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2019 Real Estate Technology Market Update

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2019 Real Estate Technology Market Update PRELIMINARY CONFIDENTIAL DRAFT Real Estate Technology Market Update Q2 2019 EXECUTIVE SUMMARY – Q2 2019 REAL ESTATE TECHNOLOGY Real estate technology continues to be one of the most active areas of financing and M&A activity through the first half of 2019 ▪ The U.S. real estate tech sector received ~$3.0Bn of growth equity capital in 1H 2019 in addition to more than $1.4Bn in debt for iBuyer and RE financing companies ▪ Investments continue to grow in size, with average equity financings over $21MM across 65 deals in Q2 2019, as competition for high-quality investments increases and the number of active strategics and private equity investors in the space continues to grow Q2 2019 saw commercial real estate technology companies drive significant activity, with a flurry of capital raises and M&A transactions ▪ VTS raised $90M at a ~$1.0Bn valuation led by Brookfield Ventures, the venture arm of Brookfield Asset Management, signaling strong demand from real estate investors / property managers for next-generation solutions to streamline their operations and improve margins ▪ A sharp increase in private equity and strategic driven M&A reflects the growing influence of CRE tech companies and the land grab that’s currently underway as acquirers look to build platforms in the space – Silver Lake and Battery Ventures backed LightBox announced two acquisitions in Q2 2019, Real Capital Markets and Digital Map Products, as they look to build an end-to-end software and data platform in the CRE space targeting commercial services firms, property owners, lenders and investors – Green Street Advisors and Real Capital Analytics (RCA) both partnered with PE firms in Q2 2019, with Green Street being acquired by WCAS and RCA receiving a significant minority investment from Susquehanna Growth Equity → we expect both of these firms to continue to be active in the partnership and M&A market as they look to accelerate growth 1H 2019 investments in residential real estate technology have been largely centered around iBuyer and purchase financing firms who have received significant growth equity and debt to expand into new markets ▪ In the RRE software space, Vista-backed Lone Wolf Technologies acquired zipLogix in a highly strategic transaction that continues to consolidate the real estate transaction back-end and workflow market Select Q2 2019 Active Investors Select Q2 2019 Active Acquirers 2 GCA 1H 2019 PROPTECH TRANSACTIONS GCA is one of the most active advisors to the global proptech ecosystem, with four announced deals in 1H 2019 and 21 proptech deals globally in the past 3 years January 2019 April 2019 May 2019 May 2019 Real Estate Data Licensing Residential Real Estate Software / Commercial Real Estate Software / Insurance Marketplace Transaction Management Business Intelligence 3 THE LEADING ADVISOR TO THE PROPTECH ECOSYSTEM The Leading Advisor in the Property Tech Ecosystem Chris Gough Managing Director Head of Real Estate Technology Acquired by Acquired by Acquired by Acquired by Phone: (415) 318-3658 [email protected] A Portfolio Company of A Portfolio Company of We advised the seller We advised the seller We advised the seller We advised the seller Key Sub-Sector Coverage Verticals Majority Interest Acquired by Acquired by Acquired by Residential RE Software Acquired by Commercial RE Software We advised the seller We advised the seller We advised the seller We advised the seller Mortgage / Lending Title / Insurance Acquired by Acquired by Investment from Acquired by Home Services We advised the seller We advised the seller We advised the seller We advised the seller Facilities Management Minority Acquired by MBO backed by Construction Tech Acquired by Investment From IWMS We advised the seller We advised the seller We advised the seller We advised the seller 4 CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners. Transaction Summary Strategic Rationale ▪ On January 8, 2019, Lovell Minnick Partners announced ▪ ATTOM is a leading, scale platform investment in the real that it had completed the acquisition of ATTOM Data estate data solutions market Solutions (“ATTOM” or the “Company”) − Company’s proprietary data solutions include TRANSACTION DETAILS − Financial terms of the transaction were not property tax, deed, mortgage, foreclosure, Closed disclosed environmental risk, natural hazard and neighborhood data for 150+ million U.S. residential January 2019 ▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real and commercial properties, covering 99% of the SECTORS estate, mortgage, insurance, marketing and adjacent