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1、WWW.DRAKESTAR.COMGLOBAL HR TECH REPORTQ1 2023Q1 DRAKE STAR AT A GLANCEWHY OUR CLIENTS CHOOSE USSTRICTLY CONFIDENTIAL100%TECH-FOCUSEDDeep sector expertise in 7 core tech verticalsLEADER IN MID-MARKET TECH INVESTMENT BANKINGOnly boutique in global top 10INDEPENDENT AND PARTNER-LEDPartner-owned investm
2、ent bank with an entrepreneurial teamEXTENSIVE M&A AND CORPORATE FINANCE EXECUTION SKILLSExecuting a wide range of transactions including Strategic M&A,PE Buyouts,Private Placements,Buy Side,and Carve Outs dealsGLOBAL REACH COMBINED WITH LOCAL PRESENCEOne of the largest tech teams with over 100 prof
3、essionals in the US,Europe and Middle EastSTRONG TRANSACTION TRACK RECORDOver 450 transactions completed incl.numerous tech landmark dealsRECOGNIZED BY THE INDUSTRY8x investment bank of the year33x deal of the year5x leadership Ralf Philipp Hofmann Ralf Philipp Hofmann Managing Partner and Member of
4、 Global ExComMUNICH+49 173 3930 070 Jim HolzerJim HolzerManaging PartnerNEW YORK+1 212 5087 Note:Selected deals*Deals executed by Partners of Drake SSALE TOPortfolio company ofSTRATEGIC GROWTH INVESTMENT BYSALE TOPortfolio company ofSALE TOSALE TOPortfolio company ofMAJORITY SALE TOPRIVATE PLACEMENT
5、PRIVATEPLACEMENTSALE TOIPOSALE TOSALE TOSALE TOSALE TOSALE TODIVESTURE OF AMACOM TOA subsidiary ofHR TechDIVESTURE OF AMACOM TOA subsidiary ofACQUISITION OFSALE TO*A subsidiary ofSale ofa portfolio company of&OUTSTANDING TRACK RECORD IN HR TECH DEALMAKINGHR Tech transactions in 20221,300+$31.5bnGlob
6、al HR Tech market volume in 2022$13.5bn+Total invested capitalin HR Tech in 2022+9.1%Expected annual growth in market volume until 2028+20%HR Tech fundings in H1 2022 YoY despite a 5%drop in the overall funding market75%Of companies globally report talent shortage in 2022Sources:Pitchbook,IMARC Rese
7、arch,HR Tech Feed,DS Research,Manpower GroupCURRENT HR TECH MARKET DYNAMICS AT A GLANCE STRONG MARKET TRACTION DESPITE ECONOMIC UNCERTAINTYEmployees remain in the drivers seat resulting in accelerated adoption of digital hiring processesThe HR Tech stack will continue to consolidate from point solut
8、ions to ecosystemsDEI and compliance is crucial to both regulators and employeesTalent retention and employee engagement will remain a key focus area2023 will be the year of internal mobility empowered by the increased adoption of talent marketplacesThe rise of the employee-centric company will make
9、 HR analytic tools indispensable2020a2025e2030eJop OpeningsUnemployedGlobal Talent Shortage(US&EU)Ongoing secular changes in the Ongoing secular changes in the workforce are driving a shortage of workforce are driving a shortage of talent.By 2030,there talent.By 2030,there will bewill be an an expec
10、ted global workforce gap of 85 expected global workforce gap of 85 million peoplemillion peopleSources:Pitchbook,Mergermarket,Capital IQ,Korn Ferry,DS Research1)I85mHR TECH TRENDS 2023 INCREASING ADOPTION OF TECHNOLOGY TO ADDRESS MARKET NEEDS1)TALENT ACQUISITIONOVERALL HR TECH MARKET UPDATEOVERALL H
11、R TECH MARKET UPDATEHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTABOUT DRAKE STAR06182636AGENDADRAFTTalent AcquisitionSourcingRecruitment MarketingSelectionSuite/EngagementOnboardingHuman Capital ManagementHRIS/PayrollBenefitsWorkforce ManagementContingent LaborTalent ManagementCompensation DEI/Complia
12、ncePerformance&SuccessionLearning&DevelopmentEmployee EngagementHR AnalyticsDRAKE STARS HR TECH UNIVERSE COVERING THE ENTIRE VALUE CHAINTALENT ACQUISITIONTALENT ACQUISITIONHUMAN CAPITAL MANAGEMENTHUMAN CAPITAL MANAGEMENTTALENT MANAGEMENTTALENT MANAGEMENTSuite/Suite/EngagementEngagementLearningLearni
13、ng&DevelopmentDevelopmentPerformance Performance&SuccessionSuccessionWorkforce Workforce ManagementManagementHR AnalyticsHR AnalyticsHRIS/HRIS/PayrollPayrollCompensationCompensationContingent Contingent LaborLaborB BenefitsenefitsSelectionSelectionEmployee Employee EngagementEngagementOnboardingOnbo
14、ardingDEI/DEI/ComplianceComplianceSourcingSourcingRecruitment Recruitment Marketing Marketing REPRESENTATIVE HR TECH MARKET LANDSCAPETALENT ACQUISITIONTALENT ACQUISITION Continued rise of data-driven recruiting accelerates use of real-time analytics and insights from pipeline growth metrics andoffer
15、 acceptance rates to the quality and cost of new hires and candidate feedback scores In addition,there is a growing need to prioritize internal mobility.Around 90%of HR professionals encourage their workers toapply for openings within their organizationTALENT MANAGEMENTTALENT MANAGEMENT The increasi
16、ng penetration rate of cloud-based platforms,artificial intelligence,machine learning,and virtual and augmentedreality are all playing crucial roles in transitioning the talent experience towards more technology-enabled workplacesenabling the effective management of talent Well-being continues to be
