Quarterly RAAI Report

RAAI Quarterly Market ReportSupply Chain Tech Trends & Capital Market Drivers for 2021

Fall 2021

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For more information on this report or Cascadia Capital’s RAAI coverage, please contact us or visit cascadiacapital.com

• 2021 Top Supply Chain Tech Trends & Capital Market

Drivers

• Select Transaction Highlights

• Supply Chain Tech M&A and Financing Activity

• Supply Chain Tech Publicly-Traded Company

Performance

• Upcoming Industry Conferences and Events

Supply Chain Tech Trends & Capital Market Drivers for 2021

Wholesale Shift in Customer Demand Requires Supply Chains to Rapidly Adopt Automation1

Prolonged periods of disrupted supply chains and

increased customer expectations for more

products, lower prices, and expedited shipping are

driving overwhelming demand for end-to-end

supply chain visibility and efficiency solutions.

While there has been an initial surge in in-person

consumer activity as pandemic restrictions lessened,

all signs point to pandemic trends continuing and

blurring the line between brick and mortar and e-

commerce. Offerings like buy online, pick up in-

store, grocery delivery and the evolving

microfulfillment (MFC) model will continue to grow

in popularity and become the new standard for

driving consumer behavior. In addition, the

infrastructure that was developed for work-from-

home will likely be utilized for years to come,

further reinforcing consumer behavior from the

COVID-19 pandemic as a driving force for

innovation and convenience.

As a result, resilience in the supply chain will be

crucial for companies looking to increase

throughput and enhance operational agility.

Emerging technologies will increasingly enable a

shift towards a connected ecosystem focused on

end-to-end solutions for suppliers, customers, and

shippers that manage inventory and product

volumes. Technology advancements throughout the

supply chain will be necessary to support e-

commerce and maintain the flow of goods-to-

customers while further improving customer

experience.

Estimated Annual Shipments of Industrial Robots

Worldwide

Future technology solutions will aim to reduce costs,

provide visibility to increase reaction time and

manage throughput.

The global supply chain will remain highly

fragmented and emerging technology companies are

rapidly trying to solve existing gaps, but currently

can often only solve one or a limited number of

problems (ie, warehouse automation). Over time

technology companies will need to create more

value for their solutions through partnerships and

ultimately combination with other complementary

market players.

Report Highlights

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Sources: International Federation of Robotics, Cascadia Proprietary Information

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Supply chain technology startups are emerging at an explosive rate across the globe to provide solutions for

existing companies dealing with sourcing fragmentation. For example, components for a single phone can be

sourced from China, Taiwan, and Korea which means shipping delays, missed shipments, customs delays, and

unanticipated downtimes that can create a domino effect. Companies need solutions that can automate

processes, enhance efficiency, provide visibility, and create robust analytics to increase supply chain resilience

and throughput.

In addition, most investors are developing

an investment framework focused on the

“three pillars” of core technologies, key

segments and winning business models.

In the short-term, tech-enabled companies

in trucking logistics and inventory

management are benefitting from investor

interest in the surge in e-commerce, and

over time we expect to see accelerating

growth in companies with more advanced

technologies in autonomy applications and

full-suite warehouse automation.

Representative Companies Emerging in the Supply Chain Tech Landscape

Asset Tracking & Management

7%

Augmented Reality

1%Autonomous Trucks &

Middle-mIle4%

Electric Trucks2%ERP &

Inventory Management

18%

Fleet Management

7%Marine, Rail & Port Logistics

4%Other>1%

Procurement & Sourcing

14%Supply Chain

Finance & Payments

7%

Sustainable Packaging

6%

Trucking Logistics

13%

Warehouse Automation

9%

Warehousing & Fulfillment8%

Sources: Pitchbook data – As of September 2021, Cascadia Proprietary Information


Fragmentation in the Supply Chain Creates Opportunity for New Entrants2

For more information on this report or Cascadia Capital’s RAAI coverage, please contact us or visit cascadiacapital.com 3

Venture Capital Investments by Sub-Sector

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0x

50x

100x

150x

200x

250x

300x

350x

400x

$0 $1 $2 $3 $4 $5 $6 $7 $8

Rising implementation costs and the need for flexibility will continue to drive demand for RaaS solutions.

