q3 | 2018 · 2019. 5. 15. · september 2018 north american it software m&a activity and...

September 2018

NORTH AMERICAN

IT SOFTWAREM&A Activity and Valuation Trends

Q3 | 2018

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael PucciAssociate Director

[email protected]

Michael HilcoveSenior Associate

[email protected]

Michael ReisterSenior Analyst

[email protected]

September 2018

I. Economic Indicators 3

II. Dinan Index Constituents 5

III. Capital Market Activity 6

IV. Public Sector Valuations 9

V. Mergers and Acquisitions Overview 13

VI. Third Quarter Transactions Overview 14

VII. Dinan Capital Advisors 25

Section Page

Table of Contents

September 2018

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Major Indices Performance

S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value

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Major Indices Performance

S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value

Economic IndicatorsMacroeconomic Overview

3

Major Economic Indicators Interest Rates

As of As of As of As of

Index 12/31/2017 03/31/2018 06/30/2018 09/30/2018

^SPX 2673.61 2640.87 2718.37 2913.98

^COMP 6903.39 7063.45 7510.30 8046.35

^DJI 24719.22 24103.11 24271.41 26458.31

^RUT 1535.51 1529.43 1643.07 1696.57

Interest Rates 12/31/2017 03/31/2018 06/30/2018 09/30/2018

United States Treasury - 2 Year 1.89% 2.27% 2.52% 2.81%




United States Prime Rate 4.50% 4.75% 5.00% 5.25%

Economic Indicator 2013 2014 2015 2016 2017

Real GDP (% change) 2.20% 2.40% 3.00% 2.08% 2.30%

CPI (% change) 1.50% 1.62% 1.90% 2.38% 2.20%

Cons. Spending (% change) 2.40% 2.50% 2.90% 3.10% 3.30%

Nonfarm Productivity 0.90% 0.70% -2.20% 1.00% 1.50%

Unemployment Rate 7.40% 6.20% 5.80% 4.40% 4.10%

Source: Capital IQ, S&P NetAdvantage

September 2018

105

7

Q3 2018 Public Offerings Count

$0-100MM $100-250MM $250MM+

8

11

21


$0-100MM $100-250MM $250MM+

136

11


$0-100MM $100-250MM $250MM+

139

9


$0-100MM $100-250MM $250MM+

4

$3,673

$3,564

$3,517$3,537 $3,521

$3,740

$3,400

$3,500

$3,600

$3,700

$3,800

2013 2014 2015 2016 2017 2018P

IT S

pen

din

g (B

illio

ns)

Year

Global IT Spending

65

70

75

80

85

90

2012 2013 2014 2015 2016 2017 2018

Ind

ex

Pri

ce

Year

U.S. Technology Pulse Index

The Technology Pulse Index is released monthly by the Federal Reserve to beused as an indicator for economic health in the technology sector. The index isdriven by investment in IT goods, consumption of personal computers andsoftware, employment in the IT sector, IT industrial production, and ITshipments.

The figure above represents the annual amount of money spent on IT across the world with projections for 2018.

Economic IndicatorsInformation Technology Data

Source: Capital IQ, U.S. Federal Reserve, Statista

September 20185

Dinan Index ConstituentsIT Software

Industry Specific Solutions

Enterprise Resource Planning

Diversified Conglomerate

Data Storage

Data Analytics

Customer Relationship Management

Product Lifecycle Management

IT Security

Internet Services and Software

(Small/Mid Cap)

Internet Services and Software (Large Cap)

September 2018

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Dinan IT Software Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

6

Capital Market ActivityIT Software

Source: Capital IQ

Capitalization Number of % of Agg. Equity % of Agg. Equity

Profile Companies Companies Mkt. Value Mkt. Value

> $10B 35 54.69% $4,771,343.54 97.39%

$5B - $10B 10 15.63% $80,683.03 1.65%

$1B - $5B 17 26.56% $46,523.25 0.95%

< $1B 2 3.13% $523.23 0.01%

Total 64 100.00% $4,899,073.06 100.00%

September 2018

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Dinan Industry Specific Solutions Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan ERP Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Diversified Conglomerates Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Data Storage Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

-30%

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Dinan Data Analytics Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan CRM Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

7

Source: Capital IQ

September 2018

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Dinan Product Lifestyle Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan IT Security Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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110%

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Dinan Internet Software & Services (Small/Mid Cap) Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Internet Software & Services (Large Cap) Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

8

Source: Capital IQ

September 2018

3.5x 3.3x2.8x 2.4x

7.3x6.3x 6.5x

7.6x

4.2x3.6x3.5x

2.9x3.4x

2.7x

6.0x7.0x

6.1x 6.3x

8.1x

4.8x

3.6x4.1x

3.4x 3.2x

6.7x 6.3x5.5x

7.1x

5.9x 5.7x

3.7x

5.8x

4.1x 4.3x

9.6x

7.4x

8.7x

7.3x6.5x

8.4x

0x

2x

4x

6x

8x

10x

12x

CustomerRelationshipManagement

Data Analytics Data Storage DiversifiedConglomerate

EnterpriseResource Planning

Industry SpecificSolutions

IT Security Internet andSoftware Services

(Large Cap)

Internet andSoftware Services(Small/Mid Cap)

Product LifecycleManagement

Historical TEV/Revenue by Segment

TEV/REV 9/30/2015 TEV/REV 9/30/2016 TEV/REV 9/30/2017 TEV/REV 9/30/2018

15.8x22.0x

15.5x

8.0x

18.4x

40.1x

56.1x

35.3x

16.5x 16.0x16.7x 15.7x 16.8x

9.8x

19.3x

31.1x

63.0x

31.2x

13.7x

20.8x19.8x15.1x 13.7x

10.8x

20.5x

35.3x 33.8x30.2x

33.4x

21.0x22.3x 20.2x14.2x 14.1x

21.9x

40.8x47.1x

32.2x

15.5x

28.3x

0x10x20x30x40x50x60x70x

CustomerRelationshipManagement

Data Analytics Data Storage DiversifiedConglomerate

EnterpriseResource Planning

Industry SpecificSolutions

IT Security Internet andSoftware Services

(Large Cap)

Internet andSoftware Services(Small/Mid Cap)

Product LifecycleManagement

Historical TEV/EBITDA by Segment

TEV/EBITDA 9/30/2015 TEV/EBITDA 9/30/2016 TEV/EBITDA 9/30/2017 TEV/EBITDA 9/30/2018

Public Sector Valuations IT Software

9

Source: Capital IQ

September 201810


Industry / Last Twelve Months Next Twelve Months

Company Name Ticker TEV (mm)Market Cap

(mm) Rev (mm) EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev Forward TEV/EBITDA

Customer Relationship Management

Alliance Data Systems Corporation NYSE:ADS $33,649.28 $12,975.48 $3,247.50 $1,785.80 $1,412.00 4.31x 24.09x 18.98x 3.98x 14.93x

