Capstone Headwaters
HEALTHCARE IT 2019 YEAR IN REVIEW
TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW
M&A Overview Rising demand for digital health applications promoting patient engagement Segment Highlight and interoperability among medical platforms has driven demand in the Healthcare Information Technology (HCIT) industry. Digital applications such as Client Case Study electronic medical records, telehealth, and artificial intelligence-enabled Notable Transactions platforms have increased access to and efficiency of care delivery, supporting Select Transactions forecasts for a $280 billion Health Technology industry by 2021, according to Deloitte.1 As healthcare providers increasingly utilize connected care solutions Public Company Data to foster elevated patient experiences and outcomes, consolidation and analysis Firm Track Record of patient data has remained central to the evolving healthcare landscape. Consumer adoption of digital tracking has created increased data availability, as 44% of consumers use digital tools for monitoring health metrics, according to Rock Health.2 A growing willingness to share health-related data has also encouraged outside entrants to advance their own healthcare initiatives, evidenced by Amazon’s (Nasdaq:AMZN) expanding presence in the Healthcare CONTACTS market including its most recent acquisition of Health Navigator (October, undisclosed) and Google’s advancement of its own healthcare David DeSimone offerings through various partnerships and acquisitions in recent years. Managing Director 617-619-3324 Merger and acquisition (M&A) activity remained robust in 2019 with 216 [email protected] transactions announced or completed, surpassing heightened transaction volume seen in 2018. Maturation of the HCIT industry has coincided with an David Michaels uptick in initial public offerings (IPO) and venture funding in recent years, with Managing Director digital health operators raising $7.4 billion in funding in 2019, slightly below 3 858-926-5950 record levels in 2018, according to Rock Health. [email protected] M&A Activity: Healthcare IT 250 216 195 200 182 173 184 152
150 Transactions
of 100 50
Number Number 0 2014 2015 2016 2017 2018 2019 Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research www.capstoneheadwaters.com February 2020 3 Healthcare IT | 2019 Year in Review
SEGMENT HIGHLIGHT: ARTIFICIAL INTELLIGENCE
ARTIFICIAL INTELLIGENCE IN Select Artificial Intelligence Transactions $6.6B HEALTHCARE MARKET SIZE BY 2021 Date Target Acquirer Target Description EV
Increasing demand for interoperable IT platforms and Accountable Clinical data integration and 11/19 Clinigence - efficient solutions to promote actionable insight into Healthcare analytics solutions. healthcare data has fueled the adoption of artificial Cloud-based AI platform for 10/19 Trusted i10 Abeo - intelligence (AI) applications in the HCIT industry. Today’s medical records data. value-based care approach places increased emphasis on AI platform for healthcare 09/19 Equian Optum - patient experience and outcome, with data integration, payment integrity solutions. analytics, and electronic health record consolidation at Mateon AI computing platform for 08/19 PointR Data $30.0 the forefront of a holistic healthcare system. Innovative Therapeutics Healthcare industry. technology employing AI capabilities can often enhance Prior authorization platform 07/19 Digitize.AI Waystar - patient experience as well as provide significant cost leveraging AI. savings to providers and payers. AI capabilities are Machine learning and cloud 06/19 ArisGlobal Nordic Capital - forecasted to promote an estimated $150 billion in based automation solutions. savings for the U.S. healthcare economy, according to Navitas Life Statistical programming and 4 01/19 DataCeutics $45.0 Accenture. The effectiveness in augmenting human Sciences clinical data management. tasks, such as risk analysis and diagnosing health AI-powered clinical 12/18 M*Modal 3M $1,000.0 conditions, has supported forecasts for a $6.6 billion AI in documentation platform. Healthcare market size by 2021. As the Healthcare industry confronts an acute labor shortage due to a Source: Capital IQ, FactSet, PitchBook and Capstone Headwaters Research rapidly aging U.S. population, operators offering innovative solutions to streamline and automate tasks are Operators providing advanced digital platforms have poised to capture significant M&A interest. garnered heightened M&A interest as healthcare consumers expect a more digitized and efficient Heightened AI adoption is evidenced by increased experience. Notably, Mateon Therapeutics (OTC:MATN) investment among