piper jaffray software activity update · global reach. our firm consists of 1,300+ professionals...

2PIPER JAFFRAY

Piper Jaffray Software Team OverviewGlobal Reach

Our firm consists of 1,300+ professionals in 59 offices globally including Minneapolis (HQ), San Francisco, Charlotte, New York,

Chicago, Seattle, Boston, Aberdeen, London, and Hong Kong

Technology Office Locations: San Francisco, CA Minneapolis, MNBoston, MA

25 investment bankers focused on Software, Financial Technology, Tech-Enabled

Services, BPO and Internet & Digital Media

Recent Transactions

Technology Team

Michael KimHead of Technology Investment BankingApplication Software

[email protected]

Peter LombardManaging Director

Head of Technology Mergers & [email protected]

Garin ArevianManaging Director

Vertical Applications & Tech-Enabled [email protected]

Steven SchmidtManaging Director

Financial and Application [email protected]

Robert Bernstein Managing Director

Internet & Digital [email protected]

Greg KlancherManaging Director

Infrastructure & Security [email protected]

Varun BhojwaniDirector

Application [email protected]

Joe WallaceDirector

Agriculture, Clean Tech & [email protected]

Gray EklundVice President

Application [email protected]

Domestic Expertise

Undisclosed

Undisclosed Undisclosed

has acquired a majority stake in

Follow On Offering

$443,330,250

has been acquired by

Undisclosed


Undisclosed $2,340,000,000

Initial Public Offering

$200,000,000

Follow-on Offering

Undisclosed

Private placement by

$258,000,000


Undisclosed


Undisclosed


Initial Public Offering

$864,000,000

Undisclosed

Undisclosed

has been acquired byhas been acquired by



mailto:[email protected]









3PIPER JAFFRAY

Leading Industry Conferences and Events

30 senior representatives from leading software and internet companies, venture capital and private equity firms focused on the technology and business services sectors

Technology Private Equity SummitSeptember 5, 2019 | New York, NY

Technology Ski SummitWinter 2020 | Aspen, CO

• 50+ leading privately held software and internet companies

• 100+ leading technology growth equity and strategic investors

• 500+ one-on-one meetings between attending CEOs/CFOs and investors

4PIPER JAFFRAY

Pricing Date Company Deal Description Deal Amount ($M)

6/11/19

CrowdStrike is a Sunnyvale, California – based company that offers cloud modules via a SaaS model spanning multiple security markets.

The Company sold 18,000,000 shares at a price of $34 per share on the NASDAQ stock exchange under the ticker symbol CRWD.

$612

5/9/19

Uber is a San Francisco, California – based provider of a ride-sharing application connecting riders and drivers all over the United States.

The Company sold 180,000,000 shares at a price of $45 per share on the NYSE stock exchange under the ticker symbol UBER.

$8,100

4/17/2019

Zoom is a San Jose, California – based communications platform connecting people through video, voice, chat and content sharing.

The Company sold 20,870,000 shares at a price of $36 per share on the NASDAQ stock exchange under the ticker symbol ZM.

$751

4/10/19

PagerDuty is a San Francisco, California – based company that offers on-call management.

The Company sold 9,070,000 shares at a price of $24 per share on the NYSE stock exchange under the ticker symbol PD.

$218

Snapshot of Select Software Initial Public Offerings Q2 2019

Source: Public news releases, Pitchbook and CapitalIQ.Disclosure: This is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities.

5PIPER JAFFRAY

Source: Dealogic.Deals, current market cap, and offer to current data as of 6/30/2019.Includes all IPOs and FOs greater than $20MM.

Recent Software IPO and Follow-On Performance

Recent Technology Follow-onsRecent Software IPOs

PricingDate

IssuerDealValue($M)

Pre-DealMkt Cap

($M)

Deal Val / Mkt Cap

Current Mkt Cap

($M)

% Selling Shdr

% Price FTO

Offer / 30-Day

Offer / Current

6/26/19 InterXion Holding NV $335 $5,258 6% $6,163 0% (3%) 2% 9%

6/13/19 SharpSpring Inc $27 $166 16% $127 100% (14%) (8%) (20%)

6/12/19 Smartsheet Inc $645 $4,637 14% $6,020 40% (4%) 22% 13%

6/6/19 Q2 Holdings Inc $211 $3,117 7% $4,373 5% (5%) 11% 33%

6/5/19 Avalara Inc $287 $4,861 6% $6,561 0% 6% 15% 23%

6/5/19 Descartes Systems Group Inc $245 $2,835 9% $3,979 0% (9%) 5% (3%)

5/30/19 Twilio Inc $1,000 $14,017 7% $17,733 0% (4%) 10% 1%

5/22/19 SolarWinds Corp $270 $5,578 5% $5,316 100% (6%) 4% (4%)

5/16/19 Waitr Holdings Inc $50 $549 9% $153 0% (5%) (13%) (80%)

5/8/19 Upland Software Inc $159 $957 17% $1,084 0% (10%) 16% (0%)

4/17/19 Endava plc $157 $1,382 11% $1,817 100% (3%) 20% 31%

4/5/19 Verb Technology Co $21 $87 23% $26 0% (61%) (25%) (60%)

4/3/19 EVO Payments Inc $152 $2,205 7% $1,058 100% (9%) 11% 6%

PricingDate

Issuer Pricing to Range

DealValue($M)

Pre-DealMkt Cap

($M)

Deal Val / Mkt Cap

Current Mkt Cap

($M)

% Selling Shdr

% Price FTO

Offer / 30-Day

Offer / Current

6/25/19 Cambium Networks Corp Below $70 $238 29% $236 0% (14%) (15%) (25%)

6/11/19 CrowdStrike Holdings Inc Above $704 $6,075 12% $19,059 0% 62% 108% 183%

5/16/19 Fastly Inc In Range $207 $1,271 16% $2,293 0% 7% 24% 2%

5/9/19 Uber Technologies Inc In Range $8,100 $67,363 12% $57,800 0% (4%) (2%) (22%)

