93
56.3%
30.0%
14.7%
43,545
42,971
1,778
15.2x
12.2x
9.9x
 NM 
67.1x
48.5x
25.0%
75.9%
18.1%
ServiceNow
US
8,154
239.44
48.7%
23.3%
27.4%
43,219
42,383
1,498
16.2x
12.4x
9.7x
 NM 
45.5x
33.8x
31.4%
81.0%
27.2%
Square
US
3,349
81.24
76.4%
0.5%
6.6%
34,096
33,872
1,124
10.3x
15.0x
11.2x
 NM 
 NM 
52.3x
(31.4%)
80.4%
18.6%
Atlassian
UK
3,061
107.48
98.0%
22.6%
13.5%
25,742
24,934
1,644
26.1x
18.4x
14.6x
 NM 
72.7x
57.7x
41.8%
 NA 
25.3%
Splunk
US
3,200
135.88
45.8%
6.6%
13.7%
20,081
18,958
2,757
10.5x
8.8x
7.2x
 NM 
54.1x
40.6x
20.1%
83.9%
16.2%
Shopify
CA
4,000
189.15
36.9%
30.4%
18.6%
20,927
18,948
1,979
17.7x
12.7x
9.7x
 NM 
 NM 
 NM 
38.8%
55.7%
3.7%
Veeva Systems
US
2,171
117.91
69.2%
14.8%
9.9%
17,133
16,042
1,090
18.6x
15.6x
13.2x
67.7x
41.8x
34.9x
19.5%
74.1%
37.3%
Twilio
US
1,440
121.69
256.2%
51.7%
19.1%
15,022
14,709
748
22.6x
13.7x
10.4x
 NM 
 NM 
 NM 
65.3%
55.8%
3.9%
Paycom Software
US
3,050
181.73
83.7%
19.3%
26.2%
10,649
10,638
46
18.8x
14.9x
12.2x
55.7x
36.7x
29.2x
25.8%
84.3%
40.7%
The Ultimate Software 
US
5,113
331.50
39.0%
9.2%
21.2%
10,385
10,235
162
9.0x
7.5x
6.3x
 NM 
31.7x
25.6x
19.8%
65.4%
23.6%
Okta
US
1,176
84.88
120.0%
40.4%
7.5%
9,374
9,096
546
25.0x
17.5x
13.4x
 NM 
 NM 
 NM 
NA
75.1%
(4.7%)
Dropbox
US
2,323
23.86
 NA 
(12.2%)
(1.2%)
9,813
8,890
1,089
6.4x
5.4x
4.7x
 NM 
24.3x
19.3x
17.8%
75.3%
22.3%
Zendesk
US
2,740
79.02
83.0%
17.4%
19.9%
8,563
8,594
427
14.4x
10.7x
8.3x
 NM 
 NM 
 NM 
34.0%
74.1%
7.1%
DocuSign
US
2,255
55.15
 NA 
(16.8%)
13.0%
9,114
8,452
1,094
13.0x
9.8x
8.1x
 NM 
 NM 
61.8x
NA
79.5%
9.4%
RingCentral
US
1,871
105.29
68.1%
12.3%
18.7%
8,554
8,355
566
13.6x
9.8x
7.9x
 NM 
 NM 
59.5x
39.5%
77.6%
12.6%
Ceridian HCM
US
4,444
49.02
 NA 
26.8%
23.7%
6,888
7,341
218
9.8x
9.0x
8.0x
62.9x
39.7x
32.5x
9.1%
47.7%
22.7%
HubSpot
US
2,638
168.38
51.6%
17.8%
12.2%
6,932
6,659
592
13.0x
10.2x
8.3x
 NM 
 NM 
58.9x
27.0%
82.2%
12.1%
Proofpoint
US
2,613
118.09
10.2%
(0.1%)
20.5%
6,536
6,305
232
8.8x
7.2x
6.0x
 NM 
47.6x
35.5x
21.8%
78.1%
15.2%
RealPage
US
6,267
61.21
17.1%
0.3%
12.2%
5,587
5,956
228
6.8x
6.0x
5.4x
42.4x
21.2x
18.2x
14.1%
62.9%
28.4%
New Relic
US
1,627
105.75
47.3%
1.2%
8.7%
6,065
5,747
722
12.9x
10.1x
8.1x
 NM 
70.0x
49.6x
27.5%
 NA 
14.4%
Zscaler
US
1,050
49.68
 NA 
5.7%
9.0%
6,073
5,733
340
23.6x
18.4x
14.1x
 NM 
 NM 
 NM 
28.2%
 NA 
4.4%
Coupa Software
US
833
94.19
111.2%
34.2%
17.9%
5,599
5,364
406
22.4x
17.0x
13.6x
 NM 
 NM 
 NM 
NA
73.6%
8.1%
Pivotal Software
US
2,894
22.42
 NA 
(18.3%)
28.0%
5,884
5,220
665
8.4x
6.4x
5.2x
 NM 
 NM 
61.7x
NA
68.0%
(3.2%)
MongoDB
US
962
101.56
215.3%
41.3%
14.9%
5,444
5,135
522
23.8x
14.8x
11.1x
 NM 
 NM 
 NM 
NA
72.9%
(15.5%)
j2 Global
US
2,587
85.01
14.8%
1.7%
13.9%
4,190
4,994
209
4.1x
3.8x
3.6x
11.1x
9.4x
8.7x
7.9%
83.3%
40.6%
Wix
IL
1,771
109.25
45.6%
0.2%
3.9%
5,282
4,918
704
8.1x
6.5x
5.3x
 NM 
31.8x
23.6x
25.9%
78.3%
20.4%
Paylocity Holding
US
2,600
87.57
87.2%
12.7%
29.7%
4,634
4,530
104
11.2x
9.0x
7.5x
 NM 
31.3x
25.0x
24.7%
 NA 
28.8%
Alteryx
US
800
76.31
123.2%
35.6%
9.0%
4,684
4,528
330
17.9x
12.9x
9.8x
 NM 
 NM 
 NM 
37.9%
91.1%
12.8%
Medidata
US
1,998
75.02
14.3%
(10.5%)
8.7%
4,602
4,450
241
7.0x
6.0x
5.2x
51.7x
24.6x
20.5x
16.3%
75.6%
24.5%
LogMeIn
US
3,515
79.44
(31.3%)
(6.3%)
(12.7%)
4,039
4,090
149
3.4x
3.3x
3.1x
11.6x
10.0x
10.2x
4.3%
81.7%
32.6%
2U
US
2,626
73.70
(11.0%)
(14.2%)
30.2%
4,285
3,834
475
9.3x
7.0x
5.3x
 NM 
 NM 
 NM 
33.0%
78.5%
2.4%
Cloudera
US
1,648
14.57
(23.5%)
4.1%
10.5%
3,838
3,449
390
7.9x
3.7x
3.0x
 NM 
16.7x
10.0x
NA
76.3%
21.9%
Cornerstone OnDemand
US
1,953
56.50
37.8%
0.7%
0.6%
3,339
3,286
388
6.1x
5.8x
5.1x
 NM 
27.1x
20.4x
4.8%
75.8%
21.5%
Five9
US
983
53.04
74.7%
10.9%
10.2%
3,143
3,059
292
11.9x
10.2x
8.7x
 NM 
60.9x
47.4x
16.8%
63.7%
16.7%
Qualys
US
1,194
83.63
12.9%
(8.6%)
1.6%
3,293
3,006
289
10.8x
9.3x
8.0x
37.9x
24.5x
20.4x
15.4%
78.7%
38.1%
Q2 
US
1,190
68.82
51.1%
10.0%
20.7%
2,999
3,005
177
12.5x
9.8x
8.0x
 NM 
 NM 
 NM 
27.6%
52.9%
6.8%
Mimecast 
UK
1,192
48.28
39.0%
16.2%
39.3%
2,917
2,949
157
9.2x
7.4x
6.1x
 NM 
43.9x
34.9x
23.7%
 NA 
16.9%
Box
US
1,968
20.24
(15.9%)
(23.9%)
(0.3%)
2,921
2,816
218
4.6x
4.0x
3.5x
 NM 
60.5x
35.0x
15.4%
71.3%
6.6%
BlackLine
US
850
52.34
19.0%
(0.2%)
16.3%
2,876
2,748
133
12.1x
9.9x
8.1x
 NM 
 NM 
 NM 
21.9%
80.8%
7.6%
29
Public Comps  GP Bullhound SaaS Index (Cont'd)
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Tenable 
US
1,252
$31.18
 NA 
(4.0%)
16.2%
$2,904
$2,631
$283
9.8x
7.7x
6.2x
 NM 
 NM 
 NM 
27.9%
81.3%
(14.0%)
Zuora
US
933
23.76
 NA 
(26.5%)
12.4%
2,578
2,418
175
10.9x
8.2x
6.7x
 NM 
 NM 
 NM 
NA
56.8%
(13.1%)
AppFolio
US
916
72.28
80.2%
(11.6%)
18.1%
2,451
2,410
91
12.7x
10.1x
8.1x
 NM 
37.8x
28.3x
26.1%
