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1、London|Frankfurt|Stockholm|San FranciscoUPDATE WITH NEW COVER FROM INDESIGN1|16 Enterprise Software M&A Overview 2H 2023Enterprise Software M&A sees mid-market comebackThe M&A activity ahead may not all be eye-catching megadeals as in 2021,but rather a healthier level of mid-market deals as companie

2、s pursue their strategic growth agendas.These smaller deals can also drive transformation and growth.While cash-rich corporates remain well positioned to make larger moves,we see mid-market transactions dominating the market in coming months as CEOs use a program of both strategic acquisitions and s

3、elect divestitures to transform their portfolios for the future.We began 2023 with a cautious M&A outlook.The global economy was clouded by recession fears and rising interest rates as central bankers sought to tame record inflation in many regions.However,despite fewer mega deals,we are seeing acti

4、vity pick up at much higher levels than pre-pandemic 2019 levels which bodes well for the rest of the year.The past year has been eventful for tech markets.The macro economic environment underwent an important correction mid-2022 following the heightening of geopolitical tensions,coupled with post-p

5、andemic inflationary and central bank interest rate hikes.Tech growth slowed down,staff cuts made headlines and the M&A landscape saw dramatically fewer mega deals.Now,inflation is decelerating,interest rates may be near their apex,confidence in the market is returning slowly and many are buzzing ab

6、out new technologies such as generative AI.We are seeing renewed momentum from digitalisation to decarbonisation to doubling down on value creation create dynamic market conditions that are creating transformation opportunities and a more buoyant M&A market in 2023.Source:PwC,20232|16 Enterprise Sof

7、tware M&A Overview 2H 2023The above graph covers the period between January 2015 and December 2022.Throughout this Enterprise Software M&A report,median“trailing 30-month”multiples plotted in the graphs refer to the 30-month period prior to and including the half year.M&A summaryShare of private equ

8、ity deals shrinksPrivate equity acquisitions as a percentage of totalacquisitions have dropped to a seven-year low,asinvestorshavepulledbackin2022and2023prompted by higher interest rates.This is a reversal of.thepreviousthree-yeartrendwherebyfinancialsponsors increased their share up to 43%.In fact,

9、thefigure averaged 41%between 2019 and 2021 anddropped to 30%in 1H2023.Total number of deals&valuation multiples in Enterprise Software per half-year,2015-2023Share of private equity deals per year,2015-2022disclosed deal value fell from$64 billion in 2H2022 to$45 billion in 1H2023,with the median t

10、ransaction value coming in at$26 million.The half-year saw a stable trailing 30-month revenue-based valuation multiple at 5.1x,while the corresponding EBITDA multiple dipped slightly to 15.3x in 1H2023.Transaction volume normalisesThe first half of 2023 saw M&A activity in the Enterprise Software in

11、crease again following a slight market correction in 2022:we recorded a total 923 deals in the half-year,compared to 841 in 2H2022 and 1,015 in 1H2022.A total of 9 deals exceeded the$1 billion mark in 1H2023,compared to 10 transactions in 2H2022 and 19 in the first half of 2022.Whilst buyers focus o

12、n smaller transactions,total .597 561 617 499 565 528 647 642 708 657 598 857 749 953 1,015 841 923 3.6x3.8x3.6x3.6x3.5x3.5x3.5x3.6x3.9x4.0 x4.0 x4.1x4.7x5.0 x5.1x5.2x5.1x14.6x14.5x17.4x15.7x14.9x15.4x16.5x15.5x17.3x17.3x17.0 x15.9x14.8x14.8x16.7x15.7x15.3x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x

13、16.0 x18.0 x20.0 x-200 400 600 800 1,000 1,200 1,4001H 20152H 20151H 20162H 20161H 20172H 20171H 20182H 20181H 20192H 20191H 20202H 20201H 20212H 20211H 20222H 20221H 202326%31%39%41%40%40%43%36%30%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%05001,0001,5002,000201520162017201820192020202120

