Business Intellegence Report April 2014

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com
Business Intelligence
April 2014
SECTOR REPORT
Introduction
Business Intelligence has become the top ranked IT priority among enterprise business
leaders over the last few years
1
. With a number of newer, high growth technologies
currently transforming the Enterprise IT landscape virtualizaton, cloud services and
sofware defned networks to name a few this fact might seem surprising. But consider
for a moment that the impact of most of these newer IT technologies is characterized by
increased operatonal efciency and cost avoidance. Business intelligence on the other
hand has the power to drive both revenue growth and proft margin improvement, and
at the same tme make the enterprise more compettve, nimble and customer oriented.
This, coupled with a wide range of newer, lighter, easier to use BI products, is now making
business intelligence a need-to-have, on par with foundatonal systems such as ERP and
CRM.
While traditonal BI systems were engineered as large, centralized systems designed to
amass data over tme and provide rear-view-mirror reports on past events, the last few
years have seen signifcant innovaton in cloud and SaaS based delivery and also in real tme
analytcs, enabling the enterprise to extract intelligence and use that intelligence to make
decisions, on a near-instantaneous basis. With the beneft of predictve modeling, some
BI applicatons can now even foretell future trends. Big strides have also been made in Big
Data, the handling of very large volumes of structured and unstructured data, which pose
their own set of challenges.
With the beneft of hindsight, it is now clear that the wave of consolidaton in the Business
Intelligence market several years ago, including acquisitons of three of the largest pure-
play, traditonal BI vendors, Hyperion Solutons (Oracle), Business Objects (SAP) and
Cognos (IBM), not only ended a cycle, but also cleared the path for the emergence of a
new generaton of business intelligence companies. At a high level, this new generaton is
diferentated in several ways:
Traditonal BI Next Generaton
Procurement Enterprises/IT department
Perpetual license + maintenanace
C-Suite/ business unit
Term license or subscripton
Implementaton Centralized
Customized, integrated
Centralized or decentralized
Out of the box, confgurable
Hostng and interface Client server
Web interface
Cloud/SaaS
Mobile
Social/Collaboratve
Hardware Proprietary, single vendor Commodity, interoperable
Data Handing Data warehouse
Post-processing
Real tme
In memory
Data Types Structured
Homogenous
Siloed
Structured and unstructured
Heterogenous
Source: Capital IQ
As witnessed in several technology sectors, much of the innovaton is being created by
younger companies, a trend which we believe will contnue to drive, if not accelerate,
consolidaton in coming years. This report looks at the evoluton of the business intelligence
sofware sector over the last few years, including advances in new product development,
delivery, and usage. The report also looks at recent M&A and capital formaton actvity in
the sector, together with transacton volume and valuaton metrics. Lastly, in the Sector
Spotlight we highlight a number of companies that we believe are emerging as new market
leaders in next generaton of Business Intelligence.
Contact:
James Turino, Partner
jturino@redcapgroup.com
212.508.7108
Hadrien Kulik, Associate
hkulik@redcapgroup.com
212.508.7114
Redwood Capital
950 Third Avenue
Suite 2001
New York NY 10022
www.redcapgroup.com
1
htps://www.gartner.com/doc/2629220
INSIDE THIS ISSUE
1. Introducton
2. Market sizing and growth
3. Mergers & Acquisitons
4. Public Financings
5. Valuaton Trends
6. Private Financing
7. Sector Spotlighy - Companies
Page I 2 www.redcapgroup.com
Market sizing and growth
The global business intelligence market is projected to reach $20.81 billion in 2018, up from $13.98
billion in 2013, representng a Compound Annual Growth Rate (CAGR) of 8.28%
2
. Among all regions,
North America is the largest, capturing 49% of the global BI market.
According to IDC, in 2012 SAP was the leader in the global business intelligence sofware market,
with a 19.7% share, followed by IBM (14.0%) and SAS (10.3%). Among the major players in the
sofware industry, IBM has been a major acquirer, having spent more than $16 billion for deals in
the Big Data and data analytcs space since 2005. With the data analytcs and business intelligence
solutons providing diagnostc, predictve and prescriptve applicatons, we expect a growing number
of enterprises to focus on such oferings. Moreover, apart from the top six major players which
accounted for approximately two-thirds of the Business Intelligence market in 2012, the market also
comprises a large number of companies which ofer point solutons. Hence, we expect consolidaton
to contnue going forward as the big players seek larger scale and fll technology gaps in their current
oferings.
The BI market is segmented into Traditonal, Mobile, Cloud and Social Business Intelligence, based
on product architecture and user interface. Growth of Traditonal BI is projected to slow to low
single-digit rates in the next few years, while, newer BI technologies, although currently a small part
of the overall market, are projected to grow at rates of between 20% and 30% over the next fve
years. Among the fastest growing segments, Cloud based BI is estmated to grow nearly four-fold,
from $0.75 billion in 2013 to $2.94 billion by 2018, for a CAGR of 31%.
Chart 1: Global intelligence market size, by technologies, 2013-2018 ($ Billion)
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Traditonal BI Cloud BI Mobile BI Social BI
Sources: Gartner, Redwood Capital
Chart 2: Global business intelligence market, by technologies, 2013-2018 (Y-O-Y %)
Cloud BI Mobile BI Social BI
20%
25%
30%
35%
2014 2015 2016 2017 2018
Source: Gartner, Redwood Capital
2
MarketsandMarkets, 2013
Self-Service, Cloud and SaaS
Traditonal Business Intelligence is typically sold as a standalone system, or sometmes embedded
into enterprise sofware such as ERP and CRM systems. The systems tend to be large scale,
centralized platorms managed within the realm of the IT department. Because they generally
involve some level of customizaton and systems integraton, turnkey systems ofen carry mult-
million dollar price tags and as a result address a market comprised mostly of large enterprise and
government customers able to justfy the upfront acquisiton, ongoing maintenance and related
stafng costs. Common complaints about traditonal BI systems include the difculty of making
changes and creatng or customizing new reports, all of which require IT and sometmes third party
systems integrator involvement, with long lead tmes and high costs.
With more and more enterprises now avoiding the use of third party resources to develop
applicatons because of the long lead tmes and high costs, readily-deployable solutons, subscripton
based self-service products are now experiencing very high growth. As one would expect, they
have opened up the market to small and medium sized enterprise for which traditonal BI systems
have been typically too costly, but they have also found favor with a number of large enterprise
customers. Many of these products enable users to manage their own data sets, either on premises
or in the cloud, as well as create and customize their own reports with straightorward drag and
drop features. In additon to being easier to deploy, confgure and use, subscripton licensing has
made many of these products easier to procure as well, with subscripton based, pay-as-you-go
models avoiding much of the scrutny associated with budgeted capital projects. Self-service BI is
now enabling business leaders to manage their own BI applicatons, freeing them from the hurdles,
costs and lead tmes associated with IT-managed platorms. As a result, the landscape for BI has
now become more decentralized with multple vendors ofen resident within the single enterprise.
A number of successful companies were founded on the premise of exploitng the market for self-
service, cloud and SaaS based BI solutons, among them Birst, GoodData and Logi Analytcs. In
additon, companies such as Pentaho have introduced true mult-tenant cloud products]. Industry
analysts generally agree that Cloud/ SaaS revenues are stll quite small as litle as 3% of total
sector revenue by some accounts
3
- but are also driving the sectors highest growth rates. As the
growth potental in this segment becomes clearer, traditonal and on-premise vendors have started
to ofer their own lighter, cloud or SaaS based solutons such that today, virtually all except the
most data intensive BI applicatons can be delivered in a remotely hosted manner and procured on
a subscripton basis.
Dashboard Evolution
Among the recent technological advances in the Business Intelligence sector, there is a growing focus
on reportng and dashboard functons. Dashboards were rated the top priority for expansion and
innovaton in a 2012 industry survey
4
. With more and more data available for analysis, and increasing
recogniton that BI must be aligned with business goals in order to be successful, the challenges
are knowing which metrics are the most important, and how to make reportng features and user
interfaces as intuitve as possible. We know of one company able to supply literally thousands of Key
Performance Indicators (KPIs) as part of their analytcs platorm. But without careful consideraton
for understanding which KPIs are the most important to their business users, the vendor runs the
risk of customers being overwhelmed and deployments failing to provide the intended results. In
additon, as data analysts well know, the best insights ofen come not from a single, statc analysis,
but from iteratve, what-if-scenario analyses. Giving end users the fexibility to create their own
KPIs on the fy, including mash-ups of diverse metrics, and giving them the tools to create their own
visualizatons, have been at the forefront for many BI product roadmaps. These solutons range
from interactve reportng to business query to visual data discovery, and even to such familiar
tools as spreadsheets. Large companies like SAP and Oracle have been applying R&D and Corporate
Development resources to the dashboarding area, and a number of smaller vendors are leading the
charge with innovatve solutons. The later include QlikTech, which supports rapid deployment and
intuitve, associatve analysis, JackBe with strong operatonal dashboarding features, and Metric
Insight, which focuses on KPI optmizaton and reportng.
3
Forrester, 2013
4
BI Scorecard 2012
Mobile
Part of the promise of real tme business intelligence is the ability to push the power of analytcs
and decisioning to the front lines of the enterprise, no mater where the end user may be located.
Fortunately, improvements over the past decade in mobile computng power, user interface
and connectvity now enable more and more sophistcated BI applicatons to exist on a host of
readily available smartphones, tablets and other mobile devices. Benefts of mobile BI are two-
fold: northbound, gathering and uploading data from diverse locatons, and southbound, pushing
downloaded analytcs and decisioning power to remote users in the feld. Mobile applicatons
deliver the power of BI to the front lines of the enterprise by bringing mobile workers into the fow
and enabling them to make faster, beter informed decisions and be more responsive.
While a few companies such as Roambi have been founded to focus exclusively on the mobile BI
segment, more and more mainstream vendors are adding mobile extensions of their core products,
enabling them to deliver a full suite ofering over an increasingly wide range of end user devices.
Although Mobile BI may be a separately identfed market segment today, we believe lines will
start to blur as mobile becomes increasingly a feature of full-suite oferings. That said, there are
challenges in delivering Mobile BI to the enterprise user, including:
Multple devices The large and growing array of mobile devices now commercially available,
and the ever growing expectaton that mobile and feld workers will be able to use their own
device for enterprise applicatons, gives rise to both integraton and security issues. Fortunately,
technologies such as HTML 5 are making it easier to deliver web content to a wide range of
devices, and a number of sofware solutons aimed at the Bring Your Own Device (BYOD) market
are making it increasingly feasible to extend enterprise applicatons to consumer mobile devices
without sacrifcing interface functonality or network security.
Real tme connectvity Even though an analytcs engine might be able to deliver real tme
intelligence, mobile network constraints, including coverage and bandwidth limitatons, may
afect the end users ability to access and act on that intelligence in real tme. In additon, limited
processing power available on most mobile devices means that most of not all processing and
analytcs stll needs to be performed centrally. This makes connectvity an even greater issue in
the successful deployment of Mobile BI. For this reason, more and more mobile BI applicatons
have the ability to go from online to ofine and back without interrupton, loss of data or user
functonality.
Security As more and more enterprise applicatons are being pushed out to mobile devices,
mobile hacking is on the rise, and the increasing ubiquity of enterprise applicaton-enabled
mobile devices is not going unnotced by hackers. The number of new mobile malware families
were up sharply in 2012, the majority of them targetng Android devices (Chart 6). Malicious
Android apps alone are antcipated to top the 1 million mark this year, and Infonetcs expects
that nearly all enterprises will experience signifcant mobile device security incidents by the end
of next year.
Chart 3: New android malware (000)
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Since 2012, the number of mobile malware programs has skyrocketed, with around 95% targetng Android devices.
Source: McAfee Labs
Social BI
We observe the term Social Business Intelligence commonly being used to describe two diferent
things:
Extractng intelligence from unstructured data sources such as Facebook pages, survey
responses, blogs, posts, tweets and the like. For the purpose of this report, this actvity is covered
in Unstructured Data below.
Analytcs actvites that rely on knowledge base sharing, multple human inputs and/or
collaboraton among a group of users. We use the term Social Business Intelligence in this
second context.
In contrast to other, more siloed forms of business intelligence, the social element introduces
an added dimension by enabling groups of analysts to share informaton, either through social
platorms, shared knowledge bases, collaboratve applicatons or wikis. These groups may be
entrely within the enterprise (i.e. diferent departments or branch ofces), or may be comprised
of peer groups more broadly dispersed across an entre industry. Is Social BI a separate category of
business intelligence or ultmately a feature embedded into broader oferings? While there are a
handful of companies founded as pureplay social BI vendors, many of the large BI providers such
as SAP, Oracle and TIBCO have introduced social elements such as instant messaging and shared
knowledge bases in the last few years. The lines are being further blurred by a substantal number
of collaboraton sofware vendors that have embedded business intelligence features. As a result,
it is likely that other vendors will follow and that Social BI will become more of a feature than a
standalone product in the long term. Its signifcance, however, should not be underestmated. While
Traditonal BI developed siloed models to draw intelligence from (mostly structured) data, Social BI
adds a critcal dimension by enabling extracted intelligence to be further refned, harnessed and
exploited among collaboratve groups through shared knowledge across siloes.
