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1、Technology GroupIndustrial SoftwareSupply Chain,Engineering,and Manufacturing SoftwareMARKET UPDATE SPRING 2023Representative Industry Subsectors CoveredProcurement ManagementSupply Chain Planning/ExecutionOrder Management and FulfillmentWarehouse ManagementEHSProduct Design and DevelopmentAsset Per
2、formanceand MaintenanceIndustrial Control SystemsDear Clients and Friends,Houlihan Lokey is pleased to present the spring 2023 edition of its Industrial Software Market Update.We have continued adapting to a recovering market and remain active in advising our clients as they pursue M&A,financing,and
3、 other strategic initiatives.We have included industry insights,selected recent transaction announcements,and a public markets overview to help you stay ahead in our dynamic and constantly evolving industry.Market Activity:M&A and financing activity across the sector increased slightly throughout Q1
4、 2023 despite continuing macro headwinds.Additionally,market activity has shown indications for further improvement as we progress further into 2023:$5 billion of LTM financing activity as capital markets remain tight with investors focused on quality over quantity.$11 billion in LTM M&A deal volume
5、(1)in line with a broader M&A slowdown in 2022.M&A and financing activity across industrial software will accelerate in 2023 as macroeconomic conditions improve and end customers look to drive operational efficiency to offset increased cost basis driven by inflation and cost of financing.Regards,Sou
6、rces:PitchB,S&P Capital IQ.(1)M&A$volume includes only transactions with publicly available financial metrics.Manufacturing OperationsTimothy MacholzDirectorTMacholzHL.comRob LouvChairman of U.S.TechnologyRLouvHL.comShane KaiserManaging DirectorSKaiserHL.comSascha PfeifferHead of EU TechnologySascha
7、.PfeifferHL.comJim LavelleHead of Corporate Coverage,IndustrialsJLavelleHL.com2Industrial Software Market UpdateRecent Momentum in the Connected Worker Sector3Connected worker software is designed to enhance productivity,quality,and safety in manufacturing environments by providing real-time data,co
8、mmunication tools,and training resources to workers on the shop floor.acquired byTransaction Rationale The addition of Redzones connected workforce product supercharges the QAD Adaptive Applications product suite by enabling QAD customers to drive rapid,tangible increases in empowerment,retention,an
9、d productivity on the frontline.Redzones focus on people,their productivity,and their engagement addresses a primary area of opportunity for QAD customers.$100MFY23 Revenue Run Rate225+Employees35%Organic SaaS Revenue Growth300KFrontline Workers$41MPre-Money Valuation50%+Employee Growth Rate30+Emplo
10、yees$105MPre-Money Valuation250+Employees On January 2,2023,QAD,a Thoma Bravo portfolio company,announced its acquisition of Redzone for an estimated amount of$1B.(2)More than 1,000 plants and 300,000 frontline workers worldwide rely on Redzones solutions to create a better employee experience for f
11、rontline teams.Transaction Rationale The investment will be used to expand Augmentirsglobal sales and marketing efforts while accelerating product development and innovation.In addition to the funding news,Augmentir has also announced organizational growth,including two new additions to the companys
12、 leadership team.Kiyomi Otani joins the team as Vice President of Operations,and Carsten Hunfeld will become the companys Director for EMEA.On April 18,2023,Augmentir announced that it completed a new financing round for$4M.Augmentirs software includes a complete suite of connected worker capabiliti
