©2024 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. KPMG Corporate Finance is not engaged in the business of public accountancy. All rights reserved.
1
Construction Software
Acquired by
a portfolio company of
Automotive Intelligence
Software
Acquired by.
Recruitment Software
Capital Raise
Regulatory Intelligence
Software
Acquired by
3) Representative Software Transactions
Payroll Processing Software
Acquired by
a portfolio company of
Energy & Building Analytics
Software
Acquired by
Financial Planning Software
Acquired by
Governance, Risk, &
Compliance Software
Acquired by
a portfolio company of
Search Engine Optimization
Software
Capital Raise
Logistics Data Entry
Automation Software
Acquired by
Property Tax & Transfer
Pricing Software
Acquired by
a portfolio company of
Parking & Traffic
Management Software
Capital Raise
Unattended Retail Software
Acquired by
a portfolio company of
Legal & Tax Professional
Learning Software
Acquired by
a portfolio company of
Corporate Compliance
Software
Acquired by
a portfolio company of
KPMG Corporate Finance – Software Investment Banking Overview
Enterprise Workload
Automation Software
Acquired by
a portfolio company of
Retail POS Software
Acquired by
Wealth Management
Software
Acquired by
a portfolio company of
Radiology Workflow
Software
Acquired by
Wealth Management
Software
Acquired by
5,564
6,111
6,581
8,905
9,173
Ernst & Young
Deloitte
Houlihan Lokey
PwC
KPMG
(3) Refers to the global Corporate Finance practices of KPMG International’s network of independent member firms
Global KPMG
Professionals
265,000+
M&A Transactions
Closed since 2013
5,000+
Global KPMG CF
Professionals
2,500+
Global KPMG Technology
Investment Bankers
200+
KPMG
by the numbers
(2)
(2)
(1) Refinitiv - Transactions less than $500m
(2) Refers to the global Corporate Finance practices of KPMG International’s network of independent member firms
North
America
433
professionals
40 offices in
10 countries
Asia
Pacific
536
professionals
21 offices in
10 countries
EMEA
1,578
professionals
113 offices in
64 countries
Software Investment Banking Team
EMEA
200+ Global
KPMG Technology
Investment Bankers
170+
Offices
265,000+
Global KPMG
Professionals
1,000+ Cross-Border
Transactions
in Past 5 Years
80+
Countries
APAC
Takeo Takanashi
Japan
Rainbow Wang
China
Sung Won Park
South Korea
Jesse Chen
Taiwan
Dan Teper
Australia
Graham Pearce
United Kingdom
Stuart Pilgrim
United Kingdom
Ekrem Shahin
United Kingdom
Florian Frei
Germany
Tom Nyman
Finland
Timo Knak
Switzerland
Silvano Lenoci
Italy
Mark Zuidema
Amsterdam
Mark Wyatt
France
Hillel Schuster
Israel
1) KPMG Corporate Finance Credentials - Most Active Middle-Market Advisor Globally
2) Global Senior Technology M&A Team(3)
Worldwide Financial Advisor Rankings(1)
Over Past 20 Years (2004-2023)
Worldwide TMT Financial Advisor Rankings(1)
Over Past 20 Years (2004-2023)
1,235
1,285
1,611
1,767
1,897
UBS
Deloitte
PwC
KPMG
Houlihan Lokey
The M&A Atlas Awards
Software &
IT Deal of
the Year
2023
Corporate /
Strategic
M&A Deal of
the Year
2023
Middle
Market
Investment
Bank of the
Year
2021
North America
J.P. Ditty
Portland / Silicon Valley
Grant Heffernan
Portland
David Creamer
Silicon Valley
Joseph Radecki
Chicago
Roddy Moon
Boston
Christopher Rockers Denver
Neil Blair
Toronto
Logan Philp
Toronto
Matt Sardella
Toronto
Marco Tomassetti
Vancouver
Dan Gardiner
Vancouver
Representative TMT
Deals
Acquired by
Acquired by
Capital Raise
Acquired by
Capital Raise
Acquired by
2+ years experience
baileypayne@kpmg.com
Bailey Payne
Associate
Portland
10+ years experience
gheffernan@kpmg.com
Grant Heffernan
Director
Portland
jpditty@kpmg.com
20+ years experience
JP Ditty
MD
Silicon Valley /
Portland
5+ years experience
mitalilnu@kpmg.com
Mitali Gupta
Sr. Associate
Portland
7+ years experience
preedy@kpmg.com
Patrick Reedy
Vice President
Chicago
©2024 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. KPMG Corporate Finance is not engaged in the business of public accountancy. All rights reserved.
