Identity Software SECTOR SNAPSHOT: GCA Advisors
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SECTOR SNAPSHOT:
Identity Software
February 2021
OUR GLOBAL INVESTMENT BANKING PLATFORM
Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders
STOCKHOLM
MANCHESTER LEEDS
PARIS FRANKFURT
BIRMINGHAM MUNICH
KYOTO NAGOYA
ZURICH TOKYO
LONDON SHANGHAI
NEW YORK LAUSANNE
MILAN
NEW DELHI OSAKA
TEL AVIV FUKUOKA
SAN FRANCISCO
TAIPEI
MUMBAI
SINGAPORE HO CHI MINH CITY
Global platform:
Sector expertise: Exceptional cross-
25 offices in key Experienced team:
Expansive coverage border capabilities:
markets across Over 500 employees
and deep ~50% of all
America, Asia and across the globe
specialization transactions
Europe
Strong reputation Broad spectrum
and track record: Diversified
of clients:
High number of business model:
Leading
repeat clients and Geographically
conglomerates, top
referrals with 189 balanced, synergistic
private equity firms
deals announced or and complementary
closed in last 12 and emerging high-
focus areas
months growth companies
2
GCA operates as GCA in America and Asia, and GCA Altium in Europe
OUR RECENT SOFTWARE TRANSACTION EXPERIENCE
Deep software sector expertise with demonstrated success advising public and private companies
strategic investment from
acquired by
3
IDIQ CASE STUDY
GCA advises IDIQ on its sale of a majority stake to Corsair Capital
Transaction Overview Select Transaction Commentary
GCA acted as financial advisor to IDIQ on its sale
“With Corsair’s proven sector expertise, significant resources and
of a majority stake to Corsair Capital
relationship-driven approach, we are confident we will be able to
accelerate the growth of our business, further enhance our
On December 15th, IDIQ announced that it had
received a majority investment from Corsair solutions and provide crucial protection and peace of mind to
Capital even more Americans.”
Scott Hermann
IDIQ is a tech-enabled leader in credit report and
CEO,
identity theft monitoring industry IDIQ
The Company provides the most comprehensive
protection services in the rapidly evolving $20
billion consumer identity monitoring market “IDIQ’s innovative solutions address the critical need for credit,
identity and cybersecurity protection, which the global pandemic
As IDIQ’s partner, Corsair will leverage its deep has demonstrated to us is more important than ever, and IDIQ
fintech expertise to accelerate continued has achieved tremendous success growing its tech-enabled
profitable growth and support the company as it product offering.”
grows its customer base and product breadth
Jeremy Schein
through its unique partnership-driven model Partner,
Corsair Capital
Leading Credit Report and Identity Theft Monitoring Solution with a Comprehensive Product Offering
Products Key Features
Credit and identity Identity protection Provides data breach
theft monitoring product featuring preparation and Credit Reporting & Enhanced Credit Dark Web PII & Data Breach
Score Alerts Monitoring Monitoring Monitoring
product FICO® scores allowing management, so
utilizing innovative consumers to stay on customers are ready
and enhanced top of their FICO® to act in the
monitoring Scores and actively unfortunate event of
techniques monitor for changes in a data breach Application Identity Theft Identity Restoration Family Protection
their credit report Monitoring Insurance
4
DIGITAL IDENTITY USE CASES
Digital identity is pivotal to unlocking a wide range of new interactions between consumers, businesses and governments
Plays a key role in providing access to new digital services, streamlining operations, reducing onboarding costs and managing fraud
Commercial providers Asset-based service
Consumers of goods & services Asset owners providers & buyers
Streamlined registration and authentication
Formalized land ownership
