Kroll：2022年全球软件行业报告（EN）

GlobalSoftwareSectorUpdateLateSpring2022GlobalGlobalSoftwareSectorUpdate|LateSpring202223SignificantDecreaseinDealValue3SignificantDecreaseinDealValueinQ12022butRecordDealVolumeSoftwareandSaaSM&AValuationsDynamicsSoftwareDealsTransactionstoNoteTechnologyM&APracticeTrackedPublicMarketSoftwareUniversePublicSoftwareMarketMultiplesRecentIPOsandHistoricalPerformancePublicTradingDataforSoftwareCompaniesFirmOverview68035827GlobalSoftwareSectorUpdate|LateSpring2022Followingsixconsecutivequartersofacceleratingactivity,withthenumberofdealsanddealvolumesreachingrecordlevelsinQ42021,Q12022wasamixedquarter.Dealactivity(numberofdeals)continuedtoaccelerateandhitaquarterlyrecordof709deals,buttotaldealvaluedroppedsignificantlyrelativeto2021.Underlyingthiswascontinuedrobustactivityinmid-market(<$1bn)softwareM&AfrombothPEandstrategicacquirers,butasharpfallofaround50%(from$98bnto$47bn)indealvolumefromlargecapdeals(>$1bnvalues).SPACdealactivitywasalsodownsignificantlyrelativeto2021.Therobustmid-marketactivityinQ12022highlightsthecontinuedconfidenceinsoftwareasagrowthsectorandcontinuedappetitefromsoftware-focusedPEbuyers.Macrohead-winds,includingpersistentinflation,havehoweverresultedintighteningofmonetarypolicy,causingmajorturbulenceacrosscreditmarketsandhigh-betaassets.Publiclytraded,high-growthSaaSstockswithlimitedornegativenear-termprofitabilityhavebeenparticularlyhitasfuturecashflowsaremoreheavilydiscounted,bringingmeanvaluationsbacktoorinsomecasesbelowpre-pandemiclevels.Meanwhile,thestrengthofdemandandcompetitionforpremiumsoftwareassetsinthemid-marketisreflectedintheQ1M&Adealmultipleswhicharelargelyinlinewith2021levels(6.3xforPEdealsand7.6xforstrategicdeals).AswecontinuetoexperiencevolatilityinthepublicmarketsthroughQ2,wewouldexpecttoseeacontinuedslowdowninlargecapdealsbutsustainedlevelsofmid-marketdealactivity.Withregardtovaluations,whileanimpactonprivatecompanyvaluationshadnotbeenseeninQ1,wewouldexpectthetrendsinpubliccompanyandtransactionmultiplestoconvergethroughtheremainderof2022.Thisisduetoaderivativeimpactfromthedeclineinpublicmarketmultiples,PEacquirersbecomingmoredisciplinedonvaluations,andstrategicbuyersengagingmoreselectively.3$91.4$365.4$209.2$154.2$81.4$89.7$1.3$0.8$1.2$128.3$109.8$82.9$80.8$63.2$53.1$61.1$4.9GlobalSoftwareSectorUpdate|$91.4$365.4$209.2$154.2$81.4$89.7$1.3$0.8$1.2$128.3$109.8$82.9$80.8$63.2$53.1$61.1$4.9ueSPACdealvolumesindicatedingreenbelowdealvolumecircles2,181481,807481,6721,5751,5291,4571,3761,47511,6721,5751,5291,4571,3761,47521,2151,2011,159$456.921,2151,2011,1591417097$209.2$175.1 $129.5$21.07097$209.2$175.1$110.6$89.7$82.9$81.4$89.7$82.9$81.4$66.0$63.2$53.$63.220112012201320142011201220132014SPACDealValue($bn)2015201920202021Q12022DealVolume(incl.SPAC)DealValue($bn)(excl.SPAC)Source:451ResearchasofMarch31,2022accountedfor~7%oftotalnQ120224Q1Q2Q3Q4Q1Q2QQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3111111111212121213131313141414141515151516161616171717171818181819191919202020202121211BetweenJanuary01,2011andMarch31,2022Source:451ResearchasofMarch31,2022Q4Q12122QuarterlyDealActivityRemainedAboveHistoricalAverageQ12022RecordedtheLargestDealVolumebyQuarterSinceQ12011QuarterlyDealVolume(Q12011toQ12022)1Topnumberineachbarindicatestotaldealvolumesinquarter(incl.SPACdeals)SPACdealvolumesindicatedinbrackets(9)709(2)(9709(7)580581550(8)(9)550(8)504 420504 420445(1)(11)4(11)(15) 389352391396401341359350356344402395377401(1)419424336299289(15) 