Welcome to the Eaton Square quarterly M&A Round Up | 2021 M&A round up for the Australian Information Technology industry

Q1 2021 has seen a strong recovery in overall M&A activity levels across all IT segments. The IT Services segment is highly active with many of the larger players in segment very active. With many buyers a few assets of scale, we are seeing multiples trending towards the upper end of the historic range for this segment. The large number of transactions in the Software segment highlights the opportunities for attractive early exits for businesses able to demonstrate product market fit and ability to retain customers and thus able to sell themselves to larger players who already have international sales and marketing capabilities. Private Equity is increasingly active in the IT industry with investments spanning IT Services, Software and Digital Platforms. In this edition:

Industry Segments Geography Period Information  IT Services 1 Jan – 28 Apr 2021 Technology  Software  Digital Platforms

Notes: All amounts in Australian Dollars Estimate revenue numbers indicated by ‘c.’ Data sourced from Pitchbook and Eaton Square research

IT Services

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About the transactions – IT Services

Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context Planit Test 12-Mar-2021 Nomura $135M 1418 IT Services focusing on  Opportunity for acquirers to expand successful business Management Research software application across Asia Pacific regions. Solution Institute testing, development &  Exit for founders and PE backers The Growth Fund who (TKS: 4307) quality assurance invested in Jan 2015 RXP Services 26-Mar-2021 $95.5m Cap Gemini $108M 550 IT Services focusing on  Reinforces Capgemini's ability to provide end to end (ASX:RXP) (PAR:CAP) Microsoft, ServiceNow digital solutions to clients across the region at scale and & Salesforce improve its strategic partnerships with Microsoft, ServiceNow and Salesforce  Current market for IT Services M&A is strong, driving attractive valuations relative to historic levels. As a public company RXP had struggled to achieve scale, this transaction provides liquidity for major shareholders Ampion (Australia) 31-Mar-2021 $117M Wipro $74M 500 IT Services, software  Provides exit for private group Pemba that invested in (BOM: 507685) assurance, security and June 2019 in Revolution IT and supporting its acquisition digital transformation of Shelde in 2019  For Wipro, Ampion provides a boast to its Australian market share along with some well-regard high-level capabilities in specialty areas including cyber security and strong relationship with Government & commercial clients Servian 01-Apr-2021 Cognizant 500 IT Services, data  Provides an exit for private equity group Adamentum Technology analytics, Artificial Capital who acquired Servian in June 2018 Solutions Intelligence & Cloud  For the acquirer Servian brings substantial additional (NAS: CTSH) Services scale and credibility in the Australian market. Its is Cognizant’s third acquisition in this market following Odecee in 2015 and Adaptra in 2016 WP EZI 9-Apr-2021 WP Buffs IT Services focussing on  This acquisition delivers US-based WP Buffs a local WordPress customer-based and takes out a smaller competitor in the WordPress support community

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Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context Datalicious 01-Feb-2021 MightyHive a 22 Provider of marking  Veda Advantage spun out their Datalicious business and subsidiary of S4 data agency services sold it MightyHive a subsidiary of S4 Capital Capital (LON:SFOR) Lorica Health 12-Jan-2021 Health 30 Health Sector data  Trade sale transaction Lorica acquired by $3.4B HMS Management consulting services Systems (NAS:HMSY) Docscopy 21-Mar-21 $102M Litera $23M 100 Developer of document  Trade Sale to US based competitor backed by Private Microsystems productivity software Equity

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Software

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About the transactions – Software

Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context Open Office 8-Jan-2021 $90m ReadyTech c.>$20m 44 SaaS software for  Readytech was a IT services rollup business supported Private (ASX: RDY) local government Equity group Pemba. ReadyTech listed on the ASX in April 2019 with Pemba retaining a major shareholding.  Independently, Pemba acquired OpenOffice in 2019. Selling OpenOffice to ReadyTech provides Pemba both an exit whilst uplifting the value of its holding in ReadyTech. SAI Global 08-Jan-2021 $91m Dye & Durham Developer of  Spin Out/ Trade Sale (Property (TSE:DND) property transfer  Partial exit for Baring Private Equity Asia, SAI’s Private Equity Division) workflow software owners GlobalX 5-Feb-2021 $215m Dye & Durham $96m 139 SaaS software for  Following on from the recent $112M acquisition of SAI Global’s Information (TSE:DND) the legal sector Property Division, this acquisition provides Dye & Durham with Services significant synergy opportunities due to the crossover of businesses in Australia and the UK.  Global had previously acquired Legalinx in 2011, a provider of credit reports, anti-money laundering, compliance and document filing services. Redflex (ASX: 21-Jan-2021 $146m Verra Mobility $92m 329 Systems developer  Trade sale acquisition of public entity. The announcement of this RDF) (NAS: VRRM) of road traffic and $146M acquisition mentions enabling global delivery of leading parking road safety products and services. management  Follows on a $300M Public to Private offer in 2011 by The Carlyle systems Group and Macquarie Bank which was rejected by shareholders Big Time Gaming 12-Apr-2021 $693m Evolution $48m 11 Software developer  Trade Sale. The announcement states help Evolution Gaming Gaming Group of online slot Group to strengthen its strategic position as the leading provider (STO:EVO) machine games of digital casino games in the world. Infinity Plus Two 07-Jan-2021 $5m Digital Bros $4m 20 Software developer (MIL:DIB) of video games Oculo 19-Mar-2021 $18.5m Revenio Group 1.00 17 Software developer  Trade sale providing an exit for founders and investors including (HEL:REG1V) of clinical Cogent Ventures who made a first round investment in June 2018 communications and Springboard Enterprise who provided accelerator/incubation systems services in 2019.

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Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context

Arms Reliability 18-Feb-2021 Baker Hughes c.$15m- 120 Asset management  Trade sale of an asset performance management (APM) software (NYS:BKR) $25m software developer provider with an established international customer base to large US industrial services group.  Provides a financial exit for the founders and support of global parent in expanding internationally.

Beacon Business 15-Mar-2021 Vela Software c.$6m 31 Retail POS systems  Trade sale to the Vela Software subsidiary of Constellation Systems a subsidiary of developer Software a Canadian based listed entity that focusses on Constellation acquiring proven software businesses with sticky customer Software relationship in specific vertical industries, in Beacon’s case POS / (TSE:CSU) retail management systems.  Provides a financial exit for the founder. Big Ant Studios 22-Jan-2021 $55m NACON Generating 41 Software developer  Trade sale of software developer of rugby, tennis and cricket (PAR: NACON) revenue of online & console games to large listed French electronic games group. games  Provides a financial exit for the founder whilst continuing to focus on expanding the product catalogue with NACON providing global sales and marketing.  For the acquirers the deal provides proven content and an additional sport-based content development capability. Bright People 07-Apr-2021 $15m CV Check c.$5m-$10m 30 Developer of  Trade Sale to ASX listed CV Check; provides founder access to Technologies (ASX:CV1) workforce additional resources and support to continue develop product management with deal that combines cash and shares with the opportunity to software assist in increasing the value of the latter

Doshii 27-Jan-2021 X15 Ventures, a Generating 12 Software developer  Trade Sale. Doshi provides middleware API software connecting a subsidiary of revenue of an application marketplace of retail and hospitality apps with POS companies. CommonWealt programming  The acquisition fits within CBA’s broader ‘digital’ strategy for mid- h Bank interface platform market business customers and appears to be following industry (ASX:CBA) best practice by acquiring small ‘growth-stage’ businesses through its venture division.

E7 () 25-Feb-2021 Bentley Generating 24 Software developer  Trade Sale. E7’s product appears to fit well within Bentley’s Systems (NAS: revenue of productivity tools broader portfolio. BSY) for civil engineering

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Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context Reckon Docs 06-Feb-2021 $13m Class Generating 122 Developer of  Spin Out/Trade Sale. Reckon divests its document management (ASX:CL1) revenue financial accounting subsidiary to a Class a self-managed superannuation fund software technology platform  Acquisition helps Class broaden its scope to offer a wider range of compliance and legal documents

