Piper Jaffray Software Activity 2018-02-21¢  PIPER JAFFRAY 2. Piper Jaffray Software Team Overview

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  • MINNEAPOLIS | BOSTON | CHICAGO | HOUSTON | LONDON | LOS ANGELES | NEW YORK | SAN FRANCISCO | ZÜRICH

    Piper Jaffray Software Activity Update Fourth Quarter 2017

    Michael Kim Head of Technology Investment Banking Piper Jaffray & Co.

  • 2PIPER JAFFRAY

    Piper Jaffray Software Team Overview Global Reach

    Our firm consists of 1,300+ professionals in 59 offices globally including Minneapolis (HQ), San Francisco, Charlotte, New York,

    Chicago, Seattle, Boston, Aberdeen, London, Hong Kong and Zürich

    Technology Office Locations: San Francisco, CA Minneapolis, MN Boston, MA

    24 investment bankers focused on Software, Financial Technology, Tech-Enabled

    Services, BPO and Internet & Digital Media

    Recent Transactions

    Technology Team

    Michael Kim Head of Technology Investment Banking Application Software

    michael.p.kim@pjc.com

    Peter Lombard Managing Director

    Head of Technology Mergers & Acquisitions peter.a.lombard@pjc.com

    Garin Arevian Managing Director

    Vertical Applications & Tech-Enabled Services garin.k.arevian@pjc.com

    Jason Harkness Managing Director

    Internet and Related Software jason.p.harkness@pjc.com

    Andy Livadariu Managing Director

    Application Software andy.x.livadariu@pjc.com

    Jason Myler Managing Director

    Vertical Applications & Tech-Enabled Services j.jason.myler@pjc.com

    Steven Schmidt Managing Director

    Financial and Application Software steven.d.schmidt@pjc.com

    Greg Klancher Principal

    Infrastructure & Security Software gregory.v.klancher@pjc.com

    Domestic Expertise

    Sell-Side Advisor

    Undisclosed

    has been acquired by

    $109,167,123

    Follow-On Offering

    Joint Bookrunner

    Undisclosed

    Buy-Side Advisor

    has acquired a majority stake in

    has purchased a majority stake in

    Undisclosed

    Buy-Side Advisor

    has been acquired by

    $120,000,000

    Sell-Side Advisor

    Co-Manager

    Initial Public Offering

    $67,004,000

    Initial Public Offering

    $254,150,000

    Co-Manager

    Sell-Side Advisor

    Undisclosed

    has been acquired by

    $132,825,000

    Co-Manager

    Initial Public Offering

    has been acquired by

    Sell-Side Advisor

    Undisclosed

    has been acquired by

    Undisclosed

    Sell-Side Advisor

    has merged with

    Undisclosed

    Sell-Side Advisor

    portfolio company of Initial Public

    Offering

    $150,880,000

    Co-Manager

    Initial Public Offering

    $884,400,000

    Co-Manager

    Initial Public Offering

    $120,000,000

    Co-Manager

    mailto:mailtomailtoMichael.P.Kim@pjc.com mailto:peter.a.lombard@pjc.com mailto:Garin.K.Arevian@pjc.com mailto:Jason.P.Harkness@pjc.com mailto:Andy.X.Livadariu@pjc.com mailto:J.Jason.Myler@pjc.com mailto:Steven.D.Schmidt@pjc.com mailto:Gregory.V.Klancher@pjc.com

  • 3PIPER JAFFRAY

    Supporting Clients – Leading Industry Conferences and Events

    Silicon Valley Technology Crossover Investor Summit May 18, 2017 | Menlo Park, CA

    Technology Select September 5–6, 2017 | Laguna Niguel, CA

    15 of the highest growth late-stage private technology companies had their own suite at the Rosewood Sand Hill as 15 of the top

    public and crossover investors visit for one-on-one’s

    30+ of the most notable public technology companies will be paired with major institutional investors in one-on-one meetings providing

    direct insights and feedback

    Technology Ski Summit January 9–11, 2018 | Aspen, CO

    Technology Growth Equity October 4, 2017 | New York, NY

    30 senior representatives from leading software and internet companies, venture capital and private equity firms focused on the

    technology and business services sectors

    50+ leading privately held software and internet companies and 100+ leading technology growth equity and strategic investors meet for one-on-one meetings attended by CEO's/CFO's and investors

  • 4PIPER JAFFRAY

    Pricing Date Company Deal Description Deal Amount ($M)

    11/14/17

     Send Grid is a Denver, Colorado-based provider of mobile and cloud- based email service platform designed that delivers customer communication which drives engagement and business growth

     The Company sold 8,200,000 shares at a price of $16 per share on the New York stock exchange under the ticker symbol of SEND

    $151

    11/9/17

     Bandwidth is a Raleigh, North Carolina-based provider of cloud-based data and voice communications services that offers voice over internet protocol, mobile, internet access, conferencing and managed networks

     The Company sold 4,000,000 shares at a price of $20 per share on the Nasdaq stock exchange under the ticker symbol of BAND

    $83

    10/26/17

     Forescout is a San Jose, Calif.-based developer of network access control and policy compliance management solutions designed to integrate network security, mobility and IT management

     The Company sold 5,280,000 shares at a price of $22 per share on the Nasdaq stock exchange under the ticker symbol of FSCT

    $134

    10/18/17

     MongoDB is a New York-based provider of an open source database system with a No-SQL database designed for large-scale grid deployments that allows companies to more easily manage and store data

     The Company sold 8,000,000 shares at a price of $24 per share on the Nasdaq stock exchange under the ticker symbol of MDB

    $221

    Snapshot Of Select Software Initial Public Offerings During Q4 2017

    Source: Public news releases, Pitchbook and CapitalIQ.