389352391396401341359350356344402395377401(1)419424336 268270(1)5Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q31111Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3111111111212121213131313141414141515151516161616171717171818181819191919202020202121211BetweenJanuary01,2011andMarch31,2022Source:451ResearchasofMarch31,2022Q4Q1212221(14)13(1)(1)(1)(1)375477060474234432726263829222222213121401931917101881021252017151578156915510143121477144101615789137620114719121612151010111215118725710696214419181716151415131312111111131010101099887777464323263652120292032901116963610883983185385866QuarterlyDealValues($bn)(Q12011toQ12022)1130<$1bnDealValues($bn)(incl.SPACs)>$1bnDealValues($bn)(excl.SPACs)>$1bnDealValues($bn)(SPACsonly)130124)124(10)(2)(2)(10)6201120122013201420152016EV=EnterpriseValueorMarketCapitalization+TotalDebt–Cash,LTM=Last12201120122013201420152016EV=EnterpriseValueorMarketCapitalization+TotalDebt–Cash,LTM=Last12Months,YTD=YeartoDatePEdealsincludeacquisitionsmadebyPE-backedstrategics.Source:451ResearchasofMarch31,202220172018201920202021Q12022LTM6.3x4.4x4.1x3.5x4.0x4.0x.0x4.0x3.8x3.7x3.5x3.5x3.5x3.2x2x6.4x6.2x6x.5x4.5x4.0x2x3.7x3.3xSoftwareMultiplesRemainAboveLong-TermLevelsStrategicsDemonstratedSignificantPremiumValuationinLast12MonthsEVLTMRevenueStrategicEVLTMRevenuePE)AveragemultipleAveragemultiple(1)7GlobalSoftwareSectorUpdate|LateSpring2022SaaSDealMultiplesbyQuartileandTargetRevenueThirdQuartileMultiplesCommandAveragePremiumsof49%–125%vs.Mediane1stQuartileMedian3rdQuartile)11.2x11.1x10.8x4x.0xx4.5x4.2x3.0x3.0x3.0x<$10mn$10-$25mn$25-$100mn>$100mnTransactionsselectedarebasedonthefollowingparameters:(i)targetcompanywithSaaSbusinessmodel;(ii)transactionannouncedbetweenJanuary1,2018andMarch31,2022;(iii)disclosedEV/LTMrevenuemultiple;and(iv)excludingoutliersandSPACtransactions.Source:451ResearchandMergermarketasofMarch31,20228January2022acquiredby$16.55.2xCitrixprovidesapplication,desktopandservervirtualizationsoftwareandSaaSforbusinessesglobally.AlsoJanuary2022acquiredby$16.55.2xCitrixprovidesapplication,desktopandservervirtualizationsoftwareandSaaSforbusinessesglobally.Alsoprovidesrelatedgateways,networkinghardware,webconferencingandremoteaccesssoftware.VistaintendstocombineCitrixandTIBCO,oneofVista’sportfoliocompanies.ThecombinationbringstogetherCitrix’ssecuredigitalworkspaceandapplicationdeliverysuitewithTIBCO’sreal-timeintelligentdataandanalyticscapabilities,toempowercustomersanduserswithasecureapplicationandinformationaccessandinsightstheyneedtoacceleratedigitaltransformationandnavigatethehybridworkplace.March2022acquiredby$5.311.6xntprovidescybersecuritySaaSandmanagedservicestoenterprises,governmentsandlawenforcementagenciesglobally.SoftwareprovidesfeaturesforSOCcapabilities-basedautomation,cyberthreatintelligence,securityvalidationandalertinvestigationandcyberattacksurfacemanagement.TheacquisitionwillcomplementGoogleCloud’sexistingstrengthsinsecurity.TogetherwithMandiant,GoogleCloudwilldeliveranend-to-endsecurityoperationssuitewithevengreatercapabilities,aswellasadvisoryservices,helpingcustomersaddresscriticalsecuritychallengesandstayprotectedateverystageofthesecuritylife-cycle.January2022acquiredby$4.1N/ACloudmedprovidesAI-basedautomateddiagnosis-relatedgroup(DRG)validation,revenue-cyclemanagement,anddata-driveninsightsSaaSandauditingservicestosupportrevenuesuranceforbusinessesinthehealthcareindustryintheUSThetransactionacceleratesR1’sstrategytobuildthemostscalable,flexible