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Sectorwatch Salesforce Partners - July 2018

This document summarizes market trends in the Salesforce partner sector. It includes a dashboard with metrics on revenue growth, profitability, and valuation for a basket of public companies. There are also charts comparing current and historical valuation multiples. Recent M&A transactions in the sector are also summarized. The document aims to provide clients with analytical insights on performance, valuation and deal activity in the Salesforce partner space.

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Mike Paradis
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0% found this document useful (0 votes)
99 views23 pages

Sectorwatch Salesforce Partners - July 2018

This document summarizes market trends in the Salesforce partner sector. It includes a dashboard with metrics on revenue growth, profitability, and valuation for a basket of public companies. There are also charts comparing current and historical valuation multiples. Recent M&A transactions in the sector are also summarized. The document aims to provide clients with analytical insights on performance, valuation and deal activity in the Salesforce partner space.

Uploaded by

Mike Paradis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 23

Sectorwatch:

Salesforce Partners
July 2018
Salesforce Partners
July 2018
Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in
conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All
data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M
Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as
confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2
Overview

7MA provides Investment Banking & Advisory Services to the Business Services and Technology
Industries globally. We advise on M&A and private capital transactions, and provide market assessments
and benchmarking. As a close knit team with a long history together and a laser focus on our target
markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate
new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we
focus.

Dashboard Valuation Comparison


• Summary metrics on the sector • Graphical, detailed comparison of valuation
• Commentary on market momentum by multiples for the public basket
comparing the most recent 12-month
performance against the last 3-year
averages.

Public Basket Performance Recent Deals


• Summary valuation and operating metrics for • The most recently announced deals in the
a basket of comparable public companies sector

3
Dashboard
Operating Metrics
Revenue Growth Momentum
1 - year revenue growth compared to revenue growth
0.005 average for last 3 years
Median LTM GP Margin % 34.7%
Current revenue growth rate exceeds the average of the last 3 years by this
amount, indicating that market momentum is increasing
Median LTM EBITDA Margin % 20.8%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 7.7%


-0.1% 1average
- year gross profit % compared to gross profit %
for last 3 years 0% 10% 20% 30% 40%
Current gross profit margin is less than the average of the last 3 years gross
profit margins, indicating customer pricing power
Valuation
Profitability Momentum Median Price / LTM Earnings 25.8x
-0.3% 1last- year EBITDA % compared to EBITDA % average for
3 years Median TEV / LTM EBIT 16.0x
Current EBITDA margin is less than the average of the last 3 years EBITDA
margins, which may signal further consolidation Median TEV / LTM EBITDA 13.5x

Median TEV / LTM Revenue 2.6x


0x 10x 20x 30x

4
Public Basket
Rev TEV /
LTM Rev Growth EBITDA TEV / EBITDA Rev /
Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k

Perficient, Inc. 1,005 483 5% 35% 12% 2.1 18.0 3,024 160
HCL Technologies Limited 18,369 7,838 12% 34% 23% 2.5 10.9 120,081 65
Capgemini SE 24,468 15,360 2% 26% 13% 1.6 12.9 199,698 77
Infosys Limited 38,812 11,119 7% 35% 27% 3.5 13.1 204,107 54
Cognizant Technology Solutions Corporation 43,817 15,176 10% 38% 21% 2.9 13.9 260,000 58
Accenture plc 104,155 38,574 13% 31% 16% 2.7 16.6 425,000 91
Tata Consultancy Services Limited 105,545 18,660 8% 44% 27% 5.7 21.2 394,998 47
International Business Machines Corporation 167,679 80,056 1% 46% 21% 2.1 10.1 366,600 218

Average 62,981 23,408 7% 36% 20% 2.9 14.6 246,689 96


Median 41,314 15,268 8% 35% 21% 2.6 13.5 232,054 71
share price as of 16Jul18

5
0x
2x
4x
6x
8x
10x
12x
14x
16x
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15

TEV/EBITDA - Median
TEV/EBITDA - Average
Jan-16

2.5x
Apr-16
12.4x
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17

TEV/Revenue - Median
TEV/Revenue - Average
Jan-18
Apr-18
Jul-18

0x
5x
10x
15x
0.0x
0.5x
1.0x
1.5x
2.5x
3.0x

2.0x

Oct-13 Oct-13
Jan-14 Jan-14
Apr-14 Apr-14
Jul-14 Jul-14
Oct-14 Oct-14
Jan-15 Jan-15
Apr-15 Apr-15
Jul-15 Jul-15
TEV/EBITDA - Median
TEV/Revenue - Median