61.5%
26.6%
Appian
US
1,058
36.49
34.9%
5.4%
14.6%
2,345
2,250
95
9.9x
8.6x
7.3x
 NM 
 NM 
 NM 
15.0%
65.4%
(7.8%)
Workiva
US
1,319
49.45
117.4%
47.8%
28.2%
2,191
2,111
98
8.6x
7.4x
6.4x
 NM 
 NM 
 NM 
16.1%
77.6%
(3.8%)
Pluralsight
US
1,100
32.51
 NA 
(2.2%)
10.4%
2,166
2,095
194
9.0x
6.7x
5.1x
 NM 
 NM 
 NM 
34.5%
76.8%
(8.6%)
Everbridge
US
777
70.71
121.6%
21.9%
18.3%
2,097
2,086
106
14.2x
10.7x
8.5x
 NM 
 NM 
 NM 
33.1%
71.2%
2.3%
Yext
US
800
18.58
46.3%
(29.9%)
24.2%
1,874
1,767
107
8.3x
5.9x
4.6x
 NM 
 NM 
 NM 
NA
75.8%
(10.3%)
8x8
US
1,225
19.67
7.8%
(12.2%)
1.2%
1,882
1,767
115
5.2x
4.4x
3.7x
 NM 
 NM 
 NA 
18.0%
 NA 
(2.7%)
LivePerson
US
1,106
27.96
93.5%
5.9%
22.4%
1,788
1,721
66
6.9x
6.0x
5.0x
 NM 
 NM 
58.6x
15.3%
74.6%
3.9%
SPS Commerce
US
1,231
106.78
77.9%
10.6%
22.3%
1,896
1,718
178
6.9x
6.2x
5.7x
43.6x
27.0x
23.1x
10.7%
68.1%
23.1%
SecureWorks
US
2,555
22.19
124.8%
75.6%
10.3%
1,813
1,698
116
3.3x
3.0x
2.7x
 NM 
 NM 
56.6x
NA
54.7%
3.5%
ForeScout
US
1,107
41.54
39.5%
16.1%
42.9%
1,780
1,682
115
5.6x
4.6x
3.8x
 NM 
 NM 
 NM 
24.1%
78.2%
(1.9%)
Benefitfocus
US
1,450
49.12
103.0%
14.9%
(11.0%)
1,574
1,621
191
6.3x
5.3x
4.6x
 NM 
 NM 
46.8x
18.0%
53.0%
5.9%
Instructure
US
1,219
46.73
7.7%
17.6%
20.8%
1,673
1,520
153
7.3x
5.9x
4.9x
 NM 
 NM 
 NM 
22.6%
72.9%
(4.9%)
Talend
FR
1,068
47.90
1.7%
(24.9%)
31.2%
1,452
1,419
34
6.9x
5.7x
4.6x
 NM 
 NM 
 NM 
21.6%
76.9%
(7.5%)
Upland Software
US
375
35.10
47.1%
(4.9%)
17.8%
758
900
16
6.8x
4.7x
4.6x
31.4x
13.0x
12.0x
NA
69.6%
36.4%
CLX Communications
SE
385
12.90
74.6%
9.5%
9.7%
691
735
20
1.6x
1.4x
1.3x
17.5x
14.9x
13.0x
14.6%
25.3%
9.6%
Carbon Black
US
932
13.09
 NA 
(47.8%)
(8.5%)
889
728
161
3.5x
3.0x
2.5x
 NM 
 NM 
 NM 
15.7%
78.9%
(15.6%)
Carbonite
US
965
23.27
(17.3%)
(44.3%)
(16.4%)
800
720
198
2.4x
1.5x
1.2x
24.0x
5.5x
4.4x
65.4%
80.9%
26.7%
MobileIron
US
889
5.06
5.4%
4.3%
4.3%
540
435
106
2.3x
2.1x
1.9x
 NM 
 NM 
22.2x
9.4%
83.0%
2.0%
Castlight Health
US
470
3.19
(10.1%)
8.1%
21.8%
446
372
77
2.4x
2.3x
2.0x
 NM 
45.1x
21.8x
1.3%
68.0%
5.2%
ChannelAdvisor
US
730
12.93
46.1%
(0.2%)
22.3%
354
310
47
2.4x
2.2x
2.1x
 NM 
22.5x
17.5x
4.9%
78.5%
10.0%
Brightcove
US
495
8.87
29.5%
8.2%
18.0%
325
296
29
1.8x
1.7x
1.6x
 NM 
50.6x
21.9x
2.9%
62.7%
3.5%
Amber Road
US
692
9.84
8.1%
13.4%
16.4%
276
290
8
3.4x
3.2x
3.0x
 NM 
47.0x
35.8x
5.7%
56.5%
6.9%
Average
10.3x
8.1x
6.6x
38.1x
36.0x
32.5x
21.4%
71.8%
11.5%
Median
9.2x
7.4x
6.2x
40.1x
31.8x
28.7x
20.9%
75.6%
9.6%
30
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
31
Public Comps  Large-Cap Consolidators
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Microsoft
US
131,000
$112.03
19.5%
1.6%
6.6%
$859,518
$817,328
$127,673
6.9x
6.3x
5.7x
16.5x
14.7x
12.9x
9.8%
NA
42.7%
Intel
US
107,400
52.96
7.4%
9.0%
13.4%
238,161
252,870
11,650
3.6x
3.6x
3.4x
7.8x
7.8x
7.4x
0.4%
61.4%
45.6%
Cisco
US
74,200
51.77
15.6%
10.3%
13.2%
227,893
213,168
40,383
4.2x
4.1x
3.9x
14.0x
11.4x
10.9x
3.3%
 NA 
35.7%
Oracle
US
137,000
52.13
2.9%
7.2%
5.3%
187,090
196,475
49,391
4.9x
4.9x
4.8x
12.4x
10.6x
10.2x
0.3%
 NA 
46.3%
IBM
US
350,600
138.13
(11.4%)
(5.8%)
2.9%
122,917
156,937
12,006
2.0x
2.0x
2.0x
9.4x
8.4x
8.2x
0.3%
47.1%
23.8%
SAP
DE
96,498
107.11
1.5%
(12.4%)
0.0%
127,842
130,858
10,390
4.6x
4.2x
3.9x
14.9x
12.5x
11.2x
9.2%
NA
34.0%
Salesforce 
US
29,000
163.65
40.8%
7.0%
11.1%
125,192
126,133
3,450
10.1x
7.9x
6.6x
 NM 
31.6x
25.2x
NA
NA
24.9%
Hewlett Packard 
US
60,000
16.38
(11.9%)
(2.2%)
4.6%
22,555
31,169
3,781
1.0x
1.0x
1.0x
6.3x
6.0x
5.7x
2.4%
NA
16.9%
Average
4.7x
4.2x
3.9x
11.6x
12.9x
11.5x
3.7%
54.3%
33.7%
Median
4.4x
4.1x
3.9x
12.4x
11.0x
10.6x
2.4%
54.3%
34.9%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
32
Public Comps  Advertising Technology
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Alphabet 
US
98,771
$1,126.55
2.0%
(9.6%)
4.3%
$780,846
$675,718
$109,140
4.9x
4.1x
3.6x
16.7x
11.4x
9.9x
19.5%
55.3%
36.2%
Adobe
US
21,357
262.50
25.5%
(0.2%)
8.5%
128,028
128,934
3,229
14.3x
11.6x
9.8x
40.5x
26.3x
21.5x
23.6%
87.3%
43.9%
Salesforce 
US
29,000
163.65
40.8%
7.0%
11.1%
125,192
126,133
3,450
10.1x
7.9x
6.6x
 NM 
31.6x
25.2x
NA
 NA 
24.9%
Trade Desk 
US
944
197.54
251.1%
41.0%
45.6%
8,706
8,499
207
17.8x
13.2x
10.4x
73.6x
44.5x
33.6x
34.9%
76.0%
29.7%
Hubspot 
US
2,638
168.38
51.6%
17.8%
12.2%
6,932
6,659
592
13.0x
10.2x
8.3x
 NM 
 NM 
58.9x
27.0%
82.2%
12.1%
Teradata
US
10,152
48.37
31.4%
17.2%
9.6%
5,674
5,503
715
2.5x
2.7x
2.6x
44.7x
14.5x
12.4x
(5.9%)
NA
18.6%
Criteo 
FR
2,744
27.14
(9.5%)
3.9%
10.2%
1,838
1,501
364
0.7x
1.5x
1.4x
5.9x
5.0x
4.4x
(56.5%)
NA
29.8%
TechTarget 
US
622
16.58
(4.1%)
(32.2%)
15.8%
461
451
35
3.7x
3.4x
3.1x
21.3x
12.4x
10.5x
9.8%
NA
27.3%
ChannelAdvisor
