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Morgan Keegan & Company, Inc. | Member FINRA, SIPC | A Regions Company Not FDIC Insured | May Lose Value | No Bank Guarantee | Not a Deposit | Not Insured by Any Government Agency
October 2011
strategic advisory and capital raising services for middle market technology companies
Over 60 dedicated technology banking professionals located in 4 key centers of
M&A Advisory
Sellside Buyside Fairness Opinions
Select Recent Transaction Experience:
Public Equity
IPOs Follow-on Offerings Equity Research
Select Recent Transaction Experience:
$80,000,000
May 2011 May 2011 In Registration
$230,000,000
In Registration
$50,600,000
April 2011
September 2011
September 2011
July 2011
August 2011
Majority Investment by
$99,000,625
July 2011 July 2011 April 2011 January 2011 October 2010 August 2010 February 2011
$94,875,000
February 2011
$121,000,000
March 2010
Table of Contents
Executive Summary........4 Technology Public Market Performance...6 Technology Public Equity Update................................12 Technology Venture Capital and Private Equity Update.........23 Technology M&A Update......................................32 Appendix.....................................44
Executive Summary Major indices experienced significant volatility in Q311 following a relatively flat Q211
For the quarter, NASDAQ was down 14.2%, S&P 500 down 15.5% and DJIA down
13.3%
For the LTM period, NASDAQ was up 1.9%, S&P 500 down 1.3% and DJIA up 0.8%
Technology IPO volume slowed along with the overall market in Q311
4 technology IPOs priced accounting for 20% of all IPOs in Q31 Overall in the LTM period, technology IPOs have traded down 26.9% in the
aftermarket
Q311 technology M&A dollar volume was the highest it has been since Q108 at $48.8B
Technology consolidators have maintained strong cash levels and announced several
Q3 2011
5%
0%
15%
(5%)
10%
(10%)
5%
(14.2%)
(15%)
(15.5%)
(1.3%)
(20%) 7/1/2011
NASDAQ
7/25/2011
S&P 500
8/15/2011
9/6/2011
9/27/2011
DJIA
Source: Capital IQ
$32.2
($ in Billions)
$72.3 billion flowed into the equity market in the last 12 months, compared to $8.1 billion in outflows during prior year period
$0.6
$(1.1) $(7.7) $(9.4) Oct. Nov. Dec. Jan. '11 Feb. Mar. Apr. May Jun. Jul. $(8.4) Aug.
$(2.9)
$(10.0) $(15.0)
Sep.
Month Ended
Source: Dealogic
Q3 2011
Q3 2011 Returns DJIA (13.3%) NASDAQ (14.2%) S&P 500 (15.5%)
10%
30%
5%
20%
0%
-5%
10%
8.2% 6.6% 3.9% 3.2% 0.5% (1.4%) (2.6%)
-10%
0%
-15%
-10%
-20%
(19.7)% (23.0%) (23.5%) (22.2%)
-20%
-25%
-30%
2/22/11
5/5/11
7/16/11
Infra. Software
9/26/11
7/1/11
7/16/11
IT Services
7/31/11
8/15/11
8/30/11
9/14/11
9/29/11
Comm. Equipment
Internet/Digital Media
Security
Semiconductors
Storage
2011E
25.8%
2012E
17.4%
10.3% 8.0%
9.9% 6.1%
2012E
23.7%
28.5%
119.4% 121.2% 88.9% 72.4% 60.0% 37.1% 13.8% 42.4%
App. Software
Comm. Equipment
Infra. Software
Internet/Digital Media
IT Services
Security
Semiconductors
Storage
Source: Capital IQ; EPS normalized; growth rates reflect sector medians
2011E
.
2012E
App. Sof t.
Comm. Equip.
Internet
IT Serv ices
Security
Semis
Storage
EBITDA(1)
9.0x 8.6x 6.5x 5.1x 8.7x 7.4x 8.5x 7.6x 7.0x 7.6x 6.5x 7.1x 6.6x 6.0x
5.5x
5.1x
2011E
.
2012E
App. Sof t.
Comm. Equip.
Internet
IT Serv ices
Security
Semis
Storage
P/E
18.5x 15.6x 13.5x 12.2x 11.1x 15.7x 12.5x 15.1x 13.5x 12.0x 11.5x 11.9x 10.2x 10.0x 18.3x 15.8x
2011E
.
2012E
App. Sof t.
Comm. Equip.
Internet
IT Serv ices
Security
Semis
Storage
(1) Valuation multiple calculated by dividing enterprise value by median operating metric Source: Capital IQ
10
2010 47 $156 9% 8%
$159
$569
$866
NA
$145 17% NA NA
$100 NA NA NA
12
1 of the 4 IPOs in Q311 were ADRs, compared to 6 of 23 total IPOs in Q211 The Technology sector accounted for 20% of all IPOs in Q311
49 Technology IPOs have priced in the last twelve months raising approximately $10 billion Of the 49 Technology IPOs that priced in the last twelve months, 20 priced above their initial filing range, 22 were in the range and 7 priced below the range
Nov (2) Dec (8) Apr (4) Oct (1) Jan'11 (4) Aug (2) Jun (6) Jul (2) May (13) Sept (0) Feb (3) Mar (4)
In Range
Below Range
Above Range
Tech IPOs priced in the last twelve months have traded down 26.9% in the aftermarket
The overall IPO backlog stands at 140 transactions, with companies expecting to raise $28.3 billion The technology sector accounts for 25% of the dollar volume of the IPO backlog The technology sector has the third most transactions in the IPO backlog with 35
Consumer 6%
Professional Services 2%
Transportation 3%
13
25
$7.0
23
$6.3 $6.0
20 17 15 12 10 7 11 11
$2.5 $1.6
$1.0
0 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11
$0.0 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11
Source: Dealogic
14
