Business Intelligence - Redwood Capital Group

Transcription

Business Intelligence
INSIDE THIS ISSUE
1. Introduction
2. Market sizing and growth
3. Mergers & Acquisitions
4. Public Financings
5. Valuation Trends
6. Private Financing
7. Sector Spotlighy - Companies
April 2014
SECTOR REPORT
Introduction
Business Intelligence has become the top ranked IT priority among enterprise business
leaders over the last few years1. With a number of newer, high growth technologies
currently transforming the Enterprise IT landscape – virtualization, cloud services and
software defined networks to name a few – this fact might seem surprising. But consider
for a moment that the impact of most of these newer IT technologies is characterized by
increased operational efficiency and cost avoidance. Business intelligence on the other
hand has the power to drive both revenue growth and profit margin improvement, and
at the same time make the enterprise more competitive, nimble and customer oriented.
This, coupled with a wide range of newer, lighter, easier to use BI products, is now making
business intelligence a need-to-have, on par with foundational systems such as ERP and
CRM.
While traditional BI systems were engineered as large, centralized systems designed to
amass data over time and provide “rear-view-mirror” reports on past events, the last few
years have seen significant innovation in cloud and SaaS based delivery and also in real time
analytics, enabling the enterprise to extract intelligence and use that intelligence to make
decisions, on a near-instantaneous basis. With the benefit of predictive modeling, some
BI applications can now even foretell future trends. Big strides have also been made in Big
Data, the handling of very large volumes of structured and unstructured data, which pose
their own set of challenges.
With the benefit of hindsight, it is now clear that the wave of consolidation in the Business
Intelligence market several years ago, including acquisitions of three of the largest pureplay, traditional BI vendors, Hyperion Solutions (Oracle), Business Objects (SAP) and
Cognos (IBM), not only ended a cycle, but also cleared the path for the emergence of a
new generation of business intelligence companies. At a high level, this new generation is
differentiated in several ways:
Traditional BI
Enterprises/IT department
Perpetual license + maintenanace
Next Generation
C-Suite/ business unit
Term license or subscription
Implementation
Centralized
Customized, integrated
Centralized or decentralized
Out of the box, configurable
Hosting and interface
Client server
Web interface
Cloud/SaaS
Mobile
Social/Collaborative
Hardware
Proprietary, single vendor
Commodity, interoperable
Data Handing
Data warehouse
Post-processing
Real time
In memory
Data Types
Structured
Homogenous
Siloed
Structured and unstructured
Heterogenous
Procurement
Contact:
James Turino, Partner
[email protected]
212.508.7108
Hadrien Kulik, Associate
[email protected]
212.508.7114
Redwood Capital
950 Third Avenue
Suite 2001
New York NY 10022
www.redcapgroup.com
Source: Capital IQ
As witnessed in several technology sectors, much of the innovation is being created by
younger companies, a trend which we believe will continue to drive, if not accelerate,
consolidation in coming years. This report looks at the evolution of the business intelligence
software sector over the last few years, including advances in new product development,
delivery, and usage. The report also looks at recent M&A and capital formation activity in
the sector, together with transaction volume and valuation metrics. Lastly, in the Sector
Spotlight we highlight a number of companies that we believe are emerging as new market
leaders in next generation of Business Intelligence.
1
www.redcapgroup.com
https://www.gartner.com/doc/2629220
Page I 1
Market sizing and growth
The global business intelligence market is projected to reach $20.81 billion in 2018, up from $13.98
billion in 2013, representing a Compound Annual Growth Rate (CAGR) of 8.28%2. Among all regions,
North America is the largest, capturing 49% of the global BI market.
According to IDC, in 2012 SAP was the leader in the global business intelligence software market,
with a 19.7% share, followed by IBM (14.0%) and SAS (10.3%). Among the major players in the
software industry, IBM has been a major acquirer, having spent more than $16 billion for deals in
the Big Data and data analytics space since 2005. With the data analytics and business intelligence
solutions providing diagnostic, predictive and prescriptive applications, we expect a growing number
of enterprises to focus on such offerings. Moreover, apart from the top six major players which
accounted for approximately two-thirds of the Business Intelligence market in 2012, the market also
comprises a large number of companies which offer point solutions. Hence, we expect consolidation
to continue going forward as the big players seek larger scale and fill technology gaps in their current
offerings.
The BI market is segmented into Traditional, Mobile, Cloud and Social Business Intelligence, based
on product architecture and user interface. Growth of Traditional BI is projected to slow to low
single-digit rates in the next few years, while, newer BI technologies, although currently a small part
of the overall market, are projected to grow at rates of between 20% and 30% over the next five
years. Among the fastest growing segments, Cloud based BI is estimated to grow nearly four-fold,
from $0.75 billion in 2013 to $2.94 billion by 2018, for a CAGR of 31%.
Chart 1: Global intelligence market size, by technologies, 2013-2018 ($ Billion)
25
20
15
10
5
0
2013
2014
Traditional BI
2015
2016
Cloud BI
2017
Mobile BI
2018
Social BI
Sources: Gartner, Redwood Capital
Chart 2: Global business intelligence market, by technologies, 2013-2018 (Y-O-Y %)
35%
30%
25%
20%
2014
2015
Cloud BI
2016
Mobile BI
2017
2018
Social BI
Source: Gartner, Redwood Capital
2
www.redcapgroup.com
MarketsandMarkets, 2013
Page I 2
Self-Service, Cloud and SaaS
Traditional Business Intelligence is typically sold as a standalone system, or sometimes embedded
into enterprise software such as ERP and CRM systems. The systems tend to be large scale,
centralized platforms managed within the realm of the IT department. Because they generally
involve some level of customization and systems integration, turnkey systems often carry multimillion dollar price tags and as a result address a market comprised mostly of large enterprise and
government customers able to justify the upfront acquisition, ongoing maintenance and related
staffing costs. Common complaints about traditional BI systems include the difficulty of making
changes and creating or customizing new reports, all of which require IT and sometimes third party
systems integrator involvement, with long lead times and high costs.
With more and more enterprises now avoiding the use of third party resources to develop
applications because of the long lead times and high costs, readily-deployable solutions, subscription
based “self-service” products are now experiencing very high growth. As one would expect, they
have opened up the market to small and medium sized enterprise for which traditional BI systems
have been typically too costly, but they have also found favor with a number of large enterprise
customers. Many of these products enable users to manage their own data sets, either on premises
or in the cloud, as well as create and customize their own reports with straightforward drag and
drop features. In addition to being easier to deploy, configure and use, subscription licensing has
made many of these products easier to procure as well, with subscription based, pay-as-you-go
models avoiding much of the scrutiny associated with budgeted capital projects. Self-service BI is
now enabling business leaders to manage their own BI applications, freeing them from the hurdles,
costs and lead times associated with IT-managed platforms. As a result, the landscape for BI has
now become more decentralized with multiple vendors often resident within the single enterprise.
A number of successful companies were founded on the premise of exploiting the market for selfservice, cloud and SaaS based BI solutions, among them Birst, GoodData and Logi Analytics. In
addition, companies such as Pentaho have introduced true multi-tenant cloud products]. Industry
analysts generally agree that Cloud/ SaaS revenues are still quite small – as little as 3% of total
sector revenue by some accounts3 - but are also driving the sector’s highest growth rates. As the
growth potential in this segment becomes clearer, traditional and on-premise vendors have started
to offer their own lighter, cloud or SaaS based solutions such that today, virtually all except the
most data intensive BI applications can be delivered in a remotely hosted manner and procured on
a subscription basis.
Dashboard Evolution
Among the recent technological advances in the Business Intelligence sector, there is a growing focus
on reporting and dashboard functions. Dashboards were rated the top priority for expansion and
innovation in a 2012 industry survey4. With more and more data available for analysis, and increasing
recognition that BI must be aligned with business goals in order to be successful, the challenges
are knowing which metrics are the most important, and how to make reporting features and user
interfaces as intuitive as possible. We know of one company able to supply literally thousands of Key
Performance Indicators (KPIs) as part of their analytics platform. But without careful consideration
for understanding which KPIs are the most important to their business users, the vendor runs the
risk of customers being overwhelmed and deployments failing to provide the intended results. In
addition, as data analysts well know, the best insights often come not from a single, static analysis,
but from iterative, “what-if-scenario” analyses. Giving end users the flexibility to create their own
KPIs on the fly, including mash-ups of diverse metrics, and giving them the tools to create their own
visualizations, have been at the forefront for many BI product roadmaps. These solutions range
from interactive reporting to business query to visual data discovery, and even to such familiar
tools as spreadsheets. Large companies like SAP and Oracle have been applying R&D and Corporate
Development resources to the dashboarding area, and a number of smaller vendors are leading the
charge with innovative solutions. The latter include QlikTech, which supports rapid deployment and
intuitive, associative analysis, JackBe with strong operational dashboarding features, and Metric
Insight, which focuses on KPI optimization and reporting.
3
4
www.redcapgroup.com
Forrester, 2013
BI Scorecard 2012
Page I 3
Mobile
Part of the promise of real time business intelligence is the ability to push the power of analytics
and decisioning to the front lines of the enterprise, no matter where the end user may be located.
Fortunately, improvements over the past decade in mobile computing power, user interface
and connectivity now enable more and more sophisticated BI applications to exist on a host of
readily available smartphones, tablets and other mobile devices. Benefits of mobile BI are twofold: northbound, gathering and uploading data from diverse locations, and southbound, pushing
downloaded analytics and decisioning power to remote users in the field. Mobile applications
deliver the power of BI to the front lines of the enterprise by bringing mobile workers into the flow
and enabling them to make faster, better informed decisions and be more responsive.
While a few companies such as Roambi have been founded to focus exclusively on the mobile BI
segment, more and more mainstream vendors are adding mobile extensions of their core products,
enabling them to deliver a full suite offering over an increasingly wide range of end user devices.
Although Mobile BI may be a separately identified market segment today, we believe lines will
start to blur as mobile becomes increasingly a feature of full-suite offerings. That said, there are
challenges in delivering Mobile BI to the enterprise user, including:
• Multiple devices – The large and growing array of mobile devices now commercially available,
and the ever growing expectation that mobile and field workers will be able to use their own
device for enterprise applications, gives rise to both integration and security issues. Fortunately,
technologies such as HTML 5 are making it easier to deliver web content to a wide range of
devices, and a number of software solutions aimed at the Bring Your Own Device (BYOD) market
are making it increasingly feasible to extend enterprise applications to consumer mobile devices
without sacrificing interface functionality or network security.
• Real time connectivity – Even though an analytics engine might be able to deliver real time
intelligence, mobile network constraints, including coverage and bandwidth limitations, may
affect the end user’s ability to access and act on that intelligence in real time. In addition, limited
processing power available on most mobile devices means that most of not all processing and
analytics still needs to be performed centrally. This makes connectivity an even greater issue in
the successful deployment of Mobile BI. For this reason, more and more mobile BI applications
have the ability to go from online to offline and back without interruption, loss of data or user
functionality.
• Security – As more and more enterprise applications are being pushed out to mobile devices,
mobile hacking is on the rise, and the increasing ubiquity of enterprise application-enabled
mobile devices is not going unnoticed by hackers. The number of new mobile malware families
were up sharply in 2012, the majority of them targeting Android devices (Chart 6). Malicious
Android apps alone are anticipated to top the 1 million mark this year, and Infonetics expects
that nearly all enterprises will experience significant mobile device security incidents by the end
of next year.
Chart 3: New android malware (‘000)
1,000
900
800
700
600
500
400
300
200
100
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
0
Since 2012, the number of mobile malware programs has skyrocketed, with around 95% targeting Android devices.
Source: McAfee Labs
www.redcapgroup.com
Page I 4
Social BI
We observe the term Social Business Intelligence commonly being used to describe two different
things:
• Extracting intelligence from unstructured data sources such as Facebook pages, survey
responses, blogs, posts, tweets and the like. For the purpose of this report, this activity is covered
in Unstructured Data below.
• Analytics activities that rely on knowledge base sharing, multiple human inputs and/or
collaboration among a group of users. We use the term Social Business Intelligence in this
second context.
In contrast to other, more siloed forms of business intelligence, the social element introduces
an added dimension by enabling groups of analysts to share information, either through social
platforms, shared knowledge bases, collaborative applications or wikis. These groups may be
entirely within the enterprise (i.e. different departments or branch offices), or may be comprised
of peer groups more broadly dispersed across an entire industry. Is Social BI a separate category of
business intelligence or ultimately a feature embedded into broader offerings? While there are a
handful of companies founded as pureplay social BI vendors, many of the large BI providers such
as SAP, Oracle and TIBCO have introduced social elements such as instant messaging and shared
knowledge bases in the last few years. The lines are being further blurred by a substantial number
of collaboration software vendors that have embedded business intelligence features. As a result,
it is likely that other vendors will follow and that Social BI will become more of a feature than a
standalone product in the long term. Its significance, however, should not be underestimated. While
Traditional BI developed siloed models to draw intelligence from (mostly structured) data, Social BI
adds a critical dimension by enabling extracted intelligence to be further refined, harnessed and
exploited among collaborative groups through shared knowledge across siloes.
