Tech Insights #350

Private Equity buyouts

Mergers & acquisitions

Corporate finance advisory

Capital raising

14 October 2024

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-

5x

10x

15x

20x

25x

30x

-

10

20

30

40

50

60

H2 '14

H1 '15

H2 '15

H1 '16

H2 '16

H1 '17

H2 '17

H1 '18

H2 '18

H1 '19

H2 '19

H1 '20

H2 '20

H1 '21

H2 '21

H1 '22

H2 '22

H1 '23

H2 '23

H1 '24

Revenue multiple

Total enterprise value (USD $b)

Overview

This Tech Insights report presents acquisitions by Private Equity firms of publicly listed Technology* companies over the past ten years. On the first page we present the total value of these transactions and the weighted EV/revenue multiple. The second page presents transaction revenue multiples of Thoma Bravo and Vista Equity Partners (the two most acquisitive firms), as well as selected notable transactions through the ten-year period.

Count

H2 '14

H1 '15

H2 '15

H1 '16

H2 '16

H1 '17

H2 '17

H1 '18

H2 '18

H1 '19

H2 '19

H1 '20

H2 '20

H1 '21

H2 '21

H1 '22

H2 '22

H1 '23

H2 '23

H1 '24

IT

2

2

3

1

2

1

4

1

3

2

2

-

4

3

-

3

2

2

1

2

PS

7

2

6

6

6

9

3

5

6

5

7

3

7

8

10

13

10

9

11

12

Private Equity Technology transactions

*Technology companies are represented by Information Technology Services (IT) and Packaged Software (PS) companies as categorised by FactSet.

The largest transaction across the ten-year period was Vista Equity Partners acquisition of Citrix Systems for $14.6b in Jan 22

Tech Insights #350

Private Equity buyouts

Mergers & acquisitions

Corporate finance advisory

Capital raising

14 October 2024

Subscribe and see previous reports at clarecapital.co.nz/tech-insights Page 2 of 2

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.

Date

Country

Target

Description

Primary acquirer

Enterprise value

Revenue

Enterprise value / revenue

Oct 15

US

SolarWinds

Network management software and monitoring tools

Thoma Bravo

4,217

486

8.7x

Feb 16

NZ

Diligent Corp

SaaS governance platform

Insight Partners

361

99

3.6x

Dec 19

US

LogMeIn

Remote access software

Francisco Partners

4,409

990

4.5x

Jun 21

US

Cloudera

Data management and analytics solution

KKR

4,893

869

5.6x

Nov 21

US

McAfee Corp

Computer software company

Advent International

13,592

2,906

4.7x

Mar 22

US

Anaplan

Business planning and analysis platform

Thoma Bravo

9,348

592

15.8x

May 22

NZ

Pushpay

Donor management system

BGH Capital

1,097

203

5.4x

Aug 22

Australia

Nitro Software

Document management software

Potentia Capital

354

59

6.0x

Jan 23

US

Duck Creek

P&C insurance software

Vista Equity Partners

2,282

303

7.5x

Dec 23

US

Alteryx

Data analytics and visualisation platform

Insight Partners

4,178

970

4.3x

Selected notable Private Equity acquisitions since 2014 (USD $m)

Thoma Bravo last 20 technology transactions EV/revenue

-

5x

10x

15x

20x

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Vista Equity Partners last 10 technology transactions EV/revenue

-

2x

4x

6x

8x

10x

12x

1

2

3

4

5

6

7

8

9

10

Median revenue multiple 5.0x

Median revenue multiple 7.5x

20x+

‍

-

2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

25.0x

Sep 19

Mar 20

Sep 20

Mar 21

Sep 21

Mar 22

Sep 22

Mar 23

Sep 23

Mar 24

Sep 24

Tech Insights #349

Cloud Index as at 30 September 2024

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Mergers & acquisitionsCorporate finance advisoryCapital raising

7 October 2024

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Overview

This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. As at 30 September 2024, the US Cloud Index is down 3% from the previous quarter to 5.8x EV / NTM revenue. It continues to move between a 5.0x and 7.5x multiple range. The ANZ Cloud Index recovered late in the quarter to stay flat at 6.9x, above the US Cloud Index. Over the last 12 months, the ANZ Cloud Index has increased by 19% versus a 2% decrease for the US Cloud Index. It is moving closer to its five-year average, while the US Cloud Index remains well below.

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

7.5x

ANZ Cloud Index

Average

12MMA

Sep 24

6.9x

6.3x

Jun 24

6.9x

6.2x

Change

0%

0%

Sep 23

5.8x

5.6x

Change

19%

12%

US Cloud Index

Average

12MMA

Sep 24

5.8x

6.2x

Jun 24

6.0x

6.3x

Change

(3%)

(3%)

Sep 23

5.9x

5.9x

Change

(2%)

4%

Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (18 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (87 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.

11.0x

6.9x

5.8x

Key:

US

ANZ

Average

12MMA

5yr avg

-

5.0x

10.0x

15.0x

20.0x

Sep 19

Sep 20

Sep 21

Sep 22

Sep 23

Sep 24

-

10.0x

20.0x

30.0x

40.0x

Sep 19

Sep 20

Sep 21

Sep 22

Sep 23

Sep 24

75th percentile

Median

25th percentile

Tech Insights #349

Cloud Index as at 30 September 2024

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Mergers & acquisitionsCorporate finance advisoryCapital raising

7 October 2024

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US cloud companies NTM revenue multiple

ANZ cloud companies NTM revenue multiple

7.6x

5.0x

2.8x

8.9x

4.4x

2.8x

US cloud companies

25th

75th

30 Sep 2024

Average

percentile

Median

percentile

EV (NZD $m)

33,775

2,708

8,574

23,502

EV / NTM rev

5.8x

2.8x

5.0x

7.6x

Revenue growth (NTM)

11%

5%

11%

20%

EV / LTM rev

7.0x

3.2x

5.8x

9.9x

Revenue growth (LTM)

18%

11%

17%

25%

Operating margin

(6%)

(17%)

(3%)

7%

ANZ cloud companies

25th

75th

30 Sep 2024

Average

percentile

Median

percentile

EV (NZD $m)

5,641

574

1,179

2,773

EV / NTM rev

6.9x

2.8x

4.4x

8.9x

Revenue growth (NTM)

12%

0%

10%

19%

EV / LTM rev

8.7x

3.5x

5.4x

10.3x

Revenue growth (LTM)

18%

7%

17%

27%

Operating margin

18%

0%

21%

33%

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.

Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. ClareCapital 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.

‍

Paypal Revolut Payoneer


Comment

+52.4% consumer revenue CAGR

+54.5% business revenue CAGR

-

Gross margin increase from 62.1% to 71.1%

-

PBT margin increase from 5.7% to 31.3%

481

611

445

485

237

815

-

400

800

1,200

1,600

Profit before tax (PBT)

Other income / (expense)

Cost of sales**

Interest income

Business revenue

Consumer revenue

10

100

68

-

27

151

-

400

800

1,200

1,600

Profit before tax (PBT)

Other income / (expense)

Cost of sales**

Interest income

Business revenue

Consumer revenue

Tech Insights #348

Wise (formerly TransferWise)

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Mergers & acquisitionsCorporate finance advisoryCapital raising

30 September 2024

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Overview

Wise (previously TransferWise) provides cross-border payments solutions. It listed on the London Stock Exchange via a direct listing in 2021. Customers can hold and send money in over 40 currencies through Wise’s two main offerings: the Wise Account (consumer) and Wise Business (business). Since 2019, Wise has experienced 764% revenue growth, supported by a 3.9x increase in active customers and rising interest income generated from customer balances.

