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1、London|Frankfurt|Stockholm|San Francisco1|14 Enterprise Software M&A Overview 2H 2022Enterprise Software M&A boasts strength and resilience.in 2021.It has shown no sign of slowing:businessesworldwide continue to adopt cloud-based EnterpriseSoftware to modernise and escalate operations,andthus bank o
2、n attractive business opportunities.Forexample,artificial intelligence,machine learning,andblockchain technology are instrumental to formingflexible supply chains that can act on predictiveintelligence.This is expected to drive up enterprisesoftwareM&A,asbusinessesimplementquicksolutions to take adv
3、antage of disproportionately highmarket demand.Secondly,as Enterprise Software targets are entitled tosubstantial recurring revenue streams,they provide ameasure of recession-protection that naturally appealto acquirers,serving as a haven for investors perishingdry powder throughout current inflatio
4、nary periods.Unsurprisingly,therefore,theglobalEnterpriseSoftware market size is,according to Business Wire,projected to continue its fast-paced growth at aCAGR of 6.5%between 2022 and 2027.The global M&A market saw a sizeable spike in 2021across all industries,leading many analysts to questionwheth
5、er such highs would be short-lived.Theirskepticism proved correct:early into 2022,broadermarket confidence deteriorated as several geopoliticaland macroeconomic events made headlines,includingpost-pandemic inflationary pressures,armed conflict inUkraine,broken supply chains,and central banks hikingi
6、nterest rates in an attempt to curb inflation.As a result,global M&A shrank 27%YoY between1H2021 and 1H2022.Enterprise Software M&A,defying macro trend,continues upwardBut M&A in the Enterprise Software sector hasremained remarkably robust.In fact,the sector sawtwo consecutive record-breaking half-y
7、ear periods in2H2021 and 1H2022,with deal volume growing over6%and total disclosed deal value increasing 16.5%.There are a host of reasons behind this,but two standout most obviously.Firstly,accelerating demand forcloud-based services was a prominent driver of M&A.Key players-Enterprise Software2|14
8、 Enterprise Software M&A Overview 2H 202226%31%39%41%40%40%43%36%0.0%10.0%20.0%30.0%40.0%50.0%60.0%-2502507501,2501,7502,2502000212022PE acquisitionsRunrateStrategic acquisitionsRunratePercent PEThe above graph covers the period between January 2015 and June 2022.Throughout thi
9、s Enterprise Software M&A report,median“trailing 30-month”multiples plotted in the graphs refer to the30-month period prior to and including the half year.M&A summaryShare of private equity deals shrinksPrivate equity acquisitions as a percentage of totalacquisitions have dropped to a six-year low,a
10、sinvestors have pulled back in 2022 prompted byhigher interest rates.This is a reversal of the previousthree-year trend whereby financial sponsors increasedtheir share of M&A activity compared to strategicacquirers.The figure averaged 41%between 2019 and2021,and dropped to 36%in 1H2022.Total number
11、of deals&valuation multiples in Enterprise Software per half-year,2015-2022Share of private equity deals per year, 561 617 499 565 528 647 642 708 657 598 857 749 953 1,015 3.6x3.8x3.6x3.6x3.5x3.5x3.5x3.6x3.9x4.0 x4.0 x4.1x4.7x5.0 x5.2x14.6x14.5x17.4x15.7x15.2x16.0 x16.7x16.6x17.6x17.5x1
12、7.0 x17.1x17.0 x17.4x20.3x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x-200 400 600 800 1,000 1,200 1,4001H 20152H 20151H 20162H 20161H 20172H 20171H 20182H 20181H 20192H 20191H 20202H 20201H 20212H 20211H 2022Total disclosed transaction value amounted to$153billion the second highest on record.The half-year a
13、lso saw median valuation multiplesincreasesharply:thetrailing30-monthrevenuemultiple grew to a record-breaking 5.2x,while thecorresponding EBITDA multiple shot up to anotherrecord of 20.3x,exceeding pre-pandemic levels.Transaction volume highest on recordThe first half of 2022 saw a frenzy of M&A ac
