Clare Capital

Clare CapitalTech Updates #1-17

Table of Contents

# Title Date

1 NZ Tech EVAR v 1Y% v EV 22 July 2016

2 NZ Tech EVAR Over Time 29 July 2016

3 NZ v AU v US Tech Sector 05 August 2016

4 SaaS Gross Margin 12 August 2016

5 NZ Tech Value Shares Traded 19 August 2016

6 SaaS Revenue per Employee 26 August 2016

7 SaaS EBITDA Margins 02 September 2016

8 Rem. vs Performance 09 September 2016

9 Capital Used vs Recurring Revenue 16 September 2016

10 NZX Sectors Over Time 23 September 2016

11 ARR & Net ARR Over Time 30 September 2016

12 Company Spotlight 07 October 2016

13 SaaS Spotlight 14 October 2016

14 40% Rule 20 October 2016

15 Cash Burn & Runway 28 October 2016

15B Cash Burn & Runway 28 October 2016

16 Accounting Giants 04 November 2016

17 NZX vs ASX Valuation Multiples 11 November 2016

www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 3 of 41

NZ LISTED TECH UPDATE

Source: Clare Capital Data: Factset and Company Reports

If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227

Overview Clare Capital - NZ Listed Tech Update 1 - NZ Tech EVAR v 1Y% v EV - 20160722

Share Price Movements as at 22 July 2016 Valuation Chart as at 22 July 2016

Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s

EROAD 2.05 (4%) (44%) 114 244

Finzsoft 2.30 - (32%) - -

Gentrack 2.97 (1%) 33% 156 654

GeoOp 0.28 (10%) (40%) 58 17

ikeGPS 0.65 14% (4%) 170 103

Orion Health 4.82 (1%) 23% 1,136 5,523

Plexure 0.34 - (11%) 199 67

Pushpay 2.30 (6%) 100% 172 417

Rakon 0.23 - (37%) 1,237 284

Serko 0.75 7% (14%) 42 30

SLI Systems 0.80 (1%) (2%) 2,479 1,990

SmartPay 0.23 41% 32% 16 3

Trade Me 5.23 6% 56% 4,744 24,129

Vista 6.05 1% 8% 200 1,201

Wynyard 0.62 - (59%) 163 100

Xero 19.14 6% 7% 550 10,177

Total 11,437 44,752

Average 3% 1%

Weighted Ave 4% 28%

Definitions

Price = Share Price

1Week∆ = 1 Week Share Price Change

1Year∆ = 1 Year Share Price Change

Vol. '000s = Volume of Shares Traded in the Last Week ('000s)

Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)

Notes

This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth

rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.

The chart compares EV/Annualised Revenue v 1-year annualised revenue growth with the bubble showing Enterprise Value. The entities in light green are specific Software-as-a-

Service companies, while the dark green bubbles show other publicly-listed NZ technology companies with a market capitalisation of greater than NZD$10M.

EROAD

Finzsoft

Gentrack

GeoOp

ikeGPSOrion Health

Plexure

Pushpay

Rakon

Serko

SLI Systems

SmartPay

Trade Me

Vista

Wynyard

Xero

-

2

4

6

8

10

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16

(50%) - 50% 100% 150% 200% 250% 300% 350% 400%

EV

/An

nu

ali

sed

Re

ven

ue

1Yr Annualised Revenue Growth

Size of the bubble represents Enterprise Value.





NZ Publicly-Listed Technology Companies (all in NZD millions) as at 22 July 2016 Definitions

Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation

EROAD 124 111 28 4.0 44% n/a 34 3.3 34% EV = Enterprise Value

Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue

Gentrack 216 204 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple

GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth

ikeGPS 33 27 9 3.2 118% 65% 16 1.7 n/a GM% = Gross Margin %

Orion Health 771 713 211 3.4 26% 78% 260 2.7 26% CFY Rev = Current Financial Year Revenue

Plexure 31 28 5 5.3 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple

Pushpay 532 520 39 13.4 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth

Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a

Serko 55 48 13 3.6 20% n/a n/a n/a n/a Disclaimer

SLI Systems 50 44 36 1.2 23% 77% 35 1.3 25%

SmartPay 39 63 21 3.0 - n/a 24 2.6 18%

Trade Me 2,077 2,195 211 10.4 9% 94% 219 10.0 9%

Vista 486 463 76 6.1 28% n/a 93 5.0 43%

Wynyard 111 96 25 3.9 (20%) 64% n/a n/a n/a

Xero 2,623 2,438 258 9.5 62% 75% 312 7.8 n/a

Total & Average 7,224 7,038 1,106 6.4

Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 22 July 2016

Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY

athenahealth 4,915 5,075 1,048 4.8 17% 50% 1,103 4.6 19%

Box 519 391 361 1.1 37% 64% 394 1.0 30%

Salesforce.com 55,928 55,962 7,666 7.3 27% 73% 8,300 6.7 24%

HubSpot 1,836 1,729 236 7.3 54% 75% 258 6.7 42%

Lifelock 1,541 1,339 637 2.1 18% 75% 667 2.0 13%

LogMeIn 1,612 1,438 319 4.5 30% 86% 331 4.3 22% Contact Details

Marketo 1,581 1,489 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner

New Relic 1,718 1,526 210 7.3 57% 79% 252 6.1 39% +64-21-470227 [email protected]

ServiceNow 11,841 11,423 1,224 9.3 44% 68% 1,368 8.4 36%

NetSuite 6,815 6,715 866 7.8 31% 67% 966 7.0 30%

RealPage 2,008 1,989 514 3.9 16% 53% 570 3.5 22%

Shopify 2,226 2,036 289 7.1 93% 52% 345 5.9 69%

Splunk 7,893 6,871 744 9.2 48% 82% 895 7.7 34%

Workday 9,516 7,950 1,381 5.8 38% 68% 1,553 5.1 34%

Clare Capital is a corporate finance advisory firm built on

a base of structured fundamental analysis. We provide

creative solutions for both origination and analysis

mandates. We have a strong track record for the

successful execution of commercial transactions.

The information provided in this report has been solely

sourced from Factset. Clare Capital holds no

responsibility over the actual and forecast numbers

presented in this report. The forecasts are an average of

broker forecasts complied by Factset.

Global SaaS company data has been converted to USD

and will move with exchange rate changes. Clare Capital

is not an Authorised Financial Adviser.

This document is intended as analysis – not financial

advice. If you are making investment decisions you

should seek appropriate personalised financial advice

from a qualified professional to suit your circumstances.





Overview Clare Capital - NZ Listed Tech Update 2 - NZ Tech EVAR Over Time - 20160729

Share Price Movements as at 29 July 2016 Valuation Chart as at 29 July 2016


EROAD 2.10 2% (42%) 134 279

Finzsoft 2.30 - (32%) 0 0

Gentrack 2.99 1% 36% 178 529

GeoOp 0.29 2% (43%) 33 9

ikeGPS 0.71 9% 8% 377 263

Orion Health 4.85 1% 23% 316 1,528

Plexure 0.32 (6%) (17%) 167 55

Pushpay 2.58 12% 121% 666 1,676

Rakon 0.23 (2%) (38%) 688 156

Serko 0.67 (11%) (23%) 47 34

SLI Systems 0.79 (1%) (1%) 78 62

SmartPay 0.23 - 32% - -

Trade Me 5.12 (2%) 53% 3,625 18,951

Vista 6.25 3% 11% 451 2,810

Wynyard 0.59 (5%) (61%) 364 218

Xero 19.79 3% 10% 566 11,216

Total 7,691 37,785

Average 0% 2%

Weighted Ave 2% 17%

Definitions

Price = Share Price





Notes

The chart compares the EV/Annualised Revenue multiple for Pushpay (NZX:PAY), Trade Me (NZX:TME) and Xero (NZX:XRO) at the end of their financial years since their IPO. Clare

Capital has included semi-annual information for Pushpay as the company has only been listed since 2013.


rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.

-

20

40

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100

120

- 1 2 3 4 5 6 7 8 9 10

EV

/An

nu

ali

sed

Re

ven

ue

Financial Years since IPO

Trade Me Pushpay Xero

Size of the bubble represents Enterprise Value.

15% 7% 13% 9%

366% 532% 210% 109% 82%

1,149% 446%

81%102% 62%71%

Trade Me

Pushpay

Xero

Annualised Revenue Growth Rate





NZ Publicly-Listed Technology Companies (all in NZD millions) as at 29 July 2016 Definitions




Gentrack 217 205 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple



Orion Health 776 717 211 3.4 26% 78% 260 2.8 26% CFY Rev = Current Financial Year Revenue



Rakon 43 55 109 0.5 (22%) n/a n/a n/a n/a


SLI Systems 49 44 36 1.2 23% 77% 35 1.2 25%

SmartPay 39 63 21 3.0 - n/a 24 2.6 18%

Trade Me 2,033 2,152 211 10.2 9% 94% 219 9.8 9%

Vista 502 479 76 6.3 28% n/a 93 5.1 43%

Wynyard 106 91 25 3.7 (20%) 64% n/a n/a n/a

Xero 2,712 2,527 258 9.8 62% 75% 312 8.1 51%

Total & Average 7,348 7,162 1,036 6.5

Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 29 July 2016


athenahealth 5,028 5,188 1,048 5.0 17% 50% 1,102 4.7 19%

Box 564 437 361 1.2 37% 64% 394 1.1 30%

Salesforce.com 55,420 55,454 7,666 7.2 27% 73% 8,300 6.7 24%

HubSpot 1,908 1,801 236 7.6 54% 75% 258 7.0 42%

Lifelock 1,574 1,372 637 2.2 18% 75% 667 2.1 13%


Marketo 1,584 1,491 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner


ServiceNow 12,208 11,892 1,365 8.7 38% 70% 1,376 8.6 37%

NetSuite 8,756 8,656 866 10.0 31% 67% 966 9.0 30%

RealPage 2,013 1,994 514 3.9 16% 53% 570 3.5 22%

Shopify 2,320 2,131 289 7.4 93% 52% 345 6.2 69%

Splunk 8,310 7,288 744 9.8 48% 82% 895 8.1 34%

All Global SaaS Companies Median 3.7 18% 66% 3.4 19%





broker forecasts complied by Factset.


and will move with exchange rate changes. Clare Capital

is not an Authorised Financial Adviser.

This document is intended as analysis – not financial

advice. If you are making investment decisions you

should seek appropriate personalised financial advice

from a qualified professional to suit your circumstances.