US
730
12.93
46.1%
(0.2%)
22.3%
354
310
47
2.4x
2.2x
2.1x
 NM 
22.5x
17.5x
4.9%
NA
10.0%
Average
7.7x
6.3x
5.3x
33.8x
21.0x
21.5x
7.2%
75.2%
25.8%
Median
4.9x
4.1x
3.6x
30.9x
18.5x
17.5x
14.7%
79.1%
27.3%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
33
Public Comps  Business Intelligence/Analytics
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Alphabet 
US
98,771
$1,126.55
2.0%
(9.6%)
4.3%
$780,846
$675,718
$109,140
4.9x
4.1x
3.6x
16.7x
11.4x
9.9x
19.5%
NA
36.2%
IBM
US
350,600
138.13
(11.4%)
(5.8%)
2.9%
122,917
156,937
12,006
2.0x
2.0x
2.0x
9.4x
8.4x
8.2x
0.3%
47.1%
23.8%
SAP
DE
96,498
107.11
1.5%
(12.4%)
0.0%
127,842
130,858
10,390
4.6x
4.2x
3.9x
14.9x
12.5x
11.2x
9.2%
72.0%
34.0%
Adobe 
US
21,357
262.50
25.5%
(0.2%)
8.5%
128,028
128,934
3,229
14.3x
11.6x
9.8x
40.5x
26.3x
21.5x
23.6%
87.3%
43.9%
Splunk 
US
3,200
135.88
45.8%
6.6%
13.7%
20,081
18,958
2,757
10.5x
8.8x
7.2x
 NM 
54.1x
40.6x
20.0%
83.7%
16.2%
NetApp
US
10,300
65.20
7.7%
(24.1%)
3.1%
16,103
13,755
4,054
2.2x
2.2x
2.1x
10.5x
8.3x
7.5x
2.4%
NA
26.0%
Tableau Software
US
4,181
131.90
61.5%
22.4%
4.7%
11,355
10,332
1,022
8.9x
7.6x
6.4x
 NM 
47.9x
35.0x
18.3%
NA
15.8%
Fair Isaac 
US
3,772
247.82
45.8%
10.5%
14.6%
7,204
7,957
80
7.5x
6.9x
6.5x
32.2x
 NA 
 NA 
7.8%
NA
0.0%
New Relic
US
1,627
105.75
47.3%
1.2%
8.7%
6,065
5,747
722
12.9x
10.1x
8.1x
 NM 
70.0x
49.6x
27.5%
NA
14.4%
Teradata 
US
10,152
48.37
31.4%
17.2%
9.6%
5,674
5,503
715
2.5x
2.7x
2.6x
44.7x
14.5x
12.4x
(5.9%)
NA
18.6%
Alteryx
US
756
76.31
123.2%
35.6%
9.0%
4,684
4,528
330
17.9x
12.9x
9.8x
 NM 
 NM 
 NM 
37.9%
NA
12.8%
Blackbaud
US
3,353
77.24
(24.7%)
(25.0%)
10.3%
3,654
4,010
31
4.7x
4.5x
4.3x
30.0x
22.6x
20.7x
5.0%
NA
20.0%
Verint
US
5,700
53.25
36.9%
8.2%
13.4%
3,476
3,864
406
3.2x
2.9x
2.7x
23.5x
11.8x
10.4x
NA
NA
24.5%
Cloudera
US
1,648
14.57
(23.5%)
4.1%
10.5%
3,838
3,449
390
7.9x
3.7x
3.0x
 NM 
16.7x
10.0x
NA
NA
21.9%
Inovalon
US
2,302
13.14
9.5%
11.8%
(7.1%)
2,006
2,859
123
5.4x
4.5x
4.1x
25.4x
14.1x
12.8x
19.8%
NA
32.2%
Workiva
US
1,319
49.45
117.4%
47.8%
28.2%
2,191
2,111
98
8.6x
7.4x
6.4x
 NM 
 NM 
 NM 
16.1%
NA
(3.8%)
Yext
US
800
18.58
46.3%
(29.9%)
24.2%
1,874
1,767
107
8.3x
5.9x
4.6x
 NM 
 NM 
 NM 
NA
NA
(10.3%)
LivePerson
US
1,106
27.96
93.5%
5.9%
22.4%
1,788
1,721
66
6.9x
6.0x
5.0x
 NM 
 NM 
58.6x
15.3%
NA
3.9%
Talend
FR
1,068
47.90
1.7%
(24.9%)
31.2%
1,441
1,408
34
6.9x
5.7x
4.6x
 NM 
 NM 
 NM 
21.6%
NA
(7.5%)
MicroStrategy
US
2,528
141.50
10.6%
(4.3%)
2.2%
1,454
878
576
1.8x
1.7x
1.7x
 NM 
33.6x
15.5x
3.0%
NA
5.1%
SDL
UK
3,700
7.74
34.8%
20.1%
7.7%
702
672
30
1.8x
1.4x
1.3x
17.6x
12.4x
11.2x
NA
NA
11.0%
Attunity
IL
256
23.38
219.0%
10.9%
(4.0%)
511
467
44
5.4x
4.4x
3.6x
51.4x
28.0x
 NA 
22.7%
NA
15.8%
Gridsum
CN
1,078
3.85
(64.6%)
(35.1%)
65.2%
119
165
9
2.0x
 NA 
 NA 
 NM 
 NA 
 NA 
NA
NA
NA
Expert System
IT
230
1.84
14.5%
32.3%
19.0%
66
72
16
1.7x
1.9x
1.6x
 NM 
8.5x
6.5x
NA
NA
21.7%
Hottolink 
JP
87
3.74
(43.6%)
(55.0%)
(2.8%)
57
42
18
1.4x
 NA 
 NA 
6.6x
 NA 
 NA 
(100.0%)
NA
NA
Average
6.2x
5.4x
4.6x
24.9x
23.6x
20.1x
8.6%
72.5%
16.4%
Median
5.4x
4.5x
4.1x
23.5x
14.5x
12.4x
16.1%
77.8%
16.2%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
34
Public Comps  Communication
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Microsoft 
US
131,000
$112.03
19.5%
1.6%
6.6%
$859,518
$817,328
$127,673
6.9x
6.3x
5.7x
16.5x
14.7x
12.9x
9.8%
 NA 
42.7%
Cisco
US
74,200
51.77
15.6%
10.3%
13.2%
227,893
213,168
40,383
4.2x
4.1x
3.9x
14.0x
11.4x
10.9x
3.3%
 NA 
35.7%
Atlassian 
UK
3,061
107.48
98.0%
22.6%
13.5%
25,742
24,934
1,644
26.1x
18.4x
14.6x
 NM 
72.7x
57.7x
41.8%
 NA 
25.3%
Twilio
US
1,440
121.69
256.2%
51.7%
19.1%
15,022
14,709
748
22.6x
13.7x
10.4x
 NM 
 NM 
 NM 
65.3%
55.8%
3.9%
Citrix 
US
8,200
105.50
14.7%
(6.9%)
3.5%
13,897
14,592
1,202
4.9x
4.7x
4.5x
17.4x
13.3x
12.5x
3.8%
NA
35.6%
RingCentral 
US
1,871
105.29
68.1%
12.3%
18.7%
8,554
8,355
566
13.6x
9.8x
7.9x
 NM 
 NM 
59.5x
39.5%
NA
12.6%
NICE Systems
IL
5,208
117.45
20.3%
2.7%
9.2%
7,267
7,237
486
5.0x
4.6x
4.2x
20.1x
15.3x
14.1x
8.8%
NA
30.0%
Nuance 
US
10,400
16.77
4.4%
1.5%
7.6%
4,786
6,553
431
3.1x
3.5x
3.3x
16.0x
11.5x
10.7x
(10.5%)
NA
30.3%
j2 Global 
US
2,487
85.01
14.8%
1.7%
13.9%
4,190
4,994
209
4.1x
3.8x
3.6x
10.8x
9.4x
8.7x
7.9%
NA
40.6%
Everbridge 
US
783
70.71
121.6%
21.9%
18.3%
2,097
2,086
106
14.2x
10.7x
8.5x
 NM 
 NM 
 NM 
33.1%
NA
2.3%
8x8
US
1,225
19.67
7.8%
(12.2%)
1.2%
1,882
1,767
115
5.2x
4.4x
3.7x
 NM 
 NM 
 NA 
18.0%
NA
(2.7%)
LivePerson 
US
1,106
27.96
93.5%
5.9%
22.4%
1,788
1,721
66
6.9x
6.0x
5.0x
 NM 
 NM 
58.6x
15.3%
NA
3.9%
Average
9.7x
7.5x
6.3x
15.8x
21.2x
27.3x
19.7%
55.8%
21.7%
Median
6.1x
5.4x
4.8x
16.3x
13.3x
12.9x
12.5%
55.8%
27.6%
35
