Mercury Genesis Contact Meridian Nova Pulse Electric Kiwi 2degrees

‍

-

20%

40%

60%

80%

100%

Tech Insights #426

Power moves – switch dynamics & segments

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

24 August 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

Building on last week’s report, this weeks Tech Insights report opens with a snapshot of retailer total ICP volume, looking at market share and how much of this comes from main brand and sub-brands. This page also shows five-year portfolio shifts across Residential, Commercial, and Industrial connections for the ‘Big Four’ retailers. Page 2 then analyses switching mechanics for the 12 months ending June 2026, breaking down customer movement across retailers into move-in switches versus direct trader switches.

Market snapshot

0%

20%

40%

60%

80%

100%

-

20%

40%

60%

80%

100%

Types of ICPs - 12 months ending June 2026

Meridian has a higher weighting than the other ‘Big Four’ retailers to commercial and industrial ICPs. Over the past 5 years the weightings for these retailers has been steady.

Residential

Commercial

Industrial

June 2021

June 2026

Key: Dark shade = Main brand Light shade = Sub-brands

Other

596k ICPs

520k ICPs

476k ICPs

461k ICPs

314k ICPs

16

6

13

2

(1)

(5)

(4)

(4)

(24)

4

6

6

4

2

(3)

(1)

(6)

(11)

Tech Insights #426

Power moves – switch dynamics & segments

Page 2 of 2

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Disclaimer The information provided in this report has been solely sourced and calculated from the Electricity Authority’s EMI database. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

24 August 2026

Net

Trader switch

Move-in

Other

20

12

10

4

2

(1)

(3)

(9)

(35)

Positive

Negative

Types of switches (000s) - 12 months ending June 2026

This page details electricity retailer switches, categorised as either a Move-in (a customer without an active contract joining a retailer) or a Trader switch (a customer transferring their active contract from one retailer to another). This table does not include Half Hour or net new connections.

Within this period Genesis shut down Frank Energy which makes up a portion of these switches.

There are 3,000 switches categorised as ‘Other’ relating to Manawa Energy (during the period Contact Energy acquired these).

‍

Mercury Genesis Contact Meridian Nova Pulse Electric Kiwi 2degrees

-

100

200

300

400

500

600

700

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

(40)

(20)

-

20

40

60

80

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Tech Insights #425

Battle for control (points) – NZ retailer ICPs

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

17 August 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

This weeks Tech Insights report examines New Zealand’s eight largest retailers by Installation Control Points (ICPs). ICPs act as a licence plate for your electricity meter. Evaluating three years of quarterly data, this report details total ICP holdings, competitive churn (gains and losses), and new connection growth. The top four market leaders are covered on Page 1 and the next four on Page 2.

ICP snapshot (000s)

Competitive churn (000s)

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

This peak is when Meridian acquired Flick Electric from Ampol.

Gains

Losses

New connections

Net churn

Key: Dark shade = Main brand Light shade = Sub-brands

-

20

40

60

80

100

120

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

(9)

(6)

(3)

-

3

6

9

12

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Tech Insights #425

Battle for control (points) – NZ retailer ICPs

Page 2 of 2

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Disclaimer The information provided in this report has been solely sourced and calculated from the Electricity Authority’s EMI database. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

17 August 2026

ICP snapshot (000s)

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Gains

Losses

New connections

Net churn

Competitive churn (000s)

Key: Dark shade = Main brand Light shade = Sub-brands

‍

Nextdc macquarie technology group airtrunk cdc datacom tenpeaks datagrid

Tech Insights #424

Data centres – turning megawatts into money

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

10 August 2026

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Overview

This weeks Tech Insights report looks at data centres – an asset type where material build costs and long-term stable cash flows have presented attractive opportunities for infrastructure investors. We look at what they are, how much they cost to build and how they make money, as well as taking a look at some of the Australasian players.

How it works

Estimated data centre build cost spectrum (USD $m per MW)**

Data centres

Made up of large numbers of servers, which store data and run applications.

Servers must be kept:

•Powered

•Cool

•Secure

Electricity

Hyperscalers

AI labs

Financial services

Key customers (non-exhaustive)

Data

Inputs

Pricing model (USD)

Type

Deal size

Annual revenue / MW

How it works

Retail

colocation

<250 kW

~$4-5m

Multiple tenants rent racks/cages in a shared facility. Short-term contracts (1–3 yrs).

Wholesale

colocation

250 kW–4 MW

~$2-3m

Large enterprises get dedicated space/power/cooling within a facility in exchange for 5-20 yr leases.

Hyperscale

4 MW+

~$1.5-2.5m

Often a single physical tenant (e.g. AWS, Microsoft, Meta). Lowest per-unit price but high volume and long-term contracts.

Water*

Governments

Telcos

Software

** The above exercise is indicative only and based off public commentary of the US market.

Additional cooling and GPU requirements drive additional cost for AI ready fitouts.

* Data centre dependent

$20-40m/MW

$0-25m/MW

$12-15m/MW

$8-13m/MW

-

10

20

30

40

50

Full AI build

AI fit-out premium

Tier-1 city

Base build

Covers structure, power, cooling (no IT fit-out).

Global cities are more expensive,

e.g. Tokyo, Singapore, Zurich.

Includes AI fit-out premium.

Tech Insights #424

Data centres – turning megawatts into money

Page 2 of 2

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Disclaimer The information provided in this report has been solely sourced and calculated from annual reports and research. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

10 August 2026

Operator

Stage

Overview

Financials

Capacity

Size

Operating

ASX-listed (ASX: NXT) pure-play operator with facilities across major Australian hubs, expanding across ANZ and APAC.

Revenue: A$453.5m

EBITDA: A$226.6m

241MW operating across APAC (273MW under construction)

EV A$13.2bn

Operating

ASX-listed (ASX: MAQ) operating Macquarie Data Centres. Serves Australian federal government, cyber security, and cloud clients.

Revenue: A$83.6m*

EBITDA: A$38.4m*

*Data Centre segment

~21MW operating across 5 facilities (47MW building; 200 MW planned)

Group EV A$1.8bn

Operating

Pure-play hyperscale specialist acquired by Blackstone and CPP Investments in Dec ’24. Builds custom AI/cloud campuses across ANZ and Asia.

Not disclosed (privately held)

~1,200MW operating in AU (~900MW under construction, 1,100MW pipeline globally)

Valued at an EV exceeding A$24bn following its acquisition by Blackstone and CPP in Dec ‘24

Operating

High-security pure-play co-owned by Infratil (49.7%), Future Fund (35%), & CSC (12%). Active in ACT/NSW government, defence, and hyperscale.

Revenue: A$534m, EBITDAF: A$393m

671MW operating across ANZ (572MW under construction, 1,663MW pipeline)

EV of A$24.5bn

Operating

NZ’s largest IT services firm; privately held and operates 5 data centres. Integrated with managed IT, cloud, and enterprise software services.

Not disclosed (privately held).

~40MW operating across 5 facilities

Not disclosed (privately held)

Operating

Pure-play carved out from Spark NZ (retained 25% ownership) as an independent operator backed by PEP (75%). Expanding with major Auckland hyperscale campuses.