Secure digital payments
Facilitated sales and purchases
e-KYC for financial services
Civically minded Governments &
Workers Employers other individuals
individuals
Facilitated talent matching Online voting
Automated background verification Verification of political donations
Efficient payroll services School enrollment
3.2B global individuals
have identities and a digital trail
Micro- Consumers and broad Taxpayers & Public providers of
enterprises range of institutions beneficiaries goods and services
Streamlined e-government services
Formalized business registration
Digital tax filing
High-assurance contracting and transacting
Direct disbursement of government benefits
Notes:
Source: McKinsey (2019). 5PROMISE OF DIGITAL IDENTITY IS NOT WITHOUT RISKS
With momentum in digital identity adoption enterprises are increasingly vulnerable to attacks
Personal identifiable information (“PII”) is digitalization’s Achilles heel
Biometric Identifiers Address
Increased reliance on technology and digitally identifiable
personal information to deliver goods and services produces
Birth Account
numerous outlets susceptible to attack Certificate Number
As consumers continue to shift their financial and retail habits
online, ever growing amounts of personally identifiable
information (PII) have been placed into the hands of businesses
Rapid enterprise migration to the cloud makes consumer data Social Security Medical & Health
increasingly vulnerable across network that is difficult to monitor Plan Info
Proliferation of mobile devices used in business-critical functions
adds additional levels of exposure and creates an ever-growing set
of entry points for hackers to execute major breaches
Geographic Phone Email
Face ID Info
Personal identity has become a critical attack surface for bad actors, who seek out critical applications and data
With an increasingly distributed tech architecture, limited or
single-point solutions are no longer effective as bad actors Cum. Data Breaches Cum. Individuals Impacted (B)
constantly adapt to new methods of hacking 12, 000
8.1 8.5
In 2019 alone, 1,500+ data breaches led to 900+ million
9.0
7.2
individuals being impacted and 15+ billion records being exposed
10, 000
7.0
4.9 7,442
Attackers continue to leverage multiple types of attacks to gain 8,0 00
6,314 5.0
stolen credentials, using this information to wreak havoc on 2.9
4,801
6,0 00
consumers and businesses, with the average data breach costing 3.0
$3.9 million in 2020 4,0 00 0.3 3,520
1.0
1,889
785
2,0 00
-1.0
0 -3.0
(1)
2015A 2016A 2017A 2018A 2019A 2020E
Notes:
Source: IBM (2020), Identity Theft Research Center (2020).
(1) Identity Theft Resource Center estimate as of September 2020. 6PROMISE OF DIGITAL IDENTITY IS NOT WITHOUT RISKS
Rising security threats are driving innovation and consolidation
Verifying and identifying customers throughout their journey remains a top challenge
Identity theft continues to become more complex as hackers Account Takeover
become more sophisticated in finding ways to break barriers Occurs when a malicious third 14%
surrounding confidential data party successfully gains access YoY growth in new
to user account credentials account attack rate in
Synthetic ID theft is as prevalent as ever, accounting for 80 – 85% 1H20
of all identity fraud cases, while YoY bot attack volume increased Bot Attacks
by 13% in 1H20
Use of automated web requests to 442M
KYC processes, meant to combat fraud, are currently failing, as manipulate, defraud, or disrupt an Automated Bot
they do not confirm the individual applying or transacting is the application, API, or end-user Attacks in the U.S. in
legitimate identity owner 1H20
Synthetic ID Theft
To prevent fraud, a multi-layered and risk-based identity solution >$6Bn
Occurs when a fake identity is
is required to differentiate a trusted user from a fraudster and created by mixing real SSNs with Cost of Synthetic ID
