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Cloud CRM SoftwareApril 2019
Sector Dashboard [4]
Public Basket Performance [5]
Operational Metrics [7]
Valuation Comparison [10]
Recent Deals [13]
Appendix [14]
7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.
3
Overview
7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.
Dashboard• Summary metrics on the sector• Commentary on market momentum by
comparing the most recent 12-month performance against the last 3-year averages.
Public Basket Performance• Summary valuation and operating metrics
for a basket of comparable public companies
Valuation Comparison• Graphical, detailed comparison of valuation
multiples for the public basket
Recent Deals• The most recently announced deals in the
sector
4
Dashboard
Operating Metrics
Valuation
Revenue Growth Momentum
0.3% 1 - year revenue growth compared to revenue growth
average for last 3 years
Pricing / Gross Margin Momentum
0.9% 1 - year gross profit % compared to gross profit %
average for last 3 years
Profitability
-0.2% 1 - year EBITDA % compared to EBITDA % average for
last 3 years
Current revenue growth rate exceeds the average of the last 3 years by this
amount, indicating that market momentum is increasing
Current gross profit margin exceeds the average of the last 3 years gross profit
margin by this amount, indicating supplier pricing power
Current EBITDA margin is less than the average of the last 3 years EBITDA
margins, which may signal further consolidation
7.6%
21.1%
72.8%
0% 20% 40% 60% 80%
Median LTM Rev. Growth %
Median LTM EBITDA Margin %
Median LTM GP Margin %
5.1x
25.3x
29.1x
41.5x
0x 10x 20x 30x 40x 50x
Median TEV / LTM Revenue
Median TEV / LTM EBITDA
Median Price / LTM Earnings
Median TEV / LTM EBIT
5
Public Basket
Company TEV $mLTM Rev
$m
Rev Growth
YoY GP %EBITDA
%TEV / Rev X
TEV / EBITDA
X # FTEsRev / FTE $k
MicroStrategy Incorporated 944 498 -1% 80% 1% 1.9 182.2 2,528 197
Neusoft Corporation 2,836 1,046 3% 32% 5% 2.6 58.1 16,706 63
Blackbaud, Inc. 4,262 849 8% 55% 16% 5.0 31.9 3,353 253
HubSpot, Inc. 6,800 513 37% 80% -7% 13.3 0.0 2,638 194
The Sage Group plc 11,090 2,408 8% 93% 27% 4.6 17.2 13,003 185
Veeva Systems Inc. 18,086 862 25% 72% 27% 21.0 76.3 2,553 338
salesforce.com, inc. 124,405 13,282 26% 74% 11% 9.4 81.6 35,000 379
SAP SE 141,809 28,288 5% 70% 27% 5.1 18.6 96,498 293
Oracle Corporation 201,617 39,831 1% 80% 41% 5.1 12.3 137,000 291
Microsoft Corporation 878,245 118,459 16% 65% 42% 7.4 17.7 131,000 904
Average 139,010 20,604 13% 70% 19% 7.5 49.6 44,028 310
Median 14,588 1,727 8% 73% 21% 5.1 25.3 14,855 272
share price as of 04Apr19
6
Public Basket Valuation Trends
Public EBITDA Multiples over Time
Public Revenue Multiples over Time
0x
2x
4x
6x
8x
Jul-
14
Oct-
14
Jan-1
5
Apr-
15
Jul-
15
Oct-
15
Jan-1
6
Apr-
16
Jul-
16
Oct-
16
Jan-1
7
Apr-
17
Jul-
17
Oct-
17
Jan-1
8
Apr-
18
Jul-
18
Oct-
18
Jan-1
9
Apr-
19
TEV/Revenue - Median TEV/Revenue - Average
0x
6x
12x
18x
24x
30x
Jul-
14
Oct-
14
Jan-1
5
Apr-
15
Jul-
15
Oct-
15
Jan-1
6
Apr-
16
Jul-
16
Oct-
16
Jan-1
7
Apr-
17
Jul-
17
Oct-
17
Jan-1
8
Apr-
18
Jul-
18
Oct-
18
Jan-1
9
Apr-
19
TEV/EBITDA - Median TEV/EBITDA - Average20.0x
4.8x
0x
5x
10x
15x
20x
25x
30x
35x
Jul-
14
Oct-
14
Jan-1
5
Apr-
15
Jul-
15
Oct-
15
Jan-1
6
Apr-
16
Jul-
16
Oct-
16
Jan-1
7
Apr-
17
Jul-
17
Oct-
17
Jan-1
8
Apr-
18
Jul-
18
Oct-
18
Jan-1
9
Apr-
19
TEV/EBITDA - Median TEV/Revenue - Median
TEV/EBITDA - Average TEV/Revenue - Average
7
Operational Metrics
LTM Gross Profit Margin % LTM EBITDA %
(10%) - 10% 20% 30% 40% 50%
Median
HubSpot, Inc.