Amdocs Limited NasdaqGS:DOX $8,814.60 $9,332.48 $3,974.84 $738.45 $531.06 2.23x 16.90x 12.07x 2.16x 9.72x

Jack Henry & Associates, Inc. NasdaqGS:JKHY $12,323.34 $12,354.78 $1,567.86 $484.39 $402.81 8.02x 31.23x 26.01x 0.00x 0.00x

salesforce.com, inc. NYSE:CRM $121,309.00 $120,338.00 $11,793.01 $1,102.67 $477.77 10.29x 253.91x 110.01x 8.39x 34.01x

Sykes Enterprises, Incorporated NasdaqGS:SYKE $1,215.51 $1,287.93 $1,629.74 $155.30 $79.96 0.74x 14.40x 7.52x 0.73x 6.69x

Verint Systems Inc. NasdaqGS:VRNT $3,656.21 $3,251.76 $1,194.99 $142.57 $85.72 3.06x 42.65x 25.64x 2.88x 11.94x

Median $10,568.97 $10,843.63 $2,438.62 $611.42 $440.29 3.68x 27.66x 22.31x 2.52x 10.83x

Data Analytics

EPAM Systems, Inc. NYSE:EPAM $6,846.72 $7,405.78 $1,737.28 $261.84 $227.68 4.16x 32.24x 28.02x 3.39x 18.99x

Datawatch Corporation NasdaqCM:DWCH $143.86 $148.34 $41.68 -$6.46 -$7.44 3.57x NM NM 2.70x 65.67x

MicroStrategy Incorporated NasdaqGS:MSTR $912.95 $1,612.54 $502.80 $24.46 $24.41 1.80x 23.80x 22.39x 1.78x 0.00x

PROS Holdings, Inc. NYSE:PRO $1,355.87 $1,278.63 $190.76 -$39.75 -$52.22 7.38x NM NM 6.58x NM

Splunk Inc. NasdaqGS:SPLK $16,905.46 $17,728.52 $1,463.74 -$243.09 -$288.28 11.55x NM NM 9.06x 52.95x

Varonis Systems, Inc. NasdaqGS:VRNS $1,981.71 $2,140.39 $257.75 -$22.23 -$26.07 8.12x NM NM 6.91x 177.41x

Median $1,668.79 $1,876.47 $380.27 -$14.34 -$16.75 5.77x 28.02x 25.21x 4.99x 52.95x

Data Storage

CDW Corporation NasdaqGS:CDW $16,986.53 $13,459.33 $16,276.40 $1,229.30 $964.90 1.07x 18.18x 14.17x 1.03x 13.11x

Commvault Systems, Inc. NasdaqGS:CVLT $2,739.77 $3,201.44 $710.54 $30.18 $18.46 3.86x NM 221.93x 3.60x 21.76x

Equinix, Inc. (REIT) NasdaqGS:EQIX $44,841.93 $34,418.23 $0.00 $2,254.39 $1,034.15 9.28x 47.60x 21.00x 8.46x 17.61x

Insight Enterprises, Inc. NasdaqGS:NSIT $2,135.79 $1,918.39 $7,115.17 $264.09 $226.14 0.30x 9.67x 8.21x 0.29x 7.37x

Iron Mountain Incorporated NYSE:IRM $17,871.99 $9,877.75 $2,577.51 $1,418.36 $787.65 4.40x 23.03x 12.99x 4.20x 11.87x

Pure Storage, Inc. NYSE:PSTG $5,458.75 $6,128.73 $1,180.53 -$119.36 -$183.19 4.62x NM NM 3.57x 36.67x

Median $11,222.64 $8,003.24 $1,879.02 $746.69 $506.90 4.13x 20.60x 14.17x 3.59x 15.36x

Source: Capital IQ

September 201811





Diversified Conglomerate

Alphabet Inc. NasdaqGS:GOOG.L $736,703.81 $834,976.81 $129,866.00 $39,334.00 $30,853.00 5.95x 24.29x 19.28x 4.91x 13.17x

Apple Inc. NasdaqGS:AAPL$1,133,938.4

0 $1,090,308.40 $265,595.00 $81,801.00 $70,898.00 4.44x 16.70x 14.44x 4.09x 13.74x

Adobe Inc. NasdaqGS:ADBE $128,712.14 $131,771.65 $8,571.98 $3,090.17 $2,769.16 15.02x 46.48x 41.65x 12.53x 27.04x

Cisco Systems, Inc. NasdaqGS:CSCO $201,488.41 $222,395.41 $49,330.00 $14,737.00 $12,777.00 4.08x 15.77x 13.67x 3.91x 11.06x

HP Inc. NYSE:HPQ $40,904.67 $40,778.67 $57,033.00 $4,742.00 $4,263.00 0.72x 9.60x 8.63x 0.69x 8.29x

International Business Machines Corporation NYSE:IBM $172,021.68 $138,019.68 $78,723.00 $16,954.00 $12,437.00 2.13x 13.79x 10.10x 2.15x 8.67x

Microsoft Corporation NasdaqGS:MSFT $830,853.01 $877,014.01 $114,906.00 $47,543.00 $37,305.00 7.53x 23.70x 18.48x 6.76x 16.07x

Xerox Corporation NYSE:XRX $11,094.64 $6,882.64 $9,769.00 $1,413.00 $995.00 1.09x 11.08x 7.70x 1.12x 6.61x

Median $172,021.68 $138,019.68 $57,033.00 $14,737.00 $12,437.00 4.08x 15.77x 13.67x 3.91x 11.06x

Enterprise Resource Planning

American Software, Inc. NasdaqGS:AMSW.A $290.05 $374.89 $113.22 $13.24 $10.67 2.56x 27.20x 21.91x 2.42x 16.37x

Intuit Inc. NasdaqGS:INTU $57,543.93 $58,821.93 $5,964.00 $1,735.00 $1,497.00 9.65x 38.44x 33.17x 8.71x 23.93x

Oracle Corporation NYSE:ORCL $194,044.18 $195,342.18 $39,920.00 $16,155.00 $14,316.00 4.86x 13.55x 12.01x 4.80x 10.24x

ServiceNow, Inc. NYSE:NOW $33,919.04 $34,811.57 $2,457.00 $59.84 -$78.72 14.90x NM NM 11.47x 42.98x

The Ultimate Software Group, Inc. NasdaqGS:ULTINasdaqGS:WDAY

$9,867.39$29,869.57

$10,042.66$31,677.66

$1,087.18$2,428.23

$116.29-$169.07

$80.72-$321.64

9.53x12.30x

128.61xNM

92.22xNM

7.92x9.57x

32.80x59.74xWorkday, Inc.

