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M&A Snapshot Q4 2015

Web:architectpartners.com | Email:[email protected]
mailto:[email protected]

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Average Consideration $235mm.Up 7% Year-OverYear

M&A SNAPSHOT20152013

Total M&A Exits (a)

2014

Proportion Premium Value (c)

2

Source: Architect Partners LLC, Capital IQ, company filings and public information

a) M&A exits within Mobile | Internet | Digital Media sectors

b) Core M&A exits are defined as transactions with announced or estimated values between $25 million and $1 billion in consideration, as these typically represent successful business-building endeavors

c) Premium value transactions are defined as greater than 5 times invested equity capital or 5 times estimated last twelve months revenue (LTM)

% of Total M&A Exits

% of Core M&A Exits

Core M&A Exits (b)

Consideration

Exchanged

$billions (b)

416 494 464 509 539

2% 3% 4% 4% 4%

32% 42% 17% 18% 29%

Q4 - 2015

Q3Q4 Q1 Q2 Q3 Q4

639

4%

27%

Core M&A exits up 49%year-over-year.

Up 18% from Q3.

Q1

3%

20%

785

Q2

604

3%

24%

Q4

630

3%

19%

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$2,892

M&A BY SECTOR

Core Transactions by Sector

$476 $868 $2,294 $2,964$576 $2,674$6,583 $670Total sector M&A value in $mm 3

Consumer Application

Enterprise Application

Analytics Application

Network InfrastructureApp Development

Security

Commerce

Digital Marketing

Media

Hardware

Service Provider

SECTORS

$2,091

Commerce Consumer

ApplicationAnalytics

Application

Enterprise

Application

Digital

MarketingHardware

NetworkInfrastructure

Security

Media

Service

Provider

Number of Dealsby Sector


Q4 - 2015

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IProperty Group | REA Group

Ikuyu Corp | Yahoo Japan

Jameda GmbH | Burda Digital GmbH

Ticketfly | Pandora Media

MarketShare Partners | Neustar

OzForex Group | Western Union

0 1.5 3 4.5 6 7.5 9 10.5 12 13.5 15

PREMIUM VALUE DEALS

Target | Acquirer

Lancope | Cisco

Benaissance LLC | WEX Inc.

We Are Cloud SAS | Zendesk

Beijing Shandong Tech Co. | Beijing 263 Co.

DVTEL, Inc. | FLIR Systems

Vormetric | Thales e-Security

Elastica | Blue Coat Systems

Secure Islands | Microsoft

Silanis Technology | VASCO Data Security

Solidfire | Netapp

Smart Balloon | RNTS Media SA

Trustev | TransUnion*

0 1.5 3 4.5 6 7.5 9 10.5 12 13.5 15

x LTM Revenue

x Invested Capital

Premium Value is defined as greater than 5 times invested equity capital

or 5 times the estimated last 12 months revenue (LTM)

4

LTM revenue multiple of

the acquirer at the time

of acquisition


Q4 - 2015

Target | Acquirer

LTM revenue multiple of

the target at the time of

acquisition

* purchase price dependent on meeting EBITDA goals

29x

18x

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(In terms of number of Acquisitions)

a) A number of transactions do not disclose acquisition price, so aggregate value of deals over the last twelve months is likely understated.

9.

Number of new deals in Q4/ total deals last 4 quarters | total spend last 4 quarters (a)

5

1. 2. 4.

6. 7. 8. 10.

MOST ACTIVE

ACQUIRERS LTM


Secure Islands

Metanautix

Telekinesys Research

Mobile Data Labs

4 16 398mm

5.

2/ 10 | $320mm

BeBop Technology

Fly Labs

3/ 7 | $320mm

Perceptio

VocalIQ

FaceShift

4/ 12 | $3.0B

Clearleap

CleversafeThe Weather Company

Gravitant

3.

4/ 10 | $1.9B

Lancope

1 Mainstream Inc.ParStream GmbH

Acano Limited

2/ 6 | $18.2B

Saffron Technology

RealityCap

1/ 6 | $533mm

Fastlane

3 8 1.1B

Aderant Holdings

Clinisys Technologies

Atlas Medical Software

1/ 4 | $360mm

SteelBrick

0 6 1.4B

None

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CORE TRANSACTIONS

BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED

ACI Worldwide PAY.ON AG 196Develops online payment and risk management solutions. Based inMunich, Germany.

x

All Web Leads, Inc. Insurancequotes, Inc. 165Operates a platform that acts as an insurance comparison shoppingsite for consumers. Based in Denver, Colorado.

x

Atos SE Unify, Inc. 427A global communications software and services companies for Fortune500 clients. Based in Boca Raton, Florida.

x

B. Riley & Co. United Online 171

Delivers social networking as well as loyalty marketing through its

websites StayFriends.com and MyPoints.com. Based in Woodland Hills,California.

