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1、Important disclosures appear at the back of this report GP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA Global Software Market Perspectives Q2 2019 2 Software Perspectives Executive Summary GP Bullhound is a leading technology adv

2、isory and investment firm, providing transaction advice and capital to category leaders with a robust focus on Software globally We publish this quarterly SaaS market report to provide quantitative insights into public and private market valuations across the transaction spectrum and qualitative ins

3、ights into company business models, technology and customer trends We also feature many of the leading SaaS companies several of our recent Software advisory transactions and investments are showcased below Significant Investment from Sold toInvestment from Sold to Investment fromInvestment fromInve

4、stment fromInvestment from 3 Key Sector Takeaways Recent Software Transaction Trends Public Market SaaS Analyses SaaS CEO Commentary Appendix A: GP Bullhound SaaS Index 1 2 3 4 6 8 Appendix C: GP Bullhound Software Report Overview, Software Credentials however, formal higher education and advanced t

5、raining programs are costly and time-consuming Online learning platforms offer on-demand and low-cost alternatives. Compared to traditional classrooms, online learning provides access to a greater variety of courses that enable job seekers to design a curriculum that is tailored for their specific n

6、eeds The demand for convenient and low-cost education has also attracted substantial capital investment as businesses rethink the development of their human capital and employee job satisfaction Cloud pricing is complex, and companies struggle to effectively address their own compute resource needs

7、under current cloud pricing models. This has resulted in a significant amount of wasted cloud spend due to idle or overprovisioned cloud resources As a result, managing cloud spend has rapidly become one of the primary pain points and top priorities for businesses as reliance on cloud services conti

8、nues to increase Third-party automated cloud management platforms have entered the market to meet this demand. They promise enhanced visibility into businesses cloud spend and resource utilization, allowing IT managers to optimize their cloud strategy and reduce unnecessary spend Accelerating cloud

9、spend in the enterprise 6 EV: $750m EV/19 E Rev: 8x Deal Date: 5/22/2019 EV: $121m EV/ 18A Rev: 4x Deal Date: 6/3/2019 EV: $1.7bn EV/ Rev: 11x Deal Date: 4/30/2019 Capital raised: $291m EV/ Rev: N/A Deal Date: 5/16/2019 EV: N/A EV/ Rev: N/A Deal Date: 5/31/2019 EV: N/A EV/ Rev: N/A Deal Date: 6/4/20

10、19 8 Key Sector Takeaways Recent Software Transaction Trends Public Market SaaS Analyses SaaS CEO Commentary Appendix A: GP Bullhound SaaS Index Appendix B: Software Public Comparables by Category 1 2 3 4 6 7 8 Appendix C: GP Bullhound Software Report Overview, Software Credentials Microsoft elected

11、 to buy GitHub in an all stock deal which atypical for a company with that large of a balance sheet Adobes acquisitions of Marketo for $4.8bn in all cash and Salesforce acquisition of Mulesoft utilizing $4.9bn in cash of a $6.4bn total deal value; Salesforce large splash deal for Tableau although no

12、t accounted for in the figures below is notable. Significant uptick in both share buybacks and a decrease in deleveraging, the former up 13% YoY and the latter down 5% YoY respectively R showing the robustness of the current market environment 6/30/2019 16 Public SaaS Metric Benchmarking Investors a

13、re increasingly focused on KPIs outside of revenue as they evaluate business models Source(s): CapitalIQ, SEC Filings (1) CY19E / CY18A (2) S however, they have not been independently verified and are not guaranteed as being accurate. The information contained in this research report is not intended

14、 to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by GP Bullhound LLP, its members, directors, officers, employees, agents or associated undertakings in relation

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16、d is not intended to serve as, and must not be relied upon as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Any and all opinions expressed are current o

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28、uch interests. GP Bullhound LLP is a limited liability partner- ship registered in England and Wales, registered number OC352636, and is authorised and regulated by the Financial Conduct Authority. Any reference to a partner in relation to GP Bullhound LLP is to a member of GP Bullhound LLP or an em

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