Median $31,894.31 $33,244.61 $2,442.62 $88.06 $45.69 9.59x 32.82x 27.54x 8.32x 28.36x

Industry Specific Solutions

ACI Worldwide, Inc. NasdaqGS:ACIW $3,878.34 $3,257.49 $1,016.23 $163.42 $119.98 3.89x 37.64x 26.44x 3.67x 13.61x

Blackbaud, Inc. NasdaqGS:BLKB $5,252.90 $4,802.28 $844.61 $137.01 $70.63 6.33x 67.71x 36.97x 5.76x 24.68x

Ellie Mae, Inc. NYSE:ELLI $3,039.88 $3,282.83 $477.11 $67.92 $14.10 6.57x 135.29x 44.70x 5.66x 20.07x

Medidata Solutions, Inc. NasdaqGS:MDSO $4,346.42 $4,371.77 $611.43 $89.36 $56.89 7.40x 71.81x 47.90x 6.27x 25.74x

RealPage, Inc. NasdaqGS:RP $6,189.63 $5,964.38 $830.19 $141.40 $68.67 7.99x 114.00x 47.54x 6.60x 24.33x

SS&C Technologies Holdings, Inc. NasdaqGS:SSNCNYSE:TYL

$19,654.53$9,319.20

$13,529.33$9,471.91

$2,748.50$910.77

$883.00$194.07

$485.21$156.66

9.04x10.48x

48.74x57.05x

27.51x46.88x

4.77x9.33x

14.25x31.21xTyler Technologies, Inc.

Median $5,252.90 $4,802.28 $844.61 $141.40 $70.63 7.40x 67.71x 44.70x 5.76x 24.33x

Internet and Software Services (Large Cap)

Adobe Inc. NasdaqGS:ADBE $128,712.14 $131,771.65 $8,571.98 $3,090.17 $2,769.16 15.02x 46.48x 41.65x 12.53x 27.04x

eBay Inc. NasdaqGS:EBAY $37,908.93 $32,674.93 $10,216.00 $2,985.00 $2,289.00 3.77x 16.43x 12.63x 3.39x 10.18x

Facebook, Inc. NasdaqGS: FB $432,643.98 $474,831.98 $51,896.00 $28,388.00 $24,445.00 8.92x 18.19x 15.79x 7.02x 11.90x

Red Hat, Inc. NYSE: RHT $22,920.58 $24,172.51 $3,156.59 $601.53 $496.62 7.26x 46.15x 38.10x 6.34x 22.98x

Twitter, Inc. NYSE: TWTR $18,520.95 $21,485.88 $2,865.08 $674.01 $363.22 6.87x 66.47x 32.21x 6.03x 16.50x

Median $37,908.93 $32,674.93 $8,571.98 $2,985.00 $2,289.00 7.26x 46.15x 32.21x 6.34x 16.50xSource: Capital IQ

September 201812





Internet and Software Services (Small/Mid Cap)

GrubHub Inc. NYSE:GRUB $12,180.25 $12,539.83 $924.62 $187.39 $125.02 14.49x 102.09x 69.48x 11.05x 39.83x

Shopify Inc. NYSE:SHOP $15,997.06 $17,571.23 $952.18 -$66.42 -$88.58 18.74x NM NM 13.25x NM

Shutterfly, Inc. NasdaqGS:SFLY $3,225.44 $2,203.52 $1,605.61 $174.60 $68.43 2.25x 27.18x 15.53x 1.47x 7.62x

TrueCar, Inc. NasdaqGS:TRUE $1,270.01 $1,439.20 $345.63 -$19.55 -$25.63 3.80x NM NM 3.26x 28.96x

Yelp Inc. NYSE:YELP $3,313.45 $4,116.81 $914.44 $42.80 $18.52 3.70x 219.90x 84.33x 3.16x 15.14x

Zillow Group, Inc. NasdaqGS:Z $8,440.31 $8,945.47 $1,250.55 $64.03 -$5.80 7.10x NM 107.78x 0.00x 0.00x

Median $3,313.45 $4,116.81 $924.62 $42.80 $18.52 3.80x 102.09x 69.48x 3.26x 22.05x

IT Security

Check Point Software Technologies Ltd. NasdaqGS:CHKP $16,699.87 $12,788.65 $1,896.93 $947.47 $930.00 8.88x 17.98x 17.67x 8.64x 16.33x

FireEye, Inc. NasdaqGS:FEYE $3,122.22 $5,895.38 $790.66 -$127.74 -$210.94 4.02x NM NM 3.66x 27.19x

Fortinet, Inc. NasdaqGS:FTNT $14,172.57 $4,097.95 $1,710.83 $245.22 $189.94 8.69x 88.11x 65.73x 7.42x 29.68x

Imperva, Inc. NasdaqGS:IMPV $1,231.00 $688.53 $351.76 $4.96 -$7.86 3.58x NM NM 3.36x 31.26x

Palo Alto Networks, Inc. NYSE:PANW $19,651.27 $6,462.91 $2,273.10 $6.50 -$89.90 8.65x NM NM 7.09x 26.63x

Qualys, Inc. NasdaqGS:QLYS $3,152.16 $838.90 $267.60 $75.75 $48.95 12.34x 75.47x 47.14x 10.37x 28.49x

Symantec Corporation NasdaqGS:SYMC $15,933.34 $15,839.79 $4,750.00 $966.00 $583.00 3.30x 30.70x 12.91x 3.34x 7.84x

Median $14,172.57 $5,895.38 $1,710.83 $75.75 $48.95 8.65x 53.09x 32.40x 7.09x 27.19x

Product Lifecycle Management

ANSYS, Inc. NasdaqGS:ANSS $15,040.55 $7,025.70 $1,180.54 $454.50 $389.42 12.89x 37.53x 32.06x 11.67x 25.43x

Autodesk, Inc. NasdaqGS:ADSK $34,545.64 $12,847.14 $2,280.30 -$148.80 -$232.00 15.42x NM NM 12.29x 54.34x

EPAM Systems, Inc. NYSE:EPAM $6,846.72 $2,055.77 $1,737.28 $261.84 $227.68 4.16x 32.24x 28.02x 3.39x 18.99x

Global Payments Inc. NYSE:GPN $24,113.59 $5,231.80 $3,540.06 $1,269.98 $779.34 6.48x 32.50x 19.73x 5.83x 16.41x

PTC Inc. NasdaqGS:PTC $12,916.48 $4,602.21 $1,241.82 $134.80 $78.90 10.45x 155.71x 91.42x 9.72x 34.83x

Synopsys, Inc. NasdaqGS:SNPS $14,538.46 $6,006.81 $3,022.62 $513.99 $393.48 4.81x 36.95x 28.29x 4.48x 18.15x

Tableau Software, Inc. NYSE:DATA $8,355.97 $4,847.96 $1,068.43 -$91.73 -$130.09 8.42x NM NM 7.94x NM

