INVESTMENT BANKING
SOFTWARE INSIGHT
MERGERS AND ACQUISITIONS, PUBLIC AND PRIVATE FINANCINGS
and FINANCIAL ADVISORY SERVICES
April 2023
IN THIS ISSUE
About Us
2
Recent Transactions and Case Studies
8
Software Valuation Environment
13
Recent Transaction Activity
20
Appendix: Public Company Trading Detail 40
FOR INSTITUTIONAL USE ONLY
SOFTWARE INSIGHT
April 2023
Experienced Software Investment Banking Team
U.S. Team
BRENDAN RYAN
JON STEELE
CHRISTIAN CLIFFORD
Senior Managing Director,
Group Co-Head
Boston
Senior Managing Director,
Group Co-Head
Boston
Managing Director
Boston
GARRETT DENINNO
BOB FLANAGAN
CHIP KELSO
Managing Director
Boston
Managing Director
San Francisco
Managing Director
Atlanta
GRADY MCCONNELL
GEOFF TOBIN
ERIN DUFFY
Managing Director
Los Angeles
Managing Director
San Francisco
Director
San Francisco
DANIEL ESPINOSA
DAVID MYERS
NAJEEB AHMED
Director
New York
Director
St. Petersburg
Vice President
Chicago
RAYMOND JAMES INVESTMENT BANKING 2
SOFTWARE INSIGHT
April 2023
Experienced Software Investment Banking Team (Cont.)
U.S. Team (Cont.)
RONIE KIM
NATHAN LAMBERT
ANDY MCCLURE
Vice President
Los Angeles
Vice President
Boston
Vice President
Atlanta
REED SPENCER
Vice President
Boston
Canada Team
YONG KWON
MARWAN KUBURSI
Managing Director
Toronto
Managing Director
Toronto
RAYMOND JAMES INVESTMENT BANKING 3
SOFTWARE INSIGHT
April 2023
Experienced Software Investment Banking Team (Cont.)
Europe Team
ZISHAAN ARSHAD
JUNYA IWAMOTO
LAURA MADDISON
Managing Director
London
Managing Director
London
Managing Director
London
PHILIP STEIN
HARRY BRUN
JOE DONNELLY
Managing Director
Munich
Director
London
Director
London
FLORIAN HELMREICH
THOMAS BATES
DAVID BRADEN
Director
Munich
Vice President
Munich
Vice President
Munich
CHRISTOPH EBLE
NIMA TEHRANCHI
WILLIAM TRIDIMAS
Vice President
Munich
Vice President
Munich
Vice President
London
RAYMOND JAMES INVESTMENT BANKING 4
SOFTWARE INSIGHT
April 2023
Broad and Deep Software Practice
Deep and Experienced Team
Areas of Coverage
Horizontal
30
Senior Bankers
+4
Equity Research Analysts
+4
Equity Capital Markets
Professionals
eCommerce
Governance, Risk Management and Compliance
CRM / Customer Interaction Management
Human Capital Management
Enterprise Resource Planning / Business Productivity
Sales and Marketing
Financial Management
Supply Chain
Automotive
Legal / Professional Services
Education
Nonprofit
Energy
Real Estate
Financial Services
Retail
Government
Transportation and Logistics
Industrial
Travel and Hospitality
Cloud-Based Infrastructure
Development Platforms / DevOps
Cybersecurity
IT Ops Management and Monitoring
Data Management and Analytics
Workflow Automation
Vertical
Extensive Transaction
Experience
280+
Transactions Since 2010
210+
M&A / Private Placement
Transactions with $40+ Billion
in Total Deal Value Since 2010
70+
Public Offering Transactions
Raising $15+ Billion Since 2010
Infrastructure
RAYMOND JAMES INVESTMENT BANKING 5
SOFTWARE INSIGHT
April 2023
Blue-Chip Clients
Advisory
Private Equity
Equities
Venture Capital
RAYMOND JAMES INVESTMENT BANKING 6
SOFTWARE INSIGHT
April 2023
INFRASTRUCTURE
SOFTWARE
VERTICAL
SOFTWARE
HORIZONTAL
SOFTWARE
Software Coverage Overview
ECOMMERCE
GRC
CRM
HCM
ERP / BP
MARKETING
FINANCIAL
MANAGEMENT
SUPPLY CHAIN
AUTO
LEGAL / PROF.
SERVICES
EDUCATION
NONPROFIT
ENERGY
REAL ESTATE
FINANCIAL
SERVICES
RETAIL
GOVERNMENT
TRANSPORTATION
and LOGISTICS
INDUSTRIAL
TRAVEL
and HOSPITALITY
CLOUD-BASED
DEVPLAT /
DEVOPS
CYBERSECURITY
IT OPS
MGMT
DATA MGMT /
ANALYTICS
WORKFLOW
AUTOMATION
RAYMOND JAMES INVESTMENT BANKING 7
SOFTWARE INSIGHT
RECENT TRANSACTIONS
AND CASE STUDIES
RAYMOND JAMES INVESTMENT BANKING
SOFTWARE INSIGHT
April 2023
Strong Momentum in Software
M&A and Private Placement Activity
View our full transaction history here >
April 2023
April 2023
March 2023
March 2023
Integrated event management platform
Patient and hospital administration software
Supply chain sustainability management platform
Low-code data integration and security platform
March 2023
January 2023
December 2022
December 2022
Actionable insights software platform
Integrated payments and commerce solutions
Video production and transmission software
Industrial aftersales and digital technical
documentation software
November 2022
November 2022
October 2022
September 2022
Standardized test preparation platform
Tax automation software
AI-enabled intelligence automation platform for
smarter and streamlined decision-making
Comprehensive IT workload automation and
orchestration platform
September 2022
September 2022
September 2022
September 2022
Customer relationship management and
front office platform for multi-family real estate
Real estate accounts payable and payments
automation software
Cybersecurity solutions for the alternative
investments industry
eCommerce inventory and
warehouse management platform
Field Service Management business
August 2022
August 2022
August 2022
August 2022
Cloud-based security and surveillance software
Field service management solutions
Fintech, regtech and cybersecurity software
Human capital management software
RAYMOND JAMES INVESTMENT BANKING 9
SOFTWARE INSIGHT
Advisory Case Study:
Tripleseat, a portfolio
company of Vista Equity
Partners, Level Equity and EHI
receives a strategic growth
investment from General
Atlantic
Tripleseat (the "Company"), a portfolio company of Vista
Equity Partners, Level Equity and EHI receives a strategic
growth investment from General Atlantic
CLIENT DESCRIPTION
Integrated event management platform
DEAL SIZE
ND
DATE ANNOUNCED
April 2023
April 2023
Investment Banking Role
Raymond James served as an exclusive financial advisor to Tripleseat, Vista Equity
Partners, Level Equity and EHI in this transaction.
Target Background
Tripleseat provides an end-to-end platform for event management, spanning lead
generation, booking, planning, event execution workflows, reporting and analytics.
With embedded payment processing capabilities, the platform enables operators
across restaurants, hotels and other venues to book, manage and collect payments
for events through an integrated offering. By simplifying the event management
process, Tripleseat seeks to improve the customer experience and support clients’
ability to grow their events businesses. To date, the Tripleseat platform has helped
venues book over 10M events and capture $15B in event leads. The Company was
founded in 2008 and is headquartered in Concord, MA.
Successful Outcome
This strategic investment will help Tripleseat to focus on key growth areas including
expanding market reach, further investing in its product and technology, pursuing
strategic M&A and scaling into additional markets.
RAYMOND JAMES INVESTMENT BANKING 10
SOFTWARE INSIGHT
Advisory Case Study:
IMS MAXIMS has signed a
definitive agreement to be
acquired by Total Specific
Solutions
April 2023
Investment Banking Role
Raymond James served as a financial advisor to IMS MAXIMS in this transaction.
IMS MAXIMS (the "Company") has signed a definitive
agreement to be acquired by Total Specific Solutions
CLIENT DESCRIPTION
Patient and hospital administration software
DEAL SIZE
ND
DATE ANNOUNCED
April 2023
Target Background
IMS MAXIMS develops electronic health record software designed to improve the
coordination of patient care in various healthcare environments. The Company's
platform offers features such as data migration, integration, cloud hosting and
services such as consultancy, emergency and mental health care, facilitating clinical
engagement across healthcare professionals, hospital wards and various medical
departments. The Company was founded in 1986 and is headquartered in Dublin,
Ireland.
Successful Outcome
The transaction marks TSS’ 1st acquisition in Ireland and their 6th acquisition in the
UK/Ireland region. TSS’ extensive healthcare domain knowledge and experience
and IMS MAXIMS’ established product portfolio are expected to create new
opportunities for growth.
RAYMOND JAMES INVESTMENT BANKING 11
SOFTWARE INSIGHT
April 2023
Trusted Software Underwriter
IPOs & Follow-On Offerings
$174,800,000
Follow-on Offering
View our full transaction history here >
$180,000,000
Follow-on Offering
$100,000,000
Initial Public Offering
$520,000,000
Initial Public Offering
March 2023
December 2021
November 2021
November 2021
Payment software provider
Digital advertising platform
Cloud backup and storage platform
Customer engagement platform
$120,000,000
Initial Public Offering
$150,025,000
Initial Public Offering
$140,000,000
Initial Public Offering
$424,800,000
Follow-On Offering
November 2021
November 2021
November 2021
October 2021
Customer communications software
Education software
Customer engagement software
Payment software provider
$384,000,000
Follow-on Offering
$883,000,000
Follow-on Offering
$1,100,000,000
Initial Public Offering
$435,000,000
Initial Public Offering
October 2021
September 2021
September 2021
September 2021
HCM software
Global eCommerce platform
Customer experience and CRM software
Payment software provider
$420,000,000
Initial Public Offering
$250,000,000
Follow-On Offering
$710,530,000
Initial Public Offering
$343,200,000
Initial Public Offering
September 2021
August 2021
July 2021
July 2021
Healthcare commercial intelligence
Health data and analytics technology
K-12 education software
Digital lending software
$250,000,000
Initial Public Offering
$273,000,000
Initial Public Offering
$373,750,000
Initial Public Offering
$270,000,000
Initial Public Offering
July 2021
July 2021
June 2021
June 2021
Education technology software
Professional and financial services software
Service economy software
Digital media quality analysis platform
RAYMOND JAMES INVESTMENT BANKING 12
SOFTWARE INSIGHT
SOFTWARE VALUATION
ENVIRONMENT
RAYMOND JAMES INVESTMENT BANKING
SOFTWARE INSIGHT
April 2023
Trading Analysis
Summary
(USD in millions)
Capitalization
Trading Performance
Growth Category/Sector1
Equity
Value
High Growth Median
$11,927.5 $12,568.4
Medium / Low Growth Median
Horizontal Software Median
4,638.6
Enterprise Value
/ Revenue
Enterprise
Value
YTD2
1 Year
17.9% (0.3%)
3 Year
5 Year
30.7% 184.3%
2023E
2024E
Enterprise Value
/ EBITDA
2023E
2024E
P/E
Revenue
Growth
2023E 2024E
2023E 2024E
LongTerm
EPS 2023E
Growth Rule of
2023E 2024E 2023E
403
24.1% 19.7%
17.4% 20.5%
30.6% 48.8%
9.6%
25.1% 26.5%
14.3% 33.9%
7.7x
6.6x
23.4x
23.7x
36.5x 32.4x
EBITDA
Margin
4,693.0
1.1% (10.6%)
6.0%
24.6%
3.9x
3.7x
15.5x
13.7x
24.1x 22.8x
$10,871.4 $11,279.7
9.8% (3.2%)
18.2%
67.2%
5.3x
4.8x
19.4x
17.7x
28.0x 25.2x
13.0% 11.5%
27.4% 28.3%
17.0% 36.1%
8.7%
Vertical Software Median
2,570.5
2,535.5
2.7% (9.5%)
6.7%
29.6%
4.4x
4.0x
16.3x
15.2x
25.3x 23.6x
7.7% 10.5%
22.7% 25.1%
16.4% 31.0%
Infrastructure Software Median
5,416.3
5,026.7
0.6% (15.2%)
0.9%
20.2%
3.9x
3.7x
13.3x
11.6x
15.9x 20.9x
9.8%
25.1% 25.7%
11.9% 37.4%
Revenue Multiples
EBITDA Multiples
9.0x
30.0x
8.0x
7.7x
6.0x
4.0x
25.0x
6.6x
7.0x
5.0x
9.1%
19.4x
20.0x
5.3x
4.4x
3.9x
23.7x
23.4x
4.8x
3.9x
4.0x
3.7x
3.0x
3.7x
17.7x
16.3x
15.5x
15.2x
13.7x
13.3x
15.0x
11.6x
10.0x
2.0x
5.0x
1.0x
0.0x
0.0x
2023E
2024E
2023E
Enterprise Value / Revenue
High Growth Software
Medium / Low Growth Software
2024E
Enterprise Value / EBITDA
Horizontal Software
Vertical Software
Source: Capital IQ as of market close April 30th, 2023, Note: see pages 42 - 52 for public company trading analysis detail
1. Each company is grouped into both a growth category and sector category 2. Reflects trading performance since IPO if YTD data is not available
3. Rule of 40% calculated as revenue growth + EBITDA margin
Infrastructure Software
RAYMOND JAMES INVESTMENT BANKING 14
SOFTWARE INSIGHT
April 2023
Detail by Growth Category: High Growth and Medium/Low Growth Software
Relative Stock Price Performance
Valuation Multiple Analysis
184.3%
200.0%
23.7x
23.4x
25.0x
250.0%
20.0x
15.5x
150.0%
13.7x
15.0x
100.0%
50.0%
0.0%
30.7%
17.9%
24.6%
(0.3%)
1.1%
10.0x
7.7x
6.6x
3.9x
5.0x
(10.6%)
6.0%
1 Year
3 Year
(50.0%)
3.7x
0.0x
YTD
5 Year
2023E
2024E
Enterprise Value / Revenue
Price / Earnings Ratio
40.0x
2023E
2024E
Enterprise Value / EBITDA
Growth and Margin Analysis
30.0%
36.5x
32.4x
30.0x
25.0%
24.1x
22.8x
20.0x
26.5%
25.1%
24.1%
20.5%
19.7%
20.0%
17.4%
15.0%
10.0%
8.7%
9.6%
10.0x
5.0%
0.0x
0.0%
2023E
2024E
P/E
2024E
Revenue Growth
High Growth Software
Source: Capital IQ as of market close on April 30th, 2023
Data represents median performance for each sector
2023E
2023E
2024E
EBITDA Margin
Medium / Low Growth Software
RAYMOND JAMES INVESTMENT BANKING 15
SOFTWARE INSIGHT
April 2023
Detail by Sector: Horizontal / Vertical / Infrastructure Software
Relative Stock Price Performance
Valuation Multiple Analysis
80.0%
67.2%
60.0%
19.4x
20.0x
29.6%
18.2%
9.8%
20.0%
6.7%
(3.2%)
2.7%
0.6%
(20.0%)
(15.2%)
20.2%
15.2x
13.3x
15.0x
11.6x
10.0x
5.3x
0.9%
(9.5%)
5.0x
(40.0%)
4.4x 3.9x
4.8x
4.0x 3.7x
0.0x
YTD
1 Year
3 Year
5 Year
2023E
2024E
2023E
Enterprise Value / Revenue
Price / Earnings Ratio
30.0x
17.7x
16.3x
40.0%
0.0%
25.0x
Enterprise Value / EBITDA
Growth and Margin Analysis
28.0x
30.0%
25.3x
25.2x
25.0x
23.6x
20.9x
20.0x
2024E
28.3%
27.4%
25.1%
22.7%
25.0%
25.7%
25.1%
20.0%
15.9x
15.0x
15.0%
10.0x
10.0%
5.0x
5.0%
0.0x
13.0%
9.8%
11.5%
10.5%
7.7%
9.1%
0.0%
2023E
2024E
2023E
P/E
Revenue Growth
Horizontal Software
Source: Capital IQ as of market close on April 30th, 2023
Data represents median performance for each sector
2024E
Vertical Software
2023E
2024E
EBITDA Margin
Infrastructure Software
RAYMOND JAMES INVESTMENT BANKING 16
SOFTWARE INSIGHT
April 2023
Equity Trading Multiples: High Growth and Medium/Low Growth Software
