August 2019 INSIGHTS - Blackpeak Capital · 2019-09-13 · B2B Supply Chain 365 5. Shanghai, China Temasek Holdings Freight Fowarding Platform 300 6. Boston, MA Bessemer Venture Partners,

August 2019INSIGHTS

Dennis Rourke, PartnerBen Howe, CEORob Buxton, PartnerSean Tucker, Partner

Supply Chain Software2019 First Half Market Update

The Next Generation of Supply Chain Is Emerging

2

Supply chain is increasingly at the nexus of several transformative technology and business trends: Autonomous Vehicles, Internet of Things, digital twins, and automation and robotization of warehouses and distribution centers

Transportation management solutions are the target of intense disruption and investment driven by modernization of the $13 trillion transportation industry, the rise of Transportation as a Service (Uber, Lyft), and the rapid progress in autonomous vehicle development

Amazon effect increasingly impacting supply chain models

The M&A market for supply chain and ERP remains robust as PE firms continue to invest in consolidation platforms for older technologies, which in turn continue to execute aggressive acquisition programs

The TMS sector continues to be the most active subsector in supply chain software for M&A and capital raising

Public SCM / ERP companies have continued to perform well, benefitting from continued growth in target markets and strong global equity capital markets

Traditional Supply Chain Software Infrastructure

CONSOLIDATION UNDERWAY

Autonomous Vehicle Technologies

eCommerceFulfillment

IoT

3

Supply Chain Software Market

Source: Gartner

New capabilities, such as cloud computing, performance management, RFID, drone delivery, increased use of robots and automated handling in manufacturing and warehouse operations, and new uses of optimization are emerging, driven by new approaches in retail demand generation, customer interaction and social media

Overall market spend growth rates have consistently been in double-digits, suggesting the once mature market is undergoing a replacement cycle

The growing penetration of SaaS is shifting spending from capital to operating budgets and accelerating SCM adoption in the SMB and middle markets

By 2021, SaaS deployments are forecast to exceed 35%% of total spending, while on-premise will decline to less than 20%

Between 2018 and 2022, nearly $8 billion in total software revenue will be added

According to Gartner, the worldwide SCM market will exceed $16B by the end of 2019, and is expected to grow at a 11% CAGR to exceed $22B by 2022

$8.9

0%

20%

40%

60%

80%

100%

2015 2016 2017 2018 2019 2020 2021

License Maintenance/Support SaaS

Global SCM Market($US billions)

Percentage of Spend by Delivery Model

10.0 11.1 12.2 13.0 14.6 16.4 18.4 20.7 22.4

2014 2015 2016 2017 2018 2019 2020 2021 2022

4

Robust M&A Activity

First Half 2019

The pace of M&A has quickened in 2019, with 107 closed transactions in the first six months, versus 109 deals for all of 2018

No blockbuster deals in first half, but solid number of M&A deals between $200M - $1B, as well as three $1B deals

Private Equity (PE) firms continued to be highly active in M&A deals in the first half, whether acquiring platform companies, continued execution of M&A, or selling from PE to PE

Non-technology players continue to make technology / software acquisitions in both retail (McDonalds / Dynamic Yield) and manufacturing (Bridgestone / TomTom)

Transportation-related software continues to dominate, representing 35% of all SCM M&A deals

2018

Source: 451 Research, CapIQ

3.5x 3.2x 3.5x 3.5x 7.1x 3.0x

$158

$60 $54

$37 $28 $32

0

2

4

6

8

2014 2015 2016 2017 2018 H1 2019

Median M&A Multiple & Deal Value

Median EV/LTM Rev. Median Deal Value

4 1 5 1 6 3

$16,188

$1,046

$20,861

$1,000

$22,280

$3,000

0

2

4

6

8

2014 2015 2016 2017 2018 H1 2019

SCM Billion $ Deal Activity

# of Billion $ Deals Total Value of Billion $ Deals

44 74 74 73 109 107

$18,288

$4,085

$22,289

$3,676

$26,204

$7,754

0

50

100

150

2014 2015 2016 2017 2018 H1 2019

SCM M&A Activity & Deal Value ($US, in millions)

# of Deals Total Value of Deals

2018 M&A activity was strong with more than 100 transactions

The Freight Management Systems (FMS) sub-sector of the TMS market has emerged as one of the most active sub-sectors in supply chain software for M&A and capital raising

Notable deals in TMS in 2018 include Summit’s acquisition of MercuryGateand E2open’s acquisition of Cloud Logistics

5

H1 2019 Major M&A / Recap Transactions


($US in millions)

Date Announced Target Acquirer Target DescriptionEnterprise

ValueLTM

RevenueEV / LTM Revenue

1. Apr-19

Provides online freight, cargo insurance, fleet management, dispatching, and load tracking software matching services to trucking, rail, and other transportation

$1,000 ND ND

2. May-19 Develops plant maintenance operations and optimization software 1,000 ND ND

3. Jan-19 Telematics / data platform for connected vehicles 1,000 158 6.3x

4. Jan-19

Provides e-logistics, transport management, and logistics management SaaS for retail transportation and shipping industries

800 ND ND

5. Apr-19 Provides logistics and related payment management SaaS for the shipping sector 700 ND ND

6. Apr-19Distributes Microsoft and SAP ERP software and provides proprietary ERP software

550 ND ND

7. Apr-19

Provides marketing and commerce software for campaign automation, customer analytics, AI-based content management, search engine optimization,

500 275 1.8x

8. May-19 Provides cloud-based global trade management (GTM) solutions 424 86 4.9x

9. Mar-19 Provides machine learning-based enterprise customer personalization SaaS 325 30 10.8x

10. Apr-19Develops cloud-based software solutions to enterprise companies in automotive, hotel, cruise, and retail industries

320 ND ND

MEDIAN $625 $122 5.6xTOTAL TOP 10 $6,619

Most Active Acquirers (2016 – H1 2019)

Source: 451 Research, CapIQ 6

Buyer Number of Transactions Transactions

26Xware; Container Chain; CargoIT; IFS Global Holdings; LSI Sigma Software; Trinium Technologies; Taric; Pierbridge; Fenix Data Systems; SaaS Transportation; PB & Associates; EasyLog; Softcargo; LSP Solutions; Intris; CustomsMatters; ABM Data Systems; Microlistics; Cargoguide International; CargoSphere; CMS Transport; Prolink Solutions; Bysoft Solucoes; ACO Informatica; znet group; Softship

12STEPcom; Core Transport Technologies; Visual Compliance; PinPoint GPS Solutions; Accucode; Aljex Software; MacroPoint; PCSTrac; Z-Firm; Datamyne; Appterra; Pixi Software

10 Averetek; Amber Road; INTRA; Cloud Logistics; Birch Worldwide; Entomo; Zyme Solutions; Steelwedge Software; Orchestro; Terra Technology

5 Optiware; IndustryBuilt; Apprise Software; irms 260 Enterprise Solutions; StarDyne Technologies

5 Exari; Hiperios; Aquiire; Riskopy; Spend360

4 Pink Web Applications; Optiway; Bluegarden; LogBuy

3 InProcess Technology; Mtelligence; Fidelis Group

Total fund raising of more than $5.2B through the first half of 2019 vs. $4.4B for all of 2018

While the median transaction size in H1 2019 was $12M, we are seeing more transactions in the $50M to $150M range

As is the case in M&A, the transportation software sector is generating a lot of interest among investors ($1B for Flexport, $300M for LF Logistics, $149M for KeepTruckin)

Top 10 largest deals in the first half raised $4.4B

7

Capital Raising Shifted into High Gear in 2019

Highlights

Private Placements


14 22 22

43

116

70

2014 2015 2016 2017 2018 H1 2019

Total Number of Transactions

$236 $501 $486 $1,170

$4,472 $5,299

2014 2015 2016 2017 2018 H1 2019

Total Capital Raised ($US, in millions)

8

H1 2019 Major Financing Transactions

Source: CapIQ, Crunchbase

Company Location Top Investor(s) Sector Total Funding ($M)

1. New York, NY Golden Gate Capital, Koch Equity Development ERP $1,500

2. San Francisco, CAFounders Fund, Cherubic Ventures, Susa Ventures, DST Global, SoftBank, Investment Advisers, S.F. Express

Freight Forwarding Platform 1,000

3. Delhi, India The Carlyle Group, SoftBank, Fosun Group 3PL 413

4. Los Angeles, CATI Capital, Oriza Holdings, IDG Capital, China Railway Supply Chain Group, China Life Insurance, CICC

B2B Supply Chain 365

5. Shanghai, China Temasek Holdings Freight Fowarding Platform 300

6. Boston, MABessemer Venture Partners, T. Rowe Price Group, Technology Crossover Ventures, Tiger Global Management

Retail PoS 250

7. Helsinki, Finland Technology Crossover Ventures Retail Management 200

8. Bengaluru, Karnataka, India Goldman Sachs, B Capital Group Trucking Logistics 150

9. San Francisco, CA Scale Venture Partners, Index Ventures, IVP, Greenoaks Capital, CV Fleet Management 149

10. San Francisco, CA Glynn Capital Management, BlackRock, Tiger Global Management Delivery Logistics 100

MEDIAN $443TOTAL TOP TEN $4,427

9

Active SCM Private Equity Firms

Source: CapIQ, 451 Research

Date Investments Date Investments Date Investments

1. Oct-18 AFS Technologies ND1. Jun-18 Acumatica $25 1. Apr-19 Magaya ND 2. Sep-18 Visma Retail Assets ND2. May-18 Toolsgroup ND 2. May-15 Core Dial $28 3. Sep-18 Extenda ND3. Apr-18 Green Mountain Technology ND 3. Apr-15 Key2Act ND 4. Jan-17 Fishbowl ND4. May-16 SciQuest 3735. Oct-15 Clavis Technology 206. Feb-15 Kerridge Commercial Systems ND

1. Jan-18 Motus & Rumzhiemer ND1. Jul-19 Optimizers ND 2. Jul-16 Elemica $1752. Jun-19 Onventis ND 3. Jul-14 Sparta Systems ND

1. Apr-18 Global-e $20 3. Apr-17 MUIS Software ND 4. Feb-14 GHX ND2. Aug-17 ECi Software Solutions ND 4. Dec-13 Chain Point ND3. Dec-14 EVRY 1,0794. Oct-14 Exact Holding 932

