![Page 1: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/1.jpg)
1
Starting soon…
Thoughts? Questions? Let us know!@CorumGroup
![Page 2: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/2.jpg)
2
Tech M&A MonthlyStarts in 2 minutes
Thoughts? Questions? Let us know!@CorumGroup
![Page 3: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/3.jpg)
3
www.corumgroup.com
![Page 4: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/4.jpg)
4
PAST ATTENDEES INCLUDE
![Page 5: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/5.jpg)
5
Private Equity Panel
Buyers Panel
Top Acquirer Profiles: Google, Constellation
Valuation Strategy
Planning for Post-Acquisition Success
Special Reports: SaaS, Mobile, Gaming, France, Canada, Payments, Agtech, Security
PAST CONFERENCES & REPORTS
![Page 6: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/6.jpg)
6
Tech M&A MonthlyStarts in 1 minute
Thoughts? Questions? Let us know!@CorumGroup
![Page 7: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/7.jpg)
7
Budapest
Amsterdam
Fort Worth
Helsinki
Minneapolis
Albany
90 Minutes
Industry Update
Overview of the M&A Process
Upcoming events in:
Salt Lake City
Phoenix
Rochester
Chicago
Kansas City
Toulouse
MERGE BRIEFING
![Page 8: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/8.jpg)
8
Washington DC
Walnut Creek, CA
Los Angeles
Kelowna, BC
Half-Day
Tech M&A Bootcamp
The most attended tech executive conference in history
Upcoming events in:
SELLING UP, SELLING OUT
Columbus
Boston
St. Louis
![Page 9: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/9.jpg)
9
8 Stages for anOptimal Outcome
IntegrationClosingDueDiligence
NegotiationDiscoveryContactResearchPreparation
![Page 10: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/10.jpg)
10
Seller delivers counter offer
Discovery process is complete
Seller presents valuation guidance
Buyer delivers an opening offer
TYPICAL NEGOTIATION FLOW
![Page 11: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/11.jpg)
11
Avoiding
Deal Disasters
![Page 12: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/12.jpg)
12
UPCOMING CONFERENCE SCHEDULE
www.corumgroup.com/events
SELLING UP, SELLING OUT
Apr. 17 Los Angeles
Apr. 24 Kelowna, BC
Apr. 30 Columbus
May 14 Boston
May 22 St. Louis
MERGE BRIEFING
Apr. 12 Budapest
Apr. 16 Amsterdam
Apr. 18 Fort Worth
Apr. 24 Helsinki
Apr. 25 Minneapolis
Apr. 25 Salt Lake City
May 3 Phoenix
May 8 Albany
90-minute industry update and overview of the M&A
process
Half-day tech M&A bootcamp – a deep dive on
selling your company
![Page 13: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/13.jpg)
13
Ask questions any time Use Q&A window on the right of screen
Click “Refresh Now” to view responses
This event is being recorded European broadcast April 12, 11:00 AM Berlin time
Asia-Pacific broadcast April 12, 2PM Sydney time
On demand webcast will be available at www.corumgroup.com
LOGISTICS
![Page 14: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/14.jpg)
Q1:2019Global Tech M&A ReportTech M&A MonthlyApril 11, 2019
Thoughts? Questions? Let us know!@CorumGroup
![Page 15: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/15.jpg)
15
WELCOME
BRUCE MILNE, CEO, CORUM GROUP LTD.
▪ Founded or owned four software companies, including AMI, an Inc.500 firm rated by IDC as the fastest growing computer-relatedcompany in the world
▪ Advisory boards for Microsoft, IBM, DEC, Comdex and Apple
▪ Board member/founding investor in some of the most innovativefirms in their field, including Blue Coat, Bright Star and Sabaki
▪ Past advisor to two governors and a senator, a board member of theWashington Technology Center
▪ Founder of the WTIA, the nation’s most active regional technologytrade association
▪ Worked with the Canadian government to found SoftWorld
▪ One of the 200 most influential individuals in the IT community inEurope
▪ American juror for the recent Tornado 100 Awards given to Europe’stop technology firms
▪ Graduate with Distinction from Harvard Business School
![Page 16: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/16.jpg)
16
MODERATOR
TANYA FROEHLICH, DIRECTOR, EUROPEAN OPERATIONS,CORUM GROUP Intl. S.á.r.l.
▪ 13 years Tech M&A experience
▪ Based in Zurich, Switzerland, works closely with the European team
▪ Oversees the European marketing efforts, corporate planning &strategy, recruitment and team integration.
▪ Prior to joining Corum, was the Export Sales Manager for a leadingAsian food and beverage manufacturing & exporting company based inThailand
▪ Led the sales team whilst managing key client accounts globally,coordinated international shipments and ensured that all orderscomplied to international food standards.
