August 2019 INSIGHTS
Supply Chain Software 2019 First Half Market Update
Dennis Rourke, Partner Ben Howe, CEO Rob Buxton, Partner Sean Tucker, Partner The Next Generation of Supply Chain Is Emerging
. Supply chain is increasingly at the nexus of several transformative technology and business trends: Autonomous Vehicles, Internet of Autonomous Things, digital twins, and automation and Vehicle robotization of warehouses and distribution Technologies centers eCommerce Fulfillment . Transportation management solutions are the target of intense disruption and investment driven by modernization of the $13 trillion transportation industry, the rise of Transportation as a Service (Uber, Lyft), and the Traditional Supply Chain Software Infrastructure rapid progress in autonomous vehicle development . Amazon effect increasingly impacting supply chain models CONSOLIDATION UNDERWAY . The M&A market for supply chain and ERP remains robust as PE firms continue to invest in IoT consolidation platforms for older technologies, which in turn continue to execute aggressive acquisition programs . The TMS sector continues to be the most active subsector in supply chain software for M&A and capital raising . Public SCM / ERP companies have continued to perform well, benefitting from continued growth in target markets and strong global equity capital markets 2 Supply Chain Software Market
According to Gartner, the worldwide SCM market will exceed $16B by the end of 2019, and is expected to grow at a 11% CAGR to exceed $22B by 2022
. Global SCM Market New capabilities, such as cloud computing, ($US billions) performance management, RFID, drone delivery, increased use of robots and automated handling in manufacturing and warehouse operations, and new uses of optimization are emerging, driven by new approaches in retail demand generation, customer interaction and social media 20.7 22.4 18.4 14.6 16.4 . Overall market spend growth rates have 12.2 13.0 10.0 11.1 consistently been in double-digits, suggesting the once mature market is undergoing a replacement cycle 2014 2015 2016 2017 2018 2019 2020 2021 2022
. The growing penetration of SaaS is shifting Percentage of Spend by Delivery Model spending from capital to operating budgets and 100% accelerating SCM adoption in the SMB and middle markets 80% 60% . By 2021, SaaS deployments are forecast to exceed 35%% of total spending, while on- 40% premise will decline to less than 20% $8.9 20% . Between 2018 and 2022, nearly $8 billion in total software revenue will be added 0% 2015 2016 2017 2018 2019 2020 2021
License Maintenance/Support SaaS
Source: Gartner 3 Robust M&A Activity
SCM M&A Activity & Deal Value ($US, in millions) First Half 2019 150 $26,204 . $22,289 The pace of M&A has quickened in 2019, with 107 closed transactions in the 100 $18,288 first six months, versus 109 deals for all of 2018 50 . No blockbuster deals in first half, but solid number of M&A deals between $7,754 $4,085 $3,676 $200M - $1B, as well as three $1B deals 44 74 74 73 109 107 0 2014 2015 2016 2017 2018 H1 2019 . Private Equity (PE) firms continued to be highly active in M&A deals in the first # of Deals Total Value of Deals half, whether acquiring platform companies, continued execution of M&A, or
selling from PE to PE Median M&A Multiple & Deal Value 8 . Non-technology players continue to make technology / software acquisitions in both retail (McDonalds / Dynamic Yield) and manufacturing (Bridgestone / 6 $158 TomTom) 4 $60 . $54 $32 Transportation-related software continues to dominate, representing 35% of all 2 $37 $28 SCM M&A deals 3.5x 3.2x 3.5x 3.5x 7.1x 3.0x 0 2014 2015 2016 2017 2018 H1 2019
2018 Median EV/LTM Rev. Median Deal Value
SCM Billion $ Deal Activity . 2018 M&A activity was strong with more than 100 transactions 8 $22,280 $20,861 . The Freight Management Systems (FMS) sub-sector of the TMS market has 6 emerged as one of the most active sub-sectors in supply chain software for $16,188 M&A and capital raising 4
. Notable deals in TMS in 2018 include Summit’s acquisition of MercuryGate 2 and E2open’s acquisition of Cloud Logistics 4 1 5 1 6 $3,000 3 0 $1,046 $1,000 2014 2015 2016 2017 2018 H1 2019
# of Billion $ Deals Total Value of Billion $ Deals
Source: 451 Research, CapIQ 4 H1 2019 Major M&A / Recap Transactions
($US in millions) Enterprise LTM EV / LTM Date Announced Target Acquirer Target Description Value Revenue Revenue Provides online freight, cargo insurance, fleet management, dispatching, and load 1. Apr-19 $1,000 ND ND tracking software matching services to trucking, rail, and other transportation
Develops plant maintenance operations 2. May-19 1,000 ND ND and optimization software
Telematics / data platform for connected 3. Jan-19 1,000 158 6.3x vehicles
Provides e-logistics, transport management, and logistics management 4. Jan-19 800 ND ND SaaS for retail transportation and shipping industries
Provides logistics and related payment 5. Apr-19 700 ND ND management SaaS for the shipping sector
Distributes Microsoft and SAP ERP 6. Apr-19 software and provides proprietary ERP 550 ND ND software Provides marketing and commerce software for campaign automation, 7. Apr-19 500 275 1.8x customer analytics, AI-based content management, search engine optimization,
Provides cloud-based global trade 8. May-19 424 86 4.9x management (GTM) solutions
Provides machine learning-based 9. Mar-19 325 30 10.8x enterprise customer personalization SaaS
Develops cloud-based software solutions to 10. Apr-19 enterprise companies in automotive, hotel, 320 ND ND cruise, and retail industries
MEDIAN $625 $122 5.6x TOTAL TOP 10 $6,619 Source: 451 Research, CapIQ 5 Most Active Acquirers (2016 – H1 2019)
Buyer Number of Transactions Transactions Xware; Container Chain; CargoIT; IFS Global Holdings; LSI Sigma Software; Trinium Technologies; Taric; Pierbridge; Fenix Data Systems; SaaS Transportation; PB & 26 Associates; EasyLog; Softcargo; LSP Solutions; Intris; CustomsMatters; ABM Data Systems; Microlistics; Cargoguide International; CargoSphere; CMS Transport; Prolink Solutions; Bysoft Solucoes; ACO Informatica; znet group; Softship
STEPcom; Core Transport Technologies; Visual Compliance; PinPoint GPS Solutions; 12 Accucode; Aljex Software; MacroPoint; PCSTrac; Z-Firm; Datamyne; Appterra; Pixi Software
Averetek; Amber Road; INTRA; Cloud Logistics; Birch Worldwide; Entomo; Zyme 10 Solutions; Steelwedge Software; Orchestro; Terra Technology
Optiware; IndustryBuilt; Apprise Software; irms 260 Enterprise Solutions; StarDyne 5 Technologies
5 Exari; Hiperios; Aquiire; Riskopy; Spend360
4 Pink Web Applications; Optiway; Bluegarden; LogBuy
3 InProcess Technology; Mtelligence; Fidelis Group
Source: 451 Research, CapIQ 6 Capital Raising Shifted into High Gear in 2019
Highlights
. Total fund raising of more than $5.2B through the first half of 2019 vs. $4.4B for all of 2018
. While the median transaction size in H1 2019 was $12M, we are seeing more transactions in the $50M to $150M range
. As is the case in M&A, the transportation software sector is generating a lot of interest among investors ($1B for Flexport, $300M for LF Logistics, $149M for KeepTruckin)
. Top 10 largest deals in the first half raised $4.4B
Private Placements
Total Capital Raised Total Number of Transactions ($US, in millions)
$5,299 116 $4,472
70
43 $1,170 22 22 14 $236 $501 $486
2014 2015 2016 2017 2018 H1 2019 2014 2015 2016 2017 2018 H1 2019
Source: 451 Research, CapIQ 7 H1 2019 Major Financing Transactions
Company Location Top Investor(s) Sector Total Funding ($M)
1. New York, NY Golden Gate Capital, Koch Equity Development ERP $1,500
Founders Fund, Cherubic Ventures, Susa 2. San Francisco, CA Ventures, DST Global, SoftBank, Investment Freight Forwarding Platform 1,000 Advisers, S.F. Express
3. Delhi, India The Carlyle Group, SoftBank, Fosun Group 3PL 413
TI Capital, Oriza Holdings, IDG Capital, China 4. Los Angeles, CA Railway Supply Chain Group, China Life B2B Supply Chain 365 Insurance, CICC
5. Shanghai, China Temasek Holdings Freight Fowarding Platform 300
Bessemer Venture Partners, T. Rowe Price 6. Boston, MA Group, Technology Crossover Ventures, Tiger Retail PoS 250 Global Management
7. Helsinki, Finland Technology Crossover Ventures Retail Management 200
8. Bengaluru, Karnataka, India Goldman Sachs, B Capital Group Trucking Logistics 150
Scale Venture Partners, Index Ventures, IVP, 9. San Francisco, CA Fleet Management 149 Greenoaks Capital, CV
Glynn Capital Management, BlackRock, Tiger 10. San Francisco, CA Delivery Logistics 100 Global Management
MEDIAN $443 TOTAL TOP TEN $4,427
Source: CapIQ, Crunchbase 8 Active SCM Private Equity Firms
Amount Invested Amount Invested Amount Invested Date Investments ($M) Date Investments ($M) Date Investments ($M)
1. Oct-18 AFS Technologies ND 1. Jun-18 Acumatica $25 1. Apr-19 Magaya ND 2. Sep-18 Visma Retail Assets ND 2. May-18 Toolsgroup ND 2. May-15 Core Dial $28 3. Sep-18 Extenda ND 3. Apr-18 Green Mountain Technology ND 3. Apr-15 Key2Act ND 4. Jan-17 Fishbowl ND 4. May-16 SciQuest 373 5. Oct-15 Clavis Technology 20 6. Feb-15 Kerridge Commercial Systems ND 1. Jan-18 Motus & Rumzhiemer ND 1. Jul-19 Optimizers ND 2. Jul-16 Elemica $175 2. Jun-19 Onventis ND 3. Jul-14 Sparta Systems ND 1. Apr-18 Global-e $20 3. Apr-17 MUIS Software ND 4. Feb-14 GHX ND 2. Aug-17 ECi Software Solutions ND 4. Dec-13 Chain Point ND 3. Dec-14 EVRY 1,079 4. Oct-14 Exact Holding 932 1. May-19 Ivalua $60 1. Sep-16 Nexus Systems $28 2. Apr-19 Innovapptive 16 2. Dec-15 3PL Central 18 3. Mar-19 Toast 250 3. Sep-11 Steelwedge Software 16 4. Jan-19 Postmates 100 1. May-18 GPS Insight ND 2. Apr-16 Truckstop.com ND