08/16/11 Tudou Holdings 08/10/11 Carbonite 07/26/11 Tangoe 07/19/11 Zillow 06/28/11 HomeAway 06/23/11 KiOR 06/16/11 Bankrate 06/14/11 Pandora Media 06/08/11 Fusion-io 06/08/11 Taomee 05/26/11 Solazyme 05/25/11 Freescale Semiconductor 05/24/11 The Active Network 05/23/11 Yandex 05/18/11 LinkedIn 05/11/11 Phoenix New Media 05/10/11 Jiayuan.com International 05/10/11 FriendFinder Networks 05/04/11 Thermon Group 05/04/11 NetQin Mobile 05/04/11 Renren 05/03/11 Boingo Wireless 05/03/11 RPX 04/20/11 Responsys 04/20/11 21Vianet Group 04/14/11 Ellie Mae 04/13/11 Zipcar 03/29/11 Qihoo 360 03/24/11 ServiceSource 03/16/11 Cornerstone OnDemand 03/10/11 MagnaChip Semiconductor
Notes: Recent IPOs include ADR transactions and dollar volumes include over-allotment Source: Dealogic
15
02/02/11 NeoPhotonics 02/02/11 Epocrates 02/02/11 Trunkbow International 01/27/11 InterXion Holding 01/27/11 BCD Semiconductor 01/27/11 Velti 01/25/11 Demand Media 12/15/10 GAIN Capital Holdings 12/14/10 FleetCor Technologies 12/13/10 iSoftstone 12/09/10 Sky-mobi 12/08/10 SemiLEDs Corp 12/08/10 Youku.com 12/07/10 E-Commerce China Dangdang 12/02/10 FXCM 11/12/10 Inphi Corporation 11/10/10 RDA Microelectronics 10/18/10 Netspend Min. Max. Mean Median
Notes: Recent IPOs include ADR transactions and dollar volumes include over-allotment Source: Dealogic
16
(2.0%) (2.6%) (4.0%) (4.6%) (6.0%) (5.7%) (6.5%) (8.0%) (7.7%) (5.4%) (5.7%) (2.4%)
The median discount from file-to-offer for Technology follow-ons in Q32011 was 7.9%, down compared to the discount for all followons in Q22011 of 9.9%
Technology follow-ons priced in the LTM
(10.0%) (11.2%) Oct. Nov. Dec. Jan.'11 Feb. Mar. Apr. May (10.8%) Jun. Jul. Aug. (10.8%) Sept.
priced in the last twelve months, 15% are currently trading above their offer price
(12.0%)
The follow-on backlog stands at 20 transactions, with companies expecting to raise approximately $1.2 billion Technology and Media/Telecom account for 5% of the dollar volume of the follow-on backlog
Professional Services 6%
17
13 10
$2.0
7 6
$1.7
$1.8 $1.4
$1.0 $0.4 $0.0 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 $0.3
Source: Dealogic
18
Offer Price $31.75 0.40 9.50 2.00 19.20 4.00 4.00 17.89 10.07 17.72 33.95 15.05 3.86 2.42 2.55 13.68 27.75 7.25 57.60 3.30 2.22 41.29 17.16 2.24 17.13 8.50 28.70 6.00 20.90 37.75 30.00
% Change File to Offer (10.8%) (25.4%) (10.6%) 0.0% (5.2%) (2.4%) (37.5%) (14.8%) (5.7%) (6.9%) (3.0%) (3.0%) (22.3%) (15.1%) (13.3%) (8.6%) (6.8%) (5.7%) (16.4%) (15.2%) (18.9%) 1.7% (6.8%) 0.0% (12.4%) 10.5% (11.2%) (23.3%) (18.4%) (8.3%) 8.0%
% Change Last Trade to Offer (10.8%) (25.4%) (10.6%) 0.0% (5.2%) (2.4%) (37.5%) (14.8%) (5.7%) (6.9%) (3.0%) (3.0%) (22.3%) (15.1%) (13.3%) (8.6%) (6.8%) (5.7%) (16.4%) (15.2%) (18.9%) 1.7% (6.8%) 0.0% (12.4%) 10.5% (11.2%) (23.3%) (18.4%) (8.3%) 8.0%
Closing Price 1-Day $32.17 0.45 9.95 2.19 19.47 4.38 2.48 15.73 9.69 0.10 33.79 14.59 3.32 2.40 2.35 12.43 32.87 7.25 47.75 3.06 1.97 41.45 16.86 2.44 15.02 9.92 28.47 6.12 21.01 37.55 29.97 Current 31.22 0.32 8.40 1.97 14.29 2.56 1.86 6.61 9.60 16.29 32.77 7.15 2.46 1.82 1.99 9.68 15.64 $4.38 16.36 2.35 1.17 23.50 7.82 2.10 14.95 4.85 7.51 3.44 8.77 16.18 14.12
% Change Offer to 1-Day 1.3% 12.5% 4.7% 9.5% 1.4% 9.5% (38.0%) (12.1%) (3.8%) (99.5%) (0.5%) (3.1%) (14.0%) (0.8%) (7.8%) (9.1%) 18.5% 0.0% (17.1%) (7.3%) (11.3%) 0.4% (1.7%) 8.9% (12.3%) 16.7% (0.8%) 2.0% 0.5% (0.5%) (0.1%) Current (1.7%) (20.0%) (11.6%) (1.5%) (25.6%) (36.0%) (53.5%) (63.1%) (4.7%) (8.1%) (3.5%) (52.5%) (36.3%) (24.8%) (22.0%) (29.2%) (43.6%) (39.6%) (71.6%) (28.8%) (47.3%) (43.1%) (54.4%) (6.3%) (12.7%) (42.9%) (73.8%) (42.7%) (58.0%) (57.1%) (52.9%)
$109.5 13.0 35.0 10.9 134.4 41.4 21.3 172.4 28.8 19.9 848.8 102.2 38.6 22.6 20.0 96.3 95.7 51.7 593.1 17.4 14.1 182.7 128.0 9.4 276.0 99.7 219.9 121.1 81.6 377.0 1,032.9
Notes: Recent FOs include ADR transactions and dollar volumes include over-allotment Source: Dealogic
19
Offer Price $14.25 31.50 23.50 46.00 44.00 5.75 28.50 32.50 1.97 7.10 16.00 35.50 33.15 14.25 36.25 17.75 13.25 17.60 3.00 12.40 27.75 4.25 2.05 35.00 1.48 28.75 26.00 22.00
% Change File to Offer (5.3%) (6.1%) (4.5%) (1.6%) (3.7%) (12.6%) (9.6%) (4.4%) (5.3%) (8.6%) (3.9%) (7.9%) 2.3% (7.8%) (4.2%) (5.4%) (5.4%) (12.6%) (4.2%) (4.8%) (4.3%) (13.6%) (12.4%) 54.7% 0.0% 10.7% (5.4%) (12.2%)
% Change Last Trade to Offer (5.3%) (6.1%) (4.5%) (1.6%) (3.7%) (12.6%) (9.6%) (4.4%) (5.3%) (8.6%) (3.9%) (7.9%) 2.3% (7.8%) (4.2%) (5.4%) (5.4%) (12.6%) (4.2%) (4.8%) (4.3%) (13.6%) (12.4%) 54.7% 0.0% 10.7% (5.4%) (12.2%)
Closing Price 1-Day $14.52 32.22 26.05 50.31 22.33 6.48 29.00 32.46 2.07 6.95 15.89 38.33 33.29 14.86 36.80 19.15 14.05 19.01 3.10 12.28 27.76 4.45 2.24 35.63 1.58 28.98 28.71 22.66 Current $14.94 35.99 21.23 47.94 13.99 6.80 18.70 32.77 1.00 2.36 9.11 34.87 26.46 7.82 20.02 11.50 6.72 14.29 1.50 3.12 32.77 2.42 2.11 26.29 1.00 17.54 8.79 30.35