MicroStrategy
Incorporated
Neusoft Corporation
salesforce.com, inc.
Blackbaud, Inc.
The Sage Group plc
SAP SE
Veeva Systems Inc.
Oracle Corporation
Microsoft Corporation
- 20% 40% 60% 80% 100%
Median
Neusoft Corporation
Blackbaud, Inc.
Microsoft Corporation
SAP SE
Veeva Systems Inc.
salesforce.com, inc.
Oracle Corporation
MicroStrategy
Incorporated
HubSpot, Inc.
The Sage Group plc
8
Operational Metrics
LTM Revenue Growth %LTM Revenue per
Full Time Employee x 000’s
(10%) - 10% 20% 30% 40%
Median
MicroStrategy
Incorporated
Oracle Corporation
Neusoft Corporation
SAP SE
Blackbaud, Inc.
The Sage Group plc
Microsoft Corporation
Veeva Systems Inc.
salesforce.com, inc.
HubSpot, Inc.
$- $200 $400 $600 $800 $1,000
Median
Neusoft Corporation
The Sage Group plc
HubSpot, Inc.
MicroStrategy
Incorporated
Blackbaud, Inc.
Oracle Corporation
SAP SE
Veeva Systems Inc.
salesforce.com, inc.
Microsoft Corporation
9
Operational Metrics
Accounts Receivable TurnoverAverage Days
Sales Outstanding
0x 4x 8x 12x 16x 20x
Median
MicroStrategy Incorporated
salesforce.com, inc.
Veeva Systems Inc.
SAP SE
Neusoft Corporation
The Sage Group plc
Microsoft Corporation
HubSpot, Inc.
Blackbaud, Inc.
Oracle Corporation
0 30 60 90 120 150
Median
Oracle Corporation
Blackbaud, Inc.
HubSpot, Inc.
Microsoft Corporation
The Sage Group plc
Neusoft Corporation
SAP SE
Veeva Systems Inc.
salesforce.com, inc.
MicroStrategy Incorporated
10
Valuation
TEV / LTM Revenue TEV / LTM EBITDA
0x 10x 20x 30x
Median
MicroStrategy
Incorporated
Neusoft Corporation
The Sage Group plc
Blackbaud, Inc.
Oracle Corporation
SAP SE
Microsoft
Corporation
salesforce.com, inc.
HubSpot, Inc.
Veeva Systems Inc.
0x 50x 100x 150x 200x
Median
Oracle Corporation
The Sage Group plc
Microsoft Corporation
SAP SE
Blackbaud, Inc.
Neusoft Corporation
Veeva Systems Inc.
salesforce.com, inc.
MicroStrategy Incorporated
11
Valuation
TEV / LTM EBIT Price / LTM Earnings
0x 50x 100x 150x 200x 250x
Median
Oracle Corporation
The Sage Group plc
SAP SE
Microsoft Corporation
Blackbaud, Inc.
