Angel Pond — SPAC Merger (February 2022)
46 slides from Angel Pond's SPAC merger presentation, Feb 1, 2022
Slide 1: MariaDB Investor Presentation
Exhibit 99.2 MARIADB INVESTOR PRESENTATION February 1, 2022
Slide 2: Disclaimers, Forward-Looking Statements and Cautionary Language
DISCLAIMERS DISCLAIMERS, FORWARD-LOOKING STATEMENTS AND CAUTIONARY LANGUAGE Disclaimers. This presentation is for informational purposes only. It shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or
Slide 3: Disclaimers (cont'd)
DISCLAIMERS (cont’d) There may be additional risks that neither MariaDB nor Angel Pond presently know, or that MariaDB or Angel Pond currently believe are immaterial, that could also cause actual events, results or condition to differ from those contained in the forward-looking statements. In additi
Slide 4: Today's Presenters
TODAY’S PRESENTERS MariaDB Angel Pond Holdings Michael Howard Theodore T. Wang Chief Executive Officer Co-Founder, Chairman and CEO 4 Proprietary & Confidential
Slide 5: Sponsor Value Creation Strategy
SPONSOR VALUE CREATION STRATEGY Revenue Growth Capital Markets Public Market Acceleration Experience ● Leverage proven operational experience in the technology sector ● Extensive understanding of capital ● Investor communication as a markets business strategy ● Existing customers: deepen 1 penetrati
Slide 6: Transaction Cadence
TRANSACTION CADENCE ● $104mm equity bridge prior to the closing of the SPAC merger transaction ○ Closed on January 31, 2022 ● Angel Pond Holdings Corporation (NYSE: POND) and MariaDB signed a business combination agreement on January 31, 2022 nd 1 ○ Targeting a closing in 2 half of FY 2022 ○ Subject
Slide 7: Transaction Summary
TRANSACTION SUMMARY Sources and Uses Pro Forma Valuation ($mm other than share price) Transaction Sources ($) 1 Share Price at Merger $10.00 Cash Held in SPAC Trust $265.0 2,3 PF Shares Outstanding (mm) 97.4 Equity Bridge Proceeds 104.0 Equity value $973.6 PIPE Proceeds 18.2 4 Debt Outstanding $17.3
Slide 8: Post Transaction Ownership
1 POST TRANSACTION OWNERSHIP PIPE Investors 3 2% Sponsor 7% Angel Pond public Shareholders 27% Existing Shareholders 2 51% Existing Shareholders at the Time of the de- SPAC Transaction 64% Equity Bridge Shareholders 2 13% (1) Reflects 62.3mm shares held by existing shareholders at the time of the de
Slide 9: Company Highlights
COMPANY HIGHLIGHTS 9 Proprietary & Confidential
Slide 10: Video
VIDEO 10 Proprietary & Confidential
Slide 11: We Build the Database For All. Any Workload. Any Cloud. Any Scale.
We Build the Database For All. Any Workload. Any Cloud. Any Scale. 11 Proprietary & Confidential
Slide 12: MariaDB Profile
MARIADB PROFILE Our Investors FY2021 ARR $40mm Distinctions & Awards 40 World class relational database engineering team, including the original core MySQL team 195k+ Open Source contributions, the 30 highest number in the industry Voted database of the year 2013 – 2020, LinuxQuestions.org 20 New Cl
Slide 13: Investment Highlights
INVESTMENT HIGHLIGHTS ü Attractive Industry Tailwinds with Large TAM ü Leading Relational Database Brand for Transactions and Analytics with Billions of Downloads ü At the Nexus of Open Source and Cloud ü Thriving Open Source Community Drives Viral Adoption ü Broad Platform for Monetization: Proprie
Slide 14: Relational Databases Run the Data-Driven World
RELATIONAL DATABASES RUN THE DATA-DRIVEN WORLD eCommerce Telecom Relational Databases Payment Gaming Banking SaaS Large Ecosystem 70%+ 1 of Total Database Market (1) Source: IDC, “Worldwide Database Management Systems Software Forecast, 2021-2025”, #US48224421, September 2021 14 Proprietary & Confid
Slide 15: A Large Market with Significant "Cloudwinds"
A LARGE MARKET WITH SIGNIFICANT “CLOUDWINDS” The Large Relational Database Market… …Accelerating to the Cloud ($bn) $64 $40 52% 25% 2020 2025 2020 2025 Cloud $ 10bn $ 33bn Market Source: IDC , “Worldwide Database Management Systems Software Market Shares, 2020: The Enterprise Journey to the Cloud”,
Slide 16: Existing Solutions Are Ripe for Disruption
EXISTING SOLUTIONS ARE RIPE FOR DISRUPTION Outdated Complex Legacy Expensive No Developer Appeal 16 Proprietary & Confidential
