State of the OpenCloud 2019

State of the OpenCloud 2019
Battery Ventures Confidential
Dharmesh Thakker
Dan Nguyen-Huu
Danel Dayan

1
This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together
with such verbal or written comments, is referred to herein as the “presentation.” This presentation is being provided for informational
purposes only. Nothing herein is or should be construed as investment, legal or tax advice, a recommendation of any kind or an offer to sell
or a solicitation of an offer to buy any security. This presentation does not purport to be complete on any topic addressed. The information
in this presentation is provided to you as of November 6, 2019 unless otherwise noted and Battery Ventures does not intend to update the
information after its distribution, even in the event the presentation becomes materially inaccurate. Certain information in this presentation
has been obtained from third party sources and, although believed to be reliable, has not been independently verified and its accuracy or
completeness cannot be guaranteed. Certain logos, tradenames, trademarks and copyrights included in the presentation are strictly for
identification and informational purposes only. Such logos, trade names, trademarks and copyrights may be owned by companies or
persons not affiliated with Battery Ventures and no claim is made that any such company or person has sponsored or endorsed the use of
such logos, trade names, trademarks and copyrights in this presentation. This presentation includes various examples of companies in
which Battery Ventures has invested. These examples are included as illustrations of various investment strategies. For a complete list of
all companies in which Battery Ventures has invested, please visit here. Past performance is not evidence of future results and there can be
no assurance that a particular Battery portfolio company investment will achieve comparable results to any other investment. There can be
no assurance that the investment objectives or the investment strategies described in this presentation will be successful.
The information contained herein is based solely on the opinions of Dharmesh Thakker, Dan Nguyen-Huu, and Danel Dayan and nothing
should be construed as investment advice. The anecdotal examples throughout are intended for an audience of entrepreneurs in their
attempt to build cloud-focused businesses and not recommendations or endorsements of any particular business.
Disclaimers
This presentation includes proprietary information of Battery Ventures

Acknowledgements
2
Shlomi Ben Haim – CEO, JFrog
Ramin Sayar – CEO, Sumo Logic
Felix Van de Maele – CEO, Collibra
Matthew Scullion – CEO, Matillion
Evan Kaplan – CEO, InfluxData

We’re Long Cloud
Infrastructure
& Open Source
Software

We’re Long Cloud Infrastructure & Open-Source Software
4
Cloud is increasing the attack surface and uncovering new cyber opportunities
Software developers are innovating rapidly with cloud and open source building blocks
Cloud adoption has enabled a new class of cloud-native and open source companies
Yet cloud adoption is still nascent, and we are in the early innings
Cloud infrastructure is growing quickly and contributing to significant value creation
2
1
3
4
5

Public cloud vendors added ~$20B in LTM revenue
and are expected to continue growing at +50% Y/Y.
Public Cloud Vendors Are Massive and Growing Quickly
5
Source: Company Data, Goldman Sachs Global Investment Research. Cloud vendors include Google Cloud,
Alibaba AliCloud, Microsoft Azure, Amazon AWS, Oracle IaaS + PaaS, Salesforce App Cloud, and Rackspace.
$5 $6 $6 $7 $8 $9 $10 $12 $14 $16 $18 $20 $22
$25 $27
$31
$35
$39
$43
$48
$3 $4 $4 $6
$6
$7
$7
$8
$8
$9
$10
$11
$13
$14
$16
$18
$19
$20
$22
$24
$8 $9 $10 $12
$14
$16
$18
$20
$22
$25
$27
$31
$35
$39
$43
$48
$53
$59
$65
$72
58%
65%
72%
82%
73%
71% 70%
63%
58%
56%
54% 54%
57% 58% 58% 57%
54%
51%
50%
57%
$0bn
$80bn
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3E Q4E
2015 2016 2017 2018 2019
Prior Year LTM Revenue
New Incremental Revenue vs. Prior Year
Y/Y % growth
PublicCloudRevenue(US$bn)

Cloud Providers Are Contributing to Significant Value Creation
6
Illustrative
Revenue Multiple
Implied
Cloud Valuation
Parent Co.
Enterprise Value
Cloud
Contribution to
Enterprise Value
2019E Cloud
Revenue
8.0x
$288bn
$919bn
31%
$36bn
8.0x
$136bn
$1,045bn
13%
$17bn
8.0x
$72bn
$771bn
9%
$9bn
Source: Company Data, Goldman Sachs Global Investment Research. Deutsche Bank Research. Capital IQ as of 11/1/2019.

