1、ATLANTAAUSTIN LOS ANGELESMINNEAPOLIS NASHVILLENEW YORKSEATTLESupply Chain TechnologyMarket UpdateWinter/Spring 2024This presentation is being furnished by Cascadia Capital,LLC(“Cascadia”)to the recipient and is intended as an outline of matters for informational and discussion purposes only.The info

2、rmation contained in this presentation,including any market data and industry information,has been derived entirely from material supplied by public sources,which Cascadia believes to be accurate;however,no independent verification of such material has been made and any estimates made by Cascadia ba

3、sed on material from such sources are by their nature inherently inexact.Accordingly,Cascadia does not make any representation or warranty,nor is any such representation or warranty implied,as to the accuracy or completeness of the information contained herein,and Cascadia is not responsible for any

4、 misstatements or omissions in this presentation.Cascadia has no obligation to update the information contained herein.This presentation may include certain statements,estimates and projections with respect to a company,or industry,including certain forward-looking statements.Any such statements,est

5、imates and projections reflect various assumptions,which may or may not prove to be accurate or correct,concerning anticipated results and are subject to significant business,economic and competitive uncertainties and contingencies,all of which are beyond the control of Cascadia.Accordingly,there ca

6、n be no assurance that such statements,estimates and projections will be realized.Such statements,estimates and projections are likely to vary from actual results and those variations may be material.No such statements,estimates or projections constitute a guarantee,promise,forecast or prediction of

7、 the future and Cascadia does not represent or warrant that any estimates or projections will be achieved.Cascadia neither:(i)accepts responsibility for or makes representations as to the accuracy or completeness of any forward-looking statements,estimates or projections contained in this presentati

8、on,nor(ii)undertakes any obligation to update or revise any forward-looking statements,estimates or projections for any reason after the date of this presentation.All financial data in this presentation is provided for informational and discussion purposes only.Past performance is not necessarily in

9、dicative,or a guarantee,of future results.There can be no assurance that any Cascadia project will achieve comparable results as those presented herein.The information contained in this presentation is strictly confidential and may not be reproduced,distributed,disclosed or disseminated,in whole or

10、in part,to any third party without the prior written consent of Cascadia.2DisclaimerBig Data and AI/ML are Omnipresent Today,with the help of big data,artificial intelligence,and machine learning,companies have added new capabilities to manage risk and augment supply chain planning and logistics.Org

11、anizations can leverage their immense data sets of real time data across the entire supply chain and apply advanced analytics to proactively identify and manage risks before they occur and gain better insights on the business.Omni-Channel Has Changed the Distribution Center Model The growth in omni-

12、channel has pressured brands into streamlining their fulfillment footprints and has pushed both manufacturers and retailers to get closer to their customers.The fulfillment experience has become more customer-centric,as customers(both B2B and B2C)require faster and more flexible delivery options,suc

13、h as buy online pick up in store(BOPIS)and curbside delivery.Within the warehouse/distribution center,omni-channel growth had led to higher transaction rates,requiring more staff and costs to run multiple locations rather than a traditional central distribution center model.Combined with labor short

14、ages,employee retention issues,and rising costs,these factors have encouraged companies to look at more warehouse automation solutions including hardware(autonomous vehicles,robotics)and software(WMS,yard management).Executive Summary3Interconnected Supply Chains are at Higher Risk of Disruption In

15、the early stages of the Covid-19 pandemic,supply chain planning grew in importance as supply chain challenges across the globe emphasized the need for comprehensive and restructured planning processes.Companies historically relied on a mix of applications for specific functional needs(e.g.,demand pl

16、anning,sales and operations planning),but the disparate systems did not provide the required visibility across the enterprise.Recent geopolitical events including the Russia-Ukraine conflict,ongoing U.S.-China competition,and Israel/Hamas conflict(and related Suez Canal issues)have added significant

17、 stress to global supply chains.To combat such disruptions,companies have focused on improving supply chain resilience,combining increases in the inventory of critical products,components,and materials with efforts to diversify supply bases while localizing or regionalizing supply and production net

18、works.Supply Chain Interconnectivity is Intensifying Complex supply chains,tight schedules,increasing customer demands,and pressure to reduce costs are some of the challenges companies face in their operations.The rate of disruption and change has added complexity and put tremendous pressure on supp

19、ly networks,and businesses have turned to software and technology to become more efficient and nimble.Across the logistics landscape,as supply chains have become more complex,so has the movement of goods.The global supply chain today is highly interconnected,with raw materials and goods shipped dail

20、y across vast distribution networks that span multiple continents and require multiple transportation modes.To tackle volatile transportation costs,organizations need to diversify transport modes.ESG and Risk Management are Top Priorities Companies are increasingly focused on ESG policies and want t

21、o mitigate supplier risk and support sustainability initiatives,such as sustainable logistics(e.g.,EVs,optimized routing to limit energy use).Enhanced visibility tools and data analytics enable businesses to proactively manage risks,swiftly respond to disruptions,and identify alternative suppliers d

22、uring times of uncertainty.Cascadia Capital is pleased to share its Supply Chain Technology(“SCT”)market update.In this report,we provide an overview of the Supply Chain Technology ecosystem and highlight trends that will continue to shape the industry.We also provide an update on M&A and capital ra

23、ise activity.While deal activity slowed in 2023,we are optimistic that activity will improve considerably in 2024.We hope you enjoy our report.Teague CollinsManaging DFirdaus PohowallaManaging DJoe ChangVice PTable of Contents4Industry Overview1M&A and Capital Markets Update2Public Markets Update3Ca

24、scadia Capital Overview 4Appendix 501.IndustryOverviewNavigating the Modern Supply ChainTechnology innovation is the key to seamless integration,enhanced efficiency,and proactive risk management6Disruptive Artificial IntelligenceNew Category:Artificial intelligence transactions and integrations are

25、entering the Supply Chain Technology M&A market.Rapid Adoption:Industry is ripe for disruption given immense sets of real time data available across the supply chain.Supply Chain Analytics:AI will facilitate a continuous improvement cycle by analyzing performance metrics and identifying areas for en

26、hancement,ensuring that operations are always evolving and adapting to the dynamic business environment.Demand for Supply Chain VisibilityBuffering Against Delays:Companies are strategically stockpiling critical components and finished goods to counter prolonged lead times,but this adds costs.Proact

27、ive Risk Management:Enhanced visibility tools and data analytics enable businesses to proactively manage risks,swiftly respond to disruptions,and identify alternative suppliers during times of uncertainty.Rising Levels of ComplexityAdapting to Complexity:As supply chains have become more complex,int

28、egrated,and interconnected,technology innovation(both hardware and software)has empowered organizations to navigate processes with agility and responsiveness.B2B Networks:B2B supply chain networks enhance efficiency with seamless collaboration,offering transparency into the entire supply chain.Multi

29、modal Efficiency:To tackle volatile transportation costs and logistics uncertainty,organizations are diversifying transport modes.Opportunistic Warehouse AutomationLabor Strains:Warehouse labor requirements nearly doubled,prompting cost challenges and a demand for innovative solutions in logistics.B

30、rownfield Remodels:A slowdown in new construction of warehouses continues to push businesses to remodel existing spaces and introduce automation and supply chain optimization technologies.eCommerce Boom:The surge in eCommerce has prompted an increased demand for swift,just-in-time delivery(i.e.,“Ama

31、zon Effect”).Supply Chain Uplift:eCommerce has brought about positive transformations in supply chain management,facilitating electronic document exchange,reducing expenditures,enhancing data precision,abbreviating business cycles,and elevating customer service.Accelerating Transactions:In the curre

32、nt business landscape,enterprises are actively enhancing connectivity and transactional velocity to align with the swift pace of eCommerce,seizing opportunities for heightened efficiency and customer contentment.Continued Surge of eCommerceLegacy Technology Driving Significant InvestmentNew Entrant