2
KPMG Corporate Finance – Software Q1’24 Update
4) Valuation Overview - Public Market Trends(1)
(1) Market data as of March 29, 2024; Source: Capital IQ
Analytics & Data Management Software
Human Capital Management Software
Collaboration & Communication Software
DevOps & Infrastructure Software
Financial, Accounting, & Banking Software
Sales, Marketing & eCommerce
Security Software
Vertically Focused
Median EV / NTM Revenue
NTM Revenue Growth Rate
4.3x
4.0x
4.2x
4.5x
5.6%
5.0%
3.9%
5.0%
Q2'23
Q3'23
Q4'23
Q1'24
6.5x
5.7x
5.7x
4.7x
12.1%
11.8%
11.2%
14.0%
Q2'23
Q3'23
Q4'23
Q1'24
8.5x
7.3x
7.6x
8.6x
14.9%
13.3%
14.2%
17.0%
Q2'23
Q3'23
Q4'23
Q1'24
6.3x
5.9x
6.6x
6.8x
10.8%
12.3%
12.3%
15.8%
Q2'23
Q3'23
Q4'23
Q1'24
6.9x
6.7x
5.9x
6.1x
11.8%
11.0%
10.4%
12.8%
Q2'23
Q3'23
Q4'23
Q1'24
6.7x
5.7x
7.1x
6.5x
12.4%
13.1%
12.0%
19.9%
Q2'23
Q3'23
Q4'23
Q1'24
6.9x
6.8x
9.1x
8.7x
14.6%
13.8%
10.3%
11.6%
Q2'23
Q3'23
Q4'23
Q1'24
6.2x
6.6x
8.2x
8.5x
9.1%
8.6%
10.5%
10.4%
Q2'23
Q3'23
Q4'23
Q1'24
©2024 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. KPMG Corporate Finance is not engaged in the business of public accountancy. All rights reserved.
3
KPMG Corporate Finance – Software Q1’24 Update
4) Valuation Overview - Public Market Trends(1) - (Cont’d)
(1) Market data as of March 29, 2024; Source: Capital IQ
Median EV / NTM Revenue
Median EV / NTM Revenue (Growth Adjusted)
0.5x
0.5x
1.2x
0.2x
0.6x
0.0x
0.5x
1.0x
1.5x
Apr-19
Jul-19
Oct-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Median EV / NTM Rev (Growth Adj.) (n=104)
Median
Max
Min
Average
6.0x
9.0x
18.2x
4.5x
9.2x
0.0x
5.0x
10.0x
15.0x
20.0x
Apr-19
Jul-19
Oct-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Median EV / NTM Rev (n=104)
Median
Max
Min
Average
©2024 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. KPMG Corporate Finance is not engaged in the business of public accountancy. All rights reserved.
4
KPMG Corporate Finance – Software Q1’24 Update
5) Valuation Overview - Publicly Traded Comparable Companies(1)
(1) Market data as of March 29, 2024; (2) Rule of 40 = ‘23-’24 Revenue Growth + CY’24F FCF Margin; Source: Capital IQ
Software
Enterprise
Value (EV)
EV / Revenue
Revenue
CY’24F
Rev. Growth
’23-’24
Gross
Margin
CY’24F
FCF
Margin
CY’24F
Rule
of 40(2)
CY’24F
CY’24F
(Growth Adj.)
