第一季度SaaS并購報告

1、Table of ContentsCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved34Report Definitions5Brief SEG Overview9SaaS M&A Market Update22AppendixAggregateSoftware IndustryIncludes SaaS, on-premise license model software, internet, and mobile M&A transactionsSaaSPrimarily offers solutions via

2、 the cloud and through a subscription or transaction-based pricing modelEVEnterprise ValueTTMTrailing Twelve MonthsYOYYear-Over-YearQOQQuarter-Over-QuarterCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved4Report Definitions1Q21 SaaS M&A Update Brief SEG OverviewSoftware Equity Group O

3、verviewUnmatched Expertise | Extraordinary Results30+Years of ExperienceBillionsin Aggregate Transaction Value1,000sof Buyer RelationshipsSoftware Equity Group (SEG) provides unparalleled M&A advisory services for emerging and established B2B software companiesExclusive focus on sell-side advisory s

4、ervices for 30+yearsServices include:Strategic M&AMajority RecapitalizationsDivestituresBoard AdvisoryBROAD NETWORK OF SOFTWARE INDUSTRY BUYERS & INVESTORSCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved6Highly Active Sell-Side Advisor to B2B Software & SaaS Providers22 Sell-Side Tra

5、nsactions Completed in 22 MonthsCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved7SEGM&A StoriesOur business is built on excellent outcomes and enthusiastic client references. SEG M&A Stories are a unique way to gain insight into the M&A process from former SEG clients themselves.York

6、 Baur, CEO,MoxiWorksCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved8Dana Zeff & Steven Ozbun, LeaseLabsAlex Gile, Co-Founder & President, NexternalPaul Lachance, Co-Founder, BigfootDavid Durik, CEO, IndatusChris Atkinson, CEO, Investor Management Services1Q21 SaaS M&A Update SaaS M&

7、A Market Update1Q21 SaaS M&A SummaryAggregate software industry deal volume reached 724 transactions in Q1, setting up for another very active period of M&A activity in 2021.SaaS M&A deal volume rose 19.5% YOY as buyers acquired a first-quarter record 354 SaaS M&A targets in1Q21.The median SaaS M&A

8、multiple continued to rise considerably in 1Q21, reaching 6.3x EV/TTM Revenue. Private equity continued to account for a large portion of SaaS M&A transactions during the quarter.Healthcare, Real Estate, Education, and Financial Services were the most active verticals for SaaS M&A activityin 1Q21.Pl

9、ease reach out with any questions or to discuss our relevant market insights.Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 10201020112012201320142015201620172018201920202021Historical Software Industry(1) M&A VolumeAggregate software industry deal volume reached 724 transactions i

10、n Q1, setting up for another very active period of M&A activity in 2021.Quarterly M&A Deal VolumeAnnual M&A Deal Volume(1) Includes SaaS, on-premise license model software, internet, and mobile transactions. Specific categories include Application Software, Carrier Infrastructure, Data Centers & Fac

11、ilities, Enterprise Networking, Hosted/Managed services, Information Management, InfrastructureManagement, Internet Content & Commerce, Internet of Things, Mobility, Security, Storage, Systems, Web and Email Marketing, Web Design and Development.649625601 6006266756856566926717466867265998458687242,

12、795Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 112,6422,4752,3522,2431,9701,7421,7271,7661,642SEG3,038 Estimate296354207375425201020112012201320142015201620172018201920202021Q1Q2Q3Q4Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 121Q21 SaaS M&A Highlights: Deal

13、 Volume1Q21s 354 SaaS M&A transactions marks the highest Q1 deal activity to date and sets the pace for another record year.7436044573892991971,248984831(1) SEG estimate is an annualized figure based on 1Q21.1,3031,248SEGEstimate(1)104Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved

14、139696766962118114163143137125127110117Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-211Q21 SaaS M&A Highlights: Deal Volume by MonthDeal volume through the first three months of 2021 was considerably more active YOY.1Q21 SaaS M&A Highlights: Median EV/TTM R