Veeva Systems Inc.
Neusoft Corporation
salesforce.com, inc.
MicroStrategy Incorporated
0x 30x 60x 90x 120x
Median
Neusoft Corporation
Oracle Corporation
The Sage Group plc
Microsoft Corporation
SAP SE
MicroStrategy Incorporated
Blackbaud, Inc.
Veeva Systems Inc.
salesforce.com, inc.
12
Valuation
Historical Valuation Multiples versus Gross Profit
Historical Valuation Multiples versus Revenue Growth Rate
12x 17x 18x 19x 32x 58x 76x 82x 182x
79.6%
93.0%
65.1%
69.8%
55.0%
31.8%
71.6%
74.0%
80.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0x
20x
40x
60x
80x
100x
120x
140x
160x
180x
200x
LTM
GP%
EBIT
DA(x
)
EBITDA(x) LTM GP%
12x 17x 18x 19x 32x 58x 76x 82x 182x
1.4%
7.6%
15.8%
5.3%
7.6%
2.6%
24.9% 26.0%
(1.2%)
-5%
0%
5%
10%
15%
20%
25%
30%
0x
20x
40x
60x
80x
100x
120x
140x
160x
180x
200x
LTM
RG
R%
EBIT
DA(x
)
EBITDA(x) LTM RGR%
13
Recent Transactions
Date Target Buyer / Investor
Total Transaction
Value Target
Revenue TEV /
Revenue TEV /
EBITDA
6Feb19 Collact Serviços Digitais LTDA. StoneCo Ltd. - - - -
25Feb19 Contactually, Inc. Urban Compass, Inc. - - - -
8Jan19 Influence Health, Inc. Healthgrades Operating Company, Inc. - - - -
6Dec18 Lasso Data Systems Inc. ECi Software Solutions, Inc. - - - -
31Oct18 DealerMine Inc. Quorum Information Technologies Inc. 10.98 9.47 1.2x 18.6x
11Oct18 Tour de Force, Inc. Compass Sales Solutions - - - -
31Aug18 Seltis Technologies LLC/66.67% of Infodat International, Inc. Adroit Infotech Limited - - - -
1May18 Buan Consulting Inc. Spaulding Ridge, LLC - - - -
18Apr18 Ardent Solutions Limited SHEA Solutions Inc. - - - -
11Jan18 Kenandy, Inc. The Danville Group, Inc. - - - -
2Jan18 CRM Software, Inc. AdvisorEngine, Inc. - - - -
15Dec17 CRMNow Pty Limited PrimeQ Pty Ltd. - - - -
5Sep17 Netwise Technology, Inc. PrismHR - - - -
18Jul17 Ticomix, Inc., CRM Group W-Systems Corp. - - - -
23Jun17 Giving.com Limited Blackbaud Global Ltd. 120.93 - - -
31May17 SA Desico Invemaco NV - - - -
17May17 Tembit Software GmbH Hanse Orga GmbH (nka:Serrala Group GmbH) - - - -
29Mar17 EUDONET SAS Quilvest Private Equity Ltd. - - - -
17Jan17 Luxor CRM Inc. Next Gear Solutions, Inc. - - - -
3Jan17 Sarl Solo Solution Autonome Visiativ SA - - - -
14
APPENDIX:
Public Basket
Constituents
7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.
Cloud CRM SoftwareApril 2019
15
Public Basket
MicroStrategy Incorporated
MicroStrategy Incorporated provides enterprise softwareplatforms worldwide. It offers MicroStrategy Analytics platformthat delivers reports and dashboards, and enables users toconduct ad hoc analysis and share insights through mobiledevices or the Web; MicroStrategy Server, which providesanalytical processing and job management for variousreporting, analysis, and monitoring applications; MicroStrategyWeb, a primary reporting interface for analysts that offersinteractive reporting, dashboarding, and analysis through aWeb browser; and MicroStrategy Desktop, an on-premise andsingle-user tool for easy-to-use self-service visual datadiscovery. The company also provides MicroStrategy Mobile, avehicle for mobilizing an organization’s information systems,including its data warehouses, business intelligence, ERP, CRM,and Web applications that are accessible on the desktop; andUsher, a digital credential and identity intelligence that enablesorganizations to dematerialize the traditional forms of identityverification and replace them with a single mobile identitybadge. The company was founded in 1989 and isheadquartered in Tysons Corner, Virginia.