Spearhead 26-Feb-2021 JDM Generating 6 Developer of  Trade Sale to global player in the same industry Software Technology revenue estimating, Group tendering and calculation software for the Australian electrical industry. Tantalus Media 18-Mar-2021 $46.8m Keywords c.$5m-$10m 40 Video games  Trade Sale to UK listed company in the same industry for Studios developer combination of cash and shares (LON:KWS)

ThinkTilt 19-Apr-2021 Atlassian Generating 11 Software developer  Trade Sale that provides the ThinkTilt a path to commercialisation (NAS: TEAM) revenue of digital with a well resourced parent productivity tools

Velocidex 21-Apr-2021 Rapid7 Generating Developer of digital  Trade Sale providing a small company a path to commercialisation Enterprises (NAS:PRD) revenue forensic software

YourPorter 27-Apr-2021 Guesty Generating Developer of  Spin Out /Trade Sale. Compare & Connect a based revenue property online platform for real estate services divests it property management management software subsidiary to a larger US-based and software venture-backed player in the same sector

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Digital Platforms

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About the transactions – Digital Platforms

Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context ARKIN 26-Apr-2021 $1.2M CannaOne Generating Software developer/ operator  Trade Sale of a start-up digital currency Technologies Technologies Revenue of digital payments platform payments business to Canadian listed Cannabis (Australia) (CNQ:LYNX) company looking for diversification Ascender HCM 01-Mar-2021 $650M Ceridian HCM $130M 900 Software developer/ operator  Ascender HCM was a Private Equity backed payroll & human capital Payroll/ Human Capital Management software management platform business backed by Auburn Hill Capital, Five V Capital, HarbourVest Partners, L Capital (San Francisco), MLC Australia and Potentia Capital. Potentia & Five V orginally invested in Jan 2015.  Transaction was a trade sale to a larger US- based player in the industry, providing the acquirer a material increase of capability depth and market share in the Asia Pacific region.

Assembly 07-Apr-2021 CurrencyFair Generating 74 Software developer/ operator  Trade sale providing liquidity to founders and (Financial revenue of an online payments platform investors. Assembly has raised c.$22M over3 Software) rounds of finance. Investor included Rampersand, SC Ventures, SixThirty Ventures, CarSales.com, Reinventure, Cultivation Capital bitcoin.com.au 04-Jan-2021 TSX Venture $6m 76 Software developer/ operator  Trade Sale provides exit for founder and Exchange of online digital currency investors including Dominet and Alium Capital exchange

Comply Path 28-Jan-2021 $19.5M Integrated Payment 4 Software developer/ operator  Trade Sale to listed company Technologies of business compliance (ASX:IP1) management platform

Earnd 24-Mar-2021 Wagestream 60 Software developer / operator  Trade Sale exit for private equity. Company of financial wellness & tracking previously acquired by Greensill Capital, General tools Atlantic, Softbank in a $20M leveraged buyout in 2020. Transaction value not disclosed.

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Transaction Transaction Company Name Date Value Acquirer Revenue Staff Business Transaction Context Elevio 17-Feb-2021 $20m Dixa Generating 11 Software developer / operator  Trade Sale provided liquity for founders and revenue of a customer support platform seed round investors. $1m round in June 2016 including Blackbird and AirTree Ventures

Farimarkets 10-Feb-2021 Global Kapital Startup Software developer / operator  Trade Sale provides acquires access to the Trading Group financial asset trading platform Australian derivatives market Goodments 06-Jan-2021 $1.5m Douugh (ASX:DOU) Generating 5 Software developer / operator  Trade Sale, deal provides a path to revenue share trading platform commercialisation for the Goodments team who previously raised A$239K of equity crowdfunding via Equitise Neto Global, a 18-Mar-2021 $60m Maropost Generating 90 Software developer/ operator  Spin Out/Trade Sale. Cloud based e-commerce subsidiary of revenue of ecommerce platform platform divested by Telstra to large player in Telstra (ASX:TLS) same sector.