13、es,connectors to business systems,and broad extensibility that enable manufacturers to digitize their frontline operations,reduce onboarding time,and increase workforce productivity.received a minority investment led byreceived a minority investment led byTransaction Rationale Innovapptive will use
14、the investment to accelerate product innovation and reach new regional markets while further establishing its leadership position in the emerging connected worker software category.The combination of Innovapptive and Vista will enhance Innovapptives platform capabilities to integrate with enterprise
15、 systems,capture actionable insights,make recommendations for productivity and safety,and close the loop between assets and people.On May 4,2023,Innovapptive announced it raised a Series B investment led by Vista Equity Partners for$26M.Innovapptive uniquely unlocks all aspects of an enterprises wor
16、k management processes with its flagship patented no-code connected worker platform and integrated suite of apps that tightly integrate with enterprise ERPs.100K+Users$19MTotal Raised to Date$69MTotal Raised to DateSources:451 Research,S&P Capital IQ,PitchB,company websites.(1)Post-money valuation.(
17、2)Reuters EV estimation(financial terms not disclosed).25443663539Fundraising frequency further retracted in Q1 2023,but average check size remained relatively stable as investors maintained interest in the domain while continuing to be more selective.DateCompanySelected Investor(s)Amount
18、 Invested Pre-Money ValuationSegment/Value Chain5/2023N/AN/A5/2023$26$1054/2023$50N/A4/2023$4$413/2023N/AN/A2/2023$10N/A2/2023Undisclosed$38$3351/2023$26$851/2023N/AN/A1/2023$42$128Financing Activity Continues Across Value Chain CategoriesSelect Industrial Software Financings($M)Industrial Software
19、Quarterly Financing Activity($M)LTM financing volume:$5.2B across 130 dealsAverage Equity Investment($M)45Supply Chain ManagementSupply Chain PlanningOrder Management and FulfillmentWarehouse ManagementProduct Design and DevelopmentIndustrial Control SystemsAsset Performanceand MaintenanceEHSEnginee
20、ring and ManufacturingManufacturing OperationsProcurement Management4$1,106$709$1,432$1,135$2,113$1,915$2,798$3,087$1,482$1,840$1,127$726252844374854564743472416Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Sources:PitchB,S&P Capital IQ.Notes:Includes early-stage and later-
21、stage venture investments from funds and strategics.Financing$volume and average deal size includes only transactions with publicly available financials.Sources:PitchB,S&P Capital IQ,451 Research,press releases.Note:M&A$volume and average deal size include only transactions with publicly available f
22、inancials.3,339853975961,8702,0757764187DateAcquirerTargetTransaction ValueSegment/Value Chain5/2023N/A5/2023N/A4/2023N/A4/2023N/A2/2023$4142/2023Subsidiary ofN/A2/2023Subsidiary ofN/A1/2023$1,0001/2023$2301/2023$5001/2023Conf.Strategic M&A Activity Continues Across the EcosystemQ1 2023 c
23、ontinued trends from 2022,with consolidators driving activity with a healthy amount of frequency but reduced deal size.Select Industrial Software M&A Transactions($M)Industrial Software Quarterly M&A Activity($M)Supply Chain ManagementProcurement ManagementSupply Chain PlanningOrder Management and F
24、ulfillmentWarehouse ManagementProduct Design and DevelopmentIndustrial Control SystemsAsset Performanceand MaintenanceEHSLTM M&A volume:$10.5B and 214 dealsAverage Deal Size($M)Engineering and ManufacturingCOVID-19ImpactManufacturing Operations5$423$13,355$7,746$3,969$14,958$9,245$12,448$2,509$4,443
25、$2,376$2,406$1,3082392550754247Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Houlihan Lokey Advisory Transaction6Acquirer#Acquisitions(Since Jan.1,2020)Targets55(2023)(2022)(2022)(2021)(2021)(2021)(2020)(2020)(2022)(2022)(2021)(2021)(2020)(2020)(2020)(
