Technology Group - Harris Williams & Co.

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SUPPLY CHAIN AND LOGISTICS TECHNOLOGY SECTOR REVIEW | 1Q 2020

Technology Group

Industrial Software Sector Review | Q1 2021

has been acquired by

HW Industrial Software Introduction

SELECT HW INDUSTRIAL SOFTWARE EXPERIENCE

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Julien OussadonManaging Director

[email protected]: +44 20 7518 8909

Andy LeedDirector

[email protected]: +1 415-217-3240

Erik SzyndlarManaging Director


Eric LogueManaging Director


Giles TuckerManaging Director


John ArendaleManaging Director


T E C H N O L O G Y

HW INDUSTRIAL SOFTWARE TEAM

I N D U S T R I A L S

has received a majority investment from

has been acquired byhas been acquired by

Jeff PerkinsManaging Director

[email protected]: +49 69 3650638 13

HW TECHNOLOGY GROUPHARRIS WILLIAMS (“HW”)

• 25+ years and more than 1,000 closed transactions

• 350+ professionals across eight offices globally

• 170+ closed transactions in the last 24 months

• 10 industry groups

• 35+ dedicated Technology professionals

• Technology offices include Boston, San Francisco, and London

FOCUSED ADVISORY SERVICES

• Mergers and acquisitions (M&A)

• Capital raises

• Corporate divestitures

VERTICAL FOCUS SECTORS

• Architecture, Engineering, and Construction Software

• Education Technology and Services

• Energy Technology

• Facilities and Real Estate Software

• Financial Technology and Payments

• Government Technology

• Healthcare IT

• Industrial Software

• eCommerce and Retail Technology

• Supply Chain and Logistics Technology

HORIZONTAL FOCUS SECTORS

• Application Software

• Cloud Managed Services and Hosting Solutions

• Compliance Solutions

• CRM and Marketing Automation

• Human Capital Management

• Infrastructure and Security Software

• IT and Tech-Enabled Services

• Marketing, Research, and Insights Software

KEY TECHNOLOGY THEMES

✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓AI / Machine Learning

CONSISTENT RECOGNITION FOR QUALITY

has been acquired byhas acquired has been acquired byhas been acquired byhas acquired

pending

mailto:[email protected]







Industrial Software Market Overview

INDUSTRIAL SOFTWAREINDUSTRIAL TECHNOLOGY /

MACHINES

INDUSTRY CONVERGENCE DRIVING INNOVATION1,2

RAPIDLY GROWING DEMAND3

INDUSTRY TRENDS1,2

• Digital transformation is underway as product l ife cycles are becoming increasingly complex and organizations seek to enhance agility, integration, and real-time visibility across their global supply chains and multisite production operations

• The global Industrial IoT (IIoT) market is expected to reach $124B by 2021, growing at a CAGR of more than 7%, driven by the emergence of 5G connectivity, improved operational efficiency, improved productivity, creation of new business opportunities, reduction in downtime, and optimization of asset utilization

INDUSTRIAL AUTOMATION

PRODUCTION AND QUALITYEFFICIENCIES

TRANSPARENCY AND REGULATORY COMPLIANCE

SUPPLY CHAIN OPTIMIZATION

✓ Automation Systems

✓ Equipment and Machinery

✓ Control / Vision Systems

✓ Robotics

✓ Sensors

✓ Computer-Aided Design

✓ Enterprise Asset Management

✓ Enterprise Resource Planning

✓ Manufacturing Execution System

✓ Product Life Cycle Management

✓ Quality Management

✓ Supply Chain Management

REAL-TIME INSIGHTS

IIoT

MANUFACTURING DATAMANUFACTURING DATA

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• Market for industrial software is expected to grow 30% over the next four years

$43B

$56B

2020 2024

30%+ GROWTH

5G Endpoint Installed Base by 202348M+

IIoT Devices Worldwide by 202541B+

Key Themes in Industrial Software Market

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• The emergence of Industrial IoT Platform-as-a-Service (PaaS) that connects machines, data, and people to drive unconventional growth through new revenue streams, hybrid business models, and enhanced product innovation

