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1、Transportation Technology UpdateSECTOR COVERAGE REPORT:2022 YEAR IN REVIEW AND PERSPECTIVES ON 2023A PR IL 2023 IntroductionWe are pleased to issue Houlihan Lokeys Transportation Technology Update,which offers our views on 2022 and our perspectives on key ongoing themes for 2023.Although macro risks
2、 impacted technology valuations in 2022 and certain headwinds remain on the horizon,we remain excited about the sector.More than ever,investors are looking for businesses that are providing essential and deeply embedded solutions to non-discretionary end markets like the eight primary transportation
3、 sectors we cover:automotive,aviation,maritime,off-road,public transit,rail,supply chain and logistics,and trucking.Technology adoption in these sectors is accelerating due to a focus on efficiency,supply chain resilience,increased asset complexity,and expanding safety and sustainability regulations
4、.Furthermore,these sectors remain highly fragmented,creating consolidation opportunities for both strategics and private equity investors.As Houlihan Lokey continues to execute transactions in this space,we invite you to contact us to discuss past transactions,future opportunities,or the ecosystem m
5、ore broadly.Best Regards,Shane KaiserManaging Director,Head of Transportation TechnologyInside the Update22022 Year in Review and 2023 Outlook Page 31M&A and Financing Activity Within Transportation Technology Page 92Public Markets Update Page 163Houlihan Lokeys Transportation Technology Sector Cove
6、rage Page 2642022 Year in Review and 2023 Outlook2022 Year in Review4 Although the 2022 M&A market started off strong in Q1,early in the year,stock prices began pricing in macroeconomic concerns,and by Q2 these pressures started creating challenges for dealmaking Concerns included inflation and elev
7、ated interest rates,the Russian invasion of Ukraine,recession fears,persistent supply chain issues,tightening of credit market Given the outperformance of technology in 2020 and 2021(74%Nasdaq vs.48%S&P 500),the sector faced a more significant correction in 2022(33%)Nasdaq vs.(19%)S&P 500)Valuations
8、 peaked in July 2021,with EV/LTM Revenue for Nasdaq and S&P at 5.3x and 3.5x,respectively,and ended December 2022 at 3.0 x and 2.5x We saw high-quality deals continue to get completed at attractive valuations with both strategic and private equity buyers;however,execution speed slowed dramatically f
9、rom the accelerated pace of 2021 due to enhanced focus on due diligence In the technology sector in particular,investor appetite noticeably shifted from a“growth at all costs”mindset to a focus on“Rule of 40”with an emphasis on profitability Companies with mission-critical solutions for recession-pr
10、oof end markets became increasingly attractive to investorsSources:PitchBook and S&P Global Capital IQ.(1)Target HQ located in United States.Market Valuations TrendMarket Share Price PerformanceTotal U.S.Transaction Count(1)Total U.S.Software Transaction Count(1)%change since Jan.202021.120.828.024.
11、921.721.829.425.542.842.657.450.520022M&AFinancing2.82.94.23.210.19.813.512.012.912.717.615.220022M&AFinancingIn thousandsIn thousandsEV/LTM Revenue3.5x2.5x5.3x3.0 x-1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 xS&P 500Nasdaq47.5%19.1%74.4%16.8%(40.0%)(20.0%)-20.0%40.0%60.0%80.0%100.0%S&P
12、 500NasdaqWhat to Expect in 2023 Although there was quite a bit of optimism going into 2023,the first quarter has still been dominated by uncertainty,especially driven by the regional banking crisis in the U.S.and its global implications There are still questions around inflation and interest rates,
13、although there is a growing belief that interest rate hikes will likely be paused The expectation is that the deal environment will improve in H2 2023,as processes that may have stalled starting in H2 2022 will come to market Given the ongoing bid/ask spread of valuation expectations,there is likely
14、 to be a greater emphasis on add-ons vs.new platform investments Financial sponsors are eager to put capital to work given the high levels of dry powder,and with elongated hold periods given the low level of activity recently,there may be an increase in exit activity later in the year Those strategi
