IMAP Germany Digital Technology Report Q1 2022

We are pleased to release an update to the IT Software Report for Q1 2022. The report provides insight and analysis on stock performance, valuation developments and M&A dynamics within the Software and IT Services sector.

▪ Focused on application software, this publication includes a more detailed view on the universe of application software, segmented into horizontal and vertical application software.

− The horizontal application software segment is divided into two groups in terms of performance: On the one hand, "CRM / Marketing", "ERP" and "SCM / Logistics" have shown moderate to high growth in Q1 2022, while "Tele- /Communications" has suffered heavy losses as shares of Sinch, Synchronoss and Zoom decreased over 30% in Q1 particularly due to the easing of Covid-19 related regulatory measures.

− Among the vertical application software segments, "Healthcare" recorded strong growth, as in the previous quarter, while "Energy / Mining" remained constant. The “Real Estate / Construction” segment recorded a decline of 22%, reflecting Autodesk’s share price losses of more than 20% in the last quarter. Similarly, the "Finance / Insurance" segment recorded a decline of 9%.

▪ Overall, growth and valuation levels of horizontal / vertical application software companies were impacted in Q1 2022 by a rising inflation, rising uncertainties in supply chains and economic outlook, which in part are due to the war in Ukraine and ongoing Corona situation in certain regions.

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