1、Technology GroupIndustrial SoftwareSupply Chain,Engineering,and Manufacturing SoftwareMARKET UPDATE FALL 2022Representative Industry Subsectors CoveredIndustrial Software Market UpdateProcurement ManagementSupply Chain Planning/ExecutionOrder Management and FulfillmentWarehouse ManagementEHSProduct

2、Design and DevelopmentAsset Performanceand MaintenanceIndustrial Control SystemsDear Clients and Friends,Houlihan Lokey is pleased to present the fall 2022 edition of its Industrial Software Market Update.We have continued adapting to a recovering market and remain active in advising our clients as

3、they pursue M&A,financing,and other strategic initiatives.We have included industry insights,select 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 demon

4、strated incredible resilience throughout Q3 2022,despite broader macro headwinds.$9 billion of LTM financing activity,demonstrating sector resilience throughout the recent tightening on valuations.$22 billion in LTM M&A deal volume(1)with the industry at a record level of M&A activity over the past

5、two years.M&A and financing activity across industrial software will continue throughout 2022 and into 2023 as the industry experiences significant tailwinds,with end customers looking to improve operational efficiencies to combat global supply chain pressures.Regards,Sources:PitchB,S&P Capital IQ.(

6、1)M&A$volume includes only transactions with publicly available financial metrics.Manufacturing OperationsTimothy MacholzSenior Vice PresidentTMacholzHL.comRob LouvChairman,U.S.TechnologyRLouvHL.comRaiko SteltenManaging DirectorRaiko.SteltenHL.comShane KaiserManaging DirectorSKaiserHL.comSascha Pfei

7、fferHead of European TechnologySascha.PfeifferHL.comJim LavelleHead of Corporate CoverageJLavelleHL.com2Transaction Spotlight:Thoma Bravo Acquires Coupa SoftwareSources:PitchB,company website,press releases.(1)LTM Q3 FY 2022;company filings.(2)Approximate value per management guidance.Transaction Ov

8、erviewCompany HighlightsCoupa Software Product SuiteSelect Transaction Commentary On December 12,2022,Thoma Bravo announced its pending acquisition of Coupa Software for$8.0 billion,of which$6.2 billion will be cash.Through the transaction,Thoma Bravo will take Coupa Software private.The transaction

9、 is expected to close 1H 2023.Coupa Software is the market-leading provider of business spend management software and traded under the ticker NAS:COUP.Our shared vision.will enable Coupa to continue driving innovation,better serve its customers,and accelerate important growth initiatives.Brian Jaffe

10、e,Partner,Thoma BravoAcquired by$8.0B EV8.4x NTM RevenueWere looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the office of the CFO.Rob Bernshteyn,CEO,Coupa$743MSubscription Revenue(1)60%Gross Margin%(1)17%YoY Revenue Growth(2)2,500+Total Customers7M+

11、Supplier ConnectionsProcureInvoice Automation and CompliancePayments and DiscountsSupply Chain Design and PlanningStrategic SourcingContingent WorkforceTreasury ManagementSupplier ManagementSpendAnalysisTravel and Expense ManagementContract Management91%Subscription Revenue(1)$197MNet Free Cash Flow

12、s(1)3Transaction Spotlight:Trimble Acquires TransporeonSource:Press release.(1)Trimble investor relations.Transporeon Software Product SuiteSelect Transaction CommentaryWe look forward toexpanding on the companys growth trajectory and offering enhanced TMS platform solutions to Transporeoncustomers

13、in Europe and to Trimble customers in North America.Rob Painter,CEO,TrimbleThis transaction will give us the runway to take what we have created to the next level by uniting our powerful European platform with Trimbles North American carrier-focused platform.Stephan Sieber,CEO,TransporeonMarket Inte

14、lligenceFreight Procurement and RatesDock Scheduling and Yard ManagementReal Time Supply Chain VisibilityFreight Settlement and AuditTransportation ExecutionTransaction OverviewCompany Highlights On December 12,2022,Trimble announced its pending acquisition of Transporeon for$1.98 billion in an all-

