human capital management technology sector review · 10/01/2018 lumesse saba software na na na na...
TRANSCRIPT
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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEWTECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
WORKFORCE
MANAGEMENT
PAYROLLTALENT
MANAGEMENT
ENGAGEMENT
RECRUITING
BENEFITS
COMPLIANCE
ONBOARDING
PERFORMANCE
TRAINING
PAGE | 1
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
HUMAN CAPITAL MANAGEMENT TECHNOLOGY MARKET UPDATE
KEY CONTACTS
HCM TECHNOLOGY
Erik Szyndlar Director [email protected] +1 (415) 217-3418
UNITED STATES
Jeff Bistrong Managing Director [email protected] +1 (617) 654-2102
Mike Wilkins Managing Director [email protected] +1 (415) 217-3411
Sam Hendler Managing Director [email protected] +1 (617) 654-2117
Tyler DewingManaging Director [email protected] +1 (617) 654-2133
EUROPE
Thierry MonjauzeManaging Director [email protected]+44 (0) 20 7518 8901
Julien OussadonDirector [email protected]+44 (0) 20 7518 8909
TO SUBSCRIBE PLEASE EMAIL:[email protected]
HUMAN CAPITAL MANAGEMENT (HCM) TECHNOLOGY INDUSTRY OVERVIEW
HARRIS WILLIAMS MARKET ANALYSIS: GLOBAL HEALTH AND WELLNESS
• The third quarter of 2018 featured 38 M&A transactions in the HCM technology space—another strong quarter of activity. Notable deals included Vista Equity Partners acquisition of iCIMS, The Ultimate Software Group’s acquisition of PeopleDoc, New Mountain Capital’s acquisition of Beeline, and Morneau Shepell’sacquisition of LifeWorks Corporation.
• The tight labor market is driving strong demand for HCM technology solutions. In particular, employers are prioritizing talent acquisition and management tools that increase connectivity with contingent workers and help identify internal and known talent, as well as streamline the recruiting process. In terms of workforce management, employers are focused on productivity and collaboration enhancers, automated risk management and compliance tools, and benefits and wellness platforms.
• One of the key ways employers are seeking to attract and retain the best workforces is by boosting their health and wellness. Indeed, health and wellness is a $220+ billion opportunity, providing growth potential across technology, healthcare and consumer industries. See the factors driving growth, three essential practices for success, and recent transactions in the space.
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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
4
2
4
7
1
3
4
3
92018
2017
2016
2015
HCM TECHNOLOGY ACQUISITION ACTIVITY(1)(2)
KEY STRATEGIC ACQUIRERS OF HCM TECHNOLOGY ASSETS BY VOLUME
GLOBAL HCM TECHNOLOGY M&A ACTIVITY
The key strategic acquirers have combined for 36 HCM technology related acquisitions since 2015, but two of them (IBM and Oracle) have not completed a HCM acquisition since 2016
Key acquirers announced or completed three transactions in Q3: Workday / Stories A.R.O., Workday / Adaptive Insights, Ultimate Software / PeopleDoc, and ADP / Celergo
HCM M&A experienced another strong quarter with 38 transactions, as M&A activity remains elevated
HCM technology companies remain highly attractive to both strategic and financial acquirers
Deal volume is robust supported by tuck in acquisitions and platform building
# of Transactions
# of Transactions
16
7
20
612
21
12 12 1411
14 1217
26
38
45 43
5549
45
59
5157 59
49 51 5154
69
93
Q1 - 15 Q2 - 15 Q3 - 15 Q4 - 15 Q1 - 16 Q2 - 16 Q3 - 16 Q4 - 16 Q1 - 17 Q2 - 17 Q3 - 17 Q4 - 17 Q1 - 18 Q2 - 18 Q3 - 18
Deals 4Q Trailing Average
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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
3
SELECT HCM TECHNOLOGY M&A TRANSACTIONS – Q3 2018(2)(3)(4)
Morneau Shepell has acquired LifeWorks
Lifeworks Corp, provides employee assistance, wellness recognition and incentive programs.