Operating metrics – FY19 vs FY24 (31 March year-end)

Revenue by geography from FY19 to FY24

Wise profit before tax breakdown – FY19 vs FY24 (£m)

Active customers

(m)

Cross-border volume*

(£bn)

Volume per customer (£000s)

3.2

12.2

0.1

0.6

-

5

10

15

FY19

FY24

Personal

Business

7.0

7.1

39.4

52.2

-

20

40

60

FY19

FY24

Personal

Business

22.5

87.2

4.7

31.3

-

50

100

150

FY19

FY24

Business

Consumer

*Cross-border volume is the dollar sum of transactions between currencies

-

50

100

150

200

250

300

350

Rest of theworld

UK

North America

Asia-Pacific

Europe (excl.UK)

FY19

FY24

FY19

FY24

**Includes benefits paid relating to customer balances and net credit losses on financial assets

0.63%

0.65%

0.67%

-

0.2%

0.4%

0.6%

0.8%

1.0%

FY22

FY23

FY24

53

162

16

154

71

169

-

100

200

300

400

500

FY22

FY23

FY24

Listed bonds

Money market funds

Cash at bank

Tech Insights #348

Wise (formerly TransferWise)

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Mergers & acquisitionsCorporate finance advisoryCapital raising

30 September 2024

Total customer balances (£bn)

7

11

13

-

3

6

9

12

15

FY22

FY23

FY24

Cross-border payment players’ interest income (£m)

Share price index since August 21**

Take rate*

Interest income (£m)

0.1%

1.3%

3.6%

-

1%

2%

3%

4%

FY22

FY23

FY24

Interest as a % of balance

**Note Wise went public on & 7 July 2021. Revolut is not publicly listed.

Rising customer balances and high interest rates are driving interest income growth.

-

20

40

60

80

100

120

Aug 21

Feb 22

Aug 22

Feb 23

Aug 23

Feb 24

Aug 24

-

150

300

450

600

Year prior

Last year

This year

Payoneer

Wise

Revolut

Paypal

Year prior

Last year

This year

0.2%

0.6%

1.6%

0.3%

9.0%

27.8%

0.7%

14.2%

31.6%

0.6%

8.8%

27.8%

Interest income as % of total revenue

*Total cross-border revenue as a proportion of cross-border volume

‍

CSL

F&P Healthcare

Cochlear

Sonic Healthcare

Pro Medicus

EBOS

Telix

Ansell

Healius

AFT Pharmaceuticals

Aroa

(10%)

-

10%

20%

30%

40%

50%

(20%)

-

20%

40%

60%

80%

LTM revenue growth

EBITDA margin

Tech Insights #347

NZ & AUS listed healthcare companies

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Mergers & acquisitionsCorporate finance advisoryCapital raising

23 September 2024

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Overview

This report focuses on listed healthcare companies headquartered in NZ and Australia. This list does not include aged care / service providers or companies with less than an NZD $100m enterprise value. It’s worth noting that the largest company on the NZX and the third largest on the ASX are both included in this grouping (Fisher and Paykel Healthcare on the NZX and CSL on the ASX).

Share price index for selected NZ healthcare companies since ‘19

Relative enterprise value (NZD $b)

Share price index for AUS companies that have gone 10x since ‘19

Revenue growth and EBITDA margin

-

1,000

2,000

3,000

4,000

5,000

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Pro Medicus

Telix

Neuren

Race Oncology

-

20

40

60

80

100

120

140

160

180

-

20

40

60

80

100

120

140

160

180

CSL

F&P Healthcare

Cochlear

Sonic Healthcare

Pro Medicus

Other (29 companies)

EBOS

Telix

Ansell

Healius

+

-

50

100

150

200

250

300

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

F&P Healthcare

EBOS

AFT Pharmaceuticals

Volpara

Aroa

(● NZ, ● AUS)

Tech Insights #347

NZ & AUS listed healthcare companies

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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. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

23 September 2024

F&P Healthcare revenue (NZD $m) & EBITDA margin

Pro Medicus revenue (NZD $m) & EBITDA margin

Comparator metrics for largest NZ & AUS healthcare companies (NZD $m)

Name

Country

Overview

Enterprise value

LTM revenue

LTM revenue growth

LTM EBITDA margin

EV / Revenue

EV / EBITDA

CSL

AUS

Biopharmaceutical company (vaccines, plasma, antivenoms, etc.)

178,451

24,233

13%

32%

7x

23x

F&P Healthcare

NZ

Manufacturer of medical devices including respiratory products

22,118

1,758

11%

27%

13x

46x

Cochlear

AUS

Develop hearing implants and medical devices

20,096

2,441

14%

27%

8x

31x

Sonic Healthcare

AUS

Medical diagnostic services, including pathology and radiology

18,142

9,362

8%

16%

2x

12x

Pro Medicus

AUS

Healthcare software, offering radiology information systems

17,653

175

28%

75%

101x

135x

EBOS

NZ

Healthcare and animal care products distributor

8,443

14,257

7%

5%

1x

13x

Telix

AUS

Biopharmaceutical focused on cancer diagnosis and treatment

6,611

542

209%

12%

12x

105x

Ansell

AUS

Manufacturer of medical protective clothing and gloves

4,129

2,671

(1%)

17%

2x

9x

Healius

AUS

Medical diagnostic services, including pathology and imaging

2,874

1,888

1%

18%

2x

8x

AFT Pharmaceuticals

NZ

Developer and distributor of pharmaceuticals

372

195

25%

13%

2x

14x

Aroa

NZ

Bioabsorbable medical products for tissue repair

156

69

9%

(11%)

2x

nm

Median

8,443

1,888

11%

17%

2x

19x

-

10%

20%

30%

40%

-

500

1,000

1,500

2,000

FY19

FY20

FY21

FY22

FY23

FY24

EBITDA margin

Revenue

-

10%

20%

30%

40%

50%

60%

70%

80%

90%

-

20

40

60

80

100

120

140

160

180

FY19

FY20

FY21

FY22

FY23

FY24

EBITDA margin

Revenue

‍

-

20

40

60

80

100

120

140

160

Tech Insights #346

ASX tech companies 2024

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Mergers & acquisitionsCorporate finance advisoryCapital raising

16 September 2024

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Overview

Major ASX tech companies have performed well since the start of 2023, with the overall ASX 200 Information Technology Index up 83%. Wisetech’s performance stands out, reaching over AUD $40b in enterprise value. NZ based Xero has also been a strong performer, with a 102% share price increase since the start of 2023 edging it closer to its all-time high in 2021. Shown on this page are the 20 largest ASX tech companies, 18 of which have an enterprise value of more than AUD $1b. The combined equity value of these companies (AUD $169b) is greater than the entire equity value of all companies on the NZX.

Share price index for the largest ASX tech companies

EV of 20 largest ASX tech companies - AUD $b

-

50

100

150

200

Jan 23

Mar 23

May 23

Jul 23

Sep 23

Nov 23

Jan 24

Mar 24

May 24

Jul 24

Sep 24

Wisetech

Xero

Computershare

REA

CAR Group

ASX 200 Information Technology Index

ASX 200 Index

Seek

NextDC

Wisetech

REA

Xero

Computershare

CAR Group

NextDC

Seek

Technology One

HUB24

Codan

IRESS

Domain

Macquarie Tech

Nuix

SiteMinder

Objective

MoneyMe

Megaport

Hansen

Data#3

Tech Insights #346

ASX tech companies 2024

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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

16 September 2024

Name

Overview

Enterprise value

LTM revenue

LTM revenue growth

LTM EBITDA

EBITDA margin

EV / LTM revenue

EV / LTM EBITDA

Share price Δ since 2023

Wisetech

Logistics software provider

43,645

1,042

28%

502

48%

41.9x

87.0x

158%

REA

Real estate platform

26,512

1,677

20%

802

48%

15.8x

33.1x

80%

Xero

Accounting software

21,451

1,589

25%

483

30%

13.5x

44.4x

102%

Computershare

Shareholder services and technology solutions

17,720

4,453

(5%)

1,451

33%

4.0x

12.2x

7%

CAR Group

Digital marketplace for automotive sales

14,867

1,099

41%

568

52%

13.5x

26.2x

77%

NextDC

Data centre operator

9,350

404

12%

196

49%

23.1x

47.7x

93%

Seek

Online employment marketplace

9,142

1,084

(12%)

413

38%

8.4x

22.1x

7%

Technology One

Enterprise software for govt, education & healthcare

7,392

469

18%

195

41%

15.8x

38.0x

75%

HUB24

Investment and superannuation platforms

4,741

327

17%

92

28%

14.5x

51.3x

115%

Codan

Develop and manufacture electronic solutions

2,810

550

21%

148

27%

5.1x

19.0x

261%

IRESS

Financial software solutions

2,179

617

(1%)

