2018年Q1全球软件市场展望（英文版）.pdf

Global Software Market Perspectives Q1 2018 Important disclosures appear at the back of this report GP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 1 Key Sector Takeaways 2 Recent Software Transaction Trends 3 Public Market SaaS Analyses 4 Key SaaS Metrics 5 SaaS CEO Commentary 6 Appendix A: GP Bullhound SaaS Index 7 Appendix B: Software Public Comps by Category Appendix C: GP Bullhound Software Report 8 Overview, Software Credentials Team 2 Q1 SaaS Market Highlights ▪ Software consolidators are hyper focused on “growth acquisitions” – SaaS companies with as little as $5 million of ARR have attracted such interest when growing north of 100% – Acquirers are not evaluating build vs. buy as often in these scenarios – Targets are being integrated, but left alone to continue momentum and growth ▪ Strategic MA processes have been catalyzed through “market checks” in parallel to companies’ investment processes – Companies are weighing the advantages of exiting prior to their next financing as opposed to further dilution and time horizon – Investor interest and term sheets can often drive strategics to act – All opportunities should be considered and we have seen founders benefit from exploring and understanding their options ▪ We have also started to see a number of “soft landing” exits for start-ups – Companies exiting to strategics or PE buyers in lieu of raising fresh capital and continued standalone growth – This is a trend in difficult sub-sectors (consumer, parts of digital marketing) and with non-category leading companies ▪ Despite the initial tailwinds for a robust IPO market in 2018, volatility could t