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1、Technology GroupData Infrastructure and Analytics SoftwareQUARTERLY REPORT|Q4 2022The Houlihan Lokey Team Focusing on Data Infrastructure and Analytics SoftwareData Infrastructure and Analytics Software Team*Selected transactions were executed by Houlihan Lokey professionals while at other firms acq
2、uired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Tombstones included herein represent transactions closed from 2013 forward.Walid KhiariManaging DirectorRyan GillisVice PresidentRyan LettVice PresidentSoftware Global LeadershipFinancial SponsorsHoulihan Lokey i
3、s a preeminent advisor in data infrastructure and analytics software,with deep knowledge in the field and extensive experience advising on M&A and capital-raising transactions.2Project DennisStrategic sale of a leading,proven data security and privacy software platformIn ProcessSellside AdvisorProje
4、ct PlatformCompleted Series D Funding Round for an intelligent workspaces and developer platformClosedSellside AdvisorRegional CoverageBroader Infrastructure Software TeamVik PanditGlobal Head,Infrastructure SoftwareAli MasoudVice PresidentDaniel LiuAssociateAli VandebuntAnalystTodd CarterChairman o
5、f Global TechnologyRob LouvManaging Director and Chairman of U.S.TechnologySascha PfeifferManaging Director and Head of European TechnologyIdo ZakaiManaging DirectorNir IsraelVice PresidentRaiko SteltenManaging DirectorRaymond FrjdManaging DirectorFritz EberhardtAssociateKevin SalminiManaging Direct
6、or,Head of Private Equity CoverageAndrew MorrowManaging Directorhas raised$80 million equity financing from andFinancial Advisor*has received an equity investment fromFinancial Advisor*has received a minority investment fromFinancial Advisor and Placement Agenthas been acquired bySellside Advisora s
7、ubsidiary ofhas been acquired bySellside Advisorhas received a Series C growth equity investment of 20,000,000 from Financial Advisorhas raised$104,000,000 in Series D equity financingFinancial Advisor and Placement AgentMarket Leader in Data Infrastructure and Analytics Software:M&A and Capital Rai
8、singWe have unmatched transaction experience in data infrastructure and analytics software.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Tombstones included herein r
9、epresent transactions closed from 2013 forward.Government AnalyticsWeb-Based BITalent AnalyticsCustomer AnalyticsDigital Marketing andE-Commerce AnalyticsLicense and Content AnalyticsMarketing and Call AnalyticsTime and Attendance AnalyticsCEM AnalyticsE-Commerce AnalyticsMarket and Cost AnalyticsLi
10、fe Science IntelligenceReal Time AnalyticsCEM AnalyticsDigital Marketing and E-Commerce AnalyticsMaster Data Management Software BI/Analytics SoftwareRelational Database Management SoftwareIn past 12 monthshas received an investment fromHG CapitalSellside Advisor*Broking Analysis and Claims Manageme
11、nta portfolio company ofHG Capitalhas been acquired byVerisk AnalyticsSellside Advisor*has been acquired byVerisk AnalyticsSellside Advisor*has raised$104,000,000 in Series D equity financingFinancial Advisor and Placement Agenthas been acquired bySellside Advisorhas received a minority investment f
12、romFinancial Advisor and Placement AgentCEM Analytics$33,000,000Series E Preferred Stock and Term LoanLed by:With participation from:Placement Agenthas been acquired bySellside Advisora portfolio company of has been acquired by Financial Advisora subsidiary ofhas been acquired bySellside AdvisorReta
13、il Analyticshas received a significant growth investment fromFinancial Advisorhas been acquired bySellside Advisor*has raised$80 million equity financing from andFinancial Advisor*Public Sector Case Managementhas been acquired by Sellside Advisorhas been acquired bySellside AdvisorSeries E Convertib
14、le Preferred StockLed by:With participation from existing investors:Apex Venture Partners,SSM Partners,Origin Ventures,River Cities Capital Funds,and I2A Fund$30,000,000Placement Agenthas been acquired bySellside Advisorhas been acquired bySellside Advisorhas been acquired bySellside Advisorhas been
15、 acquired bySellside Advisor*has received an equity investment fromFinancial Advisor*has been acquired bySellside Advisor*Project Dennisstrategic sale of a leading,proven data security and privacy software platformIn ProcessSellside AdvisorData Privacy Software3Project PlatformCompleted Series D Fun