% Change Offer to 1-Day 1.9% 2.3% 10.9% 9.4% (49.3%) 12.7% 1.8% (0.1%) 5.1% (2.1%) (0.7%) 8.0% 0.4% 4.3% 1.5% 7.9% 6.0% 8.0% 3.3% (1.0%) 0.0% 4.7% 9.3% 1.8% 6.8% 0.8% 10.4% 3.0% Current 4.8% 14.3% (9.7%) 4.2% (68.2%) 18.3% (34.4%) 0.8% (49.2%) (66.8%) (43.1%) (1.8%) (20.2%) (45.1%) (44.8%) (35.2%) (49.3%) (18.8%) (50.0%) (74.8%) 18.1% (43.1%) 2.9% (24.9%) (32.4%) (39.0%) (66.2%) 38.0%
$67.2 157.5 152.8 230.0 89.8 21.3 236.3 812.5 2.4 81.7 383.2 284.0 663.0 99.8 103.2 86.1 64.8 193.6 15.7 148.8 693.8 17.0 17.3 80.5 4.0 103.5 130.0 134.1
Notes: Recent FOs include ADR transactions and dollar volumes include over-allotment Source: Dealogic
20
Offer Price $11.00 19.50 10.75 61.00 25.35 20.00 27.75 25.75 23.00 12.25 12.00 25.40 17.95 1.05 26.00 35.50 4.15 24.10 47.50 8.25 17.00 3.90 10.20 $0.40 $61.00 $18.86 $17.38
% Change File to Offer (21.2%) 8.9% (4.8%) 13.0% (5.6%) (2.6%) 0.3% (1.2%) 15.9% (14.0%) 0.0% (6.5%) (1.4%) (11.8%) (1.9%) (4.7%) (9.0%) 3.3% (10.5%) (9.7%) (11.2%) (6.3%) (5.1%) (37.5%) 54.7% (6.0%) (5.6%)
% Change Last Trade to Offer (21.2%) 8.9% (4.8%) 13.0% (5.6%) (2.6%) 0.3% (1.2%) 15.9% (14.0%) 0.0% (6.5%) (1.4%) (11.8%) (1.9%) (4.7%) (9.0%) 3.3% (10.5%) (9.7%) (11.2%) (6.3%) (5.1%) (37.5%) 54.7% (6.0%) (5.6%)
Closing Price 1-Day $12.75 21.39 13.33 54.61 24.86 19.60 28.29 28.50 23.35 12.95 12.08 25.95 18.35 1.03 26.50 35.48 3.98 24.20 50.96 9.07 18.34 4.33 10.47 $0.10 $54.61 $18.64 $16.38 Current 2.68 7.82 31.32 32.77 7.51 9.35 20.45 21.63 16.29 8.40 24.91 18.02 0.86 23.50 3.93 0.75 26.46 43.19 7.90 12.22 0.95 6.72 2.68 $0.32 $47.94 $13.16 $8.95
% Change Offer to 1-Day 15.9% 9.7% 24.0% (10.5%) (1.9%) (2.0%) 1.9% 10.7% 1.5% 5.7% 0.7% 2.2% 2.2% (1.9%) 1.9% (0.1%) (4.1%) 0.4% 7.3% 9.9% 7.9% 11.0% 2.6% (99.5%) 24.0% 0.1% 1.6% Current (86.3%) (27.3%) (48.7%) 29.3% (62.5%) (66.3%) (20.6%) (6.0%) 33.0% (30.0%) (1.9%) 0.4% (18.1%) (9.6%) (88.9%) (81.9%) 9.8% (9.1%) (4.2%) (28.1%) (75.6%) (34.1%) (86.3%) (88.9%) 38.0% (29.8%) (31.2%)
$110.0 160.6 129.0 260.4 633.8 200.0 249.4 266.5 264.5 35.2 96.0 108.2 224.4 5.8 98.7 163.3 21.8 482.0 124.0 21.5 114.8 35.1 23.5 $2.4 $1,032.9 $169.7 $103.3
Notes: Recent FOs include ADR transactions and dollar volumes include over-allotment Source: Dealogic
21
90 80
60 50
Capital commitments dropped in Q311 to $1.7B, a 41% decrease compared to the previous quarter
30 20
0 Q1'10
Number of Funds
Q4'10
Q3'11
$300 $235
$99 $351 $100 $94 $1,131 $2,390 $196 $53 $759 $1,091 Q3'10
South
$2,095 $1,195
$2,279
$2,138
Q4'10
Northeast
Q1'11
West
Q2'11
Source: Thomson Reuters; commitment data includes VC funds located in the U.S. only
23
1,200
800
690 VC investments were completed in Q311, down 30% from 982 deals in Q211
Funds invested were $6.4B in
400
$573 $278 $181 $233 $589 $226 $846 $1,924 $161 $730 $429 $660 $1,304 $2,244 $2,049 $1,372 $262 $807 $2,160 $1,615 $1,358 $131 $425 $145 $738 $167 $795 $169 $968 $1,022 $149 $903 $1,577 $723 $211 $1,054
$2,231
$1,870
$1,780
$2,150
$2,372
$2,916
$2,765
Q3'11
24
50 Largest Technology VC Investments in the Last Twelve Months 14 of the 50 largest VC investments in the last twelve months occurred in Q311
Company Date of Last Funding 01/02/11 Sector Business Description Investors Total Invested $1,500M
Groupon
12/17/10
Battery Ventures, Greylock Partners, Kleiner Perkins, T. Rowe Price, TCV, Fidelity Investments, Maverick Capital, Morgan 950M Stanley, Andreessen Horowitz, DST Global Kleiner, Perkins, Caufield & Byers, T. Rowe Price, Lowercase Capital, DST Global 800M
07/05/11
Zfere Holdings
09/12/11
Provider of technologies for social Equity Partners Fund SPC, Funchal Equity Partners Fund, media, social commerce, marketing, and Zigong Commercial Equity Partners Fund mobile payment systems Operates as a social discovery and cataloging network Institutional Venture Partners, T. Rowe Price, Lightspeed Venture Partners, Amazon.com Fidelity Investments, Kleiner, Perkins, Caufield & Byers, Morgan Stanley
682M
LivingSocial.com
04/04/11
565M
Zynga
02/17/11
490M
Attachmate
01/03/11
Application Software
Provider of software solutions for Francisco Partners, Golden Gate Capital, Elliott Management, terminal emulation, legacy Thoma Bravo modernization and managed file transfer Provider of an online files sharing service Provider of mobile satellite communication services Index Ventures, Goldman Sachs Group, Securities Investments
425M
Dropbox
07/12/11
300M
LightSquared
07/05/11
Comm. Equipment
Undisclosed
265M
Coupons.com
06/09/11
Undisclosed
200M
25
Adknowledge
12/23/10
Internet Services
Operates as a performance-based advertising network Provider of data and price reports for cars Operates as a social discovery and cataloging network Operates as an online retailer of home and office goods Operates as an online community that provides its members with access to fashion and luxury lifestyle brands Provider of on-demand event management and web survey software Provider of the PI Systems to manage assets, mitigate risks, and identify new market opportunities Provider of a Web-based tool that manages the everyday details of business and personal life Provider of monocrystalline silicon solar cells and modules