33、Focus:Outsized investment in newer companies that are disrupting and focusing on certain aspects of the supply chain.Potential Consolidation:Investors and strategics in this space are trying to build out a more comprehensive solution because many big corporates would like to have one vendor that can

34、 do it all.Manufacturing Insight Integration:Production Optimization:Digital supply chains enable manufacturing facilities to integrate real-time data for production insight,optimizing manufacturing processes based on demand and volume fluctuations.Volume Forecasting:Technology aids in accurate volu

35、me forecasting,allowing manufacturers to align production levels with market demand,preventing overproduction or shortages.Warehouse Connectivity:Shipment Disruption Prevention:Warehouses are connected to digital supply chains for real-time tracking and monitoring,allowing them to anticipate and mit

36、igate potential disruptions in shipments,ensuring timely and reliable deliveries.Road Congestion Solutions:Technology assists warehouses in optimizing shipping schedules,considering road congestion data and providing alternatives to avoid delays.Commercial/Retail/eCommerce Challenges:Demand Variabil

37、ity Management:Digital supply chains address demand variability by incorporating accurate forecasting tools,tackling challenges posed by inaccuracies,order cancellations,and returns in commercial,retail,and eCommerce sectors.Consumer Sentiment Analysis:Technology enables businesses to analyze consum

38、er sentiment,providing valuable insights for adapting supply chain strategies to changing customer preferences.Procurement Demand Forecasting Inventory Management Order Management Last Mile Delivery TMS&Logistics Software Supply Chain EcosystemAn increasingly interconnected global supply chain neces

39、sitates disruptive technological solutionsSupplier1Manufacturing2Distribution4Recycle7Raw Materials0WMS Warehouse Automation Yard Management Freight Forwarding Fleet&Carrier Management Fulfillment&Delivery eCommerce Enablement Retail5Returns ManagementCustomer Service&EngagementCustomer6Risk Managem

40、entComplianceSales&Operations Planning InsuranceESG/SustainabilitySupply Chain VisibilitySupply Chain FinanceB2B ConnectivityBilling&Spend ManagementSupply Chain Data/AnalyticsGlobal Trade ManagementWarehousing 3Company Supply Chain Interconnectivity7$1,382$1,461$1,521$1,661$2,166$2,670$3,072$3,777H

41、outhi attacks come as a response to the outbreak of war between Israel and Hamas in Gaza.The attacks have triggered significant counter-responses from U.S.and British forces.The disruption in the region has effectively shut down shipping lanes through the Suez Canal,forcing carriers to divert routes

42、 below the southern tip of Africa.20%of U.S.freight arrives at East Coast ports after transiting the Suez Canal,meaning U.S.-bound carriers are facing significant cost increases and delivery delays.The disruptions have caused ocean container freight rates to skyrocket,up+173%since the end of Novembe

43、r.Impact of Geopolitical Events on the Supply Chain1.Drewry World Container IndexRising geopolitical tensions have transformed how businesses think about and plan for their supply chainGeopolitical ForcesThe Covid-19 pandemic pushed risk to the top of virtually every corporate agenda,with many busin

44、esses implementing formal supply chain risk management practices or investing in new software tools.Proactive monitoring of supplier risks/supply chain visibility became a primary focus.Digital transformation accelerated,with increased investment in digital tools,advanced analytics,and AI/ML to mana

45、ge risk and augment supply chain planning.Push for efficiencies through digital enablement and automation(e.g.,robots in warehouses,driverless trucks and forklifts,fully automated planning).Investment in connected supply chain technologies across planning,procurement,manufacturing,and logistics.Impr

46、oved supply chain resilience,combining increases in the inventory of critical products,components,and materials with efforts to diversify supply bases while localizing or regionalizing supply and production networks.The U.S.-China trade war has motivated some firms to shift to a“China plus one”strat

47、egy of spreading production between China and a Southeast Asian country such as Vietnam,Indonesia,or Thailand.The digitization of critical national infrastructure(CNI)means that many essential services,including power grids,water supply networks,and transportation systems,are increasingly vulnerable

48、 to cyberattacksCyberattacksThe Russia-Ukraine conflict and growing NATO tensions have given rise to greater risk exposures in capital flows,trade,and commodity markets worldwideRussia TensionsU.S.-China relations have become more complex in recent years given areas of overlapping interest and confl

49、ict,which could escalate into further financial decoupling as they strategically competeU.S.-China CompetitionThe growth of nationalism,protectionism,and populist movements in recent years can lead to deglobalization,but a renewed trend toward increased pragmatism and cooperation,fueled in part by t

50、he reaction to Russias invasion of Ukraine,has begun to emergeRising NationalismClimate change has resulted in more frequent and severe weather events,which have damaged infrastructure and disrupted supply chains,leading to resource scarcity and economic instabilityClimate RiskManagement Priorities8

51、Recent Case StudyRecent attacks by the Houthis,an Iranian-backed militant group,on container ships passing through the Red Sea have caused significant disruptions to shipping routes in the region with ripple affects across the global ocean freight marketSuez Canal DisruptionsKey Facts&ImpactsWorld C

52、ontainer Index1Composite Index Price per 40ft.Container+173%Since Nov.30thMaersk C.H.Robinson Kuehne+Nagel MSC Notable Suez Canal CancellationsCMA CGMHapagLloydEvergreenGrowth of Warehouse Automation1.US Bureau of Labor Statistics2.CoStar3.Extensiv4.PrologisOngoing macroeconomic factors will continu

53、e to support demand for warehouse automation technology Personnel Demand Warehouse labor has significantly expanded in the U.S.,nearly doubling its workforce from 2017 to 2022,reaching just under 2 million workers1.This growth presents a challenge for businesses dealing with rising labor costs,promp

54、ting the need for innovative solutions to enhance efficiency.Rent,Vacancy,and Construction Starts The industrial property sector is undergoing a significant shift,marked by a deceleration in rent increases and a surge in vacancies,while construction starts hit a 10-year low2.With logistics dominatin

55、g 90%of industrial property square footage,the trend points to a growing critical mass of outdated warehouses that will require improvements and enhancements including automation.7.7%4.6%Rent GrowthVacancyThe Supply and Demand Gap GrowsU.S.Industrial Property4Domestic Warehouse&Storage Employee Coun

56、t11.1M1.2M1.3M1.6M1.9M1.9M1.9M9Select Players in the Warehouse Automation LandscapeAlongside the recent decline in rents,vacancies have also risen in the past yearStagnant workforce coupled with growing labor demand(eCommerce)necessitates automationInteroperability is Key As warehouse automation evo

57、lves,it is critical to create platforms that integrate point solutions,foster collaboration,and manage coexistence.Many point solution providers are now offering hardware or software agnostic solutions that can integrate with any WMS,TMS,or OMS,giving the customer maximum flexibility and ease of int

58、egration.Retrofit Poses the Biggest Opportunity Greenfield warehouse launches are easier,but with declining new construction and most operations reliant on human labor,the brownfield market is the key opportunity for automation providers.This underscores the importance of agnostic solutions,as custo

59、mers are less likely to adopt automation if it disrupts their current infrastructure.A recent warehouse operator survey3 revealed that only 2%have implemented robotics or automation solutions,highlighting the brownfield opportunity.Warehouse Automation Technology Development AreasParcel/Depalletizat

60、ionAMRsPiece PickingOrchestrationInventory ManagementPower SupplyWMS SoftwareYard Management41%53%9.6%10.5%14.6%14.7%14.7%15.1%2002120222023 Q1Last-Mile Costs as%of Total Shipping CostsE-Commerce as%of Total Retail SalesImpact of eCommerce on Supply ChainsPersistent shortages and continue

61、d supply chain volatility have given rise to emerging trends in retail and logistics-adjacent sectorsChanging Landscape After year-long lead times,frequent shortages and drastically increased transportation costs,retail companies are scrambling to avoid a repeat of pandemic-related supply chain head

