2020年第四季度全球軟件市場前景

1、Software perspectivesEXECUTIVE SUMMARYOxboticaNielsen SocialApaczkaOrbus SoftwareEasyRecrueAllyOSendinblueINVESTMENT BYACQUIRED BYACQUIRED BYACQUIRED BYACQUIRED BYACQUIRED BYINVESTMENT BYbp venturesTalkwalkerAbris CapitalSilverTree EquityiCIMSHireVueBridgepoint Development & BPIGP Bullhound is a lea

2、ding technology advisory and investment firm highly focused on the SaaS sector.After a tumultuous year punctuated by macro events that affected us all, we enter 2021 hopeful that there may be an end in sight to the pandemic. COVID-19 has completely altered the landscape in which we live and work, an

3、d that has had a profound impact on the software ecosystem.There were clear winners and losers from a vertical standpoint. However, the shift to digital that came from becoming more remote and virtual is here to stay, and software companies are set to be the big beneficiaries of this trend. We saw d

4、eal activity pick-up significantly in Q3 and Q4 2020, representing the bullish outlook of many software businesses keen to add products and services that will build-out their offerings in the new world we live in. Salesforces acquisition of Slack is the best example of this, bringing a COVID-19 winn

5、er into the Salesforce ecosystem and building out its platform of cloud offerings designed to keep customers using more Salesforce products for longer.We expect significant appetite for inorganic growth in 2021 as public valuations continue to increase, leading to more affordable deals and private c

6、ompanies raising larger rounds to capitalise on COVID-19 tailwinds. We also expect to see a number of SaaS businesses go public to capitalise on soaring investor demand and public valuations, with companies such as UiPath, Thoughtspot and Databricks looking to ride the digital transformation mega tr

7、end. Assuming we continue to progress in an efficient manner towards the end of COVID-19, 2021 could be a blockbuster year for SaaS and enterprise software companies globally.Recent GP Bullhound credentials2Contents3Key sector takeawaysSaaS CEO commentaryRecent software transaction trendsPublic mark

8、et SaaS analysisKey SaaS metricsAppendix A: GP Bullhound SaaS indexAppendix B: Software public comparables by categoryAppendix C: GP Bullhound credentials & teamAppendix D: GP Bullhound corporate overviewSection 14Key sector takeawaysGP Bullhounds views on current trends in software5KEY TRENDSBig da

9、ta gets a synthetic makeover2SMBs undergo radical digital transformation3Embedded analytics democratises data insights4Enterprises go serverless5Privacy takes precedence16GP Bullhounds views on current trends in softwareKEY TRENDSConcerns about user data privacy and security have been exacerbated by

10、 recent events at the highest levels of government and technology. Recently introduced legislation and associated watchdog groups have taken aim at tech giants, with lawsuits and fines becoming a common occurrence. In December, France issued more than $163m in fines against Google and Amazon over al

11、leged storing of personal data for advertising purposes on users computers without their knowledge or consent.Transparency regarding data collection and use will be a primary concern for software companies going forward. The implementation of privacy measures in the development process, such as Priv

12、acy By Design (PbD), could become quite costly and conflict with existing software engineering philosophies, such as DevOps.Software that relies on user data may have to be retrofitted to meet new privacy standards or pivot completely. Required disclosures of data collection and use may also alter t

13、he quality of data collected or encourage users to go elsewhere altogether.Sources: AP News, Krebson Security, Markets and Markets, MIT, TechCrunch, USA Today, Unite, Varonis, Wired, and The Wall Street Journal (as of 13 January 2021)Big data gets a synthetic makeoverEnterprises have invested heavil

14、y in big data over the past few years. This practice has come under scrutiny recently due to data security concerns as well as increasing data storage costs. We believe that there will be a drastic change in the big data market that is poised to grow by $91bn in 2020-2025 at an 11% CAGR.Businesses t