26、2021)EAM Business Solutions(2022)(2021)(2021)(2020)(2020)(2020)(2021)(2021)(2021)(2021)(2021)(2021)(2020)(2022)(2022)(2021)(2021)(2020)(2021)(2021)(2021)(2021)(2020)(1)(2022)(2022)(2021)(2020)(2022)(2022)(2020)(2022)(2020)(2022)(2021)(2021)(2021)(2022)(2021)(2023)(2023)(2022)(2022)(2020)(2023)(2022)
27、(2022)(2021)(2022)(2022)(2021)(2023)(2022)(2021)(2021)(2020)(2021)(2022)(2022)(2021)(2021)(2021)(2023)(2022)(2022)(2022)(2021)(2023)(2021)(2020)Sources:Company filings,S&P Capital IQ,PitchB.(1)Transaction is pending close.Most Active Industrial Software Strategic Acquirers7Most Active Industrial Sof
28、tware Financial SponsorsAcquirer#Investments(Since Jan.1,2020)Targets9753(2022)(2021)(2021)(2022)(2022)(2021,2020)(2020)(2021,2020)(2022)(2022)(2022)(2022,2021,2020)(2023)(2021)(2021)(2022)(2022)(2021)(2022)(2021)(2020)(2020)(2021)(2021)(2022)(2021)(2020)(2021)(2021)(2022)(2022)(2020)(202
29、2)(2022)(2022)(2022)(2022)(2021)(2020)(2021)(2022)(2022)(2022)(2021)(2021)(2021)(2021)(2021)(2021)(2021)(2020)(2020)(2020)(2020)(2022,2020)(2021)(2022)(2023)(2021)(2023)(2021)(2022,2020)(2022)(2020)(2022,2020)(2022)(2021)(2022)(2022)(2020)(2021)(2020)(2020)(2022)(2021,2020)(2021)(2021)(2023)(2022)(2
30、021)(2021)(2020)(2022)(2023)(2023)(2021)(2021)(2022,2021)(2021)(2021)(2020)(2020)(2023)(2020)(2023)Sources:Company filings,S&P Capital IQ,PitchB.Note:Based on buyout and late-stage lead investments;excludes comparatively small add-ons.70.00%80.00%90.00%100.00%110.00%120.00%130.00%May-22Jun-22Jul-22A
31、ug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23NASDAQSupply Chain SoftwareEngineering and Manufacturing TechnologyDiversified IndustrialsShare Price Performance103.0115.3107.2120.6Public Company Ecosystem SegmentationDiversified IndustrialsEngineering and Manufacturing TechnologySupply C
32、hain Software8Source:S&P Capital IQ.Notes:Market data as of May 17,2023.Figures shown as a percentage of VWAP on May 16,2022.Industrial Software Recovery Has Outperformed Broader Tech7.00 x9.00 x11.00 xJan-23Feb-23Mar-23Apr-23May-2324.00 x28.00 x32.00 xJan-23Feb-23Mar-23Apr-23May-235.00 x7.00 x9.00
33、xJan-23Feb-23Mar-23Apr-23May-2321.00 x23.00 x25.00 xJan-23Feb-23Mar-23Apr-23May-232.65x2.85x3.05xJan-23Feb-23Mar-23Apr-23May-2314.00 x15.00 x16.00 xJan-23Feb-23Mar-23Apr-23May-23Industrial Software Valuations Are Among the Highest Across All Software DomainsSupply Chain SoftwareEngineering and Manuf
34、acturing TechnologyDiversified Industrials2.2x24.3x9.1x11.4x49.4x25.6x1.7x13.5x9.1x11.6x43.5x26.6x1.0 x9.0 x3.8x8.0 x36.4x15.2xEV/2023E RevenueEV/2023E RevenueEV/2023E RevenueEV/2023E EBITDAEV/2023E EBITDAEV/2023E EBITDA2023E Trading MetricsRelative PerformanceEV/NTM RevenueEV/NTM EBITDAEV/NTM Reven
35、ueEV/NTM EBITDAEV/NTM RevenueEV/NTM EBITDALowHighMedianLowHighMedianLowHighMedianLowHighMedianLowHighMedianLowHighMedianCommentary Focus has shifted from broad supply chain optimization to supply chain risk,emphasizing the importance investors are placing on visibility,resiliency,and intelligence.In
36、vestors are more comfortable with risk profiles of supply chain software businesses,as EBITDA multiples trade at six-month highs.Least volatile of industrial software group given the established position of market incumbents and constant pace of end-market digitization.Stable revenue trading multipl
37、es but trading off below-median EBITDA multiples,illustrating a slight shift in risk appetite for revenue growth.Traditional industrial valuations have remained relatively flat as uncertainty persists in the broader macro environment.Higher costs have been offset by favorable revenue mixes and incre
38、ased digitization leading to consistent EBITDA valuations.9Sources:S&P Capital IQ,company information.Notes:Trading multiples are based on share price,other market data,and broker consensus future earnings estimates from S&P Capital IQ as of May 17,2023.All financials calendarized to a December year