Unstructured Data
Historically, BI was built on discrete, structured data: a purchase, a phone call, financial transaction,
demographic datum, survey response, cookie. The wealth of intelligence resident in unstructured
data has given rise to a vibrant group of vendors with advanced technologies for analyzing
unstructured media such as text, speech, photos and video. For the user interested in mining written
feedback from a web site or call center commentary, for example, there are now solutions that use
semantic and/or IVR technology to provide augmented intelligence well beyond what traditional BI
platforms can deliver. Social content in particular, rich in unstructured data, is of growing interest to
marketers seeking to capture more subjective yet critical insights.
Complexities in unstructured data mining include capturing, integrating and interpreting data from
multiple sources, especially with much of the data coming through diverse channels, including
both textual (keyed and handwritten) and non-textual media such as video, audio, photos and
speech. In addition, capturing the nuances of unstructured data pose a whole set of challenges unto
themselves. Not only understanding what is said, but how it is said, may be critical to the correct
interpretation of a survey response, for example. Companies such as Clarabridge and Temis have
developed sophisticated software products that enable marketers to gather, analyze and visually
report on many kinds of customer feedback.
Big Data
For the purposes of this report, we consider Big Data to comprise enterprise solutions that provide
analytics of very large (not uncommonly petabyte scale or more) sets of diverse, structured and
unstructured data, in real time. While the term may be somewhat overused in today’s market, Big
Data is a Holy Grail of sorts because at last it gives the data intensive enterprise a comprehensive and
instantaneous view, after assimilating a diverse array of inputs. As a result, Big Data is a significant
growth area, and most of the large enterprise software providers and systems integration firms now
have dedicated businesses aimed at exploiting this opportunity. SAP’s Hana and Oracle’s Exalytics
appliances, launched in 2010 and 2011, respectively, are two of the better known in-memory
platforms aimed at the real time, Big Data analytics market, and a number of smaller vendors
are emerging, especially around some of the key open source technologies developed to address
challenges in Big Data processing, storage and analytics. Understandably, many of the addressable
use cases for Big Data are in industries which produce both very large amounts of data as well as
data from multiple, heterogeneous sources. These include financial services, health care, retail and
telecom, to name a few.
www.redcapgroup.com
Page I 5
One extreme example of Big Data is PRISM, in which an estimated 1.4bn records are collected for
analysis each day, however companies such as Google, Facebook and large mobile communications
providers are having to grapple with larger, and rapidly increasing, volumes of data on a daily basis.
Big Data presents significant challenges, especially in applications requiring real time analysis. As
the chart below shows, continued Moore’s Law-driven decline in the price of memory and newer
in-memory products are now serving to make the real time analysis of very large volumes of data
more feasible economically while opening up substantial new business opportunities in the sector.
Recency
Real Time
Chart 4: Newer technologies enabling more Big Data to be processed in real time
Post-processing
Big Data
Small
Large
Volume
Very Large
Source: Redwood Capital
This is due in large part to the increased use of NoSQL databases (Not only SQL), in-memory
data storage, and distributed file and cache systems. These technologies are transforming the BI
landscape from traditional, row based data warehouse architectures to systems which can ingest
any type of structured or unstructured data and provide instantaneous analytics in real time.
The need for real-time analytics in Big Data has driven the use and development of in-memory
storage and processing. An in-memory database (IMDB) is a database that uses a system’s main
memory for data storage, rather than a traditional disk-based mechanism. In-memory storage has
been around for a long time, but was traditionally used in smaller scale, specialized applications.
This is due to inherent limitations of server based in-memory storage which restricted the quantities
of data that could be analyzed in real time, and as a consequence, larger volumes of data were
typically relegated to warehouse based, non-real-time analytic engines. Newer products are now
providing increasingly large scale in-memory storage and processing platforms, serving to make inmemory more of a standard in the analytics industry.
Because of the large and ever-increasing scale of data captured for Big Data analysis, database
systems have had to evolve to be able to handle very high transaction volumes and support flexible
dynamic data structures. NoSQL databases are well suited for this task because they are intended
to simply capture all data without categorizing and parsing the data into a fixed schema. As a
result they maintain a low predictable latency well suited to real time applications. They mainly
rely on highly optimized key-value stores rather than tabular relations used in traditional relational
databases. They can execute simple queries very quickly and are extremely scalable. These NoSQL
databases come in a variety of data models (key-value pair, document oriented, columnar, graph):
more than 120 open source key-value databases have been listed as of today, but some recent
notable ones include MongoDB, Couchbase, Basho Technologies (Riak), Apache CouchDB and Neo
Technology (Neo4j).
However, due to the lack of support for complex query patterns and the changing nature of the
data in NoSQL databases, analysis has become a new challenge, and companies now often require
specific data warehouse software, or seek to combine NoSQL databases with more traditional SQL
solutions to mine and extract value out of massive streams of unstructured data. New relational
database management systems (dubbed “NewSQLs”) have started to emerge in an effort to provide
the same scalability and performance as NoSQL while supporting relational data models and using
SQL as their primary interface.
www.redcapgroup.com
Page I 6
The other downsides of most NoSQL databases today is their lack of mature management and
monitoring tools, as well as shortcomings in their support of the full range of properties that are
usually desirable for good transaction processing engines. Both these issues are in the process of
being overcome by both the open source NoSQL communities and a handful of vendors that are
attempting to commercialize the various NoSQL databases, such as Couchbase, DataStax, Sqrrl Data,
MongoDB or Aerospike. NoSQL databases such as MongoDB or CouchDB can now be configured to
run mostly in-memory.
Rapid increases in data volumes have given rise to innovative ways of handling real time Big Data.
These include distributed file systems, in which data is stored over a gridded network of servers
that can expand as needed to accept larger volumes without creating bottlenecks (for example,
Amazon S3, IBM’s GPFS and Hadoop’s HDFS). These systems have strong advantages in that they
can scale as the data volume grows, reducing the need for large upfront investment in warehouse
infrastructure, and in addition they generally use off the shelf hardware, which helps to contain
capital expenditures when they do need to scale. The distributed model also tends to improve the
reliability of the system as it scales, with the failure of any single server having less of an impact on
the grid as a whole.
The combination of distributed architectures and in-memory processing has paved the way to the
rise of in-memory data-grids (IMDGs) – or in-memory distributed caches. These grids have been
in use for some time by large internet companies to improve performance of web and mobile
applications, but are now being used more and more to manage data for analytics purposes. Inmemory processing results in greater data integrity and analytical accuracy, as data is less exposed
to manipulation and movement while still in memory. In some cases the transaction processing and
analytics applications can reside on the same server grid. Other applications are able to manage the
volume and recency of data retained for real time analysis with older data relegated to a warehouse.
Several database management systems now combine this distributed architecture with NoSQL logic
in an integrated way, making it easier for enterprises to implement business intelligence applications
based on big data. Examples include Basho, DataStax, FoundationDB, NuoDB, Sqrrl, as well as HBase
(based on Hadoop, modeled after Google’s BigTable), Facebook’s Cassandra, LinkedIn’s Voldermort
and Amazon’s DynamoDB.
Open source framework Hadoop, developed by the open source Apache Software Foundation,
is rapidly emerging as a standard in processing data-sets for Big Data. Hadoop is an open source
framework for the distributed processing and storage of very large sets of structured and
unstructured data across clusters of computers, tightly integrated with HDFS (Hadoop Distributed
File System). It solves the problem of how to handle extreme volumes of disparate data in a scalable,
cost-effective manner. The distributed architecture enables it to efficiently scale up from single
servers to thousands of machines using standard off the shelf hardware, and also provides a high
level of reliability.
Originally, Hadoop was an open source implementation of MapReduce, a programming model
created at Google in response to the problem of managing web search indexes and processing large
data sets with a parallel, distributed algorithm on a cluster. But as the Hadoop project has matured,
further components have been developed and added to enhance its usability and functionality. Just
as people refer to “Linux” as more than just the Linux kernel, the name “Hadoop” is now being used
to represent the entire ecosystem around the core MapReduce and HDFS functionalities, including
programmability tools like Pig and Hive, data access tools like HBase, Sqoop and Flume, coordination
and workflow tools like Zookeeper and Oozie, and management and deployment tools like Ambari
and Whirr. All these Hadoop-related modules are gathered by Apache under the “BigTop project”
umbrella, and as with Linux, they are often packaged directly into Hadoop distributions (essentially,
pre-configured software bundles).
Hadoop adoption has spawned a number of independent companies developing their own Hadoop
distributions, including Cloudera, Hortonworks and MapR Technologies, as well as companies
providing innovative applications for specific uses with Hadoop, such as Datameer, Karmashpere
and RainStor. In addition, all the leading enterprise software vendors have incorporated Hadoop
into their big data solutions, demonstrating that open source is becoming a larger presence in the
Big Data marketplace: IBM with InfoSphere BigInsights, EMC with Greenplum (later incorporated
into GoPivotal), Oracle with their Big Data Appliance, SAP with the HANA Platform and Microsoft
with Windows Azure HDInsight (including some integration in Office 365). Some of the vendors who
made their name in big data before Hadoop matured now also offer Hadoop connectors to their
existing analytical database systems, including Vertica (HP) and Aster Data.
www.redcapgroup.com
Page I 7
Even though commercial vendors and the open source community are actively working on lowering
the barriers to entry to Big Data, one of the major impediments to mainstream adoption remains
the scarcity of skilled human resources around these new, more complex technologies. In addition
to processing data, people with solid grounding in statistics, mathematics, data visualization and
business-related issues are needed to efficiently transform the data into truly valuable business
intelligence. McKinsey & Company estimates that, by 2018, the US could face a shortage of 140,000
to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the
know-how to use the analysis of big data to make effective decisions5.
Predictive Analytics
If knowledge extraction through data-driven business intelligence is now becoming a must-have,
what are the implications for applications that can predict future trends? Predictive analytics is not
new, however advances in data science and statistical modeling – much of it from the academic
world - continue to expand its applicability and addressable market. While predictive analytics has
been applied traditionally to risk management and marketing applications, a small but growing
number of companies is expanding the universe of use cases to such diverse areas as financial
instrument performance, life sciences research and human resource management. Predictive
Analytics is still a small part of today’s market, but one in which we expect to see significant growth,
highly correlated to Big Data.
Enterprise Performance Management
With literally hundreds if not thousands of use cases in Business Intelligence, and more and more
analytics functionality embedded in a diverse array of enterprise software products, it’s difficult
to draw boundaries around the sector. Next generation analytics in particular is permeating more
and more enterprise software, whether as an add-on, upgrade, new release feature or module.
One area of BI that is more easily demarcated is Enterprise Performance Management. Sometimes
called Business Performance Management or Corporate Performance Management, these solutions
are designed to measure and report operational KPIs within the enterprise. Many combine data
integration, analytics and predictive modeling to both assess historical performance and provide
tools for future planning purposes. A cross section of companies reveals a number of approaches.
Adaptive Planning, Host Analytics and Tagetik, for example, focus on KPI consolidation for the
purposes of financial analysis, predictive planning and budgeting. MooD International extends
into service performance, IT security and risk management for enterprise, government and even
military arenas. RiverLogic helps companies optimize costs of sales, including supply chain, capital
expenditures and network design. Board International provides a toolkit for companies to quickly
and inexpensively create their own applications without the need for programming. In each
case EPM vendors not only provide data driven intelligence, but also provide the means to use
intelligence constructively to manage operations and financial performance on an ongoing basis.
In this regard, EPM is differentiated in both extracting intelligence on historical data and the ability
to apply that intelligence to enterprise operations. We believe the combination of data science
and practical applications lends EPM strong prospects commercially and therefore consider it an
important sector to watch.
5
www.redcapgroup.com
http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation
Page I 8
Mergers & Acquisitions
M&A Activity – 2009-2013
As noted previously, the year 2007 witnessed major consolidation in the traditional Business
Intelligence sector, starting with Oracle acquiring the fourth-largest BI vendor, Hyperion Solutions
in April 2007 for $3.3 billion. In October 2007, SAP announced the acquisition of Business Objects,
the leader in business intelligence software, for EUR4.8 billion (approx. $6.8 billion), marking a clear
shift in SAP’s strategy of refraining from inorganic growth. IBM in turn modified its own strategy of
abstaining from acquiring applications software companies to avoid partner disruptions, launching
a $5 billion bid in November 2007 for the third-largest BI vendor, Cognos. Notably, Cognos had
beefed up its business intelligence portfolio to include financial performance analytics capabilities
by acquiring Applix just prior to the deal with IBM.
