2013 MONTHLY TECHNOLOGY NEWSLETTER

2013 MONTHLY TECHNOLOGY NEWSLETTER
INVESTMENT BANKING
February 2013
2013 MONTHLY TECHNOLOGY NEWSLETTER
Last Twelve Months (LTM) Market Performance
CONTENTS
Section
Page
Market Highlights .............................. 1
15.00%
10.00%
Industry and Sector Valuation
Metrics ................................................ 2
Technology IPOs ............................... 3
5.00%
0.00%
Industry Performance and Metrics:
Internet and Cloud Services ... 5
Software ................................... 6
-5.00%
-10.00%
Communications ..................... 7
Mergers & Acquisitions .................... 8
Private Placements............................ 15
Dow Jones Industrial Average
-15.00%
Mar-12
Apr-12
May-12
Jun-12
Jul-12
S&P 500 Index
Aug-12
Sep-12
NASDAQ Composite Index
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Source: Capital IQ
Detailed Sector Data, Valuation
Multiples, Metrics .............................. 22
Morgan Joseph TriArtisan LLC
Market Highlights
Overview............................................. 33
 US equity markets started the month of February on an overall trend of positive growth, but fell
For more information please contact
Morgan Joseph’s Senior Technology
Investment Banking Team:
 Preliminary statistics released by the Bureau of Labor Statistics indicated that 236,000 jobs
Gerald H. Cromack
Co-President
(212) 218-3818
[email protected]
Rohit Manocha
Co-President
(212) 218-3813
[email protected]
Rick Juarez
Managing Director
(650) 270-2702
[email protected]
in the second half of the month. The Dow, S&P 500 and NASDAQ indices rebounded to end
February flat month-over-month.
were added in February, up from the figure of 119,000 jobs added in January. Unemployment
rate declined to 7.7% from 7.9% in the prior month.
 The Consumer Price Index for All Urban Consumers (CPI-U) increased a total of 2.0% over the
last 12 months. The University of Michigan’s final version of its Consumer Sentiment Index for
February was 77.6, up from 73.8 in January, and up 3.1% from a year ago.
 U.S. auto sales continued to be strong in February, growing by 3.7% to 1.2 million vehicles as
General Motors, Ford, Chrysler, and Toyota saw a rise in sales while Honda and Nissan saw
declines. US retail sales increased by 1.1%, posting the largest gain since last September
 The U.S. ISM Manufacturing Index increased to 54.2 from 53.1 in January, indicating expansion
in manufacturing with new orders also growing at a faster rate.
Observations and Updates
 February was another strong month for tech M&A, with 261 transactions worth $3.7 billion.
Gene Ramirez
Managing Director
(650) 270-2703
[email protected]
Zachary Fisher
Director
(212) 218-3749
[email protected]
 2013 YTD, average US IPO returns were 12.9%. Vipshop Holdings was the top performer with
LTM total return of 317.2% and Envivio was the worst performer with YTD total return of -81.7%.
 Technology remains to be the most active sector LTM with 30 IPOs, raising $19.6 billion in
proceeds, followed by the energy sector in second place with 26 IPOs, raising $8.0 billion in
proceeds.
 Total number of IPOs priced on U.S. markets was eight across all industries, with technology
IPOs accounting for one of them. In the technology sector, Xoom raised a total of $100.8 million,
and posted a 2013 YTD return of 40.6%.
 On February 5, 2013, Virgin Mobile announced a $23.3 billion buyout by Liberty Global. Also, on
that same day Dell announced its plans to go private and have all of its public shares bought by
Silver Lake Partners for $24.4 billion in the largest leveraged buyout since 2007.
Source: Renaissance Capital, Capital IQ
Please see disclosures on page 34 of this newsletter.
Note: All stock prices as of 2/28/13 unless otherwise stated.
Morgan Joseph TriArtisan LLC
Page 1 of 35
Monthly Technology Newsletter
February 2013
Industry and Sector Valuation Metrics (1) (2)
LTM
Revenue
EBITDA
Revenue
NTM
EBITDA
Software
Applications
Infrastructure
On Demand Software and Services
Open Source
Business Intelligence and Analytics
Communications
Security
Search
2.9x
4.9x
4.9x
4.5x
2.8x
2.5x
4.7x
3.1x
15.4x
14.4x
25.8x
55.6x
13.9x
25.7x
22.7x
15.1x
2.5x
3.9x
4.1x
5.5x
2.6x
2.1x
3.8x
3.6x
13.4x
13.7x
15.5x
17.5x
13.9x
15.3x
13.4x
10.0x
Internet Commerce
Internet Media
Internet Gaming and Mobile Content
Internet Infrastructure Services
3.1x
2.1x
1.9x
2.8x
18.7x
16.7x
11.6x
11.9x
3.3x
2.1x
1.9x
2.5x
11.4x
11.6x
33.2x
9.8x
Communications Equipment
Optical Components
Wireline Telecom
Storage/Enterprise
2.0x
1.7x
1.7x
22.7x
13.2x
9.2x
1.2x
1.7x
2.2x
11.4x
14.2x
9.0x
Semiconductor Equipment
1.4x
10.0x
1.2x
8.6x
Semiconductors
Memory/Programmable
Analog
Digital Media
Wireless Semiconductor
Telecom and Data Networks
Semiconductor Design IP
2.2x
3.3x
1.5x
2.1x
2.4x
11.0x
12.5x
16.8x
11.6x
10.9x
12.8x
44.6x
1.9x
2.6x
0.7x
2.3x
1.9x
10.3x
10.3x
10.3x
7.3x
9.2x
9.8x
20.5x
Wireless
Wireless Carriers
Wireless Infrastructure
Integrated Wireline & Wireless Carriers
1.6x
5.9x
1.8x
4.5x
12.9x
7.5x
1.9x
4.0x
1.7x
4.9x
10.3x
5.3x
2.7x
2.6x
2.4x
9.3x
22.8x
11.7x
2.5x
2.4x
3.2x
8.0x
11.8x
9.0x
2.2x
1.4x
3.4x
1.3x
2.2x
4.2x
0.7x
1.6x
9.0x
6.7x
8.1x
7.0x
10.6x
8.9x
NM
12.5x
1.7x
NA
1.2x
1.1x
2.2x
2.7x
NA
2.0x
8.8x
NA
5.2x
6.8x
9.5x
6.6x
NA
10.0x
Financial Technology
Mobile Payment
Payment Software & Services
Broad Based Financial Services
Clean Technology
Alternative Fuels
Wind
Solar
Hydrogen/Methanol Fuel Cell
Water/Geothermal
Recycling Technologies/Services
Clean Energy Management
Waste Emissions/Purification
Source: Capital IQ
(1) Please see pages 22 to 32 for detailed sector composition, valuation multiples and other metrics. Figures above are as of 2/28/13
(2) The metrics above should only be used as preliminary valuation guides. Individuals should conduct their own independent analyses before making any
investment related decisions
Morgan Joseph TriArtisan LLC
Page 2 of 35
Monthly Technology Newsletter
February 2013
Selected Technology IPOs: Recent Performance
($ in millions, except per share data)
All figures in USD ($mm except for share price) as of: February 28, 2013
Original
Pricing Date
Company
Ticker
Current
Price
Market
Cap
Enterprise
Value
Offer
Price
Offer to
Current %
Shares
Offered (mm)
Amount
Raised
LTM
Revenue
LTM
EBITDA
EV/
Revenue
EV/
EBITDA
02/14/2013
Xoom Corporation
XOOM
$22.49
$1,238
$1,437
$16.00
40.6%
6.3
$101
$128.7
($47.9)
11.2x
n.m.
01/17/2013
Cyrusone Inc.
CONE
$21.74
$409
$1,105
$19.00
14.4%
16.5
$314
$210.8
$106.4
5.2x
10.4x
12/12/2012
SolarCity Corporation
SCTY
$16.94
$1,238
$1,437
$8.00
111.8%
11.5
$92
$128.7
($47.9)
11.2x
n.m.
11/21/2012
YY Inc.
YY
$15.75
$856
$631
$10.50
50.0%
7.8
$82
$131.6
$21.2
4.8x
29.8x
11/16/2012
Ruckus Wireless, Inc.
RKUS
$23.18
$1,722
$1,589
$15.00
54.5%
8.4
$126
$214.7
$23.5
7.4x
67.8x
10/12/2012
Workday, Inc.
WDAY
$62.49
$10,373
$9,608
$48.69
28.3%
41.2
$2,008
$273.7
($88.8)
35.1x
n.m.
10/05/2012
Fleetmatics Group Limited
FLTX
$23.89
$826
$750
$17.00
40.5%
7.8
$133
$127.5
$24.9
5.9x
30.1x
10/03/2012
LifeLock, Inc.
LOCK
$10.82
$938
$804
$7.57
42.9%
22.9
$173
$276.4
$20.6
2.9x
38.9x
09/27/2012
Qualys, Inc.
QLYS
$11.45
$361
$245
$12.00
(4.6%)
7.6
$91
$91.4
$10.3
2.7x
23.7x
09/20/2012
Trulia, Inc.
TRLA
$31.58
$984
$894
$17.00
85.8%
6.1
$104
$68.1
($7.0)
13.1x
n.m.
08/07/2012
Peregrine Semiconductor Corporation
PSMI
$8.79
$280
$206
$14.00
(37.2%)
5.5
$77
$203.9
$13.2
1.0x
15.5x
08/01/2012
Eloqua, Inc.
ELOQ
NA
$0
n.a.
$11.50
NA
8.0
$92
$95.8
($5.1)
n.a.
n.a.
07/25/2012
E2open, Inc.
EOPN
$19.15
$480
$448
$15.00
27.7%
4.7
$70
$74.4
$4.4
6.0x
101.8x
07/23/2012
ENIGMO Inc.
TSE:3665
$99.00
$190
n.a.
$22.30
343.9%
0.2
$4
$0.0
$0.0
n.a.
n.a.
07/19/2012
Kayak Software Corporation
KYAK
$40.01
$1,543
$1,365
$26.00
53.9%
3.5
$91
$282.8
$54.0
4.8x
25.3x
07/19/2012
Palo Alto Networks, Inc.
PANW
$56.11
$3,879
$3,542
$42.00
33.6%
6.2
$260
$323.8
($1.4)
10.9x
n.m.
07/18/2012
WirelessGate, Inc.
TSE:9419
$55.65
$136
$119
$15.23
265.5%
0.5
$7
$63.6
$7.2
1.9x
16.6x
06/28/2012
ServiceNow, Inc.
NOW
$35.63
$4,700
$4,385
$18.00
97.9%
11.7
$210
$243.7
($21.6)
18.0x
n.m.
06/28/2012
Exa Corporation
EXA
$10.50
$139
$114
$10.00
5.0%
6.3
$63
$48.9
$4.3
2.3x
26.5x
05/17/2012
Facebook, Inc.
FB
$26.49
$63,103
$55,833
$38.00
(30.3%)
421.2
$16,007
$5,089.0
$1,187.0
11.0x
47.0x
05/10/2012
Edwards Group Limited
EVAC
$7.78
$878
$1,309
$8.00
(2.8%)
12.5
$100
$967.6
$183.0
1.4x
7.2x
05/09/2012
Audience, Inc.
ADNC
$14.73
$308
$186
$17.00
(13.4%)
5.3
$90
$143.9
$14.8
1.3x
12.6x
05/09/2012
WageWorks, Inc.
WAGE
$25.23
$809
$548
$9.00
180.3%
6.5
$59
$177.3
$28.7
3.1x
19.1x
04/26/2012
Acquity Group Limited
AQ
$7.97
$187
$157
$6.00
32.8%
5.6
$33
$137.9
$27.2
1.1x
5.8x
04/24/2012
Envivio, Inc.
ENVI
$1.65
$44
n.a.
$3.57
(53.8%)
3.7
$13
$46.9
($8.1)
n.a.
n.a.
04/19/2012
Infoblox Inc.
BLOX
$22.66
$1,107
$928
$21.30
6.4%
18.2
$388
$192.4
($3.4)
4.8x
n.m.
04/19/2012
Proofpoint, Inc.
PFPT
$16.19
$535
$452
$13.00
24.5%
5.1
$66
$106.3
($12.1)
4.3x
n.m.
04/18/2012
Splunk, Inc.
SPLK
$38.58
$3,805
$3,499
$35.93
7.4%
36.2
$1,302
$198.9
($17.4)
17.6x
n.m.
03/29/2012
Enphase Energy, Inc.
ENPH
$5.60
$231
$197
$6.00
(6.7%)
9.0
$54
$216.7
($26.1)
0.9x
n.m.
03/28/2012
CafePress Inc.
PRSS
$6.03
$103
$66
$19.00
(68.3%)
4.5
$86
$217.8
$13.4
0.3x
4.9x
03/28/2012
Millennial Media Inc.
MM
$7.41
$587
$450
$13.00
(43.0%)
10.2
$133
$177.7
($1.8)
2.5x
n.m.
03/27/2012
Vocera Communications, Inc.
VCRA
$21.83
$532
$405
$16.00
36.4%
5.9
$94
$101.0
$7.5
4.0x
53.9x
03/22/2012
Vipshop Holdings Limited
VIPS
$27.12
$1,373
$1,164
$6.50
317.2%
11.0
$72
$692.1
($7.4)
1.7x
n.m.
03/21/2012
ExactTarget, Inc.
ET
$22.57
$1,550
$1,442
$19.00
18.8%
8.5
$162
$292.3
$4.1
4.9x
354.3x
03/21/2012
Vantiv, Inc.
VNTV
$22.92
$3,260
$5,089
$17.00
34.8%
29.4
$500
$1,863.2
$468.9
2.7x
10.9x
03/14/2012
Demandware, Inc.
DWRE
$25.28
$760
$658
$16.00
58.0%
5.5
$88
$79.5
($3.8)
8.3x
n.m.
03/14/2012
M/A-Com Technology
MTSI
$16.20
$742
$649
$19.00
(14.7%)
6.0
$114
$304.2
$69.1
2.1x
9.4x
03/01/2012
Yelp, Inc.
YELP
$24.50
$1,561
$1,466
$15.00
63.3%
7.2
$107
$137.6
($11.4)
10.7x
n.m.
02/23/2012
Bazaarvoice, Inc.
BV
$7.68
$559
$454
$12.00
(36.0%)
9.5
$114
$148.4
($27.0)
3.1x
n.m.
02/21/2012
Ceres, Inc.
CERE
$3.47
$86
$34
$13.00
(73.3%)
5.0
$65
$5.6
($26.5)
6.1x
n.m.
02/17/2012
Brightcove, Inc.
BCOV
$5.99
$168
$140
$11.00
(45.5%)
5.0
$55
$88.0
($9.9)
1.6x
n.m.
02/01/2012
AVG Technologies N.V.
AVG
$12.84
$694
$739
$16.00
(19.8%)
8.0
$128
$356.0
$99.3
2.1x
7.4x
01/31/2012
U.S. Silica Holdings, Inc.
SLCA
$22.76
$1,205
$1,405
$17.00
33.9%
11.8
$200
$441.9
$141.3
3.2x
9.9x
01/24/2012
Guidewire Software, Inc.
GWRE
$37.34
$2,108
$1,942
$13.00
187.2%
8.9
$115
$260.1
$18.7
7.5x
103.7x
12/15/2011
Zynga, Inc.
ZNGA
$3.51
$2,757
$1,572
$10.00
(64.9%)
100.0
$1,000
$1,281.3
$57.0
1.2x
27.6x
12/12/2011
Jive Software, Inc.
JIVE
$16.35
$1,076
$941
$12.00
36.3%
13.4
$161
$113.7
($36.6)
8.3x
n.m.
11/17/2011
Intermolecular, Inc.
IMI
$9.82
$436
$384
$10.00
(1.8%)
9.7
$97
$66.8
$9.2
5.7x
41.6x
$809.2
$2,617.9
$803.8
$2,567.5
$15.0
$16.2
28.3%
40.4%
7.8
20.8
$100.6
$552.2
$146.1
$365.8
$5.5
$47.8
4.0x
6.0x
26.2x
42.4x
Median
Mean
Source: IPO Home, IPO Market Watch and Capital IQ
Morgan Joseph TriArtisan LLC
Page 3 of 35
Monthly Technology Newsletter
February 2013
Selected Technology IPOs: Filings
All figures in USD ($mm except for share price) as of: February 28, 2013
Filing Date
Company
Ticker
(proposed)
Industry
Raise Amount
(proposed)
LTM
Revenues
LTM
EBITDA
Short Business Description
Provides revenue management solutions for the life science and technology
industries.
02/13/13
Model N, Inc.
MODN
Software and Services
$94
$88.5
$1.5
02/13/13
Marin Software Incorporated
MRIN
Software and Services
$91
$59.6
($22.6)
02/06/13
EVERTEC, Inc.
EVTC
Internet Software and Services
$100
$341.7
$125.0
The leading full-service transaction processing business in Latin America and
the Caribbean.
02/19/13
Digicel Limited
DL
Wireless Telecommunicartion
Services
$1,000
n.a
n.a
Digicel Limited provides mobile phone services in 24 markets in the Caribbean
and Central America.
11/02/12
GFI Software S.A.
GFIS
Software and Services
$100
$142.8
($9.3)
Engages in the provision of collaboration and IT infrastructure software solutions
for small and medium-sized businesses (SMB) in Europe and the Americas.
07/13/12
Gigamon LLC
GIMO
Software and Services
$100
$81.6
$14.1
Designs, develops, and sells products and services that provide visibility and
control of network traffic.
06/15/12
AutoTrader Group, Inc.
ATG
Internet Software and Services
$300
$1,098.3
$347.6
Operates an automotive marketplace and consumer information Website in the
United States.
06/04/12
iWatt, Inc.
IWAT
Semiconductor Equipment
$75
$57.6
$2.9
05/22/12
Professional Diversity Network LL
IPDN
Internet Software and Services
$21
$6.1
$2.8
05/18/12
Intelsat Holding Corporation
Satellite Systems Operators
$900
$865.4
$625.4
05/14/12
Shutterstock, Inc.
Digital Media
$77
$169.6
$32.1
05/10/12
LegalZoom.com, Inc.
LGZ
Internet Software and Services
$96
$173.6
$12.3
Provides legal document preparation and related subscription services for small
businesses and consumers in the United States.
04/13/12
Blackstratus, Inc
BLK
Security Software
$20
$9.2
($0.6)
Provides products that manage and correlate cloud-based security information
for companies and governments worldwide.
02/17/12
AdChina, Ltd.
ADCN
Digital Advertising Services
$100
$50.7
($17.6)
Operates an integrated Internet advertising platform in the People's Republic of
China.
12/19/11
NDS Limited
NDSG
Application Software
$100
$989.4
$283.1
Supplies open end-to-end digital technology and services to digital pay-television
platform operators and content providers.
11/14/11
BioAmber Inc.
BIOA
Biochemicals
$150
$0.9
($31.4)
Produces and sells bio-succinic acid used to convert renewable feedstocks into
chemicals that are replacements for petroleum-derived chemicals.
11/10/11
Smith Electric Vehicles Corp.
SMTH
Electric Vehicle manuf.
$80
$29.1
($49.3)
10/31/11
Isola Group Ltd.
Semiconductor Equipment
$100
$575.3
$84.9
Designs, develops, and manufactures copper-clad laminate and prepreg used to
fabricate advanced multilayer printed circuit boards (PCBs).
09/14/11
GCT Semiconductor, Inc.
GCTS
Semiconductors
$68
$87.1
$2.9
Designs, develops, and markets integrated circuits for the wireless
semiconductor industry.
08/03/11
Networking Partners, Inc.
n.a.
Internet Software and Services
$3
n.a
n.a
07/21/11
Planet Payment, Inc.
PLPM
Data Processing
$75
$44.1
($0.9)
07/07/11
Silver Spring Networks, Inc.
SSNI
Application Software
$81
$102.7
($149.4)
06/10/11
Ambarella, Inc.
AMBA
Communication Chips
$36
$94.7
$17.1
06/09/11
Avaya Inc.
AVYA
Network & Communication
Infrastructure
$1,000
$5,436.0
$647.0
05/24/11
Cloudary
READ
Internet Software and Services
$200
$39.8
$0.8
05/05/11
ConvergEx
CVGX
Application Software & Services
$400
$610.2
$81.0
Offers agency brokerage software as well as investment advisory and
commission management services.
03/16/11
Cortina Systems
CRTN
Communications chips
$100
$144.5
$17.8
Provides communications semiconductor solutions enabling network
connectivity and bandwidth delivery from the core network to the home network.
03/09/11
Global Market Group Ltd.
GMC
China-focused B2B eCommerce
$164
$41.6
$10.2
Provides business-to-business (B2B) e-commerce services in the People’s
Republic of China.
Provides a leading cloud-based digital advertising management platform
I
Provides its solutions for various applications, including feature phones, smart
phones, tablets, digital audio players, digital still cameras, cordless phones,
wireless routers.
Operates iHispano.com, a professional networking site and job board for
Spanish, Hispanic, Latino, and bilingual professionals in the United States.
Offers video, corporate, Internet, voice, and government communications
services.
Operates an online marketplace for commercial digital imagery.
SSTK
Designs, produces and sells zero emission commercial electric vehicles.
ISLA
Focuses on developing social networking tools and technology.
Provides multi currency processing solutions for retail, restaurant, hospitality,
mail order/telephone order, ecommerce, travel, and more.
Provides networking platform and solutions that enable utilities to transform the
power grid infrastructure into the smart grid.
Designs and markets video processors for high definition video.
Offers integrated communication and collaboration solutions.
Operates as the largest publisher of eBooks in China.