▪ Spent five years in hospitality management with MarriottInternational, US; was a member of their “Committee of Excellence”.
▪ Holds an MBA and speaks English, German and Thai.
![Page 17: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/17.jpg)
17
Welcome
Field Report: European M&A Events
Field Report: WFS Seattle
Q1 2019 Tech M&A Research Report
Special Report: Succession Planning
Q&A
AGENDA
![Page 18: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/18.jpg)
18
EUROPEAN M&A EVENTS
JON SCOTT, CHAIRMAN, CORUM GROUP Intl. S.á.r.l.
▪ Executive leader with 30+ years of expertise in serving hightechnology companies
▪ President and CEO of The PowerTech Group
▪ President and CEO of Microserv Technology Services
▪ President and COO of Traveling Software
▪ Vice president roles in sales, marketing and businessdevelopment for technology companies
▪ Background includes strong ability to successfully integratestrategies and tactics into well executed operating plans,building strong teams and achieving excellent results
▪ Holds a BA in business from San Francisco State University
![Page 19: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/19.jpg)
19
EUROPEAN M&A EVENTS
![Page 20: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/20.jpg)
20
SPECIAL REPORT: WFS SEATTLE
STEVE JONES, SENIOR VICE PRESIDENT, CORUM GROUP LTD.
25+ years of experience in high-tech industries
Founder CEO of Solera Networks
Co-Founder of Auction Trust Network sold to MediaForge
Board Member of several software companies
Expertise in infrastructure, security, mobile and wireless, media and entertainment, supply chain and embedded devices/systems (IoT)
![Page 21: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/21.jpg)
21
SPECIAL REPORT: WFS SEATTLE
![Page 22: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/22.jpg)
22
MARKET SPOTLIGHT WEBCASTS
Matt RungDirectorWorld Financial Symposiums
![Page 23: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/23.jpg)
23
CORUM RESEARCH REPORT
Anna LebedievaAnalyst
Julian ValenciaMarketing Research Analyst
Artem MamaievSenior Analyst
Nina SeghatoleslamiVP, Client Services
Barbara MomboeufMarketing Assistant, EMEA
Andrei MinetsAnalyst
Andy HillRegional Director, Australia
![Page 24: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/24.jpg)
24
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Daily Percentage ChangeS&P TECH Dow Jones NASDAQ All-time high
USA Q1S&P Tech 21%NASDAQ 16%Dow Jones 11%
Europe Q1CAC 40 13%DAX 9%FTSE 100 8%
PUBLIC MARKETS 2018 - 2019
Asia Q1HANG SENG 12%
SSE Composite 24%
Nikkei 6%
![Page 25: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/25.jpg)
25
0%
100%
200%
300%
400%
500%
600%
700% Daily Percentage ChangeNASDAQ S&P TECH Dow Jones
2009 2011 2013 2015 2017 2019
PUBLIC MARKETS:2009-PRESENT
2019
![Page 26: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/26.jpg)
26
MarketTransactions
Q1:2019Q1:2018
810 832
Mega Deals 17 15
Largest Deal $17B $35B
PipelinePrivate Equity Platform Deals
99 105
VC-Backed Exits 175134
Attributes39%
Cross Border Transactions 39%
Start-Up Acquisitions 11%13%
18 yrs18 yrsAverage Life
of Target
Q1:2018 Q1:2019
Q1:2018 Q1:2019
CORUM INDEXTECH M&A
6%
31%
3%
112%
12%
![Page 27: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/27.jpg)
27
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
![Page 28: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/28.jpg)
28
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
SOLD TO
Seller: Luxoft Holding [Switzerland]Acquirer: DXC Technology [USA]Transaction Value: $2.0B (2.1x EV/Sales and 13.7x EV/EBITDA)- Outsourced software development services
![Page 29: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/29.jpg)
29
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
SOLD TO
Seller: Careem [UAE]Acquirer: Uber Technologies [USA]Transaction Value: $3.1B- Ride-sharing mobile app
![Page 30: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/30.jpg)
30
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
SOLD TO
Seller: Scout24 [Germany]Acquirer: Hellman & Friedman/The Blackstone Group [USA]Transaction Value: $6.4B- Real estate, automobile, dating and employment classifieds
![Page 31: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/31.jpg)
31
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
SOLD TO
Seller: QuickBase [Welsh, Carson, Anderson & Stowe] [USA]Acquirer: Vista Equity Partners Management [USA]Transaction Value: $1.1B (8.8x EV/Sales and 20x EV/EBITDA)- Business application development SaaS