Overview Clare Capital - NZ Listed Tech Update 3 - NZ v AU v US Tech Sector - 20160805

NZ v AU v US Tech Sector (Jan11 - Jul16) NZ v AU v US Tech Sector (Jan14 - Jul16)

NZ v AU v US Tech Sector (Jan15 - Jul16) NZ v AU v US Tech Sector (Jan16 - Jul16)

Comparing Market Capitalisation Indices for New Zealand (NZ), Australia (AU) and United States (US) tech sectors over time.

50

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NZ AU US

Current Calendar Year





Chart Methodology Definitions

Price = Share Price



Chart Commentary Vol. '000s = Volume of Shares Traded (Last Week)

Invest $1,000 at January 2011 into: Invest $1,000 at January 2014 into: Val. '000s = Value of Shares Traded (Last Week)

As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR Mkt Cap = Market Capitalisation

NZ Tech Sector 1,268 127% 16% NZ Tech Sector (302) (30%) (13%) EV = Enterprise Value

AU Tech Sector 2,656 266% 27% AU Tech Sector 543 54% 19% EV/AR = EV/Annualised Revenue multiple

US Tech Sector 938 94% 13% US Tech Sector 292 29% 11% Yr∆ AR = Annualised Revenue Growth

Invest $1,000 at January 2015 into: Invest $1,000 at January 2016 into: Disclaimer

As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR

NZ Tech Sector 279 28% 18% NZ Tech Sector 221 22% 49%

AU Tech Sector 470 47% 29% AU Tech Sector 262 26% 59%

US Tech Sector 159 16% 10% US Tech Sector 123 12% 26%

Share Price Movements as at 05 August 2016

Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap AR EV/AR Yr∆ AR

EROAD 2.10 - (42%) 859 1,789 127 28 4.1 44%

Finzsoft 2.30 - (32%) - - 20 14 1.5 (12%)

Gentrack 2.99 - 48% 530 1,590 217 47 4.4 14%

GeoOp 0.27 (5%) (46%) 45 12 13 4 2.5 204%

ikeGPS 0.69 (3%) 5% 144 101 35 9 3.4 118%

Orion Health 4.77 (2%) 24% 470 2,281 763 211 3.3 26%

Plexure 0.29 (11%) (19%) 242 72 26 5 4.3 70% Contact Details

Pushpay 2.61 1% 120% 247 640 603 39 15.2 330% Mark Clare

Rakon 0.22 (4%) (41%) 657 144 41 109 0.5 (22%) Managing Partner

Serko 0.67 - (22%) 54 36 49 13 3.1 20% [email protected]

SLI Systems 0.82 4% 2% 91 74 51 36 1.3 23% +64-21-470227

SmartPay 0.23 - 32% - - 39 21 3.0 0%

Trade Me 5.00 (2%) 47% 10,852 54,871 1,985 211 10.0 9%

Vista 6.21 (1%) 3% 488 3,054 499 76 6.2 28%

Wynyard 0.55 (7%) (62%) 523 301 99 25 3.4 (20%)

Xero 20.09 2% 15% 545 10,830 2,762 258 10.0 62%

Total & Average (2%) 2% 15,746 75,793 7,329 1,106 4.8






Due to new-listing (IPOs) increasing the number of companies in each of the indices through time, Clare Capital has

employed the principles of chain-linking to create these indices.


sourced from Factset.

Clare Capital holds no responsibility over the actual

numbers presented in this report.

Clare Capital is not an Authorised Financial Adviser. This

document is intended as analysis – not financial advice.

If you are making investment decisions you should seek

appropriate personalised financial advice from a

qualified professional to suit your circumstances.





Overview Clare Capital - NZ Listed Tech Update 4 - SaaS Gross Margin - 20160812

Share Price Movements as at 12 August 2016 Indicator of Profitability - SaaS Gross Margin (%) as at 12 August 2016


EROAD 2.20 5% (41%) 433 942

Finzsoft 2.30 - (32%) - -

Gentrack 3.20 7% 55% 3,586 11,211

GeoOp 0.28 4% (44%) 22 6

ikeGPS 0.63 (9%) (2%) 108 70

Orion Health 4.55 (5%) 15% 321 1,479

Plexure 0.26 (9%) (30%) 263 71

Pushpay 2.40 (8%) 96% 407 1,023

Rakon 0.24 12% (33%) 1,002 222

Serko 0.66 (1%) (18%) 4 3

SLI Systems 0.90 10% 25% 84 75

SmartPay 0.23 - 36% - -

Trade Me 5.14 3% 61% 12,717 63,856

Vista 6.20 (0%) 3% 71 440

Wynyard 0.41 (25%) (72%) 2,273 957

Xero 20.14 0% 24% 367 7,398

Total 21,669 87,751

Average (1%) 3%

Weighted Ave (0%) 35%

Definitions

Price = Share Price





Notes

The chart compares Gross Margin (%) for all global SaaS companies, grouped by years since their IPO.


rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.

-

20%

40%

60%

80%

100%

1 5 10 15

Gro

ss M

argi

n %

Years Since IPO

25-50% Percentile 50-75% percentile

n=123 n=32n=46n=103

x

x x

PAY

SLI XRO





NZ Publicly-Listed Technology Companies (all in NZD millions) as at 12 August 2016 Definitions




Gentrack 233 220 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple



Orion Health 728 669 211 3.2 26% 78% 260 2.6 26% CFY Rev = Current Financial Years Revenue



Rakon 46 58 109 0.5 (22%) n/a n/a n/a n/a


SLI Systems 56 50 36 1.4 23% 77% 35 1.4 25%

SmartPay 39 63 21 3.0 0% n/a 24 2.6 18%

Trade Me 2,041 2,160 211 10.2 9% 94% 218 9.9 9%

Vista 498 475 76 6.2 28% n/a 93 5.1 43%

Wynyard 73 59 25 2.4 (20%) 64% n/a n/a n/a

Xero 2,769 2,585 258 10.0 62% 75% 312 8.3 51%

Total & Average 7,308 7,122 1,106 6.4

Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 12 August 2016


athenahealth 4,888 5,048 1,048 4.8 17% 50% 1,102 4.6 19%

Box 604 477 361 1.3 37% 64% 394 1.2 30%

Salesforce.com 55,304 55,339 7,666 7.2 27% 73% 8,304 6.7 25%

HubSpot 2,086 1,969 260 7.6 51% 75% 264 7.5 45%

Lifelock 1,580 1,424 658 2.2 13% 74% 666 2.1 13% Contact Details

LogMeIn 2,098 1,918 333 5.8 28% 85% 334 5.7 23% Mark Clare

Marketo 1,565 1,467 264 5.6 30% 67% 273 5.4 30% Managing Partner

New Relic 1,804 1,608 234 6.9 54% 80% 255 6.3 40% [email protected] +64-21-470227

ServiceNow 12,464 12,148 1,365 8.9 38% 70% 1,376 8.8 37%

NetSuite 8,789 8,667 923 9.4 30% 66% 966 9.0 30%

RealPage 2,011 2,011 571 3.5 24% 53% 570 3.5 22%

Shopify 2,666 2,487 347 7.2 93% 52% 366 6.8 79%

Splunk 8,535 7,512 744 10.1 48% 82% 896 8.4 34%






broker forecasts complied by Factset. Global SaaS

company data has been converted to USD and will move

with exchange rate changes back to its local currency.















Overview Clare Capital - NZ Listed Tech Update 5 - NZ Tech Value Shares Traded - 20160819

This report compares the montly value of shares traded for NZ-listed technology companies since January 2014.

Figure 1.a Monthly value of shares traded - Companies greater than NZD$60M Figure 1.b Monthly value of shares traded - Companies between NZD$60M & $1B

Figure 2. Monthly value of shares traded - Companies less than NZD$60M 19-Aug-16 ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap

EROAD 2.33 6% (37%) 271 597 140

Finzsoft 2.30 - (32%) - - 20

Gentrack 3.43 7% 70% 1,216 3,953 249

GeoOp 0.28 - (36%) - - 14

ikeGPS 0.65 3% - 168 108 39

Orion Health 4.46 (2%) 21% 455 2,073 713

Plexure 0.25 (4%) (29%) 77 20 23

Pushpay 2.59 8% 88% 419 1,084 599

Rakon 0.23 (6%) (34%) 571 137 43

Serko 0.66 - (27%) 2 1 48

SLI Systems 0.84 (7%) 15% 142 121 52

SmartPay 0.18 (20%) 9% 311 55 31

Trade Me 5.40 5% 74% 13,954 73,743 2,144

Vista 6.50 5% 13% 504 3,149 522

Wynyard 0.39 (6%) (72%) 2,233 825 69

Xero 19.79 (2%) 30% 300 5,988 2,721

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713 599 522 249 140 69

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XRO TME OHE PAY VGL GTK ERD WYN

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2,721 2,144 713 599 522 249 140 69





Chart Notes

Same as the charts on the previous page, but adding in the top and bottom 25% as well as the minimum and maximum monthly trade value for each company.

Figure 3.a Monthly value of shares traded - Companies greater than NZD$60M Figure 3.b Monthly value of shares traded - Companies between NZD$60M & $1B

Figure 4. Monthly value of shares traded - Companies less than NZD$60M Disclaimer

Contact Details

Mark Clare [email protected] +64-21-470227

The information provided in this report has been solely sourced from Factset. Clare

Capital holds no responsibility over the actual numbers presented in this report.

Clare Capital is not an Authorised Financial Adviser. This document is intended as

analysis – not financial advice.

If you are making investment decisions you should seek appropriate personalised

financial advice from a qualified professional to suit your circumstances.

Clare Capital is a corporate finance advisory firm built on a base of structured

fundamental analysis. We provide creative solutions for both origination and

analysis mandates. We have a strong track record for the successful execution of

commercial transactions.