4/17/19 Zoom Video Communications Above $864 $8,479 10% $24,564 53% 20% 150% 155%

4/10/19 Tufin Software Technologies Ltd In Range $124 $346 36% $583 0% 8% 58% 14%

4/10/19 PagerDuty Inc Above $250 $1,563 16% $2,725 6% 20% 116% 45%

Mean $274 $3,511 10.5% $4,185 34.2% (9.8%) 5.4% (4.0%)

Median $211 $2,835 10.9% $4,021 37.0% (10.3%) 5.7% (5.1%)

Mean $1,474 $12,191 18.7% $15,323 8.4% 14.0% 62.9% 50.2%

Median $250 $1,563 17.0% $17,837 9.8% 18.7% 75.8% 62.8%

6PIPER JAFFRAY

SUB-SECTOR

SaaS High Growth

Human Capital Management

BI / Data Analytics

Contact Center

HR Outsourcing

Infrastructure / IT Management

Moderate Growth SaaS

CRM / Marketing

Security Software

Large-Cap Technology

SUB-SECTOR

Security Software

BI / Data Analytics

HR Outsourcing


Contact Center




SaaS High Growth

CRM / Marketing

Software Stock PerformancePerformance in LTM Period and YTD Period – By Sub-Sector

Source: Capital IQ.Note: LTM Date between 6/30/18 and 6/30/19. YTD data between 1/1/19 and 6/30/19.

YTD PerformanceLTM Performance

15.51%

17.78%

18.06%

19.70%

21.86%

25.68%

25.70%

57.14%

59.08%

85.10%

5.80%

7.89%

9.43%

Large -Cap Technology

Security Software

CRM / Marketing


Infrastructure / IT Manage ment

HR Outsourcing

Contact Center

BI / Data Analytics


SaaS High Growth

NASDAQ

S&P 500

Dow Jones

20.73%

22.55%

25.25%

25.56%

25.66%

28.11%

28.15%

29.46%

39.64%

40.57%

13.94%

17.20%

20.11%

CRM / Marketing

SaaS High Growth

Large -Cap Technology

Infrastructure / IT Manage ment


Contact Center


HR Outsourcing

BI / Data Analytics

Security Software

Dow Jones

S&P 500

NASDAQ

7PIPER JAFFRAY

IPO Valuation Breakpoint Analysis 2015 – 2019 Q2, At Pricing

Source: Capital IQ as of 6/30/19.

Forward Year Revenue Growth vs. Revenue Multiple

$ in millions

Summary Statistics - Software IPOs 2015-2019 Q2

Metric Median Median Median Median

Growth Profile: Less than 20% 20.0% - 30.0% 30.0% - 40.0% Greater than 40.0%

Number of Deals 11 17 17 13

Operating Metrics:

LTM Revenue $225.6 $142.7 $187.7 $109.5

MRQ Revenue $61.4 $38.8 $55.4 $45.6

LTM Gross Margin 66.7% 69.8% 71.1% 66.1%

LTM EBITDA ($40.6) ($24.2) ($42.5) ($22.2)

LTM EBITDA Margin (19.1%) (19.3%) (30.3%) (16.4%)

MRQ EBITDA ($6.0) ($2.4) ($13.1) ($5.2)

CAC Ratio 0.55 0.48 0.56 0.57

Pricing Statistics:

Forward Year Rev. Multiple 8.4x 2.9x 4.7x 3.5x

% Change from Offer to:

One Day 35.6% 27.1% 33.6% 36.4%

One Month 37.7% 25.1% 42.5% 29.5%

Current (06/30/2019) 24.7% 53.9% 147.3% 62.1%

8.4x

2.9x

4.7x

3.5x

0.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x9.0x

Less than 20% 20.0% - 30.0% 30.0% - 40.0% Greater than 40.0%

Forw

ard

Year

Rev

enue

M

ultip

le

Forward Year Revenue Growth

8PIPER JAFFRAY

Historical Public Software Company IPO Statistics 2016–2019 Q2

Source: Capital IQ as of 6/30/19.(1) EV / EBITDA multiples less than 0.0x or greater than 50.0x deemed not meaningful.

($ in Millions) 2016 Median 2017 Median 2018 Median 2019 Median

Number of Deals 11 10 16 9Deal StatisticsDeal Size $108.7 $147.9 $255.2 $217.7

Post-Deal Market Cap $771.3 $1,091.1 $1,680.6 $2,583.0

Deal Size / Post-Deal Market Cap 14.1% 13.6% 15.2% 8.4%

Financial Metrics at IPO

LTM Revenue $112.3 $145.9 $212.7 $251.4

Current Year Revenue $122.6 $163.3 $183.3 $259.6

Forward Year Revenue $165.6 $208.0 $256.7 $328.1

Forward Year Revenue Growth 35.1% 31.7% 19.8% 33.2%

MRQ Revenue $47.2 $38.5 $59.6 $60.1

LTM EBITDA ($29.3) ($50.1) ($44.0) ($16.5)

LTM EBITDA Margin (17.1%) (28.3%) (23.4%) (24.8%)

MRQ EBITDA ($6.7) ($12.6) ($11.9) ($5.2)

MRQ EBITDA Margin (10.5%) (28.4%) (22.6%) (17.7%)

Valuation Metrics at IPO

Current Year Revenue Multiple 4.2x 6.3x 7.7x 11.4x

Current Year EBITDA Multiple(1) 14.1x 47.4x 36.7x NM

Forward Year Revenue Multiple 3.0x 4.9x 6.5x 9.0x

Forward Year EBITDA Multiple 20.4x 43.9x 28.2x 7.2x

9PIPER JAFFRAY

4.1% 10.1%

13.7% 15.4% 15.7%

17.6% 17.7%

23.7% 27.9%

35.0%

0.0% 10.0% 20.0% 30.0% 40.0%

HR Outsourcing


Contact Center

Infrastructure / IT Mgmt

Security

BI / Data Analytics

Human Capital Mgmt


CRM / Marketing

SaaS High Growth

Comparable Public Software Comps (Valuation Metrics)

Source: Capital IQ. As of 6/30/19.Note: Figures represent the median of each comparable group.

