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1、1SUPPLY CHAIN AUTOMATIONQ4 2022NEW YORK|LONDON|PARIS|MUNICH|SAN FRANCISCOLOS ANGELES|BERLIN|DUBAIINDUSTRY UPDATEPROVEN TRACK RECORD IN M&A AND GROWTH FINANCING ADVISORY2CONTACT THE SUPPLY CHAIN AUTOMATION DEAL TEAMMANAGING PARTNERNEW YORK+1 917 757 JAMES TURINOKAIS BAKERPARTNERMUNICH+49 89 1490 265
2、ANALYSTNEW YORK+1 904 315 CHASE GIBBSSTEVEN DANAPARTNERNEW YORK+1 646 594 0633 (1)Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.All securities in the UK,are transacted through Drake Star UK Limited(FRN 942020)an appointed representative of Kession Capital Ltd(FRN 582160)whi
3、ch is authorized and regulated by the Financial Conduct Authority.(1)Led by partner prior to joining Drake StarData&Logistics SWelding AutomationDRAKE STAR COVERAGE SUPPLY CHAIN AUTOMATION3MARKET MAPEnabling Systems&TechnologyPost ProcessDesignPrintAGV/AMRSafetyCobotsCybersecurity IOTConnectivity Io
4、TApplications/End of Arm ToolingRobotic Programming Laser SystemsIntegrators&ServicesAR/VRNote:All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply any affiliation with or endorsement by them.Additive ManufacturingProduct Design
5、&DevelopmentProcurement ManagementYield Optimization&Condition MonitoringOperationalQuality InspectionManufacturing/Operations LayerHMI&SCADASupervisoryEnd-of-Line AutomationPalletizingPackagingMES/MOMInventory Tracking&ValidationPickingVertical SoftwareIndustrial ElectrificationCPQ S625Deals announ
6、ced and/or closed$32.1BDisclosed value for announced and/or closed dealsQ4 Summary$21.2B$9.6B$1.3BMARKET OUTLOOKDRAKE STAR COMMENTARYDeal CountDeal Value($B)2022 has been a record year in supply chain automation with 625 deals announced and/or closed totaling$32B+in total deal value.Deal volumes exc
7、eeded breakout activity in 2021 when 600 deals were announced/closed.Deal values continued an upward trend as compared to the trendline from prior years but dropped significantly from unprecedented levels seen in 2021($78.2B):5 times the levels seen in prior years.The major driver of the change in t
8、otal deal values was the reduction of“mega-deals”which dominated 2021(AspenTech,Blue Yonder,Coherent,and others),which accounted for more than 70%of total announced deal value in 2021.Automation services and industrial software subsectors were the most active segments for M&A.Notable deals include t
9、he take-private of Coupa by Thoma Bravo and the acquisition of Altra Motion by Regal Rexnord.Private placement activity nearly matched record-shattering levels of 2021 with 412 deals announced and/or closed in 2022 with a deal value of$9.6B.Robotics and industrial software accounted for more than ha
10、lf of the private placements tracked across our ten covered subsectors of industrial automation.The majority of the private placement activity with announced deal values occurred in the U.S.and China,with more than 90%of the top 15 private placements relating to Companys headquartered in those regio
11、ns.Q4 announced M&A deal value significantly exceeded the levels seen through Q3 of 2022,driven by two Q4 mega M&A deals(Altra and Coupa).In other deals of note,Nidec acquired PAMA,an Italian machine tool manufacturer for$108M and Walmart acquired Alert Innovation,a robotics automation company focus
12、ed on material-handling solutions.Private financing market had diminished deal activity in what was a difficult funding environment,but there were still 75 deals closed totaling$1.5B in announced deal value.Robotics drove a significant proportion of the deal value with notable deals including Locus
13、Robotics raise of$117M,Attabotics raise of$72M,Verdant Robotics raise of$46M.While public market activity remained subdued in Q4,there were several notable deals within the space.Nauticus Robotics completed a business combination with CleanTech Acquisition Corp for$561M.Additionally,EnOcean and Temp
14、o Automation announced plans for SPAC transactions,with values exceeding$100M.2022 SummaryM&APrivate PlacementPublic Markets4Source:Capital IQ,Pitchbook,LinkedIn,Company Websites,Drake Star D“Weve been on the sidelines since 2019 in terms of M&A due to valuation concerns Its a different market now a
15、nd we assume that valuations are going tobecome more reasonable”Greg Smith,President|Teradyne“Our solid leverage profile coupled with strong free-cash flow generation and an undrawn revolver of$3.5 billion gives us$4 billion plus of M&A capacity.Clearly,we are very well positioned for disciplined ca
16、pital deployment in 2023”Jason Conley,CFO|Roper Technologies“Were well positioned financially with our strong free cash flow generation and balance sheet capacity,allowing us to actively pursue strategic M&A opportunities”Rainer M.Blair,President&CEO|Danaher“We do have an appetite for M&A.Most of th
17、e M&A weve done is kind of been tuck-in size.I think we have appetite for bigger things”Neil Dougherty,CFO|Keysight Technologies“The big story,of course,in the fourth quarter was the announcement of the Transporeon acquisition$2.0B.To refresh memories,Transporeon operates a leading cloud-based trans
18、portation management platform,powering a global network of 145,000 carriers and 1,400 shippers”Robert Painter,CEO|TrimbleMARKET INSIGHTSSource:Pitchbook Transcripts This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an off
19、er to buy any security.The information herein is based on sources we believe to be reliable but is not guaranteed by us and we assume no liability for its use.5NOTABLE PUBLIC COMMENTARY(I/II)“Barring a significant deterioration in the macro-economy we expect channel expansion combined with new produ
