SEG-2023年第一季度SaaS并购更新（英）-2023-WN5.pdf

1Q23 SaaS M&A Update1LIVE WEBINAR|APR.20 9AM PTHow Top Performing SaaS Leaders Create Sustainable Avenues to Drive Growth群内每日免费分享5份+最新资料 群内每日免费分享5份+最新资料 300T网盘资源+4040万份行业报告为您的创业、职场、商业、投资、亲子、网赚、艺术、健身、心理、个人成长 全面赋能！添加微信，备注“入群”立刻免费领取 立刻免费领取 200套知识地图+最新研报收钱文案、增长黑客、产品运营、品牌企划、营销战略、办公软件、会计财务、广告设计、摄影修图、视频剪辑、直播带货、电商运营、投资理财、汽车房产、餐饮烹饪、职场经验、演讲口才、风水命理、心理思维、恋爱情趣、美妆护肤、健身瘦身、格斗搏击、漫画手绘、声乐训练、自媒体打造、效率软件工具、游戏影音扫码先加好友，以备不时之需扫码先加好友，以备不时之需行业报告/思维导图/电子书/资讯情报行业报告/思维导图/电子书/资讯情报致终身学习者社群致终身学习者社群关注公众号获取更多资料关注公众号获取更多资料Kris KriscoCEO,BuildoutAndrea PittsSenior Vice President,PTC Velocity Global SalesJosh SchwartzOperating Principal,Head of Sales Acceleration Practice,Growth FactorsLIVE WEBINAR APRIL 20th 9 AM PT Join our webinar to learn how to maximize your SaaS valuation with sales&marketingFEATURINGNo matter what stage your business is in,building a strong go-to-market engine is likely a critical priority;72%of organizations cite pipeline generation as their#1 priority,according to Gartner.Hear actionable insights on how to optimize your sales&marketing strategy and build a more valuable business.The panel of SaaS sales leaders will discuss:Sales&marketing best practices that you can leverage Common pitfalls and how you can avoid them How your companys valuation can be driven by strong sales&marketing SEG provides insight on how to make your company more attractive to buyers long before youre ready to sell.Then well bring the best parties to the table,handle negotiations,and manage due diligence so you achieve the best possible outcome.Contact usThe Honesty You Expect.The Value You Deserve.Our team of experienced M&A advisors understand value drivers.Our Services Include:Strategic M&AMajority CapitalizationsDivestituresBoard Advisory30+YEARS EXPERIENCEBillionsIN AGGREGATE TRANSACTION VALUEThousandsOF BUYER RELATIONSHIPSWe strive to create the competition necessary to obtain a higher price and better deal terms.Our team advises bootstrapped&financially backed software entrepreneurs who want to sell all,or a majority interest,to a strategic buyer or private equity investor.Our high-touch process supports you at every stage in the M&A Exclusively focused on sell-side M&A advisory services for B2B software Our M&ASuccess StoriesSoftware Equity Group is built on excellent outcomes and enthusiastic client references.Our M&A stories are a unique way to gain insight into the M&A process from former SEG clients themselves.5York Bauer,CEOMoxiWorksTerry Danner,CEOSightPlanChris Atkinson,CEOIMSSaaS M&A Market Update1Q23 SaaS M&A USaaS M&A activity has shown strong resilience amidst the broader market uncertainty,growing 21%over 4Q22 and comprising a record amount of aggregate software deal activity(66%).Despite public market volatility,1Q23s median TTM EV/Revenue multiple of 5.2x aligns with recent quarters and indicates stability since declining from record COVID-related valuations.Vertically-focused SaaS has increased to almost half of all deals(49%),compared to the historical 60/40 split with horizontally-focused companies.This is notable as specialization and vertical-market focus are significant trends driving M&A.Private equity-driven deal activity pushed to new heights,accounting for 61.1%of SaaS deals.This is primarily due to the combination of record amounts of available capital and public strategic acquisitions decreasing notably YOY due to downward pressure on public valuations.Noteworthy deals include Silver Lakes acquisition of Qualtrics($12.5B),Blackstones acquisition of Cvent($4.6B),and Vista Equity Partners acquisition of Duck Creek Technologies($2.6B).7SaaS M&A SummaryPlease reach out with any questions or to discuss our relevant market 201220132014201520162017201820192020202120222023M&A