-

1,000

2,000

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Mkt Cap NZD m

2,721 2,144 713 599 522 249 140 69

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713 599 522 249 140 69





Overview Clare Capital - NZ Listed Tech Update 6 - SaaS Revenue per Employee - 20160826

Share Price Movements as at 26 August 2016 Indicator of Resource Efficiency - SaaS Revenue per Employee as at 26 August 2016


EROAD 2.37 2% (32%) 54 126

Finzsoft 2.30 - (28%) - -

Gentrack 3.35 (2%) 72% 576 2,007

GeoOp 0.26 (7%) (40%) 28 7

ikeGPS 0.61 (6%) 22% 186 118

Orion Health 4.22 (5%) 17% 195 850

Plexure 0.26 4% (26%) 322 83

Pushpay 2.54 (2%) 77% 195 502

Rakon 0.23 2% (30%) 394 89

Serko 0.68 3% (15%) 64 43

SLI Systems 0.84 - (5%) 159 131

SmartPay 0.20 11% 33% 311 56

Trade Me 5.39 (0%) 53% 15,578 84,417

Vista 6.20 (5%) 14% 1,393 8,835

Wynyard 0.28 (27%) (77%) 2,962 973

Xero 19.60 (1%) 43% 1,089 21,648

Total 23,506 119,886

Average (2%) 5%


Definitions

Price = Share Price





Notes

This tech update looks at revenue per employee. This metric is one of several indicators looking at efficient use of a company's resources. It is expected that the amount of revenue

per employee increases as the company matures. Early-stage companies are often hiring in advance to meet their expansion needs before they reach a certain revenue level.



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x XRO

x

x

x

SLI

PAY

PLX

x GEO

n=121

n=32

n=45

n=77





NZ Publicly-Listed Technology Companies (all in NZD millions) as at 26 August 2016 Definitions










Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a


SLI Systems 52 47 31 1.5 (10%) 77% 36 1.3 27%

SmartPay 34 58 21 2.8 0% n/a 24 2.4 18%

Trade Me 2,140 2,242 225 10.0 9% 94% 218 10.3 (0%)

Vista 498 475 76 6.2 28% n/a 88 5.4 34%

Wynyard 50 35 25 1.4 (20%) 64% 41 0.9 67%

Xero 2,695 2,511 28 9.7 62% 75% 314 8.0 52%

Total & Average 7,305 7,102 1,115 6.4

Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 26 August 2016


athenahealth 4,803 4,964 1,048 4.7 17% 50% 1,102 4.5 19%

Box 632 504 361 1.4 37% 64% 394 1.3 30%

Salesforce.com 54,220 54,255 7,666 7.1 27% 73% 8,300 6.5 24%

HubSpot 2,007 1,890 260 7.3 51% 75% 264 7.2 45%

Lifelock 1,568 1,412 658 2.1 13% 74% 667 2.1 13%


Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner


ServiceNow 12,091 11,775 1,365 8.6 38% 70% 1,376 8.6 37%

NetSuite 8,816 8,695 923 9.4 30% 66% 966 9.0 30%

RealPage 2,071 2,071 571 3.6 24% 53% 570 3.6 22%

Shopify 2,852 2,672 347 7.7 93% 52% 366 7.3 79%

Splunk 7,776 6,756 851 7.9 43% 81% 913 7.4 37%























Overview Clare Capital - NZ Listed Tech Update 7 - SaaS EBITDA Margins - 20160902

Share Price Movements as at 11 November 2016 Indicator of Profitability - SaaS EBITDA Margin (%) as at 02 September 2016


EROAD 2.27 (4%) (37%) 147 346

Finzsoft 2.50 9% (22%) 0 1

Gentrack 3.29 (2%) 88% 536 1,769

GeoOp 0.30 13% (36%) 75 20

ikeGPS 0.61 - 22% 61 37

Orion Health 4.09 (3%) 14% 297 1,223

Plexure 0.25 (4%) (26%) 266 68

Pushpay 2.55 0% 79% 183 467

Rakon 0.21 (9%) (36%) 464 101

Serko 0.65 (4%) (19%) 18 12

SLI Systems 0.72 (14%) (24%) 211 156

SmartPay 0.19 (5%) 19% 598 112

Trade Me 5.61 4% 60% 9,713 53,205

Vista 6.61 7% 28% 1,577 9,898

Wynyard 0.24 (14%) (81%) 2,434 626

Xero 19.81 1% 45% 469 9,252

Total 17,045 77,295

Average (2%) 5%

Weighted Ave 1% 45%

Definitions

Price = Share Price





Notes

The chart compares EBITDA Margin for global SaaS companies, grouped by years since their IPO. Most SaaS companies tend to be unprofitable in their first few years as they seek

growth over profitability. Although the SaaS sector is still relatively immature with very few "steady-state" SaaS businesses, long-term EBITDA margins are trending to ~25-35%.



(80%)

(60%)

(40%)

(20%)

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in %

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n=105 n=34n=46n=96





NZ Publicly-Listed Technology Companies (all in NZD millions) as at 02 September 2016 Definitions



Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue







Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a


SLI Systems 45 39 31 1.3 (10%) 77% 36 1.1 27%

SmartPay 33 57 21 2.7 0% n/a 24 2.4 18%

Trade Me 2,228 2,329 225 10.4 9% 94% 218 10.7 (0%)

Vista 531 508 76 6.7 28% n/a 90 5.7 37%

Wynyard 43 28 25 1.1 (20%) 64% 41 0.7 67%

Xero 2,724 2,540 258 9.8 62% 75% 314 8.1 52%

Total & Average 7,405 7,203 1,124 6.4

Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 02 September 2016


athenahealth 4,863 5,024 1,048 4.8 17% 50% 1,102 4.6 19%

Box 685 570 383 1.5 30% 65% 395 1.4 31%

Salesforce.com 50,880 52,221 8,146 6.4 25% 71% 8,315 6.3 25%

HubSpot 2,015 1,899 260 7.3 51% 75% 264 7.2 45%

Lifelock 1,569 1,413 658 2.1 13% 74% 667 2.1 13%


Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner


ServiceNow 12,541 12,226 1,365 9.0 38% 70% 1,376 8.9 37%

NetSuite 8,818 8,696 923 9.4 30% 66% 966 9.0 30%

RealPage 2,036 2,036 571 3.6 24% 53% 570 3.6 22%

Shopify 2,914 2,734 347 7.9 93% 52% 366 7.5 79%

Splunk 7,892 6,871 851 8.1 43% 81% 913 7.5 37%























Overview Clare Capital - NZ Listed Tech Update 8 - Rem. vs Performance - 20160909

Remuneration versus Company Performance DefinitionsLTM Rev. = Last Twelve Months

LTM Rev. = LTM Revenue

Ann. Rev. = Annualised Revenue

Rev./Emp = Revenue/EmployeeMkt Cap = Market Value

Yr∆ AR = 1 Year AR Growth

NPBT % = NPBT Margin

SP = Share Price

Wk∆ SP = 1Week Price Change

Yr∆ SP = 1Year Price Change

Volume = of Shares Traded

Category ERD FIN GTK GEO IKE OHE PLX PAY RAK SKO SLI SPY TME VGL WYN XRO Value = of Shares Traded

CEO Rem. $000 524 650 401 305 554 508 609 375 908 280 289 492 650 291 662 761 EV/LTM = EV/LTM Revenue

Rem. as % Rev % 2.1% 3.3% 1.0% 33% 6.5% 0.2% 11% 2.5% 0.8% 2.1% 1.0% 2.4% 0.3% 0.4% 2.7% 0.4% EV/AR = EV/AR multiple

% staff >$100k % 32% 40% 27% 25% 43% 51% 52% 20% 22% 21% 34% 14% 24% 22% 46% 44%

LTM Revenue $m 25 20 42 1 9 207 5 15 113 13 28 20 218 65 25 207 Disclaimer

Ann. Revenue $m 28 22 47 5 9 211 5 39 109 13 31 21 225 76 25 258

Employees # 196 95 220 40 56 1,240 52 216 589 140 175 125 464 350 297 1,450

Rev./Employee $000 130 206 190 23 153 167 103 68 191 94 161 163 470 187 83 143

EV $m 121 23 231 13 30 613 19 536 52 41 39 53 2,266 528 26 2,566

Mkt Cap $m 133 22 244 16 36 671 22 548 40 48 44 29 2,164 551 41 2,750

Yr∆ AR % 44% 39% 14% 249% 118% 26% 70% 330% (22%) 20% (10%) 0% 9% 28% (20%) 62%

NPBT % % (5%) 20% 23% (305%) (103%) (25%) (123%) (137%) (1%) (43%) (25%) 7% 56% 10% (165%) (39%)

SP $ 2.21 2.50 3.35 0.33 0.60 4.20 0.24 2.37 0.21 0.66 0.71 0.17 5.45 6.86 0.23 20.00

∆ Wkly

Wk∆ SP % (3%) - 2% 10% (2%) 3% (4%) (7%) - 2% (1%) (11%) (3%) 4% (4%) 1%

Yr∆ SP % (39%) (21%) 86% (26%) 20% 20% (31%) 74% (37%) (18%) (19%) 6% 53% 32% (82%) 41%

Volume (week) 000 194 - 2,180 58 46 499 182 154 187 2 153 35 8,942 485 2,402 1,078

Value (week) $000 429 - 7,274 17 27 2,043 45 375 39 1 111 6 50,622 3,300 566 21,701

EV/LTM Rev x 4.7 1.2 5.5 14.4 3.5 3.0 3.6 36.3 0.5 3.1 1.4 2.6 10.4 8.1 1.1 12.4

EV/AR x 4.3 1.0 4.9 2.9 3.5 2.9 3.6 13.8 0.5 3.1 1.2 2.5 10.1 6.9 1.1 9.9

This update compares SaaS remuneration information with Company size & performance. The entities in light green are specific Software-as-a-Service companies, green and blue

bubbles represent companies with some SaaS elements and the blue bubbles show other publicly-listed NZ technology companies with a market value of greater than NZD$10M.

The information provided in this

report has been solely sourced

from Factset and company

annual reports. Clare Capital

holds no responsibility over the

actual numbers presented in

this report. This document is

not intended for advice. Clare

Capital is not an Authorised

Financial Adviser. If you are

making investment decisions

you should seek appropriate

personalised financial advice

from a qualified professional to

suit your circumstances.

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Share Price Performance

Share price performance against the NZX50, indexed from Jan 2016.