‘23-’24 Revenue Growth > 25%
CrowdStrike
$74,892
18.8x
0.6x
$3,975
30.1%
77.9%
32.0%
62.0%
Atlassian
$50,246
10.9x
0.4x
$4,589
25.0%
83.3%
24.6%
49.6%
Cloudfare
$32,457
19.6x
0.7x
$1,655
27.7%
78.1%
10.0%
37.7%
Zscaler
$27,646
11.7x
0.5x
$2,370
25.0%
80.3%
21.7%
46.7%
Samsara
$20,080
16.8x
0.6x
$1,195
27.5%
75.0%
5.0%
32.5%
Monday
$9,995
10.7x
0.4x
$936
28.3%
89.4%
21.8%
50.1%
GitLab
$8,260
11.2x
0.4x
$735
26.7%
90.4%
5.9%
32.6%
Bill.com
$6,584
5.0x
0.2x
$1,310
26.1%
85.6%
18.7%
44.7%
SentinelOne
$6,323
7.7x
0.2x
$817
31.6%
77.8%
2.2%
33.8%
Sprout Social
$3,335
7.8x
0.3x
$426
27.6%
78.3%
6.5%
34.1%
‘23-’24 Revenue Growth < 25%
Salesforce
$291,513
7.7x
0.8x
$38,037
9.1%
79.3%
30.9%
40.0%
Adobe
$223,327
10.4x
1.0x
$21,469
10.6%
89.3%
37.8%
48.4%
SaerviceNow
$150,496
13.8x
0.6x
$10,899
21.5%
81.8%
31.0%
52.5%
Shopify
$95,485
11.2x
0.5x
$8,530
20.8%
51.0%
13.9%
34.8%
Workday
$67,489
8.0x
0.5x
$8,406
15.8%
80.0%
23.1%
38.9%
Block
$52,144
2.1x
0.1x
$24,989
14.0%
34.7%
7.7%
21.8%
Snowflake
$49,504
14.4x
0.6x
$3,433
22.3%
73.2%
28.3%
50.6%
Palantir Technologies
$47,556
17.8x
0.9x
$2,679
20.4%
82.2%
32.3%
52.7%
Datadog
$39,339
15.2x
0.7x
$2,585
21.5%
81.5%
25.5%
47.0%
Veeva
$33,403
12.2x
0.8x
$2,733
15.6%
74.6%
40.1%
55.7%
HubSpot
$31,150
12.2x
0.7x
$2,563
18.1%
84.6%
14.4%
32.5%
AppLovin
$25,642
6.3x
0.3x
$4,074
24.1%
74.8%
40.9%
64.9%
MongoDB
$25,332
13.1x
0.9x
$1,940
15.3%
76.0%
6.6%
21.9%
Okta
$16,608
6.6x
0.6x
$2,508
10.8%
80.8%
21.0%
31.8%
Check Point
$16,257
6.4x
1.1x
$2,557
5.9%
89.2%
42.0%
47.9%
Zoom Video
$13,216
2.9x
1.5x
$4,616
2.0%
78.6%
32.4%
34.3%
Software
Enterprise
Value (EV)
EV / Revenue
Revenue
CY’24F
Rev. Growth
’23-’24
Gross
Margin
CY’24F
FCF
Margin
CY’24F
Rule
of 40(2)
CY’24F
CY’24F
(Growth Adj.)