20、cts to drive greater than 20%growth for IA Industrial Automation in 2023 weighted to the second half of the year”Greg Smith,President|TeradyneIndustry Outlook&TrendsM&A/Fundraise ActivityAutomation Drivers“They customers want to buy a portfolio of robots from the same vendor,controlled by the same c
21、ontrol system,with applications above the material movement,fulfillment,order picking and others,and in the same facility,have the same vendor supporting them”Anders Gustafsson,CEO|Zebra“I think weve seen on the labor side;wage inflation has moderated a bit”Holden Lewis,CFO|Fastenal“The economic hea
22、dwinds and increased caution by employers due to an uncertain economic outlook are resulting in softening hiring behaviors.We see this through extended recruiting and sales cycles and softer order flow with employers in certain sectors as they are exercising more caution in their demand for continge
23、nt and permanent recruitment of talent”Jonas Prising,CEO|ManpowerGroupWe also see some loosening in the labor market and some modest improvements in equipment availability John Roberts,CEO&Director|J.B.Hunt Transport Services“Rockwell has continued investments in resiliency and agility,along with th
24、e gradually improving supply-chain environment helped more than offset many of the headwinds we faced heading into Q1”Blake Moret,CEO|Rockwell Automation“Caterpillar is seeing healthy demand.Our results reflect healthy demand across most end markets for our products and services Jim Umpleby,CEO|Cate
25、rpillar Wages are increasing and consumers continue to tap pent-up savings to support spending.We expect consumers will continue to be judicious in their spend,but resilient,while prioritizing needs over discretionary.We believe inflation has peaked,but will remain sticky as we move through the year
26、”Harry Lawton,CEO|Tractor Supply“The layoffs,youre starting to see that in the news,which theres the good news and the bad news.Obviously,the bad news is the layoffs,but the good news is theyre really starting to focus on their cash burn because they know they need to hold on to their cash for a lot
27、 longer”Michael Descheneaux,Former President|SVBMARKET INSIGHTSNOTABLE PUBLIC COMMENTARY(II/II)6“Bringing inflation down is likely to require a period of below-trend growth and some softening of labor market conditions.But restoring price stability is essential to achieving maximum employment andsta
28、ble prices over the longer term”Christopher Waller,PresidentFederal Reserve Bank of New York“Special circumstances,now mostly in the rearview mirror,pushed up prices in particular sectors,likeenergy,manufactured goods and housing.But inflation then spread to a broad set of services,and this broader
29、inflation is what shapes the outlook today”Lorie Logan,PresidentFederal Reserve Bank of DallasFederal Reserve“Even with the recent moderation,inflation remains high,and policy will need to be sufficiently restrictive for some time to make sure inflation returns to 2%”Lael Brainard,Vice Chair US Fede
30、ral Reserve“You see inflation now coming down because supply chains have been fixed,demand is shifting back to services,and shortages have been abated.Jerome Powell,ChairUS Federal Reserve General Market Insights“We do generally see a more cautious stance and tightening of criteria,but overall lende
31、r behavior seems more precautionary than as a direct result of consumer credit stress,other than in the sub-prime categories.The market is still quite segmented with lenders looking to acquire in prime.Most banks,in fact,continue to hire and lend,and this is supported by the U.S.labor market which i
32、s still very tight Brian Cassin,CEO|Experian“When we saw the reopening in the U.S.,we saw an important surge of activity that came as a result of that.Its entirely possible that we could see something similar associated withChina reopening because of course we got the benefit to that in the U.S.econ
33、omy in 2021 and into 2022.We havent really seen that same impact from China yet,but its entirely possible that were going to see that as a result of their reopening.Plus one assumes that its going to be helpful to some of the supply chain challenges that weve seen in the world over time as well,whic
34、h have themselves been a contributor to inflation”Robin Vince,CEO|BNY Mellon“On the manufacturing side,near-shoring continues to be the most robust trend driving demand in our markets.We estimate 3/4 of demand came from these opportunities.Shifts in the supply chain is making companies make long-ter
35、m decisions towards regionalization,relocating all manufacturing process to our markets”Luis Enrique Guajardo,CEO|Prologis Property“Though this may make it tempting to conclude that monetary policy is becoming overly restrictive and poised to cause an unnecessary economic contraction,investors may b
36、e too sanguine about progress on disinflationThis easing of financial conditions during a central bank tightening cycle creates a conundrum for policymakerscentral banks could push back against investor optimism,emphasizing the risks that inflationary pressures may be more persistent than expected”T
37、obias Adrian,Christopher Erceg,Fabio Natalucci|IMFShifting Technology“Our strong performance also lends confidence to the forward execution on growth initiatives,including expanding our rideshare business,growing our EV platform”Stephen Scherr,CEO|Hertz“Strategic investments in new locomotive produc
