Morgan Stanley Investment Banking Pitch Book
Morgan Stanley
2 Recent Software M&A With Sponsors
2021 and 2022 Select Public Transactions
Deal Size ($Bn)
Date
Consideration
Activist Involvement
Premium to
Unaffected
NTM Revenue
Growth
NTM LFCF Margin
Rule of 40(1)
NTM Purchase Rev
Multiple
THOO
proofpoint
$11.2
4/26/2021
100% Cash
X
34%
10%
17%
28%
9.3x
Source: CaplQ, DealPoint Data
Notes
1. Rule of 40 based on NTM Revenue Growth NTM FCF Margin
PROJECT ORANGE
THO
Medallia
$6.4
7/26/2021
100% Cash
X
20%
20%
(8%)
12%
10.8x
citrix
$16.5
1/31/2022
100% Cash
24%
3%
21%
24%
5.1x
THOMADRANG
/:naplan
$10.4
3/20/2022
100% Cash
31%
16%
2%
18%
13.5x
THOMADINO
SailPoint
$6.8
4/11/2022
100% Cash
X
32%
18%
1%
19%
13.2x
PRELIMINARY AND CONFIDENTIAL DRAFT
PERMIRA
zendesk
$10.2
6/24/2022
100% Cash
34%
26%
12%
38%
4.6x
THEO
$2.8
8/3/2022
100% Cash
X
63%
19%
(1%)
18%
7.6x
VINTA
Avalara
$8.2
8/8/2022
100% Cash
X
27%
16%
1%
17%
9.0x
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