‘23-’24 Revenue Growth < 25%
Dynatrace
$13,038
8.1x
0.4x
$1,614
18.3%
84.6%
24.5%
42.9%
Toast
$12,576
2.6x
0.1x
$4,823
24.8%
24.4%
3.3%
28.1%
Unity Software
$11,809
6.5x
NM
$1,813
(17.1%)
82.9%
17.3%
0.2%
DocuSign
$11,329
3.9x
0.7x
$2,926
5.9%
81.3%
27.8%
33.8%
Procore Technologies
$11,324
9.9x
0.5x
$1,140
20.0%
85.0%
9.9%
29.9%
Informatica
$11,223
6.6x
1.0x
$1,697
6.4%
80.8%
26.4%
32.8%
UiPath
$11,087
7.1x
0.4x
$1,556
18.9%
85.7%
22.1%
41.0%
Paycom
$11,037
5.9x
0.6x
$1,872
10.5%
84.3%
16.1%
26.6%
Elastic
$9,686
6.8x
0.4x
$1,419
17.1%
76.3%
11.7%
28.7%
Guidewire
$9,384
9.2x
0.9x
$1,022
10.4%
62.1%
14.2%
24.7%
Paylocity
$9,373
6.4x
0.3x
$1,472
24.1%
72.8%
19.0%
43.1%
Dropbox
$9,033
3.5x
1.9x
$2,547
1.8%
82.9%
36.9%
38.7%
Confluent
$8,754
9.2x
0.4x
$950
22.3%
75.6%
0.3%
22.5%
AppFolio
$8,683
11.4x
0.5x
$765
23.3%
63.5%
19.5%
42.8%
Twilio
$8,298
1.9x
0.4x
$4,371
5.2%
52.3%
10.1%
15.3%
CCC
$7,886
8.3x
0.9x
$947
9.3%
77.6%
26.2%
35.5%
Wix.com
$7,664
4.4x
0.4x
$1,752
12.2%
68.6%
20.9%
33.1%
ZoomInfo
$6,836
5.4x
2.1x
$1,272
2.6%
89.2%
33.2%
35.8%
SPS Commerce
$6,575
10.6x
0.7x
$619
15.3%
68.0%
22.4%
37.7%
Tenable
$5,781
6.4x
0.5x
$902
13.0%
79.6%
22.0%
35.0%
Qualys
$5,717
9.4x
1.0x
$608
9.6%
81.8%
36.3%
45.9%
Squarespace
$5,398
4.6x
0.3x
$1,184
16.9%
76.2%
24.1%
41.0%
Vertex
$4,891
7.5x
0.5x
$656
14.6%
71.3%
10.1%
24.8%
RingCentral
$4,781
2.0x
0.1x
$2,384
13.5%
78.6%
16.9%
30.4%
PowerSchool
$4,766
6.0x
0.5x
$789
13.1%
70.2%
19.5%
32.6%
DigitalOcean
$4,715
6.1x
0.6x
$767
10.7%
59.6%
19.9%
30.7%
Varonis
$4,712
8.7x
1.0x
$542
8.6%
86.6%
13.4%
22.0%
Smartsheet
$4,691
4.2x
0.3x
$1,116
16.5%
83.2%
18.1%
34.5%
©2024 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. KPMG Corporate Finance is not engaged in the business of public accountancy. All rights reserved.
5
KPMG Corporate Finance – Software Q1’24 Update
5) Valuation Overview - Publicly Traded Comparable Companies(1) - (Cont’d)
(1) Market data as of March 29, 2024; (2) Rule of 40 = ‘23-’24 Revenue Growth + CY’24F FCF Margin; Source: Capital IQ
Software
Enterprise
Value (EV)
EV / Revenue
Revenue
CY’24F
Rev. Growth
’23-’24
Gross
Margin
CY’24F
FCF
Margin
CY’24F
Rule
of 40(2)
CY’24F
CY’24F
(Growth Adj.)