38、ts will continue shifting to competitive,sustainable solutions that help customers meet their carbon reduction initiatives,including hybrid,full battery electric and alternative fuel power sources,including hydrogen”Jim Umpleby,CEO|CAT“The market is moving towards electrification,and you best get re
39、ady Weve been bold enough toinvest ahead of that inflection point,which we know will come”Jim Rowan,CEO|Volvo“We also introduced a prototype of our first fully electric excavator at CES It shows our focus on electrification in response to customer pull for quieter and safer solutions,while executing
40、 jobs in a lower emission manner”Joshua Jepsen,CFO|John DeereSource:Pitchbook Transcripts This report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believ
41、e to be reliable but is not guaranteed by us and we assume no liability for its 2022 OVERVIEW20250300350400450$0$2$4$6$8$10$12$14$020202780$0$10$20$30$40$50$60200212022DEAL VALUES RETURN TO HISTORICAL TREND LINE,AS DEAL VO
42、LUME MAINTAINS RECORD HIGHSNote:Column chart shows announced deals onlyPrivate Placements($B)Mergers and Acquisitions($B)Note:Column chart shows announced deals onlyValue($B)Deal CountValue($B)Deal CountSource:Capital IQ,Pitchbook,Company Websites,Drake Star D$1.0B$1.7B$8.8B$0.2B$0.3B$0.9B$7.2B$0.1B
43、$0.7B$0.3B995112SUPPLY CHAIN AUTOMATION M&A TRANSACTIONS&VALUATIONS2022:182 DEALS ANNOUNCED/CLOSED AND$21.2B IN DISCLOSED DEAL ACTIVITY#OF DEALS BY SEGMENT:2022DEAL VALUE($B)BY SEGMENT:2022M&A DEAL VALUATION/MULTIPLESJan 2022 Dec 2022All Segments#of Announced and or Closed Deals/#of Discl
44、osed Deals182/37Disclosed Deal Value($B)$21.2BNumber of$500M+Deals8Number of$1B+Deals3Disclosed Revenue Multiple(Median)6.4xAdditive ManufacturingDiversified AutomationIndustrial SoftwareLaser SystemsLogisticsMachine VisionMotion ControlRoboticsAutomation ServicesTest and MSource:Capital IQ,Pitchboo
45、k,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may SUPPLY CHAIN AUTOMATION M&A TRANSACTIONS:2022TOP 15 ANNOUNCED DEALSTARGETACQUIRERSEGMENTDATEDEAL SIZE($M)REVMULTIPLEEBITDA MULTIPLETARGET COUNTRYIndustrial SoftwareDec
46、-22$8,000.0 9.8x-Motion ControlOct-22$4,950.0 2.4x23.7xLogisticsDec-22$1,957.6-Motion ControlFeb-22$1,300.0-Machine VisionMar-22$878.0 8.8x-Additive ManufacturingSep-22$701.1-Motion ControlSep-22$700.0-Industrial SoftwareJul-22$639.9-Automation ServicesAug-22$275.0-LogisticsFeb-22$240.0 1.0 x-Test a
47、nd MeasurementMay-22$225.0 4.7x-Diversified AutomationAug-22$185.0-Automation ServicesJul-22$165.0-Additive ManufacturingMay-22$98.4-Automation ServicesApr-22$95.5-Source:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal an
48、d sector crossover may 11826430$1.7B$7.0B$0.9B$1.3B$0.3B$1.8B$0.1B$0.3B$0.7B$4.1B$0.3B$0.2B37130161523$0.2B$4.0B$2.7B$2.7BSUPPLY CHAIN AUTOMATION PRIVATE PLACEMENTS2022:412 DEALS AND$9.6B IN DISCLOSED PRIVATE PLACEMENTS11#of Deals by StageDeal Value($B)by Stage#of Deals by Segm
49、entDeal Value($B)by SegmentDeal Value($B)by Amount Raised#of Deals by Amount RaisedEarly Stage VCLater Stage VCPE Growth/ExpansionAdditive ManufacturingDiversified AutomationIndustrial SoftwareLaser SystemsLogisticsMachine VisionMotion ControlRoboticsAutomation ServicesTest and Measurement$0-$5M$5-$
50、10M$10-$50M$50-$100M$100M+Source:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may SUPPLY CHAIN AUTOMATION PRIVATE PLACEMENTS:2022TOP 15 PRIVATE PLACEMENTSTARGETSEGMENTDATEDEAL VALUE($M)VALUATION($M
51、)TOTAL RAISED($M)LEAD INVESTORSTARGET COUNTRYAdditive ManufacturingFeb-22$392.0$2,000.0$443.0 Norwest Venture Partners,Tiger Global ManagementMachine VisionFeb-22$377.5-$424.4 Xiaomi VenturesRoboticsSep-22$210.0$3,544.5$214.8 Oisix ra daichi,JMTC Capital,and Future Food FundAdditive ManufacturingAug
52、-22$200.0$2,562.5$200.0 Qiming Venture PartnersIndustrial SoftwareMar-22$173.4-$439.0 Guolian Group,Mulan Investment,Shangqi Capital,GAC CapitalRoboticsJun-22$169.0$2,080.0$184.5 Capital TodayRoboticsApr-22$150.0$550.0$178.0 DCVC,Playground GlobalMachine VisionSep-22$150.0-$574.4 China Structural Re
53、form Fund and Mirae Asset SecuritiesRoboticsJul-22$148.9-$221.6 Prosperity7 Ventures,SoftBank Investment Advisers,TemasekDiversified AutomationJul-22$135.0-$135.0 GICIndustrial SoftwareOct-22$132.0-$376.0 Eclipse VenturesRoboticsNov-22$117.0$2,000.0$379.5 G2VP,Stack,The Goldman Sachs GroupRoboticsMa
54、r-22$115.0$840.0$165.0 Breyer CapitalMachine VisionAug-22$111.0$911.0$198.7PSP PartnersRoboticsMay-22$110.0-$205.2Mithril Capital MSource:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may $0.6B$3.0B
55、$0.6B42799TARGETDATEDEAL VALUE($M)SELECT INVESTORSVALUATION($M)TARGET COUNTRYSep-22$210.0Oisix ra daichi,JMTC Capital$3,544.5Jun-22$169.0Capital Today$2,080.0Mar-22$150.0DCVC,Playground Global$550.0Jul-22$148.9Prosperity7 Ventures,SoftBank Investment Advisers,Temasek Holdings-Nov-22$117.0G2VP,Stack,
56、The Goldman Sachs Group$2,000.0Mar-22$115.0Breyer Capital$840.0May-22$110.0Mithril Capital Management-Aug-22$100.0Intel Capital,Morgan Stanley Tactical Value,Vertex Growth$473.9Jun-22$100.0Undisclosed Investors-Jul-22$91.0Congruent Ventures,Wellington Management-Jan-22$75.0Tiger Global Management$35
57、0.0Aug-22$70.0Jeneration Capital-Mar-22$67.6Octopus Ventures$124.1Apr-22$64.0Tiger Global Management$352.5Sep-22-Graham Partners,Export Development Canada-303239333932025303540$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0Q121Q221Q321Q421Q122Q222Q322Q422SECTOR SPOTLIGHT:ROBOTICSPRIVATE PLAC