1. May-19 Ivalua $601. Sep-16 Nexus Systems $28 2. Apr-19 Innovapptive 162. Dec-15 3PL Central 18 3. Mar-19 Toast 2503. Sep-11 Steelwedge Software 16 4. Jan-19 Postmates 100

1. May-18 GPS Insight ND2. Apr-16 Truckstop.com ND

1. Mar-18 C3 IoT $1061. Jan-15 Asentinel ND 2. Aug-17 Transplace 1,000

1. Nov-16 Prometheus Group $300 2. Dec-14 Predictix $15 3. May-17 Llamasoft ND2. Oct-14 Vendavo ND 3. Dec-14 LogicBox ND 4. Aug-16 Transporeon 3373. Aug-13 Paymetric ND 4. Oct-14 Anexinet 24. Jun-12 Plex Systems ND5. May-12 Kewill 157

1. Apr-18 OrderMyGear $35 1. Feb-19 Aptean ND2. Nov-16 Macropoint 44 2. Sep-18 Dispatch ND

1. Jun-18 Yoobic $25 3. Jun-16 10-4 Systems ND 3. Jan-16 FiveRun ND2. Mar-18 Advanced Manufacturing Control 133 4. Aug-14 B-Stock Solutions 65 4. Jan-16 BCC AdSystems ND3. Feb-15 E2open 273 5. Nov-15 MarketLive ND

Amount Invested ($M)



10

Active SCM Venture Capital Firms

Source: CapIQ, 451 Research

Date Investments Date Investments Date Investments

1. May-19 Blackbuck $150 1. Apr-19 Suuchi $8 1. Feb-19 Vantage Point Logistics $102. Jun-16 Narvar 23 2. Jun-14 LogFire 8 2. Jan-19 Orchestra Software 143. Sep-15 LightSpeed POS 61 3. Mar-11 Ontuitive 6 3. Jan-18 Blue Day 64. Jun-14 Plex Systems 50 4. Mar-10 Telarix 205. Mar-14 Vinculum Solutions ND

1. Dec-18 Wise Systems $7 1. Oct-18 project44 $451. Feb-19 FourKites $50 2. Jun-18 FreightWaves 13 2. Aug-14 Lavante 42. Oct-18 ShopRunner 40 3. Jun-16 INRIX ND 3. Sep-10 Retail Solutions 153. Oct-18 FactoryFour 5 4. Jun-16 Elementum ND 4. ND Onventis ND4. Jun-15 Celect 15 5. Nov-16 Postmates 1405. Jul-11 INRIX 37 6. Feb-16 Zendrive 146. Aug-11 RetailNext 8

1. Dec-18 RightHand Robotics $23 1. ND Deliveroo ND1. Feb-19 Mirakl $70 2. Dec-18 Scout RFP 33 2. Jun-19 Skupos $262. Oct-18 Shelfbot 4 3. Sep-18 Shipbob 40 3. Nov-18 Scoutbee 43. Sep-18 Shipbob 40 4. May-18 Alloy Technologies 12 4. Feb-18 Grow 164. Feb-18 FourKites 35 5. Apr-18 6 River Systems 25

1. Feb-19 Tulip Interfaces $181. Jun-19 Skupos $26 2. Jul-17 Transfix 422. Apr-19 STORD 12 3. Jun-17 FusionOps 50 1. Jun-19 Gatik $53. Apr-17 Odyn ND 4. May-17 Scout RFP 16 2. Dec-18 Wise Systems 74. May-16 Sennder ND 3. Feb-18 May Mobility 125. May-16 Verusen ND 4. Feb-16 Zendrive 146. ND Leaf Logistics ND 5. May-17 Starsky Robotics 47. ND Steam Logistics ND 1. Dec-18 NuORDER $15 6. Sep-15 Nauto 3

2. Sep-18 Arrive 20




Transportation-related software capital raising remained robust in H1 2019, with $725M raised in more than 20 transactions

› , India’s largest trucking platform, raised $150M (bringing total raised since October 2018 to $233M)

› Leading Fleet Management / ELD vendor raised $149M at a $1.4B valuation while Freight Marketplace vendor raised $97M at a $500M valuation

› Last-mile Logistics vendor added $100M to its last round of $300M in September 2018

Transportation M&A again represented one third of all supply chain M&A deals:› Serial acquirers (3 deals) and (2 Deals) continued their

robust activity› TMS platforms and were both acquired by private equity buyers

Global tire manufacturers jumped into software with acquisition of ------------- and purchase of

11Source: Capital IQ, 451 Research

Transportation–Related Supply Chain Trends


H1 2019 Transportation Software M&A

($US in millions)

LTM EV/ LTM Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.

1. Jun-19 STEPcom Descartes Systems Supply Chain Integration $20 ND ND2. Jun-19 Mighty AI Uber Computer Vision Modeling ND ND ND3. Jun-19 TrackPoint Systems Truck-Lite Location Land-based Tracking ND ND ND4. Jun-19 StakUp FreightWaves Freight Data ND ND ND5. May-19 AD OPT IBS Software Aviation Software ND ND ND6. May-19 Masternaut Michelin Telematics ND ND ND7. May-19 Core Transport Technologies Descartes Systems Scanning and Tracking 21 ND ND8. May-19 Roadscanners Loram Railway and Management ND ND ND9. Apr-19 Whiplash Port Logistics Group eCommerce Fulfillment Software ND ND ND

10. Apr-19 3Gtms Sumeru TMS ND ND ND11. Apr-19 Synovia Solutions CalAmp Telematics 50 $28 1.8x12. Apr-19 TivaCloud Fleetworthy Solutions Transportation Compliance ND ND ND13. Apr-19 Tero Marine Seagull Maritime Marine Fleet Management ND ND ND14. Apr-19 Jarca / JFleet Clear Destination TMS ND ND ND15. Apr-19 BSM Technologies Geotab Telematics / Fleet Management 113 59 1.9x16. Apr-19 GlobalTranz Enterprises Providence Equity Partners 3PL 700 ND ND17. Apr-19 Xevo Lear Corporation Automotive Software 320 ND ND18. Mar-19 InfoRoute Compilator Fleet Inspection ND ND ND19. Mar-19 Cetus Labs Navis Terminal Operating System ND ND ND20. Feb-19 Delivery Biz Pro GetSwift Delivery Management Platform ND ND ND21. Feb-19 habbl Daimler FleetBoard Fleet Management ND ND ND22. Feb-19 Ushr Dynamic Map Platform Automotive Mapping 200 ND ND23. Feb-19 ECO Insight and Navigator Insight SolutionsStormGeo Holding AS Fleet Performance ND ND ND24. Feb-19 TESIS Vector Informatik Automotive Testing Solutions ND ND ND25. Jan-19 Transporeon HgCapital TMS 800 ND ND26. Jan-19 TomTom Telematics Bridgestone Europe Telematics 1000 158 6.3x27. Jan-19 M2M Solutions Telsinc Fleet Management 11 ND ND28. Jan-19 Our Freight Guy GlobalTranz Freight Brokerage and Logistics ND ND ND

29. Jan-19 AM Gruppe Royal Reesink WMS / TMS ND ND ND

30. Oct-18 Sigma Software Wisetech Global Customs, Freight Forwarding 5 2 2.8x2019 Median $113 $44 1.9x2019 Total Disclosed $3,240


H1 2019 Transportation Software Capital Raising

Date Target Sector Investors Investment ($M)

1. May-19 Trukkin Middle EAST Truck Aggregator Batic Investments and Logistics 4

2. May-19 Overhaul Group Shipping Visibility Abbey International Finance 7

3. May-19 Ravin AI Automated Vehicle Inspection Shell Ventures, Pico Partners 4

4. May-19 Blackbuck Trucking Logistics Goldman Sachs 150

5. Apr-19 Spare Labs Transportation Network Management Mitsubishi 6

6. Apr-19 Synfioo Intermodal Monitoringb-to-v Partners, BFB Brandenburg Kapital, Senovo Capital Management, Hpi Seed Fund 3

7. Apr-19 FretLink Shipping and Logistics

SGH Capital, Edenred Capital Parnters, daphni, Weaving Invest 31

8. Apr-19 KeepTruckin Fleet Management Institutional Venture Partners, Index Ventures, Scale Venture Partners, GV, Greenoaks Capital Partners 149

9. Apr-19 Driveroo Vehicle Maintenance WS Investments 3

10. Apr-19 Phantom Auto Teleoperated Navigation Bessemer Venture Partners 14

11. Apr-19 CODE42 Mobility Services Platform Hyundai Motor Company ND

12. Apr-19 AutoX Technologies AV Dongfeng Motor Group Company 20

13. Apr-19Visible Supply Chain Management 3PL Cynosyre Group ND

14. Mar-19 Rarestep / Fleetio Fleet Management ND 4

15. Mar-19 Blackbuck Trucking Logistics Goldman Sachs, B Capital Group 44

16. Mar-19 FleetMaster Fleet Management Daimler Financial Services ND

17. Feb-19 Agilis Systems Fleet Management Spectrum Equity Management ND

18. Feb-19 Drag Alliance Dragage Platform Craft Ventures 4

19. Feb-19 Vantage Point Logistics Freight Management Radian Capital, Tamarind Hill Fund 10

20. Jan-19 Next Trucking Freight Marketplace Sequoia Capital, GLP, Brookfield Ventures 97

21. Jan-19Bringg Delivery Technologies Delivery Logistics

Salesforce Ventures, Cambridge Capital, Next47, OG Tech Ventures 25

22. Jan-19 Postmates Delivery LogisticsGlynn Capital Management, BlackRock, Tiger Global Management 100

23. Jan-19 FourKites Supply Chain Visibility August Capital, Bain Capital Ventures, Hyde Park Angels, CEAS Investments I 50

2019 Median $14

2019 Total Disclosed $722

e-Procurement and Spend Management considered to be $4B - $6B market, growing in the low double digits (Note: Coupabelieves there is an addressable TAM of $50+B)

Competition in eProcurement tracks closely to that in ERP and SCM sectors, with market share dominated by SAP and Oracle, representing 1/3 of the market, followed by IBM, Microsoft, and Coupa

