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Shea & Company, LLC

Real Estate Software Market Map

M A R C H 2 0 1 8

Copyright © 2018 Shea & Company, LLC

Agenda

1

Shea & Company Firm Overview

Real Estate Market Overview

Real Estate Software Market Trends

Real Estate Software Landscape

Financial Markets Perspective

Appendix: Subsector ‘Deep-Dive’ Taxonomies


Corporate Strategy

■ Corporate development advisory

■ Balance sheet and capital structure review

■ Fairness opinions

Private Placements & Capital Raising

■ Late-stage venture, growth equity and buyouts

■ Recapitalizations

■ IPO advisory

Mergers & Acquisitions

■ Sell-side and buy-side M&A advisory

■ Divestitures

■ Restructuring

>6015+2 16Professionals focused on

the software industry

Offices in Boston and San

Francisco

Transactions completed

representing billions of

dollars in value

Years of experience

amongst our senior

bankers

1Firm focused exclusively

on enterprise software

People ▪ Industry Expertise ▪ Process Excellence

Superior OutcomesShea & Company has advised on important transactions

representing billions of dollars in value across the strategic acquirer and financial investor landscape with Clients in the U.S. as well as

Canada, Europe and Israel

Shea & Company served as the exclusive

financial advisor to HP

has been acquired by has been acquired by


financial advisor to Bronto


financial advisor to Vista Equity Partners

has acquired


placement agent to OutSystems

has received an investment from


financial advisor to Sovos Compliance

and Vista Equity Partners


financial advisor to Double-Take, Vision

Solutions and Clearlake Capital

an affiliate of

has been acquired by


financial advisor to Secure Islands



financial advisor to LastPass



financial advisor to Lacoon

has been acquired by has been acquired by


financial advisor to Pervasive

has received a strategic investment from


financial advisor to MRI Software and GI

Partners

a portfolio company of


financial advisor to Bomgar

has received an investment from



financial advisor to Granicus


financial advisor to Gurobi Optimization

has received a significant investment from


financial advisor to SecureAuth and Toba

Capital


a portfolio company of a portfolio company of



NASDAQ:[PVSW]


financial advisor to Perforce and Summit

Partners



2


About Our Firm


financial advisor to Clearlake Capital

has made an equity investment in



financial advisor to EQT

has acquired


Recent Conversations

Representative Transactions

Real Estate Software is a key focus area for our Firm and a

significant portion of our recent transaction activity

We have completed transactions across the sector, working on

both buyside and sellside engagements, and interacting regularly

with all of the relevant players in the space

Real Estate Software


We Know Real Estate Software

3

Resident Screening

Affordable Housing Property

Management

Apartment Marketing and

Leasing

Automated

Communications

Property and Investment

Management


Asset ManagementProperty and Investment

Management


Property and Facilities

Management

Investment Management


TA Associates is one of the largest and most

experienced global growth private equity firms having

raised $24Bn in capital and investing in more than 480

companies around the world since inception

TA Associates specializes in buyouts and minority

recapitalizations of profitable growth companies with its

team of more than 85 professionals

TA Associates is active in a number of key subsectors

including Facility Services, Financial Technology,

Infrastructure, Internet and Software

Founded in 1968, TA Associates is headquartered in

Boston with additional offices in London, Menlo Park,

Mumbai and Hong Kong

MRI is a leader in business management software

solutions for the multifamily and commercial real estate

industries, serving owners, operators, occupiers and

investors

MRI is a portfolio company of GI Partners, a leading

investment firm focused on private equity and real

estate strategies; GI is active in a number of key sectors,

including IT Infrastructure, Software, Healthcare and

Services; GI Partners acquired MRI from Vista Equity

Partners in 2015

Founded in 1971, MRI is headquartered in Solon, OH

with additional offices in Atlanta, Dallas, Hong Kong,

London, Singapore, Sydney and Toronto

TA Associates ProfileMRI Software Profile


financial advisor to MRI Software


MRI Software, a leading global provider of software

solutions for the real estate sector, has received a

strategic investment from TA Associates

Engagement: Shea & Company was engaged to evaluate

and solicit interest from a select set of financial

sponsors

Sector: Real estate property and investment

management software solutions

Role: Exclusive financial advisor to MRI and its owner

GI Partners

Tra

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Ra

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TA Associates is one of the largest and most experienced global private equity firms focused on growth-oriented

companies. TA Associates, in conjunction with GI Partners, will look to leverage its global presence to help drive MRI’s

strategic international expansion initiatives

"MRI Software has established a differentiated position in the fast-growing real estate software space with a

comprehensive, configurable and open platform that meets the unique needs of real estate owners, operators and

investors. With its significant investment in product, people and partners, we believe MRI is well positioned to continue

growing its leadership position in the commercial, residential and investment management markets. We are excited

to partner with Patrick Ghilani and his Team, alongside GI Partners, to support the Company's continued innovation

and growth." – Hythem El-Nazer (Managing Director, TA Associates)

Upon closing the transaction, TA Associates will help drive MRI’s M&A initiatives and utilize its global reach to propel

MRI’s solution into new markets worldwide. TA will assist GI Partners in accelerating topline revenue growth, deepening

MRI’s presence internationally, expanding its connected partner system and delivering significant levels of product

innovation

"MRI Software is a leader in real estate technology because of our relentless commitment to delivering value to our

Clients and Partners through exceptional products, services and relationships. GI Partners has been a strong supporter

and a key contributor to the acceleration of our business, and we look forward to continuing this relationship.

