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1、Travel&Hospitality TechnologyQ3 2023 Market UpdateExecutive Summary:Q3 2023 Travel&Hospitality Tech Market Update2DateCompanyInvestor(s)/AcquirerTransactionSep-23$59M Series CSep-23$313M AcquisitionJul-23$500M Acquisition(2)Jun-23$485M AcquisitionJun-23$194M Financing(3)Market ObservationsCapital Ma
2、rkets Activity in Travel&Hospitality TechRecent Notable TransactionsIndustry Commentary$1.7 Trillion2023E Travel&Hospitality Revenue(1)Volume rebounding in 2H 2023.Peak volume aligned with public software valuation highs.“AI has enriched many aspects of our lives,much like the internet did in its ea
3、rly days,and travel is no different.Simplifying the complex world of travelrequires three critical elements to be successful:a solid tech platform,high-quality data,and an AI-first culture.”Rathi Murthy,CTO,July 2023“We are,and always will be,a people-focused industryTechnology should be a tool that
4、 we can use to monitor,measure,and enhance our service levels,and we shouldnt treat is as a means of removing the personal touch and the mark of human hospitality.”Richard Valtr,Founder,February 2023Sources:S&P Capital IQ,PitchBook,451 Research,and company press releases as of September 29,2023.(1)S
5、kift Research Global Travel Outlook 2023;revenue forecast represents the sum of hotel,airline,short-term rental,online travel agency,and cruise line 2023 revenue forecasts.(2)Vitruvian Partners made a follow-on investment in OAG as part of the transaction,which values the combined company at$500 mil
6、lion.(3)Comprised of$85 million of equity and$109 million of debt.Through Q3 2023,the travel&hospitality tech sector has seen significant improvement in both capital investment and M&A activity,with volumes recovering from 2022 lows.Core travel&hospitality markets are approaching a full recovery as
7、both leisure and business travel spending continues to increase,with air traffic outpacing pre-COVID-19 levels and Hotel RevPAR predicted to continue its upward trajectory through 2024;we expect these tailwinds will drive further investment activity going forward.There is a significant opportunity f
8、or further tech adoption across the travel&hospitality sector as operators look to improve efficiency and optimize the traveler experience.47 37 44 31 40 14 32 27 41 43 40 41 41 35 27 19 24 38 29 61 61 71 66 72 61 46 64 73 63 63 62 77 60 41 63 56 62 72 108 98 115 97 112 75 78 91 114 106 103 103 118
9、95 68 82 80 100 101 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3200222023M&AFinancingsTravel&Hospitality Tech Recent Notable Transaction Activity3Oct-22:Holidu raised$102M of funding led by 83north.Jun-22:Mews raised$185M of funding led by Goldman Sachs and Kinnevik.Mar-21:Turnkey acquired by V
10、acasa for$619M.Jan-21:Klook raised$200M of funding led by Aspex Management.Jul-21:Yanolja raised$1.7B of funding led by SoftBank and Hexagon Ventures.Feb-22:Avantstay raised$500M of funding led by Saluda Grade Ventures.Nov-22:Hopper raised$96M of funding led by Capital One Financial.Sep-22:Traveloka
11、 raised$300M of funding led by BlackRock.Mar-23:Cvent acquired by Blackstone for$4.6B.Aug-22:Guesty raised$170M of funding led by Apax,MSD,and Sixth Street.Mar-23:Travelport raised$200M of funding from Elliott Management and Siris Capital.Mar-23:Placemakr raised$65M of funding led by a consortium of
12、 investors.Apr-23:Tripleseat acquired by General Atlantic for$500M.Oct-22:Navan raised$304M of funding led by Group 11.May-23:IBS Software sold a 35%minority equity stake to Apax Partners for$450M.May-23:Hostaway raised$175M of funding led by PSG.Nov-21:Egencia acquired by Amex Global Business Trave
13、l for$750M.Aug-21:Hopin raised$450M of funding led by Altimeter Capital and Arena Holdings.2021Jul-23:Infare acquired by OAG(Vitruvian)at$500M combined EV.(1)Jun-23:Airplus acquired by SEB for$485M.Jul-23:Guestline acquired by The Access Group.Jun-23:GetYourGuide raised$194M of funding led by Blue P
14、ool Capital and Unicredit.20222023Dec-21:Getaroom acquired by B for$1.2B.Sources:PitchBook,CB Insights,company filings,company websites,and company press releases.(1)Vitruvian Partners made a follow-on investment in OAG as part of the transaction,which values the combined company at$500 million.Jan-
15、22:TravelPerk raised$115M of funding led by General Catalyst and Kinnevik.Houlihan Lokeys travel&hospitality tech index outperformed the S&P 500 in both the YTD and the LTM period,up 32%and 38%,respectively.(1)4Travel&Hospitality Tech Index(2)S&P 500FTSE Global All Cap IndexNasdaqSource:S&P Capital
