technology report q4 2016 - sdr ventures

http://sdrventures.com/


mailto:[email protected]


Date Target Buyer(s) SegmentAmount ($ in

Mil)TEV/ Rev TEV/ EBITDA

12/29/2016 Tangoe, Inc. Marlin Management Co. LLC Other SaaS $246.02 1.16x 16.42x

12/15/2016 Rubicon Genomics, Inc. Takara Bio Inc.; Takara Bio USA Holdings,

Inc.

Data & Analytics 75.00 8.99x -

12/14/2016 NeuStar, Inc. Golden Gate Private Equity, Inc. IT Services 2,698.74 2.32x 6.09x

12/1/2016 Alsbridge, Inc. Information Services Group, Inc. Infrastructure/Hosting 74.23 1.29x -

11/29/2016 eGov Holdings, Inc. Booz Allen Hamilton Holding Corp. Other SaaS 250.00 2.34x -

11/17/2016 Machinima, Inc. Warner Bros. Entertainment, Inc. Other SaaS 100.00 4.00x -

11/16/2016 OpinionLab, Inc. Verint Systems, Inc. Data & Analytics 84.40 4.18x -

11/10/2016 TubeMogul, Inc. Tiger Acquisition Corp. Marketing Software 492.10 2.32x NM

11/7/2016 EarthLink Holdings Corp. Windstream Holdings, Inc. IT Security 1,008.35 1.02x 4.88x

11/7/2016 Datalink Corp. Insight Enterprises, Inc. Infrastructure/Hosting 213.98 0.28x 11.24x

34

13 4

80

18 21 36

24 36 12 1

-

20

40

60

80

100

Strategic89%

Financial11%


http://sdrventures.com/technology-ma-update/?utm_source=Quarterly Report&utm_campaign=Q4 2016 Technology Report&utm_medium=PDF

Financial Buyer Inv. Date Select Corporate InvestmentsVista Equity Partners 09/19/2016 ▪ Infoblox Inc. (NYSE:BLOX)

08/18/2016 ▪ Granicus Inc.

06/01/2016 ▪ Ping Identity Corporation

05/31/2016 ▪ Marketo, Inc. (NasdaqGS:MKTO)

04/18/2016 ▪ Cvent, Inc. (NYSE:CVT)

Thoma Bravo, LLC 09/29/2016 ▪ T2 Systems, Inc.

07/13/2016 ▪ Imprivata, Inc. (NYSE:IMPR)

06/23/2016 ▪ Bomgar Corporation

06/07/2016 ▪ Elemica, Inc.06/02/2016 ▪ Qlik Technologies, Inc. (NasdaqGS:QLIK)

Marlin Equity Partners, LLC 09/12/2016 ▪ QualiTest Ltd.

07/20/2016 ▪ Revenew, Inc.12/08/2015 ▪ BlueHornet Networks, Inc.

08/06/2015 ▪ ADP AdvancedMD, Inc.

06/26/2015 ▪ IBS AB

H.I.G. Capital, LLC 07/29/2016 ▪ Symplicity Corporation

04/28/2016 ▪ AVI-SPL, Inc.

03/03/2016 ▪ Quicken Investment Services, Inc.

11/30/2015 ▪ Constructive Media, LLC

06/19/2015 ▪ Inome, Inc.

Cloud Equity Group 05/31/2016 ▪ Beachcomber Creations

05/04/2016 ▪ CloudAccess.net, LLC

09/14/2015 ▪ Virpus Networks, Inc.

03/04/2015 ▪ Fresh Roasted Hosting LLC

Strategic Buyer Inv. Date Select Corporate AcquisitionsMicrosoft Corporation (NasdaqGS:MSFT) 08/10/2016 ▪ Beam Interactive, Inc.

06/16/2016 ▪ Wand Labs, Inc.

06/13/2016 ▪ LinkedIn Corporation (NYSE:LNKD)

02/24/2016 ▪ Xamarin Inc.