• Accelerating adoption of cloud-based solutions capable of delivering real-time information and connecting plants across geographies without the costs and complexities of managing robust technology infrastructure

• 5G and ultra-broadband can ensure seamless vertical, horizontal, and cross-geographic integration across the value chain

IIoT & CONNECTIVITY:

DATA VISUALIZATION:

• Improvements in 3-D visualization, augmented reality, and virtual reality enable product designers and manufacturing engineers to more easily digest complex information

• Visualization via a digital twin (an interactive, working, and digital representation of the physical asset) helps companies simulate repairs, enabling safe practices and training ahead of site visits

REMOTE MONITORING AND ASSET PERFORMANCE:

• Heightened geopolitical tension and increasing competition making quality and speed-to-market strategic imperatives, forcing manufacturers to track, assess, manage, and optimize asset quality and reliability

• IoT, AI, and analytics are enhancing equipment maintenance practices to reduce unplanned downtime, extend equipment life cycles, and improve product quality and safety performance

KEY THEMES WE’RE FOLLOWINGKEY INDUSTRIAL SOFTWARE MARKETS

DESIGN & ENGINEERINGU.S. Market Size:4

$12.3B+

MANUFACTURING & OPERATIONSU.S. Market Size:5

$9.9B+

MAINTENANCE & SERVICEU.S. Market Size:1

$1.9B+

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired byacquired byacquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

Increasing M&A Momentum Across the Industrial Software Market

HW TRANSACTION

SELECT NOTABLE INDUSTRIAL SOFTWARE M&A ACTIVITY

NOTABLE INDUSTRY CONSOLIDATORS

5Note: Logos are representative of M&A participants and not comprehensive.

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

2019

acquired by

acquired by

acquired by

acquired by

2020

investment from

acquired by

acquired by

acquired by

2021

acquired by

acquired by

acquired by

Notable Q1 2021 Industrial Software Transactions6

Hg Capital’s Pending Strategic Investment in Trackunit

• Trackunit is a provider of SaaS-based IoT solutions and machine insights to the global construction equipment industry

• Trackunit collects and analyzes machine data in real time to deliver actionable, proactive, and predictive information, empowering cust omers with data-driven foresight to help eliminate downtime

• Hg’s experience and focus on scaling leading SaaS companies provides Trackunit with a knowledgeable partner to support the next phase of growth through consolidation and sales channel development

Vista Equity Partners’ Pending Strategic Growth Investment in ARCOS

• ARCOS is a provider of resource management software for utilities, airlines, and other critical infrastructure industries

• ARCOS’s technology enables the largest utilities and airlines to better manage their crews and resources, especially in unpla nned scenarios where resources are needed on short notice

• ARCOS and Vista will partner to accelerate investment in hiring, continue driving innovation in its core products, and expand its suite of offerings – to better address the resource management challenges of utilities and other critical infrastructure industries

Lectra’s Pending Acquisition of Gerber Technology

• Gerber Technology is a provider of software solutions that enable apparel and industrial customers to improve their manufactu ring and design processes and more efficiently manage a connected supply chain, supporting functions from product development and prod uction to final delivery to the end customer

• The strategic combination of Gerber Technology and Lectra will enable the combined entity to quickly meet changing customer needs and deliver even more value through seamlessly integrated solutions

• Consolidating the two companies’ research and development capabilities will enable the combined entity to accelerate developm ent of Industry 4.0 technologies and help its expanded customer base seize the full potential of these innovations

Teledyne Technologies’ Acquisition of FLIR Systems

• FLIR Systems is a provider of innovative sensing solutions for a diverse set of applications across the government and defens e, industrial, and commercial end markets

• FLIR Systems offers a diversified portfolio of products and solutions, including thermal imaging, visible-light imaging, video analytics, measurement and diagnostic, as well as advanced threat detection systems that support first responders and military personnel, promote efficiency within the trades, and innovate consumer-facing technologies

• Together, Teledyne and FLIR will offer a complementary portfolio of sensory technologies for all key domains and applications across a global customer base

Autodesk’s Acquisition of Innovyze

• Innovyze is a provider of smart water infrastructure modeling, simulation, and predictive technologies