$75 $76 $75 $75 $75 $75 $75
$182 $210 $203 $209 $211 $214 $217
$127
$136 $140 $148 $156 $165 $174
$185
$211 $228
$252
$278
$307
$337
$25
$32
$40
$50
$61
$74
$89
$13
$16
$19
$23
$27
$31
$36
$0bn
$1,000bn
$569
$633 $646
$684 $721
$761
$803
$37
$48 $59
$73
$89
$106
$124
7
Cloud Infrastructure Adoption is Still Nascent and We Are in the Early Innings
Disruption Potential
Cloud penetration is still early at only ~10% of ~$700B
in overall infrastructure spend in 2019.
Source: Gartner Market Databook, Goldman Sachs Global Investment Research.
IaaS and PaaS
Disruption Potential (ex-IaaS and ex-PaaS)
PaaS
IaaS
Infrastructure Software (ex-PaaS)
Data Center Services
IT Hardware
Support Services
2017 2018 2019 2020 2021 2022 2023
93% 92% 91% 89% 85%88% 86%
ITMarketSpend(US$bn)

$34.4bn
$15.7bn
$7.5bn
$6.5bn
$5.2bn
$2.7bn
$2.6bn
$2.1bn
$1.1bn
$8.0bn $10.1bn
$6.9bn $11.1bn
$4.9bn $6.3bn
$4.2bn $5.5bn
$3.8bn $2.7bn
$2.9bn $6.9bn
$2.1bn $6.5bn
$1.8bn $1.7bn
$1.8bn $14.7bn
$1.2bn $8.2bn
$1.2bn $1.5bn
$7.1bn
$6.2bn
$4.0bn
$3.3bn
$2.8bn
$2.5bn
$2.0bn
$2.0bn
$1.5bn
$1.2bn
$1.2bn
$1.1bn
$1.0bn
Early Crop of Open Source and Cloud-Native Companies Are Promising
8
@IPO Current
*
Select Recent M&A
Purchase Price
Select Recent IPOs
Enterprise Value
Select Private Unicorns
Last Disclosed Valuation
IPO
*
*
*
*
Source: Pitchbook data. Capital IQ as of 11/1/2019. Select Private Unicorns based on private companies that are enterprise infrastructure-focused with valuations of $1.0B or greater as of November 2019. IPO valuation as of
pricing. Enterprise Value calculation based on fully-diluted shares outstanding. Pivotal and MuleSoft current IPO figures represent M&A purchase price. Cloudera / Hortonworks represents the combined fully-diluted equity value.
* Denotes a past or current Battery company. For a full list of all Battery investments, please click here.

Developers Are Innovating Rapidly with Cloud and Open Source Building Blocks
9
23M+
Software developers
100M+
Technical team members
800M+
Knowledge workers
1. Software developers are innovating faster. Digital transformation = rapid innovation
2. Low-code / no-code platforms are enabling a larger audience to be pseudo-software developers.
Source: Atlassian Investor Presentation. Knowledge workers as of 2016 (Forrester Research),
technical team members as of 2013 (Evans Data), software developers as of 2018 (Evans Data).

