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<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 />
12/27/07 Document Sciences Corp. EMC 100.0% 0.0% $87 $85 2.2x - - - -<br />
12/17/07 NSB Retail Systems Epicor 100.0% 0.0% $322 $287 3.2x - - - -<br />
11/13/07 Saber Corporation EDS 100.0% 0.0% - $452 - - - - -<br />
11/12/07 Cognos IBM 100.0% 0.0% $5,000 $4,900 4.8x 4.7x 3.9x 29.3x 24.4x<br />
11/05/07 EqualLogic Dell 100.0% 0.0% $1,418 $1,400 12.3x - - - -<br />
11/05/07 Vontu Symantec 100.0% 0.0% - $350 - - - - -<br />
10/31/07 Stratify Iron Mountain 100.0% 0.0% - $158 - - - - -<br />
10/25/07 Provilla Trend Micro - - - $17 4.1x - - - -<br />
10/25/07 Visual Sciences Omniture 13.2% 86.8% $404 $394 4.9x 4.8x 4.0x 31.0x 21.9x<br />
10/23/07 Meridio Holdings Autonomy - - - $41 - - - - -<br />
10/22/07 <strong>Market</strong>Rx Cognizant Technology - - - $135 - - - - -<br />
10/22/07 Network Physics OPNET Technologies 100.0% 0.0% - $10 - - - - -<br />
10/08/07 SafeBoot McAfee 100.0% 0.0% - $350 - - - - -<br />
10/07/07 Business Objects SAP 100.0% 0.0% $6,816 $5,964 4.2x 4.0x 3.5x 36.1x 28.9x<br />
09/28/07 3Com Bain Capital 100.0% 0.0% $2,129 $2,200 1.7x 1.7x 1.6x 44.4x 28.8x<br />
09/20/07 Network General NetScout Systems 73.2% 26.8% - $205 - - - - -<br />
09/20/07 Procuri Ariba 54.0% 46.0% $93 $101 - - - - -<br />
09/05/07 Applix Cognos 100.0% 0.0% $339 $306 5.0x 4.4x 3.6x 34.2x 27.8x<br />
08/31/07 Bridgestream Oracle - - - $35 35.0x - - - -<br />
08/21/07 Hart InterCivic (asset sale) Manatron 100.0% 0.0% - $5 - - - - -<br />
08/15/07 XenSource Citrix Systems - - - $500 - - - - -<br />
08/06/07 Acopia Networks F5 Networks 100.0% 0.0% - $210 - - - - -<br />
08/02/07 ASAP <strong>Software</strong> Dell - - - $340 - - - - -<br />
08/02/07 CheckFree Fiserv 100.0% 0.0% $4,686 $4,400 4.7x 4.1x 3.7x 26.8x 22.5x<br />
07/30/07 H-G Holdings Concur Technologies 100.0% 0.0% - $160 - - - - -<br />
07/23/07 Neoware HP 100.0% 0.0% $334 $214 2.3x 2.2x 2.0x 133.8x 70.7x<br />
07/23/07 Opsware HP 100.0% 0.0% $1,673 $1,600 14.8x 11.4x 8.9x 173.7x 49.9x<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 />
7
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