01/19/2016 ▪ TeacherGaming LLC, MinecraftEdu

Alphabet Inc. (NasdaqGS:GOOGL) 09/08/2016 ▪ Apigee Corporation (NasdaqGS:APIC)

07/12/2016 ▪ FortyTwo Inc.

07/07/2016 ▪ Anvato Inc.

02/19/2016 ▪ Joyride Inc.

01/06/2016 ▪ Circus Ponies Software, Inc.

International Business Machines Corporation (NYSE:IBM) 02/29/2016 ▪ Resilient, an IBM Company

01/21/2016 ▪ Ustream, Inc.

12/08/2015 ▪ Clearleap, Inc.

11/03/2015 ▪ Gravitant, Inc.

10/28/2015 ▪ The Weather Company, Product and Technology Businesses

salesforce.com, inc. (NYSE:CRM) 09/07/2016 ▪ HeyWire, Inc.

08/15/2016 ▪ BeyondCore, Inc.

08/01/2016 ▪ Quip, Inc.

07/21/2016 ▪ Coolan, Inc.

06/01/2016 ▪ Demandware, Inc.

Cisco Systems, Inc. (NasdaqGS:CSCO) 08/30/2016 ▪ ContainerX, Inc.

06/28/2016 ▪ CloudLock, Inc.

03/08/2016 ▪ Synata, Inc

02/03/2016 ▪ Jasper Technologies, Inc.

10/28/2015 ▪ 1 Mainstream, Inc.


-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Enterprise Software Financial Technology Supply Chain Software

Human Capital Management Other SaaS Marketing Software

Healthcare IT Data Analytics IT Services

IT Security Hosting Data Center Tech Conglomerates

S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Oracle Corp. ORCL-US 157,859$ 38.45$ -2.1% 5.3% 91.5% 2.8% 41.0% 4.1x 10.0x 4.1x 9.1x

International Business Machines Corp. IBM-US 157,832 165.99 4.5% 20.6% 97.7% (1.0%) 20.7% 2.4x 11.3x 2.4x 9.6x

Adobe Systems, Inc. ADBE-US 51,190 102.95 -5.2% 9.6% 92.7% 21.2% 34.4% 8.3x 26.6x 6.9x 17.3x

Intuit, Inc. INTU-US 29,417 114.61 4.2% 18.8% 96.6% 10.1% (0.8%) 6.3x 20.7x 5.7x 14.7x

Constellation Software, Inc. CSU-CA 9,641 454.96 3.2% 5.8% 93.8% 17.4% 26.1% 4.7x 18.9x 4.0x 15.7x

The Sage Group Plc SGE-GB 8,742 8.09 -11.2% 8.5% 81.5% 15.8% 31.1% 4.7x 15.8x 4.1x 14.0x

Open Text Corp. OTC-CA 8,090 61.83 -2.4% 25.0% 92.5% 13.7% 32.2% 5.0x 14.5x 4.2x 11.5x

TOTVS SA TOTS3-BR 1,223 7.39 -20.9% -22.5% 70.6% 5.0% 11.9% 2.0x 12.5x 1.9x 9.8x

$52,999 (3.7%) 8.9% 89.6% 10.6% 24.6% 4.7x 16.3x 4.2x 12.7x$19,529 (2.3%) 9.1% 92.6% 11.9% 28.6% 4.7x 15.2x 4.1x 12.8x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Visa, Inc. V-US 144,724$ 78.02$ -5.7% 0.6% 92.9% 20.5% 67.5% 12.8x 18.3x 11.0x 15.7x

Mastercard, Inc. MA-US 110,425$ 103.25$ 1.5% 6.0% 94.8% 13.4% 61.0% 10.3x 18.1x 9.1x 15.8x

American Express Co. AXP-US 67,802$ 74.08$ 15.7% 6.5% 97.8% (7.3%) NM 2.6x NM 2.8x NM

Fidelity National Information Services, Inc. FIS-US 24,827$ 75.64$ -1.8% 24.8% 92.6% 12.8% 29.9% 4.0x 15.1x 3.6x 11.1x

Fiserv, Inc. FISV-US 23,069$ 106.28$ 6.8% 16.2% 95.3% 8.0% 34.3% 5.0x 15.1x 4.8x 13.4x