The Company's employee engagement platform is designed to provide financial wellness, employee assistance, employee
recognition, and employee communication programs with real-time data and insights.
The acquisition of Lifeworks supports Morneau Shepell’s Employee Support Solutions products and will provide superior user
experience and clinical support to achieve complete mental, physical, social, and financial well-being.
Closed July 27, 2018
Ent. Value: $325mRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Arcoro has acquired ExakTime
ExakTime provides a time tracking platform designed for employers to manage their mobile workforce.
The Company’s cloud-based timekeeping platform provides easy access from any location and powerful reporting,
enabling high consequence industries to streamline operations, save business time, and ensure compliance.
As part of the overall platform strategy, Providence has created Arcoro Inc. - a human capital management (HCM)
software and services provider. ExakTime and BirdDogHR (another Arcoro company) have natural synergies that will
continue to streamline employee management operations.
Closed August 15, 2018
Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Vista Equity Partners has acquired iCIMS
iCIMS is a leading provider of cloud-based talent acquisition solutions supporting hiring initiatives of more than 3,500
customers on its talent acquisition platform, including 7-Eleven, Enterprise Holdings, Southwest Airlines, and Rite Aid.
The Company’s offers true enterprise end-to-end talent acquisition platform through the use of user-friendly technology,
enabling growing organizations to manage their entire candidate management lifecycle within a single SaaS application.
With Vista Equity Partner’s support, iCIMS will continue to establish itself as a market leader in the talent acquisition solution
market.
Closed August 15, 2018
Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Ultimate Software has acquired PeopleDoc
PeopleDoc provides a comprehensive HR Service Delivery platform that enables HR organizations to serve employees
anytime, anywhere, with the ability to easily answer employee requests on demand, automate employee processes, and
manage document acknowledgement and storage.
The Company serves more than 1,000 customers representing over four million end users.
Ultimate Software will leverage PeopleDoc’s technology and innovative platform across its 4,000+ enterprise clients and tens
of millions of end users.
Ent. Value: $300mRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Closed July 27, 2018
New Mountain Capital has acquired Beeline
Beeline is the world's largest independent provider of cloud-based vendor management solutions helping Fortune 2000
companies manage their non-employee workforces.
The Company’s enterprise-grade, end-to-end sourcing, workflow, and decision-optimization platform allows employers to
effectively manage their extended workforce.
The partnership with New Mountain will provide Beeline with significant strategic resources and financial capital to
accelerate Beeline's innovative product roadmap, expand globally, and best meet customers' evolving needs.
Closed July 26, 2018
Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
HCM Technology
Date Enterprise LTM Financials LTM Multiples
Closed Target Acquirer Value Revenue EBITDA Revenue EBITDA
Pending Recruiter.com, Inc. Truli Media Group, Inc. NA NA NA NA NA
Pending Highground Enterprise Solutions, Inc. YouEarnedIt Inc. NA NA NA NA NA
Pending FLS GmbH Deutsche Beteiligungs AG NA NA NA NA NA
Pending KnowledgeAdvisors, Inc. eXplorance, Inc. NA NA NA NA NA
Pending Steward Consulting, Inc. BCS ProSoft, Inc. NA NA NA NA NA
10/01/2018 InfinityHR Arcoro (Prov idence Equity Partners) NA NA NA NA NA
10/01/2018 Lumesse Saba Software NA NA NA NA NA
09/20/2018 TPGS System One NA NA NA NA NA
09/17/2018 AmCheck, Inc. iSolved HCM LLC NA NA NA NA NA
09/12/2018 Workpop, Inc. Cornerstone OnDemand, Inc. NA NA NA NA NA
09/11/2018 NOVAtime Technology, Inc. Ascentis Corp. NA NA NA NA NA
09/04/2018 DCR Workforce, Inc. Coupa Software, Inc. $25 NA NA NA NA
09/12/2018 Softgarden e-recruiting GmbH Investcorp NA NA NA NA NA
08/28/2018 Polestar Benefits, Inc. Infinisource, Inc. NA NA NA NA NA
