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| Market
Update |
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Inside This Issue |
February 22, 2013 |
Vol. VII, Issue 8 |
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| Please
click on any
of the following links below for specific and current market data: |
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Stifel
Events / Recent Stifel Deals
January
30
- Co-Manager for Fleetmatics' Follow-on Offering
December
18 - Exclusive Advisor to Credant in its Sale to Dell: Click
here
for
case study
October
4 - Co-Manager for Fleetmatics' IPO: Click
here
for case study
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Recent
News
(Source:
the451Group, SEC Filings, and Company Press Releases)
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February
19 - Liaison Technologies Acquires Ignis Systems
Deal
Points:
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Ignis
provides Web-based EDI software that enables medical practitioners to
exchange
patient records between hospital labs and electronic healthcare records
(EHR) applications
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The
deal opens new opportunities for Liaison on the
clinical side of the healthcare IT market and offers a broader set of
solutions for improving health information exchange
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February
19 - Exar Acquires Altior
Deal
Points:
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Altior
provides storage data compression software and systems for use in
optimizing environments that store large amounts of data
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The
deal brings new customers and new use cases to Exar's data management
solutions business
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February
19 - Sopra Acquires HR Access
Deal
Points:
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HR
Access provides workforce and payroll management software in
the EMEA region
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Sopra continues
to roll out its 2015 strategy, a move designed to solidify the its
positioning in HR management as well as serve its ambitious
target of generating 30% of revenue in software
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Date
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Company
|
Size
($mm)
|
|
Lead
/ Co-Manager
|
| 10/11/12 |
Workday |
$637.0 |
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MS, GS / Cowen, JMP, PC, WF |
| 10/4/12 |
Fleetmatics |
152.7 |
|
Barclays, BofA / RBC, Stifel, WB |
| 9/27/12 |
Qualys |
90.9 |
|
JPM, CS / RBC, PC, Baird, JMP, Lazard,
First Analysis |
| 8/1/12 |
Eloqua |
92.0 |
|
JPM, DB / JMP, NDM, PC |
| 7/25/12 |
E2open |
70.3 |
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BofA / WB, PC, CG, NDM |
| 7/19/12 |
Palo Alto Networks |
260.4 |
|
MS, GS, Citi / CS, Barclays, UBS, RJ |
| 6/28/12 |
ServiceNow |
209.7 |
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MS, Citi, DB / Barclays, CS, UBS, PC,
WF |
| 6/27/12 |
Exa |
62.5 |
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Stifel /
Baird, CG, NDM |
| 5/9/12 |
WageWorks |
58.5 |
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WB,
Stifel
/
JMP, NDM |
| 4/19/12 |
Proofpoint |
82.3 |
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CS, DB / RBC, PC, First Analysis |
| 4/19/12 |
Infoblox |
120.0 |
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MS, GS, UBS / JMP,
Keegan, PC |
| 4/18/12 |
Splunk |
229.5 |
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MS, CS, JPM, BofA /
UBS, PC, Cowen |
| 3/21/12 |
ExactTarget |
185.7 |
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JPM, DB, Stifel
/ RBC,
PC, CG, RJ |
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Date
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Company