17、 a key focus area as it improves talent retention ratesHUMAN CAPITAL MANAGEMENTHUMAN CAPITAL MANAGEMENT Economic uncertainty and political tensions have led to increased disruption and change.As such,organizational design andchange management remain a top priority for CHROs,especially now,as organiz
18、ations are seeing the fallout of increasingchange and uncertainty Workforce planning anticipating future talent needs is at the epicenter of a future of work strategy and is a top priorityfor HR leaders.But todays workforce planning is disconnected from reality and current strategies are ineffective
19、 atcombating the disruptive landscapeSources:Korn Ferry,DS ResearchMARKET TRENDS ACROSS DIFFERENT HR TECH VERTICALSHR TECH VERTICALS MARKET OVERVIEW HUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTTALENT ACQUISITIONTALENT ACQUISITION-50.0%-40.0%-30.0%-20.0%-10.0%0
20、.0%10.0%20.0%30.0%40.0%Jan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022Talent AcquisitionHuman Capital Management/Talent ManagementNASDAQ-17.6%-31.3%-13.5%Source:Capital IQ as of D
21、ecember 31,2022(equally weighted)-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%Jan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022CAPITAL MARKET ENVIRONMENTLAST 24 MONTHS SHAR
22、E PRICE PERFORMANCEHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTTALENT ACQUISITIONTALENT ACQUISITION-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%Jan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Ap
23、r2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022Talent AcquisitionHuman Capital Management/Talent ManagementNASDAQSource:Capital IQ as of December 31,20225.8x3.0 x2.8x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 xJan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021
24、Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022CAPITAL MARKET ENVIRONMENTLAST 24 MONTHS EV/REVENUEHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTTALENT ACQUISITIONTALENT ACQUISITION-50.0%-40.0%-30.0%-20.0%-10.0%0
25、.0%10.0%20.0%30.0%40.0%Jan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022Talent AcquisitionHuman Capital Management/Talent ManagementNASDAQSource:Capital IQ as of December 31,202214.
26、1x15.0 x20.2x0.0 x5.0 x10.0 x15.0 x20.0 x25.0 x30.0 x35.0 x40.0 xJan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022CAPITAL MARKET ENVIRONMENTLAST 24 MONTHS EV/EBITDA HR Tech share pr
27、ice drops beginning at the end of 2021 were mainly driven by rising interest rates and a generally negative market sentiment temporarily weighing against overall strong HR Tech markets in the post pandemic time From Q3 2022,a rebound could be observed in the HCM/Talent Management verticals,outperfor
28、ming NASDAQ As investors are currently focused on subscription-based revenue models,the Talent Acquisition space has underperformed both NASDAQ and HCM/Talent Management in Q4 2022Q1Q120212021Q2Q220212021Q3Q320212021Q4Q420212021Q1Q120222022Q2Q220222022Q3Q320222022Q4Q420222022+4.5%+12.6%-2.6%-5.3%-12
29、.1%-31.1%-5.4%-7.0%299706869-6.3%+7.9%+15.6%-2.8%-11.3%-24.4%+2.5%+2.3%943808386+4.3%+7.6%-0.5%+7.4%-10.2%-24.1%-5.0%-3.2%3112878382INDEXINDEXShareShare1)1)PricePriceTalent Talent Acquisition Acquisition IndexIndexINDEXINDEXShareShare1 1)PricePriceHuman Capital Human
30、 Capital Management/Management/Talent Talent ManagementManagementIndexIndexINDEXINDEXShareShare1 1)PricePriceNASDAQNASDAQIndexIndexQUARTERLY PERFORMANCE OF DRAKE STAR HR TECH INDICESCAPTURING THE LAST EIGHT QUARTERS1)Performance today vs.end of previous quarter 2)Indexed to 100 in Q4 2020Source:Capi
31、tal IQ as of December 31,Source:PitchbookM&AM&A609949954600Q1 2022Q2 2022Q3 2022Q4 2022Disclosed Deal Value$mDeal Count46 46 transaction in Q4 2022$308m$308m largest disclosed deal in Q4 2022(ELMO)43%43%European share of global deal making183 183 private placements i
32、n Q4 2022$139m$139m largest funding round in Q4 2022(eRoad)27%27%European share of global deal makingPRIVATE PLACEMENTSPRIVATE PLACEMENTS4,3904,3904,5304,5301,5201,5201,1401,900400500Q1 2022Q2 2022Q3 2022Q4 2022Disclosed Deal Value$mDeal CountHR TECH M&A&PRIVATE PLACEMENT ACTIV
33、ITYDEVELOPMENT OVER THE LAST FOUR QUARTERS1)Numbers display total funding as of Q4 2022 2)By number of investments in 2022Source:Pitchbook1,0731,07387257256976976806806806805005004964964964964434434429429397397InvestorInvestorSelected InvestmentsSelected InvestmentsNumber of In
34、vestmentsNumber of InvestmentsThe top 15 funded private companies have raised$9.1bn during their lifespanTop 15 Best Funded Private HR Tech Companies(in$m)1)Top 15 Most Active Financial Investors in HR Tech 20222)88889414142936INSTITUTIONALLY BACKED PRIVATE COMPANIES&INVESTORS LIST OF BES
35、T FUNDED PRIVATE COMPANIES AND MOST ACTIVE FINANCIAL INVESTORS IN HR TECHEV:$308mOctober 26,2022Elmo acquired by K1 Investment Management Elmo provides Software-as-a-Service(SaaS),cloud-based Human Resources(HR),payroll and expense management solutionsdeel completes acquisition of PayGroup PayGroup
