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SUPPLY CHAIN AND LOGISTICS TECHNOLOGY SECTOR REVIEW | 1Q 2020

Technology

Industrial Software Sector Review | Q4 2020

HW Industrial Software Introduction

SELECT HW INDUSTRIAL SOFTWARE EXPERIENCE

1

Tyler DewingManaging Director

[email protected] Office: +1 617-654-2133

Julien OussadonDirector

[email protected]: +44 20 7518 8909

Andy LeedDirector

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

Erik SzyndlarManaging Director


Eric LogueManaging Director


Giles TuckerManaging Director


John ArendaleManaging Director


T E C H N O L O G Y

HW INDUSTRIAL SOFTWARE TEAMI N D U S T R I A L S

has received a majority investment from

has been acquired byhas been acquired by has been acquired by

Jeff PerkinsManaging Director

[email protected]: +49 69 3650638 13

HW TECHNOLOGY GROUPHARRIS WILLIAMS (“HW”)

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

• 350+ professionals across eight office globally

• 170+ closed transactions in the last 24 months

• 10 industry groups

• 35+ dedicated Technology professionals

• Technology offices include Boston, San Francisco, and London

FOCUSED ADVISORY SERVICES

• Mergers and acquisitions (M&A)

• Capital raises

• Corporate divestitures

VERTICAL FOCUS SECTORS

• Architecture, Engineering, and Construction Software

• Education Technology and Services

• Energy Technology

• Facilities and Real Estate Software

• Financial Technology and Payments

• Government Technology

• Healthcare IT

• Industrial and Supply Chain Technology

• Internet and eCommerce

• Retail Technology

HORIZONTAL FOCUS SECTORS

• Application Software

• Cloud Managed Services and Hosting Solutions

• Compliance Solutions

• CRM and Marketing Automation

• Human Capital Management

• Infrastructure and Security Software

• IT and Tech-Enabled Services

• Marketing, Research, and Insights Software

KEY TECHNOLOGY THEMES

✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning

CONSISTENT RECOGNITION FOR QUALITY

has been acquired by has been acquired byhas acquired has acquired

mailto:[email protected]








Industrial Software Market Overview

INDUSTRIAL SOFTWAREINDUSTRIAL TECHNOLOGY /

MACHINES

INDUSTRY CONVERGENCE DRIVING INNOVATION1,2

RAPIDLY GROWING DEMAND3

INDUSTRY TRENDS1,2

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

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

INDUSTRIAL AUTOMATION

PRODUCTION AND QUALITYEFFICIENCIES

TRANSPARENCY AND REGULATORY COMPLIANCE

SUPPLY CHAIN OPTIMIZATION

✓ Automation Systems

✓ Equipment and Machinery

✓ Control / Vision Systems

✓ Robotics

✓ Sensors

✓ Computer-Aided Design

✓ Enterprise Asset Management

✓ Enterprise Resource Planning

✓ Manufacturing Execution System

✓ Product Life Cycle Management

✓ Quality Management

✓ Supply Chain Management

REAL-TIME INSIGHTS

IIoT

MANUFACTURING DATAMANUFACTURING DATA

2

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

$43B

$56B

2020 2024

30%+ GROWTH

5G Endpoint Installed Base by 202348M+

IIoT Devices Worldwide by 202541B+

Key Themes in Industrial Software Market

3

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

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

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

IIoT & CONNECTIVITY:

DATA VISUALIZATION:

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

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

REMOTE MONITORING AND ASSET PERFORMANCE:

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

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

KEY THEMES WE’RE FOLLOWINGKEY INDUSTRIAL SOFTWARE MARKETS

DESIGN & ENGINEERINGU.S. Market Size:4

$12.3B+

MANUFACTURING & OPERATIONSU.S. Market Size:5

$9.9B+

MAINTENANCE & SERVICEU.S. Market Size:1

$1.9B+

acquired by

acquired byacquired byacquired by

acquired by

acquired by

acquired by

acquired byacquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

Increasing M&A Momentum Across the Industrial Software Market

HW TRANSACTION

SELECT NOTABLE INDUSTRIAL SOFTWARE M&A ACTIVITY

NOTABLE INDUSTRY CONSOLIDATORS

4Note: Logos are representative of M&A participants and not comprehensive.