76

12%

3.5x

28.7x

2%

Domain

Property marketplace

1,965

391

13%

137

35%

5.0x

14.3x

3%

Macquarie Tech

Technology and data centre services

1,854

363

5%

109

30%

5.1x

17.0x

32%

Nuix

Data analytics for legal, regulatory & cybersecurity

1,771

221

21%

67

30%

8.0x

26.4x

764%

Objective

Enterprise solutions for govt & regulated industries

1,323

115

5%

42

37%

11.5x

31.3x

11%

SiteMinder

Hotel commerce platform

1,296

191

26%

0

0%

6.8x

nm

65%

MoneyMe

Fintech offering digital credit products

1,181

214

(10%)

156

73%

5.5x

7.6x

(56%)

Megaport

Cloud connectivity and data transfer

1,164

195

28%

42

21%

6.0x

27.7x

20%

Data#3

IT services provider

947

806

0%

61

8%

1.2x

15.6x

14%

Hansen

Billing and customer care software

936

353

13%

92

26%

2.7x

10.2x

(15%)

Median

2,494

437

15%

142

32%

7.4x

26.4x

48%

Comparator metrics for 20 largest ASX tech companies – AUD $m

‍

Tech Insights #345

LawVu    Hnry    Joyous    Thematic    Tracksuit    Throughline    Sunfed    FirstAML    Partly Group    Mint Innovation    Openstar Technologies    Relay.ai    Cotiss    NextWork    SafeStack    Excellent    Energybank    Orbis Blockchain Technologies    Veve    Supaloyal     Machine Learning Solutions    Multitudes    Vessev    Freightfish    Seachange New Zealand    Halter    Ao Air    Ask Nicely    Authsignal    Vertus Energy    Easyrent     Kiki    Soul Aether    Foundry Lab    Partly Group    Joyous    Vend    Fergus    insiteAI    mooven    Hnry    bspkl    Zerojet    Kara Technologies    Dexibit    CarbonClick    Cotiss    Runn    Hectre    insiteai    Auror    Komodo    Kry10    Vend    MenuAid    Appetise    Data Masque    Runn    Fuel50    Auror    CodeLingo    AirTree Ventures    Blackbird Ventures    Square Peg Capital    Equity Venture Partners    Investible    Afterwork    Folklore    OIF    Shearwater    Reinventure

Australian Venture Capital

Mergers & acquisitions

Corporate finance advisory

Capital raising

9 September 2024

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Total

AirTree Ventures

4

SquarePeg Capital

3

Equity Venture Partners

4

Investible

5

Reinventure

2

Folklore

4

Afterwork

4

OIF

2

Shearwater

2

Blackbird Ventures

25

55

Overview

This Tech Insights report presents a select group of Australian Venture Capital firms with a presence in New Zealand. On the first page we present their investments or acquisitions through time, with the second page presenting the level of ownership of active New Zealand investments (where available from the Companies Register).

Transactions by investor (first investment date, grey indicates an exited company)

2012

2014

2016

2018

2020

2022

2024

2017

2018

2019

2020

2021

2022

2023

2024

Blackbird Ventures

Tech Insights #345

Australian Venture Capital

Mergers & acquisitions

Corporate finance advisory

Capital raising

9 September 2024

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Disclaimer The information provided in this report has been solely sourced from the New Zealand Companies Office and 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.

-

5%

10%

15%

20%

25%

30%

35%

40%

Founded date

2014

2012

2014

2014

2014

2013

2017

2016

2012

2012

Active

4

2

4

5

2

3

4

2

2

24

Exit

-

1

-

-

-

1

-

-

-

1

25th percentile

8.9%

8.6%

3.6%

6.0%

15.3%

18.8%

4.6%

30.6%

2.6%

6.6%

Median

11.0%

9.7%

10.3%

7.2%

18.3%

19.9%

4.6%

31.8%

2.6%

11.7%

75th percentile

14.3%

10.7%

18.3%

7.9%

21.3%

21.0%

4.6%

33.0%

2.6%

16.2%

Current investor ownership % (where available per Companies Register)

‍

Tech Insights #344

Australian Private Equity

Mergers & acquisitions

Corporate finance advisory

Capital raising

2 September 2024

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Total

Adamantem Capital

3

Allegro Funds

3

BGH Capital

4

Five V Capital

5

Pacific Equity Partners

7

Quadrant Private Equity

9

Next Capital

5

Crescent Capital

3

Mercury Capital

5

Advent Partners

2

Potentia

1

47

Overview

This Tech Insights report presents a select group of Australian Private Equity firms with a presence in New Zealand. On the first page we present their investments or acquisitions through time, with the second page presenting the level of ownership of active New Zealand investments (where available from the Companies Register).

Transactions by investor (first investment date, grey indicates an exited company)

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2000 to 2006

Tech Insights #344

Australian Private Equity

Mergers & acquisitions

Corporate finance advisory

Capital raising

2 September 2024

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Disclaimer The information provided in this report has been solely sourced from the New Zealand Companies Office and 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.

-

20%

40%

60%

80%

100%

Founded date

2016

2004

2017

2016

1998

1996

2005

2000

2010

1984

2014

Active

3

1

4

3

2

4

3

1

1

2

1

Exit

-

2

-

2

5

5

2

2

4

-

-

Median

76.0%

73.4%

69.1%

81.5%

59.0%

37.1%

65.2%

84.9%

88.9%

56.3%

19.9%

Current active investor ownership % (where available per Companies Register)

Bastion Security Group includes Helix Security, ZX Security and Quantum Security.

Heritage Lifecare    Hellers    Evnex    Gull    Hannahs / Number one shoes    Carpet Court New Zealand    Pushpay Holdings    CyberCX    Fusion5    Abano Healthcare Group    Mooven    Habit Health    Orbit Remit    Totara Learning Solutions    Education Perfect    UP Education     FirstCape    ACG Education     Manuka Health    Griffins Foods    Asahi Beverages (NZ)    Frucor Beverages / Frucor Suntory    Helix Security Services    ZX Security    Quantum Security Services    Bastion Security Group    New Zealand Health Group     Sunfed    Nestle SA / NZ     Seniors Money International    Summerset Group Holdings    Kathmandu    Jucy Group    Hirepool Ltd    New Zealand Bus    Vitaco Health Group    Go Bus Transport    Prime Panels New Zealand    Metro Performance Glass    Kiwi Fresh Orange co / Simply Squeezed    Tamaki Health Group    International Volunteer HQ    Blue Star Group    NXP Limited    Hexagon Holdings    Integrated Control Technology    Flintfox International    Vista Group

-

0.5

1.0

1.5

2.0

2.5

3.0

Shopify

PayPal

Wisetech

Riskified

Vista

Olo

Atlassian

Life360

Unity

Block

Clearwater

AvidXchange

Palantir

Paycom

Q2

Veeva

Xero

2U

Datadog

UiPath

Jfrog

AppFolio

Ansarada

DigitalOcean

Fastly

CrowdStrike

ServiceNow

Sprout

Cloudflare

Snowflake

Squarespace

BigCommerce

Zscaler

Twilio

Autodesk

Samsara

Klaviyo

Workday

SentinelOne

Appian

Braze

nCino

Agora

Elastic

Jamf

Tenable

monday.com

Five9

Adobe

Objective

Workiva

Bill

Qualys

Gitlab

Paylocity

Okta

Dynatrace

Confluent

Wix.com

Nuix

Sprinklr

Procore

HubSpot

Couchbase

BlackLine

Kaltura

Smartsheet

Freshworks

AvePoint

RingCentral

CS

MongoDB

DocuSign

Everbridge

Zuora

Asana

Toast

Salesforce

HashiCorp

Definitive

ZoomInfo

WalkMe

PagerDuty

Amplitude

C3.ai

Dropbox

ON24

Box

Domo

Overview

SaaS Magic Number is a metric for SaaS companies that examines the level of sales and marketing (S&M) spending required to generate new revenue. The calculation tells you how much new annualised revenue the company generated for every $1.00 spent on sales and marketing. For example, a SaaS Magic Number of 0.7 means that for every $1.00 spent on S&M, $0.70 of new annual revenue is achieved. A company with a well-performing sales engine that has a SaaS Magic Number of 1.0 shows it will take one year to recover the corresponding S&M expense to gain that revenue. A company with a poor-performing sales engine that has a SaaS Magic Number of 0.5 or less will extend this period out to two or more years.

