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1、Softwaresector update Q4 2022Important disclosures appear at the end of this reportGP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regula

2、ted by the CSSF in LuxembourgQualitative insights into broader Software trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.2TakeawaysPrivate market valuations have taken a lesser hit,with focus shifted on Gross Margin a

3、nd Gross Revenue Retention Strong secular growth continues to underpin the long-term value of the sector,forecast to reach$716bn by 2028ChatGPT is driving accessibility into previously difficult to penetrate marketsChatGPT will allow for the democratisation of content,regardless of S&M budget The Ge

4、nerative AI market size is likely to reach$110.8bn by 2030 Facing an economic slowdown,customers are less interested in bundled offeringsA lack of interest in bundled products has spurred on many consumers to look for standalone productsTo combat this,SaaS businesses are providing more customisable

5、pricing modelsSaaS products now have a much lower barrier of entry compared to the pastTo generate high-quality traffic,SaaS companies are shifting towards SEO and content marketingDue to this shift,SEO software providers are seeing accelerated growthBusiness intelligence looks to gain popularity th

6、rough easy-to-use self service toolsCitizen developers are another major driver of rapid growth in the BI marketThe BI ecosystem continues to develop and scale,set to reach$43bn by 2028CX software is notably resilient in the face of uncertain economic conditions as it allows brands to differentiate

7、and win consumer dollarsBrands want fewer software solutions that have integrated end-to-end solutions,in CX that means strategic insights down to implementation in one platformNote:Please see following slides for sourcesTHE VIEWQ4 Software Perspectives from GP BullhoundTakeawaysCURRENT HEADWINDS IM

8、PACT VALUATIONCHATGPTHEADLINES GENERATIVE AI VERTICALGROWING RESISTANCE TO BUNDLED PRICINGSAAS DOUBLES DOWN ON CONTENT AND SEOBUSINESS INTELLIGENCE GETS ITS MOMENT IN THE SUN END-TO-END CONSUMER INTELLIGENCE3MERGER AND INVESTMENT BYCurrent software perspectives from GP BullhoundGP BULLHOUNDS SECTOR

9、TAKEAWAYS Sources:Mosiac,Cledara,Fortune Business Insights,a16z,Yahoo Sports,Antler,GlobeNewswire(as of 31 December 2022)Note:Medium Growth companies are classified as companies with 15-40%,growthTakeawaysCurrent headwinds impact valuationBased on the current economic outlook,valuations in public an

10、d private markets have decreased compared to 2021.Public market valuations have taken a significant hit with the GPB SaaS index down 58.2%for medium growth companies YoYPrivate market valuations have taken a hit as well,with investors refocusing their attention on metrics such as gross margin,gross

11、dollar retention,and EBITDA margin.The realignment towards profitability has forced many companies to take a step back from growth Due to public and private market uncertainty,businesses have been compelled to seek a route towards profitability,shifting away from proven concepts,like client acquisit

12、ion and bundle pricing,to save money and increase operational efficiencyThe secular trends for SaaS continue to be strong:the SaaS market is set to reach$716.5bn by 2028,at a CAGR of 27.5%ChatGPT headlines generative AI verticalAs predicted by Andreessen Horowitz:The price of content will drop drama

13、tically,going effectively to zero in some cases.With the rise of generative AI visible on the horizon,there will be a dramatic reduction in cost and time required to create very realistic art,images,and game development.There will soon be a lower barrier to entry in innovative and creative art and g

14、ame development,an increased amount of video games released each year,and various forms of software built on top of art,gaming,and natural language processing AISports teams are expected to be one of the early adopters of generative AI and content.With the price of content so low,we will see an incr

15、eased use of automated content for minor league sports teams and small colleges.This will democratise content,in particular social media content,for everyone regardless of S&M budgets.We believe this could have wide ranging consequences for the labour market in these early affected marketsThe genera

16、tive AI market is set to grow to$110.8bn in 2030,at a CAGR of 34.3%from 2022 to 2030 Select transactionsACQUIRED BYINVESTMENT IN4SaaS doubles down on content and SEOCurrent software perspectives from GP BullhoundGP BULLHOUNDS SECTOR TAKEAWAYS Sources:TheInformation,Sastrify,Bain,Sifted,Inter-growth,

