F E B R U A R Y 2 0 1 6 Business Intelligence and Analytics Platforms Market Map Shea & Company, LLC
Agenda Outlook & Key Themes Business Intelligence & Analytics Technology Stack and Landscape Transaction & Acquisition Landscape Shea & Company Firm Overview 1
Outlook & Key Themes Key Themes for Business Intelligence & Analytics in 2016 The BI analytics market is quickly moving within the 2.0 phase of its lifecycle which we believe will usher in a wave of investment and consolidation activity Key Themes for 2015-16 1. Business intelligence (BI) sector growth remains strong and consistent Enterprises are moving away from legacy solutions and towards a growing crop of disruptive vendors (e.g. Tableau, GoodData) addressing a new set of BI needs such as mobile, BigData, cloud and social 2. BI remains a top priority for IT, but rising business user demands are shifting the BI landscape Enterprises are refocusing on growth initiatives and upgrading to more robust BI solutions New cloud-based solutions touting ease-of-use will also extend the appeal of BI solutions to the mid-market, who will play a major role in overall market growth 3. Difference in BI firm approaches and evolution components vs. platforms The current market features BI 1.0 and 2.0 vendors fall on a spectrum of providing components of the BI & analytics stack or platforms with functionalities that cross the stack layers 4. 5. 6. There are constraints and opportunities caused by the reality of multiple BI tools in the organization Investors have made bets at all layers of the stack that enables BI, with more immediate opportunity in the middle Legacy BI will respond to the current market evolution with M&A Organizations will use multiple BI solutions to accommodate different needs Emerging BI players tend to address enterprise departmental needs in the enterprise and mid-market cases, and incumbent BI vendors have provided the oversight and control that traditional IT seeks Top-of-stack visualization is becoming relatively commoditized functionality and the bottom-of--stack data infrastructure is well-funded and maturing Investors will find immediate opportunity at the middle of stack, as much effort in BI is spent indexing, discovering, integrating and preparing extant data for analysis Larger legacy players (SAP, Oracle, IBM, etc.) will inevitably look to acquire more nimble independent vendors in an effort to keep pace with the rapid evolution of the BI analytics market 2
Outlook & Key Themes Theme #1: Growing Market The BI analytics market is anticipated to grow at 6% annually as BI continues to be a top IT spending priority and as legacy solutions are upgraded Trends Forcing Market Evolution Business Intelligence and Analytics Market Size ($ billions) Rise of Business User $25 6% CAGR The analytics user in the organization is shifting from IT and analytics experts to the business users, empowered by more intuitive solutions and new visualization and analytics tools tailored to them Growth of the user base within the organization increases 3.5x $20 $15 $13 $14 7% CAGR $15 $16 $17 $18 $19 $20 Enhanced Access Data across the organization is being made available to users, allowing for more complex, cross-functional analyses; analysis is no longer limited to a siloed data set $10 $5 Self-Service Functionality Users now expect the ability to access and analyze enterprise data without the need for extensive IT intervention $- 2012 2013 2014 2015 2016 2017 2018 2019 Collaboration Users expect the ability to share insights across teams within and, increasingly, outside the organization in the cloud via both desktop and mobile Proliferation of Data Sources and Methods Enterprises are adopting more applications generating exponential s of data; additionally, unstructured data is becoming a key input into analysis, particularly for marketing and commerce applications Technological advancements such as in-memory databases are enabling real-time, next-generation capabilities such as predictive analytics and event processing of this diverse data Vendors are exploring and commercially offering tools for advanced analytics such as machine learning Market Share, Top Vendors Information Builders 1.3% FICO 2.6% Tableau 2.7% MicroStrategy 2.8% Qlik 3.4% Others 21.0% Microsoft 10.0% IBM 11.1% SAS 11.6% SAP 20.4% Oracle 13.1% Source: Gartner, IDC 3