• Innovyze’s modeling, simulation, asset performance management, and operational analytics solutions enable more cost -effective water distribution and collection infrastructure, more sustainably designed drainage systems, and centralization of infrastructure asset visibility to optimize capital and operational expenses

• The acquisition positions Autodesk as a leading global provider of end-to-end digital solutions from design to operations of water infrastructure, accelerates Autodesk’s digital twin strategy, and creates a clearer path to a more sustainable and digitized water industry

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Announced: March 24, 2021

Announced: March 17, 2021

Announced: February 8, 2021

Completed: January 4, 2021

Completed: March 31, 2021

Enterprise Value: $1.0B

Enterprise Value: $357M

Enterprise Value: $8.3B

EV / LTM Revenue: 4.2x EV / LTM EBITDA: 17.1x

Industrial Software Landscape – Incumbents

DIVERSIFIED DIVERSIFIEDINDUSTRIAL TECHINDUSTRIAL SOFTWARE

MULTI-VERTICAL APPLICATIONSDESIGN & ENGINEERING (PLM, CAD, CAE, CAM, SIMULATION)

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GEOSPATIAL

EHS

IIOT SECURITY & DATA SENSORS ROBOTICS

MANUFACTURING & OPERATIONS (MES, MOM, QMS)

MAINTENANCE & SERVICES (EAM, ASSET TRACKING, SLM, FACILITY MGMT.)

SUPPLY CHAIN & LOGISTICS ERP

INDUSTRIAL 4.0 SOLUTIONS INDUSTRIAL AUTOMATIONIIOT ENABLEMENT PLATFORMS CONNECTIVITY INDUSTRIAL AUTOMATION / SYSTEM INTEGRATION

3D PRINTING

DRONES

GEOSPATIAL

LOCATION INTELLIGENCE

To receive the latest Industrial Software market maps, please contact HW at

[email protected]


DIVERSIFIED

GEOSPATIAL

EHS

IIOT SECURITY & DATA SENSORS ROBOTICS

MULTI-VERTICAL APPLICATIONSDESIGN & ENGINEERING (PLM, CAD, CAE, CAM, SIMULATION)

MANUFACTURING & OPERATIONS (MES, MOM, QMS)

MAINTENANCE & SERVICES (EAM, ASSET TRACKING, SLM, FACILITY MGMT.) SUPPLY CHAIN & LOGISTICS ERP

INDUSTRIAL 4.0 SOLUTIONS INDUSTRIAL AUTOMATION

IIOT ENABLEMENT PLATFORMS CONNECTIVITY INDUSTRIAL AUTOMATION / SYSTEM INTEGRATION

3D PRINTING

DRONES

GEOSPATIAL

LOCATION INTELLIGENCE

Industrial Software Landscape – Emerging Players

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[email protected]


Industrial Software Landscape – Vertical-Specific Players

AUTOMOTIVE & TRANSPORTATION

ENERGY & UTILITIES

DURABLE GOODS & PACKAGING

HEALTHCARE

FOOD & BEVERAGE

SMART CITIES

AEC

LIFE SCIENCES & PHARMA

WATER

AEROSPACE

AGRICULTURE

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DIVERSIFIED PLATFORMS


[email protected]


KEY PUBLIC COMPANIES 2021E TRADING METRICS

IND

UST

RIA

L SO

FTW

AR

E

INDEXED STOCK PERFORMANCE

16.0x9.7x1.8x

42.8x29.5x12.0x

EV / 2021E Revenue

EV / 2021E EBITDA

KEY PUBLIC COMPANIES 2021E TRADING METRICS

DIV

ERSI

FIED

IND

UST

RIA

LS

INDEXED STOCK PERFORMANCE

14.7x3.2x0.7x

EV / 2021E Revenue

EV / 2021E EBITDA

44.9x16.6x12.6x

Industrial Software Public Market Observations6

Min MaxMedian

Legend

10As of March 31, 2021.

150.4%

199.9%

50.0%

100.0%

150.0%

200.0%

250.0%

S&P 500 Industrial Software

150.4%

135.2%

50.0%

100.0%

150.0%

200.0%

250.0%

S&P 500 Diversified Industrials

Industrial Software Market Valuations6

11As of March 31, 2021.

