1、European Software Sector Market UpdateHarris Williams|H1 2022European Software H1 2022Several dynamics are contributing towards a rapidly evolving European Software landscape2H1 2022 Observations and Key Trends Executive SummaryHappening in European Software Right NowDespite various macro headwinds(

2、Ukraine conflict,supply chain friction,economic slowdown),fundamental demand drivers for M&A continue to existEuropean Software in particular is considered resilient through the cycle and is therefore continuing to garner strong interest overallMacro EnvironmentRising inflation in Europe is paving t

3、he way for price increases in software,which is aligned with broader market trendsEuropean Software vendors are striving to increase prices to pass through higher costsSoftware Price Increases“Growth-at-all-cost”trend of 2021 has phased out in H1 2022,shifting from high-growth businesses burning mon

4、ey towards a more balanced approach between growth and profitsBuyers are increasingly focused on profitability over ARR growth when considering potential acquisition targetsEnd of“Growth-at-all-Cost”European Software continues to be a highly transactional segment,with a bifurcation between A/A+busin

5、esses versus the rest of the marketA/A+assets continue to receive strong interest commanding scarcity premiums,with valuation levels holding up as fewer high-quality assets come to marketRaising the M&A BarPublic valuations have pulled back,creating attractive take-private candidates that buyers are

6、 looking to take advantage of(e.g.Basware,CAST,EcoOnline and Ideagen)While the IPO market remains cautious,there is a record amount of private equity dry powder and large treasure chests ready to be deployed,albeit with a less active high yield debt marketAttractive Take-Private CandidatesWith the h

7、ottest years on record,ESG is becoming a key due diligence area in M&A processes,with a shift to more sustainable and less carbon-intensive economic modelsEuropean Software businesses are focusing on developing systems,applications and technologies to satisfy higher levels of ESG requirements includ

8、ing data protectionESG a“Hot Topic”Sources:Harris Williams internal data,Eurostat and GartnerEuropean Software H1 2022-102030405060708090(40%)(20%)-20%40%60%80%100%Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-

9、21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22NASDAQEURO STOXXVXN219146139108111144183116200198183222278228239212243253275181259245240236234210225212209220195110Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct

10、-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-223Overall Macroeconomic EnvironmentEuropean M&A volumes have seen a correction in recent months coming off the back of a buoyant 18 months throughout Covid-19Sources:1.Pitchbook as of Aug-22(all completed buy-outs in Europe for IT Softwar

11、e including Growth/Expansion);2.Bain&Company;3.S&P Capital IQ as of Aug-22Stock prices(indexed)3Followed by a Significant Downturn in Public Market Valuations in 2022In the context of the macroeconomic environment:Volatility in public stock markets is beginning to drive uncertainty in private market

12、sConcerns about inflation and central banks responses have contributed to volatility in the market Supply chain friction is causing challenges across the boardDespite various macro headwinds at play,the fundamental demand drivers that have been a tailwind for M&A continue to existRussia invades Ukra

13、ineNASDAQEURO STOXXYTD(45%)(24%)LTM(39%)(22%)L2Y(2%)5%Executive SummaryEuropean software M&A volume1Record M&A Activity in 2021Global lockdownsTotal M&A deal value in 2022 is tailing off from an all-time high of$5.9tn in 20212driven by:Record volume of companies exploring a potential sale,as sellers

14、 were taking advantage of the strong sellers market;however,buyers are now adopting a more cautious approachStrategic buyers looked to expand capabilities with“land grab”acquisitions to stay competitive,and are still increasingly using their treasure chest for acquisitions in 2022Cost of capital slo

15、wly rising in H1 2022,now reducing the activity of high yield debt,however,is somewhat offset by an active private debt market While the M&A market remains active,overall deal volume has moderated2020:1,969 deals(164 monthly average)2021:2,889 deals(241 monthly average)2022 YTD:1,615 deals(202 month

16、ly average)European Software H1 2022The Russia-Ukraine conflict has triggered turmoil on financial and commodity markets,increasing uncertainty about the recovery of the global economy post-CovidA further prolongation of the conflict increases the likelihood that commodity prices remain high in the

17、medium-termIncreasing international tensions on the political status of Taiwan inject further uncertainty into the market4Macroeconomic Impact on MarketsPrivate equity firms are well-positioned to handle the complexities of the current macroenvironment and continue to deploy capitalSources:1.FocusEc

18、onomics Consensus Forecast Jul-22;2.OECD as of Jun-22;3.PitchBookKey ChallengesCommentary Inflation and Rising Interest RatesGeopolitical Conflicts Business ConfidenceConsumer Confidence&Covid-19 AftermathSupply Chain Disruptions10297101969810010220172018201920202021202210198100969698100102201720182

19、019202020212022Neutral businessconfidence levelNeutral consumerconfidence levelLarge rounds of government borrowing and quantitative easing,followed by recent interest rate hikes,increase borrowing costs for companies,impacting their growth and profitabilityHigher raw material and commodity prices i

20、ntensify the threat of long-lasting elevated levels of inflation which increases the risk of stagflationJul-22Jun-22May-22Apr-22Euro Area Consensus Estimates1The OECD business confidence index remains largely positive,indicating that companies in OECD countries are confident in their near-term outlo

21、ok2Generally speaking,Europe and the US have emerged from Covid-19 with business carrying on as usual,albeit with confidence impacted due to the general macroeconomic environment Consumer confidence levels continue to decrease amidst rising inflation rates,geopolitical uncertainty and rising interes

22、t rates2Recent lockdowns in China raise concerns that the consumer sentiment in the worlds largest buyer country may not recover until late 20220.10.40.20.60.41.00.91.620222023Interest Rates(%)5.52.36.42.66.62.87.33.320222023Inflation(%)527 525 601 676 779 906 1,010 1,040 972 2,750201320142015201620

23、1720182019202020212022Despite the challenging macroeconomic backdrop,private equity groups are keen to deploy capital,with an increased focus on A+assets for which,the valuation impact is expected to be less severePrivate Equity Dry Powder Over Time(bn)3Executive SummaryRecent Challenges for H1 2022

24、With Opportunities for Private EquityInflation and interest rate regime will be broadly negative for fund performance and portfolio company valuationsDeal activity is expected to slow down but not stop Focus on A/A+assetsIncreasing focus on take-privates and corporate carveouts Holding times are exp

25、ected to push upwards12345Pressure on supply chains is leading to slower adoption rates of third-party products and servicesShortages of raw materials are exacerbated through international conflicts and Covid-19Semi-conductor crisis and general global chip shortages have impacted the global tech ind