CRM ERP SCM Unstructured CRM ERP SCM Unstructured CRM ERP SCM Unstructured Outlook & Key Themes Theme #2: Rising Business User Demands Shifting the BI Landscape The decentralized BI model is taking market share from traditional centralized BI platforms by effectively delivering for the rising line-of-business demands in enterprises and SMBs Traditional IT-Led Full-Stacked BI Platform Next-Generation BI Platform Emerging Business-Driven Decentralized BI Platform Business Intelligence, Analytics & Visualization Data (IT-Supplied) Data Scientist Business Intelligence, Analytics & Visualization Self-Service Data Prep (Governed) Business User Business Intelligence, Analytics & Visualization Self-Service Data Prep Business User Data Warehouse / Marts Data Warehouse / Marts ETL IT ETL IT APIs APIs APIs Still best-suited for enterprises standard system-of-record reporting provisioning Wants to deliver on rising business user demands without sacrificing governance Investing aggressively to support decentralized, governed data discovery and OEM/embedded BI use cases, but limited success to date Key vendors: An ideal architecture where both IT and business users have easy access to each stack subject to their needs and sufficient tools to perform various tasks with different complexity levels To date, no vendor in the market has been able to provide such a platform Legacy BI vendors, emerging BI platforms, as well as component players are all racing towards this Ultimate BI standard Decentralized data discovery deployments that enable easier and broader use without the assistance of IT Investing in enterprise features for governance, administration, embeddability and scalability; but still works in progress Key vendors: 4
Data Infrastructure Data Assembly and Prep Data Discovery and Analytics Outlook & Key Themes Theme #3: Different Approaches in the Evolution Platform vs. Components Fragmented Component Vendors Traditional Full-Stacked BI Platforms Emerging Decentralized BI Platforms Though general visualization still dominates new investment, new requirements are occurring on the data discovery and advanced analytics level Smart data discovery players emerged to further democratize data analytics: Vendors focusing on governed data discovery found their spot trying to balance between business users demands and data governance requirements from IT: Continue to shift the focus of new product investment and platform emphasis from ITauthored production reporting to governed, business-user-driven data discovery and analysis tools Investing aggressively in next-generation, smart data discovery experience (selfservice data preparation, automated pattern detection, etc.) Trying to differentiate through integration with the rest of their enterprise platforms to support governed data discovery, but have had limited adoption to date Recent BI players continue to invest in making their platforms easier to use for a broader range of users, yet less emphasis on emerging growth areas Others are trying to accommodate emerging requirements such as smart data discovery, self-service data preparation, embedded advanced analytics and big data capabilities to differentiate themselves A number of vendors provide access to sophisticated, yet business-useraccessible, data preparation tools: Running against time to close gaps with emerging platform leaders and regain momentum and differentiation Large legacy vendors: Unclear the new platform vendors will extend into the data infrastructure layer The ever-increasing and diversity of data has given rise to the use of NoSQL databases, such as Hadoop, and thus Hadoop-based data discovery specialists: A mature market with several clear, large leaders and significant funding for each Cloud BI continues to grow as data gravity shifts to the cloud; new challengers: Emerging demand for multi-structure data capabilities, especially NoSQL 5
