HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW · page | 4 human capital management technology sector review technology, media & telecom group │ q2 2018 y e e s s d t r ue nue

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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEWTECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018

WORKFORCE

MANAGEMENT

PAYROLLTALENT

MANAGEMENT

ENGAGEMENT

RECRUITING

BENEFITS

COMPLIANCE

ONBOARDING

PERFORMANCE

TRAINING

PAGE | 1

HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW

TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018

HUMAN CAPITAL MANAGEMENT TECHNOLOGY MARKET UPDATE

KEY CONTACTS

HCM TECHNOLOGY

Erik Szyndlar Director [email protected] +1 (415) 217-3418

UNITED STATES

Jeff Bistrong Managing Director [email protected] +1 (617) 654-2102

Mike Wilkins Managing Director [email protected] +1 (415) 217-3411

Sam Hendler Managing Director [email protected] +1 (617) 654-2117

Tyler DewingManaging Director [email protected] +1 (617) 654-2133

EUROPE

Thierry MonjauzeManaging Director [email protected]+44 (0) 20 7518 8901

TO SUBSCRIBE PLEASE EMAIL:[email protected]

HUMAN CAPITAL MANAGEMENT (HCM) TECHNOLOGY INDUSTRY OVERVIEW

HARRIS WILLIAMS & CO. MARKET ANALYSIS: GLOBAL HEALTH AND WELLNESS

• The second quarter of 2018 featured 26 M&A transactions in the HCM technology space—the most in a quarter in recent memory. Notable deals included Recruit’s purchase of Glassdoor, Workday’s pending acquisition of Adaptive Insights, PeopleFluent’s sale to Learning Technologies Group, the pending merger between HireRight and GIS, and the pending acquisition of Conduent’s HR consulting and actuarial business by HIG Capital.

• The tight labor market is driving strong demand for HCM technology solutions. In particular, employers are prioritizing talent acquisition and management tools that increase connectivity with contingent workers and help identify internal and known talent, as well as learning management systems. In terms of workforce management, employers are focused on productivity and collaboration enhancers, automated risk management and compliance tools, and vertical-specific platforms.

• One of the key ways employers are seeking to attract and retain the best workforces is by boosting their health and wellness. Indeed, health and wellness is a $220+ billion opportunity, providing growth potential across technology, healthcare and consumer industries. See the factors driving growth, three essential practices for success, and recent transactions in the space.

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]?subject=HCM Quarterly Readerhttps://www.harriswilliams.com/article/harris-williams-co-market-analysis-global-health-and-wellness

PAGE | 2



HCM TECHNOLOGY ACQUISITION ACTIVITY(1)(2)

KEY STRATEGIC ACQUIRERS OF HCM TECHNOLOGY ASSETS BY VOLUME

GLOBAL HCM TECHNOLOGY M&A ACTIVITY

The key strategic acquirers have combined for 33 HCM technology related acquisitions since 2015, but three of them (IBM, Oracle and Ultimate) have not completed a HCM acquisition since 2016

Key acquirers announced or completed three transactions in Q2: Workday / Adaptive Insights, SAP / Coresystems, and Workday / Rallyteam

HCM M&A experienced another breakout quarter with 26 transactions, setting the record for quarterly activity in recent times

HCM technology companies remain highly attractive to both strategic and financial acquirers

Deal volume is robust supported by tuck in acquisitions and platform building

# of Transactions

# of Transactions

3

2

4

6

1

3

4

2

82018

2017

2016

2015

1216

7

20

6

12

21

12 12 14 1114 12

17

26

45 43

55

4945

59

51

57 59

49 51 5154

69

Q4 - 14 Q1 - 15 Q2 - 15 Q3 - 15 Q4 - 15 Q1 - 16 Q2 - 16 Q3 - 16 Q4 - 16 Q1 - 17 Q2 - 17 Q3 - 17 Q4 - 17 Q1 - 18 Q2 - 18

Deals 4Q Trailing Average

PAGE |



3

SELECT HCM TECHNOLOGY M&A TRANSACTIONS – Q2 2018(2)(3)(4)

Workday has announced its pending acquisition of Adaptive Insights

Adaptive Insights provides a leading cloud-based platform for modernizing business planning.