14、tivity inthe Enterprise Software sector,with a total 1,015deals recorded in the half-year.Comparing run-rate2022 to 2021,transaction volume grew 19%from1,702 deals in 2021 to a run-rate of 2,030 deals in2022.Meanwhile,deals in the space are growinglarger,with a total 19 transactions having closed at
15、over$1 billion in the half-year.3|14 Enterprise Software M&A Overview 2H 2022AcquirersAcquisitionsin 30 monthsThree most recent Enterprise Software acquisitions21TeamleaderTeamleader NVNVworkflow management SaaSManduMandu employee engagement and performance management SaaS WoffuWoffu Job OrganizerJo
16、b Organizertime and attendance optimisation and management SaaS20AlembaAlemba no-code ITIL-compliant IT service management SaaSSunrise Software Sunrise Software IT service management SaaSDataproDatapro Inc.Inc.AI-based integrated banking operations management SaaS19AnaplanAnaplan cloud-native busine
17、ss finance,supply chain,HR,performance managementSaaS Circle Cardiovascular Imaging Circle Cardiovascular Imaging AI-based cardiac imaging,reading and reporting SaaSUserZoomUserZoom Technologies Technologies customer analytics,research,and marketing automation SaaS15SyneticsSynetics configuration ma
18、nagement database and IT documentation management SaaSBizzdesignBizzdesign enterprise architecture and business process management SaaSBCS BCS HR and payroll management SaaS,APIs,and related mobile application15Property Suite New ZealandProperty Suite New ZealandCRM SaaS and related mobile applicati
19、onAngus Systems Group Angus Systems Group building operations SaaSBox and Dice HoldingsBox and Dice Holdingsreal estate CRM and ERP SaaS13AIM Computer SolutionsAIM Computer SolutionsERP,SCM,inventory and financial management SaaSFinartisFinartis wealth management ERP and CRM SaaSVertical Software In
20、c.Vertical Software Inc.accounting&inventory management SaaS12RLM Apparel Software Systems RLM Apparel Software Systems ERP,PLM,and financials management SaaSJET ERP Betriebsgesellschaft JET ERP Betriebsgesellschaft ERP and business process management softwareSystems Integration Trading Systems Inte
21、gration Trading ERP and manufacturing execution system SaaS12MinitMinit jsajsa AI-based data-driven business process mining SaaSTwo Hat Security Two Hat Security AI-based image,text and video content moderation API and SaaSClear Software Clear Software no-code business process management SaaSTop acq
22、uirers past 30 months The first half of 2022 saw Norway-based Vismagraduate to top acquirer with 21 deals closed over thepast 30 months,8 of which were inked in 1H2022.Visma has been expanding its geographic reach in theEMEA region,with its most recent targets operating inthe Benelux region,Spain,th
23、e Netherlands,and Peru.Canadian-based Volaris came a close second,with 20deals inked,focused mostly on acquiring EnterpriseApplication and Vertical Application targets.With 20 acquisitions through Volaris,parent companyConstellation Software is the second most acquisitivebuyer overall.Constellation
24、has been particularly activein the Enterprise Application segment and morespecifically,healthcarefocused targets.Thoma Bravo closed 19 deals,targeting firms acrossvarious software segments.Its purchase of businessplanning SaaS provider Anaplan for$10.7 billion is thefourth largest Enterprise Softwar
25、e deal in 2022 so far.4|14 Enterprise Software M&A Overview 2H 2022$61.0 billion$61.0 billion26 MayBroadcom acquires VMware at 5.3x revenue and 20.6x EBITDA$13.2 billion$13.2 billion31 JanVista Equity Partners acquires Citrix Systems at 5.2x revenue and 28.0 x EBITDA$13.1 billion$13.1 billion4 MayIn
26、tercontinental Exchange acquires Black Knight at 11.2x revenue and 24.8x EBITDA$10.7 billion$10.7 billion20 MarThoma Bravo acquires Anaplan at 17.6x revenue$9.5 billion$9.5 billion24 JunHellman&Friedman acquires Zendesk at 7.1x revenue$5.8 billion$5.8 billion11 AprKaseya acquires Datto Holding at 8.
