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Jack Berlin
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Accusoft and North Bridge: A Partnership for Growth 2 Results Focused Growth Oriented Entrepreneur Friendly North Bridge Overview • $530 million Venture Partners Fund VII • Investments of $250,000 - $30 million • Focus on companies with $0 -$10 million in revenue • $580 million Growth Equity Fund II • Equity investments of $15 - $100 million • Focus on companies greater than $10 million in revenue • We don’t have a playbook; we listen to our CEOs • Our capital is flexible to solve your needs • Our expansive network offers numerous customer introductions • Independent board governance assists with long-term strategic planning • Leverage strong relationships with Strategics and the capital markets • Achieved results: Acquia, Clarity Software, Demandware, Dyn, Ingenious Med, Jive Communications, Proto Labs, RuffaloCODY and SmartPak North Bridge is a leading venture capital and growth equity firm that manages $4 billion in total capital and invests in rapidly growing technology and technology-enabled companies 3 North Bridge Growth Equity Overview $580 million Growth Equity Fund II Fund Overview • Capital: $1.1 billion in growth equity capital AUM • Investment Type: Growth equity capital to fund liquidity, growth and acquisitions • Investment Size: At least $15 million of equity • Industry Focus: Technology & tech-enabled businesses • Experience: Over 75 years of growth equity investing and senior operating experience • Affiliation: Access to network and insight of North Bridge Venture Partners, a premier early stage investor Investment Profile • Experienced management team • Large, growing, and dynamic market • Revenues of $10 - $150 million • Rapid growth • Capital efficient businesses Transaction Characteristics • Partnership approach • Straightforward investment structures • Board representation • 3 – 7 year investment horizon • Typically unlevered transactions The North Bridge Team • Douglas Kingsley • Mike Pehl • Roshen Menon • Jim Moran • Russell Pyle • Kaitie Donovan • Holly Maloney • Shamit Mehta • Won Park • Will Alden-Dunn • Mark Crane • Patrick Devine • Vicky Guo • Charles Ha • Steve Isom • Andy Lefkarites • Justin Wang Partners Principals / VPs Associates 4 AP Automation Market Overview • Paper processes consume time and space • Each step in a manual process increases the likelihood of further delays, especially when an invoice goes missing • Only way to increase speed of processing under this system is to hire more staff, creating additional costs per invoice • Data capture systems use a combination of optical character recognition, data extraction algorithms, and electronic data processing • Once invoice data has been extracted or “captured,†an automated solution can search the buyer’s ERP system for purchase orders or other proof that the invoice is valid, and transfer funds to a vendor’s account • End-to-end integrated data also provides management with a 360-degree view of spending, helping senior management spot trends, and allowing treasury to more effectively manage cash Invoice Automation: Capture, Store, Integrate, Payment, Measure Current Paper Processes 5 AP Automation Market Opportunity • Forecast to reach $1.7 billion in 2013, a 11.9% increase from 2012 revenue of $1.5 billion • AP Automation Market-based delivery will experience healthy growth through 2016, when worldwide revenue is projected to reach $2.4 billion. • Increasing familiarity with outsourced and managed services such as approval workflow, electronic invoicing and payments continued to attract interest from controllers and finance managers. • Market has benefited from demand to hold down finance staff budgets, the growth of one-stop managed services and interest in cloud computing US Market $1.55 $1.70 $2.40 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2012 2013 2016F AP Automation Market Size (1) (1) Henry Ijams, Research Director at PayStream Advisors (2013) Emerging Innovators • Supply Chain Finance • Dynamic Discounting Early Adopters • E-Invoicing • Electronic Payments Solutions Majority • Document and Data Capture • Matching and Approval Workflow Laggards • Paper Invoice and Check Market Lifecycle 6 Cost Savings • Automation creates efficiencies up and down the financial supply chain • Automating even part of the process, such as matching invoices to POs, helps reduce changes for mistakes or fraud. Heightened visibility via an automated process quickly brings issues or exceptions to light, allowing for greater scrutiny Compliance Standards • Best-in-class solutions ensure easy access to data necessary to meet regulatory requirements ─ In addition to the operational relief automation offers over paper-based systems, automated processes provide companies with easy-to-follow audit trails and process controls required for compliance with increasingly complex and demanding government regulations, including Sarbanes-Oxley and the Foreign Corrupt Practices Act Benefits of Invoice Automation AP Automation Product Overview 7 North Bridge Can Add Significant Value • Provide strategic guidance