The Company’s Business Planning Cloud platform enables organizations of all sizes to adapt to changing business conditions

with confidence and agility.

The combination of Adaptive Insights Business Planning Cloud and Workday accelerates the goal to drive holistic business

planning and digital transformation for customers.

Announced June 11, 2018

Ent. Value: $1.6bRevenue: $114m

EV / Rev: 13.9xEV / EBITDA: Not Public

Learning Technologies Group has acquired PeopleFluent

PeopleFluent is a leading independent provider of cloud-based integrated recruiting, talent management and

compensation management solutions.

By deeply integrating video, strategic analytics, and collaborative social technologies into its suite of Talent Management

applications, the Company redefines employee engagement to boost productivity and improve financial results.

Learning Technologies Group will extend its product line with the addition of PeopleFluent’s recruiting, compensation,

performance, and succession offerings.

Closed May 31, 2018

Ent. Value: $150mRevenue: $107m

EV / Rev: 1.4xEV / EBITDA: Not Public

HIG Capital has announced its pending acquisition of Conduent’s HR consulting and actuarial business

Conduent is selling its consulting and actuarial business, formerly Buck Consultants, which focuses on advisory, technology,

and administration solutions to help clients manage their talent management programs.

The Company is selling these assets as part of a plan to divest up to $500 million in revenue in 2018 associated with non-core

assets in order to sharpen the focus of the Company going forward.

HIG Capital has acquired the assets in order to augment its existing portfolio of companies in the HR consulting and actuarial

space.

Announced April 30, 2018

Ent. Value: Not PublicRevenue: $278m

EV / Rev: Not PublicEV / EBITDA: Not Public

HireRight and GIS have announced a pending merger

HireRight provides employment background checks, drug testing, employment and education verification, and electronic

onboarding and compliance solutions through an innovative platform to help companies hire the right candidates.

As an NAPBS-accredited employment background screening company, GIS helps companies mitigate risk and hire smarter.

The Company provides comprehensive national and international background checks, as well as industry-specific services.

The merger accelerates a united strategy building upon HireRight’s strong integration into over 25 applicant tracking systems

and GIS’ investments in additional research and development to enhance product offerings and operational efficiency.

Ent. Value: Not PublicRevenue: Not Public

EV / Rev: Not PublicEV / EBITDA: Not Public

Announced May 25, 2018

Recruit has acquired Glassdoor

Glassdoor is a leading job and recruiting company well known for providing greater workplace transparency.

The Company’s unique platform aims to allow applicants to directly access employee reviews of potential employers.

Recruit Holdings intends to operate Glassdoor as an independent entity and provide the resources required to continue

growing the organization.

Closed June 21, 2018

Ent. Value: $1.2bRevenue: $171m

EV / Rev: 7.0xEV / EBITDA: NM

PAGE | 4



HCM Technology

Date Enterprise LTM Financials LTM Multiples

Closed Target Acquirer Value Revenue EBITDA Revenue EBITDA

Pending Adaptive Insights, Inc. Workday, Inc. $1,585 $114 NA 13.9x NA

Pending HireRight General Information Serv ices, Inc. NA NA NA NA NA

Pending Pen-Cal Administrators, Inc. Voya Financial, Inc. NA NA NA NA NA

Pending Conduent, Inc. /HR & Actuarial Business H.I .G. Capital LLC NA $278 NA NA NA

