Firmex Virtual Data Room Webinar on Tech M&A Trends

About Firmex
Firmex focused on providing the best virtual data room solution
for managing corporate transactions and financial compliance

Who uses Firmex?
Joel
Lessem
CEO
• Firmex community includes
Firmex over 200,000 users worldwide
• Conducted over 10,000 deals
in the last 18 months

Why offer a Webinar Series?
• As part of our value-added service, we believe it is important
to offer educational resources to our expanding community

©COPYRIGHT 2012. FIRMEX. ALL RIGHTS RESERVED

@Firmex, #FirmexWebinar

Trends in Technology M&A
And Outlook for the Remainder of 2012

Firmex Webinar Series Cyrus Lam
April 17th, 2012 KPMG Corporate Finance LLC
Managing Director
1:00 p.m. to 2:00 p.m.
757 3rd Avenue
New York, NY 10017
212-872-5540
clam3@kpmg.com
kpmgcorporatefinance.com


About Firmex
Firmex is focused on providing the best virtual data room
solution for managing corporate transactions and financial
compliance

Joel
Lessem Who uses Firmex?
CEO
Firmex • Firmex community includes
over 200,000 users worldwide
• Conducted over 10,000 deals
in the last 18 months

Why offer a Webinar Series?
• As part of our value-added service, we believe it is important
to offer educational resources to our expanding community


Cyrus Lam
Cyrus Lam is a Managing Director with KPMG Corporate Finance LLC in New York with a
technology focus specializing in IT Services, BPO, and Enterprise Software sectors. He has over
14 years of cross-border M&A experience, acting on buy-side and sell-side, as well as assisting on
private placements (debt and equity). Cyrus holds a Masters Degree and a Bachelor of Commerce
degree in Business and Accounting from the University of Mumbai, India. He is also a Chartered
Accountant and is a Fellow of the Institute of Chartered Accountants, India.

Cyrus has been with KPMG for over 16 years, having started in India as an accountant and later
transitioning to the Indian Corporate Finance Practice. In October 2000, Cyrus joined KPMG
Corporate Finance in London, and subsequently moved to the U.S. Corporate Finance team in
December 2006.

Cyrus specializes in the technology and support services vertical with a focus on:
• Information technology services
• Enterprise software (including both vertically and horizontally focused software companies)
• Business process outsourcing

During his time with KPMG, Cyrus has developed significant cross-border transaction experience,
having worked on M&A deals in India, the U.S., the U.K., Sweden, Germany, France, Spain and
the Netherlands.


CORPORATE FINANCE

Trends in Technology M&A
An Outlook for the Remainder of 2012
Cyrus F. Lam
KPMG Corporate Finance LLC

April 17, 2012
ADVISORY

Important notice

This presentation is confidential and does not carry any right of publication or disclosure to any other party. This presentation is incomplete
without reference to, and should be viewed solely in conjunction with, the oral briefing provided by KPMG Corporate Finance LLC. Neither this
presentation nor any of its contents may be used for any other purpose without the prior written consent of KPMG Corporate Finance LLC.
The information in this presentation is based upon publicly available information and reflects prevailing conditions and our views as of this
date, all of which are accordingly subject to change and such changes may be material. In preparing this presentation, we have relied upon and
assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was
otherwise reviewed by us.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.
Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date
it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice
after a thorough examination of the particular situation.
While the information presented and views expressed in this presentation and the oral briefing have been prepared in good faith, KPMG
Corporate Finance LLC accepts no responsibility or liability to any party in connection with such information or views.

©2012 KPMG Corporate Finance LLC, a Delaware limited liability company, is a member of FINRA and SIPC and is registered as a broker-dealer with the SEC. KPMG Corporate Finance LLC is also registered as a municipal advisor with the SEC and MSRB. KPMG
Corporate Finance LLC is a subsidiary of KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights 5
reserved.