![Page 32: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/32.jpg)
32
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
SOLD TO
Seller: eFront [Bridgepoint Capital] [France]Acquirer: BlackRock [USA]Transaction Value: $1.3B (9.3x EV/Sales)- Investment portfolio management software
![Page 33: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/33.jpg)
33
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
SOLD TO
Seller: Worldpay [USA]Acquirer: Fidelity National Information Services [dba FIS] [USA]Transaction Value: $35B (10.9x EV/Sales and 16.9x EV/EBITDA)- Payment processing services
Dynasty Marketplace Dynasty Marketplace
![Page 34: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/34.jpg)
34
2019 MEGA DEALS – YTD
Thoughts? Questions? Let us know!@CorumGroup
$2.0B $21B$6.4B $68B
$6.4B
$4.2B
$1.0BTelematics business
$3.7B
$3.4B
$22B
$11BPE consortium
CONSUMER VERTICALINTERNET HORIZONTALIT SERVICES
$4.6B
$2.0B
$1.5B
INFRASTRUCTURE
$7.8B
$3.1B
$1.0B
$6.8B
$1.3B
$7.0B $35B
![Page 35: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/35.jpg)
35
3-YEAR MARKET VALUATION TRENDS
Horizontal Vertical Infrastructure
Consumer Internet IT Services
![Page 36: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/36.jpg)
36
Horizontal Vertical
Consumer
Infrastructure
Internet IT Services
MARKET SECTORS
![Page 37: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/37.jpg)
37
Public Valuation Multiples
HORIZONTALSOFTWARE MARKET
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
6.50 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 19.25 x 19.18 x 19.65 x 19.73 x 21.01 x 22.35 x 22.46 x 22.16 x 21.72 x 19.26 x 21.54 x 23.03 x 24.28 x
EV/S 4.51 x 4.57 x 4.75 x 4.75 x 5.03 x 5.28 x 5.32 x 5.32 x 4.95 x 4.73 x 5.27 x 5.49 x 5.36 x
![Page 38: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/38.jpg)
38
Subsector Sales EBITDA Examples
Business Intelligence
4.31x 24.61x
Marketing 4.32x 19.72x
ERP 5.03x 18.48x
HumanResources
8.49x 39.77x
SCM 6.53x 31.15x
Payments 5.15x 25.78x
Other 3.86x 16.14x
HORIZONTALSOFTWARE VALUATIONS
![Page 39: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/39.jpg)
39
Seller AcquirerSeller
CountryDeal
ValueMonth Description
USA - January Electronic bill presentment and payment solutions
USA - January Online payment-processing network
Germany - January Debt management SaaS
Argentina - January Payment technology software
United Kingdom
$280M February Cross-border payments processing software
USA $750M February Electronic bill presentment and payment solutions
USA - March Multi-currency cross-border payment application
France - March Mobile app for digitizing e-commerce processes
Germany - March Cashless payment terminals and digital merchant services
Payment Processing
HORIZONTALDEAL SPOTLIGHT
Assets
![Page 40: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/40.jpg)
40
HORIZONTALDEAL SPOTLIGHT
Big Data
SOLD TO
SOLD TO
SOLD TO
Target: Infruid Labs [USA]Acquirer: Pegasystems [USA]- Business analytics and data visualization solutions
Target: Attunity [USA] Acquirer: Qlik [Thoma Bravo] [USA]Transaction Value: $560M (6.4x EV/Sales)-Big Data management software
Target: Centrifuge Systems [USA]Acquirer: Culmen International [USA]- Business intelligence software
![Page 41: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/41.jpg)
41
HORIZONTALDEAL SPOTLIGHT
HR - Jobvite
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Seller: Jobvite [USA]Acquirer: K1 Investment Management [USA]Transaction Value: $200M (reportedly)- Online recruitment platform
Seller: Canvas Talent [USA]Acquirer: Jobvite [K1 Investment Management] [USA]- Text-based intelligent interviewing platform
Seller: RolePoint [USA]Acquirer: Jobvite [K1 Investment Management] [USA]- Employee referral software
Seller: Talemetry [Canada]Acquirer: Jobvite [K1 Investment Management] [USA]- Recruitment marketing platform
![Page 42: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/42.jpg)
42
HORIZONTALDEAL SPOTLIGHT
HR
SOLD TO
SOLD TO
Seller: Abacus Labs [Italy]Acquirer: Zucchetti [Italy]- Diversified HR solutions
Seller: Scheduling+ [USA]Acquirer: GetSwift [Australia]- Cloud workforce scheduling and task management software
![Page 43: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/43.jpg)
43
HORIZONTALDEAL SPOTLIGHT
Corporate Performance Management
SOLD TO
SOLD TO