Multiples Summary

Market Enterprise Revenue EBITDA Margin Enterprise Value/Revenue Enterprise Value / EBITDA

Company Capitalization Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E

Industrial Software

Autodesk, Inc. $60,860,003 $61,107,403 $4,304,009 $5,099,935 34.1% 38.3% 14.2x 12.0x 41.6x 31.3x

Dassault Systèmes SE 55,953,626 59,292,342 5,605,644 6,107,748 34.3% 35.2% 10.6x 9.7x 30.8x 27.5x

Roper Technologies, Inc. 42,326,338 51,868,838 6,311,714 6,573,128 35.5% 36.1% 8.2x 7.9x 23.2x 21.9x

Cadence Design Systems, Inc. 38,229,891 37,791,636 2,898,832 3,127,661 38.8% 40.3% 13.0x 12.1x 33.6x 30.0x

Synopsys, Inc. 37,755,022 37,392,322 4,108,822 4,462,375 33.1% 35.8% 9.1x 8.4x 27.5x 23.4x

Hexagon AB 33,890,204 36,660,724 4,803,219 5,081,567 36.6% 36.8% 7.6x 7.2x 20.9x 19.6x

ANSYS, Inc. 29,587,741 29,617,239 1,850,929 2,043,801 42.1% 44.0% 16.0x 14.5x 38.0x 33.0x

Trimble Inc. 19,551,946 21,006,146 3,381,246 3,643,186 23.8% 24.7% 6.2x 5.8x 26.1x 23.4x

PTC Inc. 16,078,954 16,874,560 1,738,677 1,962,701 31.0% 35.5% 9.7x 8.6x 31.3x 24.2x

AVEVA Group plc 14,177,299 14,182,989 1,411,653 1,868,927 35.6% 32.7% 10.0x 7.6x 28.3x 23.2x

Aspen Technology, Inc. 9,790,832 9,912,086 733,218 760,271 56.3% 56.0% 13.5x 13.0x 24.0x 23.3x

Altair Engineering Inc. 4,667,611 4,680,081 507,179 552,876 13.0% 14.5% 9.2x 8.5x NM NM

Altium Limited 2,643,740 2,568,637 200,386 235,400 37.5% 37.7% 12.8x 10.9x 34.2x 29.0x

QAD Inc. 1,378,145 1,270,410 328,894 353,991 9.0% 11.6% 3.9x 3.6x 42.8x 30.8x

PSI Software AG 493,767 474,661 271,194 295,129 14.6% 13.6% 1.8x 1.6x 12.0x 11.8x

Median $19,551,946 $21,006,146 $1,850,929 $2,043,801 34.3% 35.8% 9.7x 8.5x 29.5x 23.8x

Diversified Industrials

Danaher Corporation $160,497,228 $179,919,228 $26,251,761 $27,590,216 30.9% 31.2% 6.9x 6.5x 22.2x 20.9x

Honeywell International Inc. 150,972,437 159,212,437 34,261,481 36,684,198 25.0% 25.6% 4.6x 4.3x 18.6x 17.0x

Siemens Aktiengesellschaft 131,309,788 171,441,899 69,701,703 72,955,810 15.7% 17.3% 2.5x 2.3x 15.7x 13.6x

General Electric Company 115,342,471 166,981,471 77,845,037 83,766,729 9.3% 12.3% 2.1x 2.0x 23.0x 16.1x

Schneider Electric S.E. 84,743,078 94,192,619 31,693,077 33,055,277 18.5% 19.5% 3.0x 2.8x 16.1x 14.6x

ABB Ltd 61,540,429 63,584,429 28,062,628 29,302,389 15.2% 16.7% 2.3x 2.2x 14.9x 13.0x

Emerson Electric Co. 54,134,677 60,140,677 18,027,560 18,992,793 22.3% 22.6% 3.3x 3.2x 15.0x 14.0x

Sandvik AB (publ) 34,316,499 33,608,695 10,619,333 11,446,848 25.1% 24.9% 3.2x 2.9x 12.6x 11.8x