Mean EV / Revenue by Growth
Median EV / Revenue by Growth
20.0x
20.0x
14.1x
15.0x
10.0x
9.2x
14.4x
15.0x
10.2x
8.6x
7.9x
10.0x
9.6x
9.3x
7.7x
6.6x
8.7x
5.0x
6.6x
6.0x
5.0x
6.0x
5.0x
0.0x
2020
2021
2022
2023E
Mean EV / EBITDA by Growth
2019
4.6x
3.9x
5.0x
40.0x
35.0x
35.0x
28.8x
28.0x
27.5x
26.9x
25.0x
30.0x
24.0x
24.2x
19.5x
15.0x
2020
2021
2022
2023E
Median EV / EBITDA by Growth
40.0x
20.0x
6.9x
0.0x
2019
30.0x
5.6x
21.7x
31.3x
24.6x
25.0x
20.0x
28.7x
27.2x
24.6x
20.6x
18.2x
10.0x
23.4x
15.0x
18.2x
18.7x
19.3x
2020
2021
2022
15.5x
10.0x
2019
2020
2021
2022
High Growth Software
2023E
2019
2023E
Medium / Low Growth Software
Source: Capital IQ as of market close on April 30th, 2023
All multiples are calculated based on Enterprise Value as of April 30th of respective years and Calendar Year revenue and EBITDA figures
RAYMOND JAMES INVESTMENT BANKING 17
SOFTWARE INSIGHT
April 2023
Equity Trading Multiples: Horizontal / Vertical / Infrastructure Software
Mean EV / Revenue by Sector
Median EV / Revenue by Sector
15.0x
15.0x
11.0x
10.0x
8.2x
7.5x
5.0x
7.1x
5.3x
7.2x
7.1x
8.2x
6.5x
6.2x
5.4x
6.2x
5.0x
4.6x
5.0x
6.7x
6.2x
7.1x
5.5x
5.3x
4.4x
5.0x
3.5x
2020
2021
2022
2023E
2019
Mean EV / EBITDA by Sector
20.0x
6.3x
3.9x
0.0x
2019
25.0x
7.7x
6.2x
5.0x
4.7x
0.0x
30.0x
9.6x
10.0x
9.3x
24.9x
18.6x
15.0x
25.1x
23.7x
22.7x
21.1x
2022
2023E
27.2x
25.6x
19.9x
2021
Median EV / EBITDA by Sector
30.0x
27.1x
2020
25.0x
21.1x
21.8x
21.6x
17.6x
16.9x
10.0x
24.0x
22.3x
19.7x
20.0x
17.8x
18.2x
25.3x
17.3x
16.8x
16.1x
15.0x
19.4x
16.3x
16.2x
15.3x
14.9x
2021
2022
13.3x
10.0x
2019
2020
2021
2022
Horizontal Software
2023E
2019
Vertical Software
Source: Capital IQ as of market close on April 30th, 2023
All multiples are calculated based on Enterprise Value as of April 30th of respective years and Calendar Year revenue and EBITDA figures
2020
2023E
Infrastructure Software
RAYMOND JAMES INVESTMENT BANKING 18
SOFTWARE INSIGHT
April 2023
Software Valuation Framework: The Rule of 40%
Sustaining growth and profitability is rewarded with meaningful value
35.0x
3.0x
30.0x
Average EV /
Revenue
25.0x
Average Rule of
40%
4.3x
13.1%
2023E EV / Revenue
7.9x
Average EV /
Revenue
Average EV /
Revenue
30.2%
52.7%
Average Rule of
40%
Average Rule of
40%
20.0x
15.0x
10.0x
5.0x
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2023E Rule of 40%
High Growth Software
Source: Capital IQ as of April 30th, 2023
Rule of 40% calculated as revenue growth + EBITDA margin
Software landscape consists of all companies referenced in Appendix from pages 42 - 52
Medium/Low Growth Software
RAYMOND JAMES INVESTMENT BANKING 19
SOFTWARE INSIGHT
RECENT TRANSACTION
ACTIVITY
RAYMOND JAMES INVESTMENT BANKING
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Horizontal Software
BUYER
(LNR Partners)
(BlackRock - NYSE:BLK,
Sageview Capital)
TARGET
(True Capital Partners, Blue Ivy
Ventures, Teneo Capital, Cue Ball)
SUBSECTOR
DEAL
SIZE ($M)
DESCRIPTION
Human Capital
Management
ND
Jopwell offers a DEI-focused hiring platform tailored towards advancing the careers of
Black, LatinX and Native American students and early-career professionals
eCommerce
ND
Unstack provides personalizable and shoppable content for eCommerce brands to
grow their businesses faster
Sales & Marketing
ND
High Attendance develops an enterprise event management and digital engagement
platform designed to offer a compelling environment for consumers to engage with
brands
Enterprise
Resource Planning /
Business
Productivity
ND
Rentouch develops enterprise software for visualizing agile planning events across
teams
CRM / Customer
Interaction
Management
ND
Smartlook develops a website and application analytics tool designed to analyze user
behavior by offering automatic event tracking, event statistics and retroactive data
Human Capital
Management
ND
Social Intelligence offers an analytics platform to identify actionable employment
insights and help companies leverage online data in their employment decisions
(El Cap Holdings)
(Amity Ventures)
(Leeds Equity Partners,
Eurazeo SE - ENXTPA:RF)
(NASDAQ: CSCO)
(Silverton Partners)
(Airbridge Equity Partners)
(Plug and Play Insurtech)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 21
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Horizontal Software (Cont.)
BUYER
(Vendep Capital,
Zenith Group)
(Lightspeed Venture
Partners)
(Ardian)
(Ontario Teachers’ Pension
Plan, Hg)
(Ontario Teachers’ Pension
Plan, Hg)
TARGET
(Active Venture Partners,
Cipio Partners)
(Accel)
(Trilogy Equity Partners, Madrona,
Cowboy Ventures, Greycroft)
SUBSECTOR
DEAL
SIZE ($M)
Sales & Marketing
ND
Whisbi provides a real-time customer engagement and omnichannel SaaS platform
with video and chatbot functionalities to offer a human-assisted sales experience
CRM / Customer
Interaction
Management
ND
DecisionLink offers a value enablement platform that empowers companies to define,
quantify and validate business outcomes at scale
Enterprise
Resource Planning /
Business
Productivity
ND
Workvivo provides an internal engagement platform designed to facilitate
organizational communication outside the workplace
Financial
Management
ND
LumaTax provides a sales tax management platform for automated audit analysis and
touch-free tax return filing
Human Capital
Management
ND
Trakstar develops an HR platform that helps companies with next-generation talent
acquisition, training and performance management
Human Capital
Management
ND
Circa provides human capital management software to help companies build highperforming, diverse teams
DESCRIPTION
(Turn/River Capital)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 22
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Horizontal Software (Cont.)
BUYER
TARGET
(LLR Partners,
Parthenon Capital Partners)
(Automotive Ventures)
(Avery Dennison Corporation NYSE:AVY, Launch Partnership)
(New Mountain Capital)
(Blossom Street Ventures, Cisco
Investments, Canaan Partners)
(JMI Equity)
(Spectrum Equity, Centana, Propel
Venture Partners, Freestyle Capital)
SUBSECTOR
DEAL
SIZE ($M)
eCommerce
ND
ReCPro Software offers recreation management and eCommerce website software
solutions
Sales & Marketing
ND
Wrapify provides a performance-driven ad platform that helps brands create
measurable advertising outcomes
Human Capital
Management
ND
Ascendify offers a leading cloud-based engagement platform for attracting and
developing talent
Human Capital
Management
ND
Ease offers an online benefits enrollment platform for insurance brokers and
employers
Sales & Marketing
ND
ZAG Interactive offers a development platform that provides website design and
hosting, search engine optimization, pay-per-click advertising and social media
management
Transportation &
Logistics
ND
ExPretio Technologies offers revenue management and customer intelligence
solutions for rail, bus and airline operators
(Rockbridge Growth Equity)
DESCRIPTION
(Constellation Software - TSX:CSU)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 23
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Vertical Software
BUYER
(NASDAQ: PYCR)
(Cove Hill Partners)
(Thoma Bravo,
JMI Equity, Ares Capital
Management)
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Education
ND
Verb develops a people development platform incorporating behavioral science and
proprietary microlearning content for workplace training
Travel & Hospitality
ND
WeTrack develops cloud-based project management software designed to offer tools
for managing large events and other complex projects
Education
ND
SchoolPass offers cloud-based attendance automation, visitor management and
emergency management software for K-12 schools
Education
ND
Oppti offers an educational technology platform that works with schools and
employers to provide students with internships and career development opportunities
Education
ND
Infinity.careers provides an educational platform that connects individuals with
specific curricula based on their career interests
Other
ND
Paradocs Mountain Software offers software solutions for the ski industry that
streamline operations, improve the customer experience and empower ski resorts to
provide the best service possible
DESCRIPTION
(Barshop Ventures)
(Downing Ventures)
(Level Equity Management, A3
Education)
(Slauson & Co., Valor Ventures)
(Slauson & Co., Valor Ventures)
(AIM: ACSO)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 24
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Vertical Software (Cont.)
BUYER
TARGET
(ETS, Salesforce Ventures,
SoftBank)
SUBSECTOR
DEAL
SIZE ($M)
DESCRIPTION
Education
ND
CoSo Cloud provides private virtual classroom training and web conferencing solutions
to businesses and government agencies
Other
ND
NailSoft offers software solutions to the salon industry for booking appointments and
accepting payments
Transportation &
Logistics
ND
TruckMap provides a mobile app for truck drivers that shares parking availability,
access to local truck services and GPS routing
Other
ND
BISC Global provides data analysis, pipeline development, cloud computing and data
visualization solutions to support pharmaceutical and biotech companies
Education
ND
Tevera develops a field experience management platform to help educational
institutions manage program outcomes, accreditation and program-wide assessments
Travel & Hospitality
ND
Kafoodle develops menu management software tools intended for the food industry
(Corsair Capital)
(Providence Equity Partners)
(Jigsaw Ventures, Moving Capital,
Precursor Ventures)
(Destiny Investments)
(TA Associates)
(Providence Equity Partners,
McCarthy Capital)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 25
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Vertical Software (Cont.)
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Education
ND
Promethean provides interactive learning products that that help educators more
effectively teach students with interactive whiteboards and displays
Other
ND
Simplifeye offers engagement and communication software for dental practices to
improve patient management and productivity
Education
ND
The U School provides enrollment growth and education solutions intended for
colleges and universities
Other
ND
DesignDocs provides project management and accounting software for interior
designers
Retail
ND
Sweda Canada offers point of sale software solutions for the retail industry
Financial Services
ND
Integrated Media Management develops eSignature and digital transaction
management software for the unique requirements of bank and credit union clients
(1)
(NYSE: GEHI)
DESCRIPTION
(NetDragon Websoft)
(Halyard Capital, Renovus Capital
Partners)
(Serent Capital)
(Harris Computer)
(Seidler Kutsenda
Management)
(OceanSound Partners)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
1.
Gravitas Education Holdings was fka RYB Education, Inc.
RAYMOND JAMES INVESTMENT BANKING 26
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Vertical Software (Cont.)
BUYER
(The Riverside Company, Reach
Capital)
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Education
ND
Student Opportunity Center develops a database and online community platform
designed to centralize, manage and assess students' experiential learning
Education
ND
ARMS Software develops a SaaS-based administration management platform designed
to simplify workflows for college athletic departments
Travel & Hospitality
$8
Innsoft provides a hotel property management and website reservation platform
Travel & Hospitality
ND
Tripeur provides a cloud-based corporate travel and expense management platform
that enables businesses to manage their entire travel experience
Education
ND
LanguageTool provides open-source language software that offers grammar and spell
check in numerous languages
Education
ND
Experience Early Learning provides a research-based early education platform that
offers curricula and assessments for infants, toddlers and preschoolers
DESCRIPTION
(Virginia Venture Partners)
(Dragoneer Investment Group,
Blossom Street Ventures, Afia
Capital)
(SoftBank Vision Fund)
(Andreessen Horowitz)
(Addition Ventures, Deer
Management, Emerson Collective,
GGV Capital)
(SenseAI Ventures,
Incubate Fund)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 27
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Vertical Software (Cont.)
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Education
ND
Ascendent Insights Education provides an AI-based education platform that offers a
personalized learning experience for preschool students
Education
ND
PeerBoard offers an online learning management system designed for employees to
share in-depth knowledge and to connect and grow with their customers
Education
ND
Marshall E-Learning provides specialist diversity and inclusion online learning
solutions
Legal / Professional
Services
ND
Fastcase provides cloud-based research software tools intended to help lawyers
streamline legal workflows and improve their efficiency
Other
ND
IMS MAXIMS develops electronic health record software designed to improve the
coordination of patient care
Energy
ND
Colossus provides a solar marketplace that matches residential solar providers with
customers
DESCRIPTION
(NASDAQ: PBTS)
(NASDAQ: DCBO,
TSX: DCBO)
(ECI Partners)
(Oakley Capital)
(Western Principal Partners)
(Constellation Software
Netherlands, Topicus.com Inc. TSXV:TOI)
(BuildGroup, Capital Creek, RTP
Global)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 28
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Vertical Software (Cont.)