Outlook & Key Themes Theme #4: Constraints & Multiple BI Tools in the Organization BI vendors are all facing their own challenges in moving towards next-generation architecture; in the near term, multiple BI tools will probably coexist in an organization to serve different purposes Traditional BI Platforms IT-centric architecture failed to respond to the rising demands from business users Limited adoption to date of their internallydeveloped data discovery tools Issues include cloud capabilities, incorporating unstructured data, legacy infrastructure and longer time-todiscovery relative to emerging platforms Losing momentum to decentralized products and running out of time to play catch-up Relatively slow acquisition pace since the last wave of consolidation back in 2007-2010 Traditional Full-Stacked BI Platforms Acquire Integrated into Next Generation BI Architecture Fragmented Component Vendors Possibly Remain Standalone? Fragmented Component Vendors Acquire Integrated into Developed into Emerging Decentralized BI Platforms Market is emerging and highly fragmented; analysts are beginning to define different segments and identify leaders Most employ API strategies to plug into existing BI platforms Some are moving into additional stacks to become a platform player; standalone may not be a viable option in the long term Emerging BI Platforms Market entering maturation phase at visualization layer with several clear, large leaders (e.g. Tableau, Qlik) Commoditized visualization offerings have resulted in high churn rates and low switching costs Deployment satisfaction is dropping as business users look for features to identify, prepare and enrich data on their own Increasingly facing constraints in moving down the stacks and into enterprise wide deployment; this would allow wider access to crosssilo data and more robust analysis 6
Data Infrastructure Data Assembly and Prep Analytics & Visualization Outlook & Key Themes Theme #5: Bets Placed at All Layers, With Immediate Opportunity in the Middle Platforms Component $156m Raised $250m Raised $100m Raised Public Public $108m Raised $23m Raised $51m Raised According to a 2013 Forrester survey, only 17% of information workers used a data dashboard or BI tools as part of their job Multiple public competitors exist in this space already, with companies like Tableau trading at around 10x CY15E Revenue multiple A new group of leaders is emerging and have raised significant s of capital $77m Raised $32m Raised $78m Raised $24m Raised $65m Raised $28m Raised $49m Raised $39m Raised Self-service platforms are in the early stage of market evolution and will be used to accelerate a shift toward the business user by lowering complex analysis Most platforms integrate with the likes of Tableau and Qlik, filling the gaps for data preparation and analytics features Only now finding defined, repeatable use cases Public $47m Raised Public $1,042m Raised Public $174m Raised $208m Raised $28m Raised Various segments of the data infrastructure market are very mature with clear leaders and large contenders raising large s of capital The market for Hadoop-centric products alone is also believed to grow at a 64% CAGR from $4.2bn to $50bn by 2020; and existing companies have major partnerships across the software realm Source: Gartner, Forrester 7