Date Key Development Headline1/16/18 Snowflake Computing Teams with MicroStrategy® Incorporated
to Deliver Fast Access and Rich Insight to Enterprise Data
0x
1x
2x
3x
4x
5x
Revenue Multiples - MicroStrategy
Incorporated
TEV/Revenue Average
0x
100x
200x
300x
EBITDA Multiples - MicroStrategy
Incorporated
TEV/EBITDA Average
0x
30x
60x
90x
120x
P/E Multiples - MicroStrategy Incorporated
P/E Average
16
Public Basket
Neusoft Corporation
Neusoft Corporation provides information technology (IT)solutions and services worldwide. The company offers productsand platforms, such as TalentBase human capital managementsystem; SkillBase, an e-learning system; group financialmanagement and control system; customer relationshipmanagement system; enterprise asset management system;super electronic archive system; business process contentmanagement platform; and UniOffice, an office managementsystem. Its products and platforms also include picture archivingand communication software system; digital signagenetwork/system; NetEye security operations center platform;NetPatrol, a network application monitoring and managementsystem; Aclome, a cloud management environment; UniEAP, aunified enterprise application practice application; OpenBASE, adatabase management system; mobile device managementsystem; navigation system; and rear view assistance system. Inaddition, it provides engineering services, such as applicationdevelopment and maintenance, ERP consulting andimplementation, software globalization and localization,professional testing and performance engineering, and ITinfrastructure services; on-demand services, such asTelemedicine, Xikang, and Telematics; and managementconsultation, business process outsourcing, and IT educationand training services. The company was founded in 1991 and isheadquartered in Shenyang, the People’s Republic of China.
0x
2x
4x
6x
Revenue Multiples - Neusoft Corporation
TEV/Revenue Average
0x
50x
100x
150x
200x
EBITDA Multiples - Neusoft Corporation
TEV/EBITDA Average
0x
50x
100x
150x
200x
P/E Multiples - Neusoft Corporation
P/E Average
17
Public Basket
Blackbaud, Inc. provides cloud software solutions to nonprofits,foundations, corporations, education institutions, healthcareorganizations, and other charitable giving entities primarily inthe United States, Canada, the United Kingdom, and Australia.The company offers Raiser's Edge NXT and Blackbaud CRM(constituent relationship management), which are fundraisingand relationship management solutions; Luminate CRM forcampaign management, constituent relations, businessintelligence, and analytics; eTapestry, a cloud fundraising anddonor management solution; everydayhero, a cloudcrowdfundraising solution; and JustGiving, a social platform forgiving. It also provides solutions for Luminate Online that buildsonline fundraising campaigns; Blackbaud Online Express, acloud fundraising and marketing tool; and BlackbaudNetCommunity, an online marketing and communications tool.In addition, the company offers Financial Edge NXT, a cloudaccounting solution; GIFTS Online, a cloud solution; FIMS, afoundation management system; and Blackbaud Outcomes thatempowers funders and nonprofits. Blackbaud, Inc. was foundedin 1981 and is headquartered in Charleston, South Carolina.
Blackbaud, Inc.
Date Key Development Headline5/1/18 Blackbaud Seeks Acquisitions
4/30/18 Blackbaud, Inc. (NasdaqGS:BLKB) acquired Reeher LLC.
0x
2x
4x
6x
8xRevenue Multiples - Blackbaud, Inc.