Source: IPO Home, IPO Market Watch and Capital IQ
Morgan Joseph TriArtisan LLC
Page 4 of 35
Monthly Technology Newsletter
February 2013
Industry Performance and Metrics: Internet and Cloud Services
Internet Comparable Group Relative Performance
Investments: Internet and Cloud Services
($ in millions)
Sub-Sector
Business-to-Business (B2B)
Content Delivery
Internet Community
Internet Retail
Messaging Services
Multimedia Streaming and Online Presentation
Personal Applications
Web Hosting
Total:
9/1/12-9/30/12
Disclosed
# of
Deal Value Transactions
$41.2
8
8.0
2
62.4
14
123.5
21
0.0
1
2.3
4
18.5
10
23.0
2
$278.9
62
10/1/12-10/31/12
Disclosed
# of
Deal Value Transactions
$21.4
10
0.0
0
83.2
27
87.1
23
0.0
0
0.3
1
42.0
17
3.1
2
$237.1
80
11/1/12-11/30/12
Disclosed
# of
Deal Value Transactions
$42.7
11
0.0
0
52.2
13
389.5
15
0.0
0
9.5
3
8.8
6
0.0
0
$502.7
48
12/1/12-12/31/12
1/1/13-1/31/13
Disclosed
# of
Disclosed
# of
Deal Value Transactions Deal Value Transactions
$26.2
10
$101.1
11
0.5
1
0.0
0
59.0
17
58.9
13
242.3
23
71.3
20
0.0
0
0.0
1
3.6
2
1.1
1
67.6
15
15.7
7
0.0
1
0.0
1
$399.2
69
$248.3
54
11/1/12-11/30/12
Disclosed
# of
Deal Value Transactions
$85.5
11
0.0
0
140.0
13
1,807.0
9
0.0
0
0.0
0
0.0
2
0.0
1
$2,032.5
36
12/1/12-12/31/12
Disclosed
# of
Deal Value Transactions
$16.4
11
1.1
2
4.6
6
885.0
20
0.0
0
0.0
0
312.9
5
15.4
4
$1,235.3
48
2/1/13-2/28/13
Disclosed
# of
Deal Value Transactions
$67.8
14
0.0
0
145.0
16
72.4
21
3.7
3
0.0
1
5.3
2
0.0
0
$294.2
57
Source: Capital IQ
M&A Metrics: Internet and Cloud Services
($ in millions)
Sub-Sector
Business-to-Business (B2B)
Content Delivery
Internet Community
Internet Retail
Messaging Services
Multimedia Streaming and Online Presentation
Personal Applications
Web Hosting
Total:
9/1/12-9/30/12
Disclosed
# of
Deal Value Transactions
$20.5
10
0.0
1
1.1
17
69.3
11
0.0
0
0.0
0
16.8
5
12.8
4
$120.5
48
10/1/12-10/31/12
Disclosed
# of
Deal Value Transactions
$448.3
14
0.0
0
264.0
14
419.2
16
0.0
1
0.0
0
224.6
12
40.8
4
$1,396.8
61
1/1/13-1/31/13
Disclosed
# of
Deal Value Transactions
$1,503.3
11
0.0
0
0.5
13
24.7
20
0.0
1
0.0
1
0.0
7
4.2
1
$1,532.7
54
2/1/13-2/28/13
Disclosed
# of
Deal Value Transactions
$5.8
11
0.0
1
0.0
8
3.3
8
0.0
0
0.0
1
25.7
4
0.0
0
$34.9
33
Source: Capital IQ
Morgan Joseph TriArtisan LLC
Page 5 of 35
Monthly Technology Newsletter
February 2013
Industry Performance and Metrics: Software
Software Comparable Group Relative Performance
Investments: Software
($ in millions)
Sub-Sector
Application Software
Home Entertainment Software
Internet Software
Systems Software
Total:
9/1/12-9/30/12
Disclosed
# of
Deal Value Transactions
$230.1
66
5.2
6
816.0
197
128.8
15
$1,180.2
284
10/1/12-10/31/12
Disclosed
# of
Deal Value Transactions
$299.3
92
24.6
11
1,004.6
259
67.4
17
$1,395.9
379
11/1/12-11/30/12
Disclosed
# of
Deal Value Transactions
$460.3
84
16.7
11
714.1
220
114.9
26
$1,306.0
341
12/1/12-12/31/12
Disclosed
# of
Deal Value Transactions
$314.7
107
9.9
10
1,231.9
291
150.1
28
$1,706.7
436
1/1/13-1/31/13
Disclosed
# of
Deal Value Transactions
$257.6
69
10.4
6
629.7
191
119.4
17
$1,017.2
283
2/1/13-2/28/13
Disclosed
# of
Deal Value Transactions
$466.3
84
22.3
8
1,036.3
228
86.3
19
$640.1
134
Source: Capital IQ
M&A Metrics: Software
($ in millions)
Sub-Sector
Application Software
Home Entertainment Software
Internet Software
Systems Software
Total:
9/1/12-9/30/12
Disclosed
# of
Deal Value Transactions
$317.0
69
171.8
3
980.0
131
82.0
18
$1,550.8
221
10/1/12-10/31/12
Disclosed
# of
Deal Value Transactions
$617.3
67
0.0
2
3,048.1
137
1,211.6
20
$4,877.0
226
11/1/12-11/30/12
Disclosed
# of
Deal Value Transactions
$6,938.5
57
92.6
7
2,013.3
113
194.2
22
$9,238.6
199
12/1/12-12/31/12
Disclosed
# of
Deal Value Transactions
$2,580.0
78
126.4
15
1,488.7
132
1,253.0
15
$5,448.1
240
1/1/13-1/31/13
2/1/13-2/28/13
Disclosed
# of
Disclosed
# of
Deal Value Transactions Deal Value Transactions
$1,368.3
81
$53.8
56
78.7
9
3.7
5
2,506.9
113
537.2
111
128.7
14
0.0
11
$4,082.6
217
$594.7
183
Source: Capital IQ
Morgan Joseph TriArtisan LLC
Page 6 of 35
Monthly Technology Newsletter
February 2013
Industry Performance and Metrics: Communications
Communications Comparable Group Relative Performance
Investments: Communications
($ in millions)
Sub-Sector
Communications Processing Equipment
Communications Towers
Diversified Telecommunication Services
Networking Equipment
Radio and Television Broadcasting Equipment
RFID Systems
Satellite and Microwave Equipment
Telephone and Telecommunications Equipment
Wireless Telecommunication Services
Total:
9/1/12 - 9/30/12
Disclosed
# of
Deal Value
Transactions
$0.0
0.0
51.3
146.7
0.0
11.9
1.3
14.9
0.0
$226.1
0
0
6
10
0
1
1
5
1
24
10/1/12 - 10/31/12
Disclosed
# of
Deal Value
Transactions
$0.0
0.0
22.3
274.1
0.0
0.0
2.3
6.3
8,123.4
$8,428.4
0
0
4
7
0
0
3
2
5
21
11/1/12 - 11/30/12
Disclosed
# of
Deal Value
Transactions
$0.0
0.0
162.8
1.0
0.0
0.4
7.6
220.7
56.7
$449.2
0
0
10
1
0
1
2
3
2
19
12/1/12 - 12/31/12
Disclosed
# of
Deal Value
Transactions
$0.0
144.2
131.3
87.3
0.0
1.0
11.2
10.3
14.2
$399.4
0
2
12
8
0
1
3
3
3
32
1/1/13 - 1/31/13
Disclosed
# of
Deal Value
Transactions
$0.0
6.9
60.7
94.4
0.0
0.0
1.7
24.7
279.2
$467.5
0
1
3
4
0
0
2
2
3
15
2/1/13 -2/28/13
Disclosed
# of
Deal Value
Transactions
$0.0
50.3
0.1
26.9
7.1
3.9
0.0
1.3
291.1
$380.8
0
1
3
6
1
1
0
3
5
20
Source: Capital IQ
M&A Metrics: Communications
($ in millions)
Sub-Sector
Communications Processing Equipment
Communications Towers
Diversified Telecommunication Services
Networking Equipment
Radio and Television Broadcasting Equipment
RFID Systems
Satellite and Microwave Equipment
Telephone and Telecommunications Equipment
Wireless Telecommunication Services
Total:
9/1/12 - 9/30/12
Disclosed
# of
Deal Value
Transactions
$0.0
0.0
2,624.1
103.0
0.0
4.3
73.9
50.0
185.0
$3,040.3
0
0
17
7
0
3
4
4
4
39
10/1/12 - 10/31/12
Disclosed Deal
# of
Value
Transactions
$0.0
284.0
585.7
85.2
90.1
0.0
0.3
18.8
38,365.0
$39,429.1
0
2
12
3
1
1
2
1
15
37
11/1/12 - 11/30/12
Disclosed
# of
Deal Value
Transactions
$0.0
0.0
481.5
341.1
5.3
0.0
0.0
212.1
1,517.4
$2,557.4
0
0
22
10
1
0
1
6
10
50
12/1/12 - 12/31/12
Disclosed
# of
Deal Value
Transactions
$7.2
0.0
454.9
115.7
225.0
0.0
0.0
0.0
3,241.7
$4,044.5
1
1
19
4
2
0
0
1
13
41
1/1/13 - 1/31/13
2/1/13 -2/28/13
Disclosed
# of
Disclosed Deal
Deal Value
Transactions
Value
# of Transactions
$0.0
250.0
1,212.1
514.7
0.0
0.0
0.0
178.1
12,919.5
$15,074.4
0
1
19
9
0
0
2
5
10
46
0.0
263.2
638.2
2,061.9
0.0
0.0
36.9
12.1
44.8
$3,057.2
0
2
18
9
0
0
3
4
9
45
Source: Capital IQ
Morgan Joseph TriArtisan LLC
Page 7 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Internet and Cloud Services
Implied
Enterprise
EV /
Total Revenue Revenue
Date
Target
Buyer
Value ($mm)
($mm)
2/25/2013
TutorVista Global Pvt. Ltd.
Pearson plc
$128.4
NA
Multiple Business Description
NA
TutorVista Global Pvt. Ltd., an online tutoring company, provides online education
services.
2/14/2013
China.com Inc.
Undisclosed Buyer
$26.5
$17.7
1.5x
China.com Inc., an investment holding company, primarily engages in the operation of
portal sites in Singapore and the People’s Republic of China.
2/11/2013
Travora Media, Inc.
MediaShift, Inc.
$7.4
NA
NA
Travora Media, Inc. operates as an online media company. It provides travel media and
information through Websites. It delivers digital advertising campaigns and travel
information audience for advertisers.
2/4/2013
Apogea S.A.
Evanea
$5.0
$0.4
12.3x
1/24/2013
NextBus Inc.
Cubic Transportation
Systems, Inc.
$20.7
NA
NA
Provides real-time transportation information to the passengers and managers of public
transit.
1/18/2013
Telanetix, Inc.
Intermedia.net, Inc.
$47.4
$31.2
1.5x
Operates as a cloud based Internet protocol (IP) voice services company.
12/24/2012
Emesa B.V.
Cyrte Investments B.V.
$130.1
NA
NA
Operates travel and leisure Websites.
12/21/2012
trivago GmbH
Tron NewCo GmbH
$932.3
NA
NA
Provides online services for travelers.
12/19/2012
PS Yandex.Money, LLC
Sberbank
$80.0
$12.5
6.4x
Develops and provides payment solutions for Internetusers to pay for purchases or top up
phones online.
12/11/2012
TripAdvisor Inc.
Liberty USA Holdings LLC
$8,782.6
$731.4
12.0x
Operates as an online travel research company, empowering users to plan and have the
perfect trip.
11/26/2012
HotPads, Inc.
Zillow, Inc.
$16.0
NA
NA
Provides Internet content and marketing services for the automotive industry, primarily in
the People’s Republic of China.
11/22/2012
STH Ltd.
Claranet Limited
$87.6
NA
NA
Provides on-demand computing and communication services for businesses in the United
Kingdom.
11/8/2012
Kayak Software Corporation
priceline.com Incorporated
$674.1
$282.8
2.4x
Provides online travel search services.
11/2/2012
Bitauto Holdings Limited
AutoTrader Group, Inc.
$187.5
$148.9
1.3x
Provides Internet content and marketing services for the automotive industry, primarily in
the People’s Republic of China.
10/26/2012
XING AG
Burda Digital GmbH
$278.0
$91.3
3.0x
Engages in the operation of a professional networking Web site primarily in Germany,
Australia, and Switzerland.
10/23/2012
Qype GmbH
Yelp Ireland Ltd.
$48.8
NA
NA
Operates as an online urban city guide that helps people find places to eat, shop, drink,
relax, and play based on the informed opinions of a community of locals in the know
10/17/2012
Zmanda, Inc.
Carbonite, Inc.
$14.8
NA
NA
Provides cloud based open source backup and recovery software for small to mid size
companies worldwide.
10/10/2012
Pizu Group Holdings Limited
Undisclosed Buyer
$21.0
$9.2
2.3x
Engages in the development and provision of Internet learning card, school network
integration services, information technology solutions to schools and entities
10/9/2012
Pardot, LLC
ExactTarget, Inc.
$96.2
$11.1
8.6x
Provides cloud-based B2B marketing automation software solutions for companies with
multi-touch sales cycles.
9/20/2012
Digital Adventure, Inc.
SeungHwa Industry corp.
$9.3
$65.0
0.1x
Provides digital content distribution services through the Internet.
9/17/2012
Comviva Technologies Limited Tech Mahindra Limited
$71.9
NA
NA
Provides mobile solutions beyond VAS to mobile operators and service providers
worldwide.
9/4/2012
Mobcast Services Ltd
Tesco PLC
$7.1
NA
NA
Operates as a software provider of cloud-based digital book platforms.
8/26/2012
About.com, Inc.
IAC Search & Media, Inc.
$300.0
$110.8
2.7x
Operates a content site and produces content on the Web primarily for Hispanics in the
United States.
8/21/2012
allesklar.com AG
Axel Springer Digital
Classifieds GmbH
$64.6
NA
NA
Operates as a Web directory for the business-to-business markets.
8/20/2012
LeGuide.com S.A.
Lagardere Active SAS
$128.0
$42.6
3.0x
Publishes Internet e-business information sites for e-consumers to shop online.
8/13/2012
ChinaNet Online Holdings, Inc. Undisclosed Buyer
$49.7
$40.7
1.2x
Offers business-to-business integrated Internet services for small and medium
enterprises’ sales networks in the People’s Republic of China.
8/9/2012
So-net Entertainment
Corporation
Sony Corporation
$1,676.5
$1,209.6
1.4x
Engages in providing Internet services in Japan and internationally.
8/9/2012
Nihon Unisys, Ltd.
Dai Nippon Printing Co. Ltd.
$1,119.5
$3,284.6
0.3x
Provides information and communication technology solutions in Japan.
Apogea S.A. offers business-to-business services such as telephony, audiotel and
Internet services.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 8 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Internet and Cloud Services (Continued)
Implied
Enterprise
EV /
Total Revenue Revenue
Date
Target
Buyer
Value ($mm)
($mm)
7/24/2012
AGL SAS
Cupid plc
$4.5
$7.9
Multiple Business Description
0.6x
Multimedia service provider, owns and operates the web portals ‘verif.
6/4/2012
Stream LLC
Sistema JSFC
$29.4
NA
NA
Provides content delivery services.
6/2/2012
ratioform Verpackungen GmbH Takkt AG
$254.5
$102.8
2.5x
Supplies packaging materials by mail order.
5/1/2012
Gyron Internet Limited
NTT Communications
Corporation
$75.3
NA
NA
Provides datacentre services.
3/30/2012
VeriSign Japan k.k.
Symantec Corporation
$88.9
$86.3
1.0x
Provides Internet security and information technology services in Japan.
5/25/2012
GlobalEnglish Corporation
Pearson plc
$4,300.0
$42.0
102.4x
Provides on-demand enterprise solutions for advancing enterprise fluency.
5/24/2012
PowerReviews, LLC
Bazaarvoice, Inc.
$127.8
$11.9
10.7x
Enables manufacturers, brands, and retailers to organize and manage consumer insights
to drive sales, increase traffic, shape R&D, and build brand loyalty.
5/22/2012
Ariba Inc.
SAP America, Inc.
$4,390.1
$501.8
8.7x
Provides collaborative business commerce solutions for buying and selling goods and
services in the United States and internationally.
5/21/2012
EDGAR Online Inc.
R.R. Donnelley & Sons
Company
$70.6
$31.5
2.2x
Creates and distributes financial data and public filings for equities, mutual funds, and
other publicly traded assets worldwide.
5/17/2012
Media General, Inc.,
Newspaper Business
World Media Enterprises Inc.
$142.0
NA
NA
Comprises newspapers including 63 daily and weekly titles in Virginia, North Carolina,
South Carolina and Alabama, in addition to digital assets, including websites and mobile
and tablet applications.
5/7/2012
SpeechCycle, Inc.
Synchronoss Technologies,
Inc.
$38.0
NA
NA
Provides customer experience management solutions.
5/3/2012
SlideShare Inc.
LinkedIn Corporation
$74.9
NA
NA
Operates an Internet community for sharing presentations.
5/2/2012
RentJuice Corporation
Zillow, Inc.
$37.4
$0.4
102.4x
5/1/2012
Funzio, Inc.
GREE International, Inc.
$210.0
NA
NA
Develops and markets social and mobile games.
5/1/2012
EasyLink Services
International Corporation
OpenText Corporation
$309.5
$183.7
1.7x
Provides communication applications that enable enterprises to communicate with their
customers, trading partners, and other third parties.
4/27/2012
Demandforce, Inc.
Intuit Inc.
$423.5
NA
NA
Develops and delivers Web-based applications.
4/23/2012
$1,250.0
NA
NA
Provides information, analytic tools, benchmarks, and services to the healthcare industry
in the United States.
4/23/2012
Thomson Reuters (Healthcare) Veritas Capital
Inc. (nka:Truven Health
Analytics Inc.)
Peer39 Inc.
MediaMind Technologies Inc.
$15.7
NA
NA
Provides semantic advertising solutions.
4/19/2012
Bekkoame Internet, Inc.
FreeBit Co., Ltd.
$7.5
$22.3
0.3x
Facilities-based Internet Service Provider.
4/15/2012
Marlin Equity Partners, LLC;
Marlin Equity III, L.P.
$49.6
NA
NA
Provide network control and content management capabilities to network administrators
and services providers.
4/11/2012
Openwave Systems Inc.,
Mediation and Messaging
Product Businesses
Hattrick Holdings Limited
Zattikka Plc
$29.4
NA
NA
Offers online gaming services.
4/9/2012
Instagram, Inc.
Facebook, Inc.
$1,000.0
NA
NA
Enables users to share photos with friends and family.
4/9/2012
Zhejiang Daily Media Group
Co.,Ltd
$56.6
NA
NA
Operates a network personal computer game platform in China.
4/1/2012
Shanghai Haofang Online
Information Technology Co.,
Ltd.
Customers Ltd.
DirectCash Payments Inc.
$209.4
$130.8
1.6x
Provides automated teller machine (ATM) services in Australia and New Zealand.
3/29/2012
IPTEGO GmbH
Acme Packet UK Ltd.
$21.3
NA
NA
Develops and provides software and hardware appliances for the voice over Internet
protocol (VoIP) industry.
3/23/2012
MediConnect Global, Inc.
Verisk Analytics, Inc.
$340.6
$45.5
7.5x
3/8/2012
Tudou Holdings Limited
Youku Inc. (nka:Youku Tudou
Inc.)
$721.8
$80.9
8.9x
Provides online medical record retrieval, digitization, coding, extraction, and analysis
services for health and life insurance companies, law firms, and medical service providers
worldwide.
Operates as an Internet video company in China.
3/8/2012
Loopt, Inc.
Green Dot Corporation
$32.1
NA
NA
Provides social-mapping services.
Provides online Rental Relationship Management (RRM) software for real estate
professionals.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 9 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Software
Implied
Enterprise
Date
Target
Buyer
2/19/2013
SeaPass Solutions Inc.
ICG Group, Inc.
2/8/2013
Nano Media Inc.
Oak Capital Corporation
1/30/2013
Online Resources Corp.
ACI Worldwide, Inc.
1/25/2013
Angoss Software Corp.
1/21/2013
EV /
Total Revenue Revenue
Multiple Business Description
Value ($mm)
($mm)
$86.7
NA
NA
SeaPass Solutions Inc. develops and markets information technology solutions that
enable national insurance carriers, agents, brokers, banks, and wholesalers to transmit
and receive data.
NA
$2,362.7
NA
Nano Media Inc. plans and develops mobile sites and mobile applications primarily in
Japan.
$237.6
$161.7
1.5x
Develops and supplies its proprietary Digital Payment Framework to enable ePayment
choices between consumers and financial institutions, creditors, and billers in the United
States.
Peterson Partners LP
$7.8
$6.6
1.2x
Provides predictive analytics software and solutions primarily to financial services,
insurance, retail, health care, and information communication and technology
organizations.
ZETO Bydgoszcz SA
Asseco Systems sp. z o.o.
$29.0
NA
NA
Provides software, hardware, and information technology (IT) services to business,
insurance, and public administration sectors in Poland.
1/8/2013
Chyun Huei Health
Technologies Inc.
Tatung Medical Healthcare
Technologies Co., Ltd.
$5.7
NA
NA
Offers health care software research and development, providing solutions for medical
treatment and related consultant services.
1/2/2013
Globant, Inc.
WPP plc
$350.0
NA
NA
Provides software product development, application migration, and information technology
maintenance outsourcing services.
12/28/2012
Acuo Technologies, LLC
Perceptive Software, Inc.
$45.0
NA
NA
Provides software and services for intelligent medical image lifecycle management and
data migration internationally.
12/28/2012
CEBOS, Ltd.
QAD Inc.
$5.0
$4.5
1.1x
Provides enterprise wide quality management and management system standard software
and services that enable organizations to save various hours complying with management
standard requirements.
12/27/2012
Servage AB (publ)
$4.3
$5.3
0.8x
Provides cloud computing solutions in Sweden and internationally. The company offers on
demand based software applications and subscription-based services.
12/21/2012
Liquent, Inc.
Getupdated Internet Marketing
AB (publ) (nka:Oniva Online
Group Europe AB (publ))
PAREXEL International
Corporation
$72.0
NA
NA
Designs software and service solutions that support the regulatory business processes of
life sciences companies.
12/21/2012
Trans Infotech Pte. Ltd.
Wirecard AG
$33.6
NA
NA
Designs and develops payment software solutions to financial and non-financial
industries.
12/19/2012
Eloqua, Inc.
Oracle Corporation
$871.0
$90.1
9.7x
Provides on-demand revenue performance management software solutions for
businesses.
12/19/2012
ManageIQ, Inc.
Red Hat, Inc.
$105.0
NA
NA
Provides infrastructure management software solutions.
12/17/2012
Inzi Soft Co.,Ltd.
MobileLeader Co., Ltd.
$7.7
$4.5
1.7x
Provides image processing and security software solutions
12/17/2012
Compuware Corporation
Elliott International Ltd; Elliott
Management Corporation;
Elliott Associates, L.P.
$2,350.7
$965.9
2.4x
Provides software solutions, professional services, and application services worldwide.
12/14/2012
OneMove Technologies Inc.
Plantro Ltd.; Seastone
Investments Limited
$4.6
$2.4
1.9x
Engages in the development and marketing of Internet-based software applications and
services related to the transfer of real estate in Canada.
12/14/2012
Shanghai Huateng Software
Systems Co., Ltd.
Chinasoft International Ltd.
$43.7
NA
NA
Offers application software development and computer system integration services.
12/12/2012
NC Interactive, Inc.
Undisclosed Buyers
$70.6
NA
NA
Develops and publishes online entertainment software products.
12/5/2012
Technology One Limited
Undisclosed Buyers
$385.1
$177.4
2.2x
Develops, markets, sells, implements, and supports integrated enterprise business
software solutions in Australia, New Zealand, the United Kingdom, and Malaysia.
11/28/2012
Invensys Rail Pty Ltd
Siemens Aktiengesellschaft
$2,635.6
$1,239.9
2.1x
Provides software based signalling, communication and control systems for trains and
mass transit networks.
11/28/2012
Retalix Ltd.
Permira Advisers Ltd.;
Spectrum Equity Investors;
Permira Investments Limited;
$613.5
$266.9
2.3x
Provides integrated software solutions and services to supermarkets, convenience stores,
fuel stations, drugstores, and department stores worldwide.
11/15/2012
Cloupia, Inc.
Cisco Systems, Inc.
