2018年Q1全球软件市场展望（英文版）

Important disclosures appear at the back of this report GP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGlobal Software Market PerspectivesQ1 20182Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesKey SaaS MetricsAppendix A: GP Bullhound SaaS IndexAppendix B: Software Public Comps by Category1234678Appendix C: GP Bullhound Software Report Overview, Software Credentials & Team 5SaaS CEO Commentary3▪ Software consolidators are hyper focused on “growth acquisitions” –SaaS companies with as little as $5 million of ARR have attracted such interest when growing north of 100% –Acquirers are not evaluating build vs. buy as often in these scenarios–Targets are being integrated, but left alone to continue momentum and growth ▪ Strategic M&A processes have been catalyzed through “market checks” in parallel to companies’ investment processes –Companies are weighing the advantages of exiting prior to their next financing as opposed to further dilution and time horizon–Investor interest and term sheets can often drive strategics to act–All opportunities should be considered and we have seen founders benefit from exploring and understanding their options▪ We have also started to see a number of “soft landing” exits for start-ups –Companies exiting to strategics or PE buyers in lieu of raising fresh capital and continued standalone growth–This is a trend in difficult sub-sectors (consumer, parts of digital marketing) and with non-category leading companies▪ Despite the initial tailwinds for a robust IPO market in 2018, volatility could threaten the IPO market in the near-term– Market volatility spiked dramatically in early February as the Dow had one of its biggest point losses in recent times– We will look to see if planned IPOs will price below initial guidance and/or last privately marked valuations▪ Dropbox is a marquee software IPO – fastest SaaS company to $1B in revenue – it will be a bellwether IPO in ‘18– Dropbox is primarily a consumer-focused SaaS business with much different metrics than most enterprise SaaS companies– Dropbox’s net revenue retention of 100% is low for a SaaS company; land & expand efforts may not be working as well as others– S&M expenses are much lower than Box’s S&M spend due to their consumer customer base Q1 SaaS Market Highlights4▪ Large established SaaS companies are focusing on shifting to PaaS for their customers–Customers want to be able to customize their own applications, add new services and shape their product. They can also integrate new features and functionalities that are prohibitive to develop on their own, for example AI features–Salesforce is the best example of a SaaS company shifting to PaaS, with their Force.com platform spawning multiple innovative and successful companies leveraging their technology»Financial Force – by being native on Force.com they are able to build cloud ERP apps on the largest customer su