62、aches.Pandemic lockdowns rebalanced the sales channel mix and turbocharged online sales,fueling ancillary industries such as reverse logistics.The sudden growth in eCommerce,coupled with rising costs,has forced retailers to reevaluate all delivery and fulfillment alternatives,while also seek improve

63、ments in their supply chain management software capabilities.Outdated technology is commonplace,particularly in warehouses where WMS technology is still a new adoption for many small providers overall,the digital transformation process is still in its early stages.Data-driven software will now be a

64、mission-critical tool for retailers with complex,global supply chains.This will have a big impact on the M&A landscape for companies building solutions in this arena.M&A Impact The combination of increasingly volatile supply chain conditions,outdated technology,and the overall emphasis on supply cha

65、in visibility and resiliency has resulted in new trends in the M&A market for technology providers.Deals like Inka Groups(IKEA)acquisition of warehouse management software(WMS)provider Made4net are being done in sweeping efforts to digitize and improve supply chain efficiency.Walmarts acquisition of

66、 Volt Systems also demonstrates the emphasis on enhanced on-demand visibility into merchandising resources.Overall,global retailers now sit as a top buyer category for supply chain software,and while diversified software providers and tech-focused private equity are still active players,the heighten

67、ed demand from retail strategic acquirors increases their ability to pay.The Ongoing Impact of eCommerce and Supply Chain DisruptionsLast-Mile Delivery Service39.3%Last-mile delivery software CAGR from 2023 to 2030 with the market projected to reach$16B in 2030eCommerce Contributes to Rising Last-Mi

68、le CostsShopping Costs481%of consumers abandoned shopping carts due to unanticipated shipping costsBrand Shopping465%of consumers say“returnless refunds”motivate them to shop with a brand again103.Geographic Scope&Forecast Last Mile Delivery Market Size4.Ryder Survey1.Ryder E-Commerce2.U.S.Census Bu

69、reau12Drivers of Technology Solutions$1,897$3,777-57%-20%-44%-13%-48%-13%-55%-12%-16%(65%)(55%)(45%)(35%)(25%)(15%)(5%)5%Transportation&Logistics Sector Outlook1.DAT Annual YoY2.Drewry World Container Index3.Cushman&WakefieldPersisting challenges continue to call for new approaches and greater relia

70、nce on Supply Chain Technology11TruckingSupply Chain&Logistics Warehousing&DistributionNear-Term Rebound Unlikely:After a challenging 2023 marked by historically low trucking freight rates and high diesel prices,the industry remains hopeful for improvement in 2024Persisting overcapacity,soft freight

71、 volumes,and slow GDP growth are likely to keep the sector in a recessionary environment through the first half of the year,though glimpses of positivity are evident.Impact on Trucking Providers:Trucking freight rates have likely bottomed out and are unlikely to decline further,but the lack of capac

72、ity constraints will prevent rates from a significant improvement in the near-term.Consumer purchasing power appears to be improving and should lead to slight volume recovery.Ideally these factors result in tightened capacity levels and push spot rates higher through the second half of 2024.Benchmar

73、king the Environment:Under normal geopolitical environments,overcapacity is expected to drive declines in ocean container freight rates and subsequent increased demand for air freight as carriers deploy new strategies.However,rising international conflict is forcing freight rates higher in the short

74、 term,most notably ocean container rates given Suez Canal disruptions.Impact on Supply Chain&Logistics Providers:Forwarders and brokers will face a difficult landscape between increased capacity and potential volatility in demand.Expect a heightened focus on digitization to improve efficiencies and

75、maintain relevance in an overall depressed freight rate environment.Last mile delivery will similarly look for new investments in technology as the demand for real-time tracking and faster delivery time only increases.Warehouse Availability Spikes:The US Q4 2023 warehouse vacancy rate hit 5.2%,the h

76、ighest rate since the onset of the pandemic as storage demand continues to decline amid a pullback on inventory restocking.Domestically,newly-leased warehouse space declined 27%in 2023 leading many developers to cease plans for additional new construction.Impact on Warehouse Operators:In a recession

77、ary environment,the existing discrepancy between large and small operators is only likely to grow,as larger players maintain the ability the invest in automation technologies to cater to ever-growing speed demands,while smaller players look to cut expenditures and stay in business.Retailers will con

78、tinue to carry less inventory and expect quicker turnover,driving the need for flexibility and new inventory management workflows.2023 Trucking Freight Rate Declines,By Category1Spot Load PostsVan Load-To-TruckSpot Truck PostsVan Spot RatesFlatbed Load-To-TruckFlatbed Spot Rates3.0%2.8%3.0%3.1%3.5%4

79、.0%4.6%5.2%-1%2%3%4%5%6%Q12022Q22022Q32022Q42022Q12023Q22023Q32023Q42023Reefer Load-To-TruckLTM Drewry World Container Index(WCI)2Quarterly Vacancy Rate for US Industrial Real Estate3Fuel PricesReefer Spot RatesSuez Canal DisruptionsArtificial Intelligence in the Supply Chain1.Blue YonderSource:Publ

80、ic company websites and presentations,Gartner,Wall Street research.As the demand for speed,efficiency,and data analytics grows,supply chain operators will turn to artificial intelligence applications12Reactive Reactive and siloed supply chain Fragmented process No end-to-end visibility to dataHybrid

81、 Invested in transformation and modern initiatives Multi-cloud,multi-devices(IoT)and multi-channel(web,mobile,social)Proactive&Predictive Forward thinking and outcome-based Invested in digital workers Adopted latest technologies to solve complex business problemsAI Use CasesAutomatically detect chan

82、ges in the supply plan,predict the impact on the business,and suggest alternative plans of action through AI/ML capabilities.Enhance historical data with market trends and other external factors to predict future demand accurately,keeping inventory levels optimized and avoiding stockouts or overstoc

83、king.Predict supply lead times based on historical patterns and update changes automatically,flagging for intervention only those changes outside parameters the planner sets.Businesses have turned to analytics,decision intelligence,and machine learning/artificial intelligence to discover insights th

84、at would have otherwise gone unnoticed within existing data.While demands for more analytics-driven and real-time decision making remain high,technical hurdles limit user adoption and opportunities to drive business outcomes from these solutions.AI can be applied in different areas of the supply cha

85、in,such as demand forecasting,supply planning,inventory management,transportation optimization,and order management,making an impact from plan to execution.The growing interest in AI will continue to drive new and existing solution providers to aggressively position their solutions as AI-enabled dec

86、ision intelligence platforms.This will generate a high level of confusion for buyers,potentially resulting in dissatisfied customers and failed projects.Most organizations utilize a hybrid supply chain modelPath to Autonomous Supply Chain1Key Benefits of AI in the Supply ChainOngoing Growth of AI Us

87、e wider data sources and minimize human biases.Accelerate time-to-insight in order to speed up decision making.Bridge the gap between supply chain planning and execution and provide visibility to spot potential issues and take corrective action before they impact planning performance.Achieve a highe

88、r level of use case-specific decision support and automation-driven outcomes.React more quickly to disruptions,minimize risk,and avoid losses.Mapping The Supply Chain Technology MarketThe Supply Chain Technology market is broad and includes large and diversified platforms,specialized providers,and n

89、ew entrants13Facilitates responsive,agile planning and collaboration across an extended supply chainCapabilities include demand planning and forecasting,supply planning(automated replenishment,resource planning and scheduling),strategic planning,sourcing collaboration,procurement intelligence,procur

90、e-to-pay,supplier compliance,and connectivityHelps manage and intelligently execute the operations of a warehouse or distribution centerCapabilities include receiving,put-away,storing,stock locating,order allocation,order picking,packing,labor management,slotting,yard management,and dock schedulingS