$125.0
NA
NA
Provides cloud automation and management software solutions to small, medium, and
large enterprises.
11/8/2012
LMS International NV
Siemens Product Lifecycle
Management Software Inc.
$915.1
NA
NA
Offers mechatronic simulation software, testing systems, and engineering services for
automotive, aerospace, and other manufacturing industries.
11/1/2012
JDA Software Group Inc.
RedPrairie Corporation
(nka:JDA Software Group)
$1,804.3
$657.8
2.7x
Provides enterprise software solutions worldwide.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 10 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Software (Continued)
Implied
Enterprise
Date
Target
Buyer
10/24/2012
Pokelabo, Inc.
Gree, Inc.
10/21/2012
Ancestry.com Inc.
10/18/2012
TCS e-Serve Limited
Permira Advisers Ltd.;
Spectrum Equity Investors;
Permira Investments Limited;
Tata Consultancy Services
Limited
10/17/2012
Motex Inc.
10/16/2012
EV /
Total Revenue Revenue
Multiple Business Description
Value ($mm)
($mm)
$174.2
NA
NA
Engages in the development and marketing of mobile social games.
$1,544.4
$460.2
3.4x
Operates as an online family history resource for subscribers worldwide.
$1,017.6
$356.6
2.9x
Engages in providing business process services to the banking and financial services,
travel, tourism, hospitality, and energy and utilities industries.
Kyocera Communication
Systems Co., Ltd.
$124.7
$38.1
3.3x
Offers security software services.
T-Chek Systems, Inc.
Electronic Funds Source, LLC
$302.5
$49.3
6.1x
Provides business-to-business spend management and payment processing services.
10/2/2012
Zephyr Associates, Inc.
Informa Investment Solutions,
Inc.
$62.0
NA
NA
Provides investment analysis software to financial professionals worldwide.
10/2/2012
Viewdle, Inc.
Motorola Mobility Holdings,
Inc.
$45.0
NA
NA
Enables the creation of new user experiences in mobile gaming, social networking, social
media, advertising, and marketing.
10/1/2012
ClickMotive LP
DealerTrack, Inc.
$56.6
NA
NA
Develops and delivers interactive marketing software primarily for the automotive industry.
10/1/2012
Heiler Software AG
Informatica Deutschland AG
$89.2
$25.9
3.4x
Provides enterprise product information management, and enterprise e-procurement
solutions in Europe, North America, and the Asia-Pacific.
9/25/2012
Cadillac Jack, Inc.
Amaya Gaming Group Inc.
$177.0
$78.5
2.3x
Designs, manufactures, and markets games and systems.
9/13/2012
Sensage, Inc.
The KEYW Holding
Corporation
$85.7
$12.1
7.1x
Provides security information and event management (SIEM), and data warehousing
software solutions.
9/13/2012
Distra Pty Ltd.
ACI Worldwide, Inc.
$48.8
NA
NA
Develops payments applications for payments processors, financial institutions, and other
institutions operating in the payments chain in Australia and the United Kingdom.
9/4/2012
Mobcast Services Ltd
Tesco PLC
$7.1
NA
NA
Operates as a software provider of cloud-based digital book platforms.
8/26/2012
Deltek, Inc
Thoma Bravo Fund IX L.P.;
Thoma Bravo, LLC
$1,028.8
$341.3
3.0x
Provides enterprise software and information solutions for project-focused organizations in
the professional services and government contracting markets worldwide.
8/25/2012
Kenexa Corp.
International Business
Machines Corporation
$1,308.7
$318.0
4.1x
Provides software-as-a-service solutions that enable organizations to recruit, retain, and
develop employees.
8/24/2012
TMW Systems, Inc.
Trimble Navigation Limited
$335.0
$96.0
3.5x
Provides enterprise software solutions to transportation and logistics companies.
8/13/2012
Pervasive Software Inc.
Actian Corporation
$227.7
$50.7
4.5x
Delivers software to manage, integrate, and analyze data in the cloud or on-premises
throughout the data lifecycle.
8/12/2012
Comverse Technology Inc.
Verint Systems Inc.
$1,471.9
$1,595.3
0.9x
Provides software-based products, systems, and related services for wireless, wireline,
and cable network communication service providers.
8/10/2012
VanceInfo Technologies Inc.
$360.6
$338.3
1.1x
Engages in providing information technology (IT) consulting services.
8/10/2012
UC4 Software GmbH
HiSoft Technology
International Limited
(nka:Pactera Technology
I
i
l LAB;
d ) EQT VI
EQT
Partners
$282.5
$76.5
3.7x
Designs and develops Internet-based information technology (IT) process automation
software.
Fund
7/31/2012
Oversi Networks Ltd.
Allot Communications Ltd.
$21.0
NA
NA
Provides media caching and content delivery solutions for Internet video and peer-to-peer
(P2P) traffic.
7/30/2012
20-20 Technologies Inc.
Vector Capital
$71.8
$69.9
1.0x
Develops, sells, and licenses desktop and Web-based computer-aided design, sales, and
manufacturing software solutions for the furniture and interior design industries.
7/26/2012
Zencoder, Inc.
Brightcove, Inc.
$32.5
$1.4
23.0x
Provides cloud-based video and audio encoding software as a service solutions.
7/21/2012
Nicira Networks, Inc.
VMware, Inc.
$1,260.0
NA
NA
Offers software that virtualizes the network.
7/17/2012
Socialcam Inc.
Autodesk, Inc.
$60.0
NA
NA
Develops a video sharing application for capturing, editing, and sharing videos from
smartphones.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 11 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Communications
Implied
Enterprise
Date
Target
Buyer
2/26/2013
Baja Broadband, LLC
TDS Telecommunications
Corporation
2/22/2013
EV /
Total Revenue Revenue
Multiple Business Description
Value ($mm)
($mm)
NA
$12.6
NA
Baja Broadband, LLC, a telecommunications company, offers residential and commercial
video, high speed Internet, voice, and data services.
Alvarion Ltd., Carrier Licensed Telrad Networks Ltd.
Division
$12.1
NA
NA
Alvarion Ltd., Carrier Licensed Division comprises broadband wireless access equipment
and base stations hardware development and sale activities.
2/18/2013
PT Sarana Menara Nusantara
Tbk
Undisclosed Buyers
$32.2
$52.9
NA
PT Sarana Menara Nusantara Tbk, through its subsidiary, PT Profesional Telekomunikasi
Indonesia, engages in the ownership, operation, and leasing of tower sites in Indonesia.
2/14/2013
AWIND Inc.
Barco NV
$7.1
$7.9
0.9x
AWIND Inc. provides wireless projection solutions in Taiwan and internationally.
2/7/2013
Locus AS
Enghouse Systems Limited
$14.0
$18.0
0.8x
Locus AS develops and provides integration, software, and systems for the management
of fleets of vehicles and/or mobile users.
2/7/2013
Hellas-Sat S.A.
Arabsat Cyprus Limited
$210.0
$31.0
6.8x
HELLAS-SAT S.A. offers satellite communication services. The company is based in
Maroussi, Greece.
2/6/2013
Innopac Holdings Limited
Undisclosed Buyers
$524.3
$24.6
21.3x
Innopac Holdings Limited, through its subsidiaries, provides telecommunication services
in Singapore and other Asian countries.
2/4/2013
Acme Packet, Inc.
Oracle Corporation
$1,645.6
$274.4
6.0x
Acme Packet, Inc. provides session delivery network solutions that enable the delivery of
voice, video, data, and unified communications services and applications across Internet
protocol networks.
2/1/2013
VIVARO Corporation
Next Angel LLC
$30.5
NA
NA
VIVARO corporation provides telecommunications and financial services and products to
the Hispanic community in the United States.
2/1/2013
Trans National
Blue Casa Inc.
Communications International,
Inc.
$14.0
NA
NA
Trans National Communications International, Inc. provides integrated
telecommunications solutions for small to medium sized businesses in the United States
and internationally.
1/29/2013
Warid Telecom (Pvt) Limited
NA
NA
NA
Provides cellular telecommunication services based in Pakistan.
1/28/2013
Motorola Solutions (Shanghai) Undisclosed Buyers
Co.,Ltd.
$125.7
NA
NA
Designs and produces consumer and commercial telecommunication products that
include family radio services, commercial two-way radios, and FM mobile radios.
1/23/2013
Intucell Ltd.
Cisco Systems, Inc.
$475.0
NA
NA
Provides self optimizing network solutions to mobile operators worldwide.
1/21/2013
Allied Wireless
Communications Corporation,
Alltel Assets
AT&T Mobility LLC
$780.0
NA
NA
Comprises Alltel's U.S. retail wireless operations.
1/21/2013
Optimus SGPS SA
ZON Multimédia Serviços de
Telecomunicações e
Multimédia SGPS SA
$1,066.4
NA
NA
Owns and operates a mobile network and fixed communications network which includes
transmission, backbone, and local access.
1/13/2013
Companhia de
Telecomunicacoes de Macau
S.A.R.L.
CITIC Telecom International
Holdings Limited
$11,392.5
$4,068.4
2.8x
Provides telecommunications services in Macau.
1/10/2013
Shin Corporation Public
Company Limited
Thai NVDR Co., Ltd.
$212,519.3
$8,544.8
24.9x
Engages in the telecommunications, media, and advertising businesses in Thailand and
internationally.
12/12/2012
Clearwire Corporation
Sprint Nextel Corp.
$8,853.3
$1,315.3
6.7x
Provides fourth generation wireless broadband services in the United States.
12/4/2012
Maxcom Telecomunicaciones
S.A.B. de C.V.
Ventura Capital Privado S.A.
de C.V.
$2,921.9
$2,229.9
1.3x
Operates and provides voice and data services to residential and small and medium-sized
business customers in Mexico.
11/26/2012
France Pylônes Services
Antin Infrastructure Partners
S.A.S.
$241.2
NA
NA
Owns and manages telecom towers and provides hosting services to telecom operators.
11/15/2012
E-Plus Mobilfunk GmbH & Co. American Tower Corporation
KG, Over 2000 Tower Sites in
Germany
Mfone Co.,Ltd.
INT Management Service
Corporation Limited
$1,946.0
NA
NA
Comprises 2,000 KPN tower sites and is located in Germany.
$98.4
$40.5
2.4x
Provides telecommunication services for customers in Cambodia.
11/13/2012
Warid Telecom Pakistan LLC
11/13/2012
Reggefiber BV
Koninklijke KPN N.V.
$990.0
NA
NA
Constructs, manages, and exploits optical fiber networks to the home networks and
dwellings in the Netherlands.
11/6/2012
U.S. Cellular Corp., Business
Operations in Parts of Five
States
Sprint Spectrum L.P.;
SprintCom, Inc.
$480.0
$489.0
1.0x
Comprises personal communications service (PCS) spectrum, commonly used in mobile
voice and data services, and about 585,000 customers or about 10 percent of U.S.
Cellular's total customer base.
10/31/2012
Pro Brand International, Inc.
Sandmartin International
Holdings Limited
$29.4
$169.7
0.2x
Manufactures and distributes a line of digital LNB and satellite accessories.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 12 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Clean Technology
Implied
Enterprise
EV /
Total Revenue Revenue
Date
Target
Buyer
Value ($mm)
($mm)
2/26/2013
Iberdrola Renewables Polska
Sp. z.o.o.
PGE Polska Grupa
Energetyczna S.A.; ENERGA
SA
$352.1
NA
Multiple Business Description
NA
Operates as a producer of electricity by utilizing wind energy.
2/22/2013
Baicheng Fuyu Wind Power
Co., Ltd.
Hangtian MinJian New Energy
Investment
$13.4
$5.6
2.4x
Owns and develops wind farms and generates electricity though wind energy.
2/22/2013
Orient Green Power Company Shriram Industrial Holdings
Limited
Pvt. Ltd.
$379.2
$71.5
5.3x
Operates as an independent operator and developer of renewable energy power plants in
India
2/13/2013
TerniEnergia SpA
Undisclosed Buyer
$192.2
$67.8
2.8x
Engages in the design, installation, marketing, remote control, and maintenance of
industrial photovoltaic systems primarily in Italy.
2/6/2013
Greencoat Capital LLP;
Greencoat UK Wind PLC
$208.7
NA
NA
Generates electricity through wind energy.
2/20/2013
Tappaghan Ltd. and Bin
Mountain Ltd. and Carcant
Limited and 50% of Braes of
D
LiEnergy
i d GmbH
Ambrian
HGM Energy GmbH
$2.7
NA
NA
Supplies bio-diesel and other biofuels to Europe and Asia.
1/28/2013
Cascade Kelly Holdings LLC
Global Partners LP
$98.0
NA
NA
Engages in the production of fuel-grade ethanol from corn.
1/28/2013
Soleco S.r.l and Tecnoenergy
S.r.l
Ellomay Capital Ltd.
$33.2
NA
NA
Owns and operates photovoltaic plants for solar power generation.
1/10/2013
CLWP Brasil LTDA
Tractebel Energias
Complementares
Participações Ltda.
$11.5
NA
NA
Develops wind farms in Brazil.
1/4/2013
Superdreampower Company
Limited
The International Engineering
Public Company Limited
$3.7
NA
NA
Engages in electricity generation and transmission from solar power.
12/31/2012
Iberdrola Renovables France
SAS
$520.4
NA
NA
Owns and operates 32 wind parks with total power of 321.4 megawatts
12/28/2012
Ningxia Electric Power
Corporation
General Electric Company;
MEAG MUNICH ERGO Asset
Management GmbH; EDF
E
i NCorporation
ll S AOf
Aluminum
$925.6
NA
NA
Engages in the development and construction of thermal power generation, wind power,
wind turbines, and the coal chemical industry.
$135.1
NA
NA
Owns and operates photovoltaic plants.
$6.0
NA
NA
Develops solid oxide fuel cell (SOFC) power generation systems for residential,
commercial, industrial, and government applications.
$1,117.5
NA
NA
Owns and operates wind power projects with an installed capacity of 636 mega watts.
China Limited
12/28/2012
Apollo Srl
Rete Rinnovabile S.r.l.
12/20/2012
Versa Power Systems, Inc.
FuelCell Energy Inc.
12/5/2012
IP Maestrale Investments Ltd.
ERG SpA
11/23/2012
Western Wind Energy Corp.
Brookfield BRP Holdings
(Canada) Inc.
$15.5
$28.6
0.5x
Engages in the development, ownership, and operation of wind and solar generating
facilities.
11/15/2012
GCL Solar Energy, Inc., Two
Solar Photovoltaic (PV)
Projects in California
Undisclosed Buyer
$200.0
NA
NA
Comprises two solar photovoltaic projects with a production capacity of 48 megawatts.
11/6/2012
Borealis Infrastructure Trust
EDP Renováveis, S.A.,
Portfolio of Four Wind farms in
US
$15.5
NA
NA
Engages in the development, ownership, and operation of wind and solar generating
facilities.
10/11/2012
AgroEnergyTechnology
Danford & Co.
$15.5
NA
NA
Processes plant waste and produces biogas
10/5/2012
A 4.7 MW Solar Photovoltaic
System in California
Pardee Resources Co.
$14.8
NA
NA
Comprises a solar photovoltaic system with an approximate capacity of 4.7 MW and is
located in California
10/2/2012
Desert Sunlight Solar Farm
Sumitomo Corporation of
America
$200.0
NA
NA
Comprises a 550megawatt photovoltaic solar farm that produces electricity to power about
160,000 California homes and is spread over an area of 3,800 acres
9/17/2012
Green Energy Holding
Company Limited
Beijing Development Hong
Kong Ltd.
$1,075.9
NA
NA
Provides domestic garbage incineration-power generation.
9/12/2012
Tournevent SA and Verivent
SA and Windpark Jaunpass
AG
Services Industriels de
Geneve
$4.3
NA
NA
Produce and distribute electrical energy from wind farms.
9/11/2012
OwnEnergy, Inc.
NJR Clean Energy Ventures
Corporation
$44.0
NA
NA
Develops mid-sized utility scale wind projects (10-80 megawatts) for commercial purposes
in the United States.
9/5/2012
Aion Renewables SpA, 30 MW AVELAR Energy Ltd.
PV Plants
$61.8
NA
NA
Comprises 30 PV plants with a combined capacity of 30MW.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 13 of 35
Monthly Technology Newsletter
February 2013
MERGERS & ACQUISITIONS
Select Clean Technology (Continued)
Implied
Enterprise
EV /
Total Revenue Revenue
Date
Target
Buyer
Value ($mm)
($mm)
8/14/2012
PNE Gode Wind I GmbH and
PNE Gode Wind II GmbH and
PNE Gode Wind III GmbH
DONG Energy AS
$193.4
NA
Multiple Business Description
NA
Generates electricity using wind energy
8/13/2012
Ningxia Electric Power
Corporation
Aluminum Corporation Of
China Limited
$925.4
NA
NA
Engages in the development and construction of thermal power generation, wind power,
wind turbines, and the coal chemical industry.
8/6/2012
200 Megawatt Prairie Rose
Wind Farm
GE Energy Financial Services
$305.9
NA
NA
Acquired by Enel Green Power S.p.A. 200 Megawatt Prairie Rose Wind Farm comprises a
wind farm with an approximate capacity of 200 megawatts and includes 119 1.
8/1/2012
FPL Energy American Wind,
LLC, Montfort Energy Center
Wisconsin Energy Corp.
$27.0
NA
NA
Comprises a wind farm with an approximate capacity of 30 megawatt.
7/10/2012
50% stake in Bonollo Energia DISTILLERIE BONOLLO SpA
S.p.a and 50% stake in Bonollo
O&M Srl
$14.9
NA
NA
Owns and operates biomass energy plant with a production capacity of 10.5 megawatts
and manages and maintains power plants based in Anagni, Italy.
7/2/2012
Geothermal One Inc.
Earth Heat Resources Ltd
$5.9
NA
NA
Operates as a geothermal company which builds and operates geothermal power plants.
6/6/2012
Magaz Fotovoltaica S.L.U.
MR RENT-Investment GmbH
$5.8
NA
NA
Owns and operates photovoltaic power generation plant.
6/12/2012
Vestas Wind Systems A/S,
Wind Turbine Tower Plant
Titan Wind Energy (Suzhou)
Co., Ltd.
$19.2
NA
NA
Owns and operates a wind turbine tower plant in Suzhou, China.
6/12/2012
Bangkhenchai Co., Ltd.
CK Power Limited
$16.7
NA
NA
Engages in the production of electricity by solar energy.
5/31/2012
Eco Energy World Limited
$59.5
NA
NA
Comprises a 24 megawatt Photovoltaic Power Station in Catanzaro, Italy.
5/29/2012
Zhongli Science And
Technology Group Co., Ltd.,
24MW Photovoltaic Power
S
C Enerji Ltd.
Galata Wind
Dogan Enerji Yatirimlari
Sanayi ve Ticaret A.S.
$214.7
NA
NA
Operates as a wind power generation company that developed Edincik WPP (30
megawatts), Tatlıpınar WPP (80 megawatts) and Şah WPP (93 megawatts) power
producing plants in Balıkesir-Bursa region.
5/21/2012
SPP Two Company Limited
Electricity Generating Public
Company Limited
$11.7
NA
NA
Owns and operates a solar power plant and generates electricity through solar energy.
5/22/2012
Enerfín Enervento, S.A.
Elecnor SA
$129.6
NA
NA
Enerfin Enervento S.A. operates wind farms in Spain and generates electricity through
wind energy.
5/15/2012
Solar Power Plant Waldhaus
Wattner Aktiengesellschaft;
Wattner SunAsset 3
$10.2
NA
NA
Comprises solar power plant that generates solar energy at a capacity of 4 megawatts
5/14/2012
AGL Energy Limited, 53 MW
Hallett 5 Wind Farm
Eurus Energy Holdings
Corporation
$187.9
NA
NA
Operates as an integrated renewable energy company in Australia and involves in the
purchase and sale of gas and electricity; construction and/or operation of power
generation and energy processing infrastructure.
5/4/2012
Edison SpA
Transalpina di Energia S.r.l
$11,427.0
$15,711.9
0.7x
Produces electric power from hydroelectric and thermoelectric power plants, wind farms,
photovoltaic systems, and biomass systems.
4/24/2012
Absolute Power P Co., Ltd.
Electricity Generating Public
Company Limited
$4.1
NA
NA
Owns and operates biodiesel plants based in Nonthaburi, Thailand.
4/10/2012
Wind Energy Development
Co., Ltd.
Gunkul Engineering Public
Company Limited
$20.1
NA
NA
Generates electricity through wind energy.
4/5/2012
Torno I, II & III
Wattner Aktiengesellschaft;
Wattner SunAsset 2; Wattner
SunAsset 3
$64.0
NA
NA
Comprise solar power plants with a total capacity of 24 megawatts
4/4/2012
Suzlon Energy Limited.,
Windfarm Assets in India
Undisclosed Buyer
$40.0
NA
NA
Comprise wind power generation farms. The farms are located in India.
4/2/2012
Terra-Gen Operating Company EverPower Wind Holdings,
LLC, Alta VI Wind Farm
Inc.
$483.5
NA
NA
An electricity generating facility which generates electricity through wind energy with a
capacity of approximately 150 mega watts.
4/2/2012
Theistareykir hf.
Landsvirkjun
$48.4
NA
NA
Engages in the exploration and development of geo thermal projects.
3/29/2012
International Power plc
Electrabel SA
$9,500.0
$26,603.6
0.4x
Operates as an independent electricity generation company.
3/21/2012
BCI Cherganovo EOOD
H1 Venture Swiss Holding AG
$6.5
NA
NA
Owns, operates, and constructs renewable power plants.
Source: Capital IQ, 451 Group
Morgan Joseph TriArtisan LLC
Page 14 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Internet and Cloud Services
Amount
Raised
Date
Company
($mm)
Investors
Business Description
2/28/2013
Softonic International
S.L.
$107.9
Partners Group Holding AG
Operates a Website for software downloads around the world.
1/25/2013
StyleHaul Inc.
$6.5
Owns and operates an online video community through which it provides makeup and style
tutorial videos.
2/25/2013
UBank
$8.0
Bertelsmann Digital Media Investments; Bertelsmann
Digital Media Investments, L.P.; Siemer Ventures;
RezVen Partners LLC
Runa Capital; Runa Capital
2/21/2013
Zomato Media Pvt.
Ltd.
$10.1
Info Edge (India) Limited
Operates an online food guide, restaurant directory, and menu-pages Website for customers
to dine out or order food.
2/21/2013
Game Analytics ApS
$2.5
SunStone Capital LLC; CrunchFund; CrunchFund
Operates an online platform that provides analytics tools for game developers.
2/19/2013
Baby.com.br, Ltd.
$16.6
Undisclosed Investors
Owns and operates an e-commerce website through which it sells baby products such as toys,
strollers, diapers, furniture, and clothing.
2/12/2013
TVU networks
Corporation
$7.1
Altos Ventures; New Atlantic Ventures; SOFTBANK
Ventures Korea Inc.
Provides wireless electronic newsgathering and Internet broadcasting solutions for broadcast
organizations internationally.
2/8/2013
Illumio
$8.0
Andreessen Horowitz; Juniper Networks, Investment
Arm; Junos Innovation fund
Offers cloud security Internet services in California.