2019E EV / REV 2020E EV / REV

2019E Rev Growth 2020E Rev Growth

6.8% 7.4%

12.9% 13.6%

15.8% 16.4% 16.9%

20.7% 21.2%

28.8%

0.0% 10.0% 20.0% 30.0% 40.0%

HR Outsourcing



BI / Data Analytics

Human Capital Mgmt

Security

Contact Center

CRM / Marketing


SaaS High Growth

3.6x5.0x5.5x5.5x5.6x

6.6x7.2x

8.9x9.2x

16.4x

0.0x 5.0x 10.0x 15.0x 20.0x

HR Outsourcing


Security


Contact Center

BI / Data Analytics

CRM / Marketing


Human Capital Mgmt

SaaS High Growth

3.3x4.0x

4.6x5.0x5.4x5.4x

6.1x6.8x

8.2x13.1x

0.0x 5.0x 10.0x 15.0x 20.0x

HR Outsourcing


Security

Contact Center


BI / Data Analytics

CRM / Marketing


Human Capital Mgmt

SaaS High Growth

10PIPER JAFFRAY

AVG EV/Rev13.7x

AVG Rev Growth + FCF Marg in52.2%

AVG EV/Rev8.5x

AVG Rev Growth + FCF Margin31.5%

AVG EV/Rev4.9x

AVG Rev Growth + FCF Margin11.1%

SaaS Valuation Framework

Source: Capital IQ as of 6/30/19, Thomson Reuters, Company Filings.*Piper Jaffray estimate using EBITDA as proxy for FCF.

Given the rapid maturity of the business model, free cash flow conversion combined with revenue growth provides a clearer understanding of valuation for SaaS companies

AMBR

BNFT

SEND

DATA

ECOM

LPSN

MODN

CSOD

GWRE HUBS

TYL

ZEN

BLKB

BL

BOX

COUP

MB

NEWR

PCTY

QTWO

TWOU

ADBE

CRM

NOW

SPLK

WDAY

PAYC

SHOP

TEAM

VEEV

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0% 10% 20% 30% 40% 50% 60% 70%

2019

E E

V /

Rev

enue

2019E FCF Margin + Revenue Growth

TWLO

11PIPER JAFFRAY

Best & Worst Performing Software Stocks Top and Bottom 20 LTM Performers

Source: Capital IQ.Note: Dates between 6/30/18 and 6/30/19.

Bottom 20 Performers Top 20 Performers

48.4%

51.3%

52.2%

59.2%

59.4%

63.4%

63.4%

68.6%

69.7%

69.8%

86.4%

97.5%

103.0%

103.4%

105.0%

109.3%

114.4%

129.4%

186.0%

206.4%

Five9, Inc.Ceridian HCM Holding Inc.

VeriSign, Inc.ServiceNow, Inc.

Paylocity Holding CorporationRingCentral, Inc.

Zendesk, Inc.Zix Corporation

Workday, Inc.Tableau Software, Inc.

Smartsheet Inc.Bandwidth Inc.

CyberArk Software Ltd.Coupa Software Incorporated

Rapid7, Inc.Atlassian Corporation Plc

Zscaler, Inc.Paycom Software, Inc.

Alteryx, Inc.MongoDB, Inc.

(19.2%)(21.8%)(21.9%)(22.7%)

(24.0%)(24.6%)

(27.9%)(28.6%)(29.5%)

(35.7%)(37.7%)(38.0%)

(40.5%)(43.7%)

(46.1%)(49.7%)

(56.5%)(57.6%)

(61.4%)(75.9%)

Benefitfocus, Inc.

Trend Micro Incorporated

Cegedim SA

Dropbox, Inc.

Castlight Health, Inc.

Commvault Systems, Inc.

OneSpan Inc.

LogMeIn, Inc.

Box, Inc.

Carbon Black, Inc.

ChannelAdvisor Corporation

Talend S.A.

Sophos Group plc

Zuora

eGain Corporation

Nutanix, Inc.

Pivotal Software, Inc.

Marin Software Incorporated

Cloudera, Inc.

ServiceSource International, Inc.

12PIPER JAFFRAY

Announced Date

Acquirer Target Deal Description Deal Amount ($M)

6/12/19

Dassault Systems acquires Medidata Solutions, a New York-based provider of cloud-based solutions for the clinical development programs of life sciences companies, to reinforce the Company’s position as a science-based company with an end-to-end approach to the life sciences industry.

$6,029

6/10/19

Salesforce acquires Tableau, a Seattle-based developer of software that enables customers to visualize and analyze data, to accelerate Salesforce’s ability to deliver customer success by enabling a unified and powerful view across all of a customer’s data.

$17,378

6/6/19 Google acquires Looker, a California-based developer of a business

intelligence and big data analytics platform, to extend Google Cloud’s business analytics offering.

$2,600

5/1/19

Pluralsight acquires GitPrime, a Colorado-based developer of productivity analytics software designed to bring visibility into the software development process, to build and expand on Pluralsight’stechnology skills platform.

$169

4/11/19

SolarWinds acquires Samanage, a North Carolina-based developer of a IT service management platform, to enter the ITSM market and enhance the Company’s ability to serve IT professionals in organizations of all sizes.

$350

Snapshot Of Select Software M&A Transactions During Q2 2019

Source: Public news releases, Pitchbook and CapitalIQ.

13PIPER JAFFRAY 13PIPER JAFFRAY

Software M&A ActivityQ1 2016 – Q2 2019

Source: S&P Capital IQ.Note: Software transactions greater than 10 million USD in enterprise value.