36、is a Software as a Service(SaaS)company that provides business process outsourcing and cloud-based human capital management solutions to multinational companies The acquisition will expand deels customer base and reinforce its leadership in the global payroll spaceVisma completes acquisition of Flex
37、 Applications Flex Applications is a developer of administration software intended to offer competent and user-friendly systems for personnel administration The acquisition of Flex Applications will strengthen Vismas Human Capital Management offeringMarpai completes acquisition of Maestro Health Mae
38、stro Health is a developer of an online employee health and benefits platform designed to simplify and personalize how people shop,enroll and live with their benefits The acquisition of Maestro Health will expand Marpaisproduct offering and expand its potential customer baseBluecrew acquired byEmplo
39、yBridge,via Apollo Global Management Developer of a workforce management platform designed to find and manage hourly workers The transaction brings together EmployBridgesoffering and scales with the companys digital-first model and technology to create a national workforce management platform.Source
40、s:Pitchbook,Mergermarket,Capital IQ,DS ResearchEV:$79mEV:$22mTalent AcquisitionHuman Capital ManagementTalent Management November 21,2022November 01,2022November 01,2022November 09,2022NOTABLE HR TECH M&A DEALS IN Q4 Deal Size:$139m November 22,2022eRoad Software completes Later Stage VC funding led
41、 by Index Capital China eRoad Software is a provider of integrated employee services with a focus on payroll for mid-to-large sized enterprises The funding will be used to accelerate the continuous upgrading and iterations of the companys product,and further improve the platform and ecosystem to ach
42、ieve value symbiosis in the industryFactorial completes later stage funding led by Atomico Factorial is a developer of a human resources management platform designed for small and medium-sized businesses The funds will be used to double down on the companys mission to bring enterprise-level software
43、 to SMBs worldwide,help digitize an often underserved market and continue building out more technologyYoulan recruitment successfully closes Series C financing round Youlan is a developer of a recruitment platform designed to help companies in blue-collar industries find laborSources:Pitchbook,Merge
44、rmarket,Capital IQ,DS ResearchDeal Size:$120m Deal Size:$65m Deal Size:$57m Deal Size:$50m Talent AcquisitionHuman Capital ManagementTalent Management October 11,2022November 14,2022November 09,2022December 13,2022Beamery completes Series D financing round Beamery provides a talent lifecycle managem
45、ent platform empowering companies to understand the skills and capabilities they have,build more agile workforce plans,attract,retain,upskill and redeploy their workforce The funds will be used to support continued investment in the companys platform&technical capabilities and help expand the global
46、 sales footprintKeka completes Series A financing round Keka is a developer of human resource payroll management software designed to automate HR tasks The funds will be used towards research and development even as it plans to expand its engineering,product,and customer success teamNOTABLE HR TECH
47、PRIVATE PLACEMENTS IN Q4 TALENT ACQUISITIONTALENT ACQUISITIONOVERALL HR TECH MARKET UPDATEHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTABOUT DRAKE STAR06182636AGENDATALENT ACQUISITIONTALENT ACQUISITION-31.3%-17.6%Source:Capital IQ as of December 31,2022-50.00%-40.00%-30.00%-20.00%-10.00%0.00%10.00%20.0
48、0%30.00%Jan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022Talent AcquisitionNASDAQCAPITAL MARKET ENVIRONMENT TALENT ACQUISITIONLAST 24 MONTHS SHARE PRICE PERFORMANCE1.9x5.8x7.7x7.0 x
49、2.6x2.5x1.9x1.9x2.1x2.7x2.6x5.2xCAPITAL MARKET ENVIRONMENT TALENT ACQUISITION LTM EV/REVENUE MULTIPLES DEVELOPMENT45,559.229,455.15,942.92,312.12,145.01,926.21,700.91,500.11,278.0905.2874.2709.612.4%3.3%21.5%28.5%8.8%10.5%12.2%1.4%20.2%11.2%1.6%15.1%17.5%33.8%35.8%20.8%30.6%26.7%19.6%22.7%NM6.7%33.2
50、%50.2%Source:Capital IQ as of 31.12.20221)Financials for relevant period not yet releasedEV($m)Revenue CAGR 2021-2023EBITDA Margin 2022Median:Median:CAPITAL MARKET ENVIRONMENT TALENT ACQUISITION LTM EV/EBITDA MULTIPLES DEVELOPMENT45,559.229,455.15,942.92,312.12,145.01,926.21,700.91,500.11,278.0905.2
51、874.2709.612.4%3.3%21.5%28.5%8.8%10.5%12.2%1.4%20.2%11.2%1.6%15.1%17.5%33.8%35.8%20.8%30.6%26.7%19.6%22.7%NM6.7%33.2%50.2%Source:Capital IQ as of 31.12.20221)Financials for relevant period not yet releasedEV($m)Revenue CAGR 2021-2023EBITDA Margin 202211.0 x17.1 x21.6 x33.8 x8.6 x9.3 x9.6 x8.3 xNM39.