15、hat traditionally collected masses of data have begun to embrace new tools that allow them to mitigate security concerns and data storage costs. One of these tools is synthetic data, which is a system that creates representative data sets from much larger data sets. This synthetic data has the same

16、mathematical and statistical properties as the original data set but at a significantly smaller size.Synthetic data has two main benefits: it increases privacy, as actual user data is not used; and the load on infrastructure is reduced greatly, as large masses of data do not need to be sent around t

17、he enterprise.2Privacy takes precedence17GP Bullhounds views on current trends in softwareKEY TRENDSSMBs undergo radical digital transformationThe COVID-19 pandemic has forced many small businesses to adopt software tools as they look for solutions to increase productivity amid a difficult business

18、climate.The Salesforce Small and Medium Business Trends report noted that digital-forward SMBs are better prepared for volatility in themarket as now more than half (55%) of businesses in the report credit technology as the driving force behind customer interactions.The overwhelming majority of cons

19、umers polled in the Salesforce report (88%) expect companies to accelerate digital initiatives due to COVID-19, and 33% of SMB leaders said that the pandemic has accelerated their digitisation initiatives. These significant shifts in consumer preferences and the broader digital ecosystem indicate th

20、at small businesses are likely to further digitally transform their businesses to keep up with consumer preferences.Sources: Allied Research, Business Insider, Finextra, KPMG, TechCrunch, TechTarget, and Verified Market Research (as of 13 January 2021)Embedded analytics democratises data insightsAs

21、companies strive to become data-driven in every sense of the term, the need to make well-informed, accurate business decisions easier for all end-users has never been greater.Embedded analytics has become one of the leading solutions in the market, helping businesses generate critical insights faste

22、r and more easily. It provides a highly accessible tool for data visualisation that lives within a business application/BI tool for a simple, yet comprehensive, view of any data source. Removing the need for supplemental software allows end-users to live in a single application while reducing the le

23、vel of complexity involved with data curation.With a global market size of $39bn in 2020, the usage of embedded analytics is expected to increase to $102bn by 2027 with the need for greater accessibility to customers and internal data across an organisation.348GP Bullhounds views on current trends i

24、n softwareKEY TRENDSEnterprises go serverlessSources: Amazon, Container Journal, and Security Boulevard (as of 13 January 2021)5Many organisations lack the resources to properly deploy and maintain servers. In a time when convenience, agility and cost efficiency from an IT standpoint are more import

25、ant than ever, many infrastructure providers have seized the opportunity to take on this burden and enable what is now known as serverless computing.This relatively recent development has been well received - the market is estimated to hit $21bn by 2025 thanks to an increasingnumber of companies in

26、the lower and middle markets that are opting to switch to this model.While serverless computing is something of a misnomer (servers are still involved), it allows companies to offload many of the costs, activities and bottlenecks associated with deploying and maintaining servers. This means companie

27、s can save money, respond to change faster, and focus on what they do best - developing and distributing software.Section 29SaaS CEO commentaryCPOMSSAFEGUARDING, PASTORAL AND WELLBEING SOFTWARE PLATFORM KEEPING CHILDREN SAFEJohn WildCEOWhy is the CPOMS solution needed today?Digitization in education

28、 is key to delivering a better but also more efficient education. In most schools, recording and monitoring child protection, safeguarding and wider pastoral care for children is still mainly manual or paper-based. CPOMS enables a more rigorous and data-driven approach, freeing up school staff to fo

29、cus on teaching and providing greater safety for children.What are the key benefits that your customers are seeing? CPOMS software platform is an all-encompassing safeguarding solution that is very intuitive and solves a key pain point for schools.Apart from minimizing the administrative burden on s

30、chool staff through automation and reporting, the solution allows to build a full profile on an individual and see the bigger picture to keep children safe. CPOMS also enables digital knowledge sharing about children between schools, resulting in more holistic and informed care.What are the next ste

