Manufacturing Software Market Snapshot July 2020

1

Manufacturing Software Market Snapshot

July 2020

Strictly Confidential

Member FINRA & SIPC

© 2020 Madison Park Group

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I. Industry Trends

II. Featured Companies

Appendix

III. Additional Vendors

IV. Market Comparables

V. About MPG

Table of Contents

I. Industry Trends

4

Companies Featured In This Report Select Referenced Solutions

✓ Manufacturing Execution Systems

(MES)

✓ Manufacturing Resource Planning

(MRP)

✓ Enterprise Resource Planning (ERP)

✓ Manufacturing Intelligence (MI)

✓ Enterprise Product Costing (EPC)

✓ Industrial Internet of Things (IIoT)

✓ Advanced Production Scheduling

(APS)

✓ Machine & Production Analytics

Madison Park Group (“MPG”) is a premier advisor to the manufacturing software market. Industry 4.0 and economic factors are fundamentally changing

the way organizations execute their manufacturing processes, with increasing use of technology for automation and data management.

Ralph Verrilli Michael Magruder Sean Stouffer James Tomasullo

Managing Director Managing Director Senior Associate Senior Associate

[email protected] [email protected] [email protected] [email protected]

Inclusion Criteria

MPG’s Dedicated Manufacturing Technology Practice

Key Participants Across Manufacturing SoftwareMarket Snapshot

Note: Click on company logos to be directed to specific coverage profiles;

Click on Madison Park Group logo to be redirected back to home page

5

Inside The Industry

Market Trends And Notable Transactions

1

Products have become multi-faceted and supply chains have

become complex – it is nearly impossible for a single

company to possess the resources to assemble, track and

trace all requisite parts for a final product

4

Due to supply chain disruption from the Coronavirus outbreak,

reshoring is top of mind for virtually all manufacturing

companies

5CFOs list “digital first” as a critical priority; however, few

companies have been able to unlock “hidden capacity” in

their design & manufacturing processes using software

7Due to the large number of domain and process specific tools,

integration of MES, PLM, ERP and other MOM software is

important for overall business and operations effectiveness

8

Landmark M&A transactions by tier-one strategics and private

equity sponsors illustrate the increasing migration to cloud-

based technology

2

Companies are diversifying their manufacturing operations -

predictive costing and cost tradeoffs (e.g., logistics, tariffs,

etc.) have now become even more critical in making

informed decisions

In Case You Missed These Transactions Slide

Aptean announced funding from Charlesbank 12

Business management for manufacturers, distributors and other sectors

Aptean acquired WorkWise 12

Discrete manufacturing ERP software

Dassault Systemes acquired IQMS 16

Manufacturing ERP and MES solutions

ECI acquired Trivest Beheer 18

SME manufacturing solutions such as ERP, APM, MES, CAD/CAM and BI

ECI acquired three manufacturing software assets from Exact Group 18

Macola, JobBOSS and MAX

Forterro acquired Abas Software 21

ERP for mid-market manufacturing & distribution clients

Germanedge acquired ORSOFT 23

Advanced planning & scheduling (APS) and supply chain management

Acumatica was acquired by EQT & partnered with IFS 26

Cloud ERP for small and midmarket organizations

Acumatica acquired JAAS Systems 26

Manufacturing automation solutions and Acumatica reseller

Koch acquired Golden Gate’s remaining stake in Infor 27

ERP software for manufacturing and other verticals

MPDV acquired Felten Group 28

Production management software and consulting services

PTC acquired Factora 31

System integrator partner for smart manufacturing technology

Rockwell Automation acquired MESTECH Services 33

Rockwell Automation Recognized Systems Integrator for MES

Yokogawa acquired Grazper Technologies ApS 37

AI-powered image analysis with use cases in industrial automation

3Supply shortages and manufacturing fallout due to COVID

have forced organizations to reconsider their just-in-time

inventory practices

6

Companies do not use the majority of functionality which is

available in their ERP and MES solutions; organizations are

increasingly looking to niche solutions which enable them to

use just what is required in order to scale

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Our Recent Observations

6

Emerging TrendsIncreased Production Volatility Is Driving OEMs To A Portfolio Approach

• As large scale manufacturers look to diversify operations away from single sources, they require complex analysis of a broad range of factors such as

material costs, labor rates, tariffs, political risk and logistics constraints

‐ Production consistency and resilience remain critical success factors, even in the face of dynamic operational changes

• COVID has accelerated the evaluation process, forcing producers to rapidly source alternative production capabilities, supplies and labor sources

OEMs are taking significant action and investing in technology to eliminate costs and drive resilience in their own manufacturing processes

Focus on

Risk Management

59% of OEMs have initiated risk

management plans for potential

fluctuations due to production

shortages and other risks

Contingency

Planning

44% of OEMs have invested in

supplier contingency plans to allow for

quick pivots as a result of trade-driven

supply shocks

Lift & Shift

Scenarios

44% of OEMs have put in place, or

are exploring, “lift and shift”

manufacturing scenarios to

optimize for lowest cost

production scenarios

44%

Redundancy &

Diversity

39% of OEMs have added

additional layers of redundancy

and diversity into their production

and supplier bases

59% 44% 39%

Source: Jabil, Five Steps to Successful Supply Chain Planning; proprietary MPG research

Note: All statistics were gathered prior to the outbreak of the COVID-19 global pandemic

> Global political and rising trade war

tensions drive business continuity concerns

and potential for hidden strategic risks

> Rising labor costs have rendered regional

cost advantages less attractive while supply

chain constraints have increased costs and

driven meaningful volatility

> Consumer expectation for immediate

delivery and the need for enhanced product

quality control has led many companies to

on/near-shoring manufacturing approaches

7

Create seamless connections with external

systems, enabling efficient data-sharing

Connect all devices via sensors, enabling

equipment to learn at accelerated rates

Integrate digital and physical processes to

interpret actions and track results

Connect production steps and drive self-

optimization in machines

Emerging TrendsAutomation And Data Aggregation Are Priorities In The Age Of Industry 4.0

Big Data

Smart

Factory

Cyber

Physical

Systems

Internet

of Things

(IoT)

Inter-

operability

The emergence of the Fourth Industrial

Revolution in the past few decades has been

supported by innovative technologies such as

sensors and real-time data…

…manufacturers are increasingly using these

technologies to optimize processes, yield

cost savings, attract younger workforces,

drive efficient collaboration and fuel

growth

Drive large data collection across multiple

sources (systems, sensors, mobile devices)

8

Emerging TrendsGreater Integration Demands Amidst An Increasing Number Of Systems

Over the past decade, vendors have focused on integrating the

“trinity” of manufacturing software…

…however, market constituents increasingly demand

additional integrations for greater productivity

MES

ERPPLMTechnical Decisions

What to buildFeed costing data to technical

and financial systems

Useful for

products with

hybrid hardware

/ software model

Consumer

demand feeds

into production

systems

MES

PLM ERP

CRMALM

EPC

9

Strategic Outcome

Emerging TrendsHighlight Transactions Illustrate Industry Shift To Cloud

September 2014

IQMS was founded to

address the production

requirements of SMB

manufacturers, which had

historically underutilized

MRP / ERP systems;

delivered real-time

comprehensive views of

factory performance

After bootstrapping for ~30 years, secured +$70 million in capital across two

investments to facilitate migration to the cloud, professionalize internal

processes and bolster the leadership bench

$56 million revenue with

+1,000 IQMS customers,

including 600 shared

customers with Dassault

Operational Growth Driven by Process & PeopleFoundation

Secured +$55 million of capital to integrate machine learning / AI technologies

into the platform and evangelize the offering by building an extensive network of

VAR, ISV and OEM partners

Path to +$1 billion revenue

in three years; challenging

Microsoft, Oracle and Sage

in manufacturing and other

sectors

$35 Million Growth

Investment

August 2015

$40 Million Growth

Investment

December 2018

$425 Million Acquisition

(7.59x CY2017 Revenue)

June 2019

Sale & Partnership

November 2009

Undisclosed

Series A

September 2011

Undisclosed

Series B

November 2013

$10 Million

Series C

October 2014

$13.3 Million

Series C (Ext.)

June 2018

$25 Million

Series C (Ext.)Founded in 2008 with an

initial focus on billing /

financial management

software, evolving into a

holistic cloud ERP suite

primarily servicing the

manufacturing, distribution,

construction, services and

retail sectors

Source: Transaction press releases, PitchBook

II. Featured Companies

11

» Recent M&A Activity

» Analyst / Investor Day Signals Growth Areas Of Interest

($ in millions)

Business Overview

Headquarters: Zurich, Switzerland

LinkedIn Employees (1-Yr. Growth): 96,517 (▼1%)

Website: www.abb.com

Ownership Status: Public (NYSE: ABB)

Acquisitions Since 2010: 39

Enterprise Value (EV): $59,746

LTM Revenue: $27,347

LTM EBITDA: $3,422

EV / LTM Revenue: 2.18x

EV / LTM EBITDA: 17.5x

Net Debt (Cash): $7,181

Dry Powder: $20,350

Description:

ABB is a global supplier of electrical equipment and

automation products. Automation solutions span both

discrete and process manufacturing

Select Manufacturing & Related Products:

• ABB Ability™ Manufacturing Operations Management

– Process Intelligence Applications

– Production Intelligence Applications

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) ABB Analyst / Investor Day Earnings Transcript (ABB, 2/27/2020)

(2) “ABB Adds Cylon Controls to its Smart Buildings Portfolio” (ABB, 3/3/2020)

(3) “ABB to Strengthen E-Mobility Portfolio with Acquisition of Chinese EV Charging Provider Chargedot” (ABB, 10/28/2019)

(4) “ABB Completes Acquisition of Intrion” (ABB, 9/20/2018)

(5) “ABB to Acquire B&R” (ABB, 4/4/2017)

Robotics & Electrification Vendor Intent On Improving Automation

• During ABB’s February 2020 Analyst / Investor Day presentation, management cited various growth

areas of interests, including initiatives in automotive manufacturing

– While ABB is considered the leader in electric vehicle / battery manufacturing, management

cited select workflows in this area that can be automated further and can provide growth

opportunities

– Automotive trimming assembly, one of the final workflows in automotive manufacturing, is

currently only 10-20% automated(1)

• Management also noted that mobile robots will be a key growth area for ABB as the industry shifts

from fixed-line automation to cell-based automation

• ABB has offerings spanning robotics, electric equipment and other automation technologies; the

company’s acquisitions span a combination of hardware, software or services business models

• ABB has recently acquired various automation and robotics technology vendors:

– Cylon Controls (March 2020, ~100 employees): Building automation and HVAC control(2)

– ChargeDot (October 2019, ~185 employees): Chinese e-mobility solutions for electric vehicles(3)

– Intrion (September 2018, ~120 employees): Logistical automation solutions(4)

– AB Rotech (September 2018): Robotic welding solutions for the automotive industry

• In July 2017, ABB acquired Bernecker + Rainer Industrie-Elektronik (B&R) (+3,000 employees)(5)