58、EMENT ACTIVITY IN 202213Robotics Private Placements($B)2022:130 Deals2022:$4.1B RaisedEarly Stage VCLater Stage VCPE Growth/ExpansionSource:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may occurDra
59、ke Star acted as financial 27758$0.5B$1.3B$0.1B252929362928292405540$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.8$2.0Q121Q221Q321Q421Q122Q222Q322Q422SECTOR SPOTLIGHT:INDUSTRIAL SOFTWAREPRIVATE PLACEMENT ACTIVITY IN 202214TARGETDATEDEAL VALUE($M)SELECT INVESTORSVALUATION($M)TARGET COUNTRYMar-22
60、$173.4 CAS Guolian Group,Mulan Investment,Shangqi Capital,GAC Capital,etc.-Oct-22$132.0 Eclipse Ventures-Jan-22$100.0 Alpha Intelligence Capital,CDIB Capital Group-Jun-22$66.7Autodesk,Lockheed Martin,Atomico$159.0Feb-22$62.9 Legend Capital-Mar-22$61.5 Undisclosed Investors$327.5 Jan-22$50.0 Atlas Ho
61、ldings,BAM Elevate$310.0 Jan-22$50.0 Drive Capital$200.0 Feb-22$44.6 Accel-Jun-22$39.4Arosa Capital,Energy Impact Partners-Oct-22$35.0 Northzone Ventures-Mar-22$31.0MegaChips,Nsitexe$131.0May-22$29.2G2VP$91.1Mar-22$28.0Prosus Ventures-Jul-22$25.0Starshot Capital-Industrial Software Private Placement
62、s($B)2022:110 Deals2022:$1.8B RaisedSource:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may occurEarly Stage VCLater Stage VCPE Growth/E2022 Q4 OVERVIEWSUPPLY CHAIN AUTOMATION KEY HEADLINESQ4 20221
63、6M&ACoupa Software announcedannounced that it has entered into a definitive agreement to be acquired by Thoma Bravo in a deal that values the cloud-based business software firm at$8.0B.Altra Industrial Motion,a premier global manufacturer and supplier of motion control and automation products,announ
64、cedannounced it has entered into a definitive agreement to be acquired by Regal Rexnord Corporation for approximately$5.0B.Nidec,the Japanese electric motor maker,announcedannounced that it acquired PAMA,an Italian machine tool manufacturer,and its nine affiliate companies for$108M.Walmart announced
65、announced the acquisition of Alert Innovation,a robotics automation company that develops material-handling technology for automating order fulfillment in retail supply chains.Dynamic Design Solutions,provider of custom automation and systems,announcedannounced their acquisition by Addtronics,a port
66、folio company of Kaho Partners dedicated to acquiring and growing leading robotic automation solution providers.FundraisingBright Machines,provider of manufacturing automation software,announcedannounced$132M in new funding to expand intelligent automation in manufacturing,led by Eclipse Ventures.Lo
67、cus Robotics,a leader in autonomous mobile robots(AMR)for fulfillment and distribution warehouses,announcedannounced more than$117M in Series F funding,led by Goldman Sachs Asset Management and G2 Venture Partners.Attabotics,developer of a robotic warehousing and fulfillment system,announcedannounce
68、d it has raised$72M in Series C-1 funding led by Export Development Canada(EDC)to further accelerate the commercialization of its 3D robotics warehousing solution.Pickle Robot announcedannounced a$26M Series A raise led by Ranpak,JS Capital,Schusterman Family Investments,Soros Capital and Catapult V
69、entures.The funding will accelerate go-to-market activities and strengthen deployment capabilities.Public MarketsNauticus Robotics,develops ocean robots,autonomous software and services for the marine industry,completedcompleted its business combination with CleanTech Acquisition Corp,a special purp
70、ose acquisition company(SPAC).Deal valued at$561M.Symbotic,developer of fully autonomous robots that receive and retrieve products in distribution centers,closedclosed a SPAC deal with SVF Investment Corp.3 and debuts on NASDAQ.Deal valued at$320M.EnOcean GmbH,a Global Leader in Internet of Things(I
71、oT)devices and sensor-to-cloud solutions,announcedannounced plans to bring the company to the public markets via transaction with Parabellum Acquisition Corp,valued at$186M.(1)Source:Capital IQ,Pitchbook,Company Websites,Drake Star Database(1)2022 select 3830404060455464$0.0$5.0$10.
72、0$15.0$20.0$25.0$30.0Q420Q121Q221Q321Q421Q122Q222Q322Q422QoQ M&A222175SUPPLY CHAIN AUTOMATION M&A TRANSACTIONS:Q4 202246 DEALS ANNOUNCED AND$14.1B IN DISCLOSED DEAL ACTIVITY#OF DEALS BY SEGMENT:Q4 2022#OF DEALS BY GEOGRAPHY:Q4 2022Note:Bar chart shows announced deals onlyNorth AmericaEuro
73、peAsiaAdditive ManufacturingDiversified AutomationIndustrial SoftwareLaser SystemsLogisticsMachine VisionMotion ControlRoboticsAutomation ServicesTest and MValue($B)Deal CountM&A Transactions($B):By QuarterSource:Capital IQ,Pitchbook,Company Websites,Drake Star DatabaseNote:Deals categorized based o
74、n Drake Stars primary segmentation;deal and sector crossover may SELECT M&A TRANSACTIONS:Q4 2022NOTABLE DEALSCoupa Software announced that it has entered into a definitive agreement to be acquired by Thoma Bravo in a deal that values the cloud-based business software firm at$8.0B.The Coupa Software
75、take-private is Thoma Bravos latest transaction after similar deals involving software companies such as Anaplan,Ping Identity,ForgeRock and Sailpoint Technologies.$8.0BAltra Industrial Motion,a global manufacturer and supplier of motion control and automation products,announced it has entered into
76、an agreement to be acquired by Regal Rexnord Corporation for$5.0B.Regal Rexnord stated the deal would transform its automation and industrial motion portfolio as demand for advanced manufacturing technologies soars amid a tight labor market.$5.0BWalmart announced the acquisition of Alert Innovation,