Companies, particularly small and medium enterprises, increasingly need to scale and retool in response to

changing customer demands. Software advances, widescale adoption of S/XaaS revenue models and exponential

growth of cloud computing solutions have enhanced robotics providers’ ability to remotely update and manage

deployments post-integration. Further, customers of robotics companies are increasingly focused on RaaS due

to its flexibility, scalability, and lower cost of entry relative to traditional robotics. With many robotics solutions,

the cost associated with the implementation has proven to be a high bar of entry for small and medium sized

companies. With RaaS, these companies can enjoy fast returns on their capital by capturing the benefits of

robotics and automation without requiring a significant upfront expense. Perhaps most importantly, RaaS

facilitates robotics companies’ ability to rapidly scale and will enhance market penetration—simply put, the rent

vs buy flexibility is poised to transform automation adoption rates in the very near future.

Even companies that offer larger, more complex end-to-end automation solutions are turning to RaaS as a means

to accelerate growth. In the past, these companies have faced significant customization and integration

challenges. However, as an increasing number of systems are sold and more useful data is captured and

analyzed, robotics companies are better able to assess customers’ core needs. By developing “standard”

solutions that fit most needs, RaaS business models will become an effective means to further the sales of even

complex systems solutions.

From an investor perspective, given the above, RaaS is one of the key, if not the most important, capabilities

sought in robotics business models. The recent surge in S/Xaas has led to an explosion of subscription service

models as a key-value determinant in technology and robotics is no different. In fact, as seen below,

expectations of future annual recurring revenue (“ARR”) have the potential to drive multiples to unprecedented

levels and investors are rewarding businesses with (i) robust sales pipelines, (ii) actionable backlog, and (iii) an

achievable medium-term technology roadmap.

ARR and ARR Valuation Multiple - Robotics Hardware Companies

Robotics companies with lower levels of revenue

can have strikingly high ARR multiples.

Projections and expectations are driving

valuations for post-seed robotics companies

rather than current salesAR

RM

ult

iple

ARR ($ in Millions)


Winning Business Models Will Incorporate RaaS3


Sources: Pitchbook data, Cascadia Proprietary Information, Deloitte, Silicon Valley Bank - The Future of Robotics

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Sources: Movilitas, Gartner, Manhattan Associates

Visibility, analytics and real-time decision making are the new normal. While the concept of full supply chain

visibility is not new, rapid technological improvements are advancing visibility, capture and processing. That said,

the option of a supply chain without visibility is extinct and tech-enabled providers are now mission critical

components of the supply chain. The ramifications of this technology are already on display—according to

Movilitas, 90% of survey respondents with automation built into their supply chains reported that their market

share increased somewhat or significantly in the past year. Moreover, 97% reported their customer satisfaction

somewhat or significantly increased, compared to just 8% of those without substantial automation incorporated

into their supply chains. Those numbers reflect the impact and need for supply chain technology implementation,

the benefits to those who take advantage and the risks to those who don’t.

Increasing pressure to carefully manage the safety and availability of the workforce creates an urgent need for

solutions. Globally, supply chains are under incredible pressure as supply chain and transportation workers

become scarce due to difficult working conditions and, in some instances, poor treatment (eg, inability for ship

crews to disembark in foreign ports). While improved leave policies and more careful scheduling can alleviate

some of these issues in the short-term, longer-term there will be a significant gap in availability that only

automation will be able to fill. And, contrary to popular belief, according to the World Economic Forum

automation has the potential to create significantly more jobs than it replaces and allows for upskilling into other

necessary roles within the supply chain including IT management, supply chain technology and other technical

support roles. The transfer of roles and skills will create a more automation-centric workforce whose awareness

of and facility with technology will only serve to further increase adoption and effectiveness over time.

Worker safety is perhaps the most critical element of a durable operation and supply chain continuity. Robots

that can fill G2P roles in a warehouse environment can provide the twin benefit of social distancing and

enhanced throughput. In addition, automated solutions can reduce the risk of injury by removing workers from

dangerous environments, provide more rapid response to emergencies through real-time monitoring and allow

for more effective safety protocol management. Further benefits to employers include reduced costs, increased

efficiency and a better protected workforce.

Sources:

$38,000Average cost savings for each

worker injury avoided

22%Increase in profitability

41%Decrease in

quality/defect issues

48%Decrease in safety

Incidents

Growing Focus on Supply Chain Traceability & Visibility4

Supply Chain Workforce Management and Evolution5



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Sources: Pitchbook data – As of September 2021

Despite the slowdown in the capital markets in the first half of 2020, Q4 of 2020 demonstrated resilience and

increased velocity. This set the stage for M&A and financing activity, particularly in supply chain tech, in 2021.