BUYER
TARGET
(Banneker Partners,
L Capital)
(1)
SUBSECTOR
DEAL
SIZE ($M)
Automotive
ND
DealerCorp Solutions provides cloud-based retail sales software for car dealerships
Other
ND
Recyclist provides cloud-based solutions for solid waste program management
Legal / Professional
Services
$500
DESCRIPTION
Thompson Reuters’ Elite offers integrated practice and financial management software
for front and back-office management functions for law firms
(NASDAQ: TPG)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 29
SOFTWARE INSIGHT
April 2023
Selected Recent Strategic Buyer M&A and Investment Activity
Infrastructure Software
BUYER
(Tiger Global Management,
ParaFi Capital, Hashed)
(NYSE: IBM)
(Kleiner Perkins,
Sequoia Capital)
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Data Management
& Analytics
ND
Cosmose AI develops a data analytics platform designed to predict the shopping
behavior of consumers with regards to offline purchases
Cloud-Based
Infrastructure
ND
TrafficLand provides live traffic video solutions enabling drivers to avoid congestion,
first responders to improve incident response times and DOTs to streamline their
processes
Cloud-Based
Infrastructure
ND
Ahana Cloud develops an ad hoc platform designed to simplify interactive analytics
Data Management
& Analytics
ND
VitalMetrics offers a data analytics platform designed to measure the environmental
performance of organizations to advance their sustainability initiatives
DESCRIPTION
(Tiga Investments)
(Liberty Global Ventures,
Leslie Ventures, Lux Capital)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 30
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Horizontal Software
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Sales & Marketing
$14
Levitate develops a platform that allows users to send tailored emails at scale,
remember key facts about their contacts and accomplish business goals with a
personalized approach
Enterprise
Resource Planning /
Business
Productivity
14
M3ter provides a usage-based SaaS pricing platform that allows companies to
integrate, automate and align teams to optimize pricing
Financial
Management
ND
Centage offers financial planning and analysis solutions for small and midsized finance
teams
Governance, Risk
Management &
Compliance
525
Fusion Risk Management develops a cloud-based platform that provides risk
management, business continuity, third-party management and incident management
Governance, Risk
Management &
Compliance
ND
Benchmark Gensuite provides a unified digital platform for EHS, sustainability and ESG
reporting
Human Capital
Management
30
Certn offers pre-employment screenings and background checks for business and
recruiters primarily for the financial, technology, construction and non-profit sectors
(Tippet Venture Partners)
(Kindred Capital,
Union Square Ventures)
DESCRIPTION
(TVC Capital)
(Vista Equity Partners, Catalyst
Investors, Level Equity)
(B Capital Group)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 31
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Horizontal Software (Cont.)
BUYER
TARGET
(Acadian Capital, Revelry Venture
Partners, Ridgepeak Partners)
(Finistere Ventures, ThirdStream
Partners, AME Cloud Ventures)
(Clearlake Capital, Symphony
Technology Group)
(SquareOne Capital Corp.)
(Greycroft, Norwest
Venture Partners,
Bowery Capital)
SUBSECTOR
DEAL
SIZE ($M)
DESCRIPTION
Governance, Risk
Management &
Compliance
$6
YellowBird provides an EHS and Risk Management technology platform that simplifies
safety and loss control management
Governance, Risk
Management and
Compliance
20
Taxcloud offers a tax compliance platform that helps eCommerce businesses calculate,
collect and file sales and use taxes
Governance, Risk
Management &
Compliance
22
ClimateAI develops a cloud-based agricultural forecasting platform to predict the
physical risk of climate change on real assets
Governance, Risk
Management &
Compliance
ND
Archer Technologies offers governance, risk and compliance software intended to
assist companies with threat and policy management and help them gain visibility into
corporate risk and security controls
Human Capital
Management
ND
Office People provides a personnel management platform that helps companies with
leasing, placement, master vendor management, on-site management and
recruitment
Enterprise
Resource Planning /
Business
Productivity
28
Elevate develops a consumer-directed platform that helps streamline benefits
administration for employees and employers
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 32
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Horizontal Software (Cont.)
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Supply Chain
$50
Everstream Analytics offers an AI-powered platform that provides global supply chain
insights and risk analytics
CRM / Customer
Interaction
Management
ND
Buxton develops customer analytics software designed to help businesses identify,
attract and retain customers
DESCRIPTION
(DHL International)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 33
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Vertical Software
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
DESCRIPTION
(Sierra Ventures, Qualcomm
Ventures, Osage Venture Partners,
Foothill Ventures)
Education
$14
DeepHow offers an artificial intelligence-powered learning platform designed to bridge
the skills gap in manufacturing, service and repair
Travel & Hospitality
ND
Tripleseat offers an end-to-end event management and catering platform for
restaurants, hotels and unique venues
Education
9
Financial Services
ND
Financial Services
6
Credora provides privacy-preserving risk technology that enhances credit access for
trading firms and enables real-time risk monitoring for lenders
20
Lexion develops a contract management system designed to effectively organize legal
documents for businesses and law firms
(Vista Equity Partners,
Level Equity, EHI)
(Aleph Venture Capital, Inimiti
Capital Partners, Radiant VC,
Reinvent VC)
(Coinshares, DCG, Gemini Frontier
Fund, Polychain, Primitive
Ventures, XBTO)
Legal / Professional
Services
(Kholsa Ventures, Madrona Venture
TinyTap offers software designed to create, share and play educational games and
other interactive applications
AiFlow provides an AI-driven market research platform designed to automate
competitor analysis and market research for private equity firms
Group, Wilson Sonsini)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 34
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Vertical Software (Cont.)
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Education
$500
Education
21
Innovamat offers a software platform that improves students’ understanding of math
concepts and helps instructors teach more effectively
Financial Services
ND
Built Technologies offers a construction lending software platform designed to
mitigate risk and simplify construction loan management
Education
20
LMS365 offers a user-centric online learning management system that is built into
Microsoft Teams and Microsoft 365
Transportation &
Logistics
ND
Datatrac offers cloud-based courier software for dispatch management, shipment
tracking, route planning, GPS driver tracking, signature capture, delivery and freight
tracking
Education
12
Territorium offers SaaS-based corporate education solutions that track individuals'
competencies, knowledge and skills
DESCRIPTION
Cengage Group offers content and digital learning solutions for the global academic
skills, school and research markets
(NASDAQ:APO)
(Dozen Investments)
(NYSE: C)
(Brookfield Growth Partners,
9Yards Capital, XYZ Venture
Capital)
Kamet Capital
(Cometa)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 35
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Vertical Software (Cont.)
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
Legal / Professional
Services
ND
iManage offers document and email management software intended for accounting,
financial services and law firms
Automotive
$30
AutoLeap provides automotive software intended to manage auto repair shops
Automotive
ND
AutoAlert provides automotive industry data analytics services to predict consumer
behavior
Real Estate
27
VERO develops a residential leasing platform that automates all operations for real
estate operators
Transportation &
Logistics
7
Frayt offers an on-demand delivery platform that enables businesses to offer
scheduled or same day delivery to their customers
Real Estate
5
Field Materials offers a digital software platform designed to democratize the
procurement of construction materials
DESCRIPTION
(Bain Capital Ventures)
(NYSE: BLK)
(HGGC)
(Eleven Capital, Bienville Capital)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 36
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Vertical Software (Cont.)
BUYER
TARGET
(Providence
Equity Partners)
10X AD
SUBSECTOR
DEAL
SIZE ($M)
Education
ND
N2Y develops a cloud-based special education platform for the K-12 market
Education
$700
Byju's provides an online learning platform intended to deliver engaging and
accessible education
Real Estate
ND
DESCRIPTION
(Qatar Investment Authority)
Newforma develops project information management software for construction
industry that unifies project data across multiple data sources
(Battery Ventures)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 37
SOFTWARE INSIGHT
April 2023
Selected Recent Financial Sponsor & Venture Capital Activity
Infrastructure Software
BUYER
TARGET
SUBSECTOR
DEAL
SIZE ($M)
DESCRIPTION
Data Management
& Analytics
$24
Bobsled offers a cross-cloud data sharing platform that allows product and data teams
to share data products directly into a customer's preferred analytical environment
(.406 Ventures)
Note: All transactions announced in April 2023 and sorted from most recent to least recent
RAYMOND JAMES INVESTMENT BANKING 38
SOFTWARE INSIGHT
April 2023
Selected Recent PIPE Activity
COMPANY
LEAD INVESTOR
Note: Transactions are sorted from most recent to least recent
SUB-SECTOR
SECTOR
ISSUANCE AMOUNT
($M)
DEAL SIZE / MARKET CAP
(%)
Data Management &
Analytics
Infrastructure
$100.00
17.2%
RAYMOND JAMES INVESTMENT BANKING 39
SOFTWARE INSIGHT
APPENDIX:
PUBLIC COMPANY
TRADING DETAIL
RAYMOND JAMES INVESTMENT BANKING
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
High Growth Software
(USD in millions)
Capitalization
Company
AppFolio, Inc.
Arista Networks, Inc.
Asana, Inc.
Atlassian Corporation
Constellation Software Inc.
CyberArk Software Ltd.
Docebo Inc.
Edgio, Inc.
Fortinet, Inc.
HubSpot, Inc.
Instructure Holdings, Inc.
Intapp, Inc.
nCino, Inc.
Open Text Corporation
Palo Alto Networks, Inc.
Paycom Software, Inc.
Paylocity Holding Corporation
ServiceNow, Inc.
Shopify Inc.
Smartsheet Inc.
Snowflake Inc.
StoneCo Ltd.
WiseTech Global Limited
Zscaler, Inc.
High Growth Software Median
Equity
Value
$4,954.5
49,375.5
3,505.8
37,843.4
41,439.2
5,112.2
1,277.0
146.5
49,452.7
20,872.4
3,806.5
2,570.5
2,766.5
10,123.0
55,213.8
16,799.9
10,779.7
93,602.3
68,647.1
5,416.3
48,126.0
3,851.7
14,918.8
13,075.3
$11,927.5
Enterprise
Value
$4,834.0
46,415.6
3,248.1
37,448.9
43,018.1
4,536.2
1,064.2
213.0
48,327.8
20,266.0
4,134.8
2,535.5
2,784.6
12,751.0
55,821.4
16,469.2
10,733.5
90,926.3
64,956.6
5,026.7
43,308.9
3,972.9
14,615.6
12,385.9
$12,568.4
Enterprise Value
/ Revenue
Trading Performance
YTD1
32.5%
32.0%
17.5%
14.7%
25.4%
(3.9%)
17.6%
(41.5%)
29.0%
45.6%
13.2%
55.1%
(6.5%)
27.8%
30.8%
(6.4%)
(0.5%)
18.3%
39.6%
3.8%
3.2%
30.5%
35.1%
(19.5%)
17.9%
Note: Comparables are pro forma for acquisitions and divestitures
High growth software defined as any company with more than 20% revenue growth
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
1 Year
34.4%
38.6%
(39.6%)
(34.3%)
31.2%
(20.7%)
(4.4%)
(81.5%)
9.1%
10.9%
46.6%
61.7%
(34.0%)
(5.4%)
(2.5%)
3.2%
1.9%
(3.9%)
13.5%
(15.4%)
(13.6%)
30.8%
51.4%
(55.6%)
(0.3%)
3 Year
27.1%
192.1%
NA
(5.0%)
98.1%
26.2%
230.6%
(87.0%)
192.6%
149.6%
NA
NA
NA
(0.2%)
178.6%
11.2%
68.8%
30.7%
(23.4%)
(22.5%)
NA
(53.3%)
268.8%
34.3%
30.7%
5 Year
191.2%
142.2%
NA
163.8%
189.0%
126.7%
NA
(87.2%)
469.5%
297.5%
NA
NA
NA
7.2%
184.3%
154.2%
253.8%
176.5%
262.6%
111.8%
NA
NA
582.9%
201.4%
184.3%
2023E
2024E
8.4x
8.4x
5.1x
9.8x
5.4x
6.2x
5.8x
0.5x
8.9x
9.8x
7.9x
6.9x
5.9x
2.3x
7.4x
9.7x
8.4x
10.3x
9.8x
5.4x
15.0x
1.7x
23.5x
7.1x
7.7x
7.0x
7.6x
4.3x
7.9x
4.7x
5.1x
4.6x
0.4x
7.5x
8.1x
7.2x
6.0x
5.0x
2.1x
6.2x
8.0x
7.0x
8.4x
8.0x
4.4x
11.0x
1.5x
18.6x
5.5x
6.6x
Enterprise Value
/ EBITDA
P/ E
Revenue Growth
EBITDA Margin
LongTerm
EPS
2023E
2024E
2023E
2024E
2023E
2024E
2023E
2024E
Growth
2023E
NM
20.1x
NM
NM
20.4x
NM
NM
11.1x
31.8x
NM
20.4x
NM
NM
6.9x
28.1x
23.4x
26.8x
32.0x
NM
NM
NM
3.4x
47.7x
39.7x
23.4x
NM
18.8x
NM
38.4x
17.4x
NM
38.1x
4.7x
26.6x
49.0x
18.1x
NA
36.4x
5.7x
23.7x
19.2x
21.8x
25.7x
NM
NM
NM
3.0x
36.7x
27.7x
23.7x
NM
27.7x
NM
NM
32.9x
NM
NM
NM
44.6x
NM
34.3x
NM
NM
11.1x
43.4x
38.7x
40.0x
48.4x
NM
NM
NM
19.5x
NM
NM
36.5x
NM
25.4x
NM
NM
27.7x
NM
NM
NM
37.5x
NM
28.3x
NM
46.0x
7.5x
37.2x
31.5x
33.2x
39.5x
NM
NM
NM
14.3x
NM
41.5x
32.4x
24.2%
28.2%
20.3%
21.3%
22.2%
22.4%
27.9%
22.7%
22.2%
20.6%
22.0%
42.2%
20.6%
59.6%
24.2%
23.9%
30.1%
22.0%
20.7%
25.3%
40.8%
27.9%
30.1%
35.1%
24.1%
19.1%
10.7%
19.1%
23.9%
14.9%
23.0%
25.8%
8.0%
19.5%
22.3%
10.1%
14.1%
17.3%
6.1%
20.0%
21.2%
19.5%
22.0%
22.0%
22.1%
36.7%
12.3%
26.3%
28.5%
19.7%
6.6%
42.0%
(19.5%)
16.8%
26.3%
2.6%
7.3%
4.3%
28.1%
15.3%
38.8%
3.5%
10.7%
33.0%
26.4%
41.3%
31.2%
32.2%
0.4%
6.5%
8.2%
51.4%
49.3%
18.0%
17.4%
7.7%
40.4%
(9.0%)
20.5%
26.8%
8.7%
12.2%
9.4%
28.1%
16.4%
39.7%
NA
13.8%
37.3%
26.2%
41.6%
32.1%
32.8%
4.7%
8.8%
11.2%
50.7%
50.8%
20.0%
20.5%
NA
18.8%
NA
74.5%
NA
21.7%
NA
NA
18.8%
29.8%
NA
NA
NA
10.2%
31.4%
24.4%
NA
31.2%
153.2%
NA
30.0%
89.9%
32.1%
45.6%
30.6%
2023E
Rule of
30.8%
70.2%
0.8%
38.2%
48.5%
24.9%
35.2%
27.0%
50.2%
35.8%
60.8%
45.7%
31.3%
92.5%
50.7%
65.2%
61.2%
54.2%
21.1%
31.8%
49.0%
79.3%
79.3%
53.1%
48.8%
402
RAYMOND JAMES INVESTMENT BANKING 41
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Medium / Low Growth Software
(USD in millions)
Capitalization
Company
2U, Inc.
