J.P.Morgan Software Investment Banking
Select software transactions - strategic buyers
NTM FV / revenue
1-day
premium paid
Announce
Date
Firm value
(bn)
NTM rev.
growth
FV/NTM
EBITDA
8.5x
Target BlueYonder
Acquirer Panasonic Microsoft
23%
$8.5
8%
12.2x
33.0x
NUANCE
< 20% revenue growth
Apr-21 Apr-21 Aug-20
$17.3 $11.0
9%
44.8x
13.5x
…….….ahtır.a
9.3x
7,8x
wrike slack VERAFIN T
12.0x
Ice
14%
15%
Ellie Mae Carbon Black. smedidata
24.4x
8.1x
21%
7.8x
vmware sr
14%
Aug-19 Jun-19 Jun-19
$2.1
$5.8
40%
17%
31.2x
11.1x
63%
18%
NM
redhat
$15.7 $33.4
Oct-18
IBM SAP
12%
15%
34.1x
CallidusCloud
Jan-18
$2.3
18%
45.9x
1
1
CITRIX
Jan-21
$2.3
30%
-
55%
J.P.Morgan
Source: Company filings, Wall Street research, Renaissance reports, FactSet: Quote from CFO at Morgan Stanley TMT conference 11/16/2018
26.9x
Pres
$28.0
12.0x
25%
Nasdaq
20-30% revenue growth
Dec-20 Nov-20 May-20
$2.8
30%
19.5
CISCO
$1.0
14.0x¹
19%
qualtricsSendGrid
-$8.0
10.9x
-30% -25%
NM
SAP twilio cloudera
3%
Nov-18 Oct-18 Oct-18
$1.8
6.0x
23%
45
ETOWWORKS
$2.3
21%
11.0x
Marketo
AT
40
$4.8
11.6x
workday
Sep-18 Jun-18
22%
Adaptive
$1.6
22%
7.5x
Magento
A
May-18
$1.7
25%
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