52、8 x7.8 x10.5 xMedian:Median:31.6745,559.2 50,689.4 12.4%13.1%17.5%15.3%2.2 x1.9 x1.8 x17.0 x11.0 x11.5 x194.3629,455.1 23,798.1 3.3%33.1%33.8%34.7%6.0 x5.8 x5.6 x18.1 x17.1 x16.1 x14.245,942.9 5,031.8 21.5%34.9%35.8%45.4%10.4 x7.7 x7.1 x29.9 x21.6 x15.5 x66.122,312.1 2,545.4 28.5%10.6%20.8%23.1%8.8
53、x7.0 x5.4 x83.6 x33.8 x23.2 x13.002,145.0 1,975.1 8.8%29.0%30.6%30.0%3.0 x2.6 x2.5 x10.4 x8.6 x8.5 x15.471,926.2 1,501.5 10.5%13.4%26.7%27.3%3.0 x2.5 x2.5 x22.5 x9.3 x9.0 x16.421,700.9 1,809.2 12.2%3.8%19.6%21.1%2.3 x1.9 x1.8 x60.7 x9.6 x8.6 x11.861,500.1 942.7 1.4%18.6%22.7%22.4%2.1 x1.9 x2.0 x11.1
54、 x8.3 x8.9 x10.441,278.0 1,371.220.2%NMNM1.8%2.5 x2.1 x1.8 xNMNMNM29.14905.2 1,081.8 11.2%NM6.7%10.4%3.0 x2.7 x2.5 xNM39.8 x23.6 x163.09874.2 916.6 1.6%22.5%33.2%33.4%2.4 x2.6 x2.4 x10.9 x7.8 x7.1 x9.34709.6 637.7 15.1%50.4%50.2%45.1%6.0 x5.2 x4.5 x12.0 x10.5 x10.1 xMEAN12.2%22.9%27.1%25.8%4.3 x3.7
55、x3.3 x27.6 x16.1 x20.2 xMEDIAN11.7%20.5%26.7%25.2%3.0 x2.6 x2.5 x17.5 x10.5 x10.8 xCompanyCompanyHQHQEnterprise ValueEnterprise Value($m)Revenue CAGRRevenue CAGR21a-23eShare PriceShare Price($)Market CapMarket Cap($m)EV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022eSou
56、rce:Capital IQ as of December 31,2022PUBLIC COMPANY TRADING ANALYSIS TALENT ACQUISITION 1)Numbers display total funding as of Q4 2022 2)By number of investments in 2022Source:Pitchbook1,0731,0736806804354354294293783783503503223223033032482482282282272272252252205205InvestorInvestorSelect
57、ed InvestmentsSelected InvestmentsNumber of InvestmentsNumber of InvestmentsThe top 15 funded private companies have raised$5.5bn during theirlifespanTop 15 Best Funded Private Talent Acquisition Companies(in$m)1)Top 10 Most Active Financial Investors in Talent Acquisition 20222)1919121211 1110108 8
58、8 88 85 55 55 5The top 10 most active financial investors have closed 91 Talent Acquisition transactions in 2022 VENTURE-BACKED PRIVATE COMPANIES&INVESTORS TALENT ACQUISITIONOctober 02,2022RCM Technologies acquires TalentHerder TalentHerder provides talent acquisition services that identify and hire
59、 talent across tech and non-tech functions The acquisition will bolster RCMs existing capabilities by expanding its recruitment process outsourcing(“RPO”)service footprint,enhancing the companys candidate sourcing reach,and enabling RCMs in-house recruiting team to respond more rapidly to client nee
60、dsPaycor acquires Talenya Talenya is a developer of a technology-based recruitment platform designed to identify suitable talent for open jobs Talenyas innovative platform will allow Paycor customers to reduce time to fill critical roles by sourcing both candidates that are actively looking to chang
61、e jobs and passive candidates that are not actively seeking a new roleCegid acquires DigitalRecruiters DigitalRecruiters is a developer of Software-as-a-Service(SaaS)based recruitment platform designed for multi-site,multi-brand and international organizations Cegid aims to expand its solution portf
62、olio for the HR marketThe Muse acquires Fairygodboss Fairygodboss is an operator of an online career community platform intended to improve female job experience and work-life balance This acquisition combines the online career community for Gen Z and millennial candidates with the largest online ca
63、reer community for womenAlexander Mann Solutions completes the acquisition of Hire Power Hire Power provides talent acquisition and management services.It offers outsourcing services,metrics,campus strategy,branding support,and EVP finalizationSources:Pitchbook,Mergermarket,Capital IQ,DS ResearchOct
64、ober 13,2022November 21,2022October 12,2022November 02,2022NOTABLE M&A DEALS IN Q4 2022 TALENT ACQUISITIONOctober 05,2022XOR raises a Later Stage financing round XOR is an operator of a recruitment platform intended to assist the recruiting and human resource teams to hire and retain talent efficien
65、tly The fresh funds will enable Xor to expand its workforce of 52 people and accelerate development of its forthcoming product,which is designed to automate internal processes like onboarding,paperwork filing,and estimating job satisfaction and churnRetorio a Later Stage financing round Retorio prov
66、ides a platform offering a software solution for personality assessment using artificial intelligence to help recruiters identify talent The raised capital will be used to further expand the rapidly growing volume of customer inquiries-both in the area of existing and new customersAdway successfully
67、 raises Series A financing round Adway is a developer of a human resources and recruitment marketing platform designed to make talent attraction easier by unlocking access to great talent The funds will be used to accelerate and scale the companys platform,further develop the product suite and suppo
68、rt continued expansion into international marketsSapia.ai raises Series A financing round Sapia.ai is an operator of a conversational interview platform intended to reduce biases in the hiring process The funds will be used for continued overseas expansion,including making the product available in m
69、ultiple languagesQwick raises Series B financing round Qwick is a developer of a traditional staffing platform designed to connect hospitality professionals with on-demand food and beverage shifts in real timeThe funding will be used to accelerate growth by deepening its reach to hospitality busines
70、ses and professionals in existing markets and rapidly broadening its availability in new citiesSources:Pitchbook,Mergermarket,Capital IQ,DS ResearchOctober 18,2022November 16,2022November 23,2022November 01,2022Deal Size:$10m Deal Size:$11m Deal Size:$40m NOTABLE PRIVATE PLACEMENTS IN Q4 2022 TALENT