16、IQ.(1)Based on stock price performance as of September 29,2023.(2)Includes all companies shown on pages 13 and 14 except for Global Hospitality Brands,Airlines,AMEX Global Business Travel,and Selina and is weighted on a market-capitalization basis.Travel&Hospitality Tech Index(2)S&P 500FTSE Global A
17、ll Cap IndexNasdaqLTM Performance(1)September 2023 YTD Performance(1)Outsized Public Market Performance Aided by Broader Tech Market ReboundFueled by continued improvement in the broader travel and tech markets,travel&hospitality tech stocks have significantly outperformed major indices.108%91%63%85
18、%32%12%26%8%38%20%25%18%Top Performers:Sep-23 YTD(1)(2)53%60%121%84%56%60%Top Performers:Sep-23 LTM(1)(2)42%47%10%42%43%36%47%29%28%11%Q1 2023Q3 2023Business Traveler Outlook on Return to 2019 Spending Levels(Q1 2023 vs.Q3 2023)In 1 year1-3 years3+yearsUnlikely0255075100125Jan-20Mar-20Jun-20Sep-20De
19、c-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Skift Global Travel Health Index Score(1)TotalAviationHotelsWhat Houlihan Lokey Is Following in the Market5Global travel has returned to 2019 levels,with the outlook continuing to improve as business travel makes a comeback.(1)Ski
20、ft Travel Health Index as of September 30,2023.(2)2023 Deloitte Corporate Travel Study.(3)Skift Research.2Shifting Expectations Indicate Optimistic Outlook for Business Travel Recovery1Global Travel Reaches Post-Pandemic Inflection PointThe increasing importance of face-to-face interactions has quic
21、kly changed the outlook for business travel recovery:71%of U.S.companies expect a full recovery in travel spend by the end of 2024.(2)As of Q3 2023,42%of business travelers expect spend to return to 2019 levels in the next 12 months,compared to only 10%in Q1 2023.(3)After surpassing pre-pandemic lev
22、els in April 2023,the global travel market has continued to improve across both business and leisure travel.+32%2019Business traveler expectations shifting toward a near-term recovery0%30%60%90%120%150%180%Dec-19Apr-20Aug-20Dec-20May-21Sep-21Jan-22May-22Oct-22Feb-23What Houlihan Lokey Is Following i
23、n the Market(cont.)6Hotel metrics continue to trend upwards,as vacation rentals show some softness in the post-pandemic era.4Vacation Rental Market Experiencing Relative Headwinds3Hotel Recovery Led by Increased Pricing Highlights Importance of TechnologyWhile hotel occupancy is trending upwards,inc
24、reased ADR is the primary driver behind RevPAR recovery.While 91%of hotel companies leverage PMS solutions to manage operations,RMS solutions are still vastly underutilized with only 28%market penetration.(2)2019(1)Sep-23(1)Occupancy66.6%66.2%Average Daily Rate$130.22$160.18RevPAR$86.77$106.07(15%)(
25、10%)(5%)0%5%10%15%Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Hotel RevPAR has surpassed 2019 levels even as occupancy remains lower.Revenue management systems are the primary investment focus for hotels,with 45%reporting they expect to invest in an RMS as maintaining ADRs becomes in
26、creasingly important for growth.(2)Vacation rental market share remains above pre-pandemic trend;however,occupancy and pricing premium metrics are waning as consumers return to hotels.(1)STR.(2)Hotel Tech Benchmark.(3)Transparent.(4)Beyond and STR.U.S.Vacation Rental Occupancy vs.2019(3)Vacation Ren
27、tal Unit Revenue Premiums Shrinking(4)Vacation rental occupancy dipped below 2019 levels as travelers began to return to hotels given easing of hotel COVID-19 protocols.Peak pricing reached during the end of pandemic lockdowns,driven by extremely high interest in travel and social-distancing-friendl
28、y options.The impact of climate change has driven increased demand for more sustainable travel options,with more travelers prioritizing sustainability over cost than ever before.Travel&hospitality operators are increasingly focused on investing in technology solutions that unlock premium pricing of
29、sustainable offerings.The massive addressable market for travel&hospitality technology has created a fragmented landscape of innovative point solutions that is ripe for consolidation.Large,public players and sponsor-backed platforms have begun opportunistic acquisitions to further build out end-to-e