– B&R is a provider of product- and software-based, open-architecture solutions for machine and

factory automation

– B&R had ~$600 million sales and 11% historical growth; ambition of growing to +$1 billion as a

mid-term sales target; ~$2 billion purchase price(5)

• In October 2000, ABB acquired Base Ten’s manufacturing execution systems

Business Overview

ABB

12

Business Overview($ in millions)

Description:

Aptean provides industry-specific ERP, SCM, MES, asset

management and compliance solutions for process &

discrete manufacturers, distributors and other organizations

Select Manufacturing & Related Products:

• Aptean Manufacturing Execution System

– Factory MES

– Aptean ActivPlant MES

– Aptean AXXOS OEE

New Investment And Manufacturing Acquisition

• In June 2020, Aptean announced a strategic growth investment from Charlesbank Capital Partners,

a Boston-based middle-market private equity firm; the transaction is expected to close in Q3 2020

– Charlesbank will join existing investors Vista Equity Partners and TA Associates as shareholders

of the company; TA will invest additional capital alongside Charlesbank

• The investment comes off the heels of aggressive organic and M&A initiatives in the past 15

months; Aptean has nearly doubled revenue with international regions accounting for almost half

of the business(2)

– The company had particular traction in its cloud business, with SaaS bookings growing almost

100% over the last 36 months(2)

• Aptean now has +4,100 clients across +50 countries, with a core focus on process & discrete

manufacturers and distributors(2)

» New Investor Joins Existing Roundtable Of Sponsors

» Latest Acquisition Provides Discrete Manufacturing ERP Capabilities

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “Moody’s Assigns B3 CFR to Aptean” (Moody’s, 3/3/2019)

(2) “Aptean Attracts Strategic Growth Capital to Accelerate Innovation and Global Expansion” (Aptean, 6/23/2020)

(3) “Software Provider Aptean Acquires WorkWise, Extends Manufacturing Reach” (FurnitureToday, 6/25/2020)

Headquarters: Alpharetta, GA

LinkedIn Employees

(1-Yr. Growth):1,559 (▲7%)

Website: www.aptean.com

Ownership Status: PE-Backed (Vista, TA, Charlesbank)

Acquisitions Since 2010: 28

Enterprise Value (EV): n/a

Est. Revenue:(1) $179 (2018)

Est. EBITDA:(1) $70 (2018)

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

• In June 2020, Aptean announced the acquisition of WorkWise, a provider of ERP software for

discrete manufacturing clients

– WorkWise has manufacturing customers in sectors such as industrial vehicles, agricultural

equipment, industrial equipment, food and beverage equipment, metals & plastics fabrication

and electronics

– Besides manufacturing-focused ERP, WorkWise also provides cloud and on-premise based CRM

solutions for clients in the banking, finance and business services sectors

– WorkWise has over 90 employee and is based in the greater Milwaukee, WI area(3)

• Prior to the WorkWise acquisition, Aptean executed a series of acquisitions to bolster its leadership

in the food & beverage ERP market, including Schouw Informatisering (November 2019), Linkfresh

Software (October 2019) and Beck Consulting (September 2019)

• Aptean also acquired Paragon Software Solutions, a provider of transportation management

software in March 2020

Aptean

13

($ in millions)

Headquarters: San Rafael, CA

LinkedIn Employees (1-Yr. Growth): 12,489 (▲7%)

Website: www.autodesk.com

Ownership Status: Public (NasdaqGS: ADSK)

Acquisitions Since 2010: 63

Enterprise Value (EV): $54,154

LTM Revenue: $3,425

LTM EBITDA: $562

EV / LTM Revenue: 15.81x

EV / LTM EBITDA: n/m

Net Debt (Cash): $617

Dry Powder: $12,906

Description:

Autodesk is a provider of 3D, design and engineering

software for the architecture, engineering, construction,

manufacturing and media industries

Select Manufacturing & Related Products:

• Product Design & Manufacturing Portfolio

– Product Design & Manufacturing Collection

– Netfabb

– Powermill

– Factory Design Utilities

Strategic Investor In The Industrial Software Ecosystem

• Autodesk has historically favored strategic investments in technologies across the engineering,

manufacturing, construction and infrastructure management segments

• In March 2020, Autodesk led an $8.0 million investment in Aurigo Software, a provider of capital

planning and construction management solutions for local governments, utilities and airports(1)

• In September 2019, Autodesk participated alongside NewSpring Capital in a $26.8 million

investment into enterprise product cost management software provider aPriori(2)

− aPriori will use the investment to augment its Cost Insight platform as more manufacturers shift

to cloud-based technology

− As part of the investment, Autodesk is introducing aPriori’s manufacturing cost insights into its

generative design capabilities within the Autodesk Fusion 360 platform, providing designers and

engineers with a key layer of information in the early stages of the development process

• Other investments in manufacturing technology include:

− MakeTime (June 2016): On-demand manufacturing technology

− Seebo (June 2016, $16.5 million): Enables manufacturers to add IoT design elements to

Autodesk’s CAD environment(3)

• Despite the preference for strategic investments, the company has made select strategic

acquisitions, albeit recent M&A deals have been focused on the construction software segment,

including Pype (July 2020), BuildingConnected (January 2019) and PlanGrid (December 2018)

» Strategic Investment and M&A Activity

» Manufacturing Market Share Growth

• At Morgan Stanley’s March 2020 TMT Conference, Scott Reese, SVP of Manufacturing, Cloud &

Production Products, spoke to Autodesk’s initiatives in manufacturing and increasing market share

in an era of intensifying manufacturing pressures

• Notable areas of interest include robotics, additive printing, generative design and building a

common data model in the cloud

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) “Autodesk invests in public infrastructure software firm” (Reuters, 4/14/2020)

(2) “aPriori Secures $26.8M Series C Financing Round” (Businesswire, 9/10/2019)

(3) “Autodesk Backs 3D Robotics, MakeTime, Seebo out of Forge Fund” (WSJ, 6/15/2016)

Business Overview

Autodesk

14

» Transformative Merger In Review

($ in millions)

Headquarters: Cambridge, U.K.

LinkedIn Employees (1-Yr. Growth): 4,690 (▲5%)

Website: www.aveva.com

Ownership Status: Public (LON: AVV)

Acquisitions Since 2010: 10

Enterprise Value (EV): $8,115

LTM Revenue: $1,054

LTM EBITDA: $197

EV / LTM Revenue: 7.70x

EV / LTM EBITDA: n/m

Net Debt (Cash): ($56)

Dry Powder: $2,674

Description:

AVEVA provides industrial technology solutions with product

categories spanning operations management, supply chain,

asset performance, engineering and more

Select Manufacturing & Related Products:

• Operate and Optimize Suite

– AVEVA Discrete Lean Management

– Batch and Hybrid Process Operations Management

– Continuous Process Operations Management

– Optimize Operations

– Workflow Management (Formerly Wonderware

Skelta BPM)

Building An Industrial Technology Powerhouse Following Merger

• In March 2020, AVEVA announced the acquisition of MES Enter ErrorSolver, a Korean-based

production accounting software vendor which will be rebranded as AVEVA Production Accounting

− The acquisition enhances AVEVA’s process operations portfolio and aligns with AVEVA’s Value

Chain Optimization strategy, which is predicated on eliminating information silos and

integrating critical processes

• In April 2019, AVEVA acquired MaxGrip’s asset management performance software assets

− The acquisition augments AVEVA’s suite of asset lifecycle management offerings with a suite of

Reliability Centered Maintenance (RCM) solutions

− MaxGrip’s software and asset library contains +900 asset types with failure causes & conditions

and maintenance remediations; MaxGrip has been an AVEVA partner since 2017

» Post-Merger Acquisitions

• In March 2018, AVEVA completed its merger with Schneider Electric’s industrial software business

after two previous failed attempts; the transaction was announced on September 5, 2017

– Under the terms of the agreement, AVEVA issued shares to Schneider Electric totaling ~£1.8

billion of consideration, valuing Schneider at ~19x FY17 adjusted EBITA of £91.2 million(1)

– The transaction was structured as a reverse acquisition: AVEVA is the legal acquirer of Schneider

Electric Software since it will exercise control over the enlarged group; however, Schneider

Electric Software was the acquirer for accounting purposes given it was issued a majority

(~60%) equity stake in AVEVA(1)

– Separately, AVEVA shareholders received £650 million in a “Return of Value” payment: £550

million paid from Schneider and £100 million as a distribution from AVEVA using cash on its

balance sheet; the one-time payment per share of £10.14 was +50% of AVEVA’s 9/5/2017

closing share price of £19.20(1)

– The merger brings together a complementary set of industrial technologies: while AVEVA is

strong in front-end design and engineering work, Schneider specializes in operations,

maintenance and asset optimization

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) Transaction filings, investor presentations and press releases

Business Overview

Aveva

15

($ in millions)

Business Overview

Description:

Bentley provides design, construction and infrastructure

operations solutions for engineers, architects, geospatial

professionals, builders and owner-operators

Select Manufacturing & Related Products:

• Discrete Manufacturing Solutions

– Asset Lifecycle Information Management

– Factory Planning and Layout

– Plant Design and Analysis

– Site Planning and Design

– Project Collaboration

• Process Manufacturing Solutions

– Asset Performance Management

– Advanced Work Packaging

– Piping and Pressure Vessel Design and Analysis

Historically Independent Player Decides To Pursue IPO Route

» Acquisition History

• Bentley’s M&A and product strategy has been focused on acquiring technologies in the

architecture, engineering & construction (AEC) ecosystem, although the company has solutions for

the discrete and process manufacturing sectors

• In July 2020, Bentley announced the acquisition of Cohesive Solutions, the largest North American

reseller of IBM Maximo enterprise asset management (EAM) software

– In parallel, Bentley announced the launch of The Cohesive Companies through its Acceleration

Fund; The Cohesive Companies will serve as a digital integrator for infrastructure asset

performance solutions

• In June 2020, Bentley announced the acquisition of NoteVault, a provider of field automation

solutions for accelerating job site information collection for construction companies

• In March 2020, Bentley announced the acquisition of GroupBC, a U.K. provider of construction

information management solutions

• In October 2019, Bentley announced two acquisitions and a joint venture:

– Orbit GeoSpatial Technologies (acquisition): Simulation software for transportation & mobility

– Citilabs (acquisition): GIS data management solutions

– Digital Construction Works (joint venture): Digital integration services

• In May 2019, Bentley announced the acquisition of Keynetix, a provider of geotechnical data

management cloud solutions

» IPO Aspirations

• In February 2020, the company submitted a registration statement with the Securities and

Exchange Commission for a proposed public listing of its Class B common stock; the IPO will take

place after the SEC completes its review of the registration

• The company has been majority owned by its five founding Bentley brothers, although Bentley

shares are currently sold only by invitation on the Nasdaq Private Market

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) Bentley

Headquarters: Exton, PA

LinkedIn Employees (1-Yr. Growth): 4,206 (▲4%)