Public Comps  ERP & Enterprise Application
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Oracle
US
137,000
$52.13
2.9%
7.2%
5.3%
$187,090
$196,475
$49,391
4.9x
4.9x
4.8x
12.4x
10.6x
10.2x
0.3%
NA
46.3%
SAP
DE
96,498
107.11
1.5%
(12.4%)
0.0%
127,842
130,858
10,390
4.6x
4.2x
3.9x
14.9x
12.5x
11.2x
9.2%
72.0%
34.0%
Salesforce
US
29,000
163.65
40.8%
7.0%
11.1%
125,192
126,133
3,450
10.1x
7.9x
6.6x
 NM 
31.6x
25.2x
NA
 NA 
24.9%
Workday
US
10,200
197.93
56.3%
30.0%
14.7%
43,545
42,971
1,778
15.2x
12.2x
9.9x
 NM 
67.1x
48.5x
25.0%
75.5%
18.1%
Shopify 
CA
4,000
189.15
36.9%
30.4%
18.6%
20,927
18,948
1,979
17.7x
12.7x
9.7x
 NM 
 NM 
 NM 
38.8%
55.7%
3.7%
Constellation Software
CA
14,335
853.44
31.6%
16.5%
15.2%
18,086
17,858
589
5.8x
5.0x
4.4x
30.7x
19.0x
16.3x
16.1%
NA
26.5%
Sage Group
UK
13,003
8.79
(8.0%)
4.7%
6.3%
9,540
10,403
355
4.3x
3.9x
3.7x
16.3x
15.3x
14.3x
NA
NA
25.6%
Yonyou Networks
CN
15,674
4.55
14.3%
8.8%
19.0%
8,726
8,960
460
8.3x
6.1x
4.8x
40.9x
38.6x
31.3x
NA
NA
15.9%
Zendesk
US
2,740
79.02
83.0%
17.4%
19.9%
8,563
8,594
427
14.4x
10.7x
8.3x
 NM 
 NM 
 NM 
34.0%
NA
7.1%
Tyler Technologies
US
4,525
204.79
0.8%
(15.8%)
7.4%
7,842
7,663
179
8.2x
7.0x
6.4x
39.9x
24.4x
21.7x
16.3%
NA
28.9%
Guidewire Software
US
2,302
91.74
14.2%
(6.9%)
7.5%
7,434
6,651
1,091
9.1x
8.7x
7.6x
 NM 
47.9x
30.5x
NA
NA
18.1%
Aveva Group
UK
4,400
40.01
 NA 
11.6%
12.1%
6,450
6,341
122
7.8x
6.2x
5.8x
42.5x
22.2x
19.7x
NA
NA
27.8%
RealPage
US
6,267
61.21
17.1%
0.3%
12.2%
5,587
5,955
228
6.8x
6.0x
5.4x
43.9x
21.1x
18.2x
14.1%
NA
28.4%
j2 Global
US
2,487
85.01
14.8%
1.7%
13.9%
4,190
4,994
209
4.1x
3.8x
3.6x
10.8x
9.4x
8.7x
7.9%
NA
40.6%
Medidata Solutions
US
1,680
75.02
14.3%
(10.5%)
8.7%
4,602
4,450
241
7.0x
6.0x
5.2x
51.5x
24.6x
20.5x
16.3%
NA
24.5%
Wisetech
AU
1,500
14.12
70.1%
(9.3%)
(3.0%)
4,107
4,099
30
20.4x
14.8x
11.6x
67.2x
46.4x
33.7x
37.8%
NA
31.9%
Blackbaud
US
3,353
77.24
(24.7%)
(25.0%)
10.3%
3,654
4,010
31
4.7x
4.5x
4.3x
30.0x
22.6x
20.7x
5.0%
NA
20.0%
Prosegur
ES
170,350
5.60
(30.3%)
(17.5%)
3.1%
3,351
3,993
1,199
0.9x
0.8x
0.8x
7.6x
6.6x
6.0x
5.6%
NA
12.6%
Five9
US
983
53.04
74.7%
10.9%
10.2%
3,143
3,059
292
11.9x
10.2x
8.7x
 NM 
60.9x
47.4x
16.8%
NA
16.7%
Appian
US
1,058
36.49
34.9%
5.4%
14.6%
2,345
2,250
95
9.9x
8.6x
7.3x
 NM 
 NM 
 NM 
15.0%
NA
(7.8%)
Workiva
US
1,319
49.45
117.4%
47.8%
28.2%
2,191
2,111
98
8.6x
7.4x
6.4x
 NM 
 NM 
 NM 
16.1%
NA
(3.8%)
Everbridge
US
783
70.71
121.6%
21.9%
18.3%
2,097
2,086
106
14.2x
10.7x
8.5x
 NM 
 NM 
 NM 
33.1%
NA
2.3%
SPS Commerce
US
1,231
106.78
77.9%
10.6%
22.3%
1,896
1,718
178
6.9x
6.2x
5.7x
43.6x
27.0x
23.1x
10.7%
NA
23.1%
Technology One
AU
848
5.37
43.4%
28.3%
9.1%
1,663
1,589
76
7.4x
6.7x
6.0x
30.8x
26.5x
22.9x
NA
NA
25.2%
Enghouse
CA
1,446
28.94
11.6%
(5.8%)
3.8%
1,580
1,434
148
5.5x
5.1x
 NA 
20.8x
16.6x
 NA 
NA
NA
30.5%
QAD
US
1,950
45.26
0.6%
(25.4%)
4.6%
848
724
138
2.2x
2.1x
1.9x
 NM 
30.2x
26.0x
NA
NA
6.9%
Model N
US
782
17.30
1.2%
7.1%
20.9%
546
547
52
3.6x
3.8x
3.4x
 NM 
58.5x
37.8x
(5.2%)
NA
6.5%
BasWare
FI
1,412
34.51
(36.3%)
(8.3%)
(21.8%)
496
515
47
3.2x
3.0x
2.8x
68.1x
 NM 
 NM 
4.4%
NA
1.5%
ChannelAdvisor
US
730
12.93
46.1%
(0.2%)
22.3%
354
310
47
2.4x
2.2x
2.1x
 NM 
22.5x
17.5x
4.9%
NA
10.0%
Amber Road 
US
692
9.84
8.1%
13.4%
16.4%
276
290
8
3.4x
3.2x
3.0x
 NM 
47.0x
35.8x
5.7%
NA
6.9%
American Software
US
462
11.59
(6.8%)
(36.2%)
6.6%
359
276
83
2.5x
2.4x
2.2x
26.0x
17.3x
14.1x
2.5%
NA
13.9%
Freelancer
AU
390
0.47
36.8%
14.0%
(6.6%)
214
190
23
5.2x
4.7x
4.1x
 NM 
 NM 
 NM 
10.3%
NA
2.6%
Average
7.5x
6.3x
5.4x
33.2x
29.1x
23.4x
14.2%
67.7%
17.8%
Median
6.9x
6.0x
5.2x
30.8x
24.4x
21.2x
12.4%
72.0%
18.1%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
36
Public Comps  Financial Application
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
IRESS
AU
1,850
8.70
7.5%
(12.1%)
3.5%
1,459
1,582
22
4.8x
4.5x
4.2x
20.5x
16.2x
14.8x
7.8%
NA
27.7%
MYOB
AU
1,500
2.41
(2.2%)
11.5%
(0.6%)
1,419
1,728
25
5.6x
5.0x
4.6x
18.9x
12.7x
11.4x
10.5%
NA
39.7%
Bottomline Technologies US
1,700
49.88
31.3%
(23.3%)
0.8%
2,032
2,045
97
5.0x
4.7x
4.2x
48.1x
19.5x
17.2x
6.9%
 NA 
24.0%
Ebix
US
4,515
58.27
(30.6%)
(25.4%)
7.0%
1,822
2,364
155
5.1x
3.8x
2.8x
15.3x
11.9x
9.5x
NA
 NA 
32.3%
Envestnet
US
3,516
61.01
10.7%
(2.5%)
14.1%
2,790
2,959
289
3.6x
3.4x
2.9x
32.2x
16.9x
14.3x
8.3%
69.0%
19.9%
Q2 Holdings
US
1,190
68.82
51.1%
10.0%
20.7%
2,999
3,005
177
12.5x
9.8x
8.0x
 NM 
 NM 
 NM 
27.6%
NA
6.8%
Ellie Mae
US
1,550
99.49
12.2%
(4.5%)
36.8%
3,471
3,168
303
6.6x
6.2x
5.7x
38.6x
21.7x
19.3x
6.2%
NA
28.6%
SimCorp
DK
1,660
90.13
43.4%
(3.8%)
13.8%
3,579
3,525
54
8.0x
7.3x
6.8x
28.9x
25.1x
23.5x
10.3%
NA
29.0%
Oracle Financial 
IN
8,818
49.43
(18.1%)
(16.3%)
(5.6%)
4,240
3,811