Median $13,727.47 $5,039.88 $2,008.79 $198.32 $153.29 7.45x 34.72x 28.15x 6.89x 18.99x

Source: Capital IQ

September 2018

2.6x 3.6x 3.1x 3.9x 4.1x 3.7x 3.9x

12.9x

17.3x16.0x 16.1x

14.3x

19.1x 18.7x

0x

4x

8x

12x

16x

20x

24x

2012 2013 2014 2015 2016 2017 2018

Transaction Multiples

TEV/REV TEV/EBITDA

277 264 254 261231 238 261 243 239

208232 238

273

2527 25

44

39 3544

24 39

4052 49

36

0

50

100

150

200

250

300

350

Q32015

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Tran

sact

ion

Co

un

t

Quarterly M&A Transactions

Strategic Financial

13691234 1217 1191

8541098

844

0

200

400

600

800

1000

1200

1400

2012 2013 2014 2015 2016 2017 2018YTD

Tran

sact

ion

Co

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t

Yearly Transactions Overview

13

Mergers & Acquisitions OverviewIT Software

Source: Capital IQ

September 201814

Third Quarter Transactions OverviewIT Software

Source: Capital IQ

Target LTM Enterprise Enterprise Value / LTM

Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA

09/30/18 NCR Corporation Zipscene, LLC IT Security - - - - -

09/30/18 TransACT Communications, LLC RightLabs Inc. Industry Specific Solutions - - - - -

09/30/18 Ontario Teachers' Pension Plan Kanetix Ltd. Industry Specific Solutions - - - - -

09/28/18 Purchasing Power, LLC DoubleNet Pay, Inc. Customer Relationship Mgmt - - - - -

09/28/18 NCM Associates, Inc. TSi Auto Solutions Inc. Enterprise Resource Planning - - - - -

09/28/18 Software Aktiengesellschaft Built.io LLC IT Security - - - - -

09/28/18 Cortex Business Solutions Inc. Powervision Software Inc. Enterprise Resource Planning $1.78 - $5.42 3.04x -

09/28/18 VitalHub Corp. Roxy Software Inc. Industry Specific Solutions $0.21 - $0.39 1.82x -

09/28/18 Avenu Insights & Analytics Conduent Incorporated Customer Relationship Mgmt $113.00 - - - -

09/28/18 Private Investor RMG Networks Holding Corporation Industry Specific Solutions $35.07 - $15.76 0.45x -

09/27/18 Private Investor Mobilize Networks Inc. Diversified Conglomerate - - - - -

09/26/18 Optimal Blue LLC LoanLogics, Inc. Customer Relationship Mgmt - - - - -

09/26/18 Flexera Holdings LP RightScale, Inc. Industry Specific Solutions - - - - -

09/26/18 Zoom Information, Inc. Datanyze, Inc. Diversified Conglomerate - - - - -

09/26/18 Zephyr Telecommunications, Inc. Vasona Networks, Inc. Industry Specific Solutions - - - - -

09/25/18 KRM22 Plc Prime Analytics, LLC IT Security $2.50 - $8.03 3.21x -

09/25/18 Asset Management Technologies NetFacilities, Inc. IT Security - - - - -

09/25/18 Aras Corporation Comet Solutions, Inc. Data Analytics - - - - -

9/25/2018 Procore Technologies, Inc. Zimfly, Inc. Industry Specific Solutions - - - - -

09/25/18 Golden Developing Solutions, Inc. Layer Six Media, LLC. Industry Specific Solutions - - - - -

09/25/18 Blackchain Solutions Inc. ChainTrack Technologies Inc. Internet Services (Small/Mid) - - - - -

09/24/18 Audax Group, Inc. Acuant Inc. Diversified Conglomerate - - - - -

09/24/18 Private Investor White Marsh Forests, Inc. Industry Specific Solutions - - - - -

09/24/18 Xactly Corporation OpsPanda, Inc. Product Lifecycle Management - - - - -

09/24/18 Slack Technologies, Inc. Astro Technology, Inc. Product Lifecycle Management - - - - -

09/24/18 Andreessen Horowitz LLC MakerDAO Data Storage - - - - -

09/24/18 Thoma Bravo, LLC Quorum Business Solutions, Inc. Customer Relationship Mgmt - - - - -

09/21/18 Flight Centre Travel Group Limited Umapped, Inc. Industry Specific Solutions - - - - -

09/21/18 Canadian Soccer Business Lulu Canada Inc. Internet Services (Small/Mid) - - - - -

09/20/18 Prima Solutions SA ICOD Inc Product Lifecycle Management - - - - -

September 201815


Source: Capital IQ



09/20/18 MariaDB Corporation Ab Clustrix, Inc. Customer Relationship Mgmt - - - - -

09/20/18 Volaris Group Inc. Helm Operations Data Analytics - - - - -

09/20/18 Blue Jeans Network, Inc. Certain Assets of MixBit, Inc. Industry Specific Solutions - - - - -

9/20/2018 Kontrol Energy Corp. Emission Monitoring solutions Customer Relationship Mgmt - - $2.60 - -

09/19/18 Limeade, Inc. Sitrion, Inc. Internet Services (Small/Mid) - - - - -

09/19/18 JAMF Software, LLC Orchard & Grove Inc. Industry Specific Solutions - - - - -

9/19/18 Highedge Inc. NUVI LLC Product Lifecycke Management - - - - -

09/18/18 Private Investor Inventory Optimization Solutions Industry Specific Solutions - - - - -

09/18/18 Drillinginfo, Inc. Oildex, Inc. Enterprise Resource Planning - - - - -

09/18/18 Snipp Interactive Inc. Ziploop, Inc Industry Specific Solutions - - - - -

09/18/18 Orbital Insight, Inc. FeatureX, Inc. Data Analytics - - - - -

09/18/18 Private Investor e/Doc Systems, Inc. IT Security - - - - -

09/18/18 Filestack, Inc. Hypemarks, Inc. Diversified Conglomerate - - - - -

09/18/18 Beijing Shiji Information Technology StayNTouch, LLC Product Lifecycle Management - - - - -

09/17/18 Infor, Inc. Vivonet Inc. Internet Services (Small/Mid) - - - - -

09/17/18 Net@Work, Inc. Inventory Management Solution, Inc. Diversified Conglomerate - - - - -

09/15/18 MVC Tech Inc. TokeIn Customer Relationship Mgmt - - - - -

09/14/18 Upventur Yonder LLC Product Lifecycle Management - - - - -

09/14/18 CDK Global, LLC Data Software Services, L.L.C. Industry Specific Solutions - - - - -

09/13/18 Main Street Capital Corporation Slick Innovations, LLC Internet Services (Small/Mid) - - - - -

09/13/18 Evolution Technology Resources Inc. PayQube Enterprise Resource Planning - - - - -