14、221H2023Strategic acquisitionsPE acquisitionsPercent PE3|16 Enterprise Software M&A Overview 2H 2023AcquirersAcquisitionsin 30 monthsThree most recent Enterprise Software acquisitions28LochsoftLochsoft (dba(dba WagelochWageloch)workforce management SaaSShelton Development Services Shelton Developmen

15、t Services Housing development&management SaaSBDK BDK InformatikInformatik AG AG Transport&logistics management SaaS25ClevergigClevergig Workforce planning&management SaaSMoloniMoloni SME invoice&POS SaaSSolucionesSoluciones Online(dba Online(dba XubioXubio)SME ERP SaaS23XentialXential B.V.B.V.Docum

16、ent creation&management SaaSSensireSensire Oy Oy Medical&food safety management SaaSCRX Software(dba CRX Software(dba RailCubeRailCube)Railway ERP SaaS23Questline Digital Questline Digital Energy utility customer engagement SaaSSalt Creek Software(Salt Creek Software(PowerManagerPowerManager suite)s

17、uite)Utility business management&ERP softwareCorporate Information Management Pty Ltd Corporate Information Management Pty Ltd Aged care ERP software22HGEM Ltd HGEM Ltd Hospitality guest experience management SaaSFunctionFoxFunctionFox Systems Inc Systems Inc Timesheet&project management SaaSGOVBR G

18、OVBR Public administration&management SaaS16AffinitusAffinitus Group Group ERP management SaaSTOTALogistixTOTALogistix,Inc.,Inc.Transportation&supply chain management SaaSNORRIQ DrinkNORRIQ Drink-IT IT Beverage management SaaS16LOGEX International Healthcare Analytics B.V.LOGEX International Healthc

19、are Analytics B.V.European healthcare data analytics SaaSMagnet Forensics Inc.Magnet Forensics Inc.Digital investigation SaaSCoupa Software Inc.Coupa Software Inc.BSM&ERP SaaS14Clockwork IT Clockwork IT Field service management SaaSElement34 Solutions GmbHElement34 Solutions GmbH Enterprise software

20、 testing SaaSFYB Pty Ltd FYB Pty Ltd Information governance&records management SaaSTop acquirers past 30 months The first half of 2023 saw Valsoft move to topacquirer,with 28 deals inked in the past 30 months,awhopping 12 of which we re closed in 1H2023.Valsoft has continued to expand internationall

21、y,withits most recent targets operating in Australia,theUnitedKingdomandSwitzerland.Norway-basedVisma came a close second,with 25 deals announced,acquiring companies providing SME ERP SaaS across arange of subsectors and geographies.Main Capital Partners moved up the leaderboard in1H2023,with 23 acq

22、uisitions across the ERP,food andtransport verticals.Vertical investor Volaris announced 22 deals,whileprivate equity house Thoma Bravo inked 16 deals,targeting firms across various software segments.4|16 Enterprise Software M&A Overview 2H 2023$12.2 bn$12.2 bn13 MarSilver Lake Management LLC/Canada

23、 Pension Plan Investment Board acquire Qualtrics at 8.6x EV/revenue$10.7 bn$10.7 bn12 JunNasdaq acquires Adenza Group from Thoma Bravo$4.6 bn$4.6 bn26 JunIBM acquires Apptio$4.1 bn$4.1 bn14 MarBlackstone acquires Cvent from Vista Equity Partners at 7.3x EV/revenue and 99.8x EV/EBITDA$2.6 bn$2.6 bn09

24、 JanVista Equity Partners acquires Duck Creek Technologies at 7.6x EV/revenue$1.4 bn$1.4 bn16 MayEdenred acquires Reward Gateway$1.4 bn$1.4 bn13 MarSymphony Technology Group acquires Momentive Global at 3.1x EV/revenue$1.3 bn$1.3 bn26 JunDatabricks acquires MosaicML at$1.2 bn$1.2 bn20 JanThoma Bravo

25、 acquires Magnetic Forensics at 12.5x EV/revenue$650 m$650 m26 JunThomson Reuters acquires CasetextGlobal M&A Enterprise Software market regains momentum in 1H2023 following a lull in 2H2022Enterprise Software sector turning increasingly appealing for acquisitive investors despite fears of an extend