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Size
($mm)
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|
Lead
/ Co-Manager
|
| 3/14/12 |
Demandware |
$88.0 |
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GS, DB / WB, CG,
OPCO |
| 2/23/12 |
Bazaarvoice |
113.8 |
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MS, DB, CS / PJ, PC,
BMO |
| 2/17/12 |
Brightcove |
63.3 |
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MS, Stifel
/ RBC, PC, RJ |
| 2/9/12 |
Synacor |
34.1 |
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BofA, Citi, Stifel
/ BMO, NDM, OPCO |
| 2/1/12 |
AVG
Technologies |
128.0 |
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MS,
JPM, GS / Allen, Cowen, JMP |
| 1/24/12 |
Guidewire Software |
115.1 |
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JPM,
DB, Citi / Stifel,
PC |
| Filed |
Marin Software |
75.0 |
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GS,
DB / UBS,
Stifel, WF |
| Filed |
Model N |
75.0 |
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JPM,
DB / Stifel,
PC, PJ, RJ |
| Filed |
GFI
Software |
100.0 |
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JPM,
CS, Jefferies / Stifel,
BMO,
Needham, Oppenheimer |
| Filed |
Reval |
75.0 |
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BofA,
Stifel
/ BMO, Lazard, RJ |
| Filed |
Trustwave |
100.0 |
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MS, JPM, Barclays / WB, BMO |
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Date
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Company
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Size
($mm)
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Lead
/ Co-Manager
|
| 1/30/13 |
Fleetmatics |
$203.1 |
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Barclays,
BofA / RBC, Stifel,
WB, PC |
| 11/14/12 |
ServiceNow |
392.0 |
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MS,
Citi, DB, Barclays, CS, UBS / PC, Wells Fargo |
| 10/17/12 |
Palo Alto Networks |
302.4 |
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MS,
GS, Citi / CS, Barclays, UBS, RJ |
| 10/4/12 |
Infoblox |
100.0 |
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MS,
GS, UBS / PC, JMP, Stephens |
| 10/3/12 |
WageWorks |
105.0 |
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WB,
Stifel /
JMP, NDM |
| 9/15/12 |
RealPage |
99.0 |
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CS |
| 9/11/12 |
ExactTarget |
194.1 |
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JPM,
DB, Stifel /
RBC, PC, CG, RJ |
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Date
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Company
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Size
($mm)
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Lead
/ Co-Manager
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| 9/6/12 |
SPS
Commerce |
$53.6 |
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Stifel / WB, JMP,
NDM,
CG, CH, Northland |
| 7/19/12 |
Splunk |
332.6 |
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MS, CS, JPM, BofA /
UBS, PC, Cowen |
| 7/17/12 |
Bazaarvoice |
130.9 |
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MS, DB, CS |
| 6/7/12 |
Ellie Mae |
52.7 |
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WB, JMP / NDM, OPCO,
DA, Wunderlich |
| 4/18/12 |
Guidewire Software |
226.0 |
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JPM,
DB, Citi / UBS, Stifel
PC |
| 3/9/12 |
Tangoe |
170.2 |
|
DB,
Barclays, Stifel
/ Lazard |
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#
Trans |
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Volume
($mm) |
| YTD |
321 |
|
$3,568 |
| YTD 2012 |
390 |
|
7,837 |
| February 2013 |
107 |
|
305 |
| February 2012 |
148 |
|
5,391 |
| Source:
CapitalIQ "Software and Services Primary Classification".