Expanding our partnership to include TA Associates, a firm with deep software industry experience and global scale,

will provide additional resources to fuel our growth through further expansion of our international footprint and our real

estate technology solutions. The combination of these two leading strategic investors will provide greater access to

global resources and enables us to invest even more to deliver innovation, flexibility and value for our Clients and

Partners." – Patrick Ghilani (CEO, MRI Software)

Shea & Company served as the exclusive financial advisor to MRI Software and its owner GI Partners


TA Associates’ Strategic Investment in MRI Software

Transaction Highlights

4



Agenda

5








Market Definition: Property that is rented for

the purpose of operating a business

Property Types: Office Space, Retail,

Manufacturing Parks, Warehouses, Medical,

Hospitality, Special-Purpose categories

including self-storage, theme parks, theaters

and churches to name a few

Market Sizing (assets): Approximately $15Tn

Representative Vendors: Boston Properties,

CBRE, Cushman & Wakefield, Jones Lang

LaSalle, Realogy Holdings

Key Software Needs:

‒ Automation of complex lease calculations

‒ Common Area Maintenance (“CAM”)

expenses

‒ Building operations management

‒ Increased cybersecurity

Commercial

US Real Estate represents $40 Trillion in cumulative assets


US Real Estate Market Overview

6

Market Definition: Residential property with

two or more units under the same roof or

with multiple buildings within one complex

Property Types: Apartment Buildings, Town

Houses, Managed Communities, Military,

Student, Senior

Market Sizing (assets): Approximately

$25Tn, including Single-Family

Representative Vendors: AvalonBay

Communities, Equity Residential, Essex

Property Trust, HFF

Key Software Needs:

‒ Apartment listing services

‒ CRM functionality

‒ Online resident application process

‒ Compliance solutions

Multifamily

Market Definition: Residential property that

contains only one unit and is traditionally

owner-occupied

Property Types: Owner Occupied, Rental

Properties

Market Sizing (assets): Approximately

$25Tn, including Multifamily

Representative Vendors: American Homes 4

Rent, Century 21, Colony Starwood Homes,

Invitation Homes, Keller Williams, RE/MAX

Key Software Needs:

‒ Brokerage management

‒ Listing services

‒ Mortgage / financing management

‒ Short term rental solutions

Single-Family

US Real Estate Market Segmentation

Residential

US Real Estate Market is composed of three large segments – Commercial, Multifamily Residential

and Single-Family Residential – all of which are currently experiencing favorable secular trends

Copyright © 2018 Shea & Company, LLC 7


Real Estate Market Trends

The Commercial Real Estate Market is comprised of properties owned for business objectives while the

Residential Real Estate Market revolves around the homeowner

Real Estate Market PlayersReal Estate Market Taxonomy

Commercial Real Estate

Office

Hospitality

Retail

Industrial

Medical

Other Leased Space for the Use

of Business

Residential Real Estate

Single-Family Homes

Multifamily Homes

Commercial Investor

Commercial Agent

Property Manager

Represents tenants or lessees by finding, selecting and

negotiating new space for client businesses

Manages and oversees operations of individual properties,

including marketing, leasing, tenant management,

maintenance, rent collection and bill payment

Commercial Real Estate

Residential Agent

Residential Investor

Purchaser

Residential Real Estate

Represents single family homes or units within a

multifamily property

Invests in ownership of homes or multifamily units; often the

purchaser lives in one segment of the multiplex, creating a

residence as well as an investment property

Owner who purchases for individual use, most often to

provide housing for family use

Investors that specialize in the acquisition, repositioning,

development and management of commercial property,

sometimes through joint-venture investments


Commercial Real Estate Market Trends Commercial Real Estate Property Price Index


Market Opportunity: Commercial Real Estate Sector

Coming out of the 2009 recession, the Commercial Real Estate industry has been experiencing rapid

increases in new building completions and substantial increases in property valuations

Commercial Real Estate Completions by Sector (millions SF)

Commercial Real Estate Market Rebounding Since 2009 Recession

The 2009 recession caused a sharp dip in Commercial Real Estate values

and completions – falling rents caused property values to tumble and

investors to pull back on investing in new building

Since 2009, the sector has shown strong growth and rebounded to all time

highs driven by strong lease demand and corresponding investment in new

properties

Across the board, Property Price Indices (PPI) indicate strong gains in

commercial valuations with relevant PPIs from Green Street Advisors, the

National Council of Real Estate Investment Fiduciaries (NCREIF) and Real

Capital Analytics all reaching highs over pre-2008 levels

The Green Street Advisors Price Index has rebounded 106% from its low in

May 2009 and is currently 26% above the previous peak in August 2007;

likewise the NCREIF Price Index, has experienced substantial recent growth,

increasing at 7.7% YoY in Q4 2016

Both Office and Industrial completions have rebounded to pre-recession

highs, while Retail has stabilized slightly above the bottom that was reached

in 2010

Net absorption rates – the change in occupied space during an applicable

period – have also increased dramatically from 2012, growing from 15MM

to 37MM in 2016

Even though the market has largely regained the momentum lost as a result

of the recession, challenges do remain as organizations look to manage

properties more efficiently – from a leasing, tenant management and

maintenance perspective – and increasingly look to leverage both

proprietary and market data

Sources: National Association of Realtors, REIS Research Sources: Green Street Advisors, REIS Research

-

20

40

60

80

100

120

140

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

-

10

20

30

40

50

60

70

80

90

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Office Retail Industrial

Index of U.S. commercial property values that captures the

prices at which commercial real estate transactions are

currently being negotiated and contracted

106%


Residential Real Estate Market Trends


Market Opportunity: Multifamily Real Estate Sector

Increasing demand for rental units is driving (i) high Residential Real Estate occupancy rates and (ii) a

spike in US Apartment construction

Multifamily Real Estate: Annual Apartment Completions (Units)

Residential Real Estate Experiencing Higher Completion Rates with Increasing Occupancy

Rates / Lower Vacancy Rates

The US rental market is seeing strong demand and high occupancy rates

driven by:

Demographic changes that are leading to decreasing levels of

homeownership in the US, including: Americans marrying later in life,

decreasing family size and increasing divorce rate

Stabilizing unemployment rates are driving increasing income, which

provides more individuals with the means to rent

Population growth in the US, driven largely by millennials and

immigrants

The surge of rental housing demand along with a steady increase in average

rental prices, have incentivized investment in multifamily units via net new

construction and have driven consolidation in the industry from REITS,

property managers and private owners

As more units are constructed (and existing units are filled) property

managers and investors have been increasing hiring to keep up with the

expanding residential market

High Completion Rate in Metro Apartment Buildings

Moody’s and REIS data indicate that the number of Apartment Completions

in the US – defined as the number of new units added to the market during

a given time period – has grown at a strong 7.6% CAGR from 2005

Additionally, absorption rate in the apartment sector has steadily increased

showing that there remains sufficient unit demand to support the increasing

number of buildings being completed

Vacancy Rates by Unit Count

-

50,000

100,000

150,000

200,000

250,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

13.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

1 Unit 2+ Units 5+ Units

Sources: 2015 American Community Survey, 1-Year Estimates, US Census Bureau (updated October 2016), Reis Research