06/21/2018 Glassdoor, Inc. Recruit Holdings Co., Ltd. $1,200 $171 NA 7.0x NA

06/20/2018 Pathgather, Inc. Degreed, Inc. NA NA NA NA NA

06/14/2018 insightsoftware.com Ltd. TA Associates Management LP NA $12 NA NA NA

06/08/2018 Hyperfish, Inc. LiveTiles Ltd. $9 NA NA NA NA

06/08/2018 Rallyteam, Inc. Workday, Inc. NA NA NA NA NA

06/05/2018 Coresystems AG SAP SE NA NA NA NA NA

06/04/2018 EMS Software LLC Accruent LLC NA NA NA NA NA

05/31/2018 PeopleFluent, Inc. Learning Technologies Group Plc $150 $107 NA 1.4x NA

05/22/2018 RedBrick Health / Virgin Pulse, Inc. Marlin Equity Partners NA NA NA NA NA

05/14/2018 Professional Development Associates, Inc. TransForce, Inc. NA NA NA NA NA

05/03/2018 Select International, Inc. PSI Serv ices LLC NA NA NA NA NA

05/01/2018 CEB, Inc. /Workforce Surveys & Analytics/ CultureIQ, Inc. NA NA NA NA NA

04/30/2018 Motion Recruitment Partners LLC Littlejohn & Co., LLC NA NA NA NA NA

04/24/2018 Convergence Training Vector Solutions, Inc. NA NA NA NA NA

04/23/2018 TMP Worldwide Advertising & Communications LLC Gemspring Capital NA NA NA NA NA

04/09/2018 OccupEye Ltd. Asure Software, Inc. NA NA NA NA NA

04/09/2018 Phillips DiPisa & Associates, Inc. AMN Healthcare Serv ices, Inc. $30 $23 $5 1.3x 6.5x

04/05/2018 Callidus Software, Inc. SAP SE $2,242 $253 NM 8.9x NM

04/03/2018 CEB Talent Assessment Exponent Private Equity LLP $400 NA $38 NA 10.5x

04/02/2018 ECS Federal LLC On Assignment, Inc. $775 $586 $68 1.3x 11.5x

04/02/2018 U.S. Retirement Partners, Inc. Kohlberg & Co. LLC NA NA NA NA NA

04/02/2018 Austin HR LLC Asure Software, Inc. $6 NA NA NA NA

Median $400 $143 $38 4.2x 10.5x

Multiples less than 0.0x or greater than 30.0x are deemed NM or Not Meaningful

($ in millions)

RECENT HCM SOFTWARE TRANSACTIONS(1)(2)

Non-Public Information















PAGE |



5

DATE COMPANY StageROUND

SIZE ($M)

TOTAL

RAISED

($M)

INVESTORS (CURRENT ROUND) DESCRIPTION

06/26/18 Later $11 $14 Activate Capital Partners, Home Depot, Bialla Venture Partners, Florida Funders, FAN Fund, Engage Ventures

Provider of an on-demand property maintenance platform intended to provide instant access to handymen, electrical, HVAC, and plumbing services.

06/20/18 Later $30 $133 Investment Management Corp of Ontario Provider of marketplace for recruiting software engineers.

06/07/18 Later $20 $29 Bain Capital VenturesDeveloper of employee scheduling software intended to help people track timesheets.

05/29/18 Later $12 $38 Arrowroot CapitalFacilitates employee interaction and engagement via its workforce communication application.

05/28/18 Early $22 $34 AXA Venture PartnersProvider of a talent relationship marketing platform to help people find jobs.

05/28/18 Later $13 $15 Daphni, Kima Ventures, Otium, TheFamilyProvider of an online resource to help companies attract freelance workers.

05/22/18 Early $10 $10 Atomic Labs, Cherubic Ventures, Craft Ventures, Thiel Capital

Provider of an online platform that helps companies source and hire engineers abroad.

05/04/18 Early $10 $20 UndisclosedDeveloper of a talent acquisition system which offers recruitment services, user training, rotation programs, talent watch services, and competitor build services.