08/21/2018 PenSys, Inc. Ascensus LLC NA NA NA NA NA
08/15/2018 BirdDogHR Arcoro (Prov idence Equity Partners) NA NA NA NA NA
08/15/2018 ExakTime Arcoro (Prov idence Equity Partners) NA NA NA NA NA
08/15/2018 iCIMS Vista Equity Partners NA NA NA NA NA
08/13/2018 Conduent, Inc. /HR & Actuarial Business H.I .G. Capital LLC NA NA NA NA NA
08/07/2018 Alegeus Technologies LLC Vista Equity Partners Management LLC $750 NA NA NA NA
08/07/2018 Contratanet Sistemas Ltda. H.I .G. Capital LLC NA NA NA NA NA
08/03/2018 Payroll Express LLC GEX Management, Inc. NA NA NA NA NA
08/01/2018 Celergo LLC Automatic Data Processing, Inc. NA $29 NA NA NA
08/01/2018 Adaptive Insights, Inc. Workday, Inc. $1,585 $114 NA 13.9x NA
07/31/2018 401k Plus, Inc. Ascensus LLC NA NA NA NA NA
07/30/2018 Continental Benefits Group, Inc. Ascensus LLC NA NA NA NA NA
07/27/2018 PeopleDoc SAS The Ultimate Software Group, Inc. $300 NA NA NA NA
07/26/2018 Beeline.com, Inc. New Mountain Capital Group LLC NA NA NA NA NA
07/24/2018 My Benetech, Inc. NexgenRx, Inc. NA NA NA NA NA
07/24/2018 Invenias Ltd. Bullhorn, Inc. NA NA NA NA NA
07/20/2018 Professional Systems, Software & Technology LLC PennSpring Capital LLC NA NA NA NA NA
07/19/2018 Basys LLC WindRose Health Investors NA NA NA NA NA
07/12/2018 HireRight General Information Serv ices, Inc. NA NA NA NA NA
07/09/2018 LifeWorks Morneau Shepell, Inc. $325 NA NA NA NA
07/04/2018 Navacord, Inc. Madison Dearborn Partners LLC NA NA NA NA NA
07/03/2018 USA Payroll, Inc. Asure Software, Inc. $4 NA NA NA NA
07/03/2018 INTAC Actuarial Serv ices, Inc. Ascensus LLC NA NA NA NA NA
07/01/2018 The Arland Group LLC Shaker Advertising Agency, Inc. NA NA NA NA NA
Median $325 $72 NA 10.4x NA
Multiples less than 0.0x or greater than 30.0x are deemed NM or Not Meaningful
($ in millions)
RECENT HCM SOFTWARE TRANSACTIONS(1)(2)
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PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
5
DATE COMPANY StageROUND
SIZE ($M)
TOTAL
RAISED
($M)
INVESTORS (CURRENT ROUND) DESCRIPTION
09/27/18 Later $40 $57 General Atlantic, Khosta Ventures, Jazz Venture Partners, Salesforce Ventures, Workday Ventures
Provider of an online recruitment platform intended to make the recruitment process more effective, accurate and unbiased
09/13/18 Early $12 $13 Level EquityDeveloper of cloud-based labor and workforce management software for retailers, manufacturers and service providers
09/13/18 Early $16 $81 14W, AccelDeveloper of a recruitment app designed to revolutionize the way candidates find jobs and employers hire staff
09/12/18 Early $5 $7 Northern Light Venture CapitalHiretual enables recruiters to source and engage the most relevant people with the right skill, making recruiting smarter, faster, and scalable
09/11/18 Later NA $10 Apax Partners Paycor delivers modern, intuitive recruiting, HR and payroll applications
09/07/18 Later $5 $8 Rev1 VenturesProvider of a cloud-based employee-mentoring platform designed to drive employee engagement and retention
08/20/18 Early $68 $83 Guidepost Growth EquityOffers a combination of online compliance and employee training services while connecting HR professionals from businesses of all sizes and industries
08/20/18 Later $5 $9 Mobeus Equity PartnersDeveloper of a smart SaaS based scheduling app designed to solve complex scheduling problems
08/16/18 Early $60 $64 Primus CapitalDeveloper of a talent management software designed to provide social recruiting management services
08/02/18 Later $60 $218 GGV CapitalProvides tools across payroll, benefits, human resource information and talent management, enabling mid-sized companies to focus on developing their people and providing a great employee experience
07/16/18 Early $5 $5 UndisclosedThe company's cloud-based HMC solution software platform offers a unique user experience, easy design, analytics and actionable business insight to business enterprises
SELECT RECENT HCM PRIVATE PLACEMENTS(1)(2)(3)
FINANCING SPOTLIGHT TRANSACTION
Gusto raises $140m from T. Rowe Price, Y Combinator, MSD Capital, and Dragoneer Investment Group
Gusto (formally ZenPayroll) provides payroll, benefits, human resource, and integration services for employers and
employees, enabling businesses to provide employee benefits like health insurance and 401(k) plans.