17、Hubspot,SEMRush(as of 31 December 2022)TakeawaysGrowing resistance to bundled pricingLow-code tech and cloud platforms have made building a SaaS product easier than ever before.In such a competitive market,the difficult part now is to make customers aware of the product and make a purchase Paid medi

18、a channels(e.g,ads on Facebook and YouTube)remain expensive and are seeing declining precision due to privacy-related changes.As such,more SaaS companies,especially those with marketing budget constraints,are shifting towards content marketing and SEO for cheaper yet high-quality trafficDriven by in

19、creasing demand,many SEO software providers are seeing accelerated revenue growth.For example,both SEMrush and HubSpot reported 30%+YOY revenue growth in Q3 2022TakeawaysAdopted by some of the most successful enterprise software companies,software bundles have been a popular sales tactic for several

20、 years.Microsofts popular 365 workplace apps,for example,charge corporate customers for an all-in-one software bundle that also includes cybersecurity and compliance tools,along with a suite of other business apps.Such bundles,on average,cost 58%more per user a month.But in the current economic envi

21、ronment,customers under pressure to save money are starting to resist buying bundles and looking to cut out products they dont useBoth Cisco and Microsoft are seeing customers balk at offers to renew contracts that include software licenses for tools companies dont feel they use enough to justify.Th

22、is is expected to cause a slowing in sales of the subscription-based software products for many software bundle providersTo balance this pressure,many SaaS providers are increasing the prices of standalone products and rolling out changes to pricing models,including the more customised model of cons

23、umption-based pricing which charges customers based on the actual usageSelect transactionsINVESTMENT BYFund VINVESTMENT BYFund VINVESTMENT BYFund V5INVESTMENT BYCurrent software perspectives from GP BullhoundGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Forbes,TechCrunch,GlobeNewswire,Kissflow(as of 31 Dec

24、ember 2022)TakeawaysTakeawaysSelect transactionsBusiness Intelligence gets its moment in the sun BI has long been siloed within the realm of technical users.New platforms such as Zenlytic aim to equalise access to BI.These platforms create self service tools designed to analyse customer acquisition,

25、conversion and retention under one cloud data warehouseThis is part of a broader shift to citizen developers employees that create application capabilities for consumption by themselves or others,using tools that are not actively forbidden by IT or business units.With an influx of citizen developers

26、,IT departments no longer hold all the keys to data in a businessAnother shift within the BI market is moving the intelligence offline.Kuona,a Mexico-based SaaS company is using machine learning to look across all promotions of consumer-packaged goods companies and retailers,to show which ones are d

27、oing well,and to automatically optimise product prices and inventories in connection with the promotions The business intelligence market is set to grow to$43.0bn in 2028,at a CAGR of 8.7%from 2021 to 2028End-to-end consumer intelligence In difficult macro economic conditions,understanding the consu

28、mer and having the ability to synthesise and gather actionable insights from customer feedback is more important than ever.While“nice to have”software is often the first cost to be cut during difficult times,there is resiliency in the software vendors that are enabling customers to provide a better

29、customer experience,and journey,than their competitors,as this is what consumers increasingly are basing spending decisions onConsumer facing businesses have masses of data,both first-and third-party.Those that can gather core strategic insights from this data are going to be the big winners.SaaS co

30、mpanies that are enabling the collection of consumer experience data(surveys,call centres and more),as well as insights around this often-unstructured data,are seeing real traction in the market with big brands that are struggling to keep up with constantly-changing consumer demandsWe believe that t

31、here will be consolidation in the voice of consumer/consumer intelligence software space as market leaders look to build a consumer experience software stack.Software buyers increasingly are moving towards fewer platform vendors,and will look for strategic insights all the way down to implementation

32、 as part of an integrated platform of CX solutionsACQUIRED BYACQUIRED BY6GP Bullhounds recent Software activityA LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALInvestment BankingInvestmentManagementTakeawaysINVESTMENT BYFund VINVESTMENT BYFund IVINVESTMENT BY