industry operators as healthcare acquired leading AI computing platform, PointR Data for executives estimate their organizations will allocate nearly an enterprise value of $30 million (August). The $40 million towards AI-related projects over the next five acquisition creates a premier AI and blockchain supported years, according to Optum.5 Industry players have approach to its pipeline of immunotherapies for late pursued investment vehicles and partnerships to stage cancers. AI’s ability to contribute to clinical decision accelerate development and implementation of AI and making and crafting personalized treatment options has other innovative applications. Notably, Partners drawn both strategic and financial buyers, with private Healthcare has set up an AI and digital translation equity firms accounting for nearly 42% of transactions investment fund which has amassed $30 million in initial year-to-date. funding over five years.6 Aside from clinical applications, AI has also provided Partnerships within the HCIT industry and also with valuable advances to revenue cycle management (RCM) government agencies have fostered further growth of platforms. As healthcare providers continue to develop advanced AI platforms, evidenced by Northwell Health centralized systems for billing, coding, and and Allscripts Healthcare Solutions (Nasdaq:MDRX) documentation, AI has presented opportunities for collaboration to create an AI-based and voice-enabled automation and cost-reduction. In July, leading RCM electronic health record. The platform, which is expected solutions provider Waystar, acquired Digitize.AI to launch in 2021, allows for efficient analysis of clinical (undisclosed) in order to add more efficient prior information to ensure physicians have the most relevant authorization capabilities. Prior authorization involves the patient data. Public-private partnerships have also process by which insurance companies and payers accelerated innovative healthcare technology determine if a prescribed medication or procedure is implementation. Royal Philips (NYSE:PHG) and the U.S. covered, often a largely manual process. This is critical for Department of Defense (DoD) have developed AI hospitals revenue stream as hospitals lose approximately technology to identify infections up to 48 hours before $260 billion per year from insurance denials, according to symptoms appear. The predictive algorithm applies AI Becker’s Hospital Review.7 and patient monitoring to big data, analyzing various biomarkers and vital signs. 2 Healthcare IT | 2019 Year in Review
CLIENT CASE STUDY: PARITY COMPUTING
Parity Computing, Inc. acquired by Elsevier – (August 2019, Undisclosed)
Capstone Headwaters, advised Parity Computing, Inc. (“Parity”), a California- based business that employs artificial intelligence to provide high-accuracy entity resolution, profiling, and recommendations for science, technology, and medicine (STM) content and applications in the world of research, on its acquisition by Elsevier, a global information analytics business specializing in has been acquired by science and health. Terms of the deal were not disclosed.
For over 20 years, Parity has been providing large-scale disambiguation technology in STM content, including for Elsevier’s abstract and indexing databases that help researchers, universities, national bodies, and other stakeholders improve critical decision-making. With the acquisition, Parity and Elsevier will be able to build on Parity’s existing capabilities, deepen their integration, and extend them more broadly across Elsevier’s research platform.
Founded in 1880 and headquartered in Amsterdam, Elsevier is a global information analytics business that helps scientists and clinicians to find new answers, reshape human knowledge, and tackle the most urgent human crises. They provide digital solutions and tools in the areas of strategic research management, research and development (R&D) performance, clinical decision support, and professional education.
“By working more closely with Parity, we can deliver even better insights to help researchers, universities, governments, and funding agencies make better decisions by enabling them to find emerging trends, increase the visibility of their research, build collaborative networks, bolster funding applications, and articulate the value of research,” said Olivier Dumon, Managing Director, Research Products at Elsevier.
3 Healthcare IT | 2019 Year in Review
NOTABLE TRANSACTIONS
Several notable transactions have been announced or completed in the industry in 2019. Select transactions are outlined below, followed by a more comprehensive list on the following pages.