Volume:Overall Software Industry Aggregate software industry(SaaS,on-premise license models,and internet companies)M&A volume remained strong through the first quarter,surpassing 4Q22 by 16%.1Q23s 855 deal count represents the second-highest Q1 on record,trailing 1Q22,which saw unprecedented volume due to factors such as the pandemic boom and fear of capital-gains tax hikes.1Q23 is the first quarter to improve software deal count QOQ since the cooldown began in 2Q22.Software M&A is expected to continue its modest improvement over recent quarters for the remainder of 2023 but will likely fall short of the record annual volume seen in 2021/2022.8M&A Deal Volume-QuarterlyM&A Deal Volume-Annual3,4763,0542,7952,6422,4752,3522,2431,9701,7241,7273,557(1)SEG Estimate of annual deal volume for 2023.69267174668672659984588478080596692511201014799734855SEG Estimate(1)616567580492469201220132014201520162017201820192020202120222023Q1Q2Q3Q4SaaS M&A Highlights:Deal VolumeSaaS M&A saw an impressive performance in the first quarter of 2023.The total deal volume of 567 represents a 21%improvement over the prior quarter and two-year growth of 58%.SaaS M&A remains the preferred asset class for many buyers and investors,despite the broader macroeconomic outlook,and now represents a record 66%of total aggregate software deals.The predictability of SaaS revenue,the ability to scale rapidly with high margins,and the continued adoption of cloud-based software by businesses have driven a stronger appetite for the segment more than ever.SaaS businesses maintain dominance even in uncertain market conditions.9SEG Estimate(1)1,7861,3051,2489848317436044573892992,157(1)SEG Estimate of annual deal volume for SaaS M&A Highlights:Median EV/TTM Revenue Multiple1Q23 posted a median 5.2x EV/Revenue multiple for SaaS M&A deals.Despite the significant retreat from 1Q22s 7.7x multiple,1Q23 is in line with historical quarters prior to the rapid valuation increase driven by COVID-19 and the loose monetary policy that drove the recent historic M&A environment.SaaS valuations stabilized in recent quarters;however,higher valuations are rewarded to high-quality assets with strong metrics(rule of 40,gross profit margin,retention,capital efficiency)and those serving recession-resistant end markets.10(1)Values are on a median TTM basis,indicating each quarter includes 12 months of data to obtain a larger dataset.4.5x4.6x4.8x4.9x4.8x4.7x5.1x5.7x6.3x6.7x8.0 x7.3x7.7x6.4x5.2x5.6x5.2x1Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221QSaaS M&A HighlightsTarget Market FocusVertical SaaS deals represented the highest percentage of total SaaS M&A on record in 1Q23,closing in on almost half of SaaS M&A deals(49%).Vertical offerings have gained particular interest in the current environment given the sticky nature of their highly tailored,purpose-built solutions and resulting strong customer retention statistics.Healthcare-focused deals remained the top vertical in 1Q23 at 17.6%of vertical SaaS deals.COVID-accelerated adoption of technology and an aging population are strong tailwinds driving the continued strength and appeal of healthcare SaaS.Noteworthy acquisitions include Activated Insights(3)by Home Care Pulse,Cloud 9 Software by Planet DDS,and Patient Pattern by PointClickCare.11Top 5 M&A Verticals(2)1Q23 Target Market Focus(1)(1)Target market focus refers to the companys market focus as either horizontal and serving multiple industries or serving a specific vertical market.(2)Top vertical deals as a percent of all vertical SaaS deals in 1Q23.