26、ustryThe Russia-Ukraine conflict has triggered turmoil on financial and commodity markets,increasing uncertainty about the recovery of the global economy post-CovidA further prolongation of the conflict increases the likelihood that commodity prices remain high in the medium-termIncreasing internati

27、onal tensions on the political status of Taiwan inject further uncertainty into the marketEuropean Private Equity Deal Activity by Quarter311599122144129751171291821621701771601521,2181,0851,1331,2711,2317561,0381,4491,859 1,6281,5311,5611,4351,182Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22019202020212022Deal val

28、ue(B)Deal count(bn)European Software H1 2022McKinseyWhile the public sector can help European companies()entrepreneurs,investors,and private-sector companies have an important and urgent role to play too.They cannot wait for conditions to change before taking action.To prevent software gnawing away

29、at the competitiveness of many of its industries and its economy,Europe must aspire to generate global software and software-enabled companies within the next decade by taking a new,bold approach that builds on its strengths rather than trying to make up for its weaknesses.Read the full article here

30、.Reversal of Fortune:How European Software Can Play to Its StrengthsEuropean Software is Shaping Industries and the Economy5Select Recent Harris Williams Industry UpdatesForbesSoftware engineering is central to creating value in the modern business.()In the post-pandemic world,software engineering w

31、ill be critical for delivering the high-quality services consumers demand,as well as providing reliable tools that enable teams to work remotely without constraints.Software engineering tailored by industry is the key to keeping up with the pace of innovation.Read the full article here.Why the Softw

32、are-Defined World is Key to Organisational TransformationHarvard Business ReviewIn the same way that developers wouldnt create a new feature using only one tool,they should have multiple inputs to guide them through accessibility.The more robust developers accessibility checkers are,the better theyl

33、l serve people with diverse needs.()The main accessible frameworks that developers use cant be taken as all encompassing.Read the full article here.3 Strategies for Developing More Accessible SoftwareBCGThe often opaque nature of software companies and products can make it difficult to choose suitab

34、le investment targets.We outline a combination of public business data and growth archetypes that can help guide these decisions for private equity firms.()Software holds rewards for any investor who can find advantages in the mass of solutions,products,and services that will continue to power busin

35、ess for years.Read the full article here.Private Equitys Search for the Next Big Thing in SoftwareArchitecture,Engineering,&ConstructionLink to ReadAccess All Harris Williams Insights HereSources:McKinsey,Harvard Business Review,Forbes,BCG and Harris Williams internal dataExecutive SummaryCompliance

36、 Technology:GRC Technology Services Link to ReadLink to ReadInfrastructure and Cybersecurity SoftwareLink to ReadHealthcare IT Link to ReadProfessional Education and Learning Technology Real Estate&Property Technology Link to ReadLink to ReadCompliance Technology:EHS and SCRM Link to ReadLegal Techn

37、ologyLink to ReadEuropean Software H1 2022Large-Cap SoftwareS&P 500Mid-Cap SoftwareSmall-Cap Software6Trended European Stock PerformanceFTSE 100Source:S&P Capital IQ as of Aug-22Note:Schneider Electric on 21 September announced an offer to acquire AvevaEuropean Software Public Company Analyses(5bn M

38、arket Cap)(1bn-5bn Market Cap)(250m-1bn Market Cap)Large-Cap SoftwareMid-Cap SoftwareSmall-Cap SoftwareIndexed Stock Price Performance for the period August 2021 August 2022 Public Company Stock Performance Last 12 MonthsIndexed Stock Price Performance for the period August 2017 August 2022 Public C

39、ompany Stock Performance Last 5 Years(21.4%)+64.8%+1.2%+11.9%(11.7%)(64.2%)(10.9%)+4.3%(35.9%)(53.8%)(70%)(60%)(50%)(40%)(30%)(20%)(10%)0%10%(40%)(20%)0%20%40%60%80%100%120%European Software H1 20227Forward Valuation PerformanceSource:S&P Capital IQ as of Aug-22Note:Schneider Electric on 21 Septembe

40、r announced an offer to acquire AvevaEuropean Software Public Company AnalysesLarge-Cap SoftwareMid-Cap SoftwareSmall-Cap Software(5bn Market Cap)(1bn-5bn Market Cap)(250m-1bn Market Cap)Large-Cap SoftwareMid-Cap SoftwareSmall-Cap SoftwareMultiples Performance for the period August 2017 August 2022M

41、ultiples Performance for the period August 2017 August 2022 Forward NTM EV/Revenue Performance Last 5 YearsForward NTM EV/Cash EBITDA Performance Last 5 YearsMean 3.6xMean 6.5xMean 3.9xMean 13.6xMean 20.2xMean 16.0 x0 x1x2x3x4x5x6x7x8x9x10 x5x10 x15x20 x25x30 xEuropean Software H1 2022Mean EV/CY22E

42、RevenueMean EV/CY23E RevenueMean EV/CY22E Cash EBITDAMean EV/CY23E Cash EBITDAMean CY22E Revenue GrowthMean CY23E Revenue GrowthMean CY22E Cash EBITDA MarginMean CY23E Cash EBITDA Margin8Current Operating and Valuation MetricsPublic Company Operating MetricsPublic Company Valuation MetricsSource:S&P

43、 Capital IQ as of Aug-22Notes:Rule of 40 is defined as CY23E Revenue Growth plus CY23E Cash EBITDA Margin;Schneider Electric on 21 September announced an offer to acquire AvevaEuropean Software Public Company AnalysesRule of 4018.5%31.4%21.8%32.5%22.6%20.7%9.5%13.2%15.0%33.5%24.1%24.4%43.0%37.3%39.4

44、%6.3x 3.5x 4.6x 19.8x 19.0 x 20.2x 5.7x 3.0 x 4.0 x 17.3x 12.8x 16.1x Large-Cap SoftwareMid-Cap SoftwareSmall-Cap SoftwareEuropean Software H1 2022Valuation Framework for European Software Companies9European Software Public Company AnalysesSource:Harris Williams internal dataNotes:ARR growth defined

45、 as the change in ARR over a given year;NDR defined as the change in customer expansion,down-selling and churn added to ARR as a percentage of ARR;Rule of 40 defined as the sum of revenue growth and profit margin;Net Magic Number defined as net new ARR divided by the prior period sales and marketing

46、 operating expense;ARR per FTE defined as ARR generated divided by full-time employeesOPERATIONAL EFFICIENCYTOP LINE GROWTHANNUAL RECURRING REVENUE(ARR)GROWTHHow quickly and consistently is ARR growing and what are the drivers of new growth?1NET DOLLAR RETENTION(NDR)How well is ARR being retained an

