mergers cquisitions • capital raises …...2016 q4 wilkin marketing [marketing group plc, the] dae...

MERGERS & ACQUISITIONS • CAPITAL RAISES • FINANCIAL & STRATEGIC ADVISORY

1

TRADING MULTIPLES

CHILDS M&A CASE STUDY

MARKETING TECHNOLOGY UPDATE – Q1 2017

RECENT MARKETING TECH NEWS

▪ Marketing tech public companies performed strongly infirst quarter and significantly outpaced the gains of thelarger market. Shopify led the pack with 59% gain in Q1

▪ The public market performance bodes well for M&A andcapital raising

▪ The four largest vendors (Adobe, IBM, Oracle, andSalesforce) offering enterprise marketing software suiteshave acquired more than 28 companies cumulativelysince 2009

▪ DataSift has partnered with LinkedIn to take marketinginsights to the next level using timeline data fromLinkedIn’s 467 million users

MAJOR INDICES & RATES

Enterprise Value

LTM Revenue LTM EBITDA

Sales & Marketing Tech 4.01x 15.7x

Product & Supply Chain 6.11x 19.4x

CHILDS is hosting its annual CHILDSConnect conference on Tuesday, May16, 2017 at the St. Regis in Atlanta. It will feature panel and roundtablediscussions led by software executives and investors on hot topics, M&Aand capital raising in Marketing Tech. Click here to register today.

Yelp Acquires Turnstyle Solutions for $20.1 Million

▪ Yelp Inc. (NYSE: YELP), operator of a leading technologyplatform that connects local businesses and consumers,has acquired Turnstyle Solutions, a Wi-Fi marketingcompany that enables businesses to more effectivelyengage consumers

▪ Based in Toronto, Canada, Turnstyle offers a location-based marketing and analytics platform that providesWi-Fi as a digital marketing tool to retain and rewardcustomers

▪ The acquisition expands Yelp’s product offering throughenhanced customer targeting, customer engagement, andpowerful analytics that provide insight into visitfrequency and duration

▪ The combination also provides Turnstyle with access toYelp’s resources and capabilities to accelerate its effortsto improve local businesses’ customer retention

▪ Yelp acquired all of Turnstyle’s equity interests forapproximately $20 million

▪ 30 employees located at Turnstyle’s Torontoheadquarters will be joining the Yelp team

% Change

3 Month 12 Month

Marketing Tech (CAP) 51,496.80 21.6% 13.4%

Product/Supply Chain (CAP) 85,081.00 15.4% 25.0%

Dow Jones 20,523.28 4.6% 16.8%

NYSE 11,378.58 3.9% 12.6%

NASDAQ 5,849.47 9.8% 21.4%

AMEX 2,540.38 8.8% 11.9%

S&P 500 2,342.19 5.5% 14.7%

Russell 2000 1,361.90 2.1% 24.4%

USD/Euro 0.94 (1.3%) 6.5%

USD/Yen 111.50 (4.5%) (0.8%)

USD/Pound 0.80 (1.4%) 15.0%

U.S. Prime Rate 4.000% 25.00 Bps 50.00 Bps

U.S. Treasury - 10 Year 2.400% (5.00 Bps) 62.00 Bps

LIBOR - 3 month 1.150% 15.17 Bps 52.10 Bps

Fed Funds Overnight Rate 0.820% 47.00 Bps 57.00 Bps

Close as of

3/31/2017

http://ity.vc/childsconnectregistration

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CHILDS Advisory Partners

MARKETING TECH CATEGORY REMAINS ACTIVE

-ACQUISITION-

Mobile programmatic advertising platform

Announced Date: 1/23/17

Total EV: N/D

Seller Financial Sponsors:

-ACQUISITION-

Advertising business management solutions

Announced Date: 11/29/16

Total EV: $200mm


($ in millions)

-ACQUISITION-

Digital marketing analytics and customer experience platform

Transaction Date: 4/3/17

Total EV: N/D


-CAPITAL RAISE-

Cloud-base sales acceleration platform


Investment Size: $50mm

Total Raised: $251mm in 5 Rounds

Representative Investors:

-CAPITAL RAISE-

SaaS based mapping, geo-analytics, intelligence for Salesforce users




Representative Investors:

-CAPITAL RAISE-

Cloud-based revenue performance platform




Investors:

3


Year Quarter Buyer TargetEnterprise Value

($M)