09/13/18 Microsoft Corporation Lobe Artificial Intelligence, Inc. Product Lifecycle Management - - - - -

09/13/18 Vendini, Inc. Boxxo Inc. Industry Specific Solutions - - - - -

09/13/18 Barcoding, Inc. Danforth Systems LLC Customer Relationship Mgmt - - - - -

09/13/18 Cineplex Inc. VRstudios, Inc. Data Analytics - - $13.54 - -

09/13/18 GrubHub Holdings Inc. SCVNGR, Inc. Diversified Conglomerate - - $390.00 - -

9/13/2018 Francisco Partners Management Bomgar Corporation Industry Specific Solutions - - - - -

09/12/18 Tally Energy Services DynaView Enterprise Resource Planning - - - - -

09/12/18 Impact Tech, Inc. Mediarails Inc Enterprise Resource Planning - - - - -

09/12/18 MidOcean Partners Questex LLC Internet Services (Small/Mid) - - - - -

September 201816


Source: Capital IQ



09/12/18 WeWork Companies Inc. Teem, LLC Internet Services (Small/Mid) - - - - -

09/11/18 FLIR Systems, Inc. Acyclica, Inc. Customer Relationship Mgmt - - - - -

09/11/18 ProfitWell BTMetrics LLC Customer Relationship Mgmt - - - - -

09/11/18 SMARTRAC N.V. eApeiron Solutions Inc. Customer Relationship Mgmt - - - - -

09/11/18 Pamlico Capital Personify Inc Industry Specific Solutions - - - - -

09/10/18 Ascentis Corporation NOVAtime Technology, Inc. Industry Specific Solutions - - - - -

09/10/18 Veritone, Inc. Machine Box, Inc. Customer Relationship Mgmt - - $5.00 - -

09/10/18 Nuix Pty. Ltd. Ringtail Solutions, Inc. Customer Relationship Mgmt - - $55.00 - -

09/10/18 Jaunt Inc. Personify Inc. Enterprise Resource Planning - - - - -

9/10/18 Branch Metrics, Inc. Attribution Analytics Platform Enterprise Resource Planning - - - - -

09/10/18 Zendesk, Inc. FutureSimple Inc. Customer Relationship Mgmt - - - - -

09/10/18 Elsevier B.V. Aries Systems Corporation Customer Relationship Mgmt - - - - -

09/07/18 SINOC,INC M Chain Technology Product Lifecycle Management - - - - -

09/07/18 VerticalScope Inc. MTBR.com Industry Specific Solutions - - - - -

09/07/18 iManage LLC Elegrity, Inc. Internet Services (Small/Mid) - - - - -

09/07/18 Strategic Pharmaceutical Solutions Vet Success Inc. Internet Services (Small/Mid) - - - - -

09/07/18 Wyre, Inc Hedgy, Inc. IT Security - - - - -

09/06/18 GigSky, Inc. Simless, Inc. Diversified Conglomerate - - - - -

09/06/18 Campus Management Corporation Education Partners LLC Industry Specific Solutions - - - - -

09/06/18 SaaS.group LLC Juicer.io, Inc. Industry Specific Solutions - - - - -

09/06/18 PrestoSports, Inc. Black Diamond IT Services Industry Specific Solutions - - - - -

09/06/18 Fortive Corporation Athena SuperHoldCo, Inc. Enterprise Resource Planning - - $2,000.00 - -

09/05/18 Ideagen plc Extensible CAD Technologies, Inc. Enterprise Resource Planning - $0.20 $7.00 - 35.00x

09/05/18 Headspace, Inc. Alpine, Inc. Enterprise Resource Planning - - - - -

09/05/18 AppLovin Corporation MAX Inc. Industry Specific Solutions - - - - -

09/05/18 Kaseya Limited RapidFire Tools, Inc. Industry Specific Solutions - - - - -

09/05/18 Sangoma Technologies US Inc. Digium, Inc. Industry Specific Solutions $30.00 - $27.90 0.93x -

09/05/18 M2M Spectrum Networks, LLC Solbright Group, Inc. Data Storage $12.06 - - - -

09/04/18 Coupa Software Incorporated DCR Workforce, Inc. Industry Specific Solutions - - - - -

09/04/18 Faulkner Media Group, LLC MarketingPro, Inc. Industry Specific Solutions - - - - -

September 201817


Source: Capital IQ



09/04/18 Yorkmont Capital Management, LLC Where Food Comes From, Inc. Industry Specific Solutions $16.93 $1.35 $44.94 2.65x 33.39x

09/04/18 Digital Media Solutions, LLC. BetterLoanChoice.com LLC Industry Specific Solutions - - - - -

09/04/18 Driftt, Inc. Siftrock, Inc. Industry Specific Solutions - - - - -

9/4/2018 Urbanimmersive Inc. TourBuzz, LLC Customer Relationship Mgmt - - $4.00 - -

09/01/18 ECi Software Solutions, Inc. Vineyardsoft Corporation Internet Services (Small/Mid) - - - - -

08/31/18 Diligent Corporation Directorpoint LLC IT Security - - - - -

08/31/18 Simplicity Financial Marketing Inc. AssetLock, LLC Customer Relationship Mgmt - - - - -

08/31/18 Tyler Technologies, Inc. CaseloadPRO, L.P Industry Specific Solutions - - - - -

08/31/18 AppFolio Utility Management, Inc. WegoWise, Inc. Industry Specific Solutions - - - - -

08/31/18 JDM Technology Group Inc. MicroMain Corporation Industry Specific Solutions - - - - -

08/31/18 Assembla, LLC MyGet Industry Specific Solutions - - - - -

08/31/18 Private Investor TenantCloud LLC Internet Services (Large) - - - - -

08/31/18 Moose Buyer, LLC Aptean, Inc. Internet Services (Small/Mid) - - - - -

08/31/18 Veritone, Inc. Wazee Digital, Inc. Industry Specific Solutions $19.00 - $15.00 0.79x -

08/31/18 Superion, LLC TriTech Software Systems Inc. Customer Relationship Mgmt - - - - -

08/31/18 DataDirect Networks, Inc. All Assets of Tintri, Inc. Internet Services (Small/Mid) - - $60.00 - -

08/30/18 Dairy, LLC Data Specialists, Inc. Internet Services (Small/Mid) - - - - -

08/30/18 Science Media LLC Merchich & Smith LLC Internet Services (Small/Mid) - - - - -

08/28/18 MacStadium, Inc. Specific assets of Virtual Command Internet Services (Small/Mid) - - - - -

08/28/18 RoadSafe Traffic Systems, Inc. Optim Earth, Inc. Data Analytics - - - - -

08/28/18 Summit Partners LLP MercuryGate International, Inc. Industry Specific Solutions - - - - -

