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Logistics Perspectives CONFIDENTIAL 2019 2H Update Logistics Review The Unbundling and Innovation of Logistics DISCLAIMER: ComCap LLC make no representation or warranty, express or implied, in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions contained herein. ComCap LLC accepts no liability for any use of these materials. The materials are not intended to be relied upon as advice outside of a paid, approved use and they should not be considered a guarantee of any specific result. Each recipient should consult his or her own accounting, tax, financial, and other professional advisors when considering the scenarios and information provided. CONFIDENTIAL An introduction to ComCap ▪ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus on B2B SaaS, B2C ecommerce, payments, mobile commerce, marketplaces and B2B services for retail technologies (IT and marketing services, in-store, fulfillment, logistics, call center, analytics, personalization, location intelligence) ▪ Headquartered in San Francisco with European coverage from London & Moscow, and LATAM coverage from Sao Paulo. Our firm works with mid-cap public companies on buyside initiatives and public and private growth companies on financing and strategic M&A ▪ In addition to being the only boutique focused on disruptive commerce models, we differentiate by: ‒ Bringing bulge bracket techniques to emerging models; ‒ A strong and uncommon buyside/strategy practice; ‒ Deep understanding of industry drivers and synergy analyses; ‒ Deep relationships across the sector; and ‒ Worldwide coverage with closed transactions in the United States, Japan, China, the ASEAN region, Western and Eastern Europe and Latin America ▪ Your global ComCap team: Aron Bohlig Steve Terry Fermin Caro Carlos Gonzalez Managing Partner Managing Director Director Director M: +1 415-235-8270 M: +1 415-971-3794 M: +1 650-743-7825 M: +7 915-413-1911 E: [email protected] E: [email protected] E: [email protected] E: [email protected] Peter Creech Daniel Radomysler Jack Kim Senior Associate Associate Analyst M: +1 508-685-1620 M: +55 11 99658-7977 M: +1 305-469-7168 E: [email protected] E: [email protected] E: [email protected] 2 CONFIDENTIAL ComCap – Active in 14 countries, including 9 of the top 10 global ecommerce markets $740.0 $561.0 Retail Ecommerce Sales Worldwide – 2019 ($US bn)1 $93.0 $87.0 $77.0 $69.0 $55.0 $44.0 $22.0 $16.0 China US UK Japan Germany South Korea France Canada Australia Brazil 1Source: Shopify Plus Ecommerce Playbook 3 CONFIDENTIAL ComCap’s current thematic focus areas overview Theme Description Select companies Disruptors in the analytics space focused on ecommerce, logistics, retail, Analytics predictive, payment, risk and marketing AR/VR and content Emerging technologies with retail applications that allow retailers to offer a creation differentiated customer experience and build brand awareness and loyalty Beauty, health and Universe of beauty companies: manufacturers, retailers, disruptors and wellness new entrants Digitally native vertical D2C digitally native brands covering clothing, accessories, personal care, brands (DNVBs) home and kitchen, furniture, and other consumer-focused products Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector Retail and commerce-related disruptors in the FinTech universe that FinTech focuses on payments, risk analytics, false declines and retail POS We are constantly evaluating new themes and evolving our focus. Other Geospatial analytics categories currently include logistics, shipping, IoT and SMB Marketing suites Emerging platforms in the digital marketing space Focused on mobile solution providers that optimize the mobile experience Mobile from desktop-to-mobile website conversions and targeted mobile marketing to simplifying the mobile checkout experience Companies that provide outsourcing and end-to-end ecommerce services, Outsourcing and service such as contact centers, platform, marketing, photo services, logistics, providers warehousing, etc. Personalization Emerging players in the ecommerce personalization space Robotics is getting integrated into various aspects of supply chain and Robotics retail Emerging platforms and providers innovating and optimizing the many Logistics facets of the supply chain ecosystem Focus on large SIs covering multiple platform as well as smaller SIs System Integrators covering just one or a handful of platforms 4 CONFIDENTIAL Disruptors in the logistics space ` $200M+ $150M $100M $50M $15M Total Funds Raised Funds Total $10M $5M Seed Warehouse / Fulfilment Logistics Software and 3PL On-demand Delivery Supply Chain New Technology Others * and Tech Big Data Acquired Source: Capital IQ, and Crunchbase; * trucking, crowd