Outlook & Key Themes Theme #6: How We See the Market Playing Out The BI market will undergo a paradigm shift over the next few years as emerging players seek to gain further market share and larger players look to play catch-up Continued Acceleration of Emerging Vendors Well-funded, disruptive independent vendors focused on the top stack (Birst, Tableau, GoodData) continue to take share from legacy solutions and move down stack Vendors see use at the departmental level as more than just a complement to the standard BI infrastructure in enterprises Legacy Vendors will Maintain a Foothold Established vendors with existing footprints continue to control the plumbing and basic reporting function of BI Vendors will look to maintain a foothold by upgrading product offerings through both in-house innovation (Amazon developing QuickSight) and through acquisition Solutions More Widely Adopted at SMB Level SaaS-based, easy-to-use solutions extend the appeal and value to the mid-market, who will increasingly drive growth of the overall market Emerging vendors will control the majority of the share in these markets given their value proposition Next Wave of Consolidation Starts Legacy players (SAP, Oracle, IBM, etc.) acquire established platforms and smaller component players to upgrade platforms Growing next-generation vendors (TIBCO, Qlik, etc.) acquire rising technologies to extend their lead 8
Outlook & Key Themes Theme #6 (Cont d): M&A Interest Comes from Several Angles Diversified Technology Platforms Diversified technology vendors offering solutions across the BI stack, from hardware to applications Will look to do technology tuck-ins as well as acquire platforms Pure-Play BI Vendors Independent BI vendors of scale looking to build BI product offering across the technology stack More focused on tuck-in technology / functionality acquisitions Data & Infrastructure Vendors controlling the data and infrastructure layer Focused on platform acquisitions to move up the technology stack towards the application layer 9
Outlook & Key Themes Theme #6 (Cont d): Time to Action for Legacy Players Since a strong consolidation period starting in 2007 amongst BI 1.0 solutions, legacy solution vendors have been slow to react in the past few years and are now running against time to catch up in the significant shift of the BI landscape Acquirer Data Infrastructure Data Assembly and Prep Analytics and Visualization (assets) in 2010 for $1.8bn in 2010 for in 2014 for in 2015 for in 2007 for $170m in 2009 for $12m in 2013 for in 2007 for $5bn in 2009 for $1.2bn in 2007 for in 2008 for $250m in 2011 for in 2011 for $27.5m in 2006 for $40m in 2008 for $1.2bn in 2014 for $115m in 2015 for in 2006 for $60m in 2007 for $60m in 2009 for $7.4bn in 2009 for in 2006 for $45m in 2009 for in 2006 for $5.9bn in 2007 for $3.3bn in 2009 for $1.1bn in 2005 for in 2010 for $6.1bn in 2012 for in 2007 for $490m in 2007 for $490m in 2008 for $6.8bn in 2013 for $40m in 2008 for in 2010 for in 2011 for in 2012 for Source: 451 Group 10
Agenda Outlook & Key Themes Business Intelligence & Analytics Technology Stack and Landscape Transaction & Acquisition Landscape Shea & Company Firm Overview 11
Data Infrastructure Data Assembly and Prep Analytics and Visualization Business Intelligence & Analytics Technology Stack and Landscape Market Map Analytics and Visualization Advanced Analytics Adaptive Insights Advizor Solutions Alation Anaplan Argo Attensity BeyondCore Bime Birst Bissantz Bitam Bizzscore Blue Sky technologies Board Capillary Technologies Cetova Chart.io Clear Analytics Coheris Continuum Analytics Cooladata Cubeware Custora Datahero Datric DBxtra Dimensional Insight Domo Dundas Evidanza FICO FirstRain Geckoboard GoodData GoSquared Graphiq GroupVisual.io Hitchai (Pentaho) Host Analytics IBM (Cognos) idashboards Indicee Indusoft Inetsoft Information Builders InfoZoom Insight Squared Intelex Intellicus Interana ISS IXDots Jinfonet Klipfolio Kognitio Logi Analytics Looker Metric Insights MicroStrategy MITS NarrativeScience Noetex Opentext (Actuate) Oracle (Hyperion) Panorama Software Panoratio Paris Technologies Phocas Plotly Prevero ProDacapo Pyramid Analytics Qlik QPR Longview Solutions (Arcplan) QuantCell Lyzasoft Quantum4D Meteorite Qunb Retention Science RiverLogic RJMetrics Roambi Saama Technologies SAP (Business Objects) Scorto Semantria Silvon Software Sisense Solver Space-Time Research SpagoBI Spider Strategies SpreadsheetWEB SQLPower Stonefield Query Strategy Companion SumAll