47、d how is the quality and size of customers changing?2“RULE-OF-40”What is the relationship between growth and profitability?3NET MAGIC NUMBERWhat is the efficiency of growth from S&M investments?4ARR PER FULL-TIME EMPLOYEE(FTE)How efficiently is the team scaling to support and further drive growth?5H

48、ighLowHighLowHighLowValuation ImpactCritical metric to assess the trajectory of software businesses particularly in the growth phaseCombined growth rate and profit margin should exceed 40%to be considered attractive by investorsOne of the most important gauges for software businesses measuring the h

49、ealth of revenuesProvides insights into the ability to generate ARR and market traction through sales and marketingUseful benchmark to gauge human capital productivity and overall operational efficiencyHighLowHighLowEuropean Software H1 2022Public Comparables Valuation Analysis Last Three Quarters C

50、ontraction CY23E Cash EBITDA Margin1031 Dec-2131 Mar-2230 June-22European Software Public Company AnalysesCY23E Cash EBITDA MarginCY23E Cash EBITDA MarginCY23E Revenue GrowthCY23E Revenue GrowthCY23E Revenue GrowthAs a result of overall market volatility over H1 2022,valuation multiples across the E

51、uropean Software spectrum have dropped for public companiesBusinesses above the Rule of 40 continue to garner strong interest,increasingly favouring margins over growthObservations for H1 2022Source:S&P Capital IQNotes:Rule of 40 is defined as CY23E Revenue Growth plus CY23E Cash EBITDA Margin;Avera

52、ge multiples shown for overall European Software trading comparables;Cash EBITDA is calculated as EBITDA adjusted for capitalised software development expense and change in deferred income,Cash EBITDA margin is Cash EBITDA divided by revenuesAbove Rule of 40,20%growthBelow Rule of 40,20%growthAbove

53、Rule of 40,20%growthCY23E Revenue GrowthCY23E Cash EBITDA MarginLegend7.6xEV/NTM Rev as of Mar-2212.8xEV/NTM Rev as of Mar-223.3xEV/NTM Rev as of Mar-225.9xEV/NTM Rev as of Mar-226.1xEV/NTM Rev as of Jun-228.9xEV/NTM Rev as of Jun-222.7xEV/NTM Rev as of Jun-222.7xEV/NTM Rev as of Jun-229.7xEV/NTM Re

54、v as of Dec-2116.5xEV/NTM Rev as of Dec-214.5xEV/NTM Rev as of Dec-2111.7xEV/NTM Rev as of Dec-21(50%)(40%)(30%)(20%)(10%)0%10%20%30%40%50%0%20%40%60%80%100%(50%)(40%)(30%)(20%)(10%)0%10%20%30%40%50%0%20%40%60%80%100%(50%)(40%)(30%)(20%)(10%)0%10%20%30%40%50%0%20%40%60%80%100%(50%)(30%)(10%)10%30%50

55、%0%20%40%60%80%100%European Software H1 2022Public Comparables Valuation Analysis Growth and MarginsCY23E Cash EBITDA Margin11CY21ACY22ECY23EEuropean Software Public Company AnalysesCY23E Cash EBITDA MarginCY23E Cash EBITDA MarginCY23E Revenue GrowthCY23E Revenue GrowthCY23E Revenue GrowthAs of toda

56、y,backward-looking multiples favour both growth and margins,with higher valuations for Rule of 40 with over 20%revenue growth in CY21AHowever,going forward margins are becoming more critical for investors,with CY23E multiples at higher levels where cash EBITDA margins are strongestObservations for H

57、1 2022Above Rule of 40,20%growthBelow Rule of 40,20%growthAbove Rule of 40,20%growthCY23E Revenue GrowthCY23E Cash EBITDA MarginLegend6.7xEV/22ERev Multiple7.0 xEV/22ERev Multiple2.9xEV/22ERev Multiple3.8xEV/22ERev Multiple6.0 xEV/23ERev Multiple5.3xEV/23ERev Multiple2.6xEV/23ERev Multiple3.1xEV/23E

58、Rev Multiple7.9xEV/21ARev Multiple10.0 xEV/21ARev Multiple3.4xEV/21ARev Multiple6.8xEV/21ARev MultipleSource:S&P Capital IQ as of Aug-22Notes:Rule of 40 is defined as CY23E Revenue Growth plus CY23E Cash EBITDA Margin;Average multiples shown for overall European Software trading comparables;Cash EBI

59、TDA is calculated as EBITDA adjusted for capitalised software development expense and change in deferred income,Cash EBITDA margin is Cash EBITDA divided by revenues(50%)(30%)(10%)10%30%50%0%20%40%60%80%100%(50%)(40%)(30%)(20%)(10%)0%10%20%30%40%50%0%20%40%60%80%100%(50%)(40%)(30%)(20%)(10%)0%10%20%

60、30%40%50%0%20%40%60%80%100%(50%)(40%)(30%)(20%)(10%)0%10%20%30%40%50%0%20%40%60%80%100%European Software H1 2022Public Comparables Valuation Analysis Margins at Varying Growth Rates12European Software Public Company AnalysesProjected Revenue Growth CY23ECash EBITDA Margin CY23E5%30%5.5x6.8x6.7xEV/CY

61、22E Revenue2.9x1.0 x3.2x1.4x3.7x2.6xSource:S&P Capital IQ as of Aug-22Notes:Average multiples shown for overall European Software trading comparables;Cash EBITDA is calculated as EBITDA adjusted for capitalised software development expense and change in deferred income,Cash EBITDA margin is Cash EBI

62、TDA divided by revenues5%-10%10%-20%20%15.8x5.6x3.9xForward Revenue Growth vs.Forward Cash EBITDA Margin MatrixEuropean Software H1 2022-5.0 x10.0 x15.0 x20.0 x25.0 xAug-17Mar-18Aug-18Mar-19Aug-19Mar-20Aug-20Mar-21Aug-21Mar-22Aug-22Recent European Software Transactions EV/LTM RevenueAcquisition Mult

63、iples on an Upward Trend over the Last Two YearsEV/LTM RevenueSources:S&P Capital IQ,PitchBook,Mergermarket and Internal Harris Williams dataNotes:Criteria includes majority stake transactions with employee count greater than 200,European headquarters and deal value over 50mEuropean Software M&A Tra