26、ed market slowdown SaaS-based recurring revenue streams offer acquirers ever-safer bets during a market downturnPrivate equity buyers reduce pace of acquisitions in Enterprise Software,reversing a previous upward trend:financial buyers decrease their share to 30%of deal volume in 1H2023Rapid shift t

27、o M&A“friend-shoring”transactions between rival countries has dropped,meanwhile deals between allied countries has more than offset that impactNumber of billion-dollar deals remains low,shifting M&A focus to small and mid-market targetsTOP 10 LARGEST DEALS OF 1H2023Top trends in Enterprise SoftwareV

28、ast majority of deals transacted at below$100mOnly 2%of Enterprise Software transactions announced value above$100mWhile large transactions make the headlines,smaller deals constituted a majority of M&A activity in 1H2023:5|16 Enterprise Software M&A Overview 2H 202334%25%17%13%7%4%Data breakdown ge

29、ography and subsector Headquarters of Enterprise Software targetsHeadquarters of acquirers of European targetsLAST 30 MONTHSIn the first half of 2023,34%of all Enterprise Softwaredeals targeted a firm in the Enterprise Applicationssegment.Meanwhile,around 25%of all deals targetedvertical-focused app

30、lications.Regional divide amongst targets and their acquirers hasremained consistent with 61%of all targets over past30 months being North America-based.Europeantargets are mostly acquired by European acquirers.Enterprise ApplicationsEnterprise resource planning,desktop productivity,SCM,CRM and Sale

31、sforce automationVertical Applications*Software specific to the legal,automotive,financial,oil&gas,agriculture,insurance,education,transportation,healthcaresectorsBusiness Intelligence&Customer Analytics Automation analysis,retail analytics,marketing business intelligence,social media listening&anal

32、yticsInformation ManagementDocument management,data migration&warehousing,collaboration,capture&imaging,e-discovery,enterprise networkingInfrastructure ManagementApp lifecycle management,development tools,business process management,integration,systems management,network and server virtualisationDes

33、ign,Testing&SimulationBIM,CAD,manufacturer modelling,EDA,testing and simulation,visual effects&animation,3D printingBreakdown of number of deals by subsector in 1H2023*Targets in the Vertical Applications category represent providers of vertical-specific software.If a target meets this definition as

34、 well as the definition of another category(i.e.,Enterprise Applications,Infrastructure Management,etc.),we have selected to categorise it as Vertical Application.Europe58%North America39%RoW3%Europe30%North America61%RoW9%6|16 Enterprise Software M&A Overview 2H 2023Subsector overviewFollowing a sp

35、ike in the number of deals during Covid-19,deal-making in the Enterprise Applications has .Enterprise ApplicationsIn 1H2023,the trailing 30-month medianrevenue multiple stayed steady at 5.1x,whilethetrailing30-monthmedianEBITDAmultiple dropped to 15.7x following a lengthyperiod of high EBITDA multip

36、les during andafter the pandemic.However,these values only depict a mid-point amongst a broader range and dependon a multitude of factors,including growthrates,profit margins,geography and domainexpertise.While the trailing 30-month median revenuemultiple came in at 5.1x,50%of all dealswere in the 2

37、.1x to 9.1x range with aminimum of 0.3x and a maximum of 23.3x.0.0 x5.0 x10.0 x15.0 x20.0 x25.0 xTrailing 30-month EV/Revenuemultiple0.0 x10.0 x20.0 x30.0 x40.0 x50.0 xTrailing 30-month medianEV/EBITDA multiple9.1x2.1x7.3x5.1x15.7x28.6xThe trailing 30-month median EBITDA multiple stood at 15.7x,with

38、 50%of all deals in the 7.3x to 28.6x range.More dramatically,the minimum EBITDA multiple paid out was 2.0 x,while the maximum was 74.3x.settled at a historically high level,with 316 deals inked in the first half of 2023.3.2x3.2x3.2x3.3x3.3x3.3x3.4x3.3x4.4x4.7x4.5x4.9x5.2x5.4x5.3x5.1x5.1x14.3x14.3x1