Oct-15 Oct-15
Public Basket Valuation Trends

Jan-16 Jan-16
Apr-16 Apr-16
Jul-16 Jul-16
Oct-16 Oct-16
Jan-17 Jan-17
Apr-17 Apr-17
Jul-17 Jul-17
Oct-17 Oct-17
Jan-18 Jan-18
TEV/EBITDA - Average
TEV/Revenue - Average

Apr-18 Apr-18
Public EBITDA Multiples over Time

Jul-18 Jul-18
Public Revenue Multiples over Time

6
Operational Metrics
LTM Gross Profit Margin % LTM EBITDA %
International Business Machines
Corporation Infosys Limited

Tata Consultancy Services Tata Consultancy


Limited Services Limited

Cognizant Technology Solutions HCL Technologies


Corporation Limited

Cognizant Technology
Infosys Limited
Solutions Corporation

International Business
Perficient, Inc.
Machines Corporation

HCL Technologies Limited Accenture plc

Accenture plc Capgemini SE

Capgemini SE Perficient, Inc.

Median Median

- 20% 40% 60% - 10% 20% 30% 40%

7
Operational Metrics
LTM Revenue per
LTM Revenue Growth %
Full Time Employee x 000’s
International Business Machines
Accenture plc Corporation

HCL Technologies Limited Perficient, Inc.

Cognizant Technology Solutions Accenture plc


Corporation

Tata Consultancy Services


Capgemini SE
Limited

Infosys Limited HCL Technologies Limited

Cognizant Technology Solutions


Perficient, Inc.
Corporation

Capgemini SE Infosys Limited

International Business Machines Tata Consultancy Services


Corporation Limited

Median Median

- 4% 8% 12% 16% 20% $- $100 $200 $300

8
Operational Metrics
Average Days
Accounts Receivable Turnover
Sales Outstanding
International Business Tata Consultancy
Machines Corporation Services Limited

Accenture plc Capgemini SE

Perficient, Inc. Infosys Limited

Cognizant Technology HCL Technologies


Solutions Corporation Limited

Cognizant Technology
HCL Technologies Limited
Solutions Corporation

Infosys Limited Perficient, Inc.

Capgemini SE Accenture plc

Tata Consultancy International Business


Services Limited Machines Corporation

Median Median

0x 2x 4x 6x 8x 10x 0 20 40 60 80 100

9
Valuation
TEV / LTM Revenue TEV / LTM EBITDA

Tata Consultancy Tata Consultancy


Services Limited Services Limited

Infosys Limited Perficient, Inc.

Cognizant Technology
Accenture plc
Solutions Corporation

Cognizant Technology
Accenture plc
Solutions Corporation

HCL Technologies
Infosys Limited
Limited

International Business
Capgemini SE
Machines Corporation

HCL Technologies
Perficient, Inc.
Limited

International Business
Capgemini SE
Machines Corporation

Median Median

0x 2x 4x 6x 8x 10x 0x 10x 20x 30x

10
Valuation
TEV / LTM EBIT Price / LTM Earnings

Perficient, Inc. Perficient, Inc.

Tata Consultancy
Services Limited Cognizant Technology
Solutions Corporation

Accenture plc
Tata Consultancy
Services Limited
Cognizant Technology
Solutions Corporation
Accenture plc

Capgemini SE

Capgemini SE
Infosys Limited

International Business
International Business Machines Corporation
Machines Corporation

HCL Technologies Infosys Limited


Limited

Median Median

0x 10x 20x 30x 0x 10x 20x 30x 40x 50x

11
Valuation
Historical Valuation Multiples Historical Valuation Multiples
versus Gross Profit versus Revenue Growth Rate

25x 50% 25x 12.8% 14%


45.6% 12.4%
44.2%
45%
12%
20x 38.3% 40% 20x
34.8%
9.7%
35% 10%
8.1%
15x 34.3% 30% 7.3%
15x
31.4% 34.6% 8%
25%
26.5%
10x 20% 6%
10x

15% 0.8%
4.9% 4%
5x 10% 5x
EBITDA(x)