15、cash transaction.Trimble purchased Transporeon from HG Capital,which originally acquired the asset in 2019.Transporeon is a market-leading provider of transportation management software.Acquired by$2.0B EV9.9x NTM Revenue$200M2023 Revenue(1)80%Gross Margin%(1)25%YoY Revenue Growth(1)145KCarriers(1)$

16、51BFreight Spend Facilitated per Year(1)90%+Subscription Revenue(1)30%Adjusted EBITDA Margin(1)110%+Net Retention(1)4Fundraising activity has recovered slightly in Q3 2022,though valuations remain depressed as end-customer demand for efficiency-enhancing software solutions remains strong to combat h

17、eadwinds that continue to be faced by the global supply chain.DateCompanySelected Investor(s)Amount Invested Pre-Money ValuationSegment/Value Chain11/2022$117$1,83010/2022$100$3309/2022$25$2308/2022$115$3007/2022$119$9816/2022$80$1,0204/2022$33$1573/2022$233NA3/2022$40Conf.3/2022$250$1,850Financing

18、Activity Continues Across Value Chain CategoriesSelect Industrial Software Financings($M)Sources:PitchB,S&P Capital IQ.Notes:Includes early-stage and later-stage venture investments from funds and strategics.Financing$volume and average deal size includes only transactions with publicly available fi

19、nancials.Industrial Software Quarterly Financing Activity($M)LTM financing volume:$9.2B across 193 dealsAverage Equity Investment($M)25294436635Houlihan Lokey Advisory TransactionSupply Chain ManagementSupply Chain PlanningOrder Management and FulfillmentWarehouse ManagementProduct Design

20、 and DevelopmentIndustrial Control SystemsAsset Performanceand MaintenanceEHSEngineering and ManufacturingManufacturing OperationsProcurement Management39$1,273$806$1,106$709$1,432$1,135$2,113$1,915$2,798$3,087$1,482$1,8403485456474347Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021

21、Q12022Q22022Q320225DateAcquirerTargetTransaction ValueSegment/Value Chain12/22$1,98112/22$8,00011/22$1,45810/22$2918/22$1,0907/22$2,1006/22$1,5754/22Conf.1/22$4801/22$36011/21$1,861Strategic M&A Activity Continues Across the EcosystemStrategics are actively looking to capture market share and positi

22、on themselves as the go-to solution for their market,and private equity looks for platform investments in a sticky market with high financial visibility.Select Industrial Software M&A Transactions($M)Industrial Software Quarterly M&A Activity($M)Supply Chain ManagementSources:PitchB,S&P Capital IQ,4

23、51 Research.Note:M&A$volume and average deal size includes only transactions with publicly available financials.Procurement ManagementSupply Chain PlanningOrder Management and FulfillmentWarehouse ManagementProduct Design and DevelopmentIndustrial Control SystemsAsset Performanceand MaintenanceEHSLT

24、M M&A volume:$21.8B and 189 dealsAverage Deal Size($M)Houlihan Lokey Advisory Transaction3,339621853975961,8702,075771268418635Engineering and ManufacturingCOVID-19ImpactManufacturing Operations264$1,873$6,828$423$13,355$7,746$3,969$14,958$9,245$12,448$2,509$4,443$2,37675Q42019

25、Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022660.00%70.00%80.00%90.00%100.00%110.00%Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22NASDAQSupply Chain SoftwareEngineering and Manufacturing TechnologyDiversified IndustrialsShare Price PerformanceIndu

26、strial software companies have experienced a stronger recovery than the broader index,as macro headwinds and economic uncertainty have weighed more heavily on broader technology firms.Industrial Softwares Recovery Is Stronger Than Broader TechSource:S&P Capital IQ.Notes:Market data as of November 30

27、,2022.Figures shown as a percentage of VWAP on December 9,2021.71.475.484.679.1Public Company Ecosystem SegmentationDiversified IndustrialsEngineering and Manufacturing TechnologySupply Chain Software7Industrial Software Has Maintained Premium Valuations Despite the Broader Technology CorrectionSupp