437
5.5x
5.0x
4.6x
13.4x
11.7x
10.4x
9.9%
NA
42.8%
Fair Isaac
US
3,772
247.82
45.8%
10.5%
14.6%
7,204
7,957
80
7.5x
6.9x
6.5x
32.2x
 NA 
 NA 
7.8%
NA
0.0%
Black Knight 
US
4,700
52.25
9.7%
(2.0%)
8.2%
7,730
9,050
20
8.1x
7.6x
7.1x
24.9x
15.3x
14.0x
6.9%
NA
49.6%
Jack Henry & Associates US
6,307
132.63
13.1%
(15.5%)
0.2%
10,236
10,210
26
6.4x
6.3x
5.9x
20.8x
18.9x
17.1x
1.1%
NA
33.5%
Temenos 
CH
4,980
145.13
23.5%
(19.9%)
8.4%
10,074
10,594
287
12.5x
10.7x
9.7x
33.9x
28.5x
24.9x
16.8%
NA
37.6%
MSCI
US
3,112
184.72
30.5%
4.3%
13.7%
15,576
17,248
904
12.0x
11.3x
10.3x
22.6x
20.6x
18.5x
6.7%
NA
54.7%
SS&C
US
8,287
61.58
24.4%
5.4%
21.7%
15,445
23,534
167
6.9x
5.0x
4.8x
22.5x
12.6x
11.7x
38.7%
NA
39.4%
Fiserv 
US
24,000
84.69
18.1%
8.0%
(0.6%)
33,164
38,708
415
6.6x
6.3x
6.0x
20.4x
16.3x
15.4x
6.2%
NA
38.4%
Fidelity National
US
47,000
108.15
11.3%
0.5%
3.7%
34,924
43,213
703
5.1x
5.1x
5.0x
18.1x
13.2x
12.4x
(0.2%)
NA
39.0%
Intuit
US
8,900
$247.13
48.1%
14.4%
17.1%
$64,025
$63,105
$1,333
10.1x
9.1x
8.3x
35.5x
25.4x
22.5x
10.8%
NA
36.0%
Average
7.3x
6.6x
6.0x
26.3x
17.9x
16.1x
10.7%
69.0%
32.2%
Median
6.6x
6.2x
5.8x
22.6x
16.6x
15.1x
7.8%
69.0%
34.7%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
37
Public Comps  Human Capital Management
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
ADP
US
57,000
$153.03
32.7%
6.4%
12.9%
$66,664
$67,084
$2,789
5.0x
4.6x
4.3x
20.8x
19.0x
16.8x
9.9%
NA
24.1%
Workday 
US
10,200
197.93
56.3%
30.0%
14.7%
43,545
42,971
1,778
15.2x
12.2x
9.9x
 NM 
67.1x
48.5x
25.0%
75.5%
18.1%
ServiceNow
US
8,154
239.44
48.7%
23.3%
27.4%
43,219
42,383
1,498
16.2x
12.4x
9.7x
 NM 
45.5x
33.8x
31.4%
81.0%
27.2%
Paycom
US
3,050
181.73
83.7%
19.3%
26.2%
10,649
10,638
46
18.8x
14.9x
12.2x
55.7x
36.7x
29.2x
25.8%
84.3%
40.7%
Ultimate Software 
US
5,100
331.50
39.0%
9.2%
21.2%
10,385
10,235
162
9.0x
7.5x
6.3x
 NM 
31.7x
25.6x
19.8%
65.4%
23.6%
Paylocity
US
2,600
87.57
87.2%
12.7%
29.7%
4,634
4,530
104
11.2x
9.0x
7.5x
 NM 
31.3x
25.0x
24.7%
NA
28.8%
TriNet
US
3,100
61.29
29.9%
4.6%
37.2%
4,301
4,432
282
1.3x
4.8x
4.3x
16.2x
11.9x
10.7x
(73.5%)
NA
40.0%
Benefitfocus 
US
1,450
49.12
103.0%
14.9%
(11.0%)
1,574
1,621
191
6.3x
5.3x
4.6x
 NM 
 NM 
47.2x
18.0%
NA
5.9%
Instructure 
US
1,219
46.73
7.7%
17.6%
20.8%
1,673
1,520
153
7.3x
5.9x
4.9x
 NM 
 NM 
 NM 
22.6%
NA
(4.9%)
Upland Software
US
375
35.10
47.1%
(4.9%)
17.8%
758
900
16
6.8x
4.7x
4.6x
31.4x
13.0x
12.0x
NA
NA
36.4%
Solium 
CA
769
14.54
71.0%
70.2%
46.0%
825
742
96
7.1x
5.7x
5.0x
 NM 
26.5x
20.9x
NA
NA
21.4%
WageWorks 
US
1,958
32.90
(37.3%)
(36.9%)
9.3%
1,304
656
892
1.5x
1.3x
1.3x
7.2x
4.4x
4.1x
NA
NA
30.4%
Freelancer 
AU
390
0.47
36.8%
14.0%
(6.6%)
214
190
23
5.2x
4.7x
4.1x
 NM 
 NM 
 NM 
10.3%
NA
2.6%
Average
8.5x
7.2x
6.1x
26.3x
28.7x
24.9x
11.4%
76.6%
22.6%
Median
7.1x
5.7x
4.9x
20.8x
28.9x
25.0x
21.2%
78.3%
24.1%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
38
Public Comps  Infrastructure
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
VMware 
US
20,615
$171.81
30.4%
15.7%
16.0%
$70,423
$71,816
$2,849
8.0x
7.3x
6.7x
26.7x
19.3x
16.2x
10.3%
87.8%
37.6%
ServiceNow 
US
8,154
239.44
48.7%
23.3%
27.4%
43,219
42,383
1,498
16.2x
12.4x
9.7x
 NM 
45.5x
33.8x
31.4%
81.0%
27.2%
Red Hat
US
11,870
182.60
23.9%
26.7%
3.7%
32,276
30,866
1,926
9.5x
8.3x
7.1x
49.7x
29.8x
27.6x
14.9%
 NA 
27.7%
Atlassian
UK
3,061
107.48
98.0%
22.6%
13.5%
25,742
24,934
1,644
26.1x
18.4x
14.6x
 NM 
72.7x
57.7x
41.8%
 NA 
25.3%
Splunk
US
3,200
135.88
45.8%
6.6%
13.7%
20,081
18,958
2,757
10.5x
8.8x
7.2x
 NM 
54.1x
40.6x
20.0%
83.7%
16.2%
Symantec
US
11,830
22.49
(14.5%)
11.0%
7.9%
14,376
16,842
2,579
3.5x
3.4x
3.3x
16.9x
7.8x
7.3x
3.3%
NA
43.7%
Micro Focus
UK
14,800
24.88
(12.6%)
50.6%
29.5%
10,275
14,708
621
4.6x
4.2x
4.5x
14.2x
10.0x
9.9x
NA
NA
41.5%
Citrix 
US
8,200
105.50
14.7%
(6.9%)
3.5%
13,897
14,592
1,202
4.9x
4.7x
4.5x
17.4x
13.3x
12.5x
3.8%
NA
35.6%
Akamai Technologies
US
7,519
69.66
3.3%
(6.4%)
7.2%
11,355
11,023
1,892
4.1x
3.9x
3.6x
14.9x
9.4x
8.5x
4.7%
NA
41.2%
F5 Networks
US
4,484
168.14
13.2%
(11.3%)
5.9%
9,994
8,862
1,133
4.1x
4.0x
3.8x
13.1x
10.2x
9.7x
2.6%
NA
38.9%
Nutanix 
US
4,380
50.09
37.4%
(17.3%)
(2.7%)
8,973
8,451
966
6.8x
5.3x
4.1x
 NM 
 NM 
40.7x
28.7%
NA
(0.9%)
Juniper Networks
US
9,283
27.08
5.5%
(6.4%)
(3.8%)
9,422
8,050
3,570
1.7x
1.8x
1.7x
10.1x
8.3x
7.8x
(3.4%)
NA
21.6%
Proofpoint 
US
2,613
118.09
10.2%
(0.1%)
20.5%
6,536
6,305
232
8.8x
7.2x
6.0x
 NM 
47.6x
35.5x
21.8%
NA
15.2%
New Relic
US
1,627
105.75
47.3%
1.2%
8.7%
6,065
5,747
722
12.9x
10.1x
8.1x
 NM 
70.0x
49.6x
27.5%
NA
14.4%
Trend Micro 
JP
5,970
49.74
(12.7%)
(20.4%)
(15.3%)
6,882
5,287
1,620
3.6x
3.5x
3.3x
11.2x
11.2x
10.4x
4.1%
NA
31.0%
Pure Storage
US
2,650