Revenue: $50m (FY25 Spark annual report segment revenue)

EBITDA: $22.9m (FY25 pro-forma EBITDA)

23MW operating across 11 NZ facilities (130+ MW planned pipeline)

The Jan ‘26 transaction valued the business at up to NZ$705m representing a FY25 pro-forma EBITDA multiple of 30.8x

Consented

Proposed 100% hydro-powered greenfield AI/hyperscale park in Southland, NZ to be connected via direct subsea cabling.

Pre-revenue development phase

280MW planned greenfield campus consented Mar ’26 in Southland, NZ

Implied EV of NZ$417m based on its July ‘26 private funding round

Key ANZ data centre operators

‍

Tech Insights #423

Large cybersecurity providers

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

3 August 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This week’s Tech Insights report looks at some of the world’s largest and most well known publicly listed cybersecurity providers. Page 1 provides an outline of the business models of 5 selected cybersecurity providers, followed by a comparison of the financials and share price performance of these companies on page 2.

Overview

•

Provides physical security hardware, as well as software and technical support. Hardware uses Fortinet’s custom-built processors. Wide variety of customers, including telecom carriers and smaller non-cloud native businesses.

•

Key product is their Falcon platform, which records device activity for potential threats. Cloud-based offering used by companies of various sizes.

•

Provides an end-to-end cybersecurity package, including physical firewall boxes, cloud software and AI products. Customers are often large global enterprises or government entities.

•

Focused on securing the connection between an employee and company systems. Customers generally have distributed / remote workforces or are heavily regulated.

•

Provides protection from cyber threats on websites and web applications. Customers range from startups to Fortune 500 enterprises.

Companies

Overview

Large listed cybersecurity providers

Revenue segmentation (last financial year)

Operating expenses (last financial year)

-

20%

40%

60%

80%

100%

R&D

S&M

G&A

-

20%

40%

60%

80%

100%

Hardware

Software

Services

clarecapital.co.nz/tech-insights

Page 2 of 2

Subscribe and see previous reports at Tech Insights #423

Large cybersecurity providers

Mergers & acquisitionsCorporate finance advisoryCapital raising

3 August 2026

Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and annual reports. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Financial metrics (USD $b)

Share price index

Company

Enterprise value

LTM revenue

LTM EBITDA

Revenue multiple

EBITDA multiple

YoY rev growth

Palo Alto

269.4

10.6

1.5

25.4x

>100x

20%

Fortinet

115.3

7.1

2.4

16.2x

48.8x

19%

CrowdStrike

190.6

5.1

0.3

37.4x

>100x

23%

Cloudflare

98.4

2.3

(0.0)

42.3x

negative

32%

Zscaler

22.8

3.2

0.0

7.2x

>100x

25%

US SaaS (excluding cybersecurity)*

4.0x

21.1x

15%

-

50

100

150

200

250

300

Jan 25

Mar 25

May 25

Jul 25

Sept 25

Nov 25

Jan 26

Mar 26

May 26

Jul 26

Share price index

Legend

US SaaS

*Median values

‍

Tech Insights #422

Prediction markets

Mergers & acquisitionsCorporate finance advisoryCapital raising

27 July 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

This week’s Tech Insights report looks at two rapidly emerging prediction markets: Polymarket and Kalshi. These platforms offer markets (exchanges for prediction contracts) on event-based outcomes across a range of popular topics including: geopolitics, pop culture, sports, economic outcomes, commodities and cryptocurrency prices. Recent events (including the 2024 US presidential election and the Fifa World Cup 2026) provided these platforms with meaningful audiences, driving them into the mainstream. We highlight some observations on publicly available operational information (page 1) as well as profiling the remarkable recent history of investment in these companies (page 2).

Revenue model

Notable metrics (USD)

Page 1 of 2

Both Kalshi and Polymarket are private companies not required to publicise financial information or details of their business models. Below we highlight a summary of our observations on what’s publicly available.

Transaction fees

Data licensing

Yield on float

•

Polymarket publishes its fee schedule

•Users pay a small fee when taking positions

•No fees on geopolitical markets

•Polymarket only recently started to charge fees, previously prioritising platform growth

•

NYSE’s parent company Intercontinental Exchange (ICE) is a minority investor in Polymarket and has exclusive rights to distribute Polymarket’s prediction market data

•Kalshi publishes its fee schedule

•Users pay a small fee when taking positions

•Select markets are subject to additional ‘non-standard’ fees

•Polymarket offers ’Holding Rewards’ (a cash-like floating interest rate) for positions on some large, long-dated markets to encourage liquidity

•We assume Polymarket generates interest income on collateral in other markets

•

Kalshi have a number of data and media relationships including major partnerships with Fox and CNBC

•

It’s unclear the nature of these relationships (whether this is a cost or source of revenue for Kalshi)

•

Kalshi offers a cash-like floating interest rate on open positions and account cash balances for US-based accounts

•We assume Kalshi continues to generate interest income on collateral of non-US accounts

~$30b

~$11b

Monthly trading volume (June 2026)

Largest traders (by all-time volume)

Popular markets (volume as at publishing)

swisstony

$1.7b in total bets

Imawhale

$1.7b in total bets

Fed decision in July ($96m)

Ballon d’or winner ($22m)

2028 Democratic nominee ($162m)

When will traffic at the Strait of Homuz return to normal ($35m)

Next Prime Minister of Ethiopia ($234m)

2027 NBA champ ($17m)

Page 2 of 2

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

27 July 2026

Tech Insights #422

Prediction markets

Capital raising – 2025 onwards

Kalshi and Polymarket have both exhibited extraordinary growth trajectories, with frequent rounds of capital raising that have grown in both scale of investment and in valuation. The information below is limited by the amount of publicly reported information. We’ve presented information where independently reported, this potentially understates the amount of capital raised and the number of investment rounds captured. Dates relate to announcements or public reporting (not exact investment dates).

-

0.5

1.0

1.5

2.0

2.5

3.0

-

5

10

15

20

25

30

Jan 25

Apr 25

Jul 25

Oct 25

Jan 26

Apr 26

Jul 26

Cumulative capital raised (USD $b)

Valuation (USD $b)

Key

Valuation (LHS)

Capital raised (RHS)

Kalshi announces a $185 million Series C funding round at a $2 billion valuation led by San Fran-based VC firm Paradigm.

Kalshi announces a $300 million Series D funding round at a $5 billion valuation led by a16z and Sequioa alongside a global product rollout.

Kalshi announces a $1 billion Series E funding round at a $11 billion valuation again led by Paradigm.

Kalshi announces another $1 billion funding round at a $22 billion valuation – 11x the valuation of its Series C raise announced less than a year prior.

ICE announces another $600m investment in Polymarket as part of its Oct 25 agreement (valuation unconfirmed). Market reporting suggests another $400m raise at a $15b valuation is being explored.

NYSE owner ICE announces an investment of up to $2b in Polymarket at an $8b pre-money valuation ($1b initial investment).

Polymarket announces a raise backed by 1789 Capital (Donald Trump Jr’s VC firm).

