Cybersecurity Market Review

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Public Company Analysis: Operating Metrics High Growth & Low Growth Cybersecurity. Company Revenue Revenue Growth (YoY%) EBITDA EBITDA Margin (%) 2015A 2016E 2017E 15-'16 16-'17 2015A 2016E 2017E 2015A 2016E 2017E High Growth Security (>20% CAGR) Palo Alto Networks $1,150 $1,586 $2,093 37.9% 32.0% $213 $335 $512 19% 21% 24% Splunk 668 914 1,172 36.8% 28.2% 45 85 131 7% 9% 11% Fortinet 1,009 1,279 1,521 26.7% 18.9% 168 231 291 17% 18% 19% Proofpoint 265 363 468 36.8% 29.0% 5 25 44 2% 7% 9% CyberArk 161 213 260 32.2% 22.5% 45 55 67 28% 26% 26% Qualys 164 198 235 20.6% 18.7% 57 64 78 34% 32% 33% Mimecast 136 164 202 21.2% 22.6% NA 7 14 NA 4% 7% Secureworks 340 425 508 25.3% 19.5% NA (29) 1 NA (7%) 0% Rapid7 111 155 196 40.1% 26.6% (29) (32) (29) (26%) (21%) (15%) Low Growth Security (< 20% CAGR) Symantec $3,626 $3,847 $4,496 6.1% 16.9% $1,709 $1,234 $1,669 47% 32% 37% Check Point Software 1,630 1,725 1,826 5.8% 5.9% 938 946 1,003 58% 55% 55% Trend Micro 1,034 1,278 1,375 23.6% 7.6% 322 389 424 31% 30% 31% FireEye 623 722 832 15.8% 15.3% (172) (91) 25 (28%) (13%) 3% Sophos 472 507 582 7.4% 14.8% NA 70 84 NA 14% 14% Imperva 234 250 301 6.6% 20.3% 9 (18) (2) 4% (7%) (1%) Infoblox 355 344 393 (3.2%) 14.5% 52 60 76 15% 17% 19% Barracuda Networks 309 341 362 10.5% 6.2% 64 62 69 21% 18% 19% VDSI 241 210 242 (13.0%) 15.3% 57 33 47 24% 16% 19% F-Secure 160 177 189 10.4% 6.8% 31 27 33 19% 15% 18% MobileIron 149 161 179 7.9% 11.0% (52) (33) (16) (35%) (21%) (9%) Note: NA – Not Available; market data as of September 30, 2016. Source: Capital IQ. 72
15 Advise. Network. Invest. Momentum Partners, LLC Momentum Capital Markets, LLC 340 Brannan Street | Suite 501 San Francisco, California 94107 Michael Tedesco Executive Chairman michael@wellspring.partners Eric McAlpine Managing Partner eric@momentum.partners Petros Kitsos Senior Advisor petros@momentum.partners Timothy Lipton Partner tim@momentum.partners Keith Skirbe Director keith@momentum.partners Dino Boukouris Director dino@momentum.partners *Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.
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1 Cybersecurity Market Review Q3 2
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Momentum Partners Advisors & Dealma
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Q3 2016: Market Update And Observat
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Private Equity ’s Cybersecurity T
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Cybersecurity IPO Insights Large Pr
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CYBERscape: The Cybersecurity Lands
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Momentum’s Watch List: Q4 2015 to
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1 acquires acquires acquires $1.3
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Oracle Acquires Palerra To Boost It
Page 21 and 22: Proofpoint Acquires ReturnPath, Ema
Page 23 and 24: Avast Acquires AVG With Financial S
Page 25 and 26: 1 $40.0M $40.0M $30.0M $32.0M Seri
Page 27 and 28: Raises $40M In Series C Financing.
Page 29 and 30: Raises $32.0M Venture Round. Descri
Page 31 and 32: Raises $27.5M In Venture Round. Com
Page 33 and 34: StackPath StackPath Raises $180 Mil
Page 35 and 36: M&A Activity in Cybersecurity
Page 37 and 38: Cybersecurity M&A Activity: Deal Vo
Page 39 and 40: Notable Cybersecurity M&A Transacti
Page 47 and 48: Financing Activity Since 2010 Cyber
Page 49 and 50: Venture Capital Activity Venture Ca
Page 67 and 68: Cybersecurity Sector vs Benchmark P
Page 69 and 70: Severe Decline In Correlation Of Va
Page 71: Public Company Analysis: Trading Me
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