Rockwell Automation, Inc. 30,832,204 32,910,304 7,033,410 7,389,842 20.6% 22.1% 4.7x 4.5x 22.7x 20.1x

Fortive Corporation 23,881,460 25,377,360 5,042,325 5,319,392 24.4% 25.1% 5.0x 4.8x 20.6x 19.0x

OMRON Corporation 15,754,583 13,996,253 6,181,156 6,489,387 14.0% 15.1% 2.3x 2.2x 16.1x 14.3x

Cognex Corporation 14,656,829 14,310,746 971,558 1,082,427 32.8% 34.3% 14.7x 13.2x 44.9x 38.6x

KUKA Aktiengesellschaft 1,909,409 2,364,577 3,218,310 3,449,531 4.4% NM 0.7x 0.7x 16.6x NM

Median $54,134,677 $60,140,677 $18,027,560 $18,992,793 20.6% 22.3% 3.2x 2.9x 16.6x 15.4x

Total Median $32,361,204 $33,259,499 $4,553,614 $5,090,751 25.0% 25.6% 6.5x 6.1x 23.0x 21.4x

Case Study: Xirgo

HW advised Xirgo, a portfolio company of HKW, on its sale to Sensata Technologies.

Xirgo is a leading global provider of innovative, full-featured, customizable wireless IoT communication devices and software solutions. An expansive product line facilitates best-in-class solutions for an array of end markets and applications. With comprehensive in-house engineering and software capabilities in all key development disciplines, Xirgo consistently delivers compelling solutions to companies searching for ways to become more competitive, improve operational efficiencies, and unlock new revenue streams.

The acquisition of Xirgo meaningfully advances Sensata’s Smart & Connected megatrend-focused growth initiative for transportation and logistics end markets. Xirgo brings complementary capabilities and accelerates Sensata’s strategy to expand beyond OEMs and address the broader fleet ecosystem, including telematics service providers, fleet management solution providers, and fleet operators themselves.

Sensata is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products that address complex engineering requirements in the automotive, heavy vehicle and off-road, industrial, and aerospace industries.

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G I L E S T U CK E RManaging Director

[email protected]

CH R I S T O U SSA I N TVice President

[email protected]

TRANSACTION OVERVIEW

a portfolio company of


INDUSTRIAL TECHNOLOGY CONNECTIVITY & SENSORSAUTOMOTIVE &

TRANSPORTATION

RELEVANT SUB-SECTORS

HW DEAL CONTACTS

A N D Y L E E DDirector

[email protected]

E R I C L O G U EManaging Director

[email protected]





Case Study: ComplyWorks

HW’s Technology Group advised Veriforce, a portfolio company of Thoma Bravo, on its acquisition of ComplyWorks.

Veriforce is a recognized leader in delivering comprehensive, integrated supply chain risk management solutions that help bring workers home safely and optimize business performance. The Company’s SaaS safety and compliance software and solutions empower leading organizations to drive safety and compliance into their supply chains, and down to the worker level.

The acquisition of ComplyWorks is an important milestone for Veriforce, as it strengthens its commitment to helping companies navigate complex safety and regulatory environments to better protect their supply chains. The combined company creates a global platform of technology and services, empowering more than 800 companies in 120 countries to engage an estimated 50,000 contractors and millions of individual workers in a broad spectrum of risk mitigation practices designed to ensure safe, compliant business operations.

ComplyWorks is a global leader in compliance management. The Company’s web-based solutions cover the entire compliance life cycle, from contractor management to workforce management, worksite management, and payment.

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E R I K SZ Y N D L A RManaging Director

[email protected]

B R I A N T I T T E R IN GT O NDirector

[email protected]



has acquired

SUPPLY CHAIN RISK MANAGEMENT

EHS ENERGY


HW DEAL CONTACTS



Case Study: Flightdocs

HW’s Technology Group advised ATP, a portfolio company of ParkerGale, on its acquisition of Flightdocs.

HW DEAL CONTACTS

AVIATION SOFTWARE MAINTENANCE & SERVICES SAFETY


has acquired

Flightdocs is one of the largest providers of aircraft maintenance tracking and inventory management solutions within business aviation, delivering mission-critical enterprise-grade aviation software to ~1,000 customers worldwide. The Company’s solutions include maintenance tracking, inventory management, and flight operations, which alleviate flight disrupters and add control and efficiency to the process, ensuring safety for flight departments.

