{
  "model": "precedents",
  "name": "Helix Software — precedent transactions (illustrative)",
  "units": "USD millions except per-share",
  "tables": {
    "deals": {
      "name": "Selected transactions",
      "fields": {
        "name": "text",
        "acquirer": "text",
        "target": "text",
        "announced": "date",
        "year": "number",
        "type": "text",
        "consideration": "text",
        "ev": "number",
        "target_revenue": "number",
        "target_ebitda": "number",
        "premium_1d": "number",
        "premium_30d": "number",
        "terms": "text"
      },
      "rows": [
        {
          "id": "d01",
          "name": "Meridian Health IT",
          "acquirer": "Vantage Systems",
          "target": "Meridian Health IT",
          "announced": "2022-05-15",
          "year": 2022,
          "type": "strategic",
          "consideration": "cash",
          "ev": 4200,
          "target_revenue": 460,
          "target_ebitda": 110,
          "premium_1d": 0.38,
          "premium_30d": 0.44,
          "terms": "Vantage Systems · strategic · cash · May 22"
        },
        {
          "id": "d02",
          "name": "Arbor Analytics",
          "acquirer": "Crestline Partners",
          "target": "Arbor Analytics",
          "announced": "2022-09-15",
          "year": 2022,
          "type": "sponsor",
          "consideration": "cash",
          "ev": 1650,
          "target_revenue": 190,
          "target_ebitda": 44,
          "premium_1d": 0.27,
          "premium_30d": 0.33,
          "terms": "Crestline Partners · sponsor · cash · Sep 22"
        },
        {
          "id": "d03",
          "name": "Lumen Payroll",
          "acquirer": "Northgate Software",
          "target": "Lumen Payroll",
          "announced": "2023-02-15",
          "year": 2023,
          "type": "strategic",
          "consideration": "cash and stock",
          "ev": 3100,
          "target_revenue": 355,
          "target_ebitda": 92,
          "premium_1d": 0.31,
          "premium_30d": 0.36,
          "terms": "Northgate Software · strategic · cash & stock · Feb 23"
        },
        {
          "id": "d04",
          "name": "Keystone Compliance",
          "acquirer": "Halcyon Capital",
          "target": "Keystone Compliance",
          "announced": "2023-06-15",
          "year": 2023,
          "type": "sponsor",
          "consideration": "cash",
          "ev": 2400,
          "target_revenue": 300,
          "target_ebitda": 66,
          "premium_1d": 0.32,
          "premium_30d": 0.39,
          "terms": "Halcyon Capital · sponsor · cash · Jun 23"
        },
        {
          "id": "d05",
          "name": "Vega Logistics Cloud",
          "acquirer": "Orbital Group",
          "target": "Vega Logistics Cloud",
          "announced": "2023-10-15",
          "year": 2023,
          "type": "strategic",
          "consideration": "stock",
          "ev": 5600,
          "target_revenue": 640,
          "target_ebitda": 150,
          "premium_1d": 0.45,
          "premium_30d": 0.52,
          "terms": "Orbital Group · strategic · stock · Oct 23"
        },
        {
          "id": "d06",
          "name": "Rho Field Service",
          "acquirer": "Pike Holdings",
          "target": "Rho Field Service",
          "announced": "2024-03-15",
          "year": 2024,
          "type": "strategic",
          "consideration": "cash",
          "ev": 5100,
          "target_revenue": 610,
          "target_ebitda": 158,
          "premium_1d": 0.41,
          "premium_30d": 0.47,
          "terms": "Pike Holdings · strategic · cash · Mar 24"
        },
        {
          "id": "d07",
          "name": "Tau Property Software",
          "acquirer": "Sable Equity",
          "target": "Tau Property Software",
          "announced": "2024-07-15",
          "year": 2024,
          "type": "sponsor",
          "consideration": "cash",
          "ev": 1900,
          "target_revenue": 205,
          "target_ebitda": 49,
          "premium_1d": 0.28,
          "premium_30d": 0.31,
          "terms": "Sable Equity · sponsor · cash · Jul 24"
        },
        {
          "id": "d08",
          "name": "Nimbus Clinical",
          "acquirer": "Summit Technologies",
          "target": "Nimbus Clinical",
          "announced": "2024-11-15",
          "year": 2024,
          "type": "strategic",
          "consideration": "cash",
          "ev": 6900,
          "target_revenue": 720,
          "target_ebitda": 195,
          "premium_1d": 0.36,
          "premium_30d": 0.42,
          "terms": "Summit Technologies · strategic · cash · Nov 24"
        },
        {
          "id": "d09",
          "name": "Nu Manufacturing Suite",
          "acquirer": "Kappa Industries",
          "target": "Nu Manufacturing Suite",