64、nsaction TrendsLegend=/5x&=/10 xAug-17 to Dec-20 EV/LTM RevenueMean:5.6x2021 2022 YTD EV/LTM RevenueMean:8.9x13European Software H1 2022Recent European Software Transactions EV/LTM EBITDA14Acquisition Multiples on an Upward Trend over the Last Two Years(contd)Sources:S&P Capital IQ,PitchBook,Mergerm

65、arket and Internal Harris Williams dataNotes:Criteria includes majority stake transactions with employee count greater than 200,European headquarters and deal value over 50mEuropean Software M&A Transaction TrendsEV/LTM EBITDA2021 2022 YTD EV/LTM EBITDAMean:25.6xAug-17 to Dec-20 EV/LTM EBITDAMean:19

66、.0 xLegend=/10 x&=/20 x-10 x20 x30 x40 x50 x60 xAug-17Mar-18Aug-18Mar-19Aug-19Mar-20Aug-20Mar-21Aug-21Mar-22Aug-22European Software H1 202215Select Recent European M&A TransactionsDateBuyerTargetTarget DescriptionEV(m)EV/LTM RevEV/LTM EBITDAPendingDevelops software solutions and services for profess

67、ional and non-professional care,therapeutic practices and welfare facilities.95011.7x27.7xClosedLeading provider of Software-as-a-Service(SaaS)for Environmental,Health,Safety,and Quality.3808.4xNMClosedCybersecurity software company that researches and develops computer security software.7,2809.1x16

68、.4xSepESG data monitoring platform,backed by expertise in sustainability transformations.ConfidentialConfidentialConfidentialAugHelsinki-based global provider of Cloud-based Networked Procure-to-Pay solutions.6624.3x27.4xJulProvider of Automated Application Intelligence software,publishing language

69、analysis software intended for computer professionals.1393.2x24.2xJul Developer of a software platform designed to help insurance and reinsurance professionals speed up their digital transformation.ConfidentialConfidentialConfidentialJul IT services business providing services spanning IT consultanc

70、y,cloud computing,artificial intelligence and blockchain.2,2001.0 xNA JulProvider of market-leading information management,safety,risk and compliance software solutions.1,30011.8x35.7xDateBuyerTargetTarget DescriptionEV(m)EV/LTM RevEV/LTM EBITDAJunDeveloper of environment,health and safety(EH&S)soft

71、ware designed to manage documents and ensure compliance.ConfidentialConfidentialConfidentialJunLeading B2B-provider of iGaming solutions,covering casino and sports.4102.4x12.9xJunDeveloper of cloud-based hardware security and compliance software intended for telecommunication,governments and corpora

72、tions.4254.3xNAMay Provider of next generation cloud security and risk management services for email and corporate information.5,47010.1x35.2xMarDevelops Intelligent Robotic Process Automation(RPA)software to provide businesses with a secure,agile and smart digital workforce.1,4407.5xNMMarPan-Europe

73、an software services provider for small and mid-sized businesses.1,0005.0 x16.7xFeb Developer of specialized die-facing design and simulation software intended for the die-making and sheet metal forming industries.1,750NANAFeb Leading provider of data and analytics to corporate and sovereign clients

74、 across a wide variety of industries.43,1209.4x21.7xFebDeveloper of supply chain and risk management software intended for small and medium-sized businesses.ConfidentialConfidentialConfidentialSources:S&P Capital IQ,PitchBook and MergermarketNotes:Employee count greater than 200 and European headqua

75、rtersEuropean Software M&A Transaction TrendsPublic TargetsHarris Williams AdvisedEuropean Software H1 2022Select Recent Harris Williams European Software Experience16Source:Harris Williams internal dataAbout Harris WilliamsHarris Williams Advises Alcumus Group on Its Sale to Apax PartnersAlcumus is

76、 a leading provider of technology-led risk management solutions.It supports many FTSE 100 and Fortune 500 clients.This includes ESG solutions,EHSQ solutions,contractor supply chain management,UKAS accredited certification services,workplace monitoring services,training,and HR consultancy.About Alcum

77、us“Harris Williams experience in the space and deep understanding of Alcumus business model enabled them to tell our story in the right way and identify the right partner for our next phase of growth.They provided us with the cross-border support and strategic partnership we were seeking to achieve

78、a successful outcome,”said Alyn Franklin,the CEO of Alcumus.Successful OutcomeFebruary 11,2022Harris Williams Advises KeensightCapital on its Investment in LisamSystemsFounded in 1999,Lisam is a global provider of EH&S compliance management software solutions and services,operating worldwide.Thousan

79、ds of actors in the chemical supply chain rely on Lisamssoftware and services to manage the authoring and distribution of all their safety documents.About Lisam SystemsGregory Agez,a partner at Keensight,commented,“Harris Williams has a deep understanding of the EH&S software sector,and their transa

80、ction expertise was integral to our successful outcome.We look forward to supporting Lisam as it executes on its growth and expansion strategies in the years ahead.”Successful OutcomeJune 24,2022Harris Williams Advises Prima Solutions on the Sale of Prima XL to Duck Creek TechnologiesPrima XL is a p

81、owerful,cloud-based reinsurance software that collects,centralises,and analyses all data for insurers,reinsurers,and brokers.Prima XL tracks all the information related to reinsurance policies,allowing insurance businesses to manage all of their policies from underwriting to commutation and renewals

82、.About Prima XL“Throughout the sale process,Harris Williams provided outstanding support and advice to Prima Solutions.The team was pivotal in successfully positioning Prima XL and Prima Compliance,leading to an exceptional outcome,”said Julien Victor,previously CEO of Prima Solutions,who has joined

83、 Duck Creek as managing director.Successful OutcomeJuly 13,2022Harris Williams Advises Cority on Its Acquisition of Reporting 21Founded in 2014,Reporting 21 is an ESG data monitoring platform,backed by expertise in sustainability transformations.Reporting 21 bridges the gap between software and advi

84、sory,offering a SaaS solution informed by expert guidance.The companys software accommodates hundreds of KPIs mapped to global frameworks.About Reporting 21“We are excited about the Harris Williams Technology Groups continued momentum in the EHS sector.This transaction underpins the firms leadership

85、 position in the compliance software industry,having advised on the sale of Alcumus to Apax and Keensights growth investment in Lisamearlier this year,”said Julien Oussadon,a managing director at Harris Williams.Successful OutcomeSeptember 20,2022European Software H1 202217Harris Williams at a Glanc