27、9x revenue$3.2 billion$3.2 billion10 JanR1 RCM acquires Cloudmed$3.0 billion$3.0 billion06 JanStryker Corporation acquires Vocera Communications at 14.2x revenue$2.9 billion$2.9 billion25 MayTPG Capital acquires Covetrus at 0.9x revenueGlobal M&A frenzy in the Enterprise Software sector as the numbe
28、r of deals continue to increase in 2022Enterprise Software sector turning increasingly appealingfor acquisitive investors despite fears of an extended market slowdown SaaS-based recurring revenue streamsoffer acquirers ever-safer bets during a market downturnPrivate equity buyers reduce pace of acqu
29、isitions in Enterprise Software,reversing a three-year upward trend:financial buyers now represent only 36%of deal volume in 2022Western Europe emerges as the fastest growing region in 1H2022 in terms of deal volume number of M&A deals with targets in the region has grown an average of c.26%QoQRapid
30、 shift to M&A“friend-shoring”transactions between rival countries has dropped,meanwhile deals between allied countries has more than offset that impactLARGEST DISCLOSED DEALS OF 1H2022Top trends in Enterprise SoftwareVast majority of deals transacted at below$100mOnly 5%of Enterprise Software transa
31、ctions announced value above$100mWhile large transactions make the headlines,smaller deals constitute a majority of M&A activity5|14 Enterprise Software M&A Overview 2H 2022Data breakdown geography and subsector Headquarters of Enterprise Software targetsHeadquarters of acquirers of European targets
32、LAST 30 MONTHSIn the first half of 2022,38%of all Enterprise Softwaredeals targeted a firm in the Enterprise Applicationssegment.Meanwhile,around 17%of all deals targetedInformation Management companies.Regional divide amongst targets and their acquirers hasremained consistent with 63%of all targets
33、 over past30 months being North America-based.Europeantargets are mostly acquired by European acquirers.Enterprise ApplicationsEnterprise resource planning,desktop productivity,SCM,CRM andSalesforce automationBusiness Intelligence&Customer AnalyticsAutomation analysis,retail analytics,marketing busi
34、ness intelligence,social media listening&analyticsInformation ManagementDocumentmanagement,datamigration&warehousing,collaboration,capture&imaging,e-discovery,enterprise networkingVertical Applications*Software specific to the legal,automotive,financial,oil&gas,agriculture,insurance,education,transp
35、ortation,or healthcaresectorsInfrastructure ManagementApp lifecycle management,development tools,business processmanagement,integration,systems management,network and servervirtualisationDesign,Testing&SimulationBIM,CAD,manufacturer modelling,EDA,testing and simulation,visual effects&animation,3D pr
36、intingBreakdown of number of deals by subsector in 1H202238%17%16%15%8%6%Europe55%North America41%RoW4%Europe28%North America63%RoW9%*Targets in the Vertical Applications category represent providers of vertical-specific software.If a target meets this definition as well as the definition ofanother
37、category(i.e.,Enterprise Applications,Infrastructure Management,etc.),we have selected to categorise it as Vertical Application.6|14 Enterprise Software M&A Overview 2H 2022Subsector overviewThe Enterprise Applications subsector continues torecord the highest number of deals in the space,hitting a n
38、ew high in 1H2022 with 391 transactionsannounced.Total deal volume from the past 12-month period has surged 44%year over year.Theshare of financial buyers has dropped from 48%to40%in 2H2021 as private equity firms become moreselective amid rising financing costs.The sector hasalso attracted high-val
39、ue deals,with seven transactionsclosing at over$1 billion in the half-year alone.The trailing 30-month median revenue multiple camein at 5.3x,with 50%of deals showing a revenuemultiple between 1.9x and 8.5x.The lowest revenuemultiple disclosed was 0.4x,while the highest was23.3x.The trailing 30-mont
40、h median EBITDA multiplecame in at 21.7x.Subsector classificationThe Enterprise Applications subsector can be dividedinto the five segments below.Amongst these,non-HRERPremainslargestat29%ofallEnterpriseApplication deals.0.0 x10.0 x20.0 x30.0 x40.0 x50.0 x0 x10 x20 x30 x40 x50 xEnterprise Applicatio
41、ns23.3x0.4x38.7x2.0 x5.3x21.7xTrailing 30-month median revenue multipleTrailing 30-month median EBITDA multiple158 139 129 113 128 147 183 184 228 244 197 272 254 366 391 -50 100 150 200 250 300 350 400 4501H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H202244%u