39、-end.R=0.510.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x0.0%10.0%20.0%30.0%40.0%50.0%60.0%R=0.570.0 x5.0 x10.0 x15.0 x20.0 x25.0 x0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%With the persistence of macro uncertainty,the focus on the combination of growth and profitability continues to drive valua
40、tions.Valuation Correlated to Revenue Growth and EBITDA MarginRule of 40 vs.EV/2024E RevenueSupply Chain SoftwareRule of 40 vs.EV/2024E RevenueEngineering and Manufacturing Technology10Sources:S&P Capital IQ,company information.Notes:Trading multiples are based on share price,other market data,and b
41、roker consensus future earnings estimates from S&P Capital IQ as of May 17,2023.All financials calendarized to a December year-end.Selected Publicly Listed ComparablesCompany Name Market Cap EV EV/Revenue EV/EBITDA EBITDA Margin 2022E2024E CAGR USD M USD M 2023 2024 20232024 2023 2024 RevenueEBITDAS
42、upply Chain SoftwareAmerican Software$424$311 2.4x 2.1x 15.4x12.4x15.7%17.2%6.4%6.4%Aspen Technology10,411 10,668 9.8x8.7x24.8x18.7x39.4%46.6%15.4%16.0%Descartes Systems Group6,635 6,353 11.5x10.5x26.4x23.3x43.5%45.0%11.7%12.6%E2open1,585 2,548 3.9x3.7x11.4x10.5x34.0%34.8%4.6%7.4%Kinaxis3,863 3,662
43、8.5x7.1xNM 40.8x15.3%17.5%18.4%6.3%Manhattan Associates10,826 10,441 12.1x10.8x44.1x37.9x27.5%28.6%12.1%12.2%Park City Group127 101 5.0 x4.4x13.3x10.7x37.4%41.1%10.6%25.5%Samsara10,242 9,717 11.5x9.0 xNM NM NM 0.5%28.8%NASPS Commerce5,808 5,467 10.4x9.0 x35.0 x29.6x29.6%30.4%16.0%18.1%Tecsys286 265
44、2.2x2.0 x30.4x17.4x7.4%11.4%10.6%52.1%Trimble11,916 12,718 3.3x3.1x12.8x11.8x25.7%26.3%5.5%8.4%WiseTech Global15,391 15,212 24.3x19.3x49.4x37.9x49.3%50.8%26.2%26.5%Mean 8.7x 7.5x 26.3x 22.8x 29.5%29.2%13.9%17.4%Median 9.1x 7.9x 25.6x 18.7x 29.6%29.5%11.9%12.6%Engineering and Manufacturing Technology
45、Altair Engineering$5,446$5,446 8.8x8.1x43.5x36.0 x20.2%22.6%8.3%18.0%Altium Ltd.3,211 3,004 11.1x9.5x29.6x24.4x37.5%38.7%16.0%18.6%ANSYS26,223 26,304 11.5x10.4x27.6x24.1x41.6%43.4%10.2%10.2%Autodesk42,748 41,877 7.7x6.9x20.4x18.0 x37.9%38.6%9.9%12.5%Bentley Systems15,208 15,886 12.9x11.7x38.7x33.9x3
46、3.4%34.6%11.1%13.1%Cadence Design Systems55,904 54,969 13.5x12.2x30.4x26.9x44.5%45.3%12.6%14.2%Dassault Systemes52,620 51,386 7.9x7.3x22.2x20.0 x35.8%36.7%7.6%7.7%Hexagon AB30,477 33,983 5.9x5.5x15.6x14.5x37.6%38.1%5.8%8.3%PSI Software525 492 1.7x1.5x11.6x9.8x14.4%15.5%10.3%17.3%Synopsys58,742 56,56
47、5 9.4x8.6x25.6x23.4x36.8%36.7%12.9%15.3%Mean 9.0 x 8.2x 26.5x 23.1x 34.0%35.0%10.5%13.5%Median 9.1x 8.4x 26.6x 23.7x 37.1%37.4%10.3%13.6%11Sources:S&P Capital IQ,company information.Notes:Trading multiples are based on share price,other market data,and broker consensus future earnings estimates from
48、 S&P Capital IQ as of May 17,2023.All financials calendarized to a December year-end.Selected Publicly Listed Comparables(cont.)Company Name Market Cap EV EV/Revenue EV/EBITDA EBITDA Margin 2022E2024E CAGR USD M USD M 2023 2024 20232024 2023 2024 RevenueEBITDADiversified IndustrialsABB$70,352$76,832
49、 2.4x2.3x14.0 x13.5x17.1%17.2%6.0%17.0%Cognex8,871 8,392 9.0 x8.0 x36.4x27.7x24.9%29.0%1.9%2.5%Danaher166,034 181,249 6.1x5.7x18.9x17.2x32.4%33.3%0.4%(1.6%)Emerson54,055 60,888 4.0 x3.8x15.6x14.6x25.5%26.1%(7.0%)(9.8%)ESI Group571 564 3.8x3.6x18.2x14.8x21.1%24.5%4.6%18.5%Fanuc31,381 27,448 4.4x4.2x1
50、5.7x14.0 x28.2%29.6%2.4%4.1%Fortive23,221 25,235 4.2x4.0 x15.5x14.5x26.8%27.4%4.3%7.1%GE113,798 113,390 1.8x1.6x15.8x11.6x11.3%14.2%(5.1%)(1.0%)Hitachi58,865 65,598 1.0 x1.0 x8.0 x6.8x11.9%14.1%(9.5%)(0.0%)Honeywell132,702 140,977 3.8x3.6x14.9x13.9x25.5%26.1%4.8%4.5%Keysight28,253 25,626 4.6x4.3x14.