16、ding Round for an intelligent workspaces and developer platformClosedSellside AdvisorIntelligent Workspaces and Developer Platformhas received a Series C growth equity investment of 20,000,000 from Financial AdvisorEnterprise Performance Management SoftwareHoulihan Lokeys Tech M&A Team Is No.1 Globa
17、lly With Unparalleled Reach 14LOCATIONSWORLDWIDE200+TECHNOLOGY BANKERS40+MANAGINGDIRECTORS116+TECHNOLOGY DEALS IN CY22No.1GLOBAL TECH M&A ADVISOR*Asia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyoEurope and Middle EastAmsterdamDubaiFrankfurtL
18、ondonMadridManchesterMilan Munich ParisStockholmTel AvivZurichNorth AmericaAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Local Technology team *According to data provided by Refinitiv.Excludes accounting firms and brokers.4Houlihan Lokey Is the Trust
19、ed Advisor to More Top Decision-Makers Than Any Other Independent Global Investment BankNo.1Global M&A Advisor Under$1 Billion1,500+Transactions Completed Valued atMore Than$3.0 Trillion CollectivelyLeadingCapital Markets AdvisorNo.1Global Restructuring AdvisorNo.1Global M&A Fairness OpinionAdvisor
20、Over the Past 25 Years*1,000+Annual Valuation Engagements2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild3693JP Morgan2174Lazard2065Goldman Sachs203Source:Refinitiv.Excludes accounting firms and brokers.2022 M&A Advisory RankingsAll Global Techno
21、logy TransactionsAdvisorDeals1Houlihan Lokey1162Goldman Sachs1063Morgan Stanley794Rothschild765JP Morgan75Source:Refinitiv.Excludes accounting firms and brokers.*Source:Refinitiv.Announced or completed transactions.5Key Trends in Data Infrastructure and Analytics Software Traditional data warehouse
22、architectures were ideal for historical data analysis“What is happening now?”class of queries becoming more important;examples include in-app personalization,churn prediction,inventory forecasting,and fraud detection Cloud-native storage platforms built on new and emerging architectures,such as clou
23、d data warehouses,cloud data lakes,and cloud lakehouses,providing performant and easily scalable solutions Enterprises moving away from on-premise data warehouses toward cloud native data warehouses,data lakes,and data lakehousesRise of product-led growth becoming a key GTM for companies in the mode
24、rn data stackNeed for real-time data and operational analytics driving streaming pipelinesThe evolution of data storage and data warehouses Software for streaming(real-time)data and operational analytics becoming critical as enterprises start focusing on real-time data Changing GTM for companies in
25、this sector from direct/channel-based sales to product-led growth(PLG)Usage-based pricing,open source,and the affordability of software have pushed purchasing decisions to the end users Cloud marketplaces via AWS,GCP,and Azure are emerging as the best first step as businesses evolve toward the futur
26、e of digital selling Abundance of infinitely scalable cloud computing,serverless cloud services,and turnkey cloud-native integration tools foster a healthy and rich ecosystem to address enterprise data management needs Increasing number of companies are investing in real-time infrastructure as they
27、go from being data-driven(making decisions based on historical data)to becoming data-led(making decisions based on real-time and historical data)It is becoming a norm for developer tooling companiesincluding startups in the modern data stackto deploy different levels of PLG motions(free/freemium/fre
28、e trial version of the product)TrendsRepresentative Companies DriversDescriptionImplications6Key Trends in Data Infrastructure and Analytics Software(cont.)Supports distributed,domain-specific data consumers and views“data as a product,”with each domain handling their own data pipelines The tissue c
29、onnecting these domains and their associated data assets is a universal interoperability layer that applies the same syntax and data standards Enterprises need Master Data Management and catalog solutions to centrally define,access,and govern that data without running into chaos Helps organizations
30、discover,understand,and consume data better while serving as a single source of truth for any data item Distributed architectures,domain-specific data pipelines necessitate a metadata and management and governance layerData mesh architectures gaining importanceNeed for metadata management and data c