Single-Family Real Estate Market Trends


Market Opportunity: Single-Family Real Estate Sector

Single-family housing market is recovering after 2008 market crash – new home sales are up 6 straight

years and housing starts have been increasing, despite the fact that home ownership rates are down

overall since 2007

Homeownership Rate

New Single-Family Home Sales & Case-Shiller Index Up 6 Straight Years

Single-family home sales were over 5 million in 2016, up 4.9% from the

previous year and 34% from 2010, the post recession low

Similarly, the Case Shiller Index – a measure of single-family resale

prices over time – has been up in each of the past 6 years, and in

November 2017 was up 43% from November 2011

Housing construction also picked up in 2016, with single-family starts

increasing from 715K units in 2015 to 782K units in 2016

Sales to owner occupants with mortgages rose by 7% indicating that

‘traditional’ home sales are growing, and first-time homebuyers made up

35% of sales in 2016, an increase of 3% from the previous year

Increased Demand for Rental Units

While home purchases are increasing, the homeownership rate decreased

12 consecutive years as of 2016 and ticked back up slightly in 2017

This indicates that (i) more individuals are opting to / needing to rent

rather than buy homes / apartments; and (ii) a portion of the single-

family housing sales are driven by investors who are buying properties

to rent rather than occupy –approximately 37% of all homes sold in the

US in 2016 were bought for investment purposes

The decline in homeownership for middle-aged and older adults has

been largely due to foreclosures, while the decline in homeownership

among younger households has been a result of weak income growth,

delayed marriage and childbearing and various other factors

Single-family rentals are growing at a faster pace than any other portion of

the housing market – from 2010 to 2016, single-family rental households

increased by almost 2 million and within the past 3 years, have increased

30%

Investors with less than 10 units, own 87% of all single-family rentals,

with those with only one rental owning 45%

Approximately 2% of single-family rental units are owned by institutional

investors, which pales in comparison to the more than 55% of

multifamily units owned by the same group

Single-Family Home Sales by Unit Count (millions) & Case-Shiller Index

61%

62%

63%

64%

65%

66%

67%

68%

69%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Existing New Case Shiller

Sources: Harvard JCHS, S&P CoreLogic, US Census Bureau (updated December 2017)

n/a


Agenda

11









Tenant, Homeowner and Facility Lifecycle

1212

Marketing Software

Web Portals

Listing Services (ILS)

CRM / Lead Management

Searching Leasing Occupancy

Screening (background & credit)

Revenue Management

Leasing & Renewals

Renters Insurance

Property Management

Utility Billing

Payments

Resident Surveys

Communications Platforms

Multifamily Tenant Lifecycle

Design

Capital Planning

Facility Design

Construction

Construction Management & Maintenance

Lease Management

Space Management

Maintenance Management

Sustainability Management

Facility Lifecycle

Data & Information Sources

Tenant, homeowner and facility lifecycles span multiple different constituencies and drive the need for

software solutions to manage the complex process

Back Office Solutions

Accounting Revenue Management Spend Management Investment Management

Marketing Software

Listing Services (ILS)


Virtual Showings

Searching Buying Occupancy

Transaction Management

Commission Management

Mortgage & Lending

Investing & Crowdfunding

Short Term Rentals

Insurance

Single-Family Homeowner Lifecycle



Attractive Industry Fundamentals

Underlying Industry Trends

13

Resulting Effect

Improving property fundamentals

Residential rental unit construction highest since 2004

Need to reduce labor and administrative costs, while increasing

productivity as market consolidates

Property managers and investors increasingly want one “system of

record” for all data, with software solutions that span the full tenant,

building and investor lifecycle

Robust recovery of real estate market in commercial, MF residential and

single family. Rental rates and occupancy rates, highest since 1997 and

new single-family home sales are up 99% since the low in 2011

Software solutions driving efficiency and readily apparent ROI – SaaS

solutions eliminate the large upfront investment cost for real estate

operators

Strong fundamentals

increasing number of

properties that need

to be managed &

encourage

investment

Efficiency demands

driving increasing

real estate software

penetration

Market leaders

actively consolidating

to build out

comprehensive suite

solutions

Demand for integrated suite solutions

Increased demand for more

sophisticated financial solutions

Heightened awareness of the value of property management

software solutions in real estate

Shifting preference towards

renting from owning



Real Estate Software Industry Trends

14

II. Fragmented Market – Consolidation Producing Suite Solutions

The market is now served by a large number of point solutions that address specific constituencies

and pain points

A number of vendors have been aggressively consolidating the sector in an effort to build out

comprehensive solution suites

III. Proprietary and Siloed Data

Vast quantities of data, however data is largely siloed in a myriad of point solutions

Lack of industry standard data format which makes data exchange / integration difficult

IV. Adoption of Mobile Solutions

Demand for mobile-enabled products is driving the adoption of more modern solutions

I. Digitization of Real Estate Sector

Real estate sector has generally been slow to adopt technology – largely a paper and spreadsheet

based industry with a long tail of legacy solutions

V. Individual / Owner Empowerment

Listing sites provide tools for discovery and research when buying, and short term rental platforms

have allowed individual property owners to rent directly to other individuals without having to go

through an agency

The emergence of investment/crowdfunding platforms for individuals provide opportunity to invest

in properties once out of the realm of possibility



I. Digitization of Real Estate Sector

15

Entrenched in highly relational

industry with multiple

intermediary levels

Lack of industry standards

and centralized marketplaces

to share uniform data

Fluctuating boom-bust cycles

inhibit consistent investment

Numerous disconnected point

solutions, requiring

specialized professionals

Highly manual processes with

collection / entry and

information verification

Dependency on paper &

spreadsheets in daily

operations

Players incentivized to

withhold data from the public

domain

“The Adoption of

Technology”

Digitization enables investors, property

managers and operators to increase

efficiency and offer a better customer

experience

Historical inhibitors to technology adoption are being broken down as the efficiency gains and

improvement to customer experience from technology adoption, outweigh the investment costs and risk of

implementing new systems

Costly to adopt new

technology – large up front

investment and long

implementation cycles


Len

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BIM

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Property Management Suites:


II. Fragmented Commercial & Multifamily Market

16

Leaders determined by employment counts and amounts of financing raised

Ba

ck

Off

ice Revenue Management Financials Investment Management

Tenant Management (MF) Tenant Management (CM)

Leasing & Renewals

Utility Billing

Payment

Vertical-Specific Solutions

Marketing & Sourcing (MF) Marketing & Sourcing (CM)