28、ly Chain SoftwareEngineering and Manufacturing TechnologyDiversified Industrials2.3x19.7x6.9x9.3x40.2x22.9x1.2x11.7x7.9x7.9x34.1x22.5x0.9x8.5x3.1x6.8x25.4x14.3xEV/2023E RevenueEV/2023E RevenueEV/2023E RevenueEV/2023E EBITDAEV/2023E EBITDAEV/2023E EBITDA2023E Trading MetricsSources:S&P Capital IQ,com

29、pany 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 December 9,2022.All financials calendarized to a December year-end.Relative Performance6.00 x7.00 x8.00 xSep-22Sep-22Oct-22Oct-22Nov-22Nov-22De

30、c-2224.00 x27.00 x30.00 xSep-22Sep-22Oct-22Oct-22Nov-22Nov-22Dec-2220.00 x22.00 x24.00 xSep-22Sep-22Oct-22Oct-22Nov-22Nov-22Dec-227.00 x8.50 x10.00 xSep-22Sep-22Oct-22Oct-22Nov-22Nov-22Dec-222.45x2.65x2.85xSep-22Sep-22Oct-22Oct-22Nov-22Nov-22Dec-2212.00 x14.00 x16.00 xSep-22Sep-22Oct-22Oct-22Nov-22N

31、ov-22Dec-22EV/NTM RevenueEV/NTM EBITDAEV/NTM RevenueEV/NTM EBITDAEV/NTM RevenueEV/NTM EBITDALowHighMedianLowHighMedianLowHighMedianLowHighMedianLowHighMedianLowHighMedianCommentary Supply chain optimization is still in focus,but easing pressures over the past year have reduced the tailwinds narrativ

32、e for software businesses in the space Trading off of lows,in line with broader technology industry Least volatile of industrial software group given the established position of market incumbents and constant pace of end-market digitization Trading off of lows,in line with broader technology industr

33、y Industrial players have bounced back from pandemic-driven recession in the sector Digitization is driving greater margins,better revenue mix,and inherently valuations8R=0.550.0 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%R=0.670.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0

34、x14.0 x0.0%10.0%20.0%30.0%40.0%50.0%60.0%Markets continue to favor growth,but the combination of growth and profitability yields the highest valuations.Valuation Is Correlated to Revenue Growth and EBITDA MarginRule of 40 vs.EV/2023E RevenueSupply Chain SoftwareSource:S&P Capital IQ.Notes:Trading mu

35、ltiples are based on share price,other market data,and broker consensus future earnings estimates from S&P Capital IQ as of December 9,2022.All financials calendarized to a December year-end.Rule of 40 vs.EV/2023E RevenueEngineering and Manufacturing Technology9Selected Publicly Listed ComparablesCo

36、mpany Name Market Cap EV EV/Revenue EV/EBITDA EBITDA Margin 2021E2023E CAGR USDm USDm 2022 2023 20222023 2022 2023 RevenueEBITDASupply Chain SoftwareAmerican Software$475$364 2.8x 2.7x 16.9x16.2x8.7%16.7%4.4%45.8%Aspen Technology10,428 13,985 14.7x11.4x30.4x23.2x7.7%48.4%97.2%398.8%Basware611 668 3.

37、9x3.5x33.3x18.7x6.4%11.8%3.9%79.5%Descartes Systems Group5,920 5,583 11.5x10.5x26.0 x23.4x41.0%44.3%11.9%17.2%E2open1,959 2,957 4.6x4.1x14.1x12.1xNA 32.7%NANAKinaxis3,000 2,858 7.8x6.9x39.7x40.2x5.2%19.6%28.9%134.2%Manhattan Associates7,605 7,279 9.7x8.9x36.6x33.8x21.4%26.5%10.7%23.1%Park City Group

38、97 73 3.9x3.5x11.9x9.3x25.5%33.1%3.3%25.6%Samsara6,222 6,160 9.7x7.5xNM NM NM NM 38.3%(53.0%)SPS Commerce4,876 4,531 10.1x8.6x34.7x29.7x20.8%29.0%16.7%38.1%Tecsys292 265 2.5x2.3x45.7x27.9x6.4%5.5%3.8%18.2%Trimble14,471 15,564 4.2x4.0 x17.0 x15.8x21.1%24.8%2.5%12.8%WiseTech Global11,868 11,501 24.0 x