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired byacquired by

acquired by

JV formed by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

acquired by

2019

acquired by

acquired by

acquired by

acquired by

2020

investment from

acquired by

acquired by

acquired by

acquired by

Notable Q4 2020 Industrial Software Transactions6

Announced: December 14, 2020 PTC’S PENDING ACQUISITION OF ARENA SOLUTIONS

• Arena Solutions is a provider of cloud-based product life cycle management (PLM) and product development software serving more than 1,200 customers across the electronics, high-tech, and medical-device industries

• Arena’s platform unifies PLM, quality management, and requirements management, allowing every participant throughout the productdesign and manufacturing process to work together in a secure, high-availability cloud environment

• The acquisition will further PTC's leadership presence in the rapidly growing market for SaaS-based PLM software, enabling the combined company to deliver a complete CAD + PLM SaaS solution

Announced: November 19, 2020 LEONARD GREEN & PARTNERS’ (LGP) ACQUISITION OF ECI SOFTWARE SOLUTIONS (ECI)

• ECI Software Solutions is a provider of industry-specific, cloud-based enterprise resource planning (ERP) software solutions serving more than 22,000 small and medium-sized businesses globally

• ECI primarily serves customers in the manufacturing, wholesale/retail distribution, building and construction, and field services industries

• Under LGP’s ownership, ECI plans to continue scaling growth both organically and inorganically

• As part of the transaction, Apax Partners will retain a minority stake

Announced: November 17, 2020 ROCKWELL AUTOMATION’S ACQUISITION OF FIIX

• Fiix is a provider of AI-enabled, computerized maintenance management systems (CMMS) software solutions

• Fiix’s cloud-native CMMS creates workflows for the scheduling, organizing, and tracking of equipment maintenance, seamlessly connecting to business systems in order to inform data-driven decision-making

• With the addition of the Fiix platform, Rockwell’s customers will benefit from a 360-degree view of integrated data across automation, production, and maintenance, helping them to better monitor and improve asset performance and optimize how maintenance work is done

Completed: November 2, 2020 COMMAND ALKON’S ACQUISITION OF TRIMBLE’S CONSTRUCTION LOGISTICS BUSINESS

• Trimble’s construction logistics business provides technology solutions that enable heavy material suppliers, haulers, and contractors in the civil construction space to deliver products more efficiently

• Delivery managers can track, schedule, route, and communicate across the delivery fleet with automated real-time vehicle location and status, turn-by-turn navigation, monitoring and diagnostics, as well as business analytics and reporting

• The acquisition helps support Command Alkon’s mission of delivering solutions that digitize and innovate the heavy work industry

HONEYWELL’S PENDING ACQUISITION OF SPARTA SYSTEMSAnnounced: December 22, 2020

• Sparta Systems is a provider of AI-enabled enterprise quality management software (QMS) solutions to the life sciences industry serving over 400 customers, including leading pharma and medical device companies

• Sparta’s advanced digital QMS solutions will enable Honeywell’s life sciences customers to proactively achieve better quality, which results in improved new therapies, faster time to market, better business and patient outcomes, and effective regulatory compliance

• Honeywell also plans to expand Sparta's quality management capabilities into new end-markets through Honeywell’s Connected Enterprise, Forge, and Process Solutions programs

Enterprise Value: $715M EV / ARR: 14.3x

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Enterprise Value: $1.3B

Industrial Software Landscape – Incumbents

GEOSPATIAL

DIVERSIFIED DIVERSIFIED

INDUSTRIAL TECHINDUSTRIAL SOFTWARE

EHS

IIOT SECURITY & DATA

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

MANUFACTURING & OPERATIONS (MES, MOM, QMS)

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

SUPPLY CHAIN & LOGISTICS ERP

INDUSTRIAL 4.0 SOLUTIONS INDUSTRIAL AUTOMATION

IIOT ENABLEMENT PLATFORMS CONNECTIVITY INDUSTRIAL AUTOMATION / SYSTEM INTEGRATIONGEOSPATIAL

LOCATION INTELLIGENCE

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

[email protected]


DIVERSIFIED

GEOSPATIAL

EHS

IIOT SECURITY & DATA SENSORS ROBOTICS

MULTI-VERTICAL APPLICATIONS

MANUFACTURING & OPERATIONS (MES, MOM, QMS)

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

INDUSTRIAL 4.0 SOLUTIONS INDUSTRIAL AUTOMATION

IIOT ENABLEMENT PLATFORMS CONNECTIVITY INDUSTRIAL AUTOMATION / SYSTEM INTEGRATION

3D PRINTING

DRONES

GEOSPATIAL

LOCATION INTELLIGENCE

Industrial Software Landscape – Emerging Players

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DESIGN & ENGINEERING (PLM, CAD, CAE, CAM, SIMULATION)


[email protected]


Industrial Software Landscape – Vertical-Specific Players

AUTOMOTIVE & TRANSPORTATION

ENERGY

DURABLE GOODS

HEALTHCARE

FOOD & BEVERAGE

SMART CITIES

AEC

LIFE SCIENCES & PHARMA

AEROSPACE

AGRICULTURE

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DIVERSIFIED PLATFORMS

WATER


[email protected]