Unstructured Data
Historically, BI was built on discrete, structured data: a purchase, a phone call, fnancial transacton,
demographic datum, survey response, cookie. The wealth of intelligence resident in unstructured
data has given rise to a vibrant group of vendors with advanced technologies for analyzing
unstructured media such as text, speech, photos and video. For the user interested in mining writen
feedback from a web site or call center commentary, for example, there are now solutons that use
semantc and/or IVR technology to provide augmented intelligence well beyond what traditonal BI
platorms can deliver. Social content in partcular, rich in unstructured data, is of growing interest to
marketers seeking to capture more subjectve yet critcal insights.
Complexites in unstructured data mining include capturing, integratng and interpretng data from
multple sources, especially with much of the data coming through diverse channels, including
both textual (keyed and handwriten) and non-textual media such as video, audio, photos and
speech. In additon, capturing the nuances of unstructured data pose a whole set of challenges unto
themselves. Not only understanding what is said, but how it is said, may be critcal to the correct
interpretaton of a survey response, for example. Companies such as Clarabridge and Temis have
developed sophistcated sofware products that enable marketers to gather, analyze and visually
report on many kinds of customer feedback.
Big Data
For the purposes of this report, we consider Big Data to comprise enterprise solutons that provide
analytcs of very large (not uncommonly petabyte scale or more) sets of diverse, structured and
unstructured data, in real tme. While the term may be somewhat overused in todays market, Big
Data is a Holy Grail of sorts because at last it gives the data intensive enterprise a comprehensive and
instantaneous view, afer assimilatng a diverse array of inputs. As a result, Big Data is a signifcant
growth area, and most of the large enterprise sofware providers and systems integraton frms now
have dedicated businesses aimed at exploitng this opportunity. SAPs Hana and Oracles Exalytcs
appliances, launched in 2010 and 2011, respectvely, are two of the beter known in-memory
platorms aimed at the real tme, Big Data analytcs market, and a number of smaller vendors
are emerging, especially around some of the key open source technologies developed to address
challenges in Big Data processing, storage and analytcs. Understandably, many of the addressable
use cases for Big Data are in industries which produce both very large amounts of data as well as
data from multple, heterogeneous sources. These include fnancial services, health care, retail and
telecom, to name a few.
One extreme example of Big Data is PRISM, in which an estmated 1.4bn records are collected for
analysis each day, however companies such as Google, Facebook and large mobile communicatons
providers are having to grapple with larger, and rapidly increasing, volumes of data on a daily basis.
Big Data presents signifcant challenges, especially in applicatons requiring real tme analysis. As
the chart below shows, contnued Moores Law-driven decline in the price of memory and newer
in-memory products are now serving to make the real tme analysis of very large volumes of data
more feasible economically while opening up substantal new business opportunites in the sector.
Chart 4: Newer technologies enabling more Big Data to be processed in real time
Volume
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Very Large
Source: Redwood Capital
This is due in large part to the increased use of NoSQL databases (Not only SQL), in-memory
data storage, and distributed fle and cache systems. These technologies are transforming the BI
landscape from traditonal, row based data warehouse architectures to systems which can ingest
any type of structured or unstructured data and provide instantaneous analytcs in real tme.
The need for real-tme analytcs in Big Data has driven the use and development of in-memory
storage and processing. An in-memory database (IMDB) is a database that uses a systems main
memory for data storage, rather than a traditonal disk-based mechanism. In-memory storage has
been around for a long tme, but was traditonally used in smaller scale, specialized applicatons.
This is due to inherent limitatons of server based in-memory storage which restricted the quanttes
of data that could be analyzed in real tme, and as a consequence, larger volumes of data were
typically relegated to warehouse based, non-real-tme analytc engines. Newer products are now
providing increasingly large scale in-memory storage and processing platorms, serving to make in-
memory more of a standard in the analytcs industry.
Because of the large and ever-increasing scale of data captured for Big Data analysis, database
systems have had to evolve to be able to handle very high transacton volumes and support fexible
dynamic data structures. NoSQL databases are well suited for this task because they are intended
to simply capture all data without categorizing and parsing the data into a fxed schema. As a
result they maintain a low predictable latency well suited to real tme applicatons. They mainly
rely on highly optmized key-value stores rather than tabular relatons used in traditonal relatonal
databases. They can execute simple queries very quickly and are extremely scalable. These NoSQL
databases come in a variety of data models (key-value pair, document oriented, columnar, graph):
more than 120 open source key-value databases have been listed as of today, but some recent
notable ones include MongoDB, Couchbase, Basho Technologies (Riak), Apache CouchDB and Neo
Technology (Neo4j).
However, due to the lack of support for complex query paterns and the changing nature of the
data in NoSQL databases, analysis has become a new challenge, and companies now ofen require
specifc data warehouse sofware, or seek to combine NoSQL databases with more traditonal SQL
solutons to mine and extract value out of massive streams of unstructured data. New relatonal
database management systems (dubbed NewSQLs) have started to emerge in an efort to provide
the same scalability and performance as NoSQL while supportng relatonal data models and using
SQL as their primary interface.
The other downsides of most NoSQL databases today is their lack of mature management and
monitoring tools, as well as shortcomings in their support of the full range of propertes that are
usually desirable for good transacton processing engines. Both these issues are in the process of
being overcome by both the open source NoSQL communites and a handful of vendors that are
atemptng to commercialize the various NoSQL databases, such as Couchbase, DataStax, Sqrrl Data,
MongoDB or Aerospike. NoSQL databases such as MongoDB or CouchDB can now be confgured to
run mostly in-memory.
Rapid increases in data volumes have given rise to innovatve ways of handling real tme Big Data.
These include distributed fle systems, in which data is stored over a gridded network of servers
that can expand as needed to accept larger volumes without creatng botlenecks (for example,
Amazon S3, IBMs GPFS and Hadoops HDFS). These systems have strong advantages in that they
can scale as the data volume grows, reducing the need for large upfront investment in warehouse
infrastructure, and in additon they generally use of the shelf hardware, which helps to contain
capital expenditures when they do need to scale. The distributed model also tends to improve the
reliability of the system as it scales, with the failure of any single server having less of an impact on
the grid as a whole.
The combinaton of distributed architectures and in-memory processing has paved the way to the
rise of in-memory data-grids (IMDGs) or in-memory distributed caches. These grids have been
in use for some tme by large internet companies to improve performance of web and mobile
applicatons, but are now being used more and more to manage data for analytcs purposes. In-
memory processing results in greater data integrity and analytcal accuracy, as data is less exposed
to manipulaton and movement while stll in memory. In some cases the transacton processing and
analytcs applicatons can reside on the same server grid. Other applicatons are able to manage the
volume and recency of data retained for real tme analysis with older data relegated to a warehouse.
Several database management systems now combine this distributed architecture with NoSQL logic
in an integrated way, making it easier for enterprises to implement business intelligence applicatons
based on big data. Examples include Basho, DataStax, FoundatonDB, NuoDB, Sqrrl, as well as HBase
(based on Hadoop, modeled afer Googles BigTable), Facebooks Cassandra, LinkedIns Voldermort
and Amazons DynamoDB.
Open source framework Hadoop, developed by the open source Apache Sofware Foundaton,
is rapidly emerging as a standard in processing data-sets for Big Data. Hadoop is an open source
framework for the distributed processing and storage of very large sets of structured and
unstructured data across clusters of computers, tghtly integrated with HDFS (Hadoop Distributed
File System). It solves the problem of how to handle extreme volumes of disparate data in a scalable,
cost-efectve manner. The distributed architecture enables it to efciently scale up from single
servers to thousands of machines using standard of the shelf hardware, and also provides a high
level of reliability.
Originally, Hadoop was an open source implementaton of MapReduce, a programming model
created at Google in response to the problem of managing web search indexes and processing large
data sets with a parallel, distributed algorithm on a cluster. But as the Hadoop project has matured,
further components have been developed and added to enhance its usability and functonality. Just
as people refer to Linux as more than just the Linux kernel, the name Hadoop is now being used
to represent the entre ecosystem around the core MapReduce and HDFS functonalites, including
programmability tools like Pig and Hive, data access tools like HBase, Sqoop and Flume, coordinaton
and workfow tools like Zookeeper and Oozie, and management and deployment tools like Ambari
and Whirr. All these Hadoop-related modules are gathered by Apache under the BigTop project
umbrella, and as with Linux, they are ofen packaged directly into Hadoop distributons (essentally,
pre-confgured sofware bundles).
Hadoop adopton has spawned a number of independent companies developing their own Hadoop
distributons, including Cloudera, Hortonworks and MapR Technologies, as well as companies
providing innovatve applicatons for specifc uses with Hadoop, such as Datameer, Karmashpere
and RainStor. In additon, all the leading enterprise sofware vendors have incorporated Hadoop
into their big data solutons, demonstratng that open source is becoming a larger presence in the
Big Data marketplace: IBM with InfoSphere BigInsights, EMC with Greenplum (later incorporated
into GoPivotal), Oracle with their Big Data Appliance, SAP with the HANA Platorm and Microsof
with Windows Azure HDInsight (including some integraton in Ofce 365). Some of the vendors who
made their name in big data before Hadoop matured now also ofer Hadoop connectors to their
existng analytcal database systems, including Vertca (HP) and Aster Data.
Even though commercial vendors and the open source community are actvely working on lowering
the barriers to entry to Big Data, one of the major impediments to mainstream adopton remains
the scarcity of skilled human resources around these new, more complex technologies. In additon
to processing data, people with solid grounding in statstcs, mathematcs, data visualizaton and
business-related issues are needed to efciently transform the data into truly valuable business
intelligence. McKinsey & Company estmates that, by 2018, the US could face a shortage of 140,000
to 190,000 people with deep analytcal skills as well as 1.5 million managers and analysts with the
know-how to use the analysis of big data to make efectve decisions
5
.
Predictive Analytics
If knowledge extracton through data-driven business intelligence is now becoming a must-have,
what are the implicatons for applicatons that can predict future trends? Predictve analytcs is not
new, however advances in data science and statstcal modeling much of it from the academic
world - contnue to expand its applicability and addressable market. While predictve analytcs has
been applied traditonally to risk management and marketng applicatons, a small but growing
number of companies is expanding the universe of use cases to such diverse areas as fnancial
instrument performance, life sciences research and human resource management. Predictve
Analytcs is stll a small part of todays market, but one in which we expect to see signifcant growth,
highly correlated to Big Data.
Enterprise Performance Management
With literally hundreds if not thousands of use cases in Business Intelligence, and more and more
analytcs functonality embedded in a diverse array of enterprise sofware products, its difcult
to draw boundaries around the sector. Next generaton analytcs in partcular is permeatng more
and more enterprise sofware, whether as an add-on, upgrade, new release feature or module.
One area of BI that is more easily demarcated is Enterprise Performance Management. Sometmes
called Business Performance Management or Corporate Performance Management, these solutons
are designed to measure and report operatonal KPIs within the enterprise. Many combine data
integraton, analytcs and predictve modeling to both assess historical performance and provide
tools for future planning purposes. A cross secton of companies reveals a number of approaches.
Adaptve Planning, Host Analytcs and Tagetk, for example, focus on KPI consolidaton for the
purposes of fnancial analysis, predictve planning and budgetng. MooD Internatonal extends
into service performance, IT security and risk management for enterprise, government and even
military arenas. RiverLogic helps companies optmize costs of sales, including supply chain, capital
expenditures and network design. Board Internatonal provides a toolkit for companies to quickly
and inexpensively create their own applicatons without the need for programming. In each
case EPM vendors not only provide data driven intelligence, but also provide the means to use
intelligence constructvely to manage operatons and fnancial performance on an ongoing basis.
In this regard, EPM is diferentated in both extractng intelligence on historical data and the ability
to apply that intelligence to enterprise operatons. We believe the combinaton of data science
and practcal applicatons lends EPM strong prospects commercially and therefore consider it an
important sector to watch.