42、plift44%uplift40%60%FinancialStrategic29%27%26%13%5%ERP-Non HRCustomer Relationship ManagementERP-HR ManagementSupply Chain ManagementOther7|14 Enterprise Software M&A Overview 2H 2022Enterprise Applications(cont.)ACQUIREDMay 2022Not disclosedACQUIREDApr 2022Not disclosedACQUIREDApr 2022Not disclose
43、dACQUIREDApr 2022Not disclosedACQUIREDMar 2022Not disclosedACQUIREDMar 2022Not disclosedACQUIREDMar 2022Not disclosedACQUIREDFeb 2022Not disclosedACQUIREDJan 2022Not disclosedHg-backedVismacontinuesshoppingspreeVisma a Norwegian provider of cloud-based ERPsoftware has made a total of 91 acquisitions
44、 and 12investments,mostly targeting providers of enterpriseapplications.In 1H2022 alone,Visma acquired 9companies in the enterprise applications category.Visma successfully sustained growth thanks to its stringof acquisitions and the increasing popularity of cloud-based software among businesses wor
45、ldwide.Thispopularity was turbo-charged by the pandemic asSMEs sought to manage their businesses remotely.Visma is now one of Europes largest softwarecompanies,and a dominant player within cloud-basedERPandpayrollsoftwareforEurope-basedbusinesses.Beyond ERP,the company has also invested in financean
46、d accounting tech,HRTech and more.For the mostpart,its recent targets were based in Western Europe(e.g.Spain,Belgium,Sweden,and the Netherlands)andSouth America(e.g.Peru and Argentina).In May 2022,Visma acquired Peruvian firm Mandu,expanding its HR product footprint across the LatAmregion.Mandu prov
47、ides employee engagement andperformance management SaaS for businesses in LatinAmerica.Vismas numerous acquisitions have led it to record2.1 billion of revenue and 590 million of EBITDA in2021,logging an impressive average growth rate of19%since 2006.The company owes much of itssuccess to its cloud-
48、based and recurring revenuestreams.In Q1 2022,83%of its revenue was recurringin nature.8|14 Enterprise Software M&A Overview 2H 20220 x5x10 x15x20 x25x30 x0 x5x10 x15x20 x25x30 xBusiness Intelligence&Customer Analytics 5.7x20.0 x0.1xTrailing 30-month median revenue multipleTrailing 30-month median E
49、BITDA multiple26.6x8.3x22.0 xAnaplan acquired by Thoma Bravo for$10.7 billioninMarch2022isaproviderofreal-timeperformancemanagementsoftwareandofferscomplex data analytics capabilities to produce insightsand assist business planning and decision making.Thedeal was transacted at a whopping 17.6x reven
50、ue,demonstrating that strong businesses in the sectorhave sustained healthy valuations and that some.acquirers appetite remainrobust.17%ofdealsinthesubsectorin1H2022wererelatedtoperformance analytics.60 56 72 45 73 51 58 67 83 66 66 101 104 151 168 -20 40 60 80 100 120 140 160 1801H20152H20151H20162
51、H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H202256%uplift56%upliftACQUIREDMar 2022$10.7 billionThoma Bravo signals continued interest in performance analytics SaaS with high profile acquisitionSource:GartnerSubsector overviewTheBusinessIntelligence&CustomerAnalyticssubsector h
52、as seen strong volume in the past 12months,reaching a record 168 deals in 1H2022.Valuation multiples in the space have also stayedstrong:the trailing 30-month median revenue multiplereached a new high of 5.7x with 50%of transactionsshowing a sales multiple between 2.9x and 10.2x.Meanwhile,the traili
53、ng 30-month median EBITDAmultiple came in at 22.0 x,with 50%of all dealsshowing an EBITDA multiple between 10.2x and23.2x.Ironically,such record levels of activity and pricing arepartially the result of recent market volatilities.AsCEOs strive to attain growth and maintain competitiveadvantage in an
54、 increasingly uncertain business climate,they are interested in capabilities that enable navigationand response to current disruption across all aspectsof the geopolitical environment,business,governmentand society.Acquisition of businesses with suchcapabilities has offered acquirers a quick fix to
55、manageuncertainties by guiding informed business decisionsthat are vital in the current market.9|14 Enterprise Software M&A Overview 2H 20220 x10 x20 x30 x40 x50 x0 x10 x20 x30 x40 x50 xInformation Management 36.4x0.4x4.5x51.3x7.4x13.2xIn May 2022,Class Technologies acquired Blackboard,provider of c
56、ollaborative virtual classroom SaaS,openAPIs,and related mobile application for businesses.Class Technologies facilitates learning programs viaZoom for over 1,750 institutions covering K-12,highereducation,andcorporatelearning&development teams worldwide.The acquisition isexpected to help meet the s