Tech Insights #343

SaaS Magic Number

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

26 August 2024

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SaaS Magic Number Formula

(Current quarter revenue –

previous quarter revenue) x 4

Previous quarter S&M spend

Key

US Listed

ASX or NZX Listed

Companies > 0.75

Good sales efficiency

Could spend more in S&M

Companies < 0.5

Poor sales efficiency

Rethink how S&M is spent

3.0+

Companies 0.75 – 0.5

Neutral sales efficiency

SaaS Magic Number as at December 2023

The following charts examine the performance of 89 selected companies from the Clare Capital Cloud Index.

Median

Dec 2021

0.80

Dec 2022

0.59

Dec 2023

0.50

Quarter-on-quarter revenue growth (December 2023)

-

20%

40%

60%

Shopify

PayPal

Wisetech

Riskified

Vista

Olo

Atlassian

Life360

Unity

Block

Clearwater

AvidXchange

Palantir

Paycom

Q2

Veeva

Xero

2U

Datadog

UiPath

Jfrog

AppFolio

Ansarada

DigitalOcean

Fastly

CrowdStrike

ServiceNow

Sprout

Cloudflare

Snowflake

Squarespace

BigCommerce

Zscaler

Twilio

Autodesk

Samsara

Klaviyo

Workday

SentinelOne

Appian

Braze

nCino

Agora

Elastic

Jamf

Tenable

monday.com

Five9

Adobe

Objective

Workiva

Bill

Qualys

Gitlab

Paylocity

Okta

Dynatrace

Confluent

Wix.com

Nuix

Sprinklr

Procore

HubSpot

Couchbase

BlackLine

Kaltura

Smartsheet

Freshworks

AvePoint

RingCentral

CS

MongoDB

DocuSign

Everbridge

Zuora

Asana

Toast

Salesforce

HashiCorp

Definitive

ZoomInfo

WalkMe

PagerDuty

Amplitude

C3.ai

Dropbox

ON24

Box

Domo

-

5%

10%

15%

20%

Tech Insights #343

SaaS Magic Number

Page 2 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

26 August 2024

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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.

Over the last three years, the median revenue growth has deteriorated.

Over the last three years, the median sales and marketing spend as a % of revenue has decreased.

20%+

Companies that have a high SaaS Magic Number are growing revenue at a faster rate.

Companies that have a high SaaS Magic Number are spending less as a % of total revenue.

Sales & marketing spend % revenue (December 2023)

Median

Dec 2021

8.2%

Dec 2022

5.7%

Dec 2023

4.6%

Median

Dec 2021

42.9%

Dec 2022

41.3%

Dec 2023

36.4%

‍

Tech Insights #342

Kogan.com and Mighty Ape

Mergers & acquisitions

Corporate finance advisory

Capital raising

19 August 2024

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Overview

Kogan.com is an Australian online retailer offering a diverse range of products and services, including consumer electronics, homewares, mobile plans, and insurance. In March2014 the business officially launched in New Zealand, but it was unable to capture market share away from incumbents JB Hi-Fi, Harvey Norman, and Dick Smith (which Kogan.com later acquired the brand of in March 2016). In 2020, Kogan.com acquired local retailer Mighty Ape to increase its market presence in NZ. In this report we analyse MightyApe’s contribution to Kogan.com and compare financial metrics of the business to peers.

(10)

-

10

20

30

40

50

60

70

FY18

FY19

FY20

FY21

FY22

FY23

FY24

Mighty Ape

Kogan

Kogan.com adjusted EBITDA split (AUD $m)

Since its acquisition MightyApe has consistently contributed positive EBITDA to Kogan.com.

-

100

200

300

400

500

600

700

800

FY18

FY19

FY20

FY21

FY22

FY23

FY24

Mighty Ape (NZ)

Mighty Ape (AU)

Kogan (NZ)

Kogan (AU)

Kogan.com revenue split (AUD $m)

Kogan.com begun operating in NZ in 2014, but never reached a scale at which they were required to report NZ as its own segment (until 2021). We estimate that Kogan NZ’s share of total revenue was approx. 2% before acquiring Mighty Ape.

After acquiring the business Kogan has leveraged the scale within the existing business to double Mighty Ape’s revenue.

When first acquired, Mighty Ape represented just 10% of revenues but now contributes 31%.

Kogan.com acquired Mighty Ape for AUD $122 million in December 2020, bringing more than 690,000 unique customers and subscribers.

The total consideration comprised of four tranches with 70% for tranches one and two, and 15% each for three and four. AUD $56 million was paid on completion with the remainder subject to performance-based targets on normalised EBITDA.

Transaction highlights

Tech Insights #342

Kogan.com and Mighty Ape

Mergers & acquisitions

Corporate finance advisory

Capital raising

19 August 2024

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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.

-

100%

200%

300%

400%

500%

Aug 19

Feb 20

Aug 20

Feb 21

Aug 21

Feb 22

Aug 22

Feb 23

Aug 23

Feb 24

Aug 24

Harvey Norman

Briscoes

The Warehouse

The Reject Shop

ASX 200

Kogan.com

Exchange

Year end

1-yr share price change

Enterprise value ($m)

LTM revenue ($m)

LTM revenue growth (%)

Gross margin (%)

LTM EBITDA ($m)

EBITDA margin (%)

EV / LTM revenue

EV / LTM EBITDA

Harvey Norman

ASX

Jun

29.2%

6,648

3,901

(6.1)

32.0

824

21.1

1.7x

8.1x

Briscoe Group

NZX

Jan

(5.1%)

700

733

2.2

42.4

146

19.9

1.0x

4.8x

Warehouse Group

NZX

Jul

(29.5%)

409

2,978

(0.6)

34.2

250

8.4

0.1x

1.6x

The Reject Shop

ASX

Jun

(35.7%)

51

838

4.3

39.7

124

14.8

0.1x

0.4x

Kogan.com

ASX

Jun

(23.9%)

361

461

(19.5)

35.3

40

8.7

0.8x

9.0x

Median

(23.9%)

409

838

(0.6)

35.3

146

14.8

0.8x

4.8x

Selected comparable financial metrics as of 16 Aug 24 (AUD)

Revenue share by product / division (AUD $m)

Indexed price returns from Aug 19

37%

32%

32%

17%

64%

14%

5%

-

100

200

300

400

500

FY23

FY18

Exclusive brands

MightyApe

Third party brands

Other

Other includes, Kogan First, Marketplace, Mobile, Money, Advertising and other.

Mighty Ape acquisition

* Gross margin is calculated from sales of products to customers less cost of goods sold and does not include other revenue.

‍

-

5%

10%

15%

20%

ANZ

Westpac

BNZ

ASB

Kiwibank

Rabobank

-

1%

2%

3%

ANZ

Westpac

BNZ

ASB

Kiwibank

Rabobank

83%

66%

56%

66%

71%

22%

27%

19%

17%

78%

9%

13%

9%

10%

-

50

100

150

Rabobank

Kiwibank

ASB

BNZ

Westpac

ANZ

Housing loans

Business loans

Agriculture loans

Other loans

Consumer loans

29%

19%

19%

19%

5%

3%

-

100

200

300

400

500

600

700

Total assets (NZ $b)

ANZ

Westpac

BNZ

ASB

Kiwibank

Rabobank

NZ bank market share - by total assets (NZD $b) – Mar 24

Tech Insights #341

New Zealand banking overview

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

12 August 2024

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Overview

This report looks into the New Zealand (NZ) banking sector. The four largest banks are all Australian owned, however this analysis only covers New Zealand banking activity. Kiwibank, the fifth largest, is significantly smaller and owned by the NZ Government. Rabobank, the sixth largest, is owned by Dutch bank, Rabobank Nederland. The second page of this report looks at the new capital requirements which was phased in from Jul 22. All information in this report, unless stated otherwise, is as at Mar 24.

Breakdown of largest NZ loan books (NZD $b) – Mar 24

6%

Major banks’ return on equity (ROE)

ROE is the ratio of profit after tax to average equity. ROE is an indicator of how efficiently shareholder funds are used to generate profits. The scale and operating expense efficiency of the larger banks contributes to their higher ROE.