Seller: OneStream Software [USA]Acquirer: KKR [USA]Transaction Value: $500M (reportedly)- Corporate performance management platform
Seller: BOARD International [Switzerland]Acquirer: Nordic Capital [Sweden]- Performance management and business intelligence application software
![Page 44: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/44.jpg)
44
HORIZONTALDEAL SPOTLIGHT
PR, Social Media
SOLD TO
SOLD TO
Seller: TrendKite [USA]Acquirer: Cision [USA]Transaction Value: $225M (8.9x EV/Sales)- Public relations analytics software
Seller: Falcon.io [Denmark]Acquirer: Cision [USA]Transaction Value: $125.9M (4.7x EV/Sales)- Social media and customer experience management platform
![Page 45: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/45.jpg)
45
HORIZONTALDEAL SPOTLIGHT
AI Retail – Composite Commerce
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Seller: Aspectiva [Israel]Acquirer: Walmart [USA]- AI-powered content analysis platform
Seller: Dynamic Yield [Israel]Acquirer: McDonalds [USA]Transaction Value: $300M (reportedly)- AI-powered personalization platform
Seller: Certona [USA]Acquirer: Kibo Software [Vista Equity] [USA]- Omnichannel personalization and revenue optimization platform
Seller: GrokStyle [USA]Acquirer: Facebook [USA]- AI and visual search software
![Page 46: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/46.jpg)
46
HORIZONTALDEAL SPOTLIGHT
AI-based Semantics
SOLD TO
SOLD TO
Seller: Figure Eight [USA]Acquirer: Appen [Australia]Transaction Value: $175M- Training data AI-based platform
Seller: Leiki [Finland]Acquirer: DoubleVerify [Providence Equity Partners] [USA]- AI-enabled semantic segmentation and user profiling platform
![Page 47: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/47.jpg)
47
HORIZONTALDEAL SPOTLIGHT
Speech Recognition
SOLD TO
SOLD TO
Seller: Vocalize.ai [USA]Acquirer: Sensory [USA]- AI-based speech recognition software tools
Seller: PullString [USA]Acquirer: Apple [USA]- AI-based voice recognition platform
![Page 48: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/48.jpg)
48
HORIZONTALDEAL SPOTLIGHT
Chatbots
SOLD TO
SOLD TO
Seller: Assist Megacorp [USA]Acquirer: Conversocial [USA]- Messaging platform for businesses
Seller: CrunchBot [USA]Acquirer: [Qlik] [Thoma Bravo] [USA]- AI-powered data analyst chatbot
![Page 49: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/49.jpg)
49
HORIZONTALDEAL SPOTLIGHT
RegTech
SOLD TO
SOLD TO
Seller: Visual Compliance [Canada]Acquirer: Descartes Systems Group [Canada]Transaction Value: $250M- Global trade compliance software
Seller: BWise [NASDAQ] [Netherlands]Acquirer: SAI Global [Australia]- Governance, risk and compliance (GRC) management software
![Page 50: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/50.jpg)
50
VERTICALSOFTWARE MARKET
Public Valuation Multiples
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 18.31 x 19.29 x 20.25 x 20.62 x 20.46 x 20.48 x 19.93 x 18.05 x 18.95 x 18.79 x 19.76 x 20.44 x 21.45 x
EV/S 4.67 x 4.50 x 4.72 x 4.76 x 4.74 x 4.96 x 4.97 x 4.36 x 4.48 x 4.02 x 4.49 x 4.81 x 5.07 x
![Page 51: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/51.jpg)
51
Subsector Sales EBITDA Examples
A/E/C 9.09x 33.99x
Automotive 4.36x 22.75x
Energy & Environment
2.31x 11.64x
FinancialServices
6.69x 21.85x
Government 1.95x 13.22x
Healthcare 2.72x 25.68x
Real Estate 4.77x 23.54x
Vertical Other 3.29x 15.62x
VERTICALSOFTWARE VALUATIONS
![Page 52: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/52.jpg)
52
VERTICALDEAL SPOTLIGHT
Financial Services
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Target: PIEtech [USA]Acquirer: Envestnet [USA]Transaction Value: $500M- Financial planning software
Target: Innovizant [USA] Acquirer: R Systems Internation [India]Transaction Value: $4M- Business analytical software solutions
Target: List [Italy]Acquirer: TA Associates [USA]- Software solutions in mission critical sectors and risk management systems
Target: Abe AI [USA]Acquirer: Yodlee [Envestnet] [USA]- AI-enabled conversational platform for financial institutions
![Page 53: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/53.jpg)
53
VERTICALDEAL SPOTLIGHT
Healthcare
Seller AcquirerSeller
LocationDeal
ValueMonth Description
USA, TX - January Inventory supply chain management applications and solutions
USA, AL - January CRM software solutions for hospitals
USA, CA - January Clinical laboratory operations and patient blood management
USA, WI - January Decision-making software
USA, CT - January Document management control software
