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Cybersecurity Market Review

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<strong>Cybersecurity</strong> Multiples Have Rerated<br />

Public <strong>Market</strong> Valuations for <strong>Cybersecurity</strong> Have Compressed Considerably Over The Past 12 Months.<br />

Max 12.9x<br />

Company EV/2015E Revenue EV/2016E Revenue % Change<br />

34.3%<br />

Reduction<br />

Max 8.6x<br />

1.8x 3.3x 78.7%<br />

2.0x 3.4x 71.4%<br />

4.9x 5.7x 16.9%<br />

0.9x 0.9x 0.3%<br />

Median 7.6x<br />

9.1x 8.5x 6.3%<br />

8.1x 6.9x 13.8%<br />

3.6x 2.8x 23.4%<br />

8.8x 6.7x 23.5%<br />

Median 5.0x<br />

9.9x 7.5x 24.0%<br />

8.3x 6.0x 27.9%<br />

Min 0.9x<br />

0.3%<br />

Reduction<br />

EV / 2015E Revenue<br />

Multiple as of 9/30/15<br />

Min 0.9x<br />

EV / 2016E Revenue<br />

Multiple as of 9/30/16<br />

12.9x 8.6x 33.0%<br />

6.4x 4.2x 33.6%<br />

7.1x 3.2x 55.2%<br />

10.9x 4.2x 61.0%<br />

68

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