M&A Market Landscape

Technology M&A Landscape

Deal Management

Questions

Global and U.S. M&A activity

Global M&A activity U.S. M&A activity

1,000 13,233 14,000 1,000 14,000
12,879 12,641 12,478
900 11,505
900
10,971 12,000 12,000
10,716 10,717 10,675
800 10,315 800

700 10,000 700 10,000
8,517 718

Deal Volume

Deal Volume
Deal Value ($ b)

Deal Value ($ b)
8,148 677
600 661 600
7,442 621 8,000 8,000
605
569
500 525
550 554 537 500
6,000 6,000
400 427
451 400
396 3,854 3,820
3,810 3,714
300 4,000 300 3,159 3,224 3,284 3,478 3,232 4,000
3,033
2,004 2,228 2,440 266
200 200 255
226 223 235 219
2,000 207 203 2,000
195 188 167
100 100 150
100
- - - -
Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12

Deal Value Deal Volume Deal Value Deal Volume

 2012 was expected to be a robust M&A year, but Q1 volumes have disappointed

 Q1-12 global deal volume is the lowest since Q1-10

 However, there has been a recent surge in the number of IPOs over the past 6 months

 Private equity firms are using buoyant equity markets to take more of their portfolio companies
public

 There have been 36 private equity backed IPOs in Q1-12 representing 35% of global IPOs deals,
the most since 2000
Source: Capital IQ and Financial Times

reserved.

M&A volume by sector

Consumer Discretionary Consumer Staples Energy Financials Healthcare

700 15 700 15 700 15 700 15 700 15
600 600 600 600 600

Deal Volume ('000s)
Deal Value ($ b)

500 500 500 500 500
10 10 10 10 10
400 400 400 400 400
300 300 300 300 300
5 5 5 5 5
200 200 200 200 200
100 100 100 100 100
- - - - - - - - - -
2009 2010 2011 2012* 2009 2010 2011 2012* 2009 2010 2011 2012* 2009 2010 2011 2012* 2009 2010 2011 2012*

Deal Value Deal Volume

Industrials Information Technology Materials Telecommunications Utilities
700 15 700 15700 15 700 15 700 15
600 600 600 600 600

Deal Volume ('000s)
Deal Value ($ b)

500 500 500 500 500
10 10 10 10 10
400 400 400 400 400
300 300 300 300 300
5 5 5 5 5
200 200 200 200 200
100 100 100 100 100
- - - - - - - - - -
2009 2010 2011 2012* 2009 2010 2011 2012* 2009 2010 2011 2012* 2009 2010 2011 2012* 2009 2010 2011 2012*

Deal Value Deal Volume

Source: Capital IQ
Note: *2012 deal value and deal volume are annualized based on Q1-12
reserved.

Average M&A multiples by sector

Consumer Discretionary Consumer Staples Energy Financials Healthcare

14.0x 14.0x 14.0x 14.0x 14.0x
12.1x
12.0x 12.0x 12.0x 12.0x 12.0x
Enterprise Value Multiple

9.7x 9.9x
10.0x 9.0x 10.0x 10.0x 10.0x 10.0x
8.0x 8.0x 8.0x 7.0x 8.0x 8.0x
6.0x 6.0x 6.0x 6.0x 6.0x
3.6x
4.0x 4.0x 4.0x 2.9x 4.0x 4.0x 2.3x
1.2x 1.2x
2.0x 2.0x 2.0x 2.0x 2.0x
0.0x 0.0x 0.0x 0.0x 0.0x
2009 2010 2011 Q1-12 2009 2010 2011 Q1-12 2009 2010 2011 Q1-12 2009 2010 2011 Q1-12 2009 2010 2011 Q1-12
EV/Revenue EV/EBITDA

Industrials Information Technology Materials Telecommunications Utilities

14.0x 14.0x 14.0x 14.0x 14.0x

12.0x 12.0x 12.0x 12.0x 10.1x 12.0x

10.1x 9.8x
9.2x 10.0x 10.0x 8.9x 10.0x 10.0x
10.0x
8.0x 8.0x 8.0x 8.0x 8.0x

6.0x 6.0x 6.0x 6.0x 6.0x

4.0x 4.0x 4.0x 4.0x 4.0x 2.2x
2.0x
1.3x 1.7x 1.1x
2.0x 2.0x 2.0x 2.0x 2.0x

0.0x 0.0x 0.0x 0.0x 0.0x
2009 2010 2011 Q1-12 2009 2010 2011 Q1-12 2009 2010 2011 Q1-12 2009 2010 2011 Q1-12 2009 2010 2011 Q1-12
EV/Revenue EV/EBITDA

Source: Capital IQ

reserved.