‍

Tech Insights #421

Rocket Lab acquires Iridium – 21st Century M&A

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

20 July 2026

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Overview

On 29 June 2026 Rocket Lab (NASDAQ: RKLB) agreed to acquire Iridium Communications (NASDAQ: IRDM) for USD ~$8b in a cash and share offering. The acquisition brings together Rocket Lab’s growth launch and manufacturing operation with Iridium’s cash generating satellite business. The deal positions Rocket Lab to further compete with SpaceX (NASDAQ: SPCX). The deal is an example of mergers and acquisitions (M&A) in the current environment where a growth company utilises their already fully-priced equity as acquisition currency to further build out their strategic offering. SpaceX did something similar with their Anysphere acquisition just after their recent IPO.

Deal snapshot (USD)

Announcement date

29 June 2026

Enterprise value

~$8b

Expected close

Mid-2027

Structure

Cash + RKLB shares

Offer price

$54 per IRDM share

Premium

24.1% premium to IRDM’s previous close

Consideration mix

50% cash ($27) + 50% RKLB stock ($27)

Day 1 closing share price of RKLB

$98.01 (up 15.9%)

The equity component of the deal contains a ‘collar band’ between $67.50 and $112.50 on the RKLB share price negotiated to ‘protect’ the $54 deal value for Iridium’s shareholders. This illustrates the volatility in the RKLB share price.

(See the chart on page 2).

It is worth noting the following points:

•Iridium has more total revenues than Rocket Lab does currently.

•The market is valuing Rocket Lab’s revenues materially higher than Iridium’s. Rocket Lab is currently 5x more valuable than Iridium. The market has a view about the future growth and strategic options of Rocket Lab.

•Rocket Lab is using their already fully-priced equity (enterprise value is 66x FY25 revenues) to acquire a mature cash-generating strategic bolt-on. There is a cash component to the deal which Rocket Lab has been able to fund from current reserves, plus a new bridge funding round.

* Rocket Lab’s enterprise value is based on its public market valuation as at 17 July 2026, while Iridium’s enterprise value is based on the implied transaction value under the announced acquisition terms.

FY25 key metrics

Metric

Units

Total revenue

USD $m

601.8

871.7

YoY growth

%

38.0%

4.9%

Operating income (loss)

USD $m

(228.8)

236.0

Operating margin

%

(38.0%)

27.1%

Enterprise value*

USD $b

39.7

8.0

Revenue multiple

66.0x

9.2x

The two businesses have fundamentally different financial profiles. One is a growth company burning cash and the other is a more mature cash-generating business.

Iridium background

Iridium Communications (NASDAQ: IRDM), founded in 1998 and headquartered in McLean, Virginia, is a satellite communications operator. It operates one of the only networks providing voice and data coverage everywhere on the planet - including the poles, oceans, and remote regions with no other signal. Its constellation comprises 66 cross-linked low-Earth-orbit satellites plus 14 in-orbit spares, operating over scarce, weather-resilient L-band spectrum that also supports positioning, navigation and timing (PNT) services as a GPS alternative. The company has ~2.55m active subscribers.

Tech Insights #421

Rocket Lab acquires Iridium – 21st Century M&A

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

20 July 2026

-

20

40

60

80

100

120

140

160

Jan 23

May 23

Sept 23

Jan 24

May 24

Sept 24

Jan 25

May 25

Sept 25

Jan 26

May 26

Acquisition announced 29 June 2026 – share price up 15.9% from previous close

Rocket Lab share price (USD $)

Revenue (USD $m)

-

100

200

300

400

500

600

700

800

900

1,000

FY23

FY24

FY25

Rocket Lab

Iridium

(300)

(200)

(100)

-

100

200

300

FY23

FY24

FY25

Rocket Lab

Iridium

$67.62 at last close

112.50

67.50

The volatility of the RKLB share price is the reason that the collar band was negotiated in the deal

Collar band

Operating income (loss) (USD $m)

The 3-year CAGR for Rocket Lab is 41.8% compared to 6.5% for Iridium

‍

(20%)

(10%)

-

10%

20%

30%

40%

(20%)

(10%)

-

10%

20%

30%

40%

-

1x

2x

3x

4x

5x

-

1x

2x

3x

4x

5x

Tech Insights #420

From a budding industry, to high margins

Mergers & acquisitionsCorporate finance advisoryCapital raising

13 July 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

When we last looked at listed cannabis companies in 2024 (Tech Insights report #327), the industry was still growing, albeit growth was slowing. Comparing metrics for the largest 20 companies then vs now, we see trends emerge:

•Revenue for the group is declining, down from USD $10.3b to USD $9.5b.

•Revenue multiples are similar, with most trading between 1-2x revenue.

•Profitability is increasing with average EBITDA margins up ~15% (15 percentage points).

Revenue LTM (USD $b)

All charts show data for the 20 largest listed cannabis companies (in the 2024 Tech Insights report and now). Each chart’s data is determined and sorted independently.

Revenue multiples

EBITDA margins

Page 1 of 2

2024

2024

Now

Now

10.3

9.5

2024

Current

Tech Insights #420

From a budding industry, to high margins

Page 2 of 2

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Disclaimer The information in this report has been cultivated and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Past performance is not indicative of future highs. While we’ve done our best to weed out noise, readers should conduct their own diligence before making investment decisions. Don't toke & trade.

Mergers & acquisitionsCorporate finance advisoryCapital raising

13 July 2026

Company name

Enterprise value 2024

Enterprise value now

Rev LTM $m

YoY rev growth

Rev multiple

EBITDA margin

1,282

(0.3%)

2.7x

25.2%

1,196

3.6%

1.6x

38.9%

1,170

(2.5%)

1.7x

29.1%

877

6.8%

0.6x

2.2%

819

(3.3%)

1.0x

35.1%

641

(6.4%)

1.1x

33.2%

206

4.5%

1.1x

(17.8%)

490

(8.2%)

1.3x

18.5%

178

(19.7%)

6.5x

(9.0%)

255

(8.3%)

1.6x

34.6%

677

(1.2%)

0.4x

4.7%

265

3.5%

1.3x

20.5%

232

(9.6%)

0.2x

(64.1%)

486

23.2%

0.5x

10.4%

160

22.5%

1.7x

(0.3%)

189

(29.6%)

1.3x

28.4%

34

23.7%

3.9x

14.4%

352

185.8%

1.8x

18.9%

81

11.2%

1.6x

(2.5%)

115

14.8%

1.8x

(10.0%)

30

65.2%

4.8x

30.2%

Metrics for the top 20 listed cannabis companies: 2024 vs now (USD)

-

1

2

3

4

5

Curaleaf

Green Thumb

Trulieve

Tilray

Verano

Cresco

Canopy Growth

Ayr Wellness

Ascend

Glass House

TerrAscend

The Cannabist Company

SNDL

Jushi

Aurora

4Front

Acreage

Schwazze

High Tide

Cronos

Village Farms

Grown Rogue

Vireo

Cannara

Auxly

BLS Pharmaceuticals

-

1

2

3

4

5

Undergoing liquidation

Filed for bankruptcy June 2025

Filed for bankruptcy March 2026

Acquired by Canopy Growth

Acquired by Vireo

USD $b

‍

-

2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

Tech Insights #419

Cloud Index as at 30 June 2026

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

6 July 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Following the sharp decline in the March quarter, valuation multiples showed signs of stabilisation through the June quarter. The US Cloud Index ended the quarter at 5.1x EV/NTM revenue, up 13% quarter-on-quarter, while the ANZ Cloud Index increased modestly to 4.4x, up 3%. Despite this, multiples remain well below levels seen a year ago and continue to sit below their 12-month moving averages and five-year averages, highlighting that cloud valuations remain subdued relative to recent historical levels.