# of Deals 29 42 38 33 31 39 30 34 56 29 35 59 46 46

( USD in millions)

$18,421

$53,011

$33,046

$11,545 $11,374 $8,709$10,991

$15,101$19,409

$14,129

$49,621

$68,120 $68,094

$31,477

4.7x 5.9x

6.1x 6.0x

7.8x

3.5x

3.5x 4.0x

6.6x

2.5x

5.4x

5.8x

4.8x

6.2x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

14PIPER JAFFRAY


( USD in millions)

$11,721

$40,761

$26,207

$4,631$1,160 $2,478 $3,304 $3,204

$12,569

$5,653

$21,776

$40,813

$58,946

$6,028

5.0x

5.3x

4.9x

2.9x2.4x

3.1x 2.9x

4.4x

8.8x

1.1x

4.5x 5.8x5.0x

8.8x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

Public Target M&A Activity in SoftwareQ1 2016 – Q2 2019

# of Deals 6 18 13 6 8 5 5 4 19 5 1 8 6 1

15PIPER JAFFRAY


( USD in millions)

$6,700

$12,251

$6,839 $6,914

$10,214

$6,232

$7,687

$11,897

$6,841$8,451

$16,013

$27,307

$9,148

$27,478

4.6x

6.5x7.2x

7.0x

8.3x

3.6x

3.7x

3.7x

5.6x

3.5x

4.9x

5.8x

4.8x

6.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

Private Target M&A Activity in SoftwareQ1 2016 – Q2 2019

# of Deals 23 24 25 27 23 34 25 30 37 23 27 51 40 45


Strategic Public Acquirer M&A Activity in SoftwareQ1 2016 – Q2 2019

Acquirer

Target

Announced Date 10/23/17 12/18/17 1/30/18 3/20/18 5/21/18 7/11/18 9/20/18 10/28/18 1/16/19 6/10/19

Deal Amount ($M)

$2,288 $1,260 $2,400 $6,580 $1,680 $ 21,776 $4,750 $35,691 $41,771 $17,378

EV / LTM REV 5.3x 10.0x 10.0x 21.9x 11.2x 4.45x 14.8x 10.8x 4.8x 13.7x

( USD in millions)

$17,689

$40,912

$21,282

$9,935 $8,321

$1,582$5,076

$8,570

$15,344

$5,989

$37,993

$47,100 $49,215

$22,8904.7x

6.9x

10.8x

6.0x

9.3x

6.0x

4.4x5.4x

7.7x

3.9x

6.1x6.9x

5.2x5.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

Notable Recent Announced Transactions ($ millions)

Source: 451 Research, S&P Capital IQ.Note: Software transactions greater than 10 million USD in enterprise value.

# of Deals 24 29 22 29 20 11 14 23 38 17 25 37 30 32


Private Equity M&A Activity in SoftwareQ1 2016 – Q2 2019

Acquirer

Target

Announced Date 1/3/17 1/19/17 5/30/17 10/17/17 11/27/17 3/6/18 4/23/18 9/12/18 12/24/18 2/2/19

Deal Amount ($M) $1,150 $800 $564 $1,082 $1,612 $1,100 $ 21,776 $6,700 $2,154 $3,683

EV / LTM REV 2.6x 4.6x 5.9x 3.5x 3.8x 9.9x 1.8x 3.7x 8.0x 7.0x

$722

$11,434

$8,778

$1,150

$2,586

$5,716

$2,269

$4,745

$1,689 $2,073

$6,700

$9,216

$4,249

NA

4.3x

3.1x

7.9x

3.6x2.7x

0.9x

3.2x

6.7x

1.8x 3.7x

5.9x

7.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

Notable Recent Announced Transactions ($ millions)

( USD in millions)

Source: 451 Research, S&P Capital IQ.Note: Software transactions greater than 10 million USD in enterprise value.

NA

# of Deals 4 10 8 2 4 15 3 5 4 1 1 7 3 0

18PIPER JAFFRAY

Close Date Company Deal Description Deal Amount ($M)

4/30/19

• UiPath, a developer of robotic process automation software designed to deliver fast and reliable RPA that enhances business performance at scale, has raised $568 million through the combination of Series D-1 and Series D-2 venture funding in a deal led by Coatue Management.

$568

4/11/19

• Kyriba, a developer of a cloud-based treasury and cash management software designed to help in supply chain finance, payments, and risk management operations, raised $160 million by selling a 75% stake to Bridgepoint Advisers.

$160

4/8/19

• Klaviyo, a provider of SaaS-based data and marketing platform pulling in data from tools used to drive e-commerce businesses, has raised $150 million of Series B venture funding led by Summit Partners and Acadian Software.

$150

Snapshot Of Select Software Private Placements During Q2 2019

Source: Public news releases, Pitchbook and CapitalIQ.

19PIPER JAFFRAY

Private Placement ActivitySoftware Private VC / PE Summary: Q1 2016 – Q2 2019

( USD in millions)

$3,306

$1,463

$2,695

$1,816 $1,573

$3,353$2,784

$3,035

$3,739$4,370

$9,007

$9,594

$8,768

$9,734

151 142 133121

168

195 200188

216

262

347

394383

426

0

50

100

150

200

250

300

350

400

450

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2016 2017 2018 2019

Total Deal Value Total # of Deals

Source: S&P Capital IQ as of 6/30/19.