American Well Corporation to acquire Aligned TeleHealth, Inc. (November 2019, Undisclosed)
American Well has agreed to acquire behavioral telehealth and telepsychiatry provider, Aligned Telehealth, for an undisclosed sum. Aligned TeleHealth offers customized programs for accountable care organizations (ACOs) and health plans that enable high-quality and cost-effective behavioral health solutions. The acquisition creates a market leading digital telehealth platform to address obstacles such as clinician shortages and lack of patient access that have impeded sufficient behavioral To Acquire health treatment.
American Well is a premier telehealth platform that offers a single destination for urgent care, acute and post-acute care, and chronic care management solutions. The addition of Aligned Telehealth brings a suite of comprehensive behavioral telehealth capabilities and expands its partner network. “By adding the Aligned clinical network and expertise, American Well can further expand and enhance our virtual behavioral health programs, an exciting and important endeavor that will positively impact patients, their families, and the treatment teams providing their care, while advancing clinical outcomes and reducing overall costs,” commented Chairman and CEO of American Well, Ido Schoenberg, M.D., in a press release.8
Amazon.com, Inc. acquires Health Navigators, LLC (October 2019, Undisclosed)
Amazon has acquired Health Navigator, a digital healthcare provider of preliminary and final diagnoses. Terms of the transaction were not disclosed. Founded in 2014, the Health Navigator platform incorporates clinical vocabulary, natural language processing and clinical/system documentation support to serve a variety of customers including medical call centers, telemedicine providers, Acquires physicians, and electronic health record companies. The transaction marks Amazon’s second acquisition in the Healthcare industry, following its June 2018 purchase of PillPack, Inc. for $753 million.
Amazon plans to integrate Health Navigator into its virtual health service benefit for employees and their families, labeled Amazon Care. The service offers virtual patient visits, scheduling of in-person primary care visits at home or company offices, and prescription delivery. The transaction highlights the growing presence of large technology companies in the Healthcare IT industry and the utilization of M&A to diversify offerings in a rapidly growing segment.
Abeo Management Corporation acquires Trusted i10, LLC (October 2019, Undisclosed)
Abeo Management Corporation, a leading revenue cycle management and practice management platform for hospital-based specialties, has acquired Trusted i10 for an undisclosed sum. Trusted i10 offers a digital platform that utilizes AI to convert medical record data from electronic medical records into actionable information. It uses natural language processing to provide accurate and compliant Acquires documentation and evaluation and management assignment. Abeo Management provides revenue cycle solutions for the Anesthesiology industry and offers real- time tracking for clinical documentation. The acquisition significantly enhances Abeo’s service offerings by adding Trustedi10’s advanced coding technology which is expected to bolster operational efficiency, compliance, and reimbursement solutions.
4 Healthcare IT | 2019 Year in Review
SELECT TRANSACTIONS
Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA TeleMED Pluribus Provides electronic management solutions for medical 12/19/19 - - - Diagnostic Technologies test data.
Develops a telehealth platform to deliver virtual 12/18/19 OTTO Health NextGen Healthcare communication between patients and providers. - - -
Provides healthcare information management and 11/29/19 Policy Reporter TrialCard specializes in increasing patient access. - - -
11/21/19 OscarService WELL Health Develops clinical software and solutions. $5.4 - -
Brighton Park Operates a SaaS-based patient relationship and 11/14/19 Relatient - - - Capital engagement platform.
Provides a patient engagement portal to connect 11/13/19 Medfusion NextGen Healthcare providers and patients. $43.0 - -
Accountable Offers a cloud-based platform that analyzes clinical 11/12/19 Clinigence - - - Healthcare electronic health record and claims data.
American Provides a SaaS-based platform that offers 11/07/19 Aligned Telehealth - - - Well telemedicine and healthcare management.
EDCO Health BV Investment Offers healthcare software and services for 11/05/19 - - - Information Partners capturing and indexing medical records.
Develops a purchased services cost management 10/29/19 MEDPRICER Premier software platform for healthcare providers. $35.0 - -
Provides physical and behavioral healthcare electronic 10/23/19 Topaz Information NextGen Healthcare $10.0 - - health record and practice management software.