20.48
(5.5%)
(22.9%)
14.2%
4,948
4,248
1,197
3.1x
2.4x
2.0x
 NM 
20.9x
15.2x
29.3%
NA
11.5%
LogMeIn 
US
3,515
79.44
(31.3%)
(6.3%)
(12.7%)
4,039
4,090
149
3.4x
3.3x
3.1x
11.6x
10.0x
10.2x
4.3%
NA
32.6%
FireEye 
US
3,200
16.76
1.0%
3.6%
(3.8%)
3,348
3,194
1,117
3.8x
3.6x
3.4x
 NM 
25.4x
21.2x
6.7%
NA
14.2%
Qualys 
US
1,117
83.63
12.9%
(8.6%)
1.6%
3,293
3,006
289
10.8x
9.3x
8.0x
36.5x
24.5x
20.4x
15.4%
NA
38.1%
Mimecast
UK
1,192
48.28
39.0%
16.2%
39.3%
2,917
2,949
157
9.2x
7.4x
6.1x
 NM 
43.9x
34.9x
23.7%
NA
16.9%
Commvault
US
2,839
67.39
29.5%
(1.5%)
9.5%
3,093
2,635
458
3.7x
3.5x
3.2x
58.6x
17.3x
13.2x
6.4%
NA
20.1%
Software AG
DE
4,763
36.61
(30.7%)
(28.1%)
(2.5%)
2,709
2,522
547
2.5x
2.5x
2.4x
8.7x
8.3x
7.9x
3.4%
NA
29.5%
NetScout Systems
US
3,019
27.37
3.1%
5.1%
4.9%
2,130
2,255
475
2.5x
2.4x
2.3x
22.1x
 NA 
 NA 
2.6%
NA
0.0%
Sophos 
UK
3,362
4.36
(36.6%)
(36.9%)
5.9%
2,094
2,228
171
3.2x
3.0x
2.7x
57.0x
15.8x
14.2x
NA
NA
19.3%
Rapid7
US
1,218
46.03
74.3%
22.2%
26.5%
2,177
2,093
259
8.6x
6.8x
5.6x
 NM 
 NM 
70.6x
26.3%
NA
3.4%
SecureWorks 
US
2,555
22.19
124.8%
75.6%
10.3%
1,813
1,698
116
3.3x
3.0x
2.7x
 NM 
 NM 
56.6x
NA
NA
3.5%
Progress Software 
US
1,412
36.78
(21.5%)
(8.6%)
3.3%
1,661
1,637
140
4.1x
4.3x
4.2x
11.7x
9.0x
9.0x
(3.5%)
NA
47.5%
Talend 
FR
1,068
47.90
1.7%
(24.9%)
31.2%
1,441
1,408
34
6.9x
5.7x
4.6x
 NM 
 NM 
 NM 
21.6%
NA
(7.5%)
A10 Networks
US
835
6.98
11.1%
0.4%
7.1%
515
387
128
1.7x
1.6x
1.5x
 NM 
56.9x
14.5x
3.1%
NA
2.8%
Brightcove 
US
495
8.87
29.5%
8.2%
18.0%
325
296
29
1.8x
1.7x
1.6x
 NM 
50.6x
21.9x
2.9%
NA
3.5%
Average
6.5x
5.5x
4.7x
23.8x
27.7x
24.2x
13.1%
84.2%
21.7%
Median
4.1x
4.1x
3.9x
15.9x
19.3x
15.7x
6.7%
83.7%
20.8%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
39
Public Comps  IT Security
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Cisco 
US
74,200
$51.77
15.6%
10.3%
13.2%
$227,893
$213,168
$40,383
4.2x
4.1x
3.9x
14.0x
11.4x
10.9x
3.3%
NA
35.7%
Verisign
US
900
178.04
53.5%
11.9%
7.1%
21,314
21,829
1,270
18.0x
17.8x
17.0x
26.8x
24.4x
23.7x
1.1%
84.9%
72.8%
Palo Alto Networks
US
5,856
246.27
42.0%
7.4%
18.6%
23,084
21,809
2,830
8.4x
7.0x
5.9x
 NM 
25.9x
21.0x
20.3%
 NA 
27.0%
Splunk
US
3,200
135.88
45.8%
6.6%
13.7%
20,081
18,958
2,757
10.5x
8.8x
7.2x
 NM 
54.1x
40.6x
20.0%
83.7%
16.2%
Check Point Software 
IL
4,576
122.30
17.7%
5.6%
11.5%
19,105
17,353
1,752
9.1x
8.7x
8.4x
18.6x
16.7x
15.9x
4.2%
89.6%
51.9%
Symantec
US
11,830
22.49
(14.5%)
11.0%
7.9%
14,376
16,842
2,579
3.5x
3.4x
3.3x
16.9x
7.8x
7.3x
3.3%
NA
43.7%
Fortinet
US
5,845
86.79
72.0%
7.3%
17.7%
14,809
13,160
1,650
7.3x
6.3x
5.6x
45.9x
24.1x
20.9x
15.9%
NA
26.1%
Okta
US
1,176
84.88
120.0%
40.4%
7.5%
9,374
9,096
546
25.0x
17.5x
13.4x
 NM 
 NM 
 NM 
NA
NA
(4.7%)
Proofpoint
US
2,613
118.09
10.2%
(0.1%)
20.5%
6,536
6,305
232
8.8x
7.2x
6.0x
 NM 
47.6x
35.5x
21.8%
NA
15.2%
Gemalto 
NL
15,000
57.97
(3.8%)
(0.2%)
0.2%
5,259
5,890
300
1.7x
1.7x
1.6x
14.3x
9.6x
8.9x
3.2%
NA
17.4%
Trend Micro 
JP
5,970
49.74
(12.7%)
(20.4%)
(15.3%)
6,882
5,287
1,620
3.6x
3.5x
3.3x
11.2x
11.2x
10.4x
4.1%
NA
31.0%
Verint
US
5,700
53.25
36.9%
8.2%
13.4%
3,476
3,864
406
3.2x
2.9x
2.7x
23.5x
11.8x
10.4x
NA
NA
24.5%
CyberArk 
IL
1,015
109.77
121.7%
49.0%
30.5%
3,958
3,531
427
10.3x
8.5x
7.2x
61.6x
33.5x
27.0x
20.7%
NA
25.5%
FireEye
US
3,200
16.76
1.0%
3.6%
(3.8%)
3,348
3,194
1,117
3.8x
3.6x
3.4x
 NM 
25.4x
21.2x
6.7%
NA
14.2%
Qualys
US
1,117
83.63
12.9%
(8.6%)
1.6%
3,293
3,006
289
10.8x
9.3x
8.0x
36.5x
24.5x
20.4x
15.4%
NA
38.1%
Mimecast 
UK
1,192
48.28
39.0%
16.2%
39.3%
2,917
2,949
157
9.2x
7.4x
6.1x
 NM 
43.9x
34.9x
23.7%
NA
16.9%
Rapid7
US
1,218
46.03
74.3%
22.2%
26.5%
2,177
2,093
259
8.6x
6.8x
5.6x
 NM 
 NM 
70.6x
26.3%
NA
3.4%
Secureworks
US
2,555
22.19
124.8%
75.6%
10.3%
1,813
1,698
116
3.3x
3.0x
2.7x
 NM 
 NM 
56.6x
NA
NA
3.5%
Varonis Systems
US
1,460
56.96
1.4%
(20.0%)
2.3%
1,685
1,526
159
5.6x
5.1x
4.5x
 NM 
 NM 
 NM 
11.2%
NA
3.3%
Cheetah Mobile
CN
2,465
7.30
(48.7%)
(30.3%)
9.6%
1,023
622
527
0.9x
0.8x
0.7x
5.5x
5.5x
5.4x
NA
NA
14.1%
Zix 
US
233
9.03
123.0%
66.3%
30.3%
489
465
24
6.8x
6.2x
 NA 
32.6x
18.7x
 NA 
NA
NA
33.2%
MobileIron
US
889
5.06
5.4%
4.3%
4.3%
540
435
106
2.3x
2.1x
1.9x
 NM 
 NM 
22.2x
9.4%
NA
2.0%
F-Secure
FI
1,666
2.69
(37.1%)
(33.0%)
(9.1%)
424
434
32
2.0x
1.7x
1.6x
43.3x
24.6x
13.0x
15.1%
NA
7.0%
Absolute Software 
CA
479
6.96
38.8%
13.9%
11.0%
282
247
34
2.6x
2.5x
2.2x
25.7x
13.4x
12.1x
4.5%
NA
18.4%
Average
7.1x
6.1x
5.3x
26.9x
22.9x
23.3x
12.1%
86.1%
22.3%
Median
6.2x
5.6x
4.5x
24.6x
24.1x
20.9x
11.2%
84.9%
17.9%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
40
Public Comps  Marketing Application
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
SAP
DE
96,498
$107.11
1.5%