Beijing 263 Beijing Shandong Tech. 54Develops cloud-based mobile applications for streaming media formedia organizations in China. Based in Beijing, China.

x

Beijing SevenstarElectronics Co.

Beijing NorthMicroelectronics

144Develops and manufactures high-density semiconductor equipment.Based in Beijing, China.

x

Benchmark ElectronicsSecure Communications

Systems, Inc.230

Designs and manufactures tactical mission computing products. Basedin Santa Ana, California

Blue Coat Systems Elastica, Inc. 280

Offers CloudSOC, a platform that enables transaction level security for

applications by combining data science and machine learning. Basedin San Jose, California

x

Bruker SciencesCompany

Jordan ValleySemiconductors

53Provides X-ray metrology solutions for front-end and back-endapplications in the global semiconductors industry. Based in Austin,Texas.

x

Burda Digital GmbH jameda GmbH 50Helps doctors, medical practitioners and other healthcare specialistspublish their services through their online portal. Based in Munich,Germany.

x

Cellcom Israel, Ltd. Golan Telecom Ltd. 301 Operates a mobile network in Israel. Based in Tel Aviv, Israel.

Premium Value M&A

6Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.

Q4 - 2015

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CORE TRANSACTIONS (CONTINUED)Premium Value M&A

7

Q4 - 2015

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.


Cisco Systems Acano Limited 700Provides Acano, a web-based collaboration platform for sales teams.Based in Uxbridge, United Kingdom

Cisco Systems Lancope 453Develops network visibility and security intelligence solutions. Based inAlpharetta, Georgia.

x

Cision, Inc. PR Newswire Association 841Provides news and information used by global media organizations.Based in New York, New York.

Computer Programs &

Systems, Inc. Healthland, Inc. 250

Offers healthcare information technology solutions including EHRs to

help hospitals are patient information across care settings. Based inMinneapolis, Minnesota x

Comtech Te lecom Corp. TeleCommunicat ion Systems 457Develops and delivers wireless communication technologyinternationally. Based in Annapolis, Maryland.

CoreLogic, Inc. FNC, inc. 475Develops real estate collateral information software for compliancewith government regulations. Based in Oxford, Mississippi.

Cubic Corporation GATR Technologies 233Manufactures inflatable satellite communication antennas andterminals for high-bandwidth comunnications. Based in Huntsville,Alabama.

x

CyberArk Software Viewfinity, Inc. 31Provides generation application control and privilege managementsolutions for securing desktop and server environments in enterprises.Based in Waltham Massachusetts.

x

Deluxe Corp. Datamyx, LLC. 160Provides risk-based data-driven marketing solutions to improve directmarketing return on investment. Based in Boca Raton, Florida.

x

Direct Energy, LP Panoramic Power Ltd. 60Provides a cloud-hosted energy management system to helpenterprises reduce energy expenses. Based in Kfar Sava, Israel.

x

Electra Private Equity PhotoBox Limited 619Allows users to turn digital photos into prints, photo books, calendarsand other products through its website. Based in London, UnitedKingdom. Previously acquired by Photoways in 2011.

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CORE TRANSACTIONS (CONTINUED)


Industrial & FinancialSystems IFS AB

EQT Partners AB 664Supplies component-based enterprise applications, developed usingopen standards and service-oriented architecture. Based in Sweden.

FEI Company DCG Systems, Inc. 160Develops electronic connectors and semiconductor characterizationsolutions for the semiconductor industry. Based in Fremont, California.

x

Flight Centre TravelGroup

Travelonomy Ltd. 28An online t ravel company that provides travel deals and discounts forstudents, faculty and youth. Based in Waltham, Massachusetts.

FLIR Systems, Inc. DVTEL, Inc. 92Develops and manufactures high-definition video surveillancesolutions. Based in Ridgefield Park, New Jersey. x

FusionTelecommunications, Inc.