2/5/2013
MediaShift, Inc.
$7.0
Undisclosed Investors
Provides digital advertising technology solutions.
2/5/2013
Ourpalm Co., Ltd.
$43.3
Undisclosed Investors
Develops, publishes, and operates mobile terminal and Internet games in China.
1/29/2013
SimilarGroup Ltd.
$2.5
Docor International B.V.; Naftali Investments S.S. Ltd.
Provides Web services for Internet users to search related content on the Web.
1/29/2013
Convercent
$10.2
Azure Capital Partners; City National Bank; Mantucket Provides cloud-based governance, risk, and compliance management software for companies
Capital
worldwide.
1/29/2013
Magnify Networks,
Inc.
$7.0
Undisclosed Investors
Provides cloud-based video curation solutions to online publishing, non/profits, communities,
brands, and advertising networks.
1/28/2013
ChaCha Search, Inc.
$14.0
Rho Capital Partners, Inc.; VantagePoint Capital
Partners; QUALCOMM Ventures
Provides a real-time mobile and online answers service.
1/28/2013
Zoom Video
Communications, Inc.
$6.0
QUALCOMM Ventures
Offers cloud-based video meeting and conferencing services.
1/23/2013
Apperian, Inc.
$4.6
Intel Capital
Develops cloud based mobile application management solutions for developers and enterprise
IT professionals.
1/10/2013
Internet Services
Australia 1 Pty
Limited
$0.0
Summit Partners; Tengelmann Ventures GmbH
Retails fashion, sport, surf and skate, and beauty products for men, women, and kids online.
1/18/2013
AppNexus, Inc.
$75.0
Technology Crossover Ventures; Venrock; Tribeca
Venture Partners
Offers cloud-based real-time advertising platform for global ad networks, demand-side
platforms (DSPs), and other online advertising companies.
1/17/2013
Intigua Inc.
$8.6
Bessemer Venture Partners; Cedar Fund
Provides virtualization and cloud computing solutions for monitoring and managing large-scale
infrastructure environments.
1/15/2013
Prosper Marketplace,
Inc.
$20.0
Accel Management Co, Inc.; Draper Fisher Jurvetson;
CrossLink Capital, Inc.; Sequoia Capital; Atlanticus
Holdings Corporation; Omidyar Network; Volition
Capital LLC; TomorrowVentures, LLC; QED Partners
LLC; QED Fund I, L.P
Operates as a peer-to-peer lending marketplace in the United States.
1/14/2013
The Hut Group Ltd.
$14.5
Artemis Fund Managers Limited; River Island Clothing Engages in the online retail of women’s fashion, health and beauty, entertainment, gifting, and
Co., Ltd.
sports nutrition products.
1/9/2013
Shanghai Kuaipao
Information
Technology
$10.0
Morningside Ventures
Shanghai Kuaipao Information Technology operates a website for online booking of daily and
short-term leasing of houses
1/9/2013
BlueKite USA Inc.
$1.5
PeopleFund
Provides a Web-based platform to make cross border bill payments for immigrants, money
stores, and utilities in Central and Latin America.
1/8/2013
Panaya, Inc.
$16.0
Battery Ventures; Benchmark Capital; Hasso Plattner
Ventures Management GmbH
Offers cloud-based ERP upgrade and test automation services for SAP ERP and Oracle EBS
(E-Business Suite) customers.
Offers payment services through applications on the mobile.
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Page 15 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Internet and Cloud Services (Continued)
Amount
Raised
Date
Company
($mm)
Investors
Business Description
12/19/2012
Room 77, Inc.
$30.3
Sutter Hill Ventures; General Catalyst Partners;
Expedia Inc.; Felicis Ventures; Concur Technologies,
Inc., Investment Arm
Operates as a hotel search and booking engine.
12/19/2012
Contagious Media,
LLC
$19.4
Operates an online media Website that allows users to post images, videos, links, and
comments.
12/18/2012
uShip, Inc.
$18.4
New Enterprise Associates; RRE Ventures LLC;
Hearst Interactive Media; SoftBank Capital; Lerer
Ventures
Kleiner, Perkins, Caufield & Byers
12/19/2012
Womensforum.com,
Inc.
$14.5
Hercules Technology Growth Capital, Inc.
Operates as an online community for women, baby boomers, teens, and girls.
12/14/2012
StudyBlue, Inc.
$6.0
Wisconsin Alumni Research Foundation, Endowment
Fund; Great Oaks Venture Capital LLC
Provides an Internet service that enables students to store lecture notes and make online
flashcards.
12/12/2012
Trustpilot A/S
$13.0
Index Ventures; Northzone Ventures; SEED Capital
Denmark
Provides online consumer reviews on various companies.
12/12/2012
Prescription Eyewear
Limited
$19.4
Operates as an online optical glasses store
12/12/2012
LLC KupiShoes
$13.0
Kreos Capital; Highland Capital Partners; Index
Ventures; Silicon Valley Bank; Acton Capital Partners
GmbH; GP Bullhound LLP, Investment Arm; GP
Bullhound Sidecar Fund
PPR SA.
12/10/2012
Dafiti
$64.9
Summit Partners; Investment AB Kinnevik; Quadrant
Capital Advisors, Inc.
Operates an e-commerce Website through which it sells shoes and accessories.
12/10/2012
TheBigWebsite Ltd.
$16.1
Palamon Capital Partners; Sirius Equity LLP
Operates as an online beauty retailer in Europe
12/7/2012
Udemy, Inc.
$12.0
Insight Venture Partners; MHS Capital Partners; Learn Operates a Website that empowers users to teach and learn online
Capital Venture Partners; Lightbank LLC
12/5/2012
Woven, Inc.
$15.0
Accel Management Co, Inc.
Operates an online platform that allows its users to create a newsfeed based on their
interests.
12/3/2012
Vdopia Inc.
$7.4
Undisclosed Investors
Provides an online video advertising network and technology services to brands and
advertisers.
12/3/2012
1stdibs.Com, Inc.
$42.0
Benchmark Capital; Index Ventures; Spark Capital
Operates an on-line market place for decorative arts.
12/3/2012
VivaReal Inc.
$15.0
Monashees Capital+; Valiant Capital Partners;
Monashees Capital+; Kaszek Ventures
Operates an online real estate marketplace.
11/28/2012
MyHeritage Ltd.
$25.0
Accel Management Co, Inc.; Bessemer Venture
Partners; Index Ventures
Operates a family network on the Web.
11/22/2012
Mediagrif Interactive
Technologies Inc.
$35.3
Fonds de solidarité FTQ
Provides e-commerce solutions for businesses.
11/16/2012
Wikia, Inc.
$10.9
Bessemer Venture Partners; Institutional Venture
Partners; Amazon.com Inc., Investment Arm
Provides hosting services that help online groups to share information, news, stories, media,
and opinions.
11/13/2012
Beijing Jingdong
Century Trading Co.,
Ltd.
$0.0
Ontario Teachers' Pension Plan; Kingdom Holding
Company; The Tiger Fund; Tiger Global Management
LLC
Engages in the online sale of clothes and accessories in China.
11/5/2012
zulily, Inc.
$85.0
Maveron LLC; MeriTech Capital Partners; Andreessen Provides online daily deals for apparel, gear, and other products for moms, babies, and kids.
Horowitz
11/1/2012
Hive Mind, Inc.
$10.0
Owns and operates an online platform offering cross-media social games.
10/16/2012
Glassdoor, Inc.
$20.0
Accel Management Co, Inc.; Comcast Ventures;
Hearst Interactive Media; EDB Investments Pte. Ltd.;
General Catalyst Partners; StarVest Partners, L.P.
Battery Ventures; Benchmark Capital; Sutter Hill
Ventures; DAG Ventures, LLC
10/18/2012
Nasuni Corporation
$20.0
North Bridge Venture Partners; Sigma Partners;
Flybridge Capital Partners
Provides cloud based storage as a service solutions around the globe.
10/25/2012
Vizury Interactive
Solutions Private
Limited
$9.0
Nokia Growth Partners; Inventus Capital Partners;
Ojas Venture Partners
Operates as an Internet marketing company.
Operates an online transportation marketplace that serves freight, household goods, and
vehicle shipping markets.
Operates an online shoe retail portal.
Operates as a free online jobs and career community.
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Page 16 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Software
Amount
Raised
Date
Company
Investors
Business Description
2/28/2013
HiringBoss Pte Ltd.
$5.0
JAFCO Co., Ltd.
Provides software-as-a-service applicant tracking software solutions for Asian businesses.
2/28/2013
ProcessUnity, Inc.
$5.0
Undisclosed Investors
Provides on-demand risk management software solutions to small, medium, and large
enterprises in various industries.
2/27/2013
Nexenta Systems,
Inc.
$24.0
Menlo Ventures; Sierra Ventures; Presidio STX, LLC;
TransLink Capital; Javelin Venture Partners; UMC
Capital Corporation; The Four Rivers Group;
WestSummit Capital; Razor’s Edge Ventures, LLC
Provides open source enterprise class storage software solutions.
2/20/2013
Compario S.A.
$9.3
I-Source Gestion; CDC Entreprises; Xange Private
Equity, S.A.; FSN PME, FCPR; CapitalAria
2/15/2013
TerraGo
Technologies, Inc.
$5.5
Undisclosed Investors
A Software-as-a-Service company, develops and markets connected commerce solutions to
optimize online browsing and product search, and facilitate the structure and management of
the Web catalogue.
Provides geospatial location software, and maps and imagery to produce, access, update, and
share geospatial information and applications.
2/15/2013
Retroficiency, Inc.
$4.0
Undisclosed Investors
Develops on-demand building efficiency intelligence software solutions to systematically
identify and qualify energy efficiency measures in commercial building portfolio.
2/13/2013
Cylance, Inc.
$15.0
Khosla Ventures; Fairhaven Capital Partners, LLC
A stealth security company, develops security software solutions for critical infrastructure
applications.
2/12/2013
Infinio Systems
Incorporated
$10.0
Bessemer Venture Partners; Highland Capital Partners Develops software solutions to address bottlenecks in virtual environments/storage
performance.
2/12/2013
Ziften Technologies,
Inc.
$5.0
Fayez Sarofim & Co.
Develops software for desktop administration in enterprises worldwide.
2/12/2013
Monetate, Inc.
$17.0
Undisclosed Investors
Owns and operates a Software-as-a-Service platform for Website A/B testing, multivariate
testing, targeting, and personalization.
2/8/2013
Drop the Chalk, Inc.
$2.1
New Markets Venture Partners; Two Sigma Ventures
Designs and develops education software to track student academic performances.
2/8/2013
Aggregate
Knowledge, Inc.
$11.4
Undisclosed Investors
A Software as a Service company, provides campaign and audience analytics for agencies
and advertisers, trading desks, Ad networks, DSPs and SSPs, publishers, and developers in
the United States and internationally.
1/23/2013
AppDynamics, Inc.
$50.0
1/23/2013
Puppet Labs, Inc.
$30.0
Greylock Partners; Institutional Venture Partners;
Provides application performance management for modern application architectures in the
Kleiner, Perkins, Caufield & Byers; Lightspeed Venture cloud and the data center.
Partners
VMware, Inc.
Provides information technology automation software for system administrators.
1/10/2013
Streetline, Inc.
$25.0
1/6/2013
$104.3
12/27/2012
China National
Software & Service
Company Limited
FireEye, Inc.
12/21/2012
Nook Media LLC
$89.5
Pearson plc
Develops digital reading applications.
12/20/2012
Infusionsoft, Inc.
$54.4
Goldman Sachs Group, Merchant Banking Division;
Arthur Ventures
Offers Web-based sales and marketing automation software for small businesses.
11/16/2012
Acquia, Inc.
$30.0
Provides products, services, and technical support for the open source Drupal social
publishing systems.
10/31/2012
Platfora, Inc.
$20.0
Goldman Sachs Group, Merchant Banking Division;
North Bridge Venture Partners; Sigma Partners;
Investor Growth Capital; Accolade Partners; Tenaya
C it l Ventures; Sutter Hill Ventures; Andreessen
Battery
($mm)
$50.0
Sutter Hill Ventures; QUALCOMM Ventures; RockPort Provides real-time parking solutions to cities, airports, universities, private garages, motorists,
Capital Partners; True Ventures; Fontinalis Partners,
and other private parking providers in the United States and internationally.
LLC; Citigroup Inc., Investment Arm
China Electronics Corporation
Provides in-house developed software products, industry solutions, and software outsourcing
services to government organizations and enterprises primarily in the People’s Republic of
China.
Norwest Venture Partners; Sequoia Capital; SVB
Provides malware protection systems (MPS) and network threat prevention solutions.
Capital; Juniper Networks, Inc.; JAFCO Ventures;
Goldman Sachs Group, Investment Banking and
Securities Investments
Develops data management software provider based on Hadoop.
Horowitz
11/13/2012
Xtime, Inc.
$23.0
11/1/2012
Flurry, Inc.
$25.0
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Benchmark Capital; Charles River Ventures; Goldman
Sachs Group, Merchant Banking Division; Matrix
Partners; Redpoint Ventures; Index Ventures
Draper Fisher Jurvetson; Draper Richards, L.P.;
InterWest Partners LLC; Menlo Ventures; CrossLink
Capital, Inc.; Union Square Ventures; First Round
C i l
Provides hosted Web scheduling and customer relationship management solutions for
automotive service departments in North America.
Offers mobile application analytics, acquisition, and monetization services to mobile
application developers on iOS and Android mobile platforms.
Page 17 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Software (Continued)
Amount
Raised
Date
Company
($mm)
Investors
Business Description
10/30/2012
Big Switch Networks
Inc.
$45.0
Goldman Sachs Group, Merchant Banking Division;
Redpoint Ventures; Index Ventures; Intel Capital;
Khosla Ventures
Provides solutions to transform networks into open software-defined networks.
10/30/2012
Conductor, Inc.
$20.0
Matrix Partners; FirstMark Capital, L.L.C.; Investor
Growth Capital
Provides SEO measurement and optimization technology solutions for enterprise marketers.
10/25/2012
Udacity, Inc.
$15.0
Charles River Ventures; Andreessen Horowitz
Offers online courses focusing on artificial intelligence and robotics.
10/18/2012
The Rainmaker
Group Ventures,
LLC.
$33.8
Benchmark Capital; Charles River Ventures; Goldman Provides total revenue management and profit optimization solutions for gaming and
Sachs Group, Merchant Banking Division; Matrix
hospitality, and multifamily housing industries in the United States and internationally.
Partners; Redpoint Ventures; Index Ventures
10/17/2012
Netbiscuits GmbH
$27.0
T-Venture Holding GmbH; CREATHOR VENTURE
Management GmbH; Stripes Group; SG Growth
Partners II
Operates B2B Web software platform for the creation, operation, and monetization of mobile
Websites.
10/6/2012
Deezer.com
$131.0
IDInvest Partners; Access Industries, Inc.
Provides free and legal music streaming website that allows users unlimited access to the
songs.
9/26/2012
Medallia, Inc.
$35.0
Sequoia Capital
Provides software-as-a-service customer experience and enterprise feedback management
solutions to financial services, retail, high-tech, business-to-business, and hotel companies in
the United States and internationally.
9/19/2012
Mobli
$22.0
Undisclosed Investors
Provides a real-time visual media platform made up of subject-based channels, such as
people, places, and topics.
9/14/2012
Robot-Hosting Ltd.
$30.0
Equity Partners Fund SPC
Develops artificial intelligence software solutions.
9/5/2012
Tenable Network
Security, Inc.
$50.0
Accel Management Co, Inc.
Provides unified security monitoring solutions for continuous monitoring and visibility of
vulnerabilities, configurations, user activity, and system events that impact network security
and compliance.
9/5/2012
Zendesk ApS
$45.0
Benchmark Capital; Charles River Ventures; Goldman Offers a Web application for customer care and support for companies.
Sachs Group, Merchant Banking Division; Matrix
Partners; Redpoint Ventures; Index Ventures
9/4/2012
PROGNOZ ZAO
$30.0
The European Bank for Reconstruction and
Development
Provides business intelligence (BI) and business performance management solutions for
corporations and government agencies.
9/4/2012
Desire2Learn
Incorporated
$80.0
New Enterprise Associates; OMERS Ventures
Provides enterprise eLearning solutions.
8/29/2012
Quirky Incorporated
$68.0
Kleiner, Perkins, Caufield & Byers; Norwest Venture
Partners; RRE Ventures LLC; Andreessen Horowitz
Enables users to submit product ideas for feedback from the Quirky community of users.
8/23/2012
Anhui USTC
iFLYTEK Co., Ltd.
$275.8
China Mobile Communication Co., Ltd.
Engages in the provision of Chinese speech and language technology products and services
for consumers, businesses, and government organizations.
8/20/2012
Magnet Systems, Inc.
$47.2
HTC Corporation
Develops a software platform for building enterprise applications with social and mobile
capabilities.
8/10/2012
Shanghai Han Tao
Information
Consultation Co. Ltd.
$60.0
Sequoia Capital China
Operates as an online city life guide and is an independent third-party consumer service rating
sites worldwide, committed to providing restaurant, shopping, entertainment, leisure and life
services through its interactive platform.
8/8/2012
IBT, S.A.
$100.0
BRZtech
Develops technology framework and applications for Websites and mobile applications.
7/24/2012
Coaxis, Inc.
$76.0
TA Associates Management, L.P.
Offers solutions to the construction industry in the United States and internationally.
7/19/2012
Apigee Corp.
$20.5
Bay Partners, LLC; Focus Ventures; Norwest Venture
Partners; SAP Ventures; Third Point LLC
Designs and delivers API tools and enterprise API management products for developers, API
providers, and enterprises in the United States and internationally.
7/24/2012
Xamarin Inc.
$12.0
Charles River Ventures; Ignition Partners;
FLOODGATE
Develops software development tools for mobile applications.
7/23/2012
Druva Software Pvt.
Ltd.
$25.0
Sequoia Capital India; Nexus Venture Partners
Provides continuous data protection, data deduplication, and disaster recovery solutions.
7/18/2012
Asana, Inc.
$28.0
Benchmark Capital; The Founders Fund; Andreessen
Horowitz
Develops collaboration software tools.
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Page 18 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Communications
Amount
Raised
($mm)
Date
Company
Investors
Business Description
02/26/2013
Bazile Telecom SA
$3.3
Naxicap Partners; Alto Invest; Citizen Capital
Partenaires SAS; Citizen Capital, FCPR
Manufactures mobile phones and offers telecommunication services.
02/21/2013
Trac ID Systems AS
$3.9
Northzone Ventures
Develops and markets system solutions for wireless identification, monitoring, and
communication for oil and gas, maritime, and aquaculture industries.
02/18/2013
Virgin Mobile Latin
America, Inc.
$20.0
02/15/2013
FiberZone Networks
Inc.
$16.4
02/12/2013
TVU networks
Corporation
02/04/2013
BR Towers S.A.
02/01/2013
Truphone Limited
01/28/2013
Padtec S/A
$82.0
01/23/2013
NCXX Inc.
$6.6
01/18/2013
Pantech Group
01/08/2013
$7.1
Virgin Group Ltd.; ePlanet Capital; Souter Investments A mobile virtual network operator, provides voice and data services to mobile users in Latin
LLP; Hermes Growth Partners; Himark Investments
America.
Inc.; Archimedia
Undisclosed Investors
Develops automated fiber management (AFM) solutions for datacenters and networks.
Altos Ventures; New Atlantic Ventures; SOFTBANK
Ventures Korea Inc.
Provides wireless electronic newsgathering and Internet broadcasting solutions for broadcast
organizations internationally.
GP Investments; Banco Bradesco S.A.
Operates telecommunication towers.
Undisclosed Investors
A mobile operator, provides mobile communication services to individuals, businesses, and
large enterprises in the United Kingdom and internationally.
BNDES Participações S/A - BNDESPAR; IdeiasNet,
S.A.; IdeiasNet FIP I
Manufactures and commercializes optical communications equipment and solutions.
Fisco Ltd.; KSP Holdings Corporation
Develops and sells communications equipment headquartered in Japan.
$24.7
QUALCOMM Ventures
Manufactures mobile phones.
DelfMEMS SAS
$10.7
01/04/2013
ORBCOMM, Inc.
$45.0
Iris Capital; Alliansys-Nord Creation SAS; Rhône-Alpes Engages in the research, development, production, and commercialization of radio-frequency
micro-electro-mechanical-systems switching technology for RF micro relay and switch market.
Création SA SCR; CDC Entreprises; Finorpa GIE;
INOVAM; Sopartec SA; Finorpa SCR; Alpes
Undisclosed Investors
Operates commercial wireless messaging system optimized for narrowband data
communications primarily in the United States and Japan.
01/03/2013
Broadband Media
Co., Ltd.
$262.3
09/25/2012
Ekahau, Inc.
12/21/2012
$50.3
$118.0
SK Telecom Co. Ltd.
Provides Video on Demand (VoD) and IPTV services.
$10.0
Nexit Ventures Oy
Provides Wi-Fi-based real time location systems.
Nsight
$90.0
Tailwind Capital Group, LLC
Provides telecommunications services in the upper Midwest.
12/20/2012
PT Platinum
Teknologi
$10.4
PT Solusi Tunas Pratama Tbk
Operates a fiber optic network of around 400-kilometer in Jakarta to provide internet
connection and data transfers services.
12/19/2012
GENBAND, Inc.
Undisclosed Investors
12/14/2012
VelaTel Global
Communications, Inc.
Provides Internet protocol (IP) infrastructure and application solutions by helping fixed, mobile,
and cable service providers around the world to evolve communications networks through IP
innovation.
Operates as a telecommunications carrier primarily in the People’s Republic of China and
Peru.
12/07/2012
Highline do Brasil
11/12/2012
Affirmed Networks,
Inc.
$52.0
11/07/2012
Nanjing Panda
Electronics Co. Ltd.
10/19/2012
10/18/2012
Shenzhen Keybridge
Communications Co.,
Ltd.
ItsOn, Inc.
10/15/2012
Sprint Nextel Corp.
$8,000.0
10/14/2012
Virgin Mobile Latin
America, Inc.
$100.0
$343.5
$12.0
$144.2
Ironridge Global Partners, LLC
P2 Gestão de Recursos Ltda.; P2 Brasil Private
Infrastructure Fund II, L.P.
Manufactures, installs, and rents antennas for cellular companies.
Operates as a stealthy telecom startup.
$210.6
Charles River Ventures; Matrix Partners; T-Venture
Holding GmbH; Lightspeed Venture Partners;
Vodafone Ventures
Nanjing Electronics Information Industrial Corporation
$111.5
Undisclosed Investors
$15.6
Develops, produces, and sells electronic manufacturing, electronic intelligent, electronic
equipment, and communication technology products primarily in the People’s Republic of
China.
Designs, develops, manufactures, and sells communication technology solutions, and related
software and hardware products.
Silver Lake; Andreessen Horowitz; SV Angel
Offers telecommunications services via telephone, satellite, and wireless devices.
SOFTBANK CORP.