There has yet to be a year since 2007 exceeding that year’s aggregate dollar volume, with most
of the sector M&A in the last few years focused on more innovative, Next Generation targets. As
a result, only three transactions have been valued in excess of $1 bn in the last five years (SPSS
to IBM in 2009, Netezza to IBM in 2010 and Endeca to Oracle in 2011). Transaction volume has
increased steadily, however, from 16 in 2009 to 49 in 2013, and the presence of many smaller players
developing innovative solutions continues to offer ample scope for further consolidation (see table
below). This is reflected in the fact that aggregate dollar volume for disclosed deals declined to $565
million in 2013, the lowest figure over the past five years.
Year
Deal Volume
Total Disclosed
Value
Mean Deal
Value
2013
2012
2011
2010
2009
49
47
31
29
16
565
791
1,828
2,640
1,228
35
53
203
240
205
Median Mean Revenue
Deal Value
Multiple
19
10
23
20
30
Mean EBITDA
Multiple
2.9x
2.7x
7.6x
4.9x
1.5x
n.a.
83.1x
57.5x
40.4x
11.2x
Source: Capital IQ
Figures in $ million
Geographically, North America and Europe have dominated M&A deal activity in the business
intelligence space, with these two regions together accounting for close to 90% of the deal volume
and close to 100% of the deal value, consistently, over the years. These trends are a testimony to the
concentration of major players in the data analytics and business intelligence space in these regions,
in our view. In 2013, North America accounted for 35 deals compared to 31 in 2012. Dollar volume
in North America grew by 9.0% to $483 million in 2013 from$443 million in 2012. Meanwhile, in
Europe deal volume declined to 11 in 2013 from 12 in 2012, while disclosed transaction values
declined 76.8% y/y to $80 million.
Chart 5: Deal Volumes
100%
100%
80%
90%
60%
80%
40%
70%
20%
60%
0%
1.
Chart 6: Transaction Values
2009
2010
2011
2012
North America
Europe
Africa/Middle East
LatinAm & Caribbean
Source: Capital IQ
2013
Asia-Pac
50%
2009
2010
2011
2012
North America
Europe
Africa/Middle East
LatinAm & Caribbean
2013
Asia-Pac
Source: Capital IQ
M&A Valuation Trends
Notably, deal activity has rebounded over the past five years, with deal volumes steadily increasing
each year from 2009 levels. Median dollar values, however have remained in the sub- $30 million
range over the past few years, mirroring the high level of activity and strategic interest in smaller,
more innovative technologies. We note that cloud-based M&A targets have generally commanded
higher multiples as more and more customers have gravitated towards cloud offerings due to
their cost-effectiveness and efficient delivery method, providing substantial revenue visibility and
therefore, increased valuations to the cloud players.
www.redcapgroup.com
Page I 9
Over the past two years, mean LTM revenue valuations have been relatively stable at around 2.8x.
In 2013, the mean revenue multiple for disclosed deals was 2.9x, with deals ranging from 1.2x-6.3x
(the latter Datawatch’s acquisition of Panopticon Software). In 2012, the mean revenue multiple
for disclosed deals was 2.7x, with deals ranging from 0.5x to 7.1x (the latter KEYW’s acquisition of
Sensage). The mean dollar value for 2013 and 2012 was $35 million and $53 million, respectively,
in both cases far lower than mean values of over $200 million for the prior three years. This is
attributable to the higher level of activity among smaller, more innovative companies, as well as
fewer large transactions as the bigger end of the market consolidates.
Activity in 2014 year to date
Trends for deal activity thus far in 2014 have started out strong. In January 2014, Dassault Systèmes,
a developer of 3D design software, announced an agreement to acquire Accelrys, a provider of
scientific lifecycle management software, for approximately $750 million. The deal enabled
Dassault Systèmes to gain access to Accelrys’ tools for automating scientific discovery and target
the addressable $4 billion scientific lifecycle management market. The transaction is valued at 3.9x
revenue and 58.2x EBITDA.
Activity in 2013 and 2012
In 2013 the 49 M&A transactions in Business Intelligence was two more than the level achieved in
2012. However, the total dollar value of $565 million declined for the third year in a row.
In the largest deal of the year, Apple acquired Topsy Labs in December 2013, reportedly for $200
million, although deal multiples were undisclosed. Topsy Labs is a social media analytics firm, which
offers tools to analyze content on Twitter such as how often a term is tweeted, detect an influential
person on a particular topic and measure the exposure of an event or campaign. Topsy then
monetizes the analysis by selling it to its customers. According to industry analysts, Apple will utilize
Topsy Labs to comprehend trends on social media and make recommendations to its customers
for finding apps, movies and music to be bought, thereby offering incremental revenue potential.
Apple could also apply Topsy’s search technology for indexing vast amounts of unstructured data on
Twitter to its Siri voice search.
In the second-largest deal of the year, salesforce.com acquired EdgeSpring in June 2013, a provider
of business intelligence analytics solutions for $133.7 million in cash and stock. Just a month prior
to the deal, EdgeSpring had raised $11 million in a round of financing from Kleiner, Perkins, Caufield
& Byers and Lightspeed Venture Partners. Interestingly, the EdgeSpring deal came immediately
after salesforce.com’s announcement to acquire ExactTarget, an e-mail marketing vendor. In our
view, salesforce.com’s push into digital marketing will be well complemented by the addition of
EdgeSpring’s analytics tools.
Another major deal during the year was the acquisition of Kapow, a provider of data integration
and analytics software by business process applications provider Kofax for $47.5 million in cash in
July 2013. The acquisition enables Kofax to improve its ability to integrate its applications with third
party software for content import and export and data validation. Notably, the Kapow transaction
followed Kofax’s acquisition of business intelligence and analytics software provider Altosoft in
March 2013. These deals reflect Kofax’s push into business intelligence and the expansion of its
product portfolio for analyzing multichannel data. Kofax acquired Altosoft for $13.5 million in cash
at a somewhat high valuation (4.0x LTM revenue multiple vs. median multiple of 2.5x for the full
year). The valuation for Kapow was in line with the median revenue multiple for the year.
Also in 2013, Software AG announced the acquisition of JackBe, a US-based provider of real-time
visual analytics and intelligence software. The deal enabled Software AG to offer mashup and
real-time analytics solutions, allowing users to collate data from various sources including Excel
spreadsheets, data warehouses and news feeds and visualize it within real-time dashboards. The
integration of JackBe’s technology with Software AG’s solutions enabled enterprises to generate
an integrated, real-time view of business operations such as inventories, orders etc. through a
dashboard visualization layer.
Two of the 2013 acquisitions by Yahoo! laid emphasis on image search and recognition techniques.
In August 2013 and October 2013, internet giant Yahoo! acquired image-recognition companies IQ
Engines and LookFlow, respectively, in a bid to integrate the technologies into its photo and video
hosting and sharing service, Flickr.
www.redcapgroup.com
Page I 10
At the time of the deal, IQ Engines possessed two image-recognition application programming
interfaces (APIs) and was also working on a mobile photo album application to organize images on a
smartphone into categories based on automatically generated tags. Yahoo! also acquired LookFlow
to improve photo discovery on Flickr as LookFlow uses machine learning to enable people to search
and explore images.
The largest deal of 2012 was the acquisition of Torex Retail Holdings, a provider of information
technology solutions for retail and convenience stores by MICROS Systems, for $272.4 million. The
deal enabled MICROS to expand outside its market in North America into Europe. Further, Torex’s
presence in retail expanded MICROS’ product portfolio to include retail, restaurant and hotel
solutions under one umbrella.
The second largest deal of the year was the unsolicited offer by Actian, a provider of data management
solutions for Pervasive Software, a provider of data management and integration software at $8.50/
share in August 2012. Actian raised the offer price twice before the deal was finally accepted and
completed in April 2013 at $9.20/share at a total value of $162.9 million.
In contrast to 2012, 2011 witnessed more than twice the dollar volume ($1.8 billion) on fewer deals
(31), however a single transaction – the acquisition of Endeca by Oracle for $1.1 billion – accounted
for 60% of the year’s total disclosed dollar volume. Among the other 30 transactions, mean size for
disclosed deals was $91 million, very much in line with 2010 (excluding the IBM-Netezza deal for
$1.7 billion).
www.redcapgroup.com
Page I 11
Public Financings
Rocket Fuel IPO
The IPO market in the US has seen a revival, driven by the easy monetary policy and a gradual
recovery in the country’s economy. In August 2013, Rocket Fuel, a provider of artificial intelligence
advertising solutions for digital marketers filed for an Initial Public Offering (IPO) for listing on the
NASDAQ stock exchange. The IPO offering comprised 4 million shares and the company’s initial offer
price range was $24-$27 per share. Rocket Fuel subsequently increased the offer price range to $27$29 per share, eventually pricing the IPO at the higher end at $29, and raised $116 million from the
IPO. The underwriters to the issue also had a 30-day option to purchase up to 0.6 million additional
shares at the IPO price from some existing shareholders to cover over-allotments. Rocket Fuel’s
IPO was priced at 5.9x Rocket Fuel’s LTM (June-ended 2013) revenues, which was at a premium
compared to Eloqua’s $92 million IPO at approximately 4.4x LTM revenues in August 2012. Rocket
Fuel offers solutions to automate the process of purchasing ad slots and enable its clients to decrease
their marketing efforts. The company aimed to utilize the proceeds of the IPO for working capital
requirements, general corporate purposes, investing in its core technology and also to repay debt.
Investors bid up the share price of Rocket Fuel to $56.1 at the end of its first trading day on 20
September, 2013, resulting in a 93% gain on the IPO price. We believe the overall jump in the share
price post the IPO is a reflection of positive investor and analyst sentiment in the potentially highgrowth and niche programmatic ad buying solutions for real-time bidding. Moreover, the company’s
stellar revenue growth at a 2010-2012 CAGR of 154% had also increased investor optimism. Despite
the strong Q3 top-line growth and a better-than-expected top-line outlook, concerns over ongoing
losses and restriction of the use of cookies by users had pulled back the share price, only to rebound
on positive analyst sentiment.
Tableau Software IPO
One example of investor interest in the dashboard area was the successful May 2013 IPO of Tableau
Software, a provider of interactive data visualization software. The company raised $254 million
through the issuance of 8.2 million shares after raising the range twice, from $23-$26 initially, to an
ultimate price of $31 per share. The stock gained 63.7% on the first day of trading and has nearly
tripled from its issue price. A major reason for the strong stock performance has been Tableau’s
strong operating performance and positive analyst sentiment and expectations of market share
gains in data visualization, progress in overseas markets and access to larger deals.
Debt Offerings
Public debt offers dried up in 2013 with five offers in the year compared to 11 in 2012. The total
offer value also fell significantly in 2013 to $2.2 billion, following a $ 7.8 billion raised in 2012. In June
2013, Audatex North America (a wholly owned subsidiary of Solera Holdings) raised $850 million
through the issue of 6% senior notes due 2021. Audatex provides automotive claims, underwriting
and information solutions to the insurance carriers, repair shops and government agencies. Audatex
planned to use the issue proceeds to repay its existing debt of $850 million senior notes with a
coupon of 6.75% and due 2018.