77、a robotics automation company that develops material-handling technology for automating order fulfillment in retail supply chains.Walmart states they will continue to modernize their supply chain operations through investments in robotics and automation in their stores and distribution and fulfillme
78、nt centers.Dynamic Design Solutions,provider of custom automation and systems,announced their acquisition by Addtronics,a new platform created by Kaho Partners dedicated to acquiring and growing leading robotic automation solution providers.The acquisition of Dynamic Design Solutions strengthens the
79、 formerly family run business with increased resources and capital to continue growth.Control Mechatronics,an industrial process automation company,entered into a definitive agreement to be acquired by Klotter Elektrotechnik,via its financial sponsor Gimv.This acquisition will allow Klotter to expan
80、d its product range in industrial process measurement and control technology as well as in project planning and engineering of industrial process automation.Nidec,the Japanese electric motor maker,announced that it acquired PAMA,an Italian machine tool manufacturer,and its nine affiliate companies.T
81、he acquisition of PAMA will help build synergy between Nidecs already-acquired machine tool manufacturers product range,scale,development and manufacturing.$108MSource:Capital IQ,Pitchbook,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this 9213
82、990100120140$0.0$1.0$2.0$3.0$4.0$5.0$6.0$7.0Q420Q121Q221Q321Q421Q122Q222Q322Q42252241172732$0.6B$0.8B$0.1B28434SUPPLY CHAIN AUTOMATION PRIVATE PLACEMENTS:Q4 202275 DEALS AND$1.5B IN DISCLOSED PRIVATE PLACEMENTSQ4 2022:75 DealsQ4 2022:$1.5B Raised#of Deals by SegmentDeal Value By Seg
83、mentNote:Bar chart shows announced deals onlyValue($B)Deal CountPrivate Placements($B):By QuarterEarly Stage VCLater Stage VCPE Growth/ExpansionAutomation ServicesAdditive ManufacturingDiversified AutomationIndustrial SoftwareLaser SystemsLogisticsMachine VisionMotion ControlRoboticsTest and Measure
84、ment$0.1B$0.1B$0.3B$0.1B$0.2B$0.6B$0.1B$0.1BSource:Capital IQ,Pitchbook,Company WebsitesNote:Deals categorized based on Drake Stars primary segmentation;deal and sector crossover may Locus Robotics,a leader in autonomous mobile robots(AMR)for fulfillment and distribution warehouses,announced more th
85、an$117M in Series F funding,led by Goldman Sachs Asset Management and G2 Venture Partners.This new round of funding marks an important inflection point for Locus Robotics as they look toward the next stage of growth.$117M RaisedAttabotics,developer of a robotic warehousing and fulfillment system,ann
86、ounced it has raised$72M in funding led by Export Development Canada(EDC)with participation from Ontario Teachers Pension Plan Board through Teachers Venture Growth.The funds will be used to further accelerate the commercialization of its 3D robotics warehousing solution in the wake of post-COVID-19
87、 demand.$72M RaisedSELECT PRIVATE PLACEMENTS:Q4 2022NOTABLE DEALSBright Machines,provider of manufacturing automation software,announced$132M in new funding to expand intelligent automation in manufacturing,led by Eclipse Ventures.Bright Machines intends to use the funds to accelerate the companys g
88、rowth,which includes continued expansion into high-demand verticals,and the development of new software&service offerings.$132M RaisedNovarc Technologies,developer of collaborative welding robots designed to solve automation welding problems,announced their Series A funding.The funds will be used to
89、 scale their team in robotics,AI,vision,welding,sales and support to meet the demand for automation.Soft Robotics,developer of robotic end-of-arm tools designed to bring automation to high SKU processing,packaging,and supply chain applications,has raised$26 million of Series C venture funding in a d
90、eal led by Tyson Ventures.The company will use the funds to expand commercial deployment of its mGripAI robotic picking solutions.$26M RaisedVerdant Robotics,developer of mobile autonomous agricultural robotics,raised$46.5M of Series A venture funding in a deal led by Cleveland Avenue and joined by
91、DCVC Bio,Future Ventures and SeaX Ventures.The investment will go towards scaling Verdants robot fleet developing the next generation of RaaS products.$46M RaisedSource:Capital IQ,Pitchbook,Company WebsitesNote:Drake Star did not act as financial advisor on transactions listed on this pageDrake Star
92、 acted as financial advisorUPUBLIC MARKETSSUMMARY(50%)(25%)0%25%50%75%100%125%150%Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22PUBLIC MARKETS22SUPPLY CHAIN AUTOMATION PUBLIC COMPANY INDEX TRACKINGFOUR SUPPLY CHAIN AUTOMATION INDICES TRADED ABOVE THE NASDAQ:FOUR SUPPLY CHAI
93、N AUTOMATION INDICES TRADED ABOVE THE NASDAQ:Industrial Software,Logistics,Automation Services,and Diversified Global AutomationLogistics:26.4%Industrial Software:31.9%Diversified Global Automation:21.0%Test and Measurement:11.0%NASDAQ:15.1%Automation Services:23.1%Additive Manufacturing:(49.9%)Mach
94、ine Vision:1.7%Robotics:(14.3%)Motion Control:13.3%Laser Systems:(7.0%)SELECTED IPOs,SPAC MERGERS,&PIPE RAISESSept-15:Nauticus Robotics,develops ocean robots,autonomous software and services,completed its business combination with CleanTech Acquisition Corp,a special purpose acquisition company(SPAC