ILS

Marketing

Screening

Facilities Management & Integrated Workplace Management

Suites

Lease Management

Space Management


Sustainability & Energy Management

= Acquired / Operating Subsidiary

MF & Commercial

MF Focused

Commercial-Focused

Key:C

on

stru

cti

on

Suites Design Bid Management Accounting & Job Costing


Brokerage Management


II. Fragmented Single-Family Market continued

17



Ma

rke

tin

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So

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ing CRM / Lead Management ILS Software-Enabled Brokerage Agent Matching Marketing

Ba

ck

Off

ice

Transaction Management Accounting / Commission Management SuitesS

ho

win

gs

Showing Management Virtual Showings

Insu

ran

ce

Mo

rtg

ag

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Len

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Inve

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Cro

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II. Consolidation Producing Suite Solutions continued

18

Sources: Company releases

Notes: Relevant Acquisitions in the past eight years

2011

2013

2015

2017

2018

(Total: 17)

Mesta Konsern

Tekla

$475MM

Plancal

MAYBIM

SketchUp

Manhattan Software

CSC

Gehry Technologies

Amtech Group

Linear Project GMBH

Vianova Systems

Sefaira

Building Data

Property Management Facilities Management Internet Listing Service Construction

(Total: 13)

Siterra

Mainspring

Healthcare

Expesite Inc.

BIGCenter

Verisae

Four Rivers Software

SiteFM

VFA

Lucernex

BluCielo

RentMineOnline

$6MM

Active Building

$14MM

Bookt

$7MM

Vigilan

$5MM

ICIM Corporation

$49MM

AssetEye

$5MM

eSupply Systems

$7MM

Axiometrics (assets)

$75MM

Notivus Multifamily

$4MM

Kigo

$32MM

NWP

$68MM

LRO

$290MM

(Total: 18)

AUM

$70MM

On-Site

$250MM

PEX

$6MM

(Total: 11)

Lead Tracking

Solutions

Pierce-Eislen

Centershift

Enerliance

ALMSA Corporation

ista

Proliphix

Optimus EMR

Immobilien

Management

WUN Systems

Rentjuice

$40MM

Buyfolio

Mortech

$17MM

HotPads

$16MM

NMD Interactive

$50MM

Retsly

Trulia

$2500MM

Dotloop

$108MM

Naked Apartments

$13MM

Bridge Interactive

Group

RealNet Solutions

(Total: 14)

New Home Feed

(Total: 13)

Integratec

CallMaX

Qube

Cougar Software

ResidentCheck

RAM

Tenmast

HAB

eCondoSystems

MDA Property

Systems

Apartments.com

$585MM

Apartment Finder

$170MM

Westside Rentals

$14MM

Landwatch.com

$31MM

ForRent.com

$385MM

Screening Pros

$3MM

(Total: 8)

Kykloud

360Facility

Evoco

LoopNet

$763MM

Virtual Premise

$17MM

Workspeed

Bostonpost

VaultWare

Compliance Depot

$22MM

SeniorLiving.Net

$5MM

MyNewPlace

$74MM

e-Builder

$485MM

WinEstimator

Vico Software

RealTown.com Postlets

Diverse Solutions

$8MM

2012

2014

2016

AceCad



III. Proprietary and Siloed Data

1919

Siloed Data Remains a Challenge

The myriad of point solutions and data sources often lack integrated functionality

causing the sector to remain inefficient

The Real Estate market was historically highly fragmented and regionally

organized; software emerged to help streamline basic accounting and

record keeping

Driven by the consolidation of the real estate market beginning in the

90s, real estate portfolios with material assets under management

emerged (some of which were accountable to numerous shareholders);

this created the need for more sophisticated systems with centralized

databases so business processes could be automated and optimized at

scale and the increased complexity could be easily managed

Increasing market demand has grown beyond basic accounting and

record keeping functions to areas such as applicant screening,

marketing, billing and analytics for pricing and yield optimization –

this has driven the creation of additional point solutions with their

own data silos

Despite increasing market demands for integrated suite solutions,

constituencies within the real estate ecosystem today still rely upon

point solutions and numerous databases

Processes are managed by separate manual or disaggregated

applications

Lack of data sharing and workflow creates redundancies and data

integrity issues

Approximately 75% of CRE firms are operating with data silos by using

non-integrated software solutions such as spreadsheets and point

solutions

Roughly 75% of the solutions used across the functions of

Accounting, Investment Management, Budgeting and Valuation

Analysis consist of spreadsheets and single-purpose software

Real Estate

Ecosystem

The Real Estate ecosystem includes diverse industry participants and a myriad of data sources, including

structured and unstructured content (email, lease contracts, pricing data, spreadsheets, digital images) –

data is generally siloed / proprietary, making it difficult for the various constituencies within Real Estate

(investors, owners, operators, property managers) to unlock the full value of the data

Marketing

CRM

Leads

Floor Plans

Pricing /

Comps

Census

ILS

Tenant

ManagementContracts

Utilization

Vacancy

LeaseRenewals

Pricing

Construction

Zoning

Regulatory

LaborMaterials

Cost

Permitting

Space

Specs

Lease

Accounting

Capital

Projects

Property

Data

Utilities

Facilities

Management

Back Office

Investor

Reporting

Yield

TaxAccruals

HCM

ERP

Accounting



IV. Adoption of Mobile Solutions

Property managers and real estate agents alike spend a large amount of time

in the field, away form their desk – almost one third of real estate agents

spend more time on location and at showings than in their office, and roughly

half spend at least an hour a day traveling

These property professionals need the ability to do their jobs from anywhere

and on any device

20

Tenants / Buyers

Property Managers & Agents

Facilities Management

Mobility needs of various constituents in the Real Estate space are driving a technology refresh as

providers look to mobile-enable legacy solutions

Maintenance workers are regularly in the field on maintenance calls; the

ability to receive, review and close work orders all from a mobile device

(without needing to return to the office) makes workers more efficient

Prospects want the ability to search for listings, contact agents for showings

and apply for apartments on their mobile devices

Tenants are demanding “consumer quality” applications and web portals to

interact with their property manager / landlord, including functionality for rent

payment, work request and general inquiry



V. Individual / Owner Empowerment

21

Tools and data services have emerged to empower the individual homeowner – homeowners are no longer

completely beholden to real estate agents for data, listing services, sales and rentals. In parallel,

platforms have emerged to allow individuals to invest in real estate properties through crowdfunding