Slide 17: MariaDB: At the Nexus of Open Source and Cloud
MARIADB: AT THE NEXUS OF OPEN SOURCE AND CLOUD Developer Continued Scalable Lower Cost Evangelism Innovation 17 Proprietary & Confidential
Slide 18: Established All the Key Elements of Success
ESTABLISHED ALL THE KEY ELEMENTS OF SUCCESS Drive Adoption Acquisitions Innovation & Monetization Launched Incorporated Changed Replaced MySQL Acquired Launched MariaDB MariaDB Business Model in Distributions Clustrix SkySQL Enterprise 2014 2015 2017 2018 2019 2020 18 Proprietary & Confidential
Slide 19: The Complete Database Platform
THE COMPLETE DATABASE PLATFORM MariaDB Enterprise Support Transactional JSON/Document HTAP Analytics License 24 x 7 Tiered Open Source 30min SLA GPL, Consultative Proprietary Patches, Security Indemnification Updates Distributed SQL Dev Friendly Operational Analytics Real Time Analysis Training, Ful
Slide 20: Product Portfolio
PRODUCT PORTFOLIO MariaDB Enterprise Platform for Transactions and Analytics ● Enterprise-only features, including MariaDB Enterprise Server, Distributed SQL product Xpand MariaDB Enterprise ● Annual subscription pricing based on vCPU or node ● Full 24x7 support, not only break-fix, but consultative
Slide 21: Highly Efficient Business Model
HIGHLY EFFICIENT BUSINESS MODEL Community 75% 1bn+ 2.5bn+ Thriving Open Fortune 500 Downloads Linux distro Source Community ● Creates “Top of the Funnel” SkySQL MariaDB Cloud DB as a Service Propriety Enterprise Enterprise Features ● Strong secular growth MariaDB Enterprise product fully managed in
Slide 22: Our Competitive Advantage
OUR COMPETITIVE ADVANTAGE Open Source Distributed SQL Multi-cloud Low TCO ● Vibrant community ● Massive scale and high ● For independence and ● Up to 90% savings availability uptime ● Ubiquitous ● Fully managed / ● Full elasticity ● Hybrid support (on- automated in the cloud prem/public cloud) with
Slide 23: High ROI – Rapid Time to Value
HIGH ROI – RAPID TIME TO VALUE Customers save up to 90% of their operational database cost 3 Year Total Cost of Ownership $946,200 For one node (2 sockets, 12 core each) ● Oracle costs approximately 33x more ● Organizations can save close to $1 million $28,800 Company analysis based on: Oracle Price
Slide 24: Competitive Landscape
COMPETITIVE LANDSCAPE Hyperscalers Legacy Multi-Workload (single DB) 24 Proprietary & Confidential Multi-Cloud
Slide 25: Sources of Opportunity
SOURCES OF OPPORTUNITY Customer Examples Where Customers Come From Reasons for Migrating Open Source ● Support & HA ● MariaDB Community ● Next Generation ● Oracle MySQL ● OLTP & OLAP Scale ● Postgres Legacy ● Cost ● Oracle Enterprise ● Complexity ● Sybase ● EOL ● IBM db2 ● Proprietary ● MS SQL Serve
Slide 26: Sticky Blue-Chip Customer Base
STICKY BLUE-CHIP CUSTOMER BASE 1 600+ Customers (1) As of 12/31/2021 26 Proprietary & Confidential
Slide 27: MariaDB Enterprise Use Cases
MARIADB ENTERPRISE USE CASES Leading US Telecommunications Provider ● Leaving Oracle Enterprise and IBM db2 ● Global management of Samsung and CASA Femtocell devices for cell area coverage extension ● Transactional & analytical database usage ● Leaving MySQL and legacy databases ● $4.1mm net savings
Slide 28: SkySQL Use Cases
SKYSQL USE CASES Fortune 500 Financial Services Company ● Management of more than $2 trillion in assets ● Management of all UK wi-fi access points ● Leaving mainframe for Xpand ● MariaDB lift and shift to SkySQL Power ● Transactional database ● Transactional database ● Competition: Postgres, IBM db2
Slide 29: SkySQL Mid-Market Use Cases
SKYSQL MID-MARKET USE CASES Enterprise Payment Solution Provider ● Leaving on-prem for SkySQL Power ● Community to SkySQL Power ● Transactional database ● Transactional database, analytics (Future) ● Competition: AWS RDS ● Competition: AWS RDS 29 Proprietary & Confidential
Slide 30: Continued Expansion Across Cohorts
CONTINUED EXPANSION ACROSS COHORTS ARR ($ in millions) ARR Expansion for Customers > $500k ARR (at FY End) 30 Proprietary & Confidential
Slide 31: Go-to-Market Focus