95、).Deal valued at$561MNov-21:Tempo Automation,a software-accelerated electronics manufacturer,and ACE Convergence Acquisition Corp,a SPAC,announced they have entered into a definitive merger agreement,valued at$100MJun-8:Symbotic,developer of fully autonomous robots that receive,store and retrieve pr
96、oducts in distribution centers,closed a SPAC deal with SVF Investment Corp.3 and debuts on NASDAQ.Deal valued at$320M Nov-14:EnOcean GmbH,a global leader in Internet of Things(IoT)devices and sensor-to-cloud solutions,announced plans to bring the company to the public markets via transaction with Pa
97、rabellum Acquisition Corp.Deal Valued at$186MPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022.Equally weightedNote:See following slides for specific companies included in each NASDAQ:3.0 xVal
98、uation contraction due to geopolitical tensions,inflation,and expected interest rate hikesCovid-19-1.0 x0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 x11.0 x12.0 x13.0 x14.0 x15.0 xJan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22PUBLIC MARKETS23SUPPLY CHAIN AUTOMATIO
99、N EV/REV MULTIPLESIndustrial Software:9.1xLaser Systems:7.3xTest and Measurement:5.5xLogistics:4.7xRobotics:3.2xDiversified Global Automation:3.1xMotion Control:2.4xAdditive Manufacturing:1.5xAutomation Services:1.0 xMachine Vision:4.5xDec-22Past performance does not guarantee future results.This is
100、 not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022.Equally weightedNote:See following slides for specific companies included in each Company NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA MarginDiversified Global AutomationLTMLTMLTMNTM
101、LTMNTMLTMNTMLTMLTMABB Ltd ABBNCH31-Dec-22$30.35$56,637.0$63,159.3$29,189.0$4,525.02.0 x2.1x12.7x12.7x2%1%33%16%Danaher Corporation DHRUS31-Dec-22$265.42$193,215.9$209,988.9$31,250.0$10,896.06.7x7.0 x18.7x20.8x11%-4%61%35%Emerson Electric Co.EMRUS31-Dec-22$96.06$56,809.9$71,823.9$19,629.0$4,590.03.7x
102、4.8x14.9x18.4x8%-24%42%23%Fortive Corporation FTVUS31-Dec-22$64.25$22,732.2$25,590.7$5,670.6$1,462.64.5x4.3x17.6x16.4x9%5%58%26%Hitachi,Ltd.6501JP31-Dec-22$50.74$47,571.5$64,811.6$74,980.6$6,919.20.8x0.9x8.2x6.5x11%-12%25%9%Honeywell International Inc.HONUS31-Dec-22$214.30$144,078.7$154,690.7$34,937
103、.0$8,499.04.4x4.3x17.5x16.4x1%4%32%24%OMRON Corporation 6645JP31-Dec-22$48.57$9,617.1$8,997.3$5,515.3$760.61.5x1.4x10.9x10.1x10%9%45%14%Rockwell Automation,Inc.ROKUS31-Dec-22$257.57$29,555.1$33,551.6$7,760.4$1,561.04.3x4.0 x20.0 x18.6x11%9%40%20%Roper Technologies,Inc.ROPUS31-Dec-22$432.09$45,824.0$
104、50,589.0$6,141.5$2,348.68.2x8.6x21.0 x21.5x25%-5%67%38%Sandvik AB SANDSE31-Dec-22$18.07$22,671.3$26,876.7$10,801.8$2,260.12.3x2.4x10.7x10.0 x45%-2%39%21%Schneider Electric S.E.SUFR31-Dec-22$139.70$77,551.6$91,426.7$32,057.3$5,978.12.7x2.5x13.8x12.5x16%4%41%19%Siemens Limited SIEMENSIN31-Dec-22$34.15
105、$12,162.1$11,389.5$1,983.2$223.85.8x4.9xNM40.9x22%14%31%11%Teradyne,Inc.TERUS31-Dec-22$87.35$13,605.3$12,851.9$3,308.3$1,052.63.9x4.4x11.8x16.5x-8%-11%60%32%Average3.9x4.0 x14.8x17.0 x12.6%-0.8%44.0%22.1%Median3.9x4.3x14.4x16.4x10.7%0.9%40.6%20.9%Industrial SoftwareAltair Engineering Inc.ALTRUS30-Se
106、p-22$45.47$3,644.1$3,670.8$552.6$21.06.6x6.2xNM36.1x5%8%78%4%Altium Limited ALUUS30-Jun-22$23.84$3,138.8$2,951.6$220.8$73.513.6x11.3x37.9x31.0 x23%74%50%33%ANSYS,Inc.ANSSUS30-Sep-22$241.59$21,045.4$21,295.8$2,027.1$690.110.5x10.0 x30.7x22.5x8%5%91%34%Autodesk,Inc.ADSKUS31-Oct-22$186.87$40,320.5$41,5
107、14.5$4,898.4$1,035.18.5x7.8x36.7x21.1x16%9%92%21%Bentley Systems,Incorporated BSYUS30-Sep-22$36.96$11,455.0$13,207.6$1,079.9$204.412.2x11.3xNM33.1x18%8%78%19%Cadence Design Systems,Inc.CDNSUS31-Dec-22$160.64$44,066.1$43,837.9$3,434.9$1,199.812.8x11.7x35.3x27.8x15%9%90%35%Dassault Systmes SE DSYFR31-
108、Dec-22$35.80$47,061.0$47,299.0$5,343.4$1,454.78.1x7.4x27.9x19.3x16%10%84%27%Hexagon AB HEXA BSE31-Dec-22$10.46$28,138.0$31,771.1$4,872.5$1,525.76.1x5.5x18.7x15.3x19%8%65%31%PTC Inc.PTCUS31-Dec-22$120.04$14,183.2$15,451.2$1,933.3$560.78.0 x7.9x25.6x19.3x7%1%80%29%Synopsys,Inc.SNPSUS31-Jan-23$319.29$4
109、8,665.3$47,799.6$5,081.5$1,335.49.4x8.2x33.2x22.5x21%14%80%26%Average9.6x8.7x30.7x24.8x14.8%14.7%78.8%26.0%Median8.9x8.1x31.9x22.5x15.9%8.6%80.2%28.1%EV/RevenueEV/EBITDARevenue GrowthPUBLICLY TRADED COMPS(I/IV)24DIVERSIFIED GLOBAL AUTOMATION,INDUSTRIAL SOFTWAREPast performance does not guarantee fut
110、ure results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greater than 100 are denoted as NM Company NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA
111、MarginAdditive ManufacturingLTMLTMLTMNTMLTMNTMLTMNTMLTMLTM3D Systems Corporation DDDUS30-Sep-22$7.40$970.6$861.9$556.2-$56.61.5x1.6xNMNM-13%-3%41%-10%Desktop Metal,Inc.DMUS30-Sep-22$1.36$431.7$351.1$205.1-$169.41.7x1.6xNMNM220%6%13%-83%Markforged Holding Corporation MKFGUS30-Sep-22$1.16$225.2$91.5$9
112、7.9-$80.00.9x0.8xNMNM10%14%53%-82%Materialise NV MTLSBE31-Dec-22$8.80$519.8$454.3$221.9$19.92.0 x1.7x19.4x16.0 x17%11%56%9%Prodways Group SA PWGFR30-Jun-22$3.54$181.2$187.0$83.6$10.92.2x1.9x13.8x11.2x22%14%51%13%Proto Labs,Inc.PRLBUS31-Dec-22$25.53$692.3$584.2$496.4$75.21.2x1.3x7.4x8.3x6%-6%45%15%SL
113、M Solutions Group AG AM3DDE30-Sep-22$18.02$463.9$496.9$99.0-$3.94.6x4.4xNMNM39%5%56%-4%Stratasys Ltd.SSYSUS30-Sep-22$11.86$792.1$462.0$659.2-$10.70.7x0.7xNM10.4x13%-4%43%-2%Velo3D,Inc.VLDUS30-Sep-22$1.79$333.7$243.0$61.4-$97.24.0 x2.0 xNMNM158%95%5%-158%voxeljet AG VJETDE30-Sep-22$2.30$19.1$36.9$27.