86、eHARRIS WILLIAMS TECHNOLOGY CONTACTSJulien OussadonManaging D+44 20 7518 8909Sylvain NobletD+44 20 7518 8917Mathew TsuiD+44 20 7518 8926Thierry MonjauzeManaging D+44 20 7518 8901Alan Rodriguez-VillaresVice P+44 20 3093 1404About Harris WilliamsMinneapolisWashington,DCLondonBostonSan FranciscoFrankfu

87、rtClevelandRichmondDedicatedAPACCoveragePreferred M&A advisor for premier assets30+years with thousands of deals closed8 offices across the U.S.and EuropeHARRIS WILLIAMS10 industry groups with deep sector expertise100%of revenue is from M&A advisory70%of revenue from repeat clientsGLOBAL FOOTPRINTCO

88、NSISTENT RECOGNITION FOR QUALITYFOCUSED ADVISORY SERVICESTHEMATIC FOCUS AREASA.I./Machine LearningDigital TransformationIntegrated PaymentsSaaS/CloudApplication SoftwareInfrastructure and Security SoftwareIT and Managed ServicesTech-Enabled Services COVERAGE AREASArchitecture,Engineering,&Constructi

89、onCompliance TechnologyeCommerce&Retail Technology Education TechnologyGovernment TechnologyHealthcare ITHuman Capital Management Industrial SoftwareLegal TechnologyOffice-of-the-CFOPharma ITProperty TechnologySupply Chain and Logistics VERTICAL FOCUS SECTORSSource:Harris Williams internal dataHARRI

90、S WILLIAMS TECHNOLOGY GROUPEuropean Software H1 202218INDUSTRIALSSPECIALTY DISTRIBUTIONBUILDING PRODUCTS&MATERIALSCONSUMERBUSINESS SERVICESAEROSPACE,DEFENSE&GOVERNMENT SERVICESENERGY,POWER&INFRASTRUCTUREHEALTHCARE&LIFE SCIENCESTECHNOLOGYTRANSPORTATION&LOGISTICSHarris Williams has a broad range of in

91、dustry expertise,which creates powerful opportunities.Our clients benefit from our deep-sector experience,integrated industry intelligence and collaboration across the firm,and our commitment to learning what makes them unique.For more information,visit our website at .BostonOne International PlaceS

92、uite 2620Boston,Massachusetts 02110Phone:+1(617)482-7501Cleveland1900 East 9th Street25th FloorCleveland,Ohio 44114Phone:+1(216)689-2400Minneapolis222 South 9th StreetSuite 3350Minneapolis,Minnesota 55402Phone:+1(612)359-2700Richmond1001 Haxall Point9th FloorRichmond,Virginia 23219Phone:+1(804)648-0

93、072FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone:+49 69 3650638 00London25 Savile Row4th FloorLondon,England W1S 2ERPhone:+44 20 7518 8900San FranciscoOne Market Plaza,Steuart Tower11th FloorSan Francisco,California 94105Phone:+1(415)288-4260Washington,D.C.800 17th St.NW2nd Floo

94、rWashington,D.C.20006Phone:+1(202)207-2300UNITED STATESEUROPEHarris Williams Capabilities and LocationsAbout Harris WilliamsHARRIS WILLIAMS OFFICE LOCATIONSSource:Harris Williams internal dataEuropean Software H1 2022Sources and Disclosures19Disclosures and DisclaimersSources1.Harris Williams intern

95、al data2.Eurostat3.Gartner4.Pitchbook5.Bain&Company6.S&P Capital IQ7.FocusEconomics8.OECD9.McKinsey10.Harvard Business Review11.Forbes12.BCG13.Mergermarket14.LinkedInHarris Williams LLC is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company inc

96、orporated under English law with its registered office at 8th Floor,20 Farringdon Street,London EC4A 4AB,UK,registered with the Registrar of Companies for England and Wales(registration number 07078852).Harris Williams&Co.Ltd is authorized and regulated by the Financial Conduct Authority.Harris Will

97、iams&Co.Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main,Germany,under HRB 107540.The registered address is Bockenheimer Landstrasse 33-35,60325 Frankfurt am Main,Germany(email address:).Geschftsfhrer/Directors:Jeffery H.Perkins,Paul Po

98、ggi.(VAT No.DE321666994).Harris Williams is a trade name under which Harris Williams LLC,Harris Williams&Co.Ltd and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.Investment banking services are provided by Harris Williams LLC(“Harris Williams”).Harris Williams is a registered b

99、rokerdealer and member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company incorporated under English law with its registered office at 8th Floor,20 Farringdon Street,London EC4A 4AB,UK,registered with the Registrar of Companies for England and Wales,registration number 07078852.Ha

100、rris Williams&Co.Ltd is authorized and regulated by the Financial Conduct Authority.Harris Williams&Co.Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main,Germany,under HRB 107540.The registered address is Bockenheimer Landstrasse 3335,603

101、25 Frankfurt am Main,Germany(email address:).Geschftsfhrers/Directors:Jeffery H.Perkins,Paul Poggi,VAT No.DE321666994.Harris Williams is a trade name under which Harris Williams LLC,Harris Williams&Co.Ltd and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.The information and vie

102、ws contained in this content have been prepared in part by Harris Williams.This content does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate any investment or potential transaction.This content is not a research report,as such term is

103、defined by applicable law and regulations,and is provided for informational purposes only.Any and all information,including estimates,projections and other forwardlooking statements,presented in this document may involve various assumptions and significant elements of subjective judgment and analysi

104、s that may or may not be correct.Harris Williams has not independently verified,and neither Harris Williams nor any other person will independently verify,any of the information,estimates,projections or forwardlooking statements contained herein or the assumptions on which they are based.The informa

105、tion contained in this document is made as of the date hereof unless stated otherwise.Harris Williams does not expect to update or otherwise revise this document nor provide any additional information,nor correct any inaccuracies herein which may become apparent.This content is intended for institut

106、ional use only and should not be relied upon by retail investors or members of the general public.The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation or warranty as to the accuracy or completeness of such information,and informat

107、ion contained herein that is based on material prepared by others may involve significant elements of subjective judgment and analysis which may or may not be correct.Opinions,estimates and projections contained herein constitute Harris Williams judgment and are subject to change without notice.This

108、 content is not to be construed as investment advice,an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular transaction,nor shall this content form the basis of any contract.It does not constitute and should not be construed

109、 as an endorsement or recommendation of any entities products or services.No part of this material may be copied or duplicated in any form or by any means,or redistributed,without Harris Williams prior written consent.About Harris WilliamsAppendixEuropean Software H1 2022As of August 29,2022 in Mill

110、ionsMarketEnterprise%of 52-WeekRevenue Growth Cash EBITDA EV/RevenueEV/Cash EBITDACompanyCapitalisationValueHighCY23EMargin CY23ECY22ECY23ECY22ECY23ELarge-Cap Software(5bn Market Cap)SAP98,861107,15765.2%7.1%34.3%3.5x3.3x10.6x9.6xDassault Systemes50,73651,23668.0%9.0%35.8%9.2x8.5x26.0 x23.6xHexagon2

111、8,52632,16274.2%6.9%34.3%6.3x5.9x19.2x17.2xWolters Kluwer26,29128,50793.1%4.5%35.8%5.4x5.2x15.2x14.5xAmadeus IT Group23,67326,50281.1%23.6%23.8%5.9x4.8x29.9x20.2xAVEVA Group9,86510,45765.8%9.9%37.7%6.9x6.3x19.0 x16.7xThe Sage Group8,6599,42984.2%6.1%25.1%4.1x3.9x16.8x15.5xNemetschek6,9236,94151.6%9.