39、6.0 x14.6x15.7x17.1x16.7x15.0 x19.6x19.6x17.5x19.6x21.3x22.1x21.7x22.0 x15.7x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 x35.0 x40.0 x-50 100 150 200 250 300 350 400 4501H 20152H 20151H 20162H 20161H 20172H 20171H 20182H 20181H 20192H 20191H 20202H 20201H 20212H 20211H 20222H 20221H 20237|16 Enterprise S

40、oftware M&A Overview 2H 2023technology platform that helps engage with customerson the day of delivery using real-time vehicle locationtracking and communications,for$6.2 million.Enterprise Applications(cont.)The Enterprise Applications subsector can be dividedinto the five segments below.In 1H2023,

41、amongstthese,the two largest segments in terms of transactionvolume were Workforce management&HR-focused.enterprise resource planning software(25%)and non-HR focused ERP(27%).Overall,ERP represents overhalf of all deal activity in the subsector.Proportion of Enterprise Applications deals by segment

42、in 1H2023Descartes continues to grow digital SCMproduct suiteEver the prolific acquirer,Descartes made anotherthree acquisitions in the first half of 2023.In January,itacquired SupplyVision,a US provider of modularapplications that help logistics services providers(LSPs)coordinate shipments,from quo

43、ting,routing andbooking through to final delivery.Descartes purchasedSupply Vision for approximately$12 million upfront,as well as a performance-based consideration or“earnout”of up to$3 million.In February,Descartes acquired GroundCloud,acloud-based provider of final-mile carrier solutions androads

44、afetycompliancetools,for$138million.Headquartered in Minneapolis,GroundCloud offers anintegrated platform which also incorporates videotelematics to provide driving event detection andverification.According to the acquirer,the combinedentity will allow Descartes to leverage GroundClouds.safetyconten

45、tandcompliancesolutionsacrossawiderset ofindustry verticals in ourroutingandmobilecustomer base.Finally,Descartes acquiredthe assets of Localz,a.ACQUIREDJan 2023$12mACQUIREDFeb 2023$138mACQUIREDApr 2023$6.2massets27%25%23%17%8%ERP-Non HRERP-Workforce management&HRCRMSCMOther8|16 Enterprise Software

46、M&A Overview 2H 20230.0 x10.0 x20.0 x30.0 x40.0 xTrailing 30-month medianEV/EBITDA multiple0.0 x10.0 x20.0 x30.0 x40.0 xTrailing 30-month medianEV/revenue multipleSubsector overviewM&A activity targeting vertical software applications reached a new record high in 1H2023,with 229 deals compared to th

47、e lull seen in 2021 and 2022.Vertical Applications In 1H2023,the trailing 30-month medianrevenue multiple remained stable at 5.1x,with 50%of all deals in the 2.8x to 8.1xEV/revenue range,and the lowest multiplebeing 0.4x and the highest 34.6x.Meanwhile,the trailing 30-month medianEBITDAmultiplerosea

48、gainto11.3xfollowing a lull throughout Covid.50%of alldisclosed EBITDA multiples in InformationManagementdealscameinsomewherebetween 8.8x and 24.7x,with the lowest at2.3x and the highest at 99.8x.8.1x2.8x8.8x5.1x11.3x24.7xpast year,with 63 deals recorded in the first half of 2023.2.9x3.5x3.8x3.6x3.6

49、x3.6x3.9x3.3x3.3x3.8x3.3x3.3x3.9x4.4x4.3x5.2x5.1x25.6x18.1x17.2x15.2x14.9x15.2x16.9x17.3x18.2x18.2x17.3x17.3x17.6x17.4x17.1x14.5x11.3x-50 100 150 200 2501H 20152H 20151H 20162H 20161H 20172H 20171H 20182H 20181H 20192H 20191H 20202H 20201H 20212H 20211H 20222H 20221H 20239|16 Enterprise Software M&A