91、upports multimodal planning and execution of the physical movement of goods across the supply chain,allowing companies to manage increasing levels of transportation complexity across multiple transport modes and geographic regionsCapabilities include freight sourcing and procurement,planning,executi

92、on,visibility,settlement,dock scheduling,routing and dispatch,and parcel optimizationEnsures the fulfillment of orders across the end-to-end supply chain,including online orders that consumers place with retailers,direct-to-consumer brands,and marketplacesCapabilities include inventory management,pr

93、e-and post-purchase customer experience,omnichannel order management,order orchestration,fulfillment automation,returns management,“buy online,pick up”configuration,and pricing and promotionsImproves transparency across the supply chain and utilizes analytics and decision intelligence platforms to a

94、chieve continuous insightsSelect CompaniesEnsures regulatory adherence,supports global trade coordination,and manages riskSelect CompaniesProvides financial services including digital payments,factoring,and trade financeSelect CompaniesPlanning and SourcingWarehousingTMS and Logistics SoftwareOrder

95、Management and FulfillmentPayments and Financial ServicesRisk,Compliance,and CoordinationOptimizationSelect CompaniesSelect CompaniesSelect CompaniesSelect CompaniesMapping The Supply Chain Technology Market14Planning and SourcingWarehousingTMS and Logistics SoftwareOrder Management and FulfillmentP

96、ayments and Financial ServicesRisk,Compliance,and CoordinationOptimizationDiversified Supply Chain TechnologyFor more details,please contact Firdaus Pohowalla or Joe Chang:Planning and Sourcing1.Gartner15Bridging organizational silos and closing the gaps between demand/supply planning and the upstre

97、am and downstream supply chainInvestment in Planning and Sourcing TechnologySupply chain challenges across the globe emphasized the need for comprehensive and restructured planning processes.Supply Chain Planning(“SCP”)market is forecasted to grow from$6.4B in 2022 to$11.4B in 2027(12.8%CAGR).1Procu

98、re-to-Pay(“P2P”)market is forecasted to grow to$7.1B by 2026.1Preference for Unified,End-to-End PlatformCompanies historically relied on a mix of applications for specific functional needs(e.g.,demand planning,sales and operations planning),but the disparate systems did not provide the required visi

99、bility across the enterprise and across planning time horizons.SCP solutions have evolved into a unified data model environment where a single model is used for planning.Prevalence of Big Data and AIMany new entrants come from the worlds of big data and AI and focus on filling use-case-specific gaps

100、 in incumbent SCP solutions,drawing from customer,supplier,and market data to provide predictive and prescriptive insights to improve decision making.Traditional SCP solution providers are embedding more advanced capabilities in their solutions,such as AI/ML,cognitive computing,and support for big d

101、ata.Growing Midmarket AdoptionWhile large enterprises have been initial adopters of this technology,midsized organizations have gained interest in expanding beyond fragmented point solutions to full-suite adoption.Midmarket customers are also most likely to invest in P2P suites because they have lim

102、ited resources for managing multiple vendors.Focus on Risk and ESG in SourcingCompanies are increasingly focused on ESG policies and want to mitigate supplier risk.The ability to seamlessly guide end users to suppliers and products that support ESG and other internal policies is a highly desired cap

103、ability.The desire to quickly reduce or shut off new purchases from high-risk suppliers is also growing,leading to more scrutiny on how well supplier information and risk management is integrated.Improved ForecastingAchieve higher forecast accuracy,accelerate decision-making,and build more resilient

104、 and responsive supply chains.Optimized PlanningEmpower business strategy with predictive insights and streamlined decisions to deliver greater resiliency and growth.Increased ResponsivenessRespond to changing market conditions and customer demands more quickly,while increasing overall responsivenes

105、s and improving overall competitiveness.Enhanced Inventory OptimizationAccess global networks,inventory and global suppliers to deliver unprecedented quality and efficiency and minimize waste.Optimized ProcurementGain invaluable insights across every selling channel with solutions that provide predi

106、ctive and autonomous optimization of the global inventory network(e.g.,how much inventory to stock,and when to order new products).Key BenefitsMarket DynamicsSales and Operations PlanningDemand ForecastingSourcing and ProcurementB2B ConnectivitySelect SubsectorsWarehousing16Improving efficiency and

107、real-time visibility in and around the warehouseInvestment in WMS TechnologyDespite being a very mature market,recent macro factors and disruptions(e.g.,labor shortages,inflation,rising costs)have spurred innovation in the Warehouse Management System(“WMS”)market,which is forecasted to grow to$3.4B

108、by 2027.1End-to-End PlatformCustomers increasingly favor suites that can support end-to-end supply chain and logistics process orchestration.Divergence Between Complex and Mass MarketsContinued divergence in the WMS market between the high-performance,complex,and sophisticated end of the market(wher

109、e cost is less of an issue)and the mass market,where functionality needs to be“good enough.”Companies have evolved to more distributed networks,supporting diverse warehouse operations that span from very simple Level 1 warehouses to highly complex Level 5 warehouses.Increase in Warehouse AutomationL

110、abor shortages are motivating companies to consider various forms of automation,from intralogistics smart robotics to complex conventional material handling automation systems.Companies Can No Longer Ignore Yard ManagementYard management has historically been the weakest link in the end-to-end suppl

111、y chain,with many companies still relying on clipboards or low-tech solutions to manage their operations.8%-10%of annual transportation budgets are wasted due to yard inefficiencies1in the form of unproductive labor,higher demurrage and detention fees,lost or misplaced trailers,product spoilage,and

112、excess inventory.Market DynamicsIncreased Efficiency and Reduced CostsOptimize and automate warehouse processes such as receiving,picking,packing,and shipping,often via advanced automation or robotics,and automate repetitive tasks and reducing manual labor.Improved VisibilityManage inventory by trac

113、king inventory,stock locations,and stock movements,and optimize picking and packing while providing real-time visibility of warehouse operations.Optimized Yard WorkflowStreamline the workflow of inbound and outbound processes in the yard with capabilities that provide better planning,visibility into

114、 dock door scheduling,and tracked movement of trucks,trailers,and containers in the yard.Key BenefitsWarehouse Management SystemsWarehouse AutomationYard ManagementSelect SubsectorsLevel 1StoreroomLevel 2Rudimentary locatorLevel 3Advanced locatorLevel 4IntelligentLevel 5AutomatedWMS for SMBsWMS for

115、3PLsWMS for Enterprises1.State Of Yard Management Report,Adrian Gonzalez,Adelante SCM2.GartnerSolutions for the most sophisticated warehouse operations where feature/function and performance are critical and cost is less of an issueSolutions for the mass market where simplicity/ease of use,reliabili

116、ty,service and support,“good enough”features,and lower cost of ownership are importantWarehouse Complexity Range2TMS and Logistics Software1.Gartner17Providing freight flexibility as shipper requirements grow/become more complex,truckload supply and demand fluctuate,and operating costs riseInvestmen

117、t in TMS and Logistics TechnologyStrong interest from organizations which have previously relied on legacy,homegrown applications or on-premises solutions and those which have never utilized a TMS solution or might have relied on an outsourced transportation management provider.TMS market is forecas

118、ted to grow to$2.2B in 2026.1Increasing Levels of ComplexityEnhancements in freight procurement,analytics,automation,support for more modes of transportation(i.e.,intermodal,parcel,rail,air and private/dedicated fleets),and visibility.Increasing capabilities to support sustainability goals and initi

119、atives.Growing importance in ability to deploy outside home region and support for modes other than over the road.Customer expectations for faster deliveries are higher than ever.TMS and WMS on the Same PlatformProvides a more comprehensive view of supply chain execution and increases efficiency by

120、automating and streamlining inventory tracking,order fulfillment,and shipping.Improves communication since TMS and WMS share components for different parts of the supply chain,such as order,customer,item and shipment.Use of AI and Machine LearningUsage of AI/ML to drive more predictive and prescript