(12.4%)
0.0%
$127,842
$130,858
$10,390
4.6x
4.2x
3.9x
14.9x
12.5x
11.2x
9.2%
NA
34.0%
Five9
US
983
53.04
74.7%
10.9%
10.2%
3,143
3,059
292
11.9x
10.2x
8.7x
 NM 
60.9x
47.4x
16.8%
NA
16.7%
LivePerson
US
1,106
27.96
93.5%
5.9%
22.4%
1,788
1,721
66
6.9x
6.0x
5.0x
 NM 
 NM 
58.6x
15.3%
74.6%
3.9%
SDL
UK
3,700
7.74
34.8%
20.1%
7.7%
702
672
30
1.8x
1.4x
1.3x
17.6x
12.4x
11.2x
NA
 NA 
11.0%
ChannelAdvisor
US
730
12.93
46.1%
(0.2%)
22.3%
354
310
47
2.4x
2.2x
2.1x
 NM 
22.5x
17.5x
4.9%
78.5%
10.0%
Average
5.5x
4.8x
4.2x
16.2x
27.1x
29.2x
11.6%
76.6%
15.1%
Median
4.6x
4.2x
3.9x
16.2x
17.5x
17.5x
12.3%
76.6%
11.0%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
41
Public Comps  Storage
Share 
Price
Market
Cap
EV
Cash
EV/Revenue
EV/EBITDA
CY 
Revenue 
Growth
Company Name
HQ Employee 02-28-19
LTM
L6M
L1M
(m)
(m)
(m)
LTM
CY19E
CY20E
LTM
CY19E
CY20E
19/18
Gross
EBITDA
Share Price Performance
CY19E
Margins
Microsoft 
US
131,000
$112.03
19.5%
1.6%
6.6%
$859,518
$817,328
$127,673
6.9x
6.3x
5.7x
16.5x
14.7x
12.9x
9.8%
 NA 
42.7%
Amazon
US
647,500
1,639.83
8.4%
(15.2%)
0.1%
805,489
813,528
41,250
3.5x
3.0x
2.5x
29.3x
19.2x
14.9x
18.1%
42.0%
15.4%
Alphabet
US
98,771
1,126.55
2.0%
(9.6%)
4.3%
780,846
675,718
109,140
4.9x
4.1x
3.6x
16.7x
11.4x
9.9x
19.5%
55.3%
36.2%
Verizon
US
144,500
56.92
19.2%
4.2%
3.4%
235,196
347,956
2,745
2.7x
2.6x
2.6x
6.6x
7.2x
7.0x
1.1%
57.6%
36.7%
Oracle 
US
137,000
52.13
2.9%
7.2%
5.3%
187,090
196,475
49,391
4.9x
4.9x
4.8x
12.4x
10.6x
10.2x
0.3%
 NA 
46.3%
IBM 
US
350,600
138.13
(11.4%)
(5.8%)
2.9%
122,917
156,937
12,006
2.0x
2.0x
2.0x
9.4x
8.4x
8.2x
0.3%
NA
23.8%
Salesforce 
US
29,000
163.65
40.8%
7.0%
11.1%
125,192
126,133
3,450
10.1x
7.9x
6.6x
 NM 
31.6x
25.2x
NA
NA
24.9%
CenturyLink 
US
46,000
13.19
(25.4%)
(41.4%)
(12.6%)
14,254
49,827
488
2.1x
2.2x
2.2x
5.9x
5.5x
5.5x
(3.1%)
NA
39.9%
Iron Mountain
US
26,200
35.42
12.6%
(2.2%)
(2.3%)
10,143
18,193
165
6.9x
4.2x
4.1x
12.6x
12.2x
11.5x
64.6%
NA
34.6%
NetApp
US
10,300
65.20
7.7%
(24.1%)
3.1%
16,103
13,755
4,054
2.2x
2.2x
2.1x
10.5x
8.3x
7.5x
2.4%
NA
26.0%
Dropbox
US
2,323
23.86
 NA 
(12.2%)
(1.2%)
9,813
8,890
1,089
6.4x
5.4x
4.7x
 NM 
24.3x
19.3x
17.8%
NA
22.3%
Nutanix
US
4,380
50.09
37.4%
(17.3%)
(2.7%)
8,973
8,451
966
6.8x
5.3x
4.1x
 NM 
 NM 
40.7x
28.7%
NA
(0.9%)
Box 
US
1,968
20.24
(15.9%)
(23.9%)
(0.3%)
2,921
2,816
218
4.6x
4.0x
3.5x
 NM 
60.5x
35.0x
15.4%
NA
6.6%
CommVault
US
2,839
67.39
29.5%
(1.5%)
9.5%
3,093
2,635
458
3.7x
3.5x
3.2x
58.6x
17.3x
13.2x
6.4%
NA
20.1%
Carbonite
US
954
23.27
(17.3%)
(44.3%)
(16.4%)
804
724
198
2.4x
1.5x
1.3x
19.0x
5.5x
4.5x
65.4%
NA
26.7%
Brightcove
US
495
8.87
29.5%
8.2%
18.0%
325
296
29
1.8x
1.7x
1.6x
 NM 
50.6x
21.9x
2.9%
NA
3.5%
Average
4.5x
3.8x
3.4x
18.0x
19.2x
15.5x
16.6%
51.6%
25.3%
Median
4.2x
3.7x
3.3x
12.6x
12.2x
12.2x
9.8%
55.3%
25.5%
Source(s): Capital IQ as of 2/28/2018
Note: Multiples in excess of 75.0x or less than 0.0x are considered not-material ("NM") and are not 
included in average calculation
42
Key Sector Takeaways
Recent Software Transaction Trends
Public Market SaaS Analyses
SaaS CEO Commentary
Appendix A: GP Bullhound SaaS Index
1
2
3
4
6
8
Appendix C: GP Bullhound Software Report 
Overview, Software Credentials & Team 
5
Key SaaS Metrics
Appendix B: Software Public Comparables by 
Category
7
43
Private Placement
Sold to
Sold to
Sold to
Sold to
Sold to
Sold to
Sold to
Private Placement
Sold to
Sold to
Private Placement
Private Placement
Private Placement
Sold to
Sold to
Sold to
Sold to
Private placement
Sold to
Private Placement
Sold to
Sold to
Sold to
GP Bullhound's Recent Activity in the Software Space
44
Authors
OKAN INALTAY
Associate
Okan.Inaltay@gpbullhound.com
MATT FINEGOLD
Associate
Matt.Finegold@gpbullhound.com
PER ROMAN
Managing Partner
Per.Roman@gpbullhound.com
JONATHAN CANTWELL
Executive Director
Jonathan.Cantwell@gpbullhound.com
ERIC CROWLEY
Vice President
Eric.Crowley@gpbullhound.com
MARVIN MAERZ
Vice President
Marvin.Maerz@gpbullhound.com
CONNOR SMITH
Analyst
Connor.Smith@gpbullhound.com
BRANDON OVERMYER
Vice President
Brandon.Overmyer@gpbullhound.com
45
No information set out or referred to in this research report shall form the basis of any contract. The issue of this 
research report shall not be deemed to be any form of binding offer or commitment on the part of GP Bullhound 
LLP. This research report is provided for use by the intended recipient for information purposes only. It is prepared 
on the basis that the recipients are sophisticated investors with a high degree of financial sophistication and 
knowledge. This research report and any of its information is not intended for use by private or retail investors in the 
UK or any other jurisdiction. 