15、c players that emerged from 2022 relatively stronger than their peers will be actively executing M&A deals given the more attractive valuation environment A recent 451 Research M&A survey confirms that consensus expectations are for an increased number of M&A deals at similar or lower valuations lev
16、elsSources:PitchBook as of March 31,2023;451 Research.(1)Target HQ located in United States.5Q1 U.S.Software Transaction Activity(1)Forecast Change in M&A Spending in 2023451 Research M&A survey29%25%46%DecreaseStay about the sameIncrease14%52%34%Stay the same/increaseSignificantly decreaseSomewhatd
17、ecreaseIncrease in spendingDont knowDecrease in spendingNo changeWill M&A volume increase in 2023 compared to 2022?Will M&A valuations increase in 2023 compared to 2022?73%55%47%36%32%17%18%24%17%32%6%27%27%41%33%4%2%6%3%InformationsecurityApplicationsoftwareInfrastructuresoftwareIT servicesIoT88774
18、47429989355692,9423,0682,9563,6123,8922,0073,8293,8123,6984,6104,8272,5763,6992018 Q12019 Q12020 Q12021 Q12022 Q12023 Q1M&AFinancing10 Yr.AverageStill Significant Fresh Capital for Financial Investors to Deploy In 2022,global private equity fundraising reached$461 billion and VC fundraising reached$
19、254 billion,which were strong results given the macroeconomic headwinds Regionally,North America dominated fundraising,as Europe was rocked by the Russia-Ukraine war,resulting in a continent-wide energy crisis.In 2022,North America accounted for 78%of private equity fundraising(vs.66%in 2021)and 66%
20、of VC fundraising(vs.55%in 2021)Established managers had a much more successful year,as LPs were less willing to invest with unproven emerging managers Brand-name mega PE funds continued to successfully raise new tech funds at record-breaking levels Thoma Bravo raised more than$32 billion for buyout
21、s and growth investments in 2022,with its flagship buyout vehicle collecting$24.3 billion$6.5 billion more than its predecessor pool and a record for a tech-focused buyout fund raised by an independent PE firm Although the fundraising environment was and continues to be tighter than it was in prior
22、years,PE and VC investors have significant amounts of dry powder,which makes us optimistic about deal activity in H2 2023 In the medium term,the increased number of VC-backed companies will soon represent attractive acquisition opportunities for PEs and strategic buyers$in billions6Sources:PitchBook
23、 as of December 31,2022.The Wall Street Journal,Preqin.2002120229371,1131,2481,3641,4771,4911,2502016 2017 2018 2019 2020 2021 2022200254658466 2017 2018 2019 2020 2021 2022$in billionsPrivate Equity Capital RaisedPrivate Equity Dry PowderVC Capital Raised
24、VC Dry Powder363424389547468560460212022$in billions5230286254200022$in billionsSources:PitchBook and S&P Global Capital IQ as of March 31,2023.(1)Includes global software M&A transactions with enterprise values greater than$50 million.Swing in
25、Multiples Has Been Corrected7Market HighMultiples rose dramatically starting in 2020(public more so than private)but have since returned to normalized levels;the stabilization of multiples should fuel deal activity as buyers and sellers have more aligned value expectations.Median Public and M&A Soft
26、ware EV/TTM Revenue(1)7.1x7.1x9.5x10.0 x14.6x19.4x20.9x20.5x20.7x20.3x19.1x15.9x14.5x13.5x14.4x14.8x13.5x6.6x4.8x6.0 x9.5x8.5x9.0 x9.1x8.3x5.4x5.7x7.1x5.3x3.7x4.3x5.6x5.4x2.9xQ123Q422Q322Q222Q122Q421Q321Q221Q121Q420Q320Q220Q120Q419Q319Q219Q119Bessemer Cloud Index EV/LTM RevenueGlobal Software M&A EV
27、/LTM RevenueRecent Recovery Looks Like the Beginning of a New Cycle8Through the Cycle Index Performance Since 1998Variance today vs.key dates(%)Nasdaq CompositeS&P 500 Con.StaplesS&P 500 Industrials1.2018 high50.7%28.9%26.2%2.Pre-COVID-19 high24.5%17.3%19.3%3.COVID-19 low78.1%55.8%107.9%4.January 20
28、22(16.6%)(2.3%)(3.3%)Despite the Correction,Tech Stocks Remain Well Above Pre-COVID-19 LevelsPre-COVID-19 market highMarket crash bottoms out on March 23,2020Cost of capital increase begins sell-off of tech stocksRussia invades Ukraine Signs of slowdown,trade war,scrutiny of big tech,and concerns ab
29、out fiscal policy drive market declineBoom in tech stocks amid COVID-19-related behavioral shiftsDot-Com BubbleGlobal Financial CrisisPeak to Trough%ChangeNasdaq CompositeS&P 500 Con.StaplesS&P 500 IndustrialsDot-Com Bubble(1)(77.8%)35.6%(27.2%)GFC(1)(53.9%)(30.0%)(65.0%)Current Decline(1)(22.8%)(3.