Website: www.bentley.com

Ownership Status: Independent

Acquisitions Since 2010: 33

Enterprise Value (EV): n/a

Est. Revenue:(1) +$700 (2018)

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

Bentley

16

» Manufacturing M&A Activity

($ in millions)

Headquarters: Vélizy-Villacoublay, France

LinkedIn Employees (1-Yr. Growth): 16,888 (▲3%)

Website: www.3ds.com

Ownership Status: Public (PAR: DSY)

Acquisitions Since 2010: 37

Enterprise Value (EV): $48,808

LTM Revenue: $4,745

LTM EBITDA: $1,163

EV / LTM Revenue: 10.29x

EV / LTM EBITDA: n/m

Net Debt (Cash): $2,685

Dry Powder: $12,342

Description:

Dassault Systemes is a global provider of on-premise and

cloud-based solutions math and sciences solutions for the

design, manufacturing and life sciences sectors

Select Manufacturing & Related Products:

• DELMIA

• CATIA

• SOLIDWORKS

• SIMULIA

• GEOVIA

• EXALEAD

• NETVIBES

• Centric PLM

Converging Design & Manufacturing Technologies

• In December 2018, Dassault acquired IQMS, a provider of manufacturing ERP and MES solutions,

for $425 million(1)

− The acquisition further enables Dassault to expand from its core offerings in computer-aided

engineering (CAE) and design to manufacturing operations, enabling customers to accelerate

product innovation through the convergence of design, engineering, manufacturing and

consumer experience functions

− IQMS had grown to $56 million revenue in CY2017 after receiving $75 million of growth capital

from TCV and Banneker Partners over 2014-2015, enabling the business to shift from an on-

premise model to a cloud-subscription model(1)

− At the time of the sale, IQMS had +1,000 IQMS customers, primarily in the automotive,

industrial equipment, medical device and CPG sectors; the customer roster includes 600 shared

customers with Dassault (primarily on Dassault’s SolidWorks platform)(1)

− The acquisition unlocks the ~$5 billion mid-market manufacturing ERP market for Dassault;

there are over 250,000 small and mid-sized manufacturers globally(1)

− The acquisition comes approximately six years following Dassault’s acquisition of Apriso, a

manufacturing operations and execution platform, for $205 million(2)

• While not a manufacturing acquisition, Dassault’s $5.8 billion acquisition of Medidata in June 2018

(clinical trial solutions) represents the company’s largest acquisition to date and illustrates an

evolution to becoming a math and sciences company encompassing “things” and “life”(3)

• In February 2020, CEO Bernard Charles announced that in the upcoming decade, Dassault will

focus on developing its leadership in (i) life sciences & healthcare and (ii) infrastructure & cities

while maintaining existing investment in (iii) its Manufacturing Industries business

• Bernard noted that Digital Twin technologies (virtual replicas of physical devices) can be critical for

all three of these sectors

» Dassault Announces Broader Industry Strategy For Coming Decade

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) “Dassault Systèmes Acquires IQMS to Extend the 3DEXPERIENCE Platform to Business Operations for Small and Midsized Manufacturers” (Dassault, 12/11/2018)

(2) “Dassault Systèmes to Acquire Apriso"(Dassault, 5/29/2013)

(3) “Medidata acquired by Dassault Systèmes for $5.8 billion” (Healthcare IT News, 6/13/2019)

Business Overview

Dassault Systemes

17

($ in millions)

Evolution From Core Services To Digitalization Via M&A

» Strategy and Business Model Review

• While Dürr Group has traditionally been a mechanical and plant engineering services firm,

digitalization and automation is a critical pillar of the company’s strategy

− The company’s strategy statement notes that Dürr is expanding its range of data-based

software applications, intelligent products, digital services and corresponding business models

− The company focuses on technologically specialized markets and aims for 25-50% market

share; geographically, emerging markets are the company’s primary growth driver, accounting

for 40-50% of orders(1)

• Financially, the company’s medium-term strategy is predicated on the following KPIs:

− 8% EBIT margin expansion by 2023(1)

− Sales growth: 2-3% organic sales growth(1)

− 25% return on capital(1)

− 30% of sales from the company’s service businesses(1)

Headquarters:Bietigheim-Bissingen,

Germany

LinkedIn Employees (1-Yr. Growth): 3,387 (▲3%)

Website: www.durr.com

Ownership Status: Public (ETR: DUE)

Acquisitions Since 2010: 22

Enterprise Value (EV): $1,709

LTM Revenue: $4,315

LTM EBITDA: $288

EV / LTM Revenue: 0.40x

EV / LTM EBITDA: 5.9x

Net Debt (Cash): ($29)

Dry Powder: $1,814

» Manufacturing Software Acquisitions In Review

• While most of the company’s acquisitions have been hardware and/or services related, the

company’s 2015 acquisition of iTAC Software, a cloud-based MES provider, signaled the company’s

M&A interests in complementary software assets

– The acquisition builds on Dürr’s existing MES solution, EcoMOS

– iTAC was acquired for €31 million and had ~€15 million revenue(2)

– Following the acquisition, iTAC became an independent company in Dürr Group, serving as a

platform for follow on manufacturing software acquisitions

• In December 2016, iTAC acquired DUALIS GmbH IT Solution, a provider of Advanced Planning and

Scheduling (APS) and production / logistical simulation software for industrial customers

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) Dürr Group Business Model / Strategy

(2) “Dürr takes over Industry 4.0 software specialist iTAC” (Dürr, 12/4/2015)

Description:

Dürr Group is a German engineering firm servicing the

automotive manufacturing, woodworking, mechanical

engineering and chemical & pharmaceutical sectors

Select Manufacturing & Related Products:

• DXQ Suite

– DXQcontrol

– DXQoperate

– DXQanalyze

Business Overview

Dürr

18

($ in millions)

Description:

ECI Software Solutions provides solutions for SMB

manufacturing, wholesale/retail distribution, building &

construction, and field and IT services organizations

Select Manufacturing & Related Products:

• ECI Manufacturing Software

– M1

– JobBOSS

– Macola

– MAX

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “ECi Celebrates 20 Years of Accelerating Small Business Growth and Success” (ECI, 8/1/2019)

(2) “ECi Completes Acquisition of Trivest Beheer B.V.” (Businesswire, 10/3/2019)

Consolidator In The Manufacturing ERP Market

» Augment Manufacturing Technology Through Strategic Partnerships And M&A

• In March 2020, ECI’s JobBOSS division announced a partnership with Data Inventions, enabling

JobBOSS users to access Alora, Data Invention’s machine intelligence platform which provides real-

time visibility into machine performance

• In February 2020, ECI’s Macola division announced a partnership with LillyWorks, providing Macola

ERP users with cloud-based Protected Flow Manufacturing (PFM) capabilities; the integration

provides scheduling visibility and control

• In October 2019, the company acquired Trivest Beheer, a provider of ERP, advanced production

management (APM), MES, CAD/CAM, BI and mobile solutions for the SME manufacturing sector

− The acquisition, ECI’s largest to date, substantially increases the company’s presence in Europe

− Trivest, which has ~3,000 customers and nearly 300 employees, will be integrated with ECI’s

manufacturing division(2)

• In August 2017, ECI acquired Exact Group’s Specialized Solutions division; the division includes

three North American manufacturing software assets servicing different market segments:

– Macola: Manufacturing and distribution ERP

– JobBOSS: Job shop management

– MAX: ERP for small and medium-sized discrete manufacturers

» New Product Releases And Geographic Announcements

• In January 2020, ECI announced the release of KnowledgeSync, a browser-based alerts and

workflow solution for addressing critical business events

• The company also released an integration between Macola ERP and Net1 payment processing,

enabling Macola users to process credit card and ACH payments online

• ECI also rolled out its JobBOSS solution to manufacturers in Australia and New Zealand, citing that

custom job shops are flourishing in those markets and can better execute through ERP software

Headquarters: Fort Worth, TX

LinkedIn Employees (1-Yr. Growth): 725 (■0%)

Website: www.ecisolutions.com

Ownership Status: PE-Backed (Apax Partners)

Acquisitions Since 2010: 17

Enterprise Value (EV): n/a

Est. Revenue: n/a

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

ECI

19

($ in millions)

Headquarters: St. Louis, MO

LinkedIn Employees (1-Yr. Growth): 48,651 (■0%)

Website: www.emerson.com

Ownership Status: Public (NYSE: EMR)

Acquisitions Since 2010: 45

Enterprise Value (EV): $41,378

LTM Revenue: $17,968

LTM EBITDA: $3,740

EV / LTM Revenue: 2.30x

EV / LTM EBITDA: 11.1x

Net Debt (Cash): $5,619

Dry Powder: $20,224

Description:

Emerson provides two sets of offerings: Automation

Solutions for improving the performance of industrial

customers and Commercial & Residential Solutions for

improving quality of life

Select Manufacturing & Related Products:

• Syncade MES

– Syncade Information Integration

– Syncade Electronic Batch Records Management

– Syncade Quality Review Manager

– Syncade Oral Solid Dose Starter Kit

– Syncade Equipment Management

– Syncade Document Management

– Syncade Weigh & Dispense / Materials Management

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “Emerson Completes Acquisition of Zedi’s Software and Automation Businesses” (Emerson, 7/8/2019)

(2) “Emerson Completes Acquisition of General Electric’s Intelligent Platforms Business” (Emerson, 2/1/2019)

(3) Investor Conference Presentation (Emerson, 2/13/2020)

Investing In Technology To Drive Longer-Term Growth

» Rounding Out Offerings Via Technology M&A

• Emerson has pursued technology acquisitions to complement its core Automation and Commercial

& Residential business lines

• In July 2019, Emerson acquired Zedi’s software and automation business (~155 employees) which

includes Zedi’s supervisory control and data acquisition (SCADA) platform(1)

− The products enable oil and gas producers to enhance operations through cloud-based

monitoring, control and operations

• In April 2019, Emerson announced the acquisitions of (i) Bioproduction Group, a provider of

simulation, modeling, and scheduling software for biomanufacturing, and (ii) KNET Software, a

provider of analytics technology that enables clients to extract, clean, transform and analyze

operational and manufacturing data

• In February 2019, Emerson acquired General Electric’s Intelligent Platforms Business (~650

employees, $210 million 2017 sales)(2)

− The business unit comes with cloud-controlled programmable logic controller (PLC)

technologies which expand Emerson’s presence in machine control and discrete applications

» Strategy Review

• During Emerson’s Analyst Day presentation in February 2020, the company discussed six major

aspects of its current performance and go-forward strategy

− 2019 Review: Achieved select growth targets, performed internal business review

− Operational, Capital Allocation and Portfolio Review: Pursuing operational efficiencies and

continued cash flow to investors (~70% of operating cash flow returned to shareholders)(3)

− 2019-2023 Macro Outlook and Emerson Plan: Focus on margin actions to drive EPS growth; the

company’s strategy includes targeting ~$1 billion in acquisitions per year(3)