OneSaas 02-Feb-2021 Intuit (NAS:INTU) c.$6m 40 Software developer / operator  Trade sale of a online application data integration platform Payright 04-Mar-2021 $2.25m Lynx Global Digital $5m 64 Software developer/ operator  Public company trade sale. Singapore-based (ASX: PYR) Finance Corp. of Australian merchant PYR has previously raised $18.5m at IPO in Dec formerly CannaOne payment plan services 2020. Lynx paying $1.1m for 51% stake. Technologies (CNQ: LYNX)

Rice Warner 03-Mar-2021 Chant West, c.$11m 26 Provider of insurance  Trade sale (Galaxy subsidiary of Zenith comparison tool for desktop Insurance Investment software providers Comparators Partners Business)

Selz 16-Feb-2021 Amazon.com c.$4m 35 Software developer/ operator  Trade Sale and path to scale for business (NSA:AMZN) of an e-commerce platform seeking to compete against Shopify

PoweredLocal 23-Mar-2021 Hownd (Media and 5 Software developer of a WiFi  Trade Sale, PoweredLocal had previously raised Information based marketing platform a $0.5M seed round on a $5m pre-money Services) valuation. Transaction provides an exit for founders and investors

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About Eaton Square

Eaton Square is a cross-border M&A and capital service provider with a strong focus on the Software and IT Services sector. Our team comprises of professionals who managed a large number of the sector’s corporate transactions globally. Eaton Square has over 100 senior professionals across US, Canada, China & Hong Kong, Australia, New Zealand, UK, Spain, Switzerland, Singapore and Malaysia. Whether you are looking to sell your business or grow through acquisition or other means, our team can help you develop your strategy, identify potential counterparties and work with you throughout the transaction.

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Meet our team

Neil Bourne Patricia Glovsky Principal Managing Principal San Francisco, USA Sydney, Australia https://eatonsq.com/people/patricia-glovsky/ http://eatonsq.com/people/neil-bourne/ [email protected] [email protected] Patricia Glovsky is a Principal at Eaton Square. She is Neil Bourne is a Principal with Eaton Square in a technology investment banker with more than 30 Sydney. years of corporate finance investment banking With over 20 years experience in the IT industries in roles ranging from technical, (M&A and capital raises (private placements, debt and IPOs)) experience. operational through to financial and strategic, Neil brings a distinctive range of Patti began her investment banking career at a leading Wall Street investment bank, insights to bear on the journey from start-up through to final exit for businesses in Kidder Peabody Incorporated. Through her career she worked primarily on the technology sector. technology M&A and private placement transactions and developed a unique focus Neil has been working as a corporate advisor in the technology sector assisting with on “Visual Computing technologies across industries”. This expertise grew from growth strategies, capital raisings, mergers and trade sales for over 10 years. clients innovating the early visual technologies (simulation/synthetic environments, In addition, Neil draws on his experience with large organisations based on his time video games, VR/AR, AI, Machine Learning, image processing, graphics, CAD as a management consultant with Andersen Consulting (Accenture), assisting software, video editing, GIS (geographic information systems), medical imaging, commercial and government clients with eCommerce strategies and IT visualization, displays, etc.) for one industry, which then were pulled into a broad implementations. range of industries. Neil holds an MBA from the Australian Graduate School of Management and a BSc Patti was there at the early days of these and related technologies and is an (Hons) in Electronic Engineering from the University of Reading in the United established expert in visual computing and broad range of related technologies. Kingdom. Patti typically represents world class technology leaders who most often sell their companies to some of the world’s largest technology corporations. Patti has more than 7 securities licenses with FINRA/SEC, received her BA from Wellesley College majoring in Economics and Asian Studies, attended Harvard University for Asian Studies and graduated from MIT (Massachusetts Institute of Technology) with a Masters in Business. Securities offered through Polygon Capital Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Polygon Capital Advisors, LLC and Eaton Square LLC are unaffiliated.