USA, PA - January Web-based enterprise analytics platform
USA, TX February Electronic health records, virtual care and business intelligence solutions
Netherlands - February Healthcare analytical tool and software
India $10M March Patient-centric, digital health information management software
![Page 54: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/54.jpg)
54
VERTICALDEAL SPOTLIGHT
Education
Seller AcquirerSeller
CountryAcquirer Country
Month Description
India Singapore January Cloud-based deep learning platform
USA USA February SaaS-based data analytics platform
Australia USA February Software for analyzing unstructured data
Australia USA March Web-based educational software solution
United Kingdom
Singapore March Curriculum mapping, assessment platform
USA USA March Web-based writing assessment toolkit
USA USA March Web-based applications for education
DataSense data integration assets
![Page 55: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/55.jpg)
55
VERTICALDEAL SPOTLIGHT
Real Estate
SOLD TO
SOLD TO
SOLD TO
Target: Dynasty Marketplace [USA]Acquirer: AppFolio [USA]Transaction Value: $60M- AI based software for real estate
Target: BoldLeads.com [USA] Acquirer: Propertybase [Boston Logic Technology Partners [Providence Equity Partners]] [USA]-Online platform, which connect real estate's buyer and seller
Target: in4mo [USA]Acquirer: Solera Holdings [Vista Equity Partners] [USA]- Mobile multimedia reporting platform
![Page 56: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/56.jpg)
56
CONSUMERSOFTWARE MARKET
Public Valuation Multiples
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 19.04 x 17.90 x 16.90 x 17.76 x 17.72 x 17.35 x 19.07 x 16.25 x 15.86 x 15.92 x 16.76 x 14.42 x 16.27 x
EV/S 4.04 x 3.56 x 3.30 x 3.21 x 3.08 x 3.12 x 3.22 x 2.84 x 2.89 x 3.05 x 3.22 x 3.08 x 3.14 x
![Page 57: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/57.jpg)
57
Subsector Sales EBITDA Examples
Casual Gaming 3.01x 26.26x
Core Gaming 3.25x 14.28x
Other 3.89x N/A
CONSUMERSOFTWARE VALUATIONS
![Page 58: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/58.jpg)
58
CONSUMERDEAL SPOTLIGHT
Video Gaming
SOLD TO
Seller: Warhorse Studios [Czech Republic]Acquirer: Koch Media [THQ Nordic] [Germany]Transaction Value: $48.37M (1.2x EV/EBITDA)- Action role-playing historic games
Seller: Flying Wild Hog [Poland]Acquirer: Supernova Capital [United Kingdom]- Video game developer & publisher
SOLD TO
Seller: 18POINT2 [Australia]Acquirer: Koch Media [THQ Nordic] [Germany]Transaction Value: $2.73M- Entertainment game products
SOLD TO
![Page 59: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/59.jpg)
59
CONSUMERDEAL SPOTLIGHT
Gaming and Betting
SOLD TO
Seller: Dedsert [dba BetBright] [Ireland]Acquirer: 888 HoldingsTransaction Value: $19.8M- Mobile gaming platform
Seller: JPJ Group (online bingo assets) [United Kingdom]Acquirer: 888 HoldingsTransaction Value: $23.2M- Bingo online gaming
Seller: Adjarabet [City Loft] [Georgia]Acquirer: Paddy Power Betfair Transaction Value: $132.3M (1.7x EV/Sales and 5.2x EV/EBITDA)- Peer-to-peer betting platform
SOLD TO
SOLD TO
Online Bingo assets
![Page 60: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/60.jpg)
60
CONSUMERDEAL SPOTLIGHT
Game Development
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Seller: Audiokinetic [Canada]Acquirer: Sony Corporation [Japan]- Audio software toolset for gaming industry
Seller: Allegorithmic [France]Acquirer: Adobe [USA]Transaction Value: $105M- AI-powered personalization platform
Seller: Graphine Software [Belgium]Acquirer: Unity Technologies [USA]- Texture streaming and compression middleware for gaming industry
Seller: Vivox [USA]Acquirer: Unity Technologies [USA]- Gaming voice-and-text chat technology
![Page 61: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/61.jpg)
61
CONSUMERDEAL SPOTLIGHT
Spotify Acquisitions
SOLD TO
Seller: Gimlet Media [USA]Acquirer: Spotify [Sweden]Transaction Value: $230M- Digital media network platform
Seller: Anchor FM [USA]Acquirer: Spotify [Sweden]- Radio-based application
Seller: Parcast [USA]Acquirer: Spotify [Sweden]- Online storytelling podcast network
SOLD TO
SOLD TO
![Page 62: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/62.jpg)
62
CONSUMERDEAL SPOTLIGHT
Apple
SOLD TO
Seller: Laserlike [USA]Acquirer: Apple [USA]
- Online content search engine platform
- Strengthens Apple’s position on artificial intelligence market