Gusto’s latest $140 million round of funding was led by new investors T. Rowe Price, Y Combinator, MSD Capital, and
Dragoneer Investment Group putting the Company’s pre-money valuation at $2 billion.
Gusto will use the additional funding to drive significant additions to its packaged payroll, benefits, and HR technology
platform including new capabilities to help employees manage how they get paid.
Round: C
Round Size: $140m
Total Raised: $316m
Announced July 31, 2018
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
6
HCM TECHNOLOGY MARKET OBSERVATIONS(1)(2)(3)(4)
Select Market Participants
Observations
Transaction Spotlight
In The News
Closed October 1, 2018
Enterprise Value: Not Public
Employee recruitment, engagement, and retention remain top of mind -
especially as job market tightens
Data-driven / market place tools are increasing connectivity for both
enterprises and their contingent / on-demand workers
Talent tools adopting machine learning, predictive analytics, assessment
algorithms, and artificial intelligence
Identification and recruitment of internal and known talent are corporate
strategic initiatives
Learning management systems and corporate learning, training and
compliance content increasingly core to HR suite
TALENT ACQUISITION AND MANAGEMENT
Revenue Multiple: Not Public
Select Market Participants
Observations
Transaction Spotlight
In The News
Closed September 17, 2018
Enterprise Value: Not Public
“Workforce as a Strategy” is increasingly driving companies to adopt data-driven
technologies that remove friction from the employee journey
Benefits and payroll solutions are fundamental to employee / employer
connectivity with engagement and wellness proliferating
HRIS automation is table-stakes as employers now shifting focus to productivity
and collaboration enhancers
Automated and comprehensive risk management / compliance tools continue
to experience strong adoption
Back office HR Capabilities for on-demand labor market is an emerging market
opportunity
Leading vertical-specific platforms remain highly attractive to investors and
acquirers (e.g., retail, healthcare, and hospitality)
The Use of AI in Combating the Talent Acquisition Problem
Upwork Increases Proposed IPO Deal Size
ZipRecruiter Raises $156m in Funding
WORKFORCE MANAGEMENT
Revenue Multiple: Not Public
Global Workforce Management System Market to Grow with a 19.14% CAGR
Dairy Queen and Other Top Restaurants Adopt Fourth’s Workforce Management
Coupa Software Acquires DCR Workforce
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
7
2.0x
4.0x
6.0x
8.0x
10.0x
2.0x
4.0x
6.0x
8.0x
10.0x
Div
ers
ifie
d P
latf
orm
s
Key Public Comps
Be
ne
fits
Te
ch
no
log
y
Key Public Comps
HR
So
ftw
are
Key Public Comps
16.4x7.5x0.7x
EV/2018P REV
EV/2018P REV
EV/2018P REV
Min MaxMedian
Legend
(1) As of September 30th, 2018
20.3x3.7x2.0x
7.2x5.3x5.1x
HCM TECHNOLOGY MARKET VALUATION(1)(2)
TEV/NTM REV
TEV/NTM REV
TEV/NTM REV
2.0x
4.0x
6.0x
8.0x
10.0x
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
8
Multiples Summary