15、evenue Multiple(1)The median EV/TTM Revenue multiple for SaaS companies reached a record 6.3x, a significant upward shift from the past 10-year trend.(1) Values are on a median TTM basis, indicating that each quarter includes 12 months of data in order to obtain a larger dataset.6.3x0.0 x1.0 x2.0 x3

16、.0 x4.0 x5.0 x6.0 x7.0 xCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 14SaaS M&A Highlights: Target Market FocusTarget Market Focus refers to the companys market focus as either horizontal and serving multiple industries or serving a specific vertical market.Top vertical deals as

17、a percent of all vertical SaaS deals in 1Q21.SaaS targets with a vertical market focus comprised 36% of all SaaS deals in 1Q21. Healthcare, Real Estate, and Education SaaS were the most active verticals, accounting for nearly half of all vertical SaaS deals in 1Q21.Target Market Focus(1)Top Five M&A

18、 Verticals(2)20.5%15.0%10.2%9.4%5.5%HealthcareReal EstateEducationFinancial ServicesPublic SectorHorizontal, 64%Vertical, 36%Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 15Publicly Traded Strategic, 32.7%Equity Backed Strategic, 41.8%Private Equity Direct, 9.1%Private Strategic,1

19、6.5%SaaS M&A Highlights: Buyer BackingPrivate equity investors(1) accounted for approximately half of all SaaS M&A transactions in 1Q21.(1) Private equity driven deals include Private Equity Direct and Equity Backed Strategic. Private Equity Direct includes private equity firms making platform acqui

20、sitions, while Equity Backed Strategic includes all strategic buyers backed by a private equity firm.1Q21 SaaS M&A Activity by Buyer TypeHistorical M&A Activity by Buyer Type50.7%50.2%47.6%46.2%49.1%49.3%49.8%52.4%53.8%50.9%1Q202Q203Q204Q201Q21Strategic BuyersPrivate Equity BuyersCopyright 2021 by S

21、EG Capital Advisors, LLC. All Rights Reserved 161-5041%51-10020%101-1506%151-2006%201-2503%251-3004%351-4002%301-3501%40117%1Q21 SaaS M&A Activity by Employee Count & Company AgeSaaS companies with 100 employees or less accounted for over half of M&A transactions in 1Q21. Almost a quarter of all Saa

22、S sellers werefounded within the last five years.Employee Count of Target Company(1)Lifespan of Target Company(1) 72.6% of SaaS targets reported employee count over the last twelve months. Data is over the last twelve months to obtain a larger sample size.22.4%Copyright 2021 by SEG Capital Advisors,

23、 LLC. All Rights Reserved 1726.7%14.7%13.1%9.6%4.3%9.2%1-45-929Percent of Companies10-1415-1920-2425-29Number of Years Since Company FoundingSelect Most Active Buyers of SaaS Last 12 Months(1) Transactions listed may not include all deals by the buyer.Buyer(1)NDealsSaaS Sellers129(certain assets)666

24、(certain assets)55555Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 18BuyerSaaS SellerEV (M)EV/RevenueSeller PC/VerticalSeller Description$12,685.77.7xAccounting & Finance / HealthcareProvides medical revenue cycle management software for businesses in the healthcare sector.$6,500.

25、043.3xSecurity / HorizontalProvides cloud-based identity management software to enterprises globally.$2,385.28.3xData Management / HorizontalProvides open-source data integration, data quality, and master data management software.$2,250.016.1xProject Management /HorizontalProvides project and docume

26、nt management,and enterprise work collaboration software.$2,040.44.4xERP /GovernmentProvides government management software for federal, state, and local agencies.$2,000.0N/AERP /HorizontalProvides ERP, HR and financial management software for businesses, educational institutions, and government age

27、ncies.1Q21 Select High Profile SaaS Deals(1)(1) Includes M&A deals estimated to be greater than $1B in Enterprise Value.Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 19BuyerSaaS SellerEV (M)EV/RevenueSeller PC/VerticalSeller DescriptionN/AN/AEducationProvides an e-learning mobile