5
htp://www.mckinsey.com/insights/business_technology/big_data_the_next_fronter_for_innovaton
Mergers & Acquisitions
M&A Activity 2009-2013
As noted previously, the year 2007 witnessed major consolidaton in the traditonal Business
Intelligence sector, startng with Oracle acquiring the fourth-largest BI vendor, Hyperion Solutons
in April 2007 for $3.3 billion. In October 2007, SAP announced the acquisiton of Business Objects,
the leader in business intelligence sofware, for EUR4.8 billion (approx. $6.8 billion), marking a clear
shif in SAPs strategy of refraining from inorganic growth. IBM in turn modifed its own strategy of
abstaining from acquiring applicatons sofware companies to avoid partner disruptons, launching
a $5 billion bid in November 2007 for the third-largest BI vendor, Cognos. Notably, Cognos had
beefed up its business intelligence portolio to include fnancial performance analytcs capabilites
by acquiring Applix just prior to the deal with IBM.
There has yet to be a year since 2007 exceeding that years aggregate dollar volume, with most
of the sector M&A in the last few years focused on more innovatve, Next Generaton targets. As
a result, only three transactons have been valued in excess of $1 bn in the last fve years (SPSS
to IBM in 2009, Netezza to IBM in 2010 and Endeca to Oracle in 2011). Transacton volume has
increased steadily, however, from 16 in 2009 to 49 in 2013, and the presence of many smaller players
developing innovatve solutons contnues to ofer ample scope for further consolidaton (see table
below). This is refected in the fact that aggregate dollar volume for disclosed deals declined to $565
million in 2013, the lowest fgure over the past fve years.
Year Deal Volume
Total Disclosed
Value
Mean Deal
Value
Median
Deal Value
Mean Revenue
Multple
Mean EBITDA
Multple
2013 49 565 35 19 2.9x n.a.
2012 47 791 53 10 2.7x 83.1x
2011 31 1,828 203 23 7.6x 57.5x
2010 29 2,640 240 20 4.9x 40.4x
2009 16 1,228 205 30 1.5x 11.2x
Source: Capital IQ
Figures in $ million
Geographically, North America and Europe have dominated M&A deal actvity in the business
intelligence space, with these two regions together accountng for close to 90% of the deal volume
and close to 100% of the deal value, consistently, over the years. These trends are a testmony to the
concentraton of major players in the data analytcs and business intelligence space in these regions,
in our view. In 2013, North America accounted for 35 deals compared to 31 in 2012. Dollar volume
in North America grew by 9.0% to $483 million in 2013 from$443 million in 2012. Meanwhile, in
Europe deal volume declined to 11 in 2013 from 12 in 2012, while disclosed transacton values
declined 76.8% y/y to $80 million.
Chart 5: Deal Volumes Chart 6: Transaction Values
1.
North America Europe Asia-Pac
LatnAm & Caribbean Africa/Middle East
0%
20%
40%
60%
80%
100%
2009 2010 2011 2012 2013
North America Europe Asia-Pac
LatnAm & Caribbean Africa/Middle East
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013
Source: Capital IQ Source: Capital IQ
M&A Valuation Trends
Notably, deal actvity has rebounded over the past fve years, with deal volumes steadily increasing
each year from 2009 levels. Median dollar values, however have remained in the sub- $30 million
range over the past few years, mirroring the high level of actvity and strategic interest in smaller,
more innovatve technologies. We note that cloud-based M&A targets have generally commanded
higher multples as more and more customers have gravitated towards cloud oferings due to
their cost-efectveness and efcient delivery method, providing substantal revenue visibility and
therefore, increased valuatons to the cloud players.
Over the past two years, mean LTM revenue valuatons have been relatvely stable at around 2.8x.
In 2013, the mean revenue multple for disclosed deals was 2.9x, with deals ranging from 1.2x-6.3x
(the later Datawatchs acquisiton of Panoptcon Sofware). In 2012, the mean revenue multple
for disclosed deals was 2.7x, with deals ranging from 0.5x to 7.1x (the later KEYWs acquisiton of
Sensage). The mean dollar value for 2013 and 2012 was $35 million and $53 million, respectvely,
in both cases far lower than mean values of over $200 million for the prior three years. This is
atributable to the higher level of actvity among smaller, more innovatve companies, as well as
fewer large transactons as the bigger end of the market consolidates.
Activity in 2014 year to date
Trends for deal actvity thus far in 2014 have started out strong. In January 2014, Dassault Systmes,
a developer of 3D design sofware, announced an agreement to acquire Accelrys, a provider of
scientfc lifecycle management sofware, for approximately $750 million. The deal enabled
Dassault Systmes to gain access to Accelrys tools for automatng scientfc discovery and target
the addressable $4 billion scientfc lifecycle management market. The transacton is valued at 3.9x
revenue and 58.2x EBITDA.
Activity in 2013 and 2012
In 2013 the 49 M&A transactons in Business Intelligence was two more than the level achieved in
2012. However, the total dollar value of $565 million declined for the third year in a row.
In the largest deal of the year, Apple acquired Topsy Labs in December 2013, reportedly for $200
million, although deal multples were undisclosed. Topsy Labs is a social media analytcs frm, which
ofers tools to analyze content on Twiter such as how ofen a term is tweeted, detect an infuental
person on a partcular topic and measure the exposure of an event or campaign. Topsy then
monetzes the analysis by selling it to its customers. According to industry analysts, Apple will utlize
Topsy Labs to comprehend trends on social media and make recommendatons to its customers
for fnding apps, movies and music to be bought, thereby ofering incremental revenue potental.
Apple could also apply Topsys search technology for indexing vast amounts of unstructured data on
Twiter to its Siri voice search.
In the second-largest deal of the year, salesforce.com acquired EdgeSpring in June 2013, a provider
of business intelligence analytcs solutons for $133.7 million in cash and stock. Just a month prior
to the deal, EdgeSpring had raised $11 million in a round of fnancing from Kleiner, Perkins, Caufeld
& Byers and Lightspeed Venture Partners. Interestngly, the EdgeSpring deal came immediately
afer salesforce.coms announcement to acquire ExactTarget, an e-mail marketng vendor. In our
view, salesforce.coms push into digital marketng will be well complemented by the additon of
EdgeSprings analytcs tools.
Another major deal during the year was the acquisiton of Kapow, a provider of data integraton
and analytcs sofware by business process applicatons provider Kofax for $47.5 million in cash in
July 2013. The acquisiton enables Kofax to improve its ability to integrate its applicatons with third
party sofware for content import and export and data validaton. Notably, the Kapow transacton
followed Kofaxs acquisiton of business intelligence and analytcs sofware provider Altosof in
March 2013. These deals refect Kofaxs push into business intelligence and the expansion of its
product portolio for analyzing multchannel data. Kofax acquired Altosof for $13.5 million in cash
at a somewhat high valuaton (4.0x LTM revenue multple vs. median multple of 2.5x for the full
year). The valuaton for Kapow was in line with the median revenue multple for the year.
Also in 2013, Sofware AG announced the acquisiton of JackBe, a US-based provider of real-tme
visual analytcs and intelligence sofware. The deal enabled Sofware AG to ofer mashup and
real-tme analytcs solutons, allowing users to collate data from various sources including Excel
spreadsheets, data warehouses and news feeds and visualize it within real-tme dashboards. The
integraton of JackBes technology with Sofware AGs solutons enabled enterprises to generate
an integrated, real-tme view of business operatons such as inventories, orders etc. through a
dashboard visualizaton layer.
Two of the 2013 acquisitons by Yahoo! laid emphasis on image search and recogniton techniques.
In August 2013 and October 2013, internet giant Yahoo! acquired image-recogniton companies IQ
Engines and LookFlow, respectvely, in a bid to integrate the technologies into its photo and video
hostng and sharing service, Flickr.
At the tme of the deal, IQ Engines possessed two image-recogniton applicaton programming
interfaces (APIs) and was also working on a mobile photo album applicaton to organize images on a
smartphone into categories based on automatcally generated tags. Yahoo! also acquired LookFlow
to improve photo discovery on Flickr as LookFlow uses machine learning to enable people to search
and explore images.
The largest deal of 2012 was the acquisiton of Torex Retail Holdings, a provider of informaton
technology solutons for retail and convenience stores by MICROS Systems, for $272.4 million. The
deal enabled MICROS to expand outside its market in North America into Europe. Further, Torexs
presence in retail expanded MICROS product portolio to include retail, restaurant and hotel
solutons under one umbrella.
The second largest deal of the year was the unsolicited ofer by Actan, a provider of data management
solutons for Pervasive Sofware, a provider of data management and integraton sofware at $8.50/
share in August 2012. Actan raised the ofer price twice before the deal was fnally accepted and
completed in April 2013 at $9.20/share at a total value of $162.9 million.
In contrast to 2012, 2011 witnessed more than twice the dollar volume ($1.8 billion) on fewer deals
(31), however a single transacton the acquisiton of Endeca by Oracle for $1.1 billion accounted
for 60% of the years total disclosed dollar volume. Among the other 30 transactons, mean size for
disclosed deals was $91 million, very much in line with 2010 (excluding the IBM-Netezza deal for
$1.7 billion).
Public Financings
Rocket Fuel IPO
The IPO market in the US has seen a revival, driven by the easy monetary policy and a gradual
recovery in the countrys economy. In August 2013, Rocket Fuel, a provider of artfcial intelligence
advertsing solutons for digital marketers fled for an Inital Public Ofering (IPO) for listng on the
NASDAQ stock exchange. The IPO ofering comprised 4 million shares and the companys inital ofer
price range was $24-$27 per share. Rocket Fuel subsequently increased the ofer price range to $27-
$29 per share, eventually pricing the IPO at the higher end at $29, and raised $116 million from the
IPO. The underwriters to the issue also had a 30-day opton to purchase up to 0.6 million additonal
shares at the IPO price from some existng shareholders to cover over-allotments. Rocket Fuels
IPO was priced at 5.9x Rocket Fuels LTM (June-ended 2013) revenues, which was at a premium
compared to Eloquas $92 million IPO at approximately 4.4x LTM revenues in August 2012. Rocket
Fuel ofers solutons to automate the process of purchasing ad slots and enable its clients to decrease
their marketng eforts. The company aimed to utlize the proceeds of the IPO for working capital
requirements, general corporate purposes, investng in its core technology and also to repay debt.
Investors bid up the share price of Rocket Fuel to $56.1 at the end of its frst trading day on 20
September, 2013, resultng in a 93% gain on the IPO price. We believe the overall jump in the share
price post the IPO is a refecton of positve investor and analyst sentment in the potentally high-
growth and niche programmatc ad buying solutons for real-tme bidding. Moreover, the companys
stellar revenue growth at a 2010-2012 CAGR of 154% had also increased investor optmism. Despite
the strong Q3 top-line growth and a beter-than-expected top-line outlook, concerns over ongoing
losses and restricton of the use of cookies by users had pulled back the share price, only to rebound
on positve analyst sentment.
Tableau Software IPO
One example of investor interest in the dashboard area was the successful May 2013 IPO of Tableau
Sofware, a provider of interactve data visualizaton sofware. The company raised $254 million
through the issuance of 8.2 million shares afer raising the range twice, from $23-$26 initally, to an
ultmate price of $31 per share. The stock gained 63.7% on the frst day of trading and has nearly
tripled from its issue price. A major reason for the strong stock performance has been Tableaus
strong operatng performance and positve analyst sentment and expectatons of market share
gains in data visualizaton, progress in overseas markets and access to larger deals.
Debt Offerings
Public debt ofers dried up in 2013 with fve ofers in the year compared to 11 in 2012. The total
ofer value also fell signifcantly in 2013 to $2.2 billion, following a $ 7.8 billion raised in 2012. In June
2013, Audatex North America (a wholly owned subsidiary of Solera Holdings) raised $850 million
through the issue of 6% senior notes due 2021. Audatex provides automotve claims, underwritng
and informaton solutons to the insurance carriers, repair shops and government agencies. Audatex
planned to use the issue proceeds to repay its existng debt of $850 million senior notes with a
coupon of 6.75% and due 2018.
Global M&A Deals in Business Intelligence (2009 to 2014 YTD March)
Announced
Date
Target/Issuer Buyers/Investors
Trans.