www.redcapgroup.com
Page I 12
Global M&A Deals in Business Intelligence (2009 to 2014 YTD March)
Announced
Target/Issuer
Date
Buyers/Investors
03/26/14
Fieldglass
SAP
03/25/14
2020 Imaging
-
03/19/14
Knotice
03/18/14
KitLocate
03/18/14
Matrix-Data
Market Metrics
Trans. Revenue
Value
[LTM]
EBITDA Revenue EBITDA
Major Business Focus [Target/Issuer]
[LTM] Multiple Multiple
Intelligent solutions for finding and managing human
capital
Visualization solutions for command and control
domain
Data management platform to unite customer data,
analytics and message delivery
Develops and provides location aware applications
Online business intelligence solutions to the financial
services industry
-
-
-
-
-
0.1
-
-
-
-
IgnitionOne
-
-
-
-
-
Yandex
-
-
-
-
-
13.3
-
-
-
-
-
-
-
-
- Implementing business intelligence solutions
-
1.0
-
-
-
-
-
-
03/10/14
Biond Consulting
03/05/14
APE Software Components
PricewaterhouseCoopers LLP, Canada,
Investment Arm
Axis Corporate
03/05/14
L-3 Data Tactics
L-3 Communications Holdings
02/24/14
Cloudant
International Business Machines
01/30/14
Accelrys
Dassault Systemes
01/20/14
Coactiva Aspiren
12/18/13
12/18/13
- Business intelligence software solutions
Big data analytics and cloud computing solution
services
Data hosting and analytics solutions based on opensource BigCouch and CouchDB for businesses
58.2x Scientific business intelligence software and solutions
Big data analytics and business intelligence cloudbased software solutions in the UK
- Visual and data intelligence business solutions
- Big data analytics solutions
Business intelligence software solutions primarily to
the financial services industry in the UK
- SAP business analytics solutions
Social-media analytics company for real-time search
and analytics to businesses
Data mining and business intelligence solutions for
the automobile dealership industry
Social business performance company focused on
connecting people with data
- Business-driven data governance software
-
-
-
-
746.4
166.3
11.0
3.9x
Callcredit Information Group
-
-
-
-
iLOOKABOUT
Link Analytics
The Byng Group
KPMG
-
3.5
-
-0.2
-
-
12/17/13
Matrix-Data
Market Metrics
19.5
-
-
-
12/11/13
Empresa de Business Analytics
Enterprise Software Solutions Brasil
2.6
-
-
-
12/02/13
Topsy Labs
Apple
200.0
-
-
-
11/21/13
HCD Software
The Reynolds and Reynolds Co
-
-
-
-
11/14/13
NationalField
NGP VAN
-
-
-
-
10/16/13
Kalido
Silverback Enterprise Group
-
-
-
-
10/01/13
Sand Technology
N. Harris Computer
3.5
2.0
-2.3
1.2x
09/25/13
Openbridge
Maltem Consulting Group
-
12.2
-
-
-
09/10/13
08/29/13
08/22/13
KXEN
Hstreaming
JackBe
SAP
Adello Group
Software
-
-
-
-
-
08/07/13
H&D Ventures
Starcount
-
-
-
-
-
08/07/13
Infochimps
Computer Sciences
27.0
-
-
-
-
08/06/13
Asset Control Systems
Marlin Equity Partners
-
-
-
-
Data management software solutions to banks,
- broker-dealers, hedge-funds and investment
managers
07/31/13
Kapow Software
Kofax
47.5
15.9
-2.2
3.0x
-
07/18/13
Ztelic
Yahoo! Beijing Global R&D Center
-
-
-
-
-
07/17/13
Akiban Technologies
FoundationDB
-
-
-
-
-
07/17/13
ITR Software
Software Paradigms Infotech
-
-
-
-
-
07/16/13
Myrrix
Cloudera
-
-
-
-
-
07/09/13
Mirror42
ServiceNow
-
-
-
-
-
06/27/13
Noetix
Silverback Enterprise Group
-
-
-
-
-
06/27/13
Raytheon Visual Analytics
Raytheon
-
-
-
-
-
06/21/13
Elastic Intelligence
Intuit
-
-
-
-
-
06/17/13
Panopticon Software
Datawatch
31.4
5.0
-
6.3x
-
06/07/13
EdgeSpring
-
-
-
-
Great Bay Software
Salesforce.com
Alpine Investors; Alpine Investors IV;
GrowthFire
133.7
06/05/13
05/30/13
Seeneco
Diasoft
05/13/13
Millbrook
05/07/13
Software products and services to enable users to
NM retrieve usable business information from various
amounts of data
0.0
Open source, digital, mobility, and business
intelligence solutions
Predictive analytics solutions for business users
Real time data analytics and processing solutions\
Real-time business intelligence solutions
Data mining for analytics and audience engagement
services
Cloud services for streaming data and real-time
analytics
Big data integration platform for managing critical
data from disparate sources
Big data analysis on Chinese social networking
platforms
Designs and develops operational database systems
Merchandising software solutions to the retail
industry
Open-source clustering and recommender system to
provide access to large-scale big learning from data
Performance management solutions for various
organizations
Business intelligence software and services for
enterprise applications
Data analytics and solutions for investigating money
laundering and other financial crimes
Business intelligence components to users for
accessing and integrating data from SaaS applications
Visual data monitoring and analysis software tools for
monitoring and analysis of real-time data
Visual analytics and business intelligence solutions
Deployment, administration and management of 802
Cloud service reporting and business intelligence
software for businesses
-
-
-
-
-
Guidewire Software
18.5
-
-
-
Business intelligence, data warehousing, and
- software-as-a-service solutions for the property and
casualty insurance industry
Opera Solutions
Wipro
30.0
100.0
-
-
-
05/02/13
GemStone/S
GemTalk Systems
-
-
-
-
04/25/13
ParAccel
Actian
-
-
-
-
04/02/13
ChangeTrack Research
Accenture
-
-
-
-
www.redcapgroup.com
Big data predictive and prescriptive analytics to
businesses and governments globally
Distributed data store in-memory and on-disk for
delivering data to applications in multiple formats
- Analytic database solutions and services
Analytics-based tools and services to track and
- measure enterprise-wide transformational change
programs
Page I 13
Announced
Target/Issuer
Date
Buyers/Investors
Trans. Revenue
Value
[LTM]
04/01/13
Corporation, ShowCase Business
Intelligence Software Portfolio
Help/Systems
-
-
-
-
-
03/19/13
Netbreeze
Microsoft Dynamics
-
-
-
-
-
03/14/13
Kontexto
Spectral Capital
0.9
-
-
-
03/11/13
Hego
ChyronHego
28.6
14.8
-
1.93
03/01/13
altosoft
Kofax
13.5
3.4
-
4.0x
02/28/13
G4 Analytics
Nielsen Holdings
-
-
-
-
Business intelligence and planning applications to
- companies in the analytics, consumer goods, and
retail industries
02/18/13
Bayspire Inc., Webcrossing Product
Line
Elliptics
-
-
-
-
-
02/14/13
Motivity Solutions
Cassiopae
-
-
-
-
02/08/13
Near Infinity
Altamira Technologies
-
-
-
-
02/06/13
Four J's Development Tools, Inc.,
ANTs Data Server
ANTs Software
-
-
-
-
Relational database that combines the speed of an
- in-memory database with the persistence of a diskbased database
02/05/13
Altius Consulting
Cloudpoint
-
-
-
-
Supports business intelligence, enterprise
- performance management, data platform and
independent software vendor solutions
02/05/13
QPR CIS
QPR Software
0.1
-
-
-
-
01/31/13
Quantivo
Aggregate Knowledge
-
-
-
-
On-demand big-data analytics solutions and pattern- based strategies to various businesses within a cloud
infrastructure
01/28/13
01/23/13
12/21/12
Angoss Software
Neuralitic
AdGooroo
Peterson Partners
Guavus
Kantar Media North America
8.5
-
7.1
-
-0.3
-
1.2x
-
12/19/12
StoredIQ
-
-
-
-
12/06/12
CLIMPACT
Metnext
-
-
-
-
12/05/12
NettPositive Business Analytics
EFX Holdings
-
-
-
-
Analytics and business intelligence solutions for
- enterprises to measure, monitor, and manage their
businesses
11/29/12
More IT Resources
Greenplum
-
-
-
-
- Virtual resource partitioning software solution
11/26/12
Hub Marketing Solutions\
Precision Dialogue
-
-
-
-
Dialogue-based customer management strategies,
- marketing data management and business
intelligence solutions
11/07/12
Tierdata
Informatica
10.2
-
-
-
-
10/29/12
Recombinant by Deloitte
Deloitte Consulting
-
-
-
-
Data warehousing and clinical intelligence products
- and solutions to healthcare providers and academic
medical centers
10/23/12
10/22/12
Aegis Analytical
Quiterian
Accelrys
Actuate
30.0
8.2
5.2
-
1.6x
10/01/12
Flecto BV and RightSelect.com
Solving Efeso
-
-
-
-
09/24/12
Butterfly Software
-
-
-
-
09/13/12
RivalEdge
ALM Media Properties
-
-
-
-
09/13/12
Sensage
The KEYW Holding
88.0
12.1
0.4
7.1x
09/11/12
Data Scout Solutions Group
Informatica
9.5
-
-
-
Solutions to cleanse, standardize and enrich customer
- information, integrate critical enterprise data and
manage and view account hierarchies
09/09/12
myDIALS
Adaptive Insights
-
-
-
-
- Personalized business intelligence solutions
09/05/12
OneDomain
WideOrbit
-
-
-
-
Media planning, research, and business intelligence
- software solutions to television stations, radio
stations, cable networks, and agencies
09/04/12
Prelytis
Access UK
5.0
-
-
-
Business intelligence solutions to help companies
- improve decision-making cycles, enterprise
performance, and information chain
08/20/12
Hurley & Frank Industries
Dealer.com
-
-
-
-
-
08/13/12
Pervasive Software
Actian
162.9
50.8
4.6
2.3x
08/02/12
Petris Technology
Landmark Graphics
-
-
-
-
07/11/12
SwiftKnowledge
SNL Financial
-
-
-
-
07/10/12
BI-SAM Technologies
Aquiline Capital Partners
-
10.0
-
-
Data management, performance, attribution,
- risk, GIPS, and reporting solutions for the asset
management industry
07/10/12
GeoIQ
Environmental Systems Research
Institute
-
-
-
-
-
www.redcapgroup.com
Enterprise-wide data access, analysis and reporting
abilities
Business intelligence solutions for large and midsized
companies in Switzerland
Software and services to acquire, analyze, and
visualize streaming real time data
Graphics and data visualization solutions for sports
and broadcasting industries
Dashboard development, real-time event monitoring
and business process optimization integration services
Software suite including a built-in objected-oriented
NoSQL database for complex data structures
Business intelligence software solutions to mortgage
and financial services industries
- Cloud-based, big data entity analytic solutions
Solutions and consultation services in performance
management, process modeling and analysis, and
risk management and compliance in the Russian
Federation and CIS countries
- Predictive analytics software and solutions
- Mobile data intelligence solutions
- Digital marketing intelligence solutions
Information governance solutions to automate
information management process
- Climate business intelligence solutions
Enterprise performance and data management
software solutions
- Enterprise manufacturing intelligence solutions
- Business analytics solutions for data insight
Performance behavior software to make behavior
objective and measurable
Data analysis and migration applications to discover,
analyze, and migrate data centre infrastructures
Online service to monitor, filter, and aggregate
- information about news, events, and publications for
law firms
202.2x
Security information and event management (SIEM),
and data warehousing software solutions
Social media analytics software to extract business
intelligence from online conversation
Software to manage, integrate, and analyze data
25.6x in the cloud or on-premises throughout the data
lifecycle
Data management and integration solutions for oil
and gas companies internationally
- Web-based business intelligence software solutions
-
Real-time location analysis software solutions for
managing and analyzing data
Page I 14
Announced
Target/Issuer
Date
Buyers/Investors
07/10/12
Geosemble Technologies
TerraGo Technologies
-
-
-
-
06/29/12
Verix
The Procter & Gamble Company
-
-
-
-
06/25/12
Innofactor
Innofactor
3.8
4.1
0.2
0.9x
06/11/12
CubeLogic
OpenLink International
-
-
-
-
06/05/12
Collective Intellect
Oracle
-
-
-
-
06/01/12
Coalition Development
CRISIL
44.5
12.3
-
3.6x
04/30/12
Purisma
SAP
2.0
4.0
-
0.5x
04/26/12
Torex Retail Holdings
MICROS Systems
272.4
-
-
-
04/23/12
Teradata Corp, Certain Assets
Centrica
-
-
-
-
04/19/12
Ravel
W2O Group
-
-
-
-
04/12/12
Snoobi
Fonecta
-
4.0
-
-
Web analytics solutions focusing on business
- intelligence, visitor tracking, Internet marketing and
advertising, and campaign management
04/03/12
LogLogic
TIBCO Software
136.6
-
-
-
Data management solutions to monitor compliance
- stance, and identify gaps and errors to tighten internal
controls
03/30/12
NexR
KT Cloudware
4.7
-
-
-
-
03/29/12
CU Data Miner
Akcelerant Advisors
-
-
-
-
-
03/07/12
Syntergy Inc., SharePoint Solutions
Metalogix Software
-
-
-
-
-
03/05/12
Fetch Technologies
Connotate Technologies
-
-
-
-
-
03/02/12
Kontexto
Sargas Capital
10.5
-
-
-
-
02/17/12
Jumppost
Groupon
-
-
-
-
-
02/07/12
LeapFrogRx
Model N
3.0
-
-
-
-
02/05/12
alqemyiQ
ISIS Capital Management
-
-
-
-
-
01/23/12
Effiscience
BearingPoint
-
-
-
-
-
01/17/12
BigDataLabs
Project X Labs
-
-
-
-
-
01/17/12
CIC
TNS Media Research
-
4.7
-
-
-
12/30/11
Beyond Insight
Impact Solutions Consulting
-
-
-
-
-
12/02/11
Potomac Fusion, A Sotera Defense
Solutions
Sotera Defense Solutions
-
-
-
-
-
12/01/11
Corticon Technologies
Progress Software
23.0
-
-
-
-
10/20/11
Vision.bi
Keyrus (Israel)
-
-
-
-
Solutions for tracking and analyzing the BI processes
- and identification of bottle necks and weaknesses in
the process
10/19/11
Aurix
Avaya
-
-
-
-
-
10/18/11
Endeca Technologies
Oracle
1,100.0
-
-
-
10/12/11
RiverGlass
Allen Systems Group
-
-
-
-
10/07/11
Alchemex
Sage South Africa
10.2
-
-
-
10/02/11
Zettapoint
EMC
-
-
-
-
09/28/11
Synaptris
GBS Enterprises
1.3
-
-
-
08/09/11
Marketing Analytics
Nielsen Holdings
-
-
-
-
07/28/11
InQuira
Oracle
-
-
-
-
