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 private limited company incorporated under English law with its registered officeat 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. HarrisWilliams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
www.harriswilliams.com
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
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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 |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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 |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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 |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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 |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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 |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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.
Engagement &
Wellbeing
mailto:[email protected]?subject=HCM Quarterly Reader Market Map
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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
a portfolio company of
has been acquired
by
a portfolio company of
has been acquired
by
and
a portfolio company of
has been acquired
by
a portfolio company of
has been acquired
by
a portfolio company of
a portfolio company of
has been acquired
by
has acquired a
majority stake in
has been acquired
by
has been acquired
by
a portfolio company of
has been acquired by
has made a
majority
investment in
has received a
majority
investment from
ERP, HR and Payroll Software
PAGE | 11
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
HW&CO.’S TMT GROUP: M&A ADVISOR OF CHOICE FOR MARKET LEADING TECHNOLOGY COMPANIES
acquired by
and
acquired byacquired by
majority
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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 |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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
a wholly-owned affiliate of
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/
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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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
UNITED STATES EUROPE
NETWORK OFFICES
Aerospace, Defense & Government
Services
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San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260
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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
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q2 2018
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.
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HARRIS WILLIAMS & CO.
1) FactSet
2) PitchBook
3) Mergermarket
4) BusinessWire
5) HW&Co. proprietary transaction information
SOURCES
DISCLOSURES