Develops clinical vocabulary and a decision-support 10/23/19 Health Navigators Amazon system for digital health and telemedicine solutions. - - -
Provides decision-support solutions for 10/21/19 Oculys Health Vitalhub healthcare professionals. $3.0 1.9x 9.3x
10/09/19 Magnifind.ca MedGen Operates an online health and wellness platform. - - -
Abeo Develops a cloud-based AI platform that processes 10/03/19 Trusted i10 - - - Management medical records data into actionable information.
Offers a cloud-based behavioral health platform for 10/01/19 OpenBeds Appriss - - - inpatient and outpatient services.
09/30/19 Aptus Health WebMD Provides digital health engagement solutions. - - -
OM Surgical Provides medical marketing services for doctors to 09/25/19 Docs Dial - - - Solutions communicate with patients via digital content.
09/25/19 OSCARwest EMR WELL Health Develops electronic medical records software services. $1.0 - -
Offers predictive analytics and risk stratification 09/16/19 VitreosHealth HMS Holdings platforms for population health management. $36.5 - -
Provides mobile healthcare applications that 09/11/19 Mango Health TrialCard facilitate patient engagement. - - -
Credible Develops a SaaS solution for clinic, community, 09/05/19 Martis Capital - - - Behavioral Health residential, and mobile care providers.
RMDY Signify Offers digital therapeutics solutions for the Health and 09/05/19 $46.0 - - Health Health Wellness industry.
Source: Capital IQ, PitchBook, FactSet, and Capstone Headwaters Research 5 Healthcare IT | 2019 Year in Review
SELECT TRANSACTIONS (CONTINUED)
Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA TVR Provides software solutions for healthcare systems and 09/05/19 TruthPoint Solutions - - - Communications hospital clients. Develops electronic medical record management 08/27/19 WebPT Warbus Pincus solutions for healthcare providers. - - -
Offers personalized medicine solutions through a 08/16/19 Slyngshot Health Anthos Group digital platform. - - -
08/12/19 QxMD Software WebMD Develops apps for healthcare professionals. - - -
Provides an AI platform that offers high-accuracy entity 07/29/19 Parity Computing Elsevier CF resolution, profiling, and recommendations. CF CF
EQT Partners; Provides integrated cloud-based healthcare revenue 07/29/19 Waystar $2,700.0 Canada Pension cycle management solutions. - -
Offers simulations and clinical skills center 07/17/19 B-Line Medical - Laerdal Medical management solutions. - - Provides web-based electronic data capture and e- 07/16/19 OmniComm Anju Software clinical software and services. $76.4 3.0x 39.9x Develops a molecular function software platform to 07/11/19 Jungla Invitae optimize disease diagnosis. $67.1 - -
Offers internal and external health data integration and 07/10/19 Corepoint Health Rhapsody - - - exchange solutions. EA Holdings The Jordan Provides health information exchange and electronic 06/25/19 Aggregator Company healthcare communication solutions. - - -
Halfpenny Develops cloud-based clinical data exchange solutions, 06/14/19 Accumen - - - Technologies orders management, and clinical data services. Provides a digital health platform that automates the 06/14/19 ZappRX Allscripts Healthcare - - - prescription management process. Dassault Systemes Offers a cloud-based platform which includes data 06/12/19 Medidata Solutions Americas capture and management to the Life Sciences industry. $5,822.3 8.8x NM
