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http://www.siia.net/saasgov
Medium-sized, EBITDA-positive companies are
invited to apply to present before an audience of
middle-market-focused senior lenders, private equity
investors, and strategic partner prospects.
March 3, 2010
New York City
www.siia.net/aatc
SIIA OnDemand & OpSource SaaS Summit have joined forces to bring you…
+45%
Software
license
+28%
S&P
TripleTree’s Software as a Service (SaaS) index consists of the ~20 pure-play firms listed below; although, the sector
is primarily comprised of private companies with TripleTree’s Software as a Service and Cloud Computing database,
consisting of more than 2,300 firms
SaaS
companies
trade at a
premium to
software
license firms
Premium
valuation
multiples also
for SaaS firms
with higher
market
valuations
Large public
SaaS vendors
are
TEV=Total rewarded
Enterprise Value
for attributes
LTM=Last Twelve Months
Source: TripleTree CapIQ, 451Group
such as size,
Will the SaaS IPO Market Rebound?
# of SaaS Initial Public Offerings (IPO) in the 12
Period
Taleo
Synchronoss
SaaS IPO
SaaS IPO SuccessFactors
volume fell by
volume
75% Filed; but no IPO
increased by Salary.com
140%
7 PROS
WebEx Omniture
Visual Sciences
5 LoopNet
eCollege
Concur
Kenexa
BlackBoard
Constant Contact
AthenaHealth
NetSuite
LogMeIn
?
@
IPO---
Median Revenue: $36 million $54 million $50 million $67 million
Median Market Cap: $199 million $297 million $331 million $342 million
of Deals
TEV/Revenue
$14B+
TripleTree**
Analysts
$17B
$12B
Budget
Management
Time
Suppliers Management
Delivery
Management
Partners
400% annual growth
500 customers
Initial focus: Services
Other
Media
Time
Software management/
coordination are
big issues
Public
service
Now leveraging this
Industrial beachhead to enter
other sectors
IT
Consulting services
Legal, finance
Do you need to raise funds?
How much money do you need?
What will be the valuation?
What do you plan to do with the funding?
Will you get strategic assets beyond funding?
Is the timing right?
Do you have the support of your existing investors?
What are your alternatives?
Case for change
Team
Differentiation
Scalability
Traction
ani@clarizen.com
STRATE FINANCI
GIC AL
International 56%
Dollars 62% 36% 35%
Excluding VMWare
Excluding Clearwire
(USA)
US US Acquired by Irdeto
China
(Sweden)
Japan Acquired by Sun
Korea
US (USA)
Acquired by Cisco
Taiwan US
US
(Israel) (India)
Acquired by NDS Group Acquired by GTL
Vietnam
India (USA)
(USA) Acquired by Macrovision
Chile Acquired by Virgin USA
The volume of software M&A has fallen materially since the credit crisis became acute in October 2008
A modest recovery in volume and aggregate value began in Q2 2009
New
Normal?
Common Board Room Themes in M&A
$14.9B $3.5B
Cash or Cash Liquid Assets
Equivalent Latest 10Q on
Latest 10Q on 09/2009
11/2009
Platform consolidations
“Buy and Stitch”
Private Equity Platform Roll-ups
Bedford Funding: Authoria-PeopleClick
Vista Equity Partners: SumTotal
100% platform migration
TLEO-Vurv
Omniture-Visual Sciences
Salesforce.com-InstraNet
DEFERRED REVENUES
Q&A
Brian Klemenhagen Avinoam Nowogrodski
CEO
Senior Principal
Clarizen
TripleTree, LLC