20PIPER JAFFRAY

64% 64%

59%62% 60%

65% 66%68%

60%

54% 55%59% 59%

54%

60%55% 57%

53%57%

50%

Debt Market Overview

Middle Market LBO Debt Contribution Middle Market LBO Volume by Industry – Q2 2019

5.4%

18.0%

20.9%

24.5%

31.3%

Food & Beverage

Healthcare

Manufacturing &Machinery

Services & Leasing

Computers &Electronics

Total Transaction Volume of $1.4 Billion

Middle Market LBO Loan Multiples Middle Market LBO $ Volume by Quarter

4.0x

3.4x3.9x 3.8x

4.2x4.7x 4.7x

5.6x

4.5x

3.3x

4.2x 4.3x4.5x

4.8x5.3x 5.3x 5.3x 5.5x 5.5x 5.7x

0123456

1 Lien 2 Lien Other Senior Sub. Debt

$1.2

$1.6 $1.5

$1.8

$1.2

$1.9$2.0

$0.4

$0.9$1.2

$0.7$0.9

$1.0

$1.8

$2.9

$1.1

$1.7$1.8

$1.5

$0.9

$0.4

$1.4

Institutional Pro Ratast ndDebt Tranche / EBITDA:

Defined as Issuers with EBITDA of $50 Million or Less

Defined as Issuers with EBITDA of $50 Million or Less Defined as Issuers with EBITDA of $50 Million or Less($ In Billions)

Source: S&P Global Market Intelligence.

Appendix

22PIPER JAFFRAY

High-Growth SaaS

Source: S&P Capital IQ, Thomson Reuter’s Consensus, and Renaissance Capital.

EV/Revenue > 20x Not Meaningful (NM).

EV/EBITDA > 60x Not Meaningful (NM).

Market Enterprise Gross Revenue EV / EV /

Cap Value Price % Revenue Margin EBITDA Growth Revenue EBITDA

($ in millions, except per share data) 6/30/2019 6/30/2019 52 Wk High LTM LTM LTM 2019 2020 2019 2020 2019 2020

High-Growth SaaS

ServiceNow, Inc. $51,471 $50,154 94% $3,011 76% $781 32% 28% 14.6 11.3 NM 40.0

Atlassian Corporation Plc 31,548 30,688 95% 1,210 83% 237 33% 27% 22.5 17.7 NM NM

Okta, Inc. 14,097 13,985 90% 441 72% (54) 37% 31% 25.6 19.5 NM NM

The Trade Desk, Inc. 10,894 10,752 88% 560 76% 184 36% 29% 16.6 12.9 NM 42.3

Zendesk, Inc. 9,881 9,672 95% 703 70% 21 35% 30% 12.0 9.2 NM NM

Zscaler, Inc. 9,631 9,559 93% 273 80% 23 41% 35% 28.0 20.6 NM NM

MongoDB, Inc. 8,415 8,237 82% 306 71% (50) 42% 31% 21.7 16.5 NM NM

Alteryx, Inc. 6,853 6,638 98% 310 90% 45 41% 34% 18.5 13.9 NM NM

Everbridge, Inc. 3,001 2,876 92% 172 68% (8) 34% 26% 14.6 11.6 NM NM

Instructure, Inc. 1,576 1,580 85% 232 69% (11) 23% 21% 6.1 5.0 NM NM

Talend S.A. 1,180 1,179 52% 226 75% (21) 22% 21% 4.7 3.9 NM NM

75th Percentile $12,496 $12,368 94% $632 78% $115 39% 31% 22.1x 17.1x NA 41.8x

Median $9,631 $9,559 92% $310 75% $21 35% 29% 16.6x 12.9x NA 41.2x

Mean $13,504 $13,211 88% $677 76% $104 34% 29% 16.8x 12.9x NA 41.2x

25th Percentile $4,927 $4,757 86% $253 71% ($16) 32% 26% 13.3x 10.3x NA 40.6x

23PIPER JAFFRAY

Moderate-Growth SaaS








Adobe Inc. $145,030 $145,688 97% $10,101 86% $4,085 24% 18% 13.0 11.1 29.1 24.0

salesforce.com, inc. 120,322 119,163 91% 14,013 74% 3,135 22% 20% 7.3 6.1 27.8 22.8

Workday, Inc. 46,542 46,121 93% 3,029 70% 456 26% 23% 13.0 10.5 NM 49.1

Constellation Software Inc. 26,156 26,498 99% 3,254 37% 539 15% 14% 7.5 6.6 28.5 24.1

Palo Alto Networks, Inc. 19,556 17,408 78% 2,752 72% 701 21% 19% 5.5 4.7 21.3 17.0

Splunk Inc. 18,884 17,934 88% 1,916 81% 253 25% 22% 8.0 6.5 46.8 34.0

Twilio Inc. 18,528 17,271 90% 881 54% 6 70% 33% 15.6 11.7 NM NM

Paycom Software, Inc. 13,243 13,208 97% 653 87% 267 27% 23% 18.4 15.0 44.4 35.5

Dropbox, Inc. 10,356 10,256 72% 1,523 75% 340 18% 15% 6.2 5.4 26.4 21.6

RingCentral, Inc. 9,535 9,382 90% 779 76% 89 28% 23% 10.9 8.8 NM NM

Guidewire Software, Inc. 8,294 7,341 93% 752 56% 161 (0%) 17% 10.0 8.5 46.0 35.0

Coupa Software Incorporated 7,821 7,680 98% 285 68% 17 32% 27% 22.3 17.6 NM NM

HubSpot, Inc. 7,247 6,823 89% 591 81% 57 28% 24% 10.4 8.4 NM NM

Proofpoint, Inc. 6,742 6,613 91% 800 73% 137 22% 21% 7.5 6.2 48.8 35.2

Avalara, Inc. 5,451 4,841 96% 323 71% (19) 28% 23% 13.9 11.3 NM NM

Paylocity Holding Corporation 5,225 5,063 90% 468 67% 113 21% 21% 10.0 8.3 46.4 46.4