31、atalog software to create a central definition of data attributes New philosophy of decentralizing data pipelines and data stewardship by LOB/domain/data consumer within an enterprise These Master Data Management and data catalog software tools provide a centralized data ontology across the enterpri
32、se and/or line of business and are usually managed by data stewards within the enterprise This tissue is typically called a“data mesh”TrendsRepresentative Companies DriversDescriptionImplications7Increased Emphasis on Building Data Infrastructure to Support a High-Quality,Consistent Input of Data fo
33、r Front-End Analytics/ApplicationsSources:Industry and WallStreet Research.8 8Analytics/InsightsDataINTEGRATIONPREPARATION,TRANSFORMATION,AND MANAGEMENTANALYTICS AND VISUALIZATIONCloud platformsBig data(e.g.,NoSQL,Hadoop)Legacy mainframeDatabasesSocial mediaIoT devicesData lakes/warehousesApplicatio
34、ns(e.g.,SAP,Oracle,Salesforce,etc.)AdaptersAdapters can connect to any source(e.g.,application databases,servers,apps,social media,IoT devices,etc.)across any deployment model(e.g.,cloud vs.legacy mainframe)in real timeAnalyticsPredictive analyticsStatistical analysisLocation analysisAutomated insig
35、htsVisualization/ConsumptionGraphs/dashboardsOEM/SI built appsEmbedded custom appsMobileData is processed through various analytical solutions and then transformed into business insights and communicated via visualization platforms While these vendors may offer some limited integration/cleaning func
36、tionality,their primary focus is on analyticsProfilingMappingCleaningMergingMasteringGoverningIncoming data is integrated into a Canonical Information Model to optimize data quality;consumption layer is harmonized for reporting and analyticsEnd-to-End Enterprise SolutionsA Core Set of Shifts Are Dri
37、ving the Modern Data Infrastructure Architecture Forward9 9Overview of Architectural ShiftsArchitectural ShiftDescriptionExamplesOn PremCloud Data WarehouseData warehouses are moving to the cloud with increased flexibility,scale,and ease of useallowing any company to be a data companyHadoopNext-Gen
38、Data LakesData lakes and related systems are becoming more performant and reliable,adding RDBMS-like features,ACID transformations,and interactive SQL queriesETL(Extract,Transform,Load)ELT(Extract,Load,Transform)Brittle ETL processes(extract-transform-load)are being replaced with more flexible and c
39、onsistent ELT pipelines(extract-load-transform)Workflow ManagerDataflow AutomationDataflow automation systems are helping to orchestrate thousands of data pipelines with a cleaner abstraction and modern executor integrationsAnalyst TeamsSelf-Serve InsightsReporting,dashboarding,and automated analysi
40、s tools are becoming more available to non-technical usersEndpoint ProtectionGlobal Data GovernanceData security and privacy measures(e.g.,access controls)are increasingly becoming centralized on the data platform as use of data is increasingly regulated and user endpoints are harder to protectData
41、infrastructure is also subject to broad architectural shifts in software(e.g.,move to cloud,open source,SaaS,etc.)Sources:Industry and WallStreet Research.0 x2x4x6x8x10 x12xMar-20 May-20Jul-20Sep-20 Nov-20Jan-21 Mar-21 May-21Jul-21Sep-21 Nov-21Jan-22 Mar-22 May-22Jul-22Sep-22 Nov-22Jan-23Enterprise
42、SoftwareData Management SoftwareAfter a Period of Trading at Attractive Multiples,the Sector Has Seen a Significant PullbackThree-Year Relative PerformanceEV/NTM Revenue MultipleNote:Trading multiples based on share price,other market data,and broker consensus future earnings estimates from S&P Capi
43、tal IQ as of February 27 2023;excludes MariaDB due to limited public trading history.(1)Low Growth:SUMO,PLTR,BASE,SPLK,AYX,INFA,ORCL,TDC,MSTR;comparable companies with a 2023E revenue growth rate greater than 20%as of February 27,2023.(2)High Growth:SNOW,CFLT,MDB,ESTC;comparable companies with a 202
44、3E revenue growth rate less than or equal to 20%as of February 27,2023.(3)Enterprise Software:CRM,SHOP,WDAY,CSU,PAYC,CDAY,PCTY,ZEN,MNDY,SGE,MANH,SMAR,DSG,ZD,PLAN,WK,PYCR,SPSC,MSP,ESMT,AVDX,EXFY,TNE,BIGC,AI,ENGH,VTEX,WKME,UPLD,AMSW.A,OPRA,BNFT,SNCR,SREV,PCYG.(4)Data Management Software:SNOW,MDB,AYX,S
45、PLK,ESTC,PLTR,SUMO,BASE,INFA,ORCL,MSTR,TDC,CFLT.(1)(2)(3)(4)1010-50%0%50%100%150%200%250%Mar-20 May-20Jul-20Sep-20 Nov-20 Jan-21 Mar-21 May-21Jul-21Sep-21 Nov-21 Jan-22 Mar-22 May-22Jul-22Sep-22 Nov-22 Jan-23NASDAQLow GrowthHigh Growth26.8%23.8%18.6%9.4%8.8%8.1%5.1%NMNMNMNM45.4%24.5%17.9%15.3x8.7x8.