(3)SEG TransactionHorizontal51%Vertical49%17.1%13.6%10.0%6.4%5.4%HealthcareFinancial ServicesPropTechEdTechRSaaS M&A Highlights:Buyer BackingPrivate equity-driven deals accounted for the highest percentage of transactions on record in 1Q23(61.1%).Private equity platform investments increased from 8.9%to 9.7%YOY,while publicly traded strategics decreased from 27.9%to 21.5%over the same period.Interest in quality SaaS businesses has never been higher as capital overhang and strong competition fuel private equity investment activity.Downward pressure on valuations for public companies and the need to bolster cash positions de-prioritized M&A for publicly traded strategics in 1Q23.121Q23 SaaS M&A Activity by Buyer TypeHistorical M&A Activity by Buyer Type(1)Private equity driven deals include Private Equity Direct and Private Equity Backed Strategic.Private Equity Direct includes private equity firms making platform acquisitions,while Equity Backed Strategic includes all strategic buyers backed by a private equity firm.Publicly Traded Strategic,21.5%Private Equity Backed Strategic,51.5%Private Equity Direct,9.7%Private Strategic,17.3%39.4%40.2%42.1%40.5%38.9%60.6%59.8%57.9%59.5%61.1%1Q222Q223Q224Q221Q23Strategic BuyersPrivate Equity B1Q23 Select Most Active Buyers of SaaS:Strategic Buyers(1)13BuyerDeal CountSaaS Sellers19171311974444(1)Transactions listed may not include all deals by the buyer.The transactions listed were announced in the last 12 1Q23 Select Most Active Buyers of SaaS:Private Equity Investors(1)14BuyerDeal CountSaaS Sellers15755333333(1)Transactions listed may not include all deals by the buyer.The transactions listed were announced in the last 12 1Q23 Select Notable SaaS Deals:Mega Deals(1)15BuyerSaaS SellerEV(M)EV/RevenueSeller PC/VerticalSeller Description$12,500.08.6xSales&Marketing/HorizontalProvides AI-based experience management SaaS.$4,600.07.3xSales&Marketing/HorizontalProvides event planning management SaaS.$2,368.67.6xContent&Workflow Mgmt./InsuranceProvides insurance policy management,underwriting,billing,and rating SaaS for property and casualty insurers and processors.$1,500.03.1xSales&Marketing/HorizontalProvides survey SaaS that enables users to embed surveys in websites and analyze survey results online.$1,380.64.8xSecurity/HorizontalProvides application,IT security,and network log data management and analytics SaaS.$1,378.05.0 xAnalytics&Data Mgmt./GovTechProvides AI-based digital investigation SaaS to businesses and law enforcement and services agencies globally.(1)Includes M&A deals estimated to be greater than$1B in Enterprise V1Q23 Select Notable SaaS Deals:Mid-Market(1)16BuyerSaaS SellerEV(M)EV/RevenueSeller PC/VerticalSeller Description$587.01.4xSales&Marketing/HorizontalProvides media intelligence and social analytics SaaS.N/AN/ASecurity/Horizontal Provides cloud-native secure access service edge(SASE)management SaaS.$441.6N/AEngineering/HorizontalProvides AI-based cloud-native decision-making,analytics,and CAD SaaS for businesses in the biology,logistics,electronic design and manufacturing,and energy sectors.$414.0N/ASupply Chain/HorizontalProvides AI and cloud-native-enabled supply chain management(SCM)and enterprise resource planning(ERP)SaaS,APIs,and related mobile applications.$369.3N/AFinancial Applications/HorizontalProvides payment processing SaaS,APIs,and SDKs.$355.0N/AAnalytics&Data Mgmt./HorizontalProvides AI-based NoSQL,non-relational data integration,and management SaaS,APIs,SDKs,and related mobile applications for businesses and government agencies.(1)Includes M&A deals estimated to be greater than$250M and less than$1B in Enterprise VBuyerSaaS SellerEV(M)EV/RevenueSeller PC/VerticalSeller Description$230.0N/A Supply Chain/HorizontalProvides AI-based transportation management SaaS,APIs and related geofencing mobile applications for businesses in the intermodal supply chain industry.