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Overview Clare Capital - NZ Listed Tech Update 9 - Capital Used vs Recurring Revenue - 20160916

Share Price Movements as at 16 September 2016 Indicator of Resource Efficiency - Capital Used per Recurring Revenue


EROAD 2.20 (0%) (38%) 216 477

Finzsoft 2.50 - (17%) - -

Gentrack 3.18 (5%) 72% 1,930 6,417

GeoOp 0.20 (40%) (59%) 59 14

ikeGPS 0.59 (2%) 13% 138 82

Orion Health 3.97 (5%) 24% 491 2,003

Plexure 0.26 8% (19%) 148 37

Pushpay 2.50 5% 68% 357 870

Rakon 0.22 5% (36%) 596 123

Serko 0.60 (9%) (24%) 10 6

SLI Systems 0.65 (8%) (28%) 215 144

SmartPay 0.17 - 5% 63 11

Trade Me 5.46 0% 52% 4,459 24,278

Vista 6.75 (2%) 30% 5,209 34,896

Wynyard 0.22 (4%) (82%) 2,038 460

Xero 19.99 (0%) 45% 1,151 22,624

Total 17,081 92,443

Average (4%) 0%


Definitions

Price = Share Price





Notes

This week we are looking at the amount of capital used (Share Capital + Debt - Cash) to generate a $1 million in recurring revenue, another measure of resource efficiency. The

international median for SaaS companies is $1 million capital used to generate $1 million in recurring revenue (i.e. a 1:1 ratio).



Note: Some NZ Tech companies above have elements of non-recurring revenue as part of their total

revenue.

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ERD GTK GEO IKE OHE PLX PAY SKO SLI SPY VGL WYN XRO

Ca

pit

al U

sed

to

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ne

rate

$1M

Re

curr

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Re

ven

ue

Clare Capital's SaaS High Performance Threshold

Global SaaS International Median







EROAD 133 120 28 4.3 44% n/a n/a n/a n/a EV = Enterprise Value




ikeGPS 35 30 9 3.5 118% 65% 16 1.9 87% GM% = Gross Margin %




Rakon 42 54 109 0.5 (22%) n/a n/a n/a n/a


SLI Systems 40 35 31 1.1 (10%) 77% 36 1.0 27%

SmartPay 29 53 21 2.5 0% n/a n/a n/a n/a

Trade Me 2,168 2,270 225 10.1 9% 94% 218 10.4 (0%)

Vista 542 534 81 6.6 49% n/a 90 5.9 37%

Wynyard 39 25 26 1.0 4% 64% 41 0.6 67%

Xero 2,749 2,564 258 9.9 62% 75% 312 8.2 51%

Total & Average 7,321 7,132 1,129 6.3



athenahealth 4,864 5,024 1,048 4.8 17% 50% 1,102 4.6 19%

Box 794 679 383 1.8 30% 65% 395 1.7 31%

Salesforce.com 49,654 50,995 8,146 6.3 25% 71% 8,315 6.1 25%

HubSpot 1,975 1,858 260 7.2 51% 75% 264 7.0 45%

Lifelock 1,490 1,334 658 2.0 13% 74% 667 2.0 13%


New Relic 1,880 1,684 234 7.2 54% 80% 255 6.6 40% Mark Clare Managing Partner

ServiceNow 12,714 12,398 1,365 9.1 38% 70% 1,376 9.0 37% +64-21-470227 [email protected]

NetSuite 8,837 8,715 923 9.4 30% 66% 966 9.0 30%

RealPage 2,023 2,024 571 3.5 24% 53% 570 3.6 22%

Shopify 3,064 2,885 347 8.3 93% 52% 366 7.9 79%

Splunk 7,946 6,926 851 8.1 43% 81% 913 7.6 37%

Workday 10,583 9,036 1,510 6.0 34% 68% 1,557 5.8 34%








sourced from Factset and company annual reports. Clare

Capital holds no responsibility over the actual and

forecast numbers presented in this report. The forecasts

are an average of broker forecasts complied by Factset.


and will move with exchange rate changes back to its

local currency.










Overview Clare Capital - NZ Listed Tech Update 10 - NZX Sectors Over Time - 20160923

NZX Sectors (Jan11 - Aug16) NZX Sectors (Jan14 - Aug16)

NZX Sectors (Jan15 - Aug16) NZX Sectors (Jan16 - Aug16)

Comparing the different sectors in the NZX over time.

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Current Calendar Year





Chart Methodology Definitions

∆ = Directional Change in Share Price

Price = Share Price


Chart Commentary 1Year∆ = 1 Year Share Price Change

Invest $1,000 at January 2011 into: Invest $1,000 at January 2016 into: Vol. '000s = Volume of Shares Traded (Last Week)

As at 31 August 2016 Profit Return CAGR As at 31 August 2016 Profit Return CAGR Val. '000s = Value of Shares Traded (Last Week)

Healthcare 3,046 305% 28% Tech 221 22% 41% Mkt Cap = Market Capitalisation

Tech 1,268 127% 16% Healthcare 210 21% 39% EV = Enterprise Value

Property 1,199 120% 15% Retail Trade 209 21% 38% EV/AR = EV/Annualised Revenue multiple

Utilities 649 65% 9% Manufacturing 191 19% 35% Yr∆ AR = Annualised Revenue Growth

Manufacturing 398 40% 6% Utilities 167 17% 30%

Retail Trade 218 22% 4% Wholesale Trade 120 12% 21% Disclaimer

Wholesale Trade 166 17% 3% Property 109 11% 19%

Finance 105 10% 2% Finance (31) (3%) (5%)

Share Price Movements as at 23 September 2016

Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap AR EV/AR Yr∆ AR

EROAD 1.90 (14%) (45%) 68 136 114 28 3.7 44%

Finzsoft 2.50 - (17%) - - 22 22 1.0 39%

Gentrack 3.23 2% 70% 2,570 8,098 235 47 4.8 14%

GeoOp 0.20 - (56%) - - 10 5 1.5 249%

ikeGPS 0.60 2% 3% 222 131 36 9 3.5 118%

Orion Health 3.50 (12%) 2% 700 2,696 560 211 2.4 26%

Plexure 0.26 - (21%) 119 31 24 5 3.9 70%

Pushpay 2.50 - 43% 253 633 578 39 14.6 330%

Rakon 0.22 - (19%) 548 120 42 109 0.5 (22%)

Serko 0.58 (3%) (28%) 29 17 42 13 2.6 20% Contact Details

SLI Systems 0.60 (8%) (31%) 95 58 37 31 1.0 (10%) Mark Clare Managing Partner

SmartPay 0.18 3% (8%) 40 7 30 21 2.6 0% +64-21-470227 [email protected]

Trade Me 5.61 3% 55% 7,593 41,950 2,228 225 10.4 9%

Vista 6.55 (3%) 26% 9,531 64,196 526 81 6.4 49%

Wynyard 0.21 (5%) (81%) 2,526 535 38 26 0.9 4%

Xero 19.90 (0%) 41% 1,310 26,187 2,736 258 9.9 62%

Total 25,602 144,794 7,257 1,129

Average (2%) (4%) 4.3 63%







sourced from Factset and company annual reports.

Clare Capital holds no responsibility over the actual

numbers presented in this report.






Due to new-listing (IPOs) increasing the number of companies in each of the indices through time, Clare Capital has

employed the principles of chain-linking to create these indices.





Overview Clare Capital - NZ Listed Tech Update 11 - ARR & Net ARR Over Time - 20160930

Share Price Movements as at 30 September 2016 Figure 1 - ARR since IPO


EROAD 1.86 (2%) (30%) 1,137 2,017

Finzsoft 2.50 - - - -

Gentrack 3.25 1% 71% 197 632

GeoOp 0.21 8% (48%) 74 15

ikeGPS 0.58 (3%) (18%) 28 16

Orion Health 3.49 (0%) 4% 283 984

Plexure 0.31 19% (6%) 287 84

Pushpay 2.56 2% 71% 203 511

Rakon 0.21 (5%) (9%) 342 72

Serko 0.53 (9%) (34%) 105 55

SLI Systems 0.50 (17%) (37%) 163 87

SmartPay 0.18 - (8%) 90 16

Trade Me 5.62 0% 54% 7,178 40,306

Vista 6.50 (1%) 27% 497 3,235

Wynyard 0.18 (14%) (84%) 9,067 1,907 Figure 2 - Net ARR since IPO

Xero 19.35 (3%) 29% 305 5,965

Total 19,954 55,901

Average (1%) (1%)

Top SaaS firms at the end of 10 years Definitions

ARR Net ARR 1Week∆ = 1 Week Price Change

Salesforce Salesforce 1Year∆ = 1 Year Share Change

Citrix Systems Citrix Systems

Synchronoss Synchronoss

CSG Systems J2 Global

Manhattan CSG Systems

Notes

This reports compares ARR and Net ARR (ARR times Gross Margin %) for SaaS companies over time. The green band represents the upper and lower quartile ARR for global SaaS

companies over time. A high gross margin (70-80>%) results in a greater Net ARR - a key feature of a high-quality SaaS company.

This report outlines company and valuation metrics for NZ-listed

technology companies. Email us if there is anything you would like to see.

Vol. '000s = Volume of Shares

Traded in the Last Week

Val. '000s = Value of Shares

Traded in the Last Week (NZD)

-255075

100125150175200225250275300325350375

- 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38

AR

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XRO (EV/ARR 9.6x)

SLI (EV/ARR 0.8x)

PAY (EV/ARR 15.0x)

GEO (EV/ARR 1.8x)

PLX (EV/ARR 4.8x)

75% Quartile

25% Quartile

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100125150175200225250275300325350375

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Ne

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XRO (EV/Net ARR 12.6x)

SLI (EV/Net ARR 1.0x)

PAY (EV/Net ARR 27.2x)

GEO (EV/Net ARR 2.3x)

PLX (EV/Net ARR 6.3x)

25% Quartile

75% Quartile











ikeGPS 37 32 9 3.7 118% 65% 16 2.0 87% GM% = Gross Margin %




Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a


SLI Systems 31 24 31 0.8 (10%) 77% 36 0.7 2%

SmartPay 30 54 21 2.6 0% n/a n/a n/a n/a

Trade Me 2,232 2,333 225 10.4 9% 94% 218 10.7 (0%)

Vista 522 513 81 6.3 49% n/a 90 5.7 37%

Wynyard 32 18 26 0.7 4% 64% 41 0.4 67%

Xero 2,661 2,476 258 9.6 62% 75% 312 7.9 51%

Total & Average 7,184 6,994 1,131 6.2 74%



athenahealth 4,962 5,122 1,048 4.9 17% 50% 1,102 4.6 19%

Box 848 734 383 1.9 30% 65% 395 1.9 30%

Salesforce.com 48,326 4,667 8,146 6.1 25% 71% 8,315 6.0 25%

HubSpot 2,037 1,920 260 7.4 51% 75% 264 7.3 45%

Lifelock 1,567 1,411 658 2.1 13% 74% 667 2.1 13%


New Relic 1,948 1,752 234 7.5 54% 80% 255 6.9 40% Mark Clare Managing Partner

ServiceNow 13,020 12,704 1,365 9.3 38% 70% 1,376 9.2 37% +64-21-470227 [email protected]

NetSuite 8,958 8,836 923 9.6 30% 66% 966 9.2 30%

RealPage 2,063 2,063 571 3.6 24% 53% 570 3.6 22%

Shopify 3,170 2,990 347 8.6 93% 52% 367 8.2 79%

Splunk 7,895 6,874 851 8.1 43% 81% 913 7.5 37%

Workday 10,911 9,364 1,510 6.2 34% 68% 1,557 6.0 34%








sourced from Factset and company annual reports. Clare

Capital holds no responsibility over the actual and

forecast numbers presented in this report. The forecasts

are an average of broker forecasts complied by Factset.


and will move with exchange rate changes back to its

local currency.