PARO Decision Provides healthcare analytics specializing in database 06/06/19 Waystar - - - Support predictive modeling. Looker Data Develops a browser-based data platform that offers 06/06/19 Google Sciences data analytics and insight. $2,600.0 - -
05/30/19 KAI Innovations WELL Health Provides an electronic medical record platform. $13.1 5.1x -
InstaMed Offers a cloud-based platform for healthcare 05/17/19 JPMorgan $500.0 8.0x - Communications payment transactions. Provides health information exchange services through 05/01/19 HealthlinkNY HealtheConnections its database of electronic health records. - - -
04/30/19 Betterpath Hu-manity.co Offers a platform to track patients health records. - - -
Computer Programs Provides patient engagement and care management 04/24/19 Get Real Health and Systems solutions to healthcare organizations. $24.8 - - Offers information technology solutions to the 04/17/19 TenEleven Group Therapy Brands Behavioral Healthcare industry. - - -
Note: CF = confidential; highlighted deals are Capstone Headwaters’ transactions Source: Capital IQ, PitchBook, and Capstone Headwaters Research 6 Healthcare IT | 2019 Year in Review
PUBLIC COMPANY TRADING & OPERATING DATA
Price % 52 Wk Market Enterprise LTM EV / LTM Company 12/31/19 High Cap Value Revenue EBITDA Margin Revenue EBITDA Allscripts Healthcare Solutions, Inc. $9.82 79.2% $1,593.6 $2,502.6 $1,763.0 $129.9 7.4% 1.4x 19.3x
Ascom Holding AG $10.86 72.3% $390.6 $401.8 $316.3 $22.4 7.1% 1.3x 17.9x
Benefitfocus, Inc. $21.94 36.2% $718.3 $869.1 $283.3 NM NM 3.1x NM
Castlight Health, Inc. $1.33 32.0% $194.4 $158.6 $149.0 NM -20.1% 1.1x NM
Cerner Corporation $73.39 96.0% $23,051.6 $23,612.7 $5,692.6 $1,184.2 20.8% 4.1x 19.9x
Evolent Health, Inc. $9.05 41.6% $759.3 $978.6 $803.0 NM NM 1.2x NM
HealthStream, Inc. $27.20 90.7% $880.7 $741.9 $254.1 $42.6 16.8% 2.9x 17.4x
Inovalon Holdings, Inc. $18.82 99.8% $2,916.7 $3,844.4 $605.2 $164.9 27.2% 6.4x 23.3x
Omnicell, Inc. $81.72 88.3% $3,427.2 $3,430.1 $860.5 $116.0 13.5% 4.0x 29.6x
Premier, Inc. $37.88 90.2% $2,516.6 $2,465.3 $1,239.5 $544.0 43.9% 2.0x 4.5x
Teladoc Health, Inc. $83.72 97.0% $6,059.8 $6,033.8 $519.6 NM NM 11.6x NM
Vocera Communications, Inc. $20.76 48.7% $653.6 $555.2 $180.5 NM NM 3.1x NM
Mean 20.3% 3.0x 16.5x
EV = enterprise value; LTM = last twelve months Median 16.8% 2.5x 18.6x $ in millions, except per share data NM = Not Meaningful Harmonic Mean 14.4% 2.2x 13.6x
Last Twelve Month Margin Performance
Gross Margin % EBITDA Margin %
100% 81.2% 74.0% 69.7% 67.4% 80% 61.4% 59.1% 60.4% 51.8% 60% 47.4% 48.3% 48.7% 43.9% 40% 25.8% 27.2% 20.8% 16.8% 7.4% 7.1% 13.5% 20% NM NM NM NM 0% -20% -40% -20.1%
Last Twelve Month 1-Year Revenue Growth
46.6% 50% 39.6% 40% 26.1% 30% 16.3% 19.6% 20% 12.5% 13.9% 6.1% 9.7% 10% 0.5% 0% -10% -1.5% -1.7%
Source: Capital IQ as of December 31, 2019 7 Healthcare IT | 2019 Year in Review
FIRM TRACK RECORD: HEALTHCARE
has been acquired by has been acquired by has been recapitalized by has been acquired by has been acquired by
has partnered with has been acquired by has recapitalized with has been acquired by has been acquired by
a portfolio company of AUDAX GROUP, INC.