121、ive capabilities.ML can analyze historical data and make predictions about future demand,shipping routes,and other transportation-related factors.Growth of Integration PartnershipsMany TMS solutions have gaps or lack depth of functional capability and have increasingly become receptive to building p

122、artnerships with providers who offer these types of solutions or capabilities.Increasing prevalence of API connectivity connecting to internal and external applications.Market DynamicsKey BenefitsTMS and Logistics SoftwareFleet/Carrier ManagementSelect SubsectorsOptimized Visibility,Collaboration,an

123、d Synchronization Connect all supply chain stakeholders,including marketers,producers,transporters,logistics partners,shippers,and receivers.Access thousands of carrier connections and automatically select the best service based on cost,time constraints,equipment type,and other criteria.Accurate,on-

124、the-road data provides increased visibility of changes in route conditions,with new routing options available in real-time.Reduce errors and make accurate delivery and routing decisions.Create more responsive and sustainable networks.Higher Customer SatisfactionGive customers easier access to the ev

125、ent updates they need to manage shipments.Accelerate delivery of goods to satisfy customers expectation for on-time delivery.Increased Productivity and UtilizationManage fleet resources to reduce transit times and costs.Automate workflows and eliminate costly manual processes(e.g.,dispatching and tr

126、acking vehicles,managing loads and routes,invoicing and accounting,compliance with government regulations)with execution and visibility tools to manage,track and move shipments.Broker&Forwarder Enterprise SystemsLast Mile DeliveryOrder Management and Fulfillment1.Gartner18Simplifying the fulfillment

127、 process,even as supply chains get more complexCustomers Expectation for Item Availability and Delivery SpeedThe post-2020 world was about store fulfillment and omnichannel initiatives,and customers now expect near-real-time inventory and delivery updates.Increased Investment in OMS by Smaller Busin

128、esses as Fulfillment Operations Get More ComplexSignificant growth in the number of retailers with annual revenue of less than$500M that are licensing an Order Management System(“OMS”).Since 2021,these companies account for 42%of all vendor deals,and companies with annual revenue of up to$1Bn accoun

129、t for 59%of deals.1Diversifying Order Fulfillment ModelsIncreases the need for OMS to fulfill orders from increasingly varied supply chain networks.To meet consumer shopping demands,many retailers have to increase fulfillment complexity in order to improve consumer experience.Increased Interest and

130、Investment from 3PLsRetailers have engaged 3PLs to operate fulfilment services as an outsourced activity on their behalf,which requires an OMS to do so at scale.Market DynamicsKey BenefitsIncreased Inventory AccuracyEnable real-time inventory visibility in real time,across every fulfillment node(eve

131、n in transit),so inventory is always current.Optimized Store InventoryEnable fast services such as in-store pickup,curbside pickup,and micro-fulfillment with unrivaled speed to exceed customer expectations.Intelligent Sourcing to Reduce CostsSource product from the right location to reduce bottom-li

132、ne costs,factoring in real-time inventory,promotions,operational factors(e.g.,labor resources),and geographical attributes.Omnichannel MarketingManage cross-channel promotions and discounts in any channel.Seamless Customer ExperienceProvide delivery transparency,speed,and convenience from click to c

133、ollect to meet changing consumer expectations,enabling businesses to build and nurture relationships with customers,increasing loyalty.Order ManagementInventory ManagementReturns Management/Reverse LogisticseCommerce EnablementeCommerce FulfillmentCustomer Service&EngagementSelect SubsectorsStoresHu

134、b StoresDistribution CentersDark StoresMicro fulfillment CentersSuppliers&ManufacturersWalk-In ShopperCurbside CollectionIn-Store PickupLocker CollectionHome DeliveryRemote DeliveryDemand ComplexitySupply ComplexityFulfillment ComplexityFinancial Services,Risk,and Optimization Solutions19Modernizing

135、 antiquated processes to improve transparency,ensure better risk management and controls,and gain valuable data-driven insightsPayments and Financial ServicesRisk,Compliance,and CoordinationOptimizationProvides financial services including digital payments,factoring,and trade financeKey BenefitsMode

136、rnize and streamline antiquated freight settlement processes by managing invoices by exception,reducing excessive and incorrect charges,and filing claims quickly and efficiently.Support claims management and settlement.Institute auto-payment processes with carriers and financial systems.Manage invoi

137、cing and reconciliation(audits).Allocate freight costs to the SKU level.Freight AuditBilling/Spend ManagementGlobal Trade ManagementFreight InsuranceSupply Chain VisibilitySupply Chain Finance/FactoringSelect SubsectorsSelect SubsectorsRisk Management,Compliance,ESGSupply Chain DataSelect Subsectors

138、Ensures regulatory adherence,supports global trade coordination,and manages riskKey BenefitsReduce COGS by using time-saving capabilities to leverage trade agreements and duty savings programs.Utilize current data for cross-border transactions,reduce the risk of non-compliance,and avoid delays at th

139、e border,criminal liability,and fines.Mitigate supply chain risk and establish profitability and continuity.Ensure that only suppliers that meet standards are onboarded and verify that suppliers operate within the code of conduct with respect to human rights,working conditions,and other risk factors

140、.Meet compliance obligations and avoid unnecessary fines with data that meets local requirements and regulation.Improves transparency across the supply chain and utilizes analytics and decision intelligence platforms to achieve continuous insightsKey BenefitsEnable real-time,end-to-end visibility an

141、d collaboration across the supply chain so companies and proactively manage exceptions at every stage of the journey before they occur.Improve visibility beyond Tier 1 suppliers.Provide customers with a direct line-of-sight into their inventory.Improve productivity,labor efficiency,and on-time deliv

142、ery performance.Lower-cost entry point to implement machine learning by automating the entire machine-learning workflow.Free up managements time by automating time-consuming processes like data transformation and forecast model selection.02.M&A and Capital Markets UpdateOverall market conditions for

143、 Supply Chain Technology were noticeably weaker in 2023 than in previous yearsSupply Chain Technology Deal Volume&Highlights1.Represents Capital Raises disclosed as Series A or laterPitchbook,Data as of 12/31/2023220220151812Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2

144、021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 202363637872959796987859525331402619Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Capital Raising Activity(2020 2023)1M&A Deal Activity(2020 2023)-52%2023 vs.2022 Capital Raise De

145、al Volume64Average Capital Raises Per Quarter-2%2023 vs.2022 M&A Deal Volume16Average M&A Deals Per QuarterLarger deal counts were down,but the rest of the market was relatively flat with activity exhibiting a rebound in the back half of the yearM&A Transaction SummaryPitchbook,Data as of 12/31/23No

146、te:Mean and Median Deal Sizes are based on known transaction values.2232454 M&A Deals2022 M&A Deals$500M+$25-$100$0-$25Undisclosed$100-$500$500M+$25-$100$0-$25Undisclosed$100-$50056Total Deals$921MMean Deal Size$192MMedian Deal Size55Total Deals$802MMean Deal Size$56MMedian Deal Size08346

147、311Capital Raise Transaction SummaryPitchbook,Data as of 12/31/2023Note:Mean and Median Deal Sizes are based on known transaction values.238407099252023 Capital Raises2022 Capital RaisesCapital raising holistically declined in 2023 as higher interest rates shifted investors attention away from growt

148、h-at-all-costs and toward profitable businesses,resulting in more stringent diligence processes$500M+$25-$100$0-$25Undisclosed$100-$500$500M+$25-$100$0-$25Undisclosed$100-$500242Total Raises$84MMean Amount Raised$26MMedian Amount Raised116Total Raises$29MMean Amount Raised$15MMedian Amount Raise3T L

149、ogistics is a developer of transportation management systems(TMS)software designed for shippers and carriers in the United Kingdom and broader Europe.With the acquisition of 3T,Aptean adds new capabilities to its TMS offerings in the food and beverage,fast-moving consumer goods,industrial machinery,