M&A volume by deal size

Global M&A volume by deal size
6,000
264
231 193
197
5,000 176
184 208 234
152 1,301 1,163
1,234 1,118
4,000 1,039 166
137 941 1,022
120 1,031
Deal Volume

847

713 835
566
3,000 104

444

2,413 2,214 2,285
2,000 2,052 2,214
1,729 1,958 1,928 1,924
1,356 1,437
1,029 1,591

1,000

1,321 1,534 1,475 1,764 1,639 1,648 1,582 1,832 1,640 1,832 1,800 1,907 1,415
-
Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12

$0m - $5m $5m - $50m $50m - $500m > $500m

Source: Capital IQ
Note: Chart represents only transactions with disclosed values
reserved.

Average M&A multiples by deal size

Global M&A multiples by deal size

14.0x

EV/ EBITDA
12.0x
11.4x

10.0x
10.0x
9.6x

8.0x
8.0x

6.0x

4.0x EV/ Revenue

2.7x
1.9x
2.0x
1.7x
1.0x

0.0x
Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12

$0m - $5m $5m - $50m $50m - $500m > $500m

Source: Capital IQ
Note: Chart represents only transactions with disclosed values
reserved.

Abundance of available investable capital

 The market is flush with capital that needs to be deployed; financial investors have over $400b in dry
powder

 Strategic acquirers (made up of the S&P 500) are holding an additional $1.7 trillion in investable cash

 The M&A markets should benefit from the nearly $2.1 trillion of “dry powder”

PE Investors Sitting on $425b of Dry Powder S&P 500 Companies Cash Balance

$600 1,800 1,687

Cash and equivalents ($b)
521 1,494 1,559
478 477 1,500
$500
Capital Overhang ($b)

439 425
$400 1,200 1,005 1,045
333 916
$300 257 900
197
$200 600

$100 300

$- 0
2004 2005 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

Source: Private Equity Growth Capital Council and Capital IQ

reserved.

Increased leverage capability for M&A

Middle Market LBO Credit Statistics Representative Debt Pricing
6.0x
Tranche Pricing (bps)
5.0x
Multiple of EBITDA

4.0x Revolver L + 350 - 450

3.0x
Senior Term A L+ 550 - 650
2.0x

1.0x Senior Term B L+ 650 - 700

0.0x
Jan-10

Jan-11

Jan-12
May-10

May-11
Dec-10

Nov-11
Nov-10

Dec-11
Mar-10

Mar-12
Mar-11
Oct-10

Oct-11
Jun-11
Jun-10

Jul-11
Jul-10

Feb-11

Feb-12
Feb-10

Mezzanine 13% - 14% current pay &
Sep-10

Sep-11
Apr-10

Apr-11
Aug-10

Aug-11
3% - 4%PIK

First Lien Debt/EBITDA Second Lien Debt/EBITDA Actual pricing varies by size, ABL vs. cash flow and credit rating
Other Sr. Debt/EBITDA Sub Debt/EBITDA

 Leverage on M&A transactions has remained stable,
Total Leveraged Loan Volume
160
and is currently above 4.0x EBITDA
140
 Total loan volumes in Q1 2012 have increased since
120
Q4 2011, but are still below Q2 2011 levels
$ in billions

100

80  2011 total leverage on middle market transactions
60 reached $374 billion, compared to $236 billion in 2010
40
 However, the volatility in Q4 2011 has put deal pricing
20
43.4 65.9 54.2 72.7 141.2 119.0 53.1 60.8 109.8 under some pressure
-
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 3Q12
Source: LCD and Capital IQ
reserved.

Factors impacting M&A in 2012

Low borrowing
cost

Anticipated 2013
U.S. 2012 capital gains/
Presidential
dividends tax
election year
increase

Oil prices and China and
Middle East Eurozone
instability uncertainty

reserved.

Knowledge @ Wharton/KPMG survey

 KPMG and Knowledge@Wharton, The Wharton School of the
University of Pennsylvania, have teamed to conduct the 2012 M&A
Outlook Survey

 Survey is based on 875 executives‟ insights and opinions with 70% of
executives expecting to complete an acquisition in 2012

 One-third of respondents remain optimistic for 2012 M&A

 However deal environment still murky, with two-thirds of respondents
expecting full recovery in 2013 or later

 Companies that survived the economic downfall are leaner and better
prepared to weather uncertain conditions

 U.S. election cycle, tax uncertainty and European economic woes will
have significant impact on how companies pursue transactions

 Interest in emerging markets still present, but stability of developed
markets continues to hold allure

 Due diligence issues continues to challenge dealmakers
KPMG Link:
http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Pages/executives-show-guarded-
optimism.aspx
Source: KPMG International and The Wharton School

reserved.