The Western Union Co. WU-US 10,531$ 21.72$ 4.3% 21.3% 97.6% 2.6% 24.3% 2.3x 9.6x 2.3x 9.2x

MSCI, Inc. MSCI-US 7,415$ 78.78$ -6.1% 9.2% 86.8% 8.9% 49.7% 7.5x 15.5x 7.0x 13.8x

Jack Henry & Associates, Inc. JKHY-US 6,934$ 88.78$ 3.8% 13.7% 97.5% 6.2% 36.4% 5.0x 14.1x 4.7x 13.4x

Black Knight Financial Services, Inc. BKFS-US 2,612$ 37.80$ -7.6% 14.3% 89.6% 12.7% 43.0% 5.2x 11.9x 4.5x 9.9x

Envestnet, Inc. ENV-US 1,518$ 35.25$ -3.3% 18.1% 85.0% 23.8% 10.7% 3.3x 35.6x 2.6x 13.4x

Q2 Holdings, Inc. QTWO-US 1,158$ 28.85$ 0.7% 9.4% 87.8% 38.9% (11.5%) 7.7x NM 5.5x 140.7x

Bottomline Technologies, Inc. EPAY-US 1,014$ 25.02$ 7.3% -15.8% 79.4% 5.1% 6.9% 3.1x 29.7x 2.8x 13.3x

1.3% 10.4% 91.4% 12.1% 32.0% 5.7x 18.3x 5.1x 24.5x1.1% 11.6% 92.8% 10.8% 34.3% 5.0x 15.3x 4.6x 13.4x



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Manhattan Associates, Inc. MANH-US 3,775$ 53.03$ -8.0% -19.9% 77.3% 10.7% 36.7% 6.1x 18.6x 5.6x 15.3x

The Descartes Systems Group, Inc. DSG-CA 1,619 21.35 1.4% 2.8% 93.7% 13.0% 33.1% 7.8x 23.7x 6.9x 19.7x

Kinaxis, Inc. KXS-CA 1,157 46.61 -6.5% 33.2% 88.0% 36.5% 15.0% 9.7x 54.9x 7.8x 29.2x

SPS Commerce, Inc. SPSC-US 1,191 69.89 -4.8% -0.5% 93.4% 23.0% 11.1% 5.8x 57.2x 4.8x 33.1x

American Software, Inc. AMSWA-US 277 10.33 -6.9% 1.5% 86.6% 6.2% 9.0% 2.1x 16.0x 2.0x 13.4x

17.9% 21.0%13.0% 15.0%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Paychex, Inc. PAYX-US 21,846$ 60.88$ 5.2% 15.1% 97.9% 7.6% 44.2% 7.1x 16.5x 6.6x 15.5x

Workday, Inc. WDAY-US 8,261 66.09 -27.9% -17.1% 70.8% 34.2% (19.4%) 8.2x NM 6.0x 56.1x

The Ultimate Software Group, Inc. ULTI-US 5,288 182.35 -10.8% -6.7% 81.4% 30.5% 7.7% 7.0x 79.0x 5.6x 23.1x

Paycom Software, Inc. PAYC-US 2,734 45.49 -9.3% 20.9% 85.9% 37.5% 5.3% 8.8x 42.2x 6.3x 22.8x

Cornerstone OnDemand, Inc. CSOD-US 2,377 42.31 -7.9% 22.5% 88.6% 18.9% (1.5%) 5.8x NM 4.9x 52.1x

Paylocity Holding Corp. PCTY-US 1,541 30.01 -32.5% -26.0% 60.4% 33.0% 2.7% 5.8x 114.4x 4.4x 33.0x

Benefitfocus, Inc. BNFT-US 881 29.70 -25.6% -18.4% 66.0% 24.2% (5.5%) 4.0x NM 3.2x 87.5x

Xactly Corp. XTLY-US 345 11.00 -25.3% 29.0% 68.3% 22.1% (12.8%) 3.5x NM 2.8x NM

Halogen Software, Inc. HGN-CA 133 6.18 -18.6% 15.9% 77.4% 8.6% 13.7% 1.4x 24.4x 1.3x 11.1x

