Harris Williams Overview

Harris Williams (“HW”)

  • 25+ years and more than 1,000 closed transactions 
  • 360+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 10 industry groups

Focused Advisory Services

  • Mergers and acquisitions (M&A)
  • Capital raises 
  • Corporate divestitures

Consistent Recognition for Quality

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HW Technology, Media & Telecom (“TMT”) Group

  • 35+ dedicated TMT professionals 
  • TMT offices include Boston, San Francisco, and London

Key TMT Themes

  • SaaS / Cloud
  • Data & Analytics
  • Digital Transformation
  • A.I. / Machine Learning

Horizontal Focus Sectors

  • Application Software
  • Cloud Managed Services and Hosting Solutions
  • Compliance Solutions
  • CRM and Marketing Automation
  • Human Capital Management
  • Infrastructure and Security Software
  • IT and Tech-Enabled Services
  • Marketing, Research, and Insights Software

Vertical Focus Sectors

  • Architecture, Engineering, and Construction Software
  • Education Technology and Services
  • Energy Technology
  • Facilities and Real Estate Software
  • Financial Technology and Payments
  • Government Technology
  • Healthcare IT
  • Industrial and Supply Chain Technology
  • Internet and eCommerce
  • Retail Technology

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Infrastructure Software Taxonomy

Software Development / DevOps

Solutions that enable the software development lifecycle, including planning, creating, testing, and deploying software applications and systems

  • Application Lifecycle Management
  • Continuous Integration / Continuous Delivery
  • Version Management
  • Test Management

Select Market Participants

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IT Operations Management

Solutions that help to manage the provisioning, capacity, performance, and availability of an organization’s IT infrastructure

  • Infrastructure / App / Database Performance Monitoring
  • IT GRC and Asset Management
  • Service and Support Management
  • Operations Analytics

Select Market Participants

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Security

Solutions that protect software and systems against malicious attacks, unauthorized access and resource use, and other external and internal risks

  • Identity and Access Management
  • Network / App / Data Security
  • Advanced Threat Protection
  • SIEM / Security Analysis

Select Market Participants

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Data Management

Solutions that integrate, cleanse, migrate, and manage data across platforms to produce accurate and consistent information

  • Data Integration
  • Data Quality and Governance
  • Database Management
  • Data Analytics

Select Market Participants

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Cloud Managed Services

Solutions that manage cloud security, computing, storage, network operations, and application stacks to automate and enhance business operations

  • PaaS / aPaaS / iPaaS
  • Managed Hosting and Applications
  • Managed Security
  • Backup and Disaster Recovery

Select Market Participants

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Collaboration / Communication

Solutions that enable groups and teams to communicate, share, coordinate, cooperate, and solve problems for the purpose of completing a task

  • Project Portfolio Management
  • Business Process Management
  • Communications PaaS
  • Agile Project Management

Select Market Participants

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Select Infrastructure Software M&A Transactions1,2

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Keysight’s Acquisition of Eggplant – Closed June 25, 2020

  • Eggplant is a provider of test automation software that uses AI and analytics to automate test creation and test execution with any technology, any device, and any operating system, at any layer from the UI to the API to the database
  • The combination includes an overlapping customer base while expanding software test opportunities into new end-markets
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Microsoft’s Acquisition of CyberX  – Closed June 22, 2020

  • CyberX is a provider of software solutions for detecting, stopping, and predicting security breaches on IoT networks and the networks of large industrial organizations
  • The acquisition allows Microsoft to accelerate and secure customers’ IoT deployments, including Windows and Azure enabled
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Microsoft’s Acquisition of Softomotive  – Closed May 19, 2020

  • Softomotive is a provider of robotic process automation software for organizations’ digital workforce development
  • The acquisition enhances Microsoft’s ability to expand low-code robotic process automation capabilities in Microsoft Power Automate, enhance its desktop automation and application configuration capabilities, and access 9,000 additional customers
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CyberArk’s Acquisition of Idaptive – Closed May 13, 2020

  • Idaptive is a provider of single sign-on and MFA capabilities to escalate suspicious user interactions and improve operational efficiencies
  • Through the acquisition, CyberArk and Idaptive will deliver a comprehensive AI-based, security-first approach to managing identities that is adaptive and context-aware through a Zero Trust approach
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Atlassian’s Acquisition of Halp – Closed May 12, 2020

  • Halp is a provider of software solutions that enable companies to build integrated help desk ticketing and automated answers inside Slack
  • The acquisition of Halp will provide Atlassian with Slack integration as real-time messaging becomes more prevalent in the workplace
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Rapid7’s Acquisition of DivvyCloud – Closed May 1, 2020

  • DivvyCloud is a provider of Cloud Security Posture Management (CSPM), which enables deep visibility, combined with automated prevention and real-time remediation of risk to deliver continuous security and compliance for cloud environments
  • The acquisition enables Rapid7 to offer customers additional solutions and visibility during cloud transitions
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TPG’s Formation of Digital.ai – Closed April 16, 2020

  • Digital.ai was formed through the combination of CollabNet Version One, XebiaLabs, and Arxan Technologies to create a DevSecOps-focused vendor; Digital.ai has since acquired Experitest, a developer of software testing tools, and Numerify, a provider of AI-powered IT business analytics
  • Digital.ai is a provider of intelligent value stream management, application security, and software delivery in a unified platform

Impact of COVID-19 on the Infrastructure and Security Software Sectors1

EV / NTM Revenue Multiples

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EV / NTM Cash EBITDA Multiples

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Historical Performance Through Cycles

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Key Performance Metrics for Recent Software IPOs1

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* Taken private by VMware.

Infrastructure Software – Trading Comparables Metrics1

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Infrastructure Software – Trading Comparables Metrics by Sector1

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As of June 30, 2020 ($ in millions

Security Software – Trading Comparables Metrics by Sector1

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Infrastructure Software – Select Recent M&A Transactions1,2

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* Unpublished information.

Select Harris Williams TMT Transactions

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1. S&P Capital IQ

2. PitchBook