and help scale market-defining companies ― Serve as a sounding board for management as well as leverage deep experience investing in technology companies of a similar profile ― Help you continue to build on your company’s success and become the undisputed leader in the Accounts Payable / Procure-to-Pay Automation space • Assist with all avenues of growth ― Aid in industry vertical sales opportunities as well as geographic expansion ― Share growth infrastructure best practices ― Serve as an outsourced corporate development arm to identify and evaluate acquisition and business development opportunities • Augment the senior team, if necessary ― Continuously attract top management talent to the company and fill senior leadership roles, where appropriate ― Scores of financial technology, infrastructure, software, and business processing experts in the North Bridge network • Build out world class Board of Directors ― Work closely with management to understand what perspectives would be most useful to identify and recruit accomplished and talented additions to the Board of Directors ― Have recruited at least two outside directors per investment • Prepare and position for desired exit ― Deep relationships with investment banks, private equity buyers, and Fortune 500 corporate development arms ― History of successful strategic and public market exits, including top performing recent IPOs 8 Internet Banking and E-Billing Platform Leading provider of financial electronic commerce services and products, such as electronic bill payment and internet banking (NASDAQ: CKFR, Acquired by Fiserv) North Bridge has helped scale market-defining companies similar to Accusoft Provide Strategic Guidance Mobile Payments Platform Cloud-based mobile wallet and mobile payment solutions for retailers, banks and processors (Acquired by Paypal) E-Commerce Infrastructure SaaS A leading on-demand eCommerce platform incorporating the functionality, customization and flexibility of an in-house application Tech-Enabled BPO Solution Tech-enabled service provider of fundraising and enrollment management solutions for the higher education market E-Billing and Customer Self-service Platform Leading comprehensive software platform for e-billing and customer self-service software solutions (Acquired by Siebel/Oracle) Document Management and Workflow Software Leading provider of cloud based software which enables its clients to effectively create, manage and track documents and health plan data for member communication 9 Assist with all Avenues of Growth • Geographic know-how ― We have deep experience in building global companies, and the challenges and opportunities that come with them • Team building and access to network resources ― Continuously attract top management talent to our portfolio companies, where appropriate ― Deep experience investing in and partnering with operators in the financial technology, infrastructure, software, and business processing industries providing access to relevant industry experts and potential channel partners • Bolstering sales organization ― Expertise in building focused sales and marketing teams and strategically combining them with the existing sales organizations • Outsourced corporate development ― North Bridge interacts with over 10,000 privately held companies each year ― We have identified and evaluated over 700 acquisition targets for our portfolio companies North Bridge Portfolio Company Presence 10 Need: Strong technical background to further enhance and accelerate its product development  Matt Larson (Chief Architect): Previous VP of Research and Director at Verisign Labs  Dave Connors (VP of Technical Operations): Previously VP of Operations at Constant Contact  Scott Hilton (VP of Product): Previously VP at Sycamore Network and Lucent Technologies  Paul Maihot (VP of Business Operations): Previously held various leadership roles at Autodesk Need: Experienced CFO and senior-level executives with technological and operational expertise  Loretta Keane (CFO): Previously CFO of Healthrageous and Decision Resources Group  Glenn Morin (Chief Product Officer): Previously CIO at Tunstall and Managing Director, Blue Cross Blue Shield Rhode Island  Larissa Lacman (Legal Counsel ): Previously Attorney at Sikorsky Aircraft and NCCI Need: Highly experienced senior-level executives in various areas to augment its existing team  Bruce Brandes (EVP Growth & Strategy): Previously EVP Sales, AirStrip; Regional President, Eclipsys  Kevin Weinstein (CMO): Previously VP of Marketing at ZirMed and Allscripts  Eric Mollman (CFO): Previously CFO of Staywell Health and Focused Health  Nathaniel Gunn, MD (Chief Medical Officer): Previously COO and Chief Medical Officer, Verisk Health  Scott Cullen, MD (Executive Director of Consulting): Previously SVP of Kaufman Hall; practiced medicine for 10+ years  Dan Blake (CTO): Previously SVP of Platform & Technical Strategy at AirStrip Need: A highly experienced CFO to help take the company public  John Judd (CFO): Previously CFO of Compellent Technologies and Medtronic North Bridge can assist in recruiting top management talent, if necessary Augmenting the Senior Team