Overview Clare Capital - NZ Listed Tech Update 12 - Company Spotlight - 20161007

1. Gentrack (GTK-NZ) as at 07 October 2016 2. Trade Me (TME-NZ) as at 07 October 2016

Mkt Cap (M) 246 Share Price 3.39 Mkt Cap (M) 2,136 Share Price 5.38

EV/AR 5.0 52 Week Change 71% EV/AR 9.9 52 Week Change 47%

EV/Net AR n/a AR/Employee 212,645 EV/Net AR 10.6 AR/Employee 461,922

AR Growth 14% EBITDA/Employee 64,068 AR Growth 9% EBITDA/Employee 291,834

3. Vista (VGL-NZ) as at 07 October 2016 4. Pushpay (PPH-NZ) as at 07 October 2016

Mkt Cap (M) 511 Share Price 6.36 Mkt Cap (M) 520 Share Price 2.25


EV/Net AR n/a AR/Employee 232,709 EV/Net AR 23.8 AR/Employee 180,326

AR Growth 49% EBITDA/Employee 45,311 AR Growth 330% EBITDA/Employee (88,056)

Notes


rates and some high-level company specific data. Email us if there is anything you would like to see.

This report looks at the top four share price performers out of the NZX tech sector over the last 52 weeks. The yellow highlights emphasise key SaaS metrics for each company.

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Share Price Movements as at 07 October 2016

Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY

EROAD (ERD-NZ) 1.75 (6%) (35%) 2,252 3,672 105 93 28 3.3 44% n/a 33 2.8 30%

Finzsoft (FIN-NZ) 2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a

Gentrack (GTK-NZ) 3.39 4% 71% 966 3,256 246 234 47 5.0 14% n/a 51 4.6 23%

GeoOp (GEO-NZ) 0.20 (5%) (56%) 41 9 11 8 5 1.7 249% 80% n/a n/a n/a

ikeGPS (IKE-NZ) 0.58 - (21%) 17 10 37 32 9 3.7 118% 65% 16 2.0 87%

Orion Health (OHE-NZ) 3.35 (4%) (4%) 209 720 536 477 211 2.3 26% 78% 244 2.0 18%

Plexure (PLX-NZ) 0.28 (10%) (13%) 1,027 299 26 23 7 3.2 66% n/a n/a n/a n/a

Pushpay (PPH-NZ) 2.25 (12%) 24% 909 2,042 520 508 39 13.1 330% 55% n/a n/a n/a

Rakon (RAK-NZ) 0.22 5% (8%) 247 52 42 54 109 0.5 (22%) n/a n/a n/a n/a

Serko (SKO-NZ) 0.50 (6%) (38%) 133 70 36 30 13 2.2 20% n/a n/a n/a n/a

SLI Systems (SLI-NZ) 0.47 (6%) (40%) 630 294 29 22 31 0.7 (10%) 77% 36 0.6 2%

SmartPay (SPY-NZ) 0.18 - (8%) 4 1 30 54 21 2.6 0% n/a n/a n/a n/a

Trade Me (TME-NZ) 5.38 (4%) 47% 6,135 34,449 2,136 2,238 225 9.9 9% 94% 218 10.3 (0%)

Vista (VGL-NZ) 6.36 (2%) 25% 290 1,863 511 502 81 6.2 49% n/a 90 5.6 37%

Wynyard (WYN-NZ) 0.18 (3%) (85%) 2,596 462 31 17 26 0.7 4% 64% 41 0.4 67%

Xero (XRO-NZ) 19.00 (2%) 19% 962 18,718 2,613 2,428 258 9.4 62% 75% 298 8.1 44%

Average (3%) (8%) 1,026 4,120 433 421 71 4.1 63% 74% 114 4.0 34%

Definitions Disclaimer


Price = Share Price



Vol. '000s = Volume of Shares Traded in the Last Week

Val. '000s = Value of Shares Traded in the Last Week

Mkt Cap = Market Capitalisation

EV = Enterprise Value

AR = Annualised Revenue Contact Details

EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner

Yr∆ AR = Annualised Revenue Growth +64-21-470227 [email protected]

GM% = Gross Margin %

CFY Rev = Current Financial Years Revenue

EV/CFY = EV/CFY Revenue multiple

Yr∆ CFY = CFY Revenue Growth

Clare Capital is a corporate finance advisory firm built on a base of structured fundamental

analysis. We provide creative solutions for both origination and analysis mandates. We have a

strong track record for the successful execution of commercial transactions.

The information provided in this report has been solely sourced from Factset and company

annual reports. Clare Capital holds no responsibility over the actual and forecast numbers

presented in this report. The forecasts are an average of broker forecasts complied by

Factset.

Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –

not financial advice. If you are making investment decisions you should seek appropriate





Overview Clare Capital - NZ Listed Tech Update 13 - SaaS Spotlight - 20161014

1. Salesforce.com (CRM-US) as at 14 October 2016 2. Citirix Systems (CTXS-US) as at 14 October 2016

Develops on-demand customer relationship management software technology. Designs, develops and markets technology solutions.

Mkt Cap (M) 50,436 USD Share Price 74.27 USD Mkt Cap (M) 13,025 USD Share Price 83.64 USD


EV/Net AR 8.9 AR/Employee 428,762 USD EV/Net AR 4.7 AR/Employee 354,939 USD

AR Growth 25% EBITDA/Employee 55,367 USD AR Growth 6% EBITDA/Employee 101,539 USD

3. Synchronoss (SNCR-US) as at 14 October 2016 4. CSG Systems (CSGS-US) as at 14 October 2016

Provides cloud solutions and software-based activation for connected devices. Provides business support solutions.

Mkt Cap (M) 1,675 USD Share Price 37.10 USD Mkt Cap (M) 1,286 USD Share Price 39.75 USD


EV/Net AR 7.0 AR/Employee 332,561 USD EV/Net AR 3.7 AR/Employee 232,227 USD

AR Growth 14% EBITDA/Employee 75,332 USD AR Growth 4% EBITDA/Employee 54,074 USD

This report looks at the top four international SaaS firms after 10 years by ARR, showing their share price over the last 52 weeks. The yellow highlights emphasise key SaaS metrics.

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Share Price Movements and Valuation Metrics as at 14 October 2016

Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY

EROAD (ERD-NZ) 1.90 9% (25%) 224 411 114 102 28 3.7 44% n/a 33 3.1 30%

Finzsoft (FIN-NZ) 2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a

Gentrack (GTK-NZ) 3.40 0% 70% 1,749 5,931 247 235 47 5.0 14% n/a 51 4.6 23%

GeoOp (GEO-NZ) 0.24 20% (47%) 36 8 13 15 5 3.2 249% 80% n/a n/a n/a

ikeGPS (IKE-NZ) 0.56 (3%) (14%) 65 37 36 31 9 3.6 118% 65% 16 1.9 87%

Orion Health (OHE-NZ) 3.35 - (4%) 166 552 536 477 211 2.3 26% 78% 244 2.0 18%

Plexure (PLX-NZ) 0.26 (7%) (19%) 169 45 24 21 7 3.0 66% n/a n/a n/a n/a

Pushpay (PPH-NZ) 1.99 (12%) (4%) 682 1,484 498 486 48 10.1 244% 55% n/a n/a n/a

Rakon (RAK-NZ) 0.22 - (12%) 360 79 42 54 109 0.5 (22%) n/a n/a n/a n/a

Serko (SKO-NZ) 0.50 - (38%) 61 29 36 30 13 2.2 20% n/a n/a n/a n/a

SLI Systems (SLI-NZ) 0.47 - (41%) 615 279 29 22 31 0.7 (10%) 77% 36 0.6 2%

SmartPay (SPY-NZ) 0.18 - 5% 121 21 30 54 21 2.6 0% n/a n/a n/a n/a

Trade Me (TME-NZ) 5.24 (3%) 42% 5,790 30,778 2,081 2,183 225 9.7 9% 94% 218 10.0 (0%)

Vista (VGL-NZ) 6.36 - 24% 1,156 7,358 511 502 81 6.2 49% n/a 90 5.6 37%

Wynyard (WYN-NZ) 0.21 20% (83%) 1,667 335 38 23 26 0.9 4% 64% 41 0.6 67%

Xero (XRO-NZ) 17.89 (6%) 12% 1,062 19,688 2,460 2,276 258 8.8 62% 75% 298 7.6 44%

Average 1% (8%) 870 4,190 420 408 71 4.0 57% 74% 114 4.0 34%



Price = Share Price







AR = Annualised Revenue Contact Details

EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner

Yr∆ AR = Annualised Revenue Growth +64-21-470227 [email protected]


CFY Rev = Current Financial Years Revenue






The information provided in this report has been solely sourced from Factset and company

annual reports. Clare Capital holds no responsibility over the actual and forecast numbers

presented in this report. The forecasts are an average of broker forecasts complied by

Factset.