Announced Insight Venture Partners Zyme ND

Announced Time Inc (NYSE:TIME) Adelphic, Inc. $25

Announced Inmar [ABRY Partners] Collective Bias [Updata Partners] ND

Announced Hybris AG [SAP] Abakus, Inc. ND

Announced The Carlyle Group (NasdaqGS:CG) VXI Global Solutions ND

2017 Q2 Yelp Inc. (NYSE:YELP) Turnstyle Solutions, Inc. $20

2017 Q2 iProspect, Inc. Leapfrog Online, Inc. ND

2017 Q1 SintecMedia [Francisco Partners] Operative $200

2017 Q1 Aprimo ADAM Software ND

2017 Q1 AcuityAds Holdings Inc. (TSXV:AT) Visible Measures Corporation $10

2017 Q1 Globant S.A. (NYSE:GLOB) Ratio Interactive LLC ND

2017 Q1 Nielsen Holdings plc (NYSE:NLSN) Rhiza, Inc. ND

2017 Q1 Surefire Local Promio [Fulcrum Equity Partners] ND

2016 Q4 Model N Revitas $60

2016 Q4 SintecMedia Ltd. [Francisco Partners] Operative Media Inc. $190

2016 Q4 Wilkin Marketing [Marketing Group plc, The] DAE Advertising $6

2016 Q4 Inmar, Inc. [ABRY Partners] Collective Bias Inc. $120

2016 Q4 Adobe Systems Inc. TubeMogul Inc. [NASDAQ:TUBE] $540

2016 Q4 Xurpas Inc. Art of Click Pte. Ltd. $45

2016 Q4 salesforce.com Inc. [dba Salesforce] Krux [aka Krux Digital] $680

2016 Q4 Summit Partners LLP Fineline Technologies, Inc. ND

2016 Q4 LiveRamp [an Axciom company] Circulate ND

2016 Q4 LiveRamp [an Axciom company] Arbor Technologies ND

2016 Q4 Criteo HookLogic $250

2016 Q4 Adobe TubeMogul $542

2016 Q4 GTN Limited (ASX: GTN) Radiate Media [Greycroft Partners; Level Equity] $15

2016 Q4 Verint Systems Inc. (NasddaqGS: VRNT) OpinionLab Inc. [SSM Partners; Industry Ventures] ND

2016 Q4 Computer Sciences Corporation (NYSE:CSC) eBECS Limited ND

RECENT MARKETING TECHNOLOGY M&A TRANSACTIONS

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Year Quarter Investors TargetInvestment

($M)