Owner tools

Individual Investor Tools

Discovery, Search and Data

Purchasing & Financing

Renting

Investment / Crowdfunding



Agenda

22




Real Estate Software Vendor Landscape




Len

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l Solutions to facilitate the lending process including

origination, appraisal, servicing, compliance and diligence

management solutions

Da

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An

aly

tic

s

Data on properties, land, demographics, building layouts

and photographs, as well as high level market trends and

analysis



Commercial & Multifamily Taxonomy of Solutions

23

Ba

ck

Off

ice Revenue Management: Price

optimization and revenue

forecasting solutions

Financials: Comprehensive accounting and reporting solutions

for building finances including automated bill payments and

AP automation

Investment Management: End-

to-end portfolio management

solutions ranging from

property valuation to

benchmarking and analysis

Co

nst

ruc

tio

n

Suites: End-to-end solutions for the management of

construction projects, including bid management,

scheduling and budgeting, document management

and accounting and billing

Design: Solutions for project design and planning,

including budgeting tools to plan and track costs

and modeling and architectural tools

Bid Management: Platform to streamline bid project

data, documents and subcontractor

communications

Accounting & Job Costing: Solutions to collect and

track job costs, revenue, labor, equipment hours

and materials

Tenant Management

Leasing & Renewals: Solutions for the leasing process including

simplified onboarding, document management and e-

signatures

Utility Billing: Billing and customer information management for

electricity, gas and water utilities

Payment: Online payment and rent collection services

Vertical-Specific Solutions: Focused tenant management

solutions to verticals such as military, student, senior and

affordable housing

Marketing & Sourcing

CRM / Lead Management: Customer management and lead


ILS: Online database solutions listing commercial and

multifamily properties available for rent

Marketing: Customer outreach and reputation management.

Features include rating and review management as well as

more targeted email and social media outreach

Screening: Automated assessments of potential tenants

including criminal background checks and credit and financial

reports


Suites: End-to-end solutions for the management of facilities

and workplace, including the management of capital projects,

leases, space, maintenance and energy usage

Lease Management: Lease administration allowing property

owners and managers to track all lease aspects in one system

Space Management: Layout and spacing of properties, including

real-time floor plan views, facility management reports and

move planning support

Maintenance Management: Scheduling, tracking and reporting

tools for facilities and equipment focused on reducing

breakdowns and repair costs

Sustainability & Energy Management: Energy tracking and

management solutions, allowing users to reduce costs and

promote conservation

BIM

3D model-based planning, design, construction and building



Len

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BIM

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tic

s



Commercial & Multifamily Taxonomy of Solutions continued

24


Ba

ck

Off

ice Revenue Management Financials Investment Management

Co

nst

ruc

tio

n

Suites Design Bid Management Accounting & Job Costing

Marketing & Sourcing (MF) Marketing & Sourcing (CM)


ILS

Marketing

Screening


Suites

Lease Management

Space Management




MF & Commercial

MF Focused

Commercial-Focused

Key:

Tenant Management (MF) Tenant Management (CM)

Leasing & Renewals

Utility Billing

Payment

Vertical-Specific Solutions




Single-Family Taxonomy of Solutions

25

Ma

rke

tin

g&

So

urc

ing CRM / Lead Management: Customer

management and lead management

solutions

ILS: Online database solutions listing

single-family properties available for

rent

Software-Enabled Brokerage: Online

platform facilitating the entire home

buying/selling process from listing to

agent matching to showings and the

eventual sale

Agent Matching: Online platform

connecting home sellers with potential

real estate agents

Marketing: Customer outreach and

reputation management. Features

include rating and review management

as well as more targeted email and

social media outreach

Ba

ck

Off

ice

Transaction Management: Form creation,

e-sign and various other documentation

and tracking solutions for management

of the transaction process and related

paperwork, tasks and requirements

Accounting / Commission Management:

Accounting solutions including

brokerage / real estate focused

functionalities such as commission

splits and disbursements

Suites: Comprehensive suite of back

office solutions ranging from

transaction management to accounting

Sh

ow

ing

s

Showing Management:

Scheduling and tracking,

information sharing and

feedback gathering solutions

Virtual Showings: Interactive 3D

and VR showing solutions

Insu

ran

ce

Online homeowner’s and renter’s insurance solutions

Mo

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g

Wide range of mortgage and lending solutions for both the individual and provider including application and process

management solutions as well as marketplace and listing platforms

Da

ta&

An

aly

tic

s

Data on properties, land, demographics, building layouts

and photographs, as well as high level market trends and

analysis

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g/

Cro

wd

fun

din

g Platforms enabling individuals to participate, with others

or in isolation, in property investments

Re

nta

ls

Platforms enabling individual property owners to rent

directly to other individuals without having to go through

an agency

Titl

e&

Clo

sin

g

Title and closing management solutions

including document management,

milestone tracking and reporting,

among others




Single-Family Taxonomy of Solutions continued

26



Ma

rke

tin

g&

So

urc

ing CRM / Lead Management ILS Software-Enabled Brokerage Agent Matching Marketing

Ba

ck

Off

ice

Transaction Management Accounting / Commission Management SuitesS

ho

win

gs

Showing Management Virtual Showings

Insu

ran

ce

Da

ta&

An

aly

tic

s

Inve

stin

g/

Cro

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fun

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g

Re

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ls

Titl

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Clo

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Len

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g


Agenda

27








-20%

-10%

%

10%

20%

30%

40%

50%

60%

70%

Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17


Enteprise Software

NASDAQ

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17


Enterprise Software


Public Markets

28

Representative Public Real Estate Software Vendors ($ millions)

Public real estate software vendors have outperformed both the market as well as enterprise software

vendors from a relative performance and valuation point of view

3 Year Relative Performance Public Real Estate Software vs. Enterprise Software EV/Revenue Multiples

42%

44%

61%

5.7x

4.5x

Market Cap $1,085 $1,404 $3,705 $10,548 $3,055 $3,717

Enterprise Value $1,152 $1,361 $5,353 $10,230 $2,689 $4,006

LTM Price Performance 23% 89% 22% 55% 4% 82%

3-Year Price Performance 66% n/a 39% 77% 120% 111%

LTM Revenue (EV Multiple) $375 (3.1x) $142 (9.6x) $1,848 (2.9x) $965 (10.6x) $413 (6.5x) $671 (6.0x)