          "announced": "2025-02-15",
          "year": 2025,
          "type": "strategic",
          "consideration": "cash and stock",
          "ev": 7800,
          "target_revenue": 880,
          "target_ebitda": 246,
          "premium_1d": 0.36,
          "premium_30d": 0.4,
          "terms": "Kappa Industries · strategic · cash & stock · Feb 25"
        },
        {
          "id": "d10",
          "name": "Mu Insurance Platform",
          "acquirer": "Iota Partners",
          "target": "Mu Insurance Platform",
          "announced": "2025-06-15",
          "year": 2025,
          "type": "sponsor",
          "consideration": "cash",
          "ev": 3300,
          "target_revenue": 410,
          "target_ebitda": 98,
          "premium_1d": 0.3,
          "premium_30d": 0.35,
          "terms": "Iota Partners · sponsor · cash · Jun 25"
        },
        {
          "id": "d11",
          "name": "Juniper Legal Tech",
          "acquirer": "Beacon Software",
          "target": "Juniper Legal Tech",
          "announced": "2025-11-15",
          "year": 2025,
          "type": "strategic",
          "consideration": "cash",
          "ev": 2950,
          "target_revenue": 310,
          "target_ebitda": 84,
          "premium_1d": 0.34,
          "premium_30d": 0.38,
          "terms": "Beacon Software · strategic · cash · Nov 25"
        },
        {
          "id": "d12",
          "name": "Copper Energy Software",
          "acquirer": "Atlas Global",
          "target": "Copper Energy Software",
          "announced": "2026-04-15",
          "year": 2026,
          "type": "strategic",
          "consideration": "cash",
          "ev": 4750,
          "target_revenue": 505,
          "target_ebitda": 141,
          "premium_1d": 0.39,
          "premium_30d": 0.46,
          "terms": "Atlas Global · strategic · cash · Apr 26"
        }
      ]
    },
    "stats": {
      "name": "Statistics",
      "rows": [
        {
          "id": "low",
          "name": "Low"
        },
        {
          "id": "mean",
          "name": "Mean"
        },
        {
          "id": "median",
          "name": "Median"
        },
        {
          "id": "high",
          "name": "High"
        },
        {
          "id": "median_strategic",
          "name": "Median: strategic"
        },
        {
          "id": "median_sponsor",
          "name": "Median: sponsor"
        },
        {
          "id": "median_recent",
          "name": "Median: 2025 onward"
        }
      ]
    }
  },
  "pivots": {
    "subject": {
      "name": "Helix Software (subject)",
      "dims": {
        "period": false
      },
      "lines": [
        {
          "id": "revenue",
          "name": "LTM revenue"
        },
        {
          "id": "ebitda",
          "name": "LTM EBITDA"
        },
        {
          "id": "net_debt",
          "name": "Net debt"
        },
        {
          "id": "shares",
          "name": "Diluted shares (M)"
        },
        {
          "id": "price",
          "name": "Current share price ($)"
        }
      ],
      "values": [
        {
          "at": {
            "line": "revenue"
          },
          "value": 520
        },
        {
          "at": {
            "line": "ebitda"
          },
          "value": 140
        },
        {
          "at": {
            "line": "net_debt"
          },
          "value": 200
        },
        {
          "at": {
            "line": "shares"
          },
          "value": 60
        },
        {
          "at": {
            "line": "price"
          },
          "value": 58.0
        }
      ]
    },
    "multiples": {
      "name": "Transaction multiples",
      "dims": {
        "deal": "deals"
      },
      "measures": [
        "value",
        {
          "id": "terms",
          "type": "text",
          "name": "Terms"
        }
      ],
      "lines": [
        {
          "id": "ev",
          "name": "Enterprise value"
        },
        {
          "id": "revenue",
          "name": "Target LTM revenue"
        },
        {
          "id": "ebitda",
          "name": "Target LTM EBITDA"
        },
        {
          "id": "ebitda_margin",
          "name": "EBITDA margin",
          "format": "percent"
        },
        {
          "id": "ev_revenue",
          "name": "EV / Revenue (x)"
        },
        {
          "id": "ev_ebitda",
          "name": "EV / EBITDA (x)"
        },
        {
          "id": "premium_1d",
          "name": "Premium, 1 day",
          "format": "percent"
        },
        {
          "id": "premium_30d",
          "name": "Premium, 30-day VWAP",
          "format": "percent"
        }
      ],
      "values": [
        {
          "at": {