Announced Starfish Ventures; Safeguard Scientifics (NYSE:SFE) Aktana $18

Announced Insight Venture Partners; Point Nine Capital GoSpotCheck $17

2017 Q1 Salesforce Ventures Chute $4

2017 Q1 Andreessen Horowitz, Geekdom Fund, Pat Condon Tenfold $16

2017 Q1 Undisclosed Signdat, LLC ND

2017 Q1 Toba Capital SmartZip Analytics, Inc. ND

2017 Q1 Schooner Capital LLC MediaSilo, Inc. $7

2017 Q1 RRE Ventures Knock $33

2017 Q1Columbus Nova; ServiceNow Ventures; SalesforceVentures; Greycroft Partners

MapAnything $33

2017 Q1Polaris Partners; Microsoft Accelerator, KleinerPerkins Caufield & Byers; QuestMark Partners

InsideSales.com $50

2016 Q4 Spectrum Equity Rain King Software $67

2016 Q4IDG Capital Partners; Sequoia Capital; Lakestar; Lightspeed China Partners

EverString Technology $65

2016 Q4 Silversmith Capital ActiveCampaign $20

2016 Q3Gulf Islamic Investments; ICONIQ Capital; K1 Investment Mgmt; Kuwait Investment Authority

Apttus Corporation $88

2016 Q3 Beijing Hualian Group FXiaoKe $70

2016 Q3Sutter Hill Ventures; Salesforce Ventures; Kennet Partners; Accenture plc; others

Vlocity $50

2016 Q3Betaworks Studio; BoxGroup; City National Bank; Converge Venture Partners; Others

Yieldbot $35

2016 Q3Next World Capital; Storm Venture;, True Ventures; Industry Ventures; Devoteam (ENXTPA:DVT)

ProsperWorks CRM $24

2016 Q2Insight Venture Partners; Dawn Capital; Hummingbird Ventures

Showpad $50

2016 Q2General Atlantic; Jackson Square Ventures; JMI Equity

Seismic $40

2016 Q2Kleiner Perkins Caufield & Byers; Sequoia Capital; Northgate Capital Group

Drawbridge $25

2016 Q2Foundry Group; Baird Capital; Blue Note Ventures; J.F. Shea Venture Capital

FullContact $25

2016 Q2Emergence Capital; Cloud Apps Capital; Sozo Ventures

Insightly $25

2016 Q2Trinity Ventures; Microsoft Accelerator; FLOODGATE Fund; Mayfield Fund; MHS Capital

Outreach $18

2016 Q2Foundation Capital; North Bridge Venture Partners; Bluestem Capital; Others

SpringCM $18

2016 Q2 Sequoia Capital Israel Mintigo $15

RECENT MARKETING TECHNOLOGY CAPITAL RAISES

5

EV/EBITDA

CAPITAL MARKETS AND M&A ACTIVITY


Source: Capital IQ

SALES AND MARKETING SOFTWARE M&A VOLUME – QUARTERLY TRENDS

▪ Marketing technology stocks performed strongly in firstquarter with the CHILDS indices for marketingtechnology and product / supply chain increasing by21.6% and 15.4% respectively, compared to an increaseof 5.5% for S&P 500.

▪ Many of the marketing technology public companies aretraded at their 52 week highs.

▪ MarTech M&A volume ticked up slightly in Q1 2017 from12 to 15 transactions and remains relatively consistentwith prior quarters

▪ Valuations for M&A transactions involving softwarecompanies saw a slight decline in Q1 to 2.22 timesrevenue, on average when reported

▪ Valuations for publicly traded software companiesincreased in Q1. Average multiples for MarTech, SaaSand Enterprise Software increased to 4.0x, 5.8x, and 4.2xrevenue.

EV/Revenue

SOFTWARE M&A VALUATIONS

SOFTWARE PUBLIC MARKET VALUATIONS

EV/Revenue

5.0x5.3x

4.0x4.7x

5.8x

4.2x4.0x

5.1x

3.6x4.2x

5.8x

4.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

Enterprise Software SaaS Sales & Marketing Tech

Q2 2016 Q3 2016 Q4 2016 Q1 2017

21

16

13

17

1514

18

26

19

12

19

12

15

0

5

10

15

20

25

30

1Q13 2Q13 3Q13 4Q13 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

2.43x

2.49x 2.48x

2.27x

2.34x

2.22x

2.05x

2.10x

2.15x

2.20x

2.25x

2.30x

2.35x

2.40x

2.45x

2.50x

2.55x

2012 2013 2014 2015 2016 2017 YTD

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PUBLIC TRADING STATISTICS

Sources: Capital IQ, CHILDS proprietary database* Denotes figure excluded from mean calculation

SALES & MARKETING TECHNOLOGY

PRODUCT AND SUPPLY CHAIN

(USD in millions, except for stock price)

(USD in millions, except for stock price)

DATES EVENT LOCATION

Apr 18 – Apr 20 Hero Conf – Los Angeles Los Angeles, CA

Apr 19 – Apr 21 Marketing United Nashville, TN

May 9 – May 11 MarTech San Francisco, CA

May 10 – May 11 ad:tech San Diego, CA

UPCOMING MARKETING TECH CONFERENCES [1]

[1]: Green font represents planned attendance by CHILDS Advisory Partners

Market Data Operating Statistics EV as a Multiple of: Growth

Stock Price LTM LTM CY2017 16 - '17

Company Name 3/31/17 Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA GrowthAverage

Adobe Systems Incorporated $130.13 99.6% $64,375.1 $61,611.5 $6,152.7 $1,984.5 32.3% 10.01x 31.0x 7.16x 17.3x 22.4% 15.0%

Salesforce.com, inc. 82.49 97.6% 58,361.7 58,862.3 8,392.0 504.8 6.0% 7.01x 116.6x * 4.89x 21.9x 21.6% 27.3%

Amdocs Limited 60.99 97.4% 8,946.7 8,006.4 3,751.5 703.4 18.8% 2.13x 11.4x 1.98x 0.0x * 4.0% 3.5%

Criteo S.A. 49.99 94.6% 3,198.9 3,023.9 1,799.1 178.0 9.9% 1.68x 17.0x 2.68x 8.5x 30.5% 44.5%