71、 ACQUISITIONTALENT ACQUISITIONOVERALL HR TECH MARKET UPDATEHUMAN CAPITAL MANAGEMENT/TALENT HUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTMANAGEMENTABOUT DRAKE STAR06182636AGENDAHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTHUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENT-13.5%-17.6%Source:Capital IQ as of Decembe
72、r 31,2022-30.00%-20.00%-10.00%0.00%10.00%20.00%30.00%Jan2021Feb2021Mar2021Apr2021May2021Jun2021Jul2021Aug2021Sep2021Oct2021Nov2021Dec2021Jan2022Feb2022Mar2022Apr2022May2022Jun2022Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022Human Capital Management/Talent ManagementNASDAQCAPITAL MARKET ENVIRONMENT HUMA
73、N CAPITAL MANAGEMENT/TALENT MANAGEMENTLAST 24 MONTHS SHARE PRICE PERFORMANCE7.2 x3.8 x6.3 x9.1 x7.9 x12.9 x12.8 x8.7 x4.6 x9.9 x3.0 x3.9 x1.8 x6.1 xMedian:Median:6.7x6.7x304,430.7 124,094.7 101,447.9 41,268.2 40,775.6 17,668.4 10,825.1 10,704.8 10,043.8 5,675.5 4,234.8 4,100.3 1,298.5 875.1 11.0%5.8
74、%10.9%11.7%19.9%26.4%33.4%18.9%1.9%25.6%23.1%-46.2%46.1%33.6%43.6%31.4%27.2%44.6%4.4%40.9%12.9%19.1%21.7%7.9%NM45.4%19.6%0.2%EV($m)Revenue CAGR 2021-2023EBITDA Margin 2022Source:Capital IQ as of December 31,2022CAPITAL MARKET ENVIRONMENT HUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENT LTM EV/REVENUE MULT
75、IPLES DEVELOPMENT81.7304,430.7 220,391.7 11.0%44.3%43.6%46.7%7.5 x7.2 x6.1 x17.0 x16.5 x13.1 x103.0124,094.7 119,991.9 5.8%23.2%31.4%32.3%3.9 x3.8 x3.5 x16.9 x12.0 x10.9 x238.9101,447.9 99,085.8 10.9%26.5%27.2%27.6%7.0 x6.3 x5.7 x26.2 x23.2 x20.5 x115.641,268.2 41,655.5 11.7%41.3%44.6%44.6%10.3 x9.1
76、 x8.3 x25.0 x20.3 x18.5 x167.3 40,775.6 43,006.4 19.9%2.9%4.4%25.2%9.4 x7.9 x6.6 xNMNM26.1 x310.3 17,668.4 17,956.5 26.4%26.9%40.9%41.3%16.7 x12.9 x10.5 x62.1 x31.5 x25.4 x194.310,825.1 10,815.2 33.4%12.3%12.9%30.0%17.1 x12.8 x9.6 xNM98.7 x32.0 x64.210,704.8 9,853.1 18.9%1.1%19.1%20.5%10.5 x8.7 x7.4
77、 xNM45.3 x36.0 x9.010,043.8 9,160.6 1.9%26.2%21.7%23.6%4.0 x4.6 x3.9 x15.4 x21.3 x16.4 x10.45,675.5 6,131.8 25.6%NM7.9%9.2%5.3 x3.9 x3.3 xNMNM36.4 x24.54,234.8 4,303.2 23.1%12.9%NM25.6%12.1 x9.9 x8.0 x93.2 xNM31.1 x67.8 4,100.3 4,097.3-46.2%11.3%45.4%38.0%0.9 x3.0 x3.1 x8.0 x6.7 x8.2 x1.41,298.5 1,0
78、97.6 46.1%17.5%19.6%21.0%3.7 x1.8 x1.7 x21.3 x9.3 x8.3 x33.1875.1 1,087.8 33.6%NM0.2%7.0%8.4 x6.1 x4.7 xNMNM67.0 xMEAN15.9%20.5%24.5%28.1%8.3 x7.0 x5.9 x31.7 x28.5 x25.0 xMEDIAN19.4%20.3%21.7%26.6%8.0 x6.7 x5.9 x21.3 x20.8 x22.9 xCompanyCompanyHQHQEnterprise ValueEnterprise Value($m)Revenue CAGRReve
79、nue CAGR21a-23eShare PriceShare Price($)Market CapMarket Cap($m)EV/EBITDA2021a2023e2022eEBITDA Margin(%)2021a2023e2022eEV/Revenue2021a2023e2022eSource:Capital IQ as of December 31,2022PUBLIC COMPANY TRADING ANALYSIS HUMAN CAPITAL MANAGEMENT/TALENT MANAGEMENTTop 15 Best Funded Private Human Capital M
80、anagement Companies(in$m)1)86976976806805005004964964964964485335332192191)Numbers display total funding as of Q4 2022 2)By number of Investments in 2022Source:PitchbookThe top 15 funded private companies have raised$7.2bn during their lifespanInvestorInve
81、storSelected InvestmentsSelected InvestmentsNumber of InvestmentsNumber of InvestmentsTop 10 Most Active Financial Investors in Human Capital Management 20222)8 85 54 44 44 44 43 33 32 22 2The top 10 most active financial investors have closed 39 Human Capital Management transactions in 2022 INSTITU
82、TIONALLY BACKED PRIVATE COMPANIES&INVESTORS HUMAN CAPITAL MANAGEMENTMain Capital completes acquisition of Timeplan Developer of workforce management software intended to serve retail,shopping,hotel,restaurant and culture industries This transaction enables Timeplan to scale through a buy&build strat
83、egy with Main CapitalFOG Software Group completes acquisition of ICS Computing Provider of case management,electronic document records management(EDRMS),payroll and distribution software The sale reflects Equiniti Groups strategic focus to simplify its portfolio and concentrate resources and investm
84、ent on its scale core propositions in shareholder services,retirement services,remediation and credit and risk servicesBeeline acquires Utmost Developer of a workforce management platform designed to help companies productively engage their workforce The acquisition will rapidly advance Utmosts visi
85、on of bringing solutions that tailor to the needs of every participant in the extended workforce process under one platformSilae acquires RHSDeveloper of human resources and payroll management software intended to serve hotels,restaurants,tourism,clothing industry and retail industriesThe acquisitio
86、n allows Silae to progress in its strategy which aims to offer the most integrated HRIS offer on the market in synchronization with payrollSources:Pitchbook,Mergermarket,Capital IQ,DS ResearchNovember 17,2022December 02,2022October 19,2022November 15,2022Businessolver acquires Workterra Developer of
87、 workforce-management software intended to transform the way benefits and people are managed The transaction will enable to bring innovative technologies to their benefits offeringEV:$268mOctober 03,2022SELECTED M&A DEALS IN Q4 2022 HUMAN CAPITAL MANAGEMENTOctober 27,2022Cloudpay receives growth inv
88、estment Operator of a cloud-based payroll platform intended to deliver end-to-end payroll management services to multinational organizations Funding will be instrumental to expand solutions offering,including peer-to-peer payment capabilitiesTeamOhana completes an early-stage funding round from Sier