57、urging demand of onlinelearning for the next generation of learners.Class has raised capital in the form of debt and equityto finance the acquisition.The investors include thefollowing:For workforce technology vendors struggling toremediate various collaboration issues,the acquisitionofavisualcollab
58、orationtoolscompanymakesstrategic sense.With the trend in visual collaboration.growing in recent years,thereispotentialforM&A in this space thatcouldshakeuptheworkforcetechnologyindustry and elevate thestatusofimmersiveproductivitytoanessential element in theevolution of SaaS.Trailing 30-month media
59、n revenue multipleTrailing 30-month median EBITDA multiple142 118 116 79 131 97 115 123 138 107 93 149 156 159 160 -50 100 150 2001H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H2022ACQUIREDMay 2022Not disclosedVideo collaboration tools remain the need of the ho
60、urSubsectoroverviewThe information management segment continues toattract attention,with a stable 160 deals recorded inthe space in 1H2022.The trailing 30-month median revenue multiple stoodat 4.5x in 1H2022 and the highest multiple rose to36.4x.Most of the transactions were valued between2.1x and 9
61、.7x.The trailing 30-month median EBITDA multiple camein at 13.2x,with 50%of all deals announced being inthe 8.5x to 21.2x range.The lowest EBITDA multipledisclosed was 7.4x,while the highest was 51.3x.10|14 Enterprise Software M&A Overview 2H 20220 x10 x20 x30 x40 x50 x0 x10 x20 x30 x40 x50 xVertica
62、l ApplicationsTrailing 30-month median revenue multipleTrailing 30-month median EBITDA multiple16.3x0.3x4.3x40.4x4.6x17.1x142 155 191 181 144 157 181 163 163 144 156 210 120 109 152 -50 100 150 200 2501H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H202239%uplift
63、39%upliftHealthcareverticalsoftwarepersistsasthecategory with highest M&A activity consistent withprior quarters.An increasingnumberdeals targethospitalitysoftware amid a gradual return to pre-pandemicconsumer behaviour.Investment&Finance verticals have also regainedmomentum following a slowdown in
64、2H2021.Increasing number of deals in the educationsubvertical including Veritas Capitals acquisition ofHoughtonMifflinHarcourtpublisherofeducational software for$2.7 billion.The dealhighlights the swift transition to digital learning.The 1H2022 period saw the following movements across the Vertical
65、Applications categories:Healthcare22%Education15%Finance&Investment15%Hospitality5%Other43%Transaction Count Breakdown2822766HealthcareEducationFinance&InvestmentHospitalityOtherTransaction Count Comparison2H20211H2022SubsectoroverviewEnterprise Software M&A has seen an increasingnumber o
66、f deals in the Vertical Applications space(i.e.,providers of vertical-specific software)in 2022.Thesegment is regaining ground after a pandemic-inducedslowdown.It saw 152 transactions in 1H2022,a 39%jump over the prior period.The trailing 30-month median revenue multiple stood.at 4.3x,with 50%of all
67、 deals announced being in the2.1x to 6.7x range.The lowest was 0.3x,while thehighest was 16.3x.The trailing 30-month median EBITDA multiple was17.1x,with majority of all disclosed multiples being inthe 8.8x to 21.4x range.The lowest was 4.6x,whilethe highest was 40.4x.11|14 Enterprise Software M&A O
68、verview 2H 2022Vertical Applications(cont.)patientvolumesandancillary Covid-19 costs.As a result,healthcareproviderssoughttostrengthentheirRCMplatformstocushionagainstfuturefinancialsetbacks by scooping up.ACQUIREDJan 2022$3.2 billionACQUIREDMay 2021$300 millionACQUIREDJun 2020$30 millionRCM busines
69、sSubsectoroverviewIn January 2022,R1 RCM acquired Cloudmed,aproviderofAI-basedautomatedrevenuecyclemanagement(RCM)and data-driven insights SaaS forhealthcare businesses in the US.The acquisition of Cloudmed positions R1 RCM as atop player in the healthcare RCM market,which isundergoing significant t
70、ransformation driven by thepandemics effect on hospital finances as well asindustry players evolving focus on discovering revenuestreams from telehealth.According to the American Hospital Association,UShealth institutions logged c.$203 billion of losses in thefirst few months of the pandemic alone a
71、mid low.HealthcareRCMproviderbecomesmarketleaderthroughstrategicacquisitionstechnology tools such as ones currently offered byR1/Cloudmed.The acquisition builds on a string of R1 RCMsstrategicinvestmentsindigitalhealthproviders,covering different aspects of RCM.The acquisitionsinclude:MayMay20212021
