GP.Bulhound-2019年Q1全球软件市场报告（英文）-2019.3-46页.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 2019每日免费阅读行业报告1、每日星球内分享10+精品报告；2、不定时分享国际投行报告，脱水研报等；3、行业报告均为公开内容，版权归原作者所有，星球仅分享内部学习。扫描右侧二维码即刻加入【行业报告（免费） 】星球（此页只为更多需要行业报告的朋友提供便利，希望不会影响您的阅读，谢谢理解！）2Software 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 & CEOs across interesting sub-sectors▪Based in our San Francisco office, Jonathan Cantwell is the head of our Software practice with over 15 years of experience and has completed over 50 transactions with public and private tech companies globally ▪We have completed 12 Software deals in the last year; several of our recent Software advisory transactions and investments are showcased belowSold toSold toSold toSold toInvestment fromInvestment fromInvestment fromInvestment from3Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesSaaS CEO CommentaryAppendix A: GP Bullhound SaaS Index123468Appendix C: GP Bullhound Software Report Overview, Software Credentials & Team 5Key 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 Bullhound’s 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 Bullhound’s Views on Current Trends in Software (Cont’d)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 won’t 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 Bullhound’s Views on Current Trends in Software (Cont’d)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 su...