− 2020 Summary: Aggressive cost resets to counter weaker underlying sales growth

− Investments To Drive Above Market Growth: Investments in technology and innovation

− Organization Update and Summary: Planned senior leadership changes in late 2020

Business Overview

Emerson

20

($ in millions)

Description:

Epicor is a developer of enterprise software solutions,

specializing in enterprise resource planning, sales

management, supply chain management and human resource

management

Select Manufacturing & Related Products:

• Epicor ERP Cloud

– Manufacturing Operations

– Global Supply Chain Management

– Product Management

– Business Intelligence & Analytics

• Epicor CMS Automotive

– Production Manager

– Material Replenishment Monitor

– Virtual Kanban and Virtual Factory

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) Epicor

(2) “Epicor Acquires Specialized Midmarket ERP Vendor Solarsoft” (CIO, 9/13/2012)

Uptick In Consolidation Efforts Following Hiatus From M&A

• Epicor acquired three companies in CY2019 after previously acquiring 1-2 companies per year from

CY2014-CY2017; the acquisitions were focused on supply chain and sales functionalities

– 1 EDI Source (October 2019): Provider of electronic data interchange software for the retail,

CPG, transportation, logistics, manufacturing and healthcare industries

– Majure Data (July 2019): Warehouse management for the lumber & building materials industry

– MechanicNet (June 2019): CRM and retention solutions for motor vehicle services business

• Epicor’s last manufacturing-specific transaction was the 2012 acquisition of Solarsoft

– Solarsoft is a U.K. based provider of MES, ERP and distribution software which had previously

been backed by private equity firm Marlin Equity

– Solarsoft had +2,500 customers and ~$90 million revenue(2)

» Return To M&A In CY2019

• In April 2020, Epicor announced the hiring of Paul Stoddart as Chief Marketing Officer; Mr.

Stoddart was most recently Vice President and Partner, Digital at IBM

• In January 2020, Epicor announced the promotion of Himanshu Palsule to President; Mr Palsule

will continue to serve as Epicor’s Chief Product and Technology Officer while assuming additional

responsibilities for leading Epicor’s Auto and EDI businesses

» Executive Hires And Promotions

• In May 2020, Epicor announced the release of version 10.2.600 of its ERP solution, providing

manufacturers with improved capabilities for worker productivity and collaboration as clients

navigate through COVID-19

• Notable innovations include an application studio for customization & personalization features,

access to quality management capabilities (powered by ETQ), advanced project management and

public cloud multi-region, multi-company transactions

» Product Enhancements To Improve Manufacturing Resilience

Headquarters: Austin, TX

LinkedIn Employees (1-Yr. Growth): 4,637 (■0%)

Website: www.epicor.com

Ownership Status: PE-Backed (KKR)

Acquisitions Since 2010: 13

Enterprise Value (EV): n/a

Est. Revenue:(1) $800 million (2019)

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

Epicor

21

» Platform Creation And Consolidation

($ in millions)

Description:

Forterro is a group of ERP software and services companies

serving small to midmarket clients around the globe, with a

particular focus on Europe

Select Manufacturing & Related Products:

• Forterro Localized ERP solution

– JEEVES

– GARP

– BPSC

– SYLOB

– CLIPPER

– SILOG

– HELIOS

– PROCONCEPT

Consolidating The European Manufacturing ERP Ecosystem

• Forterro was formed through Battery Venture’s initial acquisition of Jeeves Information Systems, a

Swedish provider of ERP software for small and mid-sized organizations

• Following the acquisition, the company embarked on a consolidation initiative, acquiring six

regional-specific manufacturing ERP vendors and one channel partner

− Infocube (June 2013, +100 employees): Jeeves’ largest reseller and implementation partner

servicing 350 clients across 21 countries(1)

− SolvAxis (April 2014): Switzerland-based ERP solutions for small to mid-market manufacturers

− SYLOB (May 2016): ERP for small to mid-market manufacturers in France

− BPSC (February 2017): ERP for medium & large manufacturers, distributors and service

companies in Poland

− Clip Industrie (June 2017): ERP vendor servicing nearly 2,000 small to mid-market manufacturers

in France(2)

− Silog (March 2018): France-based ERP vendor for small to mid-market manufacturers; combined

with other divisions, Forterro services +3,000 customers in France following the transaction(3)

− Abas Software (June 2019, ~450 employees): German-based ERP vendor servicing 4,000 mid-

market manufacturing and distribution businesses(4)

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “Jeeves Acquires Infocube” (Forterro, 6/12/2013)

(2) “Forterro Acquires Clip Industrie” (Forterro, 6/12/2017)

(3) “Forterro Acquires Silog” (Forterro, 3/1/2018)

(4) “Forterro Announces Acquisition Of German ERP Vendor Abas Software AG” (Forterro, 6/25/2019)

» Product Enhancements For Improved Safety And Productivity

• Forterro’s last product release was in May 2019 when the company announced the release of

Version 11.3 of Forterro’s ProConcept SA product

• The new version includes developments on SIMP / PMP, graphical planning for Business to

Business Management and other innovations which improve safety, ergonomics and productivity

• ProConcept is SolvAxis’ rebranded product offering following its acquisition in 2014

Headquarters: Austin, TX

Estimated Employees: +800

Website: www.forterro.com

Ownership Status: PE-Backed (Battery Ventures)

Acquisitions Since 2010: 7

Enterprise Value (EV): n/a

Est. Revenue: n/a

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

Forterro

22

($ in millions)

Headquarters: San Ramon, CA

LinkedIn Employees (1-Yr. Growth): 4,317 (▼6%)

Website: www.ge.com

Ownership Status: Subsidiary (GE)

Acquisitions Since 2010: 53 (GE)

Enterprise Value (EV): $117,309 (GE)

LTM Revenue: $93,536 (GE)

LTM EBITDA: $11,086 (GE)

EV / LTM Revenue: 1.25x (GE)

EV / LTM EBITDA: 10.6x (GE)

Net Debt (Cash): $57,210 (GE)

Dry Powder: $9,924 (GE)

Description:

GE Digital provides industrial software and data solutions to

the utilities & telecom, power generation, oil & gas and

manufacturing sectors

Select Manufacturing & Related Products:

• Proficy Manufacturing Execution Systems

– Proficy Plant Applications

– Predix Manufacturing Data Cloud

– ROB-EX Scheduler

• Proficy CSense

• Predix Edge

• Predix Operations Performance Management

– Proficy Plant Applications

– Predix Manufacturing Data Cloud

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) “GE Advances Digital Leadership with Launch of $1.2 Billion Industrial IoT Software Company” (GE, 12/13/2018)

(2) “GE Digital Acquires Startup IQP To Boost Predix And Help Partners Build IoT Applications” (CRN, 8/1/2017)

(3) “GE Buys Bit Stew for $153M to Beef Up Its Industrial Internet Software” (gtm, 11/15/2016)

(4) “GE Buys $500 Million Machine Analytics Firm” (GE, 9/14/2016)

Corporate Realignment To Drive IIoT Presence

» Corporate Reorganization

• In December 2018, General Electric announced the formation of an independent company focused

on building a comprehensive portfolio of Industrial Internet of Things (IIoT) solutions

− The new entity will be comprised of GE Digital’s IIoT solutions, including the Predix platform,

Asset Performance Management, Historian, Automation (HMI/SCADA), Manufacturing

Execution Systems, Operations Performance Management and the GE Power Digital and Grid

Software Solutions businesses

− The entity will have $1.2 billion in annual software revenue and will be wholly owned by GE(1)

− The restructuring better enables GE to take advantage of the nascent but growing IIoT market,

which is expected to drive key productivity improvements and IT demand

− In parallel with the reorganization, GE announced the sale of a majority stake in field service

software provider ServiceMax to Silver Lake

• In July 2019, Patrick Byrne was appointed as the new CEO of GE Digital; Mr. Byrne joined GE from

Fortive, where he served as Senior Vice President and led Fortive’s Product Realization business

» Shift in Executive Leadership

» GE Digital’s Technology M&A

• Amidst corporate realignment and recent navigation through COVID, GE / GE Digital has been

focused on organic initiatives; the latest cohort of technology acquisitions took place in 2016/2017

• GeonX (November 2017): Additive manufacturing simulation software for engineers

• IQP (July 2017, est. $30-$40 million): Code-free IoT application development platform(2)

• Nurego (February 2017): Monetization tool for Predix-based IIoT applications

• Bit Stew Systems (November 2016, $153 million purchase price): Industrial data and operations

management platform(3)

• Meridium (September 2016, $495 million valuation): Asset Performance Management (APM)

software for machine-heavy industries such as oil, gas, electricity and chemicals(4)

Business Overview

GE Digital

23

» Platform Review And M&A History

($ in millions)

Description:

Germanedge is a provider of manufacturing execution systems

and advanced planning systems, with a goal of creating a full

suite of manufacturing operations management solutions

Select Manufacturing & Related Products:

• Germanedge MES and APS software

– GefaSoft

– QDA Solutions

– New Solutions

– Objective International

– ORSOFT

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “The Best Way To Predict The Future Of Production Is To Create It Yourself” (Germanedge)

Creating A Comprehensive MES Vendor Through “Buy-And-Build”

• Germanedge was formed through the acquisitions of five companies in order to create a European-

centric provider of comprehensive MES and other manufacturing capabilities

– GefaSoft (December 2016): MES and process visualization software; customers span the

automotive OEM, pharmaceutical, food and renewable energy sectors

– QDA Solutions (July 2017): Quality management software; the acquisition was a carveout from

ASI DATAMYTE GmbH

– New Solutions (July 2017): Software for digitizing shop floor business processes, including

capabilities for shift books, checklists and technical asset management

– Objective International (November 2018): Combined MES and warehouse management solution

for process and discrete manufacturers

– ORSOFT (January 2019): Solutions for advanced planning and scheduling (APS), supply chain

management and master data management

• The company has focused on integrating the five companies and has not executed an acquisition

since January 2019

• To date, Germanedge has +350 employees and generates +€40 million annual revenue(1)

• Customers span Germany, Belgium, the U.S. and China, with logos such as BMW, Daimler, VW,

Tetra Pak, Continental, OMV, Boehringer, Lanxess and Total

Headquarters: Munich, Germany

Estimated Employees: +350

Website: www.germanedge.com

Ownership Status: PE-Backed (Alpina Partners)

Acquisitions Since 2010: 5

Enterprise Value (EV): n/a

Est. Revenue:(1) +€40

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

Germanedge

24

($ in millions)

Headquarters: Stockholm, Sweden

LinkedIn Employees (1-Yr. Growth): 1,079 (▼2%)

Website: www.hexagon.com

Ownership Status: Public (STO: HEXA B)

Acquisitions Since 2010: 61

Enterprise Value (EV): $24,373

LTM Revenue: $4,391

LTM EBITDA: $1,259

EV / LTM Revenue: 5.55x

EV / LTM EBITDA: 19.4x

Net Debt (Cash): $2,324

Dry Powder: $8,376

Description:

Hexagon is a provider of sensor, software and autonomous

solutions for industrial, manufacturing, infrastructure, safety

and mobility applications

Select Manufacturing & Related Products:

• Hexagon Manufacturing Intelligence Portfolio

– Metrology Software

– Production Software

– Design & Engineering Software

– SFx Solutions

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

Note: Madison Park Group served as the exclusive financial advisor to Romax on its sale to Hexagon

(1) “Hexagon enhances its Smart Factory solutions with the acquisition of Romax Technology” (Hexagon, 3/3/2020)

(2) “Strategy Overview” (Hexagon Capital Markets Presentation, 12/11/2019)

Core Strategy Of “Empowering An Autonomous Future”

» Augmenting Hexagon’s Manufacturing Intelligence Division Via M&A

• In February 2020, Hexagon announced the acquisition of Romax Technology, a provider of

computer aided engineering (CAE) solutions for electromechanical drivetrain design and simulation

− Romax enables Hexagon to meet the growing demand for electrification, as Romax’s tools are

critical in the design and manufacture of electric vehicles

− Following the acquisition, Romax will operate as a part of Hexagon’s Manufacturing Intelligence

(MI) division

− Based in the U.K., Romax has ~240 employees, +250 clients and €27 million in 2019 sales;

clients span the automotive, aerospace, wind power, marine, bearing and rail industries(1)

• Prior to Romax, Hexagon had acquired a number of technology assets spanning categories such as

engineering, geospatial and construction

• One of the company’s more notable manufacturing technology transactions was the March 2016

acquisition of Forming Technologies (FTI), a developer of manufacturing software for managing

time and material costs of sheet metal components

− FTI services OEMs and suppliers in the automotive, aerospace, electronics and appliance sectors

» Strategy Review

• During Hexagon’s Capital Markets Day presentation in December 2019, management outlined the

following pillars of its strategy:

– Continue gaining share in the company’s core capabilities spanning Reality Capture, Positioning,

Autonomous Technologies, Design & Simulation and Location Intelligence

– Drive growth through M&A - management expects acquisitions to add 3-5% annual growth(2)

– Advance into disruptive Smart technologies (e.g., Smart Factories, Smart Mines, Smart Industrial

Facilities, Smart Autonomous Mobility, Smart Buildings & Infrastructure, Smart Site, Cities &

Nations)

Business Overview

Hexagon

25

($ in millions)

Headquarters: Charlotte NC

LinkedIn Employees (1-Yr. Growth): 105,446 (▲3%)

Website: www.honeywell.com

Ownership Status: Public (NYSE: HON)

Acquisitions Since 2010: 33

Enterprise Value (EV): $108,264

LTM Revenue: $36,288

LTM EBITDA: $8,677

EV / LTM Revenue: 2.98x

EV / LTM EBITDA: 12.5x

Net Debt (Cash): $8,065

Dry Powder: $55,314

Description:

Honeywell is an American conglomerate providing solutions for

aerospace, building technologies, performance materials &

technologies and safety & productivity

Select Manufacturing & Related Products:

• Production Management Portfolio

– Capacity and Distribution Planner

– Production Manager

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) “Honeywell International Shareholder / Analyst Call” (Honeywell, 4/27/2020)

Executing Multiple Transformation Initiatives

» Silent On Manufacturing Technology M&A Since MES Divestiture

• Honeywell’s 2005 acquisition of POMS represented its foray into the MES market with a verticalized

focus on pharmaceutical and CPG companies; however, Honeywell subsequently sold POMS to

Constellation Software in 2012

• Honeywell has since acquired a variety of software assets spanning segments such as field service

management (Movilizer), supply chain & logistics management (Intelligrated, FLUX Information

Technology) and flight management (Aviaso)

• During the company’s Shareholder / Analyst Call in April 2020, management noted that the

company is in a strong financial position to manage the current economic environment and take

advantage of M&A / investment opportunities as they arise

– The company is armed with $10 billion in cash and a $6 billion delayed draw term loan coming

out of CY2019(1)

» Transformation Initiatives And COVID Update

• During Honeywell’s Shareholder / Analyst Call in April 2020, management provided an update on

the company’s three transformation initiatives:

− Honeywell Connected: Commercialized Honeywell Forge enterprise management software,

enabling clients to autonomously control their operations, drive efficiency and safety

− Supply Chain Transformation: Established supply-based management strategy for 11 categories

across the enterprise, streamlined distribution manufacturing and improved sourcing

productivity(1)

− Honeywell Digital: Matured data management practices, digitized key processes, rationalized

+500 software applications, cleansed 5.2 million critical master data records, eliminated 20 ERP

systems and reduced websites by 58%(1)

• Honeywell also provided an update on its activities to combat COVID-19, citing its capabilities in

providing N95 respirator masks; the company opened two production sites, enabling Honeywell to

produce an additional 20 million masks each month(1)

Business Overview

Honeywell

26

» Partnership Creates An ERP Powerhouse Spanning SME And Enterprise Markets

($ in millions)

Description:

IFS provides ERP, EAM and service management solutions for

enterprises. Acumatica provides cloud-based business

management solutions for SMBs

Select Manufacturing & Related Products:

• IFS Manufacturing Solutions

– Discrete Manufacturing ERP

– Process Manufacturing ERP

– Aerospace & Defense Manufacturing ERP

• Acumatica Cloud ERP Manufacturing Addition

– Manufacturing Management

– Inventory Management

– Order Management

– Service Management

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “IFS shines as it reports 2019 numbers” (Diginomica, 1/28/2020)

(2) “Acumatica acquired by global private equity firm in bid to take on Oracle, Microsoft and other business software giants” (GeekWire, June 2019)

(3) “Acumatica ramps up after private equity deal, using new owner’s cash for an acquisition of its own” (GeekWire, February 2020)

Landmark ERP Acquisition / Partnership

• In June 2019, EQT Partners acquired Acumatica, a provider of cloud-based enterprise resource

planning software for ~5,000 small and midmarket organizations in the manufacturing,

distribution, construction, services, retail and eCommerce sectors(2)

− EQT acquired Acumatica out of the same investment vehicle which holds IFS

− Acumatica had approximately 265 employees at the time of the acquisition, with plans to

increase the workforce 40-50%(2)

− Post-transaction, IFS and Acumatica will closely partner; Jonas Persson will serve as chairman of

both organizations; the rest of Acumatica’s management will have the opportunity to rollover a

portion of their proceeds into IFS

− Through the partnership, IFS will have access to Acumatica’s +350 channel partners while

Acumatica will have access to IFS’s support centers spanning +15 countries(2)

− The aim of the transaction is to create an ERP powerhouse which can compete with large

incumbents such as SAP, Oracle, Microsoft, Infor and Sage; IFS will cover the enterprise segment

of the ERP market while Acumatica will cover the SME segment

• Acumatica ramped up M&A following the EQT transaction, acquiring Ohio-based JAAS Systems in

February 2020

– JAAS provides manufacturing software with capabilities spanning bill of material (BOM)/routing,

production management and materials requirements planning (MRP); Acumatica had previously

sold JAAS as part of its Manufacturing Edition

– The purchase price was not disclosed, but Acumatica CEO Jon Roskill cited the acquisition at

less than $50 million(3)

– JAAS had ~25 employees at the time of acquisition, bringing the total number of Acumatica

employees to ~350, up from 265 at the time of the EQT acquisition(3)

Headquarters: Sweden (IFS), Washington (Acumatica)

LinkedIn Employees: 5,193 (IFS), 268 (Acumatica)

Websites: www.ifs.com, www.acumatica.com

Ownership Status: PE-Backed (EQT)

Acquisitions Since 2010: 9 (IFS), 1 (Acumatica)

Enterprise Value (EV): n/a

Est. Revenue:(1) $668 (2019, IFS)

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

IFS / Acumatica

27

» Koch Rounds Out Stake In ERP Behemoth

($ in millions)

Description:

Infor is a global software company that builds SMB and

enterprise ERP software cloud products for industries

including manufacturing, healthcare and retail

Select Manufacturing & Related Products:

• Infor CloudSuite Manufacturing

– CloudSuite Automotive

– CloudSuite Aerospace & Defense

– CloudSuite Chemicals

– CloudSuite Industrial Enterprise

– CloudSuite Industrial (SyteLine)

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “Financial Overview Fiscal Year Ended April 30, 2019” (Infor)

(2) “Koch Industries acquires Infor in deal pegged at nearly $13B” (TechCrunch, 2/4/2020)

(3) “Infor Acquires Accentia Middle East” (Infor, 3/14/2017)

ERP Giant Now Part Of A +$110 Billion Conglomerate

• In February 2020, Infor announced that an affiliate of Koch Equity Development agreed to acquire

Golden Gate Capital’s remaining equity stake in Infor at a reported valuation close to $13 billion(2)

– Koch has been an investor in Infor since 2017 when it invested +$2 billion; Koch also invested

$1.5 billion in January 2019 – at the time of the second investment, Infor generated $3 billion

revenue in CY2018, with 17,000 employees and 68,000 customers(2)

– Koch Equity Development is the investment and acquisition subsidiary of Koch Industries, a

$110 billion conglomerate based in Wichita, KS(2)

– The acquisition brings new technological capabilities to the Koch family of companies, making

Koch both an investor and customer of Infor

» Quiet On Manufacturing M&A, Focused On Other Segments

• Infor’s last manufacturing specific transaction was the 2017 acquisition of Accentia Middle East, an

Infor partner servicing the Middle East, North Africa and India (IMEA) region

– Accentia has ~80 employees with customers in 17 countries spanning the manufacturing,

distribution and equipment industries(3)

• More recent acquisitions have spanned categories such as location-based healthcare software

(Intelligent InSites) and catering & event management (ReServe Interactive)

» Strategy Review – Deep Focus On Multi-Tenant Cloud

• In January 2020, Infor CEO Kevin Samuelson, conducted an interview with Forbes and provided

narrative on the company’s strategy

− The company is prioritizing its multi-tenant cloud-suites while deprioritizing select standalone

and single-tenant cloud solutions

− The company is also refining its sector focus: Mr. Samuelson cited manufacturing as a notable

area of interest, stating that there is no bigger sector that can benefit from operational

excellence than manufacturing

Headquarters: New York, NY

LinkedIn Employees (1-Yr. Growth): 16,983 (▼1%)

Website: www.infor.com

Ownership Status: PE-Backed (Koch Equity)

Acquisitions Since 2010: 22

Enterprise Value (EV): n/a

Est. Revenue:(1) $3,173 (FY2019 Ended Apr.)

Est. EBITDA:(1) $857 (FY2019 Ended Apr.)