![Page 63: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/63.jpg)
63
Public Valuation Multiples
INTERNETSOFTWARE MARKET
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 18.16 x 21.77 x 21.09 x 22.44 x 22.28 x 18.84 x 18.61 x 16.55 x 16.88 x 15.26 x 15.37 x 16.66 x 16.10 x
EV/S 4.84 x 4.37 x 4.26 x 4.11 x 4.09 x 4.58 x 4.47 x 3.85 x 3.71 x 3.36 x 3.69 x 3.51 x 3.57 x
![Page 64: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/64.jpg)
64
Subsector Sales EBITDA Examples
Diversified Internet
3.89x 17.61x
eCommerce 0.63x 12.75x
Social Network 7.12x 14.89x
Travel & Leisure 5.57x 23.47x
INTERNETSOFTWARE VALUATIONS
![Page 65: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/65.jpg)
65
INTERNETDEAL SPOTLIGHT
Food Delivery
SOLD TO
SOLD TO
Seller: Zomato (UAE-based food delivery business) [India]Acquirer: Delivery Hero [Germany]Transaction Value: $172M- Expands Middle East and North Africa business with 1.2m monthly orders
Seller: Veggie India [India]Acquirer: Milkbasket [India]- Grows customer base to over 100,000 households
![Page 66: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/66.jpg)
66
INTERNETDEAL SPOTLIGHT
Travel & Leisure
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Seller: HotelTonight [USA]Acquirer: Airbnb [USA]- Last-minute hotel booking app
Seller: Pocket Concierge [Japan]Acquirer: American Express [USA]- AI-powered personalization platform
Seller: Yatra.com [India]Acquirer: Ebix [USA]Transaction revenue: $336M (2x EV/Sales)
- Online travel portal
Seller: LoungeBuddy [USA]Acquirer: American Express - Airport Lounge Access platform
![Page 67: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/67.jpg)
67
INTERNETDEAL SPOTLIGHT
Urban Route Planning
SOLD TO
Seller: UbiGo Innovation [Sweden]Acquirer: Via ID [France]
- Swedish mobility-as-a-service provider
- Enables users to automate usage of public transport, taxi, car-
sharing, rental car, and bike-sharing
![Page 68: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/68.jpg)
68
INFRASTRUCTURESOFTWARE MARKET
Public Valuation Multiples
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 15.90 x 16.39 x 17.13 x 16.92 x 17.06 x 17.75 x 17.67 x 17.75 x 16.45 x 15.27 x 18.14 x 19.39 x 19.39 x
EV/S 4.84 x 5.02 x 4.98 x 4.87 x 4.80 x 4.78 x 4.88 x 5.01 x 4.43 x 4.57 x 4.23 x 4.20 x 4.63 x
![Page 69: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/69.jpg)
69
Subsector Sales EBITDA Examples
Application Lifecycle
7.37x 14.77x
Endpoint 3.42x 17.96x
IT Services Management
9.05x 35.80x
Network Management
4.39x 13.37x
Security 7.66x 44.20x
Storage& Hosting
3.52x 33.60x
Other 4.19x 11.90x
INFRASTRUCTURESOFTWARE VALUATIONS
![Page 70: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/70.jpg)
70
Security
INFRASTRUCTUREDEAL SPOTLIGHT
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Seller: WhiteHat Security [USA]Acquirer: NTT Security [NTT Group] [Japan]- Risk management platform
Seller: ForceNock Security [Israel]Acquirer: Check Point Software Technologies [USA]- Autonomous web application security solution
Seller: BluVector [LLR Partners] [USA]Acquirer: Comcast [USA]- Cyber-threat detection and hunting platform
Seller: ProtectWise [USA]Acquirer: Verizon Communications [USA]- Enterprise network security platform
![Page 71: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/71.jpg)
71
INFRASTRUCTUREDEAL SPOTLIGHT
Identity and Access Management
SOLD TO
SOLD TO
Seller: Inventia [Italy]Acquirer: CRIF [Italy]- Web-collaboration and online identification
Seller: Janrain [USA]Acquirer: Akamai Technologies [USA]Transaction Value: $125M (5x EV/Sales) - Customer identity and access management solutions
![Page 72: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/72.jpg)
72
Network Performance Management
INFRASTRUCTUREDEAL SPOTLIGHT
SOLD TO
SOLD TO
SOLD TO
Seller: Mist Systems [USA]Acquirer: Juniper Networks [USA]Transaction Value: $405M- AI-driven wireless platform
Seller: Outlyer [USA]Acquirer: Bitrise [United Kingdom]- Cloud-based infrastructure monitoring platform
Seller: Singularity Networks [USA]Acquirer: Cisco Systems [USA]- Real-time network analytics platform
![Page 73: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/73.jpg)
73
Cloud Integration
INFRASTRUCTUREDEAL SPOTLIGHT
SOLD TO
Seller: Azuqua [USA]Acquirer: Okta [USA]Transaction Value: $52.5M
- Cloud application integration SaaS
- Okta’s largest acquisition to date
![Page 74: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/74.jpg)
74