EBITDA(x)
LTM GP%

LTM RGR%
2%
5% 2.0%
10x 11x 13x 13x 14x 17x 18x 21x 10x 11x 13x 13x 14x 17x 18x 21x
0x 0% 0x 0%

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12
Recent Transactions Total
Transaction Target TEV / TEV /
Date Target Buyer / Investor Value Revenue Revenue EBITDA

10Jul18 SWC Technology Partners, Inc. BDO USA, LLP - - - -


28Jun18 RO Innovation, Inc. Qvidian Corporation 14.25 6.00 2.4x -
28Jun18 Sybit GmbH itelligence AG - - - -
12Jun18 Gap Consulting Ltd Incremental Group Limited - - - -
6Jun18 Scribe Software Corporation TIBCO Software Inc. - - - -
5Jun18 Third Wave Consulting Inc. Deloitte Digital - - - -
1Jun18 Information Systems Management, Inc. SWK Technologies, Inc. - - - -
8Apr18 Red Sky Solutions FMT Consultants, LLC - - - -
1Mar18 Sonnick Partners LLC Pamlico Capital - - - -
13Nov17 cDecisions Limited PricewaterhouseCoopers LLP - - - -
20Sep17 Pierry, Inc. Wunderman Limited - 14.50 - -
8Sep17 Apttus Corporation PremjiInvest; International Business Machines Corp., Investment Arm; - - - -
K1 Investment Management, LLC; ICONIQ Capital, LLC; Salesforce
Ventures
22Aug17 Summa Technologies, Inc. CGI Group Inc. - - - -
26Jul17 Crma Holdings LLC Virsys12, LLC - - - -
18Jul17 Appiphony, LLC Salesforce Ventures; SI Trailblazer Fund - - - -
18Jul17 PatronManager, LLC Providence Equity Partners LLC - - - -
7Jul17 InfoTrellis Inc. Mastech Digital, Inc. 55.00 22.00 - -
6Jul17 Pendo.io, Inc. Battery Ventures; MeriTech Capital Partners; Core Capital Partners; 25.00 - - -
Spark Capital Partners, LLC; IDEA Fund Partners; Contour Venture
Partners; Salesforce Ventures
7Jun17 Phase One Consulting Group, Inc. Accenture Federal Services LLC - - - -
15May17 Media Hive Accenture plc - - - -
8May17 Perspectium Corporation TVC Capital, LLC 8.00 - - -
5May17 Terminus Software, LLC Edison Partners; HubSpot, Inc.; Knoll Ventures Inc.; Arthur Ventures; 10.30 - - -
Hyde Park Venture Partners; Vine Street Ventures; Atlanta Ventures;
Atlanta Student Fund; High Alpha
26Apr17 VanDamme Associates, Inc. Community Brands - - - -
20Apr17 Spanning Cloud Apps, LLC Insight Venture Partners LLC - - - -
12Apr17 Govenda, LLC Digital Evolution Group LLC - - - -
3Apr17 Blue Acorn, LLC Beringer Capital; Beringer Capital Fund III L.P. - - - -
27Mar17 Day1 Solutions LLC Deloitte Digital - - - -
23Mar17 ITELIOS SAS Cap Gemini S.A. (nka:Capgemini SE) - - - -
2Feb17 MapAnything, Inc. Columbus Nova; Greycroft; Harbert Venture Partners, LLC; Salesforce 33.10 - - -
Ventures; ServiceNow Ventures
24Jan17 Sequence LLC salesforce.com, inc. 26.00 - - -
20Oct16 Appirio Inc. Wipro Limited 500.00 196.00 2.6x -
4Oct16 ACF Solutions, LLC (nka:ACF Solutions, An Attain, LLC - - - -
Attain Company)

13
Salesforce Partners
July 2018
APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in
conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All
data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M
Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as
confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 14
Revenue Multiples - Perficient, Inc.