Annual net interest margins (NIM) – last 7 years

Net interest income is the primary driver of NZ banks’ earnings. The NIM ratio of net interest income to average interest-bearing assets, is an indicator of how efficiently funding generates revenue. The recent period of rising interest rates has contributed to the rising NIM.

Mar 18 – Mar 24

Mar 18 – Mar 24

Other banks

Housing loans in NZ total to $352b

Minimum total capital requirements, including Prudential Capital Buffer (PCB) – to be phased in by Jul 28

•

The total capital requirements for New Zealand banks are changing. The transition period started in Jul 22 and banks have a seven-year period to meet the capital requirements shown in the graph.

•

The four largest banks (ANZ, Westpac, BNZ and ASB) have been identified as Domestic Systemically Important Banks (DSIBs). These banks are subject to the DSIB buffer which requires them to hold an additional layer of capital, the extra insurance acknowledgment that failure of one of these banks would have serious consequences.

•

The counter-cyclical capital buffer, normally set at 1.5%, may be set at higher or lower levels in times of excessive credit build-up or during post-recession recovery.

•

The conservation buffer is designed to ensure banks can absorb losses during economic and financial stress.

Tech Insights #341

New Zealand banking overview

Page 2 of 2

Disclaimer The information provided in this report has been sourced and calculated the RBNZ Bank Financial Strength Dashboard. 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

12 August 2024

Large banks (DSIBs) - total capital ratios as at Mar 24

The large banks (DSIBs) will need to continue to increase capital levels over the remaining four years of the transition, to reach the requirements by Jul 28. This totals ~$20b of additional capital, across all banks, since the start of the period.

8%

9%

9%

2.5%

5.5%

5.5%

1.5%

1.5%

2%

-

5%

10%

15%

20%

All banks(pre-2022)

Largebanks(DSIBs)

Otherbanks

% of Risk Weighted Assets (RWA)

DSIB buffer

Counter-cyclicalcapital buffer

Conservation buffer

Total capital ratio

PCB

Other banks - total capital ratios as at Mar 24

Some smaller banks have already reached the required minimum total capital levels.

-

5%

10%

15%

20%

ANZ

Westpac

BNZ

ASB

% of RWA

Minimum capital requirement (18% - 2028)

-

5%

10%

15%

20%

Kiwibank

Rabobank

TSB

SBS

Bank ofChina

Heartland

% of RWA

Minimum capital requirement (16% - 2028)

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‍

394

225

211

187

118

84

25

-

100

200

300

400

500

Tech Insights #340

The Unicorn Club

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

5 August 2024

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Overview

A unicorn is a private company with a valuation that exceeds USD $1b. The term was first used by venture capitalist Aileen Lee in 2013, highlighting the rarity of a privately held start-up to reach such a valuation. This Tech Insights report looks at unicorn trends and a breakdown by industry and geography, as well as more closely at selected unicorn companies vs key competitors/comparators within relative industries.

Top 15 unicorns (by estimated valuation) as of May 2024*

Unicorns by broad industry (#)*

Unicorns by country (#)*

Company

Valuation (USD $bn)

Country

Industry

China

Media (TikTok)

US

Industrials

US

Enterprise tech

US

Financial services

Singapore

Consumer & retail

US

Enterprise tech

UK

Financial services

US

Consumer & retail

Australia

Enterprise tech

US

Financial services

US

Enterprise tech

US

Media (Gaming)

NZ

Financial services

US

Enterprise tech

US

Enterprise tech

There are approximately 1,200 unicorn companies worldwide.

17

18

19

20

24

25

31

32

40

43

66

70

80

210

268

665

168

70

56

31

27

23

9

193

-

200

400

600

800

*Unicorn data sourced from CB Insights.

Xiahongshu

-

2x

4x

6x

8x

10x

12x

14x

16x

-

50

100

150

200

250

300

350

400

GAP

Shein

Inditex (Zara)

H&M

Alibaba

Enterprise value (USD $m)

EV/Rev (RHS)

-

10x

20x

30x

40x

50x

60x

70x

-

5

10

15

20

25

30

35

TechnologyOne

Altium

Seek

Xero

Canva

WisetchGlobal

Enterprise value (USD $b)

EV/Rev (RHS)

-

5x

10x

15x

20x

25x

-

5

10

15

20

25

Allfunds Group

HUB24

Envestnet

Netwealth

FNZ

SS&C

Enterprise value (USD $b)

EV/Rev (RHS)

44

-

2x

4x

6x

8x

10x

12x

-

200

400

600

800

1,000

1,200

Pinterest

Snap inc

X

Bytedance

Meta

Enterprise value (USD $b)

EV/Rev (RHS)

Tech Insights #340

The Unicorn Club

Page 2 of 2

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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet and CB Insights. 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

5 August 2024

Bytedance vs comparative technology companies

Shein vs global manufacturing comparators

FNZ vs global FinTech companies

Canva vs ASX listed tech companies

Based on the purchase price for the business in 2022.

1,281

+

‍

-

20%

40%

60%

80%

100%

FY19

FY23

-

20%

40%

60%

80%

100%

FY19

FY23

Tech Insights #339

Gentrack hits one billion in market cap

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

29 July 2024

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Overview

Gentrack listed on the NZX in 2014 as a provider of utility and airport software solutions. Gentrack experienced close to no revenue growth between FY18-FY21 and saw a resulting fall in its share price. The company has subsequently rebounded, with an 8x increase in share price between July 2022 and July 2024. This has been driven by rediscovered revenue growth. Note: Gentrack has a September financial year end.

-

2

4

6

8

10

12

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Revenue (NZD $m) and EBITDA margin

Revenue by geography

Share price since IPO (NZD)

Revenue by sector

UK

UK

AUS

AUS

ROW

ROW

NZ

NZ

-

10%

20%

30%

-

100

200

300

FY18

FY19

FY20

FY21

FY22

FY23

FY24

Recurring revene

Other revenue

EBITDA margin

Utilities

Utilities

Airports

Airports

Company guidance

8x increase in share price over two-year period

EV / revenue = 1x

EV / revenue = 3x

EV / revenue = 7.5x

Gary Miles appointed CEO

Sept year end

Market cap exceeds NZD $1b

Tech Insights #339

Gentrack hits one billion in market cap

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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet and public information. 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 July 2024

Country

Description

EV

LTM Revenue

Revenue growth

LTM EBITDA

EBITDA margin

EV / Rev

EV / EBITDA

1yr share price Δ

ikeGPS

NZ

Software for GPS capture devices

110

21

(31%)

(12)

(55%)

5x

nm

1%

Energy One

AUS

Software for electricity and gas industry

168

53

28%

11

20%

3x

16x

22%

EROAD

NZ

Software and hardware for fleet management

205

178

11%

42

24%

1x

5x

(8%)

Serko

NZ

Software for corporate travel

358

69

48%

(4)

(6%)

5x

nm

(9%)

ReadyTech

AUS

Software for various industries

405

119

20%

36

30%

3x

11x

1%

Vista

NZ

Software for the cinema industry

569

143

6%

12

9%

4x

46x

33%

Hansen Tech.

AUS

Software for energy, water and communication

884

357

10%

112

31%

2x

8x

(14%)

Nuix

AUS

Software for analytics and intelligence

1,061

209

23%

32

15%

5x

33x

131%

Vertex

USA

Software for tax compliance solutions

6,207

979

20%

151

15%

6x

41x

107%

Wisetech

AUS

Software for logistics industries

31,173

1,016

27%

460

45%

31x

68x

12%

Gentrack

NZ

Software for utilities and airports

1,149

188

22%

25

14%

6x

45x

135%

Median

569

178

20%

32

15%

5x

33x

12%

Selected comparators (NZD $m)

Revenue per employee (NZD $000s)

Selected NZX tech companies: EV / LTM revenue since 2020

-

2x

4x

6x

8x

10x

Jan 20

Jul 20

Jan 21

Jul 21

Jan 22

Jul 22

Jan 23

Jul 23

Jan 24

Jul 24

-

50

100

150

200

FY18

FY19

FY20

FY21

FY22

FY23

‍

Tech Insights #338

Blackpearl Group

Mergers & acquisitions

Corporate finance advisory

Capital raising

22 July 2024

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-

0.2

0.4

0.6

0.8

1.0

1.2

Dec 22

Mar 23

Jun 23

Sep 23

Dec 23

Mar 24

Jun 24

Overview

Blackpearl Group, a SaaS company specialising in digital marketing and email management tools for SMBs, listed on the NZX in December 2022. In March 2023, it launched Pearl Diver, a tool that converts anonymous website traffic into insights and potential leads. The company has experienced significant growth since Pearl Diver's launch and as of the June quarter reported reaching $8.6 million in Annual Recurring Revenue (ARR), almost triple that of June 2023 and translating to $252,000 of ARR per employee.