Ongoing consolidation in the sector is being driven by challengers such as Coupa and private equity players acquiring mid-market players

The new wave of spend management leaders is constructing comprehensive suites integrating:

› Spend analysis› Contract Management› Supplier / Vendor Management› Market place management› Payments› Financial Management› Data Integration

Sector Spotlight: eProcurement / Spend Management

14

Sector Highlights Key Vendors

Market presence

Depth of Product Functionality

Source: Gartner, Capital IQ, 451 Research


eProcurement / Spend Management Trends

Robust M&A market in eProcurement and Spend Management during the past 3 yearswith nearly 45 transactions, including 12 deals in H1 2019

M&A deals of note include:

› acquisition of

› acquisition of for $650M

has been singularly aggressive, capitalizing on its strong stockperformance to acquire 8 companies in the last 2 years

Venture Investment in the sector has been modest, representing $550 million in 14deals in the past 2+ years

Average capital raising deal size is going up with larger deals, including $60M forIvalua at a reported valuation greater than $1B ($120M total in 2 years) and $33Mfor ($58M total in last 2 years)


Date Target Acquirer Sector Date Target Acquirer Sector

1. Jun-19 eProcurement 13. Dec-18 eProcurement

2. May-19 Supplier Management 14. Dec-18 Vendor Management

3. May-19 eProcurement 15. Oct-18 eProcurement

4. Apr-19 Vendor Management 16. Oct-18 Supplier Management

5. Apr-19 Contract Lifecycle Management 17. Oct-18 eProcurement

6. Mar-19 Supplier Intelligence 18. Sep-18 eProcurement

7. Mar-19 eProcurement 19. Sep-18 Supplier Management

8. Feb-19 eProcurement 20. Aug-18 Spend Management

9. Feb-19 eProcurement 21. Jul-18 Vendor Management

10. Feb-19 Supplier Management 22. Jun-18 Procurement / SCM

11. Jan-19 Supplier Intelligence 23. Mar-18 eProcurement

12. Jan-19 eProcurement 24. Mar-18 eProcurement

eProcurement M&A


Date Target Acquirer Sector Date Target Acquirer Sector

25. Mar-18 Spend Management 36. Mar-17 eProcurement

26. Feb-18 Vendor Management 37. Feb-17 Contract Compliance

27. Jan-18 Procurement Data 38. Jan-17 eProcurement

28. Dec-17 eProcurement 39. Dec-16 Vendor Management

29. Nov-17 eProcurement 40. Nov-16 eProcurement

30. Oct-17 Supplier Management 41. Oct-16 Supplier Management

31. Oct-17 AI Fraud Detection 42. Oct-16 eProcurement

32. Jul-17 eProcurement 43. Aug-16 eProcurement

33. Jun-17 eProcurement 44. May-16 eProcurement

34. May-17 Data Aggregation 45. Feb-16 eProcurement

35. Apr-17 Strategic Sourcing

eProcurement M&A


1. Jun-19 15 eProcurement

2. May-19 60 Spend Management

3. Dec-18 25 eProcurement

4. Dec-18 33 eProcurement

5. Dec-18 7 Supplier Management

6. Apr-19 8 Vendor Risk Management

7. May-18 250 eProcurement

8. Apr-18 40 eProcurement

9. Apr-18 12 eProcurement



12. Apr-17 60 Spend Management

13. Nov-16 7 eProcurement

14. Jul-16 9 eProcurement

Total $550

eProcurement Capital Raising

Date Company Total Funding ($M) SectorDate Company Total

Funding ($M) Sector

19

Public Company Stock Performance

Public companies in the ERP and SCM sectors have performed well as a whole over the past three years, having achieved a 3-year stock performance increase of over 53%

Many have also achieved robust double-digit revenue growth

Trading multiples for the sector as a whole are also quite healthy at 9.4x 2019 revenue and 22.3x2019 EBITDA

Strong multiples reflect solid growth rates for those companies growing faster than the market as a whole as well as the strong operating and EBITDA margins

The sector has also benefitted from a surge in global equity markets over the past 24 months

* Includes companies on the following slide Source: CapIQ

-5.0

5.0

15.0

25.0

35.0

45.0

55.0

65.0

Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

Public Company Performance Index

SCM Composite Index Dow Jones Industrial AverageS&P 500 Index NASDAQ Composite Index

20

Public Company Universe

Source: CapIQ, SEC Filings

($ in millions)

Enterprise LTM 2 - Yr EV / EBITDA Cash LQ EBITDA LQ Gross

Company Value(a) (b) Perf.(%) Perf.(%) 2019E 2018A 2019E 2018A 2019E 2019E 2018A 2019E 2018A 18A/17A 19E/18A Margin Margin

1. $197,081 10% 7% 5.0x 4.9x 10.5x 12.4x $17,411 $39,326 $39,893 $18,853 $15,899 3% (1%) 42% 81%

2. 122,688 6% 17% 4.0x 4.3x 10.9x 18.1x 3,411 30,762 28,288 11,254 6,773 0% 9% 28% 69%

3. 31,569 2% 54% 7.1x 7.9x 19.9x 33.6x 2,281 4,447 3,981 1,584 941 3% 12% 25% 84%

4. 12,880 22% 110% 2.9x 3.1x 13.1x 15.8x 192 4,500 4,218 981 817 13% 7% 22% 47%

5. 8,773 22% 116% 15.5x 16.8x 31.2x 37.9x 171 566 522 281 232 10% 8% 48% 92%

6. 8,570 79% 284% 36.0x 42.7x NM 99.0x 22 238 201 86 87 46% 18% 40% 81%

7. 8,096 109% 332% 31.9x 31.1x NM NM 99 254 260 23 (38) 39% (3%) NM 66%

8. 5,287 64% 91% 8.8x 9.5x 39.3x 37.1x 118 601 559 135 143 (6%) 7% 21% 54%

9. 4,119 6% 37% 15.0x 15.0x 34.5x 45.8x 53 275 275 119 90 16% 0% 38% 75%

10. 1,917 (13%) 3% 10.3x 12.7x 38.1x 70.5x 99 186 151 50 27 13% 23% 28% 69%

11. 1,694 17% 84% 6.1x 6.8x 25.0x 43.0x 122 277 248 68 39 13% 12% 14% 65%

12. 2,775 83% 162% 11.2x 14.1x NM -74.7x 162 248 197 (9) (37) 17% 26% NM 63%

13. 1,286 27% 79% 6.1x 8.6x 16.5x 37.3x 18 212 150 78 34 53% 42% 33% 69%

14. 634 (23%) 27% 1.9x 1.9x 39.7x 43.7x 127 332 333 16 14 9% (0%) NM 53%

15. 326 (16%) 36% 3.0x 2.9x 22.6x 32.9x 42 110 112 14 10 2% (2%) 15% 54%

16. 96 (51%) (71%) 1.5x 1.4x 5.0x 25.3x 5 66 70 19 4 24% (6%) 61% 47%

17. 162 (24%) (7%) 2.8x 3.0x NM 48.0x 9 58 53 3 3 (4%) 8% 2% 46%

18. 38 (7%) (31%) 0.6x 0.8x 5.9x 9.7x 9 64 46 6 4 6% 41% 13% 43%

MEDIAN $3,447 8% 45% 6.1x 7.4x 21.3x 37.1x $109 $264 $254 $73 $37 11% 8% 28% 66%]

AVERAGE $22,666 17% 74% 9.4x 10.4x 22.3x 31.5x $1,353 $4,585 $4,420 $1,864 $1,391 14% 11% 29% 64%

AGGREGATE $407,990 $24,349 $82,522 $79,558 $33,560 $25,041

Notes:( a ) Based on closing stock prices on August 7, 2019( b ) Calculated as Equity Value plus total debt, minority interest (at book value unless otherwise noted) and preferred stock, less cash & equivalents)( c ) Projections represent Wall Street estimates( d ) Adjusted operating margin excludes extraordinary and non-recurring items

Operating Data(c)

Revenue Growth

Market Data

EV / Revenue Revenue EBIDTA

Large SCM

Providers

General Supply Chain

Providers

P L A N N I N G D E L I V E R Y

Supply Chain Planning Supply Chain Execution

DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly send us a note at [email protected] and we would be happy to consider. 21

Expanded Landscape

DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly send us a note at [email protected] and we would be happy to consider.

22

Private Company Landscape

eProcurement / Spend Management Landscape

AGC’s Supply Chain Software Market Update 2019

Dennis RourkePartner

• Dennis brings more than 25 years of experience in investment banking to his role at AGC and has been aPartner with AGC since it was founded in early 2003

• Dennis has completed more than 80 transactions, primarily for software companies, including 25 deals insupply chain software

• Previously, Dennis was a Managing Director at Banc of America Securities and a Founding Member ofMontgomery Securities’ East Coast Technology Group

• He holds a B.A. in English Literature from Middlebury College, an M.A. in German Literature from theJohannes Gutenberg Universitat in Mainz, Germany, and an M.S. in Finance from the MIT Sloan School ofManagement

AGC’s Supply Chain Management Expertise

Private Placement

$8.5 Million

Placement Agent

Initial Public Offering

$37 Million


$96 Million

Co-manager

Convertible Debt

$250 Million Co-manager

Private Placement

$12 Million

Sole Placement Agent

Intactix

has been acquired by

$21 Million

Sole Financial Advisor To JDA Software

Petrolsoft


$55 Million

Sole Financial Advisor to Aspen Technology


$85 Million

Sole Financial Advisor to Numetrix


$40 Million Co-manager

23

M&A and Private Placement Activity

Note: This document is intended to serve as an informative article only in order to further discussion, analysis and independent verification. Thisdocument is based upon sources believed to be reliable, however, we do not guarantee the sources’ accuracy. Unless otherwise indicated, AGCdoes not believe that the information contained herein is sufficient to serve as the basis of an investment decision. There can be no assurance thatthese statements, estimates or forecasts will be attained and actual results may be materially different. This is not a solicitation of an offer of any kind.To learn more about the company/companies that is/are the subject of this commentary, contact one of persons named herein who can give youadditional information. 24

M&A Activity H1 2019

Source: CapIQ, 451 Research 25

($US in millions)