Software platform including knowledge base
- management, natural language search and analytics
and reporting applications
07/26/11
e2e Analytix
Bodhtree Solutions
-
-
-
-
- Analytical and business intelligence solutions
06/01/11
Skywire Software
Thomson Elite
-
-
-
-
Enterprise software and services including business
- intelligence system to manage vast amounts of
information
05/23/11
Firmware Technologies
Visi Inc
-
-
-
-
-
05/09/11
Deloitte Managed Analytics
Deloitte Consulting
-
-
-
-
05/09/11
Tap11
AVOS Systems
-
-
-
-
Real-time business intelligence platform for
- companies to monitor, engage, and measure the
impact of their social media campaigns
05/04/11
Analyzd
Klarna
-
-
-
-
-
www.redcapgroup.com
Trans. Revenue
Value
[LTM]
- Solutions to visualize data geographically
Software-as-a-Service business intelligence solutions
to streamline commercial operations
Business intelligence and data warehousing solutions
21.4x
based on Microsoft technology
Risk management solutions to energy and investment
banking sectors
Web-based, automated, real-time text mining and
analytics software for social CRM
Research analytics and business intelligence solutions
for the financial services sector
Solutions-driven master data management platform
- and commercial data integration software solutions
for enterprises
Software solutions including business intelligence and
data warehousing
- Teradata data warehouse appliance platform
Enterprise-grade analytics solutions and software for
discovering insights from big data
-
Cloud computing and Hadoop data processing
platforms
Business intelligence reporting and business process
improvement solutions for credit unions
Web-based business intelligence software solutions
Data management solutions for various industries
and companies
Software and services to acquire, analyze, and
visualize streaming real time data
Social media platform which allows users to map the
physical world around them through pictures and text
Cloud-based business intelligence applications for
pharma and biotech
Enterprise demand data management software
solutions to manufacturers, retailers, and sales agents
SaaS business analytics solution to identify
opportunities and hedge risks along the value chain
Location intelligence tools
Social business intelligence solutions for businesses
in China
Analytic software applications and various enterprise
information management capabilities
Advanced intelligence, data fusion, and visualization
technologies
Business rules management solutions for companies
to automate decision making processes
Phonetic speech search and analytics technology
solutions
Unstructured data management, web commerce and
business intelligence solutions
Electronic discovery (eDiscovery), information
collection, data management, and analysis solutions
Develops Excel-based business intelligence solutions
for small to medium enterprises
Storage management, business intelligence
- performance optimization and database consolidation
solutions
- Reporting and analysis solutions
Market response modeling solutions to measure the
impact of marketing on sales
Collaboration and communications platform to
distribute large sets of data for visualization
Managed analytic solutions for user-specific reports,
scorecards and dashboards
Fraud prevention, risk management and business
intelligence software
Page I 15
Announced
Target/Issuer
Date
Buyers/Investors
Trans. Revenue
Value
[LTM]
04/18/11
@WalmartLabs
Wal-Mart Stores
300.0
-
-
-
04/15/11
TARGIT
-
10.0
-
-
-
04/08/11
Datanomic
Oracle
-
-
-
-
04/05/11
Overtone
KANA Software
-
-
-
-
03/22/11
SAF Simulation, Analysis and
Forecasting
SAP
-
15.6
2.6
-
03/21/11
Qlik Technologies
-
122.0
226.5
29.9
7.6x
03/08/11
First Coverage
YouDevise
-
-
-
-
03/03/11
Aster Data Systems
Teradata
259.0
-
-
-
02/14/11
Vertica Systems
Hewlett-Packard
-
-
-
-
Real-time analytics platforms for communications,
- financial services, Web 2.0 & gaming and healthcare
industries
02/03/11
PredictiveMetrics
SunGard Data Systems
-
-
-
-
Statistical-based predictive scoring metrics and
- analytical decision solutions for the B2C and B2B
markets
01/23/11
Automsoft International
-
-
-
-
-
- Data management software solutions
01/10/11
InfoSTEP
Saama Technologies
3.0
-
-
-
Solutions and products in the areas of business
- intelligence, data integration, technology and on
demand
01/05/11
Obvient Strategies
Ventyx
-
-
-
-
12/22/10
Aprimo
Teradata
525.0
68.0
-
7.4x
12/08/10
NexR
KT Corp
-
0.3
-
-
11/16/10
CognoVision Solutions
Intel
-
-
-
-
11/07/10
Actian
Garnett & Helfrich Capital
-
-
-
-
10/18/10
Data Foundations
Software
-
-
-
-
10/04/10
09/22/10
09/20/10
Evolve24
Acsellerate Solutions
Netezza
Maritz Research
eCommerce Industries
1,729.8
223.3
19.7
7.1x
08/05/10
Kickfire
Teradata
-
-
-
-
Database appliances to enable MySQL data
- warehousing, business intelligence, workloads
analysis and ad hoc queries
07/06/10
Greenplum
EMC
-
-
-
-
-
06/17/10
BeliefNetworks
Benefitfocus
-
-
-
-
-
06/15/10
06/08/10
Coremetrics
Exalead
Dassault Systemes
163.5
19.3
-
8.5x
-
05/10/10
SIRA
Deltek
8.9
-
-
-
-
05/06/10
GemStone/S
SpringSource
-
-
-
-
-
04/09/10
QL2 Software
Hale Global
14.0
-
-
-
-
03/26/10
Computer Corporation of America
Rocket Software
-
-
-
-
-
03/25/10
Gilon Business Insight
Ness Technologies
19.9
22.0
-
0.9x
03/25/10
Netrics
TIBCO Software
10.5
-
-
-
-
03/16/10
Control.IT Unternehmensberatung
Taliance
-
3.0
-
-
-
03/11/10
XTAQ
eg solutions
0.3
0.6
-
0.3x
-
03/09/10
Softwareiq
Fujitsu
-
-
-
-
-
03/01/10
Interthinx
7.7
-
-
-
-
02/03/10
Initiate Systems
01/28/10
Siperian
Informatica
01/11/10
AgileRay
Cunet
01/08/10
Foresight
TIBCO Software
01/04/10
Discovery Logic
Thomson Reuters
01/04/10
Silver Creek Systems
Oracle
12/08/09
Xenos Group
Actuate
www.redcapgroup.com
Big Data platforms to process data covering products
and users
Business intelligence tools to monitor and optimize
performance indicators
Enterprise data management and compliance
screening software solutions
Brand monitoring and engagement to various
enterprises
-
Ordering and forecasting software for the trade,
- logistics, and industrial sectors in Europe and North
America
User-driven business intelligence to create and share
insights and analysis
Web-based financial information management
solutions
Data management and advanced analytics solutions
for enabling data storage and analysis of data sets
57.5x
Packaged business intelligence solutions for the
distributed asset industry
Cloud-based integrated marketing management
0.0x
software solutions
Cloud computing and Hadoop data processing
platforms
Real-time audience-measurement and retailintelligence solutions
-
Data management solutions to transact, analyze,
- and take automated actions across client’s business
operations
Enterprise software for organizations to manage data
assets
- Business intelligence software and consulting services
- On-demand sales and business intelligence solutions
80.8x Data warehouse and analytics software solutions
-
Database software for business intelligence and data
warehousing applications
Semantic intelligence and analytics software to web
publishers and advertising companies
Digital marketing optimization solutions
Software for enterprise and web search markets
Performance intelligence software for project-based
government contractors
Distributed data store in-memory and on-disk for
delivering data to applications in multiple formats
On-demand data access platform for data
management solutions
Database management systems for enterprises
Enterprise information management solutions and
- consulting services for large and medium sized
corporations in Israel
-
-
-
-
-
130.0
24.6
-21.0
5.3x
NM
Intelligent database record matching software in the
field of automated spelling and grammar correction
Data warehousing applications to the real estate
industry
Business performance measurement solutions for
organizations in the UK
Web based user interface for business intelligence in
the area of budget analysis and reports
Scenario-based forecasting, stress testing, and
predictive analytics solutions for retail lenders
Master data management software solutions for
organizations
Lead performance optimization software and services
for higher education and mortgage lending clients
Healthcare business intelligence solutions
-
-
-
-
-
30.0
-
-
-
-
-
-
-
-
Systems, data and analytics for real-time portfolio
- management, decision support and information
visualization
-
-
-
-
33.0
16.1
1.9
1.5x
- Automated data mastering solutions
Enterprise output management solutions for
organizations
12.5x
Page I 16
Announced
Target/Issuer
Date
Buyers/Investors
Trans. Revenue
Value
[LTM]
12/01/09
Sypherlink
Saama Technologies
-
-
-
-
11/03/09
Datanomic
DN Capital
-
-
-
-
10/09/09
Jaros Technologies
Noetix
-
-
-
-
09/29/09
HyperRoll
Oracle
-
-
-
-
08/24/09
Datasynapse
TIBCO Software
27.7
24.7
-8.0
1.1x
07/28/09
SPSS
1,121.6
290.8
78.7
2.7x
07/08/09
Quadrum Consulting
1Spatial
0.3
0.5
-
0.6x
-
06/25/09
InforSense
ID Business Solutions
9.5
-
-
-
-
06/02/09
TradeTrans
nuBridges
-
-
-
-
-
05/05/09
Exeros
-
-
-
-
-
04/15/09
InSite Analytics
Tango Management Consulting
-
-
-
-
-
03/02/09
KPI On Line
Bitam
-
-
-
-
-
02/12/09
Applimation
Informatica
35.6
-
-
-
-
02/10/09
SwiftKnowledge
-
-
-
-
-
-
01/07/09
Monitor Analytics
Clearway Technologies Partners
-
-
-
-
-
Products and solutions based upon heuristics- matching technology for automating data discovery
and mapping processes
Enterprise data management and compliance
screening software solutions
Packaged business intelligence and performance
solutions
- Data warehouse performance acceleration software
Application service management software for data
NM
centers
-
Predictive analytics software and solutions for data
10.0x collection, statistics, modeling, and text analytics and
deployment solutions\
Business intelligence software tools for financial,
manufacturing, service, and retail sectors
Enterprise business intelligence and reporting
software solutions
On-demand business intelligence, analysis, event
monitoring, and reporting services
Data relationship discovery and management
company
Retail market optimization and sales forecasting
models solutions
Business intelligence solution for analytical models for
organizational functions
Enterprise data management solutions for Oracle,
SAP, PeopleSoft, and Siebel applications
Web-based business intelligence software solutions
Business intelligence software products for Microsoft
Office SharePoint
Source: Capital IQ
Figures in $ million except multiples
www.redcapgroup.com
Page I 17
Valuation Trends
Price Performance
Chart 7: Relative performance of Business Intelligence index (%), 01/01/2009 – 04/01/2014
Trend-1
500
Trend-2
450
400
350
300
250
200
150
100
S&P 500 Index
Apr-14
Jan-14
Oct-13
Jul-13
Apr-13
Jan-13
Oct-12
Jul-12
Jan-12
S&P 500 IT Index
Apr-12
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
0
Jan-09
50
BI Index
Source: Capital IQ, Bloomberg, Redwood Capital
For the purpose of analyzing the returns of companies in the business intelligence sector, we have
created an index, comprised of companies which are either pure-play business intelligence or
heavily focused on data management, analytics and business intelligence. We have then compared
the performance of this index with the S&P 500 Information technology (IT) Index and the S&P 500
Index.
As evident from the chart, the BI Index1 has outpaced both the S&P 500 and S&P 500 IT Indices by a
considerable margin over the last 5 years. The outperformance began in 2009 on the back of valuehunting for IT stocks after being beaten down heavily in the second half of 2008. During this period,
the BI Index generated a return of approximately 320% versus about 110% for the broader market
and about 160% for the IT index, which includes all major IT stocks as its constituents. The years
2009 and 2010 were best in terms of return for the BI index, when it notched up gains of more than
100% and 50%, respectively. This can primarily be attributed to the strong performance of three
companies: MicroStrategy, Teradata and Informatica. In 2009, the stock prices of both MicroStrategy
and Teradata more than doubled, with Informatica, up 89%, not too far behind. Consecutive aboveestimates earnings by all three companies drove the gains. In 2010, the continued strength at
Teradata (up more than 30%) and Informatica (up 70%) more than compensated for the weakness
at MicroStrategy (-9%). A slew of rating downgrades followed by earnings miss in the third quarter
of 2010 hurt MicroStrategy, while continued strong earnings and talks of takeover of growth
companies by diversified players were the key catalysts of positive performance at the other two
stocks. The trend continued in 2011 as well, but only until the beginning of the second half (H2) of
the year. As highlighted in the chart (Trend 1), in H2 2011, all the indices witnessed a steep plunge
in their values. At this time, unprecedented events such as US debt rating being downgraded and
concerns of euro-zone debt crisis spiraling out of hands were weighing on investor sentiment. In H2
2011, the IT Index was slightly negative, while S&P 500 Index was down 5%. In comparison, the BI
Index, being more volatile than the two indices, shed 24% of its value, much higher than its broader
counterparts.