04/17/18 Early $13 $21 Base10 Partners, Persol Holdings Company, Sequoia Capital

Operates an on-demand staffing platform intended to connect companies with temporary workers.

04/05/18 Later $117 $356 Everyday Health, Emergence Capital Partners, Flare Capital Partners, Ziff Davis, NF Trinity Capital, ITOCHU Corp

Developer of a SaaS consumer health enterprise platform designed to drive audience engagement in healthy activities.

04/03/18 Early $107(1) $160NextGen, Reciprocal Ventures, 500 Startups, SVB, Cantos Ventures Ranch.vc

Developer of an independent contractor management platform designed to empower freelancers with the financial services they need to thrive.

SELECT RECENT HCM PRIVATE PLACEMENTS(1)(2)(3)

(1) $107 million round size includes $102 million in debt financing led by Route 66.Note: Financial information presented above represents reported capital raised only.

FINANCING SPOTLIGHT TRANSACTION

Checkr raises $100m from T. Rowe Price, Y Combinator, and Accel

Checkr provides modern and compliant background checks for global enterprises and startups through automating the

background check process.

Founded in 2014, Checkr’s latest round of funding was led by new investor T. Rowe Price with participation from existing

investors Accel and Y Combinator.

Checkr plans to use the additional funding to accelerate enterprise expansion as the Company looks to help enterprises

utilize technology to understand the demands of the changing workforce and build a better future for workers.

Round: C

Round Size: $100m

Total Raised: $149m

Announced April 12, 2018

PAGE |



6

HCM TECHNOLOGY MARKET OBSERVATIONS(1)(2)(3)(4)

Select Market Participants

Observations

Transaction Spotlight

In The News

Closed May 1, 2018

Enterprise Value: Not Public

Employee recruitment, engagement, and retention remain top of mind -

especially as job market tightens

Data-driven / market place tools are increasing connectivity for both enterprises

and their contingent / on-demand workers

Talent tools adopting machine learning, predictive analytics, assessment

algorithms, and artificial intelligence

Identification and recruitment of internal and known talent are corporate

strategic initiatives

Learning management systems and corporate learning, training and

compliance content increasingly core to HR suite

TALENT ACQUISITION AND MANAGEMENT

Revenue Multiple: Not Public

Select Market Participants

Observations

Transaction Spotlight

In The News

Closed May 22, 2018

Enterprise Value: Not Public

“Workforce as a Strategy” is increasingly driving companies to adopt data-driven

technologies that remove friction from the employee journey

Benefits and payroll solutions are fundamental to employee / employer

connectivity with engagement and wellness proliferating

HRIS automation is table-stakes as employers now shifting focus to productivity

and collaboration enhancers

Automated and comprehensive risk management / compliance tools continue

to experience strong adoption

Back office HR Capabilities for on-demand labor market is an emerging market

opportunity

Leading vertical-specific platforms remain highly attractive to investors and

acquirers (e.g., retail, healthcare, and hospitality)

Pluralsight Pops as Trading Begins; IPO Raises $310.5 Million

Two Facebook and Google Geniuses are Combining Search and AI to Transform HR

Degreed Moves Further into the Workplace Learning Market

WORKFORCE MANAGEMENT

Revenue Multiple: Not Public

Software Maker Ceridian Tops IPO Range to get $462 Million

Workplace by Facebook Partners with ADP and Paychex

Disrupting the Paycheck, Gusto’s Flexible Pay Allows Employees to Pick when Paid

https://www.businesswire.com/news/home/20180410005422/en/CultureIQ-CEB-Workforce-Surveys-Analytics-Division-Mergehttp://www.marlinequity.com/marlin-completes-acquisitions-and-merger-of-virgin-pulse-redbrick-health/http://www.barrons.com/articles/good-news-for-visa-and-mastercard-as-card-spending-grows-1478628528https://www.investors.com/news/technology/pluralsight-ipo-trading-stock/https://techcrunch.com/2018/04/17/two-facebook-and-google-geniuses-are-combining-search-and-ai-to-transform-hr/https://www.hrdive.com/news/degreed-moves-further-into-the-workplace-learning-market/526396/https://www.bloomberg.com/news/articles/2018-04-25/thomas-h-lee-backed-ceridian-raises-462-million-in-u-s-ipohttps://www.hrdive.com/news/workplace-by-facebook-partners-with-adp-and-paychex/522819/https://techcrunch.com/2018/06/21/gusto-flexible-pay/