Overview

5.1x

NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)

ANZ Cloud Index

Average

12MMA

Jun 26

4.4x

6.0x

Mar 26

4.2x

6.7x

Change

3%

(10%)

Jun 25

7.6x

7.1x

Change

(43%)

(15%)

US Cloud Index

Average

12MMA

Jun 26

5.1x

6.0x

Mar 26

4.5x

6.5x

Change

13%

(7%)

Jun 25

7.2x

6.6x

Change

(29%)

(8%)

Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (26 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (81 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.

Key:

US

ANZ

Average

12MMA

5yr avg

4.4x

6.7x

7.8x

-

5.0x

10.0x

15.0x

20.0x

Jun 21

Jun 22

Jun 23

Jun 24

Jun 25

Jun 26

-

10.0x

20.0x

30.0x

Jun 21

Jun 22

Jun 23

Jun 24

Jun 25

Jun 26

75th percentile

Median

25th percentile

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Cloud Index as at 30 June 2026

Mergers & acquisitionsCorporate finance advisoryCapital raising

6 July 2026

Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

US cloud companies NTM revenue multiple

ANZ cloud companies NTM revenue multiple

5.5x

3.3x

2.0x

6.2x

3.2x

2.1x

US cloud companies

25th

75th

30 Jun 2026

Average

percentile

Median

percentile

EV ($m NZD)

44,427

3,711

8,305

32,243

EV / NTM Rev

5.1x

2.0x

3.3x

5.5x

Revenue Growth (NTM)

18%

10%

17%

24%

EV / LTM Rev

6.5x

2.4x

3.5x

6.7x

Revenue Growth (LTM)

16%

9%

16%

23%

Operating Margin

3%

(3%)

5%

15%

ANZ cloud companies

25th

75th

30 Jun 2026

Average

percentile

Median

percentile

EV ($m NZD)

5,564

376

1,159

8,982

EV / NTM Rev

4.4x

2.1x

3.2x

6.2x

Revenue Growth (NTM)

16%

(1%)

9%

19%

EV / LTM Rev

6.0x

2.5x

4.9x

9.1x

Revenue Growth (LTM)

9%

3%

8%

12%

Operating Margin

25%

14%

26%

37%

Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.

EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.

‍

Tech Insights #418

The AI IPO Race: OpenAI vs Anthropic

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Mergers & acquisitionsCorporate finance advisoryCapital raising

29 June 2026

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Overview

We are seeing an incredible level of investment in technology (particularly in AI) and an outsized share flowing to a small number of leading players. Two of these are OpenAI (the maker of ChatGPT) and Anthropic (the maker of Claude). Both OpenAI and Anthropic have this month submitted confidential S-1 filings to explore Initial Public Offerings (IPOs). This Tech Insights report looks at the short, but turbulent, histories of these two companies, capital raised, revenues, and what we know about their IPO plans today. We expect we will be revisiting these companies further down the track. Given both companies are private, financial information is difficult to verify.

History - OpenAI

Cumulative capital raised (USD $b)

History - Anthropic

2015 - Founded a nonprofit by Sam Altman, Elon Musk, Greg Brockman, Ilya Sutskever & others with $1b in pledged funding.

2018 - Musk departed Board. GPT-1 released.

2019 - Restructured to ‘capped profit’ model. Microsoft invested $1b beginning a strategic partnership.

2020 - GPT-3 released (175b parameters), API opened to developers.

2022 - ChatGPT launched in November reaching 100m users in 2 months.

2023 - Microsoft invested $10b. GPT-4 launched. Altman fired and reinstated in a 5-day Board crisis.

2024 - Sutskever departed. Sora video model and OpenAI o1 reasoning model launched.

2025 - Converted to Public Benefit Corporation (PBC). $40b capital raise led by SoftBank at a $300b valuation. Stargate project announced.

2026 - $122b funding round at an $852b valuation. Confidential S-1 filed 8 June 2026. IPO targeted late 2026 / 2027.

2021 - Founded in January by Dario Amodei (CEO), Daniela Amodei (President) and 5 other ex-OpenAI researchers. Incorporated as a PBC.

2022 - Raised Series A/B. Research begins into Constitutional AI and RLHF safety techniques.

2023 - Claude 1 launched in March. Google invested $300M (Series C, ~10% stake).

2024 - Claude 3 family (Haiku, Sonnet, Opus) released.

2025 - Claude 4 launched. Series F funded at a $183b valuation.

2026 - Series G ($30b funded at $380b). Series H pushes valuation to $965b. Confidential S-1 filed 1 June 2026 becoming the first major AI company to file.

Run-rate revenue (USD $b)

-

50

100

150

200

Jan 23

Jan 24

Jan 25

Jan 26

OpenAI

Anthropic

-

10

20

30

40

50

2023

2024

2025

2026

OpenAI

Anthropic

Note: all valuations are quoted on a post-money basis

-

100

200

300

400

2022

2023

2024

2025

2026

OpenAI & Anthropic

US Venture Capital raised

Tech Insights #418

The AI IPO Race: OpenAI vs Anthropic

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Disclaimer The information provided in this report has been sourced and calculated from third party sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

29 June 2026

What we currently know about the IPOs (USD)

OpenAI

Anthropic

Founded

December 2015

January 2021

Legal structure

Public Benefit Corporation*

Public Benefit Corporation*

IPO filing status

Confidential S-1 Filed 8 June 2026

Confidential S-1 Filed 1 June 2026

Expected IPO date

Late-2026 / early-2027

Late-2026

Last private valuation

~$852b+

~$965b+

Target IPO valuation

~$1t+

~$1t+

2025 revenue

~$13b

~$10b

Run-rate revenue

~$25b

~$47b

Key products

ChatGPT, GPT-4o/o3, Sora, DALL·E, API

Claude (Haiku/Sonnet/Opus), Claude Code

Combined capital raised (USD $b)

Notable shareholders Microsoft Sequoia Amazon Nvidia SoftBank a16z thrive t.rowe.price shaw alphabet menlo iconiq dragoneer salesforce jane street

Monthly domain visits in April 2026 (b)

*A Public Benefit Corporation (PBC) is a legally recognised, for-profit business entity designed to balance profit-making with a specific social or environmental mission. Where traditional corporations have a value maximisation focus, a PBC has a wider mandate. A PBC’s directors and management are legally protected when they pursue this mission, even if that impacts profit and pure wealth maximisation.

Valuation on capital raising dates (USD $b)

Between the two companies they have taken up ~60% of all US VC in 2026 to date

-

1

2

3

4

5

6

-

200

400

600

800

1,000

Jan 23

Jan 24

Jan 25

Jan 26

OpenAI

Anthropic

‍

Tech Insights #417

SpaceX IPO

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

22 June 2026

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Overview

The recent SpaceX IPO has captured a lot of attention, including ours. The largest IPO in history has created (currently) the sixth largest company in the world by enterprise value. Space X’s revenue multiple is, however, significantly higher than the other largest companies in the world. This Tech Insights report looks at the IPO details, some company metrics, comparators, and the history from its founding in 2002 to today. We also note that SpaceX is already (post-IPO) using its equity to do all-stock M&A deals (acquiring AI company Anysphere at a USD $60 billion valuation).