You, as the recipient of this research report, ac- knowledge and agree that no person has nor is held out as having any 
authority to give any statement, warranty, representation, or undertaking on behalf of GP Bullhound LLP in 
connection with the contents of this research report. Although the information contained in this research report has 
been prepared in good faith, no representation or warranty, express or implied, is or will be made and no 
responsibility or liability is or will be accepted by GP Bullhound LLP. In particular, but without prejudice to the 
generality of the foregoing, no representation or warranty is given as to the accuracy, completeness or reasonableness 
of any projections, targets, estimates or forecasts contained in this research report or in such other written or oral 
information that may be provided by GP Bullhound LLP. The information in this research report may be subject to 
change at any time without notice. GP Bullhound LLP is under no obligation to provide you with any such updated 
information. All liability is expressly excluded to the fullest extent permitted by law. Without prejudice to the 
generality of the foregoing, no party shall have any claim for innocent or negligent misrepresentation based upon any 
statement in this research report or any representation made in relation thereto. Liability (if it would otherwise but 
for this paragraph have arisen) for death or personal injury caused by the negligence (as defined in Section 1 of the 
Unfair Contracts Terms Act 1977) of GP Bullhound LLP, or any of its respective affiliates, agents or employees, is 
not hereby excluded nor is damage caused by their fraud or fraudulent misrepresentation.
This research report should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy 
any security or other financial instrument, nor shall they, or the fact of the distribution, form the basis of, or be relied 
upon in connection with, any contract relating to such action. The information contained in this research report has 
no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal 
recommendation to anyone. Persons reading this research report should make their own investment decisions based 
upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an 
investment advisor. Past performance of securities is not necessarily a guide to future performance and the value of 
securities may fall as well as rise. In particular, investments in the technology The information contained in this 
research report is based on materials and sources that are believed to be reliable; however, they have not been 
independently verified and are not guaranteed as being accurate. 
The information contained in this research report is not intended to be a complete statement or summary of any 
securities, markets, reports or developments referred to herein. No representation or warranty, either express or 
implied, is made or accepted by GP Bullhound LLP, its members, directors, officers, employees, agents or associated 
undertakings in relation to the accuracy, completeness or reliability of the information in this research report nor 
should it be relied upon as such. This research report may contain forward-looking statements, which involve risks 
and uncertainties. Forward-looking information is provided for illustrative purposes only and is not intended to 
serve as, and must not be relied upon as a guarantee, an assurance, a prediction or a definitive statement of fact or 
probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. 
Any and all opinions expressed are current opinions as of the date appearing on the documents included in this 
research report. 
Any and all opinions expressed are subject to change without notice and GP Bullhound LLP is under no obligation 
to update the information contained in this research report. 
Disclaimer
The information contained in this research report should not be relied upon as being an independent or impartial 
view of the subject matter and for the purposes of the rules and guidance of the Financial Conduct Authority ("the 
FCA") this re- search report is a marketing communication and a financial promotion. Accordingly, its contents have 
not been prepared in accordance with legal requirements designed to promote the independence of investment research 
and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. The individuals 
who prepared the information contained in this research report may be involved in providing other financial services 
to the company or companies referenced in this research report or to other companies who might be said to be 
competitors of the company or companies referenced in this research report. As a result, both GP Bullhound LLP and 
the individual members, directors, officers and/ or employees who prepared the in- formation contained in this 
research report may have responsibilities that conflict with the interests of the persons who access this research report. 
GP Bullhound LLP and/or connected persons may, from time-to-time, have positions in, make a market in and/or 
effect transactions in any investment or related investment mentioned in this research report and may provide 
financial services to the issuers of such investments. 
The information contained in this research report or any copy of part thereof should not be accessed by a person in any 
jurisdictions where its access may be restricted by law and persons into whose possession the information in this 
research report comes should inform themselves about, and observe, any such restrictions. Access of the information 
contained in this research report in any such jurisdictions may constitute a violation of UK or US securities law, or 
the law of any such other jurisdictions. Neither the whole nor any part of the information contained in this research 
report may be duplicated in any form or by any means. Neither should the information contained in this research 
report, or any part thereof, be redistributed or disclosed to anyone without the prior consent of GP Bullhound LLP. 
GP Bullhound LLP and/or its associated undertakings may from time-to-time provide investment advice or other 
services to, or solicit such business from, any of the companies referred to in the information contained in this research 
report. Accordingly, information may be available to GP Bullhound LLP that is not reflected in this material and 
GP Bullhound LLP may have acted upon or used the information prior to or immediately following its publication. 
In addition, GP Bullhound LLP, the members, directors, officers and/or employees thereof and/or any connected 
persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of 
any of the companies referred to in this research report and may from time-to-time add or dispose of such interests. 
GP Bullhound LLP is a limited liability partner- ship registered in England and Wales, registered number 
OC352636, and is authorised and regulated by the Financial Conduct Authority. Any reference to a partner in 
relation to GP Bullhound LLP is to a member of GP Bullhound LLP or an employee with equivalent standing and 
qualifications. A list of the members of GP Bullhound LLP is available for inspection at its registered office, 52 
Jermyn Street, London SW1Y 6LX. 
For US Persons: This research report is distributed to U.S. persons by GP Bullhound Inc. a broker- dealer registered 
with the SEC and a member of the FINRA. GP Bullhound Inc. is an affiliate of GP Bullhound LLP. This research 
report does not provide personalized advice or recommendations of any kind. All investments bear certain material 
risks that should be considered in consultation with an investors financial, legal and tax advisors. GP Bullhound Inc. 
engages in private placement and mergers and acquisitions advisory activities with clients and counterparties in the 
Technology and CleanTech sectors.
In the last twelve months, GP Bullhound LLP and its affiliates have not been engaged as an advisor to and received 
compensation from the companies mentioned in this report.
LONDON
tel. +44 207 101 7560
52 Jermyn Street
London, SW1Y 6LX
United Kingdom
SAN FRANCISCO
tel. +1 415 986 0191
One Maritime Plaza Suite 1620
San Francisco, CA 94111
USA
STOCKHOLM
tel. +46 8 545 074 14
Grev Turegatan 30
Stockholm, 114 38
Sweden
BERLIN
tel. +49 30 610 80 600
Kleine Jaegerstr. 8
Berlin, 101 17
Germany
PARIS
tel. +33 1 82 88 43 40
45 rue de Lisbonne
75 008 Paris
France
MANCHESTER
tel. +44 161 413 5030
1 New York Street
Manchester, M1 4HD
United Kingdom
HONG KONG
tel. +852 5806 1310 
Level 6, Champion Tower
3 Garden Road, Central
Hong Kong
MADRID
tel. +34 951 12 72 32
Paseo de Recoletos 6 
28001 Madrid
Spain
NEW YORK
tel. +1 212 759 1870 
489 Fifth Avenue, 34th PH
New York, NY 10017
USA