114、4-$6.61.3x1.2xNMNM23%14%32%-24%Average2.0 x1.7x13.5x11.5x49.5%14.6%39.5%-32.5%Median1.6x1.6x13.8x10.8x19.3%8.7%44.1%-7.1%Laser SystemsCoherent Corp.COHRUS31-Dec-22$35.10$4,868.0$11,372.0$3,866.1$851.12.9x2.1x12.8x7.6x22%43%37%22%Hamamatsu Photonics K.K.6965JP31-Dec-22$47.92$7,420.6$6,545.2$1,443.1$4
115、87.24.1x3.7x12.2x11.3x24%13%54%34%IPG Photonics Corporation IPGPUS31-Dec-22$94.67$4,611.8$3,398.7$1,460.5$420.22.3x2.5x7.9x8.8x2%-6%45%29%Jenoptik AG JENDE30-Sep-22$27.32$1,563.5$2,133.4$911.2$144.62.1x2.0 x12.4x10.7x48%7%35%16%Keyence Corporation 6861JP20-Dec-22$389.92$94,565.9$86,355.2$6,779.5$3,7
116、61.713.5x12.0 x23.9x22.0 x26%7%82%55%LPKF Laser&Electronics AG LPKDE30-Sep-22$10.33$253.2$259.3$124.8$10.91.9x1.7x20.8x11.1x46%12%66%9%Lumentum Holdings Inc.LITEUS31-Dec-22$52.17$3,556.2$4,322.6$1,771.0$421.12.4x2.1x10.0 x7.5x2%14%48%24%Novanta Inc.NOVTUS30-Sep-22$135.87$4,849.2$5,261.5$841.5$157.16
117、.3x5.9x31.2x27.1x28%6%44%19%Average4.5x4.0 x16.4x13.2x24.6%11.9%51.3%25.9%Median2.7x2.3x12.6x10.9x24.8%9.7%46.6%22.9%RoboticsAutoStore Holdings Ltd.AUTONO31-Dec-22$1.82$6,071.8$6,373.8$531.1$187.410.9x9.1x30.4x19.5x83%32%59%35%Berkshire Grey,Inc.BGRYUS30-Sep-22$0.60$144.4$75.6$76.1-$127.71.0 xNANMNM
118、147%NA-12%-168%Fanuc Corporation6954JP31-Dec-22$150.41$28,696.0$24,435.6$5,512.9$1,605.14.0 x3.9x12.4x13.1x19%2%39%29%OMRON Corporation 6645JP31-Dec-22$48.57$9,617.1$8,997.3$5,515.3$760.61.5x1.4x10.9x10.1x10%9%45%14%Symbotic Inc.SYMUS24-Dec-22$11.94$698.5$406.8$722.6-$180.20.7x0.4xNMNM130%30%17%-25%
119、YASKAWA Electric Corporation 6506JP30-Nov-22$32.04$8,376.3$8,626.6$3,797.7$572.32.3x2.0 x14.5x13.3x13%7%35%15%Average3.4x3.4x17.0 x14.0 x66.9%16.1%30.3%-16.6%Median1.9x2.0 x13.4x13.2x50.7%9.3%36.8%14.4%EV/RevenueEV/EBITDARevenue GrowthPUBLICLY TRADED COMPS(II/IV)25ADDITIVE MANUFACTURING,LASER SYSTEM
120、S,ROBOTICSPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greater than 100 are denoted as NM PUBLICLY TRADED COMPS(
121、III/IV)26MACHINE VISION,MOTION CONTROL,TEST&MEASUREMENTCompany NameTickerCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA MarginMachine VisionLTMLTMLTMNTMLTMNTMLTMNTMLTMLTMAntares Vision S.p.A.AVIT30-Jun-22$8.58$592.9$644.4$198.1$22.33.2x2.5x28.3x11.2x37%26%81%11%Basler Aktiengesellschaft BSLDE3
122、0-Sep-22$31.58$942.2$987.5$250.4$35.43.6x3.2x25.6x17.6x24%12%50%14%Bruker Corporation BRKRUS31-Dec-22$68.35$10,053.1$10,588.0$2,505.8$538.14.2x4.2x18.7x17.9x6%1%51%21%Carl Zeiss Meditec AG AFXDE31-Dec-22$126.00$11,269.7$11,414.1$1,865.9$411.35.6x5.3x24.3x21.4x16%7%59%22%Cognex Corporation CGNXUS31-D
123、ec-22$47.11$8,146.7$7,705.7$1,010.7$288.27.6x7.7x25.9x25.1x-1%-1%72%29%FARO Technologies,Inc.FAROUS31-Dec-22$29.41$552.3$523.7$342.1$0.71.5x1.4xNM25.8x3%7%53%0%Hexagon AB HEXA BSE31-Dec-22$10.46$28,138.0$31,771.1$4,872.5$1,525.76.1x5.5x18.7x15.3x19%8%65%31%Olympus Corporation 7733JP31-Dec-22$17.84$2
124、2,636.9$23,661.4$6,399.0$1,677.73.4x3.3x12.8x11.0 x20%2%66%26%Stemmer Imaging AG S9IDE30-Sep-22$34.20$222.3$192.6$142.3$21.21.2x1.1x7.7x6.6x17%12%38%15%Teledyne Technologies Incorporated TDYUS1-Jan-23$399.91$18,744.2$22,319.9$5,416.1$1,213.64.1x4.0 x17.7x16.7x34%4%41%22%TKH Group N.V.TWEKANL30-Jun-2
125、2$39.71$1,628.6$2,135.7$1,774.7$245.61.2x1.1x7.9x7.8x27%4%48%14%Tomra Systems ASA TOMNO30-Sep-22$16.81$4,962.6$5,244.1$1,082.8$178.34.4x3.8x22.8x19.2x11%14%57%16%Viscom AG V6CDE30-Sep-22$9.49$84.3$118.2$90.1$4.31.2x1.1x14.9x9.1x23%6%64%5%Average3.6x3.4x18.8x15.7x18.2%7.8%57.2%17.5%Median3.6x3.3x18.7
126、x16.7x19.2%6.6%56.8%16.5%Motion ControlAllied Motion Technologies Inc.AMOTUS30-Sep-22$34.81$553.1$787.4$468.7$53.01.7x1.4x14.1x10.3x17%16%31%11%Altra Industrial Motion Corp.AIMCUS30-Sep-22$59.75$3,893.9$4,793.9$1,945.9$354.92.5x2.5x12.9x13.0 x3%-1%35%18%Moog Inc.MOG.AUS31-Dec-22$87.76$2,783.1$3,623.
127、0$3,035.8$351.01.2x1.1x9.5x8.8x6%4%27%12%covestro6594JP31-Dec-22$51.86$29,807.4$33,404.1$14,778.6$2,007.82.1x1.9x15.3x12.9x20%10%20%14%Regal Rexnord Corporation RRXUS31-Dec-22$119.98$7,936.8$9,560.5$5,189.8$918.91.8x1.8x10.0 x8.1x54%2%31%18%SMC Corporation 6273JP31-Dec-22$421.47$27,518.7$22,180.6$5,
128、461.7$1,841.83.7x3.6x11.0 x10.2x20%4%50%34%Average2.2x2.1x12.1x10.5x20.2%5.8%32.3%17.7%Median2.0 x1.8x11.9x10.2x18.6%4.0%30.9%15.6%Test and MeasurementAMETEK,Inc.AMEUS31-Dec-22$139.72$32,087.3$34,301.6$6,028.6$1,775.35.7x5.4x18.5x18.1x15%6%35%29%Itron,Inc.ITRIUS30-Sep-22$50.65$2,288.3$2,595.3$1,813.