Cloud Is Increasing the Attack Surface and Uncovering New Cyber Opportunities
10
Hosted-Based
(Anti-Virus)
Network Perimeter
(IDS/IPS)
Endpoint / Sandboxing Cloud Security
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Threat
Vector
Security
Spend
Threat
Landscape
Notable
Strategic
Activity
$3.2B $7.4B (18% CAGR) $16.4B (17% CAGR) $96.3B (29% CAGR)
2000 – 2004 Strategic Activity 2005 – 2009 Strategic Activity 2010 – 2014 Strategic Activity 2015 – 2019 Strategic Activity
Viruses / Worms Spyware / Rootkits APTs / Cyberware Increased Attack Surface
M&A:
IPOs:
*
*
*
*
*
Source: Momentum Cyber, Cybersecurity Almanac 2019. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.

Why Now

50
Years
Major Enterprises Are Finally Modernizing / Transforming Their IT Stack
12
Logos shown for illustrative purposes.
1871
1870
1823
1792
1804
1886
Silicon Valley is a recent phenomenon and only now are
multi-generational enterprises realizing they must catch up.
January
2009
February
2004

Many non-tech companies are already hiring software
developers on par with technology companies.
5k
7k 8k 8k 8k 8k
11k 11k 11k 11k
13k
15k 16k
18k
20k
24k
26k
49k
58k
68k
Uber Walmart Adobe Ford Verizon UnitedHealth Salesforce Bank of
America
Wells Fargo AT&T Honeywell Facebook Lockheed JPM Chase GE Oracle Apple Google Amazon Microsoft
Tech BehemothsEveryone Else
Every Company Is a Software Company
13
Technology Companies
Financial Services
Other Non-Tech Companies
Source: LinkedIn.* Includes current or past title that has architect, developer, product manager, developer, engineer, or DevOps at respective companies.
NumberofTechnicalEmployees*

Working
Population
14
The Opportunity for Software to Reach Non-Desk Workers Is Only Beginning
Source: Capital IQ as of 11/1/2019. Working population estimates are based on U.S. Census data of a population of 318.9M x 59.4% employment ratio, yielding a total working population of 189.4M. Of which ~43.3% to 60% are
full-time and/or white collared workers and 40% to 57.7% are hourly and/or blue collared workers. According to an Edison Research survey, 84% of hourly workers own a smartphone. *Denotes a past or current Battery company.
For a full list of all Battery investments, please click here.
$31BEV from Non-Desk Workers
EnterpriseValue
76MFT Workers
U.S. Only Worldwide
113MNon-Desk Workers
84% smartphone penetration
~600MDesk Workers
~2B+Non-Desk Workers
$845BEV from Desk Workers
*
*

Data & Privacy Security Operations Management
50 Billion Connected Devices and Data Are Transforming Every Industry
15
Things Connected
to the Internet
People on Earth
Connected Devices
per Person
2005 2010 2015 2020
500 million 13 billion 25 billion 50 billion
6.3 billion 6.8 billion 7.2 billion 7.6 billion
0.08x 1.84x 3.47x 6.58x
Themes Catalyzed
Select Industries
Impacted
*
*
There will be 50 billion devices connected to the internet
by 2020 generating more data than ever before.
Source: Cisco IBSG. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.

Illustrative Companies
Applications Within the Enterprise
Cutting Edge Companies Are Pushing the Envelope with AI/ML
16
Computer Vision Natural Language Processing
2009 2019 2009 2019 2009 2019
Sales | Customer Support | Compliance & Legal | HR & Talent | Engineering | IT
*
Source: Google Trends. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
Machine Learning
Google
Trends
Popularity

Top 10 Operational Best Practices
for OpenCloud Companies

Focus on Individual Software Buyers / Influencers, in Addition to Traditional CIOs
18
Users of the product are now the buyer and / or
influencer of the product, driving bottoms up adoption.
*Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
Sales-driven
software purchases
Marketing-driven
software purchases
Product-driven
software purchases
CIO, CISO, CFO
VP of IT, Engineering,
Product, HR, Procurement
DevOps, Data Engineer,
Architect, VP of App Dev,
CTO
Sales Qualified Leads (SQLs)
Account Executive Deals Won
Quota Attainment
Marketing Qualified Leads (MQLs)
Trials to Paid Conversion
LTV : CAC Ratio
Community Growth
Net Promoter Score (NPS)
Self-Serve vs. Sales-Driven Growth
Go-To-Market Strategy
IT Buyer
Success Criteria
Companies to Emerge
*
*
*
*
1