112、3%31.3%8.8x8.0 x27.2x25.6xTemenos5,6516,41051.0%9.1%43.3%6.2x5.7x14.8x13.1xMedian23,67326,50268.0%9.0%34.3%6.2x5.7x19.0 x16.7xMean28,79830,97870.5%9.5%33.5%6.3x5.7x19.8x17.3xMid-Cap Software (1-5bn Market Cap)SoftwareONE Holding2,0111,76247.7%15.7%21.7%1.6x1.4x7.3x6.4xCompuGroup Medical1,9732,67845.

113、6%4.8%24.5%2.4x2.3x10.9x9.3xSoftware Aktiengesellschaft1,9532,17260.0%7.1%20.9%2.3x2.2x13.2x10.3xTeamViewer1,8422,36733.2%12.6%48.0%4.2x3.7x8.6x7.7xCriteo1,6561,24862.8%12.0%31.1%1.3x1.1x4.1x3.7xSinch1,5162,4999.4%13.3%11.6%1.0 x0.9x10.1x7.4xVitec Software Group1,3211,38468.0%14.5%24.5%7.7x6.7x34.7x

114、27.5xQt Group1,2691,27027.9%35.2%29.7%7.9x5.9x28.3x19.8xAsseco Poland1,2661,24572.3%7.7%13.2%0.3x0.3x2.6x2.4xLectra1,2081,26171.3%6.9%24.8%2.4x2.2x10.1x9.0 xAddnode Group1,1761,23281.5%11.6%19.0%2.3x2.1x12.3x11.1xCint Group1,1751,24737.9%22.7%10.2%4.0 x3.3x86.0 x31.9xLearning Technologies Group1,071

115、1,26648.5%4.1%26.5%1.9x1.9x7.8x7.1xATOSS Software1,0421,01358.0%16.9%31.5%9.2x7.9x30.5x25.0 xMedian1,2951,26853.3%12.3%24.5%2.4x2.2x10.5x9.1xMean1,4631,61851.7%13.2%24.1%3.5x3.0 x19.0 x12.8xEuropean Software Public Market Operational and Valuation Metrics Detail21Source:S&P Capital IQ and equity res

116、earch as of Aug-22Notes:Criteria for inclusion entails employee count greater than 200,European HQs and market capitalisation greater than 250m;Schneider Electric on 21 September announced an offer to acquire AvevaEuropean Software H1 2022European Software Public Market Operational and Valuation Met

117、rics Detail(contd)22Source:S&P Capital IQ and equity research as of Aug-22Notes:Criteria for inclusion entails employee count greater than 200,European HQs and market capitalisation greater than 250mAs of August 29,2022 in MillionsMarketEnterprise%of 52-WeekRevenue Growth Cash EBITDA EV/RevenueEV/Ca

118、sh EBITDACompanyCapitalisationValueHighCY23EMargin CY23ECY22ECY23ECY22ECY23ESmall-Cap Software(250m-1bn Market Cap)VTEX81958415.9%25.8%6.4%3.7x2.9xNMNMNexus79077362.0%11.1%23.0%3.6x3.2x16.2x14.1xEsker76372935.6%15.1%14.4%4.6x4.0 x32.6x27.9xCraneware66273059.4%10.2%11.9%4.2x3.8x34.5x31.6xByggfakta Gr

119、oup61080637.3%9.0%53.2%3.9x3.6x7.7x6.8xLiveChat Software58656778.5%9.7%58.7%9.6x8.8x16.3x14.9xAlfa Financial Software57557075.1%2.0%36.1%5.6x5.5x15.6x15.2xVolue44040544.5%18.7%11.6%3.2x2.7x44.8x23.0 xcBrain43543333.4%29.3%41.8%15.8x12.2x40.0 x29.2xESI Group40743689.2%7.0%5.2%3.0 x2.8xNMNMPSI Softwar

120、e37334448.5%10.4%17.0%1.3x1.2x8.6x7.0 xLime Technologies37239474.0%15.0%31.7%8.8x7.6x27.9x24.0 xTracsis35833192.4%8.4%22.1%3.9x3.6x18.3x16.2xIDOX34735483.6%4.9%24.0%4.3x4.1x18.3x16.9xInfotel34627085.5%6.3%15.1%0.9x0.9x6.1x5.7xMedia and Games Invest34169935.4%11.8%15.0%2.3x2.0 x15.0 x13.6xFINEOS33529

121、731.7%13.1%NM2.3x2.1xNMNMCerillion33031685.7%17.8%33.8%8.2x6.9x24.1x20.5xSmartCraft32130475.0%17.1%40.7%8.8x7.5x22.3x18.4xEpsilon Net31932477.8%30.0%28.4%4.3x3.3x15.2x11.6xdotdigital Group31627230.6%8.0%24.3%3.6x3.3x14.3x13.6xGK Software28224872.7%11.8%22.1%1.7x1.5x7.8x6.8xCegedim27552768.7%4.6%10.7

122、%1.0 x0.9x9.5x8.5xAptitude Software Group27426155.2%7.6%23.2%3.1x2.9x14.4x12.3xRS2 Software26626076.7%53.8%13.4%4.0 x2.6x29.7x19.3xEQS Group26129260.2%31.2%26.2%4.3x3.3x25.8x12.6xMedian35237465.3%11.4%23.0%3.9x3.3x16.3x14.9xMean43144361.0%15.0%24.4%4.6x4.0 x20.2x16.1xTOTAL COMP SET MEDIAN79077362.8%