TEV/Revenue Average
0x
15x
30x
45x
EBITDA Multiples - Blackbaud, Inc.
TEV/EBITDA Average
0x
30x
60x
90x
120x
150x
P/E Multiples - Blackbaud, Inc.
P/E Average
18
Public Basket
HubSpot, Inc.
HubSpot, Inc. provides a cloud-based marketing and salessoftware platform for businesses in the Americas, Europe, andthe Asia Pacific. Its software platform includes integratedapplications, such as social media, search engine optimization,blogging, Website content management, marketingautomation, email, sales productivity, CRM, analytics, andreporting. The company also offers professional, and phoneand email-based support services. It serves mid-marketbusiness-to-business, and B2B companies. The companymarkets its product through inbound go-to-market approach,marketing agency, and sales partners. HubSpot, Inc. wasfounded in 2005 and is headquartered in Cambridge,Massachusetts.
0x
5x
10x
15x
20xRevenue Multiples - HubSpot, Inc.
TEV/Revenue Average
19
Public Basket
Veeva Systems Inc.
Veeva Systems Inc. provides cloud-based software for the lifesciences industry in North America, Europe, the Asia Pacific,and internationally. The company offers Veeva CommercialCloud, a suite of multichannel customer relationshipmanagement applications, data solutions, and master datamanagement solutions; and Veeva Vault, a cloud-basedenterprise content management applications for managingcommercial functions, including medical, sales, and marketing,as well as research and development functions, such as clinical,regulatory, quality, and safety. It also provides professional andsupport services in the areas of implementation anddeployment planning and project management; requirementsanalysis, solution design, and configuration; systemsenvironment management and deployment services; servicesfocused on advancing or transforming business and operatingprocesses related to Veeva solutions; technical consultingservices related to data migration and systems integrations;training on its solutions; and ongoing managed services thatinclude outsourced systems administration. The company wasformerly known as Verticals onDemand, Inc. and changed itsname to Veeva Systems Inc. in April 2009. Veeva Systems Inc.was founded in 2007 and is headquartered in Pleasanton,California.
0x
10x
20x
30xRevenue Multiples - Veeva Systems Inc.
TEV/Revenue Average
0x
30x
60x
90x
120xEBITDA Multiples - Veeva Systems Inc.
TEV/EBITDA Average
0x
50x
100x
150x
200xP/E Multiples - Veeva Systems Inc.
P/E Average
20
Public Basket
The Sage Group plc
The Sage Group plc provides business management softwareand services for small and medium sized companies. It offerssoftware and services for accounting and payroll, enterpriseresource planning, customer relationship management, andpayments. The company serves business owners, bookkeepers,and finance directors. It operates primarily in Northern Europe,Central and Southern Europe, North America, andinternationally. The Sage Group plc was founded in 1981 and isbased in Newcastle upon Tyne, the United Kingdom.
0x
2x
4x
6x
8xRevenue Multiples - The Sage Group plc
TEV/Revenue Average
0x
10x
20x
30xEBITDA Multiples - The Sage Group plc
TEV/EBITDA Average
0x
15x
30x
45x
60xP/E Multiples - The Sage Group plc
P/E Average
21
Public Basket
salesforce.com, inc.
salesforce.com, inc. develops enterprise cloud computingsolutions with a focus on customer relationship management.The company offers Sales Cloud to store data, monitor leadsand progress, forecast opportunities, and gain insights throughanalytics and relationship intelligence, as well as deliver quotes,contracts, and invoices. It also provides Service Cloud, whichenables companies to deliver personalized customer serviceand support, as well as a field service solution that enablescompanies to connect agents, dispatchers, and mobileemployees through a centralized platform, which helps toschedule and dispatch work, and track and manage jobs inreal-time. The company was founded in 1999 and isheadquartered in San Francisco, California.
Date Key Development Headline10/30/18 Vonage Holdings Corp. (NYSE:VG) completed the acquisition of
NewVoiceMedia Limited from a consortium of sellers.