‘23-’24 Revenue Growth < 25%
Workiva
$4,621
6.4x
0.4x
$721
14.4%
77.8%
10.0%
24.4%
Five9
$4,618
4.4x
0.3x
$1,055
15.9%
60.1%
11.0%
26.9%
Box
$4,591
4.2x
1.0x
$1,083
4.4%
79.9%
29.1%
33.5%
Freshworks
$4,267
6.0x
0.3x
$708
18.8%
83.4%
15.6%
34.4%
nCino
$4,235
7.8x
0.6x
$542
13.7%
66.9%
11.9%
25.6%
BlackLine
$4,227
6.6x
0.7x
$645
9.4%
79.7%
19.8%
29.2%
Jfrog
$4,178
9.8x
0.4x
$427
22.0%
83.5%
19.6%
41.6%
HashiCorp
$4,113
6.4x
0.6x
$646
10.7%
83.8%
5.2%
16.0%
Envestnet
$4,078
3.0x
0.3x
$1,364
9.5%
60.3%
10.1%
19.6%
Braze
$4,054
7.1x
0.3x
$574
21.7%
68.7%
0.4%
22.1%
Rapid7
$3,681
4.3x
0.4x
$853
9.7%
74.6%
19.1%
28.8%
Q2
$3,327
4.9x
0.5x
$686
9.8%
56.0%
10.0%
19.8%
Asana
$3,241
4.5x
0.4x
$722
10.7%
90.0%
(1.4%)
9.2%
Darktrace
$3,231
4.3x
0.2x
$745
20.9%
89.5%
14.7%
35.6%
SolarWinds
$3,082
3.9x
1.3x
$783
3.1%
90.9%
35.0%
38.2%
Teladoc Health
$2,995
1.1x
0.5x
$2,666
2.4%
70.7%
8.0%
10.4%
Kinaxis
$2,987
6.1x
0.4x
$491
14.9%
61.4%
14.8%
29.7%
Sprinklr
$2,723
3.4x
0.3x
$805
9.9%
74.7%
9.9%
19.8%
N-able
$2,636
5.7x
0.6x
$463
9.8%
84.8%
18.0%
27.9%
C3.ai
$2,587
7.4x
0.4x
$351
18.3%
68.8%
(6.8%)
11.5%
Jamf
$2,477
4.0x
0.4x
$617
10.1%
81.5%
15.1%
25.3%
Zeta Global
$2,448
2.8x
0.1x
$874
20.0%
62.2%
9.0%
29.0%
E2open
$2,438
3.9x
NM
$625
(2.7%)
68.8%
NA
NA
Intapp
$2,353
5.1x
0.3x
$459
17.0%
71.9%
11.7%
28.6%
Alkami
$2,323
7.0x
0.3x
$331
24.8%
61.4%
1.0%
25.8%
Agilysys
$2,175
8.2x
0.5x
$266
16.4%
60.8%
15.5%
31.9%
PagerDuty
$2,001
4.2x
0.4x
$475
10.3%
84.4%
16.9%
27.3%
PROS
$1,854
5.6x
0.6x
$334
10.0%
66.1%
7.3%
17.3%
Software
Enterprise
Value (EV)
EV / Revenue
Revenue
CY’24F
Rev. Growth
’23-’24
Gross
Margin
CY’24F
FCF
Margin
CY’24F
Rule
of 40(2)
CY’24F
CY’24F
(Growth Adj.)