Value
Revenue
[LTM]
EBITDA
[LTM]
Revenue
Multple
EBITDA
Multple
Major Business Focus [Target/Issuer]
03/26/14 Fieldglass SAP - - - - -
Intelligent solutons for fnding and managing human
capital
03/25/14 2020 Imaging - 0.1 - - - -
Visualizaton solutons for command and control
domain
03/19/14 Knotce IgnitonOne - - - - -
Data management platorm to unite customer data,
analytcs and message delivery
03/18/14 KitLocate Yandex - - - - - Develops and provides locaton aware applicatons
03/18/14 Matrix-Data Market Metrics 13.3 - - - -
Online business intelligence solutons to the fnancial
services industry
03/10/14 Biond Consultng
PricewaterhouseCoopers LLP, Canada,
Investment Arm
- - - - - Implementng business intelligence solutons
03/05/14 APE Sofware Components Axis Corporate - 1.0 - - - Business intelligence sofware solutons
03/05/14 L-3 Data Tactcs L-3 Communicatons Holdings - - - - -
Big data analytcs and cloud computng soluton
services
02/24/14 Cloudant Internatonal Business Machines - - - - -
Data hostng and analytcs solutons based on open-
source BigCouch and CouchDB for businesses
01/30/14 Accelrys Dassault Systemes 746.4 166.3 11.0 3.9x 58.2x Scientfc business intelligence sofware and solutons
01/20/14 Coactva Aspiren Callcredit Informaton Group - - - - -
Big data analytcs and business intelligence cloud-
based sofware solutons in the UK
12/18/13 iLOOKABOUT The Byng Group - 3.5 -0.2 - - Visual and data intelligence business solutons
12/18/13 Link Analytcs KPMG - - - - - Big data analytcs solutons
12/17/13 Matrix-Data Market Metrics 19.5 - - - -
Business intelligence sofware solutons primarily to
the fnancial services industry in the UK
12/11/13 Empresa de Business Analytcs Enterprise Sofware Solutons Brasil 2.6 - - - - SAP business analytcs solutons
12/02/13 Topsy Labs Apple 200.0 - - - -
Social-media analytcs company for real-tme search
and analytcs to businesses
11/21/13 HCD Sofware The Reynolds and Reynolds Co - - - - -
Data mining and business intelligence solutons for
the automobile dealership industry
11/14/13 NatonalField NGP VAN - - - - -
Social business performance company focused on
connectng people with data
10/16/13 Kalido Silverback Enterprise Group - - - - - Business-driven data governance sofware
10/01/13 Sand Technology N. Harris Computer 3.5 2.0 -2.3 1.2x NM
Sofware products and services to enable users to
retrieve usable business informaton from various
amounts of data
09/25/13 Openbridge Maltem Consultng Group - 12.2 - - -
Open source, digital, mobility, and business
intelligence solutons
09/10/13 KXEN SAP - - - - - Predictve analytcs solutons for business users
08/29/13 Hstreaming Adello Group - - - - - Real tme data analytcs and processing solutons\
08/22/13 JackBe Sofware - - - - - Real-tme business intelligence solutons
08/07/13 H&D Ventures Starcount - - - - -
Data mining for analytcs and audience engagement
services
08/07/13 Infochimps Computer Sciences 27.0 - - - -
Cloud services for streaming data and real-tme
analytcs
08/06/13 Asset Control Systems Marlin Equity Partners - - - - -
Data management sofware solutons to banks,
broker-dealers, hedge-funds and investment
managers
07/31/13 Kapow Sofware Kofax 47.5 15.9 -2.2 3.0x -
Big data integraton platorm for managing critcal
data from disparate sources
07/18/13 Ztelic Yahoo! Beijing Global R&D Center - - - - -
Big data analysis on Chinese social networking
platorms
07/17/13 Akiban Technologies FoundatonDB - - - - - Designs and develops operatonal database systems
07/17/13 ITR Sofware Sofware Paradigms Infotech - - - - -
Merchandising sofware solutons to the retail
industry
07/16/13 Myrrix Cloudera - - - - -
Open-source clustering and recommender system to
provide access to large-scale big learning from data
07/09/13 Mirror42 ServiceNow - - - - -
Performance management solutons for various
organizatons
06/27/13 Noetx Silverback Enterprise Group - - - - -
Business intelligence sofware and services for
enterprise applicatons
06/27/13 Raytheon Visual Analytcs Raytheon - - - - -
Data analytcs and solutons for investgatng money
laundering and other fnancial crimes
06/21/13 Elastc Intelligence Intuit - - - - -
Business intelligence components to users for
accessing and integratng data from SaaS applicatons
06/17/13 Panoptcon Sofware Datawatch 31.4 5.0 - 6.3x -
Visual data monitoring and analysis sofware tools for
monitoring and analysis of real-tme data
06/07/13 EdgeSpring Salesforce.com 133.7 - - - - Visual analytcs and business intelligence solutons
06/05/13 Great Bay Sofware
Alpine Investors; Alpine Investors IV;
GrowthFire
0.0 Deployment, administraton and management of 802
05/30/13 Seeneco Diasof - - - - -
Cloud service reportng and business intelligence
sofware for businesses
05/13/13 Millbrook Guidewire Sofware 18.5 - - - -
Business intelligence, data warehousing, and
sofware-as-a-service solutons for the property and
casualty insurance industry
05/07/13 Opera Solutons Wipro 30.0 100.0 - - -
Big data predictve and prescriptve analytcs to
businesses and governments globally
05/02/13 GemStone/S GemTalk Systems - - - - -
Distributed data store in-memory and on-disk for
delivering data to applicatons in multple formats
04/25/13 ParAccel Actan - - - - - Analytc database solutons and services
04/02/13 ChangeTrack Research Accenture - - - - -
Analytcs-based tools and services to track and
measure enterprise-wide transformatonal change
programs
Announced
Date
Trans.
Value
Revenue
[LTM]
EBITDA
[LTM]
Revenue
Multple
EBITDA
Multple
04/01/13
Internatonal Business Machines
Corporaton, ShowCase Business
Intelligence Sofware Portolio
Help/Systems - - - - -
Enterprise-wide data access, analysis and reportng
abilites
03/19/13 Netbreeze Microsof Dynamics - - - - -
Business intelligence solutons for large and midsized
companies in Switzerland
03/14/13 Kontexto Spectral Capital 0.9 - - - -
Sofware and services to acquire, analyze, and
visualize streaming real tme data
03/11/13 Hego ChyronHego 28.6 14.8 - 1.93 -
Graphics and data visualizaton solutons for sports
and broadcastng industries
03/01/13 altosof Kofax 13.5 3.4 - 4.0x -
Dashboard development, real-tme event monitoring
and business process optmizaton integraton services
02/28/13 G4 Analytcs Nielsen Holdings - - - - -
Business intelligence and planning applicatons to
companies in the analytcs, consumer goods, and
retail industries
02/18/13
Bayspire Inc., Webcrossing Product
Line
Elliptcs - - - - -
Sofware suite including a built-in objected-oriented
NoSQL database for complex data structures
02/14/13 Motvity Solutons Cassiopae - - - - -
Business intelligence sofware solutons to mortgage
and fnancial services industries
02/08/13 Near Infnity Altamira Technologies - - - - - Cloud-based, big data entty analytc solutons
02/06/13
Four J's Development Tools, Inc.,
ANTs Data Server
ANTs Sofware - - - - -
Relatonal database that combines the speed of an
in-memory database with the persistence of a disk-
based database
02/05/13 Altus Consultng Cloudpoint - - - - -
Supports business intelligence, enterprise
performance management, data platorm and
independent sofware vendor solutons
02/05/13 QPR CIS QPR Sofware 0.1 - - - -
Solutons and consultaton services in performance
management, process modeling and analysis, and
risk management and compliance in the Russian
Federaton and CIS countries
01/31/13 Quantvo Aggregate Knowledge - - - - -
On-demand big-data analytcs solutons and patern-
based strategies to various businesses within a cloud
infrastructure
01/28/13 Angoss Sofware Peterson Partners 8.5 7.1 -0.3 1.2x - Predictve analytcs sofware and solutons
01/23/13 Neuralitc Guavus - - - - - Mobile data intelligence solutons
12/21/12 AdGooroo Kantar Media North America - - - - - Digital marketng intelligence solutons
12/19/12 StoredIQ Internatonal Business Machines - - - - -
Informaton governance solutons to automate
informaton management process
12/06/12 CLIMPACT Metnext - - - - - Climate business intelligence solutons
12/05/12 NetPositve Business Analytcs EFX Holdings - - - - -
Analytcs and business intelligence solutons for
enterprises to measure, monitor, and manage their
businesses
11/29/12 More IT Resources Greenplum - - - - - Virtual resource parttoning sofware soluton
11/26/12 Hub Marketng Solutons\ Precision Dialogue - - - - -
Dialogue-based customer management strategies,
marketng data management and business
11/07/12 Tierdata Informatca 10.2 - - - -
Enterprise performance and data management
sofware solutons
10/29/12 Recombinant by Deloite Deloite Consultng - - - - -
Data warehousing and clinical intelligence products
and solutons to healthcare providers and academic
medical centers
10/23/12 Aegis Analytcal Accelrys 30.0 - - - - Enterprise manufacturing intelligence solutons
10/22/12 Quiterian Actuate 8.2 5.2 - 1.6x - Business analytcs solutons for data insight
10/01/12 Flecto BV and RightSelect.com Solving Efeso - - - - -
Performance behavior sofware to make behavior
objectve and measurable
09/24/12 Buterfy Sofware Internatonal Business Machines - - - - -
Data analysis and migraton applicatons to discover,
analyze, and migrate data centre infrastructures
09/13/12 RivalEdge ALM Media Propertes - - - - -
Online service to monitor, flter, and aggregate
informaton about news, events, and publicatons for
law frms
09/13/12 Sensage The KEYW Holding 88.0 12.1 0.4 7.1x 202.2x
Security informaton and event management (SIEM),
and data warehousing sofware solutons
09/11/12 Data Scout Solutons Group Informatca 9.5 - - - -
Solutons to cleanse, standardize and enrich customer
informaton, integrate critcal enterprise data and
manage and view account hierarchies
09/09/12 myDIALS Adaptve Insights - - - - - Personalized business intelligence solutons
09/05/12 OneDomain WideOrbit - - - - -
Media planning, research, and business intelligence
sofware solutons to television statons, radio
statons, cable networks, and agencies
09/04/12 Prelyts Access UK 5.0 - - - -
Business intelligence solutons to help companies
improve decision-making cycles, enterprise
performance, and informaton chain
08/20/12 Hurley & Frank Industries Dealer.com - - - - -
Social media analytcs sofware to extract business
intelligence from online conversaton
08/13/12 Pervasive Sofware Actan 162.9 50.8 4.6 2.3x 25.6x
Sofware to manage, integrate, and analyze data
in the cloud or on-premises throughout the data
lifecycle
08/02/12 Petris Technology Landmark Graphics - - - - -
Data management and integraton solutons for oil
and gas companies internatonally
07/11/12 SwifKnowledge SNL Financial - - - - - Web-based business intelligence sofware solutons
07/10/12 BI-SAM Technologies Aquiline Capital Partners - 10.0 - - -
Data management, performance, atributon,
risk, GIPS, and reportng solutons for the asset
management industry
07/10/12 GeoIQ
Environmental Systems Research
Insttute
- - - - -
Real-tme locaton analysis sofware solutons for
managing and analyzing data
Announced
Date
Trans.
