Pipeline

Question 1

A2Mac1

Answer 1

France Database & Insights - Automotive FAPI, Keensight (2017) 18/08/22: Jefferies advising on up to $1.5bn sale, Astorg, Eurazeo, HG, KKR and Permira interested. EBITDA: €50m (FY22). Ongoing / Near term >€1bn

Question 2

Advanced

Answer 2

UK Vertical Software Solutions & Services BC Partners (2019), Vista Partners (2014) Idea: Want to hear what others say, we’re close to business. 8% organic growth, 15% inorganic. Extremely acquisitive. Vista sold 50% stake to BC in 2019 for around £2bn Revenue CY: £350m. Opportunistic >€1bn

Question 3

Azets

Answer 3

UK Tech-enabled Accountancy Services HG 12/09/22: JPM likely bringing to market in near-term, a bit of noise in market, HG yet to push button. EBITDA: will be c£100m at year end. CY Revenue: >£500m. Ongoing / Near term >€1bn

Question 4

CentralNic

Answer 4

UK Domain Name & Hosting Listed (LSE:CNC) Idea: Highly acquisitive recently, low valuation (6x NTM EBITDA). 22E EBITDA: £37m. Opportunistic €500m-€1bn

Question 5

Civica

Answer 5

UK IT Software & Services - Public Sector Partners Group (2017) Potential EJ update. 11/05/22: GS failed 3bn sale process in 2021 (valuation pressure, bids more like 2.2bn), likely to try again this year. EBITDA (21A): £110.5m. Medium-term >€1bn

Question 6

Container Solutions

Answer 6

Netherlands IT Services Growth Capital Partners (2022) (undisclosed minority stake) Dinner with CEO next week, we’d like sellside but happy to get thoughts from sponsors. n.a. Medium-term <€500m

Question 7

Dogado

Answer 7

Germany Hosting & Marketing Triton Partners 15/09/22: Arma bringing to market end of Sep; likely worth 650m , 15-17x CY: 40-45m EBITDA Ongoing / Near term €500m-€1bn

Question 8

Encompass

Answer 8

UK KYC Automation Software. Privately owned. Raised in Feb-22 from Cove Hill, We’re speaking to the company, potential further capital raise Revenue (21A): £5.6m Medium-term <€500m

Question 9

Expleo

Answer 9

France IT Services & ER&D Ardian / Assystems (Listed) 15/09/22: Coming to market, potentially Q1 ‘23. 22 EBITDA: c€115m Ongoing / Near term. >€1bn

Question 10

GB Group

Answer 10

UK Customer Verification Software Listed (AIM:GBG) 06/09/22: GTCR potential cash offer due by 04/10, recent EV c.1.5bn 19/09/22: Advent, KKR, Permira, Cinven also looking FY22A Revenue £242.5, £62.2 FY22 Adj. EBITDA Ongoing / Near term >€1bn

Question 11

Hansen Tech

Answer 11

Australia Infrastructure/Utilities Solutions Listed (ASX:HSN) We’re close to them and discussing strategic opportunities, can talk to it FY21A EBITDA: 70m AUD Opportunistic >€1bn

Question 12

HSO

Answer 12

Netherlands Dynamics reseller & Consultiung Carlyle EJ talking to market on this FY21 Revenue: €227m Medium-term €500m-€1bn

Question 13

Idemia

Answer 13

France Identity Security Services Advent (2017) 31/08/2022: Has hired GS & Roths for a (c4.5bn) sale, strategics could include Thales, BAE, Siemens & Cisco EBITDA: €286m Ongoing / Near term >€1bn

Question 14

Idox

Answer 14

UK RegTech, Property & Workflow Software Listed (LON:IDO) Nothing recently… 19/03/21: Dye & Durham withdrew potential bid for Idox, didn’t trade 22E EBITDA: £23m Opportunistic €500m-€1bn

Question 15

Impero

Answer 15

UK EdTech Safety Investcorp (2017) Child safety software. EJ has lunch coming up with CEO. Potential H2 ‘23 sellside, Teamviewer could be relevant buyer. Potential NetOps business carve out (not core), FY21 Revenue: £22m Medium-term <€500m

Question 16

InfoPro

Answer 16

France Databases, Lead Generation & Intel Software Towerbrook (2016) Nothing recently… Looks like a bust process? 14/03/22: Onex were interested in buying Infopro Digital, sale could exceed 2bn EBITDA: €125-150m Opportunistic €500m-€1bn

Question 17

Kerridge Commercial Solutions

Answer 17

UK ERP & BMS - Manufacturers & Ditributors Privately owned Did not trade… Advanced said no, too expensive for Topicus EBITDA: £23m Opportunistic €500m-€1bn

Question 18

Lumion

Answer 18

Belgium 3D Rendering Software Privately owned 11/03/22: Harris Williams hired for H2’22 sell-side process, has already come to market, apparently high expectations, unsure where the process is up to EBITDA: €20m-€25m Ongoing / Near term <€500m