Cascadia is predicting more consolidation in supply chain technology over the next 24 months fueled by a

combination of market demand, evolving pain-points, emerging market leaders developing scale, and a need for

end-to-end solutions.

Trends to Watch For

Technology Enhancement Through Acquisition: Differentiated businesses with technology specialization oruniqueness will receive premium valuations as larger companies look to scale operations and create holistic solutionsthrough acquisition, effectively bypassing the typical R&D cycle (ie, roadmap acceleration)

Labor Management: Scarcity of labor and evolving need for safe work environments will drive increased demand forsemi- and fully automated solutions in and out of warehouses

AI as Warehouse Enabler: AI will play a larger role in the warehouse environment as increasingly complex trafficpatterns and fleet management will require predictive analytics integrated into Warehouse Control Systems (WCS)

Systems Architecture: Increased integration of WCS, WES, and WMS into an overarching system will facilitate thedeployment of an end-to-end solution, enhance data visibility, and optimize inventory storage, movement, capacityutilization, and traffic control from receipt of goods to exit

Mid-Mile Focus For Software Solutions Here to Stay:

o Chokepoints in multi-modal mid-mile (particularly trucking) will draw significant attention to software focusedsolutions

o Disruptive driver shortage will focus solutions on driver experience and safety. Also, driver focused workflowmanagement tools and integration of route optimization

o B2B Market places that manage capacity and availability and that also allow for secondary exchange

o Integration of bespoke or siloed software packages into existing TMS or that provide a roadmap to newsolutions

Supply Chain Tech M&A Transactions($ in BN)

$14

$20

$56

$0

$10

$20

$30

$40

$50

$60

2021 1Q 2021 2Q 2021 3Q

$7

$27

$15

$26

$90

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

2017 2018 2019 2020 2021



The Future: Expect More Consolidation in Fragmented Landscape6

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SPACs can be an appealing route to the public markets for companies that prioritize valuation certainty, speed to

market and relative ease of transaction closure, most of which are absent from the traditional IPO process. They

are also a valuable alternative to later-stage venture capital and private equity by allowing access to potentially

greater liquidity sooner, making them an effective first step to an acquisition campaign to capitalize on industry

trends.

2021 saw witness to several high-profile SPACs in the supply chain space, particularly in autonomous trucking.

There were also notable SPACs in warehouse automation focused on end-to-end solutions providers, a trend we

expect to continue over the next 24 months along with key “tuck-in” transactions.

Cascadia expects solutions focused on the mid-mile and holistic warehouse management to be investor focus

areas over the next 24 months. These sub-sectors of the supply chain represent the most significant pain points

and, therefore, solution opportunities. Winners in these sub-sectors will develop differentiated solutions that

can quickly scale and address the challenges of a large and actionable Total Addressable Market (“TAM”).

Recent SPAC Transactions

$2.7B

Jul. 2021

$13B

Jul. 2021

$1.8B

Jun. 2021

$5.2B

Jun. 2021

$3.3B

May. 2021

$3.2B

Feb. 2021

$4.3

$1.8$1.3 $1.3

$1.0 $1.0$0.6 $0.5 $0.5 $0.3 $0.3 $0.3

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

AutonomousTrucks

Procurement& Sourcing

TruckingLogistics

ERP &Inventory

Management

ElectricTrucks

Warehousing& Fulfillment

WarehouseAutomation

Marine, Rail &Port Logistics

AssetTracking

Finance &Payments

SustainablePackaging

FleetManagement

$2B

Aug. 2021

Sources: Pitchbook data – As of September 2021, Cascadia Proprietary Information



Supply Chain Tech Investments by Sub-Sector($ in BN)

SPACs Create Access to Liquidity and Acquisition Currency7

Near Term Investment Surge Across Supply Chain Technologies8

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$1,897

$3,688

$5,392

Notable RAAI Financings

Jan 2021 July 2021

$130M Raise$80M Raise $46.7M Raise$95M Raise$61.5M Raise $80M Raise$31.4M Raise $90M Raise$31 Raise $90M Raise

$100M Raise $118M Raise$30M Raise$33M Raise$150M Raise $202M Raise $260M Raise $150M Raise$170M Raise

Venture capital was concentrated in autonomous trucking and middle mile

with roughly $3.1B YTD. Procurement and sorting followed closely with 16%,

while 11% of the capital went towards technologies in trucking logistics, and

ERP and inventory management at 10%. We see deals like ShipBoB,

KeepTrucking, and STORD driving significant value for the supply chain and

investors evolving their thesis on how this technology will revolutionize the

space.