72、:Acquireddigitalhealthpaymentsplatform VisitPay for$300 million.The deal gaveR1 RCM a platform that streamlined the healthcarefinancial experience for consumers.JunJun 20202020:Acquired electronic health record giantCerners RCM business for$30 million.12|14 Enterprise Software M&A Overview 2H 20220
73、x5x10 x15x20 x25x30 x0 x5x10 x15x20 x25x30 xInMay2022,Broadcomacquiredvirtualisationpioneer VMware for$61 billion in a cash and stocktransaction.VMware is a San Francisco-based cloudcomputing and virtualisation technology company.The acquisition places Broadcom as the fifth largestsoftware vendor wo
74、rldwide.The new entity isexpectedtoprovideenterprisecustomersanexpanded platform of critical infrastructure solutions,allowing them to seamlessly innovate and addresscomplex IT infrastructure problems.Enterprise automation and edge computing are bothnotable trends in the space.33%of transactions fro
75、mfromthepast6months intheInfrastructure.Management category were related to enterpriseautomationcapabilities.Meanwhile,theAIedgecomputing market share is expected to grow at aCAGR of 20%,growing to a$14 billion market by2026.Infrastructure Management 25.6x1.2x5.2x28.0 x6.1x12.8xTrailing 30-month med
76、ian revenue multipleTrailing 30-month median EBITDA multiple73 66 87 64 66 54 72 75 69 67 53 83 74 108 85 -20 40 60 80 100 1201H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H202223%uplift23%upliftBroadcom acquires VMware logging the largest software acquisition
77、in historyACQUIREDMay 2022$61 billionKeyplayersinedgecomputing include:Source:Technavio 2022SubsectoroverviewTheInfrastructureManagementsegmenthasexperienced a slight jump in the number of deals inthe past 12 months,with 193 transactions recorded inthe previous 12 months(a 23%uplift YoY)and 85transa
78、ctions recorded in 1H2022.The trailing 30-month median revenue multiple camein at 5.2x,with 50%of all deals announced being in.the 4.0 x to 10.8x range.The lowest revenue multipledisclosed was 1.2x,while the highest was 25.6x.The trailing 30-month median EBITDA multiple roseto 12.8x from previously
79、11.1x,with majority of alldeals being in the 8.6x to 18.8x range.The lowestrevenue multiple was 6.1x,while the highest was28.0 x.13|14 Enterprise Software M&A Overview 2H 20220 x5x10 x15x20 x25x0 x5x10 x15x20 x25xUpland Software acquired Canadian-based ObjectifLune in January 2022 for$34 million.The
80、 targetprovides document design and production softwareand related SaaS for businesses across a range ofsectors worldwide.With the acquisition,Upland Software expanded itsglobal document workflow product library by addingthe capability to modernize complex,paper-baseddocuments for large-volume print
81、 production as well.as automated delivery across web,email,and mobileplatforms.Design,Testing&Simulation16.1x1.3x6.3xACQUIREDJan 2022$34 millionObjectifLuneenablesbusinessestoundergodocumentdigitaltransformationwithoutrequiringthemtocompletelyoverhaultheir legacy systems.Trailing 30-month median rev
82、enue multipleDigital transformation for many businesses require efficient integration with legacy systems22 27 22 17 23 22 38 30 27 29 33 42 41 60 59 -10 20 30 40 50 60 701H20152H20151H20162H20161H20172H20171H20182H20181H20192H20191H20202H20201H20212H20211H202243%uplift43%upliftInsufficientEBITDA-mu
83、ltipledatapoints for thissubsectorTrailing 30-month median EBITDA multipleSubsector overviewM&A in the Design,Testing&Simulation segmentsurged in the past 12 months,with total deals seeing a43%climb year over year.Total deals in 1H2022 haveremained stable relative to its prior period,whileclocking h
84、igher valuation multiples.The trailing 30-month EV/S multiple has reached a new high of 6.3xwith 50%of all disclosed revenue multiples rangingbetween 3.9x and 7.9x.Record-high activity in recent quarters is explained bycompaniesincreasingtransitiontowardstotalsimulation and digital testing in the fa
85、ce rising costs of.testingwithphysicalprototypes.Recentmacroeconomic issues such as high inflation anddysfunctional supply chains worldwide have onlyexacerbated this obstacle.Furthermore,as per the Institute of MechanicalEngineers,technological innovations such as electricvehicles,5G connectivity,hi
86、gh-performance cloudcomputing,Artificial Intelligence,IoT,etc.pose seriousengineering and design challenges,therefore increasingdemand for quick and flexible testing and simulation.14|14 Enterprise Software M&A Overview 2H 2022SelectionofHampletonEnterpriseSoftwaretransactionsAboutHampletonPartnersH