In the following two years (2012-2013) the BI Index continued to mirror the direction of the other two
indices, but was relatively more volatile and underperformed, with a return of 26% as compared to
returns of 43% by the IT Index and 47% by the S&P 500 Index. Weak performance of major business
intelligence stocks such as MicroStrategy (-14%) and Informatica (-18%) in 2012 weighed on the
performance of the BI Index. MicroStrategy was pressured by management instability and weak
earnings, while Informatica was hurt by slowdown concerns in the BI market. 2013 was a better year
for the BI Index, especially the period between April-September (Trend 2), when the Index posted
gains of 16% compared to approximately 7% each by the other two indices. This phenomenon was
mainly driven by the IPO’s of Splunk and Tableau Software, which attracted investor’s attention
towards business intelligence stocks. However, a pull-down in the last quarter of 2013 led by names
such as Teradata, Qlik Technologies and Tibco Software offset this performance, leading to the BI
Index delivering lower returns than the other two indices for the full year.
www.redcapgroup.com
Page I 18
A report of weaker-than-expected earnings by Qlik Technologies and bleak guidance by the other
two companies raised concerns over the industry growth. Since then, the BI Index continues to trail
the broader indices to date, and has been flat in 2014 compared to returns of 3% and 2% earned by
the IT Index and the broader market, respectively.
Public Companies Analysis
Multiples Snapshot*
Name
Price
Mkt.Cap
(Figures in $million except share price)
Price/Sales
Price/Earnings
EV/EBITDA
Revenue
Growth
2014
2015
LTM
2014
LTM
2014
LTM
Long term
EPS growth
(%)
2014
Actuate Corporation
5.97
281
2x
2x
41x
21x
15x
8x
12%
-11%
2%
Teradata Corporation
49.18
7,847
3x
3x
21x
17x
12x
9x
12%
6%
5%
TIBCO Software Inc.
20.82
3,369
3x
3x
39x
18x
16x
10x
14%
8%
9%
116.73
1,319
2x
2x
16x
48x
24x
15x
25%
8%
7%
Informatica Corporation
39.31
4,293
5x
4x
50x
24x
22x
13x
14%
12%
11%
Qlik Technologies, Inc.
27.23
2,427
5x
4x
n.a
108x
189x
52x
27%
18%
17%
Datawatch Corporation
27.71
286
9x
7x
n.a
n.a
n.a
n.a
29%
29%
26%
PROS Holdings, Inc.
32.25
941
6x
5x
273x
99x
94x
40x
25%
32%
20%
Splunk, Inc.
71.12
8,385
28x
21x
n.a
n.a
n.a
903x
26%
38%
34%
Tableau Software, Inc.
77.74
4,958
21x
15x
701x
n.a
447x
n.a
49%
50%
35%
Rocket Fuel Inc.
40.99
1,437
6x
3x
n.a
n.a
n.a
281x
0%
81%
61%
Average
8x
6x
163x
48x
102x
148x
21%
25%
21%
Median
5x
4x
41x
24x
23x
15x
25%
18%
17%
MicroStrategy Inc.
Sources: Capital IQ, Redwood Capital
* Data as on 04/02/2014
We note that many of the BI Index stocks are growth companies with either net losses or low
earnings. Splunk and Tableau Software both have robust top-line and long-term earnings growth
potential and hence, are valued at a substantial premium to their peers on a Price-to-Sales basis.
Although market expectations of revenue and earnings growth propel stock valuations, we note
that neither factor is seen by the market in isolation. For example, Rocket Fuel with substantially
high revenue growth prospects has relatively subdued long-term earnings growth prospects due to
its growth investments, leading to relatively lower valuations on a Price-to-Sales basis. On the other
hand, MicroStrategy with modest top-line growth prospects trades below the peer median despite
its robust earnings growth potential. Even well-established players such as TIBCO Software trade
well below the median multiple, on modest revenue and earnings growth. Moreover, among peers,
we believe cloud-based players such as Informatica command relatively higher valuations, despite
their growth prospects being below the peer median.
The BI Index is a market-capitalization weighted index and its constituents include MicroStrategy,
Tableau Software, Splunk, Rocket Fuel, Teradata Corporation, Informatica Corporation, PROS
Holdings, Datawatch Corporation, Qlik Technologies, TIBCO Software and Actuate Corporation. The
data has been sourced from Capital IQ.
1
www.redcapgroup.com
Page I 19
Private Financing
Private Financings Overview (2009 to 2013)
Year
# of Trans
Total Capital Raised
Average Trans Size
Median Trans Size
2013
145
1,400.7
10.6
4.0
2012
126
871.1
7.6
3.0
2011
98
764.7
9.1
3.8
2010
93
477.0
5.5
2.5
2009
62
251.3
4.3
3.0
Total
524
3,764.9
7.9
3.0
Sources: Capital IQ
The business intelligence industry has raised a total of $3.8 billion since 2009 from 524 private
placement deals. During this time, the sector has been gaining increasing attention from investors,
reflected in deal activity (both in terms of volume and dollar value) which has increased every
year since 2009. Mean and median deal sizes have also increased over this period, with average
transactions more than doubling from $4.3 million in 2009 to $10.6 million in 2013. Clustrix and
iSign Media were the most active companies during this period, raising $54.5 million and $11.5
million, respectively. International expansion was seen as a major theme and was quoted as the
purpose in many of the biggest deals during the period.
The data for 2014 year to date shows that investor interest in the industry has not abated and we
could see total capital raised during the current year easily surpass the previous year’s highs. In the
first three months, there have been 45 deals and a total of $1.3 billion has been raised, compared to
34 deals and a total of $236 million for the first three months of 2013. While the median deal value
has risen slightly to $4.55 million, the average deal value has gone up significantly to reach $35.06
million. In the biggest deal of the year by far, Cloudera raised $740 million from Intel Capital.
2013 was the busiest of the past five years for private placement transactions in the sector. Deal
volume was up by 15% over 2012, to 145 and total capital raised grew by 61% to $1.4 billion, crossing
$1 billion for the first time. Average deal value crossed $10 million ($10.61 million) and median deal
value crossed $4 million ($4.02 million), also a first for both in the last five years. 2013 saw the return
of bigger deals as there were three transactions with values greater than $100 million. MongoDB
raised $150 million in a deal that reportedly valued it at $1.2 billion. The company planned to use
the funds to further develop its core product and its new managed services offerings.
In 2012 transaction volume increased 29% from 2011, to 126. This was despite the total funds
raised during the year increasing only 14%. Deal sizes contracted during the year and the largest
transaction was of $65 million by Cloudera. This was Cloudera’s sixth round of capital raising in four
years. Another large financing in 2012 was Rocket Fuel’s $50 million round from existing and new
investors.
While deal volume stayed fairly similar in 2011 compared to 2010, total deal value increased by a
big margin (+61%) to $765 million. Capital raised from a single transaction crossed $100 million for
the first time in three years. OSISoft sold a minority stake to VC investors for a consideration of $135
million, with the proceeds earmarked for international expansion.
Deal activity increased significantly in 2010 with deal volume increasing 50% and total funds raised
almost doubling. Perth based Firmware Technologies raised $37 million in September to facilitate
listing on the Frankfurt Stock Exchange and fuel further growth through both organic and inorganic
routes. Additionally, 1010data received a $35 million equity investment from Norwest Venture
Partners, also to be used to drive further growth.
2009 was the least active period for the industry during the last five years, with as few as 62 deals
consummated and $251 million raised. Additionally, the deals announced during the year were
smaller in size and the largest deal of the year was of AudienceScience (a global digital marketing
technology company) raising $20 million from its existing investors. AudienceScience planned to use
the funds for growth, research & development and international expansion.
www.redcapgroup.com
Page I 20
Intel’s investment in Cloudera
In March 2014, Cloudera raised a total of $900 million from multiple investors. Out of this, it raised
160 million from T. Rowe Price Group, MSD Capital and Google Ventures. The remaining funds
($740 million) were provided by Intel Capital for an 18% stake in the company, valuing Cloudera at
$4.1 billion. The deal is interesting for a number of reasons. After its investment in Cloudera, Intel
planned to stop development of its own customized version of Hadoop, proving its confidence in
Hadoop and Cloudera’s solution. Also, the deal came on the back of Hortonworks announcing a
$100 million investment, valuing it at over $1 billion and the two deals show the valley’s interest and
optimism for Big Data analysis market.
www.redcapgroup.com
Page I 21
Global Private Placement Deals in Business Intelligence (2009 to 2014 YTD March)
Date
Target/Issuer
03/27/14
Cloudera
740.0
03/19/14
Platfora
38.0
03/18/14
Cloudera
160.0
-
03/07/14
03/05/14
03/05/14
03/05/14
03/05/14
Rifiniti
Oilfield Intel
iWebGate
Opentracker
Social Honey
2.2
0.2
0.0
0.0
Seed
-
02/28/14
Lotame Solutions
02/28/14
02/28/14
02/27/14
02/26/14
02/26/14
02/25/14
02/24/14
02/24/14
Radius Networks
Nebulab Technologies
TipBit
DataRPM
Argos Risk
LLC CityAds Media
Transzap
ProspX
02/18/14
Akita
02/18/14
Crayon Data
1.2
- SPRING SEEDS Capital Pte Ltd; Jungle Ventures
Business and technology platform that democratizes the use
of big data
02/13/14
Klipfolio
1.6
BDC Venture Capital; CommonAngels; Acadia
- Woods Partners, ; BOLDstart Ventures; Mistral
Venture Partners
Cloud-based Web and mobile dashboard solutions
02/11/14
02/10/14
Platfora
InfiniDB
7.5
- Citi Ventures,
- McDonnell Ventures
Data management software
Analytic data platforms
02/07/14
NuoDB
16.2
Hummer Winblad Venture Partners;
- Morgenthaler; Longworth Venture Partners;
Dassault Systemes SA (ENXTPA:DSY)
Executive management platform as a SaaS solution
125.0
Greylock Partners; Institutional
Venture Partners; T. Rowe Price Group,
(NasdaqGS:TROW); Salesforce.com, Inc
(NYSE:CRM); Fidelity Investments; TPG
3
Growth; GGV Capital; Morgan Stanley
Investment Management ; Viking Global
Investors L.P.; Mercato Partners; Dragoneer
Investment Group,
Enterprise analytics services
02/05/14
Domo
02/03/14
02/03/14
01/31/14
01/30/14
01/29/14
01/29/14
Secure Earth Technologies
DataFox Intelligence
Deposco
WhereScape
wiseio
BlueConic
01/28/14
Altiscale
01/28/14
01/28/14
Zikk Software
Naehas
01/27/14
01/22/14
Round of Financing Buyers/Investors
15.0
0.8
0.0
8.6
6.0
1.3
5.0
2.4
-
- Intel Capital
Battery Ventures; Cisco Systems,
(NasdaqGS:CSCO); Allegis Capital; Sutter
3
Hill Ventures; In-Q-Tel,; Tenaya Capital;
Andreessen Horowitz; Citi Ventures,
Enterprise analytic data management
Real-time business intelligence
Network security management
Website statistics measurement
Web solution to source ratings and reviews
Mobile proximity technologies
Cloud based data visualisation software
Personal business intelligence tools
Business intelligence and analytics
Online business-to-business credit risk management tools
Internet-based financial workflow solutions
Business intelligence solution
Geekdom, LC, Investment Arm
Ignition Partners
InterWest Partners; CIT GAP Funds
Klever Internet Investments Limited
Accel-KKR
The National Digital Research Centre Limited,
Investment Arm
-
2.0
-
Autogrid Systems
12.8
3
MemSQL
35.0
2
01/10/14
01/08/14
01/07/14
01/03/14
1
1
1
-
-
01/14/14
Enterprise analytic data management
Seed
1
1
01/21/14
01/17/14
01/17/14
01/15/14
T. Rowe Price Group, (NasdaqGS:TROW); MSD
Capital, L.P.; Google Ventures
Hub Angels Investment Group; Nauta Capital
Rockstart Accelerator
Rockstart Accelerator
Battery Ventures; Emergence Capital Partners;
4 TrueBridge Capital Partners; R.J. Finlay & Co.;
Sozo Ventures
2.8
1.5
5.0
10.0
4.1
4.0
Advanced Manufacturing Control
Systems
4C Insights
Row Sham Bow
Aprefis
Confer Technologies
01/22/14
Amount
Cavalry Management Group; Google Ventures
Pioneer Capital Partners
Voyager Capital
Sigma Prime Ventures
Accel Partners; Sequoia Capital; General
Catalyst Partners; AME Cloud Ventures
Wadi Ventures
Foundation Capital; Voyager Capital; E.ON SE,
Investment Arm
Accel Partners; First Round Capital; Khosla
Ventures; Data Collective
Highland Capital Partners; Investec Ventures
Ireland Ltd
Jump Capital
Wayra Investigación y Desarrollo, S.L.U.