8x8, Inc.
Absolute Software Corporation
ACV Auctions Inc.
Adobe Inc.
Agilysys, Inc.
Airbnb, Inc.
Akamai Technologies, Inc.
Alarm.com Holdings, Inc.
Alteryx, Inc.
Amazon.com, Inc.
American Software, Inc.
ANSYS, Inc.
Aspen Technology, Inc.
Autodesk, Inc.
Automatic Data Processing, Inc.
BigCommerce Holdings, Inc.
Blackbaud, Inc.
BlackLine, Inc.
Block, Inc.
Box, Inc.
Brightcove Inc.
Broadridge Financial Solutions, Inc.
Cadence Design Systems, Inc.
Check Point Software Technologies Ltd.
Chegg, Inc.
Cisco Systems, Inc.
Commvault Systems, Inc.
CoStar Group, Inc.
Coursera, Inc.
Criteo S.A.
CS Disco, Inc.
D2L Inc.
Dassault Systèmes SE
DocuSign, Inc.
Dropbox, Inc.
Equity
Value
$445.5
324.4
413.9
2,073.5
173,186.8
1,931.4
75,410.7
12,812.3
2,376.8
2,896.6
1,081,954.3
403.3
27,251.6
11,480.0
41,837.5
90,970.0
550.9
3,642.4
3,363.0
36,767.2
3,818.2
175.2
17,113.7
57,113.7
15,380.2
2,150.9
193,527.7
2,596.1
31,437.1
1,833.1
1,801.0
350.7
299.8
53,189.2
10,002.1
7,193.0
Enterprise
Value
$1,320.8
770.6
633.2
1,656.9
171,659.8
1,876.9
68,129.7
14,561.0
2,308.5
3,470.9
1,196,096.3
299.5
27,526.2
11,279.7
42,329.5
92,462.3
597.5
4,522.4
3,713.2
37,519.3
4,414.2
168.0
21,194.8
56,875.0
11,897.3
2,302.7
181,423.7
2,334.8
27,475.6
1,065.7
1,569.6
158.4
203.7
52,695.6
9,858.7
8,144.2
Enterprise Value
/ Revenue
Trading Performance
YTD1
(11.6%)
(33.6%)
(25.2%)
(47.9%)
12.2%
(1.4%)
40.0%
(2.8%)
(3.6%)
(18.8%)
25.5%
(18.7%)
29.9%
(13.8%)
4.2%
(7.9%)
(15.4%)
17.8%
(17.2%)
(3.3%)
(15.0%)
(20.8%)
8.4%
30.4%
1.0%
(28.8%)
(0.8%)
(7.3%)
(0.4%)
(62.3%)
20.7%
(7.0%)
17.9%
9.5%
(10.8%)
(9.1%)
1 Year
(44.5%)
(68.7%)
7.3%
(2.4%)
(4.6%)
112.0%
(21.9%)
(27.0%)
(21.9%)
(35.9%)
(15.2%)
(30.2%)
13.9%
11.6%
2.9%
0.8%
(58.6%)
19.6%
(16.9%)
(38.9%)
(13.6%)
(41.3%)
0.9%
38.8%
0.8%
(27.3%)
(3.5%)
(4.5%)
21.0%
(33.9%)
26.9%
(80.9%)
(27.4%)
(13.8%)
(39.0%)
(6.5%)
Note: Comparables are pro forma for acquisitions and divestitures
Medium / Low growth software defined as any company with less than 20% revenue growth
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
3 Year
(76.7%)
(83.1%)
(1.1%)
NA
6.8%
298.4%
NA
(16.1%)
6.6%
(63.7%)
(14.8%)
(27.5%)
19.9%
73.1%
4.1%
50.0%
NA
25.5%
(8.3%)
(6.7%)
63.9%
(46.9%)
25.4%
158.2%
20.4%
(57.9%)
11.5%
36.5%
18.7%
NA
216.7%
NA
NA
37.3%
(52.8%)
(3.2%)
5 Year
(93.1%)
(85.8%)
51.7%
NA
70.4%
562.5%
NA
14.4%
18.1%
31.6%
34.7%
(6.4%)
94.2%
101.7%
54.7%
86.3%
NA
(33.9%)
34.6%
28.4%
15.7%
(57.1%)
35.6%
422.8%
32.0%
(22.5%)
6.7%
(16.7%)
109.9%
NA
22.0%
NA
NA
71.0%
28.0%
(32.4%)
2023E
2024E
1.3x
1.0x
2.6x
3.6x
8.8x
9.5x
7.1x
3.9x
2.7x
3.5x
2.1x
2.3x
12.0x
10.3x
7.9x
5.0x
1.9x
3.9x
6.3x
1.9x
4.2x
0.8x
3.4x
14.0x
4.9x
3.1x
3.1x
3.0x
11.1x
1.8x
1.6x
1.1x
1.1x
8.0x
3.7x
3.3x
1.2x
1.0x
2.2x
2.8x
7.9x
7.1x
6.2x
3.7x
2.5x
3.1x
1.9x
2.1x
11.0x
9.2x
7.1x
4.8x
1.7x
4.0x
5.4x
1.6x
3.8x
0.7x
3.2x
12.6x
4.7x
2.9x
3.0x
2.8x
9.5x
1.5x
1.4x
1.0x
1.0x
7.4x
3.4x
3.1x
Enterprise Value
/ EBITDA
2023E
8.3x
7.9x
10.8x
NM
17.9x
NM
20.3x
9.8x
19.2x
28.8x
13.5x
14.8x
27.3x
26.2x
20.8x
18.3x
NM
13.8x
NM
28.0x
13.5x
9.5x
15.0x
31.5x
11.2x
9.4x
8.7x
14.7x
NM
NM
5.7x
NM
39.6x
22.4x
14.7x
9.1x
2024E
7.0x
6.6x
8.4x
NM
16.1x
NM
17.0x
9.0x
15.7x
21.8x
11.3x
12.2x
25.3x
18.0x
18.3x
16.3x
49.3x
12.7x
39.1x
20.3x
11.6x
6.9x
14.1x
27.9x
10.8x
8.6x
8.4x
13.3x
38.7x
NM
5.0x
NM
9.3x
20.0x
12.9x
8.5x
P/ E
Revenue Growth
2023E
2024E
22.3x
6.7x
NM
NM
24.3x
NM
35.0x
15.0x
31.2x
NM
NM
26.4x
36.3x
29.6x
27.1x
25.7x
NM
19.9x
NM
35.3x
18.6x
NM
20.4x
41.7x
15.9x
15.1x
12.1x
23.2x
NM
NM
12.4x
NM
NM
31.0x
20.9x
12.0x
10.3x
4.5x
NM
NM
21.4x
NM
29.7x
13.6x
23.7x
37.6x
41.5x
19.5x
32.6x
26.0x
23.6x
23.5x
NM
17.4x
48.0x
24.7x
15.0x
21.2x
18.7x
36.6x
14.5x
13.2x
11.4x
21.0x
NM
NM
10.6x
NM
38.1x
28.3x
18.7x
10.5x
EBITDA Margin
2023E
2024E
2023E
2024E
2.8%
2.3%
11.0%
9.8%
9.8%
3.8%
15.3%
4.0%
3.0%
18.1%
9.8%
0.7%
13.0%
14.8%
8.8%
6.4%
9.6%
7.1%
13.1%
14.8%
7.1%
0.3%
5.8%
14.4%
4.5%
(1.5%)
9.5%
(1.4%)
13.8%
16.9%
8.8%
5.4%
7.1%
9.4%
9.1%
6.7%
7.8%
5.6%
18.3%
26.3%
11.8%
34.1%
15.2%
6.5%
6.2%
15.4%
11.9%
11.9%
9.6%
12.3%
11.3%
5.0%
14.3%
(0.6%)
15.6%
14.9%
9.9%
7.3%
8.0%
10.9%
4.1%
6.9%
4.4%
5.7%
16.1%
16.0%
9.5%
18.8%
12.0%
8.4%
7.5%
5.4%
16.2%
12.9%
23.8%
(7.1%)
49.2%
15.4%
35.0%
39.7%
13.9%
12.2%
15.9%
15.7%
44.1%
39.4%
37.9%
27.5%
(3.6%)
28.4%
12.4%
6.7%
31.1%
8.3%
22.7%
44.5%
43.5%
32.4%
36.2%
20.2%
20.8%
(4.8%)
27.6%
(28.4%)
2.8%
35.8%
24.9%
36.3%
17.8%
14.5%
25.7%
3.7%
49.1%
13.4%
36.3%
40.7%
16.1%
14.0%
16.9%
17.1%
43.3%
51.3%
38.6%
29.5%
3.5%
31.2%
13.9%
8.0%
33.0%
10.7%
22.4%
45.3%
43.4%
33.4%
35.7%
21.2%
24.7%
1.0%
28.8%
(6.2%)
10.8%
36.8%
26.5%
36.7%
LongTerm
EPS
2023E
Growth
2023E
Rule of
NA
5.0%
NA
NA
14.7%
NA
18.3%
9.0%
9.3%
NA
36.7%
20.0%
8.0%
15.3%
22.2%
14.2%
NA
21.9%
41.1%
25.4%
20.0%
NA
11.1%
17.0%
5.9%
15.2%
5.7%
5.0%
20.0%
NA
NA
35.9%
NA
7.3%
14.3%
12.3%
19.0%
15.2%
34.8%
2.7%
59.0%
19.2%
50.3%
43.6%
16.9%
30.3%
25.7%
16.5%
57.1%
54.2%
46.6%
33.9%
6.0%
35.5%
25.5%
21.5%
38.2%
8.6%
28.5%
58.8%
48.0%
31.0%
45.7%
18.8%
34.6%
12.1%
36.4%
(23.0%)
9.9%
45.1%
34.0%
43.0%
402
RAYMOND JAMES INVESTMENT BANKING 42
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Medium / Low Growth Software (Cont.)
(USD in millions)
Capitalization
Company
Equity
Value
Dye & Durham Limited
E2open Parent Holdings, Inc.
eBay Inc.
Ebix, Inc.
Envestnet, Inc.
Everbridge, Inc.
F5, Inc.
Fidelity National Information Services, Inc.
Five9, Inc.
GlobalData Plc
GoDaddy Inc.
Guidewire Software, Inc.
International Business Machines Corporation
Intuit Inc.
Iress Limited
Iron Mountain Incorporated
Jack Henry & Associates, Inc.
Kinaxis Inc.
LegalZoom.com, Inc.
LivePerson, Inc.
LiveRamp Holdings, Inc.
Manhattan Associates, Inc.
MeridianLink, Inc.
MiX Telematics Limited
Model N, Inc.
MSCI Inc.
NetApp, Inc.
NetScout Systems, Inc.
New Relic, Inc.
NextGen Healthcare, Inc.
Okta, Inc.
Oracle Corporation
Pason Systems Inc.
Paychex, Inc.
PayPal Holdings, Inc.
Pegasystems Inc.