123、10.4%24.5%4.0 x 3.3x 15.9x 14.3x TOTAL COMP SET MEAN5,9366,38760.1%13.5%26.0%4.6x 4.0 x 19.8x 15.3x European Software H1 2022European Software Recent Transactions Detail23Sources:S&P Capital IQ,PitchBook,Mergermarket and LinkedIn as of Aug-22Notes:Criteria for inclusion entails majority stake transa

124、ctions,employee count greater than 200 and European HQs;Darktrace on 15 August announced several parties had put forward“conditional proposals”DateTargetAcquirerTarget TypeHQEmployeesBusiness DescriptionEnterprise Value(m)ImpliedEV/LTM RevenuePendingAccess GroupTA Associates,HG CapitalPrivateUnited

125、Kingdom5,000Developer of business management software for businesses and non-profit organisations.10,810NAPendingEMIS GroupUnitedHealth GroupPublicUnited Kingdom1,400Provider of healthcare software and information technology services.1,4507.4x PendingMediFoxResMed PrivateGermany600Develops software

126、solutions and services for professional and non-professional care,therapeutic practices and child,family and youth welfare facilities.95011.7x PendingMicro Focus InternationalOpenTextPublicUnited Kingdom11,000Enterprise software provider offering a broad portfolio of software and supporting services

127、.5,9902.2x PendingViastoreToyota IndustriesPrivateGermany600Developer and supplier of intralogistics software and systems catering to retail,manufacturing,logistics and food sectors.NANAClosedAvastNortonLifeLockPublicCzech Republic2,010Cybersecurity software company that researches and develops comp

128、uter security software,machine learning and artificial intelligence.7,2809.1x ClosedEcoOnlineApax PartnersPublicNorway375Leading provider of Software-as-a-Service(SaaS)for Environmental,Health,Safety and Quality.3808.4x ClosedLucaNetHG CapitalPrivateGermany500Developer of software intended for finan

129、cial consolidation,planning,reporting and analysis.NANAClosedRGI GroupCVCPrivateItaly1,200Leading independent provider of software solutions to the European insurance industry.NANAAug 2022GlofoxABC Fitness SolutionsPrivateUnited Kingdom220Developer of gym and studio management software designed to h

130、elp fitness studios to manage their businesses effectively.NANAAug 2022Data ConsultSepteoPrivateBelgium2,300Developer of software applications catering to notarys offices.NANAAug 2022BaswareAccel-KKR,Long Path,BriarwoodPublicFinland1,615Helsinki-based global provider of Cloud-based Networked Procure

131、-to-Pay solutions.6624.3x Aug 2022IPONWEBCriteoPrivateUnited Kingdom400Developer of digital advertising software focused on programmatic and real-time advertising technology and infrastructure.249NAJul 2022AvintyMain Capital PartnersPrivateNetherlands240Developer of healthcare software designed to o

132、ffer optimal user experience,workflow and process support to healthcare professionals.NANAJul 2022CASTBridgepointPublicFrance980Provider of Automated Application Intelligence software,publishing language analysis software intended for computer professionals.1393.2x Jul 2022Prima XL&ComplianceDuck Cr

133、eek TechnologiesPrivateFrance400Developer of a software platform designed to help insurance and reinsurance professionals speed up their digital transformation.ConfidentialConfidentialJul 2022InetumBain CapitalPrivateFrance27,000IT services business that provides services spanning IT consultancy,clo

134、ud computing,artificial intelligence,blockchain and infrastructure.2,2001.0 x Jul 2022DigimindOnclusivePrivateFrance230Global leader in AI-Powered social listening platforms and market intelligence software.NANAJul 2022NewOxatisLundi Matin GroupePrivateFrance245Developer of e-commerce software for c

135、reation and management of commercial sites.NANAJul 2022Outpost24Vitruvian PartnersPrivateSweden300Developer of a security risk and compliance management platform designed for identifying and managing cybersecurity threats and vulnerabilities.NANAJul 2022IdeagenHG CapitalPublicUnited Kingdom660Provid

136、er of market-leading information management,safety,risk and compliance software solutions.1,30011.8x Jul 2022Vewd SoftwareXperiPrivateNorway275Developer of cloud-based platform software created to stream content via internet devices.1073.4x Jun 2022QuenticAMCSPrivateGermany225Developer of software p

137、roducts for health and safety,environmental management and sustainability management.NANAJun 2022Lisam SystemsKeensight CapitalPrivateBelgium230Developer of environment,health and safety(EH&S)software designed to manage documents and ensure compliance.ConfidentialConfidentialJun 2022Solid SolutionsT

138、riMechPrivateUnited Kingdom250Market leading reseller of 3D design software and engineering software,providing sales,consultancy,training services.NANAEuropean Software H1 2022DateTargetAcquirerTarget TypeHQEmployeesBusiness DescriptionEnterprise Value(m)ImpliedEV/LTM RevenueJun 2022AspireglobalNeoG

139、amesPublicMalta225Leading B2B provider of iGaming solutions,offering companies support to operate a successful iGaming brand,covering casino and sports.4102.4x Jun 2022GenerixMontefiore InvestmentPublicFrance990Global provider of collaborative SaaS Software solutions for the supply chain,industrial

140、and retail ecosystems.2372.8x Jun 2022BE-ternaTelefnica TechPrivateAustria800Developer of enterprise resource planning software intended for automotive,energy and industry sectors.3503.3x Jun 2022Intouch GamesSkywind GroupPrivateUnited Kingdom500Developer of gaming technology intended to provide iGa

141、ming solutions.NANAJun 2022xSuite3i GroupPrivateGermany230Accounts payable process automation specialist focused on the SAP ecosystem.NANAJun 2022UtimacoSGT CapitalPrivateGermany470Developer of cloud-based hardware security appliances and compliance software intended for telecommunication,government

142、s and corporations.4254.3x May 2022Crisp Thinking GroupKrollPrivateUnited Kingdom435Real-time risk intelligence company that protects brands,assets and people from reputational damage,security threats and online harms.NANAMay 2022Pharma IntelligenceWarburg PincusPrivateUnited Kingdom300Provider of s

143、pecialist intelligence,data and software for clinical trials,drug development and regulatory compliance.2,600NAMay 2022inRiverThomas H.Lee PartnersPrivateSweden275Product information management system software business designed to drive revenue.NANAMay 2022MimecastPermiraPublicUnited Kingdom2,060Pro

144、vider of next generation cloud security and risk management services for email and corporate information.5,47010.1x May 2022SAST SOLUTIONSPathlockPrivateGermany500Developer of platform security software intended to support companies in detecting anomalies,hacking attacks,manipulation and data theft.