Key metrics (USD)

IPO date

12 Jun 26

IPO offer price

$135.00

IPO proceeds

$75b

IPO valuation

$1.8t

# shares

555.6m

Opening share price (IPO pop)

$150.00 (11% ↑ IPO)

Day 1 closing share price

$160.95

NASDAQ:SPCX IPO details (USD)

$(2.6)b

FY25 loss from operations

Space – Activated in 2002, SpaceX's original launch business, covering Falcon 9, Falcon Heavy, and the in-development Starship system, provides reusable rocket access to orbit for commercial and government customers.

Connectivity - Activated in 2020, the Starlink satellite internet business, delivers high-speed, low-latency broadband from a low-Earth-orbit constellation to consumers, enterprises, and governments worldwide.

AI – Activated in 2023, SpaceX's AI platform, built around the 2026 xAI acquisition, spanning the Grok large language model, the X social platform, and the compute infrastructure behind both.

SpaceX operating segments

How SpaceX compares to the Magnificent 7 (& Broadcom) (USD $t)

NVIDIA Google Apple Microsoft Amazon Broadcom Tesla Meta

~650

Total launches

$18.6b

FY25 revenue

$185

Share price at last close

33%

YoY revenue growth

~10.3m

Starlink subscribers

$2.4t

Market cap at last close

80%+

Global mass to orbit

Elon Musk ownership

•Equity: His ~42% stake in SpaceX made him the world’s first trillionaire following the IPO, when combined with his Tesla holdings.

•Voting power: He holds ~84% of the voting power of common stock. Approximately 81% of which is attributable to his ownership of Class B common stock. Due to this, Nasdaq classifies SpaceX as a ‘controlled company’.

-

30x

60x

90x

120x

150x

-

1

2

3

4

5

Enterprise value

Revenue

Revenue multiple

SpaceX is already the world’s 6th largest company by EV but has a significantly higher revenue multiple

Tech Insights #417

SpaceX IPO

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Disclaimer The information provided in this report has been sourced and calculated from FactSet, the S-1 filing, and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

22 June 2026

Revenue by segment (USD $b)

-

5

10

15

20

25

FY23

FY24

FY25

-

5

10

15

20

25

FY23

FY24

FY25

Capital expenditure by segment (USD $b)

Comps (USD)

Company

Exchange

Share price ($)

Enterprise value ($b)

LTM revenue ($m)

Revenue multiple

YoY rev growth

SpaceX

NASDAQ

185.00

2,564

19,301

132.9x

33.2%

Rocket Lab

NASDAQ

107.24

68

680

100.6x

45.8%

Blue Origin

Private

-

50 - 100

-

-

-

AST SpaceMobile

NASDAQ

80.66

32

85

371.2x

1732.1%

Intuitive Machines

NASDAQ

22.85

5

334

15.9x

53.7%

Firefly Aerospace

NASDAQ

30.95

5

185

27.7x

70.7%

Redwire

NYSE

14.35

4

371

9.9x

33.6%

2002 - Founded by Elon Musk with $100m personal capital. Goal of reducing the cost of space access and enabling human settlement beyond Earth.

2008 - Falcon 1 becomes first privately funded liquid-propellant rocket to reach orbit.

2012 - Dragon becomes first commercial spacecraft to deliver cargo to the International Space Station (ISS) under NASA's CRS programme.

2015 - First successful Falcon 9 orbital booster landing - launching the modern reusability era.

2019 - Starlink constellation launches. By 2026: 10m+ subscribers across 160+ countries.

2020 - Crew Dragon carries first crewed mission to ISS - restoring US human spaceflight capability.

2024 - Starship completes orbital flight tests. SpaceX holds 80%+ of global orbital launch market share by mass.

Feb 2026 - SpaceX merges with xAI (Grok AI platform). SpaceX files S-1 registration statement on Nasdaq.

Jun 2026 - SpaceX completes a $75 billion IPO on Nasdaq (SPCX) on 12 June 2026, the largest public offering in history.

Jun 2026 - Acquires Anysphere, the startup behind the AI coding agent Cursor, in a $60 billion all-stock deal.

History

In FY25 SpaceX spent more on CAPEX than it generated in revenue

Year ended 31 December

‍

Tech Insights #416

SiteMinder

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

15 June 2026

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Overview

This week's Tech Insights report spotlights SiteMinder (ASX: SDR), an e-commerce platform for accommodation providers. Founded in 2006 and listed on the ASX in November 2021, the company offers two core subscription products: the SiteMinder Platform and Little Hotelier. The products provide hotels, resorts and other accommodation providers with tools to manage bookings, distribution channels, payments and guest engagement. The platform integrates with online travel agencies, booking engines and property management systems, allowing properties to manage room inventory, pricing and reservations across multiple sales channels. SiteMinder has a 30 June financial year end.

Business model

EBITDA (AUD $m)

-

50

100

150

200

250

FY21

FY22

FY23

FY24

FY25

Subscription

Transaction and other

(35)

(30)

(25)

(20)

(15)

(10)

(5)

-

5

10

FY21

FY22

FY23

FY24

FY25

Revenue (AUD $m)

Share price (AUD $)

-

2

4

6

8

10

Nov 21

May 22

Nov 22

May 23

Nov 23

May 24

Nov 24

May 25

Nov 25

May 26

•IPO offer price at $5.06

•Closed at $7.01 on first day of trading

Distribution channels booking.com expedia tripadvisor

•Hotel’s own website

•Global distribution systems (used by travel agents)

•Channel manager: Integrates with the PMS and connects to online booking channels. When a room is booked on one platform, SiteMinder automatically updates availability across all channels to prevent overbooking (subscription revenue)

•Commerce solutions: Suite of revenue optimisation products to get more bookings, better rates, etc. (transactional revenue)

Serves as an ‘all-in-one’ tech solution for smaller accommodation providers. Combines SiteMinder’s core platform capabilities with a PMS to assist with front-desk and other operational functions

Property management systems (PMS)

Software that accommodation providers use to run their day-to-day operations e.g. reservations and guest information

(subscription + transactional revenue)

Share price closed at $3.74 on 12 Jun 26

(+ other products)

(+ more)

Tech Insights #416

SiteMinder

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and as stated in annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

15 June 2026

Rule of 40 (%)

LTV / CAC (AUD $000s)

Monthly average revenue per user (ARPU) (AUD $)

Number of properties subscribed to SiteMinder’s products (# 000s)

-

10

20

30

40

50

60

FY21

FY22

FY23

FY24

FY25

(24.5%)

(15.0%)

5.1%

17.4%

21.3%

(40%)

(30%)

(20%)

(10%)

-

10%

20%

30%

40%

FY21

FY22

FY23

FY24

FY25

YoY rev growth

Free cash flow margin

Rule of 40

2.1x

3.2x

4.1x

5.4x

6.2x

-

1.5x

3.0x

4.5x

6.0x

7.5x

9.0x

-

5

10

15

20

25

30

FY21

FY22

FY23

FY24

FY25

LTV

CAC

LTV / CAC

75% of management long-term incentives are based on meeting a ‘Rule of 40’ performance measure

5% of management short-term incentives are based on meeting an LTV / CAC performance measure

-

50

100

150

200

250

300

350

400

450

FY21

FY22

FY23

FY24

FY25

Subscription ARPU

Transaction ARPU

‍

Silver Fern Farms ANZCO Foods Walmart BHP Rio Tinto SGS Cocacola Pfizer Microsoft Bosch Electrolux Haier

Tech Insights #415

Scott Technology

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

8 June 2026

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Overview

Scott Technology (NZX:SCT) designs and manufactures automated production, robotics and process machinery. Founded in Dunedin in 1913, the company has grown into a global provider of industrial automation, employing more than 600 employees across 10 countries and serving major multinational customers worldwide. It’s operations are organised across four domains: proteins, mining, materials handling, and rest of business (now predominantly appliances). Scott Technology's products and systems are designed to improve productivity, operational efficiency and workplace safety across a range of industrial end markets.