Financial summary as reported at March ($000s)

Item

Units

FY22

FY23

FY24

Ending ARR

$000s

NA

2,650

7,400

ARR per employee

$000s

NA

50

230

Subscription revenue

$000s

727

1,431

4,053

Gross profit

$000s

192

701

2,891

EBITDA

$000s

(4,383)

(6,724)

(5,822)

Revenue growth (yoy)

%

NA

97%

183%

Gross margin

%

27%

49%

71%

Revenue churn

%

NA

3%

4%

Blackpearl share price (NZD) from first trade date (12 Dec 22)

19 Jul 24EV / Revenue = 9.7x

EV / ARR = 4.6x

Blackpearl Group operating breakdown as reported at March ($000s)

FY22

FY24

4,053

(5,822)

1,162

99

(3,322)

(3,879)

(1,611)

(6,000)

(3,000)

-

3,000

6,000

Subscription revenue

Cost of sales

Other revenue

Personnel

Operating

Administrative

EBITDA

727

(2,565)

(4,383)

534

171

(1,731)

(450)

(6,000)

(3,000)

-

3,000

6,000

Subscription revenue

Cost of sales

Other revenue

Personnel

Operating

Administrative

EBITDA

In FY24, $1.3m of recorded revenue came via Newoldstamp which was acquired in FY23.

NA = not available.

Tech Insights #338

Blackpearl Group

Mergers & acquisitions

Corporate finance advisory

Capital raising

22 July 2024

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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.

Listing date

IPO offer price

Share price

Enterprise value ($m)

LTM revenue ($m)

LTM revenue growth (%)

Gross margin estimate (%)

LTM EBITDA ($m)

EBITDA margin (%)

EV / LTM revenue

LTM Revenue / FTE (000s)

Gentrack

Jun 14

2.40

10.80

1,090

188

22.2

NA

25.5

13.6

5.8x

251

Vista Group

Aug 14

2.35

2.37

586

143

5.8

62.7

12.4

8.7

4.1x

200

Serko

Jun 14

1.10

3.80

392

69

47.9

82.3

(4.0)

(5.8)

5.7x

198

EROAD

Aug 14

3.00

1.34

259

178

11.4

84.2

42.0

23.6

1.5x

366

ikeGPS

Jul 14

1.10

0.46

66

21

(31.5)

60.2

(11.6)

(54.9)

3.1x

240

PaySauce

Dec 18

0.18

0.25

36

8

32.8

76.9

(1.1)

(14.0)

4.7x

185

Blackpearl Group

Dec 22

1.25

0.76

39

4

183.3

71.3

(5.8)

(143.1)

9.7x

119

Median

259

69

22.2

74.1

(1.1)

(5.8)

4.7x

200

Selected financial metrics as of 19 Jul 24

-

2

4

6

8

10

12

14

16

18

Dec 22

Mar 23

Jun 23

Sep 23

Dec 23

Mar 24

Jun 24

Sep 24P

Dec 24P

Mar 25P

Blackpearl ARR (reported and Clare Capital projection) ($m)

From Dec 22 to Jun 24 the cumulative monthly growth rate of ARR was 6.7% (or as a CAGR is 118%)

Projection*

Actuals

FY24 revenue by geography and product ($000s)

*ARR is projected using a 7.5% monthly growth rate.

Pearl Diver

Newoldstamp

Total

United States

2,514

779

3,293

Australia

110

71

181

Canada

31

81

112

United Kingdom

25

72

97

New Zealand

78

12

89

Other

34

247

281

Total subscription revenue

2,792

1,261

4,053

‍

Topicus, Jonas, Volaris, Vela, Perseus, Harris

‍

-

10

20

30

40

-

200

400

600

800

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Quarterly transactions

Share price index

Tech Insights #337

Constellation Software buy and hold

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

15 July 2024

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Constellation Software: share price vs transactions since 2017

-

200%

400%

600%

SAP

Salesforce

Oracle

Adobe

Intuit

Constellation

Share price Δ since 2017

Overview

Constellation Software specialises in the acquisition and management of software companies (buy and hold). It operates through six operating companies, each of which focus on acquisitions in specific software verticals. The business model focuses on valuation arbitrage where companies with lower valuation multiples than Constellation Software are acquired. The success of this is shown through impressive share price performance, revenue growth and EBITDA margins.

Note: Clare Capital Tech Insights report #60 also focuses on Constellation Software. It can be found on our website.

Operating companies
‍

-

1x

2x

3x

1

2

3

4

5

6

7

8

9

10

Company acquired

(10%)

-

10%

20%

30%

40%

50%

60%

2017

2018

2019

2020

2021

2022

2023

EBITDA margin

Inorganicrevenue growth(through M&A)

Organicrevenue growth

Tech Insights #337

Constellation Software buy and hold

Page 2 of 2

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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

15 July 2024

Constellation Software 40% rule

Revenue multiple for Constellation Software transactions since ‘20

Constellation Software EV / EBITDA

Constellation Software EV / Revenue

Note: These are only the transactions where a valuation multiple is provided (the minority of transactions)

40%

Median: 1.4x

+

-

1x

2x

3x

4x

5x

6x

7x

8x

9x

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

-

5x

10x

15x

20x

25x

30x

Jan 17

Jan 18

Jan 19

Jan 20

Jan 21

Jan 22

Jan 23

Jan 24

Median: 6.2x

Median: 23.1x

‍

Tech Insights #336

Olympic fashion

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

8 July 2024

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Overview

Millions of sports fans are expected to descend on Paris when the 2024 Olympics open on the 26th of July. This Tech Insights report looks at a group of listed sports apparel manufacturers who are sure to feature in the home of fashion. Nike’s scale and Lululemon’s profitability both stand out. The financials on the second page show a mixed set of results, with more than half the companies experiencing a fall in share price over the last 5 years.

EV USD $m

-

10,000

20,000

30,000

40,000

50,000

60,000

-

20,000

40,000

60,000

80,000

100,000

120,000

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Revenue USD $m (LTM)

EBITDA USD $m (LTM)

adidas

Lululemon

On

Skechers

ASICS

Puma

Columbia

Under Armour

Nike

adidas

Lululemon

On

Skechers

ASICS

Puma

Columbia

Under Armour

Nike

adidas

Lululemon

On

Skechers

ASICS

Puma

Columbia

Under Armour

Other Nike

products

Nike

Nike Footwear

Tech Insights #336

Olympic fashion

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Disclaimer The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. 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 July 2024

EBITDA margin – average over the last two years

% of revenue from North America

-

5%

10%

15%

20%

25%

30%

-

10%

20%

30%

40%

50%

60%

70%

80%

Sportswear and footwear manufacturers USD $m

Name

Headquarters

Year founded

EV

LTM revenue

LTM EBITDA

EV / LTM revenue

EV / LTM EBITDA

LTM EBITDA margin

3yr revenue CAGR

Share price change (1yr)

Share price change (5yr)

Nike

USA

1964

115,142

51,362

7,543

2.2x

15x

15%

5%

(31%)

(10%)

adidas

Germany

1924

46,681

23,315

978

2.0x

48x

4%

1%

19%

(25%)

Lululemon

Canada

1998

37,211

9,827

2,629

3.8x

14x

27%

25%

(20%)

67%

On

Switzerland

2010

11,519

2,084

234

5.5x

49x

11%

60%

13%

NA

Skechers

USA

1992

11,280

8,250

1,053

1.4x

11x

13%

20%

27%

108%

ASICS

Japan

1949

11,170

3,916

550

2.9x

20x

14%

7%

96%

438%

Puma

Germany

1948

8,937

9,188

800

1.0x

11x

9%

13%

(22%)

(30%)

Columbia

USA

1938

4,186

3,437

452

1.2x

9x

13%

10%

(0%)

(23%)

Under Armour

USA

1996

3,367

5,702

379

0.6x

9x

7%

6%

(11%)

(75%)

Median

11,280

8,250

800

2.0x

14x

13%

10%

(0%)

(17%)

Mean

27,721

13,009

1,624

2.3x

21x

12%

16%

8%

56%

‍

-

2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

25.0x

Jun 19

Dec 19

Jun 20

Dec 20

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Tech Insights #335

Cloud Index as at 30 June 2024

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

1 July 2024

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Overview

This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. As at 30 June 2024, the US Cloud Index is down 10% from the previous quarter to 6.0x EV / NTM revenue and well below the five-year average of 11.3x. The ANZ Cloud Index stayed above the US Index and down 3% to 6.9x EV / NTM revenue. This is against the more positive backdrop of the S&P 500 Index, which hit an all-time high in June. Market commentary has primarily attributed the S&P 500 Index's strong performance to the magnificent seven stocks (Google, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla), which had a significant average stock price increase of 15.7% over the quarter. None of the magnificent seven stocks are in the Clare Capital Cloud Index.