89、ra Ventures Developer of a human resource management platform designed to improve the companys headcount management process The funds will be used towards scaling the companys product and the go-to-market teamZenHR completes a late-stage funding round led by RuaGrowth Fund Provider of a cloud-based
90、human resources management system intended to serve enterprise customers in the MENA market The funds will be used to continue to achieve growth milestones while cementing and scaling up the companys presence in all 12 marketsHROne completes a Series A funding round led by InsitorPartners Developer
91、of an automation platform designed to help companies eliminate mundane and repetitive HR tasks by automating processes The funds will be used to focus on building a comprehensive platform that becomes the go-to solution for every possible HR need in the modern-day workplaceAllWork completes a Series
92、 A funding round led by FINTOP CapitalDeveloper of digital payments platform intended to streamline freelancer managementThe funds will be used to to expand both its software and its teamSources:Pitchbook,Mergermarket,Capital IQ,DS ResearchOctober 06,2022October 16,2022October 04,2022November 10,202
93、2Deal Size:$50m Deal Size:$10m SELECTED PRIVATE PLACEMENTS IN Q4 2022 HUMAN CAPITAL MANAGEMENTThe top 15 funded private companies have raised$3.5bn during their lifespanTop 15 Best Funded Private Talent Management Companies(in$m)1)752822090103InvestorInvestorSelected
94、 InvestmentsSelected InvestmentsNumber of InvestmentsNumber of InvestmentsTop 10 Most Active Financial Investors in Talent Management 20222)13139 97 75 54 43 33 33 33 33 3The top 10 most active financial investors have closed 53 Talent Management transactions in 2022 1)Numbers display total funding
95、as of Q4 2022 2)By number of Investments in 2022Source:PitchbookINSTITUTIONALLY BACKED PRIVATE COMPANIES&INVESTORS TALENT MANAGEMENTOctober 18,2022Mediafly completes acquisition of Aptology Developer of a platform identifying what traits are predictive of long-term success in a particular position M
96、ediafly aims to broaden its Revenue360 platform,including sales enablement,content management,coaching,value selling and revenue intelligenceVisier acquires boostrs Developer of a talent management platform designed to assist companies in instantly mapping the skills of their employees The acquisiti
97、on will add a robust skills intelligence engine to Visiers people analytics platformAugeo acquires Structural Developer of an employee success management platform designed to inspire and help all organizations to unleash the full potential of their people and teams The acquisition enables Augeo to b
98、ring together both technologies to create a robust,unparalleled portfolio of people-first workplace solutionsSource:Pitchbook,Mergermarket,Capital IQ,DS ResearchOctober 24,2022October 04,2022November 10,2022Payscacleacquires Agora Developer of an employee compensation management platform intended to
99、 bring transparency to compensation for companies,employees and candidates The acquisition will allow Payscale to broaden its offering in compliance tools for newly introduced pay transparency lawsNOTABLE M&A DEALS IN Q4 2022 TALENT MANAGEMENTDecember 20,2022Betterplace completes Series C funding ro
100、und Developer of a workforce management platform intended to offer digital support for blue-collar workforce management throughout the entire value chain The funds will be used to continue to invest in technologies and products to support the companys growth as well as aggressively pursue inorganic
101、growth opportunitiesAssembly successfully raises Series A financing round Developer of human capital management software designed to recognize and reward employees The funds will be used to support continued growth with the intention of driving commercial tractionKnolskape secures addition funding f
102、rom NIIT Developer of gamification and simulation software designed to facilitate accelerated employee development The funds will be used to expand the companys direct sales in global marketsRetrain.ai successfully secures funding from Radical Ventures Developer of talent management platform designe
103、d to help organizations navigate change and transform the workforce The funds will be used to accelerate immediate value,with proceeds fueling retrain.ais growth into international markets to continue to pursue the vision of helping millions of people find their place in the job market by gaining 21
104、st-century skillsSources:Pitchbook,Mergermarket,Capital IQ,DS ResearchDecember 12,2022October 01,2022December 14,2022Deal Size:$40m Deal Size:$13mDeal Size:$14m NOTABLE PRIVATE PLACEMENTS IN Q4 2022 TALENT MANAGEMENTTALENT ACQUISITIONOVERALL HR TECH MARKET UPDATEHUMAN CAPITAL MANAGEMENT/TALENT MANAG
105、EMENTABOUT DRAKE STARABOUT DRAKE STAR06182636AGENDASTRICTLY CONFIDENTIALDRAKE STARS EXPERTISE AND NETWORK IN THE GLOBAL HR TECH SECTOR,AS WELL AS THEIR OUTSTANDING M&A SKILLS,ENABLED US TO FIND THE RIGHT PARTNER FOR THE NEXT GROWTH CHAPTER OF INGENTIS.Thomas EichingerCEO&FSTRICTLY CONFIDENTIALWE ABS
106、OLUTELY MADE THE BEST DECISION WITH DRAKE STAR THEY MASTERFULLY PREPARED US AND HELPED US CONFIDENTLY NAVIGATE THROUGH THE COUNTLESS SUBTLETIES AND NUANCES IN A ONCE-IN-A-LIFETIME TYPE OF TRANSACTION.Tom ShiehCEOSTRICTLY CONFIDENTIALTHE ENTIRE DRAKE STAR TEAM HAS DONE AMAZING WORK IN SUPPORTING US T
107、O GET A TOP-QUALITY SOFTWARE INVESTOR ONBOARD.THEIR PROFESSIONALISM,DETAIL ORIENTATION AND ENTERPRISE SOFTWARE KNOWLEDGE HAVE BEEN FUNDAMENTAL TO THE SUCCESS OF THIS DEAL.Oliver ZellerCEO&FSTRICTLY CONFIDENTIALWHEN HIRETECH RETAINED DRAKE STAR PARTNERS TO RUN AN M&A PROCESS,WE WERE CONFIDENT THAT TH