51、3x13.9x32.3%31.3%3.1%2.1%Materialise523 437 1.6x1.4x14.2x9.8x11.0%14.4%11.7%48.2%National Instruments7,683 8,128 4.5x4.2x20.4x18.5x22.2%22.8%7.8%24.5%OMRON11,995 11,460 1.8x1.7x13.0 x12.5x14.0%13.8%1.7%(0.2%)Rockwell Automation32,095 35,167 3.9x3.8x17.4x16.4x22.2%23.1%8.6%14.7%Roper48,668 54,497 9.0
52、 x8.5x22.4x21.2x40.3%40.2%9.1%8.8%Sandvik24,162 28,417 2.4x2.4x10.0 x9.6x24.2%24.6%5.6%10.5%Schneider Electric98,301 110,621 2.8x2.7x13.8x12.9x20.5%21.0%5.7%6.4%Siemens139,749 179,941 2.1x2.0 x11.8x11.2x18.0%17.5%8.0%5.6%Velo3D361 280 2.3x1.7xNM NM NM NM 43.7%(64.0%)Zebra14,040 15,879 2.9x2.7x13.2x1
53、1.9x21.8%22.9%0.5%4.1%Mean 3.7x 3.5x 16.2x 14.3x 22.6%23.7%10.3%5.9%Median 3.8x 3.6x 15.2x 13.9x 22.2%23.8%7.9%7.6%Overall Mean6.4x 5.7x 21.3x 18.7x 27.2%27.9%8.8%10.2%Overall Median4.5x 4.2x 16.6x 14.8x 25.7%26.9%8.0%9.5%12Sources:S&P Capital IQ,company information.Notes:Trading multiples are based
54、 on share price,other market data,and broker consensus future earnings estimates from S&P Capital IQ as of May 17,2023.All financials calendarized to a December year-end.Convergence of Industrial Software Is AcceleratingManufacturingSupply ChainManufacturing complexities are evolving;industrial busi
55、nesses are responding by expanding and deepening interconnections of production and efficient,nimble supply chain operations.Data correlations between the ecosystems create a feedback loop of continuous improvement,driving ever-tighter integrations and pursuit of synchronization across the industria
56、l workflow.Software categories such as warehouse management systems facilitate core aspects of both domains;product suite evolution toward end-to-end functionality has become a logical opportunity for technology providers.Operational ConvergenceData SynchronizationMarket EvolutionDriving Forces13How
57、 Houlihan Lokey Covers the Industrial Software Domain Supply chain and manufacturing processes converge to facilitate the industrial business workflow.Software has enabled the industrial business to digitalize and integrate their entire processes,from planning to manufacturing operations to supply c
58、hain execution.Overlap of end-customer bases for manufacturing and supply chain software has driven market incumbents to expand offerings across both categories.These dynamics create our holistic perspective of the industrial software ecosystem,a solution set focused on end-to-end industrial operati
59、ons.14SCADA/IIoT/DCS/PLC/HMIPLM/PIM/PDMCAD/CAE/EDAQMSMESManufacturing Software LandscapeDesign/EngineerExecute/ManufactureManage/MaintainVerification/SimulationCAMMOM/Connected WorkerEAM/CMMS/RepositoriesEHSRisk/RequirementsService/RepairMajor Platforms/Buyers15Note:Market maps are available by cont
60、acting Timothy Macholz or the team directly.Sourcing/ContractingRisk/SustainabilityDemand PlanningProcure to PayMarketplaceSupply Chain Software LandscapePlanningSourcingExecutionSupply PlanningERPSupplier Mgmt./Network DesignWMS/AutomationTMS/LogisticsFleet/Asset ManagementInventory ManagementMajor
61、 Platforms/BuyersVisibilityTransportation Procurement16Note:Market maps are available by contacting Timothy Macholz or the team directly.Segmentation of Industrial Software by Size17Company SizeEmployee Count05001,5001,500+100Source:PitchB.Note:Market maps are available by contacting Timo
62、thy Macholz or the team directly.Houlihan Lokeys widespread reach and recognized thought leadership across the industrial software market creates relationships with financial and strategic investors alike.Houlihan Lokey Has Unmatched Experience in the Industrial Software SectorThought-Leading Market
63、 Overview and EventsIndustrial SoftwareSector AnalysisIndustrial Software Market Trends Rapid technology advancements and change,coupled with the impact of the cloud,drive increasing demand for solutions from manufacturers and suppliers.Highly fragmented sector with opportunity for consolidation;lar