Domains

Revenue by domain (NZD $m)

(5%)

-

5%

10%

15%

20%

25%

(50)

-

50

100

150

200

250

300

FY21

FY22

FY23

FY24

FY25

Protein

Minerals

Materials handling

Rest of business

YoY revenue growth

EBITDA (NZD $m) & EBITDA margin (%)

Protein

Food processing automation and robotics for the red meat and poultry industries such as beef boning and poultry trussing machinery.

Revenue: $69m (25%)

Selected key customers:

Minerals

Sample preparation and automation equipment for the minerals industry, including rock crushers, pulverisers and dividers for mining and research.

Revenue: $51m (19%)

Selected key customers:

Materials handling

Warehousing and logistics automation solutions such as palletising, storage and conveyor systems.

Revenue: $123m (45%)

Selected key customers:

Rest of business

Now largely appliance manufacturing from fully automated production lines to standalone equipment units.

Revenue: $32m (11%)

Selected key customers:

-

2%

4%

6%

8%

10%

12%

14%

-

5

10

15

20

25

30

35

FY21

FY22

FY23

FY24

FY25

Tech Insights #415

Scott Technology

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

8 June 2026

Revenue per employee (NZD $000s)

-

50

100

150

200

250

300

350

400

450

500

FY21

FY22

FY23

FY24

FY25

Share price (NZD $)

Sales vs service revenue (NZD $m)

Revenue by geography (NZD $m)

-

50

100

150

200

250

300

FY21

FY22

FY23

FY24

FY25

ANZ

America

Asia

Europe

Rest of world

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Jan 16

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Jan 25

Jan 26

23%

26%

27%

28%

29%

-

50

100

150

200

250

300

FY21

FY22

FY23

FY24

FY25

Sales

Service

‍

Tech Insights #414

Atlassian

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Mergers & acquisitionsCorporate finance advisoryCapital raising

25 May 2026

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Overview

This Tech Insights report looks at Atlassian (NASDAQ: TEAM), an Australian-founded enterprise software company whose suite of workplace collaboration and productivity tools are used by teams to manage projects, share internal knowledge, and support operational workflows. Its core products, including Jira, Confluence, and Jira Service Management, are delivered primarily through a subscription-based pricing model, with the Atlassian platform now servicing over 300,000 customers worldwide.

Key products

Annual financials (USD $B)

Jira: The flagship product used by teams to track and manage work, tasks, and projects.

Jira Service Management: An IT Service Management system used to manage employee or customer support requests and technical issues.

Confluence: A shared online workspace where teams store documents, notes, and company knowledge.

Rovo: An AI-powered assistant designed to automate tasks and find information and answers across an organisation’s application stack.

-

5x

10x

15x

20x

25x

30x

35x

40x

45x

50x

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Jan 25

Jan 26

Revenue multiple (EV / LTM revenue)

Revenue composition (USD $B)

-

5%

10%

15%

20%

25%

30%

-

1

2

3

4

5

6

FY21

FY22

FY23

FY24

FY25

Revenue

Gross profit

Adj. operatingprofit

Adj. operatingprofit margin

+ more

-

6%

12%

18%

24%

30%

36%

-

1

2

3

4

5

6

FY21

FY22

FY23

FY24

FY25

Other

Data centre

Cloud

YoY revenuegrowth

Tech Insights #414

Atlassian

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

25 May 2026

5.2

(0.9)

4.3

(2.7)

(1.1)

(0.6)

(0.1)

1.4

1.2

(1)

-

1

2

3

4

5

6

Revenue

Cost of revenue

Gross profit

R&D

S&M

G&A

Operating loss

Stock-based comp

Adj. operating profit

Share price (USD $)

XXX

-

100

200

300

400

500

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Jan 25

Jan 26

Share price

Acquisition announced

# of customers with greater than $10,000 in Cloud ARR

-

10,000

20,000

30,000

40,000

50,000

60,000

FY22

FY23

FY24

FY25

FY25 P&L waterfall (USD $B)

‍

Tech Insights #413

WiseTech

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

18 May 2026

WiseTech daily share price and announced acquisitions (AUD $)

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This week’s Tech Insights report looks at WiseTech Global, an ASX-listed global logistics software provider best known for its CargoWise platform, which supports freight forwarding, customs, warehousing and broader international supply chain workflows. The first page looks at WiseTech’s share price and acquisition history. The second page looks at WiseTech’s financial performance over the last six financial years, with a particular focus on operating geographies and expenses. WiseTech has a June 30 balance date and reports in USD.

Overview

Completed acquisitions by calendar year across operating regions (#)

-

4

8

12

16

2017

2018

2019

2020

2021

2022

2023

2024

2025

Legend

Europe, Middle East & Africa

Americas

Asia Pacific

In August 2025, WiseTech completed the acquisition of NYSE-listed E2open for USD $3.30 a share, equating to an enterprise value of USD $2.1 billion.

-

25

50

75

100

125

150

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Jan 25

Jan 26

WiseTech aggressively pursued acquisitions through 2017 and 2018.

WiseTech’s closing share price peaked in November 2024 at ~$139.

Legend

Share price

Acquisition announced

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WiseTech

Mergers & acquisitionsCorporate finance advisoryCapital raising

18 May 2026

Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and annual reports. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Revenue through time (USD $m)

Expense base as a % of revenue

Revenue to EBITDA waterfall (USD $m) – FY20 versus FY25 (June year end)

FY20

FY25

Change ($m)

Revenue

CTS

Gross profit

R&D

S&M

G&A

EBITDA

-

10%

20%

30%

FY20

FY21

FY22

FY23

FY24

FY25

R&D / revenue

S&M / revenue

CTS / revenue

G&A / revenue

-

200

400

600

800

FY20

FY21

FY22

FY23

FY24

FY25

54

(59)

(42)

(77)

232

(56)

288

-

100

200

300

291

(143)

(52)

(185)

671

(108)

779

-

100

200

300

400

500

600

700

800

237

(84)

(10)

(108)

439

(52)

491

-

100

200

300

400

500

Legend

Europe, Middle East & Africa

Americas

Asia Pacific

‍

(40%)

(30%)

(20%)

(10%)

-

10%

20%

30%

40%

50%

60%

70%

Rule of 40 by division (revenue growth + operating margin) over the last five financial years

Rule of 40 by division has been calculated on revenue growth plus operating margin with depreciation and amortisation treated as operating expenses. The Fitness division has been the only division that has been able to improve both year on year revenue growth, as well as expansion in the operating margin over the last three years.