150、automotive and building product verticals.November 21,2023Purchase Price:UndisclosedGroundCloud is a leader in final-mile logistics automation,combining operations,safety and compliance in one integrated platform.Descartes Systems Group will leverage the acquisition to provide more holistic final-mi

151、le services and ensure seamless operations across their enterprise.February 14,2023Purchase Price:$138MBestpass is a developer of payment and toll management platform for commercial fleets and vehicles.The company assists in consolidating payments and providing insight to better manage costs.No fina

152、ncial terms were disclosed.Bestpass will use the funding to expand its offerings for commercial fleets and owner operators.Insight joins Susquehanna Growth Equity as a major Bestpass investor.June 6,2023Purchase Price:$100M(Minority Investment)Supply Chain Technology M&A SpotlightTransporeon is a pr

153、ovider of a cloud-based logistics platform specializing in offering web-based centralized transport management and market intelligence.The all-cash purchase of$2,100 was funded through a combination of cash on hand and new indebtness.Trimble also obtained$2,100 in committed financing,subject to cust

154、omary conditions.April 3,2023Purchase Price:$2,100MCoupa is a provider of a cloud-based business spend management platform that offers visibility,invoicing,expense management,and payment solutions.Coupa stockholders were entitled to receive$81.00 per share in cash for each share of Coupa common stoc

155、k they owned.Coupas common stock ceased trading and was delisted from Nasdaq.February 28,2023Purchase Price:$8,193M24Strategic acquirors continue to add capabilities to their technology stacks in pursuit of fulsome solutions,while private equity investors seek platform opportunities with outsized gr

156、owth potentialTargetTargetTargetTargetTargetAcquirerAcquirerAcquirerAcquirerAcquirerCompany filings and press releasesFaire is an operator of an online wholesale marketplace designed to mitigate the burden of inventory risk for retailers.This partnership brings together two category leaders in retai

157、l and commerce to expand Shopifys B2B offerings and help drive growth for the brands and independent retailers the two companies serve.September 27,2023Venture Funding Amount:Undisclosed25Covariant is a developer of artificial intelligence-based robots and software designed to create a roadmap and d

158、eploy robotics across operations.The funding will be used to ensure todays leading retailers and their logistics providers are able to deploy robotic picking quickly and without disruption to their current operations.April 4,2023Series C1 Venture Funding Amount:$75MRose Rocket is an operator of tran

159、sportation management software intended to manage the business requirements of less-than-truckload carriers.The funding will be used to accelerate expansion into larger fleets in the enterprise,as well as to further accelerate its investments in product development and network collaboration efforts.

160、June 20,2023Series B Venture Funding Amount:$38MBoxbot is a developer of a parcel logistics automation platform designed to solve core operational challenges throughout parcel delivery networks.The funds will be used to accelerate the companys mission of enabling carriers to provide more efficient d

161、elivery experiences and bolster the teams engineering and business operations.September 18,2023Series A-1 Venture Funding Amount:$12MSupply Chain Technology Capital Raise SpotlightTop venture capital and growth equity firms have backed Supply Chain Technology platforms with established product-marke

162、t fit,a visionary and execution-focused leadership team,and strong growth prospectso9 Solutions is a developer of a cloud-based business planning and management platform intended to leverage AI and transform enterprise decision-making.The funding came at a premium to the last funding round.It will b

163、e used to fuel future organic growth and continue delivering measurable outcomes that drive continued customer satisfaction.July 19,2023Development Capital$116MInvestorsInvestorsInvestorsInvestorsInvestorsTargetTargetTargetTargetTargetCompany filings and press releasesMost Active Strategic BuyersPit

164、chbook26Strategic M&A:Acquisitions from 2020 2023Strategic Acquiror#of SCT InvestmentsSelect SCT Investments654444202320232022220223202320232022320232022202220232020202020202020202020202020Investor#of SCT InvestmentsSelect SCT Investments574742302220Most Active VC In

165、vestorsPitchbook27Venture Capital:New Investments from 2020 202320220202220222202220202022202220222023202222022222022103.Public Markets UpdateLogistics&Fleet Technology(25%)25%75%125%175%225%Jan-19Jun-19Nov-19Apr-20Sep-20Feb-21Jul-21D

166、ec-21May-22Oct-22Mar-23Aug-23Jan-24(15%)-15%30%45%60%75%Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Public Company Stock Performance 5 YearsPublic Company Stock Performance Last 12 MonthsPublic Company PerformanceCapital IQ,Data as of 1/25/24Indexed Stock Price Perf

167、ormance for the Period January 2019 January 2024Indexed Stock Price Performance for the Period January 2023 January 2024+82%+84%+34%+209%+15%+74%+34%+22%29+138%+24%Supply Chain Management SoftwareeCommerce SoftwareSupply Chain Technology markets continues to outpace the growth of the S&P 500 Logisti

168、cs ServicesS&P 500S&P 500Supply Chain Technology subsectors and the broader ecosystem continue to trade at a premium to their counterpartsPublic Company PerformanceCapital IQ,Data as of 1/25/24Public Company Median Consensus Estimates2023E Revenue Growth2023E EBITDA Margin2023E Rule of 40(Revenue Gr

169、owth+EBITDA Margin)2024E Revenue Growth EV/2023E RevenueEV/2023E EBITDAEV/2024E EBITDAEV/2024E Revenue30Public Company Median Operating MetricsSupply Chain Management SoftwareLogistics ServicesLogistics&Fleet TechnologyeCommerce Software16.1%16.4%2.8%-18.2%29.5%20.0%20.2%12.6%13.0%13.5%3.2%2.8%45.6%

170、36.4%23.1%-5.6%9.0 x 9.6x 2.4x 1.2x 6.3x 7.8x 2.4x 1.2x 38.1x 31.4x 13.0 x 12.1x 34.8x 31.5x 15.4x 11.0 x 04.Cascadia Capital OverviewRonald RiveraMobility Tech,Technology,Media&CommunicationsMatthew RiendeauDevOps,Cybersecurity,Data,StorageCascadias Supply Chain Technology Leadership 32Providing in

171、dustry-leading advisory services to the Supply Chain Technology sectorTeague CollinsSupply Chain Technology,Sales&Marketing Technology,Retail&Commerce TechnologyJim StonePayments/FinTech,Application Software,Legal/Compliance/Regulatory TechFirdaus PohowallaSupply Chain Technology,Transportation&Logi

172、sticsOur Specialized,Expert TeamJoe ChangSupply Chain Technology,Transportation&LogisticsBroader Technology TeamExtensive market knowledge and execution excellence Over 80 years of combined experience in Technology M&A and financing.Deep relationships with key industry players Frequent dialogues wit

173、h top strategic and PE/VC investors.Senior-level attention Dedicated senior partners who provide high-touch,senior-level focus.Principal Sector FocusTransportation&Logistics Third-Party Logistics Warehousing&Fulfillment Asset/Asset Light Transportation Specialty TransportationRetail Technology/eComm

174、erce Operations Management eCommerce Enablement Customer Experience Enhancement Customer AnalyticsSupply Chain Technology Planning&Sourcing Warehousing TMS and Logistics Software Order Management&Fulfillment Payments and Financial Services Risk,Compliance,and Coordination OptimizationSubject Matter

175、and Execution Expertisehas been acquired byGrowth equity investment fromProject RadiusProvider of autonomous order fulfillment solutionsSell side M&A processProject ZeusProvider of ecommerce technology solutionsSell side M&A processRepresentative TransactionsLeading Investment Bank in Supply Chain A

176、utomation and RoboticsWe bring together the entire Robotics&Automation ecosystem for the annual Cascadia Connect RAAI Conference hosting founders&CEOs,investors,service providers and academia leaders to discuss the most relevant topics in the market.Many attendees have labeled it one of the best eve