Leverage Open Source as an Efficient Customer-Acquisition Channel
19
60M
15,000
$346M
“…[W]e didn’t open source [MongoDB] to get help from
the community, to make the product better. We open
sourced as a freemium strategy; to drive adoption”
– Dev Ittycheria, MongoDB CEO, June 2019
350M
8,800
$305M
It only takes a small percentage of users to convert
to paying customers to build an enduring business.
Source: Company Financials. Computer Business Review, MongoDB’s CEO on Open Source, Taking on Oracle
and Scaling Up (June 2019).
Total Downloads
Total Customers
(% of Total Downloads)
LTM Total Revenue
(0.0025%)(0.025%)
(65% Y/Y growth)(67% Y/Y growth)
2

Successful customer acquisition channels can manifest themselves in various ways; the key is to define the
criteria for community and create a community-driven adoption model (whether open-source or closed).
Tap Freemium and Cloud-Based Trials to Acquire Customers
20
Source: Company Website and Financials. (1) represents Cloud users only. *Denotes a past or current Battery company.
For a full list of all Battery investments, please click here.
Freemium
5K
Contributors
350M
Downloads
60M
Downloads
40M
Developers
2K
Contributors
*
380K
Paid Users
Most
Open
10M
Active Users(1)
7M
Developers
3

Leverage New Cloud Marketplaces to Discover and Reach Customers
21
5,000+ Products
1,300+ ISVs
500+ Million Hours on EC2
via AWS Marketplace
12,000+ Apps & Services
350K/mo Customer Leads
$90M/mo in Marketplace Revenue
1. Leverage cloud marketplaces to sell to a broader audience and take advantage of their reach.
2. Cloud marketplaces should be one of many GTM channels; build relationships with cloud partners
and leverage opportunities for collaboration as cloud providers retire quota for partner sales today.
Source: Company Websites. AWS Partner Summit Mumbai 2018. Deutsche Bank Research, Partner Checks, Investor Bogeys (July 2019).
4

Focus on “Time to Value” to Lock in Users/Buyers
22
90
Seconds
For the user to
understand
the product
90
Minutes
For the user to
get value from
the product
90
Days
For the user to
buy the product
Time to value is driven by product / engineering but can be measured through go-to-market behaviors;
use the “Rule of 90s” to ensure product is delivering value to customers in the field.
5

23
Build Trust With Users Through Clear and Transparent Pricing
Common Pricing Market Fit Models
API
*
INTEGRATIONUSAGEDEVELOPER
Transparency across all aspects of the company builds trust with customers,
especially with self-serve buyers. Pick a pricing model to align with customers ROI.
Source: Company Websites. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
6

Bottoms-Up / Self-Service Sales
Combining bottoms-up and enterprise sales is a delicate balance, so align incentives across your
GTM engine so your customers are getting the best value through the best / right channels.
Re-Wire Sales Comp Plans to Accommodate Bottoms-Up, GTM Motions
24
Top-Down / Enterprise Sales
Lead Generation: AE - Sales Development Marketing - Inside Sales
Purchasing Driver: Relationships Marketing - Usage / Consumption
Sales Cycle: Months Days
Quota(s): ~$1.2M - $1.5M ~$500K - $750K
CAC: High Low
Sales Incentives: New Logos Free Trial - Consumption / Expansion
LTV:CAC: Low – High (If Users Engaged Effectively) High
7