            "deal": "d01",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Vantage Systems · strategic · cash · May 22"
        },
        {
          "at": {
            "deal": "d02",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Crestline Partners · sponsor · cash · Sep 22"
        },
        {
          "at": {
            "deal": "d03",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Northgate Software · strategic · cash & stock · Feb 23"
        },
        {
          "at": {
            "deal": "d04",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Halcyon Capital · sponsor · cash · Jun 23"
        },
        {
          "at": {
            "deal": "d05",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Orbital Group · strategic · stock · Oct 23"
        },
        {
          "at": {
            "deal": "d06",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Pike Holdings · strategic · cash · Mar 24"
        },
        {
          "at": {
            "deal": "d07",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Sable Equity · sponsor · cash · Jul 24"
        },
        {
          "at": {
            "deal": "d08",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Summit Technologies · strategic · cash · Nov 24"
        },
        {
          "at": {
            "deal": "d09",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Kappa Industries · strategic · cash & stock · Feb 25"
        },
        {
          "at": {
            "deal": "d10",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Iota Partners · sponsor · cash · Jun 25"
        },
        {
          "at": {
            "deal": "d11",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Beacon Software · strategic · cash · Nov 25"
        },
        {
          "at": {
            "deal": "d12",
            "line": "ev"
          },
          "measure": "terms",
          "value": "Atlas Global · strategic · cash · Apr 26"
        }
      ],
      "rules": [
        "ev = deal.ev",
        "revenue = deal.target_revenue",
        "ebitda = deal.target_ebitda",
        "ebitda_margin = ebitda / revenue",
        "ev_revenue = ev / revenue",
        "ev_ebitda = ev / ebitda",
        "premium_1d = deal.premium_1d",
        "premium_30d = deal.premium_30d"
      ]
    },
    "summary": {
      "name": "Summary statistics",
      "lineTable": "multiples_lines",
      "dims": {
        "stat": "stats"
      },
      "rules": [
        "value[stat=low] = MIN(multiples.value)",
        "value[stat=mean] = AVG(multiples.value)",
        "value[stat=median] = MEDIAN(multiples.value)",
        "value[stat=high] = MAX(multiples.value)",
        "value[stat=median_strategic] = MEDIAN(multiples.value[deal.type=strategic])",
        "value[stat=median_sponsor] = MEDIAN(multiples.value[deal.type=sponsor])",
        "value[stat=median_recent] = MEDIAN(multiples.value[deal.year >= 2025])"
      ]
    },
    "implied": {
      "name": "Implied valuation of Helix",
      "dims": {
        "stat": "stats"
      },
      "lines": [
        {
          "id": "ev_from_revenue",
          "name": "Implied EV at EV / Revenue"
        },
        {
          "id": "ev_from_ebitda",
          "name": "Implied EV at EV / EBITDA"
        },
        {
          "id": "equity_from_revenue",
          "name": "Implied equity value at EV / Revenue"
        },
        {
          "id": "equity_from_ebitda",
          "name": "Implied equity value at EV / EBITDA"
        },
        {
          "id": "price_from_revenue",
          "name": "Implied price at EV / Revenue ($)"
        },
        {
          "id": "price_from_ebitda",
          "name": "Implied price at EV / EBITDA ($)"
        },
        {
          "id": "price_from_premium",
          "name": "Implied price at 1-day premium ($)"
        },
        {
          "id": "price_from_premium_30d",
          "name": "Implied price at 30-day premium ($)"
        },
        {
          "id": "current_price",
          "name": "Current price ($)"
        },
        {
          "id": "premium_from_revenue",
          "name": "Implied premium: EV / Revenue",
          "format": "percent"
        },
        {
          "id": "premium_from_ebitda",
          "name": "Implied premium: EV / EBITDA",
          "format": "percent"
        }
      ],
      "rules": [
        "ev_from_revenue = summary.value[line=ev_revenue] * subject.revenue",
        "ev_from_ebitda = summary.value[line=ev_ebitda] * subject.ebitda",
        "equity_from_revenue = ev_from_revenue - subject.net_debt",
        "equity_from_ebitda = ev_from_ebitda - subject.net_debt",
        "price_from_revenue = equity_from_revenue / subject.shares",
        "price_from_ebitda = equity_from_ebitda / subject.shares",
        "price_from_premium = subject.price * (1 + summary.value[line=premium_1d])",