KPMG M&A Predictor

KPMG‟s M&A Predictor is a forward-looking tool that helps clients
forecast worldwide trends in mergers and acquisitions. The Predictor
was established in 2007. It looks at the appetite and capacity for
M&A deals by tracking and projecting important indicators 12 months
forward.

 Despite still being up on the dark days of 2009, the first six months
of 2012 look set to be challenging

 Confidence dips in global market

 Lack of confidence will restrict deal flow

 Consumer staples, technology, and healthcare sectors are
predicted to fare better than others

 Forward P/E ratios down 5% since June 2011

KPMG Link:
http://www.kpmg.com/global/en/issuesandinsights/articlespublications/ma-predictor/Pages/default.aspx
Source: KPMG International

reserved.

General technology M&A activity

Global technology M&A activity U.S. technology M&A activity
45 1,200 45 1,200

40 973 991 971
40
962 948
902 906 1,000 1,000
895
35 871 35
831

30 728 800 30 800

Deal Volume
Deal Volume

Deal Value ($ b)
Deal Value ($ b)

643 645
25 25
600 600
20 20 426
418 413 411 396 415 393
362 380
15 349 400
15 400 298
242 232
10 10
200 200
5 5
13.2 10.8 28.9 12.4 8.2 28.6 38.6 22.6 23.4 26.4 33.1 17.5 31.0 8.8 3.7 20.4 8.2 4.7 21.9 27.8 14.5 14.1 15.7 13.6 12.4 8.9
- - - -

Deal Value Deal Volume Deal Value Deal Volume

■ In Q1-12 global technology M&A deal values have had a good start, however, deal volumes are lower
than Q4 2011
■ U.S. technology deal values have declined since Q3-10, while deal volume has been relatively consistent
■ Quarterly technology deal values are impacted by the timing of large deals
■ Scientific Atlanta - NDS in Q1 2012
■ HP – Autonomy in Q3 2011

Source: Capital IQ

reserved.

Global technology M&A – valuations and deal size

Average enterprise software deal value and Average BPO and IT services deal value and
multiples multiples
350 25.0x 350 25.0x

21.4x
300 300
20.0x 20.0x

250 250


16.4x
Deal Value ($ m)

Deal Value ($ m)
13.1x 15.0x 14.0x 15.0x
200 13.2x 12.9x 200
11.9x 12.3x
11.0x 11.1x 10.8x
10.4x 10.1x 10.3x 10.2x
150 9.4x 150 9.6x
8.4x 8.2x 10.0x 8.3x 8.5x 10.0x
8.3x 7.6x 8.3x
6.3x
100 5.7x 100

5.0x 5.0x
50 2.4x 2.7x 2.6x 2.4x 50
1.9x 1.8x 2.0x 1.7x 1.7x 2.0x 2.0x 1.2x 1.6x 1.7x 1.6x 1.7x
1.3x 1.5x 1.2x 1.2x 1.2x 1.4x 1.3x 1.3x 1.2x 1.5x
17 100 72 51 36 82 118 100 105 153 281 147 255 123 136 112 130 99 187 199 127 105 143 169 132 210
- 0.0x - 0.0x

Average Deal Value Average EV/ Revenue Average EV/ EBITDA Average Deal Value Average EV/ Revenue Average EV/ EBITDA

■ Enterprise software deals values were at their ■ BPO and IT services industry has seen relatively
lowest point in the 6 quarters ending Q2 10 sustained deal values
■ Q1-12 average enterprise value/ revenue and ■ Q1-12 average enterprise value/ revenue and
EBITDA multiples are 2.4x and 11.0x, respectively EBITDA multiples are 1.7x and 10.2x, respectively
■ The largest software transaction was Hewlett- ■ Average enterprise value/ EBITDA multiples have
Packard‟s acquisition of Autonomy in August 2011 gradually decreased during 2011
for ≈$11b
Source: Capital IQ
Note: All charts represent only transactions with disclosed values and multiples

reserved.