108、EIR OUTSTANDING TRACK RECORD AND DEEP DOMAIN EXPERTISE WOULD LEAD US TO A SUCCESSFUL OUTCOME.WE WERE BLOWN AWAY BY THEIR KNOWLEDGE OF THE MARKET,CONNECTIONS TO KEY DECISION MAKERS IN THE INDUSTRY,THE QUALITY OF THEIR ANALYSIS AND WORK PRODUCT,AND THE TEAMS DEDICATION.Brian CameronCEOACTIVE MINDSET L
109、EADER IN TECHNOLOGY INDUSTRYTHOROUGH INDUSTRY KNOWLEDGERECENT PANEL DISCUSSIONS,INTERVIEWS AND CONVENTIONSGlobal panel on Enterprise Software M&A at McDermott Will&Emerys ConferenceManaging Partner Ralf Philipp Hofmann as guest speaker in Ben Eubanks HR Tech PodcastDrake Star sponsoring ZP Europe 20
110、22 in CologneManaging Partner Ralf Philipp Hofmann at Unleash World in Paris together with Ryan Wong,CEO Visier Inc.Managing Partner Jim Holzer as guest speaker in Bill Banhams HRchat PodcastManaging Partner Jim Holzer current and future state of HR Tech M&A in the Morgan&Westfield PACTIVE MINDSET L
111、EADER IN TECHNOLOGY INDUSTRYDEDICATED AND AWARD-WINNING INDUSTRY EXPERTISERESEARCH AND NEWSLETTERSTALENT ACQUISITION SOFTWARE REPORTGLOBAL AI REPORTHR TECH REPORTAWARDS AND EVENTSM&A ADVISOR AWARDSM&A ADVISOR AWARDS PANELGERMANY GERMANY Best Practice Operator of the Year(Investment Banking)2020WINNE
112、RWINNERCross-BorderInvestment Bank of the year2021Best Corporate Finance Firm of the YearGermany2019WINNERWINNERDeal of the yearMiddle Market2022AWARD WINNERAWARD WINNERM&A European Investment Banking Firm of the Year2022AWARD WINNERAWARD WINNERCorporate/Strategic Deal of the Year$250-500m2022M&A AT
113、LAS AWARDS Highly competitive and global process Involving financial and strategic investors Delivered during COVID-19 Ingentis received 30 term sheets/LOIs from prominent financial and strategic investorsallowing management to choose the optimal future partner Final closing price was significantly
114、higher than management expectations at start of processSituation&ObjectivesDrake Star Services&SupportOutcomeIngentis is a leading German HR Tech and Workflow Management software company.Ingentis provides solutions to over 2,000 customers across more than 100 countries worldwideThe companys flagship
115、 product“org.manager”is the leading org charting solution in the DACH region,supporting a highly loyal customer base in visualizing,analyzing,and structuring their organizationsFounder&management aimed to find the best partner and key shareholder to support the Company in its next stage of expansion
116、Drake Star Partners acted as the exclusive financial advisor to Ingentis and its shareholders on this transactionDrake Star Partners guided management in their financial planning,renewed the companys positioning and created attractive future value creation initiatives that were key investor discussi
117、onsThe team created extensive transaction documents including a compelling equity story,a financial model and a new growth planWon the right partner to initiate next growth stage for Won the right partner to initiate next growth stage for IngentisIngentisHighly competitive process with a large numbe
118、r of first round offersHighly competitive process with a large number of first round offersHighly attractive outcome for Highly attractive outcome for IngentisIngentis shareholders shareholdersKEY VALUE-ADDSALE TOINGENTISSALE OF A LEADING GERMAN HR TECH AND WORKFLOW MANAGEMENT SOFTWARE Premium valua
119、tion to public comparable companies with favorable deal terms Attractive post-transaction career opportunities for Crimcheck team High value-add to the buyer who is able to leverage Crimchecks technology capabilities and enhance its service offeringsSituation&ObjectivesDrake Star Services&SupportOut
120、comeCrimcheck Holdings(Crimcheck)is a tech-enabled background screening solutions companyThe Company also provides data checks,reference checks,drug testing,and occupational healthcare products&services through its proprietary technology platformSMBs and mid-size enterprise client focus in PEO,Staff
121、ing and Healthcare.Crimchecks proprietary technology and focus on client engagement has made it a leading independent background screening provider with exceptional client retentionDrake Star Partners acted as exclusive financial advisor to Crimcheck in this successful sell-side transactionTargeted
122、process to a well vetted group of strategic and private equity buyers looking to enhance their offering,technology and industry footprintReceived multiple actionable LOIs,which provided Drake Star significant leverage to deliver a premium outcomeCustomized positioning generated interest from a broad
123、 group of qualified buyers in a Customized positioning generated interest from a broad group of qualified buyers in a changing market environmentchanging market environmentSale of a technology focused CRA with proprietary platform and unique data capabilities to fastSale of a technology focused CRA
124、with proprietary platform and unique data capabilities to fast-growing PEgrowing PE-backed provider of drug testing&occupational health servicesbacked provider of drug testing&occupational health servicesLeveraged extensive sector experience and inLeveraged extensive sector experience and in-depth k
125、nowledge of established as well as emerging depth knowledge of established as well as emerging strategic and financial buyersstrategic and financial buyersKEY VALUE-ADDPortfolio company ofCRIMCHECKSUCCESSFUL,COMPETITIVE PROCESS WITH A SELECT SET OF STRATEGIC AND FINANCIAL BUYERSSALE TOHighly competi
126、tive controlled auction process with domestic and international investors in order to maximize valuation and transaction certainty and find a partner to accelerate growth Perfect match with renowned European growth investor with long standing sector expertise,industry veterans as operating partners(