Notable RAAI Transactions

Why It’s Notable: Zebra’s acquisition of Fetch Robotics continues to

demonstrate investors’ short-term focus on acquiring premium assets in

segments that have significant TAM and proven technology that can scale

Why It’s Notable: Berkshire Grey’s SPAC highlights a market opportunity for

warehouse automation providers using public markets to deliver on key pipeline

customers and integrate new technologies into the warehouse environment

acquired

by

Why It’s Notable: The acquisition of Ike highlights another significant deal in the

frenzy of consolidation in the autonomous trucking industry. Nuro saw an

opportunity to expand its product offering to integrate both long haul and last-

mile capabilities

acquired

by

Why It’s Notable: The acquisition of Llamasoft by Coupa highlights an

overarching theme of vertical specialization and software integration to

expand capabilities focused on supply chain optimization

Warehouse Technology

Enterprise

Supply Chain TechFreight Tech

($ in MM)

Jan – Sep 2021

Revolution Acceleration Acquisition

acquired

by

$50M Raise $50M Raise $200M Raise$100M Raise$125M Raise $46.6M Raise

$30M Raise$210M Raise $200M Raise

Total Financings: $~3B

acquired

byWhy It’s Notable: The Locus acquisition reinforces our theme of using acquisitions to

short-cut R&D timelines to deploy necessary technology that broadens capability,

product offerings and customer pipeline

Notable Transaction Highlights


Sources: Capital IQ, Pitchbook, MergerMarket, Industry Research

https://www.nuro.ai/

https://www.coupa.com/products/supply-chain-design

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Date

ClosedTarget Company Buyer/Investor Company Sector

Enterprise

Value ($M)Revenue EBITDA

Sep-21 MOST (Logistics) Nexxiot(Stefan Kalmund) Logistics & Transportation Tech NA NA NA

Sep-21 Convey Project44 Enterprise Supply Chain $1,709.8 NA NA

Sep-21 FWRUN Diggipacks Logistics & Transportation Tech NA NA NA

Sep-21 Yimidida Huisen Suyun Logistics & Transportation Tech NA NA NA

Sep-21 Roadie (Logistics) United Parcel Service (NYS: UPS) Logistics & Transportation Tech NA NA NA

Sep-21 Oqton 3D Systems (NYS: DDD) Warehousing Tech $180.0 NA NA

Sep-21 BluJay Solutions Ltd E2open Parent Holdings, Inc. Enterprise Supply Chain $1,709.8 NA NA

Aug-21 VIA Motors Ideanomics (NAS: IDEX) Logistics & Transportation Tech $630.0 NA NA

Aug-21 Hudson Capital Inc. Freight App, Inc. Logistics & Transportation Tech NA NA NA

Aug-21 SupplyFrame, Inc. Siemens Aktiengesellschaft Enterprise Supply Chain $700.0 NA NA

Aug-21 Fetch Robotics, Inc. Zebra Technologies Corporation Warehousing Tech $305.3 30.5x NA

Jul-21 GlobalTranz Enterprises, Inc. Worldwide Express Operations, LLC Logistics & Transportation Tech NA NA NA

Jul-21 Proactis Holdings PLC DBAY Advisors; Pollen Street Capital Enterprise Supply Chain $129.2 2.6x NM

Jul-21 ASTI Mobile Robotics SA ABB Asea Brown Boveri Ltd Warehousing Tech NA NA NA

Jul-21 OmniPark FlashParking Logistics & Transportation Tech NA NA NA

Jun-21 QAD Inc. Thoma Bravo, L.P.; Thoma Bravo Fund XIV LP Enterprise Supply Chain $1,789.5 5.7x 64.8x

Jun-21 Boston Dynamics, Inc. Hyundai Motor Company Warehousing Tech $1,100.0 NM NA

Jun-21 Holded Technologies, S.L. Visma AS Enterprise Supply Chain $120.0 NA NA

Jun-21 Trucker Tools, LLC Alpine SG, LLC Logistics & Transportation Tech NA NA NA

May-21 CIM Industrial Systems A/S XANO Industri AB (publ) Enterprise Supply Chain $89.5 1.6x NA

May-21 Localz Pty Ltd Tyro Payments Limited Logistics & Transportation Tech $21.4 11.9x NM