‘23-’24 Revenue Growth < 25%
Fastly
$1,845
3.2x
0.2x
$585
15.6%
59.1%
0.8%
16.4%
MeridianLink
$1,772
5.6x
1.2x
$318
4.8%
66.6%
23.8%
28.6%
Dye & Durham
$1,757
4.9x
1.1x
$360
4.5%
91.6%
25.3%
29.8%
Semrush
$1,699
4.6x
0.2x
$366
19.0%
83.6%
7.4%
26.4%
Everbridge
$1,697
3.7x
1.2x
$462
3.0%
74.2%
12.5%
15.5%
VTEX
$1,298
5.4x
0.3x
$241
19.6%
71.1%
NA
NA
AvePoint
$1,259
4.0x
0.3x
$314
15.7%
73.1%
12.8%
28.4%
Definitive Healthcare
$1,244
4.7x
0.8x
$266
5.9%
84.8%
24.4%
30.3%
Zuora
$1,220
2.7x
0.5x
$454
5.2%
73.8%
18.3%
23.5%
Couchbase
$1,148
5.6x
0.4x
$206
14.2%
87.0%
(6.1%)
8.1%
Model N
$1,099
4.1x
0.8x
$267
5.3%
61.1%
18.6%
23.9%
Amplitude
$996
3.4x
0.6x
$293
6.1%
76.7%
7.8%
13.9%
2U
$975
1.2x
NM
$807
(14.7%)
0.0%
NA
NA
Weave
Communications
$761
3.9x
0.3x
$196
15.1%
70.0%
5.1%
20.3%
8x8
$707
1.0x
0.3x
$727
3.2%
71.7%
9.3%
12.4%
Yext
$649
1.6x
NM
$400
(1.0%)
79.2%
9.2%
8.3%
Ebix
$622
NA
NA
NA
NA
0.0%
NA
NA
BigCommerce
$608
1.8x
0.3x
$331
7.1%
77.9%
4.6%
11.7%
Skillsoft
$581
1.0x
0.3x
$578
3.8%
70.2%
5.9%
9.7%
Olo
$543
2.0x
0.1x
$271
18.7%
60.7%
2.0%
20.7%
WalkMe
$492
1.8x
0.3x
$281
5.2%
84.9%
8.2%
13.5%
LivePerson
$469
1.5x
NM
$322
(20.0%)
66.4%
(5.0%)
(25.0%)
Upper Quartile
$11,248
8.1x
0.7x
$1,842
19.8%
83.2%
23.2%
37.7%
Median (All)
$4,702
6.0x
0.5x
$807
14.0%
77.7%
15.5%
29.9%
Median (Growth ≥ 25%)
$15,038
11.1x
0.4x
$1,252
27.5%
79.3%
14.3%
41.2%
Median (Growth < 25%)
$4,267
5.6x
0.5x
$775
12.6%
76.0%
15.5%
28.7%
Mean
$16,964
6.6x
0.6x
$2,252
13.2%
73.6%
16.3%
29.9%
Lower Quartile
$2,345
4.0x
0.3x
$483
7.8%
68.8%
8.8%
22.1%
©2024 KPMG Corporate Finance LLC, a Delaware limited liability company. Member FINRA/SIPC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG
International Limited, a private English company limited by guarantee. KPMG Corporate Finance is not engaged in the business of public accountancy. All rights reserved.
6
KPMG Corporate Finance – Software Q1’24 Update
(1) Excludes transactions with deal value of <$40M, <2.5x multiple & undisclosed deal values; Source: Capital IQ & 451 Research
Date
Acquirer
Target
Target
Country
Sector
Buyer
Type
EV
TTM
Revenue
EV / TTM
Revenue Target Description
Mar-24
Clearwater
Analytics
Wilshire Advisors
(risk and
performance
analytics assets)
U.S.
Risk
Management
$40
$7
5.7x Risk & performance analytics
software
Mar-24
Crowdstrike
Flow
Israel
Cybersecurity
$200
$5
40.0x Cloud data security software
Mar-24
Advent, CDPQ &
Novacap
Nuvei
Canada
FinTech
$6,300
$1,190
5.3x Transaction processing
services & software
Mar-24
Blue Yonder Group One Network
Enterprises
U.S.
Supply Chain
Management
$839
$84
10.0x Digital supply chain network
management software
Mar-24
The Descartes
Systems
OCR Services
U.S.
Trade
Management
$90
$18
5.0x Global trade management
software
Mar-24
H.I.G. Capital
Alight (payroll and
professional
services business)
U.S.
Payroll
$1,050
$105
10.0x HCM & payroll software
Mar-24
Francisco Partners
Jama Software
U.S.
ERP
$1,200
$90
13.3x
Products requirements
management & traceability
software
Mar-24
nCino
DocFox
U.S.
