Updating SurePath SMB Index Constituents
Each quarter, we evaluate every single company in the SurePath SMB Index, to ensure that the SCP SMB Index continues to fully reflect publicly-traded companies that serve the SMB space.
Companies are removed for either of the following reasons:
- the company was acquired and is no longer publicly traded
- the company no longer primarily serves the SMB market
In Q2 2016, the following companies were removed from the SCP SMB Index:
- Qlik Technologies
- AVG Technologies
After removing these 7 companies, the SCP SMB Index now tracks 35 publicly-traded companies that serve SMBs.
The following companies were acquired through M&A and are no longer publicly traded. For more details on each transaction, check out our analysis here.
Qlik announced on June 2nd that it was being acquired by Thoma Bravo for $3B USD in cash. The offer was for $30.50, a 40% premium to the unaffected 10 day average stock price prior to March 3, 2016.
Avast offered to purchase all of the outstanding ordinary shares of AVG for $25.00 per share in cash, for a total consideration of approximately $1.3B, a 33% premium over the July 6, 2016 closing price and a premium of 32% over the average volume weighted price per share over the past six months.
Vista announced the purchase of Cvent on April 17th at $36.00 per share, a premium of 69% at closing on April 15th for a total of $1.65B USD.
On May 14th, inContact announced a definitive agreement agreement to be acquired by NICE at $14 USD per share — a 55% premium over the prior day’s closing price, representing a $940M valuation for the business.
On June 28th, Gannett announced that it will acquire ReachLocal for $4.60USD per share — a 188% premium on the closing price on June 24th, 2016. This puts ReachLocal’s enterprise value at $156M USD.
No Longer a Fit
The following companies were removed from the SCP SMB Index as they are no longer primarily serving the SMB sector.
BazaarVoice helps 3,000+ global clients — over 30% of the world’s leading global brands — put customers at the center of their businesses to turn social data into smarter business decisions. The company’s ACV is approximately $150K as it continues to move up market and serve the mid-market and larger global brands in the enterprise segment.
Brightcove is a leading global provider of powerful cloud solutions for delivering and monetizing video across connected devices. The company focuses on the mid-market and enterprise segments of the market.
You can follow the SurePath SMB Index in real time at:http://www.surepathcapital.com/smb-index
At SurePath Capital Partners we help startups raise the capital needed to become market leaders. When the time is right, we help our clients achieve profitable, deliberate exit strategies. We only work with startups in the SaaS, e-commerce and marketplace segments. Across those segments we have a deep focus on companies serving the global SMB market. Say hello: firstname.lastname@example.org