87、ampleton Partners is at the forefront of international mergers and acquisitions advisory for companies with technology at their core.Hampletons experienced deal makers have built,bought and sold scores of fast-growing tech businesses and provide hands-on expertise and unrivalledinternational advice
88、to tech entrepreneurs and the companies who are looking to accelerate growth and maximise value.With offices in London,Frankfurt,Stockholm and San Francisco,Hampleton offers a global perspective with sector expertise in:Autotech&Mobility,IoT,AI,Fintech,Insurtech,Cybersecurity,VR/AR,Healthtech,Digita
89、l Marketing,Enterprise Software,IT Services,SaaS&Cloud and E-Commerce.Miro ParizekPrincipal PStandardised and individual solutions against financial and white-collar crime and for risk management and monitoring,analysis,and reporting.acquired byConclusion&contactsDigital banking software for retail,
90、corporate and investment management banks in Central and Eastern Europemerged intobacked byacquired byComponent content management system and services for technical documentation,collaboration and delivery software.acquired byData visualisation SaaS allowing personalisationof a visual value proposit
91、ion for life science companies.acquired byZero-loss archiving and backup solutions for mission-critical data in the healthcare,public sector and industrial verticals in Germany acquired byGlobal software company offering an AI,NLP-based knowledge management and self-service cloud-native platform.acq
92、uired bybacked byLeading provider of SAP cybersecurity and access governance software targeting national SMEs and international blue-chip customersLeading holistic omnichannel digital commerce software solutions provider in the DACH regionraised growth capital fromInterestingly,Enterprise Software M
93、&A has maintained its record levels ofactivity and high valuations during these turbulent times.Deal-making inEnterprise Software has been particularly robust in 2022 thus far:we trackedover 1,000 acquisitions with a total disclosed value of$153 billion,the secondhighest amount for a 6-month period
94、we have on record.Inflation,talent resourcing challenges,encroaching competition from tech giantsand scaled up roll ups are putting pressure on smaller vendors in their nichesectors.Many are using the attractive M&A market in Enterprise Software to sellto a trade buyer,merge or partner with a privat
95、e equity player to defend orestablish leadership positions on a global scale.Financial sponsors have billions ofof investor monies waiting for investment and although their activity has gone down as a percentage share,it isstill stable at a level of nearly 400 transactions in the first half year per
96、iod of the year.At the same time,strategicbuyers have accelerated their dealmaking pace significantly in 2022 driving the significant increase in deal volumeacross virtually all enterprise software subsectors.Perhaps different than many may have expected,the Enterprise M&A market is very attractive
97、now for sellers.The report investigates the trends,deal drivers and market dynamics behind the hyperactivity in EnterpriseSoftware M&A so far this year.Hampleton provides independent M&A and corporate finance advice to owners of Autotech&Mobility,Internet,IT Services,Digital Commerce,and Softwarecom
98、panies.Our research reports aim to provide our clients with current analysis of the transactions,trends and valuations within our focus areas.Data Sources:We have based our findings on data provided by industry recognised sources.Data and information for this publication was collated from the 451 Re
99、search database,a division of The 451 Group.For more information on this or anything else related to our research,please email the address provided below.Disclaimer:This publication contains general information only and Hampleton Ltd.,is not,by means of this publication,rendering professional advice
100、 or services.Beforemaking any decision or taking any action that may affect your finances or your business,you should consult a qualified professional adviser.Hampleton Ltd.shall not beresponsible for any loss whatsoever sustained by any person who relies on this publication.2022.For more informatio
101、n please contact Hampleton Ltd.Hampleton produces regular reports on M&A activity in the following sectorsHampleton produces regular reports on M&A activity in the following sectorsHR TechInsurtechIT&Business ServicesAR/VRArtificial Intelligence Autotech&MobilityCybersecurityDigital CommerceEnterprise SoftwareFintechHealthtechYou can subscribe to these reports at http:/ FranciscoFollow Follow HampletonHampleton