FinTech
$75
$6
12.5x Bank onboarding automation &
account opening software
Mar-24
Bain Capital
Iress (U.K.
mortgage sales and
originations
software business)
U.K.
Mortgage
$109
$11
9.6x Mortgage broking software
Mar-24
Battery Ventures
TrueContext
Canada
Field Service
$108
$24
4.5x Field service intelligence &
workflow automation software
Mar-24
CAMP Systems
World Kinect
(Avinode Group
assets and portfolio
of aviation FBO
software)
Sweden
Energy
$200
$40
5.0x Air charter sourcing & FBO
software
Mar-24
ParTech
Stuzo
U.S.
eCommerce
$189
$40
4.7x Open commerce software
Date
Acquirer
Target
Target
Country
Sector
Buyer
Type
EV
TTM
Revenue
EV / TTM
Revenue Target Description
Mar-24
PAR Technology
TASK
Australia
Retail
$175
$45
3.9x POS terminal management
software
Mar-24
Cadence Design
Systems
BETA CAE
Systems
Switzerland Engineering
$1,240
$90
13.8x Simulation & analysis software
Feb-24
Renesas
Electronics
Altium
U.S.
Engineering
$5,742
$263
21.8x PCB EDA software
Feb-24
Datasite
Ansarada
Australia
Data
Management
$135
$34
4.0x Virtual data rooms &
dealmaking software
Feb-24
Thoma Bravo
Everbridge
U.S.
Event
Management
$1,729
$450
3.8x Critical event management
software
Jan-24
Amadeus IT
Vision Box
Portugal
Identity &
Access
Management
$347
$77
4.5x Biometric identification
management software
Jan-24
Cardinal Health
Specialty Networks
U.S.
Healthcare
$1,200
$240
5.0x Health management software
Jan-24
Ideagen
Damstra
Technology
Australia
Workforce
Management
$54
$20
2.7x
Integrated workplace
management software
Jan-24
Roper
Technologies
Procare Software
U.S.
Healthcare
$1,860
$260
7.2x Childcare management
software
Jan-24
Symphony
Technology
MediaValet
Canada
Enterprise
Asset
Management
$57
$12
4.9x Enterprise digital asset
management
Jan-24
LiveRamp
Habu
U.S.
Data
Management
$200
$18
11.1x Data clean room &
collaboration software
Jan-24
Synopsys
Ansys
U.S.
Engineering
$35,000
$2,159
16.2x CAD simulation software
Jan-24
Thomson Reuters
Pagero Group
Sweden
FinTech
$818
$72
11.4x E-invoicing & indirect tax
automation software
Deal Matrix: M&A by Strategic Acquirers
Deal Size
TTM
Revenue
EV / TTM
Revenue
Upper Quartile
$1,110
$88
12.2x
Median
$200
$43
6.4x
Mean
$2,689
$193
10.3x
Lower Quartile
$145
$18
4.8x
Deal Matrix: M&A by PE & PE-Backed Acquirers
Deal Size
TTM
Revenue
EV / TTM
Revenue
Upper Quartile
$1,464
$278
9.8x
Median
$1,050
$90
5.3x
Mean
$1,507
$269
7.3x
Lower Quartile
$108
$18
4.7x
Deal Matrix: Overall
Deal Size
TTM
Revenue
EV / TTM
Revenue
Upper Quartile
$1,200
$105
11.4x
Median
$200
$45
5.7x
Mean
$2,358
$214
9.4x
Lower Quartile
$109
$18
4.7x
6) Valuation Overview - Recent Precedent M&A Transactions(1)
Strategic
Financial
Financial
Financial
Strategic
Strategic
Strategic
Strategic
Financial
Strategic
Strategic
Strategic
Strategic
Strategic
Financial
Strategic
Strategic
Strategic
Financial
Strategic
Financial
Strategic
Strategic
Strategic
Strategic