30、0%)(3.5%)Recent period of unprecedented growth reviewed in more detail belowSource:S&P Capital IQ.(1)Calculated as%change in index value between(i)Dot-Com:March 10,2000October 7,2002,(ii)GFC:October 9,2007March 6,2009,and(iii)Current Decline:January 3,2022March 31,2023.2200420062008201020
31、01820202022NasdaqS&P Consumer StaplesS&P 500 IndustrialsJan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23NasdaqS&P Consumer StaplesS&P 500 IndustrialsM&A and Financing Activity Within Transportation TechnologyM&A and Financing Activity Within Transportation Technology The
32、 transportation technology M&A and financing market remained active in 2022,albeit off of the frenzied pace of 2021 There were 811 transactions in 2022 with targets located in the U.S.,14%lower than the 941 transactions tracked in 2021 Strategic acquirers have shown a slightly larger appetite for M&
33、A activity in 2022,accounting for 54%of transactions,and financial acquirers account for 46%In particular,the auto,trucking,supply chain,and public transit sectors were more active than the aviation,maritime,off-road,and rail sectorsPersistent Themes Driving M&A Across Transportation Technology Sect
34、ors:Focus on targets with scaled,differentiated,and mission-critical assets(e.g.,WiseTechs acquisition of Blume Global and Trimbles acquisition of Transporeon)Large strategics(usually sponsor-backed)building out M&A platforms(e.g.,J.D.Power acquiring ZappyRide and We Predict;Solera acquiring Spireon
35、 and ENData)As the transportation market is relatively early in its technology adoption curve,there are multiple medium-sized players rolling up small software players in order to gain scale and expand service offerings(e.g.,Vehlo,Dominion Dealer,and AMCS)Active Strategic Acquirers Total U.S.Transpo
36、rtation Tech Transactions(1)2022 M&A and Financing ActivityActive Majority InvestorsActive Minority InvestorsCompanyTarget Sectors of Focus20232022202120202019Supply Chain and Logistics23333Auto13122Auto and Trucking-1412Auto1-51Trucking and Off-Road12111Supply Chain and Logistics22-11Auto-2111Compa
37、nyTarget Sectors of Focus20232022202120202019Diversified-4773Auto and Trucking-2856Diversified15553Auto-2452Diversified13212Auto-1311Auto-2111CompanyTarget Sectors of Focus20232022202120202019Diversified210921Diversified-61043Diversified-6925Diversified-71023Diversified121142Diversified-4333Diversif
38、ied1123-10Source:PitchBook as of March 31,2023.(1)Target HQ located in United States.52596453595440344723823027222021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1M&AFinancing202020212022acquiredMay 4,2022acquiredApr.7,202211The transp
39、ortation technology M&A market has been active and balanced with interest from strategics and financial sponsors.Transportation Technology Transaction TimelineacquiredJuly 21,2022acquiredOct.11,2022acquiredNov.1,2022acquiredOct.25,2022acquiredFeb.16,2023acquiredApr.23,2021acquiredMay 27,2021acquired
40、Jan.26,2021acquiredMar.10,2021acquiredFeb.1,2022acquiredOct.4,2021acquiredMar.14,2022acquiredNov.2,2021acquiredAug.2,2021acquiredSept.15,2021acquiredMay 17,2021June 2,2021acquiredJune 18,2020invested inApr.13,2022acquiredJuly 25,2022acquiredNov.10,2022CanadaacquiredDec.12,2022Note:Houlihan Lokey log
41、o indicates a deal closed by Houlihan Lokey or by GCA prior to its acquisition by Houlihan Lokey.acquiredDec.12,2022invested inFeb.2,2023invested inNov.3,2022WiseTech Globals Acquisition of Blume Global|Announced on February 16,2023;Closed on April 3,2023acquisition ofBlume Global is a multimodal su
42、pply chain orchestration platform that unites end-to-end visibility,supplier management,and logistics execution.As the single source of truth for logistics data,Blume provides visibility throughout the value chain,from sourcing to delivery,allowing customers to use Blume solutions to navigate disrup
43、tions and create agile plans amid supply chain uncertainty.Blumehas the most extensive network among logistics technology providers.“Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive,agile,dependable,and sustainable with innovative execut
44、ion and visibility solutions.We want to thank the team at Apollo for helping to stand up and grow Blume as a standalone company and are thrilled to embark on this next chapter to drive even greater digitalinnovation in this sector.”Pervinder Johar(CEO,Blume Global)Blume Global Profile:Founded in 199
45、41,100+terminals,depots,and rail ramps and 10,000+motor carriersIndustries:automotive,retail,industrial manufacturing,high tech,consumer products,and healthcareGeographies Served:Global ReachTrimbles Acquisition of Transporeon|Announced on December 12,2022;Closed on April 3,2023acquisition ofTranspo
46、reon is a leading provider of transportation management solutions designed to facilitate collaboration between the different supply chain parties,automate manual processes,and provide valuable real-time insights.Transporeons open platform integrates with more than 3,000 global ERP and transportation
47、 management systems,enabling a dense network to facilitate more than 25 million on-platform transports in 2022.Transporeon helps customers increase competitiveness,lower costs,reduce waste,and solve complex freight problems.“Transporeon is a leading market player with a large TAM,profitable growth,a
48、nd a platform focused on connected supply chaininfrastructure,all of which are highly aligned with Trimbles Connect&Scale strategyWe look forward to working together to enhance and expand on the companys significant growth trajectory and to offer enhanced TMS platform solutions to Transporeoncustome
49、rs in Europe and to Trimble customers in the North American market.”Rob Painter(CEO,Trimble)Transporeon Profile:Founded in 20001,300+industrial shippers,145,000+carriers,and 100+large retailersIndustries:consumer goods,retail,chemical,construction material,automotive,and metal and steelGeographies S