08/28/18 West Corporation Flowroute, LLC IT Security - - - - -

8/28/2018 TheMaven, Inc. HubPages Inc. Industry Specific Solutions $4.90 - $10.00 2.04x -

08/27/18 Private Investor SavingStar, Inc. Enterprise Resource Planning - - $18.10 - -

08/27/18 erwin, Inc. AnalytiX DS Customer Relationship Mgmt - - - - -

08/24/18 Zscaler, Inc. TrustPath Internet Services (Small/Mid) - - - - -

8/24/2018 Nutanix, Inc. FRAME, Inc. Customer Relationship Mgmt - - $115.89 - -

08/23/18 David's Bridal, Inc. Assets of Blueprint Registry, Inc. Internet Services (Small/Mid) - - - - -

08/23/18 Private Investor Veritone, Inc. Industry Specific Solutions $15.77 - $114.17 7.24x -

08/23/18 Deutsche Bank Aktiengesellschaft ModoPayments, LLC Industry Specific Solutions - - - - -

September 201818


Source: Capital IQ



08/23/18 3SG Plus LLC Assets of OnGuard Systems LLC Diversified Conglomerate - - - - -

08/22/18 DexCom, Inc. TypeZero Technologies LLC Enterprise Resource Planning - - - - -

08/22/18 Mediware Information Systems, Inc. Rock-Pond Solutions Inc Industry Specific Solutions - - - - -

08/22/18 DevFactory FZ-LLC Fog Creek Software Industry Specific Solutions - - - - -

08/22/18 HelpSystems, LLC Midrange Performance Group, Inc. Diversified Conglomerate - - - - -

08/22/18 Point of Rental Software, Inc. PartyCAD Industry Specific Solutions - - - - -

08/22/18 VerticalScope Inc. RedFlagDeals Division Industry Specific Solutions - - $9.19 - -

08/22/18 Soul Entertainment, Inc. Pivotshare Inc. Industry Specific Solutions $2.50 - $4.27 1.71x -

08/22/18 AT&T Communications Americas AlienVault, Inc. Industry Specific Solutions - - - - -

08/21/18 Velocity Solutions, Inc. CourtesyCloud Management Internet Services (Small/Mid) - - - - -

08/21/18 Pro Teck Services Ltd. Direct Valuation Solutions, Inc. Enterprise Resource Planning - - - - -

08/21/18 WeTransfer BV FiftyThree, Inc. Industry Specific Solutions - - - - -

08/21/18 Output Services Group, Inc. Miria Systems, Inc. Internet Services (Small/Mid) - - - - -

08/20/18 DTT Surveillance Inc. EZUniverse Inc. Product Lifecycle Management - - - - -

08/20/18 Jewelers Mutual Insurance Company Assets of TransGuardian, Inc. Enterprise Resource Planning - - - - -

08/20/18 salesforce.com, inc. Datorama Inc. Industry Specific Solutions - - $757.85 - -

08/17/18 Priority Technology Holdings, Inc. LandlordStation LLC Data Storage - - - - -

08/17/18 Better Business Bureau Better Business Bureau Enterprise Resource Planning - - - - -

08/16/18 Wisetech Global Limited Trinium Technologies, LLC Customer Relationship Mgmt $8.30 $2.62 $49.93 6.02x 19.06x

08/16/18 Private Investor Thuzi, LLC Industry Specific Solutions - - - - -

08/16/18 Comodo CA Limited CodeGuard Inc. Data Storage - - - - -

08/16/18 World Media Group LLC MoveAdvisor, Inc. Internet Services (Small/Mid) - - - - -

8/16/2018 Credit Karma, Inc. Approved Technologies Inc. Industry Specific Solutions - - - - -

08/16/18 Movidius, Inc. Vertex.AI Industry Specific Solutions - - - - -

08/15/18 Accel-KKR LLC SugarCRM Inc Data Analytics - - - - -

08/15/18 Thoma Bravo, LLC Centrify Corporation Data Analytics - - - - -

08/15/18 AT&T Inc. AppNexus Inc. Data Storage - - - - -

08/14/18 Intapp, Inc. DealCloud, Inc. Industry Specific Solutions - - - - -

08/14/18 Livechat, Inc. Helpdesk.com Internet Services (Large) - - - - -

8/14/2018 BuildingConnected Inc. TradeTapp, Inc. Internet Services (Small/Mid) - - - - -

September 201819


Source: Capital IQ



08/14/18 SAJ Technologies, Inc. Droneflyers.com Industry Specific Solutions - - - - -

08/14/18 Valence Group Inc. 8ninths, Inc. Industry Specific Solutions - - - - -

08/14/18 RisingSun Ventures Eyenalyze, Inc. Industry Specific Solutions - - - - -

8/14/2018 ECi Software Solutions, Inc. Exact Software North America, Inc. Data Storage - - - - -

08/13/18 City National Bank EXACTUALS LLC Industry Specific Solutions - - - - -

08/10/18 Recall Studios, Inc. Evolution|AI Corporation Industry Specific Solutions - - $190.05 - -

08/09/18 Private Investor RapidScale, Inc. Industry Specific Solutions - - - - -

08/09/18 Yotpo Ltd. Swell Inc. Customer Relationship Mgmt - - - - -

08/09/18 Carrick Capital Management Discovery Health Partners Product Lifecycle Management - - - - -

08/09/18 Dell Technologies Inc. DataFrameworks, Inc. Industry Specific Solutions - - - - -

08/09/18 Imperva, Inc. Prevoty, Inc. Industry Specific Solutions - - $140.60 - -

08/08/18 Hungry Marketplace, Inc. LocalStove, Inc. Customer Relationship Mgmt - - - - -

08/08/18 Eventbrite, Inc. Picatic E-Ticket Inc. Diversified Conglomerate - - - - -

08/08/18 Flipps Media, Inc. Avid AI Inc. Customer Relationship Mgmt - - - - -

08/08/18 Gamer Sensei, LLC LeagueCoaching.gg Data Storage - - - - -

08/08/18 Patreon, Inc. Memberful LLC Internet Services (Large) - - - - -

08/08/18 Mining Power Group, Inc. Northway Mining, LLC Internet Services (Small/Mid) - - - - -

8/8/2018 Technekes LLC XSInc Customer Relationship Mgmt - - - - -

8/6/18 Evolution|AI Corporation Pulse Evolution Corporation Customer Relationship Mgmt $1.93 - - - -

08/03/18 Teranet Inc. D+H Collateral Management Corp Data Analytics - - - - -

08/02/18 Weinstein Family Trust Target Group Inc. Industry Specific Solutions - - - - -

08/02/18 ARM Holdings PLC Treasure Data, Inc. Industry Specific Solutions - - - - -

08/02/18 Advantage Solutions Inc. Beekeeper Marketing, Inc. Industry Specific Solutions - - - - -

08/02/18 Volaris Group Inc. Aleyant Systems, LLC Industry Specific Solutions - - - - -

