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Shea & Company M A R C H 2 0 1 8 Real Estate Software Market Map Shea & Company, LLC Agenda Shea & Company Firm Overview Real Estate Market Overview Real Estate Software Market Trends Real Estate Software Landscape Financial Markets Perspective Appendix: Subsector ‘Deep-Dive’ Taxonomies Copyright © 2018 Shea & Company, LLC 1 Shea & Company Firm Overview About Our Firm People ▪ Industry Expertise ▪ Process Excellence 1 2 16 15+ >60 Firm focused exclusively Offices in Boston and San Professionals focused on Years of experience Transactions completed on enterprise software Francisco the software industry amongst our senior representing billions of bankers dollars in value Mergers & Acquisitions Private Placements & Capital Raising Corporate Strategy ■ Sell-side and buy-side M&A advisory ■ Late-stage venture, growth equity and buyouts ■ Corporate development advisory ■ Divestitures ■ Recapitalizations ■ Balance sheet and capital structure review ■ Restructuring ■ IPO advisory ■ Fairness opinions has made an equity investment in Superior Outcomes a portfolio company of has acquired has received a significant investment from has received a strategic investment from a portfolio company of Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with Clients in the U.S. as well as Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Canada, Europe and Israel financial advisor to MRI Software and GI financial advisor to Gurobi Optimization financial advisor to Clearlake Capital financial advisor to EQT Partners a portfolio company of an affiliate of a portfolio company of a portfolio company of has acquired has received an investment from has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Perforce and Summit financial advisor to SecureAuth and Toba financial advisor to Double-Take, Vision financial advisor to Sovos Compliance financial advisor to Vista Equity Partners placement agent to OutSystems financial advisor to Secure Islands Partners Capital Solutions and Clearlake Capital and Vista Equity Partners a portfolio company of NASDAQ:[PVSW] has been acquired by has been acquired by has been acquired by has been acquired by has received an investment from has been acquired by has been acquired by Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to LastPass financial advisor to HP financial advisor to Granicus financial advisor to Bronto financial advisor to Lacoon financial advisor to Bomgar financial advisor to Pervasive Copyright © 2018 Shea & Company, LLC 2 Shea & Company Firm Overview We Know Real Estate Software Real Estate Software Recent Conversations Real Estate Software is a key focus area for our Firm and a significant portion of our recent transaction activity We have completed transactions across the sector, working on both buyside and sellside engagements, and interacting regularly with all of the relevant players in the space Representative Transactions has received a strategic investment from Property and Facilities Property and Investment Asset Management Management Management has been acquired by Automated Property and Investment Resident Screening Communications Management Apartment Marketing and Affordable Housing Property Investment Management Leasing Management Copyright © 2018 Shea & Company, LLC 3 Shea & Company Firm Overview TA Associates’ Strategic Investment in MRI Software Transaction Highlights MRI Software Profile TA Associates Profile . MRI Software, a leading global provider of software . MRI is a leader in business management software . TA Associates is one of the largest and most solutions for the real estate sector, has received a solutions for the multifamily and commercial real estate experienced global growth private equity firms having strategic investment from TA Associates industries, serving owners, operators, occupiers and raised $24Bn in capital and investing in more than 480 investors companies around the world since inception . Engagement: Shea & Company was engaged to evaluate and solicit interest from a select set of financial . MRI is a portfolio company of GI Partners, a leading . TA Associates specializes in buyouts and minority sponsors investment firm focused on private equity and real recapitalizations of profitable growth companies with its estate strategies; GI is active in a number of key sectors, team of more than 85 professionals . Sector: Real estate property and investment including IT Infrastructure, Software, Healthcare and management software solutions . TA Associates is active in a number of key subsectors Services; GI Partners acquired MRI from Vista Equity including Facility Services, Financial Technology, . Role: Exclusive financial advisor to MRI and its owner Partners in 2015 Infrastructure, Internet and Software GI Partners . Founded in 1971, MRI is headquartered in Solon, OH . Founded in 1968, TA Associates is headquartered in with additional offices in Atlanta, Dallas, Hong Kong, Boston with additional offices in London, Menlo Park, London, Singapore, Sydney and Toronto Mumbai and Hong Kong . TA Associates is one of the largest and most experienced global private equity firms focused on growth-oriented companies. TA Associates, in conjunction with GI Partners, will look to leverage its global presence to help drive MRI’s strategic international expansion initiatives . "MRI Software has established a differentiated position in the fast-growing real estate software space with a comprehensive, configurable and open platform that meets the unique needs of real estate owners, operators and investors. With its significant investment in product, people and partners, we believe MRI is well positioned to continue growing its leadership position in the commercial, residential and investment management markets. We are excited a portfolio company of to partner with Patrick Ghilani and his Team, alongside GI Partners, to support the Company's continued innovation and growth." – Hythem El-Nazer (Managing Director, TA Associates) . Upon closing the transaction, TA Associates will help drive MRI’s M&A initiatives and utilize its global reach to propel MRI’s solution into new markets worldwide. TA will assist GI Partners in accelerating topline revenue growth, deepening has received a strategic investment from MRI’s presence internationally, expanding its connected partner system and delivering significant levels of product innovation . "MRI Software is a leader in real estate technology because of our relentless commitment to delivering value to our Clients and Partners through exceptional products, services and relationships. GI Partners has been a strong supporter and a key contributor to the acceleration of our business, and we look forward to continuing this relationship. Expanding our partnership to include TA Associates, a firm with deep software industry experience and global scale, Shea & Company served as the exclusive will provide additional resources to fuel our growth through further expansion of our international footprint and our real estate technology solutions. The combination of these two leading strategic investors will provide greater access to financial advisor to MRI Software global resources and enables us to invest even more to deliver innovation, flexibility and value for our Clients and Partners." – Patrick Ghilani (CEO, MRI Software) . Shea & Company served as the exclusive financial advisor to MRI Software and its owner GI Partners Transaction Transaction Rationale Notes & Copyright © 2018 Shea & Company, LLC 4 Agenda Shea & Company Firm Overview Real Estate Market Overview Real Estate Software Market Trends Real Estate Software Landscape Financial Markets Perspective Appendix: Subsector ‘Deep-Dive’ Taxonomies Copyright © 2018 Shea & Company, LLC 5 Real Estate Market Overview US Real Estate Market Overview US Real Estate Market is composed of three large segments – Commercial, Multifamily Residential and Single-Family Residential – all of which are currently experiencing favorable secular trends US Real Estate Market Segmentation Commercial Residential . Market Definition: Property that is rented for the purpose of operating a business Multifamily Single-Family . Property Types: Office Space, Retail, Manufacturing Parks, Warehouses, Medical, . Market Definition: Residential property with . Market Definition: Residential property that Hospitality, Special-Purpose categories two or more units under the same roof or contains only one unit and is traditionally including self-storage, theme parks, theaters with multiple buildings within one complex owner-occupied and churches to name a few . Property Types: Apartment Buildings, Town . Property Types: Owner Occupied, Rental . Market Sizing (assets): Approximately $15Tn Houses, Managed Communities, Military, Properties Student,
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