Value
Revenue
[LTM]
EBITDA
[LTM]
Revenue
Multple
EBITDA
Multple
07/10/12 Geosemble Technologies TerraGo Technologies - - - - - Solutons to visualize data geographically
06/29/12 Verix The Procter & Gamble Company - - - - -
Sofware-as-a-Service business intelligence solutons
to streamline commercial operatons
06/25/12 Innofactor Innofactor 3.8 4.1 0.2 0.9x 21.4x
Business intelligence and data warehousing solutons
based on Microsof technology
06/11/12 CubeLogic OpenLink Internatonal - - - - -
Risk management solutons to energy and investment
banking sectors
06/05/12 Collectve Intellect Oracle - - - - -
Web-based, automated, real-tme text mining and
analytcs sofware for social CRM
06/01/12 Coaliton Development CRISIL 44.5 12.3 - 3.6x -
Research analytcs and business intelligence solutons
for the fnancial services sector
04/30/12 Purisma SAP 2.0 4.0 - 0.5x -
Solutons-driven master data management platorm
and commercial data integraton sofware solutons
for enterprises
04/26/12 Torex Retail Holdings MICROS Systems 272.4 - - - -
Sofware solutons including business intelligence and
data warehousing
04/23/12 Teradata Corp, Certain Assets Centrica - - - - - Teradata data warehouse appliance platorm
04/19/12 Ravel W2O Group - - - - -
Enterprise-grade analytcs solutons and sofware for
discovering insights from big data
04/12/12 Snoobi Fonecta - 4.0 - - -
Web analytcs solutons focusing on business
intelligence, visitor tracking, Internet marketng and
advertsing, and campaign management
04/03/12 LogLogic TIBCO Sofware 136.6 - - - -
Data management solutons to monitor compliance
stance, and identfy gaps and errors to tghten internal
controls
03/30/12 NexR KT Cloudware 4.7 - - - -
Cloud computng and Hadoop data processing
platorms
03/29/12 CU Data Miner Akcelerant Advisors - - - - -
Business intelligence reportng and business process
improvement solutons for credit unions
03/07/12 Syntergy Inc., SharePoint Solutons Metalogix Sofware - - - - - Web-based business intelligence sofware solutons
03/05/12 Fetch Technologies Connotate Technologies - - - - -
Data management solutons for various industries
and companies
03/02/12 Kontexto Sargas Capital 10.5 - - - -
Sofware and services to acquire, analyze, and
visualize streaming real tme data
02/17/12 Jumppost Groupon - - - - -
Social media platorm which allows users to map the
physical world around them through pictures and text
02/07/12 LeapFrogRx Model N 3.0 - - - -
Cloud-based business intelligence applicatons for
pharma and biotech
02/05/12 alqemyiQ ISIS Capital Management - - - - -
Enterprise demand data management sofware
solutons to manufacturers, retailers, and sales agents
01/23/12 Efscience BearingPoint - - - - -
SaaS business analytcs soluton to identfy
opportunites and hedge risks along the value chain
01/17/12 BigDataLabs Project X Labs - - - - - Locaton intelligence tools
01/17/12 CIC TNS Media Research - 4.7 - - -
Social business intelligence solutons for businesses
in China
12/30/11 Beyond Insight Impact Solutons Consultng - - - - -
Analytc sofware applicatons and various enterprise
informaton management capabilites
12/02/11
Potomac Fusion, A Sotera Defense
Solutons
Sotera Defense Solutons - - - - -
Advanced intelligence, data fusion, and visualizaton
technologies
12/01/11 Cortcon Technologies Progress Sofware 23.0 - - - -
Business rules management solutons for companies
to automate decision making processes
10/20/11 Vision.bi Keyrus (Israel) - - - - -
Solutons for tracking and analyzing the BI processes
and identfcaton of botle necks and weaknesses in
the process
10/19/11 Aurix Avaya - - - - -
Phonetc speech search and analytcs technology
solutons
10/18/11 Endeca Technologies Oracle 1,100.0 - - - -
Unstructured data management, web commerce and
business intelligence solutons
10/12/11 RiverGlass Allen Systems Group - - - - -
Electronic discovery (eDiscovery), informaton
collecton, data management, and analysis solutons
10/07/11 Alchemex Sage South Africa 10.2 - - - -
Develops Excel-based business intelligence solutons
for small to medium enterprises
10/02/11 Zetapoint EMC - - - - -
Storage management, business intelligence
performance optmizaton and database consolidaton
solutons
09/28/11 Synaptris GBS Enterprises 1.3 - - - - Reportng and analysis solutons
08/09/11 Marketng Analytcs Nielsen Holdings - - - - -
Market response modeling solutons to measure the
impact of marketng on sales
07/28/11 InQuira Oracle - - - - -
Sofware platorm including knowledge base
management, natural language search and analytcs
and reportng applicatons
07/26/11 e2e Analytx Bodhtree Solutons - - - - - Analytcal and business intelligence solutons
06/01/11 Skywire Sofware Thomson Elite - - - - -
Enterprise sofware and services including business
intelligence system to manage vast amounts of
informaton
05/23/11 Firmware Technologies Visi Inc - - - - -
Collaboraton and communicatons platorm to
distribute large sets of data for visualizaton
05/09/11 Deloite Managed Analytcs Deloite Consultng - - - - -
Managed analytc solutons for user-specifc reports,
scorecards and dashboards
05/09/11 Tap11 AVOS Systems - - - - -
Real-tme business intelligence platorm for
companies to monitor, engage, and measure the
impact of their social media campaigns
05/04/11 Analyzd Klarna - - - - -
Fraud preventon, risk management and business
intelligence sofware
Announced
Date
Trans.
Value
Revenue
[LTM]
EBITDA
[LTM]
Revenue
Multple
EBITDA
Multple
04/18/11 @WalmartLabs Wal-Mart Stores 300.0 - - - -
Big Data platorms to process data covering products
and users
04/15/11 TARGIT - 10.0 - - - -
Business intelligence tools to monitor and optmize
performance indicators
04/08/11 Datanomic Oracle - - - - -
Enterprise data management and compliance
screening sofware solutons
04/05/11 Overtone KANA Sofware - - - - -
Brand monitoring and engagement to various
enterprises
03/22/11
SAF Simulaton, Analysis and
Forecastng
SAP - 15.6 2.6 - -
Ordering and forecastng sofware for the trade,
logistcs, and industrial sectors in Europe and North
America
03/21/11 Qlik Technologies - 122.0 226.5 29.9 7.6x 57.5x
User-driven business intelligence to create and share
insights and analysis
03/08/11 First Coverage YouDevise - - - - -
Web-based fnancial informaton management
solutons
03/03/11 Aster Data Systems Teradata 259.0 - - - -
Data management and advanced analytcs solutons
for enabling data storage and analysis of data sets
02/14/11 Vertca Systems Hewlet-Packard - - - - -
Real-tme analytcs platorms for communicatons,
fnancial services, Web 2.0 & gaming and healthcare
industries
02/03/11 PredictveMetrics SunGard Data Systems - - - - -
Statstcal-based predictve scoring metrics and
analytcal decision solutons for the B2C and B2B
markets
01/23/11 Automsof Internatonal - - - - - - Data management sofware solutons
01/10/11 InfoSTEP Saama Technologies 3.0 - - - -
Solutons and products in the areas of business
intelligence, data integraton, technology and on
demand
01/05/11 Obvient Strategies Ventyx - - - - -
Packaged business intelligence solutons for the
distributed asset industry
12/22/10 Aprimo Teradata 525.0 68.0 - 7.4x 0.0x
Cloud-based integrated marketng management
sofware solutons
12/08/10 NexR KT Corp - 0.3 - - -
Cloud computng and Hadoop data processing
platorms
11/16/10 CognoVision Solutons Intel - - - - -
Real-tme audience-measurement and retail-
11/07/10 Actan Garnet & Helfrich Capital - - - - -
Data management solutons to transact, analyze,
and take automated actons across clients business
operatons
10/18/10 Data Foundatons Sofware - - - - -
Enterprise sofware for organizatons to manage data
assets
10/04/10 Evolve24 Maritz Research - - - - - Business intelligence sofware and consultng services
09/22/10 Acsellerate Solutons eCommerce Industries - - - - - On-demand sales and business intelligence solutons
09/20/10 Netezza Internatonal Business Machines 1,729.8 223.3 19.7 7.1x 80.8x Data warehouse and analytcs sofware solutons
08/05/10 Kickfre Teradata - - - - -
Database appliances to enable MySQL data
warehousing, business intelligence, workloads
analysis and ad hoc queries
07/06/10 Greenplum EMC - - - - -
Database sofware for business intelligence and data
warehousing applicatons
06/17/10 BeliefNetworks Beneftocus - - - - -
Semantc intelligence and analytcs sofware to web
publishers and advertsing companies
06/15/10 Coremetrics Internatonal Business Machines - - - - - Digital marketng optmizaton solutons
06/08/10 Exalead Dassault Systemes 163.5 19.3 - 8.5x - Sofware for enterprise and web search markets
05/10/10 SIRA Deltek 8.9 - - - -
Performance intelligence sofware for project-based
government contractors
05/06/10 GemStone/S SpringSource - - - - -
Distributed data store in-memory and on-disk for
delivering data to applicatons in multple formats
04/09/10 QL2 Sofware Hale Global 14.0 - - - -
On-demand data access platorm for data
management solutons
03/26/10 Computer Corporaton of America Rocket Sofware - - - - - Database management systems for enterprises
03/25/10 Gilon Business Insight Ness Technologies 19.9 22.0 - 0.9x -
Enterprise informaton management solutons and
consultng services for large and medium sized
corporatons in Israel
03/25/10 Netrics TIBCO Sofware 10.5 - - - -
Intelligent database record matching sofware in the
feld of automated spelling and grammar correcton
03/16/10 Control.IT Unternehmensberatung Taliance - 3.0 - - -
Data warehousing applicatons to the real estate
industry
03/11/10 XTAQ eg solutons 0.3 0.6 - 0.3x -
Business performance measurement solutons for
organizatons in the UK
03/09/10 Sofwareiq Fujitsu - - - - -
Web based user interface for business intelligence in
the area of budget analysis and reports
03/01/10 Predictve Analytcs Interthinx 7.7 - - - -
Scenario-based forecastng, stress testng, and
predictve analytcs solutons for retail lenders
02/03/10 Initate Systems Internatonal Business Machines - - - - -
Master data management sofware solutons for
organizatons
01/28/10 Siperian Informatca 130.0 24.6 -21.0 5.3x NM -
01/11/10 AgileRay Cunet - - - - -
Lead performance optmizaton sofware and services
for higher educaton and mortgage lending clients
01/08/10 Foresight TIBCO Sofware 30.0 - - - - Healthcare business intelligence solutons
01/04/10 Discovery Logic Thomson Reuters - - - - -
Systems, data and analytcs for real-tme portolio
management, decision support and informaton
visualizaton
01/04/10 Silver Creek Systems Oracle - - - - - Automated data mastering solutons
12/08/09 Xenos Group Actuate 33.0 16.1 1.9 1.5x 12.5x
Enterprise output management solutons for
organizatons
Announced
Date
Trans.
Value
Revenue
[LTM]
EBITDA
[LTM]
Revenue
Multple
EBITDA
Multple
12/01/09 Sypherlink Saama Technologies - - - - -
Products and solutons based upon heuristcs-
matching technology for automatng data discovery
and mapping processes
11/03/09 Datanomic DN Capital - - - - -
Enterprise data management and compliance
screening sofware solutons
10/09/09 Jaros Technologies Noetx - - - - -
Packaged business intelligence and performance
solutons
09/29/09 HyperRoll Oracle - - - - - Data warehouse performance acceleraton sofware
08/24/09 Datasynapse TIBCO Sofware 27.7 24.7 -8.0 1.1x NM
Applicaton service management sofware for data
centers
07/28/09 SPSS Internatonal Business Machines 1,121.6 290.8 78.7 2.7x 10.0x
Predictve analytcs sofware and solutons for data
collecton, statstcs, modeling, and text analytcs and
deployment solutons\
07/08/09 Quadrum Consultng 1Spatal 0.3 0.5 - 0.6x -
Business intelligence sofware tools for fnancial,
manufacturing, service, and retail sectors
06/25/09 InforSense ID Business Solutons 9.5 - - - -
Enterprise business intelligence and reportng
sofware solutons
06/02/09 TradeTrans nuBridges - - - - -
On-demand business intelligence, analysis, event
monitoring, and reportng services
05/05/09 Exeros Internatonal Business Machines - - - - -
Data relatonship discovery and management
company
04/15/09 InSite Analytcs Tango Management Consultng - - - - -
Retail market optmizaton and sales forecastng
models solutons
03/02/09 KPI On Line Bitam - - - - -
Business intelligence soluton for analytcal models for
organizatonal functons
02/12/09 Applimaton Informatca 35.6 - - - -
Enterprise data management solutons for Oracle,
SAP, PeopleSof, and Siebel applicatons
02/10/09 SwifKnowledge - - - - - - Web-based business intelligence sofware solutons
01/07/09 Monitor Analytcs Clearway Technologies Partners - - - - -
Business intelligence sofware products for Microsof
Ofce SharePoint
Source: Capital IQ
Figures in $ million except multples
Valuation Trends
Price Performance
Chart 7: Relative performance of Business Intelligence index (%), 01/01/2009 04/01/2014
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S&P 500 Index S&P 500 IT Index BI Index
Source: Capital IQ, Bloomberg, Redwood Capital
For the purpose of analyzing the returns of companies in the business intelligence sector, we have
created an index, comprised of companies which are either pure-play business intelligence or
heavily focused on data management, analytcs and business intelligence. We have then compared
the performance of this index with the S&P 500 Informaton technology (IT) Index and the S&P 500
Index.
As evident from the chart, the BI Index1 has outpaced both the S&P 500 and S&P 500 IT Indices by a
considerable margin over the last 5 years. The outperformance began in 2009 on the back of value-
huntng for IT stocks afer being beaten down heavily in the second half of 2008. During this period,
the BI Index generated a return of approximately 320% versus about 110% for the broader market
and about 160% for the IT index, which includes all major IT stocks as its consttuents. The years
2009 and 2010 were best in terms of return for the BI index, when it notched up gains of more than
100% and 50%, respectvely. This can primarily be atributed to the strong performance of three
companies: MicroStrategy, Teradata and Informatca. In 2009, the stock prices of both MicroStrategy
and Teradata more than doubled, with Informatca, up 89%, not too far behind. Consecutve above-
estmates earnings by all three companies drove the gains. In 2010, the contnued strength at
Teradata (up more than 30%) and Informatca (up 70%) more than compensated for the weakness
at MicroStrategy (-9%). A slew of ratng downgrades followed by earnings miss in the third quarter
of 2010 hurt MicroStrategy, while contnued strong earnings and talks of takeover of growth
companies by diversifed players were the key catalysts of positve performance at the other two
stocks. The trend contnued in 2011 as well, but only untl the beginning of the second half (H2) of
the year. As highlighted in the chart (Trend 1), in H2 2011, all the indices witnessed a steep plunge
in their values. At this tme, unprecedented events such as US debt ratng being downgraded and
concerns of euro-zone debt crisis spiraling out of hands were weighing on investor sentment. In H2
2011, the IT Index was slightly negatve, while S&P 500 Index was down 5%. In comparison, the BI
Index, being more volatle than the two indices, shed 24% of its value, much higher than its broader
counterparts.