PAGE |



7

Div

ers

ifie

d P

latf

orm

s

Key Public Comps

Be

ne

fits

Te

ch

no

log

y

Key Public Comps

HR

So

ftw

are

Key Public Comps

10.7x7.0x0.8x

EV/2018P REV

EV/2018P REV

EV/2018P REV

Min MaxMedian

Legend

(1) As of June 29th, 2018

16.4x3.5x1.8x

6.2x4.9x4.4x

HCM TECHNOLOGY MARKET VALUATION(1)(2)

TEV/NTM REV

TEV/NTM REV

TEV/NTM REV

2.0x

4.0x

6.0x

8.0x

2.0x

4.0x

6.0x

8.0x

2.0x

4.0x

6.0x

8.0x

PAGE |



8

Multiples Summary

Market Enterprise Revenue LTM EBITDA Margin Revenue EBITDA

Company Capitalization Value LTM 2018P Gross Margin LTM 2018P 2017 2018P 2017 2018P

HR Software

Automatic Data Processing, Inc. $59,197,348 $59,235,250 $13,072,100 $13,765,465 45.0% 21.5% 22.3% 4.8x 4.3x 22.6x 19.3x

Paychex, Inc. 24,552,010 24,143,340 3,380,900 3,509,771 68.8% 42.2% 42.0% 7.1x 6.9x 16.6x 16.4x

Workday, Inc. Class A 26,094,425 23,691,250 2,281,674 2,650,133 70.6% NM 18.6% 11.1x 8.9x NM NM

Ultimate Software Group, Inc. 7,884,635 7,792,234 988,993 1,117,647 62.7% 10.0% 25.0% 8.3x 7.0x 34.4x 27.9x

Ceridian HCM Holding, Inc. 4,545,375 5,939,481 772,600 733,200 42.6% 15.0% 20.5% 8.9x 8.1x NM NM

Paycom Software, Inc. 5,848,418 5,842,767 467,455 546,793 80.9% 24.0% 40.7% 13.5x 10.7x 31.5x 26.3x

Paylocity Holding Corp. 3,102,841 3,126,045 356,972 414,857 59.8% 12.5% 22.1% 10.4x 7.5x NM 34.1x

Cornerstone OnDemand, Inc. 2,738,687 2,655,535 503,516 510,016 71.0% NM 16.4% 5.5x 5.2x NM 31.7x

Pluralsight, Inc. 3,232,085 1,990,322 179,229 216,076 69.3% NM NM 11.9x 9.2x NM NM

Asure Software, Inc. 239,652 294,878 63,019 90,996 66.7% 16.9% 22.9% 5.4x 3.2x 25.6x 14.1x

DHI Group, Inc. 120,212 133,932 198,831 163,239 80.2% 15.3% 20.3% 0.6x 0.8x 3.2x 4.0x

Median $4,545,375 $5,842,767 $503,516 $546,793 68.8% 16.1% 22.2% 8.3x 7.0x 24.1x 22.8x

Benefits Technology

HealthEquity Inc $4,663,378 $4,560,661 $244,008 $278,005 57.5% 31.2% 38.6% 19.9x 16.4x NM NM

WageWorks, Inc. 1,981,850 1,369,332 461,689 513,912 57.4% 24.7% 31.6% 2.9x 2.7x 9.4x 8.4x