HubSpot, Inc. 60.55 91.6% 2,189.5 2,076.2 271.0 (38.6) (14.2%) 7.66x NM * 4.61x 100.1x * 31.2% 51.7%

Callidus Software Inc. 21.35 99.1% 1,360.6 1,175.9 206.7 (7.2) (3.5%) 5.69x NM * 3.73x 27.3x 18.7% 22.5%

LivePerson, Inc. 6.85 77.4% 399.4 348.5 222.8 8.9 4.0% 1.56x 39.0x * 1.62x 17.9x (8.1%) 40.5%

Xactly Corporation 11.90 73.9% 375.1 346.9 95.5 (12.4) (13.0%) 3.63x NM * 2.49x 157.7x * 17.8% 26.4%

Bazaarvoice, Inc. 4.30 70.1% 356.1 309.6 201.7 (8.4) (4.2%) 1.53x NM * 1.42x 12.6x 1.9% 9.2%

Jive Software, Inc. 4.30 93.7% 340.4 231.8 204.1 (0.2) (0.1%) 1.14x NM * 1.16x 10.0x 0.8% 11.9%

ChannelAdvisor Corporation 11.15 70.1% 292.7 230.9 113.2 (6.2) (5.5%) 2.04x NM * 1.69x 23.4x 8.8% 18.5%

The Rubicon Project, Inc. 5.89 28.9% 284.8 94.9 278.2 26.9 9.7% 0.34x * 3.5x 0.36x * 1.7x (21.9%) 49.2%

Rocket Fuel Inc. 5.36 97.8% 247.9 250.1 456.3 (11.4) (2.5%) 0.55x * NM * 0.40x * 14.7x 5.3% 23.8%

QuinStreet, Inc. 3.90 90.3% 177.1 139.6 299.4 (5.7) (1.9%) 0.47x * NM * 0.45x * 5.5x 1.7% 0.2%

Marin Software Incorporated 1.80 54.7% 70.9 39.9 99.9 (6.2) (6.2%) 0.40x * NM * 0.00x * 0.0x * (11.1%) 8.9%

Mean 82.4% $1,502.9 $220.7 2.0% 4.01x 15.7x 3.04x 14.6x 8.3% 23.5%

Median 91.6% $271.0 ($5.7) (1.9%) 2.13x 14.2x 2.49x 14.7x 5.3% 22.5%

3 Year

Rev CAGR

% of 52

Week HighMarket Cap.

Enterprise

Value

Market Data Operating Statistics EV as a Multiple of: Growth

Stock Price LTM LTM CY2017 16 - '17

Company Name 3/31/17 Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA GrowthAverage

Dassault Systèmes SE $86.76 100.0% $22,017.4 $20,445.4 $3,225.6 $885.3 27.4% 6.26x 22.8x 5.40x 14.9x 9.5% 13.9%

Autodesk, Inc. 86.47 97.0% 19,096.8 18,687.6 2,031.0 (279.9) (13.8%) 9.20x NM * 7.28x 34.4x * (0.5%) (3.7%)

Open Text Corporation 34.01 97.0% 8,949.4 9,622.1 1,958.7 580.6 29.6% 4.91x 16.4x 3.57x 9.7x 32.3% 12.6%

Splunk Inc. 62.29 93.7% 8,611.4 7,613.9 950.0 (300.4) (31.6%) 8.02x NM * 4.91x 37.5x * 28.0% 46.4%

Veeva Systems Inc. 51.28 99.2% 7,112.6 6,593.7 544.0 121.8 22.4% 12.12x 54.1x * 8.24x 26.7x 22.0% 37.3%

Shopify Inc. 68.09 93.3% 6,142.2 5,746.7 389.3 (26.5) (6.8%) 14.76x NM * 7.15x 150.1x * 53.9% 97.9%

PTC Inc. 52.55 92.6% 6,081.2 6,616.8 1,135.8 91.5 8.1% 5.83x 72.3x * 5.30x 21.4x 4.6% (4.4%)

Manhattan Associates, Inc. 52.05 75.9% 3,664.3 3,568.6 604.6 203.4 33.6% 5.90x 17.5x 4.93x 13.6x 2.9% 27.2%