Overview Clare Capital - NZ Listed Tech Update 14 - 40% Rule - 20161020

Share Price Movements as at 20 October 2016 Revenue Growth vs. EBITDA Margin


EROAD (ERD-NZ) 1.85 - (29%) 201 381

Finzsoft (FIN-NZ) 2.00 (20%) (20%) n/a n/a

Gentrack (GTK-NZ) 3.40 1% 67% 1,690 5,798

GeoOp (GEO-NZ) 0.25 4% (38%) 147 36

ikeGPS (IKE-NZ) 0.58 - (23%) 193 108

Orion Health (OHE-NZ) 3.15 (5%) (14%) 198 642

Plexure (PLX-NZ) 0.24 (8%) (29%) 315 81

Pushpay (PPH-NZ) 1.82 (13%) (7%) 510 997

Rakon (RAK-NZ) 0.20 (9%) (27%) 401 85

Serko (SKO-NZ) 0.45 (10%) (47%) 8 4

SLI Systems (SLI-NZ) 0.40 (15%) (49%) 175 75

SmartPay (SPY-NZ) 0.17 (3%) 2% 156 28

Trade Me (TME-NZ) 4.87 (8%) 30% 5,156 26,535

Vista (VGL-NZ) 6.17 (3%) 13% 660 4,081

Wynyard (WYN-NZ) 0.20 (2%) (82%) 593 126

Xero (XRO-NZ) 18.09 3% 13% 867 15,465

Average (5%) (15%) 751 3,629

Definitions

∆ = Directional Change in Share Price Data

Price = Share Price Ticker Rev Grwth EBITDA% Combined Ticker Rev Grwth EBITDA% Combined

1Week∆ = 1 Week Share Price Change ERD 45% 20% 65% RAK (14%) 4% (10%)

1Year∆ = 1 Year Share Price Change FIN (9%) 8% (1%) SKO 28% (49%) (21%)

Vol. '000s = Volume of Shares Traded in the Last Week GTK 9% 34% 43% SLI 24% (0%) 24%

Val. '000s = Value of Shares Traded in the Last Week GEO 111% (193%) (82%) SPY (7%) 39% 32%

IKE 134% (107%) 27% TME 9% 65% 74%

Notes OHE 26% (22%) 4% VGL 39% 17% 56%

PLX 134% (122%) 12% WYN (2%) (132%) (133%)

PPH 209% (128%) 80% XRO 67% (30%) 37%

The report looks at share price movements, current market valuations relative

to growth rates and some high-level company specific data.

The chart this week looks at the trade-off between growth and profitability. US technology investors have proposed a '40% Rule' - adding a company's annual growth rate to the

EBITDA margin. The rule proposes that a number above 40% is a high performance company. The chart below shows a spectrum from lower growth but high profitability (TME) to

high growth but loss making (PPH). The chart has the 40% line marked - but we have also included the 20% line (middle of the orange range) and the 0% line.

ERDFIN

GTK

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IKE

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PLX PPH

RAK

SKO

SLI

SPYTME

VGL

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XRO

(220%)

(180%)

(140%)

(100%)

(60%)

(20%)

20%

60%

(20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%

EB

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arg

inRevenue Growth

40% Rule

High Performance

Poor Performance





Financial and Valuation Metrics as at 20 October 2016

Name ∆ Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% AR/Emp EV/Nt AR UC/AR CFY Rev EV/CFY Yr∆ CFY

EROAD (ERD-NZ) 111 99 28 3.6 44% n/a 20% 142 n/a 1.7 33 3.1 30%

Finzsoft (FIN-NZ) 18 18 14 1.3 (41%) n/a 8% 154 n/a 0.3 n/a n/a n/a

Gentrack (GTK-NZ) 247 235 47 5.0 14% n/a 34% 213 n/a 1.0 51 4.6 23%

GeoOp (GEO-NZ) 13 15 5 3.3 249% 80% (193%) 114 3.8 3.4 n/a n/a n/a

ikeGPS (IKE-NZ) 37 32 9 3.7 118% 65% (107%) 153 5.5 3.7 16 2.0 87%

Orion Health (OHE-NZ) 504 445 211 2.1 26% 78% (22%) 175 2.7 0.5 244 1.8 18%

Plexure (PLX-NZ) 22 19 7 2.7 66% n/a (122%) 137 n/a 2.6 n/a n/a n/a

Pushpay (PPH-NZ) 456 443 48 9.2 244% 55% (128%) 223 16.8 0.8 n/a n/a n/a

Rakon (RAK-NZ) 38 50 109 0.5 (22%) n/a 4% 186 n/a 1.7 n/a n/a n/a

Serko (SKO-NZ) 33 26 13 1.9 20% n/a (49%) 106 n/a 1.4 n/a n/a n/a

SLI Systems (SLI-NZ) 25 18 31 0.6 (10%) 77% (0%) 183 0.8 0.4 36 0.5 2%

SmartPay (SPY-NZ) 29 53 21 2.5 0% n/a 39% 167 n/a 3.7 n/a n/a n/a

Trade Me (TME-NZ) 1,934 2,036 225 9.1 9% 94% 65% 462 9.7 5.2 218 9.3 (0%)

Vista (VGL-NZ) 495 487 81 6.0 49% n/a 17% 233 n/a 0.5 90 5.4 37%

Wynyard (WYN-NZ) 39 24 26 0.9 4% 64% (132%) 86 1.4 4.9 41 0.6 67%

Xero (XRO-NZ) 2,488 2,303 258 8.9 62% 75% (30%) 178 11.9 1.2 301 7.6 45%

Average 406 394 71 3.8 52% 74% (37%) 182 6.6 2.1 114 3.9 34%


Name = Company Name and Ticker


Mkt Cap = Market Capitalisation (NZD M)

EV = Enterprise Value (NZD M)

AR = Annualised Revenue (NZD M)

EV/AR = EV/Annualised Revenue multiple

Yr∆ AR = Annualised Revenue Growth


EM% = EBITDA Margin % Contact Details

AR/Emp = Annualised Revenue per Employee ('000s) Mark Clare Managing Partner

EV/Nt AR = Enterprise Value/Net Annualised Revenue +64-21-470227 [email protected]

UC/AR = Used Capital/Annualised Revenue

CFY Rev = Current Financial Years Revenue (NZD M)



The information provided in this report has been solely sourced and calculated from Factset

and company reports. Clare Capital holds no responsibility over the actual and forecast

numbers (complied by Factset) presented in this report.



personalised financial advice from a qualified professional.


analysis. We provide creative solutions for both origination and analysis mandates. We have

a strong track record for the successful execution of commercial transactions.





Overview Clare Capital - NZ Listed Tech Update 15 - Cash Burn & Runway - 20161028

Figure 1. Months of Cash Runway Figure 2. Monthly Cash Burn (NZD M)

Monthy Cash Burn and Runway Metrics Calculations

Calculated Monthly Months of Burn Last Raise Last Raise Announced Next Raise

Cash Bal. Cash Burn Runway % of Cash Amount Date Breakeven Date

TME 58.4 8.1 Cash +ve 14%

OHE 71.4 2.1 Cash +ve 3%

GTK 12.6 0.5 Cash +ve 4%

SLI 6.9 0.1 Cash +ve 1%

RAK 3.5 0.0 Cash +ve 1%

PPH 43.0 (1.7) 25.1 (4%) 43 Oct-16 Dec-17 Not Req'd

XRO 139.7 (7.4) 18.9 (5%) 147 Feb-15 n/a Not Req'd

GEO 3.9 (0.3) 15.0 (7%) 4 Oct-16 H2 Y17 Not Req'd Definition

SKO 4.8 (0.4) 11.1 (9%) 8 Dec-15 Mar-18 Not Req'd Cash Bal. = Calculated cash balance at 30-Sept-16

SPY 2.0 (0.2) 8.8 (11%) n/a n/a n/a H1 Y17 Cash Burn = Monthly cash burn

IKE 8.3 (1.1) 7.8 (13%) 8 Sep-16 2017 Not Req'd Runway = Months of cash runway from 30-Sep-16

VGL 8.5 (1.6) 5.4 (18%) n/a n/a n/a Now Burn (%) = Monthly Cash Burn as a % of Calculated Cash

PLX 2.3 (0.6) 3.7 (27%) 4 May-16 n/a Now Last Raise = Last capital raised amount

ERD 2.5 (1.8) 1.4 (72%) n/a n/a n/a Now Date = Last capital raised date

FIN 0.0 (0.1) 0.4 (275%) n/a n/a n/a Now Breakeven = Company announcement on breakeven date

WYN 0.2 (4.8) 0.1 (1,972%) 32 Mar-16 n/a Now Next Raise = Clare Capital's expectation on next raise date

This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflows statement rather than profitability from the Profit & Loss statement. Of

the ~70% of the NZX-listed tech companies that are cashflow negative, NZD$20M is being burned each month.

--------------------- Cashflow Positive ---------------------





Calculated cash balance at 30-Sep-16 based on a company's

cash balance at report date + monthly cash burn + any new

capital raised.

Months of cash runway is from 30-Sep-16 based on the

calculated cash balance / monthly cash burn.

Monthly cash burn is calculated by Operating + Investing

cashflows from the company's latest annual/interim report.

6 12 25

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PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN

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Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% 40% Rule AR/Emp UC/AR

EROAD (ERD) 1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7

Finzsoft (FIN) 2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3

Gentrack (GTK) 3.50 3% 72% 692 2,367 254 242 47 5.2 14% n/a 34% 43% 213 1.0

GeoOp (GEO) 0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4

ikeGPS (IKE) 0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7

Orion Health (OHE) 3.20 (2%) (13%) 460 1,482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5

Plexure (PLX) 0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6

Pushpay (PPH) 1.76 (5%) (2%) 548 1,001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8

Rakon (RAK) 0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7

Serko (SKO) 0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4

SLI Systems (SLI) 0.38 (10%) (51%) 1,293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4

SmartPay (SPY) 0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7

Trade Me (TME) 4.88 (1%) 32% 6,360 31,592 1,938 2,040 225 9.1 9% 94% 65% 74% 462 5.2

Vista (VGL) 6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5

Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9

Xero (XRO) 17.84 (1%) 13% 236 4,240 2,454 2,269 258 8.8 62% 75% (30%) 37% 178 1.2

Average (3%) (17%) 681 2,660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1


Price = Share Price







AR = Annualised Revenue

EV/AR = EV/Annualised Revenue multiple Contact Details

Yr∆ AR = Annualised Revenue Growth Mark Clare Managing Partner

GM% = Gross Margin % +64-21-470227 [email protected]

EM% = EBITDA Margin %

40% Rule = Revenue Growth % + EBITDA Margin %

AR/Emp = Annualised Revenue per Employee ('000s)


The information provided in this report has been solely sourced and calculated from Factset and

company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented

in this report. The forecasts are an average of broker forecasts complied by Factset.

Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not

financial advice. If you are making investment decisions you should seek appropriate personalised

financial advice from a qualified professional.

Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We

provide creative solutions for both origination and analysis mandates. We have a strong track record for

the successful execution of commercial transactions.