KEY PUBLIC COMPANIES 2021E TRADING METRICS

IND

UST

RIA

L SO

FTW

AR

E

INDEXED STOCK PERFORMANCE

16.9x9.4x1.5x

44.5x28.7x12.4x

EV / 2021E Revenue

EV / 2021E EBITDA

KEY PUBLIC COMPANIES 2021E TRADING METRICS

DIV

ERSI

FIED

IND

UST

RIA

LS

INDEXED STOCK PERFORMANCE

15.4x2.8x0.6x

EV / 2021E Revenue

EV / 2021E EBITDA

49.5x16.6x11.4x

Industrial Software Public Market Observations6

Min MaxMedian

Legend

9As of December 31, 2020

140.5%

215.8%

50.0%

100.0%

150.0%

200.0%

250.0%

S&P 500 Industrial Software

140.5%

122.6%

50.0%

100.0%

150.0%

200.0%

250.0%

S&P 500 Diversified Industrials

Industrial Software Market Valuations6

10As of December 31, 2020

Multiples Summary

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

Company Capitalization Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

Industrial Software

Autodesk, Inc. $67,141,029 $67,624,429 $3,761,377 $4,315,031 31.6% 35.2% 18.0x 15.7x NM 44.5x

Dassault Systèmes SE 53,106,432 55,611,129 5,448,423 5,942,796 32.2% 33.3% 10.2x 9.4x 31.7x 28.1x

Roper Technologies, Inc. 45,209,426 54,611,326 5,556,547 6,273,082 35.5% 35.9% 9.8x 8.7x 27.7x 24.2x

Synopsys, Inc. 39,672,145 39,104,946 3,804,711 4,099,973 32.8% 33.9% 10.3x 9.5x 31.4x 28.1x

Cadence Design Systems, Inc. 38,054,556 37,444,576 2,655,044 2,831,171 38.2% 38.7% 14.1x 13.2x 37.0x 34.1x

Hexagon AB 33,556,432 35,696,874 4,629,113 4,942,449 34.3% 36.4% 7.7x 7.2x 22.5x 19.8x

ANSYS, Inc. 31,244,646 30,945,310 1,632,705 1,828,098 43.4% 45.3% 19.0x 16.9x 43.7x 37.4x

Trimble Inc. 16,704,227 18,303,227 3,107,269 3,334,268 24.1% 23.9% 5.9x 5.5x 24.4x 22.9x

PTC Inc. 13,954,034 14,870,784 1,484,015 1,619,187 31.4% 31.3% 10.0x 9.2x 31.9x 29.3x

AVEVA Group plc 12,546,057 12,551,747 1,073,630 1,120,725 29.8% 33.2% 11.7x 11.2x 39.3x 33.7x

Aspen Technology, Inc. 8,828,474 8,973,080 614,485 730,799 51.2% 55.9% 14.6x 12.3x 28.5x 22.0x

Altair Engineering Inc. 4,285,383 4,290,851 451,051 486,276 9.4% 9.1% 9.5x 8.8x NM NM

Altium Limited 3,441,172 3,362,022 198,871 224,040 40.9% 39.4% 16.9x 15.0x 41.3x 38.1x

QAD Inc. 1,307,768 1,197,152 303,279 323,951 8.9% 9.8% 3.9x 3.7x 44.3x 37.7x

PSI Software AG 467,804 445,401 273,435 296,254 10.9% 12.1% 1.6x 1.5x 14.9x 12.4x

Median $16,704,227 $18,303,227 $1,632,705 $1,828,098 32.2% 33.9% 10.2x 9.4x 31.7x 28.7x

Diversified Industrials

Danaher Corporation $157,803,251 $178,155,551 $21,957,300 $25,222,720 28.0% 29.9% 8.1x 7.1x 29.0x 23.6x

Honeywell International Inc. 149,248,563 157,484,563 32,142,283 34,060,462 23.2% 24.6% 4.9x 4.6x 21.1x 18.8x

Siemens Aktiengesellschaft 114,887,302 151,616,987 77,321,558 70,813,030 12.4% 15.3% 2.0x 2.1x 15.8x 14.0x

General Electric Company 94,606,628 157,305,628 79,380,625 80,589,112 7.1% 11.7% 2.0x 2.0x 27.8x 16.6x

Schneider Electric S.E. 77,473,311 85,681,729 30,899,718 33,191,016 17.0% 18.2% 2.8x 2.6x 16.3x 14.2x

ABB Ltd 57,499,487 59,012,487 25,755,841 27,398,136 11.5% 15.3% 2.3x 2.2x 20.0x 14.1x