1. Mar-18 C3 IoT $106 1. Jan-15 Asentinel ND 2. Aug-17 Transplace 1,000 1. Nov-16 Prometheus Group $300 2. Dec-14 Predictix $15 3. May-17 Llamasoft ND 2. Oct-14 Vendavo ND 3. Dec-14 LogicBox ND 4. Aug-16 Transporeon 337 3. Aug-13 Paymetric ND 4. Oct-14 Anexinet 2 4. Jun-12 Plex Systems ND 5. May-12 Kewill 157
1. Apr-18 OrderMyGear $35 1. Feb-19 Aptean ND 2. Nov-16 Macropoint 44 2. Sep-18 Dispatch ND 1. Jun-18 Yoobic $25 3. Jun-16 10-4 Systems ND 3. Jan-16 FiveRun ND 2. Mar-18 Advanced Manufacturing Control 133 4. Aug-14 B-Stock Solutions 65 4. Jan-16 BCC AdSystems ND 3. Feb-15 E2open 273 5. Nov-15 MarketLive ND
Source: CapIQ, 451 Research 9 Active SCM Venture Capital Firms
Amount Invested Amount Invested Amount Invested Date Investments ($M) Date Investments ($M) Date Investments ($M)
1. May-19 Blackbuck $150 1. Apr-19 Suuchi $8 1. Feb-19 Vantage Point Logistics $10 2. Jun-16 Narvar 23 2. Jun-14 LogFire 8 2. Jan-19 Orchestra Software 14 3. Sep-15 LightSpeed POS 61 3. Mar-11 Ontuitive 6 3. Jan-18 Blue Day 6 4. Jun-14 Plex Systems 50 4. Mar-10 Telarix 20 5. Mar-14 Vinculum Solutions ND
1. Dec-18 Wise Systems $7 1. Oct-18 project44 $45 1. Feb-19 FourKites $50 2. Jun-18 FreightWaves 13 2. Aug-14 Lavante 4 2. Oct-18 ShopRunner 40 3. Jun-16 INRIX ND 3. Sep-10 Retail Solutions 15 3. Oct-18 FactoryFour 5 4. Jun-16 Elementum ND 4. ND Onventis ND 4. Jun-15 Celect 15 5. Nov-16 Postmates 140 5. Jul-11 INRIX 37 6. Feb-16 Zendrive 14 6. Aug-11 RetailNext 8
1. Dec-18 RightHand Robotics $23 1. ND Deliveroo ND 1. Feb-19 Mirakl $70 2. Dec-18 Scout RFP 33 2. Jun-19 Skupos $26 2. Oct-18 Shelfbot 4 3. Sep-18 Shipbob 40 3. Nov-18 Scoutbee 4 3. Sep-18 Shipbob 40 4. May-18 Alloy Technologies 12 4. Feb-18 Grow 16 4. Feb-18 FourKites 35 5. Apr-18 6 River Systems 25
1. Feb-19 Tulip Interfaces $18 1. Jun-19 Skupos $26 2. Jul-17 Transfix 42 2. Apr-19 STORD 12 3. Jun-17 FusionOps 50 1. Jun-19 Gatik $5 3. Apr-17 Odyn ND 4. May-17 Scout RFP 16 2. Dec-18 Wise Systems 7 4. May-16 Sennder ND 3. Feb-18 May Mobility 12 5. May-16 Verusen ND 4. Feb-16 Zendrive 14 6. ND Leaf Logistics ND 5. May-17 Starsky Robotics 4 7. ND Steam Logistics ND 1. Dec-18 NuORDER $15 6. Sep-15 Nauto 3 2. Sep-18 Arrive 20
Source: CapIQ, 451 Research 10 Transportation–Related Supply Chain Trends
. Transportation-related software capital raising remained robust in H1 2019, with $725M raised in more than 20 transactions › , India’s largest trucking platform, raised $150M (bringing total raised since October 2018 to $233M) › Leading Fleet Management / ELD vendor raised $149M at a $1.4B valuation while Freight Marketplace vendor raised $97M at a $500M valuation › Last-mile Logistics vendor added $100M to its last round of $300M in September 2018
. Transportation M&A again represented one third of all supply chain M&A deals: › Serial acquirers (3 deals) and (2 Deals) continued their robust activity › TMS platforms and were both acquired by private equity buyers
. Global tire manufacturers jumped into software with acquisition of ------and purchase of
11 Source: Capital IQ, 451 Research H1 2019 Transportation Software M&A
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 1. Jun-19 STEPcom Descartes Systems Supply Chain Integration $20 ND ND 2. Jun-19 Mighty AI Uber Computer Vision Modeling ND ND ND 3. Jun-19 TrackPoint Systems Truck-Lite Location Land-based Tracking ND ND ND 4. Jun-19 StakUp FreightWaves Freight Data ND ND ND 5. May-19 AD OPT IBS Software Aviation Software ND ND ND 6. May-19 Masternaut Michelin Telematics ND ND ND 7. May-19 Core Transport Technologies Descartes Systems Scanning and Tracking 21 ND ND 8. May-19 Roadscanners Loram Railway and Management ND ND ND 9. Apr-19 Whiplash Port Logistics Group eCommerce Fulfillment Software ND ND ND 10. Apr-19 3Gtms Sumeru TMS ND ND ND 11. Apr-19 Synovia Solutions CalAmp Telematics 50 $28 1.8x 12. Apr-19 TivaCloud Fleetworthy Solutions Transportation Compliance ND ND ND 13. Apr-19 Tero Marine Seagull Maritime Marine Fleet Management ND ND ND 14. Apr-19 Jarca / JFleet Clear Destination TMS ND ND ND 15. Apr-19 BSM Technologies Geotab Telematics / Fleet Management 113 59 1.9x 16. Apr-19 GlobalTranz Enterprises Providence Equity Partners 3PL 700 ND ND 17. Apr-19 Xevo Lear Corporation Automotive Software 320 ND ND 18. Mar-19 InfoRoute Compilator Fleet Inspection ND ND ND 19. Mar-19 Cetus Labs Navis Terminal Operating System ND ND ND 20. Feb-19 Delivery Biz Pro GetSwift Delivery Management Platform ND ND ND 21. Feb-19 habbl Daimler FleetBoard Fleet Management ND ND ND 22. Feb-19 Ushr Dynamic Map Platform Automotive Mapping 200 ND ND 23. Feb-19 ECO Insight and Navigator Insight SolutionsStormGeo Holding AS Fleet Performance ND ND ND 24. Feb-19 TESIS Vector Informatik Automotive Testing Solutions ND ND ND 25. Jan-19 Transporeon HgCapital TMS 800 ND ND 26. Jan-19 TomTom Telematics Bridgestone Europe Telematics 1000 158 6.3x 27. Jan-19 M2M Solutions Telsinc Fleet Management 11 ND ND 28. Jan-19 Our Freight Guy GlobalTranz Freight Brokerage and Logistics ND ND ND 29. Jan-19 AM Gruppe Royal Reesink WMS / TMS ND ND ND 30. Oct-18 Sigma Software Wisetech Global Customs, Freight Forwarding 5 2 2.8x 2019 Median $113 $44 1.9x 2019 Total Disclosed $3,240 12 Source: Capital IQ, 451 Research H1 2019 Transportation Software Capital Raising
Date Target Sector Investors Investment ($M)
1. May-19 Trukkin Middle EAST Truck Aggregator Batic Investments and Logistics 4
2. May-19 Overhaul Group Shipping Visibility Abbey International Finance 7
3. May-19 Ravin AI Automated Vehicle Inspection Shell Ventures, Pico Partners 4
4. May-19 Blackbuck Trucking Logistics Goldman Sachs 150
5. Apr-19 Spare Labs Transportation Network Management Mitsubishi 6 b-to-v Partners, BFB Brandenburg Kapital, Senovo Capital 6. Apr-19 Synfioo Intermodal Monitoring Management, Hpi Seed Fund 3 SGH Capital, Edenred Capital Parnters, daphni, Weaving 7. Apr-19 FretLink Shipping and Logistics Invest 31 Institutional Venture Partners, Index Ventures, Scale Venture 8. Apr-19 KeepTruckin Fleet Management Partners, GV, Greenoaks Capital Partners 149
9. Apr-19 Driveroo Vehicle Maintenance WS Investments 3
10. Apr-19 Phantom Auto Teleoperated Navigation Bessemer Venture Partners 14
11. Apr-19 CODE42 Mobility Services Platform Hyundai Motor Company ND
12. Apr-19 AutoX Technologies AV Dongfeng Motor Group Company 20 Visible Supply Chain 13. Apr-19 Management 3PL Cynosyre Group ND
14. Mar-19 Rarestep / Fleetio Fleet Management ND 4
15. Mar-19 Blackbuck Trucking Logistics Goldman Sachs, B Capital Group 44
16. Mar-19 FleetMaster Fleet Management Daimler Financial Services ND
17. Feb-19 Agilis Systems Fleet Management Spectrum Equity Management ND
18. Feb-19 Drag Alliance Dragage Platform Craft Ventures 4
19. Feb-19 Vantage Point Logistics Freight Management Radian Capital, Tamarind Hill Fund 10
20. Jan-19 Next Trucking Freight Marketplace Sequoia Capital, GLP, Brookfield Ventures 97 Bringg Delivery Salesforce Ventures, Cambridge Capital, Next47, OG Tech 21. Jan-19 Technologies Delivery Logistics Ventures 25 Glynn Capital Management, BlackRock, Tiger Global 22. Jan-19 Postmates Delivery Logistics Management 100 August Capital, Bain Capital Ventures, Hyde Park Angels, 23. Jan-19 FourKites Supply Chain Visibility CEAS Investments I 50
2019 Median $14
2019 Total Disclosed $722 13 Source: Capital IQ, 451 Research Sector Spotlight: eProcurement / Spend Management
Sector Highlights Key Vendors
. e-Procurement and Spend Management considered to be $4B - $6B market, growing Depth of in the low double digits (Note: Coupa Product believes there is an addressable TAM of $50+B) Functionality
. Competition in eProcurement tracks closely to that in ERP and SCM sectors, with market share dominated by SAP and Oracle, representing 1/3 of the market, followed by IBM, Microsoft, and Coupa
. Ongoing consolidation in the sector is being driven by challengers such as Coupa and private equity players acquiring mid-market players
. The new wave of spend management leaders is constructing comprehensive suites integrating:
› Spend analysis › Contract Management › Supplier / Vendor Management › Market place management › Payments › Financial Management Market presence › Data Integration
14 Source: Gartner, Capital IQ, 451 Research eProcurement / Spend Management Trends
. Robust M&A market in eProcurement and Spend Management during the past 3 years with nearly 45 transactions, including 12 deals in H1 2019
. M&A deals of note include:
› acquisition of
› acquisition of for $650M
. has been singularly aggressive, capitalizing on its strong stock performance to acquire 8 companies in the last 2 years
. Venture Investment in the sector has been modest, representing $550 million in 14 deals in the past 2+ years
. Average capital raising deal size is going up with larger deals, including $60M for Ivalua at a reported valuation greater than $1B ($120M total in 2 years) and $33M for ($58M total in last 2 years)
15 Source: Capital IQ, 451 Research eProcurement M&A
Date Target Acquirer Sector Date Target Acquirer Sector
1. Jun-19 eProcurement 13. Dec-18 eProcurement
2. May-19 Supplier Management 14. Dec-18 Vendor Management
3. May-19 eProcurement 15. Oct-18 eProcurement