GO-TO-MARKET FOCUS Cloud Frictionless Developers Expansion Leverage SkySQL Expand Developer following Add regional clouds to monetize Open by evangelizing new and adjacent offerings Source users features (NoSQL, migration like geo-spatial Data tools, compatibility) as a Service 31 Proprietary & Conf
Slide 32: Growth Drivers
GROWTH DRIVERS Strategic M&A Adjacent solutions E.g. Geospatial Improve Functionality Add MS Azure Enter New Analytics across Clouds Markets Establish Partner/ Asia expansion Untapped economies Expand Direct Channel Network Sales Team Increase coverage 3x team Shorter cycles Net new expansion Networ
Slide 33: Experienced Leadership Team
EXPERIENCED LEADERSHIP TEAM Michael Howard Amir Ameri Jon Bakke Franz Aman Jags Ramnarayan Chief Executive Officer Chief Financial Officer Chief Revenue Officer Chief Marketing Officer Chief Product Officer 33 Proprietary & Confidential
Slide 34: Financial Highlights
FINANCIAL HIGHLIGHTS 34 Proprietary & Confidential
Slide 35: Financial Highlights
FINANCIAL HIGHLIGHTS Scaling ARR with Outstanding Strong Base of High 2 Sustainable Growth Retention Metrics ARR Customers $40mm 120%+ 96 3 Total ARR Net Retention Customers with 2021 2021 >$100k ARR >$100mm 90%+ 10 4 Projected Total Gross Retention Customers with 1 ARR in FY24 2021 >$500k ARR th No
Slide 36: ARR Growth
ARR GROWTH 1 Total ARR is expected to achieve a ARR FY20A – FY23P ($ in millions) 33% CAGR for FY20A-FY23P driven by the following: $72 • SkySQL and MariaDB Enterprise achieved ARR growth $53 of 250% and 46%, respectively, in FY21A $40 $31 • On a combined basis MariaDB Enterprise and SkySQL ARR are
Slide 37: Revenue Growth
REVENUE GROWTH • FY21A Product Subscription Revenue Detail FY20A – FY23P ($ in millions) Revenue is expected to grow ~39% in FY22, and ~1.9x by $64 FY23 • Services contribute ~10% of $47 revenue, they are revenue $35 enablers not revenue drivers $31 $59 $44 $32 $26 $4 $5 $3 $4 FY20A FY21A FY22P FY23
Slide 38: Growth of High ARR Customers
GROWTH OF HIGH ARR CUSTOMERS • 66% increase in customers High ARR Customers FY20A – FY21A above $500k ARR from FY20 to FY21 86 • 32% increase in customers 65 above $100k and below $500k ARR from FY20 to FY21 • Key drivers are product maturity and market fit, sales maturity and a proven expansion sal
Slide 39: Income Statement Detail
INCOME STATEMENT DETAIL ($ in millions) FY20A FY21A FY22P FY23P • Revenue closely tracks to ARR growth Total ARR $30.6 $40.3 $53.4 $72.3 Growth % 18% 31% 33% 35% • Meaningful reduction in operating expenses as a percent of revenue Revenue: Product Subscription $26.4 $31.5 $43.7 $58.9 beginning in FY
Slide 40: Ocean of Possibilities
Ocean of Possibilities 40 P Pr ro op pr riet ieta ar ry y & & C Co on nffide iden nttial ial
Slide 41: 41 Proprietary & Confidential
41 Proprietary & Confidential
Slide 42: Appendix
APPENDIX 42 Proprietary & Confidential
Slide 43: Forecast Assumptions
FORECAST ASSUMPTIONS Presentation of Financials Forecast Assumptions • Financials are presented based on IFRS standards • The drivers behind Revenue and ARR forecast include: • ARR vs. Recognized Revenue ○ Historical trends ○ ARR is a snapshot statistic at a given point in time ○ Contract renewals ○
Slide 44: Glossary of Terms
GLOSSARY OF TERMS Term Definition • The Company calculates ARR by taking the monthly recurring revenue (“MRR”) multiplied by 12 months (annualized) • MRR represents monthly revenue from customer subscription contracts and is calculated by taking the beginning of the month MRR, plus MRR gained from n
Slide 45: Risk Factors Summary
RISK FACTORS SUMMARY Investing in any of the Proposed Transactions relating to this presentation involves a high degree of risk. Below is a summary of certain factors that make an investment in any Proposed Transaction speculative and risky. Additional discussion of risks and uncertainties summarize
Slide 46: Risk Factors Summary (cont'd)
RISK FACTORS SUMMARY (cont’d) • Without significant investments in our sales and marketing organizations and improvements in sales and marketing programs, we may be unable to add new customers or increase sales to existing customers at a level needed to achieve our growth expectations. • We may requ