24.1% 3.8%24.2% 2.7%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

ServiceNow, Inc. NOW-US 12,341$ 74.34$ -6.1% -14.1% 82.8% 39.3% (1.3%) 9.3x NM 6.7x 30.1x

Guidewire Software, Inc. GWRE-US 3,626 49.33 -17.8% -18.0% 77.1% 18.0% (15.2%) 7.1x 158.6x 6.0x 30.8x

LogMeIn, Inc. LOGM-US 2,461 96.55 6.8% 43.9% 87.7% 19.0% 18.6% 7.0x 43.5x 5.9x 21.5x

RealPage, Inc. RP-US 2,414 30.00 16.7% 33.6% 97.2% 20.1% 15.8% 4.4x 29.7x 3.5x 15.3x

Zendesk, Inc. ZEN-US 2,021 21.20 -31.0% -19.8% 66.5% 43.5% (24.0%) 6.3x NM 4.3x 125.6x

Atlassian Corp. Plc TEAM-US 1,979 24.08 -19.7% -19.9% 68.5% 39.6% 2.1% 9.2x 582.0x 6.6x 30.4x

Ebix, Inc. EBIX-US 1,849 57.05 0.4% 74.0% 90.6% 10.6% 35.1% 6.9x 18.4x 6.3x 16.6x

Xero Ltd. XRO-NZ 1,678 12.20 -9.6% -11.6% 80.3% 53.8% (19.5%) 8.9x NM 5.8x NM

RingCentral, Inc. RNG-US 1,246 20.60 -12.9% -12.6% 82.4% 30.6% (3.4%) 3.8x NM 2.9x 42.8x

Alarm.com Holdings, Inc. ALRM-US 1,279 27.83 -3.6% 66.8% 80.8% 21.0% 6.7% 4.6x 56.8x 4.0x 21.8x

Five9, Inc. FIVN-US 752 14.19 -9.5% 63.1% 86.5% 21.0% 0.8% 4.8x NM 3.9x 85.6x

Intralinks Holdings, Inc. IL-US 783 13.52 34.4% 49.1% 98.5% 12.0% 17.4% 2.8x 21.6x 2.5x 11.5x

MINDBODY, Inc. MB-US 575 21.30 8.3% 40.8% 92.8% 39.0% (9.6%) 6.1x NM 4.3x 150.7x

Instructure, Inc. INST-US 552 19.55 -22.9% -6.1% 72.6% 47.4% (37.2%) 4.6x NM 3.1x NM

Workiva, Inc. WK-US 413 13.65 -24.7% -22.3% 71.7% 21.3% (26.4%) 3.1x NM 2.5x NM

AppFolio, Inc. APPF-US 277 23.85 22.7% 63.4% 97.3% 39.1% 5.1% 8.0x NM 5.7x NM

Model N, Inc. MODN-US 249 8.85 -20.3% -20.7% 63.3% 2.5% (21.5%) 1.7x NM 1.6x NM

Castlight Health, Inc. CSLT-US 245 4.95 19.0% 15.9% 90.0% 33.2% (41.9%) 4.3x NM 3.2x NM

28.4% (5.5%)25.9% (2.3%)



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Adobe Systems, Inc. ADBE-US 51,190$ 102.95$ -5.2% 9.6% 92.7% 21.2% 34.4% 8.3x 26.6x 6.9x 17.3x

salesforce.com, inc. CRM-US 46,491 68.46 -4.0% -12.7% 81.0% 26.4% 12.4% 6.2x 46.2x 4.9x 22.9x

Criteo SA CRTO-US 2,502 41.08 17.0% 3.7% 85.9% (44.7%) 9.3% 1.4x 14.0x 2.6x 8.3x

HubSpot, Inc. HUBS-US 1,674 47.00 -18.4% -16.5% 78.4% 41.3% (10.2%) 6.3x NM 4.4x 1047.0x