127、UiPath,Pegasystems,SAP)and synergistic portfolio Final closing price was significantly higher than management expectations at start of processSituation&ObjectivesDrake Star Services&SupportOutcomeSymbioworld is a leading provider of an employee navigation and business processmanagement platform Symb
128、ioworld is the trusted partner of more than 100 active customers such as Deutsche Bahn and BMWThe companys flagship product“Business Navigator”creates a highly automated digital twin of the company to accompany employees through their everyday business Management aimed to find the best partner to fu
129、rther scale the business and expand internationallyDrake Star Partners supported management to sort historical financials,build a new budget and integrated modelA comprehensive documentation package was prepared to educate potential investors and increase competitive tension between selected investo
130、rsDue to the teams long-time sector experience and strong global reach,Drake Star generated enormous high-quality demand throughout the processHighly competitive global dual track process Won the perfect partner with extensive international enterprise software sales experience to accelerate global e
131、xpansionUnique visionary product positioning and competitive tension resulted in highly attractive outcome for Symbioworlds shareholders and teamSTRATEGIC GROWTH INVESTMENT BYSYMBIOWORLDSALE OF A LEADING EMPLOYEE NAVIGATION AND PROCESS MANAGEMENT PLATFORMKEY VALUE-ADD Premium SaaS purchase multiple,
132、with favorable deal terms HIREtech leadership team have assumed roles with Equifax as part of the new Houston,Texas-based division of Equifax Workforce Solutions HIREtechs capabilities strengthen Equifaxs Workforce Solutions Work Number income and employment verification and HR services,enabling the
133、 merged company to accelerate innovative offerings to employersSituation&ObjectivesDrake Star Services&SupportOutcomeHIREtech is a technology-focused HR Tech solutions firm Provides software and services to help companies save time,money,and reduce compliance riskTechnology platform enables business
134、es to access the real-time data and intelligence to make important financial and hiring decisionsServices include I-9/E-Verify,Employment&Wage Verification,Tax Credits,and Unemployment Claims ManagementDrake Star Partners acted as exclusive financial advisor to HIREtech in this successful sell-side
135、processLimited process that marketed to best-fit group of HR tech-focused strategics and private equity firmsClosed in less than 4 monthsReceived multiple actionable IOIs,which provided Drake Star significant leverage to increase the valuation during negotiationsManaged a buyer team of 100+external
136、consultants and full-time employeesManaged fastManaged fast-paced,tailored process generating significant investor interest from a large paced,tailored process generating significant investor interest from a large group of suitable partiesgroup of suitable partiesSale of an innovative HR tech and da
137、ta solutions company by a public multinational data,Sale of an innovative HR tech and data solutions company by a public multinational data,analytics,and technology companyanalytics,and technology companyLeveraged extensive track record and strong financial and strategic investor relationships withi
138、n the Leveraged extensive track record and strong financial and strategic investor relationships within the HR Tech sectorHR Tech sectorSALE TOHIRETECHSUCCESSFUL TARGETED PROCESS,WITH A LIMITED NUMBER OF LOGICAL STRATEGIC AND PE BUYERSKEY VALUE-ADDJim HolzerManaging Partner(New York)Eric Ward Managi
139、ng Partner(London)Soroush BahreiniAssociate(London)Ralf Philipp HofmannManaging Partner&Member of the Global Executive Committee(Munich)Pablo LundershausenAssociate(Munich)Maximilian HnigAnalyst(Munich)Bruno TourmeSenior Advisor(Paris)Pascal BertoVice President(Paris)Connor CunninghamAssociate(New Y
140、ork)Doug Doug LachenauerLachenauerAnalyst(New York)DRAKE STAR HR TECH TEAMGLOBAL EXPERTISE WITH LOCAL PRESENCEDrakeStar_*Partner OfficeDrakeStarPARIS25 Boulevard MT.+33 1 58 18 39 00MUNICHLudwigpalais,LT.+49 89 1490 265 25SAN FRANCISCO50 California Street,Suite T.+1 415 400 6698LOS ANGELES1100 Glend
141、on Avenue,Suite T.+1 310 696 4001BERLINFriedrichstrasse T.+49 30 30366 2856DUBAI*Emirates Financial TT.+971 4325 4662LONDON16 Berkeley Street,MT.+44 20 7112 7777NEW YORK 950 Third Avenue,20th FT.+33 1 58 18 39 00In the USA,all securities transacted through Drake Star Securities LLC(Member FINRA/SIPC
142、)CONTACT GLOBAL OFFICESGLOBAL PRESENCEWWW.DRAKESTAR.COMGLOBAL HR TECH REPORTQ1 2023Drake Star is an award-winning global tech investment bank that has completed over 400 transactions since 2013.Drake Star team of over 100 senior professionals across offices in New York,London,Paris,Munich,San Franci
143、sco,Los Angeles,Berlin,and Dubai*focuses on mergers&acquisitions and corporate finance services worldwide in Consumer&Retail Technology,Digital Media,FinTech,Mobility&Sustainability,Software/SaaS,Digital Services,and Industrial Tech sectors.Drake Star is the marketing name for the global investment
144、bank Drake Star Partners Limited and its subsidiaries and affiliates.In the USA,all securities are transacted through Drake Star Securities LLC.In the USA,Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.Drake Star UK Limited(FRN 942020)is an appointed representative of Kession Capital Ltd(FRN582160),which isauthorized and regulated by the Financial Conduct Authority.2023 Drake Star Partners Limited.For more information,visit .*Partner Office Copyright 2023 Drake Star