In the following two years (2012-2013) the BI Index contnued to mirror the directon of the other two
indices, but was relatvely more volatle and underperformed, with a return of 26% as compared to
returns of 43% by the IT Index and 47% by the S&P 500 Index. Weak performance of major business
intelligence stocks such as MicroStrategy (-14%) and Informatca (-18%) in 2012 weighed on the
performance of the BI Index. MicroStrategy was pressured by management instability and weak
earnings, while Informatca was hurt by slowdown concerns in the BI market. 2013 was a beter year
for the BI Index, especially the period between April-September (Trend 2), when the Index posted
gains of 16% compared to approximately 7% each by the other two indices. This phenomenon was
mainly driven by the IPOs of Splunk and Tableau Sofware, which atracted investors atenton
towards business intelligence stocks. However, a pull-down in the last quarter of 2013 led by names
such as Teradata, Qlik Technologies and Tibco Sofware ofset this performance, leading to the BI
Index delivering lower returns than the other two indices for the full year.
A report of weaker-than-expected earnings by Qlik Technologies and bleak guidance by the other
two companies raised concerns over the industry growth. Since then, the BI Index contnues to trail
the broader indices to date, and has been fat in 2014 compared to returns of 3% and 2% earned by
the IT Index and the broader market, respectvely.
Public Companies Analysis
Multples Snapshot*
Name Price Mkt.Cap Price/Sales Price/Earnings EV/EBITDA Long term
EPS growth
(%)
Revenue
Growth
(Figures in $million except share price) LTM 2014 LTM 2014 LTM 2014 2014 2015
Actuate Corporaton 5.97 281 2x 2x 41x 21x 15x 8x 12% -11% 2%
Teradata Corporaton 49.18 7,847 3x 3x 21x 17x 12x 9x 12% 6% 5%
TIBCO Sofware Inc. 20.82 3,369 3x 3x 39x 18x 16x 10x 14% 8% 9%
MicroStrategy Inc. 116.73 1,319 2x 2x 16x 48x 24x 15x 25% 8% 7%
Informatca Corporaton 39.31 4,293 5x 4x 50x 24x 22x 13x 14% 12% 11%
Qlik Technologies, Inc. 27.23 2,427 5x 4x n.a 108x 189x 52x 27% 18% 17%
Datawatch Corporaton 27.71 286 9x 7x n.a n.a n.a n.a 29% 29% 26%
PROS Holdings, Inc. 32.25 941 6x 5x 273x 99x 94x 40x 25% 32% 20%
Splunk, Inc. 71.12 8,385 28x 21x n.a n.a n.a 903x 26% 38% 34%
Tableau Sofware, Inc. 77.74 4,958 21x 15x 701x n.a 447x n.a 49% 50% 35%
Rocket Fuel Inc. 40.99 1,437 6x 3x n.a n.a n.a 281x 0% 81% 61%
Average 8x 6x 163x 48x 102x 148x 21% 25% 21%
Median 5x 4x 41x 24x 23x 15x 25% 18% 17%
Sources: Capital IQ, Redwood Capital
* Data as on 04/02/2014
We note that many of the BI Index stocks are growth companies with either net losses or low
earnings. Splunk and Tableau Sofware both have robust top-line and long-term earnings growth
potental and hence, are valued at a substantal premium to their peers on a Price-to-Sales basis.
Although market expectatons of revenue and earnings growth propel stock valuatons, we note
that neither factor is seen by the market in isolaton. For example, Rocket Fuel with substantally
high revenue growth prospects has relatvely subdued long-term earnings growth prospects due to
its growth investments, leading to relatvely lower valuatons on a Price-to-Sales basis. On the other
hand, MicroStrategy with modest top-line growth prospects trades below the peer median despite
its robust earnings growth potental. Even well-established players such as TIBCO Sofware trade
well below the median multple, on modest revenue and earnings growth. Moreover, among peers,
we believe cloud-based players such as Informatca command relatvely higher valuatons, despite
their growth prospects being below the peer median.
1
The BI Index is a market-capitalizaton weighted index and its consttuents include MicroStrategy,
Tableau Sofware, Splunk, Rocket Fuel, Teradata Corporaton, Informatca Corporaton, PROS
Holdings, Datawatch Corporaton, Qlik Technologies, TIBCO Sofware and Actuate Corporaton. The
data has been sourced from Capital IQ.
Private Financing
Private Financings Overview (2009 to 2013)
Year # of Trans Total Capital Raised Average Trans Size Median Trans Size
2013 145 1,400.7 10.6 4.0
2012 126 871.1 7.6 3.0
2011 98 764.7 9.1 3.8
2010 93 477.0 5.5 2.5
2009 62 251.3 4.3 3.0
Total 524 3,764.9 7.9 3.0
Sources: Capital IQ
The business intelligence industry has raised a total of $3.8 billion since 2009 from 524 private
placement deals. During this tme, the sector has been gaining increasing atenton from investors,
refected in deal actvity (both in terms of volume and dollar value) which has increased every
year since 2009. Mean and median deal sizes have also increased over this period, with average
transactons more than doubling from $4.3 million in 2009 to $10.6 million in 2013. Clustrix and
iSign Media were the most actve companies during this period, raising $54.5 million and $11.5
million, respectvely. Internatonal expansion was seen as a major theme and was quoted as the
purpose in many of the biggest deals during the period.
The data for 2014 year to date shows that investor interest in the industry has not abated and we
could see total capital raised during the current year easily surpass the previous years highs. In the
frst three months, there have been 45 deals and a total of $1.3 billion has been raised, compared to
34 deals and a total of $236 million for the frst three months of 2013. While the median deal value
has risen slightly to $4.55 million, the average deal value has gone up signifcantly to reach $35.06
million. In the biggest deal of the year by far, Cloudera raised $740 million from Intel Capital.
2013 was the busiest of the past fve years for private placement transactons in the sector. Deal
volume was up by 15% over 2012, to 145 and total capital raised grew by 61% to $1.4 billion, crossing
$1 billion for the frst tme. Average deal value crossed $10 million ($10.61 million) and median deal
value crossed $4 million ($4.02 million), also a frst for both in the last fve years. 2013 saw the return
of bigger deals as there were three transactons with values greater than $100 million. MongoDB
raised $150 million in a deal that reportedly valued it at $1.2 billion. The company planned to use
the funds to further develop its core product and its new managed services oferings.
In 2012 transacton volume increased 29% from 2011, to 126. This was despite the total funds
raised during the year increasing only 14%. Deal sizes contracted during the year and the largest
transacton was of $65 million by Cloudera. This was Clouderas sixth round of capital raising in four
years. Another large fnancing in 2012 was Rocket Fuels $50 million round from existng and new
investors.
While deal volume stayed fairly similar in 2011 compared to 2010, total deal value increased by a
big margin (+61%) to $765 million. Capital raised from a single transacton crossed $100 million for
the frst tme in three years. OSISof sold a minority stake to VC investors for a consideraton of $135
million, with the proceeds earmarked for internatonal expansion.
Deal actvity increased signifcantly in 2010 with deal volume increasing 50% and total funds raised
almost doubling. Perth based Firmware Technologies raised $37 million in September to facilitate
listng on the Frankfurt Stock Exchange and fuel further growth through both organic and inorganic
routes. Additonally, 1010data received a $35 million equity investment from Norwest Venture
Partners, also to be used to drive further growth.
2009 was the least actve period for the industry during the last fve years, with as few as 62 deals
consummated and $251 million raised. Additonally, the deals announced during the year were
smaller in size and the largest deal of the year was of AudienceScience (a global digital marketng
technology company) raising $20 million from its existng investors. AudienceScience planned to use
the funds for growth, research & development and internatonal expansion.
Intels investment in Cloudera
In March 2014, Cloudera raised a total of $900 million from multple investors. Out of this, it raised
160 million from T. Rowe Price Group, MSD Capital and Google Ventures. The remaining funds
($740 million) were provided by Intel Capital for an 18% stake in the company, valuing Cloudera at
$4.1 billion. The deal is interestng for a number of reasons. Afer its investment in Cloudera, Intel
planned to stop development of its own customized version of Hadoop, proving its confdence in
Hadoop and Clouderas soluton. Also, the deal came on the back of Hortonworks announcing a
$100 million investment, valuing it at over $1 billion and the two deals show the valleys interest and
optmism for Big Data analysis market.
Global Private Placement Deals in Business Intelligence (2009 to 2014 YTD March)
Date Target/Issuer Amount Round of Financing Buyers/Investors Major Business Focus [Target/Issuer]
03/27/14 Cloudera 740.0 - Intel Capital Enterprise analytc data management
03/19/14 Platora 38.0 3
Batery Ventures; Cisco Systems,
(NasdaqGS:CSCO); Allegis Capital; Suter
Hill Ventures; In-Q-Tel,; Tenaya Capital;
Andreessen Horowitz; Cit Ventures,
Data management sofware
03/18/14 Cloudera 160.0 -
T. Rowe Price Group, (NasdaqGS:TROW); MSD
Capital, L.P.; Google Ventures
Enterprise analytc data management
03/07/14 Rifnit 2.2 - Hub Angels Investment Group; Nauta Capital Real-tme business intelligence
03/05/14 Oilfeld Intel - Seed - Data management sofware
03/05/14 iWebGate 0.2 - - Network security management
03/05/14 Opentracker 0.0 - Rockstart Accelerator Website statstcs measurement
03/05/14 Social Honey 0.0 - Rockstart Accelerator Web soluton to source ratngs and reviews
02/28/14 Lotame Solutons 15.0 4
Batery Ventures; Emergence Capital Partners;
TrueBridge Capital Partners; R.J. Finlay & Co.;
Sozo Ventures
Data management sofware
02/28/14 Radius Networks 0.8 - - Mobile proximity technologies
02/28/14 Nebulab Technologies 0.0 - Geekdom, LC, Investment Arm Cloud based data visualisaton sofware
02/27/14 TipBit 8.6 1 Igniton Partners Personal business intelligence tools
02/26/14 DataRPM 6.0 1 InterWest Partners; CIT GAP Funds Business intelligence and analytcs
02/26/14 Argos Risk 1.3 - - Online business-to-business credit risk management tools
02/25/14 LLC CityAds Media 5.0 1 Klever Internet Investments Limited Data management sofware
02/24/14 Transzap - - Accel-KKR Internet-based fnancial workfow solutons
02/24/14 ProspX 2.4 - - Business intelligence soluton
02/18/14 Akita - -
The Natonal Digital Research Centre Limited,
Investment Arm
Real-tme big data sales tools for sales processes
02/18/14 Crayon Data 1.2 - SPRING SEEDS Capital Pte Ltd; Jungle Ventures
Business and technology platorm that democratzes the use
of big data
02/13/14 Klipfolio 1.6 -
BDC Venture Capital; CommonAngels; Acadia
Woods Partners, ; BOLDstart Ventures; Mistral
Venture Partners
Cloud-based Web and mobile dashboard solutons