46、0 x6.6x5.3x4.7x4.3x3.9x3.6x3.4x3.2x10.7x6.2x2.4x46.9%30.0%25.7%20.6%19.7%16.8%15.7%15.5%15.5%15.4%4.9%12.3%1.5%1.4%Valuations for Modern Data Management Software Have ResetNote:Trading multiples based on share price,other market data,and broker consensus future earnings estimates from S&P Capital IQ
47、 as of February 27 2023;“NM”if margins are negative.(1)MariaDB revenue and EBITDA reflect CY 2022A figures due to limited projection data.(2)2022A2023E revenue growth rate reflects Q1 22/Q1 21 growth rate.(3)Sumo Logic enterprise value as of February 8,2023,before the announced acquisition by Franci
48、sco Partners.2023E EBITDA MarginLegacy Data Management Software2022A2023E Revenue GrowthMedian 4.7xEV/2023E Revenue MultipleMedian 6.2xLegacy Data Management SoftwareMedian 16.8%Median 1.5%Legacy Data Management SoftwareMedian 8.5%Median 24.5%Modern Data Management SoftwareModern Data Management Sof
49、twareModern Data Management Software1111(3)(1)(1)(3)(3)(2)0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x(40.0%)(20.0%)0.0%20.0%40.0%60.0%80.0%EV/2023E Revenue2022A2023E Revenue Growth+2023E EBITDA MarginR2=0.410.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 x0.0%20.0%40.0%60.0%80.0%EV
50、/2023E Revenue2022A2023E Revenue GrowthR2=0.83Public Markets Value Software on Both Revenue Growth and EBITDA MarginsRevenue GrowthRevenue Growth+EBITDA MarginSource:S&P Capital IQ as of February 27,2023.(1)Sumo Logic enterprise value as of February 8,2023,before the announced acquisition by Francis
51、co Partners.1212(1)(1)HeadquartersRedwood City,CAFounded2012DescriptionDeveloper of an enterprise collaborative data platform designed to find,understand,and use the right data.Its software suite includes solutions for self-service analytics,data governance,and cloud migration,with more than 25%of a
52、ll Fortune 500 companies on the Alation platform.Select Current InvestorsTransaction in Focus:Alations Series E Capital RaiseSources:PitchBook,company website,press releases.Transaction OverviewSolution OverviewSelect Deal CommentaryAlation Overview On November 2,2022,Alation Inc.announced its$123 m
53、illion funding round led by Thoma Bravo,Sanabil Investments,and Costanoa Ventures.The company intends to use the funds to enhance its product-focused research and development,drive further acquisitions,create innovative new product offerings,expand its global workforce,and augment its software platf
54、orm to allow customers to take advantage of their data assets immediately.This latest funding round values the company at more than$1.7 billion.“We raised$123 million because we wanted to continue to invest and give our customers the world-class data intelligence experience they deserve.With a chall
55、enging economic outlook,companies are looking to their data for direction,to drive operational efficiencies,and gain or maintain a competitive advantage.Alation makes that happen consistently,with clients increasing their spend year over year.This latest funding round will help us go even faster so
56、more organizations can harness the power of their data and convert this wealth of information into usable,trusted insights.”Satyen Sangani,Co-Founder and CEO,AlationSeries ELed by$123M Equity RaisedAlations platform allows for intelligence,collaboration,guided navigation,active governance,and connec