nation’s population Real Estate / Mortgage markets − Company serves 225+ data customers with Technology ▪ multiyear contracts Property / Insurance Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and Technology − ATTOM management has generated strong organic services industry. Since its inception in 1999, Lovell Data Licensing growth and successfully pursued accretive strategic Minnick Partners has raised $2.7 billion in committed opportunities, including its acquisition of capital and has completed investments in over 45 neighborhood data provider Onboard Informatics in DEAL TYPE companies M&A early 2018 ▪ GCA acted as exclusive financial advisor to ATTOM in ▪ Lovell Minnick will continue to support management in connection with the transaction executing its strategic plan to build the leading technology platform in the real estate data industry 5 CASE STUDY: SALE OF ZIPLOGIX TO LONE WOLF REAL ESTATE TECHNOLOGIES GCA acted as exclusive financial advisor to zipLogix, a leading provider of real estate transaction management software, on its sale to Lone Wolf Technologies, a portfolio company of Vista Equity Partners. Transaction Summary Strategic Rationale ▪ On April 22, 2019, Lone Wolf Technologies (“Lone Wolf”) ▪ zipLogix will enhance Lone Wolf’s position as the leader in announced that it had completed the acquisition of real estate transaction forms zipLogix LLC (“zipLogix” or the “Company”) − zipLogix management has advanced market TRANSACTION DETAILS − Financial terms of the transaction were not penetration in the Company’s forms business having Closed disclosed successfully developed strong upsell opportunities including e-signature, CRM and database linking April 2019 ▪ Headquartered in Fraser, Michigan, zipLogix is the leading provider of real estate transaction forms and transaction solutions SECTOR documentation management software for the residential ▪ Lone Wolf will support zipLogix’s continued operations Residential Real Estate real estate sector and leverage the combined Company’s cross-selling Technology ▪ Lone Wolf, a portfolio company of Vista Equity Partners, opportunities provides real estate software solutions, such as back DEAL TYPE ▪ The combined company will service over 1.4 million office management, marketing and e-signature platforms, M&A agents, 20,000 offices, and 1,000 MLSs and Associations to more than 20,000 real estate offices across North in the U.S. and Canada America ▪ GCA acted as exclusive financial advisor to zipLogix in connection with the transaction 6 CASE STUDY: SALE OF REAL CAPITAL MARKETS (RCM) TO LIGHTBOX GCA acted as exclusive financial advisor to Real Capital Markets, the leading commercial real estate transaction marketplace, SaaS transaction management and business intelligence platform, on its sale to LightBox, a portfolio company of Silver Lake and Battery Ventures Transaction Summary Strategic Rationale ▪ On May 13th, LightBox Holdings, L.P. (“LightBox”) ▪ RCM is central to Lightbox’s strategy of aggregating announced that it had completed the acquisition of transaction volume and deepening relationships with RealCapitalMarkets.com, LLC (“RCM” or “the Company”) large commercial services firms to expand its upstream connectivity to the commercial real estate transaction TRANSACTION DETAILS − Financial terms of the transaction were not − ~50% of all U.S. CRE assets greater than $10mm are Closed disclosed May 2019 brought to market and sold using RCM’s online marketplace ▪ Headquartered in Carlsbad, California, RCM is a leading SECTORS online marketplace and SaaS platform supporting − Since inception, RCM has executed over 65,000 Commercial Real Estate commercial real estate (“CRE”) brokers throughout the SaaS transaction process assignments with total consideration in excess of Real Estate Technology $2.3 trillion ▪ RCM’s solutions include property marketing, transaction DEAL TYPE management and business intelligence tools to unify − RCM’s customers rely on the Company’s workflow, M&A broker-level and firm-level data and workflows marketing and business intelligence tools to drive transactions and productivity ▪ LightBox, a portfolio company of Silver Lake and Battery Ventures, delivers smarter commercial real estate ▪ Lightbox has acquired 4 companies since April 2018 that decision-making through data, analytics and workflow comprehensively create a leading commercial real estate innovations technology platform focused on the transaction, lending data and analytics segments of the market – combined ▪ GCA acted as exclusive financial advisor to RCM in entity is a scale leader with established relationships with connection with the transaction lenders, commercial services firms and principle investors
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