2018年Q2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 PerspectivesQ2 20182Key Sector TakeawaysRecent Software Transaction TrendsPublic Market SaaS AnalysesSaaS CEO CommentaryAppendix A: GP Bullhound SaaS IndexAppendix B: Software Public Comps by Category1234678Appendix C: GP Bullhound Software Report Overview, Software Credentials & Team 5Key SaaS Metrics3▪ Machine learning and artificial intelligence are being incorporated on a wide scale as a way for SaaS products to differentiate themselves in crowded markets–Chatbots and virtual assistants have had a huge impact on CX over the past couple years, creating extremely personalized experiences, freeing up resources and cutting costs–Machine learning and Artificial Intelligence APIs are now widely available to SaaS companies. Those that adopt it, often through the large cloud providers, are able to differentiate their product through predictive sales efforts, personalized solutions and automated data visualization»SaaS companies still need to have the specialist ML/AI human talent necessary to maximize the impact of these features▪ It is early days in a transformational shift in desktop computing; increasingly organizations will migrate away from running an OS on individual devices to Desktop as a Service (DaaS)–DaaS is a cloud computing offering in which a third party hosts the back end of a virtual desktop infrastructure (VDI) deployment–DaaS enhances security, eases implementation of a mobile workforce, provides device cost savings, automates disaster recovery and allow more efficient use of IT resources–Businesses are increasingly using VDI to decrease upfront costs, enhance security and optimize IT resources for efficiency and cost benefits ▪ Enterprise software companies focused on one department are aggressively expanding into adjacent departments–Companies like ServiceNow, focused on ITSM, and Workday, HR/HCM provider, are aggressively expanding into other enterprise departments -ServiceNow into HR and Workday into Financial Management–Companies are carrying out this department expansion with transformational M&A, and to a lesser extent investing in a bottom up build of a new productGP Bullhound’s Views on Current Trends in SoftwareSource: CapitalIQ, PitchbookDeal Amount: $6.8BnDeal Amount: $1.6Bn4▪ We are observing an upward trend in the revenue multiples being paid for premium software assets of scale–We analyzed Enterprise Value / Revenue multiples in H1 2017 and H1 2018 for SaaS deals greater than $100m, as well as SaaS deals greater than $500m »When comparing deals with an enterprise value of $500m or greater that occurred in H1 2018 against H1 2017 there is a material increase in the median EV/Revenue multiple being paid»The 2018 scale premium phenomenon drops significantly when evaluating deals greater than $100m, reinforcing the underlying tre