200M
TrueCar
09/07/11
200M
LivingSocial.com
12/02/10
183M
Wayfair
06/20/11
165M
Gilt Groupe
04/15/11
138M
Cvent
07/15/11
Application Software
136M
OSIsoft
01/05/11
Application Software
135M
Rearden Commerce
09/21/11
133M
Suniva
03/31/11
Clean Tech
115M
Airbnb
05/30/11
Provider of an online marketplace that Andreessen Horowitz, DST Global allows users to rent out their extra space Provider of thin-film photovoltaic solar modules and panels for utility-scale commercial installations Provider of programmable logic devices for programmable logic, memory, and signal processing applications Technology Partners, The Invus Group, DCM, Bohemian Companies, BP Alternative Energy Ventures Benchmark Capital, Greylock Partners, Integral Capital Partners, New Enterprise Associates, CrossLink Capital, DAG Ventures, Balderton Capital
112M
Abound Solar
12/09/10
Clean Tech
112M
Tabula
03/27/11
Semiconductors
108M
26
04/04/11
IT Services
105M
Trilliant
12/20/10
Clean Tech
100M
Square
06/07/11
100M
Zfere Holdings
07/18/11
Provider of technologies for social media, social commerce, marketing, and Equity Partners Fund SPC mobile payment systems Operates coupons and deals websites Austin Ventures, Adams Street Partners, Norwest Venture Partners Canaan Partners, Redpoint Ventures, Intel Capital, Pinnacle Ventures, Performance Equity Management, Google Ventures, SK Telecom Ventures Greylock Partners, Insight Venture Partners, Sequoia Capital, Union Square Ventures, Spark Capital, The Chernin Group SK Holdings Silver Lake Partners, Accel-KKR, JGE Capital Management, Invus Financial Advisors, Tola Capital Lurie Investment Fund
100M
WhaleShark Media
11/24/10
90M
Kabam
05/26/11
Provider of games for social networks Provider of a platform to share and post text, photos, quotes, links, music, and videos Manufactures thin-film solar modules for commercial rooftop and utility markets Provider of a data analytics platform Provider of nanometer-scale structures and applications for life science and semiconductor industries Provider of LED lighting technologies and solutions Provider of access to music library where content owners are paid per-play
86M
Tumblr
08/25/11
85M
HelioVolt
09/09/11
Clean Tech
85M
Opera Solutions
09/14/11
Application Software
84M
NanoInk
10/08/10
Semiconductors
80M
BridgeLux
01/27/11
Clean Tech
VantagePoint Venture Partners, DCM News Corp., InterTrust Technologies, Allen & Company, Wellcome Trust
79M
Beyond Oblivion
03/07/11
77M
27
SoloPower
12/17/10
Clean Tech
72M
08/23/11 04/28/11
Undisclosed Institutional Venture Partners, Kleiner, Perkins, Caufield & Byers Spectrum Equity Investors
68M 66M
Pictometry International
05/04/11
Application Software
63M
Undisclosed August Capital, Mayfield Fund, Microsoft Birchmere Ventures, JVP, Sprout Group
Gazillion Entertainment
11/05/10
Temasek Holdings Goldman Sachs, Kleiner, Perkins, Caufield & Byers, Passport Capital, Energy Capital Group Battery Ventures, Cardinal Equity Partners International Finance Corporation, Capricorn Investment Group, Tsing Capital
60M
NEOS GeoSolutions
01/18/11
Application Software
60M
Provider of a site to review and hire local T. Rowe Price Group professionals Provider of home monitoring solutions for residential and small-business applications Charles River Ventures, Kleiner, Perkins, Caufield & Byers, Comcast Ventures, Tyco International, Rogers Communications, Intel Capital, Cisco Systems
iControl Networks
03/25/11
Clean Tech
54M
28
Dollar Volume of All Domestic Technology PIPEs Quarterly Statistics Last 8 Quarters
($ in Millions)
$500.0 $450.0 $400.0 $350.0 $300.0 $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 $20.9 $68.0 $283.9 $391.3 $350.9 $387.4
$52.3 $12.7
Source: PlacementTracker
29
Issuer Name
Ticker
Offer Price
Closing Price 1-Day $3.26 0.81 0.38 2.10 2.01 Current $1.02 4.75 2.24 2.74 1.42
% Change Offer to 1-Day N/A N/A N/A 0.7% (16.3%) (7.8%) (7.8%) 0.7% (16.3%) Current N/A N/A N/A (27.1%) (10.4%) (18.8%) (18.8%) (10.4%) (27.1%)
Convertible Notes Convertible Notes Structured Equity Line Common Stock Convertible Notes
30
500
1.7x
1.5x
100
0 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11
0.0x
Deal Volume
Source: 451 Group; volume and multiple data includes announced transactions involving North American targets or acquirers and excludes telecommunications services transactions; revenue multiple calculation excludes unannounced transaction metrics
32
Communication Equipment
5.0x 4.5x 161 174 4.0x 3.5x 3.0x
2.8x
48
4.3x
166 138
144
3.2x
140
2.9x
130
143
149 154
31
2.6x
32
34
28 23 24 21 20
1.6x
21
17
15
Infrastructure Software
72 60 48 39 36 24 12 0 Q4'07 Q3'08 Q2'09 Q1'10 Q4'10 Q3'11
Deal Volume
2.2x 4.7x