Includes software, services, and internet transactions. |
| Includes
announced and closed transactions. Volume includes only
disclosed values. |
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| Buyer
/ Target |
Date |
Value
($mm) |
LTM
Rev. Multiple |
| Google / Channel
Intelligence |
2/6/13 |
$125 |
4.5x |
| Juniper / Webscreen
Systems |
2/4/13 |
10 |
6.9x |
| ACI / Online Resources |
1/31/13 |
233 |
1.4x |
| Actian / Pervasive |
1/28/13 |
169 |
2.5x |
| Oracle / Eloqua |
12/20/12 |
871 |
9.7x |
| Red Hat / ManageIQ |
12/20/12 |
104 |
6.9x |
| Lo-Q / accesso |
12/5/12 |
22 |
3.9x |
| NCR / Retalix |
11/28/12 |
621 |
2.3x |
| RedPrairie / JDA
Software |
11/1/12 |
1,810 |
2.7x |
| Enghouse /
Visionutveckling |
11/1/12 |
11 |
0.9x |
| Idox / Fmx |
10/19/12 |
9 |
2.1x |
| ExactTarget
/ Pardot |
10/11/12 |
96 |
12.9x |
| CafePress.com / EZ
Prints |
10/10/12 |
30 |
0.9x |
| John
Wiley &
Sons / Deltak |
10/2/12 |
220 |
4.1x |
| Informatica / Heiler
Software |
10/2/12 |
108 |
3.7x |
| Navarre / SPEED |
9/27/12 |
65 |
0.9x |
| Nuance / Ditech |
9/18/12 |
23 |
1.4x |
| KEYW / Sensage |
9/13/12 |
35 |
2.0x |
| IBM / Kenexa |
8/27/12 |
1,200 |
3.7x |
| Thoma Bravo / Deltek |
8/27/12 |
1,002 |
2.9x |
| Trimble Navigation /
TMW Systems |
8/27/12 |
335 |
3.5x |
| FICO / Adeptra |
8/16/12 |
115 |
2.6x |
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| Buyer
/ Target |
Date |
Value
($mm) |
LTM
Rev. Multiple |
| CDC Software / Consona |
8/7/12 |
$250 |
2.0x |
| SPS Commerce / Edifice |
8/7/12 |
38 |
3.3x |
| Synopsys / SpringSoft |
8/3/12 |
406 |
3.9x |
| Thomson Reuters
/
FXall |
7/9/12 |
625 |
4.8x |
| Dell
/ Quest |
7/2/12 |
2,559 |
2.7x |
| One Equity / M*Modal |
7/2/12 |
840 |
2.4x |
| LANDesk /
WaveLink |
6/20/12 |
90 |
4.5x |
| Sage /
Folhamatic |
6/20/12 |
196 |
4.8x |
| Citrix /
Bytemobile |
6/7/12 |
430 |
7.2x |
| Francisco
Partners /
Plex |
6/6/12 |
160 |
4.0x |
| salesforce.com /
Buddy Media |
6/4/12 |
689 |
27.6x |
| Ansys /
Esterel |
5/29/12 |
53 |
2.7x |
| Bazaarvoice /
PowerReviews |
5/24/12 |
152 |
13.2x |
| Oracle /
Vitrue |
5/23/12 |
325 |
16.3x |
| SAP / Ariba |
5/22/12 |
4,500 |
8.6x |
| OpenText /
EasyLink |
5/1/12 |
246 |
1.7x |
| DTS / SRS
Labs |
4/17/12 |
148 |
4.3x |
| Dell / Wyse |
4/2/12 |
1,000 |
2.7x |
| HIG /
Comverge |
3/26/12 |
49 |
0.4x |
| Monitise /
Clairmail |
3/26/12 |
173 |
9.3x |
| Verisk /
MediConnect |
3/23/12 |
349 |
7.0x |
| NEC / Convergys
(assets) |
3/22/12 |
449 |
1.4x |
| Cisco / NDS
Group |
3/15/12 |
5,000 |
5.0x |
| Dell /
SonicWALL |
3/13/12 |
1,200 |
4.6x |
| Insight / Quest
Software |
3/9/12 |
2,000 |
2.2x |
| Nuance /
Transcend |
3/7/12 |
313 |
2.4x |
| Trustwave / M86 |
3/6/12 |
120 |
1.8x |
| PLATO Learning /
Archipelago Learning |
3/5/12 |
292 |
4.1x |
| Symantec / Odyssey |
3/5/12 |
60 |
12.0x |
| Vocus / iContact |
2/28/12 |
179 |
3.5x |
| Oracle /
Taleo |
2/9/12 |
2,016 |
6.2x |
| Guidance /
CaseCentral |
2/7/12 |
17 |
0.9x |
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Price |
%
from 2/15 |
| Infoblox |
$22.61 |
18.5% |
| Pegasystems |
28.00 |
16.7% |
| AVG |
14.98 |
14.9% |
| HP |
19.20 |
14.4% |
| Sourcefire |
48.42 |
13.7% |
| Bazaarvoice |
$6.66 |
(11.1%) |
| BroadSoft |
33.11 |
(10.3%) |
| Ellie Mae |
19.53 |
(10.2%) |
| Demandware |
26.71 |
(9.1%) |
| RealPage |
21.68 |
(8.2%) |
| * Excludes companies with stock prices
less than $5.00. |
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| Indices |
Price |
%
from 2/15 |
%
from LTM High |
| S&P 500 |
1,516 |
(0.3%) |
(1.0%) |
| Nasdaq |
3,162 |
(0.9%) |
(1.6%) |
| DJIA |
14,001 |
0.1% |
(0.3%) |
| FTSE |
6,336 |
0.1% |
(0.9%) |
| Bellwether / Software Stocks |
| Microsoft |
$27.76 |
(0.9%) |
(15.5%) |
| IBM |
201.09 |
0.1% |
(4.7%) |
| SAP |
78.38 |
(1.8%) |
(6.0%) |
| Oracle |
34.75 |
(0.2%) |
(4.0%) |
| HP |
19.20 |
14.4% |
(29.0%) |
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