2019年Q1全球软件市场展望（英文版）.pdf

Important disclosures appear at the back of this report GP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGlobal Software Market PerspectivesQ1 20192Software Perspectives Executive Summary GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to category leaders with a robust focus on Software globally We publish this quarterly SaaS market report to provide quantitative insights into public and private market valuations across the transaction spectrum and qualitative insights into company business models, technology and customer trends We also feature many of the leading SaaS companies several of our recent Software advisory transactions and investments are showcased belowSold to Sold to Sold to Sold toInvestment fromInvestment from Investment fromInvestment from3Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesSaaS CEO CommentaryAppendix A: GP Bullhound SaaS Index123468 Appendix C: GP Bullhound Software Report Overview, Software Credentials & Team 5 Key SaaS MetricsAppendix B: Software Public Comparables by Category74Rise of the Monoclouds1Software providers look to the Salesforce AppExchange for growth3New-age POS solutions augment customer engagement in retail4HCM Software activity to be dominated by PE roll-ups5The Zero Trust Cloud Security Model will become an industry standard6Acquisitions fuel enterprise software portfolio expansion2GP Bullhounds Views on Current Trends in Software5 The desire to integrate new areas of the enterprise software stack is driving M&A deals as software providers expect large gains when inserting new and scalable offerings into their existing marketing channels We anticipate major acquisitions to continue as industry players are looking to further invest in their enterprise suite, especially their AI, data and analytics capabilities, supported by strong public markets Median enterprise SaaS deal size climbed to $70m in 2018 from $34m in 2017 SAP, IBM and Twilio top the charts, paying high premiums in a hotly contested market to secure leading SaaS TargetsGP Bullhounds Views on Current Trends in Software (Contd)Source: CapitalIQ, PitchbookRise of the MonocloudsAcquisitions fuel enterprise software portfolio expansion12 Adobe, Amazon, Google, Microsoft, and Salesforce lead the Monocloudinitiative to become more dynamic across verticals, offering consumers the ability to utilize multiple services on a single platform Driven by companies with billions on their balance sheet, allowing for strong engineering teams that can rapidly enhance their platforms With Tech players expanding their SaaS offerings, startups have an opportunity to enter partnerships with cloud providers by providing services specific to the development of these cloud ecosystems and product suites By offering hosted services of popular services, startups will increase their technological capabilities and value propositions, and focus their use cases to find niches that broader platforms wont pursueEV: $875mEV/ Rev: N/ADeal Date: 12/21/2018EV: $32.8bnEV/ Rev: 18.7xDeal Date: 10/15/2018EV: 8.0bnEV/ Rev: 20.0xDeal Date: 11/11/2018EV: $32.2bnEV/ Rev: 10.2xDeal Date: 10/28/2018EV: N/AEV/ Rev: N/ADeal Date: 10/5/2018EV: N/AEV/ Rev: N/ADeal Date: 10/2/2018EV: $200m+EV/ Rev: N/ADeal Date: 1/10/2019EV: N/AEV/ Rev: N/ADeal Date: 11/19/20186 Vendors expect POS solutions to provide live data and integrated analytics, in addition to payment processing capabilities, to allow for more dynamic and comprehensive management of customers and inventory Digital payment integration and comprehensive CRM management will ensure a robust and streamlined customer retail experience Demand for POS solutions will be driven by increasingly affordable wireless technologies and a transition towards credit cards and digital payment apps as dominant payment methods New age POS Solutions will adopt the form factor of mobile devices to create a seamless checkout for customers GP Bullhounds Views on Current Trends in Software (Contd)Source: CapitalIQ, PitchbookSoftware providers look to the Salesforce AppExchange for growthNew-age POS solutions augment customer engagement in retail34 The Salesforce AppExchange platform is the fuel for the Salesforce ecosystem economic engine 89% of Fortune 100s have installed at least one app on the Salesforce AppExchange, with more than 35m apps currently on the platform The App ecosystem is vital for the success of Salesforce for every $1.00 spent on Salesforce licenses, the Salesforce ecosystem is expected to earn $4.54 on successful deployments by 2020 Assuming their licenses revenue reaches $16bn by 2020, AppExchange has the potential to generate $73bn in revenue for the ecosystem We anticipate that SaaS providers will increasingly try to capitalize on this demand within Salesforces growing enterprise solutions ecosystemEV: N/AEV/ Rev: N/ADeal Date: 2/26/2019EV: $37.7bnEV/Rev: 2.7xDeal Date: 1/16/2019EV: $1.4bnEV/Rev: N/ADeal Date: 10/07/2018EV: N/AEV/Rev: N/ADeal Date: 9/27/2018EV: $415mEV/ Rev: N/ADeal Date: 10/24/2018EV: N/AEV/ Rev: N/ADeal Date: 9/4/2018EV: N/AEV/ Rev: N/ADeal