$204.5N/A Financial Applications/HorizontalProvides workplace savings and investment management SaaS,related mobile application,and online saving,investing and pensions services through www.cushon.co.uk.$150.06.0 xSecurity/HorizontalProvides cloud-native AI and big data-enabled security information and event management(SEIM)SaaS.$148.7N/A Financial Applications/HorizontalProvides cloud-native credit card issuance and program management SaaS.$138.0N/ASupply Chain/HorizontalProvides logistics automation and management SaaS and related mobile application.$100.0N/A Sales&Marketing/HorizontalProvides AI-based personalized messaging and audience engagement SaaS.1Q23 Select Notable SaaS Deals:Lower-Mid Market(1)17(1)Includes M&A deals estimated to be less than$250M in Enterprise VAppendix1Q23 SaaS M&A UDateBuyerSellerEnterprise Value(M)03/31/23AareonEmbrace The Human Cloud.-03/31/23OsiguServinte-03/30/23Alliant Insurance ServicesKnowledgeVine-03/30/23ITA Consulting GroupParcelParcel Netherlands-03/30/23Partner One CapitalStromasys-03/30/23PureFacts Financial Solutions Xtiva Financial Systems-03/29/23Cisco Systems Lightspin Technologies-03/29/23Planet Labs PBCHolding Sinergise(certain assets)-03/29/23ReAlpha Asset ManagementRhove-03/29/23SiteZeus ServicesSynuma-03/28/23Accel-KKRLoftware-03/28/23AltiaBadger Software-03/28/23ATS Triad Unlimited-03/28/23DEKRAOnward Security-03/28/23DoseSpotTreatRx-03/28/23EQTGotPhoto-03/28/23GluePopStage-03/28/23Ingenico GroupPhos-03/28/23Leaf TradeSweed-03/28/23OptionMetrics Woodseer Global-03/28/23Parallel Markets Passbase(certain assets)-03/28/23Prometheus GroupAtonix Digital-Source:Financial data provided by 451 M&A KnowledgeBase(missing values represent data not applicable or publicly available).191Q23 Select SaaS M&A TDateBuyerSellerEnterprise Value(M)03/28/23StryveSureDatum-03/28/23VoxyFluentify-03/27/23Cyara SolutionsSpearline Labs-03/27/23Greybull Stewardship Courtroom Connect-03/27/23Stella Maris EquityDSDSystem-03/27/23Valsoft Professional Computing Resources(certain assets)-03/25/23Snap Th3rd-03/24/23Klear.ai TechnologyCloud Software Group(certain assets)-03/24/23SetSchedule Rentastic-03/24/23Xalles Financial Services Loyalty Superstore-03/23/23Bamboo RoseBackbone PLM-03/23/23BlueRockWorkflowMax-03/23/23EPS US Tharstern Group-03/23/23Journey Hospitality Premier Software Solutions-03/23/23Lifco ABDATAMED IT-Systeme-03/23/23MANGOPAY FRANCEWhenThen-03/23/23SaaS.group zenloop-03/23/23Splashtop Foxpass-03/23/23TorcCodealike-03/23/23Valsoft TigerTMS -03/22/23AndritzImagine That-03/22/23Holding XEFIDropCloud-Source:Financial data provided by 451 M&A KnowledgeBase(missing values represent data not applicable or publicly available).201Q23 Select SaaS M&A TDateBuyerSellerEnterprise Value(M)03/22/23HoneycommDropified(certain assets)$30.003/22/23JPMorgan Chase&Co.Aumni-03/22/23Multi-Health Systems Core Systems-03/22/23Pollen Street Capital Finsolutia-03/22/23VisualAIM Two Rivers Technologies(certain assets)-03/22/23XM Cyber Confluera-03/21/23Accel-KKRPegaso Tecnologa-03/21/23Accel-KKRFacture-03/21/23Accel-KKRIndicium Solutions-03/21/23AccentureFlutura Business Solutions-03/21/23Applied IntuitionSceneBox-03/21/23AutodeskUNIFI Labs-03/21/23ItsaCheckmateOpen Tender-03/21/23Mood Media Vibenomics-03/21/23Parchment Quottly-03/21/23PriceHubbleDataloft-03/21/23SmartBear Software Aspecto-03/21/23Snap!SpendFrom Now On-03/21/23Sohonet 5th Kind-03/20/23AARTrax-03/20/23Hewlett Packard EnterpriseOpsRamp-03/20/23Kennel ConnectionPawLoyalty Software-Source:Financial data provided by 451 M&A KnowledgeBase(missing values represent data not applicable or publicly available).211Q23 Select SaaS M&A TDateBuyerSellerEnterprise Value(M)03/20/23Mastercard InternationalBaffin Bay Networks-03/20/23Reveal Data LIGL Data Science