GCA is pleased to announce its role as GCA Advisors · 2019-09-07 · London ⚫ Manchester ⚫ ... equipment services market, where both parties see significant opportunity for future

August 2019

A Leading Independent Global Investment Bank

GCA Advisors Transaction Announcement

New York ⚫ San Francisco ⚫ Frankfurt ⚫ Ho Chi Minh City Kyoto ⚫ London ⚫ Manchester ⚫ Milan ⚫ Mumbai Munich ⚫ Nagoya ⚫ New Delhi ⚫ Osaka ⚫ Shanghai

Singapore ⚫ Taipei ⚫ Tel Aviv ⚫ Tokyo⚫ Zurich

GCA is pleased to announce its role as exclusive financial advisor to

on its sale to

The terms of this transaction were not disclosed

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TRANSACTION OVERVIEW• On August 22, 2019, Davisware partnered with Serent Capital to continue the company’s focus on delivering the

best, most innovative solutions to its customers in the Field Services industry

• Both Dan and Jennifer Davis will be joining the Board of Directors, and Jennifer will continue leading Davisware while work closely with Serent and the rest of the Board to further strengthen the company’s foundation for growth

• This represents Serent Capital’s ninth investment in the Field Services industry

TRANSACTION SIGNIFICANCE• Serent partnered with Davisware due to its differentiated, market-leading capabilities in the commercial

equipment services market, where both parties see significant opportunity for future growth

• Davisware’s total addressable market - an estimated 2.9M businesses - generates roughly $930B in aggregate sales and is both fragmented and relatively under-penetrated by cloud-based systems. These factors, plus the aggregation of card-based payment processing are expected to drive the company’s growth for the foreseeable future

GCA ADVISORS' ROLE• GCA worked with the husband and wife team of Dan and Jennifer Davis to prepare their company for sale,

including establishing the company’s operating model, forward projections and concise marketing message that encapsulated the company’s long operating history

• In a thorough process, Serent Capital emerged as a preferred partner on the basis of their commitment to the Davis’ vision for the business within the key vertical markets of CFES and Mechanical equipment servicing

DAVISWARE SALE TO SERENT CAPITAL

Davisware provides a complete suite of solutions that enable Field Services businesses, contractors and OEMs, including commercial food equipment service (CFES), petroleum contracting, commercial HVAC, and other specialty trades to better serve their customers and manage their internal operations

has been acquired by

The undersigned acted as exclusive financial advisor to Davisware

TEAM:

Glen [email protected]

Kevin [email protected]

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/DAVISWARE OVERVIEW

CORE PRODUCTS ADJACENT PRODUCTS

Description: Enterprise ERP, including accounting, job costing, service

support, inventory parts distribution and job shop

manufacturing.

Full mid-level ERP solution for businesses that require

additional functionality for job costing, fuel oil management and light distribution (POS).

SMB-focused ERP solution that includes FSM and accounting

functionality. May be used as a stand-alone solution or

integrated with QuickBooks.

A warranty and registrations processing solution for OEMs to

manage and process product registrations and claims. Integrates to GlobalEdge.

An online catalog library, offered standalone or as an add-

on to GlobalEdge

Delivery Model:On-premise or hosted server;

Windows clientOn-premise, hosted or SaaS;

Web client (desktop and mobile)SaaS; Web client (desktop and

mobile)SaaS; Web client (desktop and

mobile)SaaS; Web client (desktop and

mobile)

Revenue Model: License & Maintenance License & Maintenance, or Subscription (per seat)

Subscription (per seat) Variable (per claim) Subscription + Variable (% GMV)

Customer Type(s): Service Organizations, Distributors

Service Organizations, Distributors

Service Organizations OEMs Service Organizations, Distributors and Manufacturers

Top Industries: Food Service EquipmentHVAC/R

Petroleum EquipmentElectrical

Commercial Doors & Locks

HVAC/RFood Service Equipment

Commercial Doors & LocksPlumbing

Petroleum Equipment

HVAC/RPlumbingElectrical

Specialty Contractors

Food Service EquipmentBeverage EquipmentOther Manufacturing

Food Service EquipmentFacilities/Building Mgmt.