Offers wireless and wireline communications products and services to individual consumers,
businesses, government subscribers, and resellers in the United States, Puerto Rico, and the
United States Virgin Islands.
Provides voice and data services to mobile users in Latin America.
Undisclosed Investors
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Page 19 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Clean Technology
Amount
Raised
Date
Company
2/28/2013
Dyesol Limited
Investors
Business Description
The National Industrialization Company
Engages in the industrialization and commercialization of dye solar cell technology
2/25/2013
Koch Industries, Inc.
$310.0
Undisclosed Investors
Operates in the businesses of refining, chemicals and biofuels; process and pollution control
equipment and technologies; minerals; fertilizers; polymers and fibers; commodity trading and
services; forest and consumer products; and ranching.
2/22/2013
Orient Green Power
Company Limited
$27.6
Shriram Industrial Holdings Private Limited
Operates as an independent operator and developer of renewable energy power plants in
India.
2/13/2013
Innovente Inc.
$2.0
Investissement Quebec, Investment Arm
Produces renewable energy from organic waste and residues in Canada.
2/11/2013
Carbon Friendly
Solutions, Inc.
$5.0
Undisclosed Investors
Engages in the development of clean energy technology, renewable energy, and reforestation
projects primarily in Canada, the United States, and Europe.
2/11/2013
Oxford Photovoltaics
Limited
$3.1
MTI Ventures Ltd; University Of Oxford, Endowment
Arm; University of Manchester Intellectual Property
Limited; UMIP Premier Fund
Manufactures thin film solar cell technology.
2/4/2013
Guangxi Guiguan
Electric Power Co.,
Ltd.
1/23/2013
OneRoof Energy, Inc.
$30.0
Hanwha Corp.
Develops, owns, and operates solar energy generation systems for the residential market in
the United States. It also sells, leases, and installs solar roofing systems.
1/22/2013
Bharat Light and
Power Private
Limited
$37.2
Draper Fisher Jurvetson; Ventureast Fund Advisors
India Limited; UTI Capital
Owns and operates wind, solar, bio mass, hydro, and gas power generation facilities based in
India.
12/28/2012
PsomasFMG, LLC
$10.0
Undisclosed Investors
12/13/2012
Scotrenewables Tidal
Power Limited
$12.3
Total SA; ABB Technology Ventures Ltd.
Designs, develops, finances, builds, and maintains solar systems for schools, businesses,
government, commercial industry, public agencies, and communities in Southern California
and Arizona.
Engages in the development of wind and marine energy in the United Kingdom and
internationally.
12/11/2012
Biorender AG
$9.6
Stadtwerk Winterthur; Sankt Galler Stadtwerke AG;
Technische Betriebe Wil
12/4/2012
San Carlos
BioPower, Inc.
$16.3
Greenergy Holdings Incorporated; ThomasLloyd Group Builds and operates biomass-fueled power plants located within the San Carlos Ecozone, San
Plc
Carlos City, Philippines.
11/28/2012
Sun Edison LLC
$314.0
Undisclosed Investors
Provides solar energy services.
11/15/2012
Renewable Power
Markets Access, Inc.
$75.0
Google Inc.
11/1/2012
Brookfield
Renewable Energy
Partners L.P.
$175.5
Undisclosed Investors
Engages in the development, ownership, and operation of wind generation projects in the
Midwest. Renewable Power Markets Access, Inc. was formerly known as Midwest Renewable
Energy Corporation and changed its name to Renewable Power Markets Access, Inc. in
JOwns and
200
operates renewable power generating facilities in Canada, the United States, and
10/24/2012
BrightSource Energy,
Inc.,
$130.2
10/18/2012
NSL Renewable
Power Private
Limited
Mainstream
Renewable Power
Ltd.
K.R.Energy S.p.A.,
through its
subsidiaries,
h
Innergex iRenewable
9/9/2012
8/3/2012
7/26/2012
($mm)
$4.1
$2,481.9
China Datang Corporation; Guangxi Investment Group Supplies hydro, thermal, and wind-powered electricity
Co., Ltd.; Guizhou Industrial Investment (Group) Co.,
Ltd., Asset Management Arm
Owns and operates biogas plants based in Münchwilen, Switzerland.
Brazil.
Designs, develops, and sells proprietary systems to produce energy in utility-scale electric
power plants in United States and internationally.
$50.0
Draper Fisher Jurvetson; Goldman Sachs Group,
Merchant Banking Division; VantagePoint Capital
Partners; Alstom SA; Chevron Technology Ventures
L.L.C.
Undisclosed Investors
$21.5
Undisclosed Investors
Engages in the development, building, and operation of renewable energy plants in Ireland
and internationally.
$43.3
Global Emerging Markets Limited; GEM Global Yield
Fund, L.P.
Engages in the production and sale of energy in Italy.
$122.4
Caisse de Depot et Placement du Quebec
Operates as an independent renewable power producer.
Engages in the development, operation, and management of renewable and conventional
energy projects in India.
Energy Inc.
7/24/2012
Biogen GwyriAD Ltd
$9.3
Iona Capital Ltd
Owns and operates anaerobic digestion food waste plants through which it generates
electricity.
7/13/2012
PJT Technology Co.,
Ltd.
$2.5
Iris Corporation Bhd.
Engages in investing, constructing, and managing a municipal waste incineration plant in
Phuket.
7/11/2012
Gaotai Taike
Photovoltaic Power
Co., Ltd.
$16.6
Shanghai Aerospace Automobile Electromechanical
Co., Ltd.
Operates photovoltaic power plant.
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Page 20 of 35
Monthly Technology Newsletter
February 2013
PRIVATE PLACEMENTS
Select Clean Technology (Continued)
Amount
Raised
Date
Company
($mm)
7/11/2012
Forvei, Tov
$0.0
Investors
Foresight Group; Venice SpA; CDC Infrastructure; Vei Comprises solar generation assets for a total installed power capacity of c.
Capital; Adenium Energy Capital; Adenium Solar
Energy Fund I; ForVEI S.R.L.
Business Description
7/2/2012
Trishe Developers
Private Limited
$15.2
New Enterprise Associates
Engages in the development, construction, and operation of onshore wind energy and bio
mass electricity generation plants in India.
6/26/2012
China Power New
Energy Development
Company Limited
$30.5
China Power New Energy Limited
Engages in the ownership, development, construction, operation, and management of energy
power plants in the Peoples’ Republic of China.
6/22/2012
Solar Power (Udon
Thani & Misc) Co.,
Ltd.
$19.8
Solar Power Co.,Ltd.
Operates and develops solar farm in Udon Thani, Khon Kaen, Buri Ram, and Nong Khai.
6/15/2012
Juhl Wind, Inc.
(nka:Juhl Energy,
Inc.)
$10.0
Lincoln Park Capital; Lincoln Park Capital Fund
Engages in the development, construction, and management of community wind power
projects primarily in the United States and Canada.
6/8/2012
SunBorne Energy
Holdings, LLC
$20.0
Undisclosed Investors
Produces environment friendly grid parity electricity using solar energy.
6/1/2012
Tri Global Energy,
LLC
$3.4
Undisclosed Investors
Develops, constructs, owns, and operates energy projects powered by wind.
5/30/2012
SolarBridge
Technologies, Inc.
$25.0
Battery Ventures; J.F. Shea Venture Capital; Rho
Capital Partners, Inc.; Osage Partners LLC
Provides microinverter and monitoring solutions for home and small commercial solar power
installations.
5/24/2012
Open Joint-Stock
Company RusHydro
$48.3
Russian Federation
Operates as a power generation company in the Russian Federation.
5/18/2012
Beijing Yingtian Solar
Energy Technology
Co., Ltd.
$3.2
Sundy Land Investment Co., Ltd.
Develops solar energy applications.
5/10/2012
Solar Power (Buri
Ram 2) Co., Ltd.
$20.6
SPCG Public Company Limited
Develops and operates a solar power plant in Buri Ram, Thailand.
5/8/2012
EmberClear Corp.
$8.5
Undisclosed Investors
Operates as an energy development company.
5/1/2012
Native American
Energy Group, Inc.
$5.0
Undisclosed Investors
Engages in the acquisition and management of Native American land and fee land acreage in
Montana and Alaska; and the exploration for and development of oil and natural gas
properties.
4/24/2012
Inox Renewables
Limited
$40.0
IFC - International Finance Corporation
Owns and operates wind farms.
4/14/2012
Isabela Alcogas
Corp.
$0.6
Greenergy Holdings Incorporated
Manufactures alternative ethanol and biofuels.
4/13/2012
Leap Green Energy
Private Limited
$18.2
JPMorgan Asset Management India Private Limited
Develops and operates wind, solar, and hydro powered power plants.
4/9/2012
Vana Vidyut Private
Limited
$3.5
Aavishkaar Venture Management Services; Aavishkaar Operates grid-connected bio-mass power plant.
II
4/4/2012
Bionersis SA
$2.0
Undisclosed Investors
Engages in the conception, financing, installation, and the operation of landfill biogas
valorization units.
3/29/2012
Hulk Energy
Technology Corp.
$10.1
Hiwin Technologies Corp.
Manufactures new-type high-performance solar-energy film cell modules.
3/21/2012
NovoPolymers NV
$7.1
Capricorn Venture Partners; GIMV NV; Capricorn
Cleantech Fund; Federal Holding and Investment
Company, Investment Arm
Engages in the development and production of thermoplastic based encapsulant sheets and
films for primarily the solar cell industry.
3/16/2012
OneRoof Energy, Inc.
$10.0
21Ventures, LLC; Black Coral Capital
Develops and distributes solar energy generation systems. The company also provides solar
roofing systems installation and support services.
3/14/2012
Salamon Group Inc.
$20.0
China Triumph International Engineering Co., Ltd.
Focuses on the acquisition and funding of solar powered electricity generating facilities that
have long term power purchasing agreements in place with local power utilities.
3/9/2012
Algonquin Power &
Utilities Corp.
$103.0
Emera Inc.
Engages in the ownership of power generation facilities, and water and energy utilities in North
America.
3/9/2012
Hyundai Avancis
Co.,Ltd.
$70.8
Compagnie de Saint-Gobain; Hyundai Heavy
Industries Co. Ltd.
Manufactures copper indium gallium diselenide (CGIS) thin-film solar batteries.
Source: Capital IQ, VentureSource
Morgan Joseph TriArtisan LLC
Page 21 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics
Application Software:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
Amdocs Limited
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
DOX
$36.47
161.8
$5,900.0
$961.3
$0.0
$4,938.6
AMSW.A
8.16
27.2
221.7
52.1
0.0
S&B Industrial Minerals SA
ARBA
5.59
51.2
286.2
42.1
Autodesk, Inc.
ADSK
36.72
224.7
8,251.0
BroadVision, Inc.
BVSN
8.17
4.7
Carbonite, Inc.
CARB
9.82
25.9
American Software, Inc.
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EPS
NTM EPS
11.1x
15.3x
12.4x
10.3
NA
11.4
22.4
17.7
NA
6.7
NA
12.0
23.6
NA
3.0
2.9
14.7
9.8
20.1
34.3
17.3
NM
NA
NM
NA
NM
NM
NA
2.4
1.9
NM
NM
NM
NM
NM
1.5x
169.6
1.6
1.5
220.2
464.3
1.0
1,954.3
745.6
7,042.3
38.2
52.3
0.0
(14.1)
254.5
55.3
0.0
199.1
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
7.0x
1.5x
LTM EBITDA
8.2x
LTM EBIT
Callidus Software Inc.
CALD
4.35
36.2
157.4
29.2
60.1
188.4
2.0
1.8
NM
18.6
NM
NM
60.4
ClickSoftware Technologies Ltd.
CKSW
8.25
31.5
260.1
58.7
0.0
201.4
2.0
1.7
19.9
16.3
27.7
35.9
31.7
Convergys Corporation
CVG
16.59
106.3
1,762.8
638.5
60.6
1,184.9
0.6
0.6
5.2
4.9
8.5
69.1
16.1
Cornerstone OnDemand, Inc.
CSOD
33.86
50.8
1,721.3
76.4
5.6
1,650.5
14.0
9.1
NM
NM
NM
NM
NM
CSG Systems International Inc.
CSGS
19.41
31.7
615.2
169.3
275.8
721.7
1.0
1.0
4.7
4.7
7.3
12.9
9.1
TSX:DSG
9.40
62.6
588.6
37.6
0.0
551.0
4.3
3.8
16.1
12.6
32.0
37.6
14.2
78.6
7,421.3
517.7
0.0
6,903.6
4.9
4.3
15.8
27.0
The Descartes Systems Group Inc
F5 Networks, Inc.
14.5
10.5
Glu Mobile, Inc.
GLUU
2.26
65.9
149.0
22.3
0.0
126.7
1.4
1.4
NM
NM
NM
NM
NM
LogMeIn, Inc.
LOGM
FFIV
17.86
24.8
443.2
212.1
0.0
231.1
1.7
1.5
16.9
8.3
30.4
NM
38.8
Manhattan Associates, Inc.
MANH
69.86
19.6
1,371.5
103.0
0.0
1,268.4
3.4
3.1
14.8
11.9
15.8
27.3
21.9
Monotype Imaging Holdings Inc.
TYPE
21.00
37.5
786.8
39.3
22.3
769.8
5.1
4.6
13.4
10.7
16.6
27.7
18.0
PTC Inc.
PMTC
23.14
119.5
2,764.8
248.4
368.1
2,884.5
2.3
2.1
12.8
8.9
18.5
NM
12.7
Pegasystems Inc.
PEGA
27.39
37.9
1,039.2
123.0
0.0
916.2
2.0
1.8
18.3
10.6
29.2
48.9
22.8
51.4
PROS Holdings, Inc.
94.43
18.0
PRO
26.06
27.6
719.9
83.6
0.0
636.3
5.4
4.4
61.4
28.7
77.8
NM
QAD Inc.
QADA
13.05
15.6
204.2
65.0
15.8
155.0
0.6
0.6
12.8
6.4
13.1
32.1
17.1
Responsys, Inc.
MKTG
8.07
48.8
393.7
106.7
1.1
288.2
1.8
1.5
14.5
10.9
32.1
56.5
45.9
Riverbed Technology, Inc.
RVBD
15.28
163.4
2,495.4
451.1
572.1
2,616.4
3.1
2.3
19.5
8.0
26.3
46.3
13.6
Saba Software, Inc.
SABA
8.74
29.8
260.3
15.0
0.9
246.2
2.0
1.7
NM
56.1
NM
NM
NM
LSE:SGE
3.40
1,187.6
4,037.7
61.6
209.2
4,185.3
3.1
NA
10.6
NA
12.0
18.3
NA
SNPS
35.03
153.8
5,387.5
550.4
127.5
4,964.6
2.7
2.5
14.2
8.6
27.4
27.5
14.8
13.3x
Sage Group plc
Synopsys Inc.
Mean
22.3x
33.1x
23.9x
$667.5
$80.0
$1.0
$679.0
2.0x
1.8x
14.3x
10.5x
17.5x
27.7x
17.7x
High
$8,251.0
$1,828.1
$1,954.3
$745.6
$7,042.3
14.0x
9.1x
61.4x
56.1x
77.8x
69.1x
60.4x
Low
$38.2
$15.0
$0.0
0.6x
0.6x
4.7x
4.7x
7.3x
12.9x
9.1x
LTM SALES
NTM SALES
Median
$258.7
$103.3
$1,672.7
2.9x
($14.1)
2.5x
15.5x
Infrastructure Software:
($ in millions, except per share amounts)
COMPANY NAME
Aspen Technology, Inc.
Aveva Group plc
BMC Software Inc.
CA Technologies
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF
LTM EBIT
LTM EPS
NTM EPS
AZPN
$30.76
93.5
$2,874.7
$175.2
$0.0
$2,699.5
9.8x
NA
NM
49.8x
NM
NM
LSE:AVV
23.06
68.0
1,567.7
166.4
0.0
1,401.3
6.7
NA
22.7
NA
24.1
37.6
82.9x
NA
BMC
40.11
142.9
5,731.3
1,181.5
1,343.0
5,892.8
2.7
NA
9.7
6.2
12.7
19.5
10.6
CA
24.51
455.9
11,174.7
2,560.0
1,441.0
10,055.7
2.1
2.2
6.0
5.8
7.1
12.5
9.9
Citrix Systems, Inc.
CTXS
70.90
186.7
13,238.2
928.6
0.0
12,309.5
4.8
4.1
20.2
13.3
30.8
38.1
22.6
Compuware Corporation
2.5
15.5
11.1
35.1
24.2
CPWR
11.61
217.0
Microsoft Corporation
MSFT
27.80
8,376.2
232,859.6
68,098.0
14,218.0
178,979.6
2.5
2.1
6.2
5.1
6.9
15.3
9.0
Oracle Corporation
ORCL
34.24
4,734.3
162,102.3
2,519.4
33,695.0
64.9
19,757.0
70.0
148,164.3
2,524.5
4.0
2.6
3.8
8.6
7.7
10.3
22.3
16.1
12.2
Progress Software Corp.
PRGS
22.52
57.9
1,303.1
355.2
0.0
947.9
2.8
2.7
10.6
9.2
16.2
44.2
17.8
SAP AG
SAP
60.06
1,192.5
71,624.2
2,629.0
5,247.0
74,242.2
4.6
4.1
15.0
11.9
18.2
25.3
17.3
SolarWinds, Inc.
SWI
56.46
74.5
4,205.8
229.0
0.0
3,976.8
14.8
11.8
30.0
21.2
34.9
52.8
35.4
Support.com, Inc.
SPRT
3.90
49.3
192.4
56.4
0.0
136.1
1.9
1.6
NM
11.3
NM
NM
19.3
Mean
3.9x
14.4x
13.9x
18.3x
29.6x
$4,968.5
$641.9
$35.0
$4,934.8
3.4x
2.7x
12.8x
11.1x
17.2x
30.2x
17.8x
High
$232,859.6
$68,098.0
$19,757.0
$178,979.6
14.8x
11.8x
30.0x
49.8x
34.9x
52.8x
82.9x
Low
$192.4
$56.4
$0.0
$136.1
1.9x
1.6x
6.0x
5.1x
6.9x
12.5x
9.0x
Median
$42,449.5
$9,178.3
$3,506.3
$36,777.5
4.9x
23.8x
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 22 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
On Demand Software and Services:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBTIDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
Advent Software, Inc.
ADVS
$26.20
50.2
$1,315.1
$169.4
$95.0
$1,240.7
3.5x
3.3x
16.3x
10.0x
23.5x
45.2x
22.6x
Blackbaud Inc.
BLKB
27.80
45.2
1,255.9
13.5
216.8
1,459.2
3.3
2.9
22.5
13.3
44.3
NM
23.0
Concur Technologies, Inc.
CNQR
70.26
55.1
3,872.5
484.6
254.8
3,642.6
7.9
6.3
81.3
28.7
NM
NM
69.8
Constant Contact, Inc.
CTCT
14.13
30.5
431.6
93.5
0.0
338.1
1.3
1.2
17.1
7.7
81.3
34.5
22.4
Dealertrack Technologies, Inc.
TRAK
29.49
42.7
1,259.6
177.8
162.5
1,244.2
3.2
2.8
23.3
11.3
79.1
64.1
24.1
33.5
Guidance Software, Inc.
GUID
9.81
25.1
246.4
32.6
0.6
214.4
1.7
1.5
30.3
12.5
NM
NM
Jack Henry & Associates Inc.
JKHY
43.72
86.1
3,763.1
192.9
129.3
3,699.6
3.4
3.2
10.9
9.6
15.1
23.3
20.1
j2 Global, Inc.
JCOM
35.68
45.9
1,636.5
323.7
245.2
1,558.0
4.2
3.1
8.5
7.0
9.6
13.7
12.9
LivePerson Inc.
LPSN
808.4
103.3
37.3
44.5
705.1
4.5
3.8
21.7
64.1
NM
N
69.79
71.7
5,000.6
185.9
3.0
4,817.7
15.6
12.0
NM
NM
NM
NM
salesforce.com, inc
CRM
169.22
146.4
24,767.2
867.6
647.9
24,547.5
8.0
6.3
NM
36.7
NM
NM
86.0
Solera Holdings Inc.
SLH
56.30
68.8
3,874.3
448.2
1,152.6
4,578.7
5.7
5.3
13.5
12.3
19.3
39.0
20.2
SS&C Technologies Holdings, Inc.
SSNC
25.31
78.9
1,995.8
86.2
1,012.1
2,921.8
5.3
4.1
13.7
10.1
21.3
46.0
13.9
Synchronoss Technologies, Inc.
SNCR
30.17
38.1
1,148.3
56.2
9.5
1,101.7
4.0
3.2
18.2
10.2
28.9
43.7
22.6
Temenos Group AG
SWX:TEMN
21.25
68.9
1,464.9
117.7
214.4
1,561.5
3.5
NA
16.3
NA
32.5
60.7
NA
TIBCO Software Inc.
TIBX
21.45
162.8
3,493.0
761.7
560.2
3,291.5
3.2
2.9
15.4
10.1
18.3
29.8
17.7
NetSuite Inc.
14.47
55.9
0.0
NM
Tyler Technologies, Inc.
TYL
56.40
30.6
1,723.5
6.4
18.0
1,735.1
4.8
4.2
25.0
20.0
30.7
56.4
46.5
The Ultimate Software Group, Inc.
ULTI
98.27
27.3
2,682.9
68.0
10.3
2,625.2
7.9
6.5
63.4
30.8
90.2
NM
71.8
VOCS
14.04
20.7
290.7
32.8
1.6
259.5
1.5
1.3
NM
10.6
NM
NM
27.0
$3,212.1
$222.2
$249.2
$3,239.1
4.9x
4.1x
25.8x
15.4x
39.9x
41.5x
34.0x
23.0x
Vocus Inc.
Mean
Median
$1,636.5
$117.7
$129.3
$1,561.5
4.0x
3.3x
17.6x
11.3x
29.8x
43.7x
High
$24,767.2
$867.6
$1,152.6
$24,547.5
15.6x
12.0x
81.3x
36.7x
90.2x
64.1x
86.0x
Low
$246.4
$6.4
$0.0
$214.4
1.3x
1.2x
8.5x
7.0x
9.6x
13.7x
12.9x
Open Source Software:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
Red Hat, Inc.
RHT
$50.81
192.9
$9,799.1
$886.3
$0.0
$8,912.8
7.0x
6.0x
33.8x
20.9x
43.3x
68.7x
39.0x
Sourcefire, Inc.
FIRE
53.63
29.4
1,578.4
184.1
0.0
1,394.2
6.2
5.0
77.3
25.4
NM
NM
54.2
Geeknet, Inc.