64、ger industry participants aggressively pursuing acquisitions,while new market entrants cause disruption.Active Ongoing Buyer DialogueActive Dialogue With Sponsors on Industrial SoftwareAnnual ConferencesOngoing Strategic Buyer Discussions Presence at key industry events throughout the year.18Domain
65、Expertise:Manufacturing SoftwareDigital Content ManagementNetwork Management SoftwareMaintenance and Repair EnablementIndustrial Asset MaintenanceInspection Software and Sensor TechPricing and Analytics SoftwareAutomotive Control SystemsManufacturing and Design TechProduct Lifecycle Management TechV
66、ersion Control/PLMDigital Process Solutions SoftwarePLM/CPQ for F&B IndustryDigital Avatars/PLMCommercial MonitoringEnterprise Resource PlanningManufacturing Verification SoftwareEnterprise Resource PlanningOperations Planning SoftwareIndustrial Manufacturing CRM19Industrial Enterprise Digitalizatio
67、nIndustrial Aftersales/Digital DocumentationTombstones included herein represent transactions closed from 2016 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.
68、has acquireda portfolio company ofBuyside Advisorhas been acquired bySellside Advisorhas been acquired bySellside Advisor*has been acquired bya portfolio company of Sellside Advisorhas been acquired bySellside Advisor*sold toa portfolio company ofSellside Advisor*has been acquired bySellside Advisor
69、*has been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisorhas soldtoa portfolio company ofSellside Advisor*has soldtoSellside Advisor*has been acquired bya portfolio company ofSellside Advisor*has been acquired by$176,000,000Sellside Advisor
70、*has sold a majority stake intoSellside Advisor*has been acquired bySellside Advisorhas been acquired bySellside Advisor*has received growth investment fromFinancial Advisor*has been acquired bya portfolio company ofSellside Advisorhas sold its stake intoSellside Advisorhas soldtoSellside Advisor*ha
71、s been acquired byan operating subsidiary ofSellside AdvisorDomain Expertise:Supply Chain ManagementDiversified Asset MaintenanceDealer Marketing and ManagementField Service/Fleet ManagementSupply Chain SoftwareSCM Connectivity and EfficiencySmart Lockers and Management SoftwareAlert Monitoring for
72、Supply Chain AssetsContingent Labor SCM and DCMMobile Field WorkflowSupply Chain IntegrationField Service/Fleet ManagementAuto/Telematics Transport and LogisticsRelationship Network ManagementLogistics and SCM SoftwareLogistics,SCM,and DCM SoftwareProcurement and Asset Management PlatformSupply Chai
73、n AnalyticsSupply Chain Software20Supply Chain OrchestrationDigital Freight Booking and Payment Platform Procurement and Contract ManagementTombstones included herein represent transactions closed from 2010 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other f
74、irms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.a portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas acquiredFinancial Advisor&Placement Agenthas been acquired bySellside Advisorhas been acquired bySellside Advisor*has be
75、en acquired bySellside Advisor*has been acquired bySellside Advisor*has sold substantially all of its assets,pursuant to Section 363 of the U.S.Bankruptcy Code,toiGPS Logistics LLCCompany Advisorhas been acquired bySellside Advisor*has acquiredfromBuyside Advisor*has entered into a definitive merger
76、 agreement withFairness Opiniona portfolio company of has been acquired bySellside Advisorhas been acquired bya portfolio company ofSellside Advisorhas received a minority investment fromSellside AdvisorAcquisition Financinghas acquireda portfolio company ofFinancing Advisor*has been acquired bySell
77、side Advisorhas been acquired bySellside Advisor*has been acquired bySellside Advisorhas completed an investment inByBoxBuyside Advisor*has acquiredBuyside Advisorhas been acquired bySellside Advisor*has been acquired bySellside Advisor*Houlihan Lokey is the trusted advisor to more top decision-make
78、rs than any other independent global investment bank.2,600+Employees36Locations$6 Billion(1)Market Cap$1.8 Billion(2)Annual Revenue25%Employee-OwnedNoDebt No.1 Global Advisor to Private Equity Firms 1,000+Sponsors Covered GloballyFinancial Sponsors Coverage No.1 Global M&A Fairness Opinion Advisor O