Mobile Field Service management application – allows field technicians the flexibility to complete their work orders in real time from a mobile device that updates directly to the office

GPS vehicle tracking tool – provides turn by turn directions available with addresses, directly from ERP products, reporting on vehicle on/off, landmark notifications, idling, speeding, and more

Mobile field sales-enablement application – provides outside sales teams an integrated solution to ERP products for complete management of sales pipeline

Business management dashboard – provides the ability to build custom dashboard views and assign views to a user or group of users

AD

D-O

N M

OD

ULE

S

Davisware is a leading provider of ERP software to services organizations in the U.S. The company offers three modular ERP systems

– GlobalEdge, FieldVision and ServiceSync aimed at enterprise, mid-sized and micro-sized businesses respectively – with add-on

modules giving Field Service businesses the ability to schedule and manage remote technicians, assist remote sales processes, and

track service vehicles in real-time. Adjacent products include Warranty Management targeted at OEMs and online product catalogs

leveraged predominantly by Distributors in the company’s target markets. Davisware’s software products are delivered either on-

premise, on-demand or both.

FOUNDED: 1987

LOCATIONS: Chicago, IL (HQ)Boston, MAHyderabad, India

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/OUR UNIQUE GLOBAL M&A PLATFORM

NORTH AMERICA

– Strong relationships with high-growth public and private companies

– M&A, capital markets, and private funds advisory services

– Technology-focused, including software, fintech, mobility, and digital media

ASIA

– Strong relationships with global Japanese conglomerates and trade buyers

– Full-scope M&A advisory services, including strategic planning, due diligence, deal execution, and PMI

– Focus on client needs in all sectors, including industrials, consumer, technology, and healthcare

EUROPE

– Strong relationships with leading corporates, private mid-market, and PE firms

– M&A and debt advisory services

– Leading software M&A advisor in Europe, also a leading advisor in the wider technology, consumer and retail, industrials, business services, and healthcare sectors

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/STRONG FOCUS IN KEY GROWTH SECTORS

» Customer Acquisition / Performance Marketing

» New Economy Disruptors» Advertising / Marketing

Technology» Content & Publishing

» Gaming

» Commerce(Retail, Food & Beverage, Maintenance &

Repair, Sport & Leisure etc.)

» Real Estate

» Travel & Hospitality

» Human Capital Management

» Marketing Automation

» Automation & Robotics» Industrial & Environmental

Services» Industrial IoT

» Smart Cities & Buildings Automation

» Test & Measurement

» Autonomous Vehicle Software» Mobility-as-a-Service

» Sensors

» Data

» Connectivity & Cyber Security

» Payments» Real Estate & Mortgage

» Insurance Technology

» Banking & Lending

» Investment & Wealth

» Marketing Services» Information Services

» Professional Services

» IT Services

» Customer Care & Claims Services

SOFTWARE

FINANCIAL TECHNOLOGY

INDUSTRIAL TECHNOLOGY

TECH-ENABLED SERVICES

INTERNET & DIGITAL MEDIA

AUTO TECHNOLOGY

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/SUCCESSFUL TRACK-RECORD WITH PRIVATE EQUITY BUYERS & SELLERS

Sale of

to

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Recommended acquisition of

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from

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Signed a definitiveagreement for a

business combinationwith

Acquired by


Received significantinvestment from


Advisor to General Atlantic

Strategic partnershipwith

We Advised the Buyer

Series B PreferredFinancing


We Advised the Sellers

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Financial Advisor

Series C Financing


Majority recapitalization

from

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/CONTINUED SUCCESS IN THE SERVICE ERP MARKET

Service ERP systems are designed to address the challenges of managing the integration of back-end systems, such as planning, accounting, billing, inventory, and HR, with newer front-end Field Service activities such as scheduling & routing, on-site tasks, service contracts and warranty management

GCA has long been focused on Service ERP vendors regardless of the end markets they serve, and we continue to develop investment theses in each of these verticals


The undersigned acted as exclusive financial advisor to Davisware

» Commercial Food Equipment

» HVAC/R & Mechanical

» Petroleum Equipment

» Electrical

» Commercial Doors & Locks


The undersigned acted as exclusive financial advisor to Acumatica

» Distribution

» Manufacturing

» Construction

» Retail & eCommerce

» Software & Technology


The undersigned acted as exclusive financial advisor to FieldEdge

» Plumbing

» HVAC

» Electrical

» Locksmiths

» Appliance Repair


The undersigned acted as exclusive financial advisor to TOA Technologies

» Cable & Satellite

» Telecommunications

» Commercial Svcs. & Break-Fix

» Retail & Delivery Services

» UtilitiesREP

RES

ENTA

TIV

E V

ERTI

CA

LS:

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TRANSACTION OVERVIEW• On June 19, 2019, EQT Partners announced the signing of a definitive agreement to acquire cloud-native

enterprise software provider Acumatica through an investment vehicle owned by the same holding company that holds IFS AB (Industrial and Financial Systems)

• To further reinforce this coalition, following the closing of the transaction Jonas Persson will serve as chairman for both companies