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Warren Riddell Michael J Mufson Principal Principal Sydney, Australia Philadelphia, USA https://eatonsq.com/people/warren-riddell/ https://eatonsq.com/people/michael-j-mufson/ [email protected] [email protected] Warren Riddell is a Principal at Eaton Square. He Michael Mufson has almost 30 years experience as brings over 30 years of expertise in business an investment banker to middle market companies. strategy and transaction management developed Prior to the founding of Mufson Howe Hunter in client side, advisor side and as a financier, in the UK, US, Middle East and Asia Pacific. 2004, he served as the founder and head of equity capital markets for Commerce Bancorp (now TD Bank). Formerly a corporate finance partner at EY and Arthur Andersen, he was the MD of Mr. Mufson started his career with Arthur Young & Company (now Ernst & Young) in an early stage PE fund in Sydney, ran his own private investment office and their national management consulting group. represented a family office in London and New York. More recently he was a partner at Beaton where he led the M&A practice. Mr. Mufson has extensive transactional experience having completed hundreds of merger & acquisition transactions, private placements, recapitalizations, IPO’s, His past clients range from global firms such as PwC, Stantec and White & Case to follow-on financings, and advisory assignments. During his career, Mr. Mufson has local firms across the technology, professional services, project management, public served as a director of numerous public and private companies and has acted as affairs and environmental sectors. general partner in venture capital and private equity funds. Warren holds a BA(Hons) in Economics, Finance and Law from the University of He received his B.A. and M.B.A. degrees from George Washington University and is a Lancaster (UK), and two Master degrees from the University of Sydney in European Certified Public Accountant. Studies and Political Economy (winning the prize for the latter). He is also a FCA

(ICAEW) and an adjunct lecturer on the MBA program at Macquarie University.

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Andrew Light Richard Goldman Managing Principal Principal Toronto, Canada Toronto, Canada

https://eatonsq.com/people/andrew-light/ https://eatonsq.com/people/richard-goldman/ [email protected] [email protected] Andrew brings over 25 years of expertise having Richard has over 25 years of corporate finance, both professional firm and client-side industry investment banking and capital market experience. experience. After graduating with an MBA from the Schulich School of Business at York Andrew was formerly Vice President of consulting & deals for University in Toronto, Richard worked in the Investment Banking Division at Citibank PricewaterhouseCoopers (PwC), as well as having held senior client-side roles with Canada. Richard then went on to develop golf courses and home communities in enterprises such as IBM, British Telecom, Shell, and Sapient. both Canada and the United States. Andrew works with senior client leaders across all industry sectors, and brings significant subject matter expertise in telecoms, digital technologies & media, He subsequently founded a boutique corporate advisory firm and has provided mobile communications, government services, and retail. financial, strategic and management expertise for numerous entrepreneurs and companies in such diverse industries as: As a seasoned business executive Andrew assists clients with their Mergers and  mining, Acquisitions, and accessing capital for corporate growth.  financial services, Andrew’s record of outstanding success includes helping clients over a variety of  mortgage financing, sectors in implement winning strategies of internal and external change.  motorcoach tours, Andrew holds a Masters degree in Management from the University of Lancaster  structural lifting, (United Kingdom), a first degree in business & finance (with distinction) as well as  biofuels, having a professional designation from the Chartered Institute of Marketing (1990).  medical devices,  online vehicle auctions,  nanotechnology,  online travel, and  natural resources.

In 2012 Richard successfully led the going public transaction of a Canadian junior gold exploration company on the Toronto Venture Exchange. Through that experience Richard further developed his skills in business structuring, securities law, capital raising, shareholder relationships and corporate governance.

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Nick Weston Nick Kelly Managing Principal Principal Melbourne, Australia Milan, Italy https://eatonsq.com/people/nicholas-weston/ https://eatonsq.com/people/nick-kelly/ [email protected] [email protected] Nicholas Weston is a Principal of Eaton Square and Nick is a Europe-based Eaton Square Principal who is focused on M&A and debt and equity raisings. assists cyber security technology companies to Recent transactions include the successful sale of build their operations in new markets, acquire digital media business WME to Melbourne IT for $39M and a successful seven figure capital, grow their teams and assist them in their product and service direction. raise for unlisted Australian anaesthesia company Drawbridge Pharmaceuticals. Particularly of interest are cross-border buy side / sell side cyber services Nick served as chairman for 6 years and CEO for 5 years with a publicly listed life transactions and cyber product capital raises in early to mid stage. Currently also sciences company and was involved in a number of successful M&A, equity and working with a European cyber services and product entity firm building capacities licensing transactions in his time there. In 2014, Nick was appointed the sole and resilience in military, private sector and public-private partnership models. Australian market development advisor for the world’s largest integrated preclinical He is an active member and occasional panelist for the European Union contract research organisation, Aptuit LLC. commissioned European Cyber Security Organisation, a public sector funded Nick is also Principal of law firm Nicholas Weston and was founding Chairman of the initiative designed to drive the cyber security economy forward in Europe through Karma Currency Foundation. He has degrees in law and economics and an Executive capital connection and supporting a better funded startup market. Certificate in Artificial Intelligence and Business Strategy from MIT. Nick can be heard every Wednesday on his podcast, Secure In Mind, where he talks with globally leaders about impacts, developments, risks and opportunities of security in all areas (cyber / policy / policing / governance).