Tech Insights #412

Garmin – watch out

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

11 May 2026

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Overview

Garmin (GRMN : NYSE) has seen a steady increase in both share price and revenue growth over the last three years. This has largely been driven by the Fitness division that holds the fitness watches, cycling computers, body scales and other fitness devices. The Fitness division more than doubled revenue from USD $1.1b in FY22, to $2.4b in FY25, representing a 29% CAGR versus 11% for the next best division, Outdoor.

Divisions and selected products

Revenue by division (USD $b)

1.3

1.5

1.1

1.3

1.8

2.4

1.1

1.3

1.5

1.7

2.0

2.1

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

FY20

FY21

FY22

FY23

FY24

FY25

Auto OEM

Marine

Aviation

Outdoor

Fitness

Fitness

Running (Venu, Forerunner, Vivoactive), cycling (Edge).

Outdoor

Adventure (Fenix), golf (Approach), handheld GPS.

Aviation

Flight displays and systems, transponders, aviation watches (D2).

Marine

Chart plotters, fishfinders, SONAR, VHF radions, marine watches (Quatix).

Auto OEM

Domain controllers, infotainment units.

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

Revenue growth (LTM)

Operating margin

Rule of 40

December year end

Tech Insights #412

Garmin – watch out

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and Annual Reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

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Company

Exchange

Share price change since 31 Dec 2019

Enterprise value

Revenue (LTM)

Revenue growth (LTM)

EBITDA margin

Rule of 40 (EBITDA)

EV / Revenue (LTM)

EV / EBITDA (LTM)

Alphabet

NASDAQ

476%

8,491

721

18%

39%

57%

11.9x

30.3x

Apple

NASDAQ

282%

7,002

769

10%

35%

45%

9.2x

25.9x

Samsung

Korea

295%

1,586

464

11%

27%

38%

4.2x

15.3x

Sony

Tokyo

122%

200

139

(13%)

22%

9%

1.5x

7.1x

Xiaomi

Hong Kong

169%

150

109

25%

8%

33%

1.3x

16.1x

Garmin

NYSE

148%

75

13

16%

29%

45%

5.9x

20.5x

Teledyne

NYSE

85%

54

11

8%

25%

32%

5.1x

20.9x

Casio

Tokyo

(28%)

3

3

4%

12%

16%

0.9x

8.0x

TomTom

Amsterdam

(51%)

0.7

1.1

(6%)

5%

(0%)

0.7x

13.1x

Comparator metrics for selected companies as at 1 May 2026 (NZD $b)

2.0

2.3

2.4

2.6

3.0

3.5

1.6

1.9

1.6

1.8

2.3

2.7

0.6

0.8

0.8

0.8

0.9

1.1

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

FY20

FY21

FY22

FY23

FY24

FY25

APAC

EMEA

Americas

-

50

100

150

200

250

300

Dec 19

Dec 20

Dec 21

Dec 22

Dec 23

Dec 24

Dec 25

Share price (USD)

Revenue by region (USD $b)

December year end

‍

Tech Insights #411

Sales and marketing impact

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Mergers & acquisitionsCorporate finance advisoryCapital raising

4 May 2026

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Overview

This week’s Tech Insights report builds on Tech Insights #388 and looks further at the sales and marketing (S&M) spend of selected large cloud companies. The first page plots the % change of a company’s S&M spend against the % change in revenue over a five year period. The second page looks further at four interesting data points from the first page to see the relative effect of revenue growth on the change in EBITDA.

Change in S&M spend vs change in revenue (last five financial years)

>

*

*S&M / revenue growth top right: Crowdstrike: 356% & 721%, Snowflake: 330% & 1,270%, Datadog: 348% & 640%, Roblox: 322% & 609%, BILL: 1,099% & 828%, Zscaler: 353% & 520%

Wisetech

Xero

CAR Group

Codan

Nuix

Dassault Systemes

Tencent

Microsoft

Alphabet

Meta

Netflix

Palantir Technologies

Intuit

Adobe

Palo Alto Networks

Synopsys

Autodesk

Atlassian 279%

Take-Two Interactive 267%

Electronic Arts

CoStar

Trade Desk 269%

Okta 345%

Trimble

DocuSign

Zoom 649%

Zilllow

Workday

Vista

Oracle

Salesforce

ServiceNow

Spotify

MSCI

Veeva Systems

HubSpot 205%

GoDaddy

Pinterest

Snap

Twilio

Visa

Yelp

SAP

(50%)

-

50%

100%

150%

200%

250%

300%

(25%)

-

25%

50%

75%

100%

125%

150%

175%

200%

% change in revenue

% change in S&M spend

>

Tech Insights #411

Sales and marketing impact

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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

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Meta (last five financial years)

Take-Two Interactive (last five financial years)

Xero (last five financial years)

GoDaddy (last five financial years)

-

20%

40%

60%

80%

100%

120%

140%

160%

180%

Change inS&M

Change inrevenue

Marginmovements

Change inEBITDA

-

50%

100%

150%

200%

250%

300%

Change inS&M

Change inrevenue

Marginmovements

Change inEBITDA

Large increases in sales and marketing spend don’t always translate to increased revenue growth.

Meta has achieved significant revenue growth without a large proportional increase in sales and marketing spend.

(20%)

-

20%

40%

60%

80%

100%

120%

140%

160%

Change inS&M

Change inrevenue

Marginmovements

Change inEBITDA

-

50%

100%

150%

200%

250%

300%

350%

400%

Change inS&M

Change inrevenue

Marginmovements

Change inEBITDA

‍

Tech Insights #410

Software deal structures – additional analysis

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Mergers & acquisitionsCorporate finance advisoryCapital raising

20 April 2026

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Overview

This Tech Insights report builds on Tech Insights #406 and looks further at software deal structures over the past 10 years. Page 1 highlights differences in deal structures based on geography and the transaction value of the completed deals. Page 2 looks at deal structures (using cash as a proxy) in Australia and New Zealand plotted against total transaction value, while also delineating deals completed before 2021. FactSet’s Packaged Software industry is used here to categorise software deals.

Deal structure by region

Deal structure by transaction value

Deal counts by region – pre 2021 and 2021 onwards

Deal counts by transaction value – pre 2021 and 2021 onwards

-

20%

40%

60%

80%

100%

NorthAmerica

UK

Europe

Asia

Other

AU/NZ

Cash

Stock

Other

-

20%

40%

60%

80%

100%

<50m

50-200m

200-500m

500m-1.5b

1.5b+

Cash

Stock

Other

-

200

400

600

800

1,000

NorthAmerica

UK

Europe

Asia

Other

AU/NZ

Before 2021

After 2021

-

200

400

600

800

1,000

<50m

50-200m

200-500m

500m-1.5b

1.5b+

Before 2021

After 2021

Tech Insights #410

Software deal structures – additional analysis

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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

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AU / NZ tech transactions – cash as % of transaction v transaction value

-

20%

40%

60%

80%

100%

-

0.2

0.4

0.6

0.8

1.0

Cash as % of consideration

Transaction value (USD $b)

60% of transactions were on a fully cash basis.

Legend

Before 2021

2021 and afterwards

6% of transactions included no cash consideration.