New Relic, Inc. 5,053 4,769 75% 512 84% 48 28% 26% 8.4 6.7 NM 39.7

CyberArk Software Ltd. 4,985 4,447 92% 390 86% 117 22% 19% 10.6 8.9 39.0 32.7

Nutanix, Inc. 4,824 4,334 41% 1,240 75% (147) 0% 24% 3.5 2.8 NM NM

Qualys, Inc. 3,616 3,243 89% 300 77% 123 15% 17% 10.1 8.6 26.0 21.8

BlackLine, Inc. 2,960 2,836 92% 255 78% 17 22% 21% 10.2 8.4 NM NM

Pluralsight, Inc. 3,065 2,798 79% 274 76% (44) 36% 35% 8.8 6.5 NM NM

Mimecast Limited 2,885 2,936 86% 361 74% 59 24% 22% 7.4 6.1 45.6 32.4

Box, Inc. 2,580 2,743 64% 631 71% 39 13% 12% 4.0 3.5 NM 29.2

Varonis Systems, Inc. 1,879 1,798 76% 271 88% (0) 2% 9% 6.5 6.0 NM NM

Forescout Technologies, Inc. 1,565 1,500 73% 324 77% (23) 25% 21% 4.0 3.3 NM NM

Cloudera, Inc. 882 582 26% 564 71% (32) 57% 13% 0.8 0.7 13.6 5.5

Senvion S.A. 51 289 8% 1,443 32% 60 42% 8% 0.1 0.1 2.8 2.2

75th Percentile $14,564 $14,224 92% $1,463 79% $256 28% 23% 10.7x 8.9x 45.8x 35.2x

Median $6,096 $5,838 89% $642 74% $74 24% 21% 8.6x 6.6x 29.1x 30.8x

Mean $17,974 $17,627 80% $1,739 72% $377 25% 20% 9.1x 7.4x 32.8x 28.2x

25th Percentile $3,039 $2,911 75% $352 70% $14 20% 17% 6.5x 5.9x 26.2x 22.1x

24PIPER JAFFRAY

Business Intelligence / Data Analytics







Business Intelligence / Data Analytics

Splunk Inc. $18,884 $17,934 88% $1,916 81% $253 25% 22% 8.0 6.5 46.8 34.0

Tableau Software, Inc. 1,175 1,289 94% 208 40% 46 19% 19% 0.9 0.8 5.6 4.3

MongoDB, Inc. 8,415 8,237 82% 306 71% (50) 42% 31% 21.7 16.5 NM NM

Alteryx, Inc. 6,853 6,638 98% 310 90% $45 41% 34% 18.5 13.9 NM NM

Verint Systems Inc. 3,608 4,032 84% 1,256 66% 254 12% 9% 2.9 2.7 11.9 10.4

The Descartes Systems Group Inc 3,059 3,283 87% 286 73% 100 18% 10% 10.1 9.1 27.3 24.2

Workiva Inc. 2,682 2,585 99% 269 73% 10 17% 16% 9.1 7.8 NM NM

SVMK Inc. 2,197 2,165 83% 277 72% 27 19% 20% 7.2 6.0 NM 41.7

Inovalon Holdings, Inc. 2,238 3,161 93% 585 74% 178 5% 8% 4.9 4.6 15.5 13.9

MicroStrategy Incorporated 1,478 1,019 94% 487 79% 10 0% 8% 2.0 1.9 37.8 17.2

Domo, Inc. 748 512 58% 151 66% (102) 22% 21% 3.0 2.4 NM NM

Cegedim SA 415 522 79% 519 45% 50 5% 4% 0.9 0.9 5.8 5.4


Median $2,460 $2,873 87% $308 72% $46 18% 18% 6.1x 5.3x 15.5x 15.5x

Mean $4,312.50 $4,281 86% $547 69% $68 19% 17% 7.4x 6.1x 21.5x 18.9x


25PIPER JAFFRAY









VMware, Inc. $69,958 $71,368 81% $9,232 86% $3,241 12% 10% 7.1 6.5 18.1 16.7

ServiceNow, Inc. 51,471 50,154 94% 3,011 76% 781 32% 28% 14.6 11.3 NM 40.0

Red Hat, Inc. 30 29 62% 2 100% 1 15% 18% 0.0 0.0 0.0 0.0

Atlassian Corporation Plc 31,548 30,688 95% 1,210.1 83% 236.7 33% 27% 22.5 17.7 NM NM

Constellation Software Inc. 26,156 26,498 99% 3,254 37% 539 15% 14% 7.5 6.6 28.5 24.1

Twilio Inc. 18,528 17,271 90% 881 54% 6 70% 33% 15.6 11.7 NM NM

Carrefour SA 14,911 34,159 93% 86,620 21% 3,837 (1%) 3% 0.4 0.4 8.4 7.8

Citrix Systems, Inc. 13,178 13,549 84% 3,002 87% 1,028 4% 4% 4.4 4.2 12.1 11.8

Dropbox, Inc. 10,356 10,256 72% 1,523 75% 340 18% 15% 6.2 5.4 26.4 21.6

Micro Focus International plc 8,935 10,926 82% 3,035 76% 1,114 (11%) (4%) 3.1 3.3 7.6 7.2

DocuSign, Inc. 8,640 7,864 73% 759 76% 21 31% 24% 8.6 6.9 NM NM

Smartsheet Inc. 5,629 5,340 96% 198 81% (34) 48% 37% 20.3 14.7 NM NM

Pegasystems Inc. 5,636 5,546 93% 878 65% 21 4% 13% 6.0 5.3 NM NM

Nutanix, Inc. 4,824 4,334 41% 1,240 75% (147) 0% 24% 3.5 2.8 NM NM

Pivotal Software, Inc. 2,871 1,694 36% 687 65% (49) 16% 18% 2.2 1.9 NM 33.7

Box, Inc. 2,580 2,743 64% 631 71% 39 13% 12% 4.0 3.5 NM 29.2

Software Aktiengesellschaft 2,508 2,327 68% 993 78% 301 4% 1% 2.3 2.3 7.9 7.8

Commvault Systems, Inc. 2,267 1,835 70% 697 83% 120 1% 6% 2.6 2.4 16.6 12.7

NetScout Systems, Inc. 1,967 2,104 80% 891 72% 190 (1%) 3% 2.3 2.3 NA NA

Progress Software Corporation 1,975 2,145 92% 398 89% 155 7% 1% 5.0 5.0 10.5 9.2

Zuora, Inc. 1,702 1,393 43% 247 50% (43) 16% 17% 5.1 4.3 NM NM

Talend S.A. 1,180 1,179 52% 226 75% (21) 22% 21% 4.7 3.9 NM NM

Upland Software, Inc. 1,151 1,355 83% 184 68% 63 41% 8% 6.4 6.0 17.4 15.9

Cloudera, Inc. 882 582 26% 564 71% (32) 57% 13% 0.8 0.7 13.6 5.5

75th Percentile $13,611 $14,480 92% $1,893 82% $390 31% 22% 7.2x 6.5x 17.6x 22.8xMedian $5,226 $4,837 80% $880 75% $91 15% 14% 4.9x 4.3x 12.8x 12.7x