50、erved:Global ReachGeneration Investment Management and A.P.Mollers Financing of project44|Announced and Closed on November 3,2022financing ofproject44 is a leading visibility platform for shippers,freight forwarders,carriers,and logistics service providers that connects,automates,and provides visibi
51、lity into key transportation processes to accelerate insights and shorten the time it takes to act on those insights.project44 supports all transportation modes and shipping types,including air,parcel,final-mile,less-than-truckload,volume less-than-truckload,groupage,truckload,rail,intermodal,and oc
52、ean.“This latest round of funding will accelerate our ability to connect all parties across the supply chain ecosystem and deliver the highest-quality supply chain and emissions visibility data to our shipper,freight forwarder,and LSP customers.With these datafeeds,our customers are able to outperfo
53、rm their competitors by managing inventory better,delivering an exceptional customer experience,and building a more predictable and resilient supply chain.”Jett McCandless(Founder and CEO,project44)project44 Profile:Founded in 20141,200 customersIndustry:supply chainGeographies Served:Global ReachGP
54、S Insights Acquisition of Titan GPS|Announced and Closed on October 11,2022acquisition ofTitan GPS is an innovative leader in GPS telematics,connected transportation,and industrial IoT,marketing state-of-the-art fleet management solutions.Titan GPS fleet management solutions offer advanced,enterpris
55、e-level GPS tracking,end-to-end visibility,and deep insights.Its proprietary,cloud-based software platform supports a broad range of business optimization tools,including GPS telematics,electronic logging devices,fleet smart AI cameras,workflow optimization applications,and OEM telematics connectivi
56、ty.“GPS Insight is pleased to announce this strategic partnership with Titan GPS,as it allows us to provide even more robust solutions for our customers while extending our competitive advantage across the fleet management and field service industriesWe are committed to providing tools for businesse
57、s to operate more efficiently,and by combining our teams and platforms,we create an unparalleled synergy to guarantee high-quality,reliable service.”Gary Fitzgerald(CEO,GPS Insight)Titan GPS Profile:Founded in 20045,000 customersIndustries:auto,trucking,construction,waste management,field services,d
58、elivery,oil and gas,government,and landscapingGeographies Served:North America12Notable TransactionsAcquirer#Acquisitions(Since Jan.1,2019)Targets13Among all transportation modes,strategic buyer rationales mainly include the expansion of transportation networks and diversification of end markets.Act
59、ive Strategic AcquirersSources:Company filings,S&P Capital IQ,and PitchBook.FOR FULL REPORT ACCESS,PLEASE REACH OUT TO A HOULIHAN LOKEY TEAM MEMBERContact information:(SKaiserHL.com or TDeckHL.com)Investor#Investments(Since Jan.1,2019)Targets14Financial sponsors have been very active,executing new a
60、cquisitions as well as supporting their existing portfolio companies.Active Majority InvestorsSources:Company filings,S&P Capital IQ,and PitchBook.Note:Given limited public information,some of the above transactions may be minority investments.FOR FULL REPORT ACCESS,PLEASE REACH OUT TO A HOULIHAN LO
61、KEY TEAM MEMBERContact information:(SKaiserHL.com or TDeckHL.com)Investor#Investments(Since Jan.1,2019)TargetsSources:Company filings,S&P Capital IQ,and PitchBook.15Minority investors have provided strategic capital to new best-in-class companies across sectors to execute their growth strategies.Act
62、ive Minority InvestorsFOR FULL REPORT ACCESS,PLEASE REACH OUT TO A HOULIHAN LOKEY TEAM MEMBERContact information:(SKaiserHL.com or TDeckHL.com)Public Markets UpdatePublic Company Valuations:Historical Trends17Notwithstanding the recent market dynamics,vertical software and transportation technology
63、players are still trading at a premium to the broader market.Vertical SoftwareTransportation TechAverage EV/NTM Revenue(1)Source:S&P Capital IQ.Market data as of March 31,2023.(1)Calculated based on an equal-weighted average.EV/NTM Rev.MetricsS&P 500Nasdaq CompositeTransportation TechVertical Softwa
64、re5 yr.Max 3.2x4.7x11.0 x14.9x5 yr.Median 2.5x3.2x7.2x10.1x5 yr.Average2.6x3.5x7.7x10.3x2.6x3.4x7.4x10.4x-5.0 x10.0 x15.0 x20.0 x2002.5x 12.5x 12.0 x 12.0 x 11.9x 11.4x 10.9x 10.2x 8.7x 8.6x 7.3x 4.7x 4.3x 3.8x 3.8x 3.2x 2.5x 18.0 x 11.3x 10.9x 10.5x 9.3x 10.2x 10.0 x 8.9x 7.9x
65、 7.2x 6.7x 4.4x 3.9x 3.7x 3.4x 3.1x 2.3x 617EV/RevenueTransportation TechMedian18Public Company ValuationsEV/23E RevenueEV/24E Revenue23E Median:8.7x 24E Median:7.9xEV($B)$13.9$15.2$6.6$14.7$9.9$9.5$7.1$5.4$34.3$3.7$6.1$3.7$3.0$14.3$0.3$0.3$0.3$6.6EV/EBITDA23E45.3x 36.5x 27.6x
66、24.2x NA42.6x 16.5x 34.7x 20.6x 60.2x 18.3x 10.1x 12.6x 15.0 x 9.3x 15.2x 15.6x 19.5x 24E35.1x 32.1x 24.3x 20.1x NA36.0 x 15.1x 29.4x 17.8x 41.7x 16.6x 9.4x 11.3x 13.6x 8.1x 13.9x 13.7x 17.2x Recurring Revenue%89%87%89%96%98%66%85%92%NA77%96%91%81%57%96%56%63%88%22A24E Rev.CAGR27%10%12%28%29%10%9%16
67、%9%18%8%6%11%3%9%8%6%10%Gross Margin23E87%80%76%75%73%56%66%68%44%61%78%95%69%62%69%64%62%69%24E88%81%77%76%73%56%66%68%46%63%78%95%70%62%70%65%63%70%EBITDA Margin23E50%34%44%49%NA27%66%29%42%14%40%46%34%25%40%21%16%34%24E51%35%45%52%NA28%66%30%44%17%40%47%35%27%42%22%17%35%Rule of 40%(1)76%45%55%78
68、%24%37%75%45%52%32%48%53%46%28%49%29%22%46%Sources:Trading multiples and other data are based on share price,other market data,and broker consensus future estimates in each case from S&P Capital IQ as of March 31,2023.(1)Sum of 22A24E Revenue CAGR and 23E EBITDA Margin.19.6x 11.3x 9.4x 8.4x 8.0 x 7.