57、tivity across enterprises.DevOpsData GovernanceSelf-Service Business IntelligenceCloud TransformationDigital TransformationPrivacy,Risk,and ComplianceMetadata Management13DateTargetLead Investor(s)SubsectorLast RoundPost Valuation ARRMultiple12/6/2022Database Management$250$2,000NA12/1/2022Database
58、Management$22$220NA11/14/2022Data Analytics$35$175NA11/2/2022Data Catalog$123$1,750NA10/17/2022Data Protection as a Service$53NANA10/13/2022Data Management$64$169NA9/21/2022Data Management$26$73NA9/1/2022Nebulous,Database Management$50$128NA8/7/2022Data Analytics$146NANA7/14/2022Data Storage$100NANA
59、6/22/2022Master Data Management$150NANA6/15/2022NoSQL Database$115$1,715NA6/8/2022Data Governance$100$950NA5/24/2022Data Observability$150$2,450NA5/18/2022Enterprise Search$100$1,000NA5/17/2022Streaming Database$100$1,115NA5/11/2022Open-Source Database$210$3,200NA4/5/2022Data Catalog$50$350NA3/23/20
60、22Data Orchestration$213$1,350NA2/22/2022Open-Source Database$109$1,000NA2/2/2022Open-Source RDBMS$104$67212x2/1/2022Data Analytics$250$3,350NA1/18/2022Data Analytics$160$2,160NA12/16/2021Open-Source Database$278$5,380NAFew Capital Raises in the Sector Relative to Q2 and Q3 2022($in Millions)Source:
61、PitchBook;“NA”indicates not publicly available.Notable TransactionsKey TakeawaysQ4 202214 The valuation backdrop of the market and investor focus on a path to profitability has dampened the pace of capital raising in the sector Continued interest in financings for cloud-ready data management compani
62、es built on modern tech stacks Investor belief in the massive market for data integration and management14DateAcquirerTargetSubsectorEV EV/Rev12/15/2022Data Management SaaSNANA12/8/2022Data Analytics and BI Consulting Services$59NA12/7/2022Data Management SaaSNANA11/28/2022Data Catalog and Process A
63、utomation SaaSNANA10/5/2022Observability and Log AnalyticsNANA9/30/202216.3%ofData Management Software$1982.3x9/13/2022Data Science and Analytics SaaS$100NA7/6/2022Data ObservabilityNANA2/28/2022DataOps Platform$59116.9x2/22/2022Data Engineering Platform$224NA11/29/2021Cloud Management SaaS$5,400 4.
64、9x9/20/2021Data Integration$700 20.0 x6/1/2021Data Management$5,300 6.4x5/2/2021iPaaS$4,000 16.0 x4/7/2021Data AnalyticsNANA3/10/2021Data Integration$2,4008.3x10/13/2020Data Management$75 NA10/7/2020Data Integration and Management$250 1.7x9/14/2020Data Analytics$44 14.7x8/25/2020Data Management$5,00
65、0 10.2x2/27/2020Data Analytics$188 5.9x8/21/2019Data Analytics and Monitoring$1,050 21.0 x6/10/2019Data Visualization$15,542 12.6x6/6/2019Data Analytics$2,600 28.9x12/4/2018Master Data Management$140 4.0 xM&A Activity Was Muted,With a Focus on Smaller Tuck-insNotable Transactions($in Millions)Source
66、s:PitchBook,S&P Capital IQ,451 Research;“NA”indicates not publicly available.Q4 20221515Having originally started as a data catalog,Alation has evolved into an enterprise data intelligence platform.Through this acquisition,Altair will strengthen its end-to-end analytics portfolio by adding RapidMine
67、rs cloud platform,bringing scale and efficient governance to its offerings./September 2022November 2022/Representative TransactionsOctober 2021/2023 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent of
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77、ritten,and this information is subject to change.Any forward-looking information and statements contained herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,or impl
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