4. Apr-19 Vendor Management 16. Oct-18 Supplier Management
5. Apr-19 Contract Lifecycle Management 17. Oct-18 eProcurement
6. Mar-19 Supplier Intelligence 18. Sep-18 eProcurement
7. Mar-19 eProcurement 19. Sep-18 Supplier Management
8. Feb-19 eProcurement 20. Aug-18 Spend Management
9. Feb-19 eProcurement 21. Jul-18 Vendor Management
10. Feb-19 Supplier Management 22. Jun-18 Procurement / SCM
11. Jan-19 Supplier Intelligence 23. Mar-18 eProcurement
12. Jan-19 eProcurement 24. Mar-18 eProcurement
16 Source: Capital IQ, 451 Research eProcurement M&A
Date Target Acquirer Sector Date Target Acquirer Sector
25. Mar-18 Spend Management 36. Mar-17 eProcurement
26. Feb-18 Vendor Management 37. Feb-17 Contract Compliance
27. Jan-18 Procurement Data 38. Jan-17 eProcurement
28. Dec-17 eProcurement 39. Dec-16 Vendor Management
29. Nov-17 eProcurement 40. Nov-16 eProcurement
30. Oct-17 Supplier Management 41. Oct-16 Supplier Management
31. Oct-17 AI Fraud Detection 42. Oct-16 eProcurement
32. Jul-17 eProcurement 43. Aug-16 eProcurement
33. Jun-17 eProcurement 44. May-16 eProcurement
34. May-17 Data Aggregation 45. Feb-16 eProcurement
35. Apr-17 Strategic Sourcing
17 Source: Capital IQ, 451 Research eProcurement Capital Raising
Total Total Date Company Funding ($M) Sector Date Company Funding ($M) Sector
1. Jun-19 15 eProcurement 8. Apr-18 40 eProcurement
2. May-19 60 Spend Management 9. Apr-18 12 eProcurement
3. Dec-18 25 eProcurement 10. Jun-17 8 eProcurement
4. Dec-18 33 eProcurement 11. Jun-17 16 eProcurement
5. Dec-18 7 Supplier Management 12. Apr-17 60 Spend Management
6. Apr-19 8 Vendor Risk Management 13. Nov-16 7 eProcurement
7. May-18 250 eProcurement 14. Jul-16 9 eProcurement
Total $550
Source: Capital IQ, 451 Research 18 Public Company Stock Performance
. Public companies in the ERP and SCM sectors have Public Company Performance Index performed well as a whole over
the past three years, having 65.0 achieved a 3-year stock performance increase of over 55.0 53% . Many have also achieved robust 45.0 double-digit revenue growth
. Trading multiples for the sector 35.0 as a whole are also quite healthy at 9.4x 2019 revenue and 22.3x 25.0 2019 EBITDA . Strong multiples reflect solid 15.0 growth rates for those companies growing faster than the market as a whole as well as 5.0 the strong operating and EBITDA margins -5.0 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 . The sector has also benefitted from a surge in global equity SCM Composite Index Dow Jones Industrial Average markets over the past 24 months S&P 500 Index NASDAQ Composite Index
* Includes companies on the following slide Source: CapIQ 19 Public Company Universe
($ in millions) Market Data Operating Data(c) EV / Revenue EV / EBITDA Cash Revenue EBIDTA Revenue Growth LQ EBITDA LQ Gross Enterprise LTM 2 - Yr Company Value(a) (b) Perf.(%) Perf.(%) 2019E 2018A 2019E 2018A 2019E 2019E 2018A 2019E 2018A 18A/17A 19E/18A Margin Margin
1. $197,081 10% 7% 5.0x 4.9x 10.5x 12.4x $17,411 $39,326 $39,893 $18,853 $15,899 3% (1%) 42% 81%
2. 122,688 6% 17% 4.0x 4.3x 10.9x 18.1x 3,411 30,762 28,288 11,254 6,773 0% 9% 28% 69%
3. 31,569 2% 54% 7.1x 7.9x 19.9x 33.6x 2,281 4,447 3,981 1,584 941 3% 12% 25% 84%
4. 12,880 22% 110% 2.9x 3.1x 13.1x 15.8x 192 4,500 4,218 981 817 13% 7% 22% 47%
5. 8,773 22% 116% 15.5x 16.8x 31.2x 37.9x 171 566 522 281 232 10% 8% 48% 92%
6. 8,570 79% 284% 36.0x 42.7x NM 99.0x 22 238 201 86 87 46% 18% 40% 81%
7. 8,096 109% 332% 31.9x 31.1x NM NM 99 254 260 23 (38) 39% (3%) NM 66%
8. 5,287 64% 91% 8.8x 9.5x 39.3x 37.1x 118 601 559 135 143 (6%) 7% 21% 54%
9. 4,119 6% 37% 15.0x 15.0x 34.5x 45.8x 53 275 275 119 90 16% 0% 38% 75%
10. 1,917 (13%) 3% 10.3x 12.7x 38.1x 70.5x 99 186 151 50 27 13% 23% 28% 69%
11. 1,694 17% 84% 6.1x 6.8x 25.0x 43.0x 122 277 248 68 39 13% 12% 14% 65%
12. 2,775 83% 162% 11.2x 14.1x NM -74.7x 162 248 197 (9) (37) 17% 26% NM 63%
13. 1,286 27% 79% 6.1x 8.6x 16.5x 37.3x 18 212 150 78 34 53% 42% 33% 69%
14. 634 (23%) 27% 1.9x 1.9x 39.7x 43.7x 127 332 333 16 14 9% (0%) NM 53%
15. 326 (16%) 36% 3.0x 2.9x 22.6x 32.9x 42 110 112 14 10 2% (2%) 15% 54%
16. 96 (51%) (71%) 1.5x 1.4x 5.0x 25.3x 5 66 70 19 4 24% (6%) 61% 47%
17. 162 (24%) (7%) 2.8x 3.0x NM 48.0x 9 58 53 3 3 (4%) 8% 2% 46%
18. 38 (7%) (31%) 0.6x 0.8x 5.9x 9.7x 9 64 46 6 4 6% 41% 13% 43%
MEDIAN $3,447 8% 45% 6.1x 7.4x 21.3x 37.1x $109 $264 $254 $73 $37 11% 8% 28% 66% ] AVERAGE $22,666 17% 74% 9.4x 10.4x 22.3x 31.5x $1,353 $4,585 $4,420 $1,864 $1,391 14% 11% 29% 64%
AGGREGATE $407,990 $24,349 $82,522 $79,558 $33,560 $25,041 Notes: ( a ) Based on closing stock prices on August 7, 2019 ( b ) Calculated as Equity Value plus total debt, minority interest (at book value unless otherwise noted) and preferred stock, less cash & equivalents) ( c ) Projections represent Wall Street estimates ( d ) Adjusted operating margin excludes extraordinary and non-recurring items
Source: CapIQ, SEC Filings 20 Expanded Landscape
General P L A N N I N G D E L I V E R Y Large Supply SCM Chain Supply Chain Providers Supply Chain Execution Providers Planning
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly send us a note at [email protected] and we would be happy to consider. 21 eProcurement / Spend Management Landscape
Private Company Landscape
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly send us a note at [email protected] and we would be happy to consider. 22 AGC’s Supply Chain Software Market Update 2019 • Dennis brings more than 25 years of experience in investment banking to his role at AGC and has been a Dennis Rourke Partner with AGC since it was founded in early 2003 Partner • Dennis has completed more than 80 transactions, primarily for software companies, including 25 deals in supply chain software
• Previously, Dennis was a Managing Director at Banc of America Securities and a Founding Member of Montgomery Securities’ East Coast Technology Group
• He holds a B.A. in English Literature from Middlebury College, an M.A. in German Literature from the Johannes Gutenberg Universitat in Mainz, Germany, and an M.S. in Finance from the MIT Sloan School of Management
AGC’s Supply Chain Management Expertise
Private Placement
$8.5 Million
Placement Agent
Convertible Debt
$250 Million Co-manager
Intactix Petrolsoft
has been acquired by has been acquired by has been acquired by
Initial Public Offering Private Placement Initial Public Offering
Initial Public Offering $96 Million $55 Million $12 Million $40 Million $85 Million Co-manager $21 Million $37 Million Co-manager Sole Financial Advisor Sole Financial Advisor Sole Placement Agent Sole Financial Advisor to Aspen Technology To JDA Software to Numetrix 23 M&A and Private Placement Activity
Note: This document is intended to serve as an informative article only in order to further discussion, analysis and independent verification. This document is based upon sources believed to be reliable, however, we do not guarantee the sources’ accuracy. Unless otherwise indicated, AGC does not believe that the information contained herein is sufficient to serve as the basis of an investment decision. There can be no assurance that these statements, estimates or forecasts will be attained and actual results may be materially different. This is not a solicitation of an offer of any kind. To learn more about the company/companies that is/are the subject of this commentary, contact one of persons named herein who can give you additional information. 24 M&A Activity H1 2019
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 1. Jun-19 Drive.ai Apple AV ND ND ND 2. Jun-19 STEPcom Descartes Systems Supply Chain Integration 20 ND ND 3. Jun-19 Zenopt RELEX Retail Management ND ND ND 4. Jun-19 Mighty AI Uber Computer Vision Modeling ND ND ND 5. Jun-19 Onventis Main Capital eProcurement ND ND ND 6. Jun-19 Eazy Collect The Access Group ERP Payments ND ND ND 7. Jun-19 Acumatica IFS ERP ND ND ND 8. Jun-19 AutoStore TH Lee Partners WMS Robotics / Automation ND ND ND 9. Jun-19 i2i Infinity SGS Electronic Certificates of Origin ND ND ND 10. Jun-19 TrackPoint Systems Truck-Lite Location-based Tracking ND ND ND 11. Jun-19 Cubus Serviceware CPM/BI ND 5 ND 12. Jun-19 Lindbak Retail Systems EG Retail Management ND ND ND 13. Jun-19 StakUp FreightWaves Freight Data ND ND ND 14. Jun-19 Averetek E2open Channel Management ND ND ND 15. May-19 irth Solutions Gauge Capital Field Service Management ND ND ND 16. May-19 Prometheus Group Enterprises Genstar Capital Plant Maintenance 1,000 ND ND 17. May-19 Handshake Shopify eCommerce Platform ND ND ND 18. May-19 CVM Solutions Supplier.io Supplier Management ND ND ND 19. May-19 AD OPT IBS Software Aviation Software ND ND ND 20. May-19 Boomerang Commerce Assets Lowe's Companies Retail Analytics ND ND ND 21. May-19 Profitect Zebra Technologies Retail Analytics ND ND ND 22. May-19 CStorePro Professional Datasolutions Retail Pricing ND ND ND 23. May-19 Felix Informatique Constellation Software Retail / Hospitality ERP ND ND ND 24. May-19 Masternaut Michelin Telematics ND ND ND 25. May-19 Azima Global SymphonyAl Group Manufacturing Monitoring ND ND ND 26. May-19 Core Transport Technologies Descartes Systems Scanning and Tracking 21 ND ND 27. May-19 Amber Road E2open Trade Management 424 86 5.0x 28. May-19 ecUtopia True Commerce EDI ND ND ND 29. May-19 EU Supply Mercell Holding eProcurement 17 5 3.4x 30. May-19 Experlogix Featheringill Capital CPQ ND ND ND
Source: CapIQ, 451 Research 25 M&A Activity H1 2019 (cont’d.)