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

Infor

28

» Resurgence In Acquisition Activity After ~20 Year Hiatus

($ in millions)

Description:

With subsidiaries in Europe, Asia and North America, MPDV

provides manufacturing software, services and solutions to

help clients streamline production processes

Select Manufacturing & Related Products:

• MPDV Manufacturing Software

– MES Hydra

– APS Hydra

– Manufacturing Integration Platform

– ERP Connection

– ShopFloor Integration

– Manufacturing Intelligence & Artificial Intelligence

– Smart MES Applications

– Hydra industry Solutions

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) MPDV

(2) “MPDV takes over the Felten Group” (MPDV, 7/10/2019)

German Software Vendor Re-enters The M&A Arena

• In July 2019, MPDV announced the acquisition of Felten Group, a provider of production

management software and consulting services

− Felten has 50 employees with locations in Germany and Luxembourg(2)

− MPDV and Felten had rarely encountered each other in competitive customer situations,

indicating complementary customer bases

− The transaction represents a return to M&A as a means of growth; MPDV had previously

acquired INCA Industrial Computer Applications GmbH in the late 1990s

» Onboarding An Integrated Set Of Manufacturing Technologies

• In April 2018, MPDV announced the first version of its Manufacturing Integration Platform (MIP), a

production IT platform catered to system integrators, machine manufacturers and manufacturing

companies who want to develop and integrate production-related IT applications themselves

– The platform leverages an open semantic information model and common data structure,

enabling developers to focus on business logic when creating their applications

• Since its rollout, MPDV has onboarded multiple partners onto the platform

• In March 2020, MPDV announced that MEGLA will become a part of the MIP

− MEGLA provides solutions for digital transformation, predictive maintenance, Industry 4.0 and

the Internet of Things

− Production companies can use the manufacturing app (mApp) MEGLA IoT Suite Connector to

connect machines and sensors to MPDV's MIP

• In April 2020, MPDV announced that aucubo will become a part of the MIP

− aucubo provides a smartwatch wearable platform which displays current and post current shop

floor information

» Continued Analyst Recognition

• In March 2020, MPDV announced that it was once again recognized as a Challenger vendor in

Gartner’s Magic Quadrant for Manufacturing Execution Systems

Headquarters: Mosbach, Germany

Estimated Employees: 500

Website: www.mpdv.com

Ownership Status: Independent

Acquisitions Since 2010: 1

Enterprise Value (EV): n/a

Est. Revenue:(1) €67 million (CY2018)

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

MPDV

29

($ in millions)

Headquarters: Redwood City, CA

LinkedIn Employees (1-Yr. Growth): 183,667 (▲2%)

Website: www.oracle.com

Ownership Status: Public (NYSE: ORCL)

Acquisitions Since 2010: 75

Enterprise Value (EV): $207,411

LTM Revenue: $39,068

LTM EBITDA: $16,330

EV / LTM Revenue: 5.31x

EV / LTM EBITDA: 12.7x

Net Debt (Cash): $30,655

Dry Powder: $86,218

Description:

Oracle provides an integrated stack of cloud applications and

platform services as well as traditional on-premise

infrastructure solutions

Select Manufacturing & Related Products:

• Oracle Manufacturing Cloud

• NetSuite Manufacturing ERP

– Product Data Management

– Planning & Scheduling

– Production Control

– Shop Floor Control

– Quality Management

– Procurement

– CRM

– Order Management

– Supply Chain

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

Growing Through A Full-Stack Approach

» Software Giant Further Penetrates Manufacturing Realm Via ERP Acquisition

• Oracle’s most recent manufacturing-focused transaction was the July 2016 acquisition of NetSuite,

valued at approximately $9.3 billion

− NetSuite provides business management software for a variety of industries, but has a cloud-

based ERP solution specifically catered to the manufacturing sector

− Oracle CEO Mark Hurd cited the two companies' cloud-based offerings as complementary

offerings which can co-exist within Oracle’s portfolio

− Prior to NetSuite’s acquisition by Oracle, NetSuite itself had executed a series of acquisitions;

NetSuite’s most recent transaction prior to its sale was the March 2016 acquisition of IQity

solutions, a provider of cloud-based solutions for process and discrete manufacturers

• Since the NetSuite transaction, Oracle’s acquisitions have spanned a variety of software categories

and verticals, including construction (Aconex), utilities (LiveData Utilities), marketing & advertising

(Sauce Video, CrowdTwist) and more

» User Conference Provides Glimpse Into Strategy

• Oracle presented various aspects of its strategy at its OpenWorld 2019 User Conference

− Grow its Autonomous Database franchise; CTO Larry Ellison has considered this a key solution

for fending off competitors such as Amazon Web Services, Microsoft Azure, Google Cloud

Platform and open-source alternatives

− Migrate Oracle to Oracle Cloud Infrastructure

− Migrate ERP and application customers to software-as-a-service

− Rebrand Oracle as a more customer-friendly provider

• The strategy is predicated on driving growth through an integrated stack from infrastructure

through the database

Business Overview

Oracle

30

($ in millions)

Description:

Plex develops software that connects, automates, tracks and

analyzes manufacturing operations to help clients streamline

production

Select Manufacturing & Related Products:

• Smart Manufacturing Platform

• Products

– Manufacturing Execution System

– Enterprise Resource Planning

– Analytics and Industrial Internet of Things

– Supply Chain Management

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “Plex Systems Boasts 11 Consecutive Years of Double-Digit Revenue Growth” (Plex Systems, 3/27/2020)

(2) “Plex Systems hires new permanent CEO” (Crain’s Detroit Business, 12/3/2018)

Continued Cloud Traction And New Leadership Hires

• In March 2020, Plex Systems announced that it had achieved eleven consecutive years of double-

digit growth

− Growth in CY2019 was bolstered by factors such as a 53% ARR increase in DemandCaster (agile

supply chain planning), 96% renewal rates on cloud solutions, investments in the leadership

team and international expansion through the opening of a Prague office(2)

− The company now boasts nearly 700 manufacturing customers in 29 countries(2)

» Eleven Years Of Double-Digit Growth

» Product Innovations Signal Continued Shift To Cloud

• In November 2019, the company announced Plex Manufacturing Execution Suite (Plex MES), a

standalone cloud-based MES solution

− The new product offers three enhanced capabilities: Error-proofed control, high-resolution

visibility and seamless connectivity

− In an interview with Diginomica in January 2020, Plex CEO Bill Berutti commented on the

pervasiveness of legacy MES offerings with significant paper-based workflows and the need for

advanced analytics to connect shop floor equipment data to other systems in the age of

Industry 4.0

» M&A History And Corporate Development Hire

• Plex Systems has acquired two businesses to date:

− Dattus (July 2018): Asset monitoring platform that extracts critical machine data preventing the

conditions that lead to product defects

− Cadent Resources (August 2016): Demand planning and inventory optimization solutions

• In November 2019, Plex Systems announced the appointment of Brad Hafer as Group Vice

President of Corporate Development

− Mr. Hafer will oversee corporate strategy, partnerships and M&A as the company seeks to take

advantage of Industry 4.0 technologies

Headquarters: Troy, Mi

LinkedIn Employees

(1-Yr. Growth):592 (▲4%)

Website: www.plex.com

Ownership Status: PE-Backed (Francisco Partners)

Acquisitions Since 2010: 2

Enterprise Value (EV): n/a

Est. Revenue:(1) $130 (2018)

Est. EBITDA: n/a

EV / Est. Revenue: n/a

EV / Est. EBITDA: n/a

Net Debt (Cash): n/a

Dry Powder: n/a

Business Overview

Plex

31

($ in millions)

Description:

PTC provides computer-aided design (CAD) modeling, product

lifecycle management (PLM), service lifecycle management (SLM)

and industrial-focused AR / VR and IoT solutions

Select Manufacturing & Related Products:

• Creo

• Kepware

• ThingWorx

• Vuforia

• Windchill

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn

(1) “PTC Buys SI Partner Factora To Boost Industry 4.0 Expertise” (CRN, 4/26.2019)

Systems Integration M&A Augments IIoT CapabilitiesHeadquarters: Boston, MA

LinkedIn Employees (1-Yr.

Growth):7,003 (■0%)

Website: www.ptc.com

Ownership Status: PE-Backed (NasdaqGS: PTC)

Acquisitions Since 2010: 18

Enterprise Value (EV): $10,045

LTM Revenue: $1,346

LTM EBITDA: $235

EV / LTM Revenue: 7.46x

EV / LTM EBITDA: n/m

Net Debt (Cash): $994

Dry Powder: $1,990

Business Overview

PTC

» Acquisitions in IIoT and Cloud

• In November 2019, PTC announced the acquisition of Onshape, a SaaS-based product

development platform combining CAD, data management and collaboration tools

− Although Onshape is an engineering software vendor rather than a manufacturing software

vendor, the acquisition overall demonstrates PTC’s interest in cloud-based solutions

− The Onshape acquisition is covered in greater detail in Madison Park Group’s December 2019

Engineering Software Market Update

• In June 2019, PTC announced the acquisition of TWNKLS, an augmented reality application solution

• In April 2019, PTC announced the acquisition of Factora Solutions, a systems integrator partner for

smart manufacturing technology

− The acquisition of the 65-employee company strengthens PTC’s capabilities in industrial IoT(1)

− Smart manufacturing is PTC’s fastest growing sub-sector in the industrial IoT market, with

traction in both process and discrete manufacturing

− Factora has deep experience with using PTC’s ThingWorx Platform and ThingWorx

Manufacturing Apps

− Factora will act as a new independent business unit under PTC called the Factory Services unit,

providing smart manufacturing expertise to PTC’s employees, partners and customers

− Factora CEO Barry Lynch was appointed senior vice president of field services

» New Executive Promotion Suggests Future M&A Activity

• In January 2020, PTC announced that Kathleen Mitford has been appointed to become the

Company’s chief strategy officer

− Ms. Mitford will oversee strategy mergers and acquisitions, strategic alliances, corporate

marketing, and academic groups

− Ms. Mitford was recently recognized with the 2019 Massachusetts Technology Leadership

Council's Tech Excellence Leadership Award

32

» “Effective Enterprise” Is The Core Principal In Disruption

($ in millions)

Description:

QAD provides cloud and on-premise software and services

for global manufacturing companies across automotive, life

sciences, consumer products, F&B and industrial markets

Select Manufacturing & Related Products:

• Digital Manufacturing Suite

– QAD Manufacturing

– QAD Production Excellence

– QAD CEBOS Enterprise Quality Management Solution

– QAD Automation Solutions

– QAD Enterprise Asset Management

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

All-Encompassing Product Suite Driving Organic Growth

• QAD’s ‘Effective Enterprise’ vision provides the framework for the company’s ‘Adaptive

Manufacturing Enterprise’ solutions

– An Effective Enterprise, as defined by QAD, is “Where every business process is working at peak

efficiency and is perfectly aligned with a company’s strategic goals”

• In April 2020, the company enhanced features to its Adaptive ERP solution, enabling adaptive

manufacturing to respond rapidly to industry distribution

– Adaptive Manufacturing Solutions, a cloud-based ERP solution which follows the Effective