69、7x 6.6x 6.2x 5.7x 5.2x 2.9x 2.3x 17.6x 9.5x 8.9x 7.6x 7.4x 7.0 x 6.2x 5.6x 5.2x 4.5x 2.8x 1.8x 1112EV/RevenueVertical Software19Public Company Valuations(cont.)EV/23E RevenueEV/24E Revenue23E Median:7.2x 24E Median:6.6xEV($B)$48.5$26.3$65.4$45.3$15.7$4.0$200.2$4.3$1.8$41.4$2.2$8.4$21.0EV/
70、EBITDA23E32.7x 31.7x 24.3x 22.4x 32.7x 19.9x 19.6x 18.9x 15.8x 19.6x 9.1x NA19.9x 24E29.0 x 25.6x 22.4x 19.7x 29.0 x 17.7x 18.0 x 16.7x 13.2x 16.7x 8.2x NA18.0 x Recurring Revenue%56%80%82%98%55%91%75%86%87%71%88%95%84%22A24E Rev.CAGR11%14%5%10%7%10%1%10%9%18%2%30%10%Gross Margin23E82%73%39%92%46%76
71、%60%68%62%NA73%22%65%24E83%74%40%92%46%77%60%69%64%NA73%24%67%EBITDA Margin23E60%36%39%38%24%39%34%33%36%26%32%NA35%24E61%37%40%38%25%40%34%33%39%27%33%2%36%Rule of 40%(1)71%50%44%48%32%49%35%43%45%44%35%29%44%MedianSources:Trading multiples and other data are based on share price,other market data,
72、and broker consensus future estimates in each case from S&P Capital IQ as of March 31,2023.(1)Sum of 22A24E Revenue CAGR and 23E EBITDA Margin.20Valuations Correlated to Rule of 40 With Emphasis on ProfitabilityA clear shift has transpired as investors are favoring profitable growth over growth at a
73、ll costs.Sources:Trading multiples and other data are based on share price,other market data,and broker consensus future estimates in each case from S&P Capital IQ as of March 31,2023.Rule of 40 vs.EV/2023E RevenueLow correlation2023E Revenue Growth vs.EV/2023E RevenueMedium correlationR=42%-5x10 x1
74、5x20 x25x-20%40%60%80%100%R=15%-5x10 x15x20 x25x-5%10%15%20%25%30%35%DateTransaction TypeAcquirerTargetDescriptionEV($M)EV/LTM Rev.4/3/2023AcquisitionOffers digital retailing software solutions to dealers such as desking,F&I,and inventory managementn/an/a3/20/2023AcquisitionOffers a web-based enterp
75、rise MRO software solution for aircraft maintenance and fleet management$140(1)n/a3/9/2023AcquisitionOffers proprietary software,logistics services,and terminal management solutions to the North American rail industry$70n/a2/28/2023AcquisitionOffers emergency roadside assistance,mobile truck repair,
76、cost-reduction data,fleet maintenance,towing and recovery,preventive maintenance,and tire repair solutions$100 n/a2/16/2023AcquisitionOffers a multimodal supply chain orchestration platform that unites end-to-end visibility,supplier management,and logistic execution$414Conf.2/15/2023AcquisitionOffer
77、s real-time ship tracking and maritime intelligence to the global maritime industry n/an/a2/14/2023AcquisitionOffers cloud-based final-mile carrier solutions and road safety compliance tools$218(2)n/a2/2/2023FinancingOffers a public mobility platform designed to optimize networks of buses,shuttles,w
78、heelchair accessible vehicles,school buses,autonomous vehicles,and electric vehicles around the globe$3,500n/a2/1/2023FinancingOffers a cloud-based product suite designed to bring modern technology to the global business aviation industry and supports a diverse range of flight operations in more tha
79、n 30 countries$150n/a1/31/2023FinancingOffers a supply chain automation and logistics software for freight forwarders,customs brokers,and other international logistics providersn/an/a21Precedent TransactionsSources:Company filings,S&P Capital IQ,and PitchBook.(1)Includes$20 million in contingent con
80、sideration.(2)Includes$80 million in contingent consideration.Note:Houlihan Lokey logo indicates a deal closed by Houlihan Lokey or by GCA prior to its acquisition by Houlihan Lokey.DateTransaction TypeAcquirerTargetDescriptionEV($M)EV/LTM Rev.1/24/2023AcquisitionOffers a transportation management s
81、ystem software designed for intermodal trucking,drayage(container haulage),and landside logistics in North America$2306.6x(1)12/19/2022FinancingOffers auto dealers,wholesalers,OEMs,and marketplaces the industrys most advanced digital engagement platformn/an/a12/12/2022AcquisitionOffers a cloud-based
82、 business spend management platform designed to unify processes across supply chain,procurement,and finance functions$8,194 10.0 x12/12/2022AcquisitionOffers a cloud-based transportation management software platform designed to provide sourcing,planning,execution,monitoring,and settlement tools$1,97
83、9 12.4x12/12/2022AcquisitionOffers a full-service mobile solution for automotive repair and maintenance designed to help owners maintain their vehicles and maximize uptime$190 n/a11/10/2022AcquisitionOffers digital retailing,financing,dealer reports,and deal management software solutionsn/an/a11/7/2