        "price_from_premium_30d = subject.price * (1 + summary.value[line=premium_30d])",
        "current_price = subject.price",
        "premium_from_revenue = price_from_revenue / current_price - 1",
        "premium_from_ebitda = price_from_ebitda / current_price - 1"
      ]
    }
  },
  "outputs": [
    {
      "pivot": "multiples",
      "rows": [
        "deal"
      ],
      "cols": [
        "line"
      ],
      "title": "Selected precedent transactions",
      "decimals": 2
    },
    {
      "pivot": "summary",
      "rows": [
        "line"
      ],
      "cols": [
        "stat"
      ],
      "lines": [
        "ev_revenue",
        "ev_ebitda",
        "premium_1d",
        "premium_30d"
      ],
      "title": "Summary statistics",
      "decimals": 2
    },
    {
      "pivot": "implied",
      "rows": [
        "line"
      ],
      "cols": [
        "stat"
      ],
      "title": "Implied valuation of Helix",
      "decimals": 1
    }
  ],
  "dashboards": [
    {
      "id": "overview",
      "name": "Helix Software: precedent transactions",
      "theme": "banking",
      "cards": [
        {
          "kind": "kpi",
          "pivot": "summary",
          "line": "ev_ebitda",
          "cols": [],
          "pages": {
            "stat": "median"
          },
          "title": "Median EV / EBITDA",
          "unit": "x"
        },
        {
          "kind": "kpi",
          "pivot": "summary",
          "line": "ev_revenue",
          "cols": [],
          "pages": {
            "stat": "median"
          },
          "title": "Median EV / Revenue",
          "unit": "x"
        },
        {
          "kind": "kpi",
          "pivot": "summary",
          "line": "premium_1d",
          "cols": [],
          "pages": {
            "stat": "median"
          },
          "title": "Median 1-day premium"
        },
        {
          "kind": "kpi",
          "pivot": "implied",
          "line": "price_from_ebitda",
          "cols": [],
          "pages": {
            "stat": "median"
          },
          "title": "Implied price at median EV / EBITDA",
          "unit": "$"
        },
        {
          "kind": "table",
          "pivot": "multiples",
          "rows": [
            "deal"
          ],
          "cols": [
            "line"
          ],
          "extra": [
            {
              "measure": "terms",
              "label": "Acquirer · type · consideration · announced",
              "pages": {
                "line": "ev"
              }
            }
          ],
          "title": "Selected precedent transactions (USD millions; target, then acquirer and terms at right)"
        },
        {
          "kind": "table",
          "pivot": "summary",
          "rows": [
            "line"
          ],
          "cols": [
            "stat"
          ],
          "lines": [
            "ev_revenue",
            "ev_ebitda",
            "premium_1d",
            "premium_30d"
          ],
          "title": "Summary statistics"
        },
        {
          "kind": "chart",
          "type": "bar",
          "pivot": "multiples",
          "rows": [
            "line"
          ],
          "cols": [
            "deal"
          ],
          "lines": [
            "ev_ebitda"
          ],
          "title": "EV / EBITDA by target",
          "w": 6
        },
        {
          "kind": "chart",
          "type": "bar",
          "pivot": "multiples",
          "rows": [
            "line"
          ],
          "cols": [
            "deal"
          ],
          "lines": [
            "premium_1d",
            "premium_30d"
          ],
          "title": "Premium paid by target",
          "w": 6
        },
        {
          "kind": "table",
          "pivot": "subject",
          "rows": [
            "line"
          ],
          "editable": true,
          "title": "Helix Software: subject inputs (edit any cell)",
          "w": 4
        },
        {
          "kind": "table",
          "pivot": "implied",
          "rows": [
            "line"
          ],
          "cols": [
            "stat"
          ],
          "title": "Implied valuation of Helix at each statistic",
          "w": 8
        },
        {
          "kind": "chart",
          "type": "bar",
          "pivot": "implied",
          "rows": [
            "line"
          ],
          "cols": [
            "stat"
          ],
          "lines": [
            "price_from_revenue",
            "price_from_ebitda",
            "price_from_premium"
          ],
          "filters": {
            "stat": [
              "low",
              "median",
              "mean",
              "high"
            ]
          },
          "title": "Implied price per share by method and statistic ($)",
          "w": 12
        }
      ]
    }
  ]
}