,andintegratedplatformfortherevenuecycleandconsumerengagementinhealthcare.ThecombinedsolutionsofR1andCloudmed,includingenhancedautomationcapabilities,willfurthertransformthepatientexperienceanddrivecontinuedimprovementintheircustomers’financialresults.SOC=SecurityOperationsCentre;Source:451ResearchasofMarch31,2022Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.TopSixSoftwareAcquisitionsoverQ12022byDealValueMarch2022acquiredby$10.417.6xAnaplanprovidescloud-nativebusinessfinance,sales,supplychain,humanresourceandmarketingplanningandperformancemanagementSaaSandrelatedsupportandtrainingservicesMarch2022acquiredby$10.417.6xAnaplan’sbest-in-classinnovativeplatform,timetovalue,andbrandreputationwillbeprioritiesforThomaBravo.Theintentionistoattractandretaincustomers,employees,andpartnerstocontinueleadingthelargeandexpandingConnectedPlanningsegment.January2022acquiredby$4.3N/AWindRiverprovidesAI-baseddevicesoftwareoptimizationDSOSaaSoperatingsystems(OS)software,andmiddlewareforbusinessesglobally.SoftwareprovidesfeaturesfordigitaltransformationofcriticalinfrastructureanddeploymentofIoTsystems.WindRiveralsoprovidessafetycertification,life-cyclemanagement,education,customersupport,January2022acquiredby$4.3N/ATheacquisitionallowsAptivtoexecuteagainstthelargesoftware-definedmobilityopportunityandexpandintomultiplehigh-valueindustrieswithWindRiver'sworld-classteamandleadingintelligentsystemssoftwareplatform.January2022acquiredbyVoceraprovidesmobilecollaborationandclinicalcommunicationssoftwareandsystemsforhospitals,schools,retailersandthehospitalityindustry.Voceraalsoprovideselectronichealthrecords(EHR)managementandintegrationandalarmmanagementsoftwareJanuary2022acquiredbyVocerabringsahighlycomplementaryandinnovativeportfoliotoStryker’sMedicaldivisionthatwilladdresstheincreasingneedforhospitalstoconnectcaregiversanddisparatedata-$3.214.2xgeneratingmedicaldevices,whichwillhelpdriveefficienciesandimprovesafety$3.214.2x9DateTargetAcquirerDealValueandMultiple2TargetAbstractFeb-22$1,200mnNDateTargetAcquirerDealValueandMultiple2TargetAbstractFeb-22$1,200mnN/AFoodquality&safetyFeb-22$957mnN/ADigital&corebankingJan-22$754mnN/ASocialimpacteducationcoursesmanagementSaaSMar-22$670mnN/AEHRmanagementSaaS&softwareassetsFeb-22$650mnN/AMar-22$617mnxIdentitythreatdetection&responseSaaSJan-22IPassets$600mnN/AFeb-22$591mnxDataintegrationMar-22$525mnN/AFeb-22FinancialServices$515mnN/AFeb-22$430mnN/AtisingSaaSOtherNotableSoftwareDealsDuringQ12022StrategicDealsQ022)PEDeals1(Q12022)DateTargetAcquirer1DealValueandMultiple2TargetAbstractFeb-22$2,721mnEducationalsoftware2.3x&textbookspublisherFeb-22$2,572mnClinicaltrialN/AintelligenceSaaSMar-22$1,093mnN/AFeb-22$813mnN/AJan-223Ebusiness$630mnN/AMar-22$525mnN/AiceFeb-22$350mn3.3xSecuritymanagementsoftware&SaaSFeb-22$340mnTelemedicineSaaS&4.2xservicesJan-22MidasHealthassets$340mnN/AMidasHealthAnalyticsSolutionsassetsJan-22$314mnEnterprisehealthcare2.2xmanagementSaaSJan-22$100mnN/ATimetracking&projectmanagementSaaSEHR=ElectronicHealthRecords;CTV=ConnectedTelevision;ERP=EnterpriseResourcePlanning;CRM=CustomerRelationshipManagement;1PEdealsincludeacquisitionsmadebyPE-backedstrategics,whoseownersareindicatedbelowthegrayline;excludesdealsinvolvingSPACvehicles;2DealMultiple=EnterpriseValue/LTMRevenue,unlessotherwisespecifiedSource:451ResearchasofMarch31,2022Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.10SecurityAnalyticsCollaborationAccountingalGlobalSoftwareSectorUpdate|LateSpring2022SecurityAnalyticsCollaborationAccountingalOurTechnologyM&APractice(formerlyPagemillPartners)TrackedSoftwareUniverse BI=BusinessIntelligence;ERP=EnterpriseResourcePlanning;SCM=SupplyChainManagement;HCM=HumanCapitalManagementSource:S&PGlobalMarketIntelligenceasofMarch31,2022anditincludesthemostactivelytradedsoftwarecompaniesforrespectivecoveredsectors,excludingmostmicrocapcompanies.Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.Software1122.6%(01%)1%)GlobalSoftwareSectorUpdate|LateSpring202222.6%(01%)1%)SignificantDifferencesBetweenHighandLowPerformersWithinthePast12Months100.0%80.0%60.0%40.0%20.0%0.0%0%)0%).0%)0%)(100.0%)17.9%9.2% 5.4% 2.9%.(10.8%)(11.3%) (13.8%)(22.3%(22.3%) )(47.CyberSecurityERPandSCMFinancialandHCMEngineeringInfrastructureVerticalSoftwareCRMandBIandAnalyticsFinancialServicesCommunicationsAccountingSoftwareMarketingandCollaborationPercentagechangeinstockpricebetweenMarch31,2021,andMarch31,2022MedianpercentagechangeinstockpriceofconstituentsbetweenMarch31,2021,andMarch31,2022BI=BusinessIntelligence;CRMBI=BusinessIntelligence;CRM=CustomerRelationshipManagement;ERP=EnterpriseResourcePlanning;SCM=SupplyChainManagement;DoesnotincludecompanieslistedpostMarch31,2021BucketsorderedbymedianpercentagechangeinstockpricebetweenMarch31,2021andMarch31,2022Source:CapitalIQasofMarch31,2022Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.12)GlobalSoftwareSectorUpdate|LateSpring2022)MostSoftwareSectorsDemonstratedSignificantLossesintheQuarterPerformanceofourTechnologyM&APracticetrackedSoftwareUniversebetweenDecember31,2021andMarch31,202260.0%40.0%20.0%0.0%(20.0%)(40.0%)(60.0%)(80.0%)(7.5%)(7.7%) (10.8%)(14.4%)(14.8%) (16.5%)(16.8%)2%2%((20.)) (21.7%)(22.9% )(24.9%CyberSecurityHCMERPandSCMInfrastructureFinancialServicesPercentagechangeinstockpricebetweenDecember31,2021,andMarch31,2022EngineeringBIandAnalyticsVerticalSoftwareCRMandFinancialandCommunicationsMarketingAccountingSoftwareandCollaborationMedianpercentagechangeinstockpriceofconstituentsbetweenDecember31,2021,andMarch31,2022BI=BusinessIntelligence;CRMBI=BusinessIntelligence;CRM=CustomerRelationshipManagement;ERP=EnterpriseResourcePlanning;SCM=SupplyChainManagement;DoesnotincludecompanieslistedpostDecember31,2021BucketsorderedbymedianpercentagechangeinstockpricebetweenDecember31,2021andMarch31,2022Source:CapitalIQasofMarch31,2022Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.136.0x4.9x4.0x3.7x%%27.0%%6.0x4.9x4.0x3.7x%%27.0%%%%les12.0x 10.1x CY22RevenueGrowthCY22EBITDAMargin.0%35.0%HCMFinancialandAccountingSoftwareEngineeringERPandSCMCyberSecurityHCMFinancialandAccountingSoftwareEngineeringERPandSCMCyberSecurityFinancialServicesBIandAnalyticsInfrastructureCRMandMarketingBI=BusinessIntelligence;CRM=CustomerRelationshipManagement;ERP=EnterpriseResourcePlanning;HCM=HumanCapitalManagement;SCM=SupplyChainManagementBucketsorderedbyCY22RevenueMultiplesSource:CapitalIQasofMarch31,202214GlobalSoftwareSectorUpdate|LateSpring2022SaaSCompaniesTradingSignificantlyBelowCovidHighsRecentIndexDeclineMostConsiderableforTop-QuartileConstituentsPerformanceofourTechnologyM&APracticeSaaSIndexOvertheLast15Years30.0x25.0x20.0x15.0x10.0x0x0.0x)2.8x10.0x8.7x6.4x.4xMar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22rtileYearMedianYearMedianGFC=GlobalFinancialCrisisOurTechnologyM&APracticeSaaSIndexincludesDDOG,DOMO,DT,NEWR,PD,SPLK,TEAM,BOX,ASAN,DOCU,DBX,EVBG,FIVN,RNG,SMAR,TWLO,ZM,ADBE,BIGC,ECOM,HUBS,LPSN,MDLA,CRM,SHOP,MNTV,YEXT,ZEN,ZI,CRWD,MNDT,MIME,OKTA,PING,QLYS,SCWX,TENB,ZIXI,ZS,KXS,NOW,SPSC,ZUO,PLAN,AVLR,BILL,BL,COUP,WK,BNFT,DCBO,PAYC,PCTY,WDAY,APPN,NET,ESTC,FSLY,FROG,MDB,NTNX,SNOW,WIX,TWOU,APPF,BLKB,HSTM,QTWO,U,VEEV,S,PCOR.Source:CapitalIQasofMarch31,202215GlobalSoftwareSectorUpdate|LateSpring2022SlowdowninIPOActivityduringQ12022afterstCompaniesTradeBelowFirstDayClosingPriceCompanyDateofProceeds($)OfferingSharePrice($)MarketCapatListing1($)First-Day“Pop”2testMarketCapChangeinSharePriceing8-Dec1,224.080.0014,3126%Median:31%9,908-33%Median%16-Nov520.065.005,8674%3,866-36%26-Oct841.029.007,9410%5,523-32%14-Oct386.321.434,0414,93313-Oct800.877.0011,0127,998-29%23-Sep540.018.003,1861%3,74723-Sep378.326.004,1853,45621-Sep869.640.0019,96411,060-46%21-Sep1,026.036.0010,1325,065-50%367.521.003,31024%993-71%425.523.003,94013%5,0911MarketCapitalizationatListing=MarketCapitalizationonFirst-DayPost-IPO/First-DayPop,2First-Day“Pop”=ClosingFirst-DaySharePrice/OfferingSharePriceSource:CapitalIQasofMarch31,2022Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.16GlobalSoftwareSectorUpdate|LateSpring2022SlowdowninIPOActivityduringQ12022afterCompanyDateofListingGrossProceeds($)OfferingSharePrice($)MarketCapatListing1($)First“Pop”2LLatestMarketCapChangeinSharePriceSinceListing29-Jun1,225.035.008,97321%Median:31%10,34011%Median:-32%30-Sep634.567.008,58531%7,76930-Sep1,337.956.0029,0732 %11,340-61%23-Mar775.547.004,949-10%6,22517-Mar915.421.0011,75519%1,672-86%16-Mar450.025.003,5502,107-47%3-Feb428.050.002,2242%628-74%1,550.930.0015,08416,596-5%8-Dec651.042.004,0262,415-46%21-Oct740.020.003,309-7%$26pershare330-SepDirectListing47.2511,9611%27,874MarketCapitalizationatListing=MarketCapitalizationonFirst-DayPost-IPO/First-DayPop,First-Day“Pop”=ClosingFirst-DaySharePrice/OfferingSharePrice;TakenprivatebyinvestorgroupledbyAdventInternationalCorporationMar-22Directlistingpricesasdeterminedbylistingexchange,NewYorkStockExchangeforbothSource:CapitalIQasofMarch31,2022Alltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.17Buy-SideAdvisors360LearninghasacquiredGlobalSoftwareSectorUpdate|LateSpring202Buy-SideAdvisors360LearninghasacquiredSelectedRecentTechnologyM&APractice(formerlyPagemillPartners)TransactionsideAdvisorsBrightpearlhasbeenacquiredOnJanuary10,2022,360LearningSAOnJanuary10,2022,360LearningSA(“360Learning”),theglobalcollaborativelearningSaaSleader,acquiredLooopOnlineLimited(“Looop”),oneoftheUK’sleadinglearningmanagementsystems.Withtheacquisition,360LearningandLooopwillenterintoaneweraofcollaborativelearning,focusingfurtheronlearninganddevelopment.Inaddition,theunifiedvisionandroadmapwillbringthevalueofLooop’sdata-drivenautomationtothe360Learningplatform,enhancingthelearningexperienceforeverylearnerworldwide.(“Brightpearl”),thecloud-nativemultichannelretailmanagementsystemforretailersandwholesalers,wasacquiredbySageplc(“Sage”),amarketleaderincloudbusinessmanagementsolutions.Theconsiderationforthe83%ofBrightpearlthatSagedoesnotalreadyownis$299m.TheacquisitionwillaccelerateSage’sstrategyforgrowth,includingscalingSageIntacct,broadeningthevaluepropositionformid-sizedbusinessesandexpandingSage’sdigitalnetwork.Flagsindicatelocationoftarget/bidderAlltrademarks,tradenamesorlogosreferencedhereinarethepropertyoftheirrespectiveowners.deAdvisorswhiteCryptionhasbeenacquiredbyZimperiumaportfoliocompanyofWarburgcusandSoftBankOnJuly2,2021,whiteCryption,aleadingproviderofcybersecuritysoftwareandapioneerinmobileapplicationshieldingandcryptogr