GKNT
16.01
6.4
102.8
57.3
0.0
45.5
0.4
NA
NM
6.3
NM
57.4
NA
Mean
$3,826.8
$375.9
$0.0
$3,450.8
4.5x
5.5x
55.6x
17.5x
43.3x
63.0x
46.6x
Median
$1,578.4
$184.1
$0.0
$1,394.2
6.2x
5.5x
55.6x
20.9x
43.3x
63.0x
46.6x
High
$9,799.1
$886.3
$0.0
$8,912.8
7.0x
6.0x
77.3x
25.4x
43.3x
68.7x
54.2x
Low
$102.8
$57.3
$0.0
$45.5
0.4x
5.0x
33.8x
6.3x
43.3x
57.4x
39.0x
Business Intelligence and Analytic Software:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EPS
NTM EPS
11.9x
30.0x
15.9x
13.6
23.3
42.2
24.5
13.2
8.6
40.7
NM
15.4
1.4
17.7
12.1
29.2
55.4
34.1
2.0
10.8
9.2
11.6
19.9
16.7
5.2
4.3
NM
35.4
NM
NM
64.8
9,339.7
3.5
3.2
14.1
11.0
16.0
23.8
18.7
$39.3
$2,678.7
2.8x
2.6x
13.9x
13.9x
22.1x
34.3x
27.2x
$0.0
$2,023.5
2.3x
2.0x
13.7x
11.0x
19.7x
30.0x
18.7x
$729.0
$274.0
$9,339.7
5.2x
4.3x
18.0x
35.4x
40.7x
55.4x
64.8x
$51.2
$0.0
$216.2
1.5x
1.4x
9.6x
7.6x
11.6x
19.9x
15.4x
Actuate Corporation
BIRT
$6.00
49.3
$295.7
$66.5
$0.8
$230.1
1.7x
1.6x
9.6x
Informatica Corporation
INFA
35.01
108.3
3,790.0
535.6
0.0
3,254.4
4.0
3.7
18.0
Keynote Systems Inc.
KEYN
15.28
17.5
267.4
51.2
0.0
216.2
1.7
1.6
MicroStrategy Inc.
MSTR
101.88
10.8
1,104.4
224.4
0.0
880.0
1.5
MICROS Systems, Inc.
MCRS
42.80
80.3
3,438.6
631.8
0.0
2,806.7
2.3
Qlik Technologies, Inc.
QLIK
26.00
85.4
2,219.3
195.8
0.0
2,023.5
Teradata Corporation
TDC
58.06
168.7
9,794.7
729.0
274.0
Mean
$2,987.2
$347.8
Median
$2,219.3
$224.4
High
$9,794.7
Low
$267.4
NTM EBITDA
7.6x
LTM EBIT
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 23 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Communications Software:
($ in millions, except per share amounts)
COMPANY NAME
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
TICKER
Interactive Intelligence Group Inc
ININ
$41.61
19.2
$798.6
$68.9
$0.0
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
$729.7
3.1x
2.5x
NM
3.8
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
67.4x
39.4x
NM
NM
NA
NM
NA
NM
NM
98.7x
NA
3.5
8.6
7.2
11.5
19.1
13.2
2.9
18.5
7.4
37.4
33.4
9.1
NM
NA
NM
NM
NM
Motricity, Inc.
MOTR
0.40
46.2
18.5
51.5
22.5
NeuStar, Inc.
NSR
43.85
66.9
2,933.4
343.9
587.3
3,176.8
Nuance Communications, Inc.
NUAN
18.41
306.6
5,643.8
961.1
2,335.0
7,017.7
4.0
Unwired Planet, Inc.
UPIP
2.02
85.4
172.6
57.3
0.0
115.3
NM
PGI
10.67
48.5
517.3
21.0
183.0
679.3
1.3
1.3
8.3
7.1
15.1
18.4
16.2
SMSI
1.46
36.1
52.7
32.2
0.0
20.5
0.5
0.4
NM
NM
NM
NM
NM
$1,448.1
$219.4
$446.8
$1,675.5
2.5x
2.1x
25.7x
15.3x
21.3x
23.6x
34.3x
$517.3
$57.3
$22.5
$679.3
3.1x
2.5x
13.5x
7.3x
15.1x
19.1x
14.7x
High
$5,643.8
$961.1
$2,335.0
$7,017.7
4.0x
3.5x
67.4x
39.4x
37.4x
33.4x
98.7x
Low
$18.5
$21.0
$0.0
0.5x
0.4x
8.3x
7.1x
11.5x
18.4x
9.1x
Premiere Global Services, Inc.
Smith Micro Software Inc.
Mean
Median
(10.6)
NTM SALES
($10.6)
NM
Security Software:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
Check Point Software Technologies Ltd.
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
CHKP
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
$52.51
207.3
$10,884.8
$1,503.3
$0.0
$9,381.5
NTM SALES
7.0x
LTM EBITDA
6.6x
12.3x
NTM EBITDA
11.3x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
12.6x
LTM EPS
NTM EPS
17.7x
15.3x
EMC Corporation
EMC
23.01
2,099.7
48,314.3
6,167.1
1,710.1
43,857.4
2.0
1.9
8.5
7.0
10.8
18.6
Fortinet Inc.
FTNT
24.18
157.3
3,803.3
413.7
0.0
3,389.6
6.4
5.4
30.4
20.2
33.9
60.4
40.1
Sourcefire, Inc.
FIRE
53.63
29.4
1,578.4
184.1
0.0
1,394.2
6.2
5.0
77.3
25.4
NM
NM
54.2
Symantec Corporation
SYMC
23.44
720.7
16,894.3
4,252.0
3,076.0
15,718.3
2.3
2.3
8.5
6.9
13.3
14.8
12.9
VeriSign, Inc.
VRSN
45.81
158.0
7,237.4
1,556.4
697.6
6,378.6
7.3
NA
12.5
10.6
14.0
24.0
20.1
Websense, Inc.
WBSN
14.99
37.2
557.8
64.6
69.9
563.1
1.6
1.6
9.1
13.0
13.6
30.6
17.2
$12,752.9
$2,020.2
$793.4
$11,526.1
4.7x
3.8x
22.7x
13.5x
16.4x
27.7x
24.6x
Mean
Median
12.4
$7,237.4
$1,503.3
$69.9
$6,378.6
6.2x
3.6x
12.3x
11.3x
13.4x
21.3x
17.2x
High
$48,314.3
$6,167.1
$3,076.0
$43,857.4
7.3x
6.6x
77.3x
25.4x
33.9x
60.4x
54.2x
Low
$557.8
$64.6
$0.0
$563.1
1.6x
1.6x
8.5x
6.9x
10.8x
14.8x
12.4x
Surveillance:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
Pakistan Telecommunication Co. Ltd.
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
PTC
$23.25
5,100.0
$118,575.0
$31,333.2
$20,605.7
$107,847.5
Verint Systems Inc.
VRNT
34.17
39.1
1,337.0
192.0
592.6
Vicon Industries Inc.
VII
2.80
4.5
12.5
8.6
0.0
$39,974.9
$10,511.3
Mean
Median
$7,066.1
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
0.9x
NA
1,737.6
2.1
2.0
11.8
8.1
3.9
0.1
NA
NM
NA
$36,529.7
1.0x
2.4x
2.0x
7.1x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
NA
13.4x
4.9x
LTM EPS
NTM EPS
14.9x
NA
17.8
45.8
12.8
NM
NM
NA
11.3x
30.4x
12.8x
$1,337.0
$192.0
$592.6
$1,737.6
0.9x
2.0x
7.1x
11.3x
11.3x
30.4x
12.8x
High
$118,575.0
$31,333.2
$20,605.7
$107,847.5
2.1x
2.0x
11.8x
25.4x
17.8x
45.8x
12.8x
Low
$12.5
$8.6
$0.0
$3.9
0.1x
2.0x
2.4x
6.9x
4.9x
14.9x
12.8x
Search:
($ in millions, except per share amounts)
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
COMPANY NAME
TICKER
LTM EBIT
Google Inc.
GOOG
$801.20
326.0
$261,211.3
$48,088.0
$7,210.0
$220,333.3
LTM EPS
NTM EPS
4.4x
3.6x
13.5x
10.0x
16.5x
24.8x
Yahoo! Inc.
YHOO
21.31
1,218.7
25,964.3
4,184.0
37.0
17.5x
21,817.4
4.4
NA
16.6
13.1
27.2
6.5
Local.com Corporation
LOCM
1.68
22.1
37.1
3.7
10.0
18.6
43.4
0.4
NA
NM
6.9
NM
NM
NM
Mean
$95,737.6
$17,425.2
$2,419.0
$80,731.4
3.1x
3.6x
15.1x
10.0x
21.8x
15.6x
18.1x
Median
$25,964.3
$4,184.0
$37.0
$21,817.4
4.4x
3.6x
15.1x
10.0x
21.8x
15.6x
18.1x
High
$261,211.3
$48,088.0
$7,210.0
$220,333.3
4.4x
3.6x
16.6x
13.1x
27.2x
24.8x
18.6x
Low
$37.1
$3.7
$10.0
$43.4
0.4x
3.6x
13.5x
6.9x
16.5x
6.5x
17.5x
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 24 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Internet Commerce:
($ in millions, except per share amounts)
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
Amazon.com Inc.
AMZN
$264.27
450.5
$119,060.5
$11,448.0
$4,385.0
$111,997.5
eBay Inc.
EBAY
54.71
1,291.2
70,643.1
9,408.0
4,519.0
0.0 valid Identifier)
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
1.8x
NA
44.7x
23.0x
NM
NM
NM
65,754.1
4.7
4.0
16.0
12.1
22.5
27.5
19.8
Ediets.com Inc.
DIET
0.00
14.3
(Invalid Identifier)
NA
NA
NA
NA
NA
NA
NA
#VALUE!
eHealth, Inc.
EHTH
15.53
19.6
304.2
140.8
0.0
163.4
1.1
1.0
7.9
6.2
11.8
45.7
24.0
Expedia Inc.
EXPE
63.90
127.1
8,120.8
1,938.1
1,249.3
7,432.0
1.8
NA
11.6
8.3
13.6
29.6
NA
Liquidity Services, Inc.
LQDT
34.05
31.2
1,062.7
45.9
0.0
1,016.8
2.1
NA
10.4
8.2
12.3
24.5
NA
Rovi Corporation
ROVI
17.80
107.3
1,909.6
863.3
1,484.0
2,530.2
3.9
3.9
10.7
8.3
22.8
NM
8.6
Mercadolibre, Inc.
MELI
85.61
44.1
3,779.4
195.2
0.1
3,584.4
9.6
7.9
25.9
21.2
27.6
37.5
NA
TSX: PTS
13.00
15.1
196.6
45.1
0.0
151.5
1.1
0.7
37.1
13.5
43.3
24.1
NA
PCLN
689.11
49.8
34,313.1
5,183.2
1,457.0
30,586.9
5.8
4.7
16.1
12.4
16.7
24.9
17.8
Tree.Com, Inc.
TREE
17.43
11.3
196.7
89.8
0.0
106.9
1.7
NA
NM
7.0
NM
NM
26.0
United Online, Inc.
UNTD
5.90
90.6
534.6
136.4
244.0
642.1
0.7
0.7
6.3
5.4
11.0
49.2
10.7
Points International Ltd.
priceline.com Incorporated
Mean
$20,360.5
3.1x
3.3x
18.7x
11.4x
20.2x
32.9x
#VALUE!
$1,486.1
$195.2
$244.0
$2,530.2
1.8x
3.9x
13.8x
8.3x
16.7x
28.5x
#VALUE!
High
$119,060.5
$20,010.1
$11,448.0
$4,519.0
$111,997.5
9.6x
7.9x
44.7x
23.0x
43.3x
49.2x
#VALUE!
Low
$0.0
$45.1
$0.0
$106.9
0.7x
0.7x
6.3x
5.4x
11.0x
24.1x
#VALUE!
Median
$2,681.3
$1,212.6
Internet Media:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
CoStar Group Inc.
CSGP
Dice Holdings, Inc.
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
$100.74
25.8
$2,599.7
$156.1
$170.6
$2,614.3
DHX
9.64
64.4
620.4
42.2
46.0
Digital River Inc.
DRIV
14.25
36.9
526.0
705.6
IAC/InterActiveCorp.
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
7.5x
6.1x
40.0x
22.5x
79.9x
NM
624.2
3.2
2.9
8.8
7.8
10.6
16.3
46.0x
15.1
309.9
130.2
0.3
0.3
3.5
2.1
12.6
NM
20.0
11.0
IACI
40.75
81.7
3,329.5
770.6
595.8
3,154.8
1.1
1.0
7.5
5.1
9.5
22.5
Internet Thailand Public Company L INET
2.86
250.0
715.1
256.9
0.0
458.2
1.6
NA
NM
NA
NM
NM
NA
Monster Worldwide, Inc.
MWW
5.12
121.3
620.8
148.2
164.2
636.9
0.7
0.8
4.5
3.9
8.8
10.0
14.0
Move, Inc.
MOVE
9.76
39.3
383.2
27.1
0.0
356.1
1.8
1.6
22.0
10.5
59.9
81.3
20.5
Netflix, Inc.
NFLX
188.08
55.5
10,441.4
748.1
431.8
10,125.1
2.8
2.4
NM
35.6
NM
NM
NM
Shutterfly, Inc.
SFLY
43.28
35.8
1,547.8
245.1
0.0
1,302.7
2.0
1.7
15.8
9.3
32.0
71.0
25.7
LOV
7.22
20.6
148.7
10.5
0.0
138.3
2.2
1.8
NM
NM
NM
NM
NM
TTGT
4.86
39.4
191.2
57.3
0.0
133.9
1.3
1.4
9.0
8.1
16.5
48.6
30.4
Spark Networks, Inc.
TechTarget, Inc.
TheStreet, Inc.
TST
1.85
32.8
60.6
41.9
0.0
18.7
0.4
NA
NM
NA
NM
NM
NA
ValueClick, Inc.
VCLK
26.67
80.6
2,150.7
136.6
142.5
2,156.6
3.3
2.9
10.8
8.6
13.8
21.9
14.4
WebMD Health Corp.
WBMD
22.10
55.8
1,234.2
991.8
800.0
1,042.4
2.2
2.3
44.9
14.1
NM
NM
NM
ZIPR
3.84
20.6
79.1
12.9
0.0
66.2
0.9
NA
NM
NA
NM
NM
NA
$1,643.2
$290.1
$177.4
$1,530.6
2.1x
2.1x
16.7x
11.6x
27.1x
38.8x
21.9x
$620.8
$148.2
$46.0
$624.2
1.8x
1.8x
9.9x
8.6x
13.8x
22.5x
20.0x
High
$10,441.4
$991.8
$800.0
$10,125.1
7.5x
6.1x
44.9x
35.6x
79.9x
81.3x
46.0x
Low
$60.6
$10.5
$0.0
$18.7
0.3x
0.3x
3.5x
2.1x
8.8x
10.0x
11.0x
zipRealty Inc.
Mean
Median
Internet Gaming and Mobile Content:
($ in millions, except per share amounts)
COMPANY NAME
Activision Blizzard, Inc.
TICKER
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
7.3x
NTM EBITDA
NA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
7.9x
LTM EPS
14.2x
NTM EPS
$14.30
1,112.7
$15,906.1
$4,375.0
$0.0
$11,531.1
ENXTPA:GFT
5.15
79.5
409.5
44.1
0.4
Glu Mobile, Inc.
GLUU
2.26
65.9
149.0
22.3
0.0
RealNetworks Inc.
RNWK
8.80
136.8
1,203.8
327.9
Take-Two Interactive Software Inc.
TTWO
14.64
91.6
1,341.7
448.7
Mean
$3,802.0
$1,043.6
$66.1
$2,824.6
1.9x
1.9x
11.6x
33.2x
17.3x
14.2x
NA
Median
$1,203.8
$327.9
$0.0
$875.9
1.9x
1.9x
11.6x
33.2x
17.3x
14.2x
NA
High
$15,906.1
$4,375.0
$330.3
$11,531.1
2.5x
2.4x
15.8x
33.2x
26.7x
14.2x
NA
Low
$149.0
$22.3
$0.0
$126.7
1.2x
1.4x
7.3x
33.2x
7.9x
14.2x
NA
GameLoft SA
ATVI
SHARE PRICE AS OF:
2.4x
NA
365.8
1.9
NA
15.8
NA
26.7
NA
NA
NA
126.7
1.4
1.4
NM
NM
NM
NM
NM
0.0
875.9
2.5
2.4
NM
33.2
NM
NM
NM
330.3
1,223.2
1.2
NA
NM
NA
NM
NM
NA
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 25 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Internet Infrastructure:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
LTM EPS
NTM EPS
33.0x
18.3x
10.4
41.3
NM
97.0
3.8
4.7
12.0
83.0
NM
5.7
15.6
12.5
30.4
79.2
56.0
2.0
2.0
12.2
9.8
NM
NM
NM
0.8
0.7
NM
16.1
NM
NM
8.6
7.5
18.4
NM
NM
NM
8.5
NM
NM
NM
AKAM
$36.96
179.2
$6,622.7
$437.3
$0.0
$6,185.4
4.5x
4.1x
12.3x
Cogent Communications Group Inc.
CCOI
25.14
45.0
1,131.5
247.3
395.4
1,279.7
4.0
3.6
13.7
EarthLink Inc.
ELNK
5.81
106.2
617.1
199.7
616.3
1,033.6
0.8
0.8
Equinix, Inc.
EQIX
211.55
48.1
10,170.4
418.7
3,010.7
12,762.5
6.7
Internap Network Services Corp.
INAP
8.68
51.1
443.8
28.6
143.9
559.2
iPass Inc.
IPAS
2.01
60.5
121.6
26.8
0.0
94.8
Level 3 Communications Inc.
LVLT
19.98
216.2
4,320.0
979.0
8,788.0
12,129.0
1.9
1.9
Limelight Networks, Inc.
LLNW
2.12
104.2
221.0
128.0
2.1
95.2
0.5
0.5
Rackspace Hosting, Inc.
EQUITY VALUE AS A MULTIPLE OF:
18.5x
Akamai Technologies, Inc.
NTM EBITDA
9.8x
LTM EBIT
NM
RAX
55.86
138.0
7,707.7
292.1
125.4
7,541.0
5.8
4.7
17.8
13.3
43.7
74.5
55.0
United Online, Inc.
UNTD
5.90
90.6
534.6
136.4
244.0
642.1
0.7
0.7
6.3
5.4
11.0
49.2
10.7
VMware, Inc.
VMW
71.83
427.2
30,689.1
4,630.8
450.0
26,508.2
5.8
5.0
22.9
13.2
30.3
41.8
22.7
Mean
$6,257.3
3.0x
2.7x
12.6x
10.1x
25.7x
60.1x
43.3x
$1,131.5
$247.3
$244.0
$1,279.7
2.0x
2.0x
12.3x
9.8x
24.4x
61.8x
38.8x
High
$30,689.1
$5,689.0
$4,630.8
$8,788.0
$26,508.2
6.7x
5.7x
22.9x
16.1x
43.7x
83.0x
97.0x
Low
$121.6
$26.8
$0.0
$94.8
0.5x
0.5x
3.8x
4.7x
11.0x
33.0x
10.7x
Median
$684.1
$1,252.4
Optical Components:
($ in millions, except per share amounts)
COMPANY NAME
EMCORE Corporation
Enablence Technologies Inc.
Finisar Corp.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
EMKR
$5.83
24.1
$140.3
$11.9
$22.4
$150.8
TSXV: ENA
0.24
466.5
109.6
2.2
18.4
FNSR
14.65
92.7
1,358.2
265.5
40.0
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
0.9x
0.7x
NM
9.0x
NM
NM
125.8
NM
NA
NM
NA
NM
NM
16.9x
NA
1,132.7
1.2
1.1
16.6
7.8
NM
NM
16.9
Infinera Corporation
INFN
6.49
111.0
720.4
180.8
0.0
539.6
1.2
1.1
NM
30.7
NM
NM
NM
IPG Photonics Corporation
IPGP
59.29
51.1
3,028.2
384.1
18.8
2,663.0
4.7
4.1
11.3
10.0
12.7
21.1
18.8
JDS Uniphase Corporation
JDSU
14.16
235.9
3,338.5
709.3
240.6
2,869.8
1.7
1.6
16.9
10.4
NM
NM
19.3
MRV Communications, Inc.
MRVC
10.90
158.6
1,728.3
39.0
7.2
1,696.5
6.6
NA
NM
NA
NM
NM
NA
NeoPhotonics Corporation
NPTN
5.02
30.1
151.3
101.2
34.2
84.2
0.3
0.3
46.2
7.9
NM
NM
NM
Oclaro, Inc.
OCLR
1.32
90.3
119.2
78.2
106.1
147.1
0.3
NA
NM
NM
NM
NM
NM
Oplink Communications Inc.
OPLK
15.36
19.1
292.8
166.4
0.0
126.4
0.7
0.7
5.3
4.4
7.7
66.2
16.2
$1,098.7
$193.9
$48.8
$953.6
2.0x
1.4x
19.2x
11.4x
10.2x
43.6x
17.6x
$506.6
$133.8
$20.6
$345.2
1.2x
1.1x
16.6x
9.0x
10.2x
43.6x
16.9x
High
$3,338.5
$709.3
$240.6
$2,869.8
6.6x
4.1x
46.2x
30.7x
12.7x
66.2x
19.3x
Low
$109.6
$2.2
$0.0
$84.2
0.3x
0.3x
5.3x
4.4x
7.7x
21.1x
16.2x
Mean
Median
Wireline Telecom:
($ in millions, except per share amounts)
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
COMPANY NAME
TICKER
Acme Packet, Inc.
APKT
$29.19
68.8
$2,008.4
$358.2
$0.0
$1,650.1
6.0x
ADTRAN Inc.
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
5.5x
NM
23.7x
NM
NM
58.7x
29.0
ADTN
22.35
63.3
1,414.1
228.9
46.0
1,231.2
2.0
2.0
17.5
16.1
21.9
30.2
LSE:ALU
0.99
35.7
35.3
18.6
19.8
36.5
0.3
NA
6.1
NA
10.6
41.1
NA
AudioCodes Ltd.
AUDC
4.09
40.6
165.9
33.5
23.3
155.7
1.2
1.1
NM
NA
NM
NM
34.1
CIENA Corp.
CIEN
15.24
100.2
1,527.1
637.2
1,425.0
2,314.8
1.2
1.1
26.0
15.7
NM
NM
35.9
Helix Energy Solutions Group, Inc.
CTV
17.76
0.0
0.0
437.1
1,019.7
582.6
0.7
0.6
2.8
2.0
4.6
NM
NA
Infinera Corporation
INFN
6.49
111.0
720.4
180.8
0.0
539.6
1.2
1.1
NM
30.7
NM
NM
NM
Juniper Networks, Inc.
JNPR
20.68
526.6
10,889.8
2,849.3
999.2
9,039.7
2.1
2.0
15.1
8.0
22.1
59.1
17.6
Sonus Networks, Inc.
SONS
2.45
280.0
686.0
249.9
2.6
438.6
1.7
1.6
NM
NA
NM
NM
NM
Tellabs Inc.