$591.1
1,901.3
24,817.0
502.5
3,446.0
1,062.6
8,124.1
34,787.6
4,638.6
1,792.3
11,667.9
6,238.1
114,786.0
124,548.6
1,248.4
16,106.6
11,922.3
3,849.7
1,793.4
351.3
1,559.0
10,354.3
1,205.4
181.5
1,162.2
38,626.6
13,452.5
1,930.9
4,923.1
1,105.2
11,053.1
255,725.2
703.0
39,604.5
85,333.3
3,784.7
Enterprise
Value
$1,451.9
3,160.3
26,188.0
1,073.9
4,336.1
1,386.7
7,628.7
52,935.6
4,814.1
2,143.8
14,707.2
6,018.8
159,136.0
130,154.6
1,511.1
29,346.9
12,219.7
3,681.2
1,615.7
702.5
1,147.5
10,191.8
1,579.0
173.7
1,171.1
42,210.3
12,995.5
1,775.0
4,693.0
1,139.5
10,840.1
339,276.2
575.9
38,918.7
86,020.3
4,113.9
Enterprise Value
/ Revenue
Trading Performance
YTD1
(12.1%)
7.2%
12.0%
(18.5%)
2.7%
(11.2%)
(6.4%)
(13.5%)
(4.5%)
7.7%
1.1%
21.8%
(10.3%)
14.1%
7.9%
10.8%
(7.0%)
22.5%
(66.5%)
(54.3%)
2.8%
36.5%
8.8%
26.3%
(24.1%)
3.7%
4.7%
(16.3%)
26.6%
(10.9%)
0.3%
15.9%
(26.0%)
(4.9%)
6.7%
33.2%
1 Year
(32.0%)
(18.7%)
(10.6%)
(45.4%)
(20.4%)
(39.0%)
(19.7%)
(40.8%)
(41.1%)
1.8%
(6.3%)
(12.4%)
(4.4%)
6.0%
(6.7%)
2.8%
(13.8%)
30.9%
(34.6%)
(79.5%)
(23.1%)
26.9%
(7.5%)
(9.5%)
19.2%
14.5%
(14.1%)
(11.7%)
13.0%
(11.2%)
(42.6%)
29.0%
(27.2%)
(13.3%)
(13.6%)
(40.4%)
Note: Comparables are pro forma for acquisitions and divestitures
Medium / Low growth software defined as any company with less than 20% revenue growth
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
3 Year
NA
NA
16.6%
(22.3%)
1.4%
(76.4%)
(3.5%)
(55.5%)
(30.0%)
2.0%
9.0%
(16.1%)
0.7%
64.5%
(9.3%)
128.5%
(0.1%)
33.0%
NA
(80.7%)
(36.4%)
133.5%
NA
(11.1%)
6.7%
47.5%
43.7%
2.8%
33.1%
58.7%
(54.7%)
78.8%
55.9%
60.3%
(38.2%)
(45.4%)
5 Year
NA
NA
22.6%
(79.0%)
16.7%
(29.6%)
(17.6%)
(38.2%)
120.8%
111.7%
17.2%
(10.0%)
(12.8%)
140.2%
(1.6%)
62.8%
36.7%
124.2%
NA
(72.4%)
(7.3%)
284.8%
NA
(28.9%)
79.6%
222.0%
(5.5%)
0.2%
2.3%
24.6%
60.1%
107.4%
(34.3%)
81.4%
1.9%
(25.3%)
2023E
4.4x
4.5x
2.6x
1.1x
3.4x
3.0x
2.7x
3.6x
5.3x
6.1x
3.4x
6.4x
2.6x
8.8x
3.6x
5.3x
5.8x
8.6x
2.6x
1.7x
1.9x
11.8x
5.1x
1.2x
4.7x
17.2x
2.1x
1.9x
4.6x
1.6x
5.1x
6.5x
2.1x
7.5x
2.9x
3.0x
2024E
4.0x
4.2x
2.5x
NA
3.0x
2.8x
2.7x
3.5x
4.5x
5.7x
3.2x
5.8x
2.5x
7.8x
3.5x
4.9x
5.4x
7.2x
2.3x
1.7x
1.7x
10.6x
4.7x
1.1x
4.1x
15.5x
2.0x
2.0x
4.0x
1.5x
4.3x
6.0x
2.0x
7.1x
2.7x
2.7x
Enterprise Value
/ EBITDA
2023E
7.6x
13.2x
8.2x
6.2x
17.0x
16.4x
8.0x
8.7x
29.7x
15.5x
13.2x
NM
10.4x
22.8x
15.8x
15.0x
17.7x
NM
16.1x
34.1x
12.7x
43.1x
14.1x
4.7x
28.6x
28.6x
8.4x
8.3x
34.0x
8.8x
NM
13.6x
4.4x
16.8x
11.4x
24.4x
2024E
7.0x
12.1x
7.7x
NA
13.4x
13.1x
7.2x
8.1x
23.3x
13.8x
11.9x
NM
9.8x
20.6x
13.7x
13.6x
16.6x
41.7x
13.7x
13.3x
8.8x
37.0x
11.9x
4.1x
23.3x
25.6x
7.3x
8.2x
26.2x
7.9x
42.1x
13.3x
4.0x
15.5x
10.3x
16.6x
P/ E
Revenue Growth
2023E
2024E
NM
NM
11.1x
8.9x
29.9x
17.6x
11.6x
9.9x
38.5x
24.3x
28.5x
NM
13.4x
30.6x
29.7x
34.2x
32.6x
NM
26.8x
NM
24.0x
NM
NM
1.1x
31.9x
37.5x
11.7x
13.5x
NM
15.4x
NM
17.7x
8.8x
24.5x
15.5x
32.9x
NM
NM
10.1x
NM
23.1x
14.5x
10.6x
9.0x
30.0x
20.9x
21.0x
NM
12.7x
27.4x
24.4x
30.2x
29.5x
NM
23.2x
48.8x
18.5x
NM
32.3x
1.1x
27.1x
32.7x
10.7x
13.1x
41.5x
13.0x
NM
15.6x
7.8x
22.8x
13.5x
21.8x
2023E
2024E
(0.2%)
8.7%
2.9%
(5.2%)
3.1%
6.3%
3.5%
(0.1%)
16.4%
19.5%
4.7%
9.8%
3.5%
4.8%
0.2%
7.5%
5.7%
16.1%
(8.4%)
(21.2%)
3.3%
14.6%
7.7%
3.5%
11.4%
9.7%
(5.4%)
5.4%
16.8%
11.7%
19.7%
12.3%
8.9%
7.1%
6.9%
9.7%
9.9%
9.1%
3.4%
NA
13.3%
7.6%
2.6%
3.5%
18.3%
8.1%
8.2%
11.8%
3.4%
13.1%
3.1%
9.1%
6.2%
19.8%
10.2%
3.2%
13.2%
11.8%
10.3%
4.4%
13.5%
11.0%
4.2%
(1.0%)
14.9%
7.7%
18.6%
8.5%
7.8%
6.0%
9.3%
10.7%
EBITDA Margin
2023E
57.3%
34.3%
32.0%
17.9%
19.9%
18.5%
33.9%
41.8%
17.9%
39.6%
26.0%
3.3%
24.6%
38.6%
22.7%
35.5%
32.5%
14.3%
15.9%
5.0%
14.9%
27.5%
36.5%
25.0%
16.3%
60.1%
25.1%
23.2%
13.4%
18.5%
7.7%
48.0%
48.8%
44.8%
25.8%
12.2%
2024E
56.5%
34.6%
32.7%
NA
22.2%
21.5%
37.0%
43.4%
19.3%
41.2%
26.6%
8.9%
25.1%
37.7%
25.3%
35.8%
32.6%
17.3%
17.0%
12.5%
19.0%
28.6%
39.1%
27.2%
17.6%
60.5%
27.7%
23.8%
15.1%
19.2%
10.1%
45.2%
50.0%
45.7%
26.1%
16.3%
LongTerm
EPS
2023E
Growth
2023E
Rule of
NA
14.0%
8.0%
10.0%
NA
25.0%
10.7%
8.1%
25.9%
18.8%
33.0%
NA
3.1%
17.1%
14.0%
4.0%
9.0%
NA
38.7%
NA
56.0%
NA
NA
NA
NA
15.0%
6.5%
NA
NA
3.1%
NA
10.3%
NA
8.1%
14.0%
NA
57.2%
43.0%
34.9%
12.7%
23.0%
24.8%
37.4%
41.7%
34.4%
59.2%
30.7%
13.1%
28.1%
43.4%
22.9%
43.0%
38.2%
30.4%
7.5%
(16.2%)
18.2%
42.1%
44.2%
28.6%
27.7%
69.7%
19.7%
28.7%
30.2%
30.2%
27.4%
60.3%
57.7%
51.8%
32.6%
21.9%
402
RAYMOND JAMES INVESTMENT BANKING 43
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Medium / Low Growth Software (Cont.)
(USD in millions)
Capitalization
Company
Equity
Value
PowerSchool Holdings, Inc.
Progress Software Corporation
PROS Holdings, Inc.
PTC Inc.
Q2 Holdings, Inc.
Qualtrics International Inc.
Qualys, Inc.
Quotient Technology Inc.
Radware Ltd.
Rapid7, Inc.
RELX PLC
RingCentral, Inc.
Roper Technologies, Inc.
Salesforce, Inc.
SAP SE
SolarWinds Corporation
SoundThinking, Inc.
Splunk Inc.
SPS Commerce, Inc.
SS&C Technologies Holdings, Inc.
Stride, Inc.
Synchronoss Technologies, Inc.
Synopsys, Inc.
Tenable Holdings inc
The Descartes Systems Group Inc.
The Sage Group plc
The Trade Desk, Inc.
Thomson Reuters Corporation
Twilio Inc.
Tyler Technologies, Inc.
Upland Software, Inc.
Varonis Systems, Inc.
Veeva Systems Inc.
Veradigm Inc.
Verint Systems Inc.
VeriSign, Inc.
$3,393.4
2,376.7
1,305.9
14,876.3
1,432.8
10,871.4
4,172.7
275.4
883.0
2,932.2
63,069.0
2,663.7
48,450.0
194,208.8
158,251.9
1,410.8
364.9
14,272.7
5,381.3
14,603.1
1,811.2
76.4
56,552.7
4,244.4
6,735.4
10,495.7
31,402.8
61,874.4
9,728.8
15,891.0
119.1
2,542.5
28,648.0
1,364.7
2,375.7
23,088.6
Enterprise
Value
$4,490.9
3,092.5
1,427.9
16,675.2
1,730.6
10,342.1
3,834.4
296.9
555.2
3,555.1
71,082.0
4,269.3
53,932.3
196,579.8
160,564.0
2,545.8
357.5
16,377.1
5,163.9
21,495.4
1,889.4
305.0
55,983.2
4,046.0
6,470.8
11,417.2
30,217.2
65,699.8
6,813.0
16,657.8
505.8
2,136.0
25,606.4
1,090.9
2,993.4
23,862.1
Enterprise Value
/ Revenue
Trading Performance
YTD1
(9.5%)
8.8%
16.9%
4.8%
(8.4%)
(40.2%)
0.6%
(17.8%)
2.0%
43.1%
15.6%
(22.1%)
5.3%
49.6%
27.5%
(7.9%)
(12.1%)
0.2%
14.7%
12.4%
37.3%
43.0%
16.3%
(3.0%)
13.7%
9.8%
43.5%
15.3%
7.5%
17.6%
(48.5%)
(3.3%)
11.0%
(29.2%)
0.6%
8.0%
1 Year
37.9%
14.4%
1.6%
10.1%
(52.4%)
(3.3%)
(17.1%)
(46.9%)
(30.3%)
(49.1%)
10.6%
(67.5%)
(3.2%)
12.7%
25.9%
(30.3%)
8.4%
(29.3%)
23.1%
(9.5%)
9.3%
(30.9%)
29.5%
(33.0%)
34.6%
11.0%
9.2%
31.6%
(53.0%)
(4.0%)
(75.4%)
(46.4%)
(1.6%)
(39.5%)
(33.1%)
24.1%
Note: Comparables are pro forma for acquisitions and divestitures
Medium / Low growth software defined as any company with less than 20% revenue growth
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
3 Year
NA
34.1%
(17.5%)
81.6%
(69.1%)
NA
7.1%
(60.7%)
(14.9%)
6.7%
47.3%
(87.9%)
33.4%
22.5%
12.8%
(74.6%)
(13.4%)
(38.6%)
165.4%
6.1%
89.2%
(74.4%)
136.3%
41.9%
83.5%
27.9%
119.9%
86.5%
(53.2%)
18.2%
(88.4%)
3.6%
(6.1%)
92.2%
(14.6%)
5.9%
5 Year
NA
48.6%
(3.9%)
52.8%
(50.0%)
NA
46.8%
(79.0%)
(8.8%)
72.1%
70.2%
(58.9%)
72.1%
64.0%
32.9%
NA
7.2%
(16.0%)
329.6%
17.9%
180.8%
(92.1%)
334.2%
NA
182.9%
28.9%
1,157.4%
196.9%
24.6%
73.1%
(86.5%)
6.3%
155.4%
7.5%
(13.3%)
88.9%
2023E
2024E
6.5x
4.5x
4.8x
7.5x
2.7x
6.1x
6.9x
1.0x
1.8x
4.6x
6.1x
1.9x
9.0x
5.7x
4.7x
3.5x
3.8x
4.2x
9.8x
3.9x
1.0x
1.2x
9.4x
5.2x
11.8x
4.2x
16.0x
9.5x
1.6x
8.5x
1.7x
4.1x
10.9x
1.7x
3.2x
15.9x
5.9x
4.2x
4.3x
6.8x
2.4x
5.4x
6.1x
1.0x
1.7x
4.0x
5.8x
1.7x
8.5x
5.1x
4.3x
3.3x
3.3x
3.8x
8.5x
3.7x
0.9x
1.2x
8.6x
4.5x
10.8x
4.0x
12.9x
8.9x
1.4x
7.8x
1.7x
3.7x
9.2x
1.6x
3.0x
14.6x
Enterprise Value
/ EBITDA
2023E
19.9x
13.9x
NM
19.2x
27.4x
43.5x
16.5x
7.9x
13.3x
44.2x
16.3x
9.0x
22.2x
19.4x
14.5x
8.5x
15.3x
22.7x
33.1x
10.0x
6.2x
6.6x
25.7x
37.8x
27.2x
17.8x
42.1x
24.3x
11.9x
34.7x
7.5x
42.1x
30.9x
6.1x
11.7x
22.2x
2024E
17.6x
12.6x
NM
16.4x
19.3x
32.7x
14.7x
6.0x
12.2x
31.8x
15.2x
7.2x
21.0x
16.4x
12.9x
8.0x
12.5x
18.4x
28.0x
9.2x
5.2x
5.7x
23.3x
29.7x
23.9x
16.3x
32.5x
22.5x
9.3x
31.1x
7.4x
34.8x
24.9x
5.4x
10.6x
20.0x
P/ E
Revenue Growth
2023E
2024E
23.2x
13.3x
NM
27.5x
42.8x
NM
27.3x
NM
25.8x
NM
23.7x
8.9x
28.0x
28.5x
23.4x
11.8x
NM
32.0x
NM
12.2x
13.5x
NM
34.7x
NM
48.3x
26.5x
NM
40.2x
41.9x
49.9x
3.6x
NM
41.6x
15.8x
13.8x
32.2x
20.5x
11.8x
NM
22.8x
25.6x
NM
24.1x
38.0x
21.3x
42.3x
21.5x
7.5x
25.5x
22.9x
19.8x
9.9x
43.8x
25.0x
46.2x
10.9x
12.3x
14.7x
30.1x
47.6x
42.6x
25.2x
44.3x
35.4x
27.9x
43.8x
3.3x
NM
34.8x
13.1x
12.4x
27.7x
2023E
2024E
15.5%
11.0%
7.9%
14.4%
11.6%
16.5%
13.7%
(9.1%)
3.0%
13.9%
13.8%
10.0%
12.1%
12.0%
4.0%
3.1%
16.4%
13.6%
17.5%
4.7%
7.7%
(3.8%)
16.1%
14.8%
13.9%
13.5%
19.4%
4.7%
13.1%
5.6%
(5.0%)
11.3%
9.9%
4.6%
2.9%
5.5%
10.6%
5.9%
11.5%
10.7%
13.1%
13.7%
13.5%
5.9%
6.8%
16.0%
6.0%
11.4%
5.9%
11.4%
8.0%
3.9%
13.8%
12.9%
14.9%
4.3%
7.8%
4.7%
10.2%
14.9%
10.1%
6.5%
24.4%
5.8%
16.1%
9.1%
(1.1%)
11.2%
18.5%
6.3%
7.4%
8.8%
EBITDA Margin
2023E
32.5%
32.5%
1.3%
39.2%
10.0%
14.1%
41.7%
13.1%
13.9%
10.4%
37.6%
21.6%
40.3%
29.5%
32.2%
40.8%
24.7%
18.7%
29.6%
39.0%
16.1%
18.6%
36.6%
13.7%
43.6%
23.6%
38.0%
38.9%
13.3%
24.5%
22.5%
9.7%
35.4%
28.0%
27.4%
71.7%
2024E
33.4%
33.7%
3.9%
41.4%
12.5%
16.5%
41.4%
16.4%
14.1%
12.5%
38.0%
24.3%
40.3%
31.4%
33.5%
41.7%
26.5%
20.5%
30.4%
40.3%
18.1%
20.8%
36.7%
15.2%
44.9%
24.3%
39.6%
39.9%
14.6%
25.1%
23.0%
10.5%
37.1%
29.4%
28.3%
73.1%
LongTerm
EPS
2023E
Growth
2023E
Rule of
NA
11.5%
NA
13.6%
NA
77.4%
NA
NA
1.0%
NA
9.8%
34.7%
3.0%
24.3%
14.3%
NA
30.0%
67.1%
25.0%
NA
20.0%
NA
17.0%
19.0%
15.0%
15.0%
28.7%
16.4%
NA
13.5%
10.0%
14.0%
19.7%
NA
10.0%
NA
48.0%
43.5%
9.2%
53.6%
21.6%
30.6%
55.4%
4.0%
16.9%
24.3%
51.5%
31.6%
52.4%
41.5%
36.1%
43.8%
41.1%
32.3%
47.0%
43.7%
23.9%
14.8%
52.7%
28.6%
57.5%
37.1%
57.4%
43.6%
26.3%
30.1%
17.5%
21.0%
45.3%
32.6%
30.2%
77.2%
402
RAYMOND JAMES INVESTMENT BANKING 44
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Medium / Low Growth Software (Cont.)
(USD in millions)
Capitalization
Company
Equity
Value
Verisk Analytics, Inc.
VMware, Inc.
Wix.com Ltd.
Workday, Inc.