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

7.7x

ANZ Cloud Index

Average

12MMA

Jun 24

6.9x

6.2x

Mar 24

7.1x

6.0x

Change

(3%)

5%

Jun 23

6.0x

5.5x

Change

15%

14%

US Cloud Index

Average

12MMA

Jun 24

6.0x

6.3x

Mar 24

6.7x

6.3x

Change

(10%)

0%

Jun 23

6.4x

6.1x

Change

(7%)

4%

Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (19 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (87 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average

11.3x

6.9x

6.0x

Key:

US

ANZ

Average

12MMA

5yr avg

-

5.0x

10.0x

15.0x

20.0x

Jun 19

Jun 20

Jun 21

Jun 22

Jun 23

Jun 24

-

10.0x

20.0x

30.0x

40.0x

Jun 19

Jun 20

Jun 21

Jun 22

Jun 23

Jun 24

75th percentile

Median

25th percentile

Tech Insights #335

Cloud Index as at 30 June 2024

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Mergers & acquisitionsCorporate finance advisoryCapital raising

1 July 2024

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US cloud companies NTM revenue multiple

ANZ cloud companies NTM revenue multiple

8.4x

5.0x

3.3x

8.8x

4.5x

2.9x

US cloud companies

25th

75th

30 Jun 2024

Average

percentile

Median

percentile

EV (NZD $m)

32,637

3,339

8,872

21,156

EV / NTM rev

6.0x

3.3x

5.0x

8.4x

Revenue growth (NTM)

14%

7%

13%

21%

EV / LTM rev

7.1x

3.6x

6.0x

9.8x

Revenue growth (LTM)

17%

10%

17%

24%

Gross margin

73%

69%

75%

81%

Operating margin

(7%)

(17%)

(4%)

8%

FCF margin

21%

14%

21%

29%

ANZ cloud companies

25th

75th

30 Jun 2024

Average

percentile

Median

percentile

EV (NZD $m)

4,619

551

1,057

3,388

EV / NTM rev

6.9x

2.9x

4.5x

8.8x

Revenue growth (NTM)

21%

9%

14%

25%

EV / LTM rev

8.4x

3.8x

5.5x

9.9x

Revenue growth (LTM)

20%

7%

20%

29%

Gross margin

56%

30%

60%

81%

Operating margin

6%

(4%)

10%

22%

FCF margin

10%

3%

12%

18%

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, FCF = Unlevered free cash flow.

Disclaimer The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. ClareCapital 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.

‍

Tech Insights #334

English Premier League: pay to win

Mergers & acquisitionsCorporate finance advisoryCapital raising

24 June 2024

Overview

This Tech Insights report examines the relationship between player expenditure and performance in the English Premier League (EPL). History has shown that clubs with significant financial backing have better chances of outperforming clubs with less resources. We look at a selection of league position finishes and their team salary across multiple seasons for comparison. The second page explores the largest transfer fees and whether top spending translated into trophies won.

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EPL squad salary (£m) comparison by league position)

Page 1 of 2

1st place

2nd place

3rd place

Avg. of remaining places

20th place (last)

In the 15/16 season, bookmaker odds for Leicester City to win stood at 5,000:1. They won the league and spent less on salaries than the team (Aston Villa) that placed last.

-

50

100

150

200

250

13/14

14/15

15/16

16/17

17/18

18/19

19/20

20/21

21/22

22/23

23/24

-

1.0

2.0

Chelsea FC

Manchester City

Manchester United

Arsenal FC

Liverpool FC

Tottenham Hotspur

Newcastle United

Aston Villa

West Ham United

Fulham FC

-

20

40

60

80

100

120

140

160

14/15

15/16

16/17

17/18

18/19

19/20

20/21

21/22

22/23

23/24

Tech Insights #334

English Premier League: pay to win

Mergers & acquisitionsCorporate finance advisoryCapital raising

24 June 2024

Top nominal EPL transfer fees across seasons (€m)

Page 2 of 2

Disclaimer The information provided in this report has been sourced from FBref, Spotrac, and Transfermarkt. 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.

Highest net expenditure (transfer fees) EPL clubs since 1992 (€bn)

Note that figures are all net cash outflows and trophies won are seasons since 1992 in the order of Premier League, FA Cup, Champions League, all other titles (such as Europa League), and the total won respectively.

Club

Pos

4th

4th

6th

2nd

3rd

3rd

4th

1st

6th

2nd

Player

Team

Annual salary (£m)

% of team salary

# matches played

Minutes played

Salary/min played

Kevin De Bruyne

Manchester City

20.8

10.3%

18

1,221

Casemiro

Manchester United

18.2

8.8%

25

1,982

Mohamed Salah

Liverpool FC

18.2

13.4%

32

2,534

Raheem Sterling

Chelsea FC

16.9

10.8%

31

1,978

Kai Havertz

Arsenal FC

14.6

8.8%

37

2,634

Top paid EPL players across a selection of teams for the 23/24 season

Position represents the league position of the club at the end of each season.

£17.0k

£9.2k

£7.2k

£8.5k

£5.5k

5x

7x

2x

13x

8x

3x

1x

11x

13x

6x

2x

19x

3x

9x

-

11x

1x

3x

2x

12x

-

-

-

2x

-

-

-

-

-

-

-

2x

-

-

-

1x

-

-

-

-

27

23

40

23

18

2

-

2

1

-

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

‍

-

0.5

1.0

1.5

2.0

Mar 21

Sep 21

Mar 22

Sep 22

Mar 23

Sep 23

Mar 24

Tech Insights #333

Have meal kits lost their flavour?

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

17 June 2024

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Overview

The pandemic fuelled a surge in meal kit delivery and recipe box services as households sought convenient meal solutions. With pre-pandemic normalcy restored, demand is waning. One notable player in the domestic space is My Food Bag, which listed on the NZX in March 2021. My Food Bag creates and delivers meal kits, pre-prepared ready for heating meals and grocery items across New Zealand. Its meal kit segment operates under the My Food Bag, Bargain Box, Fresh Start and MADE brands. Its main rival in New Zealand is Berlin-based Hello Fresh. For FY22, HelloFresh New Zealand reported revenue of NZD $211m, while My Food Bag reported NZD $194m in the same period.

My Food Bag share price (NZD) from IPO date (5 March 21)

My Food Bag deliveries

FY20

FY24

% change

5.9%

4.0%

20.8%

40.0%

33.5%

(23.4%)

9

22

2

5

126

162

-

50

100

150

200

Net profit before tax

Other

Financing

Marketing

COS

Total income

11

16

1

4

121

153

-

50

100

150

200

Net profit before tax

Other

Financing

Marketing

COS

Total income

Total cost increase of 8.2% exceeded revenue growth of 5.9%.

-

5

10

15

20

25

FY20

FY21

FY22

FY23

FY24

Meals delivered (millions)

Meals delivered by brand (% total)

54%

47%

28%

38%

16%

13%

3%

2%

-

20%

40%

60%

80%

100%

FY21

FY24

31 March 24

TEV / EBITDA = 4.8x

My Food Bag operating profit breakdown – FY20 vs FY24

31 March 21

TEV / EBITDA = 16.3x

13 June 24

Share price = $0.15

Tech Insights #333

Have meal kits lost their flavour?