Matrix Partners; North Bridge Venture Partners
32.1
-
5.0
0.8
0.1
8.0
2
1
GraphCast
8.1
CrossLink Capital,; Giza Venture Capital;
1 Correlation Ventures; Kapor Capital; 500
Startups; Quest Venture Partners
eyeQ
Vistapointe
Wunderdata
Review Trackers
0.0
2
Seed
-
DreamIt Ventures
BVI Investment Fund
West Tech Ventures
gener8tor
Real-time big data sales tools for sales processes
Embedded systems and software solutions
Retail intelligence
SaaS for supply chain
Data warehousing software solutions
Big data analytics solutions
SaaS-based online customer engagement platform
Cloud services for Hadoop dial tone operations
Network monitoring software solutions
Software systems for energy sector for forecasting and demand
management
Real-time analytics platform
Integrated environmental software and solutions
Data analytics and social intelligence platform
Analytics service for application developers
Pricing optimization platform
Network security management
Data visualization and infographics
Retail intelligence
Cloud-based business intelligence solutions
SaaS BI solutions
SaaS review monitoring and management tool
Source: Capital IQ
www.redcapgroup.com
Page I 22
Sector Spotlight - Companies
Big Data
1010data
750 Third Avenue, 4th Floor,
New York, NY 10017, USA
www.1010data.com
Sandy Steier- Co-founder and CEO
Big data discovery and data sharing solutions
Apixio
1 825 S Grant St #210,
San Mateo, CA 94402, USA
www.apixio.com
Shawn Dastmalchi- CEO
Cloud-based solutions for clinical data integration and big data analytics
Chiliad
2201 Cooperative Way, Suite 600,
Herndon, VA 20171, USA
www.chiliad.com
Christine Maxwell- CEO
Iterative discovery, virtual consolidation and contextual extraction of data across various sources
Cloudera
1001 Page Mill Road, Bldg 2,
Palo Alto, CA 94304, USA
www.cloudera.com
Tom Reilly- CEO
Unified platform built on Apache Hadoop to store, process and analyze business-critical Big Data
DataStax
3975 Freedom Circle, Santa Clara,
CA 95054, USA (San Francisco Bay Area)
www.datastax.com
Billy Bosworth- CEO
Integration of a big data platform with analytics for search across multiple data sources
Exasol
Neumeyerstraße 48,
90411 Nuremberg, Germany
www.exasol.com
Aaron Auld- CEO
Data mining, warehousing and analytics for Big Data and Value Data, and business intelligence solutions
eXelate
7 West 22nd Street, 9th Floor,
http://exelate.com
Mark Zagorski- CEO
Creation of online, offline, and custom data sets through direct data collection for digital marketing decisions
Great Bay Software
100 Main Street, Suite 250,
Dover, NH 03820, USA
http://greatbaysoftware.com
Tim Butler- CEO
Endpoint profiling and management, identity monitoring and rogue device detection on enterprise networks
Guavus
1820 Gateway Drive, Suite 250,
www.guavus.com
Manish Goel- CEO
Operational intelligence through real-time decision-making applications across business processes
www.redcapgroup.com
Page I 23
Hortonworks
3460 W. Bayshore Rd,
http://hortonworks.com
Rob Bearden- CEO
Fully open-source Apache Hadoop data platform to run Hadoop-based applications on existing IT
infrastructure
HPCC Systems
1000 Alderman Dr,
Alpharetta, GA 30005, USA
http://hpccsystems.com
Mark Kelsey - CEO (LexisNexis)
Open-source platform alternative to Hadoop, designed to provide solutions for big data issues for
enterprises
Infochimps
1214 W. 6th Street, Ste 120,
Austin, TX 78703, USA
www.infochimps.com
Jim Kaskade - CEO
Cloud-based big data platform-as-a-service offering across multiple analytical environments
Kognitio
260 Madison Avenue, 8th Floor,
www.kognitio.com
Steve Millard- CEO
Solutions for big data analysis on an intuitive, parallel platform, and in-memory analytics for data scientists
Lokad
10 rue Philippe de Champagne,
75013 Paris, France
www.lokad.com
Joannès Vermorel- Founder
Big data solutions such as inventory optimization for retail, eCommerce and wholesale, and consulting
services
MapR Technologies
2860 Zanker Road, Suite 109,
San Jose, CA 95134, USA
www.mapr.com
John Schroeder- Co-founder and CEO
Hadoop-based development and deployment of big data analysis solutions, and easy cluster management
Metamarkets
625 2nd St, Suite #230,
San Francisco, CA 94107, USA
http://metamarkets.com
Mike Driscoll- Founder & CEO
Real-time big data analytics platform for digital advertising companies
Metric Insights
123 10th Street,
www.metricinsights.com
Marius Moscovici- CEO
Metadata aggregation and context-based data analytics built upon in-house KPI Warehouse technology
NGDATA
Sint-Salvatorstraat 18/303, 9000 Gent,
Belgium
www.ngdata.com
Luc Burgelman- CEO
Integrated solution to combine Big Data management platform with consumer intelligence solutions
www.redcapgroup.com
Page I 24
RainStor
321 Pacific Avenue,
http://rainstor.com
John Bantleman- CEO
Enterprise data management solutions scalable across on-premise, in the cloud and Hadoop platforms
(native)
ScaleMP
2175 Lemoine Ave. Suite 401,
Fort Lee, NJ 07024, USA
www.scalemp.com
Shai Fultheim- Founder & CEO
Virtualization for in-memory high-end computing
ScaleOut Software
10500 NE 8th Street Suite 1775,
Bellevue, WA 98004, USA
www.scaleoutsoftware.com
Dr. William L. Bain- Founder & CEO
In-memory distributed data grid solutions
WebAction
575 Middlefield Road, Suite 100,
www.webaction.com
Ali Kutay- Chairman and CEO
Real-time Big Data server for processing data-in-motion
www.redcapgroup.com
Page I 25
Unstructured data mining
CallMiner
12730 New Brittany Boulevard, Suite 200,
Fort Myers, FL 33907, USA
callminer.com
Terry Leahy- CEO
Real-time speech analytics solutions
Clarabridge
11400 Commerce Park Dr. Suite 500,
Reston, VA 20191, USA
clarabridge.com
Sid Banerjee- Co-founder & CEO
Customer experience management solution including analytics of customer feedback across multiple
channels
ClickFox
2000 S. Colorado Blvd Tower 1, Suite 2300,
Denver, CO 80222, USA
www.clickfox.com
Marco G. Pacelli- CEO
Advanced analytics and diagnostics solutions for customer experience journeys across channels
Datameer
2040 Pioneer Court,
www.datameer.com
Stefan Groschupf - CEO
Hadoop-based Big Data analytics application
enCapsa
822 A1A N., Suite 310,
Ponte Vedra Beach, FL 32082, USA
encapsa.com
Nan Kreamer - CEO
Platform to facilitate the storage, exchange and integration of structured and unstructured data
Karmasphere
19200 Stevens Creek Blvd, Suite 130,
Cupertino, CA 95014, USA
www.karmasphere.com
Gail Ennis- CEO
Hadoop-based Big Data analytics solutions to offer customer insights
Kooaba
Förrlibuckstrass 178,
Zürich, ZH 8005, Switzerland
www.kooaba.com
Till Quack- Co-Founder
Image recognition software on mobile devices
Mattersight
200 S. Wacker Dr. Suite 820,
Chicago, IL 60606, USA
www.mattersight.com
Kelly Conway- CEO
Analytics solutions to optimally route customers to the best available employee and predict outcomes
Nexidia
3565 Piedmont Road NE Building Two,
Suite 400,
Atlanta, GA 30305, USA
www.nexidia.com
John Willcutts- CEO
Audio and video content search solutions
www.redcapgroup.com
Page I 26
Platfora
1300 S El Camino Real, 6th Floor, San
Mateo, CA 94402, USA
www.platfora.com
Ben Werther- Founder & CEO
Hadoop-based Big Data analytics software
TEMIS
TOUR MATTEI - 207 rue de Bercy 75012,
Paris, France
www.temis.com
Eric Bregand- CEO
Solutions to identify and extract targeted data for semantic content enhancement
www.redcapgroup.com
Page I 27
Databases
Aerospike
2525 E Charleston Road, Suite 201
Mountain View, CA 94043, USA
www.aerospike.com
Joe Gottlieb- CEO
Flash-optimized real-time in-memory NoSQL database
Basho Technologies
700 Massachusetts Ave, 2nd Floor,
Cambridge, MA 02139, USA
basho.com
Chester Davenport- Executive Chairman
Developer of distributed database software, Riak
Couchbase
2440 West El Camino Real Suite 101,
www.couchbase.com
Bob Wiederhold- President and CEO
Document-oriented NoSQL database technology
FoundationDB
8245 Boone Blvd. Suite 340,
Vienna, VA 22182, USA
https://foundationdb.com
David Rosenthal- Co-Founder & CEO
NoSQL distributed database with support for ACID transactions
GridGain
1065 East Hillsdale Blvd Suite 220,
Foster City, CA 94404, USA
www.gridgain.com
Abe Kleinfeld- CEO
In-memory computing platform for real-time Big Data processing
Hadapt
614 Massachusetts Ave., 4th Floor,
https://hadapt.com
Justin Borgman- Co-founder & CEO
Big Data Analytics with a unified HADOOP and SQL platform
Hypertable
1799 Old Bayshore Highway, Suite 138
Burlingame CA 94010, USA
http://hypertable.com
Doug Judd- Founder & CEO
Open-source NoSQL database storage and analysis solutions based on Google’s proprietary BigTable
MongoDB
229 W 43rd Street, 5th Floor,
www.mongodb.com
Max Schireson- CEO
Open-source data management solutions through a NoSQL database
Neo Technology
111 East 5th Avenue,
www.neotechnology.com
Emil Eifrem- CEO
Data management and analysis in the form of graph databases
www.redcapgroup.com
Page I 28
NuoDB
215 First Street,
www.nuodb.com
Barry Morris- Co-founder & CEO
Geographically distributed cloud-based DBMS
Sqrrl
130 Prospect St., Second Floor,
http://sqrrl.com
Mark Terenzoni- CEO
NoSQL database built on Apache Accumulo and Hadoop with ability to support analytics, search and graphs
Starcounter
Nybrokajen 5
111 48 Stockholm, Sweden
www.starcounter.com
Kristoffer Lundegren- CEO
In-memory NewSQL database management that can handle huge data volumes reliably and with consistency
www.redcapgroup.com
Page I 29
Angoss
111 George Street, Suite 200,
Toronto, Ontario M5A 2N4, Canada
www.angoss.com
Martin Galligan- CEO
Predictive analytics and business intelligence software for data-driven decision making
Applied Predictive
Technologies
901 North Stuart Street, Suite 1000
Arlington, VA 22203, USA
www.predictivetechnologies.