combat all types of fraud, beginning with account origination to other pieces of information Fraud to U.S. financial
the transactions that follow institutions in 2019
Multiple protection solutions or capabilities are necessary to implement an effective end-to-end strategy
The identity solution landscape is evolving on both ends of the
ecosystem to meet increasing needs: Proofing Authentication
– There is an increasing convergence among fraud detection,
authentication and proofing, with all three being required
across the customer journey, and vendors offering services
that fall into more than one of these categories
– Data aggregators have been the first to recognize the
sensitivities around having an abundance of digital PII
available and have begun to consolidate by acquiring assets in
the prevention, detection and remediation spaces
– Meanwhile, historical fraud detection providers, which have
historically focused on the moment a customer selects to
“buy” a product, have begun working up the identity
ecosystem by focusing on login process and ATO prevention Fraud Detection
Notes:
Source: LexisNexis Risk Solutions (2020). 7OVERVIEW OF THE END-TO-END IDENTITY SOFTWARE ECOSYSTEM
Identity Theft Protection
Provide software and services to reduce the risk of
ID theft from online or electronic media
Identity Theft Password Personal Identity Self-Sovereign Utilize monitoring software to track unauthorized
Protection Managers Products Identity (SSI) use of credit and other personal information
Fraud Detection
Provide tools to monitor user behavior and
Data – Prevention – Detection – Remediation
transactions in real-time to detect suspicious
User & Entity Fraud Prevention & Regulatory Compliance & Behavioral Biometrics Endpoint Malware
activity and prevent account fraud
Behavior Analytics Risk Management Transaction Monitoring & Bot Detection Detection
Identity Access Management (IAM)
Define and manage the roles and access privileges
of individual network users and the circumstances
Privileged Access Identity Governance Customer Identity & Access
in which users are granted (or denied) those
Identity-as-a-Service privileges
Management & Administration Management (CIAM)
Identity Authentication
Provide recognition technology for a user’s identity
by associating an incoming request with a set of
Multi-factor Mobile Identity &
identifying credentials
SSO Token Access
Authentication Device Management
Identity Proofing
Verify and affirm the true identity of an individual
interacting with an organization for the first time,
Know Your Customer & Identity & Document Identity Background
based on document verification, digital attributes,
Entity Verification Verification Proofing Screening and national identity systems
Data Aggregation
Identity data gathered from multiple sources for
combination into a summary analysis and to
Credit Data Alternative Credit & Master Data &
present a single view of an individual
Scoring Aggregators Financial History Consent Management
8IDENTITY SOFTWARE LANDSCAPE
Proofing Fraud Detection IAM Identity Theft Protection
KYC & Entity Verification User & Entity Behavior Analytics Privileged Access Mgmt. Identity Theft Protection
*
*
* * *
*
* *
Identity & Document Verification
* * *
* Identity-as-a-Service Password Managers
Identity Proofing
* *
Fraud Prevention & Risk Mgmt.
*
* *
* *
Background Screening
* *
* Identity Gov. & Administration Personal Identity Products
*
Reg. Compliance & Txn Monitoring
*
Data Aggregation
*
Credit Scoring
Customer Identity & Access Mgmt. Self-Sovereign Identity
* *
Data Aggregators
*
*
*
*
Identity Resolution
*
* * *
Behavioral Biometrics & Bot Det Authentication
*
Authentication Mobile Identity & Device Mgmt.
Alt. Credit & Financial Identity *
* *
*
*
*
*
Master Data & Consent Mgmt.