84、022AcquisitionOffers a global digital marketplace connecting vehicle buyers and sellers;designed to facilitate the marketing and sale of total-loss,damaged,and low-value vehicles$7,300 3.4x11/3/2022FinancingOffers a cloud-based supply chain visibility platform for shippers and logistics service prov
85、iders$2,700 n/a11/1/2022AcquisitionOffers digital sales,service,and customer lifecycle software solutions to automotive dealersn/an/a10/25/2022AcquisitionOffers drive time settlement,telematics,and fleet management software solutions$305(2)n/a22CanadaSources:Company filings,S&P Capital IQ,and PitchB
86、ook.(1)EV/NTM Revenue multiple.(2)Includes 12.5 million in contingent consideration.Precedent Transactions(cont.)DateTransaction TypeAcquirerTargetDescriptionEV($M)EV/LTM Rev.10/11/2022AcquisitionOffers fleet management telematics and global positioning system tracking for auto,trucks,and off-road e
87、quipmentn/an/a9/29/2022AcquisitionOffers end-to-end port management,terminal operating,and logistics software solutions for the maritime industryn/an/a9/14/2022AcquisitionOffers equipment maintenance and repair,resource scheduling and dispatching,and field tracking software solutions for the off-roa
88、d equipment industry$322 n/a7/25/2022AcquisitionOffers an automotive matchmaking platform connecting in-market car shoppers to their preferred vehicle transactionsConf.Conf.7/21/2022AcquisitionOffers cloud fleet and enterprise asset management and maintenance softwaren/an/a7/11/2022AcquisitionOffers
89、 end-to-end dealer management,inventory management,and CRM software solutions for specialty dealershipsn/an/a5/4/2022AcquisitionOffers SaaS-based subscription solutions and software solutions for chemical tanker ownersn/an/a4/13/2022FinancingOffers a commodity data and analytics platformConf.Conf.4/
90、7/2022AcquisitionOffers integrated data and technology solutions to the automotive,heavy truck,recreation,and off-road equipment industries$8,220 4.7x3/14/2022AcquisitionOffers rail automation systems and software for freight,transit,and industrial markets$14(1)2.4x23Precedent Transactions(cont.)Sou
91、rces:Company filings,S&P Capital IQ,and PitchBook.(1)Includes$2.7 million in contingent consideration.Note:Houlihan Lokey logo indicates a deal closed by Houlihan Lokey or by GCA prior to its acquisition by Houlihan Lokey.DateTransaction TypeAcquirerTargetDescriptionEV($M)EV/LTM Rev.2/1/2022Acquisit
92、ionOffers cloud-based GPS vehicle tracking and fleet management solutionsn/an/a12/23/2021AcquisitionOffers a mobile application that connects independent contract drivers to auto sales,rental,and transport businessesConf.Conf.12/22/2021AcquisitionOffers shop and supply chain management software solu
93、tions to the automotive collision industryConf.Conf.11/2/2021AcquisitionOffers parking management and intelligent solutions for managing parking,mobility,and transportation services$347 n/a10/4/2021AcquisitionOffers driver recruiting software and workflow solutions for the trucking and transportatio
94、n industryn/an/a9/27/2021AcquisitionOffers a technology platform that supports equipment lifecycle management and integrates parts procurement from OEMs and their dealers$175 Conf.9/15/2021AcquisitionOffers cloud-based driver risk management and motor vehicle records to various industriesConf.Conf.8
95、/2/2021AcquisitionOffers GPS vehicle tracking and road usage charging solutions$391 n/a6/2/2021AcquisitionOffers a patented driver risk management program that helps organizations reduce collisions,injuries,license violations,and total cost of fleet ownershipConf.Conf.5/27/2021AcquisitionOffers supp
96、ly chain software and services to retail,manufacturing,and distribution industries$1,700 9.0 x(1)24Precedent Transactions(cont.)Project ImpactUndisclosed BuyerProject JayhawkUndisclosed BuyerSources:Company filings,S&P Capital IQ,and PitchBook.(1)EV/NTM Revenue multiple.Note:Houlihan Lokey logo indi
97、cates a deal closed by Houlihan Lokey or by GCA prior to its acquisition by Houlihan Lokey.25Precedent Transactions(cont.)Sources:Company filings,S&P Capital IQ,and PitchBook.Note:Houlihan Lokey logo indicates a deal closed by Houlihan Lokey or by GCA prior to its acquisition by Houlihan Lokey.DateT
98、ransaction TypeAcquirerTargetDescriptionEV($M)EV/LTM Rev.5/17/2021AcquisitionOffers customer relationship management and dealership training solutions to auto dealersn/an/a5/17/2021AcquisitionOffers a complete fleet intelligence software platformn/an/a4/23/2021AcquisitionOffers end-to-end integrated