ATP’s acquisition of Flightdocs creates one of the largest providers of software solutions and information services within the aviation industry that will support 75,000 maintenance professionals across more than 7,500 customers in 137 countries. The combined company will provide a comprehensive range of technical publications, troubleshooting, diagnostics, and maintenance workflow solutions under one umbrella.

Post-acquisition, ATP will continue to focus on developing its end-to-end platform for the aviation industry, utilizing its large installed base of subscription customers for additional upsell and cross -sell opportunities.


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CH R I ST O P H E R SM I T HDirector

[email protected]

JA K E L I NVice President

[email protected]


[email protected]





Case Study: Iptor

HW’s Technology Group advised Iptor Supply Chain Systems, a portfolio company of Marlin Equity Partners, on its sale to Bregal Unternehmerkapital.

T H I E R R Y M O N JA U Z EManaging Director

[email protected]+44 20 7518 8901

HW DEAL CONTACTS



Iptor Supply Chain Systems is a global leader in supply chain management, planning, and logistics software and services. The Company helps distribution-focused organizations solve their most complex order management and fulfillment challenges within fast-moving, multichannel, and global supply chains.

Serving 1,250 customers with 4,000 installations in more than 40 countries, Iptor provides fully integrated enterprise solutions, with highly adaptable and robust software backed by world-class support from supply chain experts. With a flexible, cloud-based platform, Iptor offers a compelling value proposition to clients across the distribution, 3PL, and publishing sectors.

Bregal Unternehmerkapital identifies companies with strong management teams that are regarded as market leaders or “hidden champions” in their particular segments. Flexible financing and transaction structures enable it to acquire both minority and majority stakes. BregalUnternehmerkapital aims to help companies achieve a sustained improvement in sales and profitability, and provides it them with capital, proven financial expertise, and access to a broad network of entrepreneurs and industry experts.


[email protected]


WAREHOUSE MANAGEMENT SYSTEMS

DIGITAL SUPPLY CHAIN COLLABORATION

INDUSTRIAL SOFTWARE


M A T T H E W T SU IVice President


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SY L V A I N N O B L E TDirector






Case Study: IQMS Software

HW’s Technology Group advised IQMS, a portfolio company of Technology Crossover Ventures and Banneker Partners, on its sale to Dassault Systèmes.


[email protected]

EXECUTION SYSTEMSQUALITY

MANAGEMENT SOFTWAREINDUSTRIAL IOT



IQMS is a leading provider of fully integrated manufacturing and supply chain software solutions that manage, optimize, and automate production operations and back-office workflows for manufacturers across diverse end markets globally.

Through its comprehensive manufacturing execution system (MES) and enterprise resource planning (ERP) software platform, IQMS’s solutions provide manufacturers with a comprehensive end-to-end suite that provides real-time visibility and actionable insights throughout the manufacturing life cycle.

IQMS serves over 1,000 long-standing customers across diverse end markets, including automotive, medical, packaging, consumer goods, electronics, and aerospace and defense, in a growing $35 billion global market.

Post-acquisition, Dassault Systèmes will help IQMS expand its customer base by leveraging the presence in the mid-market space established through Dassault’s SOLIDWORKS applications, which are delivered and supported by the Company’s Professional Solutions global partner channel.

AND




[email protected]

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HW DEAL CONTACTS






Case Study: ComputerEase

HW’s Technology Group advised ComputerEase on its sale to Deltek, a subsidiary of Roper Technologies.

SCO T T R E I N I GDirector

[email protected]

PROJECT MANAGEMENT FIELD SERVICE MANAGEMENTARCHITECTURE, ENGINEERING,

AND CONSTRUCTION SOFTWARE


ComputerEase is a leading provider of mission-critical construction accounting, project management, and payroll processing solutions that enable contractors to manage and gain real -time visibility into their companies’ operations and financial performances – whether in the office or remotely in the field.