Public Basket 3x

2x

1x

Perficient, Inc. 0x

Perficient, Inc. provides information technology and management


consulting services in the United States. The company designs,
TEV/Revenue Average
builds, and delivers solutions using middleware software
products developed by third-party vendors. Its solutions include
portals and collaboration, such as searchable data systems, EBITDA Multiples - Perficient, Inc.
30x
collaborative systems for process improvement, transaction
processing, unified and extended reporting, and other services;
20x
and platform implementations services, including application
server selection, architecture planning, installation and 10x
configuration, clustering for availability, performance assessment
and issue remediation, security, and technology migrations. The 0x
company also offers management consulting services in the
areas of organizational change management, business analytics,
project management, process excellence, and other; and cloud TEV/EBITDA Average
services comprising architecture, business value and health
checks assessments, strategy and road maps, and vendor P/E Multiples - Perficient, Inc.
evaluation and selection services. Perficient, Inc. was founded in 60x
1997 and is headquartered in St. Louis, Missouri.
40x

20x

Date Key Development Headline 0x


7/15/18 Perficient, Inc. (NasdaqGS:PRFT) acquired Stone Temple
Consulting Corporation.
P/E Average

15
Revenue Multiples - HCL Technologies

Public Basket 8x
6x
Limited

4x
2x
HCL Technologies Limited 0x

HCL Technologies Limited provides software, business process


outsourcing, and information technology (IT) infrastructure
TEV/Revenue Average
services worldwide. The company offers IT infrastructure
management, cloud computing, data center, managed
mainframe and maintenance, network, service integration and EBITDA Multiples - HCL Technologies Limited
20x
management, and workplace services, as well as autonomics
and orchestration services, products, and platforms. It also 15x
provides digital consulting, application development and platform 10x
engineering, platforms, business analytics, business assurance
5x
and testing, and application maintenance services; SAP
landscape transformation, system conversion, and new 0x
implementations of on-premises and cloud platform solutions;
Oracle business consulting, implementation, upgrades,
managed, and migration services; and Microsoft customer TEV/EBITDA Average
relationship management, cloud, analytics, infrastructure, and
workplace innovation services. HCL Technologies Limited was
founded in 1976 and is headquartered in Noida, India.

Date Key Development Headline


6/26/18 HCL Technologies Limited (NSEI:HCLTECH) signed a definitive
agreement to acquire Hönigsberg & Düvel Datentechnik GmbH
for €30 million.
6/1/18 JDA and HCL Technologies Announce Alliance Agreement for
JDA Commerce, SofTechnics, and PRM Solutions
5/2/18 HCL Seeks Acquisitions

16
Revenue Multiples - Capgemini SE

Public Basket
3x

2x

1x

Capgemini SE 0x

Capgemini SE provides consulting, technology, and digital


transformation services. It addresses clients’ opportunities in the TEV/Revenue Average
world of cloud, digital, and platforms, as well as enables
organizations to realize business ambitions through an array of
services from strategy to operations. The company’s Consulting EBITDA Multiples - Capgemini SE
20x
Services segment offers strategy and transformation consulting
services primarily in digital transformation that enhance the 15x
performance of organizations based on intimate client 10x
relationships, and the knowledge of client industries and
5x
processes. Its Technology & Engineering Services segment
provides assistance and support to internal IT teams of client 0x
companies. The company’s Application Services segment
designs, develops, implements, and maintains IT applications,
TEV/EBITDA Average
including system integration and application maintenance
services. Its Other Managed Services segment integrates,
manages, and/or develops client’s IT infrastructure systems, as P/E Multiples - Capgemini SE
well as provides transaction, on-demand, and/or business 30x
process outsourcing services. Capgemini SE was founded in 24x
1967 and is based in Paris, France. 18x
12x
6x
0x
Date Key Development Headline
6/21/18 Capgemini Seeks Acquisitions in India
6/6/18 Capgemini SE (ENXTPA:CAP) entered into an agreement to
P/E Average
acquire Leidos Cyber, Inc.