99、 supply chain and retail management software solutions$8,500 8.5x4/20/2021AcquisitionOffers automotive retail software and data-driven business intelligence solutionsConf.Conf.3/10/2021AcquisitionOffers a planning platform for public transit,designing streets,and managing new mobility$100 8.0 x2/23/
100、2021AcquisitionOffers vehicle telematics solutions,providing the entire stack of connected car technology,including a cloud IT platform,mobile and web apps,and hardwareConf.Conf.1/26/2021AcquisitionOffers a cloud-based software application that provides automated task management to simplify the owne
101、rship and maintenance of boatsn/an/a11/17/2020FinancingOffers a digital freight forwarding and supply chain platformn/an/a6/18/2020AcquisitionOffers aircraft maintenance tracking and inventory management solutions within business aviationConf.Conf.1/7/2020AcquisitionOffers supply chain management,pl
102、anning,and logistics software designed to help firms solve their complex order management and fulfillment challengesConf.Conf.Houlihan Lokeys Transportation Technology Sector CoverageHoulihan Lokeys Transportation Technology PracticeShane KaiserManaging DirectorNew YorkSKaiserHL.com203.273.0213Tyler
103、 DeckVice PresidentBostonTDeckHL.com617.316.7106David RiemenschneiderSenior AdvisorLondonDavid.RiemenschneiderHL.com+44(0)79 5047 6702Hugues ArchambaultManaging DirectorParisHugues.ArchambaultHL.com+33 1 88 46 10 40Tomohiko KubotaExecutive DirectorTokyoTomohiko.KubotaHL.com+81 80 9027 3008Transporta
104、tion Technology TeamTim MacholzSenior Vice PresidentSan FranciscoTMacholzHL.com707.363.5446Featured TransactionsSector Focus Areas AutomotiveAviationOff-RoadMaritimePublic TransitRailSupply Chain and LogisticsTruckingTo support our thesis-driven approach,we have developed subsector deep-dives where
105、we have highlighted our views on influential market dynamics,the addressable market,and key participants.Please contact Houlihan Lokeys Transportation Tech practice to connect on recent deep-dive reports.27*Selected transactions were executed by Houlihan Lokey professionals while at other firms acqu
106、ired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.has been acquired bySellside Advisora portfolio company of has been acquired bySellside Advisora portfolio company of has been acquired bySellside Advisorhas merged withFinancial Advisor*has been acquired bySellsi
107、de Advisor*has acquiredfromBuyside Advisor*a portfolio company ofhas been acquired bySellside Advisorhas received a minority investment fromSellside Advisorhas been acquired via an equity tender and merger agreement byCompany Advisora portfolio company ofhas been acquired bySellside AdvisorParts pro
108、curement software vendor to auto collision markethas been acquired byUndisclosed BuyerSellside AdvisorIndependent contract driver marketplace vendorhas been acquired byUndisclosed BuyerSellside Advisor28How We Cover Transportation TechnologyFOR FULL REPORT ACCESS,PLEASE REACH OUT TO A HOULIHAN LOKEY
109、 TEAM MEMBERContact information:(SKaiserHL.com or TDeckHL.com)29Representative Transportation Technology Market MapFOR FULL REPORT ACCESS,PLEASE REACH OUT TO A HOULIHAN LOKEY TEAM MEMBERContact information:(SKaiserHL.com or TDeckHL.com)Houlihan Lokey is a leading global investment bank with expertis
110、e in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other independent global investment bank.We invite you to learn more about how our bankers can serve your needs:30Learn More
111、 About Corporate FinanceLearn More AboutFinancial and Valuation AdvisoryLearn More About Financial RestructuringLearn More AboutOur Industry CoverageKey Facts and FiguresOur Ranking by ServiceHoulihan Lokey Is a Global Firm No.1 Global M&A Advisor for Transactions Under$1 BillionLeading Capital Mark
112、ets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 25 Years1,000+Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion CollectivelyCorporate FinanceFinancial RestructuringFinancial and Valuation AdvisoryAmericasAtlan
113、taBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoSo PauloWashington,D.C.Europe and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingapo
114、reSydneyTokyo2,000+CLIENTS SERVEDANNUALLY309MANAGINGDIRECTORS(1)2,000TOTAL FINANCIALPROFESSIONALS36LOCATIONSWORLDWIDE$1.8BREVENUE(3)$6BMARKET CAPITALIZATION(2)24Senior officers dedicated to the sponsor community in the Americas and EuropeFully Integrated Financial Sponsors Coverage1,000+Sponsors cov
115、ered,providing market insights and knowledge of buyer behavior700+Companies sold to financial sponsors since 2015(1)As of December 31,2022.Excludes corporate managing directors.(2)As of March 2023.(3)LTM ended December 31,2022.About Our Firm2022 Global Distressed Debt&BankruptcyRestructuring Ranking
