Morgan Stanley Investment Banking Pitch Book
Year
NTM Rev
Growth
Morgan Stanley
2 Precedent Software Transaction Multiples
Selected Software Transactions
NTM Aggregate Value / Revenue
Highest Multiple Strategic
Software Deals
44.9
Livongo / Teladoc
35.0x+
Auth0 / Okta
25.7
24.9
16.5 15.7 15.7
Five9 / Zoom
Slack / Salesforce
Qualtrics / SAP
MuleSoft / Salesforce
13.7 13.6 13.2
SendGrid / Twilio
AppDynamics/ Cisco
Anaplan/ Thoma Bravo
SailPoint / Thoma Bravo
Adaptive Insights/Workday
Tableau / Salesforce
Medallia / Thoma Bravo
Concur / SAP
Proofpoint/Thoma Bravo
Mimecast / Permira
Orange
$19.41/share:
8.8x
11.0110 10.8 10.3 9.3 9.2 91 90 8.3 8.2 8.2 8.0 7.8 78 7.6 7.3 7.0 6.8 6.8 6.6 66 64 5.9-5.3-5.3 5.1 49 48 47 46 42 41 38 3.7 3.6 3.4 3.3
Median 7.7x
3.2
Source Morgan Stanley
Notes
y Database, C Capital I IQ, Thomson Consensus, Company Filings, Public
1. Twillio/ SendGrid d multiple a
ple as of closing date
PROJECT ORANGE
NetSuite/ Oracle
20 21 21 20 18 18 18 17 22 22 18 19 21 14 21 21 16 22
39% 25% 31% 16% 18% 24% 38% 20% 23% 10% 8% 21%
59%
N.A. 20% 33%
30%
Select Sponsor Software and Strategic Deals
Information
Callidus / SAP
Avalara / Vista Equity Partners
Ultimate Software / H&F
RealPage / Thoma Bravo
Carbon Black/VMware
Pluralsight/Vista Equity
18 19
20 19 20
16% 14% 14% 12% 14% 18%
SolarWinds / SLP + TB
Ping Identity/Thoma Bravo
Talend / Thoma Bravo
Apptio/ Vista Equity Partners
Ellie Mae / Thoma Bravo
MINDBODY / Vista Equity
Cloudera / CD&R + KKR
Instructure / Thoma Bravo
Fleetmatics/ Verizon
Cvent/Vista Equity Partners
Marketo/Vista Equity Partners
QAD/Thoma Bravo
PRELIMINARY AND CONFIDENTIAL DRAFT
Sophos/ Thoma Bravo
Forescout/Advent,
15 22 21 18 19 18 19
19 16 16 16 21 21 19 20
19% 15% 16% 3% 24% 16% 16 % 28% $ 28% 8% 10% 7% 4%
19%
Sponsor Deals
Bravo
Crosspoint
Broadsoft / Cisco
Imperva/Thoma
Zendesk/H&F, Permira
Cambium Learning / Veritas
17
18
22
16% 4% 26%
Informatica / Permira
Management
Barracuda / Thoma Bravo
Gigamon/Elliott
17
17
18 15
17
17
7% 8% N.A. 17%
Infloblox / Vista Equity Partners
LogMeln / FP; Evergreen (Elliot)
Technologies / Avast
AVG
16 19
3% 4%
Strategic Deals
13
LifeLock / Symantec
16 16
1% 12%View entire presentation