28、application and software for the education sector.$640.012.8xSecurity / HorizontalProvides fraud detection and related risk management software for e-commerce businesses and payment processors.$500.0N/AReal EstateProvides web-based real estate property listing software for real estate agents.$ 450.0

29、N/ASales & Marketing /HorizontalProvides AI-based social media monitoring and analytics software for businesses and marketing agencies.$400.0N/ASecurity / HorizontalProvides real-time observability log management software.$276.910.4xBilling & ServiceMgmt. / RetailProvides retail management software

30、that enables payments processing, inventory management, and customer loyalty marketing for retailers.1Q21 Select Mid-Market SaaS Deals(1)(1) Includes M&A deals estimated to be greater than $250M and less than $1B in Enterprise Value.Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 20

31、BuyerSaaS SellerEV (M)EV/RevenueSeller PC/VerticalSeller Description$200.05.4xSales & Marketing / AutomotiveProvides CRM software for automotive dealers in the US and Canada.$195.0N/ASecurity / HorizontalProvides application security management and testing software.$165.013.8xContent Mgmt. / Horizon

32、talProvides document sharing, collaboration, and related customer analytics software.$72.0N/ABilling & ServiceProvisioning / HorizontalProvides point of sale and mobile commercesoftware.(2)N/AN/AEnergy ManagementProvides utility bill accounting and energy management solutions to the government, educ

33、ation, and commercial sectors.(2)N/AN/AResident Engagement /Real EstateProvides mobile resident engagement and data analytics solutions to the multifamily real estate industry.1Q21 Select Mid-Lower Market SaaS Deals(1)Includes M&A deals estimated to be less than $250M in Enterprise Value.SEG Transac

34、tionsCopyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 211Q21 SaaS M&A Update AppendixDATEBUYERSELLERENTERPRISE VALUE (M)03/31/21Liberated SyndicationAdvertiseCast$28.003/31/21MRI SoftwarePalace Holdings-03/30/21Athene HoldingDonlen Corporation$891.003/30/21ADelvit Solutions-03/30/21M

35、essageBird24-03/30/21TricentisNeotys SAS-03/30/21Thoma BravoApplitools-03/29/21Broadridge Financial SolutionsItiviti Group$2,528.203/29/21AMETEKCrank Software-03/29/21Net Health SystemsCasamba-03/26/21Accel-KKRNavis-03/26/21Thomas H. Lee PartnersBazaarvoice-03/25/21HornetsecurityZerospam-03/25/21Fis

36、ervPineapple Payments-03/25/21Cardinal Capital GroupLuzern eCommerce-03/24/21Equifaxi2verify-03/24/21Yum! BrandsTictuk Technologies-03/24/21Ontario Teachers Pension PlanMitratech Holdings-03/23/21Impact TechTrackonomics-03/23/21ApprissPatientPing-03/23/21Beekeeper AGLua Technologies-03/23/21Envisage

37、 TechnologiesGuardian Tracking-Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 231Q21 Select SaaS M&A Transactions(1) Source: Financial data provided by 451 M&A KnowledgeBase (missing values represent data not applicable or publicly available).DATEBUYERSELLERENTERPRISE VALUE (M)03/2

38、3/21OneTrustConvercent-03/23/21Hopin LimitedOne Tusk-03/23/21LeanIXCleanshelf-03/23/21Thoma BravoCalabrio-03/23/21ServiceNowUber Techlabs-03/23/21UiPathCloud Elements-03/22/21TA Associates ManagementUnit4$2,000.003/22/21IFSAxios Systems-03/22/21OptimizelyZaius-03/22/21TotalMobileCognito iQ-03/22/21T

39、homa BravoCalypso Technology-03/19/21VMwareMesh7-03/18/21Sylogist USAMunicipal Accounting Systems$30.303/17/21Golden Gate CapitalSecurly-03/17/21Lovell Minnick PartnersConsolidated Information Services Solutions-03/17/21RexelFreshmile Services-03/17/21Blue Ridge SolutionsInventory Investment-03/17/2