Market Enterprise Revenue LTM EBITDA Margin Revenue EBITDA
Company Capitalization Value LTM 2018P Gross Margin LTM 2018P 2017 2018P 2017 2018P
HR Software
Automatic Data Processing, Inc. $66,254,664 $66,616,678 $13,325,800 $13,747,152 45.1% 22.0% 22.5% 5.4x 4.8x 25.4x 21.5x
Workday, Inc. Class A 31,508,704 29,713,667 2,430,507 2,715,799 70.7% NM 15.9% 13.9x 10.9x NM NM
Paychex, Inc. 26,512,971 26,200,275 3,380,900 3,509,522 69.9% 43.1% 42.1% 7.7x 7.5x 18.0x 17.7x
Ultimate Software Group, Inc. 10,044,841 9,849,025 1,035,463 1,137,762 62.6% 10.9% 24.2% 10.5x 8.7x NM NM
Paycom Software, Inc. 8,957,900 9,106,371 498,028 555,930 81.3% 29.7% 41.9% 21.0x 16.4x NM NM
Ceridian HCM Holding, Inc. 5,932,500 5,262,166 750,700 737,975 42.3% 14.3% 20.4% 7.8x 7.1x NM 34.9x
Paylocity Holding Corp. 4,201,836 4,271,331 377,527 415,306 60.5% 12.8% 25.2% 14.2x 10.3x NM NM
Cornerstone OnDemand, Inc. 3,267,977 3,180,376 519,382 524,082 71.7% 3.3% 16.3% 6.6x 6.1x NM NM
Pluralsight, Inc. 4,223,142 1,911,319 193,910 223,903 69.6% NM NM 11.5x 8.5x NM NM
Asure Software, Inc. 188,080 227,634 71,906 93,353 63.4% 18.9% 22.5% 4.2x 2.4x 19.7x 10.8x
DHI Group, Inc. 111,744 111,314 188,026 162,893 81.1% 15.1% 19.2% 0.5x 0.7x 2.7x 3.6x
Median $5,932,500 $5,262,166 $519,382 $555,930 69.6% 15.1% 22.5% 7.8x 7.5x 18.9x 17.7x
Benefits Technology
HealthEquity Inc $5,818,913 $5,682,394 $258,196 $279,348 58.4% 31.7% 39.1% 24.8x 20.3x NM NM
Benefitfocus, Inc. 1,262,406 1,361,706 266,967 256,378 53.4% NM 3.8% 5.3x 5.3x NM NM
WageWorks, Inc. 1,671,492 1,073,392 461,689 495,717 57.4% 24.7% 30.1% 2.2x 2.2x 7.4x 7.2x
Castlight Health, Inc. Class B 370,562 300,149 145,357 153,438 60.5% NM NM 2.3x 2.0x NM NM
Median $1,466,949 $1,217,549 $262,582 $267,863 57.9% 28.2% 30.1% 3.8x 3.7x 7.4x 7.2x
Diversified Platforms
Microsoft Corporation $884,912,250 $838,172,780 $110,175,000 $116,655,730 64.6% 40.7% 41.6% 8.7x 7.2x 22.1x 17.3x
Oracle Corporation 196,348,906 204,720,440 39,920,000 39,999,644 75.6% 42.8% 46.6% 5.1x 5.1x 11.0x 11.0x
SAP SE 151,822,781 150,696,848 28,091,786 28,562,858 70.1% 22.5% 32.2% 5.2x 5.3x 17.0x 16.4x
Median $196,348,906 $204,720,440 $39,920,000 $39,999,644 70.1% 40.7% 41.6% 5.2x 5.3x 17.0x 16.4x
OPERATIONAL AND VALUATION METRICS OF PUBLIC COMPARABLES
PUBLIC COMPARABLES ANALYSIS(1)(2)(5)
As of September 30th, 2018($ in 000s)
Values less than 0.0x or greater than 35.0x are denoted NM or Not MeaningfulEBITDA Margins less than 0.0% are noted NM or Not Meaningful
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
9
Workforce Management
Payroll & Benefits
Time & Attendance
Workplace
Management
Vendor & Supply
Chain
Talent Acquisition Talent Management
ERP-Focused Platforms
HCM-Focused Platforms
Sourcing
Recruiting &
Assessments
Screening &
Onboarding
Fo
cu
sed
So
lutio
ns
Pla
tfo
rms
Training & Learning
Performance &
Succession
Rewards &
Recognition GRC & EHS
HCM TECHNOLOGY TAXONOMY
To receive the latest Human Capital Management
Technology market map, please contact HW
Engagement &
Wellbeing
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
10