129、7$63.71.4x1.4x30.2x23.1x-10%0%28%4%Keyence Corporation 6861JP20-Dec-22$389.92$94,565.9$86,355.2$6,779.5$3,761.713.5x12.0 x23.9x22.0 x26%7%82%55%Keysight Technologies,Inc.KEYSUS31-Oct-22$171.07$30,586.5$30,562.5$5,420.0$1,603.05.6x5.4x18.3x17.4x10%5%64%30%National Instruments Corporation NATIUS31-Dec
130、-22$36.90$4,818.0$5,282.1$1,629.3$252.03.2x3.0 x19.5x11.9x15%7%69%15%Roper Technologies,Inc.ROPUS31-Dec-22$432.09$45,824.0$50,589.0$6,141.5$2,348.68.2x8.6x21.0 x21.5x25%-5%67%38%Spectris plc SXSGB30-Jun-22$36.17$3,779.9$3,986.2$1,609.7$269.22.5x2.6x14.9x12.9x4%-3%56%17%TE Connectivity Ltd.TELCH30-De
131、c-22$114.80$36,418.1$40,065.1$16,304.0$3,646.02.5x2.5x10.2x11.1x7%-1%32%22%Teledyne Technologies Incorporated TDYUS1-Jan-23$399.91$18,744.2$22,319.9$5,416.1$1,213.64.1x4.0 x17.7x16.7x34%4%41%22%Average5.2x5.0 x19.4x17.2x13.9%2.1%52.6%25.9%Median4.1x4.0 x18.5x17.4x15.0%3.6%56.4%22.4%EV/RevenueEV/EBIT
132、DARevenue GrowthPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greater than 100 are denoted as NM Company NameTick
133、erCountryLTMPriceMCAPEVRevenueEBITDAGross MarginEBITDA MarginLogisticsLTMLTMLTMNTMLTMNTMLTMNTMLTMLTMAmerican Software,Inc.AMSW.AUS31-Oct-22$14.68$495.3$389.2$129.8$14.53.0 x3.0 x24.4x18.9x11%0%60%11%Coupa Software Incorporated COUPUS31-Oct-22$79.17$6,028.9$7,385.9$818.1-$144.49.0 x7.8xNM48.3x18%15%6
134、0%-18%E2open Parent Holdings,Inc.ETWOUS30-Nov-22$5.87$1,774.2$3,017.5$630.1$178.15.0 x4.3x17.7x12.7x0%12%66%28%Honeywell International Inc.HONUS31-Dec-22$214.30$144,078.7$154,690.7$34,937.0$8,499.04.4x4.3x17.5x16.4x1%4%32%24%Kinaxis Inc.KXSCA30-Sep-22$112.24$3,127.3$2,949.3$336.9$28.78.6x7.4xNM47.1x
135、42%19%65%9%Manhattan Associates,Inc.MANHUS31-Dec-22$121.40$7,575.0$7,401.5$740.5$142.110.0 x9.4x49.4x35.7x16%7%53%19%Park City Group,Inc.PCYGUS31-Dec-22$4.95$91.1$71.4$18.2$5.33.9x3.5x13.5x9.6x-10%11%83%29%Samsara Inc.IOTUS29-Oct-22$12.43$6,449.6$5,838.7$591.7-$443.59.9x7.7xNMNM56%29%71%-75%SPS Comm
136、erce,Inc.SPSCUS31-Dec-22$128.43$4,628.8$4,410.0$431.6$93.710.2x8.7x44.0 x30.5x18%17%66%22%Tecsys Inc.TCSCA31-Oct-22$19.60$285.6$264.6$104.1$3.82.5x2.3xNM32.5x8%8%42%4%The Descartes Systems Group Inc.DSGCA31-Oct-22$69.74$5,915.4$5,683.9$473.2$196.711.9x11.0 x28.0 x24.7x17%9%77%42%Trimble Inc.TRMBUS31
137、-Dec-22$50.56$12,469.3$13,852.7$3,745.8$760.03.7x3.6x16.4x14.1x5%2%59%20%WiseTech Global Limited WTCAU30-Jun-22$34.49$11,187.7$10,881.3$435.6$191.125.3x20.6xNM39.7x25%23%85%44%Zebra Technologies Corporation ZBRAUS31-Dec-22$256.41$13,238.4$15,485.4$5,745.0$1,117.02.7x2.7x12.9x12.1x5%0%45%19%Average7.
138、9x6.9x24.9x26.3x15.0%11.1%61.7%12.7%Median6.8x5.8x17.7x24.7x13.5%10.0%62.5%19.9%Automation ServicesATS Automation Tooling SystemsATSCA1-Jan-23$31.10$2,854.0$3,723.4$1,711.3$225.62.1x1.9x15.2x12.0 x30%10%28%13%Drr Aktiengesellschaft DUEDE30-Sep-22$33.69$2,331.1$2,357.9$4,001.8$267.50.5x0.5x7.3x5.7x19
139、%8%22%7%MAX Automation SE MXHNDE30-Sep-22$5.16$212.9$306.0$410.5$28.20.7x0.7x8.6x8.6x34%-1%49%7%Scott Technology Limited SCTNZ31-Aug-22$1.59$128.1$139.6$136.2$12.11.0 xNA9.4xNA8%NA41%9%Average1.1x1.0 x10.1x8.8x22.7%5.9%35.2%8.9%Median0.8x0.7x9.0 x8.6x24.7%8.0%34.7%7.9%EV/RevenueEV/EBITDARevenue Grow
140、thPUBLICLY TRADED COMPS(IV/IV)27LOGISTICS,AUTOMATION SERVICESPast performance does not guarantee future results.This is not a recommendation to buy or sell any specific security.Source:Capital IQ as of December 31,2022,in$M except share price,EV/Revenue and EV/EBITDA multiples less than 0 and greate
141、r than 100 are denoted as NM GLOBAL REACH COMBINED WITH LOCAL PRESENCEONE OF THE LARGEST TECH TEAMS WITH OVER 100 PROFESSIONALS IN THE US,EUROPE,AND MIDDLE EAST6countries+70%cross-border transactions8offices3continents+100professionals+450transactionsNew YorkMunichLondonDubaiBerlinParisSan Francisco
142、Los ASUPPLY CHAIN AUTOMATION WWW.DRAKESTAR.COMQ4 2022 MARKET UPDATEThis report is published solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.The information herein is based on sources we believe to be reliable but is
143、 not guaranteed by us,and we assume no liability for its use.Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice.All product and company names are trademarks or registered trademarks of their respective holders.Use of them does not imply
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