40、1Resurgens Technology PartnersEnergyCAP-03/17/21Vista Equity Partners ManagementARCOS-03/16/21MeltwaterLinkfluence$40.603/16/21DoximLevel One-03/16/21EnvestnetApprise (certain assets)-Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 241Q21 Select SaaS M&A Transactions(1) Source: Fina

41、ncial data provided by 451 M&A KnowledgeBase (missing values represent data not applicable or publicly available).DATEBUYERSELLERENTERPRISE VALUE (M)03/16/21Genesys Telecommunications LaboratoriesBold360-03/16/21Valsoft CorporationVertical Software-03/15/21LookoutCipherCloud-03/15/21Four Winds Inter

42、activeE-Search DAC-03/15/21Sauce LabsTestFairy-03/15/21SabioFonetic Solutions-03/12/21SailPoint TechnologiesERP Maestro-03/11/21Lightspeed POSVend$276.903/11/21Akerna Corp.Viridian Sciences$6.003/11/21TelestreamMasstech Innovations-03/11/21Virgin PulseAdvanced Plan for Health-03/11/21Thomas H. Lee P

43、artnersAbacus Data Systems-03/10/21Thoma BravoTalend$2,385.303/10/21DattoBitDam-03/10/21Active Internet TechnologiesSchoolAdmin-03/10/21EAB GlobalWisr-03/10/21Brainlab AGMint Medical-03/10/21QOMPLXSentar-03/10/21Omega Healthcare InvestorsConnected Living-03/10/21Sumo LogicDFLabs-03/10/21Xactly Corpo

44、rationTopOPPS-03/10/21Renaissance AdministrationPinkaloo Technologies-Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 251Q21 Select SaaS M&A Transactions(1) Source: Financial data provided by 451 M&A KnowledgeBase (missing values represent data not applicable or publicly available).

45、DATEBUYERSELLERENTERPRISE VALUE (M)03/10/21Via TransportationRemix Software-03/10/21Vista Equity Partners ManagementAlert Media-03/09/21TOTVS Large Enterprise TecnologiaRD Gesto E Sistemas$355.403/09/21DropboxDocSend$165.003/09/21GrifolsGigaGen$143.003/09/21IdeagenQualtrax$14.903/09/21Levine Leichtm

46、an Capital PartnersCreditinfo Group-03/09/21AdvarraBio-Optronics-03/09/21EquifaxHIREtech Corporation-03/09/21JMI ManagementCanto-03/09/21Rubicon Technology ManagementVision Government Solutions-03/09/21Epic GamesCapturing Reality-03/09/21Symphony Industrial AISavigent Software-03/08/21Snap-on Incorp

47、oratedDealer-FX Group$200.003/08/21CrexendoNetSapiens$50.003/08/21HealthEquityLuum$47.203/08/21WELL Health TechnologiesIntrahealth Systems$12.203/08/21Criteria CorporationAlcami Interactive-03/08/21ElemicaOmPrompt-03/08/21Global Blue Group HoldingZigZag Global-03/08/21N. Harris Computer CorporationB

48、izmatics-03/08/21PayPal HoldingsCurv-Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 261Q21 Select SaaS M&A Transactions(1) Source: Financial data provided by 451 M&A KnowledgeBase (missing values represent data not applicable or publicly available).DATEBUYERSELLERENTERPRISE VALUE (

49、M)03/08/21KnowBe4MediaPRO-03/08/21Volaris GroupCPR Vision Management-03/05/21WeCommerce HoldingsStamped.io (certain assets)$85.003/04/21MedalliaDecibel Insight$160.003/04/21Shift4 PaymentsVenueNext$72.003/04/21Hyland SoftwareNuxeo-03/04/21The Access GroupActeol Support Services-03/04/21MRI SoftwareW