33、Fund IVINVESTMENT BYFund IVINVESTMENT BYFund IVINVESTMENT BYFund IVINVESTMENT BYACQUIRED BYINVESTMENT BYMERGER AND INVESTMENT BYINVESTMENT BYINVESTMENT BYACQUIRED BYACQUIRED BYINVESTMENT INACQUIRED BYACQUIRED BYACQUIRED BYINVESTMENT BYFund VINVESTMENT BYFund VINVESTMENT BYFund VINVESTMENT BYFund VIN

34、VESTMENT BYFund VINVESTMENT BYFund V7DateTargetLead Investor(s)Target descriptionAmount($m)Dec-22Developer of an automated CX assurance platform designed to help monitor voice and digital channels350Dec-22Developer of property management software designed to automate operations and democratiseknowle

35、dge185Dec-22Developer of a centralised data platform designed to help businesses in their data journey from analytics-at-scale to enterprise AI204Dec-22Developer of security analysis software designed to identify open-source vulnerabilities197Nov-22Developer of cloud-based software designed to accel

36、erate the home and commercial service industries365Nov-22Developer of ambient intelligence software designed to provide real-time information on people,places,and products100Oct-22Developer of the leading SaaS and AR beauty fashion technology platform1,020Oct-22Developer of AI-based content writing

37、platform designed to help businesses through creative blocks to create original content141Oct-22Developer of a corporate travel management and payments platform154DateTargetBuyerTarget descriptionEV($m)EV/LTM RevDec-22Developer of a cloud-based business spending management solution8,0009.8xNov-22Dev

38、eloper of enterprise system software for outpatient care services and therapeutic practices1,000-Nov-22Provider of a portfolio of customer engagement software solutions10,2006.4xNov-22Provider of software and technology solutions to banks,financial institutions,and other businesses nationwide1,6004.

39、9xNov-22Provider of Software-as-a-Service solutions for retailers and manufacturers6633.8xNov-22Developer of a SaaS-based healthcare platform to save employers and employees money on prescription medications875-Oct-22Operator of a web-based platform intended to provide advertising and marketing serv

40、ices2,460-Oct-22Developer of software solutions that help businesses comply with tax requirements for transactions worldwide8,40010.6xOct-22Operator of a media and content ecosystem provider that offers audience measurement,data and analytics service16,0004.5xNotable transactions from Q4 2022NOTABLE

41、 SOFTWARE M&A DEALS&PRIVATE FINANCINGSCEO commentarySources:Pitchbook,Capital IQ and MergerMarket(as of 31 December 2022),GP Bullhound intelligenceSelected M&A transactionsSelected private financingsTransaction trends8Global dealmaking continues to pull backGLOBAL SOFTWARE TRANSACTION TRENDSM&A/buyo

42、ut activity continues to coolPrivate placements are experiencing a similar trendM&A/buyout activity continues to skew towards US&CanadaPrivate placement activity hints at Asia recoveryTransaction trendsSource:Pitchbook(as of 31 December 2022)Note:Data includes all SaaS M&A and private placement deal

43、s as defined by Pitchbook regardless of geography;”Other”includes Africa,Oceania,South/Central America,and the Middle East0%10%20%30%40%50%60%70%80%90%100%US&CanadaEuropeAsiaOther0%10%20%30%40%50%60%70%80%90%100%US&CanadaEuropeAsiaOther02004006008001,0001,200$0M$50B$100B$150B$200B$250B$300BM&A value

44、Buyout valueM&A volumeBuyout volume01,0002,0003,0004,0005,0006,0007,000$0M$10B$20B$30B$40B$50B$60B$70B$80BCapital investedVolume9Macro concerns and broad sell-offs suppress IPO activitySOFTWARE IPO LANDSCAPESoftware companies opted to refrain from going public in Q4 2022,a continuation of the suppre

45、ssed activity of Q3 With a murky economic outlook and recessionary fears,fueled by heightened inflation and hawkish central bank activity,software IPOs havecontinued to be quiet in Q4 2022High-caliber companies have still been able to raise private funding despite investors tightening purse strings,

46、prompting them to wait out the turbulence and go public when markets are conducive to more attractive valuations in 2023Sources:Pitchbook,Capital IQ(as of 31 December 2022)Note:Software IPO data graph based off previous GP Bullhound reportsTransaction trendsCompanyOverviewProvider of an all-in-one c