LTM EBITDA (EV Multiple) $69 (16.7x) $27 (nm) $474 (11.3x) $288 (35.5x) $119 (22.5x) $162 (24.8x)

IPO Date 05/11/05 06/25/15 01/10/03 07/01/98 04/14/11 08/11/10



Acquirer

Target

Date 02/02/18 12/17/17 10/04/17 08/02/17 05/23/17 02/27/17 10/31/16 07/26/16 05/18/16 04/28/16

Enterprise Value $485 $1,200 n/a $250 n/a $290 $632 $229 n/a $663

EV / LTM Rev 9.2x 9.7x n/a 5.0x n/a 8.1x n/a n/a n/a 7.2x

EV / LTM EBITDA n/a nm n/a 27.8x n/a 29.0x n/a n/a n/a nm

29

24 24 23

37

46

60

$597

$947

$690 $783

$452

$1,054

$622

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

0

10

20

30

40

50

60

70

2010 2011 2012 2013 2014 2015 2016

Count Aggregate Deal Value ($m)


Real Estate Software: M&A

Notable Real Estate Software Transactions ($ millions)

Real Estate Software M&A ($ millions)


Note: EV / Revenue multiples greater that 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

29


42

68

90

180

264 269

246

$75 $166 $178 $379

$999

$2,790

$2,412

0

50

100

150

200

250

300

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2010 2011 2012 2013 2014 2015 2016

Deal Count Aggregate Amount Raised ($m)


Real Estate Software: Capital Raises

30

Target

Date 01/18/18 11/15/17 10/06/17 08/15/17 08/11/17 06/08/17 06/06/17 05/01/17 03/24/17 03/07/17

Amount Raised $42 $21 $36 $40 $22 $300 $65 $31 $50 $12

Post-Money Valuation $292 $70 n/a $180 $86 $1,400 $800 n/a $202 $89

193%


Notable Real Estate Software Capital Raises ($ millions)

Real Estate Software Capital Raises ($ millions)


Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA

Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr

02/02/18 e-Builder Trimble 100.0% 0.0% - $485 9.2x - - - 0

02/01/18 Circlepix Inside Real Estate - - - - - - - - 0

02/01/18 Real Estate Digital Constellation Software - - - - - - - -

12/17/17 Aconex Oracle 100.0% 0.0% - $1,200 7.9x 6.7x nm - 0

12/14/17 BrokerSumo Inside Real Estate - - - - - - - - 0

12/05/17 4Clicks Gordian - - - - - - - -

11/07/17 BlueCielo ECM Solutions Accruent - - - - - - - -

11/05/17 Mortech Zillow - - - - - - - -

11/01/17 WUN Systems Yardi Systems - - - - - - - -

10/23/17 PEX Software RealPage 100.0% 0.0% - $6 - - - -

10/17/17 eCondoSystems MRI Software - - - - - - - -

10/16/17 HAB MRI Software - - - - - - - -

10/10/17 Tenmast Software MRI Software - - - - - - - -

10/04/17 Qube Global Software MRI Software - - - - - - - -

10/02/17 SkySlope Fidelity National Financial - - - - - - - -

09/20/17 Real Asset Management MRI Software - - - - - - - -

09/12/17 Dominion Enterprises (ForRent) CoStar Group 90.9% 9.1% - $385 3.9x - 25.7x -

09/08/17 New Home Feed Zillow - - - - - - - -

09/07/17 OJO Labs Realogy - - - - - - - -

08/31/17 Velocify Ellie Mae 100.0% 0.0% - $128 - - - -

08/09/17 Lucernex Accruent - - - - - - - - 0

08/02/17 On-Site Manager RealPage 100.0% 0.0% - $250 5.0x - 27.8x -

08/02/17 Ten-X Thomas H. Lee Partners - - - - - - - -

08/01/17 PCLender Fiserv - - - - - - - -

07/31/17 Service Works Group Addnode Group 100.0% 0.0% - $16 2.1x - 10.4x - 0

07/25/17 Real Geeks Fidelity National Financial - - - - - - - -

07/23/17 Screening Pros CoStar Group - - - - - - - - 0

07/16/17 Retsly Zillow - - - - - - - -

07/12/17 Dexter + Chaney Viewpoint Construction Software - - - - - - - -

06/28/17 PayLease Vista Equity Partners - - - - - - - -

06/19/17 American Utility Management RealPage - - - $70 2.3x - - -

06/06/17 Mercury Network CoreLogic - - - - - - - -

06/01/17 Propertybase Boston Logic Technology Partners - - - - - - - -

05/23/17 MRI Software TA Associates - - - - - - - -

04/27/17 LandWatch CoStar Group 100.0% 0.0% - $31 - - - -

04/01/17 MPulse Maintenance JDM Technology Group - - - - - - - - 0

03/03/17 Mark Systems ECI Software - - - - - - - -

03/01/17 EstateMaster Altus Group - - - - - - - - ##

($ millions)


Real Estate Software M&A Transactions

31



(continued)




02/27/17 Rainmaker Group (LRO Assets) RealPage 100.0% 0.0% - $290 8.1x - 29.0x - 0

02/06/17 ResidentCheck MRI Software - - - - - - - 0 - 0

02/01/17 Westside Rentals CoStar Group 100.0% 0.0% - $14 - - - -

01/27/17 Cassiopae SAS Sopra Steria Group - - - - - - - - 0

01/24/17 Axiometrics (assets) RealPage 100.0% 0.0% - $75 5.4x - - - 0

01/12/17 Realnet Zillow - - - - - - - - ##

12/20/16 dRofus Nemetschek 100.0% 0.0% - $26 5.4x - - - 0

11/29/16 Hightower View the Space - - - - - - - -

11/07/16 Building Data Trimble Navigation - - - - - - - -

11/07/16 FacilityONE Rainmaker Partners - - - - - - - - 0

10/31/16 ConstructConnect Roper Technologies - - - $632 - 4.2x - -

10/04/16 CallMax MRI Software - - - - - - - -

09/23/16 eMaint Fluke Corporation - - - - - - - - 0

09/22/16 Verisae Accruent 100.0% 0.0% - - - - - - 0

09/15/16 BIGCenter Accruent - - - - - - - - 0

08/30/16 Concerto Software Bellrock Group - - - - - - - - 0

08/02/16 Bridge Interactive Group Zillow - - - - - - - -

07/26/16 Commissions FNF Group - - - $229 - - - -

06/29/16 Axxerion Facility Services Main Capital Partners - - - - - - - - 0

06/22/16 Motivity Solutions Black Knight Financial Services - - - - - - - -

06/16/16 eSupply Systems (assets) RealPage - - - $7 - - - -

06/13/16 Proliphix Yardi Systems - - - - - - - -

06/03/16 Integratec MRI Software - - - - - - - -

05/18/16 Accruent Genstar Capital - - - - - - - - 0

05/17/16 AssetEye RealPage - - - $5 - - - - 0

04/28/16 Textura Oracle 100.0% 0.0% - $663 6.1x 5.0x 30.6x 20.7x

04/19/16 Property Software Group Zoopla Property Group 100.0% 0.0% - $106 4.7x - 14.5x -