Carefully Monitor and Understand Pay-As-You-Go Transaction Revenue Streams
25
Best Practices from
Pay-As-You-Go Models
• Consider implementing:
• commit to consume comp structures
• volume discounts
• per-second / usage billing
• Align GTM to move with cloud providers
• Build internal dashboards for monitoring
• Beware of customer concentration
Source: Capital IQ as of 11/1/2019. Deutsche Bank Research, Usage-Based Model Fueling Best-in Class Growth (October 2018).
Twilio’s usage-based model means…customer overages are actually encouraged,
with pricing discounts applied upon attainment of key thresholds rather than
retroactive penalties...the end result is a more symbiotic customer relationship in
which Twilio shares in a customer’s success. This model also lends itself to
consistently best in class expansion rates, ranging between 130-170%.
– Michael Turrin, October 2018,
StockPricePerformance%sinceIPO
547%
434%
0%
1000%
2016 2017 2018 2019
Customer
concentration
concerns
Transaction Revenue Streams Have
Only Recently Been Recognized
Current
8

Know Your Open-Source Software Licensing Model
26
Understand your licensing models in relation to your
monetization models and defend appropriately.
Source: Company licensing change blogs.
Low
(GPL, A/LGPL, Custom)
High
(MIT, Apache, BSD)
Paid
Features
Openness
Examples
24/7 Technical Support
Community Forums
Professional Services
Improved Availability
Horizontal Scalability
Access Controls
Cloud-Hosted
Elastic Scalability
Advanced Controls
Enhanced Security/Backup
Support & Services Open Core Managed Service
9

Align Your Org Around Continuous Learning & Product Improvement
27
Product Customer
*
*
*
*
*
*
Product/engineering and customer-facing teams require
consistent feedback loops to deliver time to value.
*Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
10

Building a Lasting
Public Company
Focus On KPIs
that Matter

0%
120%
CRWD OKTA TWLO DDOG ESTC MULE AYX CLDR ZS MDB TENB PD DOMO NET FSLY TLND SWI PVTL APTI PING APPN DT
Median: 48%
Last Twelve Months Revenue Growth at IPO
29
*
Cloud infrastructure markets are large and growing; companies attached
to these mega-trends are experiencing the benefits of these tailwinds.
Source: Company filings. Excludes ForeScout, SailPoint, Carbon Black, and Nutanix due to lack disclosed metrics. Talend financials based on constant currency. *Denotes a past or current Battery company. For a full list of all Battery
investments, please click here.
Best
>70%
Better
70-45%
Good
<45%

0.0x
2.5x
TWLO DDOG ESTC CRWD FSLY NET OKTA MULE PD DT AYX ZS TENB PING MDB PVTL CLDR SWI TLND APPN APTI DOMO
Median: 0.7x
Average Magic Number Over Last Twelve Months at IPO
30
Product-led growth and bottoms-up are enabling companies
to be more efficient in customer acquisition.
Note: Magic number calculated as (((Q(t) – Q(t-1))*4)/S&M(t-1) subscription revenue, unless ARR is disclosed. Source: Company filings. Excludes ForeScout, SailPoint, Carbon Black, and Nutanix due to lack disclosed metrics. Ping Identity, Dynatrace,
and SolarWinds excludes amortization/depreciation of acquired assets and restructuring costs. Talend financials based on constant currency. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
Best
>1.0x
Better
1.0x-0.7x
Good
<0.7x
*

0%
180%
TWLO PVTL CRWD DDOG ESTC CLDR PD DT AYX FSLY MDB TENB OKTA TLND ZS MULE APPN PING NET SWI DOMO APTI
Median: 126%
Dollar-Based Net Retention at IPO
31
Bottoms-up and transaction-based revenue streams have far more
consistency and expansion potential than we all anticipated.
Source: Company filings. Excludes ForeScout, SailPoint, Carbon Black, and Nutanix due to lack disclosed metrics. Ping Identity, Dynatrace, and SolarWinds excludes amortization/depreciation of acquired assets and restructuring costs.
Talend financials based on constant currency. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
Best
>140%
Better
140-120% Good
<120%
*