Workiva Inc.
Yext, Inc.
Ziff Davis, Inc.
Zoom Video Communications, Inc.
ZoomInfo Technologies Inc.
Medium / Low Growth Software Median
$30,028.0
53,573.3
4,615.5
48,213.2
4,973.0
1,091.5
3,458.3
18,050.4
8,853.7
$4,638.6
Enterprise
Value
$33,885.4
59,950.3
4,487.5
45,340.9
4,915.3
1,019.9
3,802.3
12,734.2
9,621.9
$4,693.0
Enterprise Value
/ Revenue
Trading Performance
YTD1
1 Year
10.0%
1.8%
13.5%
11.2%
11.3%
34.5%
(7.5%)
(9.3%)
(27.2%)
1.1%
(4.9%)
15.7%
15.6%
(9.9%)
(3.2%)
51.6%
(17.2%)
(38.3%)
(53.8%)
(10.6%)
Note: Comparables are pro forma for acquisitions and divestitures
Medium / Low growth software defined as any company with less than 20% revenue growth
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
3 Year
27.0%
(4.9%)
(33.3%)
20.9%
143.6%
(31.4%)
(9.3%)
(54.6%)
NA
6.0%
5 Year
82.3%
(6.2%)
6.1%
49.1%
315.2%
(34.2%)
(7.9%)
NA
NA
24.6%
2023E
2024E
13.0x
4.3x
2.9x
6.4x
7.9x
2.5x
2.7x
2.9x
7.5x
3.9x
12.1x
3.9x
2.6x
5.4x
6.6x
2.4x
2.6x
2.7x
6.3x
3.7x
Enterprise Value
/ EBITDA
P/ E
Revenue Growth
2023E
2024E
2023E
2024E
2023E
24.3x
11.6x
36.5x
22.8x
NM
22.6x
7.6x
7.5x
17.7x
15.5x
22.1x
NM
22.2x
18.8x
NM
17.7x
7.0x
7.1x
14.8x
13.7x
35.7x
18.2x
NM
37.4x
NM
40.8x
11.6x
14.7x
22.4x
24.1x
30.5x
16.0x
36.9x
30.3x
NM
35.5x
10.7x
14.1x
19.0x
22.8x
(9.8%)
5.5%
9.9%
16.4%
17.3%
1.1%
(0.7%)
2.2%
16.7%
8.7%
2024E
7.0%
8.6%
13.3%
17.2%
18.2%
6.1%
5.4%
4.9%
18.8%
9.6%
EBITDA Margin
LongTerm
EPS
2023E
2024E
Growth
2023E
53.5%
36.8%
8.1%
27.9%
(0.3%)
11.2%
36.0%
38.2%
42.5%
25.1%
54.9%
2.8%
11.7%
28.9%
5.2%
13.5%
37.0%
38.3%
42.9%
26.5%
9.3%
12.7%
NA
29.7%
NA
NA
9.0%
9.9%
18.0%
14.3%
2023E
Rule of
43.8%
42.3%
18.0%
44.3%
17.0%
12.3%
35.3%
40.4%
59.2%
33.9%
402
RAYMOND JAMES INVESTMENT BANKING 45
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Horizontal Software
(USD in millions)
Capitalization
Company
Equity
Value
Adobe Inc.
American Software, Inc.
ANSYS, Inc.
Asana, Inc.
Aspen Technology, Inc.
Atlassian Corporation
Automatic Data Processing, Inc.
BigCommerce Holdings, Inc.
Block, Inc.
Cadence Design Systems, Inc.
Criteo S.A.
Dassault Systèmes SE
DocuSign, Inc.
E2open Parent Holdings, Inc.
eBay Inc.
Edgio, Inc.
Five9, Inc.
GoDaddy Inc.
HubSpot, Inc.
International Business Machines Corporation
Intuit Inc.
Kinaxis Inc.
LivePerson, Inc.
LiveRamp Holdings, Inc.
Manhattan Associates, Inc.
Oracle Corporation
Paychex, Inc.
Paycom Software, Inc.
Paylocity Holding Corporation
PayPal Holdings, Inc.
PROS Holdings, Inc.
PTC Inc.
Qualtrics International Inc.
Quotient Technology Inc.
Roper Technologies, Inc.
Salesforce, Inc.
$173,186.8
403.3
27,251.6
3,505.8
11,480.0
37,843.4
90,970.0
550.9
36,767.2
57,113.7
1,801.0
53,189.2
10,002.1
1,901.3
24,817.0
146.5
4,638.6
11,667.9
20,872.4
114,786.0
124,548.6
3,849.7
351.3
1,559.0
10,354.3
255,725.2
39,604.5
16,799.9
10,779.7
85,333.3
1,305.9
14,876.3
10,871.4
275.4
48,450.0
194,208.8
Enterprise
Value
$171,659.8
299.5
27,526.2
3,248.1
11,279.7
37,448.9
92,462.3
597.5
37,519.3
56,875.0
1,569.6
52,695.6
9,858.7
3,160.3
26,188.0
213.0
4,814.1
14,707.2
20,266.0
159,136.0
130,154.6
3,681.2
702.5
1,147.5
10,191.8
339,276.2
38,918.7
16,469.2
10,733.5
86,020.3
1,427.9
16,675.2
10,342.1
296.9
53,932.3
196,579.8
Note: Comparables are pro forma for acquisitions and divestitures
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
Enterprise Value
/ Revenue
Trading Performance
YTD1
12.2%
(18.7%)
29.9%
17.5%
(13.8%)
14.7%
(7.9%)
(15.4%)
(3.3%)
30.4%
20.7%
9.5%
(10.8%)
7.2%
12.0%
(41.5%)
(4.5%)
1.1%
45.6%
(10.3%)
14.1%
22.5%
(54.3%)
2.8%
36.5%
15.9%
(4.9%)
(6.4%)
(0.5%)
6.7%
16.9%
4.8%
(40.2%)
(17.8%)
5.3%
49.6%
1 Year
(4.6%)
(30.2%)
13.9%
(39.6%)
11.6%
(34.3%)
0.8%
(58.6%)
(38.9%)
38.8%
26.9%
(13.8%)
(39.0%)
(18.7%)
(10.6%)
(81.5%)
(41.1%)
(6.3%)
10.9%
(4.4%)
6.0%
30.9%
(79.5%)
(23.1%)
26.9%
29.0%
(13.3%)
3.2%
1.9%
(13.6%)
1.6%
10.1%
(3.3%)
(46.9%)
(3.2%)
12.7%
3 Year
6.8%
(27.5%)
19.9%
NA
73.1%
(5.0%)
50.0%
NA
(6.7%)
158.2%
216.7%
37.3%
(52.8%)
NA
16.6%
(87.0%)
(30.0%)
9.0%
149.6%
0.7%
64.5%
33.0%
(80.7%)
(36.4%)
133.5%
78.8%
60.3%
11.2%
68.8%
(38.2%)
(17.5%)
81.6%
NA
(60.7%)
33.4%
22.5%
5 Year
70.4%
(6.4%)
94.2%
NA
101.7%
163.8%
86.3%
NA
28.4%
422.8%
22.0%
71.0%
28.0%
NA
22.6%
(87.2%)
120.8%
17.2%
297.5%
(12.8%)
140.2%
124.2%
(72.4%)
(7.3%)
284.8%
107.4%
81.4%
154.2%
253.8%
1.9%
(3.9%)
52.8%
NA
(79.0%)
72.1%
64.0%
2023E
2024E
8.8x
2.3x
12.0x
5.1x
10.3x
9.8x
5.0x
1.9x
1.9x
14.0x
1.6x
8.0x
3.7x
4.5x
2.6x
0.5x
5.3x
3.4x
9.8x
2.6x
8.8x
8.6x
1.7x
1.9x
11.8x
6.5x
7.5x
9.7x
8.4x
2.9x
4.8x
7.5x
6.1x
1.0x
9.0x
5.7x
7.9x
2.1x
11.0x
4.3x
9.2x
7.9x
4.8x
1.7x
1.6x
12.6x
1.4x
7.4x
3.4x
4.2x
2.5x
0.4x
4.5x
3.2x
8.1x
2.5x
7.8x
7.2x
1.7x
1.7x
10.6x
6.0x
7.1x
8.0x
7.0x
2.7x
4.3x
6.8x
5.4x
1.0x
8.5x
5.1x
Enterprise Value
/ EBITDA
2023E
17.9x
14.8x
27.3x
NM
26.2x
NM
18.3x
NM
28.0x
31.5x
5.7x
22.4x
14.7x
13.2x
8.2x
11.1x
29.7x
13.2x
NM
10.4x
22.8x
NM
34.1x
12.7x
43.1x
13.6x
16.8x
23.4x
26.8x
11.4x
NM
19.2x
43.5x
7.9x
22.2x
19.4x
2024E
16.1x
12.2x
25.3x
NM
18.0x
38.4x
16.3x
49.3x
20.3x
27.9x
5.0x
20.0x
12.9x
12.1x
7.7x
4.7x
23.3x
11.9x
49.0x
9.8x
20.6x
41.7x
13.3x
8.8x
37.0x
13.3x
15.5x
19.2x
21.8x
10.3x
NM
16.4x
32.7x
6.0x
21.0x
16.4x
P/ E
Revenue Growth
2023E
2024E
24.3x
26.4x
36.3x
NM
29.6x
NM
25.7x
NM
35.3x
41.7x
12.4x
31.0x
20.9x
NM
11.1x
NM
38.5x
28.5x
NM
13.4x
30.6x
NM
NM
24.0x
NM
17.7x
24.5x
38.7x
40.0x
15.5x
NM
27.5x
NM
NM
28.0x
28.5x
21.4x
19.5x
32.6x
NM
26.0x
NM
23.5x
NM
24.7x
36.6x
10.6x
28.3x
18.7x
NM
10.1x
NM
30.0x
21.0x
NM
12.7x
27.4x
NM
48.8x
18.5x
NM
15.6x
22.8x
31.5x
33.2x
13.5x
NM
22.8x
NM
38.0x
25.5x
22.9x
2023E
9.8%
0.7%
13.0%
20.3%
14.8%
21.3%
6.4%
9.6%
14.8%
14.4%
8.8%
9.4%
9.1%
8.7%
2.9%
22.7%
16.4%
4.7%
20.6%
3.5%
4.8%
16.1%
(21.2%)
3.3%
14.6%
12.3%
7.1%
23.9%
30.1%
6.9%
7.9%
14.4%
16.5%
(9.1%)
12.1%
12.0%
2024E
11.8%
11.9%
9.6%
19.1%
12.3%
23.9%
5.0%
14.3%
14.9%
10.9%
9.5%
8.4%
7.5%
9.1%
3.4%
8.0%
18.3%
8.2%
22.3%
3.4%
13.1%
19.8%
3.2%
13.2%
11.8%
8.5%
6.0%
21.2%
19.5%
9.3%
11.5%
10.7%
13.7%
5.9%
5.9%
11.4%
EBITDA Margin
2023E
2024E
49.2%
15.7%
44.1%
(19.5%)
39.4%
16.8%
27.5%
(3.6%)
6.7%
44.5%
27.6%
35.8%
24.9%
34.3%
32.0%
4.3%
17.9%
26.0%
15.3%
24.6%
38.6%
14.3%
5.0%
14.9%
27.5%
48.0%
44.8%
41.3%
31.2%
25.8%
1.3%
39.2%
14.1%
13.1%
40.3%
29.5%
49.1%
17.1%
43.3%
(9.0%)
51.3%
20.5%
29.5%
3.5%
8.0%
45.3%
28.8%
36.8%
26.5%
34.6%
32.7%
9.4%
19.3%
26.6%
16.4%
25.1%
37.7%
17.3%
12.5%
19.0%
28.6%
45.2%
45.7%
41.6%
32.1%
26.1%
3.9%
41.4%
16.5%
16.4%
40.3%
31.4%
LongTerm
EPS
2023E
Growth
2023E
Rule of
14.7%
20.0%
8.0%
NA
15.3%
74.5%
14.2%
NA
25.4%
17.0%
NA
7.3%
14.3%
14.0%
8.0%
NA
25.9%
33.0%
29.8%
3.1%
17.1%
NA
NA
56.0%
NA
10.3%
8.1%
24.4%
NA
14.0%
NA
13.6%
77.4%
NA
3.0%
24.3%
59.0%
16.5%
57.1%
0.8%
54.2%
38.2%
33.9%
6.0%
21.5%
58.8%
36.4%
45.1%
34.0%
43.0%
34.9%
27.0%
34.4%
30.7%
35.8%
28.1%
43.4%
30.4%
(16.2%)
18.2%
42.1%
60.3%
51.8%
65.2%
61.2%
32.6%
9.2%
53.6%
30.6%
4.0%
52.4%
41.5%
402
RAYMOND JAMES INVESTMENT BANKING 46
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Horizontal Software (Cont.)
(USD in millions)
Capitalization
Company
SAP SE
Shopify Inc.
SoundThinking, Inc.
Splunk Inc.
SPS Commerce, Inc.
StoneCo Ltd.
Synchronoss Technologies, Inc.
Synopsys, Inc.
Tenable Holdings inc
The Descartes Systems Group Inc.
The Sage Group plc
The Trade Desk, Inc.
Verint Systems Inc.
Verisk Analytics, Inc.
Wix.com Ltd.
Workday, Inc.
Workiva Inc.
Yext, Inc.
ZoomInfo Technologies Inc.