* * Endpoint Malware Detection
*
* Indicates acquired / subsidiary
Notes:
Source: Company filings, GCA research, Gartner, One World Identity. 9IDENTITY SOFTWARE M&A TIMELINE
Selected recent transactions
Sep-18: Cisco acquires May-19: Mastercard Mar-20: LexisNexis Dec-20: Corsair Capital
Sep-17: Google acquires Sep-20: STG acquires RSA
Duo Security acquires Ethoca (Fraud acquires Emailage (Fraud acquires a majority stake
Bitium (IAM) Security (Authentication)
(Authentication) Detection) Detection) in IDIQ (Identity Theft)
Mar-17: Mastercard Jul-18: Transunion Feb-19: GB Group Nov-19: FICO acquires Apr-20: Foursquare Dec-20: Intuit acquires
acquires NuData (Fraud acquires Iovation (Fraud acquires Idology EZMCOM acquires Factual Credit Karma (Identity
Detection) Detection) (Proofing) (Authentication) (Authentication) Theft)
Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20
Feb-17: Symantec Feb-18: LexisNexis Jan-20: F5 acquires Ann. Nov-20: Nasdaq
Jan-19: Akamai acquires Sep-19: Visa acquires
acquires Lifelock (Identity acquires ThreatMetrix Shape Security (Fraud acquires Verafin (Fraud
Janrain (IAM) Verifi (Fraud Detection)
Theft) (Fraud Detection) Detection) Detection)
Aug-16: Experian Nov-18: Broadcom Jul-19: Imperva acquires Jan-20: LexisNexis Nov-20: Mastercard
Nov-17: SAP acquires
acquires CSIdentity acquires CA Technologies Distil Networks (Fraud acquires IDAnalytics acquires Finicity
Gigya (IAM)
(Identity Theft) (IAM) Detection) (Proofing) (Proofing)
Notes:
Source: Capital IQ, Pitchbook. 10IDENTITY SOFTWARE PUBLIC COMPANY VALUATION
LTM Share Price Performance
40%
34%
30%
20%
16%
10% 11%
4%
0%
(10%)
(20%)
(30%)
(40%)
Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21
CyberSecurity Data Aggregation Fintech S&P 500
Public Identity Ecosystem
Cyber Security Data Aggregation FinTech
34% 4% 11%
LTM Share Price
Performance
Notes:
Source: Capital IQ as of 2/1/2021. 11IDENTITY SOFTWARE PUBLIC COMPANY VALUATION
EV / 2021E Revenue EV / 2021E EBITDA 2021E Revenue Growth 2021E EBITDA Margin
27.4x 18.0% 46.4%
10.3x
8.7x 36.0%
7.0x 18.2x 17.9x 12.0%
6.6%
13.7%
FinTech Cyber Security Data FinTech Cyber Security Data FinTech Cyber Security Data FinTech Data Cyber Security
Aggregation Aggregation Aggregation Aggregation
Public Identity Ecosystem
Cyber Security Data Aggregation FinTech
8.7x / 18.2x / 12.0% / 13.7% 7.0x / 17.9x / 6.6% / 36.0% 10.3x / 27.4x / 18.0% / 46.4%
2021E Revenue / 2021E EBITDA Multiple / 2021E Revenue Growth / 2021E EBITDA Margin
Notes:
Source: Capital IQ as of 2/1/2021. 12SELECTED PUBLIC COMPANY DETAIL
$MMs, except per share data
Financial Metrics Operating Metrics
Stock Price Equity Enterprise EV / Revenue EV / EBITDA CY Rev. Growth Gross Margin EBITDA Margin
Company 2/1/2021 Value Value CY 20E CY 21E CY 20E CY 21E 20E/19A 21E/20E CY 20E CY 21E CY 20E CY 21E
Cyber Security
Okta, Inc. $266.37 $34,486 $33,903 41.3x 31.6x NM NM NA 31% 78% 78% 3% 3%
Splunk Inc. $171.63 $27,756 $28,424 13.1x 10.9x NM NM 20% 21% 79% 78% (4%) 4%
