Shea & Company Annual Software Market Review - 2007
Shea & Company Annual Software Market Review - 2007
Shea & Company Annual Software Market Review - 2007
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2006 – <strong>2007</strong> <strong>Software</strong> M&A Transaction Data continued<br />
($ millions)<br />
Consideration Equity Enterprise EV / Revenue P/E Ratio<br />
Date Target Acquirer % Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr<br />
03/01/07 Hyperion Oracle 100.0% 0.0% $3,192 $2,706 3.3x 2.9x - 27.8x -<br />
02/21/07 Reactivity Cisco 100.0% 0.0% - $135 - - - - -<br />
02/14/07 Corillian CheckFree 100.0% 0.0% $241 $216 3.5x 3.3x 3.1x - -<br />
02/12/07 Witness Systems Verint 100.0% 0.0% $1,025 $894 4.2x 3.5x 3.2x 16.8x 15.1x<br />
01/29/07 Altiris Symantec 100.0% 0.0% $1,000 $825 3.6x 3.3x 3.1x 30.8x 28.4x<br />
01/18/07 Mincom Limited Francisco Partners 100.0% 0.0% - $248 - - - - -<br />
01/16/07 Target <strong>Software</strong> Blackbaud 100.0% 0.0% - $62 - - - - -<br />
01/04/07 IronPort Systems Cisco - - - $830 - 8.3x - - -<br />
01/02/07 Carreker CheckFree 100.0% 0.0% $206 $169 1.5x 1.4x - 20.2x -<br />
12/21/06 EVault Seagate 100.0% 0.0% - $185 - - - - -<br />
11/30/06 Digital Insight Intuit 100.0% 0.0% $1,443 $1,350 5.7x 5.5x 4.9x 39.1x 42.2x<br />
11/29/06 LVL7 Systems Broadcom 100.0% 0.0% - $62 - - - - -<br />
11/29/06 Revivio Symantec 100.0% 0.0% - $20 - - - - -<br />
11/20/06 Comergent Technologies Sterling Commerce 100.0% 0.0% - $155 - - - - -<br />
11/02/06 Stellent Oracle 100.0% 0.0% $424 $354 2.7x 2.6x 2.4x 27.9x 20.1x<br />
11/01/06 Avamar Technologies EMC 100.0% 0.0% - $165 - - - - -<br />
10/23/06 Indus International Vista Equity Partners 100.0% 0.0% $232 $203 1.7x 1.6x 1.4x 42.8x 17.5x<br />
10/23/06 MetaSolv <strong>Software</strong> Oracle 100.0% 0.0% $219 - - - - - -<br />
10/16/06 Open Solutions Carlyle & Providence Equity 100.0% 0.0% $868 $1,300 3.8x 3.3x 2.8x 37.4x 25.4x<br />
10/16/06 FormScape Bottomline Technologies 77.3% 22.7% - $22 - - - - -<br />
10/03/06 SilverStorm Technologies QLogic 100.0% 0.0% - $60 - - - - -<br />
09/28/06 Infravio WebMethods 100.0% 0.0% - $38 - - - - -<br />
09/18/06 Network Intelligence EMC 100.0% 0.0% - $175 - 7.0x - - -<br />
09/05/06 Click Commerce Illinois Tool Works 100.0% 0.0% $298 $292 4.0x 3.5x 3.1x 15.8x 14.2x<br />
08/29/06 Terrascale Technologies Rackable Systems 100.0% 0.0% - $38 - - - - -<br />
08/23/06 Internet Security Systems IBM 100.0% 0.0% $1,254 $1,034 3.1x 3.0x 2.8x 28.4x 25.7x<br />
08/10/06 FileNET IBM 100.0% 0.0% $1,600 $1,150 2.6x 2.5x 2.3x 31.3x 27.1x<br />
Note: Includes only transactions for which data was publicly available<br />
Source: <strong>Company</strong> releases, Wall Street research, <strong>Shea</strong> & <strong>Company</strong><br />
proprietary & confidential<br />
9
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