Horizontal Software Median
Equity
Value
$158,251.9
68,647.1
364.9
14,272.7
5,381.3
3,851.7
76.4
56,552.7
4,244.4
6,735.4
10,495.7
31,402.8
2,375.7
30,028.0
4,615.5
48,213.2
4,973.0
1,091.5
8,853.7
$10,871.4
Enterprise
Value
$160,564.0
64,956.6
357.5
16,377.1
5,163.9
3,972.9
305.0
55,983.2
4,046.0
6,470.8
11,417.2
30,217.2
2,993.4
33,885.4
4,487.5
45,340.9
4,915.3
1,019.9
9,621.9
$11,279.7
Note: Comparables are pro forma for acquisitions and divestitures
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
Enterprise Value
/ Revenue
Trading Performance
YTD1
27.5%
39.6%
(12.1%)
0.2%
14.7%
30.5%
43.0%
16.3%
(3.0%)
13.7%
9.8%
43.5%
0.6%
10.0%
13.5%
11.2%
11.3%
34.5%
(27.2%)
9.8%
1 Year
25.9%
13.5%
8.4%
(29.3%)
23.1%
30.8%
(30.9%)
29.5%
(33.0%)
34.6%
11.0%
9.2%
(33.1%)
(4.9%)
15.6%
(9.9%)
(3.2%)
51.6%
(53.8%)
(3.2%)
3 Year
12.8%
(23.4%)
(13.4%)
(38.6%)
165.4%
(53.3%)
(74.4%)
136.3%
41.9%
83.5%
27.9%
119.9%
(14.6%)
27.0%
(33.3%)
20.9%
143.6%
(31.4%)
NA
18.2%
5 Year
32.9%
262.6%
7.2%
(16.0%)
329.6%
NA
(92.1%)
334.2%
NA
182.9%
28.9%
1,157.4%
(13.3%)
82.3%
6.1%
49.1%
315.2%
(34.2%)
NA
67.2%
2023E
2024E
4.7x
9.8x
3.8x
4.2x
9.8x
1.7x
1.2x
9.4x
5.2x
11.8x
4.2x
16.0x
3.2x
13.0x
2.9x
6.4x
7.9x
2.5x
7.5x
5.3x
4.3x
8.0x
3.3x
3.8x
8.5x
1.5x
1.2x
8.6x
4.5x
10.8x
4.0x
12.9x
3.0x
12.1x
2.6x
5.4x
6.6x
2.4x
6.3x
4.8x
Enterprise Value
/ EBITDA
P/ E
Revenue Growth
EBITDA Margin
LongTerm
EPS
2023E
2024E
2023E
2024E
2023E
2024E
2023E
2024E
Growth
2023E
14.5x
NM
15.3x
22.7x
33.1x
3.4x
6.6x
25.7x
37.8x
27.2x
17.8x
42.1x
11.7x
24.3x
36.5x
22.8x
NM
22.6x
17.7x
19.4x
12.9x
NM
12.5x
18.4x
28.0x
3.0x
5.7x
23.3x
29.7x
23.9x
16.3x
32.5x
10.6x
22.1x
22.2x
18.8x
NM
17.7x
14.8x
17.7x
23.4x
NM
NM
32.0x
NM
19.5x
NM
34.7x
NM
48.3x
26.5x
NM
13.8x
35.7x
NM
37.4x
NM
40.8x
22.4x
28.0x
19.8x
NM
43.8x
25.0x
46.2x
14.3x
14.7x
30.1x
47.6x
42.6x
25.2x
44.3x
12.4x
30.5x
36.9x
30.3x
NM
35.5x
19.0x
25.2x
4.0%
20.7%
16.4%
13.6%
17.5%
27.9%
(3.8%)
16.1%
14.8%
13.9%
13.5%
19.4%
2.9%
(9.8%)
9.9%
16.4%
17.3%
1.1%
16.7%
13.0%
8.0%
22.0%
13.8%
12.9%
14.9%
12.3%
4.7%
10.2%
14.9%
10.1%
6.5%
24.4%
7.4%
7.0%
13.3%
17.2%
18.2%
6.1%
18.8%
11.5%
32.2%
0.4%
24.7%
18.7%
29.6%
51.4%
18.6%
36.6%
13.7%
43.6%
23.6%
38.0%
27.4%
53.5%
8.1%
27.9%
(0.3%)
11.2%
42.5%
27.4%
33.5%
4.7%
26.5%
20.5%
30.4%
50.7%
20.8%
36.7%
15.2%
44.9%
24.3%
39.6%
28.3%
54.9%
11.7%
28.9%
5.2%
13.5%
42.9%
28.3%
14.3%
153.2%
30.0%
67.1%
25.0%
89.9%
NA
17.0%
19.0%
15.0%
15.0%
28.7%
10.0%
9.3%
NA
29.7%
NA
NA
18.0%
17.0%
2023E
Rule of
36.1%
21.1%
41.1%
32.3%
47.0%
79.3%
14.8%
52.7%
28.6%
57.5%
37.1%
57.4%
30.2%
43.8%
18.0%
44.3%
17.0%
12.3%
59.2%
36.1%
402
RAYMOND JAMES INVESTMENT BANKING 47
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Vertical Software
(USD in millions)
Capitalization
Company
2U, Inc.
ACV Auctions Inc.
Agilysys, Inc.
Airbnb, Inc.
Alarm.com Holdings, Inc.
AppFolio, Inc.
Autodesk, Inc.
Blackbaud, Inc.
BlackLine, Inc.
Broadridge Financial Solutions, Inc.
Chegg, Inc.
Constellation Software Inc.
CoStar Group, Inc.
Coursera, Inc.
CS Disco, Inc.
D2L Inc.
Docebo Inc.
Dye & Durham Limited
Ebix, Inc.
Envestnet, Inc.
Everbridge, Inc.
Fidelity National Information Services, Inc.
Guidewire Software, Inc.
Instructure Holdings, Inc.
Intapp, Inc.
Iress Limited
Jack Henry & Associates, Inc.
LegalZoom.com, Inc.
MeridianLink, Inc.
MiX Telematics Limited
Model N, Inc.
MSCI Inc.
nCino, Inc.
NextGen Healthcare, Inc.
Pason Systems Inc.
PowerSchool Holdings, Inc.
Equity
Value
$445.5
2,073.5
1,931.4
75,410.7
2,376.8
4,954.5
41,837.5
3,642.4
3,363.0
17,113.7
2,150.9
41,439.2
31,437.1
1,833.1
350.7
299.8
1,277.0
591.1
502.5
3,446.0
1,062.6
34,787.6
6,238.1
3,806.5
2,570.5
1,248.4
11,922.3
1,793.4
1,205.4
181.5
1,162.2
38,626.6
2,766.5
1,105.2
703.0
3,393.4
Enterprise
Value
$1,320.8
1,656.9
1,876.9
68,129.7
2,308.5
4,834.0
42,329.5
4,522.4
3,713.2
21,194.8
2,302.7
43,018.1
27,475.6
1,065.7
158.4
203.7
1,064.2
1,451.9
1,073.9
4,336.1
1,386.7
52,935.6
6,018.8
4,134.8
2,535.5
1,511.1
12,219.7
1,615.7
1,579.0
173.7
1,171.1
42,210.3
2,784.6
1,139.5
575.9
4,490.9
Note: Comparables are pro forma for acquisitions and divestitures
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
Enterprise Value
/ Revenue
Trading Performance
YTD1
(11.6%)
(47.9%)
(1.4%)
40.0%
(3.6%)
32.5%
4.2%
17.8%
(17.2%)
8.4%
(28.8%)
25.4%
(0.4%)
(62.3%)
(7.0%)
17.9%
17.6%
(12.1%)
(18.5%)
2.7%
(11.2%)
(13.5%)
21.8%
13.2%
55.1%
7.9%
(7.0%)
(66.5%)
8.8%
26.3%
(24.1%)
3.7%
(6.5%)
(10.9%)
(26.0%)
(9.5%)
1 Year
(44.5%)
(2.4%)
112.0%
(21.9%)
(21.9%)
34.4%
2.9%
19.6%
(16.9%)
0.9%
(27.3%)
31.2%
21.0%
(33.9%)
(80.9%)
(27.4%)
(4.4%)
(32.0%)
(45.4%)
(20.4%)
(39.0%)
(40.8%)
(12.4%)
46.6%
61.7%
(6.7%)
(13.8%)
(34.6%)
(7.5%)
(9.5%)
19.2%
14.5%
(34.0%)
(11.2%)
(27.2%)
37.9%
3 Year
(76.7%)
NA
298.4%
NA
6.6%
27.1%
4.1%
25.5%
(8.3%)
25.4%
(57.9%)
98.1%
18.7%
NA
NA
NA
230.6%
NA
(22.3%)
1.4%
(76.4%)
(55.5%)
(16.1%)
NA
NA
(9.3%)
(0.1%)
NA
NA
(11.1%)
6.7%
47.5%
NA
58.7%
55.9%
NA
5 Year
(93.1%)
NA
562.5%
NA
18.1%
191.2%
54.7%
(33.9%)
34.6%
35.6%
(22.5%)
189.0%
109.9%
NA
NA
NA
NA
NA
(79.0%)
16.7%
(29.6%)
(38.2%)
(10.0%)
NA
NA
(1.6%)
36.7%
NA
NA
(28.9%)
79.6%
222.0%
NA
24.6%
(34.3%)
NA
2023E
1.3x
3.6x
9.5x
7.1x
2.7x
8.4x
7.9x
3.9x
6.3x
3.4x
3.1x
5.4x
11.1x
1.8x
1.1x
1.1x
5.8x
4.4x
1.1x
3.4x
3.0x
3.6x
6.4x
7.9x
6.9x
3.6x
5.8x
2.6x
5.1x
1.2x
4.7x
17.2x
5.9x
1.6x
2.1x
6.5x
2024E
1.2x
2.8x
7.1x
6.2x
2.5x
7.0x
7.1x
4.0x
5.4x
3.2x
2.9x
4.7x
9.5x
1.5x
1.0x
1.0x
4.6x
4.0x
NA
3.0x
2.8x
3.5x
5.8x
7.2x
6.0x
3.5x
5.4x
2.3x
4.7x
1.1x
4.1x
15.5x
5.0x
1.5x
2.0x
5.9x
Enterprise Value
/ EBITDA
2023E
8.3x
NM
NM
20.3x
19.2x
NM
20.8x
13.8x
NM
15.0x
9.4x
20.4x
NM
NM
NM
39.6x
NM
7.6x
6.2x
17.0x
16.4x
8.7x
NM
20.4x
NM
15.8x
17.7x
16.1x
14.1x
4.7x
28.6x
28.6x
NM
8.8x
4.4x
19.9x
2024E
7.0x
NM
NM
17.0x
15.7x
NM
18.3x
12.7x
39.1x
14.1x
8.6x
17.4x
38.7x
NM
NM
9.3x
38.1x
7.0x
NA
13.4x
13.1x
8.1x
NM
18.1x
NA
13.7x
16.6x
13.7x
11.9x
4.1x
23.3x
25.6x
36.4x
7.9x
4.0x
17.6x
P/ E
Revenue Growth
2023E
2024E
22.3x
NM
NM
35.0x
31.2x
NM
27.1x
19.9x
NM
20.4x
15.1x
32.9x
NM
NM
NM
NM
NM
NM
8.9x
29.9x
17.6x
9.9x
NM
34.3x
NM
29.7x
32.6x
26.8x
NM
1.1x
31.9x
37.5x
NM
15.4x
8.8x
23.2x
10.3x
NM
NM
29.7x
23.7x
NM
23.6x
17.4x
48.0x
18.7x
13.2x
27.7x
NM
NM
NM
38.1x
NM
NM
NM
23.1x
14.5x
9.0x
NM
28.3x
NM
24.4x
29.5x
23.2x
32.3x
1.1x
27.1x
32.7x
46.0x
13.0x
7.8x
20.5x
EBITDA Margin
2023E
2024E
2023E
2024E
2.8%
9.8%
3.8%
15.3%
3.0%
24.2%
8.8%
7.1%
13.1%
5.8%
(1.5%)
22.2%
13.8%
16.9%
5.4%
7.1%
27.9%
(0.2%)
(5.2%)
3.1%
6.3%
(0.1%)
9.8%
22.0%
42.2%
0.2%
5.7%
(8.4%)
7.7%
3.5%
11.4%
9.7%
20.6%
11.7%
8.9%
15.5%
7.8%
26.3%
34.1%
15.2%
6.2%
19.1%
11.3%
(0.6%)
15.6%
8.0%
6.9%
14.9%
16.1%
16.0%
18.8%
12.0%
25.8%
9.9%
NA
13.3%
7.6%
3.5%
11.8%
10.1%
14.1%
3.1%
6.2%
10.2%
10.3%
4.4%
13.5%
11.0%
17.3%
7.7%
7.8%
10.6%
16.2%
(7.1%)
15.4%
35.0%
13.9%
6.6%
37.9%
28.4%
12.4%
22.7%
32.4%
26.3%
20.8%
(4.8%)
(28.4%)
2.8%
7.3%
57.3%
17.9%
19.9%
18.5%
41.8%
3.3%
38.8%
3.5%
22.7%
32.5%
15.9%
36.5%
25.0%
16.3%
60.1%
10.7%
18.5%
48.8%
32.5%
17.8%
3.7%
13.4%
36.3%
16.1%
7.7%
38.6%
31.2%
13.9%
22.4%
33.4%
26.8%
24.7%
1.0%
(6.2%)
10.8%
12.2%
56.5%
NA
22.2%
21.5%
43.4%
8.9%
39.7%
NA
25.3%
32.6%
17.0%
39.1%
27.2%
17.6%
60.5%
13.8%
19.2%
50.0%
33.4%
LongTerm
EPS
2023E
Growth
2023E
Rule of
NA
NA
NA
18.3%
9.3%
NA
22.2%
21.9%
41.1%
11.1%
15.2%
NA
20.0%
NA
35.9%
NA
NA
NA
10.0%
NA
25.0%
8.1%
NA
NA
NA
14.0%
9.0%
38.7%
NA
NA
NA
15.0%
NA
3.1%
NA
NA
19.0%
2.7%
19.2%
50.3%
16.9%
30.8%
46.6%
35.5%
25.5%
28.5%
31.0%
48.5%
34.6%
12.1%
(23.0%)
9.9%
35.2%
57.2%
12.7%
23.0%
24.8%
41.7%
13.1%
60.8%
45.7%
22.9%
38.2%
7.5%
44.2%
28.6%
27.7%
69.7%
31.3%
30.2%
57.7%
48.0%
402
RAYMOND JAMES INVESTMENT BANKING 48
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Vertical Software (Cont.)
(USD in millions)
Capitalization
Company
Equity
Value
Q2 Holdings, Inc.
RELX PLC
SS&C Technologies Holdings, Inc.
Stride, Inc.
Thomson Reuters Corporation
Tyler Technologies, Inc.
Veeva Systems Inc.
Veradigm Inc.
WiseTech Global Limited
Vertical Software Median
$1,432.8
63,069.0
14,603.1
1,811.2
61,874.4
15,891.0
28,648.0
1,364.7
14,918.8
$2,570.5
Enterprise
Value
$1,730.6
71,082.0
21,495.4
1,889.4
65,699.8
16,657.8
25,606.4
1,090.9
14,615.6
$2,535.5
Note: Comparables are pro forma for acquisitions and divestitures
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
Enterprise Value
/ Revenue
Trading Performance
YTD1
(8.4%)
15.6%
12.4%
37.3%
15.3%
17.6%
11.0%
(29.2%)
35.1%
2.7%
1 Year
(52.4%)
10.6%
(9.5%)
9.3%
31.6%
(4.0%)
(1.6%)
(39.5%)
51.4%
(9.5%)
3 Year
(69.1%)
47.3%
6.1%
89.2%
86.5%
18.2%
(6.1%)
92.2%
268.8%
6.7%
5 Year
(50.0%)
70.2%
17.9%
180.8%
196.9%
73.1%
155.4%
7.5%
582.9%
29.6%
Enterprise Value
/ EBITDA
P/ E
2023E
2024E
2023E
2024E
2023E
2024E
2.7x
6.1x
3.9x
1.0x
9.5x
8.5x
10.9x
1.7x
23.5x
4.4x
2.4x
5.8x
3.7x
0.9x
8.9x
7.8x
9.2x
1.6x
18.6x
4.0x
27.4x
16.3x
10.0x
6.2x
24.3x
34.7x
30.9x
6.1x
47.7x
16.3x
19.3x
15.2x
9.2x
5.2x
22.5x
31.1x
24.9x
5.4x
36.7x
15.2x
42.8x
23.7x
12.2x
13.5x
40.2x
49.9x
41.6x
15.8x
NM
25.3x
25.6x
21.5x
10.9x
12.3x
35.4x
43.8x
34.8x
13.1x
NM
23.6x
Revenue Growth
2023E
11.6%
13.8%
4.7%
7.7%
4.7%
5.6%
9.9%
4.6%
30.1%
7.7%
EBITDA Margin
LongTerm
EPS
2024E
2023E
2024E
Growth
2023E
13.1%
6.0%
4.3%
7.8%
5.8%
9.1%
18.5%
6.3%
26.3%
10.5%
10.0%
37.6%
39.0%
16.1%
38.9%
24.5%
35.4%
28.0%
49.3%
22.7%
12.5%
38.0%
40.3%
18.1%
39.9%
25.1%
37.1%
29.4%
50.8%
25.1%
NA
9.8%
NA
20.0%
16.4%
13.5%
19.7%
NA
32.1%
16.4%
2023E
Rule of
21.6%
51.5%
43.7%
23.9%
43.6%
30.1%
45.3%
32.6%
79.3%
31.0%
402
RAYMOND JAMES INVESTMENT BANKING 49
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Infrastructure Software
(USD in millions)
Capitalization
Company
8x8, Inc.