67
5.0x 5.0x
158 156
3.4x
3.0x
3.8x
46 39 34 25
2.4x 2.5x 1.5x 1.0x 1.5x 2.3x
39 41 31
2.9x
49 46 47 44 40 40
2.6x 3.3x 2.2x 3.4x
114 103
2.8x
118
113
122
2.4x
123
115
89
22
1.7x
1.5x 1.0x
0.3x 1.2x
Source: 451 Group; deal volume and revenue multiples include announced deals involving North American based acquirers or targets; revenue multiple calculation excludes deals with unannounced transaction metrics
33
Security
1.6x 197 1.4x 1.2x 147
1.3x 1.2x
30
8.7x
27
7.0x
182
25 20 20 15
17
16
1.0x
2.0x
0.5x
Q1'10
Q4'10
Q3'11
Semiconductors
60 50 50 41 40 30
2.3x 4.1x
Storage
4.5x 4.0x 38 41 3.5x 3.0x 28 2.5x 2.0x 1.5x
1.6x 1.4x
12 10 10
10.8x 13.6x
11 10 8
8.0x
11.2x
36 37 31 25 24
1.9x 1.8x 1.7x 1.4x 1.0x 0.5x 0.4x 1.4x 0.6x 1.0x
8 7 6
11.2x
8 6 4 5
29 30 28 22
1.4x
6
5.6x 6.5x
23 22
7.6x
8.0x 6.0x
2.5x
4
1.8x 5.2x 4.0x 1.4x
20 10 0 Q4'07
2
1.9x
0.4x
2 0
1.7x
Q3'08
Q2'09
Q1'10
Q4'10
Q3'11
Deal Volume
Q4'07
Q3'08
Q2'09
Q1'10
Q4'100.8x
Q3'11
Source: 451 Group; deal volume and revenue multiples include announced deals involving North American based acquirers or targets; revenue multiple calculation excludes deals with unannounced transaction metrics
34
Q3 2011
20%
5%
15%
0%
10%
(5%)
(7.5%)
5%
6.3%
(10%)
0%
(15.5%)
Technology Consolidators
DJIA
NASDAQ
S&P 500
Source: Capital IQ; Consolidator Index is market-cap weighted and composed of ACN, ADBE, AMZN, APPL, CA, CSCO, CRM, CTXS, DELL, EBAY, EMC, GOOG, HPQ, IBM, MSFT, ORCL, QCOM, SAP, SI, SYMC, YHOO
35
110%
90%
70%
50%
30%
10%
(10%) AAPL IBM MSFT ORCL GOOG HPQ DB:SIE QCOM AMZN CSCO EMC
CY2010
SAP
EBAY
CY2011
ACN
DELL
CY2012
CA
CRM
36
80
2007 2008
Year
70 25
2009 2010
60
50
6 2
2011 YTD
113 61
5.8% 5.9%
7 10 8
3 15
2010 YTD
40
8 9 6 11 5 6 7 4 14 3 8 3 6 11 HPQ 3 7 4 1 6 DELL 5 5 3 7 1 AMZN 2007 8 5 1 4 3 EBAY 2008 2 4 3 4 7 YHOO 2009 2 6 1 6 5 ACN 2010 3 3 6 2 6 SAP 2011 4 7 3 3 CA 1 4 2 6 3
26
12
30 6 3 10 15 15 17
8 10
20
11
6 3 2 2 4
4 4 3 5 CTXS
7 5 1 1 2 CRM
13
12
13
2 2 4 1 4 DB:SIE
5 5 2 1 AAPL
3 1 2 1 3 ADBE
QCOM SYMC
37
120.0%
117.4%
103.2% 100.0% 86.8% 80.0% 77.7% 73.4% 66.8% 63.1% 60.0% 58.7% 53.4% 45.8% 44.4% 43.7% 40.0% 21.8% 35.8% 29.8% 29.5% 28.7% 28.3% 24.5% 29.2% 20.0% 23.5% 13.2% 0.0% GOOG CSCO ORCL QCOM MSFT ADBE CA YHOO CTXS EBAY SYMC CRM SAP EMC AAPL DELL ACN DB:SIE AMZN 24.6% 22.8% 15.4% 8.8% 11.6% 19.0% 3.7% 8.7% 20.9% 20.7% 15.8% 11.3% 10.1% 12.3% 8.0% 16.8% 6.5% 5.6% IBM HPQ 27.7%% 29.0%
Source: Capital IQ; all data as of most recent company filings; includes cash and cash equivalents
38
Company
Price 6/30/11
Market Cap
Net Cash
Enterprise Value/ Price/Earnings Revenue EBITDA CY10A CY11E CY12E CY10A CY11E CY12E CY10A CY11E CY12E
4.3x 2.3x 2.6x 4.5x 4.0x 2.7x 6.2x 0.8x 0.5x 1.3x 3.6x 2.5x 3.9x 1.3x 0.3x 9.3x 3.1x 2.0x 2.8x 5.0x 1.8x 2.7x 3.1x 9.3x 0.3x 2.7x 2.1x 2.4x 3.5x 3.4x 1.9x 4.6x 0.8x 0.5x 1.3x 3.2x 2.1x 3.1x 1.1x 0.3x 6.9x 3.2x 1.8x 2.6x 4.3x 1.7x 2.4x 2.6x 6.9x 0.3x 2.3x 2.0x 2.2x 2.9x 3.2x 1.4x 4.0x 0.8x 0.5x 1.2x 3.0x 1.9x 2.7x 1.0x 0.3x 5.6x 3.1x 1.7x 2.4x 3.8x 1.6x 2.2x 2.3x 5.6x 0.3x 14.3x 9.4x 5.9x 10.1x 8.9x 38.3x 13.6x 6.3x 3.2x 4.3x 10.1x 9.2x 11.2x 8.3x 3.9x 52.6x 9.7x 5.9x 7.0x 16.6x 5.0x 9.2x 12.1x 52.6x 3.2x 8.2x 8.7x 5.6x 8.5x 7.4x 36.0x 10.4x 5.8x 3.4x 4.2x 9.4x 7.8x 9.6x 7.0x 3.2x 39.2x 9.5x 5.2x 6.2x 13.9x 4.6x 7.8x 10.2x 39.2x 3.2x 7.3x 8.2x 5.0x 7.0x 6.6x 25.9x 9.5x 5.2x 3.4x 3.7x 8.6x 7.0x 8.2x 6.5x 3.3x 28.4x 8.9x 4.6x 5.7x 12.0x 4.3x 7.0x 8.5x 28.4x 3.3x 22.6x 15.3x 11.0x 17.8x 15.5x 85.9x 19.0x 11.6x 4.7x 9.6x 17.3x 16.8x 17.5x 18.5x 9.9x 97.2x 18.4x 11.4x 12.7x 27.0x 11.0x 16.8x 22.4x 97.2x 4.7x 12.6x 13.1x 8.8x 14.5x 12.3x NM 15.1x 10.3x 4.9x 9.5x 14.5x 14.2x 14.7x 14.9x 7.1x 86.8x 17.6x 10.3x 10.6x 23.0x 9.3x 12.9x 16.2x 86.8x 4.9x 11.2x 11.9x 8.2x 12.3x 11.4x 65.4x 13.4x 8.9x 4.8x 8.5x 12.8x 12.4x 12.7x 13.4x 7.2x 63.8x 16.1x 9.3x 9.6x 20.0x 8.2x 11.9x 16.2x 65.4x 4.8x
Apple (AAPL) International Business Machines IBM) Microsoft (MSFT) Google (GOOG) Oracle (ORCL) Amazon.com AMZN) QUALCOMM (QCOM) Siemens (DB:SIE) Hewlett-Packard Company (HPQ) Cisco Systems (CSCO) SAP (DB:SAP) EMC (EMC) eBay IEBAY) Accenture (ACN ) Dell (DELL) Salesforce.com (CRM) Yahoo! (YHOO) Symantec (SYMC) Adobe Systems (ADBE) Citrix Systems (CTXS) CA Technologies (CA) Median Mean High Low Source: Capital IQ
$381.32 174.87 24.89 515.04 28.74 216.23 48.63 67.94 22.45 15.50 38.10 20.99 29.49 52.68 14.14 114.28 13.17 16.30 24.17 54.53 19.41
(9.8%) (5.8%) (15.5%) (19.9%) (21.3%) (11.4%) (18.7%) (31.6%) (54.5%) (37.0%) (17.4%) (26.9%) (16.6%) (17.2%) (19.7%) (28.6%) (30.1%) (20.5%) (32.8%) (38.4%) (24.4%)
$353,518.3 208,843.4 210,051.3 166,300.1 144,981.9 98,154.4 81,552.5 59,380.7 44,607.4 83,434.3 45,325.6 43,343.2 38,005.5 33,948.2 25,797.2 15,484.9 16,628.6 12,078.5 11,936.8 10,267.3 9,796.1
$28,395.0 (17,981.0) 38,233.0 32,981.0 16,871.0 6,355.0 9,451.0 (2,724.0) (12,810.0) 27,763.0 89.0 1,884.9 1,851.2 5,701.6 7,388.0 47.2 2,513.5 298.0 1,202.9 898.4 1,549.0