47、ollaboration platform designed to democratise software creationDeveloper of a checkout experience platform designed to drive e-commerce businesses with newfound revenueDeveloper of an enterprise software application for datawarehousing and data lakesDeveloper of an instant messaging/VoIP platform fo

48、r friends,colleagues,and communitiesDeveloper of gaming software and applications designed for gamers and game developers to publish and play immersive gamesDeveloper of an application for on-demand deliveryDeveloper of an online payment platform designed to facilitate cashless payments through inst

49、allmentsOperator of a social network platform designed for people to dive into anything through experiences built around their interestsDeveloper of an online payments processing platform designed to help small and large companies accept web and mobile paymentsListings to look for in Q1 2023+Softwar

50、e IPOs by quarter4595900004Q201Q212Q213Q214Q211Q222Q223Q224Q2210GP Bullhound SaaS index valuationsREVENUE MULTIPLE TRENDS LAST FIVE YEARSSources:Capital IQ and Wall Street Journal(as of 31 December 2022)Note:High Growth:40%,Medium Growth:15-40%,Low Growth=130%Best-in-classVery goodExceptionalPublic

51、company analyses165%130%126%125%124%124%123%122%122%120%120%119%118%112%111%110%110%0%20%40%60%80%100%120%140%160%180%Good14SnowflakeBDatadogUiPathServiceNowCloudflareQualtricsTwilioOktaSemrushAsanaMVeevaFive9BigCommerceSprout SocialUnityDocuSignHubSpot0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x100%120%140%1

52、60%180%200%220%240%260%280%Retention is the most important determinant of valuationPUBLIC SAAS METRIC BENCHMARKINGSources:Capital IQ and company SEC filings(as of 31 December 2022)Public company analysesEV/NTM RevenueWe examined the impact of retention on valuation by creating a“GPB SaaS Score”,defi

53、ned as revenue growth+FCF margin+net dollar retention.We observe that companies with higher retention are trading at more attractive valuations in public marketsGP Bullhound SaaS Score15Rule of 40%Public SaaSREVENUE GROWTH VS.PROFITABILITY OF GP BULLHOUND SAAS INDEX CONSTITUENTSSource:Capital IQ(as

54、of 31 December 2022)2022 Unlevered FCF margin%2022/21 Revenue growth%Rule of 40%linePublic company analysesXMOKTACRWHCPDOULFROGCFLTMDBNETCOUPSPTFRSHNOWQLYSDTBRZEPCTYVEEVSPLKPDRBLXPCORPAYCESMTCRMESTCTEAMZENVLEMONDOCUWDAYAMPLTENBHUBSLVCPYCRBOXSEMRTWLOASANBMBLDVSUSERNGFIVNZMSAPCDAYINTABLNDDBXUPLDPLTRZU

55、OSUMOTMVAPPFSPSCCWANPWSCDSYNEMSMCRTEVBGCXMUSERUNEWRWKINFAMLNKWEAVBASEAVVTEMNSHOPQTWOWKLLIMEPATHRXTEMISLINMCROAPPFAASOWWIXDOTDEYEIDOXYEXTTWOUBNFT(10.0%)0.0%10.0%20.0%30.0%40.0%50.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%16OKTAMNDYHCPCRWSINCHFROGDUOLAYXCOUPCFLTSPTMDBNOWFRSHDTNETQLYSPCTYS

56、PLKVEEVPDBRZEPAYCESTCCRMLEMONPCORDOCUESMTWDAYTENBZENVRBLXHUBSLVCTEAMPYCRBOXAMPLBMBLTWLOSUSESEMRDVFIVNCDAYRNGZMASANINTAUPLDZUOSUMOSPSCCWANPWSCTMVAPPFDSYNEMEVBGSMCRTCXMNEWRUUSERWKINFAMLNKWEAVBASEAVVSHOPQTWOWKLTEMNWKMELIMEBIGCPATHOLORXTLINAVDXEMISFAASOWAPPMCROWIXEYEGHTDOTDAPPNYEXTIDOXTWOUEXFYLPSNBNFTBC