39、19.7x46.8x37.0 x37.6%51.3%20.9%43.8%Mean 8.4x 7.2x 29.4x 24.0 x 18.3%28.6%20.2%65.3%Median 7.8x 6.9x 31.9x 23.3x 20.8%27.8%11.3%31.9%Engineering and Manufacturing TechnologyAltair Engineering$3,759$3,833 6.9x6.3x40.9x34.1x8.1%16.8%6.7%61.6%Altium Limited3,329 3,134 13.0 x11.1x36.0 x29.8x31.5%36.1%18

40、.3%28.4%ANSYS21,235 21,350 10.5x9.8x24.8x22.0 x32.8%42.5%7.1%24.5%Autodesk42,554 43,120 8.6x7.9x23.5x21.2x18.8%36.7%11.7%57.0%AVEVA Group11,872 12,756 8.2x7.4xNA 24.9x14.4%NM 8.8%56.3%Bentley Systems12,986 14,035 12.8x11.7x38.6x33.9x17.4%33.2%11.7%57.3%Cadence Design Systems45,228 44,669 12.6x11.5x2

41、9.1x25.9x30.8%43.4%13.8%36.9%Dassault Systemes48,830 48,428 8.1x7.5x21.4x19.6x25.9%38.0%8.2%31.5%Hexagon AB31,379 34,837 6.4x6.2x17.8x16.7x33.4%36.0%6.9%12.4%PSI Software372 349 1.3x1.2x10.2x7.9x12.2%12.8%1.3%12.9%Synopsys51,018 48,945 9.5x8.2x27.1x22.5x25.3%35.0%15.4%38.1%Mean 8.9x 8.1x 26.9x 23.5x

42、 22.8%33.0%10.0%37.9%Median 8.6x 7.9x 25.9x 22.5x 25.3%36.0%8.8%36.9%Sources: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 December 9,2022.All financials calendarized to a

43、 December year-end.10Selected Publicly Listed Comparables(cont.)Company Name Market Cap EV EV/Revenue EV/EBITDA EBITDA Margin 2021E2023E CAGR USDm USDm 2022 2023 20222023 2022 2023 RevenueEBITDADiversified IndustrialsABB$61,070$65,137 2.2x2.2x15.4x13.0 x15.9%14.5%0.9%4.3%Cognex8,519 7,917 7.8x7.8x27

44、.7x25.4x32.3%28.2%(0.9%)(3.7%)Danaher198,579 212,842 6.9x6.9x20.1x20.2x35.1%34.4%2.2%1.1%Emerson62,117 70,718 3.8x4.7x16.8x18.4x21.8%22.7%(9.8%)(2.4%)ESI Group447 463 3.3x3.1x16.4x13.6x10.1%19.9%(2.1%)46.8%Fanuc29,547 25,204 4.2x4.2x14.4x13.7x32.3%29.4%(1.7%)(4.5%)Fortive23,809 26,111 4.5x4.3x17.5x1

45、6.6x24.4%25.7%7.0%10.8%GE90,710 106,999 1.4x1.3x12.2x9.7x7.7%11.7%4.1%39.2%Hitachi54,795 65,501 0.8x0.9x6.8x6.8x9.2%12.2%(10.6%)9.1%Honeywell146,205 152,896 4.3x4.1x17.1x16.1x25.3%25.2%3.7%4.7%Keysight32,891 32,235 5.8x5.6x18.5x18.1x28.4%31.5%6.9%12.0%Materialise555 490 2.0 x1.8x20.7x14.9x13.6%9.8%8

46、.3%2.0%National Instruments5,218 5,589 3.4x3.1x18.2x15.2x15.1%18.5%9.9%28.8%OMRON10,262 9,570 1.6x1.5x11.3x11.0 x14.4%14.0%(0.7%)(3.1%)Rockwell Automation30,611 33,834 4.3x3.9x21.7x17.5x19.0%19.9%8.7%18.2%Roper46,066 50,508 9.4x8.5x23.2x21.0 x38.3%40.4%1.3%4.2%Sandvik23,035 27,259 2.5x2.4x10.6x9.9x2