Overview Clare Capital - NZ Listed Tech Update 15B - Cash Burn & Runway - 20161028

Figure 1. Monthly Cash Burn from Net OPERATING Activities (NZD M) Figure 2. Monthly Cash Burn from Net OPERATING + INVESTING Activities (NZD M)

Monthly Cash Burn and Runway Metrics as at 30-Sept-16

Figure 3. Months of Cash Runway (OPERATING + INVESTING Activities) Calculated

Cash Bal. Cash Burn Mnth Runway Cash Burn Mnth Runway

TME 58.4 10.2 Cash +ve 8.1 Cash +ve

GTK 12.6 0.2 Cash +ve 0.5 Cash +ve

SLI 6.9 0.1 Cash +ve 0.1 Cash +ve

RAK 3.5 0.6 Cash +ve 0.0 Cash +ve

SPY 2.0 0.5 Cash +ve (0.2) 8.8

VGL 8.5 0.1 Cash +ve (1.6) 5.4

FIN 0.0 0.0 Cash +ve (0.1) 0.4

ERD 2.5 (0.0) 52.1 (1.8) 1.4

XRO 139.7 (2.9) 48.2 (7.4) 18.9

PPH 43.0 (1.4) 30.7 (1.7) 25.1

OHE 71.4 (2.7) 26.5 2.1 Cash +ve

Calculations GEO 3.9 (0.2) 17.1 (0.3) 15.0

SKO 4.8 (0.4) 12.9 (0.4) 11.1

IKE 8.3 (0.8) 10.1 (1.1) 7.8

PLX 2.3 (0.4) 6.2 (0.6) 3.7

WYN 0.2 (1.6) 0.2 (4.8) 0.1

This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflow Statement rather than profitability from the Profit & Loss Statement. Of

the ~70% of the NZX-listed tech companies that are cashflow negative (when both OPERATING & INVESTING activities are included), NZD$20M is being burned each month.

OPERATING+INVESTINGOPERATING ACTIVITIES

Calculated cash balance at 30-Sep-16 is based on a the cash balance at report date +

monthly net operating and investing activities cash burn + any new capital raised.

Months of cash runway is from 30-Sep-16, based on the calculated cash balance /

monthly net operating and investing activities cash burn.

(8)

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Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% 40% Rule AR/Emp UC/AR

EROAD (ERD) 1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7

Finzsoft (FIN) 2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3

Gentrack (GTK) 3.50 3% 72% 692 2,367 254 242 47 5.2 14% n/a 34% 43% 213 1.0

GeoOp (GEO) 0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4

ikeGPS (IKE) 0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7

Orion Health (OHE) 3.20 (2%) (13%) 460 1,482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5

Plexure (PLX) 0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6

Pushpay (PPH) 1.76 (5%) (2%) 548 1,001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8

Rakon (RAK) 0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7

Serko (SKO) 0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4

SLI Systems (SLI) 0.38 (10%) (51%) 1,293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4

SmartPay (SPY) 0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7

Trade Me (TME) 4.88 (1%) 32% 6,360 31,592 1,938 2,040 225 9.1 9% 94% 65% 74% 462 5.2

Vista (VGL) 6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5

Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9

Xero (XRO) 17.84 (1%) 13% 236 4,240 2,454 2,269 258 8.8 62% 75% (30%) 37% 178 1.2

Simple Average (3%) (17%) 681 2,660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1


Price = Share Price







AR = Annualised Revenue

EV/AR = EV/Annualised Revenue multiple Contact Details

Yr∆ AR = Annualised Revenue Growth Mark Clare Managing Partner



40% Rule = Revenue Growth % + EBITDA Margin %

AR/Emp = Annualised Revenue per Employee ('000s)


The information provided in this report has been solely sourced and calculated from Factset and

company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented

in this report. The forecasts are an average of broker forecasts complied by Factset.

Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not

financial advice. If you are making investment decisions you should seek appropriate personalised

financial advice from a qualified professional.

Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We

provide creative solutions for both origination and analysis mandates. We have a strong track record for

the successful execution of commercial transactions.





Overview Clare Capital - NZ Listed Tech Update 16 - Accounting Giants - 20161104

LTM Revenue Multiple vs. Growth for Accounting Giants Chart Notes

Size of the bubble represents Enterprise Value in USD millions.

Definitions Units

Mkt Cap = Market Capitalisation USD millions

EV = Enterprise Value USD millions

LTM Rev. = Last Twelve Months (LTM) Revenue USD millions

EV/LTM. = EV/LTM Revenue Multiple x

LTM Growth = LTM Revenue Growth %

EBITDA% = EBITDA Margin %

40% Rule = Revenue Growth + EBITDA Margin %

Gross% = Gross Margin %

Rev./Emp = LTM Revenue per Employee USD '000s

Used Capital = Share Capital + Debt - Cash USD millions

UC/LTM Rev. = Used Capital (UC)/LTM Revenue x

Metrics as at 11 November 2016

Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev.

Intuit 27,156 27,076 4,694 5.8 12% 32% 44% 87% 594 4,362 0.9

MYOB 1,631 1,918 265 7.3 20% 45% 65% 66% 221 1,161 4.4

Sage 9,263 9,594 1,861 5.2 3% 27% 31% 92% 140 1,036 0.6

Xero 1,755 1,654 181 9.1 52% (19%) 33% 75% 119 269 1.5

Metrics as at 11 November 2015

Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev.

Intuit 27,412 27,788 4,192 6.6 (1%) 27% 26% 87% 544 4,383 1.0

MYOB 1,384 1,698 206 8.3 17% 39% 55% 69% n/a 1,122 5.5

Sage 9,046 9,574 2,209 4.3 10% 29% 38% 90% 177 1,371 0.6

Xero 1,599 1,443 107 13.5 73% (48%) 25% 74% 92 180 1.7

With Xero (XRO-NZ) realising its interim FY17 statements last week, this report compares the company against three of its biggest rivals (Intuit in the US, Sage in the UK and MYOB

in Australia & NZ). Note: only Xero is a 'pure' SaaS company, so in order to compare fairly no SaaS metrics have been used (e.g. Annualised Recurring Revenue (ARR)).

The green coloured bubble illustrate a company being above the 40% Rule

(Revenue Growth + EBITDA Margin), while orange is below 40%.

The arrows show the movement of EV/LTM Revenue multiple and LTM

Revenue Growth rate from the previous 12 months, at November 2015.INTU-US

MYO-AU

SGE-GB

XRO-NZ

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Share Price Movements and Valuation Metrics as at 04 November 2016

Name ∆ Price 1Week∆ 1Year∆ Volume Value Mkt Cap EV AR EV/AR GM% Yr∆ AR EM% 40% Rule AR/Emp UC/AR

EROAD (ERD) 1.75 (3%) (30%) 60 107 105 93 28 3.3 n/a 44% 20% 65% 142 1.7

Finzsoft (FIN) 2.50 25% (23%) 3 8 22 23 14 1.6 n/a (41%) 8% (1%) 154 0.3

Gentrack (GTK) 3.50 - 74% 244 855 254 212 47 5.2 n/a 14% 34% 43% 213 1.0

GeoOp (GEO) 0.21 (9%) (52%) 112 25 15 16 5 3.6 80% 249% (193%) (82%) 114 3.4

ikeGPS (IKE) 0.58 - (28%) 26 15 37 32 9 3.7 65% 118% (107%) 27% 153 3.7

Orion Health (OHE) 3.00 (6%) (18%) 290 909 480 421 211 2.0 78% 26% (22%) 4% 175 0.5

Plexure (PLX) 0.22 (8%) (35%) 113 25 20 17 7 2.5 n/a 66% (122%) 12% 137 2.6

Pushpay (PPH) 1.74 (1%) (11%) 417 706 436 423 48 8.8 55% 244% (128%) 80% 223 0.8

Rakon (RAK) 0.19 (3%) (24%) 280 54 36 48 109 0.4 n/a (22%) 4% (10%) 186 1.7

Serko (SKO) 0.37 (13%) (55%) 117 46 27 20 13 1.5 n/a 20% (49%) (21%) 106 1.4

SLI Systems (SLI) 0.46 21% (42%) 2,160 841 29 22 31 0.7 77% (10%) (0%) 24% 183 0.4

SmartPay (SPY) 0.15 7% (12%) 5 1 25 49 21 2.3 n/a 0% 39% 32% 167 3.7

Trade Me (TME) 4.47 (8%) 16% 11,007 51,994 1,775 1,877 225 8.3 94% 9% 65% 74% 462 5.2

Vista (VGL) 5.85 (3%) 10% 1,157 6,797 470 461 81 5.7 n/a 49% 17% 56% 233 0.5

Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 64% 4% (132%) (133%) 86 4.9

Xero (XRO) 17.45 (2%) (2%) 495 8,597 2,400 2,216 303 7.3 75% 39% (30%) 37% 209 1.1

Simple Average (0%) (20%) 1,030 4,436 386 374 74 3.6 74% 51% (37%) 13% 184 2.0

Definitions Units Disclaimer

Price = Share Price NZD

1Week∆ = 1 Week Share Price Change %

1Year∆ = 1 Year Share Price Change %

Volume = Volume of Shares Traded (Last Week) '000s

Value = Value of Shares Traded (Last Week) NZD '000s

Mkt Cap = Market Capitalisation NZD millions

EV = Enterprise Value NZD millions

AR = Annualised Revenue NZD millions

EV/AR = EV/Annualised Revenue multiple x Contact Details

Yr∆ AR = Annualised Revenue Growth % Mark Clare Managing Partner



40% Rule = Revenue Growth + EBITDA Margin %

AR/Emp = Annualised Revenue per Employee NZD '000s

UC/AR = Used Capital/Annualised Revenue x

The information provided in this report has been solely sourced and calculated from Factset

and company reports. Clare Capital holds no responsibility over the actual numbers

presented in this report.



personalised financial advice from a qualified professional.