31、ps in the product evolution?Our core product keeps evolving; however, we have also recently launched CPOMS STAFFSAFE, which allows schools to capture compliance and record welfare information on school personnel.Q&A WITH MANAGEMENTTHE PLATFORMTo better protect children and assist with the great work

32、 our schools are doing.MISSIONContinue driving market penetration in the UK and increased focus on internationalization. Provide a holistic software solution to keep children and staff safe.LONG-TERM VISIONMore than 13,500 schools across the UK, Europe, North America and Asia use the CPOMS platform,

33、 with the growth in the number of schools at 230%+ over the past three years.SCALE10Narrative ScienceNEXT GEN DATA ANALYTICS AND STORYTELLING FOR BUSINESS USERSStuart FrankelCEOWhy is the Narrative Science solution needed today?Every company is becoming a digital company, and data is the foundation

34、of this strategy. However, the business intelligence (BI) tools we provide business users to consume and understand data dont work. These BI and analytics tools dont work because they are built for analysts, not business users. We built Lexio as the first intelligent analytics tool for business user

35、s. If you can read, you can use Lexio. No analysis, no searching, no frustration. Lexio is smart enough to tell you what you need to know, when you need it, in a way people understand - stories.What are the key benefits that your customers are seeing?Our customers are seeing their teams making faste

36、r, more informed decisions based on data. Business users are getting more relevant insights through a consumer-like experience on any device. Analytics teams are freed up from manual reporting and can spend more time doing what they were hired to do. All of this happens by leveraging our customers e

37、xisting data investment, whether their data is sitting in legacy data repositories or modern solutions like Snowflake, BigQuery, and RedShift.3.What are the next steps in the product evolution?We are making it easier for teams to collaborate and share insights through Slack, Microsoft Teams, G-Suite

38、, and voice-enabled products, in addition to enhancing our mobile experience. We will continue making Lexio more intelligent through investments in advanced analytics and machine learning - expanding the volume of business data Lexio turnsto stories.Q&A WITH MANAGEMENTTHE PLATFORMTo make data unders

39、tandable for everyone.MISSIONOur vision is a world where data insights come to everyone in a simple, intelligent and universal way so anyone can drive change through data-driven decisions.LONG-TERM VISIONOver the past 10 years, our technology has written millions of data stories for 100s of customer

40、s, including some of the worlds biggest brands such as Mastercard, Johnson & Johnson, and USAA.SCALE11RafayTURNKEY KUBERNETES & CONTAINER MANAGEMENT FOR ENTERPRISESHaseeb BudhaniCEO1.Why is the Rafay solution needed today?Modern applications are being orchestrated using a breakthrough, open-source p

41、latform called Kubernetes. Making Kubernetes work across the enterprise is a complex task that requires a massive investment of time and manpower. Companies such as IBM/RedHat (OpenShift) and SUSE (Rancher) have traditionally sold complex software solutions to address this need, but these solutions

42、take months to operationalize and require enterprises to maintain large DevOps teams even for a small number of applications. But now, the number of modern applications is increasing significantly, and enterprises are looking for a more cost-effective approach to Kubernetes management that gets them

43、 to the finish line faster with fewer expert-level resources. Rafay has entered this space with a SaaS product that is the easiest-to-use, most secure Kubernetes management platform in the market. Enterprise I&O teams use Rafay to deliver modern app infrastructure automation in days without needing

44、large teams of Kubernetes experts.2.What are the key benefits that your customers are seeing?Customers love the Rafay platforms SaaS-based consumption model, which has them up and running with new Kubernetes clusters (on-prem or in the cloud) in a matter of minutes, not months. Because the platform

45、is built with infrastructure security in mind, security teams are also usually major proponents of the solution.3.What are the next steps in the product evolution?The platform continues to evolve to address critical I&O workflows such as cluster backup/restore, vault integrations (e.g., with Hashico