116、sAdvisorDeals1Houlihan Lokey582PJT Partners Inc303Lazard294Rothschild&Co255Moelis&Co21Source:Refinitiv.1998 to 2022 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey1,2322JP Morgan1,0303Duff&Phelps,A Kroll Business9384Morgan Stanley7255BofA Securities Inc710Source:Refinitiv.Announced
117、or completed transactions.2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild&Co3693JP Morgan2174Lazard2065Goldman Sachs&Co203Source:Refinitiv.Excludes accounting firms and brokers.Our Tech M&A team is No.1 globally with unrivaled reach31Our Tech M&
118、A Team Is No.1 Globally With Unparalleled Reach3114LOCATIONSWORLDWIDE240+TECHNOLOGY BANKERS40+MANAGINGDIRECTORS115+TECHNOLOGY DEALS IN CY22No.1GLOBAL TECH M&A ADVISOR*Local Technology teamAmericasAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoSo PauloWashington,D.C.
119、Asia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyoEurope and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunich ParisStockholmTel AvivZurich*Source:Refinitiv.Excludes accounting firms and brokers.CEO-level relationships with
120、leading tech companies Large senior team with unparalleled transaction experience Broad network including Fortune 500 relationships Highest quality client service M&A advisory and capital-raising expertise Unique global access to venture capital,private equity,and strategic investors Growth company
121、focus Deep sector expertise and domain knowledge Extensive capital markets access Late-stage private through public company orientationLARGE-CAP TRANSACTION EXPERTISEMIDDLE-MARKET/GROWTH SECTOR FOCUS32Houlihan Lokey Global Tech Group PositioningSuperior Work Product/Technical AbilitiesCreativity,Ima
122、gination,Tenacity,and PositivityDeep,Industry-Specific ExpertiseSenior-Level Commitment and DedicationSignificant Experience With Financing MarketsNo.1 for U.S.and Tech M&A*Why Were Different Portfolio Valuation and Fund AdvisoryCorporate FinanceTransaction OpinionsCorporate Valuation Advisory Servi
123、cesTransaction Advisory ServicesReal Estate Valuation and Advisory Dispute Resolution ConsultingMergers and AcquisitionsCapital MarketsPrivate Funds AdvisoryBoard Advisory ServicesWe are widely recognized as a leading M&A advisor to the mid-cap and have long-standing relationships with capital provi
124、ders,including commercial banks and other senior credit providers,insurance funds,asset managers,and mezzanine fund investors.Few other investment banks maintain the breadth of relationships and capital markets intelligence that we do.Company AdvisoryCreditor AdvisoryWe have the largest restructurin
125、g practice of any global investment bank.Since 1988,we have advised on more than 1,500 restructuring transactions(with aggregate debt claims in excess of$3.0 trillion).We served as an advisor in 12 of the largest 15 bankruptcies from 2000 to 2022.Special SituationsDistressed M&ALiability ManagementO
126、ver nearly five decades,we have established ourselves as one of the largest financial and valuation advisory firms.Our transaction expertise and leadership in the field of valuation help inspire confidence in the financial executives,boards of directors,special committees,investors,and business owne
127、rs we serve.1What We OfferFinancial Restructuring2Financial and Valuation Advisory3Our firm is extremely well equipped to help our clients navigate uncertain times.We respond quickly to challenging situations and are constantly helping clients to analyze,structure,negotiate,and execute the best poss
128、ible solutions from both a strategic and a financial perspective.How Houlihan Lokey Can Help33Source:Refinitiv.*Excludes accounting firms and brokers.2023 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written cons
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137、ct upon this communication.Houlihan Lokey gathers its data from sources it considers reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation
138、 was written,and this information is subject to change.Any forward-looking information and statements contained herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,o
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140、esentations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,director
141、s,and partners in the Houlihan Lokey group of companies may have positions in the securities of the companies discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to provide inf
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