Callidus Software, Inc. CALD-US 1,066 16.80 -8.4% -9.5% 78.4% 23.0% 0.6% 4.5x NM 3.2x 23.7x

ChannelAdvisor Corp. ECOM-US 370 14.35 11.0% 3.6% 90.2% 16.8% (2.8%) 2.8x NM 2.4x 43.8x

Bazaarvoice, Inc. BV-US 405 4.85 -17.9% 10.7% 79.1% 4.7% 1.9% 1.8x 489.9x 1.7x 18.7x

12.7% 6.5%21.2% 1.9%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cerner Corp. CERN-US 16,082$ 47.37$ -23.3% -21.3% 70.2% 11.2% 31.2% 3.4x 11.0x 3.1x 9.1xathenahealth, Inc. ATHN-US 4,150 105.17 -16.6% -34.7% 62.8% 23.7% 18.8% 4.1x 27.6x 3.4x 14.1xVeeva Systems, Inc. VEEV-US 4,119 40.70 -1.4% 41.1% 84.9% 26.2% 26.1% 9.9x 47.1x 8.6x 27.4xMedidata Solutions, Inc. MDSO-US 2,863 49.67 -10.9% 0.8% 85.9% 26.1% 15.3% 6.4x 50.2x 5.1x 21.2xAllscripts Healthcare Solutions, Inc. MDRX-US 1,890 10.21 -22.5% -33.6% 65.6% 16.2% 15.4% 2.4x 14.3x 2.0x 10.9xHMS Holdings Corp. HMSY-US 1,537 18.16 -18.1% 47.2% 75.7% 7.3% 20.2% 3.1x 14.6x 2.9x 11.7xQuality Systems, Inc. QSII-US 817 13.15 16.2% -18.4% 75.1% 4.5% 16.8% 1.7x 10.8x 1.6x 9.0xInovalon Holdings, Inc. INOV-US 649 10.30 -30.0% -39.4% 51.4% 0.5% 17.1% 2.4x 10.6x 2.5x 10.4x

14.5% 20.1%13.7% 17.9%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Splunk, Inc. SPLK-US 6,939$ 51.15$ -12.8% -13.0% 77.8% 35.2% (33.8%) 6.8x NM 5.0x 46.2xTeradata Corp. TDC-US 3,529 27.17 -12.4% 2.8% 82.1% (11.5%) 23.6% 1.3x 6.0x 1.5x 6.9xPegasystems, Inc. PEGA-US 2,748 36.00 22.1% 30.9% 97.0% 15.6% 6.5% 3.5x 28.3x 3.1x 18.4xTableau Software, Inc. DATA-US 2,434 42.15 -23.7% -55.3% 44.0% 11.5% (9.8%) 3.0x NM 2.7x 37.4xVerint Systems, Inc. VRNT-US 2,209 35.25 -6.3% -13.1% 85.2% 7.2% 13.8% 2.5x 18.5x 2.4x 10.5xMicroStrategy, Inc. MSTR-US 1,855 197.40 17.9% 10.1% 95.2% 2.0% 26.4% 3.3x 12.4x 3.2x 11.2xInovalon Holdings, Inc. INOV-US 649 10.30 -30.0% -39.4% 51.4% 0.5% 17.1% 2.4x 10.6x 2.5x 10.4xPROS Holdings, Inc. PRO-US 657 21.52 -4.8% -6.6% 83.9% 2.6% (27.9%) 4.2x NM 4.1x NMHortonworks, Inc. HDP-US 505 8.31 -0.5% -62.1% 37.8% 39.6% (130.9%) 2.5x NM 1.7x 90.0x