TRANSACTION SIGNIFICANCE• IFS, the global enterprise applications company, and Acumatica, the world's fastest-growing Cloud ERP provider,

will serve growth industries such as manufacturing, distribution, construction, service, energy and A&D, while competing directly with SAP, Oracle, Microsoft, Infor, and Sage among others

• The new global entity is ultimately designed to meet a growing range of customer requirements

• Both IFS and Acumatica understand that businesses are becoming increasingly global, regardless of size or industry. To scale and compete, customers need a network of resources that will support business operations wherever they, their business partners, and customers may be

GCA ADVISORS' ROLE• GCA maintained a strong relationship and consistent dialogue with Acumatica after advising it on its 2018 capital

raise (led by Accel-KKR)

• Retained shortly after EQT’s inbound proposal to acquire the business

• Supported Acumatica and its shareholders in the negotiation of transaction structure, key economic terms, and definitive documentation

• Comprehensive execution support to satisfy a thorough, global diligence process under a highly accelerated timeline

ACUMATICA SALE TO EQT PARTNERS

Acumatica Cloud ERP enables service organizations to maintain a real-time view of their customer’s activities across all operations when Field Service operations are fully integrated with the back office, streamlining dispatching, reducing response times, and minimizing costs with the Acumatica Field Service Edition suite


The undersigned acted as exclusive financial advisor to Acumatica

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TRANSACTION OVERVIEW• On March 30, 2018, Advent International announced the acquisition of FieldEdge, a leading Field Service

management software provider

• Under the terms of the transaction, Advent has merged FieldEdge with Clearent, and will own a majority stake in the combined entity

• Clearent’s first institutional investor, FTV Capital, invested alongside Advent; other existing investors and senior management of both companies have also rolled a meaningful minority stake

TRANSACTION SIGNIFICANCE• Transaction represents opportunity for Advent to support further growth of a strong integrated payments

platform and a leading SaaS solution in Field Services

• Advances Clearent’s strategic focus in owning software to become a leading provider of integrated payments

• FieldEdge’s day-to-day operations to remain unchanged and the transaction further strengthens its commitment to customers, partners and employees

GCA ADVISORS' ROLE• GCA’s New York team was selected on the basis of its software M&A advisory expertise related to integrated

payments, HCM and service ERP

• The team advised on all stages of the process and positioned FieldEdge as one of only a few scale businesses addressing the residential home services market with robust ERP and POS functionality delivered as a SaaS solution

• In a truncated yet highly competitive process, Advent was selected on the strength of their offer combined with an articulated vision in combination with Clearent, yielding a superior outcome for FieldEdge’s investors

FIELDEDGE SALE TO ADVENT INTERNATIONAL

FieldEdge is the leading provider of cloud-based Field Service management software enabling home contractors to run their small businesses with ease, save time and make more money through targeted marketing and improved resource utilization


The undersigned acted as exclusive financial advisor to FieldEdge

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/TOA TECHNOLOGIES SALE TO ORACLE

TRANSACTION OVERVIEW• On July 31, 2014, Oracle announced that it signed an agreement to acquire TOA Technologies (TOA), adding the

leading Field Service SaaS to Oracle Service Cloud and Oracle ERP cloud solutions to deliver effective and timely home- and facility-based customer service

TRANSACTION SIGNIFICANCE• Oracle Service Cloud and Oracle ERP cloud solutions with TOA will transform customer service operations,

allowing them to achieve operational excellence and improve productivity while exceeding customer expectations

• The addition of TOA expands Oracle's ability to provide end-to-end personalized customer service solutions with the addition of critical face-to-face Field Service interactions, enabling visibility into customer history throughout the customer relationship lifecycle

• The combination of Oracle Service Cloud and TOA is expected to create the most complete Customer Service Cloud, modernizing customer service operations and driving superior customer satisfaction

GCA ADVISORS' ROLE• GCA worked with the founders/management on acquirer meeting preparation, in advance of formal engagement

• Prior transaction experience and personal relationships with likely buyer universe (e.g., sales of Siebel and Vitrue to Oracle) ensured quick access and timely, transparent feedback from market check

• Led negotiations from initial proposals through signing of the definitive agreement

• Comprehensive execution support to satisfy overwhelming diligence process

• Navigated a range of business issues post-LOI to ensure certainty to close

TOA Technologies (TOA) is a leading provider of cloud-based Field Service solutions that manages and optimizes the last mile of customer service for enterprises by coordinating activities between dispatchers, mobile employees and their customers


The undersigned acted as exclusive financial advisor to TOA Technologies

Documents

GCA is pleased to announce its role as GCA Advisors · 2019-09-07 · London ⚫ Manchester ⚫ ... equipment services market, where both parties see significant opportunity for future