47、3.5%23.8%1.5%3.3%Schneider Electric86,652 94,636 2.7x2.6x13.5x13.0 x18.6%19.8%4.8%9.1%Siemens119,859 159,598 2.0 x1.9x10.8x10.4x13.8%19.0%5.7%23.4%Velo3D348 262 3.4x2.0 xNM NM NM NM 120.4%5.1%Zebra13,336 15,229 2.6x2.7x12.5x11.9x21.3%21.3%0.9%3.4%Mean 3.8x 3.6x 16.3x 14.8x 21.0%22.1%16.1%9.4%Median

48、3.4x 3.1x 16.6x 14.3x 20.2%20.6%5.3%4.7%Overall Mean6.4x 5.7x 22.6x 19.6x 20.8%26.6%11.7%32.1%Overall Median4.5x 4.3x 19.3x 18.1x 20.9%25.4%6.8%18.2%Sources:S&P Capital IQ,company information.Notes:Trading multiples are based on share price,other market data,and broker consensus future earnings esti

49、mates from S&P Capital IQ as of December 9,2022.All financials calendarized to a December year-end.11Convergence of Industrial Software Is AcceleratingManufacturingSupply ChainManufacturing complexities are evolving;industrial businesses are responding through expanded and deepening interconnections

50、 of production and efficient,nimble supply chain operationsData correlations between the ecosystems create a feedback loop of continuous improvement,driving ever tighter integrations and a pursuit of synchronization across the industrial workflowSoftware categories,such as warehouse management syste

51、ms,facilitate core aspects of both domains;product suite evolution toward end-to-end functionality has become a logical opportunity for technology providersOperational ConvergenceData SynchronizationMarket EvolutionDriving Forces12How Houlihan Lokey Covers the Industrial Software Domain Supply chain

52、 and manufacturing processes converge to facilitate the industrial business workflow Software has enabled the industrial business to digitalize and integrate their entire process,from planning to manufacturing operations to supply chain execution Overlap of end-customer bases for manufacturing and s

53、upply chain software have 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 industrial operations end to end13SCADA/IIoT/DCS/PLC/HMIPLM/PIM/PDMCAD/CAE/EDAQMSMESIllustrative

54、 Manufacturing Software LandscapeDesign/EngineerExecute/ManufactureManage/MaintainVerification/SimulationCAMMOM/Connected WorkerEAM/CMMS/RepositoriesEHSRisk/RequirementsService/RepairMajor Platforms/BuyersNote:Market maps are available by contacting Timothy Macholz or the team directly.14Sourcing/Co

55、ntractingRisk/SustainabilityDemand PlanningProcure to PayMarketplaceIllustrative Supply Chain Software LandscapePlanningSourcingExecutionSupply PlanningERPSupplier Mgmt./Network DesignWMS/AutomationTMS/LogisticsFleet/Asset ManagementInventory ManagementMajor Platforms/BuyersVisibilityTransportation

56、ProcurementNote:Market maps are available by contacting Timothy Macholz or the team directly.15Houlihan Lokeys widespread reach and recognized thought leadership across the industrial software market creates relationships with financial and strategic investors alike.Houlihan Lokey Has Unparalleled E

57、xperience in the Industrial Software SectorThought-Leading Market 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 supplier

58、s Highly fragmented sector with opportunity for consolidation;larger industry participants aggressively pursuing acquisitions,while new market entrants cause disruptionActive Ongoing Buyer DialogueActive Dialogue With Sponsors on Industrial SoftwareAnnual ConferencesOngoing Strategic Buyer Discussio

59、ns Presence at key industry events throughout the year16Network Management SoftwareDomain Expertise:Manufacturing Software*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 compa