30、nd solutions.Providing a seamless travel experience is an inherently complex problem:80%of U.S.travelers experienced at least one travel-related problem in 1H 2023.(2)Travel operators are increasing investment in technology to streamline operations,improve worker productivity,and meet changing consu
31、mer demandsThe travel&hospitality market has rebounded and continues to expand,driven by pent-up demand from both business and leisure travelers.In 2023,revenue across air travel,hotels,vacation rentals,OTAs,and cruises is expected to reach$1.7 trillion+.(1)71Massive Market23Digital TransformationSu
32、stainability DriversInvestor interest is growing in the travel&hospitality sector,driven by strong financial recovery and a shift towards technology and automation.Attractive Market Dynamics Powering Interest in Sector Post Pandemic4Highly Fragmented Market63%Global Companies Interested in Increasin
33、g Sustainable Travel,Even if Costs Increase(3)42%Travelers Who Paid Extra for a More Sustainable Option in the Past 12 Months(3)73%Travelers Who Are“Likely or Very Likely”to Return to a Hotel That Meets Their Technology Expectations(2)$1.8BEstimated Addressable Market for AI-Powered Chatbots in the
34、Travel Industry(2)(1)Skift Research Global Travel Outlook 2023.(2)Skift Research and McKinsey&Co.,“The promise of travel in the age of AI.”(3)Skift U.S.Travel Tracker Research.$145B2023E Global STR Gross Bookings(1)$840B2023E Global Hotel Room Revenue(1)$585B2023E Global Airline Passenger Revenue(1)
35、Leading Strategic Consolidators*Sponsor-Backed CompaniesSubsector Spotlight:Hotel Software Landscape8Core OperationsBack-OfficeEnd-to-End SuitesSales&MarketingIndicates an operating subsidiaryEnterpriseIndependent&BoutiqueProperty Management SystemsChannel Manager+Booking EngineCentral Reservation S
36、ystemsBooking Engine Point SolutionsRevenue Management SystemsCRM&MarketingGuest Engagement&UpsellingReputation Mgmt.BI&Rate IntelligenceGuest ExperienceWorkforce ManagementTo view the full market map,please contact:Pat.HagertyHL.comFinance&AccountingTravel&Hospitality Tech Private Capital Deal Dash
37、board9Travel&Hospitality Tech Financing ActivityFeatured Sep-23 YTD Travel&Hospitality Tech Financings($M)DateCompanySelected Investor(s)Equity InvestedEquity Funding to DateLatest Reported Valuation9/27$59$182NA7/7$23$43NA6/29$33$54NA6/1$85NA$2,0005/31$175NANA5/15$450$680NA5/11$27$27$963/31$200NANA
38、3/21and others$65$350NA3/16$25NANA1/31$15NANASources:PitchBook,CB Insights,company filings,company websites,and company press releases.Q3 2023 financing activity has risen relative to 2022,reflecting continued interest in the travel&hospitality tech space.62 77 60 41 63 56 62 72 Q4-21 Q1-22 Q2-22 Q3
39、-22 Q4-22 Q1-23 Q2-23 Q3-23Highlighted Travel&Hospitality Tech FinancingsSources:PitchBook,company filings,company websites,and company press releases.10A consortium led by Blue Pool and UniCredit has invested in GetYourGuide.|Announced June 1,2023Series F led byGetYourGuide is a travel booking plat
40、form designed to help travelers find and book tours and activities around the world.The platform offers ticket and excursion booking services for culture,sports,food,and nature-related activities,including skip-the-line tickets and last-minute booking ideas.The funds will be used to expand into new
41、markets,add more activities and experiential events to the platform,and boost AI and other technology capabilities to improve discovery and personalization on the platform.Blue Pool Capital led the equity round with participation from existing investors KKR and Temasek.The debt financing was led by
42、UniCredit with participation from BNP Paribas,Citibank,and KfW.GetYourGuide Profile:Founded 2009$194M Series F($85M equity,$109M debt)$2B post-money valuation950+employeesBerlin,GermanyA consortium led by PSG has invested in Hostaway.|Announced May 31,2023Investment led byHostaway is an all-in-one v
43、acation rental software and management platform.The platform offers property management,channel management,operations,automation tools,analytics,reporting,and communication tools for property managers.The company plans to use the proceeds to expand globally,grow headcount,strengthen customer service
44、 and onboarding processes,and pursue both organic and inorganic opportunities to expand market share.The round was led by PSG with participation from Vendep Capital,Leap,and Business Finland.Hostaway Profile:Founded 2015$175M financing1,000+vacation rental property managers across the platformHelsin