04/14/16 Beims Zuuse - - - - - - - - 0

04/08/16 Mainspring Healthcare Solutions Accruent - - - - - - - -

03/17/16 CONJECT Holding Aconex 100.0% 0.0% - $72 2.7x - nm - ##

02/23/16 NWP RealPage 100.0% 0.0% $70 $68 1.2x - 11.3x - 0

02/08/16 Sefaira Trimble Navigation - - - - - - - -

02/04/16 FieldView Solutions Nlyte Software - - - - - - - - 0

02/03/16 Big Sky ServiceChannel.com - - - - - - - - 0

02/03/16 Naked Apartments Zillow 100.0% 0.0% - $13 - - - - ##

02/02/16 Immobilien Yardi Systems - - - - - - - -

02/01/16 FacilitySource Warburg Pincus - - - - - - - - 0

02/01/16 Kypera Holdings Castleton Technology 100.0% 0.0% $7 $5 1.4x - 8.2x - ##

($ millions)


Real Estate Software M&A Transactions continued

32

(continued)Sources: Company releases





01/07/16 AssetPoint Aptean - - - - - - - - 0

12/17/15 FNC CoreLogic Systems 100.0% 0.0% - $475 - - - 13.5x ##

12/02/15 Corrigo Jones Lang LaSalle - - - - - - - - 0

11/04/15 HomeAway Expedia 26.5% 73.5% $3,900 $2,980 6.1x - 30.5x - 0

11/02/15 iProperty Group REA Group 100.0% 0.0% - $390 19.7x - - - ##

09/03/15 Market Leader Constellation Software 100.0% 0.0% - $23 - - - - ##

09/02/15 Optimus EMR Yardi Systems - - - - - - - -

09/02/15 Vianova Trimble Navigation - - - - - - - -

08/17/15 eRPortal Paragus Strategic IT - - - - - - - - 0

08/17/15 HomeBuy360 Housing.com - - - $2 - - - - ##

07/22/15 DotLoop Zillow 100.0% 0.0% - $108 - - - - ##

07/01/15 Datamann Vitec Software Group 100.0% 0.0% - $7 - - 9.4x - ##

06/03/15 ICIM (assets) RealPage - - - $49 4.3x - 20.4x - ##

06/03/15 MRI Software GI Partners - - - - - - - -

06/01/15 Brixx Solutions Castleton Technology - - - $8 - - - - ##

06/01/15 Impact Applications Castleton Technology - - - $8 - - - - ##

04/29/15 Apartment Finder CoStar Group 100.0% 0.0% - $170 2.2x - 7.4x - ##

03/25/15 TheWorxHub Dude Solutions - - - - - - - - 0

03/06/15 Ocius PayLease 100.0% 0.0% - - - - - - 0

03/05/15 Linear project Trimble Navigation - - - - - - - -

03/01/15 Anjuke 58.com 60.0% 40.0% - $267 - - - - ##

02/19/15 Insite Software (assets) Epicor - - - - - - - -

02/03/15 Cougar Software MRI Software - - - - - - - -

01/13/15 eFront Bridgepoint - - - - - - - -

12/22/14 OneMove Technologies (assets) Information Services - - - $9 - - - -

12/18/14 ExactBid Spectrum Equity - - - - - - - -

12/11/14 Yeoman & Company (assets) iLOOKABOUT 0.0% 100.0% - $1 - - - -

12/10/14 Valuation Vision (assets) Zaio 34.0% 66.0% - $2 - - - -

11/24/14 Owners Advantage Altisource Portfolio Solutions - - - $20 3.4x - 10.0x -

11/17/14 VFA Accruent - - - - - - - -

11/11/14 Amtech Group Trimble Navigation - - - - - - - -

11/03/14 CoSine Holdings SPH Interactive 0.0% 100.0% $39 $23 - - - -

10/20/14 Voyanta Altus Group - - $9 $7 - - - -

09/30/14 Move News Corporation 100.0% 0.0% - $950 4.0x - 25.6x - ##

09/08/14 Gehry Technologies Trimble Navigation - - - - - - - -

09/04/14 Point2 (assets) Move 100.0% 0.0% - $5 - - - - ##

08/25/14 Four Rivers Software Accruent - - - - - - - - 0

08/25/14 SiteFM Accruent - - - - - - - - 0

($ millions)

33

(continued)








