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Autotech M&A Overview 1H2019

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Autotech M&A Overview 1H2019 THE RACE FOR INNOVATION At first glance, the stable autotech deal volumes witnessed over the past year tell a benign story. These unexceptional numbers, however, conceal a seismic shift in the makeup of investors and buyers in the race to own the vehicle of the future. Now, new faces such as Apple and Uber abound, while Tier 1 suppliers – previously highly active in the space – have reduced their deal-making activity, at least temporarily. In addition, many corporates are hedging their bets It is not just the core technologies that are at stake earlier by extending their corporate venture capital here. Supporting industries are also growing as a operations to automotive technology. result: for instance, as electric vehicle adoption grows, so too do supporting industries such as automotive Fundamentally, the picture that emerges is one of research and development, battery testing systems, identity: every year, more OEMs expand their product battery rehabilitation and electrification of gas stations. portfolios to fashion themselves as mobility providers in addition to being car manufacturers. They acquire Unsurprisingly, in 1H2019 autonomous vehicle companies that aid the development of complete systems were especially sought-after targets in the solutions, instigating an increasingly competitive M&A market. As far as the winning technology and landscape and driving the development of critical standards go, the future is wide open, making this race future technologies, such as electric vehicles, driverless all the more important to watch over the short- to technology, and new modes of mobility. mid-term. Total number of Autotech M&A deals 2014-2019 40 35 30 25 20 15 10 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2014 2015 2016 2017 2018 2019 1 | 11 Automotive Technology M&A Overview 2H 2019 M&A SUMMARY Stable deal volumes In line with the march toward future technologies, In the first half of 2019, the number of deals remained around 10 per cent of recorded deals were linked to stable, with just under 50 transactions recorded in autonomous vehicle technology, either embedded in total. So too did valuation metrics, with the median the car itself or in the form of supporting data sales and EBITDA multiples trending relatively management solutions for autonomous driving. consistently at 1.8x and 15.5x respectively. Meanwhile, ever the pioneer in EV development, Tesla Most activity came from the enterprise application and acquired additional battery know-how by snapping up mobility and fleet management sub-sectors, with 17 Maxwell Technologies, thus strengthening its leading deals each. The largest deal was closed by Uber, as it position in this crucial growth market. acquired the Middle Eastern ride hailing app Careem for $3.1 billion. 60 15.5x 15.5x 13.4x 15.5x 50 13.4x 40 30 20 Transaction volume Transaction 4.7x 2.0x 10 2.1x 1.7x 1.8x 0 1H 2017 2H 2017 1H 2018 2H 2018 1H2019 Our Autotech report covers the two-and-a-half-year period between January 2017 and June 2019. All totals and median values refer to the entire period unless otherwise stated. Median multiples plotted in the graphs refer to the 30-month period prior to and including the half year. 2 | 11 Automotive Technology M&A Overview 2H 2019 TOP ACQUIRERS 236 44 Number of active acquirers Number of acquirers who during the past 30 months made >1 acquisition Acquisitions Acquirers Three most recent acquisitions in 30 months Clearplan automotive repossession management SaaS 5 CarsOnTheWeb European online B2B car auctions STRATIM Systems fleet management SaaS Torc Robotics autonomous driving sensors & software 5 Transvoco French ride sharing mobile app Flinc GmbH ride-sharing mobile app Quantum Signal robotic & autonomous vehicle system 4 Journey Holding automatic vehicle location SaaS Skinny Labs electric scooter sharing services & app ELEAD1ONE automotive CRM SaaS 3 Progressus Media mobile marketing SaaS Dasboard Dealership Enterprise dealership analytics reporting SaaS Thermeon Worldwide trucking hauling scale management SaaS 3 Profit Tools TMS trucking & transportation software & SaaS Creative Information Systems truck hauling scale management SaaS RedCap Technologies automotive customer logistics SaaS 3 Colimbra data management software & services Autodata UK online automotive technical reference content Wabco brake manufacturer for commercial vehicles 3 Simi Reality Motion Systems 3D motion detection & analysis software 2getthere autonomous electric passenger & cargo transport vehicles Sea Pine Technologies vehicle insurance advertising enablement software 2 Bright Box telematics systems & software 3 | 11 Automotive Technology M&A Overview 2H 2019 TRENDS IN AUTOMOTIVE TECHNOLOGY • Tech giants continue to penetrate • Micromobility solutions embellish autonomous and electric vehicle space urban environments, as providers receive billion-dollar valuations • Tire manufacturers enter the M&A • Cost of sensors decreases, especially for race, as illustrated by both Bridgestone’s LIDAR technology, as players are closing and Michelin’s respective acquisitions of large fundraises and the market becomes telematics assets ever more competitive ZF Friedrichshafen acquisitive in 2019 With its strategic acquisition of 2getthere, a next- This transaction was followed two months later by generation provider of autonomous vehicle ZF’s acquisition of Simi, a provider of biokinetic technology & systems, ZF intends to strengthen its perception software used to track passenger foothold in the growth markets of Mobility as a movements,. which it will Service (MaaS), autonomous transportation systems, employ to actively and. vehicle autonomy monitor occupant safety. software. 2getthere’s Finally, ZF’s $7 billion 13 May applications range from offer for Wabco further ACQUIRED driverless electric underlines the acquirer’s 19 Mar transport systems at commitment to scaling its ACQUIRED airports, industrial parks, business across all vehicle and theme parks to classes. dedicated urban transport infrastructure. 4 | 11 Automotive Technology M&A Overview 2H 2019 GEOGRAPHICAL BREAKDOWN Headquarters of Autotech Headquarters of acquirers targets of European targets RoW Europe 10% 66% North North America America 29% 56% Europe 34% RoW 5% of European targets were acquired by European buyers in the last 30 66% months, compared to 29 per cent of targets snapped up by North American investors. This accounts for the majority of deals involving European autotech targets and reflects Europe’s historical strength in the sector. Nevertheless, targets from North America dominated the charts, accounting for just over half of all acquisitions, with Rest of World (mostly Japan) rounding out the total with around one tenth of all deals. Financial sponsor deal share normalises Private equity transaction share of autotech M&A In 2018, financial sponsors played an outsized role in autotech M&A markets, as 100% almost one quarter of all activity was driven by a private equity. So far this year, this trend has declined slightly, with five autotech 50% transactions being consummated by PE, though the growing maturity of the 0% autotech market coupled with increasingly 2015 2016 2017 2018 1H2019 competitive bids from financial buyers will Private Equity Strategic Buyers PE Share (%) drive further activity. 5 | 11 Automotive Technology M&A Overview 2H 2019 SUB-SECTOR BREAKDOWN Mobility & Fleet Enterprise Enterprise Applications Management Applications Customer retention & CRM, dealership 29% 31% management systems, automotive PLM software. Internet Commerce & Content Online vehicle classifieds, vehicle auction websites. Embedded Software & Systems ADAS, connected car systems, self-driving software. Embedded Internet Mobility & Fleet Management Software & Commerce Ride sharing & hailing, e-mobility, parking Systems & Content applications, fleet management systems. 27% 13% Tech giants vs traditional auto companies LARGEST DISCLOSED DEALS In February, Amazon led a $700 million financing OF 1H2019 round into the Michigan-based electric vehicle start-up Rivian, that had previously collected money from Ford $3.1 billion Uber Technologies acquires 26 Mar Careem and, most recently, Cox Automotive. This demonstrates yet again two significant trends: the $1.0 billion Bridgestone acquires TomTom notable market shift to electric driving in general, and 22 Jan (telematics business) the market penetration by tech giants, as Apple, (6.5x EV/S) Dyson, and Google all develop their own autonomous and electric vehicles. Amazon appears to be betting on $320 million Lear acquires Xevo Inc [fka 02 Apr UIEvolution] Rivian to scale up and become a serious competitor to Tesla. $300 million Getaround acquires Drivy This also follows on Amazon’s significant bet on 24 Apr autonomous vehicles as it participated in the $530 million funding round into Aurora, a self-driving car $218 million Tesla acquires Maxwell technology unicorn. Uber, on the other hand, has 04 Feb Technologies been strengthening its geographic reach with the acquisition of Careem for $3.1 billion, the largest $186 million I.D. Systems acquires Pointer 13 Mar Telocation [fka Nexus autotech deal recorded so far in 2019. Telecommunications Systems] 6 | 11 Automotive Technology M&A Overview 2H 2019 ENTERPRISE APPLICATIONS A challenging market environment aftermarket CRM SaaS, to expand its portfolio for Enterprise applications that support all stages of car service businesses and consumers. ownership continue to gain importance against a Financial investors’
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