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Hosting M&A Market Overview

  Hillary Stiff, Managing Director
         Cheval Capital, Inc.


          August 8th, 2011
               Updated
Cheval M&A Market Overview
• Buyers tend to be existing players looking for simplicity and
  revenue
• Quality gets a premium
• Migration deals get priced on buyer cash flow after migration
   – Shared Avg: 0.8-1.2x, higher on quality of ops, growth & size
   – Dedicated Avg: 0.7-0.8x, harder to migrate, lower ROI
• Non-migration get priced on existing cash flow and can have a
  large range (2-10x EBITDA)
M&A Market - Buyers
• Lots of buyers for shared and VPS in all sizes
• Solid demand for medium to large dedicated customer bases
  at good ARPU. Smaller bases and lower ARPU’s can be
  difficult.
• Strong demand for medium to larger data centers but smaller
  facilities can be difficult
• Pockets of demand for domain and registrars
• Buyers driven by cost & difficulty of organic growth
M&A Market - Sellers
• Seller pool has increased from recent lows but still fewer
  sellers than buyers
• Prices aren’t high enough to drive owners to sell
• Strong buyer to seller ratio has helped keep prices up
• Exceptions: adult hosters, low ARPU hosters and hosters with
  higher churn rates. All appear to have more sellers than
  buyers

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Hosting M&A Market Overview

  • 1. Hosting M&A Market Overview Hillary Stiff, Managing Director Cheval Capital, Inc. August 8th, 2011 Updated
  • 2. Cheval M&A Market Overview • Buyers tend to be existing players looking for simplicity and revenue • Quality gets a premium • Migration deals get priced on buyer cash flow after migration – Shared Avg: 0.8-1.2x, higher on quality of ops, growth & size – Dedicated Avg: 0.7-0.8x, harder to migrate, lower ROI • Non-migration get priced on existing cash flow and can have a large range (2-10x EBITDA)
  • 3. M&A Market - Buyers • Lots of buyers for shared and VPS in all sizes • Solid demand for medium to large dedicated customer bases at good ARPU. Smaller bases and lower ARPU’s can be difficult. • Strong demand for medium to larger data centers but smaller facilities can be difficult • Pockets of demand for domain and registrars • Buyers driven by cost & difficulty of organic growth
  • 4. M&A Market - Sellers • Seller pool has increased from recent lows but still fewer sellers than buyers • Prices aren’t high enough to drive owners to sell • Strong buyer to seller ratio has helped keep prices up • Exceptions: adult hosters, low ARPU hosters and hosters with higher churn rates. All appear to have more sellers than buyers