79、ver the Past 25 Years 1,000+Annual Valuation EngagementsFinancial and Valuation Advisory No.1 Global Restructuring Advisor$3.0 Trillion of Aggregate Transaction Value CompletedFinancial Restructuring No.1 Global M&A Advisor Under$1 Billion Leading Capital Markets Advisor Raising More Than$100 Billio
80、n in Past Five YearsCorporate Finance1998 to 2022 Global M&A Fairness Advisory RankingsRank AdvisorDeals1Houlihan Lokey1,2322JP Morgan1,0303Duff&Phelps,A Kroll Business938Source:Refinitiv.Announced or completed transactions.2022 Global Distressed Debt&Bankruptcy Restructuring Advisory Rankings Rank
81、AdvisorDeals1Houlihan Lokey582PJT Partners 303Lazard29Source:Refinitiv.2022 M&A Advisory Rankings Global Transactions Under$1 BillionRank AdvisorDeals1Houlihan Lokey3812Rothschild 3693JP Morgan217Source:Refinitiv.Excludes accounting firms and brokers.2022 Most Active Global Investment Banks to Priva
82、te Equity FirmsRank AdvisorDeals1Houlihan Lokey2422Lincoln International1923Deloitte190Source:PitchBook.Houlihan Lokey has acquired Oakley Advisory,an independent advisory firm that provides a range of services to clients across the digital infrastructure,communications services,and cloud landscape.
83、+With the addition of Oakley,Houlihan Lokey will cover the full spectrum of digital infrastructure and connectivity in the U.S.and Europe Leading Independent,Global Advisory Firm21Broadband and ConnectivityTowers and Shared InfrastructureData Centers and Managed ServicesWireless and SpectrumTelecom
84、ServicesTelecom Software(1)As of May 2023.(2)LTM ended March 31,2023.Houlihan Lokey Is the Trusted Advisor to More Top Decision-Makers Than Any Other Independent Global Investment BankNo.1Global M&A Advisor Under$1 Billion1,500+Transactions Completed Valued atMore Than$3.0 Trillion CollectivelyLeadi
85、ngCapital Markets AdvisorNo.1Global Restructuring AdvisorNo.1Global M&A Fairness OpinionAdvisor Over the Past 25 Years*1,000+Annual Valuation Engagements2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild3693JP Morgan2174Lazard2065Goldman Sachs203So
86、urce:Refinitiv.Excludes accounting firms and brokers.2022 Investment Banking RankingsAll Global Technology TransactionsAdvisorDeals1Houlihan Lokey1162Goldman Sachs1063Morgan Stanley794Rothschild765JP Morgan75Source:Refinitiv.Excludes accounting firms and brokers.22Source:Refinitiv.*Announced or comp
87、leted transactions.Houlihan Lokeys Tech M&A Team Is No.1 GloballyWith Unparalleled Reach 14LOCATIONSWORLDWIDE200+TECHNOLOGY BANKERS40+MANAGINGDIRECTORS116+TECHNOLOGY DEALS IN CY22No.1TECH M&A ADVISOR*Asia-PacificBeijingFukuokaGurugramHong Kong SARMumbaiNagoyaShanghaiSingaporeSydneyTokyoEurope and Mi
88、ddle EastAmsterdamAntwerpDubaiFrankfurtLondonMadridManchesterMilan Munich ParisStockholmTel AvivZurichAmericasAtlantaBaltimoreBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoSo PauloWashington,D.C.Local Technology team *According to data provided by Refinitiv.23We are widel
89、y recognized as a leading M&A advisor to the mid-cap and have long-standing relationships with capital providers,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 a
90、nd capital markets intelligence that we do.How Houlihan Lokey Can HelpSuperior Work Product/Technical AbilitiesCreativity,Imagination,Tenacity,and PositivityDeep,Industry-Specific ExpertiseSenior-Level Commitment and DedicationSignificant Experience With Financing MarketsNo.1 for Global Under$1 Bill
91、ion and Tech M&A*Corporate FinanceWe have the largest restructuring 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
92、2000 to 2022.Portfolio Valuation and Fund AdvisoryTransaction OpinionsCorporate Valuation Advisory ServicesTransaction Advisory ServicesReal Estate Valuation and Advisory Dispute Resolution ConsultingMergers and AcquisitionsCapital MarketsPrivate Funds AdvisoryBoard Advisory ServicesCompany Advisory