Fidelity Access Networks,LLC

30Provides cloud storage for off-site backup, universal access, filesharing and folder synchronization. Based in Beachwood, Ohio.

Gaas Labs, LLC Anadigics, Inc. 35Designs and manufactures radio frequency semiconductor solutionsfor mobile communication markets. Based in Warren, New Jersey.

Gannett Co., Inc. Journal Media Group, LLC 302Operates as a media company with print and digital publishingactivities in the United States. Based in Milwaukee, Wisconsin.

Goldenmax Int.Technology

Shenzhen PCTX TechDevelopment

341 Design and sells wireless communications terminal devices. Based inShenzhen, China.

Grovepoint Capital LLP Payzone UK Limited 52Operates a consumer payments acceptance network in the UnitedKingdom. Based in Northwich, United Kingdom.

x

Hancom Inc. iText Group NV 29Provides programmable PDF software for PDF creation, editing andinspection for finance and governmental companies. Based in Ghent,Belgium.

HCL Technologies Ltd. PowerTeam, Inc. 46Provides customer relationship management solutions for real-timesupport, education and marketing solutions. Based in Minneapolis,Minnesota.

Premium Value M&A


Q4 - 2015

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Q4 - 2015


Huayi Brothers MediaCorp.

Zhejiang Dongyang MeilaMedia

165Engages in television and film script creation and film investment andproduction. Based in Zhejiang, China.

Hunan Changgao VoltageSwitchgear Group

Zhengzhou Jinhui ComputerSystem Engineering

276Develops Green Dam Youth Escort software that restricts childrenfrom access to censored material on the internet. Based inZhengzhou, China.

IDI, Inc. Fluent, Inc. 255Provides integrated performance marketing solutions for digitalmarketers. Based in New York, New York.

IHS, Inc. CarProof, Inc. 468 Provides vehicle history reports in Canada and the United States.Based in London, Canada.

x

Inflexion Private EquityPartners LLP

Alcumus Holdings Ltd. 141Provides compliance and certification services through its companyssoftware throughout the UK. Based in Aylesbury, United Kingdom.

x

Integrated DeviceTechnology Bermuda

Zentrum MikroelektronikDresden AG

310Design and manufactures mixed analog-digital, application-specificcircuits and standard semiconductor products. Based in Dresden,Germany.

x

IntercontinentalExchange

Trayport Limited 857Provides electronic trading systems for broking, exchange and tradingmarkets in the United Kingdom and internationally. Based in London.

ITV Broadcasting Limited UTV Ltd. 155Offers television broadcasting services. Based in Belfast, UnitedKingdom.

Kapsch TrafficCom AG Telvent Trafico Y Transporte 39Develops Advanced Traffic Management Software (ATMS) solutionsfor tolling and transit uses. Based in Madrid, Spain.

Laird PLC novero GmbH 70Manufactures vehicle communication and mobile device integrationsolutions. Based in Dusseldorf, Germany.

x

Lookingglass CyberSolutions

Cyveillance, Inc. 35Provides online threat intelligence solutions to protect networks,customers, employees, information and physical assets. Based inReston, Virginia. Previously acquired by QinetiQ in 2009.

x

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Q4 - 2015


LoveWorld, inc. Jiayuan.com International 235Operates an online dating platform in the Peoples Republic of China.Based in Beijing, China.

M/A-Com TechnologySolutions Holdings

FiBest Limited 60Develops optical transmission and receiving devices for manufacturesbuilding optical networks in metro access networks. Based in Tokyo,Japan.

x

Matomy Media Group Optmatic Media, inc. 25Operates a video advertising platform managing the advertisingneeds for publishers. Based in New York, New York.

Meisheng Cultural &Creative Corp.

Hangzhou Joyreach NetworkTechnology 147

Owns and develops mobile role playing games (RPG) in China. Basedin Hangzhou, China.

Microsoft Secure Islands Technologies 78Provides information and control solutions for data immunization.Based in Beit Dagan, Israel.

x

National InstrumentsCorporation

Micropross SAS 108Develops and supplies test and personalization solutions for RFID,smartcard and NFC industries. Based in Paris, France.

x

NCC Group Limited Fox-IT Group BV 141Develops products and custom solutions that prevent, solve andmitigate cyber threats, data breaches and fraud. Based in Deift,Netherlands.

x

Nemetschek AG Solibri, Inc. 49 Develops and markets software tools that analyze BIM for integrity,quality and physical security. Based in Helsinki, Finland. x

NetApp, Inc. SolidFire Inc. 870Provides a scale-out all-flash storage platform for various applicationworkloads. Based in Boulder, Colorado.

x

Neustar, Inc. MarketShare Partners 450Provides a marketing analytics platform that gives CMOs insights intowhere to effectively allocate marketing budgets. Based in LosAngeles, California.

x

New Sports GroupLimited

Wuxi Xinyou NetworkTechnology

143Develops and markets first person shooter games in China. Based inWuxi, China.