Akamai Technologies, Inc. $111.65 $18,176 $18,331 5.8x 5.4x 13.2x 12.4x 17% 7% 64% 66% 44% 44%
NICE Ltd. $267.20 $16,762 $16,231 9.8x 9.0x 29.4x 27.0x 14% 10% 71% 71% 33% 33%
NortonLifeLock Inc. $21.44 $12,690 $15,165 6.1x 5.9x 11.2x 10.4x NA 3% NA NA 55% 57%
Proofpoint, Inc. $130.62 $7,538 $7,362 7.1x 6.2x 39.9x 38.0x 46% 14% 80% 80% 18% 16%
Micro Focus International plc $5.69 $1,905 $6,312 2.1x 2.2x 5.6x 5.9x (5%) (4%) NA NA 38% 38%
CyberArk Software Ltd. $163.68 $6,340 $5,716 12.7x 11.8x NM NM 31% 8% 85% 84% 20% 13%
SailPoint Technologies Holdings, Inc. $57.20 $5,200 $5,077 14.2x 12.7x NM NM 43% 12% 81% 80% 12% 8%
Rapid7, Inc. $89.49 $4,639 $4,768 11.7x 9.8x NM NM 67% 19% 74% 75% 4% 6%
Ping Identity Holding Corp. $30.83 $2,501 $2,497 10.0x 8.7x NM NM 24% 15% 81% 80% 13% 14%
OneSpan Inc. $23.37 $947 $849 4.1x 3.8x NM 40.7x (3%) 10% 70% 72% 5% 9%
Mitek Systems, Inc. $16.83 $718 $653 6.2x 5.5x 23.8x 18.2x 52% 14% 86% NA 26% 30%
Mean 11.1x 9.5x 20.5x 21.8x 28% 12% 77% 76% 20% 21%
Median 9.8x 8.7x 18.5x 18.2x 24% 12% 79% 78% 18% 14%
Data Aggregation
RELX PLC $25.23 $48,582 $57,700 5.9x 5.5x 17.6x 15.4x 2% 7% 64% 64% 34% 36%
Experian plc $36.10 $32,975 $36,549 7.1x 6.5x 20.9x 19.7x 7% 9% NA NA 34% 33%
Equifax Inc. $180.31 $21,933 $24,775 6.1x 5.7x 17.0x 16.9x 20% 7% 58% 59% 36% 34%
TransUnion $90.83 $17,285 $20,342 7.5x 7.0x 19.6x 17.9x 17% 7% 67% 67% 38% 39%
Fair Isaac Corporation $451.98 $13,214 $14,009 10.7x 10.4x 34.9x 27.0x 27% 3% 72% NA 31% 38%
Dun & Bradstreet Holdings, Inc. $24.55 $10,534 $13,575 7.8x 7.3x 18.9x 17.3x 1% 7% 69% 71% 41% 42%
CoreLogic, Inc. $76.18 $5,925 $7,315 4.3x 4.5x 11.5x 11.8x (5%) (3%) 59% 63% 38% 38%
GB Group plc $11.84 $2,324 $2,331 8.5x 8.0x 35.3x 33.4x NA NA NA NA 24% 24%
GlobalData Plc $17.64 $2,081 $2,186 8.8x 8.4x 30.5x 27.5x 23% 6% 41% 42% 29% 30%
Mean 7.4x 7.0x 22.9x 20.8x 12% 5% 62% 61% 34% 35%
Median 7.5x 7.0x 19.6x 17.9x 12% 7% 64% 64% 34% 36%
FinTech
Visa Inc. $198.36 $423,950 $426,803 19.9x 17.7x 29.0x 25.4x 1% 12% 97% NA 69% 70%
Mastercard Incorporated $321.56 $320,098 $322,174 21.1x 17.8x 36.9x 29.9x 2% 18% 100% 67% 57% 60%
PayPal Holdings, Inc. $241.85 $283,374 $275,447 12.9x 10.9x 44.7x 37.4x 39% 18% 55% 54% 29% 29%
Intuit Inc. $373.58 $103,125 $99,938 12.4x 10.3x 32.0x 29.5x 28% 20% NA NA 39% 35%
Fidelity National Information Services, Inc. $129.23 $80,188 $97,824 7.8x 7.2x 18.5x 15.9x 50% 8% 34% 37% 42% 45%
American Express Company $117.03 $94,233 $84,233 3.1x 2.1x NA NA (13%) 45% 81% 10% NA NA
Global Payments Inc. $182.91 $54,752 $62,316 9.2x 8.2x 20.2x 17.1x 102% 12% 68% 68% 45% 48%
Mean 12.3x 10.6x 30.2x 25.9x 30% 19% 72% 47% 47% 48%
Median 12.4x 10.3x 30.5x 27.4x 28% 18% 74% 54% 44% 46%
Notes:
Source: Capital IQ as of 2/1/2021. 13SELECTED M&A ACTIVITY
Announced Enterprise EV / LTM EV / NTM
Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description
Jan-21 $640 NA NA NA NA Kount Inc. develops diversified fraud prevention solutions.