MicroStrategy Incorporated 187.80 90.6% 2,147.5 1,558.2 512.2 115.9 22.6% 3.04x 13.4x 2.79x 9.3x NM (3.8%)

The Descartes Systems Group Inc 22.90 96.4% 1,734.8 1,697.5 203.8 67.8 33.3% 8.51x 25.6x NM * NM * 11.7% 10.4%

Kinaxis Inc. 55.66 97.4% 1,394.2 1,265.3 116.0 20.2 17.5% 10.83x 62.0x * 7.33x 27.2x 22.8% 24.0%

SPS Commerce, Inc. 58.49 78.1% 1,004.9 865.9 193.3 18.9 9.8% 4.48x 45.9x * 3.42x 22.3x 14.4% 22.8%

PROS Holdings, Inc. 24.19 94.3% 746.9 735.2 153.3 (55.9) (36.5%) 4.80x NM * 3.81x NM * 7.9% 1.9%

Workiva Inc. 15.65 82.2% 645.8 604.2 178.6 (39.8) (22.3%) 3.38x NM * 2.65x NM * 15.1% 28.0%

QAD Inc. 27.85 89.5% 516.9 386.0 278.0 8.4 3.0% 1.39x 41.1x * 1.33x 23.6x 4.1% 1.4%

American Software, Inc. 10.28 86.1% 303.0 226.4 108.9 10.8 10.0% 2.08x 20.9x 2.02x 11.0x 3.2% 2.9%

ChannelAdvisor Corporation 11.15 70.1% 292.7 230.9 113.2 (6.2) (5.5%) 2.04x NM * 1.69x 23.4x 8.8% 18.5%

Datawatch Corporation 8.40 94.9% 100.7 74.5 31.6 (8.7) (27.6%) 2.35x NM * 1.54x NM * 12.0% (0.7%)

Mean 90.5% $707.1 $78.2 4.1% 6.11x 19.4x 4.32x 18.5x 14.9% 18.5%

Median 93.5% $333.7 $14.8 8.9% 5.37x 19.2x 3.81x 21.4x 11.7% 13.3%

% of 52

Week HighMarket Cap.

Enterprise

Value

3 Year

Rev CAGR

7

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Marketing Tech Product and Supply Chain S&P 500


STOCK MARKET FUNDAMENTALS

Marketing Tech: ABE, BV, CALD, CRTO, CRM, DOX, ECOM, FUEL, HUBS, JIVE, MRIN, LPSN, QNST, RUBI, XTLY, Product and Supply Chain: DSY, ADSK, OLTEX, SPLK, VEEV, SHOP, PTC, MANH, MSTR, DSGX, KXS, SPSC, PRO, WK, QADA, AMSW.A, ECOM, DWCH

SUBSECTOR INDEXES VS. S&P 500

VALUATION TREND DATA (EV/LTM REVENUE)

26.2%

57.1%

4.0x

48.2%

6.1x

3 mos. 12 mos. 3 yrs

S&P 500 5.5% 12.7% 26.2%

Marketing Tech 21.6% 13.4% 57.1%

Product & Supply Chain 15.4% 25.0% 48.2%

1 mo. 12 mos. 3 yrs

Marketing Tech 3.0% 0.5% (17.2%)

Product and Supply Chain 6.5% 19.8% 6.7%

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

Marketing Tech Product and Supply Chain

8


FIRM OVERVIEW

MERGERS & ACQUISITIONS

CAPITAL RAISESFINANCIAL &

STRATEGIC ADVISORY

CHILDS ADVISORY PARTNERS’ SERVICES

• 39 professionals across four offices in the U.S. with headquarters in Atlanta

• 55 total transactions closed since the beginning of 2014 with 26 in the technology space

• Over 450 transactions completed in the middle market (Enterprise Value less than $1.0 billion)

• 60% transactions since 2013 have involved a strategic buyer; 40% a financial sponsor

QUICK FACTS

• 2016 U.S. Boutique Investment Bank of the Year by The M&A Advisor

• 2016 Ranked #1 by 451 Group for IT Services transactions in the U.S.