57、OVTIETOSGE0 x2x4x6x8x10 x12x14x0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Rule of 40%Public SaaS(cont.)COMPANIES HIGHER ON THE RULE OF 40%SCALE ARE GENERALLY VALUED HIGHER BY INVESTORSSource:Capital IQ(as of 31 December 2022)2022 EV/RevenueRule of 40%Market performersMarket outperformersMarket underperf

58、ormersRule of 40%linePublic company analyses17Tech giants show me the moneyCAPITAL ALLOCATION Public company analysesTotal tech giant spending was approximately 12%higher during the LTM to Q4 2022 period when compared to the same period one year ago,with operating cash flows remaining approximately

59、the same,thus increasing the deficit for many of these tech titans(1)Broad themes include reduced acquisitions and increased debt paydown,as companies adapt to inflationary pressures and the rising cost of capital R&D Debt paydown Capex Dividends Share buybacks AcquisitionsSource:Capital IQ(as of 31

60、 December 2022)Note:Existing cash reserves allow companies to spend over 100%of operating cash flow;Adobe Q4 2022 financials pro-forma adjusted using quarterly reports(1)Total tech giant spending comprised of R&D,Capex,Debt paydown,Share buybacks,Dividends and Acquisitions(2)Dollar amounts represent

61、 total cash spend during the LTM periodLTM(Q4 2022)%of operating cash flow($m)(2)LTM-1(Q4 2021)%of operating cash flow($m)(2)$4,856$568$2,879$8,549$68,576$125,413$2,053$2,907$157,274$180,168$184,561$17,5480%100%200%300%400%500%$3,465$504$3,045$21,802$40,926$125,949$1,956$3,459$150,111$156,264$151,90

62、2$10,3220%100%200%300%400%500%18Select investorsHartmut Hahn,Co-Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORCO-FOUNDER&CEO,USERLANEHARTMUT HAHNCEO commentary“In the past few years,enterprises have become great at investing in technology to digitise their businesses,but most companie

63、s fail to get their people to adopt and work with new apps and workflows.This leads to unexpected support costs,missed expectations of higher productivity,and frustrated users.Userlane helps companies understand and improve software adoption.By using AI to identify usage patterns,we let enterprises

64、detect where adoption barriers and digital friction occur throughout their application landscape.We also offer a toolset to assist people directly in-app to deliver context-based help.We want our customers to regain control of their software landscape and we help them in providing a better employee

65、experience by removing digital friction.Driven by both the need to digitise and increase efficiency,the opportunity for realising our vision is now greater than ever.”Userlane is a no-code Digital Adoption Platform for enterprises to measure and understand how people work with technology,identify ar

66、eas for improvement,and offer real-time guidance directly within applications.Userlane removes digital adoption barriers and digital friction in organisations,resulting in higher productivity,less support effort,and increased employee satisfaction.19Select investorsRichard Potter,Co-Founder&CEOLEADI

67、NG COMPANIES AND CEOS TRANSFORMING THE SECTORCO-FOUNDER&CEO,PEAKRICHARD POTTERCEO commentary“When it comes to AI adoption,most businesses focus solely on the technology,but a different approach is needed.Technology needs to be coupled with accelerators,to speed up time to value,and skills,to provide

68、 commercial and technical expertise along the journey.Peaks platform and applications form the foundation of AI adoption that covers each of these key assets.Together,this will enable businesses to make the biggest technology shift of all time.”Peak is an AI company that provides the platform,applic

69、ations and services to help businesses harness the potential of AI to increase revenues,profits and efficiency.Peaks cloud AI platform is used by brands including Nike,Palace,PepsiCo,KFC and Sika,and provides a broad feature set that enables technical and commercial teams to build,deploy and manage

70、AI applications at scale.The platform features a library of pre-built AI applications that rapidly create real value across a range of business functions.20Select investorsMoritz Kreppel,Co-Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORCO-FOUNDER&CEO,URBAN SPORTS CLUBMORITZ KREPPEL CE

71、O commentary“Everyone wants to be more active and healthier.This is why with every new year we tell ourselves that we should exercise more.But as soon as a couple of months,sometimes weeks,even days have passed,we struggle to keep up our routine.It might become monotonous;your gym might be too far a