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Merlin de Allan Peter M. Hall Principal Principal London, United Kingdom Sydney, Australia https://eatonsq.com/people/merlin-de-r-allan/ https://eatonsq.com/people/peter-hall/ [email protected] [email protected] Merlin Allan joined Eaton Square to continue his Peter has thirty years of management and established career and passion for building and consulting experience in a wide range of industries expanding businesses across SE Asia with an across many countries, particularly in the Asia emphasis on strategic growth, M&A and capital raising. Pacific region. He has served as C level executive, company director, venture advisor and investor in Australia and the USA. In seven years with The Boston Consulting He has over 30 years of growing businesses in SE Asia, North America and Europe. Group he consulted at CEO level on strategy, organisation design and operational His sectorial focus includes IT Services, telecommunications, e-commerce and effectiveness in the financial services, airline, building, manufacturing, oil industry, software development. pharmaceutical and public service sectors, based mostly in South East Asia. Immediately prior to joining Eaton Square, he was an Executive Director at SMS He co-founded VC Mentors, a venture capital and advisory firm operating in Australia Consulting, an ASX-listed IT Services company where he headed up Strategy and and the USA, whose portfolio value grew from 0 to $1B in four years. He was directly M&A. Within this role he completed and integrated 15 acquisitions across the IT engaged in evaluating opportunities, mentoring founders as well as the negotiation sector. of commercial, legal and investment agreements in Australia, the USA and Europe. Based in Sydney Australia, Merlin is a graduate of the University of West of England Most recently he served as CEO of an early stage company commercialising a mobile and a member of the Australian Institute of Company Directors. payments platform. He has also served as COO and subsequently as a non-executive director of an Australian software platform company that grew from a start-up and was subsequently migrated to the USA. Peter has qualified as a Chartered Company Secretary and also holds a Master of Commerce (University of NSW, Distinction), a Bachelor of Economics (University of Sydney) and a Diploma in Corporate Management (ICSA).

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Reece Adnams Global Managing Principal & CEO Melbourne, Australia https://eatonsq.com/people/reece-adnams/ [email protected] Reece is the Managing Principal of Eaton Square and is focused on M&A and capital services. His industry expertise incorporates IT Services, Engineering (including Mining and Oil & Gas Services), Management Consultancies, Software and Technology and HR Services. With over 20 years of corporate strategy and mergers and acquisitions experience working in both global corporations and small and medium sized services businesses, Reece’s depth of knowledge is invaluable in assisting clients to navigate the complexities of M&A transactions. Talk to us  Recent transactions have included:

 Sale of management consultancy to KPMG  Sale of banking and finance consultancy to IT systems integrator Email any of our senior Principals or send an email to:  Sale of management consulting firm to leading Korn Ferry [email protected]  Sale of Australian mining services firm to US based engineering giant  Acquisition of Australian management consultancy on behalf of Arup www.eatonsq.com  Sale of operational mining services firm to SMEC  Sale of specialist management consulting firm to Australian engineering firm  Acquisition of local environmental consulting firm for US engineering company

Reece was also CEO of companies in which Eaton Square invested, including WDScott and Beaton Research and Consulting. Reece has over 15 years of corporate strategy and M&A experience, including senior executive roles at IBM Corporation in New York, Royal Dutch Shell in London and John Fairfax Holdings.

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