Date: 2/4/2019EV: N/AEV/ Rev: N/ADeal Date: 9/25/2018Clovis Point Capital7GP Bullhounds Views on Current Trends in Software (Contd)Source: CapitalIQ, PitchbookHCM Software activity to be dominated by PE roll-ups5 HCM software (recruiting, talent management, learning, collaboration & engagement) is a core focus for organizations as employee experience is a growing point competition in tight labor markets. More money has been allocated to HR budgets because organizations have identified HCM as a key determinant of employee experience The HCM software market is still fragmented, yet consolidation activity is beginning to pick up in the recruitment space We expect this activity to continue to play out in adjacent areas of HCM software, namely learning & training, given their big impact on CX Several roll-ups are playing out in the PE world: Visma Group (HG Capital), Allocate Software (Vista Equity), Bullhorn (Insight Ventures), Saba Software (Vector Capital)EV: N/AEV/Rev: N/ADeal Date: 2/11/2019EV: $11bnEV/ Rev: 10.0x Deal Date: 2/4/2019EV: N/AEV/Rev: N/ADeal Date: 10/01/2018EV: N/AEV/Rev: N/ADeal Date: 8/15/2018 Zero Trust is a security concept that an organization should not trust anything inside or outside its perimeters and instead must verify anything trying to connect to its systems before granting access This model is driven by the mobile-first workplace as firms shift more of their infrastructure into the cloud with users accessing applications from a range of devices and multiple locations The technology is becoming more available, allowing firms to easily implement a robust cybersecurity system, utilizing micro-segmentation, multifactor authentication, identity and access management, orchestration, encryption, scoring and file system permissions Enterprises started implementing multifactor authentication and identity access management, plus micro-segmentation in parts of their environmentThe Zero Trust Cloud Security Model will become an industry standard 6Capital Raised: $100mEV/ Rev: N/ADeal Date: 1/10/2019Capital Raised: $55mEV/ Rev: N/ADeal Date: 1/29/2019EV: $1.5bnEV/ Rev: N/A Deal Date: 2/4/2019EV: $2.4bnEV/ Rev: NADeal Date: 9/28/20188Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesSaaS CEO CommentaryAppendix A: GP Bullhound SaaS IndexAppendix B: Software Public Comparables by Category1234678 Appendix C: GP Bullhound Software Report Overview, Software Credentials & Team 5 Key SaaS Metrics9Announce Date Issuer Lead Investor Issuer DescriptionCapital Raised ($m)Feb 18th Digital banking platform 35Feb 11thDelivery platform, connecting couriers with customers400Feb 5th Cloud-based data integration platform 250Jan 29th Online payment manager 100Jan 28th Micro-investing software application platform 105Jan 16th Enterprise software services 1,500Jan 10th Cloud identity-management platform 100 Jan 9th Human capital management platform 50Dec 21st Internet-connected sensor systems provider 100Dec 20th Vehicle leasing software application 385Dec 19th Social media management 40Nov 12th Ride Sharing application platform 114Nov 9thCloud-based business management software for home service companies165Announce Date Target Buyer Target DescriptionValue ($m)Implied EV/LTM RevFeb 4th Cloud-based human capital management 10,875 9.4xJan 28th Digital fax manager platform provider 230 -Jan 16th Electronic commerce solutions 41,941 4.8xJan 3rd Social media listening platform - -Dec 21st Cloud business management 2,154 8.0xDec 13th Cloud-based field management - -Nov 20thCloud-based construction document collaboration platform875 -Nov 11thCustomer, employee, and brand management solutions8,000 -Nov 11th Cloud-based business management platform 2,122 8.3xNov 5thCloud-based application security platform950 -Oct 28th Open-source enterprise software solutions 35,690.9 10.7xOct 15thCloud-based digital communications platform2,020 13.4xOct 10thCloud-based cyber and application platform2,119 5.2xOct 8th Data-driven employee engagement platform 400 -Oct 3rd Data management service platform 2,107 6.1xNotable Software M&A Deals & Private Financings(Q4 2018 / Q1 2019)Selected M&A Transactions Selected Private FinancingsSource(s): Capital IQ, PitchbookMedian 8.2x10Global Software Transaction TrendsM&A and Private Placement Activity by QuarterSource(s): Pitchbook as of 2/28/2019Note: Data includes all “SaaS” M&A and private placement deals as defined by Pitchbook regardless of geography or transaction sizeTransaction Deal Value & Volume Trending Upward Private Placement Deal Values Becoming LargerThe US and Europe Continue to Dominate M&A Deal Volume Private Placement Deal Volume by Region has Stayed Consistent0100200300400500600$0M$20B$40B$60B$80B$100B$120BM&A Buyout M&A Deals Buyout Deals05001,0001,5002,0002,5003,0003,5004,000$0M$5B$10B$15B$20B$25B$30B$35B$40BTotal Capital Invested Deal Count0%10%20%30%40%50%60%70%80%90%100%2015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q1YTDU.S. & Canada Europe Asia Other0%10%20%30%40%50%60%70%80%90%100%2015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q1YTDU.S. & Canada Europe Asia Other