• 2014 Cross-Border Transaction of the Year Finalist

• 2014 Professional Services Transaction of the Year Finalist

• 2013 Strategic Acquisition of the Year Winner

• 2013 U.S. Boutique Investment Bank of the Year Finalist

ACCOLADES

CORE COVERAGE

Process Outsourcing

Human Capital

Industrial Services

BUSINESSSERVICES HEALTHCARE TECHNOLOGY

IT Professional Services

Software

Sales

Marketing

Product

Supply Chain

Human Resources

Healthcare

Marketing

Vertical SaaS

Data & Analytics

SOFTWARE MARKETING

9


TEAM’S EXTENSIVE EXPERIENCE IN MARKETING TECHNOLOGY

Buy-Side Advisory▪ Kepware develops software solutions to help bridge the communication gap between

diverse hardware and software applications for the industrial automation industry globally

Sell-Side Advisory▪ Cloud-based channel data management solution provides manufacturers real-=time

channel information to anticipate ongoing or changing channel business needs including management of rebate programs

Sell-Side Advisory▪ Provider of SaaS CRM software and sales automation solutions providing a view of

customer interactions across sales and marketing

Sell-Side Advisory▪ Cloud based RFID and data solutions to automate retail supply chains

Buy-Side Advisory▪ Counterpoint Systems is a provider of rights and royalty management software for the

media and entertainment, music, publishing, record label and distribution, and brand licensing/merchandising industries

Buy-Side Advisory▪ Hawkeye Channel is a provider of sales and marketing solutions to engage indirect sales

channels enabled through SaaS platforms

Sell-Side Advisory▪ Provider of web-=based retail ticketing, RFID, and software solutions for retailers,

suppliers, and manufacturers worldwide

Sell-Side Advisory▪ Leading enterprise mobile application development provider focused on delivering sales

enablement applications and tools to the financial services industry

Sell-Side Advisory▪ Provider of business acceleration services for the digital economy, offering digital

transformation consulting services focused on sales and marketing

Sell-Side Advisory▪ Provider of marketing services and solutions for the technology channel, including

advertising, managed marketing, marketing automation services and management of co-op marketing and market development funds

*Buyer listed to the left

10


CHILDS’ MARKETING TECHNOLOGY TEAM

CHILDS Advisory Partners | 3438 Peachtree Road, Suite 1400 Phipps Tower | Atlanta, GA 30326 | ph: 404.751.3000 | www.childsadvisorypartners.com

CHILDS OFFERS THE SENIOR LEVEL ATTENTION AND ADVISORY FOCUS OF A BOUTIQUE FIRM

COUPLED WITH BANKERS WITH BULGE BRACKET EXPERIENCE

\

▪ Former Corporate Development executive for two S&P 500 companies, Equifax and Waste Management

▪ CEO of private equity backed business called Bagster sold to strategic Fortune 500

▪ 12 years of investment banking experience with Citigroup and Bank of America with over 80 M&A and capital markets transactions

▪ MBA from Kellogg School at Northwestern University (Beta Gamma Sigma) and BA from UNC Chapel Hill (Phi Beta Kappa)

▪ Co-founder of Bulger Capital Partners

▪ Co-head of East Coast Services and Software for Needham & Company

▪ 18 years of investment banking experience executing M&A transactions and raising capital

▪ MBA from F.W. Olin School of Business at Babson College and a BA from Hobart College

▪ 7 years of investment banking experience with Morgan Stanley and KPMG

▪ Executed 15 M&A and capital markets transactions (over $15 billion in value)

▪ MBA from Darden School of Business at the University of Virginia and undergraduate from the University of Virginia

Scott RhodesManaging [email protected]

Tom DonahueManaging [email protected]

Justin BentleyVice [email protected]

▪ 8 years of investment banking experience

▪ Current and past clients include companies such as Nexus, Bear Data, Aggressor and Utopia

▪ Former investment banker at SunTrust Robinson Humphrey

▪ Graduated cum laude from Washington & Lee University

Steve CarrVice President [email protected]

▪ Former M&A investment banker at SunTrust Robinson Humphrey

▪ Prior to joining SunTrust, Mr. Silverman was an analyst in the technology group at Canaan Partners, a venture capital firm based in California

▪ M.A.c.c. and B.B.A. from the University of Georgia

▪ CPA earned in 2013

Kenny [email protected]

▪ 7 years of investment banking experience

▪ Current and past clients include companies such as Peoplenet Channelinsight, McKinnis, Aggressor, FineLine Technologies, and Solstice Mobile

▪ Graduated cum laude from the University of Georgia

R.B. McCutcheonVice President [email protected]

mergers cquisitions • capital raises …...2016 q4 wilkin marketing [marketing group plc, the] dae...

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