Question 19

NavVis

Answer 19

Gemany Indoor Spatial Intelligence Solutions Cipio & others (2021) May be difficult for them to raise capital, should do a fundraise medium-term… 07/12/21: €25m funding from Cipio Partners, BayBG, MIG, Target & others 2021A Revenue: ~€20m Revenue growth: >50%+ Medium-term <€500m

Question 20

Nomios

Answer 20

Netherlands/Fr Cyber MSS/VAR & Networking Solutions IK (2019) 06/09/22: Potentially an October or November launch, managed by BAML. Mix between VAD and Services, do consulting on front end (cyber) but also do service on back end (networking etc). >300m revenues, 12% EBITDA, good grower >10% growth, appropriate for a French investor EBITDA: c€40m Ongoing / Near term €500m-€1bn

Question 21

Qualitest

Answer 21

UK Software Testing & QA Services Bridgepoint (2019) Very good company, trying to connect as want to be on sellside, intro to Bpoint & Cognizant ARR: $200M Organic Revenue Growth: 25%+ Medium-term €500m-€1bn

Question 22

Retarus

Answer 22

Germany Secure Communications & Workflows Privately owned 01/09/22: Sales process on pause, but still one we’re close to “Revenue (17A): €45M Medium-term <€500m

Question 23

SD Worx

Answer 23

Belgium Payroll& Workforce Management Solutions Privately owned 14/02/22: To explore minority stake sale, MS likely to secure sellside role. Also looking for €500m of acquisitions … One for SAP? FY21 EBITDA: €120m Ongoing / Near term >€1bn

Question 24

Silverflow

Answer 24

Netherlands Cloud-based Payments Processing Platform Series A (2021) individuals Considering follow-on funding in medium term, potential PP ‘23 (AKKR) Total Funding: $20m Last round; $17m (Dec 2021) Medium-term <€500m

Question 25

Snow Software

Answer 25

Norway Software Asset Management Vitruvian 24/08/22: Snow on cusp of hiring sell-side banker for a sale process (not IPO), to speak to Flexera amonst others, $150m revenue, 15% growth, slightly profitable, shareholder base who are not always in agreement and unclear what the path is, has breached 100m ARR in 2020 and was previously growing its ARR at 155% and overall revenue at 40% at that time CY Revenue 150m 2020 ARR: $100m Medium-term >€1bn

Question 26

SUSE

Answer 26

Luxembourg Vertical Software Solutions & Services Listed (XTRA:SUSE) Speaking to them, will be able to add some info, had some bad news on results 2020 Revenue $450m Opportunistic >€1bn

Question 27

TeamViewer

Answer 27

Germany Remote Access Control Software Listed (ETR:TMV) 17/07/22: TeamViewer sees continued PE interest (BC, Cinven, KKR) although near-term buyout unlikely 22E EBITDA: €252m Opportunistic >€1bn

Question 28

Temenos

Answer 28

Switzerland Core Banking Software Listed (SWX:TEMN) 29/04/22: Was attracting takeover interest from Thoma Bravo, last year EQT were linked, may be better for strategics with synergies EBITDA: €436m 22E Revenue: €936m Medium-term >€1bn

Question 29

VertiGis

Answer 29

Germany Geographic Information Systems Software Battery Ventures 19/08/21: Battery hired Harris Williams to explore exit, €16m EBITDA, didn't trade (quick turnaround), one to keep on the list and see what sponsors say "EBITDA: ~€16m Revenue: ~€80m Medium-term €500m-€1bn

Question 30

Voxsmart

Answer 30

UK Regtech; Comms Surveilance Provider Privately owned We're speaking to the company, potential capital raise but may not be a majority, 15m ARR Y/E March, potential to move further into SaaS, already a cloud based product, EJ speaking to CEO on Thursday 29/09 FY21 Revenue: £4.9m Medium-term <€500m

Question 31

WS02

Answer 31

US Platform as a Service Goldman (2021) Did equity and debt capital raises last year, it is growing quickly, there was a proposed potential fundraise in first half of '23 although thinking maybe to park that as may not need it, and instead aim to run at 20-30% (were previously 70% ARR growth) and breakeven profit, largely on prem still, but are considering a full IPO now. EJ meeting founder (Sri Lanka) in Q4, decision makers appear to be the Toba Capital team. Software AG and Axway are also in that slightly older tech space, worries is that the space might be commoditised. 21E revenue: $75M+ '21E revenue growth %: ~30% Ongoing / Near term €500m-€1bn

Question 32

Zellis

Answer 32

UK Payroll & HR Software & Managed Services Bain (2018) Connecting with Bain mid-October, RBC financed it, Mergermarket notes Zellis is ripe for exit "FY20A EBITDA: £49m FY20A Revenue: ~£152m Medium-term €500m-€1bn

Question 33

Zivver

Answer 33

Netherlands Secure Communications (Email) Solutions Dawn Capital & others (2020) Email security, were looking to get new capital to expand into different markets (had been expanding into UK a little), but it is currently a tough market for that kind of expansion capital. Marlin lined up to work with us on Buyside. 06/07/21: Zivver eyes €20m-€50m Series B in 2022 to finance international expansion and potential M&A ARR: ~€10M Revenue growth: >40% Medium-term <€500m