Benefitfocus, Inc. 1,066,409 1,131,668 261,475 255,267 52.8% NM 3.3% 4.4x 4.4x NM NM

Castlight Health, Inc. Class B 573,600 280,643 140,205 153,651 61.4% NM NM 2.1x 1.8x NM NM

Median $1,524,130 $1,250,500 $252,742 $266,636 57.4% 27.9% 31.6% 3.6x 3.5x 9.4x 8.4x

Diversified Platforms

Microsoft Corporation $759,676,250 $717,940,220 $98,980,000 $115,128,824 62.6% 42.3% 41.6% 7.4x 6.2x 18.9x 15.0x

Oracle Corporation 175,807,813 179,649,920 39,831,000 40,452,664 75.6% 42.9% 46.9% 4.5x 4.4x 9.7x 9.5x

SAP SE 141,927,953 137,480,985 27,295,439 28,166,006 67.8% 23.2% 32.1% 4.7x 4.9x 15.5x 15.2x

Median $175,807,813 $179,649,920 $39,831,000 $40,452,664 67.8% 42.3% 41.6% 4.7x 4.9x 15.5x 15.0x

OPERATIONAL AND VALUATION METRICS OF PUBLIC COMPARABLES

PUBLIC COMPARABLES ANALYSIS(1)(2)(5)

As of June 30th, 2018($ in 000s)

Values less than 0.0x or greater than 30.0x are denoted NM or Not MeaningfulEBITDA Margins less than 0.0% are noted NM or Not Meaningful

PAGE |



9

Workforce Management

Payroll & Benefits

Time & Attendance

Workplace

Management

Vendor & Supply

Chain

Talent Acquisition Talent Management

ERP-Focused Platforms

HCM-Focused Platforms

Sourcing

Recruiting &

Assessments

Screening &

Onboarding

Fo

cu

sed

So

lutio

ns

Pla

tfo

rms

Training & Learning

Performance &

Succession

Rewards &

Recognition GRC & EHS

HCM TECHNOLOGY TAXONOMY

To receive the latest Human Capital Management

Technology market map, please contact HW&Co.

at [email protected]

Engagement &

Wellbeing

mailto:[email protected]?subject=HCM Quarterly Reader Market Map

PAGE |



10

HW&CO. HCM TECHNOLOGY TRANSACTION EXPERIENCE

Talent Acquisition Talent Management Workforce Management

Post Acute Compliance and Learning Management

Software

HR Compliance and Learning Management

Solutions

Talent Sourcing and Acquisition Solutions

Benefit Management Solutions

Workplace Compliance and Training Solutions

ERP, HR and Payroll Software

Employee Benefits Management Software

Corporate Grant Management and

Employee Engagement Software

Healthcare Information Systems, HR and Payroll

Software

Commercial Talent Payroll Software

Workforce Management Software

Workforce ManagementSoftware

STRONG TRANSACTION EXPERIENCE IN HCM TECHNOLOGY

has been acquired

by

a portfolio company of

has been recapitalized


has been acquired

by


has been acquired

by

and


has been acquired

by


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by



has been acquired

by

has acquired a

majority stake in

has been acquired

by

has been acquired

by


has been acquired by

has made a

majority

investment in

has received a

majority

investment from

ERP, HR and Payroll Software

PAGE | 11



HW&CO.’S TMT GROUP: M&A ADVISOR OF CHOICE FOR MARKET LEADING TECHNOLOGY COMPANIES

acquired by

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majority

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recapitalized by acquired by

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http://www.rewardsnetwork.com/http://www.oaktreecapital.com/default.aspxhttp://www.meddatahealth.com/our_business/index.htmlhttp://www.aderant.com/http://www.leisurepassgroup.com/