Enterprise principal, enables customers to create the architecture behind the solution and not

receive the ERP solution in its entirety

− For nearly four decades, QAD has focused on the manufacturing industry: automotive,

consumer products, food and beverage, high tech, industrial and life sciences

− Within these sectors, the total vertical coverage amounts to 24 segments, providing prescriptive

solutions to each individual customer

Headquarters: Santa Barbara, CA

LinkedIn Employees (1-Yr. Growth): 1,641 (▼2%)

Website: www.qad.com

Ownership Status: Public (Nasdaq: QADA)

Acquisitions Since 2010: 3

Enterprise Value (EV): $707

LTM Revenue: $307

LTM EBITDA: $2

EV / LTM Revenue: 2.30x

EV / LTM EBITDA: n/m

Net Debt (Cash): ($110)

Dry Powder: $603

» Relatively Quite On M&A

• QAD acquired three companies between 2008 and 2012 which provided complementary

capabilities to its core ERP offerings

− CEBOS (December 2012): Advanced quality planning solutions

− DynaSys (June 2012): Supply chain planning software

− FullTilt Solutions (April 2008): Product information management software

• The company had a six-year M&A hiatus before acquiring IRIS Sistem Inforindo in August 2018

– IRIS was a long-time distributor and system integrator for QAD operating in South Asia,

primarily in Indonesia; the acquisition was inherently focused on go-to-market augmentation vs.

acquiring new product capabilities

– The acquisition was announced in tandem with QAD’s launch of a new Indonesia subsidiary, PT

QAD Asia Indonesia

Business Overview

QAD

33

($ in millions)

Headquarters: Milwaukee, WI

LinkedIn Employees

(1-Yr. Growth):21,030 (▲1%)

Website: www.rockwellautomation.com

Ownership Status: Public (NYSE: ROK)

Acquisitions Since 2010: 17

Enterprise Value (EV): $26,491

LTM Revenue: $6,761

LTM EBITDA: $1,471

EV / LTM Revenue: 3.92x

EV / LTM EBITDA: 18.0x

Net Debt (Cash): $1,751

Dry Powder: $10,487

Description:

Rockwell Automation provides industrial automation and

information hardware and software to drive digital

transformation for its clients

Select Manufacturing & Related Products:

• FactoryTalk ProductionCentre MES

• Industrial IoT Platform

• OperationSuite

• MaintenanceSuite

• Analytics Platform

• DesignSuite

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) “Rockwell Automation buys Interwave Technology” (Philadelphia Business Journal, 2/3/2003)

(2) “Rockwell completes acquisition of Propack” (Milwaukee Business Journal, 3/6/2002)

Aiming For Double-Digit Growth In Technology

» Strategy Overview From Analyst Day Presentation

• During the company’s Analyst Day presentation in November 2019, Rockwell management

presented the pillars of their strategy

– Gain share in core platforms, including controllers, precision motors, industrial networks,

visualization & software and intelligent motor control

– Grow double-digit in Information Solutions & Connected Services (FT Innovation Suite, Data

Analytics, MES Software & Services, Network & Security, Safety Services, Remote Monitoring,

Infrastructure-as-a-service)

– Add +1% per year from inorganic investments (Information Solutions, Connected Services,

Process Expertise, Europe & Asia Market Access)

» Manufacturing Technology M&A

• From 2019 through YTD 2020, Rockwell Automation has acquired two technology companies in the

manufacturing & industrial automation software market

− In May 2020, Rockwell announced the completed the acquisition of Italy-based ASEM, a leading

provider of digital automation technologies for European machine builders

− In October 2019, Rockwell acquired MESTECH Services, a provider of manufacturing execution

systems / manufacturing operations management, digital solutions consulting and systems

integration services; MESTECH is a Rockwell Automation Recognized Systems integrator

• Rockwell acquired multiple manufacturing software vendors in the 2000-2010 era; many of the

acquisitions were used to bolster Rockwell’s FactoryTalk Industrial Automation suite

– Incuity Software (April 2008): Enterprise manufacturing intelligence

– Datasweep (November 2005): Manufacturing production management

– Interwave Technology (February 2003, ~50 employees) Integration technology connecting

shop-floor and business computer systems(1)

– Propack Data (March 2002, ~230 employees): Manufacturing information systems for

pharmaceutical and other regulated industries(2)

Business Overview

Rockwell Automation

34

» Strategy Review

($ in millions)

Headquarters: Sarasota, FL

Estimated Employees: ~16,000

Website: www.ropertech.com

Ownership Status: Public: (NYSE: ROP)

Acquisitions Since 2010: 25 (Roper), 15 (Deltek)

Enterprise Value (EV): $44,603 (Roper)

LTM Revenue: $5,430 (Roper)

LTM EBITDA: $1,937 (Roper)

EV / LTM Revenue: 8.21x (Roper)

EV / LTM EBITDA: 23.0x (Roper)

Net Debt (Cash): $4,277 (Roper)

Dry Powder: $13,475 (Roper)

Software Aggregator Making In-Roads Into Manufacturing ERP

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) “Roper Technologies To Acquire Deltek, Leading Provider Of Software And Solutions For Project-Based Businesses” “Roper, 12/6/2020)

(2) Roper Technologies Q3 2019 Earnings Presentation

Business Overview

Roper / Deltek

• Roper is a diversified technology company which acquires and aggregates companies across its four

core business segments: Application Software, Network Software & Systems, Measurement &

Analytical Tools and Process Technologies

• Roper’s strategy is predicated on the following:

− Engineered Content for Diverse Domain Specific Markets: Drives significant growth platforms

with high recurring revenue and gross margins

− Strong Operations Management: Strong profitability drives cash flow conversion

− Strategic Reinvestment of Cash: Finance organic and inorganic growth initiatives

• In December 2016, Roper announced the acquisition of Deltek in a $2.8 billion all cash transaction(1)

− Deltek is a provider of software for +22,000 project-based businesses, including government

contractors and professional services firms(1)

− Following the acquisition, Deltek continued to be run by CEO Mike Corkery, with the entity

sitting under Roper’s Application Software segment

− Roper expected Deltek to earn $535 million of revenue and $200 million of EBITDA in 2017(1)

• Following its acquisition by Roper, Deltek continues to make acquisitions

− The subsidiary has recently executed M&A in the construction software ecosystem, most

notably ComputerEase (August 2019, $185 million purchase price) and Avitru (January 2019)(2)

• Although Deltek is focused on project management software, the company has a manufacturing ERP

solution called Costpoint which is catered to federal and aerospace & defense contractors

− The solution has capabilities in procurement, engineering changes, inventory, quality

management and more

» Deltek Acquisition And Aftermath Description:

Roper is a diversified technology company servicing domain

specific markets. Deltek provides enterprise application

software and services to project-focused organizations

Select Manufacturing & Related Products:

• Deltek ERP and PSA

– Costpoint for Manufacturing

35

($ in millions)

Headquarters: Munich, Germany

LinkedIn Employees (1-Yr. Growth): 240,565 (▲4%)

Website: www.siemens.com

Ownership Status: Public (ETR: SIE)

Acquisitions Since 2010: 42

Enterprise Value (EV): $140,626

LTM Revenue: $98,784

LTM EBITDA: $11,178

EV / LTM Revenue: 1.42x

EV / LTM EBITDA: 12.6x

Net Debt (Cash): $40,601

Dry Powder: $34,658

Description:

Siemens is a German conglomerate which providers

electrification, automation and digitalization solutions. IT

offerings spanning design, manufacturing and other use

cases

Select Manufacturing & Related Products:

• Opcenter Manufacturing Operations Management

– Advanced Planning and Scheduling

– Manufacturing Execution

– Quality Management

– Manufacturing Intelligence and Performance

– Research, Development and Laboratory

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

(1) Siemens to Acquire Camstar, Extending Leadership in Industrial Digitalization

Seeing Beyond 2020

» Vision 2020+

• In August 2018, Siemens outlined Vision 2020+, a long-term value creation strategy through

accelerated growth, stronger profitability and a leaner company structure

• The strategy contains the following pillars:

− New company structure: Three "Operating Companies" – "Gas and Power", "Smart

Infrastructure" and "Digital Industries" – and the "Strategic Companies" Siemens Healthineers,

Siemens Gamesa and the planned company Siemens Alstom

− More entrepreneurial freedom at individual businesses for accelerated growth: Revenue and

margin targets raised

− Targeted expansion of digitalization business: Acquisition of Mendix

− New growth field: "Internet of Things (IoT) Integration Services“

• Siemens had previously launched Vision 2020 in May 2014, which emphasized a sharper focus in

electrification, automation and digitalization

– Siemens has largely executed on that plan, with nearly all businesses having significantly more

profit, record customer satisfaction and market leadership in industrial digitalization through the

company’s Digital Factory

» High-Profile MES Acquisition

• In October 2014, Siemens announced the acquisition of Camstar, an MES provider

− The acquisition supports Siemen’s industrial digitalization strategy by unlocking additional

production automation solutions for the electronics, semiconductor and medical device

industries

− The acquisition accelerated Siemens integration of PLM with the manufacturing operations

management domain under the MES brand, SIMATIC IT; ultimately, access to PLM, MOM and

industrial automation allows customers to realize innovations within the value chain

− Camstar had 250 employees at the time of acquisition, with headquarters in Charlotte, NC and

other offices in Singapore, Malaysia, China and The Netherlands(1)

Business Overview

Siemens

36

($ in millions)

Headquarters: Walldorf, Germany

LinkedIn Employees (1-Yr. Growth): 112,961 (▲3%)

Website: www.sap.com

Ownership Status: Public (ETR: SAP)

Acquisitions Since 2010: 30

Enterprise Value (EV): $192,733

LTM Revenue: $31,659

LTM EBITDA: $8,146

EV / LTM Revenue: 6.09x

EV / LTM EBITDA: 23.7x

Net Debt (Cash): $10,720

Dry Powder: $66,395

Description:

SAP is a provider business application and technology solutions

such as enterprise resource planning, database management,

business intelligence and vertical-specific software

Select Manufacturing & Related Products:

• SAP Digital Manufacturing Cloud

• SAP Manufacturing Execution

• SAP S/4HANA Manufacturing

• SAP Manufacturing Integration and Intelligence

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020

Strategy Predicated On Creating An Intelligent Enterprise

• In April 2020, SAP announced that Christian Klein, Co-Chief Executive Officer and member of the

Executive Board, will continue as sole Chief Executive Officer

− Jennifer Morgan, Co-Chief Executive Officer and member of the Executive Board, mutually

agreed with the Supervisory Board of SAP SE that she will depart the company

• In the mid-2000s, SAP sought to execute on a “Perfect Plant” initiative which bridged the gap

between business strategy and manufacturing operations

– The Perfect Plant vision is for clients to optimize asset utilization, providing visibility into all

operations and KPIs such through trends and real-time alerts

• In line with its Perfect Plant strategy, SAP acquired a series of businesses in the manufacturing

software market:

– Lighthammer (June 2005): Manufacturing intelligence and collaborative manufacturing

software; the acquisition supports the connection of manufacturing information to business

systems in order to inform executive decision-making through shop floor intelligence