Absolute Software Corporation
Akamai Technologies, Inc.
Alteryx, Inc.
Amazon.com, Inc.
Arista Networks, Inc.
Box, Inc.
Brightcove Inc.
Check Point Software Technologies Ltd.
Cisco Systems, Inc.
Commvault Systems, Inc.
CyberArk Software Ltd.
Dropbox, Inc.
F5, Inc.
Fortinet, Inc.
GlobalData Plc
Iron Mountain Incorporated
NetApp, Inc.
NetScout Systems, Inc.
New Relic, Inc.
Okta, Inc.
Open Text Corporation
Palo Alto Networks, Inc.
Pegasystems Inc.
Progress Software Corporation
Qualys, Inc.
Radware Ltd.
Rapid7, Inc.
RingCentral, Inc.
ServiceNow, Inc.
Smartsheet Inc.
Snowflake Inc.
SolarWinds Corporation
Twilio Inc.
Upland Software, Inc.
Varonis Systems, Inc.
Equity
Value
$324.4
413.9
12,812.3
2,896.6
1,081,954.3
49,375.5
3,818.2
175.2
15,380.2
193,527.7
2,596.1
5,112.2
7,193.0
8,124.1
49,452.7
1,792.3
16,106.6
13,452.5
1,930.9
4,923.1
11,053.1
10,123.0
55,213.8
3,784.7
2,376.7
4,172.7
883.0
2,932.2
2,663.7
93,602.3
5,416.3
48,126.0
1,410.8
9,728.8
119.1
2,542.5
Enterprise
Value
$770.6
633.2
14,561.0
3,470.9
1,196,096.3
46,415.6
4,414.2
168.0
11,897.3
181,423.7
2,334.8
4,536.2
8,144.2
7,628.7
48,327.8
2,143.8
29,346.9
12,995.5
1,775.0
4,693.0
10,840.1
12,751.0
55,821.4
4,113.9
3,092.5
3,834.4
555.2
3,555.1
4,269.3
90,926.3
5,026.7
43,308.9
2,545.8
6,813.0
505.8
2,136.0
Note: Comparables are pro forma for acquisitions and divestitures
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
Enterprise Value
/ Revenue
Trading Performance
YTD1
(33.6%)
(25.2%)
(2.8%)
(18.8%)
25.5%
32.0%
(15.0%)
(20.8%)
1.0%
(0.8%)
(7.3%)
(3.9%)
(9.1%)
(6.4%)
29.0%
7.7%
10.8%
4.7%
(16.3%)
26.6%
0.3%
27.8%
30.8%
33.2%
8.8%
0.6%
2.0%
43.1%
(22.1%)
18.3%
3.8%
3.2%
(7.9%)
7.5%
(48.5%)
(3.3%)
1 Year
(68.7%)
7.3%
(27.0%)
(35.9%)
(15.2%)
38.6%
(13.6%)
(41.3%)
0.8%
(3.5%)
(4.5%)
(20.7%)
(6.5%)
(19.7%)
9.1%
1.8%
2.8%
(14.1%)
(11.7%)
13.0%
(42.6%)
(5.4%)
(2.5%)
(40.4%)
14.4%
(17.1%)
(30.3%)
(49.1%)
(67.5%)
(3.9%)
(15.4%)
(13.6%)
(30.3%)
(53.0%)
(75.4%)
(46.4%)
3 Year
(83.1%)
(1.1%)
(16.1%)
(63.7%)
(14.8%)
192.1%
63.9%
(46.9%)
20.4%
11.5%
36.5%
26.2%
(3.2%)
(3.5%)
192.6%
2.0%
128.5%
43.7%
2.8%
33.1%
(54.7%)
(0.2%)
178.6%
(45.4%)
34.1%
7.1%
(14.9%)
6.7%
(87.9%)
30.7%
(22.5%)
NA
(74.6%)
(53.2%)
(88.4%)
3.6%
5 Year
(85.8%)
51.7%
14.4%
31.6%
34.7%
142.2%
15.7%
(57.1%)
32.0%
6.7%
(16.7%)
126.7%
(32.4%)
(17.6%)
469.5%
111.7%
62.8%
(5.5%)
0.2%
2.3%
60.1%
7.2%
184.3%
(25.3%)
48.6%
46.8%
(8.8%)
72.1%
(58.9%)
176.5%
111.8%
NA
NA
24.6%
(86.5%)
6.3%
2023E
2024E
1.0x
2.6x
3.9x
3.5x
2.1x
8.4x
4.2x
0.8x
4.9x
3.1x
3.0x
6.2x
3.3x
2.7x
8.9x
6.1x
5.3x
2.1x
1.9x
4.6x
5.1x
2.3x
7.4x
3.0x
4.5x
6.9x
1.8x
4.6x
1.9x
10.3x
5.4x
15.0x
3.5x
1.6x
1.7x
4.1x
1.0x
2.2x
3.7x
3.1x
1.9x
7.6x
3.8x
0.7x
4.7x
3.0x
2.8x
5.1x
3.1x
2.7x
7.5x
5.7x
4.9x
2.0x
2.0x
4.0x
4.3x
2.1x
6.2x
2.7x
4.2x
6.1x
1.7x
4.0x
1.7x
8.4x
4.4x
11.0x
3.3x
1.4x
1.7x
3.7x
Enterprise Value
/ EBITDA
2023E
7.9x
10.8x
9.8x
28.8x
13.5x
20.1x
13.5x
9.5x
11.2x
8.7x
14.7x
NM
9.1x
8.0x
31.8x
15.5x
15.0x
8.4x
8.3x
34.0x
NM
6.9x
28.1x
24.4x
13.9x
16.5x
13.3x
44.2x
9.0x
32.0x
NM
NM
8.5x
11.9x
7.5x
42.1x
2024E
6.6x
8.4x
9.0x
21.8x
11.3x
18.8x
11.6x
6.9x
10.8x
8.4x
13.3x
NM
8.5x
7.2x
26.6x
13.8x
13.6x
7.3x
8.2x
26.2x
42.1x
5.7x
23.7x
16.6x
12.6x
14.7x
12.2x
31.8x
7.2x
25.7x
NM
NM
8.0x
9.3x
7.4x
34.8x
P/ E
Revenue Growth
2023E
2024E
6.7x
NM
15.0x
NM
NM
27.7x
18.6x
NM
15.9x
12.1x
23.2x
NM
12.0x
11.6x
44.6x
24.3x
34.2x
11.7x
13.5x
NM
NM
11.1x
43.4x
32.9x
13.3x
27.3x
25.8x
NM
8.9x
48.4x
NM
NM
11.8x
41.9x
3.6x
NM
4.5x
NM
13.6x
37.6x
41.5x
25.4x
15.0x
21.2x
14.5x
11.4x
21.0x
NM
10.5x
10.6x
37.5x
20.9x
30.2x
10.7x
13.1x
41.5x
NM
7.5x
37.2x
21.8x
11.8x
24.1x
21.3x
42.3x
7.5x
39.5x
NM
NM
9.9x
27.9x
3.3x
NM
2023E
2024E
2.3%
11.0%
4.0%
18.1%
9.8%
28.2%
7.1%
0.3%
4.5%
9.5%
(1.4%)
22.4%
6.7%
3.5%
22.2%
19.5%
7.5%
(5.4%)
5.4%
16.8%
19.7%
59.6%
24.2%
9.7%
11.0%
13.7%
3.0%
13.9%
10.0%
22.0%
25.3%
40.8%
3.1%
13.1%
(5.0%)
11.3%
5.6%
18.3%
6.5%
15.4%
11.9%
10.7%
9.9%
7.3%
4.1%
4.4%
5.7%
23.0%
5.4%
2.6%
19.5%
8.1%
9.1%
4.2%
(1.0%)
14.9%
18.6%
6.1%
20.0%
10.7%
5.9%
13.5%
6.8%
16.0%
11.4%
22.0%
22.1%
36.7%
3.9%
16.1%
(1.1%)
11.2%
EBITDA Margin
2023E
12.9%
23.8%
39.7%
12.2%
15.9%
42.0%
31.1%
8.3%
43.5%
36.2%
20.2%
2.6%
36.3%
33.9%
28.1%
39.6%
35.5%
25.1%
23.2%
13.4%
7.7%
33.0%
26.4%
12.2%
32.5%
41.7%
13.9%
10.4%
21.6%
32.2%
6.5%
8.2%
40.8%
13.3%
22.5%
9.7%
2024E
14.5%
25.7%
40.7%
14.0%
16.9%
40.4%
33.0%
10.7%
43.4%
35.7%
21.2%
8.7%
36.7%
37.0%
28.1%
41.2%
35.8%
27.7%
23.8%
15.1%
10.1%
37.3%
26.2%
16.3%
33.7%
41.4%
14.1%
12.5%
24.3%
32.8%
8.8%
11.2%
41.7%
14.6%
23.0%
10.5%
LongTerm
EPS
2023E
Growth
2023E
Rule of
5.0%
NA
9.0%
NA
36.7%
18.8%
20.0%
NA
5.9%
5.7%
5.0%
21.7%
12.3%
10.7%
18.8%
18.8%
4.0%
6.5%
NA
NA
NA
10.2%
31.4%
NA
11.5%
NA
1.0%
NA
34.7%
31.2%
NA
30.0%
NA
NA
10.0%
14.0%
15.2%
34.8%
43.6%
30.3%
25.7%
70.2%
38.2%
8.6%
48.0%
45.7%
18.8%
24.9%
43.0%
37.4%
50.2%
59.2%
43.0%
19.7%
28.7%
30.2%
27.4%
92.5%
50.7%
21.9%
43.5%
55.4%
16.9%
24.3%
31.6%
54.2%
31.8%
49.0%
43.8%
26.3%
17.5%
21.0%
402
RAYMOND JAMES INVESTMENT BANKING 50
SOFTWARE INSIGHT
April 2023
Trading Analysis by Sector
Infrastructure Software (Cont.)
(USD in millions)
Capitalization
Company
Equity
Value
VeriSign, Inc.
VMware, Inc.
Ziff Davis, Inc.
Zoom Video Communications, Inc.
Zscaler, Inc.
Infrastructure Software Median
$23,088.6
53,573.3
3,458.3
18,050.4
13,075.3
$5,416.3
Enterprise
Value
$23,862.1
59,950.3
3,802.3
12,734.2
12,385.9
$5,026.7
Note: Comparables are pro forma for acquisitions and divestitures
Source: Capital IQ as of market close on April 30th, 2023
1. Reflects trading performance since IPO if YTD data is not available
2. Rule of 40% calculated as revenue growth + EBITDA margin
Enterprise Value
/ Revenue
Trading Performance
YTD1
1 Year
8.0%
1.8%
(7.5%)
(9.3%)
(19.5%)
0.6%
24.1%
15.7%
(17.2%)
(38.3%)
(55.6%)
(15.2%)
3 Year
5.9%
(4.9%)
(9.3%)
(54.6%)
34.3%
0.9%
5 Year
88.9%
(6.2%)
(7.9%)
NA
201.4%
20.2%
Enterprise Value
/ EBITDA
P/ E
Revenue Growth
2023E
2024E
2023E
2024E
2023E
2024E
2023E
15.9x
4.3x
2.7x
2.9x
7.1x
3.9x
14.6x
3.9x
2.6x
2.7x
5.5x
3.7x
22.2x
11.6x
7.6x
7.5x
39.7x
13.3x
20.0x
NM
7.0x
7.1x
27.7x
11.6x
32.2x
18.2x
11.6x
14.7x
NM
15.9x
27.7x
16.0x
10.7x
14.1x
41.5x
20.9x
5.5%
5.5%
(0.7%)
2.2%
35.1%
9.8%
2024E
8.8%
8.6%
5.4%
4.9%
28.5%
9.1%
EBITDA Margin
LongTerm
EPS
2023E
2024E
Growth
2023E
71.7%
36.8%
36.0%
38.2%
18.0%
25.1%
73.1%
2.8%
37.0%
38.3%
20.0%
25.7%
NA
12.7%
9.0%
9.9%
45.6%
11.9%
2023E
Rule of
77.2%
42.3%
35.3%
40.4%
53.1%
37.4%
402
RAYMOND JAMES INVESTMENT BANKING 51
SOFTWARE INSIGHT
April 2023
Disclosures
Sources of data include Capital IQ, FactSet and other news organizations.
Information obtained from third-party sources is considered reliable, but
we do not guarantee that the information herein is accurate or complete.
This report was prepared within Raymond James and Associates’
Investment Banking Department and is for information purposes only.
This report is not a product of Raymond James and Associates’ Research
Department; recipients of this report should not interpret the information
herein as sufficient grounds for an investment decision or any other
decision. The report shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities mentioned herein; past
performance does not guarantee future results.
This presentation includes logos or other words or devices that may be
registered trademarks of their respective owners. Such use is solely for
purposes of convenience in referring to the trademark owners and their
products/services. This presentation and its contents are not endorsed,
sponsored or affiliated with any trademark owner. Raymond James &
Associates, Inc. and its affiliates are not affiliated with any trademark
owner but may provide certain financial services to one or more
trademark owners or their affiliates.
Ent. Value = Enterprise Value
LTM = Last Twelve Months
EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization
Raymond James Financial Inc.
880 Carillon Parkway
St. Petersburg, FL 33716
(727) 567-1000
Additional information is available upon request.
FOR INSTITUTIONAL USE ONLY
INVESTMENT BANKING
© 2023 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Raymond James® is a registered trademark of Raymond James Financial, Inc.
Raymond James Financial International Limited is authorized and regulated by the Financial Conduct Authority (FRN 188244).
Raymond James Corporate Finance GmbH is authorized by the Federal Financial Supervisory Authority – BaFin (ID 10159043).