PAGE |



12

Approximately 275 professionals across eight offices in the U.S. and Europe

10 industry groups

Financial Technology

Healthcare IT

HARRIS WILLIAMS & CO. OVERVIEW

KEY CONTACTS

HCM TECHNOLOGY

Erik Szyndlar Director [email protected] +1 (415) 217-3418

UNITED STATES

Jeff Bistrong Managing Director [email protected] +1 (617) 654-2102

Mike Wilkins Managing Director [email protected] +1 (415) 217-3411

Sam Hendler Managing Director [email protected] +1 (617) 654-2117

Tyler DewingManaging Director [email protected] +1 (617) 654-2133

EUROPE

Thierry MonjauzeManaging Director [email protected]+44 (0) 20 7518 8901

TO SUBSCRIBE PLEASE EMAIL:[email protected]

HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM

Enterprise Software

Infrastructure Software

Data & Analytics

Data Center & Managed

Services

IT & Tech-Enabled Services

Consumer Internet

Digital Media & Content

eCommerce

Online Marketing

HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS

Education Technology

Engineered Solutions Software

Public Sector & Non-Profit

Supply Chain, Transportation, & Logistics

TMT VERTICAL FOCUS AREAS

KEY FACTS

Human Capital Management

Professional Services

SELECT RECENT HW&CO. TMT TRANSACTIONS

SOFTWARE / SAAS INTERNET & DIGITAL MEDIA

Over 130 transactions closed in the past 24 months

2017 Investment Bank of the

Year by Mergers & Acquisitions,

2016 PE Investment Bank of the

Year by Global M&A Network

Deal of the Year by Global

M&A Network

Deal of the Year by Buyouts

Magazine

HW&Co. Office

www.harriswilliams.comwww.harriswilliams.com


acquired by

acquired by merged withacquiredinvestment fromacquired byacquired by acquired by

Undisclosed Investors Undisclosed Investors

acquired bystrategic investment frominvested in acquired by

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]?subject=HCM Quarterly Readerhttps://www.pehub.com/buyouts/large-cap-deal-of-the-year-providence-equity-partners/http://finance.yahoo.com/news/harris-williams-co-recognized-four-154300337.htmlhttps://www.themiddlemarket.com/news/harris-williams-scores-investment-bank-of-the-year-for-growth-in-all-areashttps://www.themiddlemarket.com/news/harris-williams-scores-investment-bank-of-the-year-for-growth-in-all-areashttp://finance.yahoo.com/news/harris-williams-co-recognized-four-154300337.htmlhttp://finance.yahoo.com/news/harris-williams-co-recognized-four-154300337.htmlhttps://www.pehub.com/buyouts/large-cap-deal-of-the-year-providence-equity-partners/http://www.harriswilliams.com/http://www.harriswilliams.com/

PAGE | 13



OUR FIRM

Healthcare & Life Sciences

IndustrialsEnergy, Power & Infrastructure

Industrials

Harris Williams & Co. has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form our deep-sector experience,integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information,visit our website at www.harriswilliams.com/industries.

HARRIS WILLIAMS & CO. OFFICE LOCATIONS

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BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501

Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400

Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700

Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072

San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

Washington, D.C. 800 17th St. NW2nd FloorWashington, D.C. 20006Phone: +1 202-207-2300

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone: +49 069 3650638 00

London63 Brook StreetLondon W1K 4HS, EnglandPhone: +44 (0) 20 7518 8900

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

PAGE | 14



Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industryknowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory,board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a privatelimited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies forEngland and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade nameunder which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIALINSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANYFINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUTTHE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable lawand regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financialinstruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes norepresentation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to,have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment bankingservices for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities,options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and aresubject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisionsusing their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is notnecessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior writtenconsent.

Copyright© 2019 Harris Williams & Co., all rights reserved.

HARRIS WILLIAMS & CO.

1) FactSet

2) PitchBook

3) Mergermarket

4) BusinessWire

5) HW&Co. proprietary transaction information

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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW · page | 4 human capital management technology sector review technology, media & telecom group │ q2 2018 y e e s s d t r ue nue