$325,123.3 226,908.4 171,818.3 133,319.1 128,457.9 91,799.4 72,131.5 62,654.7 57,812.4 55,671.3 45,246.6 42,348.2 36,154.3 28,718.5 18,409.2 15,437.8 14,155.1 11,860.5 10,733.9 9,368.9 8,247.1
39
50 Largest Technology M&A Transactions in the Last Twelve Months 14 of the 50 largest M&A transactions in the last twelve months occurred in Q311
($ in millions)
Date
Target/Acquirer
NTM
N/A 10.0x
03/20/11 08/18/11
T-Mobile USA / AT&T Autonomy / HP2 Motorola Mobility / Google2 Skype Technologies / Microsoft National Semiconductor Corporation / Texas Instruments2 Insight Communications / Time Warner Kabel Baden-Wurttemberg GmbH / Liberty Global Varian Semiconductor Equipment Associates / Applied Materials2 Hitachi Global Storage Technologies / Western Digital Emdeon [NYSE: EM] / Blackstone Group CommScope / Carlyle Group2 NetLogic Microsystems / Broadcom Corporation2 Atheros Communications / Qualcomm
Provider of wireless telephone and broadband internet service for businesses and consumers in the US. Also distributes a range of mobile devices Provider of enterprise search and data analysis software and software as a service (SaaS) for businesses, educational institutions and government agencies globally Provider of broad range of mobile telephones, smartphones, tablet PCs, wireless accessories, software, and video and data delivery services for businesses and consumers Provider of downloadable peer-to-peer VoIP software and services for businesses and consumers globally Provider of a broad range of energy-efficient analog and mixed-signal semiconductors for computers and electronics manufacturers Provider of cable television, broadband Internet and fixed-line telephone service for consumers in businesses in the Midwestern US Provider of cable TV, broadband internet and fixed-line and mobile telephone service for businesses and consumers in Germany Manufacturers wafer fabrication and ion implantation systems for semiconductor manufacturers globally Provider of a range of external and internal hard drives for computer and electronics manufacturers, businesses and consumers globally Provider of medical information transmission, collaboration, communication and electronic transaction and payment processing software for the healthcare sector. Also provides Web-based medical information Provider of a broad range of telecom infrastructure systems and equipment for use in wired and wireless networks for telecom services providers globally Provider of a range of network communications processing semiconductors for computer and electronics manufacturers globally Provider of mixed-signal and digital complementary metal-oxide semiconductor chipsets
$21,347.0 $931.1
08/15/11
$9,588.2
$12,740.0
$14,049.0
0.8x
0.7x
03/07/11 08/04/11
$4,250.3 $3,812.4
$6,003.0 $1,036.4
N/A N/A
0.7x 3.7x
N/A N/A
(1) Transaction value used as a proxy where enterprise value not available (2) Target operating metrics based on estimates (3) Majority acquisition; enterprise value reflects implied company value based on 451 Group estimates Source: 451 Group and company disclosures; includes announced transactions involving North American acquirers or targets and excludes telecommunications services transactions
40
Date
($ in millions) 04/27/11 Savvis / CenturyLink2
Target/Acquirer
Revenue LTM
$933.0
NTM
$1,058.0
NTM
2.9x
04/11/11
Global Crossing / Level 3 Communications2 Syniverse Technologies / Carlyle Group2 GSI Commerce / eBay Landis+Gyr / Toshiba Isilon Systems / EMC2 PAETEC / Windstream Corp Telvent / Schneider Electric Hughes Communications / EchoStar2 Qualcomm (spectrum licenses) / AT&T Terremark Worldwide / Verizon Communications SRA International / Providence Equity2 Lawson Software / Infor Global Solutions SunGard Higher Education / Datatel
$2,973.2
$2,609.0
$2,762.6
1.1x
1.1x
10/28/10
$2,556.8
$568.4
$672.6
4.5x
3.8x
03/28/11
$2,324.7
$1,358.0
N/A
1.7x
N/A
05/19/11
$2,300.0
$1,590.0
N/A
1.4x
N/A
11/15/10
$2,250.0
$175.7
$200.0
12.8x
11.3x
08/01/11
Provider of internet, VoIP and wireless telephone service for businesses in the US Provider of GIS and utility management software and a broad range of systems, network and security integration and IT consulting services Provider of satellite broadband Internet service, telecom network services and a content delivery network Provider of 4G wireless broadband Internet service for businesses and consumers in the US Provides co-location and application hosting, managed network peering and interconnect, managed firewall and intrusion prevention, data backup and recovery, and outsourced e-discovery services Provider of systems, network and security integration, software development, tech support and IT consulting services as well as anti-malware, air-traffic management and data capture software Provides ERP, CRM, business process management, SCM and product lifestyle management software for businesses globally Provides administrative and academic software and IT management services for educational institutions in over 40 countries