60、ny.Tombstones included herein represent transactions closed from 2015 forward.Maintenance and Repair EnablementIndustrial Asset MaintenancePLM/CAEDigital Content ManagementInspection Software and Sensor TechCommercial MonitoringPricing and Analytics SoftwareEnterprise Resource PlanningManufacturing

61、Verification SoftwareAutomotive Control SystemsManufacturing and Design TechProduct Lifecycle Management TechVersion Control/PLMEnterprise Resource PlanningDigital Process Solutions SoftwarePLM/CPQ for F&B IndustryOperations Planning SoftwareDigital Avatars/PLMIndustrial Manufacturing CRMVertical So

62、ftwarehas been acquired bySellside Advisorhas been acquired bySellside Advisor*has been acquired bya portfolio company of Sellside Advisorhas been acquired bySellside Advisor*has been acquired byan operating subsidiary ofSellside Advisorhas been acquired bySellside Advisor*has been acquired by$176,0

63、00,000Sellside Advisor*sold toa portfolio company ofSellside Advisor*has sold a majority stake intoSellside Advisor*has been acquired bySellside Advisorhas been acquired bySellside Advisor*has been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Ad

64、visorhas been acquired bySellside Advisor*has soldtoa portfolio company ofSellside Advisor*has soldtoSellside Advisor*has been acquired bya portfolio company ofSellside Advisor*has soldtoSellside Advisor*has received growth investment fromFinancial Advisor*has been acquired bya portfolio company ofS

65、ellside Advisorhas been acquired bySellside Advisor*17Integrated Facility MgmtDomain Expertise:Supply Chain Management*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.T

66、ombstones included herein represent transactions closed from 2008 forward.Relationship Network ManagementField Service/Fleet Mgmt.Logistics and SCM SoftwareLogistics,SCM,and DCM SoftwareProcurement and Asset Mgmt.PlatformMobile Field WorkflowSupply Chain IntegrationSupply Chain SoftwareSCM Connectiv

67、ity and EfficiencyDiversified Asset MaintenanceDealer Marketing and Mgmt.Smart Lockers and Mgmt.SoftwareSupply Chain AnalyticsAlert Monitoring for Supply Chain AssetsSupply Chain Softwarehas been acquired bySellside Advisorhas been acquired bySellside Advisor*has been acquired bySellside Advisor*has

68、 acquiredfromBuyside Advisor*Acquisition Financinghas acquireda portfolio company ofFinancing Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*has acquiredBuyside Advisora portfolio company ofhas acquiredFinancial Advisor&Placemen

69、t Agenthas been acquired bySellside Advisorhas completed an investment inByBoxBuyside Advisor*has received a minority investment fromSellside Advisorhas been acquired bySellside AdvisorCommodity Supply Chain SoftwareField Service/Fleet Mgmt.Auto/Telematics Transport and LogisticsAuto/Telematics and

70、Asset/Fleet Mgmt.Contingent Labor SCM and DCMhas been acquired bySellside Advisor*has been 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

71、 bySellside Advisor*has been acquired bya portfolio company ofSellside Advisorhave sold Pirelli RE Integrated Facility Managementto270 million Sellside Advisor*18 No.1 Global M&A Fairness Opinion Advisor Over the Past 20 Years 1,000+Annual Valuation EngagementsFinancial and Valuation Advisory2002 to

72、 2021 Global M&A Fairness Advisory RankingsRank AdvisorDeals1Houlihan Lokey9522JP Morgan8903Duff&Phelps,A Kroll Business882Source:Refinitiv.Announced or completed transactions.No.1 Global M&A Advisor to Private Equity Firms 1,000+Sponsors Covered GloballyFinancial Sponsors Coverage2021 Most Active G

73、lobal Investment Banks to Private Equity FirmsRank AdvisorDeals1Houlihan Lokey3232Deloitte2183William Blair183Source:PitchBook.Leading Independent,Global Advisory FirmHoulihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank.2,500+Employees35

74、Locations$6+BillionMarket Cap(1)$2.3 BillionAnnual Revenue(2)25%Employee-OwnedNoDebt No.1 Global Restructuring Advisor$3.0 Trillion of Aggregate Transaction Value CompletedFinancial Restructuring No.1 Global M&A Advisor Leading Capital Markets Advisor Raising More Than$100 Billion in Past Five Years