93、Creditor AdvisorySpecial SituationsDistressed M&ALiability ManagementOver 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,boa
94、rds of directors,special committees,investors,and business owners we serve.1What We OfferFinancial Restructuring2Financial and Valuation Advisory3Why Were Different Our firm is extremely well equipped to help our clients navigate uncertain times.We respond quickly to challenging situations and are c
95、onstantly helping clients analyze,structure,negotiate,and execute the best possible solutions from both strategic and financial perspectives.24*Source:Refinitiv.Excludes accounting firms and brokers.Note:Global M&A represents global transactions under$1 billion.2023 Houlihan Lokey.All rights reserve
96、d.This material may not be reproduced in any format by any means or redistributed without the prior written consent of Houlihan Lokey.Houlihan Lokey is a trade name for Houlihan Lokey,Inc.,and its subsidiaries and affiliates,which include the following licensed(or,in the case of Singapore,exempt)ent
97、ities:in(i)the United States:Houlihan Lokey Capital,Inc.,and Houlihan Lokey Advisors,LLC,each an SEC-registered broker-dealer and member of FINRA(www.finra.org)and SIPC(www.sipc.org)(investment banking services);(ii)Europe:Houlihan Lokey Advisory Limited,Houlihan Lokey EMEA,LLP,Houlihan Lokey(Corpor
98、ate Finance)Limited,and Houlihan Lokey UK Limited,authorized and regulated by the U.K.Financial Conduct Authority;Houlihan Lokey(Europe)GmbH,authorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);(iii)the United Arab Emirates,Du
99、bai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Advisory)Limited,regulated by the Dubai Financial Services Authority for the provision of advising on financial products,arranging deals in investments,and arranging credit and advising on credit to professional clients only;(iv)
100、Singapore:Houlihan Lokey(Singapore)Private Limited and Houlihan Lokey Advisers Singapore Private Limited,each an“exempt corporate finance adviser”able to provide exempt corporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kon
101、g by the Securities and Futures Commission to conduct Type 1,4,and 6 regulated activities to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Limited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(v
102、ii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825 227),a company incorporated in Australia and licensed by the Australian Securities and Investments Commission(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economi
103、c Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this communication is directed to intended recipients,including actual or potential professional clients(UK,EEA,and Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.Other p
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105、this presentation.The material presented reflects information known to the authors at the time this presentation 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 diff
106、icult to predict,that could cause actual results and developments to differ materially from those expressed in,or implied or projected by,the forward-looking information and statements.In addition,past performance should not be taken as an indication or guarantee of future performance,and informatio
107、n contained herein may be subject to variation as a result of currency fluctuations.Houlihan Lokey makes no representations 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 t
108、he subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,directors,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,off
109、er,or solicitation with respect to the securities of any company discussed herein,is not intended to provide information upon which to base an investment decision,and should not be construed as such.Houlihan Lokey or its affiliates may from time to time provide investment banking or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Disclaimer2526Corporate Finance Financial RestructuringFinancial and Valuation AdvisoryHL.com