$2,234.3
$1,729.3
N/A
1.3x
N/A
06/01/11
$2,171.9
$969.6
N/A
2.2x
N/A
02/14/11
$1,937.0
$1,043.3
$1,139.3
1.9x
1.7x
12/20/10
$1,925.0
N/A
N/A
N/A
N/A
01/27/11
$1,854.2
$320.7
N/A
5.8x
N/A
04/01/11
$1,819.4
$1,695.9
$1,794.0
1.1x
1.0x
03/11/11
$1,781.2
$745.1
N/A
2.4x
N/A
08/05/11
$1,775.0
N/A
N/A
N/A
N/A
(1) Transaction value used as a proxy where enterprise value not available (2) Target operating metrics based on estimates (3) Majority acquisition; enterprise value reflects implied company value based on 451 Group estimates Source: 451 Group and company disclosures; includes announced transactions involving North American acquirers or targets and excludes telecommunications services transactions
41
Date
Target/Acquirer
NTM
N/A
07/01/11
Blackboard / Providence Equity Yageo / Orion Taiwan2 AUSTAR [Liberty Global] / FOXTEL Mentor Graphics / Carl Icahn Activant Solutions / Apax Partners Oberthur Card Systems / Advent International Samsung Electronics / Seagate2 TerreStar Networks / DISH Network Novell / Attachmate2 Niscayah Group / Stanley Black & Decker Keane / NTT Data Monitronics Security / Ascent Media
Provides online learning course creation, collaboration and transaction processing software for the K-12 and higher education sectors. Also provides training course creation software for corporations and government agencies Provider of electronic components, including chip and leaded resistors, electrolytic capacitors and inductors, for computer and electronics manufacturers Provider of satellite-based cable TV, dial-up Internet and mobile telephone services for consumers in Australia Provides chip and embedded systems electronic design automation software for semiconductor OEMs. Also provides related systems integration services Provider of a broad range of ERP, SCM and CRM software
$465.0
04/06/11
$1,653.3
$888.9
$979.1
1.9x
1.7x
05/25/11
$1,644.7
$136.8
N/A
12.0x
N/A
02/22/11
$1,489.2
$794.8
N/A
1.9x
N/A
04/04/11
$1,451.6
$372.5
N/A
3.9x
N/A
08/05/11
Provides smart card hardware and software security systems to mobile payment operators in a broad range of sectors and financial institutions globally Provides disk-based storage systems for businesses and consumers globally
$1,446.8
N/A
N/A
N/A
N/A
04/19/11
$1,375.0
$3,100.0
$2,400.0
0.4x
0.6x
07/08/11
Providers satelite-based wireless telephone, internet and data transmission services for businesses and government agencies in the US and Canada. Provider of a systems management software, including Linux desktop productivity and server management, application integration, collaboration and identity management for enterprises Provides physical security systems integration services for businesses globally. Areas of expertise include biometric, access control and CCTV surveillance systems Provides software development, business process outsourcing, systems integration and tech support services for businesses and government agencies globally Provider of security alarm systems and related monitoring services for businesses and consumers in the US
$1,375.0
N/A
N/A
N/A
N/A
11/22/10
$1,204.8
$821.0
$795.4
1.5x
1.5x
06/27/11
$1,200.0
$1,017.4
N/A
1.2x
N/A
10/29/10
$1,200.0
$790.0
N/A
1.5x
N/A
12/20/10
$1,200.0
$272.0
N/A
4.4x
N/A
(1) Transaction value used as a proxy where enterprise value not available (2) Target operating metrics based on estimates (3) Majority acquisition; enterprise value reflects implied company value based on 451 Group estimates Source: 451 Group and company disclosures; includes announced transactions involving North American acquirers or targets and excludes telecommunications services transactions
42
Date
Target/Acquirer
NTM
N/A N/A N/A N/A
Telcordia Technologies / Ericsson Patni Computer Systems / iGate Global Solutions Siemens IT Solutions and Services / Atos Origin Radiant Systems, Inc. / NCR Corporation Epicor Software / Apax Partners2 optionsXpress Holdings / Charles Schwab AES Atimus / TIM Participacoes DBSD North America / DISH Network Travelex Global Business Payments / Western Union Holdings2 Vizada / Astrium2 Art Technology Group / Oracle2 Art Technology Group / Oracle2
