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Important disclosures appear at the back of this reportGP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGlobal Software Market PerspectivesQ1 20192Software Perspectives Executive SummaryGP Bullhound is a leading technology advisory and investment firm, providing transaction adviceand capital to category leaders with a robust focus on Software globallyWe publish this quarterly SaaS market report to provide quantitative insights into public and privatemarket valuations across the transaction spectrum and qualitative insights into company businessmodels, technology and customer trendsWe also feature many of the leading SaaS companies several of our recent Software advisorytransactions and investments are showcased belowSold toInvestment fromSold toInvestment fromSold toInvestment fromSold toInvestment from3Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesSaaS CEO CommentaryKey SaaS MetricsAppendix A: GP Bullhound SaaS IndexAppendix B: Software Public Comparables byCategoryAppendix C: GP Bullhound Software ReportOverview, Software Credentials & Team123456784Rise of the MonocloudsAcquisitions fuel enterprise software portfolio expansionSoftware providers look to the Salesforce AppExchange for growthNew-age POS solutions augment customer engagement in retailHCM Software activity to be dominated by PE roll-upsThe Zero Trust Cloud Security Model will become an industry standard123456GP Bullhounds Views on Current Trends in SoftwareGP Bullhounds Views on Current Trends in Software (Contd)Source: CapitalIQ, Pitchbook 5Rise of the Monoclouds1 Adobe, Amazon, Google, Microsoft, and Salesforce lead the Monocloudinitiative to become more dynamic across verticals, offering consumers theability to utilize multiple services on a single platform Driven by companies with billions on their balance sheet, allowing for strongengineering teams that can rapidly enhance their platforms With Tech players expanding their SaaS offerings, startups have anopportunity to enter partnerships with cloud providers by providing servicesspecific to the development of these cloud ecosystems and product suites By offering hosted services of popular services, startups will increase theirtechnological capabilities and value propositions, and focus their use casesto find niches that broader platforms wont pursue2 Acquisitions fuel enterprise software portfolio expansion The desire to integrate new areas of the enterprise software stack is drivingM&A deals as software providers expect large gains when inserting new andscalable offerings into their existing marketing channels We anticipate major acquisitions to continue as industry players are lookingto further invest in their enterprise suite, especially their AI, data and analyticscapabilities, 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 hotlycontested market to secure leading SaaS TargetsEV: N/AEV/ Rev: N/ADeal Date: 10/5/2018EV: $200m+EV/ Rev: N/ADeal Date: 1/10/2019EV: $875mEV/ Rev: N/ADeal Date: 12/21/2018EV: 8.0bnEV/ Rev: 20.0xDeal Date: 11/11/2018EV: N/AEV/ Rev: N/ADeal Date: 10/2/2018EV: N/AEV/ Rev: N/ADeal Date: 11/19/2018EV: $32.8bnEV/ Rev: 18.7xDeal Date: 10/15/2018EV: $32.2bnEV/ Rev: 10.2xDeal Date: 10/28/2018 Vendors expect POS solutions to provide live data and integrated analytics,in addition to payment processing capabilities, to allow for more dynamicand comprehensive management of customers and inventory Digital payment integration and comprehensive CRM management willensure a robust and streamlined customer retail experience Demand for POS solutions will be driven by increasingly affordable wirelesstechnologies and a transition towards credit cards and digital payment appsas dominant payment methods New age POS Solutions will adopt the form factor of mobile devices tocreate a seamless checkout for customersGP Bullhounds Views on Current Trends in Software (Contd)Source: CapitalIQ, Pitchbook 6Software providers look to the Salesforce AppExchange for growthNew-age POS solutions augment customer engagement in retail34 The Salesforce AppExchange platform is the fuel for the Salesforceecosystem economic engine 89% of Fortune 100s have installed at least one app on the SalesforceAppExchange, with more than 35m apps currently on the platform The App ecosystem is vital for the success of Salesforce for every $1.00spent 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, AppExchangehas the potential to generate $73bn in revenue for the ecosystem We anticipate that SaaS providers will increasingly try to capitalize on thisdemand within Salesforces growing enterprise solutions ecosystemEV: N/AEV/ Rev: N/ADeal Date: 2/26/2019EV: $1.4bnEV/Rev: N/ADeal Date: 10/07/2018EV: $37.7bnEV/Rev: 2.7xDeal Date: 1/16/2019EV: N/AEV/Rev: N/ADeal Date: 9/27/2018EV: $415mEV/ Rev: N/ADeal Date: 10/24/2018EV: N/AEV/ Rev: N/ADeal Date: 2/4/2019EV: N/AEV/ Rev: N/ADeal Date: 9/4/2018Clovis Point CapitalEV: N/AEV/ Rev: N/ADeal Date: 9/25/2018GP Bullhounds Views on Current Trends in Software (Contd)Source: CapitalIQ, Pitchbook 7HCM Software activity to be dominated by PE roll-ups5 HCM software (recruiting, talent management, learning, collaboration &engagement) is a core focus for organizations as employee experience is agrowing point competition in tight labor markets. More money has beenallocated to HR budgets because organizations have identified HCM as akey determinant of employee experience The HCM software market is still fragmented, yet consolidation activity isbeginning to pick up in the recruitment space We expect this activity to continue to play out in adjacent areas of HCMsoftware, 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/AEV/Rev: N/ADeal Date: 2/11/2019EV: N/AEV/Rev: N/ADeal Date: 10/01/2018EV: $11bnEV/ Rev: 10.0xDeal Date: 2/4/2019EV: N/AEV/Rev: N/ADeal Date: 8/15/2018 Zero Trust is a security concept that an organization should not trust anythinginside or outside its perimeters and instead must verify anything trying toconnect to its systems before granting access This model is driven by the mobile-first workplace as firms shift more of theirinfrastructure into the cloud with users accessing applications from a rangeof devices and multiple locations The technology is becoming more available, allowing firms to easilyimplement 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 identityaccess management, plus micro-segmentation in parts of their environmentThe Zero Trust Cloud Security Model will become an industry standard6Capital Raised: $100mEV/ Rev: N/ADeal Date: 1/10/2019EV: $1.5bnEV/ Rev: N/ADeal Date: 2/4/2019Capital Raised: $55mEV/ Rev: N/ADeal Date: 1/29/2019EV: $2.4bnEV/ Rev: NADeal Date: 9/28/2018812345678Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesSaaS CEO CommentaryKey SaaS MetricsAppendix A: GP Bullhound SaaS IndexAppendix B: Software Public Comparables byCategoryAppendix C: GP Bullhound Software ReportOverview, Software Credentials & TeamAnnounceDateIssuer LeadInvestor IssuerDescription CapitalRaised($m)thFeb18 Digitalbankingplatform 35thFeb11 Deliveryplatform,connectingcourierswithcustomers400thFeb5 Cloud-baseddataintegrationplatform 250thJan29 Onlinepaymentmanager 100thJan28 Micro-investingsoftwareapplicationplatform 105thJan16 Enterprisesoftwareservices 1,500thJan10 Cloudidentity-managementplatform 100thJan9Humancapitalmanagementplatform 50stDec21Internet-connectedsensorsystemsprovider 100thDec20 Vehicleleasingsoftwareapplication 385thDec19 Socialmediamanagement 40thNov12 RideSharingapplicationplatform 114thNov9 Cloud-basedbusinessmanagementsoftwareforhomeservicecompanies165AnnounceDateTarget Buyer TargetDescription Value($m)ImpliedEV/LTMRevthFeb4 Cloud-basedhumancapitalmanagement 10,875 9.4xthJan28 Digitalfaxmanagerplatformprovider 230 -thJan16 Electroniccommercesolutions 41,941 4.8xrdJan3 Socialmedialisteningplatform - -stDec21 Cloudbusinessmanagement 2,154 8.0xthDec13 Cloud-basedfieldmanagement - -thNov20 Cloud-basedconstructiondocumentcollaborationplatform875 -thNov11 Customer,employee,andbrandmanagementsolutions8,000 -thNov11 Cloud-basedbusinessmanagementplatform 2,122 8.3xthNov5 Cloud-basedapplicationsecurityplatform950 -thOct28 Open-sourceenterprisesoftwaresolutions 35,690.9 10.7xthOct15 Cloud-baseddigitalcommunicationsplatform2,020 13.4xthOct10 Cloud-basedcyberandapplicationplatform2,119 5.2xthOct8 Data-drivenemployeeengagementplatform 400 -rdOct3 Datamanagementserviceplatform 2,107 6.1xNotable Software M&A Deals & Private FinancingsSelected M&A Transactions Selected Private FinancingsSource(s): Capital IQ, Pitchbook 9(Q4 2018 / Q1 2019)8.2xMedian10Global Software Transaction TrendsM&A and Private Placement Activity by QuarterSource(s): Pitchbook as of 2/28/2019Note: Data includes all “SaaS” M&A and private placement deals as defined by Pitchbook regardless ofgeography or transaction sizeTransaction Deal Value & Volume Trending Upward Private Placement Deal Values Becoming Larger6005004003002001000$120B$100B$80B$60B$40B$20B$0MM&A Buyout M&A Deals Buyout Deals4,0003,5003,0002,5002,0001,5001,0005000$40B$35B$30B$25B$20B$15B$10B$5B$0MTotal Capital Invested Deal CountQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Private Placement Deal Volume by Region has Stayed Consistent100%90%80%70%60%50%40%30%20%10%0% 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 Q1YTDU.S. & Canada Europe Asia OtherQ1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4The US and Europe Continue to Dominate M&A Deal Volume100%90%80%70%60%50%40%30%20%10%0% 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 Q1YTDU.S. & Canada Europe Asia Other
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