177、nts in the industry.See the 2023 Conference Recap Here Cascadia is committed to providing our market insights developed through deep sector coverage and research as well as active dialogue with hundreds of Robotics&Automation companies and investors.Read more of our Content here:AMR and Logistics Co

178、nference TakeawaysSupply Chain Tech Trends&Capital Market DriversThe Future of Autonomy Inside the Minds of InvestorsCascadia Managing Director Firdaus Pohowalla(center)contributes his thoughts during the Trends in Mobile Robots&Automation panel at AMRL 2022Firdaus Pohowalla(far right)discusses tren

179、ds during the Later Stage Investing Panel at the Robotics Invest 2023 alongside Rick Faulk,CEO of Locus Robotics and other industry leadersFrom Active Association Involvement To Hosting Premier Robotics Events in the U.S.To Providing Written Thought Leadership And Serving as Speakers and PanelistsCa

180、scadia is a market leader with strong presence in key Supply Chain Technology subsegments Fall 2022 NewsletterSummer 2022 Newsletter33Warehouse TechnologyCascadias Relevant Expertise34Robotics&AutomationLogistics ServiceseCommerce&Retail TechnologyCascadias depth in the relevant categories makes us

181、an ideal choice for Supply Chain Technology Has been recapitalized bySelect Transaction Experiencehas been acquired byGrowth equity investment fromhas been acquired byGrowth Equity FinancingProject RadiusProvider of autonomous order fulfillment solutionsSell side M&A processhas been acquired byhas b

182、een acquired byGrowth equity investment fromGrowth equity investment fromhas been acquired byGrowth equity investment fromGrowth equity investment fromGrowth equity investment fromGrowth equity investment fromhas been acquired byGrowth equity investment fromhas been acquired byhas been acquired byha

183、s been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byhas been acquired byProject ZeusProvider of ecommerce technology solutionsSell side M&A processSupply Chain SoftwareGrowth equity investment fromA portfolio company ofGrowth equity investment fromNation

184、al Presence,Global ReachFounded in 1999,Cascadia is the second largest independent advisory only investment bank in the US1,partnering with clients across the nation to deliver outcomes globally.We have completed over 490 transactions globally and have seven office locations.A Highly Specialized Tea

185、m with Sub-vertical ExpertiseCascadia leverages our bankers deep sub-vertical industry expertise to deliver a more highly specialized degree of knowledge,positioning and process,resulting in premium valuation in a highly efficient process.Customized Process Our commitment is to deliver a customized

186、and unique process for each client.We integrate storytelling and positioning with best-in-class financial and process rigor.Direct Long-term Partnershipto Optimize Each Client OutcomeCascadia focuses on optimizing outcomes,not just getting deals done.Often this includes advice to go to market later

187、when the combination of company and market elements are more ideal.We pride ourselves on delivering direct advice focused solely on the best interests of our clients.Growth FocusedAcross the industries we cover and products we deliver,the tie that binds us is a sole focus on serving growth companies

188、.We know how to position growth to drive maximum value in any market.Institutional Growth Financingto Better Serve Our ClientsCascadia is a growth company.In October 2022,we received a large minority growth equity investment from an institutional investor focused on financial services and are deploy

189、ing this capital to expand our industry sub-verticals,add more products and services,expand our private equity coverage,and grow our geographical coverage,all to provide our clients with broader and more comprehensive value-add.1.Source:Select Wall Street Research35Cascadia Capital A National Invest

190、ment Bank PlatformWe combine sub-vertical expertise,a diverse platform,and a long-term partnership approach as we seek to create exponential outcomes for our clients.We are thoughtful advisors who deliver a tailored process to suit the needs of our clients.We understand the differentiated strategies

191、 of the counterparties,enabling us to tailor positioning and tell them why they should uniquely be interested.We anticipate and preempt client-specific risks and areas of concern.We have experience,industry focus and a differentiated process that drives success.Our transactions are built upon strivi

192、ng to deliver the best quantitative and qualitative terms with the most desirable counterparty.We do not overpromise and underdeliver.We consistently outperform our pitch range and exceed the valuation expectations of our clients.With bankers across the nation,specializedin multiple industry vertica

193、ls,we have the experience to offer industry breadth while maintaining sector depth.A dedicated resource model with comprehensive vertical expertise from Managing Director to Analyst.We know the market.We know the buyers.We know the nuances,issues,and opportunities.Sub-vertical Industry ExpertiseCust

194、omizedApproachProven Results36Customized,Repeatable ApproachDrives Optimal Client ResultsMergers&AcquisitionsCapitalMarketsStrategicAdvisoryFinancialSponsors Group Sell-Side Representation Buy-Side Representation Management Buyouts Leveraged Buyouts Acquisition Financing for Private Equity and Priva

195、te Companies Structured Capital Recapitalizations Growth Equity Unitranche Mezzanine/Subordinated Debt Preferred and Common Equity Fairness Opinions Corporate Valuations Shareholder Rights Planning Shareholder Value Analysis Strategic Partnerships&Joint Ventures Private Equity Family Offices Institu

196、tional Investors Credit Managers37Complementary and IntegratedInvestment Banking Services05.AppendixPublic Company Performance ReferenceSource:Capital IQ,Data as of 1/25/24Supply Chain Management Software39Logistics&Fleet TechnologyStock Price%52-WeekMarketEnterprise2023ERevenue Growth 2023E MarginE

197、V/RevenueEV/EBITDANet Debt/1/25/2024HighCapValueRevenueEBITDA2023E2024EGrossEBITDA2023E2024E2025E2023E2024E2025ELTM EBITDASupply Chain Management SoftwareAmerican Software,Inc.$11.76 74.1%$402$318124$19$(2.4%)(18.0%)60.7%15.2%2.6x3.1x3.0 x16.8x21.8x17.3x(5.5x)The Descartes Systems Group Inc.$89.63 9

198、7.6%$7,625$7,344485$215$14.1%17.8%76.7%44.3%15.2x12.9x11.7x34.2x29.8x26.2x(1.2x)E2open Parent Holdings,Inc.$3.94 54.7%$1,206$2,285657$218$54.4%(4.0%)67.9%33.2%3.5x3.6x3.6x10.5x10.5x10.4x5.4xKinaxis Inc.$120.49 84.8%$3,425$3,186429$74$17.0%18.5%60.6%17.2%7.4x6.3x5.2x43.2x34.8x24.7x(4.6x)Manhattan Ass

199、ociates,Inc.$218.28 94.7%$13,438$13,272914$272$19.2%10.2%55.6%29.8%14.5x13.2x11.8x48.8x45.3x38.3x(0.8x)ReposiTrak,Inc.$12.32 99.5%$224$20119$7$5.7%(100.0%)83.2%35.3%10.5x-29.8x-(3.8x)SPS Commerce,Inc.$185.58 93.6%$6,810$6,586535$157$18.7%15.4%67.6%29.3%12.3x10.7x9.3x42.0 x36.0 x30.2x(1.5x)Tecsys Inc

200、.$25.76 98.0%$380$356110$7$2.8%15.6%43.9%6.0%3.2x2.8x2.5x54.3x50.9x29.8x(2.8x)WiseTech Global Limited$48.21 82.5%$15,944$16,018543$268$24.7%29.8%86.7%49.4%29.5x22.7x18.6x59.8x50.9x38.4x0.3xExlService Holdings,Inc.$32.37 90.1%$5,339$5,3371,627$349$15.2%10.6%37.3%21.4%3.3x3.0 x2.7x15.3x13.7x12.3x0.5xM

201、ean$7586.9%$5,479$5,490$544$15816.9%-0.4%64.0%28.1%10.2x8.7x7.6x35.5x32.6x25.3x(1.4x)Median$4091.8%$4,382$4,262$510$18616.1%13.0%64.1%29.5%9.0 x6.3x5.2x38.1x34.8x26.2x(1.4x)Stock Price%52-WeekMarketEnterprise2023ERevenue Growth 2023E MarginEV/RevenueEV/EBITDANet Debt/1/25/2024HighCapValueRevenueEBIT