1. Jun-19 Drive.ai Apple AV ND ND ND2. Jun-19 STEPcom Descartes Systems Supply Chain Integration 20 ND ND3. Jun-19 Zenopt RELEX Retail Management ND ND ND4. Jun-19 Mighty AI Uber Computer Vision Modeling ND ND ND5. Jun-19 Onventis Main Capital eProcurement ND ND ND6. Jun-19 Eazy Collect The Access Group ERP Payments ND ND ND7. Jun-19 Acumatica IFS ERP ND ND ND8. Jun-19 AutoStore TH Lee Partners WMS Robotics / Automation ND ND ND9. Jun-19 i2i Infinity SGS Electronic Certificates of Origin ND ND ND

10. Jun-19 TrackPoint Systems Truck-Lite Location-based Tracking ND ND ND11. Jun-19 Cubus Serviceware CPM/BI ND 5 ND12. Jun-19 Lindbak Retail Systems EG Retail Management ND ND ND13. Jun-19 StakUp FreightWaves Freight Data ND ND ND14. Jun-19 Averetek E2open Channel Management ND ND ND15. May-19 irth Solutions Gauge Capital Field Service Management ND ND ND16. May-19 Prometheus Group Enterprises Genstar Capital Plant Maintenance 1,000 ND ND17. May-19 Handshake Shopify eCommerce Platform ND ND ND18. May-19 CVM Solutions Supplier.io Supplier Management ND ND ND19. May-19 AD OPT IBS Software Aviation Software ND ND ND20. May-19 Boomerang Commerce Assets Lowe's Companies Retail Analytics ND ND ND21. May-19 Profitect Zebra Technologies Retail Analytics ND ND ND22. May-19 CStorePro Professional Datasolutions Retail Pricing ND ND ND23. May-19 Felix Informatique Constellation Software Retail / Hospitality ERP ND ND ND24. May-19 Masternaut Michelin Telematics ND ND ND25. May-19 Azima Global SymphonyAl Group Manufacturing Monitoring ND ND ND26. May-19 Core Transport Technologies Descartes Systems Scanning and Tracking 21 ND ND27. May-19 Amber Road E2open Trade Management 424 86 5.0x28. May-19 ecUtopia True Commerce EDI ND ND ND29. May-19 EU Supply Mercell Holding eProcurement 17 5 3.4x30. May-19 Experlogix Featheringill Capital CPQ ND ND ND

M&A Activity H1 2019 (cont’d.)

26Source: CapIQ, 451 Research

($US in millions)


31. May-19 Roadscanners Loram Railway and Management ND ND ND32. May-19 Seven Telematics Connexas Group Fleet Management ND ND ND33. May-19 Optiware Aptean Manufacturing ERP ND ND ND34. Apr-19 Flexible Workforce Openforce Vendor Management ND ND ND35. Apr-19 Xware Wisetech Global Logistics Messaging 23 3 6.6x36. Apr-19 Whiplash Port Logistics Group eCommerce Fulfillment Software ND ND ND37. Apr-19 Triple E Technologies Constellation Sofrware C-Store Payments ND ND ND38. Apr-19 3Gtms Sumeru TMS ND ND ND39. Apr-19 OptiView omNovos Inventory Management ND ND ND40. Apr-19 Practi Technologies Just Eat PoS 9 ND ND41. Apr-19 Exari Group Coupa Software Contract Lifecycle Management 215 ND ND42. Apr-19 Second Phase Billtrust B2B eCommerce ND ND ND43. Apr-19 Synovia Solutions CalAmp Telematics 50 28 1.8x44. Apr-19 TivaCloud Fleetworthy Solutions Transportation Compliance ND ND ND45. Apr-19 Tero Marine Seagull Maritime Marine Fleet Management ND ND ND46. Apr-19 Sellbrite GoDaddy eCommerce / Marketplace tools ND ND ND47. Apr-19 Jarca / JFleet Clear Destination TMS ND ND ND48. Apr-19 BSM Technologies Geotab Telematics / Fleet Management 113 59 1.9x49. Apr-19 Scan to Buy Yandex Market eCommerce ND ND ND50. Apr-19 MaxGrip AVEVA Asset Performance Management 25 ND ND51. Apr-19 IBM DemandTec Assets Centerbridge Partners Commerce / Marketing Platform 500 275 1.8x52. Apr-19 Truckstop.com ICONIQ Freight Marketplace 1,000 ND ND53. Apr-19 EG Francisco Partners ERP 550 ND ND54. Apr-19 KNet Software Emerson Electric Co. Digital Transformation ND ND ND55. Apr-19 GlobalTranz Enterprises Providence Equity Partners 3PL 700 ND ND56. Apr-19 Xevo Lear Corporation Automotive Software 320 ND ND57. Apr-19 Hiper Software Linx Sistemas e Consultoria Retail Management 5 ND ND58. Mar-19 First Mile Rakuten eCommerce Order Fulfillment ND ND ND59. Mar-19 IFS 360 Rakuten eCommerce Order Fulfillment ND ND ND60. Mar-19 Dynamic Yield McDonald's Digital Personalization 325 30 10.8x



($US in millions)


61. Mar-19 Exceedra AFS Technologies Trade Promotion Management ND ND ND62. Mar-19 Meronimi Proxima Group Supplier Intelligence ND ND ND63. Mar-19 Blume Global Apollo Global Digital Supply Chain ND ND ND

64. Mar-19 InfoRoute Compilator Fleet Inspection ND ND ND65. Mar-19 Cetus Labs Navis Terminal Operating System ND ND ND66. Mar-19 EMNS Elemica Material Quality Compliance ND ND ND67. Mar-19 OpusCapita Providence Equity eProcurement ND ND ND68. Mar-19 Spark Digital Technologies BLOCKStrain Technology Corp. Cannabis Supply Chain 6 ND ND69. Feb-19 Exact Software KKR ERP ND ND ND70. Feb-19 Delivery Biz Pro GetSwift Delivery Management Platform ND ND ND71. Feb-19 Scheduling+ GetSwift Workforce Scheduling ND ND ND72. Feb-19 MedaTech Information Technology Matrix IT ERP 24 ND ND73. Feb-19 Certona Corporation Kibo Software Omnichannel Personalization 60 20 3.0x74. Feb-19 Stantive Technologies Group Bridgeline Digital Digital Experience Platform 5 7 0.8x75. Feb-19 Newton Transportation Technologies Nauto AV ND ND ND76. Feb-19 Epilog KNAPP AG WMS ND ND ND77. Feb-19 Browz Avetta Supplier Management ND ND ND78. Feb-19 EnterWorks Winshuttle MDM / PIM ND ND ND79. Feb-19 habbl Daimler FleetBoard Fleet Management ND ND ND80. Feb-19 Shoplo SumUp Payments Limited eCommerce ND ND ND81. Feb-19 Ushr Dynamic Map Platform Automotive Mapping 200 ND ND82. Feb-19 ECO Insight and Navigator Insight SolutionsStormGeo Holding AS Fleet Performance ND ND ND83. Feb-19 Determine Corcentric eProcurement 32 28 1.1x84. Feb-19 Netsend Corcentric eProcurement ND ND ND85. Feb-19 Purfresh TriStrata Group Controlled Atmosphere Cargo ND ND ND86. Feb-19 TESIS Vector Informatik Automotive Testing Solutions ND ND ND87. Feb-19 PCSYS TECSYS WMS / TMS 13 14 0.9x88. Feb-19 Dynacommerce Holding Tech Mahindra Omnichannel Commerce 18 9 2.0x89. Feb-19 CarrierWeb I.D. Systems Asset Tracking 4 ND ND90. Jan-19 SYSTEMA AS WiseTech Global Customs Management 6 ND ND



($US in millions)


91. Jan-19 Buymanager SupplyFrame Supplier Intelligence ND ND ND92. Jan-19 Transporeon HgCapital TMS 800 ND ND93. Jan-19 T-PRO Solutions Blacksmith Applications Trade Promotion Optimization ND ND ND94. Jan-19 XimantiX Software Cegedim e-business e-Invoicing ND ND ND95. Jan-19 TomTom Telematics Bridgestone Europe Telematics 1,000 158 6.3x96. Jan-19 Visual Compliance Descartes Systems SC Compliance 250 35 7.1x97. Jan-19 Precognitive ShopRunner Online Fraud Prevention ND ND ND98. Jan-19 M2M Solutions Telsinc Fleet Management 11 ND ND99. Jan-19 Scanmarket Verdane Capital eProcurement ND ND ND

100. Jan-19 Techsol Marine Ocean Group Marine Machine Control ND ND ND

101. Jan-19 Our Freight Guy GlobalTranz Freight Brokerage and Logistics ND ND ND

102. Jan-19 MineralSoft Drilling Info Mineral / Land Management ND ND ND

103. Jan-19 ItemMaster Gladson Product Content Management ND ND ND

104. Jan-19 AM Gruppe Royal Reesink WMS / TMS ND ND ND

105. Jan-19 ISM Connect Smith Micro Software OnScreen Demos 9 ND ND

106. Jan-19 Edgenet Gladson Product Content Management ND ND ND

107. Jan-19 Leo Enterprises DS Co. Supply Chain Data ND ND ND 2019 Median $32 $28 3.0x2019 Total Disclosed $7,754

M&A Activity 2018


($US in millions)


1. Dec-18 Covalent Works Corporation SPS Commerce EDI 23 4 5.8x2. Dec-18 XELOG DRS Investment WMS ND ND ND3. Dec-18 IQMS Dassault Systèmes Manufacturing ERP 425 56 7.6x4. Dec-18 Hiperos Coupa Software Supplier Risk Management 95 ND ND5. Dec-19 GateHouse Logistics Project44 Transportation Visibility Platform ND ND ND6. Nov-18 Contigo Energy One Limited ETRM 4 ND ND7. Nov-18 e-Courier Alpine SG Last-Mile Delivery ND ND ND8. Nov-18 Companeo InfoPro Digital B2B ND ND ND9. Nov-18 OrderDynamics Corp TECSYS Distributed Order Management 13 ND ND

10. Nov-18 Innovative Return Concepts Inmar Returns Management ND ND ND11. Nov-18 Clearplan KAR Auction Services Vehicle Recovery Management ND ND ND12. Nov-18 GreatRateFreight Gold River Productions, RushNet Freight Marketplace ND ND ND13. Oct-18 Proquro Exact Holding eProcurement ND ND ND14. Oct-18 Gladson Interactive The Jordan Company Retail Product Content ND ND ND15. Oct-18 Spring ShopRunner Mobile-First Brand Catalogue ND ND ND16. Oct-18 Omnify Software Arena Solutions PLM ND ND ND17. Oct-18 Integration Point Thomson Reuters Global Trade Management ND ND ND18. Oct-18 Bluefrog Technologies Francis David Corporation PoS ND ND ND19. Oct-18 INTTRA E2open Shipping Management ND ND ND20. Oct-18 AFS Technologies STG Partners Food SCM ND ND ND21. Oct-18 Sciengistics ARCOS Airline WF Scheduling ND ND ND22. Oct-18 Sigma Software Wisetech Global Customs, Freight Forwarding 5 2 2.8x23. Oct-18 EDIAdmin SPS Commerce EDI ND ND ND24. Oct-18 Altius VA Supplier Assessment Services Supplier Management ND ND ND25. Oct-18 IFS Global Holdings WiseTech Global Shipping TMS 55 8 7.0x26. Oct-18 Legion Bentley Systems Pedestrian Simulation ND ND ND27. Oct-18 Aquiire Coupa Software Supplier Search ND ND ND28. Oct-18 MyWebGrocer Mi9 Retail Retail Management ND ND ND29. Oct-18 Stylelabs BVBA Sitecore Content Marketing ND ND ND30. Oct-18 ERA Systems BluJay Solutions Customs Management ND ND ND

M&A Activity 2018 (cont’d.)