10/4/18 salesforce.com, inc. (NYSE:CRM) entered into a definitive agreement to acquire Rebel.
9/25/18 Salesforce and Amazon Web Services, Inc. Expand Global Strategic Alliance to Accelerate Enterprises' Digital Transformations
9/24/18 Apple and Salesforce Announce Strategic Partnership
9/19/18 Vonage Holdings Corp. (NYSE:VG) entered into an agreement to acquire NewVoiceMedia Limited for $340 million.
0x
3x
6x
9x
12x
15xRevenue Multiples - salesforce.com, inc.
TEV/Revenue Average
0x
100x
200x
300x
400xEBITDA Multiples - salesforce.com, inc.
TEV/EBITDA Average
0x
100x
200x
300xP/E Multiples - salesforce.com, inc.
P/E Average
22
Public Basket
SAP SE
SAP SE operates as an enterprise application software, and analyticsand business intelligence company worldwide. It offers SAP HANA,which enables businesses to process and analyze live data; SAP DataHub, a solution that enables businesses to manage data from varioussources; SAP Cloud Platform, which enables businesses to connect andintegrate applications; SAP BW/4HANA, a data warehouse solution;SAP Leonardo, a system that enables customers to make businesssense and opportunity of disruptive technologies; and SAP AnalyticsCloud, which leverages the intersection of business intelligence,planning, and predictive analytics. The company also provides SAPS/4HANA, an enterprise resource planning (ERP) suite for theintelligent enterprise; SAP Integrated Business Planning solutions thatdeliver real-time supply chain planning capabilities. SAP SE wasfounded in 1972 and is headquartered in Walldorf, Germany.
Date Key Development Headline9/18/18 Accenture Teams with SAP to Develop Cloud Solution to
Digitally Transform Oil and Gas Upstream Operations
8/15/18 Metalloinvest Opens Innovation Centre and Signs Memorandums of Cooperation with SAP and Accenture
6/4/18 SAP SE (DB:SAP) acquired Coresystems AG.
6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in Target Industries
5/8/18 Accenture plc Teams with SAP SE to Help High-Tech Companies Create Digital As-A-Service Business Models Quickly and Easily
0x
2x
4x
6x
8x
10x
Revenue Multiples - SAP SE
TEV/Revenue Average
0x
10x
20x
30x
EBITDA Multiples - SAP SE
TEV/EBITDA Average
0x
10x
20x
30x
40x
50xP/E Multiples - SAP SE
P/E Average
23
Public Basket
Oracle Corporation
Oracle Corporation develops, manufactures, markets, sells, hosts, andsupports application, platform, and infrastructure solutions forinformation technology (IT) environments worldwide. The companyprovides services in three primary layers of the cloud: Software as aService, Platform as a Service, and Infrastructure as a Service. It offershuman capital and talent management, enterprise resource planning,customer experience and relationship management, procurement,supply chain management, project portfolio management, businessanalytics and enterprise performance management, and industry-specific application software, as well as financial management andgovernance, and risk and compliance applications. The company alsolicenses its Oracle Database for storage, retrieval, and manipulation ofdata; and Oracle Fusion Middleware software to build, deploy, secure,access, extend, and integrate business applications, as well asautomate business processes. Oracle Corporation was founded in 1977and is headquartered in Redwood City, California.
Date Key Development Headline10/21/18 Oracle Corporation (NYSE:ORCL) signed an agreement to
acquire DataFox Intelligence, Inc.
10/16/18 Oracle Corporation (NYSE:ORCL) entered into an agreement to acquire goBalto, Inc.
9/25/18 Oracle Corporation (NYSE:ORCL) acquired an unknown minority stake in Screening Room Inc. for $2.5 million.
9/19/18 Oracle Corporation (NYSE:ORCL) signed an agreement to acquire Iridize Ltd.