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 31. May-19 Roadscanners Loram Railway and Management ND ND ND 32. May-19 Seven Telematics Connexas Group Fleet Management ND ND ND 33. May-19 Optiware Aptean Manufacturing ERP ND ND ND 34. Apr-19 Flexible Workforce Openforce Vendor Management ND ND ND 35. Apr-19 Xware Wisetech Global Logistics Messaging 23 3 6.6x 36. Apr-19 Whiplash Port Logistics Group eCommerce Fulfillment Software ND ND ND 37. Apr-19 Triple E Technologies Constellation Sofrware C-Store Payments ND ND ND 38. Apr-19 3Gtms Sumeru TMS ND ND ND 39. Apr-19 OptiView omNovos Inventory Management ND ND ND 40. Apr-19 Practi Technologies Just Eat PoS 9 ND ND 41. Apr-19 Exari Group Coupa Software Contract Lifecycle Management 215 ND ND 42. Apr-19 Second Phase Billtrust B2B eCommerce ND ND ND 43. Apr-19 Synovia Solutions CalAmp Telematics 50 28 1.8x 44. Apr-19 TivaCloud Fleetworthy Solutions Transportation Compliance ND ND ND 45. Apr-19 Tero Marine Seagull Maritime Marine Fleet Management ND ND ND 46. Apr-19 Sellbrite GoDaddy eCommerce / Marketplace tools ND ND ND 47. Apr-19 Jarca / JFleet Clear Destination TMS ND ND ND 48. Apr-19 BSM Technologies Geotab Telematics / Fleet Management 113 59 1.9x 49. Apr-19 Scan to Buy Yandex Market eCommerce ND ND ND 50. Apr-19 MaxGrip AVEVA Asset Performance Management 25 ND ND 51. Apr-19 IBM DemandTec Assets Centerbridge Partners Commerce / Marketing Platform 500 275 1.8x 52. Apr-19 Truckstop.com ICONIQ Freight Marketplace 1,000 ND ND 53. Apr-19 EG Francisco Partners ERP 550 ND ND 54. Apr-19 KNet Software Emerson Electric Co. Digital Transformation ND ND ND 55. Apr-19 GlobalTranz Enterprises Providence Equity Partners 3PL 700 ND ND 56. Apr-19 Xevo Lear Corporation Automotive Software 320 ND ND 57. Apr-19 Hiper Software Linx Sistemas e Consultoria Retail Management 5 ND ND 58. Mar-19 First Mile Rakuten eCommerce Order Fulfillment ND ND ND 59. Mar-19 IFS 360 Rakuten eCommerce Order Fulfillment ND ND ND 60. Mar-19 Dynamic Yield McDonald's Digital Personalization 325 30 10.8x
Source: CapIQ, 451 Research 26 M&A Activity H1 2019 (cont’d.)
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 61. Mar-19 Exceedra AFS Technologies Trade Promotion Management ND ND ND 62. Mar-19 Meronimi Proxima Group Supplier Intelligence ND ND ND 63. Mar-19 Blume Global Apollo Global Digital Supply Chain ND ND ND 64. Mar-19 InfoRoute Compilator Fleet Inspection ND ND ND 65. Mar-19 Cetus Labs Navis Terminal Operating System ND ND ND 66. Mar-19 EMNS Elemica Material Quality Compliance ND ND ND 67. Mar-19 OpusCapita Providence Equity eProcurement ND ND ND 68. Mar-19 Spark Digital Technologies BLOCKStrain Technology Corp. Cannabis Supply Chain 6 ND ND 69. Feb-19 Exact Software KKR ERP ND ND ND 70. Feb-19 Delivery Biz Pro GetSwift Delivery Management Platform ND ND ND 71. Feb-19 Scheduling+ GetSwift Workforce Scheduling ND ND ND 72. Feb-19 MedaTech Information Technology Matrix IT ERP 24 ND ND 73. Feb-19 Certona Corporation Kibo Software Omnichannel Personalization 60 20 3.0x 74. Feb-19 Stantive Technologies Group Bridgeline Digital Digital Experience Platform 5 7 0.8x 75. Feb-19 Newton Transportation Technologies Nauto AV ND ND ND 76. Feb-19 Epilog KNAPP AG WMS ND ND ND 77. Feb-19 Browz Avetta Supplier Management ND ND ND 78. Feb-19 EnterWorks Winshuttle MDM / PIM ND ND ND 79. Feb-19 habbl Daimler FleetBoard Fleet Management ND ND ND 80. Feb-19 Shoplo SumUp Payments Limited eCommerce ND ND ND 81. Feb-19 Ushr Dynamic Map Platform Automotive Mapping 200 ND ND 82. Feb-19 ECO Insight and Navigator Insight SolutionsStormGeo Holding AS Fleet Performance ND ND ND 83. Feb-19 Determine Corcentric eProcurement 32 28 1.1x 84. Feb-19 Netsend Corcentric eProcurement ND ND ND 85. Feb-19 Purfresh TriStrata Group Controlled Atmosphere Cargo ND ND ND 86. Feb-19 TESIS Vector Informatik Automotive Testing Solutions ND ND ND 87. Feb-19 PCSYS TECSYS WMS / TMS 13 14 0.9x 88. Feb-19 Dynacommerce Holding Tech Mahindra Omnichannel Commerce 18 9 2.0x 89. Feb-19 CarrierWeb I.D. Systems Asset Tracking 4 ND ND 90. Jan-19 SYSTEMA AS WiseTech Global Customs Management 6 ND ND
Source: CapIQ, 451 Research 27 M&A Activity H1 2019 (cont’d.)
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 91. Jan-19 Buymanager SupplyFrame Supplier Intelligence ND ND ND 92. Jan-19 Transporeon HgCapital TMS 800 ND ND 93. Jan-19 T-PRO Solutions Blacksmith Applications Trade Promotion Optimization ND ND ND 94. Jan-19 XimantiX Software Cegedim e-business e-Invoicing ND ND ND 95. Jan-19 TomTom Telematics Bridgestone Europe Telematics 1,000 158 6.3x 96. Jan-19 Visual Compliance Descartes Systems SC Compliance 250 35 7.1x 97. Jan-19 Precognitive ShopRunner Online Fraud Prevention ND ND ND 98. Jan-19 M2M Solutions Telsinc Fleet Management 11 ND ND 99. Jan-19 Scanmarket Verdane Capital eProcurement ND ND ND 100. Jan-19 Techsol Marine Ocean Group Marine Machine Control ND ND ND 101. Jan-19 Our Freight Guy GlobalTranz Freight Brokerage and Logistics ND ND ND 102. Jan-19 MineralSoft Drilling Info Mineral / Land Management ND ND ND 103. Jan-19 ItemMaster Gladson Product Content Management ND ND ND 104. Jan-19 AM Gruppe Royal Reesink WMS / TMS ND ND ND 105. Jan-19 ISM Connect Smith Micro Software OnScreen Demos 9 ND ND 106. Jan-19 Edgenet Gladson Product Content Management ND ND ND 107. Jan-19 Leo Enterprises DS Co. Supply Chain Data ND ND ND 2019 Median $32 $28 3.0x 2019 Total Disclosed $7,754
Source: CapIQ, 451 Research 28 M&A Activity 2018
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 1. Dec-18 Covalent Works Corporation SPS Commerce EDI 23 4 5.8x 2. Dec-18 XELOG DRS Investment WMS ND ND ND 3. Dec-18 IQMS Dassault Systèmes Manufacturing ERP 425 56 7.6x 4. Dec-18 Hiperos Coupa Software Supplier Risk Management 95 ND ND 5. Dec-19 GateHouse Logistics Project44 Transportation Visibility Platform ND ND ND 6. Nov-18 Contigo Energy One Limited ETRM 4 ND ND 7. Nov-18 e-Courier Alpine SG Last-Mile Delivery ND ND ND 8. Nov-18 Companeo InfoPro Digital B2B ND ND ND 9. Nov-18 OrderDynamics Corp TECSYS Distributed Order Management 13 ND ND 10. Nov-18 Innovative Return Concepts Inmar Returns Management ND ND ND 11. Nov-18 Clearplan KAR Auction Services Vehicle Recovery Management ND ND ND 12. Nov-18 GreatRateFreight Gold River Productions, RushNet Freight Marketplace ND ND ND 13. Oct-18 Proquro Exact Holding eProcurement ND ND ND 14. Oct-18 Gladson Interactive The Jordan Company Retail Product Content ND ND ND 15. Oct-18 Spring ShopRunner Mobile-First Brand Catalogue ND ND ND 16. Oct-18 Omnify Software Arena Solutions PLM ND ND ND 17. Oct-18 Integration Point Thomson Reuters Global Trade Management ND ND ND 18. Oct-18 Bluefrog Technologies Francis David Corporation PoS ND ND ND 19. Oct-18 INTTRA E2open Shipping Management ND ND ND 20. Oct-18 AFS Technologies STG Partners Food SCM ND ND ND 21. Oct-18 Sciengistics ARCOS Airline WF Scheduling ND ND ND 22. Oct-18 Sigma Software Wisetech Global Customs, Freight Forwarding 5 2 2.8x 23. Oct-18 EDIAdmin SPS Commerce EDI ND ND ND 24. Oct-18 Altius VA Supplier Assessment Services Supplier Management ND ND ND 25. Oct-18 IFS Global Holdings WiseTech Global Shipping TMS 55 8 7.0x 26. Oct-18 Legion Bentley Systems Pedestrian Simulation ND ND ND 27. Oct-18 Aquiire Coupa Software Supplier Search ND ND ND 28. Oct-18 MyWebGrocer Mi9 Retail Retail Management ND ND ND 29. Oct-18 Stylelabs BVBA Sitecore Content Marketing ND ND ND 30. Oct-18 ERA Systems BluJay Solutions Customs Management ND ND ND
Source: CapIQ, 451 Research 29 M&A Activity 2018 (cont’d.)