com
Anthony Bruce- CEO
Cloud-based predictive analytics for strategic decision making
C9
177 Bovet Road #520
www.c9inc.com
Michael Howard- CEO
Cloud applications for Big Data analysis and data visualization to optimize revenues
Opera Solutions
10 Exchange Place, 11th Floor
Jersey City, New Jersey 07302, USA
www.operasolutions.com
Arnab Gupta- CEO
Predictive business intelligence and Big Data analytics
Revolution Analytics
2570 W. El Camino Real, Suite 222
www.revolutionanalytics.com
Dave Rich- CEO
Predictive analytics and data visualization tools to analyze and interpret large sets of data
Salford Systems
9685 Via Excelencia, Suite 208,
San Diego, CA 92126, USA
www.salford-systems.com
N/A
Data mining and predictive analytics for making strategic decisions
StatSoft
2300 East 14th Street,
Tulsa, OK 74104, USA
www.statsoft.com
Dr. Paul Lewicki- CEO
Analytics and data visualization software to increase productivity, streamline operations and regulatory
compliance
www.redcapgroup.com
Page I 30
Social BI
Lyzasoft
621 17th Street, Suite 2800
Denver, CO 80293, USA
www.lyzasoft.com
Scott Davis- Co-founder & CEO
Data analytics for the field of social business intelligence and decision making
Panorama
164 Eglinton Avenue East Suite #100,
Toronto, ON M4P 1G4, Canada
www.panorama.com
Eynav Azarya- CEO
Advanced analytics to get relevant and insightful data for business decision making
Simply Measured
2211 Elliott Ave, Suite 310,
Seattle, WA 98121, USA
http://simplymeasured.com/
Adam Schoenfeld- Co-founder & CEO
Social media monitoring and analytics, competitive analysis and data reporting
Yellowfin
Level 46, 360 Elizabeth Street,
Melbourne VIC 3000, Australia
www.yellowfinbi.com
Glen Rabie- Co-founder & CEO
Business intelligence platform to monitor and analyze business parameters
www.redcapgroup.com
Page I 31
Web, Cloud, SaaS, mobile and self service BI
Actian
500 Arguello Street, Suite 200
Redwood City, CA 94063, USA
www.actian.com
Steve Shine- CEO
Platform for data discovery for predictive and contextual analytics
Actuate
951 Mariners Island Boulevard
www.actuate.com
Peter I. Cittadini- CEO
Personalized analytics and insights
Acunu
99 Charterhouse Street,
London EC1M 6HR, UK
www.acunu.com
Chris Gomersall- CEO
Self-service business intelligence on real time, streaming data
Arcplan
1265 Drummers Lane, Glenhardie Three,
Suite 106 Wayne, PA 19087, USA
www.arcplan.com
Roland Hoelscher- CEO
Business intelligence, analysis & planning applications
Attensity
2479 East Bayshore Road
Suite 195 Palo Alto, CA 94303, USA
www.attensity.com
Howard Lau- Chairman & CEO
Bilander Group
302 Mt. Bradford Way West Chester, PA
19382
USA
bilandergroup.com
Bob Scott- Co-founder
Social web analytics
Data analysis & reporting to support financial strength
BIME
1 place Francis Ponge. 34000
Montpellier,
France
www.bimeanalytics.com
Rachel Delacour- Co-founder & CEO
Business intelligence to connect and analyze data
Birst
153 Kearny St.,
San Francisco, CA, 94108, USA
www.birst.com
Brad Peters- Co-Founder & CEO
Cloud based business intelligence solutions
Bitam
11710 Plaza America Drive, Suite 2000
PMB 3A, Reston, VA 20190 E.E.U.U., USA
www.bitam.com
David Abdo- CEO
Business intelligence and enterprise performance management software solutions
www.redcapgroup.com
Page I 32
CaptainDash
86 rue de la fontaine au roi,
Paris 75011, France
www.captaindash.com
Bruno Walther- Founder
Big data analysis for marketers
Celebrus Technologies
Venture West New Greenham Park,
Newbury, RG19 6HN, UK
www.celebrus.com
Simon Burton- CEO
Solutions to capture, contextualize and deliver real-time data on individual behaviors across channels
Connotate
120 Albany Street, Tower II, 4th Floor
New Brunswick, NJ 08901
www.connotate.com
Keith Cooper- CEO
Web data extraction and monitoring solutions
CrownPeak
5880 W. Jefferson Blvd. Unit G
Los Angeles, CA 90016, USA
www.crownpeak.com
Jim Howard- CEO
SaaS-based management and optimization solutions provider to manage web content
Datawatch
271 Mill Road, Quorum Office Park
Chelmsford, MA 01824 USA
www.datawatch.com
Michael A. Morrison- CEO
Visual data discovery solution to gain insights from structured and unstructured data
Domo
772 East Utah Valley Drive,
American Fork, UT 84003, USA
www.domo.com
Josh James- Founder & CEO
Data integration & analytics on real time basis
Dundas
500 – 250 Ferrand Drive
Toronto, ON M3C 3G8, Canada
www.dundas.com
Troy Marchand- Co-founder & CEO
Data visualization and dashboard solutions
Foresight Intelligence
7077 East Marilyn Road, Building 6 Suite
150
Scottsdale, AZ 85254, USA
www.foresightintelligence.
com
Dale Hanna- CEO
Data integration & analysis solutions
GoodData
111 Sutter Street, 4th Floor
www.gooddata.com
Roman Stanek- Founder & CEO
Cloud-based business intelligence solution for self-service discovery
www.redcapgroup.com
Page I 33
Information Builders
Two Penn Plaza,
New York, NY 10121-2898, USA
www.informationbuilders.
com
Gerald D. Cohen- CEO
Business intelligence, enterprise integration and data integrity solutions
iDashboards
900 Tower Drive, 4th Floor,
Troy, Michigan 48098, USA
www.idashboards.com
Shadan Malik- CEO
Data visualization software through dynamic dashboards to display key metrics to help decision-making
Jaspersoft
350 Rhode Island St, Ste 250,
www.jaspersoft.com
Brian Gentile- Chairman & CEO
Embeddable, cost-effective reporting and analytics platform to display timely, actionable data
Jedox
Bismarckallee 7a,
79098 Freiburg im Breisgau, Germany
www.jedox.com
Kristian Raue- Founder & CEO
Excel add-in to perform business intelligence and performance management tasks within MS Excel
Jinfonet Software
9420 Key West Avenue,
Rockville, MD 20850, USA
www.jinfonet.com
Bing Yao- CEO
Java based data reporting solution that delivers highly customizable business intelligence
Klipfolio
Suite 200, 176 Gloucester St.,
Ottawa ON K2P 0A6, Canada
www.klipfolio.com
Allan Wille- President, Co-founder &
CEO
Data visualization solutions through dashboards to aid decision-making across the organization
Leftronic
459 Fulton St #204,
www.leftronic.com
Rajiv Ghanta- Co-founder & CEO
Aggregates key metrics in real-time and provides easy data visualization on a dashboard
Logi Analytics
7900 Westpark Drive, Suite A200
McLean, VA 22102, USA
www.logianalytics.com
Brett Jackson- President & CEO
Development platform to create entire web-based BI applications quickly and easily
MeLLmo
120 S. Sierra Ave, Solana Beach,
CA 92075, USA
www.roambi.com
Santiago Becerra- Chairman & CEO
Provides apps so employees can access company information on mobile devices and take decisions on-thego
www.redcapgroup.com
Page I 34
OnDemand Analysis
2240 N. Interstate Avenue
Portland, Oregon 97227, USA
http://ondemandanalysis.
com
Brad Coulon- Founder
Cloud-based solution for viewing and analyzing data within excel
Pentaho Corp
Citadel International, Suite 340
5950 Hazeltine National Dr.
Orlando, FL 32822, USA
www.pentaho.com
Quentin Gallivan- Chairman & CEO
Provides data integration, business analytics and big data solutions
PivotLink Corp
One Post Street Suite #825,
www.pivotlink.com
Bruce Armstrong- CEO
Cloud based business intelligence platform with SaaS focusing on merchandising and marketing analytics
PrecisionPoint Software
Abbey House, Grenville Place, Bracknell,
Berkshire RG12 1BP, UK
www.precision-point.com
Michael Evans- Founder & CEO
Excel-based BI solution for the ERP mid-market with web publication and distribution capability
Pyramid Analytics
151 Kingfordsweg
Amsterdam, 1043 GR, Netherlands
www.pyramidanalytics.com
Omri Kohl- Co-founder & CEO
A comprehensive web-based BI dashboard with data mining, analytics and reporting capabilities
QlikTech International
150 N. Radnor Chester Road
Suite E120, Radnor, PA 19087, USA
www.qlik.com
Lars Björk- CEO
Intelligence and Analytics Platform that empowers users by driving innovative decision-making
Saama Technologies
900 E Hamilton Avenue, Suite 200 Campbell,
CA 95008, USA
www.saama.com
Suresh Katta- Founder & CEO
Data integration and analytics solution to drive informed decision making
Salient Corporation
203 Colonial Drive, Horseheads,
New York 14845, USA
www.salient.com
Guy Amisano- Founder
Scalable, in-memory data mining and analytics systems to measure value added with simple visualization
tools
SeeMoreData
Suite 8005, 619 Doncaster Road,
Doncaster, VIC 3108, Australia
www.seemoredata.com
Ferenc Mantfeld- Founder & CEO
Tools for consolidated BI & reporting on interactive dashboards with graphical interfaces
www.redcapgroup.com
Page I 35
SiSense
36-A Hanamal St.,
Tel Aviv 63506, Israel
www.sisense.com
Amit Bendov- CEO
Self-service business intelligence solutions by connecting multiple data sources
Targit
Aalborgvej 94, 9800 Hjørring
Denmark
www.targit.com
Morten Sandlykke- Founder & CEO
Business intelligence platform offering data discovery and self-service analytics tools
Think Big Analytics
520 San Antonio Road, Suite 210
www.thinkbiganalytics.com
Ron Bodkin- Founder & CEO
Big Data strategy and consulting services for implementing solutions based on open-source platforms
www.redcapgroup.com
Page I 36
Enterprise Performance Management
Adaptive Insights
3350 W. Bayshore Road, Suite 200
www.adaptiveinsights.com
John Herr- CEO
Cloud-based business intelligence and corporate performance management solutions
BOARD International
Via Balestra 18, 6900 Lugano,
Switzerland
www.board.com/in
Giovanni Grossi- CEO
Integrated offering for corporate performance management and business intelligence
HCG Software
2110 SW Jefferson Street Suite 300
Portland, OR 97201, USA
www.hcgsoftware.com
Scott Stanton- Founder & CEO
Enterprise performance management and analytics solutions
Host Analytics
101 Redwood Shores Pkwy, Suite 101
Redwood City, CA 94065, USA
www.hostanalytics.com
Dave Kellogg- CEO
Cloud-based enterprise financial applications for planning, reporting and analytics
InPhase
2-4 Packhorse Road, Gerrards Cross,
Buckinghamshire, SL9 7QE, UK
www.inphase.com
Robert Hobbs- Founder & CEO
Business intelligence and performance management platform
Mood International
5 Innovation Close, York Science Park,
York YO10 5ZF, UK
www.moodinternational.com
George Davies- CEO
Advanced software applications for enterprise management improvement
Prognoz
54, Stakhanovskaya St.,
Perm, Russia
www.prognoz.com
Dmitriy Andrianov- Founder & CEO
Advanced analytics and visual discovery solutions
River Logic
8150 N. Central Expressway
Suite 1625,Dallas, TX 75206, USA
www.riverlogic.com
Kevin Howe- Chairman & CEO
Prescriptive modeling and analytics platform
Systar
171 bureaux de la Colline
92213 Saint-Cloud Cedex, France
www.systar.com
Guy Kuster- Chairman & CEO
Business activity monitoring and risk management solutions
www.redcapgroup.com
Page I 37
Tagetik
Via Roosevelt,103
55100 Lucca, Italy
www.tagetik.com
Pierluigi Pierallini- President & CEO
Corporate performance management and business intelligence solutions
www.redcapgroup.com
Page I 38
Redwood Capital Group is an investment banking firm serving the technology,
communications and media & business services industries. The firm focuses on
mergers & acquisitions, debt and equity financings, and financial advisory
services for its clients worldwide.
New York
Los Angeles
950 Third Avenue, Suite 2001, New York,
NY 10022
1100 Glendon Avenue, Suite 905 LA, CA
90024
Tel: +1 212 508 7100
Tel: +1 310 696 4001
Fax: +1 212 508 7102
Fax: +1 310 507 0263
Geneva
Milan (Strategic Alliance)
17 rue du
Switzerland
Cendrier,
1202
Geneva
Livolsi & Partners Largo Augusto, 3
20122 Milan Italy
Tel: +41 (22) 518 07 83
Tel: +39 (02) 777 991
Fax: +41 (22) 839 72 49
Fax: +39 (02) 777 993 90
Paris (Joint Venture)
London (Joint Venture)
8 rue Halévy, 75009 Paris France
42 Brook Street, London W1K 5DB
United Kingdom
Tel: +33 1 58 18 39 00
Fax: +33 1 53 43 09 76
Tel: +44 20 7112 7777
Fax: +44 20 7900 2329
Munich (Joint Venture)
Berlin (Joint Venture)
Theatinerstr. 42, 80333 München Germany
Torstr. 33, 10119 Berlin, Germany
Tel: +49 89 1490 265-25
Tel: +49 30 60 9889 070
Fax: +49 89 1490 265-13
www.redcapgroup.com
For Information:
James Turino
Hadrien Kulik
Partner, Redwood Capital Group
Associate, Redwood Capital Group
[email protected]
[email protected]
212.508.7108
212.508.7114
Copyright 2014 Redwood Capital Group LLC. Redwood Capital is the marketing name for Redwood
Capital Group and its subsidiaries. All securities transacted through RCG, LLC member FINRA/SIPC,
a wholly-owned subsidiary of Redwood Capital Group. Additional information can be found about
FINRA at www.finra.org and SIPC at www.sipc.org. This report is published solely for informational
purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any
security. The information herein is based on sources we believe to be reliable but is not guaranteed
by us and we assume no liability for its use. Any opinions expressed herein are statements of our
judgment on this date and are subject to change without notice.
www.redcapgroup.com
Page I 39

Business Intelligence - Redwood Capital Group

Transcription

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