0.0x
7.0x
TWLO DDOG CRWD ESTC PD PING NET DT AYX OKTA MULE ZS FSLY TENB PVTL MDB SWI TLND APTI CLDR APPN DOMO
Median: 2.4x
LTV:CAC at IPO
32
Efficient customer acquisition while focusing on enterprise-grade
customers results in higher expansion potential.
Source: Company filings. Excludes ForeScout, SailPoint, Carbon Black, and Nutanix due to lack disclosed metrics. Ping Identity, Dynatrace, and SolarWinds excludes amortization/depreciation of acquired assets and restructuring costs. Talend financials
based on constant currency. LTV calculated as GAAP subscription gross margin / (gross churn (est.) + 11% discount rate). CAC calculated as LTM GAAP S&M exp. / (Qo subscription revenue)*4 – (Q-4 subscription revenue)*4). ARR used instead of
subscription revenue if disclosed. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
Best
>3.0x
Better
3.0-2.5x
Good
<2.5x
*

0%
80%
DOMO MDB CLDR ESTC CRWD PD PVTL TENB DDOG NET OKTA FSLY APTI TWLO ZS AYX PING TLND APPN MULE DT SWI
Median: 24%
0%
140%
TWLO SWI PING FSLY DT PVTL APPN DDOG NET APTI ESTC PD TENB ZS TLND MULE AYX CRWD MDB OKTA CLDR DOMO
Median: 53%
Last Twelve Months R&D and S&M as Percentage of Revenue at IPO
33
S&M
R&D
*
*
Bottoms-up companies have flexibility to invest in
research & development given efficient GTM engine.
Source: Company filings. Excludes ForeScout, SailPoint, Carbon Black, and Nutanix due to lack disclosed metrics. Ping Identity, Dynatrace, and SolarWinds excludes amortization/depreciation
of acquired assets and restructuring costs. Talend financials based on constant currency. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
Best
25-45%
Better
45-65%
Good
65-120%
Best
70-35% Better
35-20%
Good
20-10%

R² = 0.5469
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
0% 10% 20% 30% 40% 50% 60%
Index to the Cloud and Know Your Cloud Metrics Fundamentals
34
EV/NTM Sales vs. NTM Sales Growth EV/NTM Sales vs. LTV:CAC
*
Investors are rewarding companies with 1) high-growth and indexed to the cloud, 2) efficient go-to-market
functions enabling lower CAC, and 3) clear customer expansion patterns driving higher LTV.
Source: Company filings. Excludes ForeScout, SailPoint, Carbon Black, and Nutanix due to lack disclosed metrics. Ping Identity, Dynatrace, and SolarWinds excludes amortization/depreciation
of acquired assets and restructuring costs. Talend financials based on constant currency. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
EV/NTMSalesMultiple
EV/NTMSalesMultiple
NTM Sales Growth % LTV:CAC Ratio
R² = 0.5181
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
*
*

Future of
OpenCloud

Cloud Unleashes Innovation => Markets May Be Much Larger than Anticipated
36
Source: Company filings.
1M+Long Term
2018
138K+
$165B2019
2014
$45B
Customers Addressable Market Opportunity

0.0%
2.5%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Software Continues to Grow as a Percentage of GDP
37
Source: Credit Suisse, Bureau of Economic Analysis.
SoftwareSpendasa%ofUSGDP

$0
$7T
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
2034
2036
2038
2040
2042
2044
2046
2048
2050
We’re Still In the Early Innings for OpenCloud
38
TODAY
Assumed 2017-2050 CAGR
Global Software Revenue
~5%
$1 Trillion
~5
*
*
*
*
*
*
*
*
*
*
*
*
* *
*
*
Source: Battery Ventures; Forrester; Gartner; the Yankee Group; BEA.gov; Input Research. *Denotes a past or current Battery company. For a full list of all Battery investments, please click here.
GlobalSoftwareSpend(US$)

The Battery Team
39
Download slides here: https://www.battery.com/powered/
Dharmesh Thakker
dharmesh@battery.com
@Dthakker02
Dan Nguyen-Huu
dan@battery.com
@dannguyenhuu
Danel Dayan
ddayan@battery.com
@DanelDayan

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