SurfBI Tableau Targit ThinkAnalytics TIBCO Tidemark Totvs Treparel Vanguard Software Visokio Visual Crossing Visual.ly WingArc Xtraction Yellowfin Yurbi Zap Zementis Zoomdata Adatao Mathworks Ai-One Metamind Angoss Microsoft Ayasdi (Revolution BigML Analytics) Blue Yonder MindOps Clatifai Numenta Context Relevant Nutonian Cycorp Palantir Dataminr Precog DataRPM PredictionIO Dato Predixion Dell (Statsoft) Prognoz Digital Reasoning Quid Expect Labs Rapidminer Google Reactor Labs IBM (Watson, SPSS) Salford Systems Indico SAS KXEN Scaled Inference Lucid.ai Sentient Technologies Skymind StatAce Statwimg Vicarious Viv Labs Wagon Analytics IT Driven Self-Service Actian Adeptia Algolytics Alooma Astera Bissantz Cisco Dataiku DataTorrent Dell Denodo Domino Ersatz Labs Evidanza FICO Fuzzy Logix Guavus IBM Informatica Information Builders Microsoft OpenDataSoft Oracle Progress Software SAP SAS Silvon Sisense Skytree SnapLogic Sumologic Syncsort Teradata Talend Tibco Vitria Waterline Data Adatao Alation Alpine Data Labs Alteryx Argo Attivio Board Cirro ClearStory Data Datameer Datawatch Exago IBM InetSoft Instabase Informatica Jedox Knime LavaStorm Logi Analytics Looker Megaputer Metabase Microsoft Palantir Panorama Paxata Platfora Qlik Qubole Rapidminer Salient SAP SnapLogic Splunk Tamr Teradata Trifacta Xplenty Yhat Zapier Data Warehousing and Access Databases Distributed Data Processing Other Cross-Infra. / Legacy Platforms 1010 Data Actian Actifio Amazon BDNA BitYoda Cloudera DataGravity EMC Exasol Hitachi HP IBM Kognitio InCorta InfiniDB Infobright Oracle Magnitude Softare MarkLogic Microsoft NetApp Panoply.io ParAccel Pivotal SAP Splunk Snowflake Teradata Vertica Wherescape Aerospike Basho Citus DB Clustix Couchbase Datastax Deep DB FoundationDB Giraph IBM (Cloudant) InfiniDB InfiniteGraph Kognito MammothDB MapD MariaDB MarkLogic MemSQL Microsoft MongoDB Neo4j NuoDB OhmData ParAccel Paradigm4 ParStream Pivotal PostgreSQL RainStor Redis SAP SkySQL Sones SQLFire Sqrl Teradata TransLattice Vertica VoltDB Amazon Atscale Cazena Cloudera Databricks Datadog Datastax Dell H20.ai Hadapt Hitachi Hortonworks IBM Infochimps Intel Jethrodata FICO (Karmasphere) MAPR Pachyderm Pivotal Qubole Splice Machine Splunk SuperMicro Talend Teradata Zettaset BMC Software CA Technologies Caspio Cisco Citrix Epicor Google HP Intel JDA Peoplefluent Rackspace Redhat SAP SAS Software AG Talend Vmware WSO2 12
Data Infrastructure Data Assembly and Prep Analytics and Visualization Business Intelligence & Analytics Technology Stack and Landscape Market Leaders Analytics and Visualization Advanced Analytics IT Driven Self-Service Data Warehousing and Access Databases Distributed Data Processing Other Cross-Infra. / Legacy Platforms Leaders determined by employment counts and s of financing raised 13
Agenda Outlook & Key Themes Business Intelligence & Analytics Technology Stack and Landscape Transaction & Acquisition Landscape Shea & Company Firm Overview 14
Transaction & Acquisition Landscape Recent Capital Raise Activity ($ millions) Close Date Company Participating Investor(s) Description Amount Post Val 01/14/16 Looker KPCB, Meritech, Redpoint, Sapphire Ventures Web-based relational querying tools $ 48 n/a 10/28/15 Alteryx Insight, Iconiq Capital Data pulling, cleaning, management and overlay 85 765 10/20/15 Pyramid Analytics Sequoia, Viola Group Integrated, scalable dashboards and analytics 30 n/a 09/09/15 Paxata Accel, EDBI, Walden Riverwood Ventures, Toba Capital Analyst-centric data preparation 18 72 09/02/15 Capillary Technologies Sequoia, Warburg Pincus, Norwest Venture Partners End-to-end, multichannel customer engagement, BI and social CRM 45 181 08/12/15 Datameer Citi Ventures, KPCB, Next World Capital, Redpoint, Top Tier Capital Partners, Workday Self-service data integration, analytics and visualization 40 224 07/23/15 Continuum Analytics BuildGroup, Defense Advanced Research Projects Agency, General Catalyst, Various Angels Scientific computing, analysis, visualization and reporting 24 