Project and Portfolio Management
INFRASTRUCTUREDEAL SPOTLIGHT
SOLD TO
Seller: AgileCraft [USA]Acquirer: Atlassian [Australia]Transaction Value: $166M
- AI-enabled project and portfolio management SaaS
- Adds more value to Atlassian’s enterprise agile planning
![Page 75: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/75.jpg)
75
IT SERVICESDEVELOPED MARKETS
Public Valuation Multiples
0.40 x
0.60 x
0.80 x
1.00 x
1.20 x
1.40 x
1.60 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 12.15 x 12.31 x 12.16 x 11.94 x 12.90 x 12.87 x 12.88 x 11.02 x 11.26 x 10.04 x 11.00 x 11.16 x 11.42 x
EV/S 1.34 x 1.38 x 1.32 x 1.18 x 1.31 x 1.34 x 1.32 x 1.22 x 1.19 x 1.04 x 1.12 x 1.20 x 1.32 x
![Page 76: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/76.jpg)
76
IT SERVICESEMERGING MARKETS
Public Valuation Multiples
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
5.00 x
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
19.00 x
21.00 x
23.00 x
EV/SEV/EBITDA
Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
EV/EBITDA 22.02 x 21.30 x 20.22 x 22.01 x 20.61 x 22.04 x 21.93 x 19.64 x 18.51 x 16.72 x 17.87 x 18.62 x 19.09 x
EV/S 3.20 x 3.22 x 3.27 x 3.44 x 3.61 x 3.70 x 3.66 x 3.26 x 3.36 x 3.23 x 3.66 x 3.58 x 3.71 x
![Page 77: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/77.jpg)
77
IT SERVICESDEAL SPOTLIGHT
Focused Systems Integrators
SOLD TO
Seller: Converging Data [Australia] Acquirer: Deloitte Australia [Deloitte] [Australia]- Risk and cybersecurity consulting services for Splunk users
SOLD TO
Seller: Enterprise System Partners [Ireland]Acquirer: Accenture [Ireland]- Life sciences solutions and services
![Page 78: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/78.jpg)
78
IT SERVICESDEAL SPOTLIGHT
Focused Systems Integrators
SOLD TO
SOLD TO
SOLD TO
Target: Ruletronics [United Kingdom]Acquirer: Larsen & Toubro Infotech [India]Transaction Value: $7.5M- Pega-based IT consulting services
Target: Zybertech [Canada] Acquirer: Hyphen Solutions [USA]- Sage value-added construction and real estate services
Target: NIELSEN + PARTNER [Germany]Acquirer: Larsen & Toubro Infotech [India]Transaction Value: $31.5M- IT consulting for retail banking and wealth management
![Page 79: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/79.jpg)
79
IT SERVICESDEAL SPOTLIGHT
Microsoft Systems Integrators
Seller AcquirerSeller
CountryAcquirer Country
Month Description
Australia Australia January Microsoft Dynamics-based SI
United Kingdom
Ireland January Microsoft Gold Partner; systems integration and managed services
USA USA January Microsoft-based engineering services
Netherlands Netherlands January Microsoft Dynamics CRM-based solutions
USA USA January Microsoft Azure-based cloud migration & enablement
![Page 80: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/80.jpg)
80
IT SERVICESDEAL SPOTLIGHT
AI Software Development
SOLD TO
SOLD TO
Seller: Peachtree AI [USA] Acquirer: Search Discovery [USA]- Consulting services in machine learning and artificial intelligence
Seller: Ividata Group [France]Acquirer: Keensight Capital/ ISAI Gestion [France]- Consulting services in data science, data privacy and artificial intelligence
![Page 81: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/81.jpg)
81
IT SERVICESDEAL SPOTLIGHT
Government Services
SOLD TO
SOLD TO
SOLD TO
SOLD TO
Target: Applied Technology Group [USA] Acquirer: Applied Insight [Acacia Group] [USA]- Actionable intelligence to government customers
Target: Stratus Solutions [USA] Acquirer: Applied Insight [Acacia Group] [USA]- Cloud-at-scale solutions for governement
Target: LGS Innovations [Madison Dearborn Partners / CoVant] [USA]Acquirer: CACI International [USA]Transaction Value: $750M- Network services for government organizations
Target: OGSystems [General Catalyst Partners] [USA]Acquirer: Parsons Corp. [USA]- Geospatial intelligence and big data analytics services
![Page 82: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/82.jpg)
82
CORUM RESEARCH REPORT
Anna LebedievaAnalyst
Julian ValenciaMarketing Research Analyst
Artem MamaievSenior Analyst
Nina SeghatoleslamiVP, Client Services
Barbara MomboefMarketing Assistant, EMEA
Andrei MinetsAnalyst
Andy HillRegional Director, Australia
![Page 83: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/83.jpg)
83
Special Report: Succession Planning
![Page 84: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/84.jpg)
84
PRESENTED BY
BRUCE MILNE, CEO, CORUM GROUP LTD.