($US in millions)


31. Oct-18 Cloud Logistics E2open TMS ND ND ND32. Sep-18 TAKE Supply Chain Aclate Supply Chain Orchestration ND ND ND33. Sep-18 AFN Logistics GlobalTranz 3PL ND ND ND34. Sep-18 DCR Workforce Coupa Software eProcurement 25 19 1.3x35. Sep-18 Apttus Thoma Bravo Supplier Management 1600 225 7.1x36. Aug-18 ThunderBuild Topcon Positioning Systems Construction Supply Chain ND ND ND37. Aug-18 MercuryGate Summit Partners TMS ND ND ND38. Aug-18 Wtransnet Alpega Freight Exchange ND ND ND39. Aug-18 TIM Consult Transporeon Group TMS ND ND ND40. Aug-18 Taric WiseTech Global Customs Management 19 ND ND41. Aug-18 Esize PROACTIS Spend Management 16 ND ND42. Jul-18 DesertMicro AMCS Waste & Recycling SCM ND ND ND43. Jul-18 Beeline New Mountain Capital Vendor Management 650 ND ND44. Jul-18 MetaPack Stamps.com TMS 230 3 89.6x45. Jul-18 Barkawi Management Consultants Genpact SCM Consulting ND ND ND46. Jul-18 4flow vista Alpega Transportation Planning ND ND ND47. Jul-18 Shire Systems Elecosoft CMMS 8 ND ND48. Jul-18 GlobalTranz Jordan Company 3PL / Freight ND ND ND49. Jul-18 Blue Yonder JDA Software Retail AI ND ND ND50. Jul-18 Transparix Logistyx Technologies TMS / Parcel ND ND ND51. Jun-18 Accucode (Velocity Mail Assets) Descartes Systems TMS 26 ND ND52. Jun-18 Pierbridge WiseTech Global TMS / Parcel 28 ND ND53. Jun-18 Centriq Korber WMS / Voice ND ND ND54. Jun-18 Constructionline Warburg Pincus Procurement / SCM 211 ND ND55. Jun-18 Oniqua IBM IoT 35 ND ND56. Jun-18 InsightSoftware.com TA Associates ERP Reporting ND ND ND57. Jun-18 Centric Software Dassault PLM ND 61 ND58. Jun-18 American Restaurant Association ArrowStream Supply Chain Data ND ND ND59. Jun-18 Felix Data Systems WiseTech Global Customs Management 3 1 2.8x60. Jun-18 LOCOM Software Siemens Logistics Services ND ND ND



($US in millions)


61. Jun-18 Barcode Tech Reflex Group Barcode / Holding ND ND ND62. Jun-18 ShakeDeal Vora Ventures B2B Market Place ND ND ND63. May-18 SaaS Transportation WiseTech Global LTL / TMS 2 ND ND64. May-18 GTG Technology Firmament Group TMS ND ND ND65. May-18 Tax Filer Iris Software Tax Compliance ND ND ND66. May-18 Powerplan Roper Technologies Financial / Compliance 1,100 ND ND67. May-18 Magneto Adobe eCommerce Platform 1,680 150 11.2x68. May-18 Shop.co Klarna On-line Shopping ND ND ND69. May-18 Symphony Commerce Quantum Retail Technology Commerce as a Service ND ND ND70. May-18 Flipkart Walmart e-Commerce 16,000 7,500 2.1x71. May-18 Mandata LDC TMS 28 ND ND72. Apr-18 Viewpoint Trimble Construction Management 1,200 111 10.8x73. Apr-18 PB & Associates WiseTech Global Freight Forwarding ND ND ND74. Apr-18 Viewpoint Trimble Construction Management 1,200 ND ND75. Apr-18 CSF Solutions BluJay Solutions Customs Management ND ND ND76. Apr-18 Insight Group Technologies Mantis Informatics WMS Optimization / Slotting ND ND ND77. Mar-18 Acceo Solutions Constellation Software Broad ERP 201 90 2.2x78. Mar-18 VendorBase Procurify eProcurement ND ND ND79. Mar-18 P2P Mailing FedEx Parcel Delivery for e Tailors 130 ND ND80. Mar-18 Avetta Welsh, Carson, Anderson & Stowe eProcurement ND ND ND81. Mar-18 Servman Software WorkWave Field Service ND ND ND82. Mar-18 FSEnet+ Gladson Product Data Management ND ND ND83. Mar-18 ecmarket Luminate Capital Partners SCM Document Automation 50 ND ND84. Mar-18 LSP Solutions BV WiseTech Global Customs and WMS 4 2 1.6x85. Mar-18 IndustryBuilt Aptean ERP - F+B ND ND ND86. Mar-18 Gap Systems Loftware Enterprise Labeling ND ND ND87. Mar-18 CommerceHub GTCR /Sycamore Partners eCommerce Network 1,100 111 9.9x88. Mar-18 Science Warehouse Advanced Spend Management 22 ND ND89. Feb-18 Matters (TMS) INIT TMS 1 ND ND90. Feb-18 Panjiva S&P Global Vendor Management / Insight ND ND ND



($US in millions)


91. Feb-18 Intris WiseTech Global Customs Management / Freight 9 ND ND92. Jan-18 Kramer-Smilko DemandBridge Distributor Management ND ND ND93. Jan-18 Birch Worldwide E2open Channel Management ND ND ND94. Jan-18 Entomo E2open Channel Management ND ND ND95. Jan-18 Kubix Lectra PIM / MDM 8 ND ND96. Jan-18 Movildata Internacional Verizon Telematics Fleet Management ND ND ND97. Jan-18 Motus Thoma Bravo Vehicle Management ND ND ND98. Jan-18 Ruzheimer Thoma Bravo Mobile Management ND ND ND99. Jan-18 ProSys Emerson Plant Production Management ND ND ND

100. Jan-18 Mintec Global Synova Capital Procurement Data / Management ND ND ND101. Jan-18 JustEnough Software Mi9 Retail Merchandising Management ND ND ND102. Jan-18 TenderEasy Alpega Transportation Procurement ND ND ND103. Jan-18 Forecast Solutions RELEX Retail Planning ND ND ND104. Jan-18 Kenandy Rootstock Software ERP ND ND ND105. Jan-18 Companeo InfoPro Digital B2B Market Place ND ND ND106. Jan-18 SwoopMe Agero Road-Side Dispatch ND ND ND107. Jan-18 HiGH Software Columbus A/S Lease Management ND ND ND108. Jan-18 Certified Retail Solutions Spencer Technologies Store Systems Management ND ND ND109. Jan-18 TouchStar Group PDI Logistics Automation ND ND ND

2018 Median $28 $56 7.1x2018 Total Disclosed $26,204

Private Placements H1 2019


($US in millions)

Date Company Sector Investors Investment ($M)

1. Jun-19 LF Logistics Freight Forwarding Temasek Holdings 300

2. Jun-19 Skubana eCommerce / Inventory Management Defy Partners, Advancit Capital 5

3. Jun-19 Procurify eProcurement Runa Capital, Manulife Financial, Kensington Capital Partners, Information Venture Partners, HabourVest 15

4. Jun-19 Whitebox eCommerce Fulfillment TDF Ventures 5

5. Jun-19 MAX Last-Mile DeliveryZrosk Investment Management, Yamaha Motor, Novastar Ventures, Breakthrough Energy Ventures, Alitheia Capital 7

6. Jun-19 Seven Senders Parcel Delivery Platform btov Partners, Digital+ Partners 18

7. Jun-19 Gatik.ai Middle-mile AV Innovation Endeavors, Trucks VC, Fontinalis 5

8. May-19 Sorted Group Retail Fulfillment NVM Private Equity, Praetura Ventures 19

9. May-19 Trukkin Middle EAST Truck Aggregator Batic Investments and Logistics 4

10. May-19 Ravin Al Automated Vehicle Inspection Shell Ventures, Pico Partners 4

11. May-19 Ivalua Spend Management Adrian Growth, Tiger Global Management 60

12. May-19 Silo Ag Supply Chain Penny Newman Grain, Initialized Capital Management 3

13. May-19 Retail Zipline Retail Communication Emergence Capital Partners, Serena Ventures 10

14. May-19 Overhaul Group Shipping Visibility Abbey International Finance 7

15. May-19 Blackbuck Trucking Logistics Goldman Sachs 150

16. May-19 FreightHub Freight ForwardingGlobal Founders Capital, Northzone, Cherry Ventures, Maersk Growth, Rider Global, Unbound 30

17. Apr-19 Spare Labs Transportation Network Management Mitsubishi 6

18. Apr-19 Synfioo Intermodal Monitoringb-to-v Partners, BFB Brandenburg Kapital, Senovo Capital Management; Hpi Seed Fund 3

19. Apr-19 FretLink Shipping and LogisticsElaia Partners, Tekton Ventures, TheFamily,Breega Capita,; SGH Capital, Edenred Capital Parnters, daphni, 31

20. Apr-19 Specright Specification Data ManagementPritzker Group Venture Capital, Okapi Venture Capital, Mucker Capital, Fika Ventures 9

Private Placements H1 2019 (cont’d.)