08/02/18 Arista Networks, Inc. Mojo Networks, Inc. Industry Specific Solutions - - - - -

08/02/18 Voyant Communications, LLC Phaxio Internet Services (Small/Mid) - - - - -

08/02/18 Xero Limited Hubdoc Inc. Industry Specific Solutions - - $70.00 - -

08/02/18 Genstar Capital, LLC Drillinginfo, Inc. Industry Specific Solutions - - - - -

8/2/18 Markit North America, Inc. Ipreo Holdings LLC Enterprise Resource Planning - - $1,855.00 - -

08/01/18 Fluence Automation, LLC POSTIS, LLC Industry Specific Solutions - - - - -

September 201820


Source: Capital IQ



08/01/18 Kontron S&T AG Inocybe Technologies, Inc. Enterprise Resource Planning - - - - -

08/01/18 WebMD Health Corp. Vitals Consumer Services, LLC Internet Services (Small/Mid) - - - - -

08/01/18 Excelligence Learning Corporation LifeCubby LLC Industry Specific Solutions - - - - -

08/01/18 HighQ Solutions Limited AMS Legal, LLC Industry Specific Solutions - - - - -

08/01/18 WolfePak Software, LLC Conquest RT, LLC Industry Specific Solutions - - - - -

8/1/2018 Cloudfit Software Inc. BlockSpaces LLC Industry Specific Solutions - - - - -

08/01/18 Workday, Inc. Adaptive Insights, Inc. Application Software $114.34 - - - -

08/01/18 Onex Corporation PowerSchool Group LLC Customer Relationship Mgmt - - $1,744.00 - -

07/31/18 DefendX Software NTP Software Inc. Diversified Conglomerate - - - - -

07/31/18 Dye & Durham Corporation ESI Software Inc. Data Storage - - $8.46 - -

07/31/18 Splunk Inc. KryptonCloud, Inc. Industry Specific Solutions - - - - -

07/31/18 JDM Technology Group Inc. Applied Computer Systems, Inc. Product Lifecycle Management - - - - -

07/31/18 Valsoft Corp Bluebird Auto Rental Systems, L.P. Industry Specific Solutions - - - - -

07/31/18 3esi-Enersight GROUP Palantir Economic Solutions Ltd. Industry Specific Solutions - - - - -

07/31/18 Land O'Lakes, Inc. Substantially All Assets Of Agren Inc Industry Specific Solutions - - - - -

7/31/18 OneTeam Collective SportsCastr.com LLC Product Lifecycle Management - - - - -

07/31/18 Cisco Systems, Inc. July Systems Inc. Industry Specific Solutions - - - - -

07/31/18 SAGlobal Inc. 360 Vertical Solutions LLC IT Security - - - - -

07/30/18 Cheetah Digital, Inc. Stellar Loyalty Inc. Data storage - - - - -

7/30/2018 Acacia Diversified Holdings, Inc. MEDAHUB Operations Group, Inc. Enterprise Resource Planning - - - - -

07/30/18 Davler Media Group LLC Staten Island Parent Industry Specific Solutions - - - - -

07/27/18 Advanced Manufacturing Control DesertMicro, Inc. Industry Specific Solutions - - - - -

07/26/18 AXS Blockchain Solutions Inc. Chainlinks Lab Inc. Industry Specific Solutions - - $3.06 - -

07/26/18 StableGuard Victory Parade Software, LLC Industry Specific Solutions - - - - -

07/26/18 IZEA, Inc. (nka:IZEA Worldwide, Inc.) TapInfluence, Inc. Customer Relationship Mgmt $5.88 - $7.08 1.20x -

07/26/18 36Private Investor Blockchain Inc. ICORanker.com Customer Relationship Mgmt - - $1.79 - -

7/26/2018 ATI Modular Technology Corp. AmericaTowne, Inc. IT Security $1.54 - $26.13 17.02x -

07/25/18 TYG Solutions Corp. TYG Solutions Corp. Enterprise Resource Planning - - - - -

07/25/18 Mammut Sports Group AG Mountain Hub, Inc. Industry Specific Solutions - - - - -

07/25/18 PayPal Holdings, Inc. Simility, Inc. Industry Specific Solutions - - $123.71 - -

September 201821


Source: Capital IQ



07/24/18 littleBits Electronics Inc. DIY Co Customer Relationship Mgmt - - - - -

07/24/18 BiteSquad.com, LLC Arrowhead Delivery LLC Customer Relationship Mgmt - - - - -

07/24/18 Kape Technologies plc Intego, Inc. Customer Relationship Mgmt - - $16.00 - -

07/22/18 LeadGen Network Organization Inc. Billy.com Industry Specific Solutions - - - - -

07/20/18 PennSpring Capital, LLC Professional Systems Software Data Storage - - - - -

07/19/18 Deloitte Touche Tohmatsu Limited Trufa Inc. Internet Services (Small/Mid) - - - - -

07/19/18 YouEarnedIt, Inc. HighGround, Inc. Industry Specific Solutions - - - - -

07/19/18 XY - The Findables Company Parallel Holding Company Inc. Enterprise Resource Planning - - - - -

07/19/18 Beyond Inc. Boosterville Inc. Diversified Conglomerate - - - - -

07/19/18 GCR Inc. MB3 Inc. Internet Services (Large) - - - - -

07/19/18 Payscout, Inc. Paywire, Incorporated Data Analytics - - - - -

07/18/18 Private Investor DailyWorth.com, Inc. Customer Relationship Mgmt - - - - -

07/18/18 VideoAmp, Inc. IronGrid Data Services, LLC Diversified Conglomerate - - - - -

07/18/18 Okta, Inc. AuthClub Inc. Industry Specific Solutions - - - - -

07/18/18 1Private InvestorPearls, LLC Powerstorm Technologies, LLC Industry Specific Solutions - - - - -

07/18/18 Esko-Graphics bvba Blue Software, LLC Industry Specific Solutions - - - - -

07/18/18 Bossa Nova Robotics Holding Corp. Hawxeye Inc. Data Analytics - - - - -

07/18/18 PrimeTrust LLC FundAmerica, LLC Customer Relationship Mgmt - - - - -

07/18/18 Clearent Software Holdings, LLC Mainline Computer Systems Product Lifecycle Management - - - - -

07/18/18 DarkPulse Technologies Inc. Klever Marketing, Inc. IT Security - - - - -

7/17/18 Certify Inc. Abacus Labs, Inc. Industry Specific Solutions - - - - -

07/17/18 Slack Technologies, Inc. Missions Industry Specific Solutions - - - - -

7/17/2018 Bluware, Inc. Headwave, Inc/Hue As Product Lifecycle Management - - - - -

7/17/2018 HCL Technologies Limited Actian Corporation Industry Specific Solutions $107.10 $38.50 $330.00 3.08x 8.57x