Provider of OSS software for telecom service providers globally Provider of software and product development services for business globally across IT, medical devices, mobility and industrial automation markets Provider of IT consulting, security and systems integration and tech support services for businesses and government agencies globally Provider of touchscreen point of sale retail systems and kiosks and related software and SaaS for the hospitality, sports, entertainment, energy and retail sectors globally Provider of a broad range of ERP, CRM, HR and SCM software and SaaS Provider of online investment brokerage services, specializing in equity options and futures, for investors through www.optionsxpress.com Provider of the operations of a fiber-optic network for telecom service providers in the Sao Paulo and Rio de Janeiro metropolitan areas Provider of satellite communications network that enables wireless telecom service providers in the US to provide voice, data, and Internet services to subscribers Provider of transaction processing, money transfer and foreign currency exchange services for businesses and consumers globally Provider of satellite-based telephone and internet services for use on land, air and sea. Services are sold to telecommunication services providers globally Provider of a broad range of e-commerce software SaaS for online payments, merchandising, business analytics, and customer service automation Provider of a broad range of e-commerce software SaaS for online payments, merchandising, business analytics, and customer service automation
(1) Transaction value used as a proxy where enterprise value not available (2) Target operating metrics based on estimates (3) Majority acquisition; enterprise value reflects implied company value based on 451 Group estimates Source: 451 Group and company disclosures; includes announced transactions involving North American acquirers or targets and excludes telecommunications services transactions
43
Appendix
Footnotes:
Technology Consolidator Index composed of ACN, ADBE, AMZN, AAPL, CA, CSCO, CRM, CTXS, DELL, EBAY, EMC, GOOG, HPQ, IBM, MSFT, ORCL, QCOM, SAP, SI, SYMC, YHOO Storage Index composed of ALTR, BMC, BRCD, CML, CVLT, DELL, ELX, EMC, FIO, LSI, MRVL, NTAP, QLGC, QSFT, SNDK, STEC, STX, SYMC, TDC Communication Equipment Index composed of ADTN, ALU, ARRS, BRCD, CIEN, CMVT, CSCO, ERIC, FNSR, HRS, JDSU, JNPR, NOK1V, PLCM, QCOM, RIMM, RVBD, TLAB Security Index composed of BCSI, CA, CHKP, EMC, FFIV, FIRE, FTNT, IMFE, NOVL, NTCT, QQ, RVBD, SYMC, TMICY, VDSI, VRSN, WBSN Semiconductor Index composed of ADI, ALTR, AMD, BRCM, FSL, INTC, LLTC, LSI, MCHP, MRVL, MU, MXIM, NSM, NVDA, ONNN, QCOM, SLAB, STM, SWKS, TXN, XLNX Internet/Digital Media Index composed of ACOM, ACTV, AMTD, AMZN, AOL, AWAY, CPRT, DRIV, EBAY, ETFC, EXPE, GOOG, IACI, LNKD, MWW, NFLX, NILE, OPEN, OWW, P, PCLN, RATE, SFLY, TZOO, VCLK, VPRT, UNTD, WBMD, YHOO IT Services Index composed of ACN, ADP, CAP, CSC, CTSH, DOX, FIS, FISV, GPN, HCLTCH, HPQ, IBM, INFY, LPS, NMR, NTT, PAYX, SAI, WIT Infrastructure Software Index composed of AKAM, BMC, CA, CML, CPWR, CTXS, CVLT, FFIV, GUID, INTU, IBM, MSFT, NTCT, ORCL, QSFT, RDWR, RHT, TIBX, VMW Application Software Index composed of ADBE, ADSK, ARBA, AZPN, BLKB, CNQR, CRM, INTU, JDAS, MSFT, ORCL, OTEX, PMTC, PRGS, SAP, SFSF, TLEO MoneyTree deals are collected via collaboration between PricewaterhouseCoopers and the National Venture Capital Association based upon data provided by Thomson Reuters MoneyTree deals measure cash-for-equity investments by the professional venture capital community in private emerging companies in the U.S. MoneyTree results exclude non-U.S. companies, non-cash investment, buyouts and other forms of non-Venture Private Equity investments MoneyTree deals exclude angel investment and direct investment by corporations, unless they are co-invested in an otherwise qualifying round Venture capital investment industries are aggregates of MoneyTree industry classifications as follows: Technology includes Software, Semiconductors, IT Services, Computers & Peripherals, Electronics/Instrumentation Biotech/Media includes Biotechnology, Medical Devices & Equipment, Healthcare Services Telecom/Media includes Telecommunications, Media & Entertainment Financial/Business Services includes Financial Services, Business Products & Services Industrial/Energy includes Industrial/Energy Consumer/Retail includes Consumer Products and Services, Retailing/Distribution Historical M&A deal volume, transaction multiple, venture capital investment, and fund commitment data is continuously updated and subject to change
44
Craig Rosenblatt Per-Ake Stahl Director Director (310) 228-1978 (415) 616-4714 craig.rosenblatt@morgankeegan.com per-ake.stahl@morgankeegan.com
Bob Berstein Vice President (617) 375-4219 bob.berstein@morgankeegan.com Laura Boyd Vice President (415) 616-4704 laura.boyd@morgankeegan.com
Amy Cozamanis Vice President (310) 228-1976 amy.cozamanis@morgankeegan.com Christopher OBrien Vice President (617) 375-4224 christopher.obrien@morgankeegan.com
Nicholas Hailey Vice President (212) 314-0479 nicholas.hailey@morgankeegan.com Charles Ruppert Vice President (415) 616-4712 charles.ruppert@morgankeegan.com
Jason Myler Vice President (617) 375-4208 jason.myler@morgankeegan.com Ravindra Bansal Associate Vice President (617) 375-4233 ravindra.bansal@morgankeegan.com