17
Revenue Multiples - Infosys Limited

Public Basket
5x
4x
3x
2x
1x
Infosys Limited 0x

Infosys Limited, together with its subsidiaries, provides


consulting, technology, and outsourcing services in North TEV/Revenue Average
America, Europe, India, and internationally. It provides business
information technology services, including application
development and maintenance, independent validation, EBITDA Multiples - Infosys Limited
20x
infrastructure management, and business process management
services, as well as engineering services, such as engineering 15x
and life cycle solutions; and consulting and systems integration 10x
services comprising consulting, enterprise solutions, systems
5x
integration, and advanced technologies. The company’s
products include Finacle, a banking solution that provides 0x
analytics, core banking, consumer e-banking, corporate e-
banking, Islamic banking, mobile banking, origination, payments,
TEV/EBITDA Average
SME enable, treasury, wealth management, and youth banking
solutions. Infosys Limited was founded in 1981 and is
headquartered in Bengaluru, India. P/E Multiples - Infosys Limited
40x
30x
Date Key Development Headline
7/5/18 Infosys Limited Partners with Siemens to Develop Advanced IoT 20x
Engineering Solutions on MindSphere 10x
5/29/18 Infosys Limited (NSEI:INFY) completed the acquisition of
Wongdoody Holding Company, Inc. 0x
5/2/18 Infosys and Astound Partner to Deliver Better Service Experience
Through an AI Enhanced Enterprise Service Management Café
4/18/18 Infosys Mulls Acquisitions
P/E Average
4/13/18 Infosys Seeks Sell Of Panaya and Skava

18
Revenue Multiples - Cognizant Technology

Public Basket
10x
Solutions Corporation
8x
6x
4x
2x
Cognizant Technology Solutions Corporation 0x

Cognizant Technology Solutions Corporation, a professional


services company, provides consulting and technology, and TEV/Revenue Average
outsourcing services worldwide. The company operates through
four segments: Financial Services; Healthcare; Products and
Resources; and Communications, Media and Technology. It EBITDA Multiples - Cognizant Technology
40x Solutions Corporation
offers business, process, operations, and technology consulting
services; application design and development, and systems 30x
integration services; application testing, consulting, and 20x
engineering services; and enterprise information management
10x
services. The company was founded in 1994 and is
headquartered in Teaneck, New Jersey. 0x

TEV/EBITDA Average

Date Key Development Headline P/E Multiples - Cognizant Technology


5/6/18 Cognizant Technology Solutions Eyes Acquisition 60x
Solutions Corporation
5/1/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 45x
acquired Hedera Consulting BVBA.
4/18/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 30x
completed the acquisition of Bolder Healthcare Solutions LLC
from Bolder Capital, LLC and The Edgewater Funds. 15x
3/11/18 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 0x
agreed to acquire Bolder Healthcare Solutions LLC from Bolder
Capital, LLC and The Edgewater Funds.
11/29/17 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH)
completed the acquisition of Netcentric AG. P/E Average

19
Revenue Multiples - Accenture plc

Public Basket
4x
3x
2x
1x

Accenture plc 0x

Accenture plc provides consulting, technology, and outsourcing


services worldwide. Its Communications, Media & Technology TEV/Revenue Average
segment provides professional services that help clients
accelerate and deliver digital transformation, and enhance
business results through industry-specific solutions for EBITDA Multiples - Accenture plc
30x
communications, media, and high tech industries, as well as for 25x
software platforms. The company’s Financial Services segment 20x
offers services that address profitability pressures, industry 15x
consolidation, regulatory changes, and the need to continually 10x
adapt to new digital technologies. This segment serves clients in 5x
banking, capital markets, and insurance industries. Its Health & 0x
Public Service segment provides research-based insights and
offerings, including consulting services and digital solutions to
TEV/EBITDA Average
help clients deliver social, economic, and health outcomes.
Accenture plc was founded in 1989 and is based in Dublin,
Ireland. P/E Multiples - Accenture plc
45x

Date Key Development Headline 30x


7/11/18 Accenture plc (NYSE:ACN) acquired Kogentix Inc.
6/30/18 Accenture Reportedly Seeks Acquisitions 15x
6/7/18 Accenture plc (NYSE:ACN) entered into an agreement to acquire
designaffairs GmbH.
0x
6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to
Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in
Target Industries
5/22/18 Accenture plc (NYSE:ACN) agreed to acquire HO P/E Average
Communication.

20
Revenue Multiples - Tata Consultancy

Public Basket
10x
Services Limited
8x
6x
4x
2x
Tata Consultancy Services Limited 0x