02/11/14 Platora - - Cit Ventures, Data management sofware
02/10/14 InfniDB 7.5 - McDonnell Ventures Analytc data platorms
02/07/14 NuoDB 16.2 -
Hummer Winblad Venture Partners;
Morgenthaler; Longworth Venture Partners;
Dassault Systemes SA (ENXTPA:DSY)
Executve management platorm as a SaaS soluton
02/05/14 Domo 125.0 3
Greylock Partners; Insttutonal
Venture Partners; T. Rowe Price Group,
(NasdaqGS:TROW); Salesforce.com, Inc
(NYSE:CRM); Fidelity Investments; TPG
Growth; GGV Capital; Morgan Stanley
Investment Management ; Viking Global
Investors L.P.; Mercato Partners; Dragoneer
Investment Group,
Enterprise analytcs services
02/03/14 Secure Earth Technologies 2.8 - - Embedded systems and sofware solutons
02/03/14 DataFox Intelligence 1.5 Seed Cavalry Management Group; Google Ventures Retail intelligence
01/31/14 Deposco 5.0 - - SaaS for supply chain
01/30/14 WhereScape 10.0 - Pioneer Capital Partners Data warehousing sofware solutons
01/29/14 wiseio 4.1 1 Voyager Capital Big data analytcs solutons
01/29/14 BlueConic 4.0 1 Sigma Prime Ventures SaaS-based online customer engagement platorm
01/28/14 Altscale - -
Accel Partners; Sequoia Capital; General
Catalyst Partners; AME Cloud Ventures
Cloud services for Hadoop dial tone operatons
01/28/14 Zikk Sofware - - Wadi Ventures Network monitoring sofware solutons
01/28/14 Naehas 2.0 - - Data management sofware
01/27/14 Autogrid Systems 12.8 3
Foundaton Capital; Voyager Capital; E.ON SE,
Investment Arm
Sofware systems for energy sector for forecastng and demand
management
01/22/14 MemSQL 35.0 2
Accel Partners; First Round Capital; Khosla
Ventures; Data Collectve
Real-tme analytcs platorm
01/22/14
Advanced Manufacturing Control
Systems
32.1 -
Highland Capital Partners; Investec Ventures
Ireland Ltd
Integrated environmental sofware and solutons
01/21/14 4C Insights 5.0 2 Jump Capital Data analytcs and social intelligence platorm
01/17/14 Row Sham Bow 0.8 - - Analytcs service for applicaton developers
01/17/14 Aprefs 0.1 - Wayra Investgacin y Desarrollo, S.L.U. Pricing optmizaton platorm
01/15/14 Confer Technologies 8.0 1 Matrix Partners; North Bridge Venture Partners Network security management
01/14/14 GraphCast 8.1 1
CrossLink Capital,; Giza Venture Capital;
Correlaton Ventures; Kapor Capital; 500
Startups; Quest Venture Partners
Data visualizaton and infographics
01/10/14 eyeQ - - DreamIt Ventures Retail intelligence
01/08/14 Vistapointe - 2 BVI Investment Fund Cloud-based business intelligence solutons
01/07/14 Wunderdata - Seed West Tech Ventures SaaS BI solutons
01/03/14 Review Trackers 0.0 - gener8tor SaaS review monitoring and management tool
Source: Capital IQ
Sector Spotlight - Companies
Big Data
1010data
750 Third Avenue, 4th Floor,
New York, NY 10017, USA
www.1010data.com Sandy Steier- Co-founder and CEO
Big data discovery and data sharing solutons
Apixio
1 825 S Grant St #210,
San Mateo, CA 94402, USA
www.apixio.com Shawn Dastmalchi- CEO
Cloud-based solutons for clinical data integraton and big data analytcs
Chiliad
2201 Cooperatve Way, Suite 600,
Herndon, VA 20171, USA
www.chiliad.com Christne Maxwell- CEO
Iteratve discovery, virtual consolidaton and contextual extracton of data across various sources
Cloudera
1001 Page Mill Road, Bldg 2,
Palo Alto, CA 94304, USA
www.cloudera.com Tom Reilly- CEO
Unifed platorm built on Apache Hadoop to store, process and analyze business-critcal Big Data
DataStax
3975 Freedom Circle, Santa Clara,
CA 95054, USA (San Francisco Bay Area)
www.datastax.com Billy Bosworth- CEO
Integraton of a big data platorm with analytcs for search across multple data sources
Exasol
Neumeyerstrae 48,
90411 Nuremberg, Germany
www.exasol.com Aaron Auld- CEO
Data mining, warehousing and analytcs for Big Data and Value Data, and business intelligence solutons
eXelate
7 West 22nd Street, 9th Floor,
htp://exelate.com Mark Zagorski- CEO
Creaton of online, ofine, and custom data sets through direct data collecton for digital marketng decisions
Great Bay Sofware
100 Main Street, Suite 250,
Dover, NH 03820, USA
htp://greatbaysofware.com Tim Butler- CEO
Endpoint profling and management, identty monitoring and rogue device detecton on enterprise networks
Guavus
1820 Gateway Drive, Suite 250,
www.guavus.com Manish Goel- CEO
Operatonal intelligence through real-tme decision-making applicatons across business processes
Hortonworks
3460 W. Bayshore Rd,
htp://hortonworks.com Rob Bearden- CEO
Fully open-source Apache Hadoop data platorm to run Hadoop-based applicatons on existng IT
infrastructure
HPCC Systems
1000 Alderman Dr,
Alphareta, GA 30005, USA
htp://hpccsystems.com Mark Kelsey - CEO (LexisNexis)
Open-source platorm alternatve to Hadoop, designed to provide solutons for big data issues for
enterprises
Infochimps
1214 W. 6th Street, Ste 120,
Austn, TX 78703, USA
www.infochimps.com Jim Kaskade - CEO
Cloud-based big data platorm-as-a-service ofering across multple analytcal environments
Kognito
260 Madison Avenue, 8th Floor,
www.kognito.com Steve Millard- CEO
Solutons for big data analysis on an intuitve, parallel platorm, and in-memory analytcs for data scientsts
Lokad
10 rue Philippe de Champagne,
75013 Paris, France
www.lokad.com Joanns Vermorel- Founder
Big data solutons such as inventory optmizaton for retail, eCommerce and wholesale, and consultng
services
MapR Technologies
2860 Zanker Road, Suite 109,
San Jose, CA 95134, USA
www.mapr.com John Schroeder- Co-founder and CEO
Hadoop-based development and deployment of big data analysis solutons, and easy cluster management
Metamarkets
625 2nd St, Suite #230,
San Francisco, CA 94107, USA
htp://metamarkets.com Mike Driscoll- Founder & CEO
Real-tme big data analytcs platorm for digital advertsing companies
Metric Insights
123 10th Street,
www.metricinsights.com Marius Moscovici- CEO
Metadata aggregaton and context-based data analytcs built upon in-house KPI Warehouse technology
NGDATA
Sint-Salvatorstraat 18/303, 9000 Gent,
Belgium
www.ngdata.com Luc Burgelman- CEO
Integrated soluton to combine Big Data management platorm with consumer intelligence solutons
RainStor
321 Pacifc Avenue,
htp://rainstor.com John Bantleman- CEO
Enterprise data management solutons scalable across on-premise, in the cloud and Hadoop platorms
(natve)
ScaleMP
2175 Lemoine Ave. Suite 401,
Fort Lee, NJ 07024, USA
www.scalemp.com Shai Fultheim- Founder & CEO
Virtualizaton for in-memory high-end computng
ScaleOut Sofware
10500 NE 8th Street Suite 1775,
Bellevue, WA 98004, USA
www.scaleoutsofware.com Dr. William L. Bain- Founder & CEO
In-memory distributed data grid solutons
WebActon
575 Middlefeld Road, Suite 100,
www.webacton.com Ali Kutay- Chairman and CEO
Real-tme Big Data server for processing data-in-moton
Unstructured data mining
CallMiner
12730 New Britany Boulevard, Suite 200,
Fort Myers, FL 33907, USA
callminer.com Terry Leahy- CEO
Real-tme speech analytcs solutons
Clarabridge
11400 Commerce Park Dr. Suite 500,
Reston, VA 20191, USA
clarabridge.com Sid Banerjee- Co-founder & CEO
Customer experience management soluton including analytcs of customer feedback across multple
channels
ClickFox
2000 S. Colorado Blvd Tower 1, Suite 2300,
Denver, CO 80222, USA
www.clickfox.com Marco G. Pacelli- CEO
Advanced analytcs and diagnostcs solutons for customer experience journeys across channels
Datameer
2040 Pioneer Court,
www.datameer.com Stefan Groschupf - CEO
Hadoop-based Big Data analytcs applicaton
enCapsa
822 A1A N., Suite 310,
Ponte Vedra Beach, FL 32082, USA
encapsa.com Nan Kreamer - CEO
Platorm to facilitate the storage, exchange and integraton of structured and unstructured data
Karmasphere
19200 Stevens Creek Blvd, Suite 130,
Cupertno, CA 95014, USA
www.karmasphere.com Gail Ennis- CEO
Hadoop-based Big Data analytcs solutons to ofer customer insights
Kooaba
Frrlibuckstrass 178,
Zrich, ZH 8005, Switzerland
www.kooaba.com Till Quack- Co-Founder
Image recogniton sofware on mobile devices
Matersight
200 S. Wacker Dr. Suite 820,
Chicago, IL 60606, USA
www.matersight.com Kelly Conway- CEO
Analytcs solutons to optmally route customers to the best available employee and predict outcomes
Nexidia
3565 Piedmont Road NE Building Two,
Suite 400,
Atlanta, GA 30305, USA
www.nexidia.com John Willcuts- CEO
Audio and video content search solutons
Platora
1300 S El Camino Real, 6th Floor, San
Mateo, CA 94402, USA
www.platora.com Ben Werther- Founder & CEO
Hadoop-based Big Data analytcs sofware
TEMIS
TOUR MATTEI - 207 rue de Bercy 75012,
Paris, France
www.temis.com Eric Bregand- CEO
Solutons to identfy and extract targeted data for semantc content enhancement
Databases
Aerospike
2525 E Charleston Road, Suite 201
Mountain View, CA 94043, USA
www.aerospike.com Joe Gotlieb- CEO
Flash-optmized real-tme in-memory NoSQL database
Basho Technologies
700 Massachusets Ave, 2nd Floor,
Cambridge, MA 02139, USA
basho.com Chester Davenport- Executve Chairman
Developer of distributed database sofware, Riak
Couchbase
2440 West El Camino Real Suite 101,
www.couchbase.com Bob Wiederhold- President and CEO
Document-oriented NoSQL database technology
FoundatonDB
8245 Boone Blvd. Suite 340,
Vienna, VA 22182, USA
htps://foundatondb.com David Rosenthal- Co-Founder & CEO
NoSQL distributed database with support for ACID transactons
GridGain
1065 East Hillsdale Blvd Suite 220,
Foster City, CA 94404, USA
www.gridgain.com Abe Kleinfeld- CEO
In-memory computng platorm for real-tme Big Data processing
Hadapt
614 Massachusets Ave., 4th Floor,
htps://hadapt.com Justn Borgman- Co-founder & CEO
Big Data Analytcs with a unifed HADOOP and SQL platorm
Hypertable
1799 Old Bayshore Highway, Suite 138
Burlingame CA 94010, USA
htp://hypertable.com Doug Judd- Founder & CEO
Open-source NoSQL database storage and analysis solutons based on Googles proprietary BigTable
MongoDB
229 W 43rd Street, 5th Floor,
www.mongodb.com Max Schireson- CEO
Open-source data management solutons through a NoSQL database
Neo Technology
111 East 5th Avenue,
www.neotechnology.com Emil Eifrem- CEO
Data management and analysis in the form of graph databases
NuoDB
215 First Street,
www.nuodb.com Barry Morris- Co-founder & CEO
Geographically distributed cloud-based DBMS
Sqrrl
130 Prospect St., Second Floor,
htp://sqrrl.com Mark Terenzoni- CEO
NoSQL database built on Apache Accumulo and Hadoop with ability to support analytcs, search and graphs
Starcounter
Nybrokajen 5
111 48 Stockholm, Sweden
www.starcounter.com Kristofer Lundegren- CEO
In-memory NewSQL database management that can handle huge data volumes reliably and with consistency
Predictive Analytics
Angoss
111 George Street, Suite 200,
Toronto, Ontario M5A 2N4, Canada
www.angoss.com Martn Galligan- CEO
Predictve analytcs and business intelligence sofware for data-driven decision making
Applied Predictve
Technologies
901 North Stuart Street, Suite 1000
Arlington, VA 22203, USA
www.predictvetechnologies.