46、rp Vault), and more. Over time, we see the platform evolving to address compliance requirements around infrastructure and apps that are being distributed across clouds, data centers, and the Edge.Q&A WITH MANAGEMENTTHE PLATFORMBe the leading SaaS-based solution that enterprise infrastructure & opera

47、tions teams use to manage the lifecycle of modern apps and modern infrastructure.MISSIONAddress every aspect of the modern application DevOps toolchain through an elegant automation framework that enterprise infrastructure & operations teams can consume as a service to make developers productive and

48、 happy, resulting in faster delivery of modern applications to customers.LONG-TERM VISIONSeries-A company with 50 employees.The company has several publicly announced enterprise customers and has also signed strategic partnerships with Verizon and others.SCALESaaS-First ApproachZero-Trust Architectu

49、reDeep Interop with EKS, AKS & GKEFleet Management for Cloud & EdgeGitops-based App DeploymentTurnkey Enterprise Integrations24/7 Enterprise Support12Section 313Recent software transaction trendsAnnouncementdateBuyerTargetValueImpliedTarget description($m)EV/LTM RevDec-21Provider of on-demand softwa

50、reand software-enabled solutions $10,2008.80 xfor the rental housing industryDec-13Offers technology skilldevelopment solutions through its $3,50010.50 xcloud-based technologylearning platformProvider of IT services includingDec-02software security, cloud$3,000-management and SaaSmanagementDec-01Pla

51、tform that brings togethercommunication, people,$27,70033.30 xapplications, and data for small- and medium-sized businessesNov-30Developer of a customer successplatform designed to drive$1,100-revenue and increase retentionNov-19Developer of cloud-based frauddetection and anti-money$2,750-laundering

52、 softwareNov-02Cloud-based solutions forbusinesses including domain$3,000-hosting, website building, and email marketingOct-26Cloud communications softwareand solutions that enable digital$7823.28xautomationOct-1Developer of open automation,network control and optimisation $1,6009.58xplatformsNotabl

53、e software M&A deals & private financingsSTRONG M&A IN Q4 2020Selected M&A transactionsSelected private financingsAnnouncementdateLead investorIssuerIssuer descriptionValue ($m)Dec-23Developer of a SQL query engine designed to work with diverse data sets without compromising on performance$118Dec-17

54、Web-based software to aggregate the most up-to-date public record databases$150Dec-07Cloud-based email utility software solutions$133Nov-18Provides cybersecurity solutions to prepare for, prevent, investigate, respond to, and remediate cyber- attacks$400Nov-17Provides a revenue delivery platform for

55、 SaaS companies that enhances growth in acquisition, renewals, and expansion$63Nov-16Mobile application and online platform for runners and cyclists worldwide$110Oct-29Cloud email security platform for Microsoft Office 365 & G Suite for comprehensive email protection, detection, and response$60Oct-2

56、8Software platform for digital media measurement, data and analytics intended to simplify marketing optimisation decisions$350Oct-27Automated machine learning platform that enables enterprise users to build predictive models$320Sources: Capital IQ and Pitchbook as of 31 December 20201415Source: Pitc

57、hbook as of 31 December 2020Note: Data includes all SaaS M&A and private placement deals as defined by Pitchbook regardless of geography or transaction sizeGlobal software transaction trendsSTRONG M&A IN Q4 2020Q4 SaaS M&A/buyouts continue strong uptrend after Q3Global private placement volume stead

58、ily climbing QoQAsian private placement volume picks back up7006005004003002001000$120B$100B$80B$60B$40B$20B$0M2015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q4M&ABuyoutM&A dealsEuropean M

59、&A/buyouts recover after weak Q3Buyout deals0%20%40%60%80%100%2015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q4U.S. & CanadaEuropeAsiaOther4,0003,5003,0002,5002,0001,5001,0005000$40B$35B$3

60、0B$25B$20B$15B$10B$5B$0M2015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q4Capital invested ($Bn)Volume0%20%40%60%80%100%2015 Q22015 Q32015 Q42016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q