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Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence 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

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Meal kit company indexed share prices from 29 March 21*

Location

TEV

10 Jun 24

(NZD $m)

Financial year end

Listing date

IPO offer price (NZD)

Share price

10 Jun 24 (NZD)

LTM revenue

(NZD $m)

LTM revenue growth (%)

LTM EBITDA

(NZD $m)

TEV / EBITDA

(x)

Customers FY20 (000s)

Customers FY23

(000s)

HelloFresh

Germany

2,270

Dec

Nov 17

17.26

10.01

13,616

5.8%

269.1

8.5x

5,290

6,640

Marley Spoon**

Germany

196

Dec

Jul 18

1.55

0.03

579

(13.0%)

(27.9)

NM

327

245

Goodfood

Canada

67

Aug

Jun 17***

-

0.35

194

(22.6%)

2.5

27.6x

280

116

My Food Bag

New Zealand

58

Mar

Mar 21

1.85

0.15

162

(7.7%)

16.0

3.6x

63

58

Cheffelo

Sweden

52

Dec

Mar 21

13.06

3.98

155

(1.3%)

7.8

6.7x

115

69

Median

-

67

-

-

-

-

194

(7.7%)

7.8

6.7x

280

116

***SPAC merger date

EBITDA margin (%)

Gross margin (%)

Revenue / customer (NZD)

Meal kit company financial metrics – FY20 vs FY23

(5%)

-

5%

10%

15%

-

10%

20%

30%

40%

FY20

FY23

-

800

1,600

2,400

3,200

-

40

80

120

160

Mar 21

Sep 21

Mar 22

Sep 22

Mar 23

Sep 23

Mar 24

*Cheffelo’s IPO date

Select financial metrics as of 10 June 2024

**Marley Spoon announced delisting from ASX on 11 June

‍

Tech Insights #332

Potentia buys a ticket to the movies

Mergers & acquisitionsCorporate finance advisoryCapital raising

10 June 2024

Overview

This Tech Insights report examines NZX/ASX dual-listed tech company, Vista Group. Vista is a company that provides technology and data analytics solutions for the film industry. The company recently had Potentia, an Australian private equity firm, knocking on the door acquiring a c. 19.9% stake in the firm. The second page follows another transaction Potentia was involved in where its initial investment was of a similar stake to what it currently holds in Vista.

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Vista overview FY23 (NZD $m)

Revenue by geography (NZD $m)

Share price and EV/Revenue

-

20

40

60

80

100

120

140

160

FY18

FY19

FY20

FY21

FY22

FY23

Other

Mexico

NZ

UK

USA

Group

Cinema

Movio

AGC

Corporate

EV

534.1

EV/Rev

3.7x

Revenue

143.0

97.7

19.3

26.0

-

Gross profit

89.7

59.3

13.2

17.2

-

EBITDA

13.3

20.6

5.0

3.3

(15.6)

Recurr. rev %

87%

85%

94%

86%

Rev growth %

6%

4%

(3%)

20%

Vista Group

Cinema

Movio

AGC

3.7x

7.7x

Additional Group Companies (AGC)

27 May, Potentia acquires 19.9% stake.

December year-end.

10%

9%

18%

27%

36%

-

1

2

3

4

5

6

7

8

-

1

2

3

4

5

6

7

8

2018

2019

2020

2021

2022

2023

2024

EV/Rev multiple

Share price (NZD $m)

Tech Insights #332

Potentia buys a ticket to the movies

Mergers & acquisitionsCorporate finance advisoryCapital raising

10 June 2024

Potentia’s takeover of Nitro Software (AUD $ / share)

Page 2 of 2

Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence, annual reports and filings. 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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Selection of listed software companies across New Zealand and Australia (NZD $m)

Company

Listing country

EV

LTM revenue

LTM rev growth

LTM EBITDA margin %

LTM Gross margin %

EV/Revenue

Hansen Technologies

Australia

1,000

358

11%

15%

37%

2.8x

Gentrack

New Zealand

971

188

22%

7%

NA

5.2x

Serko

New Zealand

294

71

53%

(26%)

NA

4.3x

TASK Group

Australia

288

76

27%

(10%)

NA

3.8x

Ansarada Group

Australia

195

58

5%

(10%)

96%

3.4x

Bigtincan

Australia

88

131

(1%)

(6%)

88%

0.7x

ikeGPS

New Zealand

67

21

(18%)

(66%)

60%

3.2x

Median

288

76

11%

(10%)

37%

3.4x

Vista Group

New Zealand

534

143

6%

9%

63%

3.7x

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Nov 21

Mar 22

Jul 22

Nov 22

Mar 23

Acquirer

Target

Potentia builds 17% stake, $1.58 full takeover offer. Offer rejected.

Potentia increases to $1.80. Offer rejected.

Alludo offers $2.00. Board in favour.

Potentia increases to $2.00. Offer rejected.

Alludo increase to $2.15 Board in favour.

Potentia signals potential to increase to $2.30 with no certainty. Does not eventuate.

Alludo $2.15 does not pass scheme vote.

Potentia increases offer to $2.17. Board in favour.

Nitro acquired by Potentia, delists from ASX.

2nd Bidder

(Owned by KKR)

‍

-

2

4

6

8

10

12

14

16

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

Other

D&A

S&M

R&D

G&A

Revenue

-

1

2

3

4

5

6

-

20

40

60

80

100

120

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

ARR

Market cap

Tech Insights #331

The rise and fall of Geo

Mergers & acquisitionsCorporate finance advisoryCapital raising

27 May 2024

Overview

This Tech Insights report examines Geo Limited (previously GeoOp) which delisted from the New Zealand Stock Exchange in February. Geo is a company that provides job management software for trades, field service, and home service businesses. The company has had a turbulent spell following its listing on the NZX, reaching a peak market cap of NZD $99m before dropping to NZD $2m prior to delisting. We take a look at Geo’s financials since it listed and how the dynamics between its market cap and cumulative capital raised compares to a selection of its SaaS peers. Note that Geo figures for FY15 contain 15 months of financials due to the change in year end from March to June.

Page 1 of 2

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Financial summary (NZD $m)

Revenue split (NZD $m)

Market cap and ARR comparison (NZD $m)

Expense split to total revenue (NZD $m)

$99m (306x ARR multiple)

$2m (0.7x ARR multiple)

-

1

2

3

4

5

6

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

GeoServices

GeoSales

Other (non-SaaS)

Acquired GeoSales in FY16 for $9m (shares and convertible notes)

Sold GeoSales in FY21 for $0.2m (cash)

Key Financials

Units

FY21

FY22

FY23

ARR

$m

3.1

3.3

3.3

Revenue

$m

3.7

3.5

3.5

EBITDA

$m

(0.8)

(2.0)

(4.8)

Net profit

$m

(1.8)

(3.2)

(6.1)

Operating cash flow

$m

(0.7)

(1.6)

(4.3)

ARR growth

%

NA

5.9%

(2.0%)

Revenue growth

%

NA

(5.1%)

(0.2%)

$8.7m writedown of InterfaceIT (GeoSales) acquisition

-

5,000

10,000

15,000

20,000

25,000

30,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2023

-

20

40

60

80

100

120

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2023

-

500

1,000

1,500

2,000

2,500

3,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Tech Insights #331

The rise and fall of Geo

Mergers & acquisitionsCorporate finance advisoryCapital raising

27 May 2024

Geo cumulative capital raised to market cap (NZD $m)

Page 2 of 2

Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence 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.

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

Pushpay cumulative capital raised to market cap (NZD $m)

IkeGPS cumulative capital raised to market cap (NZD $m)

Xero cumulative capital raised to market cap (NZD $m)

2023

Pushpay was acquired

Geo delisted from the NZX in Feb 2024

Market cap

Cumulative capital raised since 2013

-

20

40

60

80

100

120

140

160

180

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

$110m cumulative capital raised vs $1.6bn market cap

$96m cumulative capital raised vs $85m market cap

$1.8bn cumulative capital raised vs $17.7bn market cap

$31m cumulative capital raised vs $2m market cap

‍