Top ten recent technology M&A transactions

Large Precedent Technology M&A Transactions (in $USD millions unless otherwise noted)
Announcem ent Enterprise EV / EV /
Date Status Buyers/Investors Target Value Revenue EBITDA
Mar-12 Announced Scientific-Atlanta, LLC NDS Group Ltd. 4,965 5.0x 17.5x

Mar-12 Announced Insight Venture Partners Quest Softw are Inc. 1,947 2.3x 12.7x

Feb-12 Announced Oracle Corporation Taleo Corp. 1,805 5.7x 60.9x

Feb-12 Announced Vista Equity Partners Misys plc 2,042 3.2x 16.1x

Dec-11 Closed SAP Am erica, Inc. SuccessFactors, Inc. 3,516 12.0x NM

Aug-11 Closed Hew lett-Packard Com pany Autonomy Corp. plc 10,301 11.1x 25.2x

Aug-11 Closed Datatel, Inc. SunGard Higher Education, Inc. 1,775 - -

Jun-11 Closed Providence Equity Partners LLC Blackboard Inc. 1,767 3.7x 22.3x

May-11 Closed Schneider Electric España, S.A. Telvent Git S.A. 1,917 1.8x 11.4x

Apr-11 Closed CenturyLink, Inc. Savvis, Inc. 2,963 3.0x 12.9x

■ In the past 12 months there have been 20 technology transactions with values in excess of $1billion

■ PE has been relatively active in the >$1bn value range

■ Average enterprise value/revenue and EBITDA multiples were 5.3x and 22.4x, respectively

Source: Capital IQ and company filings;

reserved.

Public enterprise software company comparables

Enterprise software comparables for select application software, infrastructure software, operating systems and
SaaS public companies are presented below, with mean forward revenue and EBITDA multiples of 4.5x and 15.3x.
KPMG Corporate Finance LLC - Enterprise Software Public Comparables
Enterprise Value / Equity Value
Market Enterprise Share % of 52- Chg Cur Qtr Cur Qtr 2012E 2012E 2012E 2013E
Com pany Cap (1,2) Value (3) Price (1,2) Wk High Pct 1Yr Rev RR EBITDA(4) RR Revenue EBITDA(4) P/E P/E
Application Software
A riba Inc. 3,1 8
1 2,953 32.71 88.1% -4.2% 5.9x NM 5.4x 23.3x NM 28.9x
Deltek, Inc 684 816 10.66 91.6% 40.3% 2.3x 12.7x 2.2x 9.6x 27.2x 15.9x
Info rmatica Co rpo ratio n 5,680 5,078 52.90 84.7% 1.4% 5.6x 20.4x 5.6x 18.7x 38.2x 28.0x
JDA So ftware Gro up Inc. 1 69
,1 1 57
,1 27.48 78.5% -9.2% 1.7x 5.8x 1.6x 5.9x 12.7x 10.6x Presented application software
M anhattan A sso ciates, Inc. 977 879 47.53 94.7% 45.2% 2.6x 12.5x 2.4x 1 x
0.1 21 .3x 1 x
7.1 companies experienced an average
M ICROS Systems, Inc. 4,41 9 3,686 55.29 99.2% 1 .9%
1 3.4x 15.9x 3.2x 1 x
3.1 30.1 x 22.9x share price gain of 12.8% in the
M icro Strategy Inc. 1 0
,51 1 0
,31 140.00 78.4% 4.1% 2.0x 26.4x 2.1x 21 .0x NM 29.0x past year. Mean forward revenue
Open Text Co rp. 3,545 3,743 61 6
.1 84.6% -1.9% 2.9x 9.3x 2.9x 9.7x 15.0x 1 .4x
1
and EBITDA multiples are expected
P egasystems Inc. 1,443 1,331 38.1 6 80.3% 0.5% 2.9x NM 2.7x 23.5x NM 30.1 x
to be 3.5x and 14.3x respectively.
Qlik Techno lo gies, Inc. 2,703 2,526 32.00 89.8% 23.1 % 5.8x 23.2x 6.2x NM NM NM
Sage Gro up plc 6,206 6,224 4.78 95.5% 7.2% NM NM 2.8x 9.8x 15.7x 1 x
3.1
SA P A G 83,1 97 81,330 69.88 95.6% 1 %
4.1 3.5x 8.0x 3.9x 1 .1
1x 19.2x 15.2x
Teradata Co rpo ratio n 1 ,467
1 10,985 68.1 5 97.8% 34.4% 4.1x 1 x
7.1 4.1x 15.8x 29.9x 22.5x
A pplic a t io n S o f t wa re M e a n 12 .8 % 3 .6 x 15 .1x 3 .5 x 14 .3 x 2 3 .3 x 2 0 .4 x