n/a 07/22/15 Cazena Andreessen Horowitz, Formation 8, North Bridge Venture Partners On-demand big data platform for improved data access 28 88 07/22/15 Domo Glynn Capital, GGV Capital, and The Capital Group Companies Executive business management platform 235 2,035 06/23/15 Snowflake Computing Altimeter Capital, Redpoint, Sutter Hill, Wing Venture Partners Cloud data warehousing 45 274 06/09/15 Saama Technologies Carrick Capital Partners Machine learning and big data analysis tools 36 n/a 03/25/15 Ayasdi Bullpen, Centerview Capital, Citi Ventures, Draper Nexus, FLOODGATE, GE Ventures, IVP, Khosla, KPCB Machine intelligence platform for topological data analysis 55 n/a 03/19/15 Quid Artis, Atomico, Endeavour Vision, Founders Fund, Infocomm, Liberty Interactive, Subtraction, T.H. Lee Decision making optimization and data capturing and management 39 n/a 03/17/15 Birst DAG Ventures, Hummer Winblad, Northgate, Sequoia, Wellington Automated data warehousing and visual analytics 65 500 03/17/15 DataMinr Credit Suisse, Deep Fork, Expansion Venture, Glynn, Goldman, GSV, IVP, Venrock, Wellington, Wharton Equity Real-time social media analytics 130 700 02/18/15 RapidMiner Ascent Venture Partners, Earlybird Venture Capital, Longworth Venture Partners, Open Ocean Capital Open stack predictive dashboards, metrics and reporting 15 28 01/21/15 Interana AME Cloud, Battery, FUEL Capital, Index, Data Collective Real-time mass data interpretation 20 n/a 12/12/14 Hortonworks n/a Data storage, management and analytics 100 n/a 11/17/14 InsightSquared Atlas Venture, DFJ, NextView Ventures, Two Sigma Investments Employee activity tracking, sales forecasting and win loss analysis 14 85 10/06/14 Zoomdata Accel, B7 Ventures, Columbus Nova Technology, NEA, Razor's Edge Ventures Data analytics and visualization platform 17 52 09/29/14 Qubit Accel, Balderton Capital, Salesforce.com Website optimization, CRM, web personalization and testing 26 n/a 09/23/14 Radius Intelligence BlueRun, Formation 8, Founders Fund, Glynn Capital, Slow Ventures, Western Technology Investment Sales and marketing intelligence and insights 55 n/a 09/15/14 RjMetrics August, SoftTech VC, Trinity Ventures E-commerce analytics platform 17 64 09/09/14 GoodData Andreessen Horowitz, General Catalyst, Intel Capital, NWC, Pharus Capital, Tenaya, TOTVS, Windcrest Business intelligence and dashboard reporting tools 26 276 07/08/14 RetailNext Activant, American Express, August, Commerce Ventures, Nokia Growth, Qualcomm Ventures, StarVest, Tyco In-store business intelligence and data visualization 30 184 06/30/14 MapR Google Capital, Lightspeed, Mayfield, NEA, Qualcomm Ventures Data protection and business continuity for big data processes 110 583 06/12/14 SiSense Battery, DFJ Growth, Genesis Partners, Opus Capital Data analytics and reports sharing 30 n/a 05/29/14 Trifacta Accel, Greylock, Ignition Productivity platform for simplifying raw data into actionable form 25 133 05/08/14 Tidemark Systems Andreessen Horowitz, Greylock, Redpoint, SVB, Tenaya Enterprise performance management 32 250 03/19/14 Cloudera DAG Ventures, Google Ventures, Intel Capital, MSD Capital, T. Rowe Price Data management and enterprise Hadoop infrastructure 900 4,111 Latest Round Date 06/12/14 09/09/14 09/15/14 03/17/15 07/22/15 10/28/15 01/14/16 Amount Raised $30 $26 $16 $65 $235 $85 $48 Post-Money, Latest Round n/a $276 $64 $500 $2,035 $765 n/a Total Raised to Date $54 $100 $24 $156 $484 $163 $96 Source: PitchBook and other publicly available sources 15