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 31. Oct-18 Cloud Logistics E2open TMS ND ND ND 32. Sep-18 TAKE Supply Chain Aclate Supply Chain Orchestration ND ND ND 33. Sep-18 AFN Logistics GlobalTranz 3PL ND ND ND 34. Sep-18 DCR Workforce Coupa Software eProcurement 25 19 1.3x 35. Sep-18 Apttus Thoma Bravo Supplier Management 1600 225 7.1x 36. Aug-18 ThunderBuild Topcon Positioning Systems Construction Supply Chain ND ND ND 37. Aug-18 MercuryGate Summit Partners TMS ND ND ND 38. Aug-18 Wtransnet Alpega Freight Exchange ND ND ND 39. Aug-18 TIM Consult Transporeon Group TMS ND ND ND 40. Aug-18 Taric WiseTech Global Customs Management 19 ND ND 41. Aug-18 Esize PROACTIS Spend Management 16 ND ND 42. Jul-18 DesertMicro AMCS Waste & Recycling SCM ND ND ND 43. Jul-18 Beeline New Mountain Capital Vendor Management 650 ND ND 44. Jul-18 MetaPack Stamps.com TMS 230 3 89.6x 45. Jul-18 Barkawi Management Consultants Genpact SCM Consulting ND ND ND 46. Jul-18 4flow vista Alpega Transportation Planning ND ND ND 47. Jul-18 Shire Systems Elecosoft CMMS 8 ND ND 48. Jul-18 GlobalTranz Jordan Company 3PL / Freight ND ND ND 49. Jul-18 Blue Yonder JDA Software Retail AI ND ND ND 50. Jul-18 Transparix Logistyx Technologies TMS / Parcel ND ND ND 51. Jun-18 Accucode (Velocity Mail Assets) Descartes Systems TMS 26 ND ND 52. Jun-18 Pierbridge WiseTech Global TMS / Parcel 28 ND ND 53. Jun-18 Centriq Korber WMS / Voice ND ND ND 54. Jun-18 Constructionline Warburg Pincus Procurement / SCM 211 ND ND 55. Jun-18 Oniqua IBM IoT 35 ND ND 56. Jun-18 InsightSoftware.com TA Associates ERP Reporting ND ND ND 57. Jun-18 Centric Software Dassault PLM ND 61 ND 58. Jun-18 American Restaurant Association ArrowStream Supply Chain Data ND ND ND 59. Jun-18 Felix Data Systems WiseTech Global Customs Management 3 1 2.8x 60. Jun-18 LOCOM Software Siemens Logistics Services ND ND ND
Source: CapIQ, 451 Research 30 M&A Activity 2018 (cont’d.)
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 61. Jun-18 Barcode Tech Reflex Group Barcode / Holding ND ND ND 62. Jun-18 ShakeDeal Vora Ventures B2B Market Place ND ND ND 63. May-18 SaaS Transportation WiseTech Global LTL / TMS 2 ND ND 64. May-18 GTG Technology Firmament Group TMS ND ND ND 65. May-18 Tax Filer Iris Software Tax Compliance ND ND ND 66. May-18 Powerplan Roper Technologies Financial / Compliance 1,100 ND ND 67. May-18 Magneto Adobe eCommerce Platform 1,680 150 11.2x 68. May-18 Shop.co Klarna On-line Shopping ND ND ND 69. May-18 Symphony Commerce Quantum Retail Technology Commerce as a Service ND ND ND 70. May-18 Flipkart Walmart e-Commerce 16,000 7,500 2.1x 71. May-18 Mandata LDC TMS 28 ND ND 72. Apr-18 Viewpoint Trimble Construction Management 1,200 111 10.8x 73. Apr-18 PB & Associates WiseTech Global Freight Forwarding ND ND ND 74. Apr-18 Viewpoint Trimble Construction Management 1,200 ND ND 75. Apr-18 CSF Solutions BluJay Solutions Customs Management ND ND ND 76. Apr-18 Insight Group Technologies Mantis Informatics WMS Optimization / Slotting ND ND ND 77. Mar-18 Acceo Solutions Constellation Software Broad ERP 201 90 2.2x 78. Mar-18 VendorBase Procurify eProcurement ND ND ND 79. Mar-18 P2P Mailing FedEx Parcel Delivery for e Tailors 130 ND ND 80. Mar-18 Avetta Welsh, Carson, Anderson & Stowe eProcurement ND ND ND 81. Mar-18 Servman Software WorkWave Field Service ND ND ND 82. Mar-18 FSEnet+ Gladson Product Data Management ND ND ND 83. Mar-18 ecmarket Luminate Capital Partners SCM Document Automation 50 ND ND 84. Mar-18 LSP Solutions BV WiseTech Global Customs and WMS 4 2 1.6x 85. Mar-18 IndustryBuilt Aptean ERP - F+B ND ND ND 86. Mar-18 Gap Systems Loftware Enterprise Labeling ND ND ND 87. Mar-18 CommerceHub GTCR /Sycamore Partners eCommerce Network 1,100 111 9.9x 88. Mar-18 Science Warehouse Advanced Spend Management 22 ND ND 89. Feb-18 Matters (TMS) INIT TMS 1 ND ND 90. Feb-18 Panjiva S&P Global Vendor Management / Insight ND ND ND
Source: CapIQ, 451 Research 31 M&A Activity 2018 (cont’d.)
($US in millions) LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev. 91. Feb-18 Intris WiseTech Global Customs Management / Freight 9 ND ND 92. Jan-18 Kramer-Smilko DemandBridge Distributor Management ND ND ND 93. Jan-18 Birch Worldwide E2open Channel Management ND ND ND 94. Jan-18 Entomo E2open Channel Management ND ND ND 95. Jan-18 Kubix Lectra PIM / MDM 8 ND ND 96. Jan-18 Movildata Internacional Verizon Telematics Fleet Management ND ND ND 97. Jan-18 Motus Thoma Bravo Vehicle Management ND ND ND 98. Jan-18 Ruzheimer Thoma Bravo Mobile Management ND ND ND 99. Jan-18 ProSys Emerson Plant Production Management ND ND ND 100. Jan-18 Mintec Global Synova Capital Procurement Data / Management ND ND ND 101. Jan-18 JustEnough Software Mi9 Retail Merchandising Management ND ND ND 102. Jan-18 TenderEasy Alpega Transportation Procurement ND ND ND 103. Jan-18 Forecast Solutions RELEX Retail Planning ND ND ND 104. Jan-18 Kenandy Rootstock Software ERP ND ND ND 105. Jan-18 Companeo InfoPro Digital B2B Market Place ND ND ND 106. Jan-18 SwoopMe Agero Road-Side Dispatch ND ND ND 107. Jan-18 HiGH Software Columbus A/S Lease Management ND ND ND 108. Jan-18 Certified Retail Solutions Spencer Technologies Store Systems Management ND ND ND 109. Jan-18 TouchStar Group PDI Logistics Automation ND ND ND 2018 Median $28 $56 7.1x 2018 Total Disclosed $26,204
Source: CapIQ, 451 Research 32 Private Placements H1 2019
($US in millions)
Date Company Sector Investors Investment ($M)
1. Jun-19 LF Logistics Freight Forwarding Temasek Holdings 300
2. Jun-19 Skubana eCommerce / Inventory Management Defy Partners, Advancit Capital 5 Runa Capital, Manulife Financial, Kensington Capital 3. Jun-19 Procurify eProcurement Partners, Information Venture Partners, HabourVest 15
4. Jun-19 Whitebox eCommerce Fulfillment TDF Ventures 5 Zrosk Investment Management, Yamaha Motor, Novastar 5. Jun-19 MAX Last-Mile Delivery Ventures, Breakthrough Energy Ventures, Alitheia Capital 7
6. Jun-19 Seven Senders Parcel Delivery Platform btov Partners, Digital+ Partners 18
7. Jun-19 Gatik.ai Middle-mile AV Innovation Endeavors, Trucks VC, Fontinalis 5
8. May-19 Sorted Group Retail Fulfillment NVM Private Equity, Praetura Ventures 19
9. May-19 Trukkin Middle EAST Truck Aggregator Batic Investments and Logistics 4
10. May-19 Ravin Al Automated Vehicle Inspection Shell Ventures, Pico Partners 4
11. May-19 Ivalua Spend Management Adrian Growth, Tiger Global Management 60
12. May-19 Silo Ag Supply Chain Penny Newman Grain, Initialized Capital Management 3
13. May-19 Retail Zipline Retail Communication Emergence Capital Partners, Serena Ventures 10
14. May-19 Overhaul Group Shipping Visibility Abbey International Finance 7
15. May-19 Blackbuck Trucking Logistics Goldman Sachs 150 Global Founders Capital, Northzone, Cherry Ventures, 16. May-19 FreightHub Freight Forwarding Maersk Growth, Rider Global, Unbound 30
17. Apr-19 Spare Labs Transportation Network Management Mitsubishi 6 b-to-v Partners, BFB Brandenburg Kapital, Senovo Capital 18. Apr-19 Synfioo Intermodal Monitoring Management; Hpi Seed Fund 3 Elaia Partners, Tekton Ventures, TheFamily,Breega 19. Apr-19 FretLink Shipping and Logistics Capita,; SGH Capital, Edenred Capital Parnters, daphni, 31 Pritzker Group Venture Capital, Okapi Venture Capital, 20. Apr-19 Specright Specification Data Management Mucker Capital, Fika Ventures 9
Source: CapIQ, 451 Research 33 Private Placements H1 2019 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
21. Apr-19 Magaya Corporation WMS / Cargo LLR Partners ND
22. Apr-19 Suuchi Manufacturing Services Edison 8
23. Apr-19 Holded Technologies ERP Nauta Capital, Speedrocket 4Founders Capital 7 Institutional Venture Partners, Index Ventures, Scale 24. Apr-19 KeepTruckin Fleet Management Venture Partners, GV, Greenoaks Capital Partners 149
25. Apr-19 Driveroo Vehicle Maintenance WS Investments 3 Schooner Capital, LRVHealth, HLM Venture Partners, 26. Apr-19 Censinet Vendor Risk Management Excelerate Health Ventures, Cedars Sinai Medical Center 8 Oxford Capital Parnters, Cherry Ventures Management, 27. Apr-19 Weengs eCommerce Fulfillment Senderwood, VentureFriends 8
28. Apr-19 Phantom Auto Teleoperated Navigation Bessemer Venture Partners 14
29. Apr-19 SupplyStack TMS PMV, Mainport Innovation Fund, Fortino Capital 6
30. Apr-19 Innovapptive EAM Tiger Global Management 16
31. Apr-19 NextSCM Solutions SCM 021 Capital 3 Y Combinator, Moment Ventures, Canvas Ventures, 1984 32. Apr-19 Flowspace Fulfillment Network Ventures 12 Tom Stafford, Samos, Picus Capital, Pentland Ventures, 33. Apr-19 Zencargo Freight Forwarding MPGI, LocalGlobe, HV Holtzbrink Ventures 20