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Q4 - 2015


Nexstar BroadcastingGroup, Inc.

West Virginia Media Holdings 130Comprises four television broadcasting stations throughout WestVirginia.

Pandora Media Ticketfly 480Provides a cloud-based integrated social marketing and ticketingplatforming for music events. Based in San Francisco, California.

x

Pandora Media Rdio, Inc. 75Provides online and offline streaming music services through itsplatform. Based in San Francisco, California.

x

Premier Healthcare

Solutions, Inc. InflowHealth LLC 35

Develops a SaaS-based software that improves operational and

financial performance of physician practices. Based in Aliso Viejo,California

Progressive Digital MediaGroup

GlobalData Ltd. 104Provides integrated online research platforms and reports for energyand healthcare industries in the UK and internationally. Based inLondon, United Kingdom.

PTC Inc. Kepware Technologies 118Develops communication and interoperability software solutions forthe automotive industry. Based in Portland, Maine.

Rapid7, Inc. RevelOps, Inc. 71Provides real-time elastic log management and analytics servicesthrough its online platform. Based in Boston, Massachusetts.

REA Group Limited iProperty Group Limited 420 Develops and operates internet-based real estate property portalsunder iProperty.com. Based in Malaysia.

Reliance CommunicationsLtd.

Sistema Shyam TeleServicesLimited

805Operates as a telecom company that provides data services in India.Based in Gurgaon, India. Previous acquired by Sistema JSFC in 2008.

RNTS Media SA Smart Balloon, Inc. 45Hosts tools, mobile advertisement formats and backend technologyto help publishers maximize revenue and acquire quality users. Basedin San Francisco, California.

x

Roper Technologies Aderant Holdings, Inc. 675Develops and offers business management software for law and otherprofessional services firms. Based in Atlanta, Georgia.

x
http://iproperty.com/

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Q4 - 2015

BUYER TARGETTRANSACTIONVALUE ($MM) TARGET DESCRIPTION

AP M&AALERT VC-BACKED

Roper Technologies Atlas Medical Software 48Provides cloud-based clinical connectivity and process integrationsolutions worldwide. Based in Calabasas, California.

Roper Technologies CliniSys Solutions Limited 261Designs and develops clinical laboratory information managementsolutions. Based in Chertsey, United Kingdom.

x

RPX Corporation Inventus, LLC 232Offers electronic data discovery solutions to global law firms, Fortune1000 companies and government agencies. Based in Dallas, Texas.

x

Salesforce SteelBrick Holdings 360 Provides Configure Price Quote applications for Salesforce customers.Based in Palo Alto, California.

x

Shanghai BEI Capital Co.Shanghai Meining Computer

Software Co.31

Owns the financial portal stockstar.com. Previously owned by ChinaFinance Online Co. Based in Beijing, China.

Shenzhen ClouElectronics

Bainian Jinhai Technology Co. 61Develops automation software for government agencies in China.Based in Jinhai, China.

Shenzhen KingdomTechnology

China M-World Co. 84Develops and provides mobile making and mobile payment solutions.Based in Beijing, China.

x

Shenzhen Liantronics Co. Shenzhen Limart Network 125Provides an Internet search engine optimization platform formarketers. Based in Shenzhen, China.

x

Sichuan Huiyan OpticalCommunication Corp.

Guangdong XunTongTechnology Co.

239Manufactures and supplies video surveillance products. Based inGuangzhou, China.

Sophos Group SurfRight BV 32Develops online security software for Windows computers. Based inHengelo, Netherlands.

Speedcast International NewCom International 33Provides unified voice, video, data and content solutions worldwide.Based in Miami, Florida.

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Q4 - 2015



Stroer Venture GmbH Statista GmbH 62Operates a website that provides statistics of various industriesinternationally. Based in Hamburg, Germany.

x

Tangel Publishing YouAi, Inc. 250 Develops mobile arcade games in China. Based in Shanghai, China.