Overview Clare Capital - NZ Listed Tech Update 17 - NZX vs ASX Valuation Multiples - 20161111

Figure 1: NZX-listed Tech Companies Figure 2: Selection of ASX-listed Tech Companies

Chart Notes

NZX Share Price Movements as at 11 November 2016 NZX Share Price Movements as at 11 November 2016

Name ∆ Price 1Week∆ 1Year∆ Volume Value Name ∆ Price 1Week∆ 1Year∆ Volume Value

ERD 1.75 - (26%) 139,100 245,343 RAK 0.20 3% (22%) 186,880 35,732

FIN 2.50 - (23%) - - SKO 0.33 (10%) (61%) 55,964 19,530

GTK 3.52 1% 76% 253,535 908,084 SLI 0.45 (2%) (40%) 998,624 460,407

GEO 0.20 (5%) (50%) 14,738 3,085 SPY 0.14 (4%) (16%) 150,870 21,122

IKE 0.52 (10%) (35%) 56,000 29,120 TME 4.72 6% 29% 9,292,881 41,758,818

OHE 2.80 (7%) (22%) 691,544 2,032,995 VGL 5.78 (1%) 8% 2,170,033 12,717,765

PLX 0.25 14% (26%) 22,000 5,440 WYN 0.22 - (84%) - -

PPH 1.92 10% 1% 388,287 697,323 XRO 17.62 1% (11%) 653,810 11,466,630

Given the recent issue of NZ companies listing on the ASX rather than the NZX due to perceived higher valuations, this report compares NZX-listed Tech companies versus a

selection of ASX-listed tech companies. The median EV/AR multiples for NZX-listed companies is 3.1x, while ASX is 3.2x.

Size of the bubble represents Enterprise Value (NZD M). The bubble colour represents the "40% Rule" where the green bubbles show companies with a value greater than 40%

when LFY Revenue Growth Rate + LFY EBITDA margin are added together; orange is between 20-40% and red is less than 20%.

ERD

GTK

GEOIKEOHE

PLX

PPH

SKO

SPY

TME

VGL

WYN

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ACXALU

APXBPS

CAR

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MBE

MDG

MYO

PPS

PROPRY

REA

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RKN

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TCH WEB

WTC

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NZX Financial & Valuation Metrics (all in NZD) as at 11 November 2016 Selection of ASX Financial & Valuation Metrics (all in NZD) as at 11 November 2016

Ticker EV AR EV/AR Yr∆ AR Yr∆ LFY EM% G+M Ticker EV AR EV/AR Yr∆ AR Yr∆ LFY EM% G+M

ERD (EROAD) 93 28 3.3 44% 45% 20% 65% 1ST (1st Available) 4 2 1.8 391% 582% (157%) 425%

FIN (Finzsoft) 23 14 1.6 (41%) (9%) 8% (1%) 8CO (8Common) 9 4 2.3 (8%) 16% (19%) (3%)

GTK (Gentrack) 244 47 5.2 14% 9% 34% 43% ACX (Aconex) 1,136 135 8.4 53% 50% 11% 61%

GEO (GeoOp) 16 5 3.5 249% 111% (193%) (82%) ALU (Altium) 1,043 139 7.5 27% 34% 31% 64%

IKE (ikeGPS) 28 9 3.3 118% 134% (107%) 27% APX (Appen) 286 107 2.7 49% 62% 17% 80%

OHE (Orion Health) 389 211 1.8 26% 26% (22%) 4% BPS (BPS Tech.) 110 50 2.2 8% 16% 22% 38%

PLX (Plexure) 20 7 2.8 66% 134% (122%) 12% CAR (Carsales.com) 2,792 353 7.9 10% 10% 50% 60%

PPH (Pushpay) 468 48 9.8 244% 209% (128%) 80% COO (Corum Group) 7 16 0.5 (18%) (13%) 5% (8%)

RAK (Rakon) 49 109 0.4 (22%) (14%) 4% (10%) DTL (Data#3) 147 1,049 0.1 13% 13% 2% 15%

SKO (Serko) 17 13 1.3 20% 28% (49%) (21%) FLN (Freelancer) 540 52 10.4 57% 49% (9%) 40%

SLI (SLI Systems) 21 31 0.7 (10%) 24% (0%) 24% GEG (Grays eCommerce) 171 112 1.5 (24%) 1% (12%) (11%)

SPY (SmartPay) 48 21 2.3 0% (7%) 39% 32% GLH (Global Health) 17 7 2.3 69% 45% 22% 67%

TME (Trade Me) 1,976 225 8.8 9% 9% 65% 74% HSN (Hansen Tech.) 769 150 5.1 31% 40% 30% 71%

VGL (Vista) 456 81 5.6 49% 39% 17% 56% IRE (IRESS) 2,148 389 5.5 12% 10% 29% 39%

WYN (Wynyard) 24 26 0.9 4% (2%) (132%) (133%) IRI (Integrated Research) 393 90 4.4 23% 20% 36% 57%

XRO (Xero) 2,285 303 7.5 39% 67% (30%) 37% ISD (iSentia Group) 761 160 4.7 23% 23% 32% 54%

7,500 333 22.5 175% 175% 5% 180% JCS (JCurve Solutions) 3 9 0.4 (14%) (17%) (1%) (18%)

Disclaimer MBE (Mobile Embrace) 107 65 1.6 74% 85% 16% 101%

MDG (Medtech Global) 10 21 0.5 30% 12% 3% 15%

MIG (migme) 61 30 2.0 393% 213% (168%) 44%

MOQ (MOQ) 45 34 1.3 452% 989% 1% 990%

MYO (MYOB) 2,638 357 7.4 11% 14% 46% 60%

PPS (Praemium) 190 30 6.3 23% 28% 6% 34%

PRO (Prophecy Intl.) 49 13 3.7 20% 48% 32% 80%

PRY (Primary Health Care) 2,925 1,604 1.8 3% 4% 20% 23%

REA (REA Group) 7,683 630 12.2 20% 20% 55% 75%

Definitions Units RFL (Rubik Financial) 47 45 1.0 18% 11% 14% 25%

EV = Enterprise Value NZD millions RKN (Reckon) 254 114 2.2 6% 4% 35% 39%

AR = Annualised Revenue NZD millions SPZ (Smart Parking) 83 32 2.6 25% 35% 6% 41%

EV/AR = EV/Annualised Revenue Multiple x TCH (Touchcorp) 248 44 5.6 20% 71% 32% 103%

Yr∆ AR = Annualised Revenue Growth Rate % TNE (Technology One) 1,758 67 26.2 (62%) 11% 18% 29%

Yr∆ LFY = Last Financial Year (LFY) Revenue Growth Rate % UBN (Urbanise.com) 38 10 3.6 (16%) (10%) (116%) (126%)

EM% = LFY EBITDA Margin % WEB (Webjet) 985 160 6.2 31% 30% 23% 53%

G+M = LFY Revenue Growth + LFY EBITDA Margin % WTC (Wisetech Global) 1,721 108 15.9 27% 29% 32% 61%

The information provided in this report has been solely sourced and calculated from

Factset and company reports. Clare Capital holds no responsibility over the actual

numbers presented in this report. Exchange rate movements will apply when

converting AUD to NZD. Clare Capital is not an Authorised Financial Adviser. This

document is intended as analysis – not financial advice. If you are making investment

decisions you should seek appropriate personalised financial advice from a qualified

professional.


About Clare Capital

Clare Capital is a Wellington-based boutique investment bank founded by Mark Clare.

Clare Capital adds value by:

Originating ideas for clients.

Assisting clients by completing analysis of issues.

Assisting clients to complete commercial transactions.

Clare Capital provides advisory and transactional services across:

Mergers & Acquisitions (M&A) – combining detailed financial analysis with

extensive M&A experience to help our clients maximize outcomes.

Capital Management – advising clients on their capital raising activities.

Corporate Finance – combining fundamental corporate finance principles

with real-world practical experience to provide clients with: valuations,

capital structure advice, and option and incentive schemes.

Strategic Advice – strategic and commercial advice to clients including:

detailed strategic options analysis for clients facing key decisions and

structuring and negotiating financial and commercial agreements.Mobile +64-21-470227

Email: [email protected]

Clare Capital

www.clarecapital.co.nz

Level 18, 125 The Terrace

PO Box 10269, The Terrace, Wellington 6143

Contact: Mark Clare

Phone: +64-4-4985104


Recent Major Transactions

Mergers & Acquisitions Capital Management Corporate Finance Strategic Advice

EOS – Advised the business on their sale

to SLR Consulting. 2014

Heyday – Advised the owner of Heyday

on their sale to WPP. 2014

ProActive Rehab – Advised the company

on its purchase of IPH and Physio

Solutions. 2015


on its purchase of Plus Rehab and Oasis.

2016

North American Oil and Gas Company –

Advised a North American oil and gas

company on strategic options in the New

Zealand market. This analysis included

detailed M&A options. 2012

Australasian Financial Institution –

Advised an Australasian financial

institution on strategic options in the New

Zealand market. This analysis included

detailed M&A options. 2012

Backdoor Surf – Completed a valuation

and strategic advice report for the

company. This analysis included detailed

M&A options. 2014

BNZ – Led the process for BNZ

Insurances on the sale of their commercial

insurance channel business to AON. 2011

Radian Technology – Led the process for

Radian Technology on the sale of their

business to Tru-Test. 2012

MetOcean – Led the process for the

owners of MetOcean on the sale of the

business to MetService. 2013

LifeDirect – Advised the Board on the

sale of LifeDirect to Trade Me. 2013

NZX – Led the process for NZX on the

sale of their NewsRoom business unit to

Sublime Group. 2014 NZ Rewards Company – Provided

strategic advice to a rewards and loyalty

programme company. 2015

CricHQ – Advised CricHQ on their capital

raising from offshore and local investors.

2012

Scoop Media – Advised Scoop on

company reorganization and capital

raising from a local investor. 2013

Raygun – Advised the company on their

capital raising from local investors. 2014


on financing options for its M&A strategy.

2014

Cin7 – Advised the company on their

capital raise from local investors. 2015

Cin7 – Advised the company on their

second capital raising round from local

investors. 2015

Cin7 – Completed operational budgeting

and management forecasting for the

company. 2016

Raygun – Advised the company on their

second capital raising round from local

investors. 2016

Cin7 – Built a financial model of Cin7 for

the company. 2015

Pushpay – Released multiple equity

research reports commissioned by the

company. 2015

Rubio – Built a financial model of Rubio

for the company. 2015

Heyday – Completed a valuation of the

digital design agency company for

financial reporting purposes. 2012

Seaworks – Completed a valuation of the

marine transport company for financial

reporting purposes. 2010 and 2013

Raygun – Built a financial model of

Raygun for the company. 2014

Xero – Built a financial model of Xero for

the company. 2014

Pushpay – Built a financial model of

Pushpay for the company. 2014


Documents

Clare Capital