ComputerEase’s fully integrated, cloud-based solution is purpose-built to meet the unique needs of diverse contractor trades and sizes, with complex and varying union, labor, and equipment requirements. Today, more than 6,000 contractors rely on ComputerEase to streamline their operations and increase profits.

Deltek is a leading global provider of enterprise software and information solutions for project-based businesses. More than 23,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. The Company’s industry-focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue.

P R I Y A N K A N A I T H A N IDirector

[email protected]

a subsidiary of

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HW DEAL CONTACTS








Case Study: Cority

HW’s Technology Group advised Cority, a portfolio company of Norwest Venture Partners, on the sale of a majority stake to ThomaBravo.

B R I A N T I T T E R IN GT O NDirector

[email protected]

ENVIRONMENTAL, HEALTH, SAFETY AND QUALITY (EHSQ)

GOVERNANCE, RISK AND COMPLIANCE (GRC)

INDUSTRIALSOFTWARE


Cority is a trusted environmental, health, safety, and quality (EHSQ) software for ensuring client success. Cority enables organizations to utilize EHSQ software to advance their journeys to sustainability and operational excellence by combining the deepest domain expertise with the most comprehensive and secure true SaaS platform.

With 30+ years of innovation and experience, Cority’s team of over 350 experts serves over 800 clients in 100 countries, supporting 2.5 million end users. The Company enjoys the industry’s highest levels of client satisfaction, and it has received many awards for its strong employee culture and outstanding business performance.

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives, and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business.


[email protected]

has received a majority investment from

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HW DEAL CONTACTS





Harris Williams Capabilities and Locations

HARRIS WILLIAMS OFFICE LOCATIONS

Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from 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.

UNITED STATES EUROPE

Healthcare & Life Sciences Industrials

Energy, Power & Infrastructure

IndustrialsAerospace, Defense &

Government Services

Building Products & Materials

Business Services

Consumer Specialty Distribution

Technology Transportation & Logistics

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

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

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

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

San FranciscoOne Market Plaza11th FloorSan Francisco, California 94105Phone: +1 (415) 288-4260

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

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

London25 Savile Row

4th FloorLondon W1S 2ER, EnglandPhone: +44 (0) 20 7518 8900

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Sources & Disclosures

Investment banking services are provided by Harris Williams LLC (“Harris Williams”). Harris Williams is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is aprivate limited company incorporated under English law with i ts registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for Englandand Wales, registration number 07078852. Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH isregistered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The regis tered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main,Germany (email address: [email protected]). Geschäftsführers/Directors : Jeffery H. Perkins, Paul Poggi, VAT No. DE321666994. Harris Williams is a trade name under which HarrisWil liams LLC, HarrisWilliams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

The information and views contained in this content have been prepared in part by Harris Williams. This content does not purport to be comprehensive or to contain all the information that arecipient may need in order to evaluate any investment or potential transaction. This content is not a research report, as such term is defined by applicable law and regulations, and is provided forinformational purposes only. Any and all information, including estimates, projections and other forward-looking statements , presented in this document may involve various assumptions andsignificant elements of subjective judgment and analysis that may or may not be correct. Harris Williams has not independently verified, and neither Harris Williams nor any other person willindependently verify, any of the information, estimates , projections or forward-looking statements contained herein or the assumptions on which they are based. The information contained in thisdocument is made as of the date hereof unless stated otherwise. Harris Williams does not expect to update or otherwise revise this document nor provide any additional information, nor correctany inaccuracies herein which may become apparent.

This contentis intended for institutional use onlyand should not be relied upon by retail investors or members of the general public. The information contained herein is believed by Harris Williamsto be reliable but Harris Williams makes no representation or warranty as to the accuracy or completeness ofsuch information, and information contained herein that is based on material preparedby others may involve significant elements of subjective judgment and analysis which may or may not be correct. Opinions, estimates and projections contained herein consti tute Harris Williams’judgment and are subject to change without notice.

This content is not to be construed as investment advice an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular transaction, norshall this content form the basis of any contract. It does not constitute and should not be construed as an endorsementor recommendation of any entities’ products or services.

No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

1. Gartner.

2. IDC.

3. ARC Advisory Group.

4. IBIS.

5. KBV Research.

6. CapIQ.

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