Transaction & Acquisition Landscape Recent M&A Activity ($ millions) Consideration Equity Enterprise EV / Revenue EV / EBITDA Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr 10/13/15 We Are Cloud (BIME) Zendesk 100.0% 0 0.0% 0-0 $45 0 - - 0 - - 08/03/15 1010data Advance Publications 100.0% 0 0.0% 0-0 $500 0 10.0x [b] - 0 - - 06/01/15 Maxifier Cxense ASA 0.0% 0 100.0% 0-0 $4 0 1.2x - 0 - - 05/21/15 Troux Technologies Planview 100.0% [b] 0.0% [b] - 0 $40 [b] 1.3x [b] - 0 - - 05/05/15 ColdLight Solutions PTC 100.0% 0 0.0% 0-0 $100 0 13.8x [b] - 0 - - 04/27/15 Applied Predictive Technologies MasterCard - 0-0 - 0 $600 0 - - 0 - - 03/05/15 Appfluent Attunity 61.0% 0 39.0% 0-0 $18 0 5.5x 2.4x 0 - - 02/26/15 Prelytix First Derivatives 80.0% 0 20.0% 0-0 $8 0 3.8x - 0 nm - 02/10/15 Pentaho Hitachi Data Systems 100.0% [b] 0.0% [b] - 0 $530 [b] 13.3x [b] - 0 - - 01/23/15 Revolution Analytics Microsoft 100.0% 0 0.0% 0-0 $115 [b] nm - 0 - - 12/05/14 Actuate OpenText 100.0% 0 0.0% 0 $330 0 $272 0 2.7x 3.0x 0 nm - 11/05/14 Dealogic Carlyle Group - 0-0 - 0 $700 0 5.0x - 0 - - 10/14/14 CQuotient Demandware 100.0% 0 0.0% 0-0 $22 0 - - 0 - - 07/08/14 Social Solutions Vista Equity Partners 100.0% 0 0.0% 0-0 $125 [b] 6.3x [b] - 0 - - 05/06/14 Adometry Google 100.0% [b] 0.0% [b] - 0 $150 [b] 7.5x [b] - 0 - - 04/28/14 Jaspersoft TIBCO Software - 0-0 - 0 $185 0 6.2x [b] - 0 - - 03/14/14 InfoCentricity Fair Isaac 100.0% 0 0.0% 0-0 $8 0 - - 0 - - 01/22/14 Scout Analytics ServiceSource International 100.0% 0 0.0% 0-0 $32 0 5.9x - 0 - - 12/16/13 SignalDemand PROS Holdings 100.0% 0 0.0% 0-0 $14 0 - - 0 - - 09/18/13 Extended Results TIBCO Software - 0-0 - 0 $21 0 - - 0 - - 09/10/13 KXEN SAP 100.0% [b] 0.0% [b] - 0 $40 [b] 3.3x [b] - 0 - - 08/22/13 Jackbe Software AG 100.0% [b] 0.0% [b] - 0 $40 [b] 4.0x [b] - 0 - - 08/06/13 Infochimps Computer Sciences 100.0% [b] 0.0% [b] - 0 $25 [b] 12.5x [b] - 0 - - 06/27/13 Visual Analytics Raytheon 100.0% 0 0.0% 0-0 $14 0 - - 0 - - 06/17/13 Panopticon Software AB Datawatch 0.0% 0 100.0% 0-0 $31 0 6.3x - 0 - - 06/11/13 StreamBase Systems TIBCO Software 100.0% 0 0.0% 0-0 $52 0 2.6x [b] - 0 - - 06/07/13 EdgeSpring Salesforce.com 47.0% 0 53.0% 0-0 $134 0 - - 0 - - 05/06/13 NComVA AB QlikTech 100.0% 0 0.0% 0-0 $8 0 - - 0 - - 03/01/13 Altosoft Kofax 100.0% 0 0.0% 0 $14 0 $14 0 4.0x - 0 27.0x - 01/28/13 Angoss Software Corporation Peterson Partners 100.0% 0 0.0% 0 $5 0 $6 0 0.9x - 0 - - 01/28/13 Pervasive Software Actian 100.0% 0 0.0% 0 $162 0 $119 0 2.4x 2.3x 0 24.8x 22.5x 01/16/13 Cogility Software Drumright Group - 0-0 $7 0 $7 0 - - 0 - - 12/19/12 StoredIQ IBM - 0-0 - 0-0 - [b] - 0 - - 11/19/12 AltoStor WANdisco International Ltd. - 0-0 $4 0 $4 0 - - 0 - - 10/22/12 Quiterian Actuate 100.0% 0 0.0% 0-0 $5 0 - - 0 - - 09/04/12 Prelytis SA Access UK Ltd. - 0-0 - 0 $5 0 - - 0 - - 08/07/12 Xformity Altametrics 100.0% 0 0.0% 0 $1 0 $1 0 - - 0 - - 04/26/12 Torex Retail Holdings MICROS Systems 100.0% 0 0.0% 0 $107 0 $185 0 - - 0 - - Mean 89.6% 10.4% $78.7 $112.9 5.6x 2.6x 25.9x 22.5x Median $10.3 $32.0 5.0x 2.4x 25.9x 22.5x [b] Source: The 451 Group Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful 16
Agenda Outlook & Key Themes Business Intelligence & Analytics Technology Stack and Landscape Transaction & Acquisition Landscape Shea & Company Firm Overview 17
Shea & Company Firm Overview Introduction to Shea & Company People Industry Expertise Process Excellence Advisory Services and Selected Transactions Mergers & Acquisitions Buy-side and sell-side M&A advisory Selected Transactions Shea & Company has advised on billions of dollars of software M&A and capital raise transactions Divestitures Restructuring has received a majority investment from has received an investment from has been acquired by has been acquired by Private Placements & Capital Raising financial advisor to Sovos Compliance placement agent for the transaction financial advisor to HP financial advisor to Secure Islands Late-stage venture and growth equity Recapitalizations IPO advisory has been acquired by has been acquired by has been acquired by by has been acquired by financial advisor to LastPass financial advisor to MRI Software financial advisor to Bronto financial advisor to Lacoon Corporate Strategy Corporate development advisory Fairness opinions has acquired has been acquired by has received a majority investment from has received an investment from financial advisor to TA Associates financial advisor to SeeWhy financial advisor to Bomgar Corporation financial advisor to Mimecast 18