50、 Overview 2H 2023Vertical Applications(cont.)Healthcare remains most active verticalHealthcare vertical software persists asthe category with highest M&A activityconsistent with prior quarters.An increasing number of deals targethospitalitysoftwareamidagradualreturntopre-pandemicconsumerbehaviour.In

51、vestment,FinanceandInsuranceverticals have rallied to become thecategory with the second highest M&Aactivity.Increasingnumberofdealsintheeducationsubvertical,afterthepandemic exposed massive room forimprovement in the vertical.Recursionboostsdrug discoverycapabilitiesIn May,Recursion(NASDAQ:RXRX),a

52、clinical stageTechBio company,announced it was acquiring twocompanies in the AI-enabled drug discovery space:Cyclica and Valence.Headquartered in Toronto and founded in 2013,Cyclica acquired for$40 million provides two keyproducts in the digital chemistry space which will beintegrated into the Recur

53、sionOS:the first,MatchMaker,is an AI-enabled deep learning engine that predicts thepolypharmacologyofsmallmoleculesasthefoundationforsmallmoleculedrugdiscovery.According to Recursion,adding this prediction of smallmolecule-targetinteractionsintoRecursionsdatauniverse will create one of the largest f

54、it-for-purposebiological and chemical datasets in the drug discoveryspace.The second,Valence,headquartered in Montralwithin Mila(the worlds largest deep learning researchinstitute),was acquired for$47.5 million.The companyhas pioneered the application of low-data learning indrugdesign,unlockingtheab

55、ilitytodesigndifferentiatedsmallmoleculeswithimprovedproperties and function from datasets too small,sparse,or noisy for traditional deep learning methods.Terms of both deals were not disclosed.ACQUIREDMay 2023$47.5 millionACQUIREDMay 2023$40 millionHealthcare19%Investment&Finance16%Education13%Real

56、 Estate6%Hospitality4%Insurance4%Legal4%Auto4%Pharmaceuticals&Chemicals and Life Sciences3%Sports&Recreation3%Other24%10|16 Enterprise Software M&A Overview 2H 2023Subsector overviewFollowing a spike in the number of deals during Covid-19,the Business Intelligence&Customer Analytics .Business Intell

57、igence&Customer AnalyticsMedian valuations climb into high single-digitrangeIn 1H2023,the trailing 30-month median revenuemultiple stayed steady at 5.9x,with 50%of all deals in.0.0 x5.0 x10.0 x15.0 x20.0 x25.0 xTrailing 30-month revenuemultiple11.2x3.1x5.9xsubsector saw 155 deals in 1H2023.This is a

58、 marked increase on pre-pandemic levels.5.1x5.1x5.0 x5.0 x5.0 x4.5x3.5x3.5x4.0 x4.0 x4.0 x4.7x4.5x5.0 x5.7x6.1x5.9x-20 40 60 80 100 120 140 160 180 2001H 20152H 20151H 20162H 20161H 20172H 20171H 20182H 20181H 20192H 20191H 20202H 20201H 20212H 20211H 20222H 20221H 2023the 3.1x to11.2xrange,andamini

59、mum of 0.4x andmaximum of 20.0 x.TherewerenotenoughdisclosedEBITDA multiples topaintanaccuratepicture of EBITDAmultiplestypicallypaidoutinthissector.Private equity targets fact checking and globalintelligencesoftwareIn April,Boston-based Charlesbank acquired Munich-based Maltego for$100 million.Malt

60、ego is a leadingintelligence platform,used by institutions such as theFBI and INTERPOL,financial organisations and half ofthe DOW 30,for data integration and graphical linkanalysis of complex investigations.With over 100.ACQUIREDApr 2023$100m 5.6x EV/revenueemployees and ARR fourtimes as higher than

61、 it wasfive years ago,Maltego isrelieduponbysecurityexperts,journalists,andresearcherstomine,merge,and map massiveinvestigativedatasets.across complex cases including cybersecurity threatintelligence,law enforcement,national security,andtrust&safety.11|16 Enterprise Software M&A Overview 2H 2023Subs

