2022-08-22-Kroll-2022年全球软件行业报告（EN）_30页_2mb

Industry Insights Summary

Core Content

The document provides an update on the global software sector in late spring 2022, highlighting key trends in M&A activity, valuations, and public market performance. It outlines the dynamics of deal volume and value, the role of SPACs, and the performance of SaaS companies, along with notable acquisitions and IPO activity.

Main Points

1. M&A Activity in Q1 2022

• Deal Volume: Q1 2022 recorded the highest deal volume since Q1 2011, with a record 709 deals.
• Deal Value: Despite the record volume, total deal value dropped significantly, with large-cap deals (>$1bn) falling by about 50% compared to 2021.
• Mid-Market Activity: There was robust M&A activity in the mid-market (<$1bn), driven by private equity (PE) and strategic acquirers.
• SPAC Deals: SPAC deal activity was notably reduced, contributing less than 10% of total deal value.

2. Software and SaaS M&A Valuations

• PE Deals: Median deal multiples for PE-backed transactions were 6.3x.
• Strategic Deals: Median deal multiples for strategic acquirers were 7.6x.
• Deal Multiples by Quartile:
  • Top quartile SaaS deals commanded an average premium of 49%–125% over the median.
  • Third quartile deals had the highest multiples.
• Convergence of Valuations: Public company and transaction multiples are expected to converge due to public market turbulence and more disciplined PE valuations.

3. Notable Software Acquisitions in Q1 2022

• Citrix (Acquired by Vista): $16.5bn, 5.2x multiple. Combines secure digital workspace with real-time data analytics.
• Mandiant (Acquired by Google): $5.3bn, 11.6x multiple. Enhances Google Cloud's security operations.
• Cloudmed (Acquired by R1): $4.1bn. Strengthens R1's healthcare platform with AI-based solutions.
• Anaplan (Acquired by Thoma Bravo): $10.4bn, 17.6x multiple. Focuses on connected planning.
• Wind River (Acquired by Aptiv): $4.3bn. Expands Aptiv's software-defined mobility capabilities.
• Vocera (Acquired by Stryker): $3.2bn, 14.2x multiple. Enhances Stryker's medical solutions with clinical communication software.

4. Public Market Trends

• Stock Price Performance: Most SaaS companies traded significantly below their 52-week highs, with some experiencing sharp declines.
• Market Multiples: Public software market multiples ranged from 3.7x to 10.1x, with a median of 7.1x for CY2022 revenues.
• IPO Activity: Q1 2022 saw a slowdown in IPO activity following a busy 2021, with most companies trading below their first-day closing prices.

5. Selected Recent M&A Transactions

• 360Learning acquires Looop: Enhances collaborative learning and data-driven automation.
• Sage acquires Brightpearl: Expands Sage's offerings in retail management systems.
• Zimmerium acquires whiteCryption: Strengthens mobile security capabilities with app-shielding technology.

Key Information

• Macro Trends: Persistent inflation and tightening monetary policy have impacted credit markets and high-beta assets.
• Public SaaS Companies: Many SaaS companies have seen their valuations return to or fall below pre-pandemic levels.
• PE Activity: PE buyers remain active in the mid-market, showing continued confidence in the software sector.
• Strategic Buyers: Strategic acquirers are becoming more selective in their purchases, focusing on premium assets.
• IPO Performance: Recent IPOs have struggled, with most companies trading below their initial offering prices.

Summary Table

Conclusion

The software sector in Q1 2022 showed a mixed picture, with record deal volume but a significant drop in deal value, particularly for large-cap transactions. Mid-market activity remained strong, driven by PE and strategic buyers, while public SaaS companies faced valuation pressures due to macroeconomic headwinds. The trend suggests a convergence of public and private market valuations as the year progresses.