($US in millions)


21. Apr-19 Magaya Corporation WMS / Cargo LLR Partners ND

22. Apr-19 Suuchi Manufacturing Services Edison 8

23. Apr-19 Holded Technologies ERP Nauta Capital, Speedrocket 4Founders Capital 7

24. Apr-19 KeepTruckin Fleet Management Institutional Venture Partners, Index Ventures, Scale Venture Partners, GV, Greenoaks Capital Partners 149

25. Apr-19 Driveroo Vehicle Maintenance WS Investments 3

26. Apr-19 Censinet Vendor Risk ManagementSchooner Capital, LRVHealth, HLM Venture Partners, Excelerate Health Ventures, Cedars Sinai Medical Center 8

27. Apr-19 Weengs eCommerce Fulfillment Oxford Capital Parnters, Cherry Ventures Management, Senderwood, VentureFriends 8

28. Apr-19 Phantom Auto Teleoperated Navigation Bessemer Venture Partners 14

29. Apr-19 SupplyStack TMS PMV, Mainport Innovation Fund, Fortino Capital 6

30. Apr-19 Innovapptive EAM Tiger Global Management 16

31. Apr-19 NextSCM Solutions SCM 021 Capital 3

32. Apr-19 Flowspace Fulfillment NetworkY Combinator, Moment Ventures, Canvas Ventures, 1984 Ventures 12

33. Apr-19 Zencargo Freight ForwardingTom Stafford, Samos, Picus Capital, Pentland Ventures, MPGI, LocalGlobe, HV Holtzbrink Ventures 20

34. Apr-19 CODE42 Mobility Services Platform Hyundai Motor Company ND

35. Apr-19 SupplyStack TMS PMV, Mainport Innovation Fund, Fortino Capital 6

36. Apr-19 AutoX Technologies AV Dongfeng Motor Group Company 20

37. Apr-19 STORD Digital Warehousing Kleiner Perkins 12

38. Apr-19Visible Supply Chain Management 3PL Cynosyre Group ND

39. Mar-19 Toast, Inc. Restaurant POSBessemer Venture Partners, T. Rowe Price Group, Technology Crossover Ventures,Tiger Global Management 250

40. Mar-19 Shopmatic eCommerce Platform Spring SEEDS, August Global Asset Management 11



($US in millions)


41. Mar-19 Fliit Holding Food Logistics Berlin Technologie Holding, Alstin II Fonds, Maersk Growth 11

42. Mar-19 Delhivery 3PL The Carlyle Group, SoftBank, Fosun Group 413

43. Mar-19 MarginEdge Restaurant Automation Osage Venture Partners 3

44. Mar-19 Rarestep / Fleetio Fleet Management ND 4

45. Mar-19 Blackbuck Trucking Logistics Goldman Sachs, B Capital Group 44

46. Mar-19 Airbiquity Connected Car Solutions Toyota Motor, DENSO, Toyota Tsusho 15

47. Mar-19 FleetMaster Fleet Management Daimler Financial Services ND

48. Feb-19 Mirakl eCommerce Platform83North, Elaia Partners, Bain Capital Ventures, Felix Capital Partners 70

49. Feb-19 Agilis Systems Fleet Management Spectrum Equity Management ND

50. Feb-19 Aptean ERP TA Associates, Vista Equity Partners ND

51. Feb-19 Dray Alliance Drayage Platform Craft Ventures 4

52. Feb-19 FreightWaves Global Freight Content 8VC 21

53. Feb-19 Flexport Freight Forwarding PlatformFounders Fund, Cherubic Ventures, Susa Ventures, DST Global, SoftBank Investment Advisers, S.F. Express 1,000

54. Feb-19 QU POS POS NRD Capital Management, Cota Capital Management 10

55. Feb-19 Centage Corporation Planning and Budgeting TVC Capital 9

56. Feb-19 RELEX Retail Management Technology Crossover Ventures 200

57. Feb-19 Vantage Point Logistics Freight Management Radian Capital, Tamarind Hill Fund 10

58. Feb-19 SkuVault WMS / Inventory Management Ballast Point Ventures, Endeavor Catalyst 8

59. Feb-19 Tulip Interfaces Manufacturing ManagementNew Enterprise Associates, Pitango Venture Capital, Vertex Ventures 18

60. Jan-19 Jusda B2B Supply ChainTI Capital, Oriza Holdings, IDG Capital, China Railway Supply Chain Group, China Life Insurance, CICC 365



($US in millions)


61. Jan-19 Transporeon TMS HgCapital 44

62. Jan-19 Next Trucking Freight Marketplace Sequoia Capital, GLP, Brookfield Ventures 97

63. Jan-19 ZigZag Global Reverse Logistics Plug & Play Ventures, Circularity Capital ND

64. Jan-19 Bold Commerce eCommerce Tools Whitecap Venture Partners, Round 13 Capital 17

65. Jan-19 Infor ERP Golden Gate Capital, Koch Equity Development 1,500

66. Jan-19 Chronicled Blockchain SCMMandra Capital, Streamlined Ventures, Emery Capital, The Perkins Fund 16

67. Jan-19Bringg Delivery Technologies Delivery Logistics

Coca-Cola, Ituran, Pereg Ventures, Aleph Venture Capital, Salesforce Ventures, Cambridge Capital, Next47, OG Tech 25

68. Jan-19 Pensa SYSTEMS Inventory ManagementCapital Factory, RevTech Ventures, Commerce Ventures, Signia Venture Partners, ATX Venture Partners, ZX 5

69. Jan-19 Postmates Delivery LogisticsGlynn Capital Management, BlackRock, Tiger Global Management 100

70. Jan-19 FourKites Supply Chain Visibility August Capital, Bain Capital Ventures, Hyde Park Angels, CEAS Investments I 50

2019 Median $12

2019 Total Disclosed $5,299

Private Placements 2018


($US in millions)


1. Dec-18 Orchestra Beverage ERP Radian Capital 14

2. Dec-18 Blackbuck Trucking Logistics International Finance Corporation, Sands Capital Ventures 12

3. Dec-18NTex Transportation Services Logistics Network Norwest Venture Partners, Kalaari Capital 9

4. Dec-18 RightHand Robotics Warehouse LogisticsPlayground Global, Menlo Ventures, Matrix Partners, GV, Dream Incubator 23

5. Dec-18 Omnivore Technologies Restaurant PoSThe Coca-Cola Company, Performance Food Group Company 10

6. Dec-18 Bionexo eProcurement Temasek Holdings 25

7. Dec-18 Nexxiot SC Visibility Die Mobiliar, Credit Suisse 15

8. Dec-18 Decisiv Service Relationship Management Kayne Anderson Capital Advisors 30

9. Dec-18 Kobo Logistics Shipping MarketplaceWestern Technology Investment, International Finance Corporation, TLcom Capital, Y Combinator Management 6

10. Dec-18 Scout RFP eProcurementMenlo Ventures, Scale Venture Partners, Salesforce Ventures, Workday Ventures, NewView Capital 33

11. Dec-18 NuORDER Fashion eCommerce NewSpring Capital, Upfront Ventures, Argentum 15

12. Dec-18 SourceDay Supplier ManagementSilverton Partners, Draper Associates, ATX Venture Partners 7

13. Nov-18 Dispatch Field Service Logistics Trinity Private Equity Group, Great North Labs 8

14. Nov-18 FreightVerify Freight Management GM Ventures 5

15. Nov-18 Wise Systems Autonomous DispatchNeoteny Co., Fontinalis Partners, The E14 Fund, Trucks Venture Management, Gradient Ventures 7

16. Nov-18 Airspace Technologies Shipping PlatformScale Venture Partners, QUALCOMM Ventures, Cross Culture Ventures, Defy Partners, Schematic Ventures 20

17. Nov-18 EmergeTech Private Freight Marketplace Greycroft 20

18. Nov-18 SupplyShift SC VisibilityTenfore Holdings, Supply Chain Ventures, Bowery Capital, Blackhorn Ventures, Working Capital ND

19. Nov-18 Riversand PIM / MDM Crestline ND

20. Nov-18 Savi Technology. SC Visibility Eastward Capital Partners 8

Private Placements 2018 (cont’d.)


($US in millions)


21. Nov-18 PropelPLM PLMNorwest Venture Partners, Cloud Apps Management, Salesforce Ventures,Signalfire 18

22. Nov-18 Fleetondemand Fleet Management BUSINESS GROWTH FUND 7

23. Nov-18 Turvo Collaborative Logistics PlatformFelicis Ventures, Activant Capital Group, Upside Partnership, Next47, G2VP, Mubadala Ventures 60

24. Nov-18 TraceGains F&B SCM SaaS Capital 6

25. Oct-18 Zentail eCommerce Initialized Capital 5

26. Oct-18 SHIPMONK Inventory Portal Grotech Ventures, SJF Ventures, Supply Chain Ventures 10

27. Oct-18 Teikametrics Retail Optimization Granite Point Capital Management, Jump Capital, FJ Labs 10

28. Oct-18 Syncron International Service Management Summit Partners 68

29. Oct-18 Quicargo Technologies Freight Matching Platform SLJ Investment Partners 5

30. Oct-18 Deposco WMS ND 9

31. Oct-18 CiValue Customer AnalyticsEmery Investments Limited, Nielsen Innovate Fund, Sonae Investment Management 6

32. Oct-18 Loadsmart Freight Booking Platform Connor Capital, Chromo Investimentos, Maersk Growth 22

33. Oct-18 Shipwell Freight TMSFirst Round Capital, Global Founders Capital Management, Capital Factory, Aspect Ventures, Fifth Wall Ventures 10

34. Oct-18 Blackbuck Trucking Logistics Accel, Sequoia Capital India, Sands Capital Ventures 27

35. Oct-18 Braincube SAS Manufacturing Analytics Iris Capital, Next47 14

36. Oct-18 FactoryFour Manufacturing Management August Capital, Refactor Capital 5

37. Oct-18 Navegate SCMSaltspring Capital, Relay Investments, Next Coast Ventures, The Operand Group ND

38. Oct-18 Shelfbot Warehouse Cable RobotBain Capital Ventures, Foundation Capital Partners, Initialized Capital Management, Liquid 2 Ventures 4