45、ki,FinlandApax Partners has acquired a 35%stake in IBS Software.|Announced May 15,202335%acquisition byIBS Software is an operations management software platform for the aviation,tour and cruise,hospitality,and energy resources industries.The platform offers operations,loyalty management,consulting,
46、solutions engineering,cargo,transformation,quality,and product implementation solutions for airlines,cruises,airports,and hotel chains.With its partnership with Apax,IBS Software will continue operating on its mission to transform how travel companies operate in a digital world.Apax acquired a minor
47、ity stake from Blackstone,which acquired a 35%stake in 2015.IBS Software Profile:Founded 1997Acquisition of 35%stake for$450M($1.3B EV)from Blackstone4,000+employeesTrivandrum,IndiaSiris Capital Group and Elliot Management have invested in Travelport.|Announced March 31,2023Investment byTravelport i
48、s a retail platform for the travel and tourism industry.The platform offers distribution and payment solutions to power travel bookings for travel suppliers and connects travel suppliers with travel buyers.The funds will be used to help the company execute its growth strategy,which includes pursuing
49、 M&A opportunities.The financing is a follow-on investment from Elliott Investment Management and Siris Capital Group,both of which originally acquired Travelport for$4.4 billion in a take-private transaction in 2019.Travelport Profile:Founded 1971$200M investment from existing owners4,100+employees
50、Langley,United KingdomTravel&Hospitality Tech M&A Deal DashboardTravel&Hospitality Tech M&A ActivityFeatured Sep-23 YTD Travel&Hospitality Tech M&A Deals($M)Announced DateAcquirerTargetEnterprise Value9/6$3137/28$5007/13NA7/11NA6/21$706/21$4856/2$664/27$5003/14$4,6002/1$401/30$15011Sources:PitchBook
51、,CB Insights,company filings,company websites,and company press releases.(1)Vitruvian Partners made a follow-on investment in OAG as part of the transaction,which values the combined company at$500 million.Q3 2023 M&A activity has pulled back a bit compared to the prior quarter but was higher compar
52、ed to Q3 2022.(1)41 41 35 27 19 24 38 29 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23Highlighted Travel&Hospitality Tech M&ASources:PitchBook,company filings,company websites,and company press releases.12Infare has been acquired by OAG,a portfolio company of Vitruvian Partners.|Announced July 28,
53、2023Acquired byInfare is a provider of competitor air travel data,empowering airlines to make effective pricing decisions.The platform offers analytics tools for day-to-day and long-term strategic revenue management,pricing and network decisions,in-depth airfare observations,and analysis of current
54、and historic competitor pricing.The acquisition enables OAG to deliver consistent and accurate information across the wider supply and demand value chain and will allow the combined company to deliver new product innovation for customersVitruvian Partners made a follow-on investment in OAG as part o
55、f the transaction,which values the combined company at$500 million.Infare Profile:Founded 2000100 employees$500M combined EVLuton,United KingdomSequoiaSoft has been acquired by Septeo,a portfolio company of Hg Capital.|Announced July 13,2023Acquired bySequoiaSoft is a developer of business managemen
56、t software for the hospitality,restaurant,outdoor accommodation,and wellness industries.The platform offers a central reservation system,bookings management,marketing campaign management,guest relations,inventory,and billing software.The acquisition will allow SequoiaSoft to pursue additional M&A op
57、portunities in the European market,boost customer relationships,and offer additional services.Hg Capital acquired Septeo in 2020 for an undisclosed amount.SequoiaSoft Profile:Founded 2010400+employeesValbonne,FranceGuestline has been acquired by The Access Group,a portfolio company of Hg Capital and
58、 TA Associates.|Announced July 11,2023Acquired byGuestline is a developer of hospitality software designed to offer administration management assistance.The platform offers property and payment management,channel distribution,and digital marketing for independent hotels,hotel chains,pub companies,an
59、d serviced apartments.The acquisition will allow The Access Group to expand the range of products that it can offer hotel operators,who will benefit from a greater range of solutions that best suit their requirements.TA Associates acquired The Access Group in 2015.TA Associates and Hg Capital led fo