6/19/18 Oracle Mulls Acquisitions
0x
2x
4x
6x
8x
Revenue Multiples - Oracle Corporation
TEV/Revenue Average
0x
5x
10x
15x
20x
EBITDA Multiples - Oracle Corporation
TEV/EBITDA Average
0x
20x
40x
60x
80x
P/E Multiples - Oracle Corporation
P/E Average
24
Public Basket
Microsoft Corporation
Microsoft Corporation develops, licenses, and supportssoftware, services, devices, and solutions worldwide. Thecompany operates through Productivity and BusinessProcesses, Intelligent Cloud, and More Personal Computingsegments. The Productivity and Business Processes segmentoffers Office 365 commercial products and services forbusinesses, such as Office, Exchange, SharePoint, Skype forBusiness, Microsoft Teams, and related Client Access Licenses(CALs); Office 365 consumer services, including Skype,Outlook.com, and OneDrive; LinkedIn online professionalnetwork; and Dynamics business solutions comprising financialmanagement. The company was founded in 1975 and isheadquartered in Redmond, Washington.
Date Key Development Headline11/5/18 Walmart and Microsoft Announce Extension of Strategic
Partnership
10/24/18 Microsoft Corporation (NasdaqGS:MSFT) completed the acquisition of GitHub, Inc. from Sequoia Capital, SV Angel, Andreessen Horowitz, Thrive Capital and Institutional Venture Partners.
10/24/18 Hexaware Technologies Limited Announces Global Collaboration with Microsoft to Accelerate Cloud Adoption
10/15/18 Microsoft Genomics and Eagle Genomics Ltd Announces Their Partnership
9/27/18 Accela Announces Collaboration with Microsoft
9/25/18 E.ON Develops Highly-Secure Smart and Efficient Connected Home Solution in Collaboration with Microsoft
0x
2x
4x
6x
8x
10xRevenue Multiples - Microsoft Corporation
TEV/Revenue Average
0x
10x
20x
30xEBITDA Multiples - Microsoft Corporation
TEV/EBITDA Average
0x
20x
40x
60x
80x
100x P/E Multiples - Microsoft Corporation
P/E Average
25
CONTACT INFO7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&Aand private capital transactions and provide market assessments and benchmarking. As a close-knit team with a long history togetherand a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. Securities offered through 7M Securities LLC.
Leroy Davis, Partner 704.899.5962 leroy@7mileadvisors.com
Tripp Davis, Partner 704.899.5762 tripp@7mileadvisors.com
Andy Johnston, Partner 704.899.5961 andy@7mileadvisors.com
Ben Lunka, Managing Director 704.496.2995 ben@7mileadvisors.com
Jeff Stoecklein, Managing Director 312.796.9330 jeff@7mileadvisors.com
Mark Landry, Managing Director 561.972.0609 mark@7mileadvisors.com
Kristina Sergueeva, Director 704.899.5149 kristina@7mileadvisors.com
Neil Churman, Director 281.742.9340 neil@7mileadvisors.com
John Cooper, Director 704.973.3996 john@7mileadvisors.com
Tim Frye, Director 704.973.3994 tim@7mileadvisors.com
Nicholas Prendergast, Financial Analyst 704.973.3995 nicholas@7mileadvisors.com
Ariail Siggins, Marketing Director 704.981.2908 ariail@7mileadvisors.com
Sydney Larese, Associate 704.973.3998 sydney@7mileadvisors.com
Marty Johnson, Associate 704.973.3999 marty@7mileadvisors.com
Rory Julyan, Associate 704.981.2520 rory@7mileadvisors.com
Garth Martin, Associate 704.973.3997 garth.martin@7mileadvisors.com
Dennis Fox, Associate 704.706.9168 dennis@7mileadvisors.com
Steve Buffington, Associate 704.960.1828 steve@7mileadvisors.com
Emily Halstenberg 704.409.9912 emily@7mileadvisors.com
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