com
Anthony Bruce- CEO
Cloud-based predictve analytcs for strategic decision making
C9
177 Bovet Road #520
www.c9inc.com Michael Howard- CEO
Cloud applicatons for Big Data analysis and data visualizaton to optmize revenues
Opera Solutons
10 Exchange Place, 11th Floor
Jersey City, New Jersey 07302, USA
www.operasolutons.com Arnab Gupta- CEO
Predictve business intelligence and Big Data analytcs
Revoluton Analytcs
2570 W. El Camino Real, Suite 222
www.revolutonanalytcs.com Dave Rich- CEO
Predictve analytcs and data visualizaton tools to analyze and interpret large sets of data
Salford Systems
9685 Via Excelencia, Suite 208,
San Diego, CA 92126, USA
www.salford-systems.com N/A
Data mining and predictve analytcs for making strategic decisions
StatSof
2300 East 14th Street,
Tulsa, OK 74104, USA
www.statsof.com Dr. Paul Lewicki- CEO
Analytcs and data visualizaton sofware to increase productvity, streamline operatons and regulatory
compliance
Social BI
Lyzasof
621 17th Street, Suite 2800
Denver, CO 80293, USA
www.lyzasof.com Scot Davis- Co-founder & CEO
Data analytcs for the feld of social business intelligence and decision making
Panorama
164 Eglinton Avenue East Suite #100,
Toronto, ON M4P 1G4, Canada
www.panorama.com Eynav Azarya- CEO
Advanced analytcs to get relevant and insightul data for business decision making
Simply Measured
2211 Elliot Ave, Suite 310,
Seatle, WA 98121, USA
htp://simplymeasured.com/ Adam Schoenfeld- Co-founder & CEO
Social media monitoring and analytcs, compettve analysis and data reportng
Yellowfn
Level 46, 360 Elizabeth Street,
Melbourne VIC 3000, Australia
www.yellowfnbi.com Glen Rabie- Co-founder & CEO
Business intelligence platorm to monitor and analyze business parameters
Web, Cloud, SaaS, mobile and self service BI
Actan
500 Arguello Street, Suite 200
Redwood City, CA 94063, USA
www.actan.com Steve Shine- CEO
Platorm for data discovery for predictve and contextual analytcs
Actuate
951 Mariners Island Boulevard
www.actuate.com Peter I. Citadini- CEO
Personalized analytcs and insights
Acunu
99 Charterhouse Street,
London EC1M 6HR, UK
www.acunu.com Chris Gomersall- CEO
Self-service business intelligence on real tme, streaming data
Arcplan
1265 Drummers Lane, Glenhardie Three,
Suite 106 Wayne, PA 19087, USA
www.arcplan.com Roland Hoelscher- CEO
Business intelligence, analysis & planning applicatons
Atensity
2479 East Bayshore Road
Suite 195 Palo Alto, CA 94303, USA
www.atensity.com Howard Lau- Chairman & CEO
Social web analytcs
Bilander Group
302 Mt. Bradford Way West Chester, PA
19382
USA
bilandergroup.com Bob Scot- Co-founder
Data analysis & reportng to support fnancial strength
BIME
1 place Francis Ponge. 34000
Montpellier,
France
www.bimeanalytcs.com Rachel Delacour- Co-founder & CEO
Business intelligence to connect and analyze data
Birst
153 Kearny St.,
San Francisco, CA, 94108, USA
www.birst.com Brad Peters- Co-Founder & CEO
Cloud based business intelligence solutons
Bitam
11710 Plaza America Drive, Suite 2000
PMB 3A, Reston, VA 20190 E.E.U.U., USA
www.bitam.com David Abdo- CEO
Business intelligence and enterprise performance management sofware solutons
CaptainDash
86 rue de la fontaine au roi,
Paris 75011, France
www.captaindash.com Bruno Walther- Founder
Big data analysis for marketers
Celebrus Technologies
Venture West New Greenham Park,
Newbury, RG19 6HN, UK
www.celebrus.com Simon Burton- CEO
Solutons to capture, contextualize and deliver real-tme data on individual behaviors across channels
Connotate
120 Albany Street, Tower II, 4th Floor
New Brunswick, NJ 08901
www.connotate.com Keith Cooper- CEO
Web data extracton and monitoring solutons
CrownPeak
5880 W. Jeferson Blvd. Unit G
Los Angeles, CA 90016, USA
www.crownpeak.com Jim Howard- CEO
SaaS-based management and optmizaton solutons provider to manage web content
Datawatch
271 Mill Road, Quorum Ofce Park
Chelmsford, MA 01824 USA
www.datawatch.com Michael A. Morrison- CEO
Visual data discovery soluton to gain insights from structured and unstructured data
Domo
772 East Utah Valley Drive,
American Fork, UT 84003, USA
www.domo.com Josh James- Founder & CEO
Data integraton & analytcs on real tme basis
Dundas
500 250 Ferrand Drive
Toronto, ON M3C 3G8, Canada
www.dundas.com Troy Marchand- Co-founder & CEO
Data visualizaton and dashboard solutons
Foresight Intelligence
7077 East Marilyn Road, Building 6 Suite
150
Scotsdale, AZ 85254, USA
www.foresightntelligence.
com
Dale Hanna- CEO
Data integraton & analysis solutons
GoodData
111 Suter Street, 4th Floor
www.gooddata.com Roman Stanek- Founder & CEO
Cloud-based business intelligence soluton for self-service discovery
Informaton Builders
Two Penn Plaza,
New York, NY 10121-2898, USA
www.informatonbuilders.
com
Gerald D. Cohen- CEO
Business intelligence, enterprise integraton and data integrity solutons
iDashboards
900 Tower Drive, 4th Floor,
Troy, Michigan 48098, USA
www.idashboards.com Shadan Malik- CEO
Data visualizaton sofware through dynamic dashboards to display key metrics to help decision-making
Jaspersof
350 Rhode Island St, Ste 250,
www.jaspersof.com Brian Gentle- Chairman & CEO
Embeddable, cost-efectve reportng and analytcs platorm to display tmely, actonable data
Jedox
Bismarckallee 7a,
79098 Freiburg im Breisgau, Germany
www.jedox.com Kristan Raue- Founder & CEO
Excel add-in to perform business intelligence and performance management tasks within MS Excel
Jinfonet Sofware
9420 Key West Avenue,
Rockville, MD 20850, USA
www.jinfonet.com Bing Yao- CEO
Java based data reportng soluton that delivers highly customizable business intelligence
Klipfolio
Suite 200, 176 Gloucester St.,
Otawa ON K2P 0A6, Canada
www.klipfolio.com
Allan Wille- President, Co-founder &
CEO
Data visualizaton solutons through dashboards to aid decision-making across the organizaton
Lefronic
459 Fulton St #204,
www.lefronic.com Rajiv Ghanta- Co-founder & CEO
Aggregates key metrics in real-tme and provides easy data visualizaton on a dashboard
Logi Analytcs
7900 Westpark Drive, Suite A200
McLean, VA 22102, USA
www.logianalytcs.com Bret Jackson- President & CEO
Development platorm to create entre web-based BI applicatons quickly and easily
MeLLmo
120 S. Sierra Ave, Solana Beach,
CA 92075, USA
www.roambi.com Santago Becerra- Chairman & CEO
Provides apps so employees can access company informaton on mobile devices and take decisions on-the-
go
OnDemand Analysis
2240 N. Interstate Avenue
Portland, Oregon 97227, USA
htp://ondemandanalysis.
com
Brad Coulon- Founder
Cloud-based soluton for viewing and analyzing data within excel
Pentaho Corp
Citadel Internatonal, Suite 340
5950 Hazeltne Natonal Dr.
Orlando, FL 32822, USA
www.pentaho.com Quentn Gallivan- Chairman & CEO
Provides data integraton, business analytcs and big data solutons
PivotLink Corp
One Post Street Suite #825,
www.pivotlink.com Bruce Armstrong- CEO
Cloud based business intelligence platorm with SaaS focusing on merchandising and marketng analytcs
PrecisionPoint Sofware
Abbey House, Grenville Place, Bracknell,
Berkshire RG12 1BP, UK
www.precision-point.com Michael Evans- Founder & CEO
Excel-based BI soluton for the ERP mid-market with web publicaton and distributon capability
Pyramid Analytcs
151 Kingfordsweg
Amsterdam, 1043 GR, Netherlands
www.pyramidanalytcs.com Omri Kohl- Co-founder & CEO
A comprehensive web-based BI dashboard with data mining, analytcs and reportng capabilites
QlikTech Internatonal
150 N. Radnor Chester Road
Suite E120, Radnor, PA 19087, USA
www.qlik.com Lars Bjrk- CEO
Intelligence and Analytcs Platorm that empowers users by driving innovatve decision-making
Saama Technologies
900 E Hamilton Avenue, Suite 200 Campbell,
CA 95008, USA
www.saama.com Suresh Kata- Founder & CEO
Data integraton and analytcs soluton to drive informed decision making
Salient Corporaton
203 Colonial Drive, Horseheads,
New York 14845, USA
www.salient.com Guy Amisano- Founder
Scalable, in-memory data mining and analytcs systems to measure value added with simple visualizaton
tools
SeeMoreData
Suite 8005, 619 Doncaster Road,
Doncaster, VIC 3108, Australia
www.seemoredata.com Ferenc Manteld- Founder & CEO
Tools for consolidated BI & reportng on interactve dashboards with graphical interfaces
SiSense
36-A Hanamal St.,
Tel Aviv 63506, Israel
www.sisense.com Amit Bendov- CEO
Self-service business intelligence solutons by connectng multple data sources
Targit
Aalborgvej 94, 9800 Hjrring
Denmark
www.targit.com Morten Sandlykke- Founder & CEO
Business intelligence platorm ofering data discovery and self-service analytcs tools
Think Big Analytcs
520 San Antonio Road, Suite 210
www.thinkbiganalytcs.com Ron Bodkin- Founder & CEO
Big Data strategy and consultng services for implementng solutons based on open-source platorms
Enterprise Performance Management
Adaptve Insights
3350 W. Bayshore Road, Suite 200
www.adaptveinsights.com John Herr- CEO
Cloud-based business intelligence and corporate performance management solutons
BOARD Internatonal
Via Balestra 18, 6900 Lugano,
Switzerland
www.board.com/in Giovanni Grossi- CEO
Integrated ofering for corporate performance management and business intelligence
HCG Sofware
2110 SW Jeferson Street Suite 300
Portland, OR 97201, USA
www.hcgsofware.com Scot Stanton- Founder & CEO
Enterprise performance management and analytcs solutons
Host Analytcs
101 Redwood Shores Pkwy, Suite 101
Redwood City, CA 94065, USA
www.hostanalytcs.com Dave Kellogg- CEO
Cloud-based enterprise fnancial applicatons for planning, reportng and analytcs
InPhase
2-4 Packhorse Road, Gerrards Cross,
Buckinghamshire, SL9 7QE, UK
www.inphase.com Robert Hobbs- Founder & CEO
Business intelligence and performance management platorm
Mood Internatonal
5 Innovaton Close, York Science Park,
York YO10 5ZF, UK
www.moodinternatonal.com George Davies- CEO
Advanced sofware applicatons for enterprise management improvement
Prognoz
54, Stakhanovskaya St.,
Perm, Russia
www.prognoz.com Dmitriy Andrianov- Founder & CEO
Advanced analytcs and visual discovery solutons
River Logic
8150 N. Central Expressway
Suite 1625,Dallas, TX 75206, USA
www.riverlogic.com Kevin Howe- Chairman & CEO
Prescriptve modeling and analytcs platorm
Systar
171 bureaux de la Colline
92213 Saint-Cloud Cedex, France
www.systar.com Guy Kuster- Chairman & CEO
Business actvity monitoring and risk management solutons
Tagetk
Via Roosevelt,103
55100 Lucca, Italy
www.tagetk.com Pierluigi Pierallini- President & CEO
Corporate performance management and business intelligence solutons
Redwood Capital Group is an investment banking firm serving the technology,
communications and media & business services industries. The firm focuses on
mergers & acquisitions, debt and equity financings, and financial advisory
services for its clients worldwide.
Copyright 2014 Redwood Capital Group LLC. Redwood Capital is the marketng name for Redwood
Capital Group and its subsidiaries. All securites transacted through RCG, LLC member FINRA/SIPC,
a wholly-owned subsidiary of Redwood Capital Group. Additonal informaton can be found about
FINRA at www.fnra.org and SIPC at www.sipc.org. This report is published solely for informatonal
purposes and is not to be construed as an ofer to sell or the solicitaton of an ofer to buy any
security. The informaton herein is based on sources we believe to be reliable but is not guaranteed
by us and we assume no liability for its use. Any opinions expressed herein are statements of our
judgment on this date and are subject to change without notce.
New York
950 Third Avenue, Suite 2001, New York,
NY 10022
Tel: +1 212 508 7100
Fax: +1 212 508 7102
Geneva
17 rue du Cendrier, 1202 Geneva
Switzerland
Tel: +41 (22) 518 07 83
Fax: +41 (22) 839 72 49
Paris (Joint Venture)
8 rue Halvy, 75009 Paris France
Tel: +33 1 58 18 39 00
Fax: +33 1 53 43 09 76
Munich (Joint Venture)
Theatnerstr. 42, 80333 Mnchen Germany
Tel: +49 89 1490 265-25
Fax: +49 89 1490 265-13
Los Angeles
1100 Glendon Avenue, Suite 905 LA, CA
90024
Tel: +1 310 696 4001
Fax: +1 310 507 0263
Milan (Strategic Alliance)
Livolsi & Partners Largo Augusto, 3
20122 Milan Italy
Tel: +39 (02) 777 991
Fax: +39 (02) 777 993 90
London (Joint Venture)
42 Brook Street, London W1K 5DB
United Kingdom
Tel: +44 20 7112 7777
Fax: +44 20 7900 2329
Berlin (Joint Venture)
Torstr. 33, 10119 Berlin, Germany
Tel: +49 30 60 9889 070
www.redcapgroup.com
For Informaton:
James Turino Hadrien Kulik
Partner, Redwood Capital Group Associate, Redwood Capital Group
jturino@redcapgroup.com hkulik@redcapgroup.com
212.508.7108 212.508.7114

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