Avira Holding GmbH provides information technology-security protection solutions
Dec-20 $359 NA NA NA NA to computers, smartphones, servers and networks through software and cloud-based
services.
Verafin Inc. develops cloud based enterprise fraud detection and anti-money
Nov-20 $2,750 NA NA NA NA
laundering software solutions for financial institutions in North America.
Tapad, Inc. provides marketing technology solutions that enables users to project
Nov-20 $280 NA NA NA NA
known data about their customers onto new prospectsi via predictive modeling.
Symphonic Software Ltd develops access and authorization management software
Nov-20 $32 NA NA NA NA platform to safeguard sensitive information for cross-sector multi-dimensional
organizations.
Preempt Security, Inc. develops a software platform that protects organizations by
Sep-20 $96 NA NA NA NA
eliminating insider threats and security breaches.
Finicity Corporation provides personal financial management and consumer financial
Jun-20 $985 NA NA NA NA
wellness platform solutions.
IDaptive, LLC develops next-gen access platform that secures access to applications
May-20 $70 NA NA NA NA and endpoints by verifying every user, validating their devices, and intelligently
limiting their access.
Risk Management division of Arvato Financial Solutions comprises risk management
May-20 $338 NA NA NA NA
and fraud detection solutions.
DivvyCloud Corporation develops a software that allows enterprise customers to
Apr-20 $148 23.2x NM NA NA
automate security, compliance, and governance risks.
Merkle Inc. operates as a marketing agency. Its services include performance media,
Mar-20 $32,413 NA NA NA NA enterprise technology, customer relationship management, analytics, digital and
user experience, B2B marketing solutions, and others.
Credit Karma, Inc. provides credit scoring, reporting, and monitoring services online,
Feb-20 $7,828 7.8x NA NA NA as well as on iOS and Android platforms to consumers for optimizing their credit and
personal finances.
RSA Security LLC develops and provides intelligence driven security solutions
Feb-20 $2,075 NA NA NA NA including threat detection and response, SIEM, threat defense, log mintoring,
network traffic analysis and forensics and other applications.
Simeio Solutions, LLC develops enterprise identity and access management (IAM)
Feb-20 $240 NA NA NA NA
solutions.
Emailage Corp. develops and delivers fraud prevention and core risk detection
Feb-20 $480 NA NA NA NA
solutions that assess digital entity risks for various industries.
Regulatory DataCorp, Inc. provides governance, risk, and compliance solutions to
Jan-20 $696 NA NA NA NA
Fortune 100 companies across a range of industries.
Notes:
Source: Capital IQ and Pitchbook. 14SELECTED M&A ACTIVITY (CONT’D)
Announced Enterprise EV / LTM EV / NTM
Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description
ID Analytics, LLC develops consumer risk management software solutions including
Jan-20 $375 7.8x NA NA NA authentication and verification, account management, compliance and identity
verification solutions.
Shape Security, Inc. develops and provides cyber security solutions to defend web
Dec-19 $1,028 17.1x NA NA NA
and mobile applications from malicious automated cyber-attacks.
Ubusha Technologies Pty Limited provides identity management, management
Dec-19 $360 NA NA NA NA services framework implementation, and IT rollout planning services to the local and
international corporate market.
ObserveIT LTD. provides insider threat management software solutions that detect,
Nov-19 $217 NA NA NA NA
investigate and prevent threats.
OverWatch ID, Inc. develops converged identity security solutions for cloud
Oct-19 $21 NA NA NA NA applications, cloud computing, and hybrid IT environments, and on-premise
infrastructures.
Refinitiv US Holdings Inc. develops data, analytics, trading, and risk assessment tools
Aug-19 $28,940 NA NA NA NA
to provide information, insights, and technology for the global financial markets.