TLAB
2.03
367.4
745.7
799.5
195.1
141.3
0.1
0.2
11.5
3.3
NM
NM
NM
The Alumasc Group plc
Mean
13.2x
14.2x
14.8x
43.5x
35.1x
$733.1
$304.1
$34.6
$561.1
1.2x
1.1x
13.3x
15.7x
16.3x
41.1x
34.1x
High
$10,889.8
$1,819.3
$2,849.3
$1,425.0
$9,039.7
6.0x
5.5x
26.0x
30.7x
22.1x
59.1x
58.7x
Low
$0.0
$18.6
$0.0
$36.5
0.1x
0.2x
2.8x
2.0x
4.6x
30.2x
17.6x
LTM SALES
NTM SALES
Median
$579.3
$373.1
$1,613.0
1.7x
1.7x
Storage/Enterprise:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM EBITDA
4.7x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
9.3x
LTM EPS
22.9x
NTM EPS
Brocade Communications Systems
BRCD
$5.61
458.7
$2,573.3
$683.6
$899.6
$2,789.3
1.2x
1.2x
CommVault Systems, Inc.
CVLT
73.95
45.0
3,324.1
397.2
0.0
2,926.8
6.2
5.4
37.7
23.7
40.2
77.1
50.6
EMC Corporation
EMC
23.01
2,098.7
48,291.5
6,167.1
1,710.1
43,834.6
2.0
1.9
8.5
7.0
10.8
18.6
12.4
Emulex Corporation
ELX
6.45
89.3
575.9
211.2
0.0
364.7
0.7
0.8
4.4
4.1
9.5
NM
9.6
FALC
2.18
47.5
103.6
12.2
0.0
91.5
1.2
NA
NM
NA
NM
NM
NM
NA
Falconstor Software Inc.
5.7x
NTM EBITDA
Fujitsu Limited
TSE:6702
3.89
2,069.3
8,039.9
2,503.0
6,793.7
12,330.6
0.0
NA
0.0
NA
0.1
NM
Hitachi Ltd.
TSE:6501
6.11
4,635.1
28,315.9
7,013.0
31,000.5
52,303.4
0.0
NA
0.1
NA
0.1
NM
LSI Corporation
8.5x
NA
LSI
6.96
557.6
3,880.6
676.0
0.0
3,204.6
1.3
1.3
8.7
6.1
17.2
20.5
11.7
MLNX
52.73
41.6
2,192.5
419.6
4.1
1,777.0
3.5
4.0
12.5
16.0
15.0
20.8
28.7
NetApp, Inc.
NTAP
33.84
363.3
12,294.6
6,723.9
2,237.6
7,808.3
1.2
NA
9.1
5.7
12.4
24.4
NA
QLogic Corp.
QLGC
11.38
94.3
1,072.8
495.2
0.0
577.6
1.1
1.2
5.5
5.3
7.6
15.0
14.7
Mellanox Technologies, Ltd.
Mean
$10,060.4
$2,300.2
$3,876.9
$11,637.1
1.7x
2.2x
9.2x
9.1x
12.2x
28.5x
19.5x
$3,324.1
$676.0
$4.1
$2,926.8
1.2x
1.3x
7.1x
5.9x
10.2x
20.8x
12.4x
High
$48,291.5
$7,013.0
$31,000.5
$52,303.4
6.2x
5.4x
37.7x
23.7x
40.2x
77.1x
50.6x
Low
$103.6
$12.2
$0.0
$91.5
0.0x
0.8x
0.0x
4.1x
0.1x
15.0x
8.5x
Median
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 26 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Semiconductor Equipment:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
Advanced Energy Industries, Inc AEIS
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
$18.04
37.8
$681.5
$172.2
$0.0
$509.3
NTM SALES
1.1x
1.0x
LTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
NTM EBITDA
9.6x
LTM EBIT
9.0x
LTM EPS
NTM EPS
14.5x
35.4x
16.5x
NA
Applied Materials Inc.
AMAT
13.71
1,237.5
16,959.9
1.0
1,946.0
18,904.9
2.3
NA
14.1
10.8
20.5
NM
ATMI Inc.
ATMI
21.90
31.9
699.5
156.4
0.2
543.2
1.3
NA
6.2
5.5
9.0
16.8
Brooks Automation Inc.
BRKS
10.11
63.5
641.9
103.0
0.0
538.9
1.1
1.1
14.6
15.3
38.5
5.3
32.3
Cabot Microelectronics Corp.
CCMP
34.17
22.9
781.9
169.6
168.4
780.7
1.8
1.7
8.5
7.3
11.3
20.0
15.0
Entegris, Inc.
ENTG
9.51
137.4
1,306.1
350.4
0.0
955.7
1.3
NA
6.8
6.5
9.2
19.0
16.6
Lam Research Corporation
LRCX
42.30
182.3
7,711.6
2,520.7
1,288.2
6,479.1
2.0
1.7
13.6
7.9
24.4
88.9
15.3
MKS Instruments Inc.
MKSI
27.14
52.9
1,435.0
615.2
0.0
819.8
1.3
NA
8.6
10.0
10.1
30.2
NA
Ultra Clean Holdings Inc.
UCTT
5.90
21.6
127.5
54.3
78.6
151.8
0.4
0.4
10.9
5.5
18.2
29.5
15.8
$3,371.6
$460.3
$386.8
$3,298.1
1.4x
1.2x
10.3x
8.6x
17.3x
30.6x
18.6x
$781.9
$169.6
$0.2
$780.7
1.3x
1.1x
9.6x
7.9x
14.5x
24.7x
16.2x
High
$16,959.9
$2,520.7
$1,946.0
$18,904.9
2.3x
1.7x
14.6x
15.3x
38.5x
88.9x
32.3x
Low
$127.5
$1.0
$0.0
$151.8
0.4x
0.4x
6.2x
5.5x
9.0x
5.3x
15.0x
Mean
Median
NA
Memory/Programmable:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
Advanced Micro Devices, Inc.
AMD
$2.49
714.1
$1,778.1
$1,002.0
$2,042.0
$2,818.1
0.5x
0.6x
Intel Corporation
INTC
20.88
4,946.0
103,272.5
18,195.0
13,568.0
98,645.5
1.8
1.8
4.5
Altera Corp.
ALTR
35.43
319.8
11,328.8
3,017.6
500.0
8,811.2
4.9
NA
Atmel Corporation
ATML
6.81
439.3
2,991.9
296.1
5.6
2,701.5
1.9
NA
GSI Technology Inc.
GSIT
6.42
27.0
173.4
65.6
0.0
107.8
1.6
115.5
540.3
183.4
0.0
356.9
NM
NTM EBITDA
13.5x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
NM
NM
NM
4.7
6.7
9.8
10.8
14.0
14.5
14.9
20.6
NA
17.4
16.0
34.3
97.3
NA
NA
19.3
NA
36.6
49.9
NA
Lattice Semiconductor Corporation
LSCC
4.68
1.3
NA
15.5
NA
NM
NM
Microsemi Corporation
MSCC
20.63
91.3
1,882.8
203.3
752.6
2,432.1
2.4
NA
11.5
8.8
30.7
62.6
NA
Micron Technology Inc.
MU
8.38
1,021.8
8,557.4
2,271.0
3,435.0
9,721.4
1.2
1.1
7.0
4.4
NM
NM
NM
NA
SanDisk Corp.
SNDK
50.41
241.8
12,191.5
2,875.5
1,696.6
11,012.6
2.2
NA
9.9
7.4
15.9
29.7
NM
Xilinx Inc.
XLNX
37.27
261.6
9,748.4
1,686.6
918.9
8,980.7
4.1
4.0
13.4
12.6
15.1
21.2
19.6
$15,246.5
$2,979.6
$2,291.9
$14,558.8
2.2x
1.9x
12.5x
10.2x
22.0x
41.6x
15.2x
$5,774.7
$1,344.3
$835.7
$5,814.6
1.9x
1.5x
13.4x
10.7x
15.9x
29.7x
15.2x
High
$103,272.5
$18,195.0
$13,568.0
$98,645.5
4.9x
4.0x
19.3x
16.0x
36.6x
97.3x
19.6x
Low
$173.4
$65.6
$0.0
$107.8
0.5x
0.6x
4.5x
4.4x
6.7x
9.8x
10.8x
Mean
Median
Analog:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
LTM EPS
NTM EPS
3.8x
11.5x
10.6x
13.0x
21.7x
19.6x
812.6
1.3
1.0
9.5
6.8
38.1
39.1
20.7
4.7
346.4
2.9
2.6
56.8
12.5
NM
NM
27.8
313.0
5,282.1
1.4
NA
12.8
20.2
ADI
$45.22
306.0
$13,836.6
$3,987.0
$759.7
$10,609.3
Diodes Incorporated
DIOD
19.93
46.0
917.2
157.1
52.5
Exar Corp.
EXAR
11.75
46.2
542.8
201.1
6.56
1,074.5
7,050.1
2,081.0
LTM EBITDA
NTM EBITDA
LTM EBIT
6.2
NA
ISIL
8.49
126.3
1,072.4
163.6
0.0
908.9
1.5
1.5
18.8
13.4
NM
NM
22.0
Maxim Integrated Products, Inc.
MXIM
31.20
292.5
9,125.3
1,030.3
308.8
8,403.8
3.5
3.3
10.5
9.4
14.4
27.9
16.1
Nationstar Mortgage Holdings Inc.
NSM
38.53
90.4
3,483.5
152.6
5,737.0
9,067.8
11.5
4.7
NA
10.6
NA
16.1
9.9
STMicroelectronics NV
STM
6.11
888.0
5,422.7
2,489.0
1,301.0
4,234.7
0.5
0.5
11.4
5.0
NM
NM
NM
Texas Instruments Inc.
TXN
34.43
1,106.6
38,097.6
3,965.0
5,686.0
39,818.6
3.1
3.3
10.0
11.2
14.7
22.8
19.7
$8,838.7
$1,580.7
$1,573.6
$8,831.6
3.3x
2.6x
16.8x
10.0x
18.6x
24.6x
19.4x
Intersil Corporation
IFX
NTM SALES
EQUITY VALUE AS A MULTIPLE OF:
4.0x
Analog Devices, Inc.
Infineon Technologies AG
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
Mean
Median
NA
$5,422.7
$1,030.3
$313.0
$5,282.1
2.9x
2.9x
11.0x
10.6x
14.4x
22.2x
19.7x
High
$38,097.6
$3,987.0
$5,737.0
$39,818.6
11.5x
4.7x
56.8x
13.4x
38.1x
39.1x
27.8x
Low
$542.8
$152.6
$0.0
$346.4
0.5x
0.5x
6.2x
5.0x
12.8x
16.1x
9.9x
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 27 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Digital Media:
($ in millions, except per share amounts)
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
(Invalid Identifier)
AUTH
Cirrus Logic Inc.
CRUS
24.04
Dialog Semiconductor Plc
(Invalid Identifier)
valid Identifier)
64.4
NA (Invalid Identifier)
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
(Invalid Identifier)
NA
NA
NA
NA
NA
NA
NA
1,399.3
2.0
NA
6.9
5.0
7.3
10.3
NM
NA
NM
NM
NM
19.9
NA
0.7
0.7
NM
NA
NM
NM
34.5
1,547.5
148.2
0.0
6.0
DB:DLG
18.54
0.0
0.0
312.4
176.6
DSP Group Inc.
DSPG
7.24
21.8
157.7
41.9
0.0
NVIDIA Corporation
NVDA
12.66
624.9
7,910.6
3,727.9
19.0
4,201.7
1.0
1.0
4.8
5.3
6.5
14.1
13.4
OpenText Corporation
OTEX
54.96
58.6
3,219.1
367.3
581.4
3,433.2
2.7
NA
9.2
8.0
17.3
26.3
NA
Pixelworks, Inc.
PXLW
2.40
18.4
44.2
13.4
0.0
30.8
0.5
NA
NM
6.9
NM
NM
NA
Sigma Designs, Inc.
SIGM
4.65
33.5
155.6
66.7
0.0
88.9
0.4
0.4
NM
NM
NM
NM
NM
Silicon Image, Inc.
DTS Inc.
Wolfson Microelectronics plc
(135.8)
NA
115.8
SIMG
4.61
77.2
355.8
107.5
0.0
248.3
1.0
0.9
18.4
5.6
38.2
NM
15.1
DTSI
19.90
18.7
372.7
72.0
30.0
330.7
3.3
NA
NM
10.6
NM
NM
18.4
LSE:WLF
2.96
112.4
333.0
48.6
0.0
284.4
1.6
NA
NM
NA
NM
NM
NA
Mean
$1,409.6
Median
$490.6
$80.7
$999.7
1.5x
0.7x
9.8x
6.9x
17.3x
17.6x
17.5x
$344.4
$89.8
$0.0
$266.4
1.0x
0.8x
8.0x
6.3x
12.3x
17.0x
15.1x
High
$7,910.6
$3,727.9
$581.4
$4,201.7
3.3x
1.0x
18.4x
10.6x
38.2x
26.3x
34.5x
Low
$0.0
$13.4
$0.0
0.4x
0.4x
4.8x
5.0x
6.5x
10.3x
6.0x
($135.8)
Wireless Semiconductor:
($ in millions, except per share amounts)
COMPANY NAME
Broadcom Corp.
CSR plc
Infineon Technologies AG
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
BRCM
$34.09
569.0
$19,397.2
$2,374.0
$1,693.0
$18,716.2
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
2.4x
NTM SALES
2.2x
LTM EBITDA
15.8x
NTM EBITDA
9.6x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
25.3x
LTM EPS
NTM EPS
27.3x
12.2x
LSE:CSR
4.59
166.6
764.9
333.3
1.6
433.2
0.4
NA
6.2
NA
18.2
18.4
NA
IFX
8.49
1,074.5
9,125.2
2,081.0
313.0
7,357.2
1.9
NA
8.7
NA
17.8
26.1
NA
12.9
Marvell Technology Group Ltd.
MRVL
10.10
535.0
5,400.8
1,919.0
0.0
3,481.8
1.1
1.1
7.8
6.8
11.6
18.7
QUALCOMM Incorporated
QCOM
65.64
1,718.1
112,778.1
13,275.0
31.0
99,534.1
4.9
4.0
13.8
10.3
15.8
19.6
NM
Silicon Laboratories Inc.
SLAB
41.52
42.0
1,742.6
282.0
100.7
1,561.3
2.8
2.6
13.8
11.9
18.2
28.2
17.5
STMicroelectronics NV
STM
6.11
888.0
5,422.7
2,489.0
1,301.0
4,234.7
0.5
0.5
11.4
5.0
NM
NM
NA
Texas Instruments Inc.
TXN
34.43
1,106.6
38,097.6
3,965.0
5,686.0
39,818.6
3.1
3.3
10.0
11.2
14.7
22.8
NA
$3,339.8
$1,140.8
14.2x
Mean
$21,892.1
2.1x
2.3x
10.9x
9.2x
17.4x
23.0x
$7,273.9
$2,227.5
$206.8
$5,795.9
2.2x
2.4x
10.7x
10.0x
17.8x
22.8x
High
$112,778.1
$24,091.1
$13,275.0
$5,686.0
$99,534.1
4.9x
4.0x
15.8x
11.9x
25.3x
28.2x
17.5x
Low
$764.9
$282.0
$0.0
$433.2
0.4x
0.5x
6.2x
5.0x
11.6x
18.4x
12.2x
Median
12.9x
Telecom and Data Networks:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Applied Micro Circuits Corp.
AMCC
$7.95
67.7
$538.0
$85.2
$0.0
$452.8
Broadcom Corp.
BRCM
34.09
569.0
19,397.2
2,374.0
1,693.0
18,716.2
Cavium, Inc.
CAVM
36.92
51.1
1,887.5
76.8
46.3
1,857.1
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
2.4x
NTM SALES
LTM EBITDA
1.9x
NM
2.4
2.2
7.9
6.0
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
8.2x
NM
NM
NM
15.8
9.6
25.3
27.3
12.2
NM
20.4
NM
NM
36.8
Himax Technologies, Inc.
HIMX
3.22
169.6
546.0
138.9
73.0
480.1
0.7
0.6
6.0
5.1
7.2
10.7
8.8
Mindspeed Technologies Inc.
MSPD
4.45
42.2
187.7
51.1
74.2
210.7
1.4
1.3
NM
11.9
NM
NM
29.2
PMC-Sierra Inc.
PMCS
NM
15.4
STMicroelectronics NV
TranSwitch Corp.
6.49
204.0
1,323.8
181.4
0.0
1,142.4
2.1
17.8
STM
6.11
888.0
5,422.7
2,489.0
1,301.0
4,234.7
0.5
0.5
11.4
5.0
NM
NM
NM
TXCC
0.82
36.2
29.7
2.2
2.4
29.9
1.7
0.9
NM
NM
NM
NM
NM
$3,666.6
$674.8
$398.7
$3,390.5
2.4x
1.9x
12.8x
9.8x
16.2x
19.0x
20.5x
$934.9
$112.0
$59.7
$811.3
1.9x
1.6x
13.6x
8.2x
16.2x
19.0x
15.4x
High
$19,397.2
$2,489.0
$1,693.0
$18,716.2
7.9x
6.0x
17.8x
20.4x
25.3x
27.3x
36.8x
Low
$29.7
$2.2
$0.0
$29.9
0.5x
0.5x
6.0x
5.0x
7.2x
10.7x
8.8x
Mean
Median
2.2
8.1
NM
Semiconductor Design IP:
($ in millions, except per share amounts)
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
COMPANY NAME
TICKER
Imagination Technologies Group Plc
LSE:IMG
$5.10
261.7
$1,334.8
$54.5
$5.5
$1,285.7
ARM Holdings plc
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
9.0x
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NA
44.2x
NA
54.0x
68.1x
NTM EPS
NA
LSE:ARM
9.55
1,396.5
13,336.7
387.7
5.8
12,954.8
22.5
19.2
56.8
40.2
60.6
83.0
NA
MoSys, Inc.
MOSY
3.47
39.9
138.5
33.3
0.0
105.2
17.3
9.8
NM
NA
NM
NM
NM
Rambus Inc.
RMBS
5.64
111.5
629.0
203.3
147.6
573.2
2.4
2.2
61.5
9.9
NM
NM
NA
CEVA Inc.
CEVA
15.13
22.4
339.2
135.0
0.0
204.2
3.8
NA
15.9
11.5
16.5
25.6
21.9
11.0x
Mean
Median
$3,155.6
$162.8
10.4x
44.6x
20.5x
43.7x
58.9x
21.9x
$629.0
$135.0
$5.5
$573.2
9.0x
9.8x
50.5x
11.5x
54.0x
68.1x
21.9x
$13,336.7
$387.7
$147.6
$12,954.8
22.5x
19.2x
61.5x
40.2x
60.6x
83.0x
21.9x
$33.3
$0.0
$105.2
2.4x
2.2x
15.9x
9.9x
16.5x
25.6x
21.9x
High
Low
$138.5
$31.8
$3,024.6
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 28 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Wireless Carriers:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Clearwire Corporation
CLWR
Leap Wireless International Inc.
LEAP
5.35
79.1
423.4
675.0
MetroPCS Communications, Inc.
PCS
9.80
365.1
3,578.2
2,613.3
S
5.80
3,010.8
17,462.5
8,200.0
TDS
22.89
108.0
2,472.9
856.2
Mean
$5,220.6
Median
$2,472.9
High
Low
Sprint Nextel Corp.
Telephone & Data Systems Inc.
$3.13
692.0
$2,165.8
$868.6
$4,307.4
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
EQUITY VALUE AS A MULTIPLE OF:
LTM EBITDA
NTM EBITDA
LTM EBIT
NM
NM
NM
LTM EPS
NM
NTM EPS
$5,604.7
4.4x
4.3x
3,302.5
3,050.9
1.0
1.1
5.9
5.8
NM
NM
NM
4,791.6
5,756.5
1.1
1.1
3.9
4.1
6.9
9.2
14.0
NM
24,341.0
33,603.5
1.0
1.0
4.9
6.3
NM
NM
NM
1,722.8
3,339.6
0.6
NA
3.2
3.4
13.6
30.7
63.4
$2,642.6
$7,693.1
$10,271.0
1.6x
1.9x
4.5x
4.9x
10.3x
19.9x
38.7x
$868.6
$4,307.4
$5,604.7
1.0x
1.1x
4.4x
4.9x
10.3x
19.9x
38.7x
$17,462.5
$8,200.0
$24,341.0
$33,603.5
4.4x
4.3x
5.9x
6.3x
13.6x
30.7x
63.4x
$423.4
$675.0
$1,722.8
$3,050.9
0.6x
1.0x
3.2x
3.4x
6.9x
9.2x
14.0x
Wireless Infrastructure:
($ in millions, except per share amounts)
COMPANY NAME
QUALCOMM Incorporated
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
QCOM
65.64
1,718.1
112,778.1
13,275.0
31.0
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
13.8
10.3
99,534.1
4.9
4.0
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
15.8
LTM EPS
19.6
NTM EPS
14.6
Unwired Planet, Inc.
UPIP
2.02
89.4
180.6
57.3
0.0
123.3
NM
NM
NM
NA
NM
NM
NM
VeriSign, Inc.
VRSN
45.81
152.6
6,988.8
1,556.4
697.6
6,130.0
7.0
NA
12.0
10.2
13.4
24.0
20.1
$4,962.9
$242.9
$35,262.5
5.9x
4.0x
12.9x
10.3x
14.6x
21.8x
17.4x
Mean
$39,982.5
Median
$6,988.8
$1,556.4
$31.0
$6,130.0
5.9x
4.0x
12.9x
10.3x
14.6x
21.8x
17.4x
High
$112,778.1
$13,275.0
$697.6
$99,534.1
7.0x
4.0x
13.8x
10.3x
15.8x
24.0x
20.1x
Low
$180.6
$57.3
$0.0
$123.3
4.9x
4.0x
12.0x
10.2x
13.4x
19.6x
14.6x
Integrated Wireline & Wireless Carriers:
($ in millions, except per share amounts)
COMPANY NAME
AT&T, Inc.
Verizon Communications Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
T
$35.91
5,491.6
$197,203.7
$4,954.0
$69,844.0
$262,093.7
2.1x
2.0x
9.0x
6.2x
20.2x
28.7x
13.3x
VZ
46.53
2,858.3
132,995.5
3,570.0
51,987.0
181,412.5
1.6
1.5
6.0
4.4
13.0
NM
16.8
Mean
$165,099.6
$4,262.0
$60,915.5
$221,753.1
1.8x
1.7x
7.5x
5.3x
16.6x
28.7x
15.1x
Median
$165,099.6
$4,262.0
$60,915.5
$221,753.1
1.8x
1.7x
7.5x
5.3x
16.6x
28.7x
15.1x
High
$197,203.7
$4,954.0
$69,844.0
$262,093.7
2.1x
2.0x
9.0x
6.2x
20.2x
28.7x
16.8x
Low
$132,995.5
$3,570.0
$51,987.0
$181,412.5
1.6x
1.5x
6.0x
4.4x
13.0x
28.7x
13.3x
Mobile Payment:
($ in millions, except per share amounts)
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
COMPANY NAME
TICKER
ACI Worldwide, Inc.
ACIW
$45.81
39.8
$1,821.3
$76.3
Euronet Worldwide Inc.
EEFT
24.14
50.7
1,225.0
Global Payments Inc.
GPN
48.21
78.6
3,787.3
Moneygram International Inc.