Infrastructure Software
B M C So ftware Inc. 6,595 5,587 40.16 71.0% -19.3% 2.5x 6.6x 2.5x 5.9x 13.5x 1 .4x
1
CA Techno lo gies 13,384 12,343 27.56 98.4% 14.0% 2.4x 6.3x 2.5x 6.7x 1 x
4.1 1 .2x
1
Citrix Systems, Inc. 14,644 13,904 78.91 89.2% 7.4% 5.6x 19.2x 5.5x 17.6x 32.3x 25.3x
Co mmVault Systems, Inc. 2,1 94 1,937 49.64 89.9% 24.5% 4.7x NM 4.4x 22.6x NM NM
Co mpuware Co rpo ratio n 2,009 2,036 9.19 78.5% -20.4% 2.0x 1 .3x
1 1.9x 8.8x 20.0x 18.4x
Presented infrastructure companies
F5 Netwo rks, Inc. 10,688 1 31
0,1 134.96 98.9% 31 .6% 7.9x 24.0x 7.0x 17.3x 36.3x 25.4x
experienced an average share price
OP NET Techno lo gies Inc. 654 557 29.00 60.5% -25.6% 3.0x 1 x
4.1 2.8x 12.0x NM 26.9x
Oracle Co rpo ratio n 145,074 130,502 29.16 79.9% -12.8% 3.6x 8.3x 3.4x 6.8x 13.4x 1 .1
1x
gain of 4.4% in the past year. Mean
P ro gress So ftware Co rp. 1,481 1 66
,1 23.62 77.7% -18.8% 2.3x 13.5x 2.2x 9.5x 16.4x 16.3x
forward revenue and EBITDA
Quest So ftware Inc. 1,944 1,874 23.27 89.0% -8.4% 1.9x 6.9x 2.0x 6.7x 17.4x 12.5x multiples are expected to be 4.5x
Riverbed Techno lo gy, Inc. 4,423 3,953 28.08 67.1% -25.4% 4.9x 28.8x 4.6x 14.5x 31 .4x 21 .6x and 13.8x respectively.
So larWinds, Inc. 2,799 2,647 38.65 91.5% 64.7% 1 .9x
1 24.6x 10.5x 23.3x 38.9x 28.2x
TIB CO So ftware Inc. 4,967 4,750 30.50 92.4% 1 .9%
1 5.3x NM 4.4x 14.4x 32.8x 22.2x
VM ware, Inc. 47,768 43,705 1 2.37
1 98.8% 37.8% 10.3x NM 9.6x 26.8x NM 36.8x
Inf ra s t ruc t ure S o f t wa re M e a n 4 .4 % 4 .9 x 14 .9 x 4 .5 x 13 .8 x 2 4 .2 x 2 0 .6 x

Operating Systems
M icro so ft Co rpo ratio n 270,644 232,756 32.26 97.9% 27.0% 2.8x 6.7x 3.0x 7.3x 12.5x 10.7x
Red Hat, Inc. 1 ,541
1 10,727 59.89 97.1% 31 .9% 9.0x NM 7.9x 28.2x NM NM
O pe ra t ing S ys t e m s M e a n 2 9 .5 % 5 .9 x 6 .7 x 5 .5 x 17 .8 x 12 .5 x 10 .7 x
Source: Capital IQ and company filings
(1) Market Capitalization amounts are in millions, based on closing share prices as of March 31, 2012; (2) Market Capitalization and Share Prices are based on foreign exchange listed securities and converted to $USD
(3) Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity, and Minority Interest, minus Cash and Cash Equivalents; (4) EBITDA equals Earnings before Interest, Taxes, Depreciation, and Amortization

reserved.

Firmex Virtual Data Room Webinar on Tech M&A Trends

Firmex Virtual Data Room Webinar on Tech M&A Trends

Recomendados

Recomendados

Mais conteúdo relacionado

Semelhante a Firmex Virtual Data Room Webinar on Tech M&A Trends

Semelhante a Firmex Virtual Data Room Webinar on Tech M&A Trends (20)

Mais de Firmex

Mais de Firmex (20)

Último

Último (20)

Firmex Virtual Data Room Webinar on Tech M&A Trends

Notas do Editor