62、ector overviewFollowing a steadily high level of deals during Covid-19,deal-making in Information Management software .Information ManagementIn 1H2023,the trailing 30-month medianrevenue multiple remained stable at 4.5x,with 50%of all deals in the 2.3x to 9.5xEV/revenue range,and the lowest multiple

63、being 0.5x and the highest 20.0 x.Meanwhile,the trailing 30-month medianEBITDAmultiplerosesteeplyto18.2xfollowing a low double-digit lull throughoutCovid.50%of all disclosed EBITDA multiplesin Information Management deals came insomewhere between 13.1x and 23.6x,withthe lowest at 8.6x and the highes

64、t at 51.3x.0.0 x10.0 x20.0 x30.0 x40.0 x50.0 x60.0 xTrailing 30-month medianEV/EBITDA multiple0.0 x5.0 x10.0 x15.0 x20.0 xTrailing 30-month medianEV/revenue multiple9.5x2.3x13.1x4.5x18.2x23.6xhas come down a little with 116 deals inked in the first half of 2023.3.2x3.3x3.3x3.2x3.0 x2.7x2.6x2.5x2.6x2

65、.6x3.0 x3.4x3.7x4.0 x4.5x4.3x4.5x14.4x14.0 x16.0 x16.0 x16.0 x16.0 x16.7x19.8x18.0 x17.1x17.2x10.8x10.8x10.3x13.2x12.0 x18.2x-20 40 60 80 100 120 140 160 180 2001H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 20181H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 202312|16

66、 Enterprise Software M&A Overview 2H 2023Information Management(cont.)ProgresseyesdatabaseconsolidationwithMarkLogicdealIn January,Progress acquired MarkLogic,a provider ofcomplex data and semantic metadata management anda Vector Capital portfolio company.According toProgress,MarkLogicextendsProgres

67、scapabilitiesbeyond structured data with a powerful NoSQLdatabase,informed search and semantic AI.Accordingto Gartner,MarkLogic has a reputation for unique“data agility”capabilities,a sticky blue chip customerbase(Airbus,J.P.Morgan,Nike,Merck)and a strongreputation for customer service.Progress,list

68、ed on theNasdaq,is a large provider of application development.andinfrastructuresoftware,withover100,000enterprisecustomers and more than2,000 employees in 20+countries.It expects thedeal to add$100 millionin ARR to its bottom line.McKinsey eyes ML Ops target to bolster ownplatformIn January the sam

69、e day Microsoft invested billions inOpenAI McKinsey snatched up enterprise-focusedAI firm Iguazio for a reported$50 million.Iguazio is aTel Aviv-based company offering an MLOps platformfor large-scale businesses “MLOps”refers to a setof tools to deploy and maintain machine learningmodels in producti

70、on.McKinsey plans to use thestartups tech and team of 70 data scientists to bolsterits QuantumBlack platform,McKinseys data analytics.focusedgroup,with“industry-specific”AIsolutions.Iguazio,whosecustomersincludedPayoneer,was founded in2014 and,prior to theacquisition,had raised$72million in venture

71、capitalfrom investors.ACQUIREDJan 2023$355 millionACQUIREDJan 2023Est.$50 million13|16 Enterprise Software M&A Overview 2H 20230.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xTrailing 30-month medianEV/EBITDA multiple0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 xTrailing 30-month medianEV/revenue multipleSubsecto

72、r overviewAfter an increased level of deal activity during Covid,we are tracking a subdued level in the past year,.Infrastructure ManagementIn 1H2023,the trailing 30-month medianrevenue multiple remained stable at 5.1x,with 50%of all deals in the 3.8x to 9.6xEV/revenue range,and the lowest multipleb

73、eing 0.7x and the highest 25.6x.Meanwhile,the trailing 30-month medianEBITDA multiple stayed steady at 12.1xfollowing a lull throughout Covid.50%of alldisclosed EBITDA multiples in InformationManagementdealscameinsomewherebetween 13.1x and 23.6x,with the lowest at7.5x and the highest at 28.0 x.9.6x3