Mean $12,037 $12,722 74% $5,015 71% $488 19% 14% 6.5x 5.4x 13.9x 16.2x

25th Percentile $1,973 $1,800 63% $523 67% ($5) 4% 5% 2.5x 2.4x 8.3x 7.8x

26PIPER JAFFRAY









Oracle Corporation $199,110 $218,253 99% $39,506 80% $17,737 (1%) 4% 5.5 5.3 11.9 11.2

SAP SE 161,443 155,060 100% 29,374 69% 8,988 11% 7% 5.0 4.6 14.4 13.1

Adobe Inc. 145,030 145,688 97% 10,101 86% 4,085 24% 18% 13.0 11.1 29.1 24.0

International Business Machines Corporation 122,846 152,749 89% 77,859 47% 17,723 (3%) 0% 2.0 2.0 8.1 8.0

salesforce.com, inc. 120,322 119,163 91% 14,013 74% 3,135 22% 20% 7.3 6.1 27.8 22.8

Intuit Inc. 68,991 66,080 96% 6,593 83% 2,354 12% 11% 9.5 8.6 26.5 23.5

HP Inc. 31,933 33,353 77% 58,698 18% 5,155 1% 1% 0.6 0.6 6.9 6.9

75th Percentile $153,236 $153,905 98% $49,102 82% $13,355 17% 14% 8.4x 7.4x 27.2x 23.1xMedian $122,846 $145,688 96% $29,374 74% $5,155 11% 7% 5.5x 5.3x 14.4x 13.1x

Mean $121,382 $127,192 93% $33,735 65% $8,454 9% 9% 6.1x 5.5x 17.8x 15.6x

25th Percentile $94,657 $92,622 90% $12,057 58% $3,610 (0%) 2% 3.5x 3.3x 10.0x 9.6x

27PIPER JAFFRAY









Workday, Inc. $46,542 $46,121 93% $3,029 70% $456 26% 23% 13.0 10.5 NM 49.1

Paycom Software, Inc. 13,243 13,208 97% 653 87% 267 27% 23% 18.4 15.0 44.4 35.5

Ceridian HCM Holding Inc. 7,446 7,488 93% 779 49% 169 9% 13% 9.2 8.2 40.6 33.3

Paylocity Holding Corporation 5,225 5,063 90% 468 67% 113 21% 21% 10.0 8.3 46.4 46.4

Cornerstone OnDemand, Inc. 3,515 3,489 96% 554 74% 82 6% 14% 6.1 5.4 28.7 21.9

WageWorks, Inc. 2,063 1,274 89% 456 67% 72 (1%) 5% 2.7 2.6 10.5 8.8

Benefitfocus, Inc. 888 1,026 45% 273 51% 8 18% 16% 3.4 2.9 NM 31.9

75th Percentile $10,344 $10,348 95% $716 72% $218 24% 22% 11.5x 9.4x 44.4x 40.9xMedian $5,225 $5,063 93% $554 67% $113 18% 16% 9.2x 8.2x 40.6x 33.3x

Mean $11,274.53 $11,096 86% $887 67% $167 15% 16% 9.0x 7.5x 34.1x 32.4x


28PIPER JAFFRAY




HR Outsourcing




HR Outsourcing

Automatic Data Processing, Inc. $72,117 $72,421 97% $14,175 45% $3,657 6% 7% 4.9 4.6 20.2 17.9

Aon plc 46,856 54,926 99% 10,868 45% 3,469 4% 7% 4.9 4.6 17.3 15.8

Paychex, Inc. 29,830 29,853 93% 3,773 69% 1,604 15% 6% 7.4 7.0 18.6 16.9

H&R Block, Inc. 5,983 5,789 99% 3,095 43% 806 (1%) 2% 1.9 1.8 7.5 7.6

Insperity, Inc. 5,039 4,848 92% 4,088 18% 251 13% 12% 1.1 1.0 17.1 14.5

TriNet Group, Inc. 4,819 4,210 96% 3,661 19% 311 (73%) 10% 4.5 4.1 10.9 9.8

WageWorks, Inc. 2,063 1,274 89% 456 67% 72 (1%) 5% 2.7 2.6 10.5 8.8

Instructure, Inc. 1,576 1,580 85% 232 69% (11) 23% 21% 6.1 5.0 NM NM

CBIZ, Inc. 1,087 1,378 80% 929 15% 123 4% 5% 1.4 1.4 11.6 10.5

Barrett Business Services, Inc. 635 456 84% 934 65% 60 4% 8% 0.5 0.4 8.7 7.7

75th Percentile $23,868 $23,837 97% $4,009 67% $1,405 11% 9% 4.9x 4.6x 17.3x 15.8x

Median $4,929 $4,529 93% $3,378 45% $281 4% 7% 3.6x 3.3x 11.6x 10.5x

Mean $17,001 $17,673 91% $4,221 45% $1,034 (1%) 8% 3.5x 3.3x 13.6x 12.2x


29PIPER JAFFRAY

CRM / Marketing







CRM / Marketing

salesforce.com, inc. $120,322 $119,163 91% $14,013 74% $3,135 22% 20% 7.3 6.1 27.8 22.8