11.4% (12.8%)7.2% 6.5%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

International Business Machines Corp. IBM-US 157,832$ 165.99$ 4.5% 20.6% 97.7% (1.0%) 20.7% 2.4x 11.3x 2.4x 9.6xCognizant Technology Solutions Corp. CTSH-US 33,994 56.03 17.4% -6.6% 88.3% 11.7% 19.5% 2.3x 11.3x 2.0x 10.2xCGI Group, Inc. GIB.A-CA 13,075 48.05 3.1% 16.3% 94.9% 3.0% 18.8% 2.0x 10.8x 1.9x 10.3xLeidos Holdings, Inc. LDOS-US 7,690 51.14 18.2% -9.1% 86.0% 89.1% 10.0% 1.9x 21.9x 0.9x 9.3xBooz Allen Hamilton Holding Corp. BAH-US 5,392 36.07 14.1% 16.9% 93.6% 5.5% 9.5% 1.2x 12.9x 1.1x 11.5xTeradata Corp. TDC-US 3,529 27.17 -12.4% 2.8% 82.1% (11.5%) 23.6% 1.3x 6.0x 1.5x 6.9xEPAM Systems, Inc. EPAM-US 3,282 64.31 -7.2% -18.2% 80.6% 27.1% 13.7% 2.7x 19.5x 2.2x 12.2xCACI International, Inc. CACI-US 3,030 124.30 23.2% 34.0% 93.0% 6.9% 8.2% 1.1x 12.5x 1.0x 11.7xInterxion Holding NV INXN-US 2,472 35.07 -3.2% 16.3% 90.3% 5.8% 43.4% 6.8x 14.8x 6.4x 13.9xManTech International Corp. MANT-US 1,071 42.25 12.1% 39.7% 92.8% 3.5% 7.5% 1.0x 12.5x 0.9x 12.0xVirtusa Corp. VRTU-US 753 25.12 1.8% -39.2% 54.2% 24.7% 1.1% 1.1x 34.8x 0.9x 12.4xUnisys Corp. UIS-US 749 14.95 53.5% 35.3% 89.5% (2.6%) 8.9% 0.3x 2.4x 0.3x 2.0xThe Hackett Group, Inc. HCKT-US 504 17.66 6.9% 9.9% 96.2% 6.1% 13.4% 1.8x 14.3x 1.9x 11.7xServiceSource International, Inc. SREV-US 494 5.68 16.4% 23.2% 90.9% 8.4% 0.6% 1.7x NM 1.6x 22.8x

12.6% 14.2%6.0% 11.7%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cisco Systems, Inc. CSCO-US 151,697$ 30.22$ -4.7% 11.3% 94.6% (0.3%) 31.6% 2.4x 7.6x 2.4x 6.9xPalo Alto Networks, Inc. PANW-US 11,465 125.05 -21.5% -29.0% 70.4% 36.4% (9.1%) 7.2x NM 5.2x 20.8xSymantec Corp. SYMC-US 14,893 23.89 -4.8% 13.8% 92.9% 82.5% 23.0% 4.5x 34.2x 3.7x 8.4xVeriSign, Inc. VRSN-US 7,955 76.07 -2.8% -12.9% 82.7% 3.6% 65.9% 7.1x 11.0x 8.4x 11.9xFortinet, Inc. FTNT-US 5,212 30.12 -18.4% -3.4% 80.4% 21.4% 6.6% 3.5x 72.2x 2.9x 15.9xFireEye, Inc. FEYE-US 2,036 11.90 -19.2% -42.6% 52.9% 11.1% (31.5%) 2.6x NM 2.2x 101.3xCheetah Mobile, Inc. CMCM-US 350 9.56 -23.3% -40.3% 52.6% 11.9% (0.2%) 0.3x 19.7x 1.6x 21.8xCheck Point Software Technologies Ltd. CHKP-US 14,772 84.46 8.8% 3.8% 93.9% 7.0% 49.2% 7.9x 15.7x 7.3x 13.4xGemalto NV GTO-NL 5,209 57.93 -3.8% -0.6% 77.3% 5.1% 14.7% 1.7x 10.0x 1.6x 8.1xTrend Micro, Inc. 4704-JP 4,998 35.62 18.4% -15.7% 83.2% 13.4% 36.4% 3.6x 11.3x 3.1x 9.8xProofpoint, Inc. PFPT-US 3,002 70.65 -5.6% 8.7% 80.3% 40.8% (3.4%) 8.6x NM 6.0x 58.4xImperva, Inc. IMPV-US 1,261 38.40 -28.5% -39.3% 59.2% 17.9% (13.4%) 3.9x NM 3.2x 82.2xCyberArk Software Ltd. CYBR-US 1,527 45.50 -8.2% 0.8% 76.8% 29.3% 17.7% 6.3x 29.6x 5.3x 19.8xAVG Technologies NV AVGTF-US 1,282 25.32 1.2% 26.3% 72.3% NM NM 3.2x 12.0x NM NMQualys, Inc. QLYS-US 1,130 31.65 -17.1% -4.4% 79.8% 23.0% 24.6% 4.8x 20.3x 4.3x 13.2xRapid7, Inc. RPD-US 517 12.17 -31.0% -19.6% 63.1% 31.6% (20.6%) 3.0x NM 2.2x NMMimecast Ltd. (Jersey) MIME-US 975 17.90 -6.4% 86.5% 72.8% 30.9% 1.1% 5.5x NM 4.5x 53.0xVaronis Systems, Inc. VRNS-US 715 26.80 -11.0% 42.6% 83.6% 26.3% (8.3%) 3.9x NM 3.1x 317.5x