1.0

>

1.0, 1.2 & 5.6

‍

-

2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

Mar 21

Sept 21

Mar 22

Sept 22

Mar 23

Sept 23

Mar 24

Sept 24

Mar 25

Sept 25

Mar 26

Tech Insights #409

Cloud Index as at 31 March 2026

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Mergers & acquisitionsCorporate finance advisoryCapital raising

13 April 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Both indices experienced a significant decline in the March quarter. The US Cloud Index ended the quarter at 4.5x EV/NTM revenue, down 30% quarter-on-quarter, while the ANZ Cloud Index also fell 30% to 4.2x. This is the lowest level both indices have reached over the past eight years covered by the Cloud Index.

Overview

4.5x

NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)

ANZ Cloud Index

Average

12MMA

Mar 26

4.2x

6.7x

Dec 25

6.0x

7.3x

Change

(30%)

(8%)

Mar 25

6.8x

7.0x

Change

(38%)

(4%)

US Cloud Index

Average

12MMA

Mar 26

4.5x

6.5x

Dec 25

6.5x

7.0x

Change

(30%)

(6%)

Mar 25

6.1x

6.4x

Change

(25%)

2%

Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (26 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (82 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.

Key:

US

ANZ

Average

12MMA

5yr avg

4.2x

6.9x

8.4x

-

5.0x

10.0x

15.0x

20.0x

Mar 21

Mar 22

Mar 23

Mar 24

Mar 25

Mar 26

-

10.0x

20.0x

30.0x

Mar 21

Mar 22

Mar 23

Mar 24

Mar 25

Mar 26

75th percentile

Median

25th percentile

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Cloud Index as at 31 March 2026

Mergers & acquisitionsCorporate finance advisoryCapital raising

13 April 2026

Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

US cloud companies NTM revenue multiple

ANZ cloud companies NTM revenue multiple

5.3x

3.2x

1.9x

5.7x

2.9x

2.3x

US cloud companies

25th

75th

31 Mar 2026

Average

percentile

Median

percentile

EV ($m NZD)

37,613

3,354

8,291

22,863

EV / NTM Rev

4.5x

1.9x

3.2x

5.3x

Revenue Growth (NTM)

17%

10%

17%

23%

EV / LTM Rev

5.8x

2.3x

3.6x

6.4x

Revenue Growth (LTM)

17%

10%

16%

23%

Operating Margin

4%

(3%)

5%

15%

ANZ cloud companies

25th

75th

31 Mar 2026

Average

percentile

Median

percentile

EV ($m NZD)

4,992

402

1,142

8,686

EV / NTM Rev

4.2x

2.3x

2.9x

5.7x

Revenue Growth (NTM)

14%

2%

11%

22%

EV / LTM Rev

5.6x

2.8x

3.6x

8.8x

Revenue Growth (LTM)

12%

6%

11%

18%

Operating Margin

26%

14%

28%

37%

Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.

EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.

‍

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Global cloud companies

Mergers & acquisitionsCorporate finance advisoryCapital raising

30 March 2026

This Tech Insights report explores some of the largest cloud-based companies in the world by enterprise value (EV). The graph below takes 50 large global cloud companies and plots each company’s Rule of 40 value (sum of last twelve months (LTM) revenue growth and EBITDA margin) against its LTM revenue multiple. On the second page, we highlight the 10 companies within the 50 with the highest LTM revenue, revenue growth, EBITDA, and Rule of 40.

Overview

Palantir

Salesforce

Shopify

Palo Alto

ServiceNow

Adobe

CrowdStrike

Cloudflare

Snowflake

Autodesk

Datadog

Workday

Veeva Systems

Zscaler

MongoDB

Atlassian

Samsara

Twilio

Zoom

REA

Toast

Guidewire

HubSpot

Okta

Computershare

Wisetech

Figma

Nutanix

Dynatrace

Confluent

Rubrik

DigitalOcean

DocuSign

Unity

Dropbox

Procore

Clearwater

Xero

CAR Group

SailPoint

Paycom

Paylocity

Technology One

ServiceTitan

AppFolio

Wix.com

UiPath

Klaviyo

Elastic

RingCentral

-

5

10

15

20

(1%)

10%

20%

30%

40%

50%

60%

EV / LTM revenue

Rule of 40

While Figma and Confluent have negative Rule of 40 scores, both are experiencing significant revenue growth.

Palantir is a significant outlier, with a revenue multiple of 84x and a Rule of 40 score of 88%.

Global

AU / NZ

>

93%

77%

36x

21x

>

<

<0%

Bubble scale = relative EV

(6%)

(80%)

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Global cloud companies

Mergers & acquisitionsCorporate finance advisoryCapital raising

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Disclaimer The information provided in this report has been sourced from FactSet. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Revenue growth – top 10

EBITDA – top 10 (USD $bn)

Revenue – top 10 (USD $bn)

Rule of 40 – top 10

Note: revenue growth figures do not address whether a company’s revenue growth is organic or acquisition-driven.

-

10

20

30

40

50

LTM (1-year prior)

LTM

Median (top 50)

-

3

6

9

12

15

LTM (1-year prior)

LTM

Median (top 50)

-

20%

40%

60%

80%

100%

LTM (1-year prior)

LTM

Median (top 50)

-

20%

40%

60%

80%

100%

LTM (1-year prior)

LTM

Median (top 50)

‍

Tech Insights #407

Margin movements

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Mergers & acquisitionsCorporate finance advisoryCapital raising

23 March 2026

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Overview

This Tech Insights report explores changes in EBITDA margins from five years ago to now for select global and Aus/NZ based software companies. Page 1 shows the majority of companies improving their EBITDA margins from 2021. Page 2 shows that despite improving margins, share price performance has been varied for the sector.

Select global software EBITDA margins (2021 - 2026)

Change in EBITDA margin (2021 - 2026)

(50%)

(25%)

-

25%

50%

75%

2021

2026

(10%)

-

10%

20%

30%

<

>

Negative margins (in 2021)

Positive margins (in 2021)

SaaS companies have improved margins almost across the board (acknowledging the survivorship bias here).

Companies with previously negative margins have seen the largest shift.

138%

124%

61%

42%

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Disclaimer The information provided in this report has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

z

HUB24

Wisetech

Salesforce

Computershare

Seek

Workday

Palo Alto

ServiceNow

Shopify

Autodesk

Technology One

Xero

Datadog

Adobe

CAR

EROAD

Zoom

Atlassian

REA

Palantir

Serko

Snowflake

Vista

MongoDB

Life360

CrowdStrike

Cloudflare

(100%)

(50%)

-

50%

100%

150%

200%

(10%)

-

10%

20%

30%

40%

50%

Change in share price

Change in EBITDA margin

Mergers & acquisitionsCorporate finance advisoryCapital raising

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Tech Insights #407

Margin movements

Change in EBITDA margin vs change in share price (2021 - 2026)

>

>

Palantir has been a stand-out performer (margin change: +138%, share price change: +500%).

Despite meaningful margin improvements, some companies have seen large declines in their stock price coinciding with market re-rating since 2021.

Some have grown in value through revenue growth, even with contractions in margins.

+350%

+230%

+61%

+124%

2021 is an interesting reference period for some, given both lofty market valuations and difficult operating conditions for business models impacted by Covid-19.

‍