34. Apr-19 CODE42 Mobility Services Platform Hyundai Motor Company ND
35. Apr-19 SupplyStack TMS PMV, Mainport Innovation Fund, Fortino Capital 6
36. Apr-19 AutoX Technologies AV Dongfeng Motor Group Company 20
37. Apr-19 STORD Digital Warehousing Kleiner Perkins 12 Visible Supply Chain 38. Apr-19 Management 3PL Cynosyre Group ND Bessemer Venture Partners, T. Rowe Price Group, 39. Mar-19 Toast, Inc. Restaurant POS Technology Crossover Ventures,Tiger Global Management 250
40. Mar-19 Shopmatic eCommerce Platform Spring SEEDS, August Global Asset Management 11
Source: CapIQ, 451 Research 34 Private Placements H1 2019 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
41. Mar-19 Fliit Holding Food Logistics Berlin Technologie Holding, Alstin II Fonds, Maersk Growth 11
42. Mar-19 Delhivery 3PL The Carlyle Group, SoftBank, Fosun Group 413
43. Mar-19 MarginEdge Restaurant Automation Osage Venture Partners 3
44. Mar-19 Rarestep / Fleetio Fleet Management ND 4
45. Mar-19 Blackbuck Trucking Logistics Goldman Sachs, B Capital Group 44
46. Mar-19 Airbiquity Connected Car Solutions Toyota Motor, DENSO, Toyota Tsusho 15
47. Mar-19 FleetMaster Fleet Management Daimler Financial Services ND 83North, Elaia Partners, Bain Capital Ventures, Felix 48. Feb-19 Mirakl eCommerce Platform Capital Partners 70
49. Feb-19 Agilis Systems Fleet Management Spectrum Equity Management ND
50. Feb-19 Aptean ERP TA Associates, Vista Equity Partners ND
51. Feb-19 Dray Alliance Drayage Platform Craft Ventures 4
52. Feb-19 FreightWaves Global Freight Content 8VC 21 Founders Fund, Cherubic Ventures, Susa Ventures, DST 53. Feb-19 Flexport Freight Forwarding Platform Global, SoftBank Investment Advisers, S.F. Express 1,000
54. Feb-19 QU POS POS NRD Capital Management, Cota Capital Management 10
55. Feb-19 Centage Corporation Planning and Budgeting TVC Capital 9
56. Feb-19 RELEX Retail Management Technology Crossover Ventures 200
57. Feb-19 Vantage Point Logistics Freight Management Radian Capital, Tamarind Hill Fund 10
58. Feb-19 SkuVault WMS / Inventory Management Ballast Point Ventures, Endeavor Catalyst 8 New Enterprise Associates, Pitango Venture Capital, 59. Feb-19 Tulip Interfaces Manufacturing Management Vertex Ventures 18 TI Capital, Oriza Holdings, IDG Capital, China Railway 60. Jan-19 Jusda B2B Supply Chain Supply Chain Group, China Life Insurance, CICC 365
Source: CapIQ, 451 Research 35 Private Placements H1 2019 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
61. Jan-19 Transporeon TMS HgCapital 44
62. Jan-19 Next Trucking Freight Marketplace Sequoia Capital, GLP, Brookfield Ventures 97
63. Jan-19 ZigZag Global Reverse Logistics Plug & Play Ventures, Circularity Capital ND
64. Jan-19 Bold Commerce eCommerce Tools Whitecap Venture Partners, Round 13 Capital 17
65. Jan-19 Infor ERP Golden Gate Capital, Koch Equity Development 1,500 Mandra Capital, Streamlined Ventures, Emery Capital, The 66. Jan-19 Chronicled Blockchain SCM Perkins Fund 16 Bringg Delivery Coca-Cola, Ituran, Pereg Ventures, Aleph Venture Capital, 67. Jan-19 Technologies Delivery Logistics Salesforce Ventures, Cambridge Capital, Next47, OG Tech 25 Capital Factory, RevTech Ventures, Commerce Ventures, 68. Jan-19 Pensa SYSTEMS Inventory Management Signia Venture Partners, ATX Venture Partners, ZX 5 Glynn Capital Management, BlackRock, Tiger Global 69. Jan-19 Postmates Delivery Logistics Management 100 August Capital, Bain Capital Ventures, Hyde Park Angels, 70. Jan-19 FourKites Supply Chain Visibility CEAS Investments I 50
2019 Median $12
2019 Total Disclosed $5,299
Source: CapIQ, 451 Research 36 Private Placements 2018
($US in millions)
Date Company Sector Investors Investment ($M)
1. Dec-18 Orchestra Beverage ERP Radian Capital 14
2. Dec-18 Blackbuck Trucking Logistics International Finance Corporation, Sands Capital Ventures 12 NTex Transportation 3. Dec-18 Services Logistics Network Norwest Venture Partners, Kalaari Capital 9 Playground Global, Menlo Ventures, Matrix Partners, GV, 4. Dec-18 RightHand Robotics Warehouse Logistics Dream Incubator 23 The Coca-Cola Company, Performance Food Group 5. Dec-18 Omnivore Technologies Restaurant PoS Company 10
6. Dec-18 Bionexo eProcurement Temasek Holdings 25
7. Dec-18 Nexxiot SC Visibility Die Mobiliar, Credit Suisse 15
8. Dec-18 Decisiv Service Relationship Management Kayne Anderson Capital Advisors 30 Western Technology Investment, International Finance 9. Dec-18 Kobo Logistics Shipping Marketplace Corporation, TLcom Capital, Y Combinator Management 6 Menlo Ventures, Scale Venture Partners, Salesforce 10. Dec-18 Scout RFP eProcurement Ventures, Workday Ventures, NewView Capital 33
11. Dec-18 NuORDER Fashion eCommerce NewSpring Capital, Upfront Ventures, Argentum 15 Silverton Partners, Draper Associates, ATX Venture 12. Dec-18 SourceDay Supplier Management Partners 7
13. Nov-18 Dispatch Field Service Logistics Trinity Private Equity Group, Great North Labs 8
14. Nov-18 FreightVerify Freight Management GM Ventures 5 Neoteny Co., Fontinalis Partners, The E14 Fund, Trucks 15. Nov-18 Wise Systems Autonomous Dispatch Venture Management, Gradient Ventures 7 Scale Venture Partners, QUALCOMM Ventures, Cross 16. Nov-18 Airspace Technologies Shipping Platform Culture Ventures, Defy Partners, Schematic Ventures 20
17. Nov-18 EmergeTech Private Freight Marketplace Greycroft 20 Tenfore Holdings, Supply Chain Ventures, Bowery Capital, 18. Nov-18 SupplyShift SC Visibility Blackhorn Ventures, Working Capital ND
19. Nov-18 Riversand PIM / MDM Crestline ND
20. Nov-18 Savi Technology. SC Visibility Eastward Capital Partners 8
Source: CapIQ, 451 Research 37 Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M) Norwest Venture Partners, Cloud Apps Management, 21. Nov-18 PropelPLM PLM Salesforce Ventures,Signalfire 18
22. Nov-18 Fleetondemand Fleet Management BUSINESS GROWTH FUND 7 Felicis Ventures, Activant Capital Group, Upside 23. Nov-18 Turvo Collaborative Logistics Platform Partnership, Next47, G2VP, Mubadala Ventures 60
24. Nov-18 TraceGains F&B SCM SaaS Capital 6
25. Oct-18 Zentail eCommerce Initialized Capital 5
26. Oct-18 SHIPMONK Inventory Portal Grotech Ventures, SJF Ventures, Supply Chain Ventures 10
27. Oct-18 Teikametrics Retail Optimization Granite Point Capital Management, Jump Capital, FJ Labs 10
28. Oct-18 Syncron International Service Management Summit Partners 68
29. Oct-18 Quicargo Technologies Freight Matching Platform SLJ Investment Partners 5
30. Oct-18 Deposco WMS ND 9 Emery Investments Limited, Nielsen Innovate Fund, Sonae 31. Oct-18 CiValue Customer Analytics Investment Management 6
32. Oct-18 Loadsmart Freight Booking Platform Connor Capital, Chromo Investimentos, Maersk Growth 22 First Round Capital, Global Founders Capital Management, 33. Oct-18 Shipwell Freight TMS Capital Factory, Aspect Ventures, Fifth Wall Ventures 10
34. Oct-18 Blackbuck Trucking Logistics Accel, Sequoia Capital India, Sands Capital Ventures 27
35. Oct-18 Braincube SAS Manufacturing Analytics Iris Capital, Next47 14
36. Oct-18 FactoryFour Manufacturing Management August Capital, Refactor Capital 5 Saltspring Capital, Relay Investments, Next Coast 37. Oct-18 Navegate SCM Ventures, The Operand Group ND Bain Capital Ventures, Foundation Capital Partners, 38. Oct-18 Shelfbot Warehouse Cable Robot Initialized Capital Management, Liquid 2 Ventures 4 Insight Venture, Sapphire Ventures, Emergence Capital 39. Oct-18 Project44 Shipping Visibility Platform Partners, OpenView, Chicago Ventures, Eight Partners 45
40. Oct-18 BevSpot Food and Beverage Management ND 5
Source: CapIQ, 451 Research 38 Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
41. Sep-18 SMH Fleet Solutions Fleet Management LDC 21
42. Sep-18 Postmates Urban Logistics Platform Tiger Global 300
43. Sep-18 Dispatch Field Service Logistics Vista, Grandbanks ND
44. Sep-18 Freightos Int'l Freight Market Place GE, Aleph, ICV, Singapore Exchange 44 Steadfast Venture Capital, Clayton Venture Partners, 45. Sep-18 Migo Mobility as a Service Hyundai, Thayer Ventures 9 Menlo Ventures, Bain Capital, Y Combinator, Hyde Park 46. Sep-18 Shipbob eCommerce Fulfillment Venture 40
47. Sep-18 Excelfore Corporation Connected Car Systems Molex, Hella 4 Accel Partners, Battery Ventures, Salesforce Ventures, 48. Aug-18 Narvar Customer Experience Software Scale Venture Partners 30
49. Aug-18 Shadowfax Technologies Last Mile Platform Eight Roads, Mirae Global, NGP Capital, QUALCOMM 22 FirstMark, F-Prime Capital , Georgian Partners, Goldman 50. Aug-18 TraceLink Serialization Compliance Sachs, Volition Capital, Vulcan Capital, Willett Advisors 93