MGI
16.21
57.8
937.5
0.0
809.9
1,747.4
1.3
1.2
6.5
The Western Union Company
WU
14.03
613.0
8,599.7
1,789.6
4,029.2
10,839.3
1.9
1.9
6.6
VRSN
45.81
158.0
7,237.4
1,556.4
697.6
6,378.6
7.3
6.7
12.5
10.6
VeriSign, Inc.
LTM SALES
3.2x
NTM SALES
$386.5
$2,131.4
2.8x
191.2
301.2
1,335.1
1.1
1.0
998.3
1,092.8
3,881.9
1.7
1.6
LTM EBITDA
13.6x
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
37.5x
16.4x
9.3x
20.0x
8.8
7.2
15.4
60.4
12.8
7.8
7.1
9.9
21.2
12.4
6.4
9.2
NM
13.3
7.8
7.7
8.3
9.8
14.0
24.0
20.1
14.1x
Mean
$3,934.7
$768.6
$1,219.5
$4,385.6
2.7x
2.5x
9.3x
8.1x
12.7x
30.3x
Median
$2,804.3
$594.7
$753.8
$3,006.6
1.8x
1.8x
8.3x
7.5x
11.9x
24.0x
13.0x
High
$8,599.7
$1,789.6
$4,029.2
$10,839.3
7.3x
6.7x
13.6x
10.6x
20.0x
60.4x
20.1x
Low
$937.5
$0.0
$301.2
$1,335.1
1.1x
1.0x
6.5x
6.4x
7.7x
8.3x
9.8x
Payment Software & Solutions:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
Bottomline Technologies Inc.
EPAY
$27.13
36.7
$996.9
$280.9
$133.7
$849.8
3.5x
3.2x
37.7x
16.5x
NM
NM
Global Payments Inc.
GPN
48.21
78.6
3,787.3
998.3
1,092.8
3,881.9
1.7
1.6
7.8
7.1
9.9
21.2
23.9x
Mean
$2,392.1
$639.6
$613.3
$2,365.8
2.6x
2.4x
22.8x
12.4
11.8x
9.9x
21.2x
18.1x
Median
$2,392.1
$639.6
$613.3
$2,365.8
2.6x
2.4x
22.8x
11.8x
9.9x
21.2x
18.1x
High
$3,787.3
$998.3
$1,092.8
$3,881.9
3.5x
3.2x
37.7x
16.5x
9.9x
21.2x
23.9x
Low
$996.9
$280.9
$133.7
$849.8
1.7x
1.6x
7.8x
7.1x
9.9x
21.2x
12.4x
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 29 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Broad Based Financial Services:
($ in millions, except per share amounts)
COMPANY NAME
Fidelity National Information Services, Inc.
Intuit Inc.
Milano Assicurazioni SpA
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EPS
NTM EPS
13.9x
20.7x
12.0x
10.0
17.2
26.9
17.1
NM
NA
NM
3.2x
11.7x
9.0x
15.5x
23.8x
14.6x
2.6x
3.2x
11.7x
9.0x
15.5x
23.8x
14.6x
4.5x
3.9x
14.3x
10.0x
17.2x
26.9x
17.1x
0.3x
2.5x
9.2x
8.0x
13.9x
20.7x
12.0x
FIS
$37.65
294.8
$11,099.4
$517.6
$4,394.9
$14,976.7
2.6x
2.5x
9.2x
INTU
64.47
293.7
18,932.3
678.0
499.0
18,753.3
4.5
3.9
14.3
MI
0.49
1,938.0
949.2
0.0
0.0
949.2
0.3
NA
Mean
$10,326.9
$398.5
$1,631.3
$11,559.7
2.4x
Median
$11,099.4
$517.6
$499.0
$14,976.7
High
$18,932.3
$678.0
$4,394.9
$18,753.3
Low
$949.2
$0.0
$0.0
$949.2
NTM EBITDA
8.0x
LTM EBIT
NM
NA
Alternative Fuels:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EPS
NTM EPS
11.0x
11.6x
11.9x
NM
NM
NM
NM
The Andersons, Inc.
ANDE
$49.08
18.4
$903.5
$138.2
$468.7
$1,234.0
0.2x
0.2x
7.7x
6.8x
Clean Energy Fuels Corp.
CLNE
12.58
86.9
1,093.6
146.7
331.0
1,277.9
3.8
3.2
NM
LTM EBIT
Diligent Board Member Services, Inc.
DIL
5.25
81.9
430.0
33.4
2.2
398.8
9.1
5.5
NA
14.0
31.8
68.9
NA
EP Global Opportunities Trust plc
EPG
1.92
52.1
99.9
4.5
4.7
100.1
NM
NA
NM
NA
NM
NM
NA
Golden Hope Mines Limited
GNH
0.05
131.6
5.9
0.4
0.0
5.5
NA
NA
NA
NA
NM
NM
NA
GPRE
9.47
29.6
280.2
254.3
663.3
689.1
0.2
0.2
9.8
6.5
38.8
NA
NA
HW
9.41
61.1
575.1
Green Plains Renewable Energy, Inc.
Headwaters Inc.
1.5
1.4
11.3
8.0
26.5
NM
30.9
MGP Ingredients Inc.
MGPI
4.14
18.0
74.4
0.0
33.6
108.1
0.3
NA
31.0
NA
NM
4.0
NA
Pacific Ethanol, Inc.
PEIX
0.38
144.7
55.4
18.7
119.1
155.8
0.2
0.2
NM
NA
NM
NM
NA
Rentech, Inc.
RTK
2.73
219.9
600.2
238.5
81.6
443.3
1.9
1.0
5.2
NA
6.2
NM
18.2
Mean
$411.8
Median
78.4
$91.3
501.3
$220.6
998.0
$541.0
2.2x
1.7x
13.0x
8.8x
22.9x
28.2x
20.3x
$355.1
$55.9
$100.3
$421.0
0.9x
1.0x
9.8x
7.4x
26.5x
11.6x
18.2x
High
$1,093.6
$254.3
$663.3
$1,277.9
9.1x
5.5x
31.0x
14.0x
38.8x
68.9x
30.9x
Low
$5.9
$0.0
$0.0
$5.5
0.2x
0.2x
5.2x
6.5x
6.2x
4.0x
11.9x
Wind:
($ in millions, except per share amounts)
COMPANY NAME
Broadwind Energy, Inc.
Cedar Woods Properties Ltd.
Gamesa Corporación Tecnológica S.A.
McKenzie Bay International Ltd.
SeaBright Holdings, Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
BWEN
$3.37
14.1
$47.5
$0.5
$7.1
$54.1
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
0.3x
NTM SALES
0.2x
LTM EBITDA
33.9x
NTM EBITDA
NA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
NM
LTM EPS
NM
NTM EPS
NA
CWP
5.20
72.2
375.4
8.3
33.6
400.7
2.4
NA
6.7
NA
6.7
8.7
NA
CATS:GAM
2.31
244.1
562.5
930.5
1,372.4
1,004.4
0.4
NA
NM
NA
NM
NA
NA
MKBY
0.01
210.3
2.3
0.0
2.1
4.4
NA
NA
NM
NA
NM
NM
NA
SBX
0.00
21.4
0.0
3.0
8.3
5.3
NA
NA
NM
NA
NM
0.0
NA
Mean
$235.1
$235.5
$354.1
$353.7
1.4x
NA
6.7x
NA
6.7x
4.4x
NA
Median
$188.8
$5.7
$21.0
$203.0
1.4x
NA
6.7x
NA
6.7x
4.4x
NA
High
$562.5
$930.5
$1,372.4
$1,004.4
2.4x
NA
6.7x
NA
6.7x
8.7x
NA
Low
$0.0
$0.0
$2.1
$4.4
0.4x
NA
6.7x
NA
6.7x
0.0x
NA
Solar:
($ in millions, except per share amounts)
COMPANY NAME
Ascent Solar Technologies, Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ASTI
$0.65
50.9
$33.1
$18.6
$6.7
$21.2
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
11.1x
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
0.7x
NM
NA
NM
LTM EPS
NM
NTM EPS
NM
Canadian Solar Inc.
CSIQ
4.01
43.3
173.5
142.0
1,073.5
1,105.1
0.9
0.6
NM
NA
NM
NM
First Solar, Inc.
FSLR
25.84
87.0
2,247.3
1,003.9
563.0
1,806.5
0.5
NA
2.6
3.0
4.2
NM
NA
JA Solar Holdings Co., Ltd.
JASO
4.45
202.2
900.0
3,417.2
6,116.9
3,599.7
0.5
3.4
NM
NM
NM
NM
NM
230.9
1,143.1
13.5
NM
18.7
MEMC Electronic Materials Inc.
WFR
4.95
1.2
1.0
Spire Corp.
SPIR
0.75
8.6
6.4
5.2
1.2
2.4
0.1
NA
NM
NA
NM
NM
Suntech Power Holdings Co. Ltd.
STP
1.15
181.2
208.3
473.7
2,263.6
1,998.2
0.7
1.1
NM
NM
NM
NM
NM
Trina Solar Limited
TSL
4.00
81.4
325.5
807.3
1,374.6
892.7
0.7
0.6
NA
NM
NM
NM
NM
Mean
$805.1
2,373.3
$1,721.6
2,943.8
$1,546.2
2.0x
1.2x
8.1x
6.7
NM
NA
4.8x
4.2x
NM
13.1x
$266.9
$523.2
$1,224.0
$1,455.8
0.7x
0.9x
8.1x
4.8x
4.2x
NM
13.1x
High
$2,247.3
$3,417.2
$6,116.9
$3,599.7
11.1x
3.4x
13.5x
6.7x
4.2x
NM
18.7x
Low
$6.4
$5.2
$1.2
$2.4
0.1x
0.6x
2.6x
3.0x
4.2x
NM
7.5x
Median
$629.6
572.6
7.5
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 30 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Hydrogen/Methanol Fuel Cell:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Air Products & Chemicals Inc.
APD
Avista Corp.
AVA
26.19
58.8
AVX Corp.
AVX
11.78
169.3
FuelCell Energy Inc.
FCEL
1.06
185.9
197.0
GTI
7.39
135.2
HYGS
7.96
7.7
GrafTech International Ltd.
Hydrogenics Corp.
Modine Manufacturing Company
Plug Power Inc.
Quantum Fuel Systems Technologies Worldwide
$86.34
211.7
$18,278.7
LTM EPS
NTM EPS
2.2x
10.0x
8.8x
15.7x
17.6x
14.6x
2,884.2
1.9
1.7
8.6
7.6
14.3
19.8
14.9
961.8
0.7
0.7
4.6
4.7
5.9
NM
NA
25.9
136.6
1.1
0.9
NM
NA
NM
NM
NM
17.3
571.1
1,553.2
1.2
1.2
6.6
8.0
9.9
8.8
NA
13.0
0.0
48.2
1.5
0.8
NM
NM
NM
NM
NM
520.0
4.7
12.2
$6,055.5
$23,788.3
1,539.2
75.5
1,420.5
1,994.7
1,033.0
0.0
86.3
999.4
61.2
MOD
8.24
47.1
388.2
32.9
164.7
PLUG
0.17
38.0
6.5
9.5
1.0
(2.0)
0.69
47.8
33.0
2.3
8.7
39.4
$2,610.9
Median
$201.7
$916.4
$3,325.5
NTM SALES
LTM EBITDA
LTM EBIT
0.4
0.4
NM
NA
NM
NM
NM
NA
NM
NM
NM
1.4
NA
NM
NA
NM
NM
1.0
1.3x
1.1x
5.3
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
2.4x
$545.9
QTWW
Mean
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
7.0x
6.8x
11.6x
15.4x
10.1x
$388.2
$32.9
$25.9
$520.0
1.3x
0.9x
6.6x
7.6x
12.2x
17.6x
14.6x
High
$18,278.7
$1,033.0
$6,055.5
$23,788.3
2.4x
2.2x
10.0x
8.8x
15.7x
19.8x
14.9x
Low
$6.5
$2.3
$0.0
0.4x
0.4x
4.6x
4.7x
5.9x
8.8x
1.0x
($2.0)
Weather/Geothermal:
($ in millions, except per share amounts)
COMPANY NAME
Danaher Corp.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
DHR
$61.60
695.4
$42,833.9
$1,678.7
$5,343.1
$46,498.3
3.71
48.3
179.3
12.5
10.3
177.0
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
LTM EBITDA
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
LTM EPS
NTM EPS
2.5x
2.4x
11.5x
11.1x
14.4x
19.1x
17.8x
0.7
0.6
8.3
4.9
11.5
18.6
13.7
Flow International Corporation
FLOW
Ocean Power Technologies, Inc.
OPTT
1.98
10.4
20.5
25.1
0.4
NM
NA
NM
NA
NM
NM
NA
Ormat Technologies Inc.
ORA
20.44
45.4
928.6
69.6
1,030.9
1,889.9
3.7
3.6
10.3
9.4
23.2
NM
31.7
The GEO Group, Inc.
GEO
34.54
60.9
2,102.2
31.8
1,488.2
3,558.6
2.4
2.3
12.9
11.7
19.3
14.6
19.9
U.S. Geothermal Inc.
AMEX:HTM
0.32
89.0
28.5
6.3
110.8
133.0
NA
NA
NM
NA
NM
NM
NA
WFI
16.74
12.2
204.9
22.0
0.1
183.0
1.5
NA
9.7
9.4
10.3
18.1
NA
$6,614.0
$263.7
$1,140.5
$7,490.8
2.2x
2.2x
10.5x
9.3x
15.8x
17.6x
20.8x
WaterFurnace Renewable Energy, Inc.
Mean
Median
(4.1)
$204.9
$25.1
$110.8
$183.0
2.4x
2.4x
10.3x
9.4x
14.4x
18.3x
18.9x
High
$42,833.9
$1,678.7
$5,343.1
$46,498.3
3.7x
3.6x
12.9x
11.7x
23.2x
19.1x
31.7x
Low
$20.5
$6.3
$0.1
0.7x
0.6x
8.3x
4.9x
10.3x
14.6x
13.7x
($4.1)
Recycling Technologies/Services:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Appliance Recycling Centers of America Inc.
ARCI
$1.42
5.6
$7.9
$3.2
$17.9
$22.6
Bion Environmental Technologies Inc.
BNET
0.00
16.3
0.0
0.4
7.9
7.5
Clean Harbors, Inc.
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
NTM SALES
LTM EBITDA
LTM EBIT
0.2x
NA
NM
NA
NM
LTM EPS
NM
NTM EPS
NA
NA
NA
NM
NA
NM
0.0
NA
10.6
CLH
51.50
53.4
2,747.9
241.6
1,408.0
3,914.2
1.8
1.1
6.4
18.7
21.5
19.2
Commercial Metals Company
CMC
16.31
116.2
1,895.5
271.4
1,326.4
2,950.5
0.4
0.4
7.2
6.8
10.7
14.3
12.8
Metabolix, Inc.
MBLX
2.43
34.2
83.1
47.8
0.0
35.3
14.3
6.6
NM
NM
NM
25.0
NM
$946.9
$112.9
$552.0
$1,386.0
4.2x
2.7x
8.9x
6.6x
14.7x
15.2x
16.0x
$83.1
$47.8
$17.9
$35.3
1.1x
1.1x
8.9x
6.6x
14.7x
17.9x
16.0x
High
$2,747.9
$271.4
$1,408.0
$3,914.2
14.3x
6.6x
10.6x
6.8x
18.7x
25.0x
19.2x
Low
$0.0
$0.4
$0.0
$7.5
0.2x
0.4x
7.2x
6.4x
10.7x
0.0x
12.8x
Mean
Median
Clean Energy Management:
($ in millions, except per share amounts)
COMPANY NAME
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
Ambient Corporation
AMBT
$2.70
16.7
$45.0
$13.3
$0.0
Enova Systems Inc.
ENA
15.50
44.5
690.1
2,136.6
128.7
Mean
$367.5
$1,075.0
$31.7
(1,317.9)
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
LTM EBITDA
0.7x
NA
NM
NA
NM
NM
NA
NM
NA
NM
NA
NM
9.5
NA
LTM EBIT
LTM EPS
NTM EPS
$64.3
($643.1)
NA
NM
NA
#DIV/0!
9.5x
NA
Median
$367.5
$1,075.0
$64.3
($643.1)
0.7x
NA
#NUM!
NA
#NUM!
9.5x
NA
High
$690.1
$2,136.6
$128.7
$31.7
0.7x
NA
0.0x
NA
0.0x
9.5x
NA
Low
$45.0
$13.3
$0.0
0.7x
NA
0.0x
NA
0.0x
9.5x
NA
($1,317.9)
0.7x
NTM EBITDA
EQUITY VALUE AS A MULTIPLE OF:
NTM SALES
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 31 of 35
Monthly Technology Newsletter
February 2013
Detailed Sector Data, Valuation Multiples, Metrics (Continued)
Waste Emissions/Purification:
($ in millions, except per share amounts)
COMPANY NAME
ADA-ES, Inc.
TICKER
SHARE PRICE AS OF:
SHARES
EQUITY
TOTAL
TOTAL
ENTERPRISE
February 28, 2013
OUTSTANDING
MKT VALUE
CASH
DEBT
VALUE
ADES
$26.57
10.0
$266.1
$19.4
$13.4
$260.0
ENTERPRISE VALUE AS A MULTIPLE OF:
LTM SALES
NTM SALES
1.5x
1.0x
LTM EBITDA
NM
NTM EBITDA
11.4x
EQUITY VALUE AS A MULTIPLE OF:
LTM EBIT
NM
LTM EPS
NTM EPS
27.5x
11.8x
Calgon Carbon Corporation
CCC
17.06
57.0
971.7
18.2
64.0
1,017.6
1.8
NA
13.3
10.5
20.3
41.6
NA
CLARCOR Inc.
CLC
50.99
50.1
2,552.7
185.5
16.6
2,383.8
2.1
2.1
11.1
10.6
13.0
21.1
19.9
Donaldson Company, Inc.
DCI
36.03
148.1
5,337.0
284.5
262.2
5,314.7
2.1
2.1
13.0
12.0
15.4
22.1
19.2
MFRI Inc.
MOCON Inc.
Pall Corp.
PMFG, Inc.
MFRI
7.35
6.9
50.9
5.6
47.4
92.7
0.4
NA
NM
NA
NM
NM
NA
MOCO
14.37
5.5
78.7
7.9
7.9
78.7
1.6
NA
15.8
NA
23.4
41.1
NA
PLL
68.18
114.4
7,802.3
870.2
709.9
7,642.0
2.9
2.8
12.6
12.7
16.7
25.0
20.8
PMFG
6.77
21.0
142.0
60.6
1.6
83.0
0.6
NA
13.3
10.0
30.0
NM
NA
$140.4
Mean
$2,109.1
1.6x
2.0x
13.2x
11.2x
19.8x
29.7x
17.9x
$618.9
$40.0
$32.0
$638.8
1.7x
2.1x
13.2x
11.0x
18.5x
26.3x
19.5x
High
$7,802.3
$870.2
$709.9
$7,642.0
2.9x
2.8x
15.8x
12.7x
30.0x
41.6x
20.8x
Low
$50.9
$5.6
$1.6
$78.7
0.4x
1.0x
11.1x
10.0x
13.0x
21.1x
11.8x
Median
$2,150.2
$181.5
Source: Capital IQ, Next Twelve Months (NTM) estimates from Capital IQ
Morgan Joseph TriArtisan LLC
Page 32 of 35
Monthly Technology Newsletter
February 2013
Morgan Joseph TriArtisan LLC Overview
About Morgan Joseph TriArtisan:
Morgan Joseph TriArtisan LLC is an investment banking firm with over 65 employees and 4 offices in 4 cities dedicated to
serving middle market companies. The firm's primary focus is on providing financial advisory and capital raising services in the
U.S., Asia and Europe. Our services include mergers and acquisitions advice, restructuring advice, private placements and
public offerings of debt and equity.
Organizational Highlights:
•
Headquartered in New York City with offices in Atlanta, GA; Miami, FL; and San Francisco, CA.
•
Member of IMAP, the International Network of M&A Partners
Investment Banking Highlights:
•
Team of over 45 investment banking professionals organized into specialty industry and product groups, each including at
least one Managing Director with over 20 years of experience
•
Over $21.5 billion of completed transactions since June 2001
•
Over 165 completed M&A transactions and restructuring assignments
•
Over 100 completed financings, including private equity and debt placements, high yield debt and public equity offerings
Morgan Joseph TriArtisan Investment Banking Division Offering:
•
M&A Advisory
•
Equity/Debt Private Placements
•
PIPEs
Morgan Joseph TriArtisan LLC
Page 33 of 35
Monthly Technology Newsletter
February 2013
General Newsletter Disclosure:
This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced
merger and acquisition and private placement activities. Information contained in this newsletter should not be construed as a
recommendation to sell or buy any security. The information presented is drawn from publicly available sources, including public
filings with the Securities and Exchange Commissions and market information made publicly available by third party providers.
Any reference to or omission of any reference to any company in this newsletter should not be construed as a recommendation
to buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with
respect to any security or company based on this newsletter. This newsletter is not intended to be, and should not be construed
as, investment advice or an analysis, ranking, rating or recommendation with respect to the securities, companies or industries
described. No investment decision should be based on this newsletter. This newsletter is published solely for general
informational purposes only. It does not take into account the particular investment objectives, financial situation, or needs of
individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are
not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is
accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known
and unknown risks, and other factors that may cause actual results to vary materially. We are under no obligation to update the
information contained in this newsletter. Morgan Joseph TriArtisan LLC, its affiliates, shareholders, officers, staff, and/or
members of their families, including persons involved in the preparation or issuance of this newsletter, may from time to time
have long and short positions in the securities mentioned herein, and, before or after your receipt of this report, may make or
recommend purchases and/or sales of securities or derivatives for their own accounts or for the accounts of other customers of
the Firm from time to time in the open market or otherwise. The companies mentioned in this newsletter may be clients of
Morgan Joseph TriArtisan LLC. The decision to include any company in this newsletter is unrelated in all respects to any service
Morgan Joseph TriArtisan LLC may provide to such company. This newsletter may not be copied or reproduced in any form, or
redistributed without the prior written consent of Morgan Joseph TriArtisan LLC. Additional information is available upon request.
Morgan Joseph TriArtisan LLC
Page 34 of 35
Monthly Technology Newsletter
February 2013
Morgan Joseph TriArtisan Technology Investment Banking Team
Rick Juarez
Managing Director
650-270-2702
[email protected]
Gene Ramirez
Managing Director
650-270-2703
[email protected]
Zachary Fisher
Director
212-218-3749
[email protected]
Matthew McLeod
Vice President
650-270-2705
[email protected]
Cang Quach
Associate
650-270-2708
[email protected]
Lisa Grodski
Associate
212-218-3859
[email protected]
Greg Lisman
Xuan Yang
Analyst
Analyst
212-218-3797
650-270-2707
[email protected] [email protected]
New York
600 Fifth Avenue, 14th Floor
New York, NY 10020
Morgan Joseph TriArtisan LLC
San Francisco
601 California Street, Suite 200
San Francisco, CA 94108
Page 35 of 35
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