2017年Q3SaaS行业并购趋势报告（英文版）_24页-2mb

SEG SaaS M&A Summary - 3Q17

Core Content

The Software Equity Group (SEG) reported significant activity in the SaaS M&A market during the third quarter of 2017. The year has been record-breaking, with eight deals closed in the first three quarters and an expectation of double-digit transaction volume by year-end. SEG's role includes strategic M&A representation, majority recapitalizations, divestitures, and board advisory services for software companies.

Main Points

SaaS M&A Trends in 3Q17

• Total Software M&A Transactions: 593, with an expected revision to over 600 by the next quarter.
• SaaS Transactions: 204, representing a 4.6% increase from the previous quarter and a 5.7% year-over-year (YOY) increase from 3Q16.
• Expected Annual SaaS Transactions: Approximately 820, a 10% increase over 2016's 740 transactions.
• SaaS Deal Volume as a Percentage of Total Software Transactions: Nearly 45%.
• Median EV/Revenue Multiple: 4.5x in 3Q17, continuing to hover near all-time highs.
• Top SaaS Product Category: CRM & Marketing, accounting for 20.5% of all SaaS transactions, double the second highest category, Analytics & Business Intelligence.

Vertical Focus

• Vertical SaaS Deals: 25% of all SaaS sellers in 3Q17.
• Most Active Vertical Category: Education, comprising 17% of all companies with a vertical focus.

Strategic Buyers

• Equity Backed Strategic Buyers: Accounted for 40.9% of SaaS M&A transactions in 3Q17, surpassing publicly traded strategic buyers.
• Most Active Private Equity Buyers: Thoma Bravo, Vista Equity Partners, TPG Capital, and Francisco Partners.

SaaS vs. On Premise

• SaaS Deal Volume Growth: Steadily increasing since 2010.
• On Premise Deal Volume: Decreasing over the past two years.
• Valuation Difference: SaaS deals commanded a nearly 150% premium over on premise deals in 3Q17.

Key Highlights

Top SaaS M&A Deals in 3Q17

• Global Payments acquired ACTIVE Network's communities and sports divisions for $1.2B, forming a partnership with Vista Equity Partners.
• Sage Group acquired Intacct for $850M (9.7x EV/Rev).
• Dassault Systemes acquired Exa Corporation for $381.86M (5.3x EV/Rev).
• RealPage acquired On-Site for $250M.
• Envestnet acquired FolioDynamix for $195M.

Notable Lower – Mid Market Deals (3Q17)

• GENUI Partners acquired acrolinx for $60M.
• Investcorp acquired HQP for $40M and Impero for $36.3M.
• Aptitude Software acquired RevStream for $15.7M.
• WiseTech Global acquired CargoSphere for $9.2M.

Summary Table

Conclusion

SEG has been instrumental in facilitating SaaS M&A activity in 2017, with a notable increase in deal volume and valuation multiples. The market shows a clear shift towards SaaS as companies continue to adopt cloud-based solutions, with CRM & Marketing leading in transaction activity. Private equity-backed strategic buyers remain dominant, and the education vertical is showing significant interest in SaaS acquisitions. The overall trend indicates a strong and growing SaaS M&A market.