▪ Founded or owned four software companies, including AMI, an Inc.500 firm rated by IDC as the fastest growing computer-relatedcompany in the world
▪ Advisory boards for Microsoft, IBM, DEC, Comdex and Apple
▪ Board member/founding investor in some of the most innovativefirms in their field, including Blue Coat, Bright Star and Sabaki
▪ Past advisor to two governors and a senator, a board member of theWashington Technology Center
▪ Founder of the WTIA, the nation’s most active regional technologytrade association
▪ Worked with the Canadian government to found SoftWorld
▪ One of the 200 most influential individuals in the IT community inEurope
▪ American juror for the recent Tornado 100 Awards given to Europe’stop technology firms
▪ Graduate with Distinction from Harvard Business School
![Page 85: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/85.jpg)
85
What do you do when all of your wealth is
tied up in a technology company?
![Page 86: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/86.jpg)
86
What is your succession plan?
![Page 87: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/87.jpg)
87
SUCCESSION PLANNING
Traditional Succession Options
1. Family – Children take over
2. Employee Ownership – ESOP
3. Management Buyout – MBO
4. Merger Partner – M&A
![Page 88: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/88.jpg)
88
“The boss is retiring. The kids don't want to take over…”
(Source: Chicago Tribune January 17, 2019)
SUCCESSION PLANNING
![Page 89: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/89.jpg)
89
![Page 90: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/90.jpg)
90
![Page 91: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/91.jpg)
91
ESOPs & MBOs
Not used in tech:
- Valuations are too high
- Very complex to execute
- Bank financing unavailable
SUCCESSION PLANNING
![Page 92: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/92.jpg)
92
Merger Partner
SUCCESSION PLANNING
- Strategic Buyer
- Financial Recapitalization
![Page 93: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/93.jpg)
93
Record M&A Activity
- In Every Market
- Even Smaller Companies
- In All Geographies
SUCCESSION PLANNING
![Page 94: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/94.jpg)
94
1995 2000 2005 2010 2015
M&A FOLLOWS CYCLES
![Page 95: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/95.jpg)
95
(Source: CNN)
SUCCESSION PLANNING
![Page 96: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/96.jpg)
96
18 Months After Crash
- 40% Drop in Valuation
- 50% of Buyers Leave
SUCCESSION PLANNING
![Page 97: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/97.jpg)
97
SUCCESSION PLANNING
![Page 98: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/98.jpg)
98
Congress discussing new tax proposals:
70% top tax rate 70% inheritance tax 2% tax on holdings
SUCCESSION PLANNING
![Page 99: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/99.jpg)
99
What are you waiting for?
![Page 100: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/100.jpg)
100
What is your succession plan?
![Page 101: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/101.jpg)
101
Use Q&A chat box on your screen
Submit to queue at any time
Q&A
We welcome your questions!
![Page 102: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/102.jpg)
102
UPCOMING CONFERENCE SCHEDULE
www.corumgroup.com/events
SELLING UP, SELLING OUT
Apr. 17 Los Angeles
Apr. 24 Kelowna, BC
Apr. 30 Columbus
May 14 Boston
May 22 St. Louis
MERGE BRIEFING
Apr. 12 Budapest
Apr. 16 Amsterdam
Apr. 18 Fort Worth
Apr. 24 Helsinki
Apr. 25 Minneapolis
Apr. 25 Salt Lake City
May 3 Phoenix
May 8 Albany
90-minute industry update and overview of the M&A
process
Half-day tech M&A bootcamp – a deep dive on
selling your company
![Page 103: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/103.jpg)
103
After the Deal – Celebration
![Page 104: Starting soon… · $7.8B $3.1 B $1.0B $6.8B $1.3B 7.0 $35B SOLD TO Seller: Luxoft Holding [Switzerland] Acquirer: DXC Technology [USA] Transaction Value: $2.0B (2.1x EV/Sales and](https://reader034.vdocuments.mx/reader034/viewer/2022042403/5f18263fbd7b275a1c7b46a9/html5/thumbnails/104.jpg)
104
www.corumgroup.com