Tata Consultancy Services Limited provides information


technology (IT) and IT enabled services worldwide. The TEV/Revenue Average
company offers CHROMA, a cloud-based talent management
solution that enables organizations to drive transformational
employee experiences; ignio, a cognitive automation system; EBITDA Multiples - Tata Consultancy
40x
iON, an assessment solution; TAP, a cloud solution, including Services Limited
TAP contract management, purchasing, accounts payable, and 30x
supplier management solutions; and TCS MasterCraft, a digital 20x
platform to automate and manage IT processes. It also provides
10x
customer intelligence and insight solutions to deliver
personalized retail, banking, and communications experiences; 0x
Intelligent Urban Exchange, an enterprise software to accelerate
smart city transportation, water, and energy programs for cities;
OPTUMERA, a digital merchandising suite. Tata Consultancy TEV/EBITDA Average
Services Limited is a subsidiary of Tata Sons Limited.
P/E Multiples - Tata Consultancy Services
50x
Limited
40x
Date Key Development Headline
6/19/18 NCR Corporation and Tata Consultancy Services Limited Enter 30x
into Strategic Alliance 20x
6/15/18 TCS Seeks Acquisitions 10x
4/22/18 Tata Consultancy Services Open To Acquisitions In Digital Space
0x
3/5/18 Virgin Atlantic Extends Strategic Partnership with Tata
Consultancy Services Limited
10/26/17 Tata Consultancy Services and ACORD Collaborate on Digital
Transformation Enhancements for the Insurance Industry P/E Average

21
Revenue Multiples - International Business

Public Basket 5x
4x
Machines Corporation

3x
2x
1x
International Business Machines Corporation 0x
International Business Machines Corporation operates as an
integrated technology and services company worldwide. Its
TEV/Revenue Average
Cognitive Solutions segment offers Watson, a cognitive
computing platform that interacts in natural language, processes
big data, and learns from interactions with people and EBITDA Multiples - International Business
computers. This segment also offers data and analytics 30x Machines Corporation
solutions, including analytics and data management platforms, 24x
cloud data services, enterprise social software, talent 18x
management solutions, and solutions tailored by industry; and 12x
transaction processing software that runs mission-critical 6x
systems in banking, airlines, and retail industries. International 0x
Business Machines Corporation was founded in 1911 and is
headquartered in Armonk, New York.
TEV/EBITDA Average

Date Key Development Headline P/E Multiples - International Business


7/16/18 IBM, Banca Carige Launches Dock a USD 500 Million US Joint 50x Machines Corporation
Venture
6/14/18 International Business Machines Corporation (NYSE:IBM) 40x
acquired Oniqua Pty Ltd. from ASCO Holdings Limited. 30x
6/7/18 Intellect Design Arena Limited and International Business 20x
Machines Corporation to Deliver Seamless Digital Transformation
10x
Transformation to the Large Banks with IBM Cloud
4/26/18 Host Hotels & Resorts, Inc. Announces Joint Development 0x
Agreement with IBM Research
2/22/18 Industrial Realty Group, LLC completed the acquisition of the
Rochester, Minnesota technology campus of International P/E Average
Business Machines Corporation (NYSE:IBM) for $33.9 million.

22
Contact Information
7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally.
We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-
knit team with a long history together and a laser focus on our target markets, we help our clients sell their
companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M
Securities LLC.
Leroy Davis, Partner 704.899.5962 leroy@7mileadvisors.com

Tripp Davis, Partner 704.899.5762 tripp@7mileadvisors.com

Andy Johnston, Partner 704.899.5961 andy@7mileadvisors.com

Tom Dinnegan, Managing Director 310. 426.2410 tom@7mileadvisors.com

Ben Lunka, Managing Director 704.496.2995 ben@7mileadvisors.com

Jeff Stoecklein, Managing Director 312.373.3737 jeff@7mileadvisors.com


Kristina Sergueeva, Director 704.899.5149 kristina@7mileadvisors.com

Neil Churman, Director 704.899.5960 x 121 neil@7mileadvisors.com

John Cooper, Director 704.973.3996 john@7mileadvisors.com

Tim Frye, Director 704.973.3994 tim@7mileadvisors.com

Casey Augustine, Business Development - Manager 704.973.3999 casey@7mileadvisors.com

Nicholas Prendergast, Financial Analyst 704.899.5960 nicholas@7mileadvisors.com

Ariail Siggins, Marketing Director 704.899.5960 x 123 ariail@7mileadvisors.com


Sydney Larese, Associate 704.899.5960 sydney@7mileadvisors.com

Marty Johnson, Associate 704.899.5960 marty@7mileadvisors.com

Rory Julyan, Associate 704.899.5960 rory@7mileadvisors.com

Garth Martin, Associate 704.899.5960 x 109 garth.martin@7mileadvisors.com

Chevonese Dacres, Analyst 360.499.1502 chevonese@7mileadvisors.com

23

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