72、way,or you simply lack the human connection you desired in the first place.With Urban Sports Club we set out to build Europes largest and most flexible sports community.And despite the pandemic disrupting our industry three years ago,you can see that the variety,accessibility,flexibility and communi

73、ty of our offer truly helps people to lead more active and healthy lives.Considering that 90%of employees want their employer to take care of their health,this becomes particularly important for companies facing the war of talent.To help them attract talent and build strong and motivated teams we pr

74、ovide companies with a unique value proposition in the form of a holistic corporate wellness benefit.”Urban Sports Club offers a flexible flat-rate sports membership.It enables companies to provide health benefits to their employees,encouraging more active lifestyles,through a wide and diverse range

75、 of activities.Club members can choose from 50+activities at more than 10,000 partner venues Europe-wide ranging from classic gym workouts,swimming,yoga,or bouldering,to team sports and more.Variety,flexible conditions as well as team sports and wellness are offered both for private customers and co

76、mpanies.21Public comps GP Bullhound SaaS indexGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations22Public comps GP Bullhou

77、nd SaaS index(cont.)GP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations23Public comps GP Bullhound SaaS index(cont.)GP BUL

78、LHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations24Public comps GP Bullhound SaaS index(cont.)GP BULLHOUND SAAS INDEX PUBLIC C

79、OMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations25Public comps AdTechGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as o

80、f 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations26Public comps Business intelligence/analyticsGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:

81、Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations27Public comps CommunicationGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than

82、0.0 x are considered not-material(NM)and are excluded from average calculations28Public comps Enterprise/ERPGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and a

83、re excluded from average calculations29Public comps Enterprise/ERP(cont.)GP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculatio

84、ns30Public comps Financial applicationsGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations31Public comps Human capital man

85、agement(HCM)GP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations32Public comps InfrastructureGP BULLHOUND SAAS INDEX PUBLIC

86、 COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations33Public comps IT SecurityGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital

87、IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations34Public comps Large cap consolidatorGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Mu

88、ltiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and are excluded from average calculations35Public comps Marketing applicationsGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or les

89、s than 0.0 x are considered not-material(NM)and are excluded from average calculations36Public comps StorageGP BULLHOUND SAAS INDEX PUBLIC COMPARABLESPublic comparablesSource:Capital IQ(as of 31 December 2022);Note:Multiples in excess of 75.0 x or less than 0.0 x are considered not-material(NM)and a

90、re excluded from average calculations37This report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends across the global technology landscape.GP Bullhounds Software sector team leverages decades of collective experience,proprietary intelli

91、gence,deep industry relationships,and leading data sources to identify and communicate what you need to know to stay ahead of the curve.TakeawaysGP Bullhounds Software teamAbout usOKANINALTAYVICE PRESIDENTJONATHAN CANTWELLPARTNERALEXIS SCORERPARTNERMATTSTAMPPARTNERERIC CROWLEYPARTNERDIRECTORSIMON MI

92、REMADIJOETABBERERDIRECTORYINZHENG LIUANALYSTANALYSTKYLEYUDANIELROBERTSASSOCIATENIGEL TURAYASSOCIATEEXECUTIVE DIRECTORMARTYFLAHERTYPIERCELEWIS-OAKESVICE PRESIDENT38No information set out or referred to in this communication shall form the basis of any contract.The issue of this insights report(the“re

93、port”)shall not be deemed to be any form of binding offer or commitment on the part of GP Bullhound or any of its affiliates or subsidiaries.This report is provided for use by the intended recipient for information purposes only.It is prepared on the basis that the recipients are sophisticated inves

94、tors(so-called“professional clients”in the meaning of Annex II of Directive 2014/65/EU on markets in financial instruments,or their equivalent elsewhere)with a high degree of financial sophistication and knowledge.This report and any of its information is not intended for use by private or retail in

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101、ort should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument,nor shall they,or the fact of the distribution,form the basis of,or be relied upon in connection with,any contract relating to such action.The informati

102、on contained in this report has no regard for the specific investment objectives,financial situation or needs of any specific entity and is not a personal recommendation to anyone.Persons reading this report should make their own investment decisions based upon their own financial objectives and fin

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