75、Corporate Finance2021 Global Distressed Debt&Bankruptcy Restructuring Rankings Rank AdvisorDeals1Houlihan Lokey632Rothschild383Moelis34Source:Refinitiv.2021 Investment Banking Rankings All Global TransactionsRank AdvisorDeals1Houlihan Lokey5492Goldman Sachs5113JP Morgan508Source:Refinitiv.Excludes a

76、ccounting firms and brokers.Houlihan Lokey acquired GCA in October 2021,significantly expanding the firms geographic reach in Europe and Asia and creating the most active global M&A advisory firm.Combined Global Presence:+(1)As of November 30,2022.(2)LTM ended September 30,2022.19Houlihan Lokey Is t

77、he Trusted Advisor to More Top Decision-Makers Than Any Other Independent Global Investment BankNo.1Global M&A Advisor1,500+Transactions Completed Valued atMore Than$3.0 Trillion CollectivelyLeadingCapital Markets AdvisorNo.1Global Restructuring AdvisorNo.1Global M&A Fairness OpinionAdvisor Over the

78、 Past 20 Years*1,000+Annual Valuation Engagements2021 Investment Banking Rankings All Global M&A TransactionsAdvisorDeals1Houlihan Lokey5492Goldman Sachs5113JP Morgan5084Rothschild4375Morgan Stanley393Source:Refinitiv.Excludes accounting firms and brokers.2021 Investment Banking RankingsAll Global T

79、echnology TransactionsAdvisorDeals1Houlihan Lokey1242Goldman Sachs1143JP Morgan 914Morgan Stanley875William Blair67Source:Refinitiv.Excludes accounting firms and brokers.Source:Refinitiv.*Announced or completed transactions.20Houlihan Lokeys Tech M&A Team Is No.1 GloballyWith Unparalleled Reach 14LO

80、CATIONSWORLDWIDE200+TECHNOLOGY BANKERS40+MANAGINGDIRECTORS250+TECHNOLOGY DEALS IN CY21No.1TECH M&A ADVISOR*Asia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyoEurope and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilan Munich Paris

81、StockholmTel AvivZurichNorth AmericaAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Local Technology team *According to data provided by Refinitiv.21We are widely recognized as a leading M&A advisor to the mid-cap and have long-standing relationships w

82、ith 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 and capital markets intelligence that we do.How Houlihan Lokey Can HelpOur firm is extremely

83、 well equipped to help our clients navigate uncertain times.We respond quickly to challenging situations and are constantly helping clients analyze,structure,negotiate,and execute the best possible solutions from both strategic and financial perspectives.Superior Work Product/Technical AbilitiesCrea

84、tivity,Imagination,Tenacity,and PositivityDeep,Industry-Specific ExpertiseSenior-Level Commitment and DedicationPortfolio Valuation and Fund AdvisorySignificant Experience With Financing MarketsNo.1 for Global and Tech M&ACorporate FinanceTransaction OpinionsCorporate Valuation Advisory ServicesTran

85、saction Advisory ServicesReal Estate Valuation and Advisory Dispute Resolution ConsultingMergers and AcquisitionsCapital MarketsPrivate Funds AdvisoryBoard Advisory ServicesCompany AdvisoryCreditor AdvisoryWe have the largest restructuring practice of any global investment bank.Since 1988,we have ad

86、vised 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 2021.Special SituationsDistressed M&ALiability ManagementOver nearly four decades,we have established ourselves as one o

87、f 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 owners we serve.1What We OfferFinancial Restructuring2Financial an

88、d Valuation Advisory3Why Were Different 22 2022 Houlihan Lokey.All rights reserved.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 affil

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97、 completeness of the information provided within 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.Houlihan Lokey makes no representations or warranties,expressed or implied,regarding

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99、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 information upon which to base an investment decision,and s

100、hould 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.Disclaimer2324Corporate Finance Financial RestructuringFinancial and Valuation AdvisoryHL.com