145、NANAMay 2022AMCSClearlakePrivateGermany1,000Provider of integrated software and vehicle technology for the environmental,recycling and resource industries.NANAMay 2022Compusoft20-20 TechnologiesPrivateUnited Kingdom600Developer of computer-aided design(CAD)software designed for the kitchen and bathr

146、oom retail industries.NANAMay 2022MelonKin+CartaPrivateBulgaria220Provider of end-to-end software development and consulting services.NANAMay 2022Industrial and Financial SystemsHG CapitalPublicSweden4,500Developer of service management,enterprise resource planning and asset management software.9,32

147、0NAMay 2022InfodreamCT EngineeringPrivateFrance1,800Developer of a manufacturing execution system(MES)software intended to improve the quality level in production processes.NANAMay 2022InterConsult BulgariaKongsberg Gruppen PrivateBulgaria400Provider of software development and consulting services.N

148、ANAMay 2022SYSCO(Norway)CegalPrivateNorway250Provider of technical and computer programming services for the energy sector.NANAApr 2022Kratzer AutomationNational InstrumentsPrivateGermany500Provider of vehicle testing systems and software services catering to the international automotive and transpo

149、rt sectors.55NAApr 2022Forsta(Oslo)Press GaneyPrivateNorway450Developer of feedback and analytics software intended for market research.NANAApr 2022LOCATIQSSogelinkPrivateNetherlands250Developer of geographic information system(GIS)software catering to the utility industry.NANAApr 2022SigFoxUnaBizPr

150、ivateFrance260Provider of Internet of things(IoT)connectivity service intended to securely connect physical devices to the cloud.NANAApr 2022Version 1Partners GroupPrivateIreland2,100Provider of SaaS-based information technology consulting and outsourcing services.8003.3x Apr 2022JCommerceInetumPriv

151、atePoland300Provider of software development services focused on supporting companies in the ongoing processes of digital transformation.NANAApr 2022Arriver SoftwareQualcommPrivateSweden800Developer of scalable and upgradable software intended for smart mobility.NANAEuropean Software Recent Transact

152、ions Detail(contd)24Sources:S&P Capital IQ,PitchBook,Mergermarket and LinkedIn as of Aug-22Notes:Criteria for inclusion entails majority stake transactions,employee count greater than 200 and European HQsEuropean Software H1 2022European Software Recent Transactions Detail(contd)25Sources:S&P Capita

153、l IQ,PitchBook,Mergermarket and LinkedIn as of Aug-22Notes:Criteria for inclusion entails majority stake transactions,employee count greater than 200 and European HQsDateTargetAcquirerTarget TypeHQEmployeesBusiness DescriptionEnterprise Value(m)ImpliedEV/LTM RevenueApr 2022Decision TimeBC Partners,V

154、ista Equity PartnersPrivateUnited Kingdom2,700Developer of governance software for managing meetings,risks and objectives.NANAApr 2022Impresoft GroupClessidra Private EquityPrivateItaly700Offers proprietary and third-party software as well as support and consulting services.NANAMar 2022SelerantTrace

155、 OnePrivateItaly250Leading global provider of process-based product lifecycle management(PLM)software and consulting services.NANAMar 2022Blue PrismSS&C TechnologiesPublicUnited Kingdom1,000Develops Intelligent Robotic Process Automation(RPA)software to provide businesses with a secure,agile and sma

156、rt digital workforce.1,4407.5x Mar 2022Tremend Software ConsultingPublicis GroupePrivateRomania650Provider of software consulting services intended to help organizations perform tasks with the backing of digital technology.NANAMar 2022Bohemia Interactive SimulationsBAE SystemsPrivateCzech Republic32

157、5Developer of gaming technology for military training and interactive simulation software serving defense,emergency and mission-critical customers.1953.9x Mar 2022ForterroPartners GroupPrivateUnited Kingdom1,200Pan-European software services provider for small and mid-sized businesses.1,0005.0 x Feb

158、 2022AutoForm EngineeringCarlylePrivateSwitzerland400Developer and marketer of specialized die-facing design and simulation software intended for the die-making and sheet metal forming industries.1,750NAFeb 2022IHS MarkitS&P GlobalPublicUnited Kingdom15,500IHS Markit is a leading provider of data an

159、d analytics to corporate and sovereign clients across a wide variety of industries.43,1209.4x Feb 2022UMBThe BKW GroupPrivateSwitzerland500Develops individual software,provides cloud solutions,SAP services,process automation and consultancy services.205NAFeb 2022AlcumusApax PartnersPrivateUnited Kin

160、gdom1,000Developer of supply chain and risk management software intended for small and medium-sized businesses.ConfidentialConfidentialFeb 2022TecsidelEstacionamientos y ServiciosPrivateSpain280Developer of toll systems and logistics software.NANAFeb 2022BilotVincit GroupPublicFinland240Developer of

161、 cloud-based and intelligent business environments and agile applications tailored to its customer needs.NANAFeb 2022SmartclipShowHeroesPrivateGermany500Operator of an advertising technology platform intended to develop online video marketing space.NANAFeb 2022SurfsharkNord SecurityPrivateNetherland

162、s300Developer of a virtual private network software designed to protect peoples digital lives.NANAFeb 2022Tes GlobalOnexPrivateUnited Kingdom500Developer of teacher-centric digital recruitment,training and resources software for the education sector.NANAFeb 2022LoopMeMayfair Equity PartnersPrivateUn

163、ited Kingdom230Developer of a brand advertising mobile platform designed to optimize campaigns to real-world outcomes.1773.5x Jan 2022PTV Planung Transport VerkehrBridgepointPrivateGermany900Developer of traffic simulation and transport planning software intended to improve mobility and transport.40

164、03.4x Jan 2022SoftClubSoftline HoldingPrivateBelarus950Developer of banking software intended for finance,e-commerce and exchange industries.NANAJan 2022TAS GroupRivean CapitalPublicSwitzerland560Developer of payment systems software based in Italy.2513.9x Jan 2022Canyon(France)YousignPrivateFrance1

165、,000Operator of a legal operation platform designed to help teams collaborate on legal work efficiently.NANAJan 2022BusuuCheggPrivateUnited Kingdom240Developer of a language learning platform designed to offer varied vocabulary training courses.38516.5x Jan 2022AMT-SYBEX GroupConstellation SoftwarePrivateUnited Kingdom200Developer of enterprise software dedicated to supporting utility and infrastructure organisations.46NAOVERALL MEDIAN5444.1x OVERALL AVERAGE3,1305.9x