has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by
FIRM TRACK RECORD: TECHNOLOGY
has received a growth has been acquired by has been acquired by has secured a strategic has been acquired by investment from investment from
has secured has been acquired by has been acquired by has been acquired by has been acquired by financing from
8 Healthcare IT | 2019 Year in Review
CITATIONS
1. Deloitte, “2019 Global health care outlook,” https://www2.deloitte.com/global/en/pages/life-sciences-and- healthcare/articles/global-health-care-sector-outlook.html, accessed December 5, 2019. 2. Rock Health, “Digital Health Consumer Adoption Report 2019,” https://rockhealth.docsend.com/view/i6j4ieu, accessed December 5, 2019. 3. Rock Health, “In 2019, digital health celebrated six IPOs as venture investment edged off record highs,” https://rockhealth.com/reports/in-2019-digital-health-celebrated-six-ipos-as-venture-investment-edged-off-record- highs/, accessed January 20, 2020.. 4. Accenture, “Artificial Intelligence: Healthcare’s New Nervous System,” https://www.accenture.com/t20171215T032059Z__w__/us-en/_acnmedia/PDF-49/Accenture-Health-Artificial- Intelligence.pdf#zoom=50, accessed December 5, 2019. 5. Optum, “Artificial Intelligence Adoption and Investments Growing Rapidly Among Health Industry Leaders,” https://www.optum.com/about/news/2019-executive-survey.html, accessed December 5, 2019. 6. Healthcare IT News, “Partners Healthcare creates funds for AI development, digital tools,” https://www.healthcareitnews.com/news/partners-healthcare-creates-funds-ai-development-digital-tools, accessed December 5, 2019. 7. The Becker’s Hospital Review, “How AI can transform hospital revenue cycle management – 5 thoughts,” https://www.beckershospitalreview.com/finance/how-ai-can-transform-hospital-revenue-cycle-management-5- thoughts.html, accessed December 6, 2019. 8. American Well, “American Well Acquires Aligned Telehealth to Expand Behavioral Health Virtual Care,” https://www.americanwell.com/press-release/american-well-acquires-aligned-telehealth-to-expand-behavioral-health- virtual-care/, accessed December 4, 2019.
Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi- tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the general information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters. The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. This report may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information contained herein should not be construed as legal advice.
9 Healthcare IT | 2019 Year in Review
HEALTHCARE IT REPORT CONTRIBUTORS
David DeSimone Managing Director [email protected] | 617-619-3384
David DeSimone rejoined the Boston office of Capstone Headwaters in 2015 as a Director in the Technology & Telecom Group. David brings more than 15 years of investment banking experience to Capstone and will help expand the firm’s technology sector coverage in the Northeast. David has worked on equity, debt and M&A transactions collectively valued at more than $4 billion. Previously, David was a member of the Capstone team for nearly seven years where he led efforts in the Technology Solutions vertical as a Vice President and Director. Prior to rejoining Capstone, David served as a Principal at Bowen Advisors, an M&A and strategic advisory firm focused on technology companies including communications and healthcare IT. David has also worked as a Vice President at Boenning & Scattergood, a Philadelphia- based middle market investment bank, where he worked with clients across a variety of industries and developed the firm’s technology practice. He spent his early career working at Needham & Company, Robertson Stephens and J.P. Morgan.
David Michaels Managing Director, Head of Technology & Telecom Practice [email protected] | 858-926-5950
David Michaels is a Managing Director of Capstone Headwaters where he is responsible for managing the firm’s Technology & Telecom Group (TTG). David founded SagePoint Advisors in 2008, a boutique investment banking firm focused on providing M&A advisory services to technology and telecom companies. Prior to founding SagePoint, David was a Co-Founder, Partner and Managing Director at Montgomery & Co., a leading investment bank focused on serving emerging-growth technology companies. David co-founded Montgomery’s investment banking business in 1996 and played an instrumental role in building the business to over $50 million in revenues and 80 employees. He also ran the firm’s Communications and Digital Media Technology practice areas prior to his departure.
Connor McLeod Research Associate [email protected] | 617-619-3319
Connor is a Research Associate at Capstone Headwaters primarily specializing in Building Products & Construction Services, Healthcare, Business Services, and Cybersecurity.
Prior to joining Capstone Headwaters, Connor was a specialist with the Investor Services team at BlackRock where he worked with mutual funds, closed end funds, and exchange traded funds and communicated fund performance, relevant market dynamics, and facilitated trades for shareholders, financial advisors, and institutional clients. Connor holds a BA in Economics from Bates College and is a Series 7 Registered Securities Representative.
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