shipping, freight services, platform services, moving; the above chart is not exhaustive and is an 5 indicative set CONFIDENTIAL Logistics – Key themes for 2019 P. 7 Major Market Trends In Logistics & Supply Chain P. 23 Top Fundraising Recipients P. 26 Public Multiples – Software Remains Dominant P. 28 Key M&A and Investment P. 33 Top Logistics Investors P. 37 Select Key Players 6 CONFIDENTIAL Major Market Trends In Logistics & Supply Chain CONFIDENTIAL Logistics – a shifting paradigm ▪ A paradigm shift in the logistics industry towards technology is affecting everything from omni-channel purchasing to reverse logistics. − This technological leap is leading to the unbundling of the logistics sector. ▪ The logistics market is buoyed by global ecommerce growth. − With this growth, shipping efficiency is becoming increasingly important, driving demands for technology that can help logistics providers reduce shipping costs while meeting higher services standards as ecommerce deliveries increase. Source: CB Insights, Disrupting Logistics, The Top Startups that are Unbundling FedEx and UPS 8 CONFIDENTIAL Paradigm shift in the logistics industry towards technology Large global players have been increasingly relying on technology for enhanced operational visibility and to drive efficiencies. Software is expected to be the fastest growing component in the 3PL market during 2012-2022 1200 ▪ Innovation in supply chain 1000 management is expected to reduce 800 costs for global 3PL players and, in turn, increase affordability to end 600 $ $ billion customers 400 200 ▪ While software is a small component of the overall 3PL market size, 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 technology innovation is being adopted at every level to enhance Dedicated Contract Carriage Domestic Transportation Management operations and drive efficiency International Transportation Management Warehousing & Distribution Software Traditional logistics leaders are moving towards technology $ billion (Revenue – latest financial year) ▪ Developing an “Alexa app” for consumers to initiate shipments by simply talking to a smart device ▪ Investing in self-driving technology ▪ UPS and SAP announced a deal to develop an end-to-end Global industry solution ▪ UPS’ ocean container-tracking technology provides all travel details via an online dashboard ▪ Launched the 2nd innovation center to develop technology such as self-driving vehicles, robotics, IoT and augmented reality ▪ DHL Supply Chain UK and Fujitsu developed new services based Asia on IoT ▪ Developing drone technology ▪ Launched an automated parcel sorting facility and the Innovation Center to develop new technologies Source: CapitalIQ, Fractovia, company websites, ComCap analysis 9 CONFIDENTIAL Unbundling of the logistics sector Cloud computing and ease of integration across providers and services have resulted in the unbundling of the logistics sector… Shipping Tracking Freight services Warehousing ▪ Create Shipment ▪ Monitor Shipments ▪ Air Freight ▪ Dedicated Ops ▪ Get Rate Quote ▪ Track by Shipper's ▪ Ocean Freight ▪ Shared Operations ▪ Schedule Pickup Reference ▪ Road and Rail ▪ TMS ▪ Order Supplies ▪ Tracking Tools Freight ▪ Value Added ▪ Shipping Advice ▪ Electronic Proof of ▪ Intermodal and Services ▪ Time and Day Delivery Multimodal Transport ▪ WMS Definite (~On ▪ Industrial Projects Demand) Transportation Fulfilment ▪ Carrier and Dedicated ▪ Fulfilment services Transportation Management Insurance Solutions by sector ▪ Freight Security Customs ▪ Aerospace ▪ Air and Ocean ▪ Automotive Cargo Insurance ▪ Customs Services ▪ Chemical ▪ Road Freight ▪ Consumer Insurance ▪ Fashion ▪ Engineering and Additional services Manufacturing ▪ Life Sciences and ▪ Value Added Healthcare ▪ Data Analytics ▪ Retail ▪ Technology ▪ Green Logistics Solutions ▪ Cold Chain Logistics Source: DHL; FedEx; NCSU, Trends and Services Offered in the 3PL Industry; UPS websites; CB Insights; ComCap analysis 10 CONFIDENTIAL Ecommerce is re-shaping logistics and shipping expectations Logistics providers seek new ways to optimize shipping costs for retailers to prevent them from moving up the supply chain or turn to other retailers, like Amazon, to increase efficiency. ✓ Shipping efficiency is becoming increasingly important, driving demands Services most Likely to convince US consumers to for technology that can help logistics providers reduce shipping costs shop more online while meeting higher services standards as ecommerce deliveries increase. ✓ As shipping costs continue to rise, customer demands for free shipping on online purchases remain the norm creating additional pressure for retailers. ✓ As a result, retailers are looking for
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