TDK CorporationMicronas Semiconductor

Holding AG221

Provides sensor-based solutions for automotive and industrialelectronics worldwide. Based in Zurich, Switzerland.

Thales e-Security Vormetric, Inc. 400Provides data security solutions that protect data-at-rest in physicaland virtual cloud environments for businesses. Based in San Jose,California.

x

The Descartes Group Oz Development, Inc. 30Develops cloud integration solutions that streamline e-commerce,warehouse and shipping processes. Based in Westborough,Massachusetts.

The Western UnionCompany

OzForex Group Limited 628Provides international payments and foreign exchange solutions tobusiness and individuals. Based in Sydney, Australia.

TierPoint Windstream Hosted Solutions 575Provides infrastructure-as-a-service solutions including enterprisestorage and database management services. Based in Little Rock,Arkansas. Subsidiary of Windstream Hodlings.

x

TransUnion Trustev 21-44Provides a user verification platform for real-time online and mobiledecision on transactions to prevent fraud. Based in Cork, Ireland.

x

Trend Micro TippingPoint Technologies 300Designs network-based intrusion prevention systems and appliances.Previously acquired by 3com in 2005. Based in Austin, Texas.

Tyco International ShopperTrak RCT 175Provides shopper insights and traffic analytics through its web-basedreporting tool. Based in Chicago, Illinois.

Vasco Data Security Silanis Technology 85Offers an electronic signature platform that provides e-signatureprocess management for the web. Based in Montreal, Canada.

x

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Q4 - 2015



ViaWest, Inc. iNetU, Inc. 163Offers gated community cloud, private cloud and cloud computingsolutions with HIPAA compliance. Based in Allentown, Pennsylvania.

x

WEX, Inc. Benaissance LLC 80Provides a SaaS financial management systems for health benefitsadministration in the United States.

x

Worldline SA PaySquare SE 79Provides payment processing services for customers in EasternEurope. Based out of Utrecht, Netherlands.

Yahoo Japan Corporation Ikyu Corporation 822Operates various sites that provide reservation services for hotels andrestaurants. Based in Tokyo, Japan.

Zayo Group Holdings Allstream Corporation 465Provides data networks, managed network services, hosting servicesand internet access. Based in Toronto, Canada.

x

Zendesk We Are Cloud SAS 45Designs and develops BIME analytics, a cloud-based software for dataanalysis. Based in Montpellier, France.

x

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OTHER NOTABLE DEALS



Act ivision Blizzard, Inc. King Digital Entertainment 5,680Develops online mobile video games, including Candy Crush. Based inDublin, Ireland.

Alibaba Group Holding Youku Todou, Inc. 4,335Offers an Internet television platform enables users to search, view,and share video content across various devices. Based in Beijing,China

Apple, Inc. Faceshift AG -Develops motion capture software solution for facial expressionrecognition. Based in Zurich, Switzerland.

x

Cisco Systems, Inc. ParStream GmbH -

Offers ParStream, a big data analytics platform that enables

interactive business analysis on dynamic big data. Based in Cologne,Germany

x

Dell, Inc. EMC Corporation 75,667Develops and supports information infrastructure and virtualinfrastructure technologies, solutions, and services. Based inHopkinton, Massachusetts.

Endurance International Constant Contact, Inc. 1,112Provides online marketing tools that are designed for smallbusinesses, nonprofits, and associations worldwide. Based inWaltham, Massachusetts.

Expedia, Inc. HomeAway, Inc. 4,006Operates an online vacation rental property marketplace than enablesproperty owners and rentals to find vacation homes. Based in Austin,

Texas.

Global Payments, Inc. Heartland Payments, Inc. 4,449Offers payment processing services in the United States. Based inPrinceton, New Jersey.

Microsoft, Inc. Mentanautix -Engages in building big data analytics systems that help enterprisesto realize the potential of their data using standard SQL. Based in PaloAlto, California

x

Naspers Limited OOO KEH eCommerce 1,200Owns and operates an onl ine advertising website. Based in Moscow,Russia.

x

Oracle Corporation StackEngine, Inc. -Operates a platform that allows organizations to deploy, manage, and

scale resilient Docker applications. Based in Austin, Texas.

x

12M&A transactions with consideration in excess of $1B or with unannounced transaction values

Premium Value M&AQ4 - 2015

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q4 2015 snapshot

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