The Trade Desk, Inc. 10,894 10,752 88% 560 76% 184 36% 29% 16.6 12.9 NM 42.3

Zendesk, Inc. 9,881 9,672 95% 703 70% 21 35% 30% 12.0 9.2 NM NM

Coupa Software Incorporated 7,821 7,680 98% 285 68% 17 32% 27% 22.3 17.6 NM NM


Model N, Inc. 638 628 96% 141 55% 11 (6%) 13% 4.5 3.9 NM 45.6

ChannelAdvisor Corporation 246 215 57% 131 77% 13 1% 5% 1.6 1.5 13.5 11.3

Marin Software Incorporated 16 17 21% 55 56% (10) NA NA NA NA NA NA

75th Percentile $10,134 $9,942 95% $596 75% $90 34% 28% 14.3x 11.0x 36.7x 42.3xMedian $5,353 $5,308 89% $323 72% $19 24% 22% 7.4x 6.1x 27.8x 32.4x

Mean $19,088 $18,883 79% $2,031 69% $429 21% 21% 10.2x 8.2x 29.0x 30.9x

25th Percentile $540 $525 78% $139 65% $13 12% 16% 5.9x 5.0x 20.7x 22.8x

30PIPER JAFFRAY

Contact Center







Contact Center

NICE Ltd. $9,202 $8,928 96% $1,524 66% $463 9% 8% 5.7 5.3 18.5 16.6

Verint Systems Inc. 3,608 4,032 84% 1,256 66% 254 12% 9% 2.9 2.7 11.9 10.4

Five9, Inc. 3,111 3,025 89% 290 60% 55 19% 17% 9.9 8.5 NM 45.2

8x8, Inc. 2,393 2,313 95% 366 63% (42) 17% 21% 5.8 4.8 NM NM

LivePerson, Inc. 1,762 1,731 91% 267 74% (2) 16% 19% 6.0 5.0 NM NM

eGain Corporation 247 216 43% 66 67% 7 6% NA 3.1 NA NM NA

75th Percentile $3,484 $3,780 94% $1,033 67% $204 17% 19% 5.9x 5.3x 16.9x 30.9xMedian $2,752 $2,669 90% $328 66% $31 14% 17% 5.7x 5.0x 15.2x 16.6x

Mean $3,387 $3,374 83% $628 66% $123 13% 15% 5.6x 5.2x 15.2x 24.0x


31PIPER JAFFRAY

Security







Security

Palo Alto Networks, Inc. $19,556 $17,408 78% $2,752 72% $701 21% 19% 5.5 4.7 21.3 17.0

Splunk Inc. 18,884 17,934 88% 1,916 81% 253 25% 22% 8.0 6.5 46.8 34.0

Check Point Software Technologies Ltd. 17,768 13,658 87% 1,956 90% 1,009 4% 4% 6.8 6.6 13.5 13.0

Symantec Corporation 14,405 16,598 88% 4,731 78% 1,352 1% 2% 3.4 3.4 8.0 7.5

Okta, Inc. 14,097 13,985 90% 441 72% (54) 37% 31% 25.6 19.5 NM NM

Fortinet, Inc. 13,453 11,502 79% 1,955 75% 507 16% 13% 5.5 4.9 20.9 17.9

Akamai Technologies, Inc. 13,225 13,147 93% 2,795 65% 997 5% 7% 4.6 4.3 11.3 10.2

Zscaler, Inc. 9,631 9,559 93% 273 80% 23 41% 35% 28.0 20.6 NM NM

Proofpoint, Inc. 6,742 6,613 91% 800 73% 137 22% 21% 7.5 6.2 48.8 35.2

Trend Micro Incorporated 6,354 4,356 63% 1,542 79% 494 5% 6% 2.8 2.6 8.6 8.0

CyberArk Software Ltd. 4,985 4,447 92% 390 86% 117 22% 19% 10.6 8.9 39.0 32.7

Qualys, Inc. 3,616 3,243 89% 300 77% 123 15% 17% 10.1 8.6 26.0 21.8

FireEye, Inc. 3,131 3,223 72% 857 67% 41 8% 9% 3.6 3.3 23.3 20.5


Rapid7, Inc. 2,825 2,818 98% 283 72% 4 29% 23% 8.9 7.2 NM NM

Tenable Holdings, Inc. 2,765 2,337 72% 310 83% (42) 29% 25% 6.8 5.4 NM NM

Sophos Group plc 1,937 1,923 62% 711 79% 116 (2%) 15% 2.8 2.4 14.0 10.1

Varonis Systems, Inc. 1,879 1,798 76% 271 88% (0) 2% 9% 6.5 6.0 NM NM

SailPoint Technologies Holdings, Inc. 1,786 1,588 58% 270 78% 32 12% 16% 5.7 4.9 NM 45.0

Forescout Technologies, Inc. 1,565 1,500 73% 324 77% (23) 25% 21% 4.0 3.3 NM NM

Carbon Black, Inc. 1,229 957 61% 230 78% (49) 16% 18% 3.9 3.3 NM NM

SecureWorks Corp. 1,083 1,003 53% 525 53% 15 4% 7% 1.9 1.7 NM NM

MobileIron, Inc. 681 597 94% 202 80% (2) 9% 12% 2.8 2.5 NM 49.3

OneSpan Inc. 568 499 66% 221 66% 6 9% 11% 2.2 1.9 22.4 13.7

Zix Corporation 493 777 82% 112 65% 15 138% 24% 4.6 3.7 21.3 15.8

Absolute Software Corporation 342 166 86% 98 87% 17 5% 9% 1.6 1.5 8.9 8.2

75th Percentile $12,326 $11,016 90% $1,371 80% $224 24% 22% 7.5x 6.4x 29.3x 32.6x

Median $3,008 $3,079 84% $376 78% $36 16% 16% 5.5x 4.8x 21.3x 17.5x

Mean $6,380 $5,945 80% $947 76% $225 20% 16% 7.0x 5.8x 23.7x 21.8x25th Percentile $1,620 $1,522 72% $271 72% $4 5% 9% 3.5x 3.3x 12.9x 10.9x

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Date of First Use 8/30/19

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