39. Oct-18 Project44 Shipping Visibility PlatformInsight Venture, Sapphire Ventures, Emergence Capital Partners, OpenView, Chicago Ventures, Eight Partners 45

40. Oct-18 BevSpot Food and Beverage Management ND 5



($US in millions)


41. Sep-18 SMH Fleet Solutions Fleet Management LDC 21

42. Sep-18 Postmates Urban Logistics Platform Tiger Global 300

43. Sep-18 Dispatch Field Service Logistics Vista, Grandbanks ND

44. Sep-18 Freightos Int'l Freight Market Place GE, Aleph, ICV, Singapore Exchange 44

45. Sep-18 Migo Mobility as a ServiceSteadfast Venture Capital, Clayton Venture Partners, Hyundai, Thayer Ventures 9

46. Sep-18 Shipbob eCommerce FulfillmentMenlo Ventures, Bain Capital, Y Combinator, Hyde Park Venture 40

47. Sep-18 Excelfore Corporation Connected Car Systems Molex, Hella 4

48. Aug-18 Narvar Customer Experience SoftwareAccel Partners, Battery Ventures, Salesforce Ventures, Scale Venture Partners 30

49. Aug-18 Shadowfax Technologies Last Mile Platform Eight Roads, Mirae Global, NGP Capital, QUALCOMM 22

50. Aug-18 TraceLink Serialization ComplianceFirstMark, F-Prime Capital , Georgian Partners, Goldman Sachs, Volition Capital, Vulcan Capital, Willett Advisors 93

51. Aug-18 Kobo Logistics Shipping Marketplace Y Combinator ND

52. Aug-18 Xentral ERP Software ERP Freigeist Capital ND

53. Aug-18 Airspace Technologies Shipping PlatformCross Culture Ventures, QUALCOMM, Defy Partners, Schematic Ventures 8

54. Aug-18 SKUPOS C-Store Analytics Toba Capital, Lamp Post Ventures, Loup Ventures 6

55. Aug-18 Newman Cloud Manufacturing BOM ND 4

56. Aug-18 Routeique Logistics and Delivery Lancaster Investments Ltd. ND

57. Jul-18 Ninjacart AG B2B Platform NRJN Trust, Accel 5

58. Jul-18 Optoro Reverse LogisticsFranklin Templeton, Generation Investment Management, Revolution Growth, Tenfore Holdings 75

59. Jul-18 Appetize Technologies POS ND 14

60. Jul-18 Ocean Freight Exchange Ocean TMS Foundation Capital, NextView Ventures 3



($US in millions)


61. Jul-18 Trax Technology Solutions Retail Analytics Boyu Capital, DC Thomson 125

62. Jun-18 Yoobic Merchandising Compliance Insight Venture Partners, Felix Capital 25

63. Jun-18 Noodle Analytics Supply Chain AI Dell, TPG 35

64. Jun-18 TradeGecko Inventory Management33Capital Group, Aura Funds Management, Pearle Ventures 10

65. Jun-18 Tiller Systems POSOmnes Capital,Cambon Partners, 360° Capital, Ring Capital 14

66. Jun-18 Exotec Solutions WMS Robotics 360 Capital Partners, Breega Capital SARL, Iris Capital 18

67. Jun-18 LevaData AI Sourcing Platform Tola Capital 12

68. Jun-18 Paradata Supply Chain Analytics ND 10

69. Jun-18 OCS Asset Solutions Retail and Asset Services LDC 17

70. May-18 GPS Insight Fleet Management Bregal Sagemount ND

71. May-18 Tradeshift eProcurement Goldman Sachs, PSP Investments 250

72. May-18 GTG Technology TMS The Firmament Group ND

73. May-18 Maintenance Assistant CMMS BuildGroup 12

74. May-18 Pensa Systems Inventory Management ATX Seed Ventures, ZX Ventures 2

75. May-18 Gravity Supply Chain Supply Chain Visibility Wavemark Partners 7

76. May-18 Alloy Technologies Inventory Management Menlo Ventures, Eight Partners 12

77. May-18 Toolsgroup Planning and Forecasting Accel-KKR ND

78. May-18 Raven Telemetry Manufacturing AI ND 6

79. Apr-18 TradeDepot Retail Distribution Partech Partners 3

80. Apr-18 Retailisation Inventory Management Nimbus Ventures ND



($US in millions)


81. Apr-18 Guiyang Huochebang Truck Logistics PlatformWard Ferry, CapitalG, China Reform Fund Management, SoftBank 1,900

82. Apr-19 Global-e e-Commerce Logistics Apax Partners 20

83. Apr-18 Project44 Shipping PlatformChicago Ventures, Eight Partners, Emergence Capital, Omidyar, OpenView, Pritzker Group 35

84. Apr-18 Ceterus Accounting / ReportingGrotech Ventures, IDEA Fund Partners, TechOperators, Alerion Ventures, Harbert Growth Partners 10

85. Apr-18Green Mountain Technology Parcel Spend Management Accel-KKR ND

86. Apr-18 Xeeva Procurement Peak Equity 40

87. Apr-18 GrocerKey eCommerce Fulfillment Woodman's Food Markets, Dunnhumby Ventures 3

88. Apr-18 Loadshare SME Logistics Platform Matrix Partners, Stellaris Venture 5

89. Apr-18 Platform Science IoT Fleet Management Schneider National, Eight Partners ND

90. Apr-18 Arviem Cargo Trucking Nest, SICPA Security, Swisscom, Verve Capital 10

91. Apr-18 Qmerit WF Management / ProcurementInnogy Ventures, Schneider Electric Energy, Strandview Capital 12

92. Apr-18 OrderMyGear eCommerce Susquehanna Growth Equity 35

93. Apr-18 6 River Systems WMS RoboticsMenlo Ventures, Norwest Venture, iRobot, Eclipse Ventures 25

94. Mar-18Advanced Manufacturing Control Systems Waste Management ERP

Highland Capital Partners, Insight Venture Partners, Ireland National Pensions Reserve Fund 123

95. Mar-18 CargoBot Cargo Management Platform ND 3

96. Mar-18 C3 IoT IoT Enterprise Platform The Rise Fund, TPG, Sutter Hill, Breyer Capital 106

97. Mar-18 Contguard Shipment Monitoring Citi, Canaan Partners ND

98. Mar-18 KeepTruckin Fleet ManagementInstitutional Venture Partners, Index Ventures, Scale Venture Partners, GV 50

99. Mar-18 Eximchain SC Blockchain Network Kinetic Capital, INBlockchain, FBG Capital 20

100. Mar-18 ecMarkets Order Management Luminate Capital Partners ND



($US in millions)


102. Mar-18 Holded Technologies ERP Nauta Capital 2

103. Feb-18 Upchain PLM BDC Venture, OpenText 7

104. Feb-18 FourKites Shipment Tracking / Analytics August Capital, Bain Capital, Hyde Park Ventures 35

105. Feb-18 FoodLogiQ Food Safety Management ND 8

106. Feb-18 CargoX Cargo Bill of Lading ND 7

107. Feb-18 FarEye eCommerce Logistics Deustche Post 10

108. Jan-18 Next Trucking Freight Matching Platform Sequoia Capital 21

109. Jan-18 Xpressbees eCommerce Logistics Alibaba Capital 35

110. Jan-18 Blueday Store HR Management Radian Capital 6

111. Jan-18 Appetize POS Shamrock Capital, Silicon Valley Bank 20

112. Jan-18 Fleet International Logistics PlatformUP2398, Telegraph Hill, Lufthansa Cargo, Invariantes, Hunt Technology, Frenando Pontaza, Elefund, 1517 Fund 10

113. Jan-18 Transflo Telematics Platform True Wind Capital ND

114. Jan-18 Bringg Delivery Logistics Platform Coca-Cola, Pereg Ventures, Aleph Venture, Salesforce 22

115. Jan-18 OriginTrail Supply Chain Blockchain ND 23

116. Jan-18 ShipChain Track and Trace Blockchain ND 30

2018 Median $12

2018 Total Disclosed $4,472

Introduction to AGC Partners

43

2003Founded

377 Transactions

78Cross-Border Transactions

3Major

Conferences

9Offices

Globally

Overview

44

AGC Partners 7

ENGAGED PARTNERS

SECTOR EXPERTS

EXCEPTIONAL OUTCOMES

Deep vertical and horizontal practices

Partner led engagement teams

377 transactions completed to date

GROWTH CAPITAL

HIGH IMPACT TECH FOCUS

M&A ADVISORY

Up to $1 billion in valuation

Primary and Secondary minority equity and debt

Exclusive focus on tech advisory

Unrivaled M&A and Growth Capital Experience

45

AGC Partners 7

AGC Cumulative Deal Count

317

3756 66

83103

131155

186207

235

263

295

327

355 377

‘16‘07’04’03 ‘06 ‘17’05 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘18 ’19Year To Date

AGC Cumulative Deal Count

TOP DEALMAKERS (2014-2018)

Firm # Trans.