May-21 NextShift Robotics Inc. JASCI LLC Warehousing Tech NA NA NA

Apr-21 Blue Yonder Group, Inc. Panasonic Corporation Enterprise Supply Chain $5,500.0 NA NA

Apr-21 rfxcel Corporation Antares Vision, Inc. Enterprise Supply Chain $150.0 8.8x NA

Apr-21 Vend Limited The Descartes Systems Group Inc Enterprise Supply Chain NA NA NA

Apr-21 Haven, Inc. The Toro Company Enterprise Supply Chain NA NA NA

Apr-21 Xirgo Technologies, LLC Sensata Technologies, Inc. Logistics & Transportation Tech $400.0 NA NA

Mar-21 ZigZag Global Ltd Lightspeed POS Inc. Enterprise Supply Chain NA NA NA

Mar-21 Left Hand Robotics, Inc. Global Blue Group Holding AG Warehousing Tech NA NA NA

Mar-21 CDK Global, Inc. Francisco Partners Management, L.P. Logistics & Transportation Tech $1,446.0 NA 15.0x

Feb-21 Negometrix B.V. Mercell Holding AS (nka:Mercell Holding ASA) Enterprise Supply Chain $27.0 4.5x NA

Feb-21 QuestaWeb, Inc. FourKites, Inc. Enterprise Supply Chain NA NA NA

Jan-21 Autotech Robotics Limited Machine Technology Group Warehousing Tech NA NA NA

Jan-21 Bombardier Transportation Alstom SA Logistics & Transportation Tech NA NA NA

Jan-21 Ike Robotics Inc. Nuro, Inc. Logistics & Transportation Tech NA NA NA

Dec-20 Synovos, Inc. Electrocomponents plc Enterprise Supply Chain $33.8 NA NA

Dec-20 Visma Commerce Mercell Holding AS (nka:Mercell Holding ASA) Enterprise Supply Chain $2,000.0 10.6x 21.3x

Dec-20 Yonomi, Inc. Allegion plc Warehousing Tech NA NA NA

Nov-20 Eucon GmbH VHV Vereinigte Hannoversche Logistics & Transportation Tech NA NA

Nov-20 LLamasoft, Inc. Coupa Software Incorporated Enterprise Supply Chain $1,398.3 NA NA

Nov-20 Kindred Systems, Inc Ocado Group plc Enterprise Supply Chain $286.6 168.6x NA

Oct-20 6 River Systems, Inc. Shopify Inc. Warehousing Tech $44,368.0 NA NA

Oct-20 Automile AB ABAX Sweden AB Logistics & Transportation Tech NA NA NA

Apr-19 Canvas Technology LLC Amazon.com, Inc. Logistics & Transportation Tech NA NA NA

Mean $3,110 27.2x 33.7x

Median $515 8.8x 21.3x

Recent & Notable M&A Transactions



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Date Target CompanyPost-Money

Value ($M)

Total Raised

($M)Current Round

Current Raise

($M)