08/19/14 Manhattan Software Trimble Navigation - - - - - - - - 0

08/11/14 Roomtag Asure 55.0% 0.0% - $2 - - - - 0

07/28/14 Trulia Zillow 0.0% 100.0% $2,500 $2,509 14.4x - - - ##

07/15/14 ZipRealty Realogy Holdings 100.0% 0.0% $166 $155 2.1x - - - ##

06/16/14 Kigo RealPage 100.0% 0.0% - $32 - - - - ##

06/10/14 ViryaNet Ltd. Verisae 100.0% 0.0% - $19 - - - - 0

06/03/14 MAYBIM Trimble Navigation - - - - - - - -

05/23/14 Keystone Civica - - - - - - - - 0

05/14/14 Notivus Multi-Family (assets) RealPage 100.0% 0.0% - $4 - - - - ##

05/06/14 Enerliance Yardi Systems - - - - - - - -

04/22/14 Coaxis Bain Capital - - - - - - - -

04/02/14 Lovely RentPath 100.0% 0.0% - $13 - - - - ##

03/05/14 Glad to Have You HomeAway 100.0% 0.0% - $17 - - - - ##

03/03/14 Centershift Yardi Systems - - - - - - - -

03/03/14 Apartments.com CoStar Group 100.0% 0.0% - $585 6.8x - 22.9x -

02/11/14 Bookt RealPage 100.0% 0.0% - $7 - - - - ##

02/06/14 Interthinx First American Financial 100.0% 0.0% - $155 1.4x - - - ##

11/25/13 Accruent TA Associates - - - - - - - -

11/21/13 CSC Trimble Navigation - - - - - - - -

11/14/13 LATISTA Technologies Textura 100.0% 0.0% - $35 - - - - ##

10/31/13 ARG Interactive Ellie Mae 100.0% 0.0% - $5 - - - - ##

10/29/13 Active Building RealPage - - - - - - - -

10/16/13 FiveStreet Move 100.0% 0.0% - $5 - - - - ##

10/08/13 Hara Verisae - - - - - - - - 0

08/19/13 NMD Interactive Zillow - - - - - - - - ##

08/19/13 WorkOasis Verisae - - - - - - - - 0

07/03/13 Pierce-Eislen Yardi Systems - - - - - - - - ##

07/01/13 Decision Insight Information (assets) CoreLogic Systems - - - $661 6.0x - 12.2x - ##

05/29/13 JouleX Cisco Systems 100.0% 0.0% - $107 - - - - 0

05/28/13 Lender Processing Services Fidelity National Financial 50.0% 50.0% $2,900 $3,880 2.0x - 11.5x - 0

05/08/13 Market Leader Trulia 46.1% 53.9% $355 $333 5.8x 4.4x nm 24.6x

01/18/13 CDS Business Mapping CoreLogic Systems 100.0% 0.0% - $78 - - - - ##

01/09/13 Idisis Business Resource Group - - - - - - - - 0

01/07/13 Expesite Accruent - - - - - - - - 0

12/07/12 Evoco Accruent - - - - - - - - 0

11/26/12 HotPads Zillow - - - - - - - - ##

11/02/12 Vico Trimble Navigation - - - - - - - -

10/31/12 Buyfolio Zillow - - - - - - - - ##

($ millions)

34

(continued)








10/19/12 FMx Ltd. Idox plc 100.0% 0.0% $9 $9 - - - - 0

08/26/12 SketchUp (assets) Trimble Navigation - - - - - - - 0

08/08/12 FAME Facility Software Solutions Ameresco 100.0% 0.0% $4 $4 - - - - 0

07/23/12 RentMineOnline RealPage - - - $6 4.0x - - - ##

07/19/12 Skire Oracle - - - - - - - - 0

07/05/12 PeopleCube Asure Software 71.0% 8.0% $14 $14 1.4x - 37.7x - 0

07/02/12 WinEstimator Trimble Navigation - - - - - - - -

06/08/12 Vela Systems Autodesk 100.0% 0.0% - $76 - - - - ##

05/17/12 ista (assets) Yardi Systems - - - - - - - -

05/02/12 RentJuice Zillow 100.0% 0.0% - $40 - - - -

04/03/12 Lead Tracking Solutions Yardi Systems - - - - - - - -

03/22/12 Rent.com Primedia - - - - - - - - ##

01/12/12 Plancal Trimble Navigation - - - - - - - -

01/05/12 ALMSA Corporation Yardi Systems - - - - - - - - ##

01/04/12 Vigilan Incorporated RealPage - - - $5 2.2x - - - ##

12/21/11 Realty DataTrust MRI Software - - - - - - - - 0

12/15/11 360Facility Accruent - - - - - - - - 0

11/02/11 Diverse Solutions Zillow - - - $8 - - - - ##

10/26/11 Virtual Premise CoStar Group 100.0% 0.0% - $17 - - - - ##

10/03/11 Bostonpost Technology MRI Software - - - - - - - - ##

09/23/11 eFront Francisco Partners 100.0% 0.0% - $56 1.5x - - - ##

08/22/11 MyNewPlace RealPage 85.0% 15.0% - $74 4.6x - - - ##

08/16/11 Del Mar DataTrac Ellie Mae 100.0% 0.0% $25 $24 2.7x - nm - 0

07/29/11 SeniorLiving.Net RealPage 100.0% 0.0% - $5 - - - - ##

06/27/11 Workspeed Management MRI Software - - - - - - - - 0

05/16/11 Primedia TPG Capital 100.0% 0.0% - $516 2.3x - 9.3x - ##

05/09/11 Tekla Corporation Trimble Navigation 100.0% 0.0% $489 $475 4.9x 4.2x 20.4x 15.0x

05/06/11 Compliance Depot (assets) RealPage 100.0% 0.0% $22 $22 4.1x - - - ##

04/27/11 LoopNet CoStar Group 85.0% 15.0% $860 $763 9.4x 7.6x 34.8x 24.2x ##

04/12/11 ARGUS Software Altus Group - - - $130 5.3x - 15.1x - 0

03/24/11 Mortgagebot Davis + Henderson Corporation 100.0% 0.0% - $232 6.2x - 11.5x - ##

03/22/11 TRIRIGA IBM 100.0% 0.0% - $108 - - - - 0

03/02/11 Siterra Accruent - - - - - - - - 0

01/11/11 RP Data Pty CoreLogic Systems 100.0% 0.0% - $193 3.9x - - 6.2x ##

($ millions)

35






Agenda

36









Subsector Deep-Dive: Construction Software Taxonomy of Solutions

37


Core FeaturesTakeoff Estimating Bid Management Project Scheduling Project Management


Program & Portfolio Mgmt Accounting & Job Costing Customer Management Field Service Management


Listing Services

Websites

Marketing


Subsector Deep-Dive: Marketing & Sourcing Software Taxonomy of Solutions= Acquired / Operating Subsidiary

38




Subsector Deep-Dive: Integrated Workplace Management (US) Taxonomy of Solutions

IWMS Suites



39

Building Information Modeling

Capital Project Management

Real Estate Portfolio Management & Lease Accounting

Space & Workplace Management




Subsector Deep-Dive: Integrated Workplace Management (ROW) Taxonomy of Solutions= Acquired / Operating Subsidiary

40

IWMS Suites


Building Information Modeling

Capital Project Management

Real Estate Portfolio Management & Lease Accounting

Space & Workplace Management


People ▪ Industry Expertise ▪ Process Excellence

Superior Outcomes.

Boston San Francisco

Shea & Company, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Shea & Company is not a retail broker-

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