1. Morgan Stanley 1792. Raymond James 1503. William Blair 1504. Houlihan Lokey 1295. J.P. Morgan Securities 1246. AGC Partners 1197. Evercore Partners 1198. GCA Advisors 1179. Goldman Sachs 113

10. Jefferies 9211. Lazard 7912. Petsky Prunier 7913. Mooreland Partners 7814. DCS Advisory 7715. Pagemill Duff & Phelps 7416. Bank of America Merrill Lynch 7317. Robert W. Baird 7018. Qatalyst Partners 6919. Arma Partners 6820. GP Bullhound 6821. KeyBanc Capital Markets 6222. Credit Suisse Securities 6023. Stifel, Nicolaus & Company 6024. Needham & Company 5925. Barclays Capital 53

6. AGC Partners 120

AGC is consistently ranked as the most active pure-play techboutique

Plugged into every facet of the private tech capital markets withover 50 active engagements today

Headquartered in Boston with offices in Atlanta, Chicago, Dallas,London, Los Angeles, Minneapolis, New York and Silicon Valley

Global Leader in Tech Advisory – 377 Closed Deals

46

AGC Partners 7

Source: 451 Research

41

41

41

42

45

48

66

451 Ranking of SaaS Advisory 2010 to 2019

Below Benchmark Above

ARR Scale <$8M $8-20M $20M+

Rev. Growth Rate 5-20% 20-50% 50%+

Customer Retention 90% 90-95% 95%+

% Subscription <70% 70-90% 90%+

Gross Margin <60% 60-75% 75%+

Rule of 40% <20% 20-40% 40%+

LTV / CAC <3x 3-5x 5x+

Avg. ACV <$25k $25k-250k $250k+

Avg. Contract Length <1 year 2 years 3+ years

TAM $500M $1-2B $2B+

Barriers to Entry Low Medium High

Revenue Multiple 2-4x 4-6x 7-10x+

AGC's SaaS Performance Exam

92

81

AGC is the Leading SaaS Investment Bank

47

AGC Partners 7

Elena MarcusPartner

Los Angeles

Mike ParkerPartnerChicago

Bob RennerPartnerAtlanta

Greg RothPartner

San Francisco

Maria Lewis KussmaulFounding Partner

Boston

Fred JosephPartnerBoston

Rob BuxtonPartner

San Francisco

Eric DavisPartnerBoston

Hugh HoffmanPartner

Minneapolis

Linda GridleyPartner

New York

Ben HoweCEO

Founding PartnerBoston

Jon GuidoCOO

Founding PartnerBoston

Doug HurstPartner

New York

Sean TuckerPartnerLondon

Tristan SnyderPartnerDallas

Russ WorkmanPartnerBoston

Charlie SchoppPartnerBoston

Dennis RourkePartnerBoston

The Global Leaders in Tech Strategic Advisory

48

Deep Domain Knowledge Shared via Market Leading Research

Edge ComputingConstruction Tech CRM Smart Cities and IoT Supply Chain SoftwareAuto Tech EdTechHR TechPaymentsTravel Tech

Vertical SaaS

AutomotiveBuilding / Engineering

EducationHealthcare

LegalPublic Sector

Real EstateRetail

Travel & Leisure

Horizontal SaaS

BI / AnalyticsCRMECM

ERP / Supply ChainFinTech / PaymentsHCIT / Life Sciences

HR TechIT Services

MarTechTechnical Software

Security

CybersecurityAdvanced Threat Defense

CASBEndpoint

Identity Access ManagementNetwork

Security OrchestrationSecurity Services

Threat IntelligenceUser Behavior Analytics

Vulnerability IOT / SCADA

Digital Media and Internet

AdTechConsumer

E-CommerceFood Tech

GamingInternetMobileSocial

Virtual Reality / Augmented Reality

Infrastructure

Big DataCloud ComputingCommunication

Data CenterEnergy & Industrial Tech

Internet of ThingsMobility Solutions

SemiconductorsSmart Cities

Storage

Selected Recent Partner Authored Whitepapers

49

AGC Partners 7

Leading Private Equity Clients

Trusted Advisor of Financial Sponsors

High volume of successful transactions with and for financial sponsors and their portfolio companies

Relationships developed over the long term providing AGC access and credibility with key decision-makers

In depth insights into each financial investor’s unique investment criteria, approach and behavior

Tech Giant Strategic Acquirers

Trusted Advisor of Strategic Buyers

Strong relationships and a proven track record with the leading strategic acquirers

Knowledge of development roadmaps + buy vs build priorities allows us to strategically position businesses to achieve optimal outcomes

Deep sector expertise ensures unique and customized positioning for each buyer

Longstanding & Deep Relationships With PE Firms and Strategics

50

AGC Partners 7

Financed by

Financed by Acquired by

A wholly ownedSubsidiary of

Acquired by

Financed by Financed byFinanced by

Acquired by Financed by

Financed by

A portfolio company of

Financed byAcquired by

Financed by Financed by Acquired by

Financed by

Financed by



Financed by

Acquired by Acquired by

Acquired by

Unrivaled Experience in the PE marketplace

51

AGC Partners 7

5.7x

6.4x

8.0x

6.5x

4.2x

6.0x

6.1x

8.4x

Revenue Multiple

Client Investor

10.0x

6.5x

Rev. MultipleClient Acquirer

6.2x

4.8x

8.4x

8.5x

5.8x

7.4x

ND

15.3x

6.8x

14.5x

Revenue Multiple

10.0x 20.0x

Majority and Minority Growth Capital Strategic Acquisitions

AGC Engineers High Valuation Outcomes

52

AGC Partners 7


Advisor to Harmony Systems

Acquired by

Buy and Build is the primary driver of valuation creation, typically through 3 add-on acquisitions per platform deal

There were over 1,500 Private Equity Technology deals in the last 18-months

1,000 of those deals were add-on acquisitions, which are ever increasing given the growing base of platform portfolio companies

Advisor to Entomo

Acquired by

A portfolio Company of

Acquired by


Advisor to Apprise

Advisor to Veris

Acquired by


Advisor to seller

Acquired by


Advisor to Quickmobile

Acquired by


Advisor to sellers


Acquired by


Advisor to Lieberman

Acquired by


Advisor to Hansoft

Acquired by


Advisor to sellers


Acquired by


Advisor to sellers


Acquired by


Advisor to mpl Systems

Acquired by


Advisor to HRsmart

Acquired by


Advisor to sellers

A subsidiary of

Acquired by


Advisor to eRecruit

Merged with



AGC is at the Center of the Private Equity Build and Buy Ecosystem

53

AGC Partners 7

Advisor to Sellers


Acquired by

Advisor to Blue Willow Systems

Acquired by

Advisor to orderTalk

Acquired by

Advisor to ExtendMedia

Acquired by

Advisor to Fundamo

Acquired by

Advisor to appsee

Acquired by

Advisor to Cask

Acquired by


Acquired by

Advisor to Liaison


Acquired by

Advisor to Sellers

Acquired by

Advisor to Proginet


Acquired by

Advisor to WhiteHat


Acquired by

Advisor to Sellers

Acquired by

Advisor to ManageIQ


Acquired by

Advisor to LOGFIRE

Acquired by

Advisor to Cloud Cruiser

Acquired by

Advisor to Boomi

Acquired by

A wholly owned subsidiary


Advisor to Sellers

Acquired by

Advisor to Sellers

Acquired by

Advisor to Sellers

Acquired by

Advisor to Sellers


Acquired by

Advisor to iSightPartners

Acquired by

Advisor to Bowstreet Advisor to Where

Acquired by

Advisor to Active Endpoints

Acquired by

Advisor to Codeship

Acquired by

Advisor to Invention Machine

Acquired by

Advisor to Geezeo

Acquired by

Long History With the top Strategic Technology Buyers

54

AGC Partners 7

Acquired by

Advisor to Denyall

Advisor to sellers


Acquired by


Advisor to sellers

Acquired by

Advisor to sellers

Acquired by

Financed by

Advisor to Crisp

Acquired by

Advisor to sellers

A wholly owned subsidiary of

Acquired by

Advisor to Origo

Acquired by


Advisor to FRS

Acquired by


Advisor to OnForce


Sold to

Advisor to Crisp

Acquired by

Advisor to KickApps

Acquired by

Advisor to Simplygon


Acquired by

Advisor to Posti

Acquired by

Advisor to Viryanet

Acquired by


Advisor to Hansoft


Financed by

Advisor to sellers

Acquired by


Advisor to Propertybase


Acquired by

Advisor to HCL

Acquired by


Advisor to mpl Systems

Acquired by

Advisor to Mnubo

Acquired by

Advisor to Sellers




Acquired


Advisor to Utimaco/ EQT

Financed by

Advisor to Dapresy

Acquired by

Advisor to Sellers



Over 75 Cross-Border Transactions Since Inception

55

AGC Partners 7

San Francisco London Boston Total

Attendees 1,375 354 600 2,329

Private Companies 485 112 225 822

Investors 343 85 190 618

Strategics 233 26 50 309

Total 1-on-1 Meetings 3,000 915 1,950 5,865

BostonNovember, 2019

San FranciscoFebruary,

2020

LondonJune, 2020

Select Strategic Attendees

Select Private Equity Attendees

Over 800 Private Tech Companies Participate in our Conference Series

56

AGC Partners 7

Skuid needed a highly dedicated financial advisor…“We chose AGC Partners because of their reputation with high-growth software businesses and investors. AGC'sunderstanding of the industry and key players led to Skuid securing a terrific new partner in Marlin for ourinvestors, shareholders, customers and employees.”

– Skuid sold to Marlin Equity Partner

I would highly recommend AGC…“The AGC team had solid subject matter expertise and their approach to our engagement was thoughtful andultimately produced a very positive outcome for our shareholders, customers, employees and the acquiringbusiness. [The] team played a key role in the timing of the process, the positioning of the business overall and inevery stage leading to Closing.”

– Liaison sold to OpenText

The AGC Team exceeded expectations…“AGC's commitment was evident in working seemingly round-the-clock to respond to the dozens of partiesinvolved in the deal. In the end, the board and executive team are very pleased with the outcome and we are nowworking with an investment partner that will help us scale through the next phase of growth.”

– Zapproved sold to Vista Equity Partners

It was a pleasure to have them on our team…“The AGC team was instrumental in ensuring the success of our transaction. They served as trusted advisorsthrough every step of the process, with intense focus on every detail and proven knowledge of companies anddeals like ours.”

– Certify sold to K1 Investment Management

AGC was instrumental in helping us navigate this process…“The AGC team did a great job of understanding the Criteria story and identifying the decision makers at thefinancial partners whose goals and philosophy were well aligned with ours.”

– Criteria sold to Sumeru Equity Partners

We are delighted with the awesomeness…“We were one united team and AGC worked relentlessly to get a fantastic outcome, that exceeded our initialexpectations. Deals are complex, but I took great comfort in knowing [the] team [was] in my court. We started thisjourney as a client, we end as family”

– Titus sold to Blackstone

What Clients Say About Us

57

Documents

August 2019 INSIGHTS - Blackpeak Capital · 2019-09-13 · B2B Supply Chain 365 5. Shanghai, China Temasek Holdings Freight Fowarding Platform 300 6. Boston, MA Bessemer Venture Partners,