51. Aug-18 Kobo Logistics Shipping Marketplace Y Combinator ND
52. Aug-18 Xentral ERP Software ERP Freigeist Capital ND Cross Culture Ventures, QUALCOMM, Defy Partners, 53. Aug-18 Airspace Technologies Shipping Platform Schematic Ventures 8
54. Aug-18 SKUPOS C-Store Analytics Toba Capital, Lamp Post Ventures, Loup Ventures 6
55. Aug-18 Newman Cloud Manufacturing BOM ND 4
56. Aug-18 Routeique Logistics and Delivery Lancaster Investments Ltd. ND
57. Jul-18 Ninjacart AG B2B Platform NRJN Trust, Accel 5 Franklin Templeton, Generation Investment Management, 58. Jul-18 Optoro Reverse Logistics Revolution Growth, Tenfore Holdings 75
59. Jul-18 Appetize Technologies POS ND 14
60. Jul-18 Ocean Freight Exchange Ocean TMS Foundation Capital, NextView Ventures 3
Source: CapIQ, 451 Research 39 Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
61. Jul-18 Trax Technology Solutions Retail Analytics Boyu Capital, DC Thomson 125
62. Jun-18 Yoobic Merchandising Compliance Insight Venture Partners, Felix Capital 25
63. Jun-18 Noodle Analytics Supply Chain AI Dell, TPG 35 33Capital Group, Aura Funds Management, Pearle 64. Jun-18 TradeGecko Inventory Management Ventures 10 Omnes Capital,Cambon Partners, 360° Capital, Ring 65. Jun-18 Tiller Systems POS Capital 14
66. Jun-18 Exotec Solutions WMS Robotics 360 Capital Partners, Breega Capital SARL, Iris Capital 18
67. Jun-18 LevaData AI Sourcing Platform Tola Capital 12
68. Jun-18 Paradata Supply Chain Analytics ND 10
69. Jun-18 OCS Asset Solutions Retail and Asset Services LDC 17
70. May-18 GPS Insight Fleet Management Bregal Sagemount ND
71. May-18 Tradeshift eProcurement Goldman Sachs, PSP Investments 250
72. May-18 GTG Technology TMS The Firmament Group ND
73. May-18 Maintenance Assistant CMMS BuildGroup 12
74. May-18 Pensa Systems Inventory Management ATX Seed Ventures, ZX Ventures 2
75. May-18 Gravity Supply Chain Supply Chain Visibility Wavemark Partners 7
76. May-18 Alloy Technologies Inventory Management Menlo Ventures, Eight Partners 12
77. May-18 Toolsgroup Planning and Forecasting Accel-KKR ND
78. May-18 Raven Telemetry Manufacturing AI ND 6
79. Apr-18 TradeDepot Retail Distribution Partech Partners 3
80. Apr-18 Retailisation Inventory Management Nimbus Ventures ND
Source: CapIQ, 451 Research 40 Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M) Ward Ferry, CapitalG, China Reform Fund Management, 81. Apr-18 Guiyang Huochebang Truck Logistics Platform SoftBank 1,900
82. Apr-19 Global-e e-Commerce Logistics Apax Partners 20 Chicago Ventures, Eight Partners, Emergence Capital, 83. Apr-18 Project44 Shipping Platform Omidyar, OpenView, Pritzker Group 35 Grotech Ventures, IDEA Fund Partners, TechOperators, 84. Apr-18 Ceterus Accounting / Reporting Alerion Ventures, Harbert Growth Partners 10 Green Mountain 85. Apr-18 Technology Parcel Spend Management Accel-KKR ND
86. Apr-18 Xeeva Procurement Peak Equity 40
87. Apr-18 GrocerKey eCommerce Fulfillment Woodman's Food Markets, Dunnhumby Ventures 3
88. Apr-18 Loadshare SME Logistics Platform Matrix Partners, Stellaris Venture 5
89. Apr-18 Platform Science IoT Fleet Management Schneider National, Eight Partners ND
90. Apr-18 Arviem Cargo Trucking Nest, SICPA Security, Swisscom, Verve Capital 10 Innogy Ventures, Schneider Electric Energy, Strandview 91. Apr-18 Qmerit WF Management / Procurement Capital 12
92. Apr-18 OrderMyGear eCommerce Susquehanna Growth Equity 35 Menlo Ventures, Norwest Venture, iRobot, Eclipse 93. Apr-18 6 River Systems WMS Robotics Ventures 25 Advanced Manufacturing Highland Capital Partners, Insight Venture Partners, Ireland 94. Mar-18 Control Systems Waste Management ERP National Pensions Reserve Fund 123
95. Mar-18 CargoBot Cargo Management Platform ND 3
96. Mar-18 C3 IoT IoT Enterprise Platform The Rise Fund, TPG, Sutter Hill, Breyer Capital 106
97. Mar-18 Contguard Shipment Monitoring Citi, Canaan Partners ND Institutional Venture Partners, Index Ventures, Scale 98. Mar-18 KeepTruckin Fleet Management Venture Partners, GV 50
99. Mar-18 Eximchain SC Blockchain Network Kinetic Capital, INBlockchain, FBG Capital 20
100. Mar-18 ecMarkets Order Management Luminate Capital Partners ND Source: CapIQ, 451 Research 41 Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
102. Mar-18 Holded Technologies ERP Nauta Capital 2
103. Feb-18 Upchain PLM BDC Venture, OpenText 7
104. Feb-18 FourKites Shipment Tracking / Analytics August Capital, Bain Capital, Hyde Park Ventures 35
105. Feb-18 FoodLogiQ Food Safety Management ND 8
106. Feb-18 CargoX Cargo Bill of Lading ND 7
107. Feb-18 FarEye eCommerce Logistics Deustche Post 10
108. Jan-18 Next Trucking Freight Matching Platform Sequoia Capital 21
109. Jan-18 Xpressbees eCommerce Logistics Alibaba Capital 35
110. Jan-18 Blueday Store HR Management Radian Capital 6
111. Jan-18 Appetize POS Shamrock Capital, Silicon Valley Bank 20 UP2398, Telegraph Hill, Lufthansa Cargo, Invariantes, Hunt 112. Jan-18 Fleet International Logistics Platform Technology, Frenando Pontaza, Elefund, 1517 Fund 10
113. Jan-18 Transflo Telematics Platform True Wind Capital ND
114. Jan-18 Bringg Delivery Logistics Platform Coca-Cola, Pereg Ventures, Aleph Venture, Salesforce 22
115. Jan-18 OriginTrail Supply Chain Blockchain ND 23
116. Jan-18 ShipChain Track and Trace Blockchain ND 30
2018 Median $12
2018 Total Disclosed $4,472
Source: CapIQ, 451 Research 42 Introduction to AGC Partners
43 Overview
2003 377 9 78 3 Offices Cross-Border Founded Transactions Major Globally Transactions Conferences
44 Unrivaled M&A and Growth Capital Experience
M&A ADVISORY SECTOR EXPERTS
Up to $1 billion in valuation Deep vertical and horizontal practices
GROWTH CAPITAL ENGAGED PARTNERS Primary and Secondary Partner led engagement teams minority equity and debt
HIGH IMPACT TECH FOCUS EXCEPTIONAL OUTCOMES
Exclusive focus on tech advisory 377 transactions completed to date
AGC Partners 457 Global Leader in Tech Advisory – 377 Closed Deals
TOP DEALMAKERS (2014-2018) # Firm . AGC is consistently ranked as the most active pure-play tech Trans. boutique 1. Morgan Stanley 179 2. Raymond James 150 . Plugged into every facet of the private tech capital markets with 3. William Blair 150 over 50 active engagements today 4. Houlihan Lokey 129 5. J.P. Morgan Securities 124 . Headquartered in Boston with offices in Atlanta, Chicago, Dallas, 6. AGC AGC Partners Partners 120119 London, Los Angeles, Minneapolis, New York and Silicon Valley 7. Evercore Partners 119 8. GCA Advisors 117 9. Goldman Sachs 113 AGC Cumulative Deal Count 10. Jefferies 92 AGC Cumulative Deal Count 11. Lazard 79 355 377 12. Petsky Prunier 79 327 13. Mooreland Partners 78 295 14. DCS Advisory 77 263 15. Pagemill Duff & Phelps 74 235 16. Bank of America Merrill Lynch 73 207 186 17. Robert W. Baird 70 155 18. Qatalyst Partners 69 131 19. Arma Partners 68 103 83 20. GP Bullhound 68 56 66 21. KeyBanc Capital Markets 62 37 17 22. Credit Suisse Securities 60 3 23. Stifel, Nicolaus & Company 60 ’03 ’04 ’05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ’19 24. Needham & Company 59 Year To Date 25. Barclays Capital 53
AGC Partners 467 AGC is the Leading SaaS Investment Bank
451 Ranking of SaaS Advisory 2010 to 2019 AGC's SaaS Performance Exam
92 Below Benchmark Above
ARR Scale <$8M $8-20M $20M+ 81 Rev. Growth Rate 5-20% 20-50% 50%+ 66 Customer Retention 90% 90-95% 95%+ % Subscription <70% 70-90% 90%+ 48 Gross Margin <60% 60-75% 75%+ 45 Rule of 40% <20% 20-40% 40%+ LTV / CAC <3x 3-5x 5x+ 42 Avg. ACV <$25k $25k-250k $250k+
41 Avg. Contract Length <1 year 2 years 3+ years TAM $500M $1-2B $2B+
41 Barriers to Entry Low Medium High
41 Revenue Multiple 2-4x 4-6x 7-10x+
Source: 451 Research
AGC Partners 477 The Global Leaders in Tech Strategic Advisory
Rob Buxton Eric Davis Linda Gridley Jon Guido Hugh Hoffman Ben Howe Doug Hurst Partner Partner Partner COO Partner CEO Partner San Francisco Boston New York Founding Partner Minneapolis Founding Partner New York Boston Boston
Fred Joseph Maria Lewis Kussmaul Elena Marcus Mike Parker Bob Renner Greg Roth Partner Founding Partner Partner Partner Partner Partner Boston Boston Los Angeles Chicago Atlanta San Francisco
Dennis Rourke Charlie Schopp Tristan Snyder Sean Tucker Russ Workman Partner Partner Partner Partner Partner Boston Boston Dallas London Boston
AGC Partners 487 Deep Domain Knowledge Shared via Market Leading Research