Total System Services, Inc. provides payment processing, merchant and related
May-19 $26,216 6.4x 21.8x 6.4x 17.5x
payment services to financial and nonfinancial institutions.
Interset Inc. is an enterprise threat detection company which provides behavioral-
Feb-19 $90 NA NA NA NA centric security solutions focused on protecting sensitive data such as intellectual
property, trade secrets and classified files.
IDology, Inc. develops digital identity verification and authentication solutions to
Feb-19 $302 7.9x 18.5x NA NA validate personal information, evaluate risk and analyze email addresses to detect
threats.
Jan-19 $121 NA NA NA NA Janrain, Inc. develops customer identity and access management (CIAM) solutions.
Compuscan Information Technologies (Pty) Ltd. operates as a credit bureau and
Dec-18 $3,720 NA NA NA NA
information services provider that collects, provides, and protects data.
Intersections Inc. provides identity risk management and privacy protection services
Oct-18 $115 0.7x 20.6x NA NA
in the United States and Canada.
Vix Verify Global Pty Ltd offers identity verification and location intelligence
Oct-18 $38 1.7x NA NA NA
software.
Imperva, Inc. develops, markets, sells, and supports cyber security solutions to
Oct-18 $1,815 5.2x NM 5.0x 46.1x
protect business critical data and applications in the cloud or on premises worldwide.
InfoArmor, Inc. develops data security software for businesses including employee
Aug-18 $525 NA NA NA NA identity protection services, fraud detection and monitoring capabilities to detect,
intercept and restore misuse of personal information.
Dun & Bradstreet Holdings, Inc. provides business decisioning data and analytics in
Aug-18 $6,675 3.7x 12.5x 3.8x 12.6x
North America and internationally.
Notes:
Source: Capital IQ and Pitchbook. 15SELECTED M&A ACTIVITY (CONT’D)
Announced Enterprise EV / LTM EV / NTM
Date Acquirer Target Value Revenue EBITDA Revenue EBITDA Target Description
Duo Security, Inc. provides unified access security and multi-factor authentication
Aug-18 $2,350 NA NA NA NA
solutions for customers worldwide.
CA Technologies develops enterprise IT software designed to eliminate the barriers
Jul-18 $18,448 4.4x 14.7x 4.3x 11.3x between ideas and business outcomes including mainframe solutions, enterprise
solutions, and affiliated services.
LiveRamp provides data, technology, and services to power customer experiences.
Jul-18 $2,300 3.5x NA NA NA The Company enables people-based marketing to connect systems and data that
drives seamless customer experiences and higher ROI.
Simility, Inc. provides real-time risk and fraud detection solutions in the areas of
Jun-18 $124 NA NA NA NA account takeover fraud, new accound fraud, wire fraud, anti-money laundering,
mobile remote check deposit fraud and trade surveillance.
Callcredit provides consumer information management and direct marketing
Apr-18 $1,000 NA NA NA NA services to businesses to assess credit risk and affordibility, fraud and ID collection
and recoveries.
Refinitiv US Holdings Inc. develops data, analytics, trading, and risk assessment tools
Jan-18 $31,455 5.1x 16.4x NA NA
to provide information, insights, and technology for the global financial markets.
ThreatMetrix Inc. provides context-based business security and fraud prevention
Jan-18 $830 NA NA NA NA
solutions for businesses in various industries worldwide.
Gemalto N.V. provides digital security products and services worldwide. The
Dec-17 $5,388 1.8x 11.1x 1.5x 9.7x company operates through two segments, Identity, IoT & Cybersecurity; and
Smartcards & Issuance.
Notes:
Source: Capital IQ and Pitchbook. 16GCA is a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm
offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a
firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks.
www.gcaglobal.com
Chris Gough Saif Malik
Managing Director Director
Phone: (415) 318-3658 Phone: (212) 537-4533
cgough@gcaglobal.com smalik@gcaglobal.com
This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-
party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of
the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or
any other decision.
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