23.0% 10.8%21.4% 6.6%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Equinix, Inc. EQIX-US 25,512$ 357.41$ -0.8% 18.2% 91.4% 19.7% NM 9.2x NM 7.8x 16.6xDigital Realty Trust, Inc. DLR-US 15,617 98.26 1.2% 29.9% 86.8% 11.5% NM 11.0x NM 9.4x 16.4xAkamai Technologies, Inc. AKAM-US 11,556 66.68 25.8% 26.7% 93.9% 11.2% 34.3% 4.9x 14.1x 4.5x 11.1xDuPont Fabros Technology, Inc. DFT-US 3,333 43.93 6.5% 38.2% 89.7% 16.3% NM 10.4x NM 9.0x 14.4xGoDaddy, Inc. GDDY-US 3,057 34.95 1.2% 9.0% 93.4% 17.0% 13.7% 2.1x 17.9x 1.9x 8.3xCoreSite Realty Corp. COR-US 2,693 79.37 7.2% 39.9% 86.4% 20.7% NM 9.3x NM 7.8x 14.6xQTS Realty Trust, Inc. QTS-US 2,369 49.65 -6.1% 10.1% 83.6% 15.9% NM 8.6x NM 8.3x 18.2xExtreme Networks, Inc. EXTR-US 538 5.03 12.0% 23.3% 96.7% 20.9% 6.2% 0.9x 16.1x 0.8x 6.6x

16.7% 18.1%16.6% 13.7%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Alphabet, Inc. GOOGL-US 499,762$ 792.45$ -1.4% 1.9% 94.5% 0.3% 32.5% 5.5x 16.9x 5.6x 11.2xMicrosoft Corp. MSFT-US 483,160 62.14 7.9% 12.0% 96.9% 14.2% 34.2% 5.0x 15.6x 4.4x 11.4xFacebook, Inc. FB-US 269,312 115.05 -10.3% 9.9% 86.2% 48.6% 53.2% 12.3x 23.7x 8.4x 13.5xOracle Corp. ORCL-US 157,859 38.45 -2.1% 5.3% 91.5% 2.8% 41.0% 4.1x 10.0x 4.1x 9.1xInternational Business Machines Corp. IBM-US 157,832 165.99 4.5% 20.6% 97.7% (1.0%) 20.7% 2.4x 11.3x 2.4x 9.6xCisco Systems, Inc. CSCO-US 151,697 30.22 -4.7% 11.3% 94.6% (0.3%) 31.6% 2.4x 7.6x 2.4x 6.9xSAP SE SAP-US 107,302 86.43 -5.4% 9.3% 93.2% 5.7% 26.5% 4.6x 16.3x 4.3x 13.0xsalesforce.com, inc. CRM-US 46,491 68.46 -4.0% -12.7% 81.0% 26.4% 12.4% 6.2x 46.2x 4.9x 22.9x

12.1% 31.5%4.3% 32.0%



technology report q4 2016 - sdr ventures

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