74、.8x9.5x5.1x12.1x18.5xwith 63 deals recorded in the first half of 2023.5.3x5.4x5.0 x5.0 x4.8x4.7x4.7x4.9x4.7x5.1x5.7x5.1x5.4x5.3x5.2x5.2x5.1x22.2x22.2x22.6x22.2x14.0 x14.0 x14.0 x14.0 x15.0 x17.4x14.7x13.5x9.6x9.8x12.8x12.0 x12.1x-20 40 60 80 100 1201H 20152H 20151H 20162H 20161H 20172H 20171H 20182H

75、 20181H 20192H 20191H 20202H 20201H 20212H 20211H 20222H 20221H 202314|16 Enterprise Software M&A Overview 2H 2023Infrastructure Management(cont.)DatabrickstargetsAI-basedIn May and June,Databricks,a provider of unified dataanalytics SaaS,made two key acquisitions to expand onits AI capabilities.In

76、the first,it acquired Okera,aprovider of AI-based data access governance SaaS,foran undisclosed amount.Okeras software providersfeatures for identity and access management,datapolicy management,automated discovery and autotagging,unified auditing,data lake security,and dataprivacy and compliance.In

77、the second,Databricks acquired MosaicML for awhopping$1.3 billion.MosaicML,also headquarteredin the US,provides machine learning and generative AImodels development SaaS,APIs,related SDKs,andopensourceon-premisesoftwaretobusinessesglobally to build,own,and secure their own AI modelsSoftware provides

78、 features for monitoring,auto-recovery,textgeneration,textembeddings,textcompletion,and image generation.BroadcomexpandspositioninVSM marketIn June,Broadcom acquired ConnectALL,a providerof software delivery value stream management SaaS.According to Broadcom,the acquisition complementsits ValueOps s

79、olution of Rally and Clarity,furtherextending and defining its leadership position in theVSM market space.The combination of ValueOps andConnectALLs complementary technology will allowcustomers to connect and integrate a variety of third-party software tools and platforms and acceleratedigital trans

80、formation efforts by radically improvingvisibility,alignment,andefficiencyacrosstheorganization.The growing popularity of low-code and no-codedevelopment platforms has contributed to the rapidascent of digital transformation efforts.Such solutionsenable businesses to create web,mobile,and backendapp

81、lications without the need for extensive codingknowledge,fostering faster and more cost-efficient.developmentprocesses.TheacquisitionofConnectALLbyBroadcommayfurtherstrengthentheavailableresourcesfororganizationsembarkingon digital transformationjourneys.ACQUIREDJan 2023Not disclosedACQUIREDJun 2023

82、$1.3 billionACQUIREDJun 2023Not disclosed15|16 Enterprise Software M&A Overview 2H 2023Ansys adds new capability and new geographywithRockyDEMEarlier this year,Ansys,a leader in engineeringsimulation software,announced it was acquiring Rocky,a subsidiary of Engineering Simulation and ScientificSoftw

83、are(ESSS),a long-term Ansys Channel Partner,and developer of engineering software dedicated tomodeling discrete mechanics problems.Its software,with specific strengths in GPU computing and applying0.0 x5.0 x10.0 x15.0 x20.0 xTrailing 30-month medianEV/revenue multipleSubsector overviewFollowing a sp

84、ike in the number of deals during Covid-19,M&A activity in the Design,Testing&Simulation .Design,Testing&SimulationMedianvaluationsremainsteadyIn 1H2023,the trailing 30-month median revenuemultiple stayed steady at 5.3x,with 50%of all deals in.7.3x2.0 x5.3xsegment returned to normal,pre-pandemic lev

85、els in 1H2023,with 42 deals inked.the2.0 xto7.3xrange,andaminimum of 1.4x andmaximum of 16.4x.TherewerenotenoughdisclosedEBITDA multiples topaintanaccuratepicture of EBITDAmultiplestypicallypaidoutinthissector.particlemethodstomultiphysics simulations,isused in wide variety ofcross-industry applicat

86、ionsThe company has supporttechnicians and customer-facing staff in Brazil,Spain,and the United States.The.1.2x1.2x2.7x4.6x4.1x4.1x4.8x5.0 x5.5x4.5x3.3x3.2x4.0 x3.4x6.3x5.4x5.3x-10 20 30 40 50 601H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2