60、llow-on investments in The Access Group in 2018,2020,and 2022.Guestline Profile:Founded 1991240+employeesShrewsbury,United KingdomTripleseat Software(Tripleseat)has been acquired by General Atlantic.|Announced April 27,2023Acquired byTripleseat is a developer of cloud-and mobile-based event manageme
61、nt software intended for fine and casual dining,hotels,catering,bars,restaurants,and other industries.The platform offers options such as instant lead alerts,e-signatures,online payments,synced calendars,and automatic exporting.In partnering with General Atlantic,Tripleseat will focus on expanding m
62、arket reach,product,and technology development,pursuing strategic M&A and scaling into additional markets.Tripleseat Profile:Founded 2008$500M valuation200+employeesConcord,Massachusetts25%21%16%(1)Travel&Hospitality Tech Public Trading Metrics13LTM Share Price Performance25%25%41%16%21%5%LTM Share
63、Price Performance41%25%Public Travel&Hospitality Tech EcosystemSource:S&P Capital IQ as of September 29,2023.(1)Excluded from chart and figures due to corporate structure changes.(2)Excluded from chart and figures due to IPO in LTM period.5%(2)(50%)0%50%100%Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23
64、Apr-23May-23Jun-23Jul-23Aug-23Sep-23Hospitality Operations&DistributionOTAs&MetasearchGlobal Hospitality BrandsAirlinesCorporate Travel ManagementAlternative AccomodationsOTAs&MetasearchHospitalityOperations&DistributionGlobal Hospitality BrandsAirlinesAlternative AccommodationsCorporate Travel Mana
65、gementTravel&Hospitality Tech Public Trading Metrics(cont.)14Source:S&P Capital IQ as of September 29,2023.Note:Multiples shown represent median value of sector group.Enterprise Value/2023E RevenueEnterprise Value/2023E EBITDAPublic Travel&Hospitality Tech Ecosystem2023E Revenue/2023E EBITDA Multipl
66、e4.7x/13.6x2.1x/12.2x2.7x/14.2x0.6x/4.5x6.4x/13.4x2.7x/NM6.4x4.7x2.7x2.7x2.1x0.6xHospitalityOperations&DistributionGlobal HospitalityBrandsAlternativeAccomodationsOTAs&MetasearchCorporate TravelManagementAirlines14.2x13.6x13.4x12.2x4.5xNMOTAs&MetasearchGlobal HospitalityBrandsHospitalityOperations&D
67、istributionCorporate TravelManagementAirlinesAlternativeAccomodationsOTAs&MetasearchHospitalityOperations&DistributionGlobal Hospitality BrandsAirlinesAlternative AccommodationsCorporate Travel ManagementHighly Active Global Travel&Hospitality Tech Team15U.S.Travel&Hospitality Tech TeamLeader in Tra
68、vel&Hospitality Tech Advisory*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.has been acquired bySellside Advisor*European Travel&Hospitality Tech TeamJames CravenMana
69、ging Director+44(0)20 7484 4083James.CravenHL.comJaimee GilbertsonAssociate+46(0)72 032 58 91Jaimee.GilbertsonHL.comRaymond FrjdManaging Director+46(0)70 747 25 17Raymond.FrojdHL.comTombstones included herein represent transactions closed from 2016 forward.has been acquired bySellside Advisorhas mer
70、ged within an investment backed byFinancial Advisorhas received a significant investment fromSellside Advisorhas soldtoSellside Advisor*a portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas been acquired bya wholly-owned subsidiary ofSellside Advisora portfolio company
71、ofhas sold its North American Experience Education brands toSellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has received a$100M+investment led byFinancial Advisor*has been acquired bySellside Advisorhas been acquired byS
72、ellside Advisor*has completed a pre-packaged Chapter 11 Plan of ReorganizationCompany Advisora wholly-owned subsidiary ofhas received a capital injection and sold a majority stake toSellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bya portfolio company ofSe
73、llside Advisora portfolio company ofhas been acquired bySellside Advisor*has received a growth investment fromSellside Advisor*has been acquired bySellside Advisor*majority sold toSellside Advisor*a portfolio company ofhas been acquired bySellside Advisorhas been acquired byRevolver,Term Loan&DDTLAc
74、quisition FinancingExclusive Placement AgentChris GoughManaging Director+1 415.273.3696 Chris.GoughHL.comPat HagertyVice President+1 646.259.7528 Pat.HagertyHL.comKevin WalshManaging Director+1 415.273.3664Kevin.WalshHL.comDisclaimer16 2023 Houlihan Lokey.All rights reserved.This material may not be
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