Sep-21 Locus Robotics NA $312.5 Later Stage $50.0

Sep-21 STORD $1,125.0 $201.0 Series D $50.0

Aug-21 Zetwerk $1,500.0 $382.5 Series E $150.0

Aug-21 Point Pickup NA $84.1 Later Stage $39.7

Aug-21 Osaro $115.0 $56.8 Series C $30.0

Aug-21 Rapid Robotics $193.7 $54.2 Series B $36.7

Aug-21 Swyft NA $5.1 Later Stage NA

Aug-21 Agora(Business/ Productivity Software) NA $44.0 Series B $33.0

Aug-21 Third Wave Automation $135.0 $59.0 Series B $40.0

Jul-21 Invia Robotics $150.0 $60.2 Series C $30.0

Jul-21 Covariant $530.0 $147.0 Series C $80.0

Jul-21 Interos $1,000.0 $125.9 Series C $100.0

Jul-21 Fetch Package $169.2 $81.5 Series C $50.0

Jul-21 Path Robotics $750.0 $171.0 Series C $100.0

Jul-21 XYZ Robotics NA $63.0 Series B $35.0

Jul-21 NewStore $346.7 $155.4 Series B1 $46.7

Jun-21 ShipBob $1,125.0 $330.7 Series E $200.0

Jun-21 LocoNav NA $43.0 Series B $37.0

Jun-21 RoadSync NA $38.2 Series B $30.0

Jun-21 Sendle NA $71.9 Series C $35.0

Jun-21 RoboCorp Technologies $151.0 $32.0 Series A $21.0

Jun-21 Cargomatic $390.0 $147.7 Series B $90.0

Jun-21 Finite State $115.0 $52.5 Series B $30.0

Jun-21 Xeneta $130.0 $55.5 Series C $28.5

Jun-21 KeepTruckin $2,300.0 $439.3 Series E $210.0

Jun-21 Bringg $1,000.0 $187.0 Series E $100.0

Jun-21 PayCargo NA $160.0 Series B $125.0

Jun-21 Forto $1,400.0 $366.8 Series C $240.0

Jun-21 Faire $7,000.0 $695.5 Series F $260.0

Jun-21 Nexxiot NA $105.0 Later Stage $25.0

Jun-21 Gideon Brothers NA $44.9 Series A $31.0

Jun-21 Realtime Robotics $66.4 $35.4 Series A $31.4

Jun-21 GreyOrange NA $174.2 Later Stage $35.3

Jun-21 Locus (Logistics) $300.0 $82.5 Series C $50.0

Jun-21 Shippo $1,000.0 $153.6 Series E $50.0

Jun-21 Project44 $1,200.0 $412.5 Series E $202.0

Jun-21 Sennder $1,451.4 $340.4 Series D $240.0

May-21 Waybridge $125.0 $40.0 Series B $30.0

May-21 Optimal Dynamics $64.1 $22.9 Series A $18.4

May-21 Zencargo $181.8 $70.1 Series B $41.6

May-21 Path Robotics $235.0 $171.0 Series C $56.0

Recent & Notable Financings



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Date Target CompanyPost-Money

Value ($M)

Total Raised

($M)Current Round

Current Raise

($M)

Apr-21 Plus One Robotics $103.0 $43.6 Series B $33.0

Apr-21 Multiply Labs $64.5 $25.2 Series A $25.0

Mar-21 STORD $510.0 $111.0 Series C $65.0

Mar-21 Idelic $75.0 $31.3 Series B $20.0

Mar-21 FourKites $750.0 $198.4 Series D $100.0

Mar-21 Tradeshift $2,700.0 $839.5 Series F $200.0

Mar-21 Nimble Robotics $123.5 $50.0 Series A $50.0

Mar-21 Clobotics NA $78.9 Early Stage $30.9

Feb-21 Symbio $70.0 $47.7 Series B $30.0

Feb-21 Shippo $515.0 $103.0 Series D $45.0

Feb-21 Reverselogix $60.0 $20.0 Series A $20.0

Feb-21 Locus Robotics $1,000.0 $262.4 Series E $150.0

Feb-21 Slync $240.0 $79.2 Series B $60.0

Feb-21 UiPath (NYS: PATH) $35,000.0 $1,952.2 Series F $750.0

Feb-21 Inxeption $750.0 $112.0 Series D $61.5

Jan-21 Airspace Technologies $238.0 $68.5 Series C $38.0

Jan-21 Oqton NA $40.0 Series A $40.0

Jan-21 Flexe $530.0 $143.6 Series C $80.0

Median $347 $83 $46

Mean $1,488 $178 $84

Recent & Notable Financings



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EV / LTM Revenue Median Multiples by Sector

EV / LTM EBITDA Median Multiples by Sector

LTM Median: 4.8x

NTM Median: 4.2x

LTM Median: 19.1x

NTM Median: 15.0x

Public Company Update


Sources: Capital IQ – As of 10/5/21

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($USD in millions) Enterprise LTM LTM EBITDA EV / Revenue EV / EBITDA