87、H 2021 1H 2022 2H 2022 1H 2023ACQUIREDJan 2023Not disclosedacquisitionbuildsonthecompanieslong-termpartnership and joint particle modeling workflowannounced in 2021.16|16 Enterprise Software M&A Overview 2H 2023AboutHampletonPartnersHampleton Partners is at the forefront of international mergers and

88、 acquisitions advisory for companies withtechnology at their core.Hampletons experienced deal makers have built,bought and sold scores of fast-growing tech businesses andprovide hands-on expertise and unrivalled international advice to tech entrepreneurs and the companies who arelooking to accelerat

89、e growth and maximise value.With offices in London,Frankfurt,Stockholm and San Francisco,Hampleton offers a global perspective withsector expertise in:Autotech&Mobility,IoT,AI,Fintech,Insurtech,Cybersecurity,VR/AR,Healthtech,DigitalMarketing,Enterprise Software,IT Services,SaaS&Cloud and E-Commerce.

90、Miro ParizekPrincipal P Conclusion&contactsM&A activity in the Enterprise Software sector has remained strongthroughout the turbulence macro environment.We recorded 923 deals inthe first half of 2023 the third highest half-year volume on record signalling an increase in market confidence.Across the

91、board,we have noted a drastic decrease in the number of“mega-deals”($100 million disclosed transaction value)in favour of smaller,mid-market targets.Another hallmark of this half-year has been the prevalence ofstrategic acquisitions as interest rates at their apex have forced financial buyersto be m

92、ore selective with their investments.As a result financial buyer activityin 1H2023 was at its lowest in seven years.Meanwhile,valuations have remained stable at historically high levels,minorlyaffected by the market correction in 2022.SelectionofHampletonEnterpriseSoftwaretransactionsStandardised an

93、d individual solutions against financial and white-collar crime and for risk management and monitoring,analysis,and reportingacquired byDigital banking software for retail,corporate and investment management banks in Central and Eastern Europemerged intobacked byacquired byComponent content manageme

94、nt system and services for technical documentation,collaboration and delivery softwareacquired byData visualisationSaaS allowing personalisation of a visual value proposition for life science companiesacquired byZero-loss archiving and backup solutions for mission-critical data in the healthcare,pub

95、lic sector and industrial verticals in Germany acquired byGlobal software company offering an AI,NLP-based knowledge management and self-service cloud-native platformacquired bybacked byLeading provider of SAP cybersecurity and access governance software targeting national SMEs and international blu

96、e-chip customersLeading holistic omnichannel digital commerce software solutions provider in the DACH regionraised growth capital fromacquired byIoT data collection and unification platform for industrial devices,providing significant quantities of data,enabling analytics,monitoring and maintenanceL

97、olita WhiteSenior A Hampleton provides independent M&A and corporate finance advice to owners of Autotech&Mobility,Internet,IT Services,Digital Commerce,and Softwarecompanies.Our research reports aim to provide our clients with current analysis of the transactions,trends and valuations within our fo

98、cus areas.Data Sources:We have based our findings on data provided by industry recognised sources.Data and information for this publication was collated from the 451 Research database,a division of The 451 Group.For more information on this or anything else related to our research,please email the a

99、ddress provided below.Disclaimer:This publication contains general information only and Hampleton GmbH,is not,by means of this publication,rendering professional advice or services.Before making any decision or taking any action that may affect your finances or your business,you should consult a qua

100、lified professional adviser.Hampleton GmbH shall not be responsible for any loss whatsoever sustained by any person who relies on this publication.2023.For more information please contact Hampleton GmbH.Hampleton produces regular reports on M&A activity in the following sectorsHampleton produces regular reports on M&A activity in the following sectorsHR TechInsurtechIT&Business ServicesAR/VRArtificial Intelligence Autotech&MobilityCybersecurityDigital CommerceEnterprise SoftwareFintechHealthtechYou can subscribe to these reports at http:/ FranciscoFollow Follow HampletonHampleton