HARRIS WILLIAMS HCM TECHNOLOGY TRANSACTION EXPERIENCE
Talent Acquisition Talent Management Workforce Management
Post Acute Compliance and Learning Management
Software
HR Compliance and Learning Management
Solutions
Talent Sourcing and Acquisition Solutions
Benefit Management Solutions
Workplace Compliance and Training Solutions
ERP, HR and Payroll Software
Employee Benefits Management Software
Corporate Grant Management and
Employee Engagement Software
Healthcare Information Systems, HR and Payroll
Software
Commercial Talent Payroll Software
Workforce Management Software
Workforce ManagementSoftware
STRONG TRANSACTION EXPERIENCE IN HCM TECHNOLOGY
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has received a
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ERP, HR and Payroll Software
PAGE | 11
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
HW’S TMT GROUP: M&A ADVISOR OF CHOICE FOR MARKET LEADING TECHNOLOGY COMPANIES
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
12
Approximately 275 professionals across eight offices in the U.S. and Europe
10 industry groups
Financial Technology
Healthcare IT
HARRIS WILLIAMS OVERVIEW
KEY CONTACTS
HCM TECHNOLOGY
Erik Szyndlar Director [email protected] +1 (415) 217-3418
UNITED STATES
Jeff Bistrong Managing Director [email protected] +1 (617) 654-2102
Mike Wilkins Managing Director [email protected] +1 (415) 217-3411
Sam Hendler Managing Director [email protected] +1 (617) 654-2117
Tyler DewingManaging Director [email protected] +1 (617) 654-2133
EUROPE
Thierry MonjauzeManaging Director [email protected]+44 (0) 20 7518 8901
Julien OussadonDirector [email protected]+44 (0) 20 7518 8909
TO SUBSCRIBE PLEASE EMAIL:[email protected]
HARRIS WILLIAMS (HW) GLOBAL ADVISORY PLATFORM
Enterprise Software
Infrastructure Software
Data & Analytics
Data Center & Managed
Services
IT & Tech-Enabled Services
Consumer Internet
Digital Media & Content
eCommerce
Online Marketing
HW TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS
Education Technology
Engineered Solutions Software
Public Sector & Non-Profit
Supply Chain, Transportation, & Logistics
TMT VERTICAL FOCUS AREAS
KEY FACTS
Human Capital Management
Professional Services
SELECT RECENT HW TMT TRANSACTIONS
SOFTWARE / SAAS INTERNET & DIGITAL MEDIA
Over 140 transactions closed in the past 24 months
2017 Investment Bank of the
Year by Mergers & Acquisitions,
2016 PE Investment Bank of the
Year by Global M&A Network
Deal of the Year by Global
M&A Network
Deal of the Year by Buyouts
Magazine
HW Office
www.harriswilliams.comwww.harriswilliams.com
acquired by acquired byacquired
acquired by
and
a wholly-owned affiliate of
acquired by
acquired by acquired by
Undisclosed Investors
strategic investment frominvested inacquired by acquiredacquired by
PAGE | 13
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
OUR FIRM
Healthcare & Life Sciences
IndustrialsEnergy, Power & Infrastructure
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HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2018
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