50、hosOnLocation-03/04/21project44Ocean Insights-03/04/21StaffbaseBananatag Systems-03/03/21OktaAuth0$6,500.003/03/21The AES CorporationUplight$1,500.003/03/21Gamma CommunicationsMission Labs-03/03/21Sitecore CorporationFour51-03/03/21Sitecore CorporationBoxever-03/02/21Thoma BravoThycotic Software-03/

51、02/21Upland SoftwareBlueVenn$51.903/02/21IderaPreEmptive Solutions-03/02/21TeamviewerUpskill-03/02/21Piano SoftwareApplied Technologies Internet-03/02/21Yum! BrandsKvantum (certain assets)-03/01/21The Descartes Systems GroupQuestaWeb$36.0Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserv

52、ed 271Q21 Select SaaS M&A Transactions(1) Source: Financial data provided by 451 M&A KnowledgeBase (missing values represent data not applicable or publicly available).DATEBUYERSELLERENTERPRISE VALUE (M)03/01/21InstemThe Edge Software Consultancy$9.003/01/21Avanquest FrancePDFescape-03/01/21Constell

53、ation Real Estate GroupTop Producer Systems-03/01/21Priority SoftwareEDEA Applied Management Consulting-03/01/21OneTrustDocuvision-03/01/21Turntide TechnologiesRiptide IO-02/26/21CisionRuntime Collective$450.002/26/21PearsonOpinion Interactive-02/25/21Atlassian CorporationChart.io-02/25/21Stewart In

54、formation Services CorporationSignature Closers-02/25/21Bentley Systems IncorporatedE7-02/25/21iClick Interactive AsiaParllay China-02/25/21Diligent CorporationSteele Compliance Solutions-02/25/21TES GlobalSchool Cloud Systems-02/25/21Advania5 High Innovations-02/24/21Diligent CorporationACL Service

55、s$1,000.002/24/21CentroQuanticMind-02/24/21AutodeskInnovyze-02/24/21Tech Data CorporationFinance Technology-02/24/21ArcserveStorageCraft Technology-02/24/21Buildertrend SolutionsCoConstruct-02/24/21Phenom PeopleTalentcube-Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 281Q21 Select

56、 SaaS M&A Transactions(1) Source: Financial data provided by 451 M&A KnowledgeBase (missing values represent data not applicable or publicly available).DATEBUYERSELLERENTERPRISE VALUE (M)02/23/21Renaissance LearningNearpod-02/23/21Hewlett Packard EnterpriseCloudPhysics-02/23/21Jellyfish GroupSplash

57、Worldwide-02/23/21KaseyaRocketCyber-02/23/21Simplicity MarketingProtected Media-02/23/21BuildoutThink Tech Labs-02/23/21LogicMonitorAirbrake Technologies-02/22/21ClubessentialGolf Compete-02/22/21FluroSatDagan-02/19/21KaleyramGage$215.002/19/21NAVTORTres Technology Solutions-02/18/21CrowdStrike Hold

58、ingsHumio$400.002/18/21SailPoint Technologies HoldingsIntello$43.002/18/21Perseus Operating GroupProgressive Automotive Systems-02/18/21Intelerad Medical SystemsLUMEDX Corporation-02/18/21MAPAL SoftwareGetCompliant-02/18/21EAB GlobalHobsons (certain assets)-02/18/21AutofuturaChrysalis Solmotive-02/1

59、7/21iHeartMediaTriton Digital$230.002/17/21iTAC SoftwareCogiscan-02/17/21AnaquaComputer Software Associates-02/17/21MRI SoftwareTrimble (certain assets)-Copyright 2021 by SEG Capital Advisors, LLC. All Rights Reserved 291Q21 Select SaaS M&A Transactions(1) Source: Financial data provided by 451 M&A

60、KnowledgeBase (missing values represent data not applicable or publicly available).DATEBUYERSELLERENTERPRISE VALUE (M)02/17/21Unilog Content SolutionsBravo Business Media-02/17/21Cin7DEAR Systems-02/17/21Cin7Orderhive-02/17/21Bankruptcy Management SolutionsAcumen Recovery Services-02/17/21Cendyn Gro