202、DA2023E2024EGrossEBITDA2023E2024E2025E2023E2024E2025ELTM EBITDALogistics&Fleet TechnologyCalAmp Corp.$0.18 3.7%$7$211295$18$(0.2%)(19.6%)37.5%5.9%0.7x0.9x0.9x12.0 x15.4x8.4x25.5xGarmin Ltd.$125.04 96.7%$23,924$21,2915,153$1,199$6.0%7.7%56.8%23.3%4.1x3.8x3.5x17.8x15.7x14.3x(1.1x)MiX Telematics Limite

203、d$0.35 94.4%$194$185142$29$(0.6%)1.0%63.5%20.2%1.3x1.3x1.2x6.4x5.4x5.0 x(0.3x)Verra Mobility Corporation$23.09 98.2%$3,840$4,799809$369$9.1%6.3%94.9%45.7%5.9x5.6x5.2x13.0 x12.1x10.8x3.0 xSamsara Inc.$31.07 84.2%$16,784$16,039637$(79)$48.7%44.3%73.0%(12.4%)25.2x17.5x13.7x(203.7x)1,946.1x458.0 x0.4xTo

204、mTom N.V.$6.99 75.5%$903$603646$23$12.6%1.2%84.5%3.5%0.9x0.9x0.9x26.3x19.4x9.8x5.1xTrimble Inc.$51.69 83.4%$12,859$15,8003,781$1,002$2.8%3.2%63.4%26.5%4.2x4.1x3.9x15.8x15.1x14.6x3.9xVontier Corporation$34.66 96.7%$5,349$7,4863,086$716$(3.1%)2.7%46.0%23.2%2.4x2.4x2.2x10.5x9.8x9.2x3.1xRXO,Inc.$22.27 9

205、1.5%$2,606$3,1313,940$132$(17.8%)5.4%21.5%3.4%0.8x0.8x0.7x23.7x18.0 x13.5x3.2xMean$3380.5%$7,385$7,727$2,054$3796.4%5.8%60.1%15.5%5.1x4.1x3.6x(8.7x)228.6x60.4x4.8xMedian$2391.5%$3,840$4,799$809$1322.8%3.2%63.4%20.2%2.4x2.4x2.2x13.0 x15.4x10.8x3.1xPublic Company Performance Reference(Cont.)Source:Cap

206、ital IQ,Data as of 1/25/2440Logistics ServiceseCommerce SoftwareStock Price%52-WeekMarketEnterprise2023ERevenue Growth 2023E MarginEV/RevenueEV/EBITDANet Debt/1/25/2024HighCapValueRevenueEBITDA2023E2024EGrossEBITDA2023E2024E2025E2023E2024E2025ELTM EBITDAE-Commerce SoftwareAdobe Inc.$622.58 98.2%$281

207、,406$277,64419,376$9,740$10.1%10.8%89.2%50.3%14.3x12.9x11.6x28.5x25.9x23.2x(0.4x)BigCommerce Holdings,Inc.$8.35 62.4%$635$720307$(4)$10.0%9.5%77.0%(1.4%)2.3x2.1x1.9x(163.7x)37.2x21.2x(4.5x)Salesforce,Inc.$279.03 97.7%$270,101$271,99730,959$7,947$16.9%12.4%77.6%25.7%8.8x7.8x7.0 x34.2x22.5x19.7x0.9xGl

208、obal-e Online Ltd.$37.30 81.6%$6,127$5,895567$92$38.5%33.8%42.8%16.3%10.4x7.8x5.7x63.9x45.2x29.7x(2.7x)Shopify Inc.$80.49 96.6%$103,554$99,7586,987$787$24.8%19.3%50.2%11.3%14.3x12.0 x10.0 x126.8x72.7x54.1x2.1xSquarespace,Inc.$33.05 96.1%$4,494$4,9711,005$238$15.9%14.7%81.5%23.7%4.9x4.3x3.8x20.9x18.1

209、x15.3x3.9xMean$17788.8%$111,053$110,164$9,867$3,13319.3%16.7%69.7%21.0%9.2x7.8x6.7x18.4x36.9x27.2x(0.1x)Median$5996.3%$54,840$52,826$3,996$51316.4%13.5%77.3%20.0%9.6x7.8x6.4x31.4x31.5x22.2x0.2xStock Price%52-WeekMarketEnterprise2023ERevenue Growth 2023E MarginEV/RevenueEV/EBITDANet Debt/1/25/2024Hig

210、hCapValueRevenueEBITDA2023E2024EGrossEBITDA2023E2024E2025E2023E2024E2025ELTM EBITDALogistics ServicesBrambles Limited$9.68 96.3%$13,469$16,1646,122$2,053$5.7%8.3%53.8%33.5%2.6x2.4x2.3x7.9x7.2x6.7x1.7xDSV A/S$180.35 82.9%$37,661$42,27622,412$3,422$(33.8%)(1.5%)28.7%15.3%1.9x1.9x1.8x12.4x13.2x12.4x1.6

211、xExpeditors International of Washington,Inc.$129.98 99.1%$18,898$17,7799,274$1,031$(45.7%)(1.4%)35.3%11.1%1.9x1.9x1.9x17.2x18.2x17.1x(1.0 x)GXO Logistics,Inc.$56.80 84.1%$6,757$10,3259,735$741$8.2%5.1%18.2%7.6%1.1x1.0 x0.9x13.9x12.9x11.6x4.7xHub Group,Inc.$93.05 88.9%$2,956$3,1104,217$393$(21.0%)4.6

212、%24.9%9.3%0.7x0.7x0.7x7.9x7.8x7.3x0.3xC.H.Robinson Worldwide,Inc.$86.92 80.4%$10,139$11,91717,712$683$(28.3%)2.8%14.8%3.9%0.7x0.7x0.6x17.5x15.7x14.7x2.6xKuehne+Nagel International AG$334.31 96.1%$39,990$39,85928,315$3,295$(33.5%)(4.6%)33.3%11.6%1.4x1.5x1.4x12.1x13.7x13.0 x(0.0 x)XPO,Inc.$87.55 96.4%

213、$10,153$13,0147,721$975$0.0%7.5%88.6%12.6%1.7x1.6x1.4x13.3x11.0 x9.3x2.8xForward Air Corporation$46.87 38.6%$1,203$1,4811,648$219$(16.5%)(4.3%)NA13.3%0.9x0.9x0.9x6.8x5.1x4.6x1.3xLandstar System,Inc.$196.03 94.0%$7,047$6,6755,348$405$(28.1%)1.0%14.5%7.6%1.2x1.2x1.1x16.5x15.9x14.4x(0.7x)Ryder System,I

214、nc.$114.92 96.2%$5,094$12,55411,744$2,780$(2.2%)7.5%19.6%23.7%1.1x1.0 x0.9x4.5x4.6x4.4x2.8xUniversal Logistics Holdings,Inc.$30.12 66.9%$792$1,2511,649$219$(18.2%)1.0%NA13.3%0.8x0.8x0.7x5.7x5.4x4.5x1.9xAgility Public Warehousing Company K.S.C.P.$1.85 86.0%$4,723$8,5854,429$787$57.4%3.5%NA17.8%1.9x1.9x1.8x10.9x10.5x10.0 x5.7xMean$10585.1%$12,222$14,23010,025$1,308$(12.0%)2.3%33.2%13.9%1.4x1.3x1.3x11.3x10.9x10.0 x1.8xMedian$8888.9%$7,047$11,9177,721$787$(18.2%)2.8%26.8%12.6%1.2x1.2x1.1x12.1x11.0 x10.0 x1.7x