  • 5PIPER JAFFRAY

    Source: Dealogic. Deals, current market cap, and offer to current data as of December 29, 2017. Includes all IPOs and FOs since 2015 greater than $20MM.

    Recent Software IPO and Follow-On Performance Recent Technology Follow-onsRecent Software IPOs

    Pricing Date

    Issuer Deal Val ($MM)

    Mkt Cap ($MM)

    Deal Val / Mkt Cap

    Current Mkt Cap ($MM)*

    % Selling Shdr

    % Price FTO

    Offer / 30-Day

    Offer / Current*

    12/6/17 Attunity Ltd $23 $145 16% $140 0% (6.5%) 3% 3%

    12/4/17 BlackLine Inc $155 $1,892 8% $1,734 100% (3.9%) 2% (5%)

    11/16/17 Veritone Inc $26 $427 6% $373 0% (20.6%) (1%) 1%

    11/15/17 Everbridge Inc $20 $762 3% $840 100% (8.8%) 6% 10%

    11/15/17 Talend SA $111 $1,218 9% $1,092 100% (3.7%) (0%) (7%)

    11/15/17 Appian Corp $88 $1,281 7% $1,904 100% (12.9%) 3% 55%

    9/27/17 Cloudera Inc $254 $2,227 11% $2,101 78% (10.5%) (9%) (3%)

    9/14/17 Quintiles IMS Holdings Inc $476 $20,667 2% $19,636 100% (0.2%) 5% (6%)

    9/7/17 Alteryx Inc $170 $1,262 13% $1,139 100% (6.8%) (3%) (8%)

    9/6/17 2U Inc $206 $2,542 8% $2,231 4% (3.2%) 20% (4%)

    7/19/17 USA Technologies Inc $43 $234 18% $210 0% (14.3%) 18% 16%

    6/13/17 Donnelley Financial Solutions Inc $150 $711 21% $753 100% 7.8% 6% 8%

    6/6/17 Upland Software Inc $40 $448 9% $446 0% (2.5%) 0% 2%

    5/26/17 Asure Software Inc $30 $154 19% $180 0% (7.7%) 11% 8%

    5/24/17 MINDBODY Inc $141 $1,268 11% $1,189 0% (0.9%) 1% (3%)

    5/24/17 Quintiles IMS Holdings Inc $590 $18,532 3% $19,636 100% 0.0% 8% 6%

    5/24/17 BlackLine Inc $132 $1,712 8% $1,836 100% 3.4% 15% 8%

    5/23/17 Trade Desk Inc $252 $2,128 12% $2,121 100% 3.9% 4% (4%)

    5/18/17 Shopify Inc $576 $8,955 6% $8,492 0% 1.3% (4%) (5%)

    4/11/17 Coupa Software Inc $128 $1,288 10% $1,536 93% (0.6%) 30% 15%

    4/5/17 Everbridge Inc $74 $563 13% $679 84% 2.3% 14% 23%

    3/15/17 Talend SA $108 $826 13% $1,003 100% 7.1% 4% 22%

    2/27/17 Trade Desk Inc $259 $1,441 18% $2,121 100% 6.4% 5% 41%

    Mean $176 $3,073 11% $3,104 63% -3.08% 6% 8%

    Median $132 $1,268 10% $1,189 100% -2.50% 4% 3%

    Pricing Date

    Issuer Pricing

    to Range

    Deal Value ($MM)

    Mkt Cap ($MM)

    Deal Val / Mkt Cap

    Current Mkt Cap ($MM)*

    % Selling Shrs

    % Price FTO

    Offer / 30-Day

    Offer / Current*

    11/14/17 SendGrid Inc Above $151 $653 23% $1,008 0% 10% 20% 50%

    11/9/17 Bandwidth Inc In Range $83 $352 24% $407 0% (5%) 6% 16%

    10/26/17 ForeScout Technologies In Range $134 $814 16% $1,209 0% 5% 30% 45%

    10/18/17 MongoDB Inc Above $221 $1,175 19% $1,501 0% 26% 24% 24%

    6/29/17 Tintri Inc Below $67 $216 31% $225 0% (39%) (2%) 4%

    4/27/17 Cloudera Inc Above $259 $1,921 13% $2,101 0% 15% 49% 7%

    4/12/17 Yext Inc Above $133 $940 14% $1,200 0% 22% 25% 21%

    4/6/17 Okta Inc Above $215 $1,543 14% $2,173 0% 21% 48% 34%

    3/23/17 Alteryx Inc In Range $145 $788 18% $1,139 0% 8% 10% 39%

    3/16/17 MuleSoft Inc Above $254 $2,142 12% $3,212 0% 31% 31% 47%

    10/27/16 BlackLine Inc Above $168 $839 20% $1,836 0% 21% 58% 110%

    10/5/16 Coupa Software Inc Above $153 $866 18% $1,536 0% 20% 40% 61%

    9/29/16 Nutanix Inc Above $274 $2,196 12% $3,053 0% 33% 55% 26%

    9/22/16 Apptio Inc Above $110 $597 19% $689 0% 14% 25% 8%

    9/22/16 Gridsum Holding Inc Above $100 $373 27% $255 0% 13% 23% (34%)

    9/20/16 Trade Desk Inc Above $97 $688 14% $2,121 0% 20% 47% 178%

    9/15/16 Everbridge Inc In Range $104 $323 32% $679 17% 0% 30% 103%

    7/28/16 Talend SA Above $109 $503 22% $1,003 0% 13% 61% 93%

    6/22/16 Tw