07/16/18 GCR Inc. MB3 Technologies Inc. Internet Services (Small/Mid) - - - - -

07/16/18 HelloAlex Inc. Botplan, Inc. Customer Relationship Mgmt - - - - -

07/16/18 SWIIM System, LLC OnFarm Systems Inc. Industry Specific Solutions - - - - -

07/16/18 Uniserve Communications Corp RootCellar Technologies Corp Industry Specific Solutions $6.15 $0.61 $1.54 0.25x 2.50x

07/12/18 Accenture plc Kogentix Inc. Industry Specific Solutions - - - - -

07/12/18 LeapPoint, LLC JumpSeat Diversified Conglomerate - - - - -

September 201822


Source: Capital IQ



7/12/18 NOWDiagnostics, Inc. Cellmic LLC Industry Specific Solutions - - - - -

07/12/18 Accuity Inc. Safe Banking Systems LLC Internet Service (Large) - - - - -

07/12/18 Seal Software Limited Apogee Legal LLC Industry Specific Solutions - - - - -

7/12/2018 General Information Services, Inc. HireRight, LLC Customer Relationship Mgmt - - - - -

07/11/18 Global Charter Services, Ltd. Bustr, Inc. Data Storage - - - - -

07/11/18 Warner Bros. Plexchat, Inc. Internet Services (Small/Mid) - - - - -

07/11/18 Showbie Inc. Socrative, Inc. Industry Specific Solutions - - - - -

07/10/18 Forrester Research, Inc. FeedbackNow/SocialGlimpz, Inc. Industry Specific Solutions - - - - -

07/10/18 SolarWinds Worldwide, LLC Trusted Metrics Inc Industry Specific Solutions - - - - -

07/10/18 Zephyr Telecommunications, Inc. Volt Delta International Limited Product Lifecycke Management - - - - -

07/10/18 DataRobot, Inc. Nexosis, Inc. Customer Relationship Mgmt - - - - -

7/10/18 Box, Inc. Butter AI Corporation Data Storage - - - - -

07/10/18 AssetWorks LLC E-ISG Asset Intelligence Inc. Industry Specific Solutions - - - - -

07/10/18 Liquidity Services, Inc. Machinio, Inc. Industry Specific Solutions - - 28.7 - -

7/10/2018 Xometry Inc. MakeTime Inc. Industry Specific Solutions - - - - -

07/10/18 Wynne Systems, Inc. Dispatching Solutions, Inc Industry Specific Solutions - - - - -

07/10/18 Andera Partners Conduent Incorporated Industry Specific Solutions $43.00 - - - -

07/09/18 TTC Karium Ltd ALIVE, Inc. Industry Specific Solutions - - - - -

07/09/18 Epiq Systems, Inc. Controle LLC Industry Specific Solutions - - - - -

07/07/18 VEN Solutions, Inc. FanVictor.com of MMA Victor Inc. Customer Relationship Mgmt - - - - -

07/05/18 SensThys, Inc. Dígame Systems Customer Relationship Mgmt - - - - -

07/03/18 The Internet Truckstop, LLC Grizella, LLC Industry Specific Solutions - - - - -

07/03/18 Autodesk, Inc. Assemble Systems, Inc. Industry Specific Solutions - - - - -

07/03/18 Wallenius Wilhelmsen Solutions Holding Syngin Technology LLC Industry Specific Solutions - - $42.86 - -

07/03/18 Breakout Capital Finance, LLC HomeZen Inc. Industry Specific Solutions - - - - -

7/3/2018 Green Life Clinics Ltd. Patient Access Pavilions Ltd. Enterprise Resource Planning - - - - -

07/02/18 Koninklijke DSM N.V. Mixfit Inc. Data Storage - - - - -

07/02/18 Konica Minolta Business Solutions MWA Intelligence, Inc. Data Storage - - - - -

07/02/18 Ciena Corporation Packet Design, LLC Industry Specific Solutions - - - - -

07/02/18 TransUnion iovation Inc. Industry Specific Solutions - - - - -

September 201823


Source: Capital IQ



07/02/18 Gannett Co., Inc. WordStream, Inc. Industry Specific Solutions - - $165.00 - -

07/02/18 Trimble Inc. Viewpoint, Inc. Industry Specific Solutions $155.20 $1.70 $1,200.00 $7.73 -

7/1/2018 Avanquest France SA Stake in Upclick Inc. Industry Specific Solutions - - $12.32 - -

High $155.20 $38.50 $2,000.00 17.02x 35.00x

Low $0.21 $0.20 $0.39 0.25x 2.50x

Mean $33.20 $7.50 $225.59 3.70x 19.70x

Median $12.06 $1.52 $26.13 2.35x 19.06x

September 201824

The information and views contained in this report were prepared by Dinan Capital Advisors, LLC. (“Dinan”). It is not a research report, assuch term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as anoffer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategyand is provided for informational purposes only. The information contained herein is believed by Dinan to be reliable, but Dinan makes norepresentation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constituteDinan’s judgment and are subject to change without notice. Also, past performance is not necessarily indicative of future results. Anyunauthorized reproduction of this information is strictly prohibited.

This report may contain references to registered trademarks, service marks and copyright owned by third-party information providers.None of the third-party information providers is endorsing the offering of, and shall not in any way be deemed an issuer or underwriterof, the securities, financial instruments or other investments discussed in this report, and shall not have any liability or responsibility forany statements made in the report or for any financial statements, financial projections or other financial information contained orattached as an exhibit to the report. For more information about the materials provided by such third parties, please contact us throughthe contact information provided on the following page.

Dinan Capital AdvisorsDisclaimer

September 201825

Dinan Capital Advisors

Dinan Capital Advisors delivers a highly tailored strategic approach for middle-market companies that seek to capitalize on mergerand acquisition transactions. Our services are comparable in scope to those employed by Wall Street investment banks for theworld's most profitable multinational corporations, while using methodologies, processes and cost-effective structures that makesense for middle-market companies.

Based on a highly structured process that leverages our experience, research capabilities, and proprietary technology platforms, weinitiate every engagement by first assessing the market climate, and then developing an understanding of the current situation andstrategic objectives of each company. From there, we partner with our clients to develop a plan that maximizes shareholder valueand delivers the optimal transaction outcome.

Dinan is the registered FINRA member broker-dealer division of the Dinan Group of Companies, responsible for executing thesecurities related transactions of the firm. The Dinan Group is a leading diversified financial services company with over 25 years ofadvisory and merchant banking experience dedicated to middle-market transactions.

For any query regarding this report, please contact:

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael ReisterSenior Analyst

[email protected]

Michael HilcoveSenior Associate

[email protected]

Michael PucciAssociate Director

[email protected]

q3 | 2018 · 2019. 5. 15. · september 2018 north american it software m&a activity and...

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