Company Value Revenue EBITDA Margin LTM LTM

Supply Chain and Logistics Technology

Oracle Corporation $287,828 $39,403 $18,117 46.0% 7.3x 15.9x

SAP SE 166,647 33,441 8,395 25.1% 5.0x 19.9x

Constellation Software Inc. 35,600 3,969 887 22.3% 9.0x 40.1x

WiseTech Global Limited 12,169 357 134 37.6% 34.1x N/M

Manhattan Associates, Inc. 9,472 586 137 23.3% 16.2x N/M

Aspen Technology, Inc. 8,322 681 372 54.7% 12.2x 22.3x

The Descartes Systems Group Inc 6,531 349 153 43.9% 18.7x 42.7x

Kinaxis Inc. 3,577 224 11 4.8% 16.0x N/M

American Software, Inc. 704 112 6 5.7% 6.3x N/M

Tecsys Inc. 625 92 9 10.0% 6.8x N/M

Median $8,897 $471 $145 24.2% 10.6x 22.3x

Mean $53,147 $7,921 $2,822 27.3% 13.1x 28.2x

Fleet Management and Fulfillment

United Parcel Service, Inc. $171,670 $84,628 $10,292 12.2% 2.0x 16.7x

CSX Corporation 82,512 10,583 6,257 59.1% 7.8x 13.2x

Trimble Inc. 21,468 3,148 743 23.6% 6.8x 28.9x

XPO Logistics, Inc. 16,197 16,252 1,771 10.9% 1.0x 9.1x

C.H. Robinson Worldwide, Inc. 12,897 16,207 932 5.8% 0.8x 13.8x

Kerry Logistics Network Limited 5,411 6,882 665 9.7% 0.8x 8.1x

Clipper Logistics plc 1,311 855 59 6.9% 1.5x 22.3x

Singapore Post Limited 1,000 1,035 89 8.6% 1.0x 11.2x

VSE Corporation 907 662 47 7.1% 1.4x 19.3x

Radiant Logistics, Inc. 378 847 47 5.5% 0.4x 8.1x

PowerFleet, Inc. 288 114 7 6.0% 2.5x 42.7x

Xpediator Plc 158 302 16 5.3% 0.5x 9.8x

Median $3,361 $2,092 $377 7.9% 1.2x 13.5x

Mean $26,183 $11,793 $1,744 13.4% 2.2x 16.9x

Diversified Industrial Technology

Danaher Corporation $229,636 $22,284 $9,037 40.6% 10.3x 25.4x

Honeywell International Inc. 158,200 32,637 8,340 25.6% 4.8x 19.0x

Roper Technologies, Inc. 55,329 5,527 2,168 39.2% 10.0x 25.5x

AMETEK, Inc. 31,219 4,540 1,426 31.4% 6.9x 21.9x

Fortive Corporation 26,683 4,634 1,204 26.0% 5.8x 22.2x

Teradyne, Inc. 16,706 3,121 1,192 38.2% 5.4x 14.0x

IDEX Corporation 16,425 2,352 680 28.9% 7.0x 24.1x

Siemens Limited 10,111 1,415 207 14.6% 7.1x 48.9x

ESCO Technologies Inc. 2,064 724 129 17.8% 2.8x 16.0x

Median $26,683 $4,540 $1,204 28.9% 6.9x 22.2x

Mean $60,708 $8,582 $2,709 29.1% 6.7x 24.1x

Public Company Multiples



D

($USD in millions) Enterprise LTM LTM EBITDA EV / Revenue EV / EBITDA

Company Value Revenue EBITDA Margin LTM LTM

Automation

Honeywell International Inc. $158,200 $32,637 $8,340 25.6% 4.8x 19.0x

Schneider Electric S.E. 104,214 30,776 6,016 19.5% 3.4x 17.3x

ABB Ltd 69,832 26,134 3,621 13.9% 2.7x 19.3x

Emerson Electric Co. 60,996 16,795 3,962 23.6% 3.6x 15.4x

Rockwell Automation, Inc. 35,720 6,211 1,340 21.6% 5.8x 26.7x

Fanuc Corporation 33,835 4,816 1,788 37.1% 7.0x 18.9x

Ocado Group plc 16,545 3,108 17 0.6% 5.3x N/M

OMRON Corporation 16,298 6,291 859 13.7% 2.6x 19.0x

KION GROUP AG 13,875 10,204 1,713 16.8% 1.4x 8.1x

YASKAWA Electric Corporation 12,420 3,652 448 12.3% 3.4x 27.7x

Daifuku Co., Ltd. 10,397 4,570 476 10.4% 2.3x 21.8x

Siemens Limited 10,111 1,415 207 14.6% 7.1x 48.9x

Yokogawa Electric Corporation 4,050 3,651 426 11.7% 1.1x 9.5x

KUKA Aktiengesellschaft 3,659 3,148 94 3.0% 1.2x 38.8x

ATS Automation Tooling Systems Inc. 3,243 1,097 171 15.5% 3.0x 19.0x

iRobot Corporation 1,829 1,430 139 9.7% 1.3x 13.2x

Median $15,087 $4,693 $667 14.2% 3.2x 19.0x

Mean $34,702 $9,746 $1,851 15.6% 3.5x 21.5x

Industrial IoT

Cisco Systems, Inc. $216,895 $48,026 $15,496 32.3% 4.5x 14.0x

Hexagon AB (publ) 41,145 4,605 1,690 36.7% 8.9x 24.4x

Xilinx, Inc. 34,785 3,053 978 32.0% 11.4x 35.6x