Horizontal SaaS Vertical SaaS Security Digital Media and Internet Infrastructure BI / Analytics Automotive Cybersecurity AdTech Big Data CRM Building / Engineering Advanced Threat Defense Consumer Cloud Computing ECM Education CASB E-Commerce Communication ERP / Supply Chain Healthcare Endpoint Food Tech Data Center FinTech / Payments Legal Identity Access Management Gaming Energy & Industrial Tech HCIT / Life Sciences Public Sector Network Internet Internet of Things HR Tech Real Estate Security Orchestration Mobile Mobility Solutions IT Services Retail Security Services Social Semiconductors MarTech Travel & Leisure Threat Intelligence Virtual Reality / Augmented Reality Smart Cities Technical Software User Behavior Analytics Storage Vulnerability IOT / SCADA Selected Recent Partner Authored Whitepapers
Construction Tech CRM Travel Tech Payments Edge Computing HR Tech Smart Cities and IoT Auto Tech Supply Chain Software EdTech
49 Longstanding & Deep Relationships With PE Firms and Strategics
Trusted Advisor of Financial Sponsors Trusted Advisor of Strategic Buyers
. High volume of successful transactions with and for financial . Strong relationships and a proven track record with the sponsors and their portfolio companies leading strategic acquirers
. Relationships developed over the long term providing AGC . Knowledge of development roadmaps + buy vs build priorities access and credibility with key decision-makers allows us to strategically position businesses to achieve optimal outcomes . In depth insights into each financial investor’s unique investment criteria, approach and behavior . Deep sector expertise ensures unique and customized positioning for each buyer
Leading Private Equity Clients Tech Giant Strategic Acquirers
AGC Partners 507 Unrivaled Experience in the PE marketplace
A portfolio company of Financed by Acquired by Financed by Financed by Financed by Acquired by
Financed by
A portfolio company of A portfolio company of Financed by Acquired by Financed by Acquired by Acquired by
Financed by Financed by
A wholly owned Subsidiary of Acquired by Acquired by Financed by Financed by Financed by Financed by
Acquired by
AGC Partners 517 AGC Engineers High Valuation Outcomes
Majority and Minority Growth Capital Strategic Acquisitions
Rev.Revenue Multiple Client Investor Revenue Client Acquirer Multiple Multiple 8.0x 8.5x
6.1x 15.3x
4.2x 7.4x
8.4x 6.8x
6.5x 5.8x
6.0x ND
10.0x 8.4x
6.5x 14.5x
5.7x 6.2x
6.4x 4.8x
10.0x 20.0x
AGC Partners 527 AGC is at the Center of the Private Equity Build and Buy Ecosystem
A subsidiary of A portfolio company of Acquired by Acquired by Acquired by
Acquired by Acquired by
A portfolio company of A portfolio Company of A portfolio Company of A portfolio company of A portfolio company of . Buy and Build is the primary driver of Advisor to sellers Advisor to Veris Advisor to mpl Systems Advisor to Entomo valuation creation, typically through 3 add- Advisor to Harmony Systems on acquisitions per platform deal
A portfolio company of Merged with Acquired by Acquired by Acquired by . There were over 1,500 Private Equity Acquired by A portfolio company of A portfolio Company of A portfolio company of Technology deals in the last 18-months A portfolio company of A portfolio company of
Advisor to eRecruit Advisor to seller Advisor to Apprise Advisor to sellers Advisor to Lieberman
. 1,000 of those deals were add-on acquisitions, which are ever increasing given A portfolio company of A portfolio company of Acquired by the growing base of platform portfolio Acquired by Acquired by Acquired by Acquired by
companies A portfolio company of A portfolio company of A portfolio company of A portfolio company of A portfolio company of
Advisor to sellers Advisor to HRsmart Advisor to Hansoft Advisor to sellers Advisor to Quickmobile
AGC Partners 537 Long History With the top Strategic Technology Buyers
A portfolio company of A portfolio company of A portfolio company of A portfolio company of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
Advisor to Blue Willow Advisor to Cask Advisor to Liaison Advisor to Sellers Advisor to Geezeo Advisor to WhiteHat Advisor to Sellers Advisor to ManageIQ Advisor to appsee Systems
A wholly owned subsidiary A portfolio company of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
Acquired by A wholly owned subsidiary
Advisor to ExtendMedia Advisor to LOGFIRE Advisor to Cloud Cruiser Advisor to Boomi Advisor to Sellers Advisor to Sellers Advisor to Sellers Advisor to Fundamo Advisor to Sellers
A portfolio company of A portfolio company of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
Advisor to iSight Advisor to Advisor to Active Advisor to Invention Partners Advisor to orderTalk Advisor to Sellers Advisor to Codeship Advisor to Proginet Bowstreet Endpoints Machine Advisor to Where
AGC Partners 547 Over 75 Cross-Border Transactions Since Inception
A portfolio company of A portfolio company of A wholly owned Sold to Acquired by subsidiary of Acquired by Acquired by Acquired by Financed by Acquired by A wholly owned A portfolio company of subsidiary of A portfolio company of A portfolio company of Acquired by
Advisor to Mnubo Advisor to sellers Advisor to Hansoft Advisor to Sellers Advisor to Sellers Advisor to Crisp Advisor to Origo Advisor to Crisp
A portfolio company of A wholly owned A portfolio company of A wholly owned A portfolio company of Acquired by subsidiary of subsidiary of Acquired Acquired by Acquired by Acquired by Financed by A wholly owned Acquired by A wholly owned subsidiary of Acquired by subsidiary of A portfolio company of Advisor to Advisor to Advisor to Posti Advisor to sellers Advisor to HCL Advisor to Utimaco/ EQT Advisor to FRS Simplygon Advisor to sellers KickApps
Acquired by Acquired by Acquired by Financed by Acquired by Acquired by Acquired by Acquired by A wholly owned subsidiary A portfolio company of A portfolio company of
Advisor to Advisor to Advisor to Advisor to Viryanet Advisor to mpl Systems Advisor to Dapresy Advisor to sellers Advisor to OnForce Propertybase sellers Denyall
AGC Partners 557 Over 800 Private Tech Companies Participate in our Conference Series
London San Select Strategic Attendees London Boston Total June, Francisco 2020
Attendees 1,375 354 600 2,329
Private Boston 485 112 225 822 November, Companies 2019
Investors 343 85 190 618 Select Private Equity Attendees
San Francisco February, Strategics 233 26 50 309 2020
Total 1-on-1 3,000 915 1,950 5,865 Meetings
AGC Partners 567 What Clients Say About Us
Skuid needed a highly dedicated financial advisor… “We chose AGC Partners because of their reputation with high-growth software businesses and investors. AGC's understanding of the industry and key players led to Skuid securing a terrific new partner in Marlin for our investors, shareholders, customers and employees.” – Skuid sold to Marlin Equity Partner We are delighted with the awesomeness… “We were one united team and AGC worked relentlessly to get a fantastic outcome, that exceeded our initial expectations. Deals are complex, but I took great comfort in knowing [the] team [was] in my court. We started this journey as a client, we end as family” – Titus sold to Blackstone AGC was instrumental in helping us navigate this process… “The AGC team did a great job of understanding the Criteria story and identifying the decision makers at the financial partners whose goals and philosophy were well aligned with ours.” – Criteria sold to Sumeru Equity Partners I would highly recommend AGC… “The AGC team had solid subject matter expertise and their approach to our engagement was thoughtful and ultimately produced a very positive outcome for our shareholders, customers, employees and the acquiring business. [The] team played a key role in the timing of the process, the positioning of the business overall and in every stage leading to Closing.” – Liaison sold to OpenText The AGC Team exceeded expectations… “AGC's commitment was evident in working seemingly round-the-clock to respond to the dozens of parties involved in the deal. In the end, the board and executive team are very pleased with the outcome and we are now working with an investment partner that will help us scale through the next phase of growth.” – Zapprovedsold to Vista Equity Partners It was a pleasure to have them on our team… “The AGC team was instrumental in ensuring the success of our transaction. They served as trusted advisors through every step of the process, with intense focus on every detail and proven knowledge of companies and deals like ours.” – Certify sold to K1 Investment Management
AGC Partners 577