Emerson Electric Co. 48,179,293 52,913,293 16,586,586 17,369,029 20.9% 22.0% 3.2x 3.0x 15.2x 13.9x

Sandvik AB 30,745,952 31,131,893 10,578,349 11,126,144 21.8% 24.5% 2.9x 2.8x 13.5x 11.4x

Rockwell Automation, Inc. 29,136,939 31,114,439 6,252,130 6,851,816 20.4% 21.6% 5.0x 4.5x 24.4x 21.0x

Fortive Corporation 23,880,207 28,327,207 6,479,598 4,998,379 22.8% 25.4% 4.4x 5.7x 19.1x 22.3x

OMRON Corporation 17,977,339 16,292,409 6,170,795 6,451,109 12.3% 13.3% 2.6x 2.5x 21.4x 19.0x

Cognex Corporation 14,020,397 13,654,592 792,269 886,071 28.2% 31.1% 17.2x 15.4x NM 49.5x

KUKA Aktiengesellschaft 1,824,563 2,282,407 3,575,535 3,591,437 2.2% 4.3% 0.6x 0.6x 29.6x 14.8x

Median $48,179,293 $52,913,293 $16,586,586 $17,369,029 20.4% 21.6% 2.9x 2.8x 20.6x 16.6x

Total Median $30,995,299 $31,123,166 $4,216,912 $4,628,740 23.6% 25.0% 6.8x 6.4x 27.7x 22.3x

Case Study: ComplyWorks

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

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

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

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

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E R I K S Z Y N D L A RManaging Director

[email protected]

B R I A N T I T T E R I N G T O NDirector

[email protected]

TRANSACTION OVERVIEW

a portfolio company of

has acquired

SUPPLY CHAIN RISK MANAGEMENT

EHS ENERGY

RELEVANT SUB-SECTORS

HW DEAL CONTACTS



Case Study: Flightdocs

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

HW DEAL CONTACTS

AVIATION SOFTWARE MAINTENANCE & SERVICES SAFETY


has acquired

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C H R I S T O P H E R S M I T HDirector

[email protected]

J A K E L I NVice President

[email protected]


[email protected]


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

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

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





Case Study: Iptor

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

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

[email protected]+44 20 7518 8901

HW DEAL CONTACTS


has been acquired by

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

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

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

A N D Y L E E DDirector

[email protected]


WAREHOUSE MANAGEMENT SYSTEMS

DIGITAL SUPPLY CHAIN COLLABORATION

INDUSTRIAL SOFTWARE


M A T T H E W T S U IVice President


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S Y L V A I N N O B L E TDirector






Case Study: IQMS Software

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

A N D Y L E E DDirector

[email protected]

T Y L E R D E W I N GManaging Director

[email protected]

EXECUTION SYSTEMSQUALITY

MANAGEMENT SOFTWAREINDUSTRIAL IOT



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

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

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

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

AND

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



[email protected]

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HW DEAL CONTACTS







Case Study: ComputerEase

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

S C O T T R E I N I GDirector

[email protected]

T Y L E R D E W I N GManaging Director

[email protected]

PROJECT MANAGEMENT FIELD SERVICE MANAGEMENTARCHITECTURE, ENGINEERING,

AND CONSTRUCTION SOFTWARE


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

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

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

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

[email protected]

a subsidiary of

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HW DEAL CONTACTS






Case Study: Cority

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

B R I A N T I T T E R I N G T O NDirector

[email protected]

ENVIRONMENTAL, HEALTH, SAFETY AND QUALITY (EHSQ)

GOVERNANCE, RISK AND COMPLIANCE (GRC)

INDUSTRIALSOFTWARE


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

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

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


[email protected]

has received a majority investment from

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HW DEAL CONTACTS





Harris Williams Capabilities and Locations

HARRIS WILLIAMS OFFICE LOCATIONS

Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence, and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

UNITED STATES EUROPE

Healthcare & Life Sciences Industrials

Energy, Power & Infrastructure

IndustrialsAerospace, Defense &

Government Services

Building Products & Materials

Business Services

Consumer Specialty Distribution

Technology Transportation & Logistics

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

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

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

London25 Savile Row

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

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Sources & Disclosures

The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law andregulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financialinstruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representationas to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in andeffect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. Inaddition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other relatedfinancial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. Thesecurities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independentadvisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. Nopart of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registeredoffice at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co.Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court ofFrankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (emailaddress: [email protected]). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris WilliamsLLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

1. Gartner.

2. IDC.

3. ARC Advisory Group.

4. IBIS.

5. KBV Research.

6. CapIQ.

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SOURCES

DISCLOSURES


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