Zebra Technologies Corporation 27,649 4,448 1,097 24.7% 6.2x 25.2x

Trimble Inc. 21,468 3,148 743 23.6% 6.8x 28.9x

PTC Inc. 15,110 1,531 404 26.4% 9.9x 37.4x

Sensata Technologies Holding plc 11,187 3,046 843 27.7% 3.7x 13.3x

Altair Engineering Inc. 5,401 470 43 9.2% 11.5x N/M

Impinj, Inc. 1,300 139 (38) (27.2%) 9.4x N/M

Digi International Inc. 629 290 36 12.6% 2.2x 17.3x

Sierra Wireless, Inc. 465 449 (38) (8.5%) 1.0x N/M

CalAmp Corp. 460 279 25 8.8% 1.6x 18.8x

PowerFleet, Inc. 288 114 7 6.0% 2.5x 42.7x

MiX Telematics Limited 241 129 37 28.5% 1.9x 6.6x

Lantronix, Inc. 172 68 2 2.9% 2.5x N/M

Median $5,401 $470 $43 23.6% 4.5x 24.4x

Mean $25,146 $4,653 $1,422 15.7% 5.6x 24.0x

Median $12,294 $3,115 $462 16.2% 4.8x 19.1x

Mean $37,491 $8,447 $2,008 19.1% 5.8x 22.1x

Public Company Multiples



D

Cascadia Capital will be attending the following conferences and events in the upcoming

months. Please contact us directly to schedule an introduction or meeting.

Date Conference Location Website

Q4 2021

10/12/21 -10/14/21

Autonomous Mobile Robots & Logistics Conference

Memphis, TN Details

11/02/21 -11/04/21

NextGen Supply Chain Conference

Virtual Conference

Details

Q1 2022

01/31/21 -02/02/22

MODEX 2022Atlanta's Georgia World Congress Center

Details

03/28/22 -03/31/22

A3 Business Forum Orlando, FL Details

Q2 2022

05/02/22 -05/04/22

Cascadia Capital: Robotics, Automation and AI Conference

Pittsburgh, PA Details

07/18/21 -07/21/21

ICRA 2022 : IEEE International Conference on Robotics and Automation

Philadelphia, PA Details

06/06/22 -06/09/22

Automate Detroit, MI Details

Catch Us at these Conferences & Events


https://www.automate.org/a3-content/autonomous-mobile-robots-and-logistics-conference#About

https://www.nextgensupplychainconference.com/?gclid=Cj0KCQjwssyJBhDXARIsAK98ITQMxsX0vnhsDqrtuDQt6TqISAfCcx04mfTCVulvOimb-pCKxUp0OpAaAkIDEALw_wcB

https://www.modexshow.com/

https://www.automate.org/a3-content/a3-business-forum

https://www.cascadiacapital.com/

https://www.icra2022.org/program/program-overview

https://www.automateshow.com/

D

Cascadia | Leading Diversified Investment Bank

• Founded in 1999, Cascadia has a successful 20-year history

• M&A, private placements, advisory services

• Specialized in-depth expertise across multiple industry verticals

Strategic Advisory Services

Private Capital

Mergers & Acquisitions

Debt & Equity Capital Raises

Cascadia | Dedicated Robotics, Automation, and AI TeamCascadia Capital is one of the first investment banks in the country to have a dedicated practice group to serve

emerging growth companies in Robotics, Automation and Artificial Intelligence (“RAAI”). Recognizing the myriad of

industries that will be upended by RAAI technology in the coming decade, Cascadia’s RAAI group will meet the

growing demand for M&A and capital raising services in the market by tapping the firm’s existing industry

expertise.

Michael ButlerChairman & CEO

[email protected](206) 436-2530

Jamie BoydManaging Director


Firdaus PohowallaManaging Director


70+ OVER410+

Investment

Banking

Professionals

Completed

Transactions

Transactional

Value$15.5

BILLION

Cascadia | Select Robotics, Automation, and AI Team Information

Yee LeeSenior Vice President


Jason LippenbergerVice President


Cascadia | Recent RAAI & Technology Transactions

About Cascadia’s Robotics, Automation, & AI Practice


Documents

Quarterly RAAI Report