– Factory Logic (December 2006): Production scheduling automation; Factory Logic’s solutions

had replaced the manual process of scheduling plant production which had historically been

managed legacy Excel spreadsheets and mathematical algorithms

– Visiprise (June 2008): MES provider for discrete manufacturers; the acquisition combines SAP

Business Suite Applications, SAP Manufacturing Integration & Intelligence (SAP MII) and

Visiprise to manage “plan to make” processes through an integrated ERP-MES approach

• SAP has recently been acquiring into different segments of the software market, including surveys

(Qualtrics), sales management (Callidus), field service management (Coresystems) and robotic

process automation (Contextor)

• SAP’s current strategy is to empower its clients to become Intelligent Enterprises grounded in

actionable insights; this strategy entails connecting experiences and operations using experience

management (XM) solutions, a business technology platform and a suite of applications

– Supporting technologies include AI, machine learning, IoT and advanced analytics

» Evolving Strategy And Accompanying Acquisitions

» Shift in Executive Leadership

Business Overview

SAP

37

($ in millions)

Headquarters: Tokyo, Japan

LinkedIn Employees (1-Yr. Growth): 7,375 (▲2%)

Website: www.yokogawa.com

Ownership Status: Public (TKS: 6841)

Acquisitions Since 2010: 9

Enterprise Value (EV): $3,653

LTM Revenue: $3,788

LTM EBITDA: $509

EV / LTM Revenue: 0.96x

EV / LTM EBITDA: 7.2x

Net Debt (Cash): ($392)

Dry Powder: $3,771

Description:

Yokogawa is a Japanese electrical engineering and software

company, with offerings spanning measurement, control and

information technology

Select Manufacturing & Related Products:

• OpreX

– OpreX Transformation

– OpreX Control

– OpreX Measurement

– OpreX Execution

– OpreX Lifecycle

Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 6/9/2019

Aggressive Transformation Initiatives

» Transformation 2020 Initiative Leads To New Brand In Industrial Automation

• In May 2018, Yokogawa announced Transformation 2020, a mid-term business plan

– Through digital technology, Yokogawa will grow existing business and enhance profitability,

create new businesses & growth frontiers and improve enterprise-wide productivity

• In June 2018, Yokogawa unveiled OpreX, a new brand for the company’s industrial automation and

control business

• The brand is comprised of five categories:

– OpreX Transformation: Driving operational efficiencies in production, supply chain, risk and

business management

– OpreX Control: Control systems that respond to changes in management and operations,

driving efficiency, quality, safety and stability in plant operations

– OpreX Measurement: Field instruments and systems that enable measurement, data acquisition

and analysis

– OpreX Execution: Agile project implementation services

– OpreX Lifecycle: Maintenance and development services to optimize the plant lifecycle

• The new brand announcement comes as end-markets navigate digital transformation and seek to

gain value from plant’s small and big data

» AI-Driven M&A Activity Supports Transformation Efforts

• In March 2020, Yokogawa announced the acquisition of Grazper Technologies ApS, a provider of

AI-powered technologies for image analysis

− Grazper's technology has multiple use cases within automation, including capturing image

information for robots, detecting abnormalities at plants and monitoring security using cameras

− Yokogawa will be able to leverage Grazper’s technology across its business units, bolstering

Yokogawa’s 2020 Transformation strategy

Business Overview

Yokogawa

III. AppendixAdditional Vendors

39

Additional VendorsManufacturing Software & Related Technologies

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Kefar Sava, Israel

Website: www.3dsignals.com

Employees: 52

Parent/Investor(s): Mercura Capital, SOMV, Grove Ventures

Year Founded: 2015

CEO: Ariel Rosenfeld

Description:

3DSignals is a developer of acoustic-based technology designed to

monitor sensory data from various rotating industrial equipment. The

data generates insights that improve utilization and increase

machines' productivity, enabling industries to identify anomalies and

prevent unexpected downtime by facilitating remote diagnostics and

effective maintenance decision making.

Company Overview

Headquarters: San Jose, CA

Website: www.42-q.com

Employees: 37

Parent/Investor(s): Sanmina Corporation

Year Founded: 2016

CEO: Hartmut Liebel (Sanmina)

Description:

42Q is a provider of cloud-based MES solutions The company services

the medical, automotive, discrete manufacturing and aerospace &

defense industries. In addition to its core MES module, the company

offers products for CMMS, asset performance, labor tracking and

supply chain control. The company is a product subsidiary of Sanmina

Corporation.

40

Additional VendorsManufacturing Software & Related Technologies

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Horsham, PA

Website: www.aiscorp.com

Employees: 150

Parent/Investor(s): Autonomy Ventures

Year Founded: 1996

CEO: Jason Spera

Description:

Aegis provides manufacturing optimization, management and analysis

software. The company provides FactoryLogix, a manufacturing

execution system, which services as an integrated suite of software

modules and devices for manufacturing operations.

Company Overview

Headquarters: Porto, Portugal

Website: www.criticalmanufacturing.com

Employees: 237

Parent/Investor(s): ASM Pacific Technology

Year Founded: 2009

CEO: Francisco Lobo

Description:

Critical Manufacturing provides modular MES software primarily for

electronics-focused industries such as semiconductors and PCB. The

company also services the medical device market. In August 2018,

ASM Pacific Technology made a strategic investment in Critical

Manufacturing.

41

Additional VendorsManufacturing Software & Related Technologies

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Potsdam, Germany

Website: www.facton.com

Employees: 59

Parent/Investor(s): Hasso Plattner Ventures

Year Founded: 1998

CEO: Alexander M. Swoboda

Description:

FACTON is a provider of enterprise product costing software designed

to help enterprises calculate, analyze and optimize product costs. The

company's software helps to standardize the costing processes in

various departments and locations, enabling businesses to accelerate

their cost calculations, enhance cost accuracy and improve

profitability. FACTON services the automotive, aerospace,

engineering, electronics and medical device industries.

Company Overview

Headquarters: Foothill Ranch, CA

Website: www.ibaset.com

Employees: 202

Parent/Investor(s): Independent

Year Founded: 1994

CEO: Naveen Poonian

Description:

iBASEt’s Solumina suite includes MES, MRO and quality management

applications. iBASEt solutions replace a myriad of disparate shop floor

and supply chain solutions – such as manual paper and email

processes – with one integrated suite of software designed to

synchronize data and foster collaboration between internal and

external teams. From process and inspection, planning to the shop

floor and supply chain execution, to MRO operations, the company

provides solutions that deliver real-time information and process

control.

42

Additional VendorsManufacturing Software & Related Technologies

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Folsom, CA

Website: www.inductiveautomation.com

Employees: 141

Parent/Investor(s): Independent

Year Founded: 2003

CEO: Steve Hechtman

Description:

Inductive Automation provides web-based industrial automation

software. The company’s Ignition platform is an integrated

development environment that enables users to build industrial

applications such as SCADA, IIoT and MES. The company’s core

SCADA offering enables customers to control, track, display and

analyze processes.

Company Overview

Headquarters: Crawley, United Kingdom

Website: www.lighthousesystems.com

Employees: 85

Parent/Investor(s): Independent

Year Founded: 1990

CEO: Tim Barber

Description:

Lighthouse provides MES/MOM software. The company’s MES

software Shopfloor-Online provides real-time visibility into the entire

manufacturing operations. The company’s software modules span

production, quality, inventory and maintenance.

43

Additional VendorsManufacturing Software & Related Technologies

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Northampton, MA

Website: www.machinemetrics.com

Employees: 48

Parent/Investor(s): Tola Capital, Hyperplane Venture Capital

Year Founded: 2014

CEO: William Bither

Description:

MachineMetrics provides an industrial IoT platform for optimizing

machine operations. The company’s technology enables clients to

connect machines through IoT technology, visualize historical and

real-time data and predict machine conditions through an analytics

engine.

Company Overview

Headquarters: Houston, TX

Website: www.performixinc.com

Employees: 35

Parent/Investor(s): Mercury Fund, RPM Ventures

Year Founded: 2005

CEO: Sham Afzalpurkar

Description:

Performix, Inc. provides a suite of MES solutions for SAP

manufacturing clients in the chemical, pharmaceutical, food &

beverage and consumer industry verticals. Performix also provides

manufacturing and quality solutions that leverage SAP HANA.

44

Additional VendorsManufacturing Software & Related Technologies

Company Overview

Headquarters: Bloomington, MN

Website: www.savigent.com

Employees: 60

Parent/Investor(s): McGowan Capital Group

Year Founded: 1994

CEO: Dean Truitt

Description:

Savigent provides a suite of products for workflow automation,

manufacturing intelligence and systems integration. The company’s

clients include manufacturers in the automotive, semiconductor,

industrial, specialty chemical, consumer packaged goods, and

aerospace and defense sectors.

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Tel Aviv, Israel

Website: www.seebo.com

Employees: 44

Parent/Investor(s): Viola Ventures, TPY Capital, Autodesk

Year Founded: 2012

CEO: Lior Akavia

Description:

Seebo provides process-centric industrial artificial intelligence

solution, enabling manufacturers to improve production quality and

yield. The company's solution reduces processes-driven quality losses

and failures in production and assembly processes while collecting

and analyzing data from production lines and automated inspection

systems.

45

Additional VendorsManufacturing Software & Related Technologies

Source: Pitchbook, LinkedIn, Proprietary MPG Research

Company Overview

Headquarters: Somerville, MA

Website: www.tulip.co

Employees: 99

Parent/Investor(s): DMG Mori, Vertex Ventures, NEA

Year Founded: 2014

CEO: Natan Linder

Description:

Tulip is a developer of a no-code, native manufacturing application

development platform for developing IoT-enabled digital tools and

applications. The company's platform digitizes paper-based

processes, integrates industrial IoT technologies with legacy factory

machines and captures & analyzes real-time production floor data.

Company Overview

Headquarters: Montreal, Canada

Website: www.vention.io

Employees: 93

Parent/Investor(s): Georgian Partners, Bain Capital

Year Founded: 2016

CEO: Etienne Lacroix

Description:

Vention is a developer of a browser-based digital manufacturing

platform for designing, ordering and assembling industrial equipment.

The company's platform consists of a library of structural, motion and

control components, a free cloud-based 3D Machine Builder and

artificial intelligence-enabled 3D constraints.

IV. AppendixMarket Comparables

47

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

ABB Total Disclosed M&A Deal Value Since 2010: $14.7 Billion

Mar-20 Cylon Controls Web-based energy management systems n/a n/a n/a n/a n/a

Oct-19 ChargeDot Vehicle-charging technology developer n/a n/a n/a n/a n/a

Sep-18 Intrion Automated material handling systems n/a n/a n/a n/a n/a

Sep-18 AB Rotech Automotive engineering services n/a n/a n/a n/a n/a

Jul-18 GE Industrial Solutions Electrical circuits designer & manufacturer $2,700.0 $216.0 $2,600.0 0.96x 12.0x

Nov-17 Tekomar Group Marine diesel engine engineering n/a n/a n/a n/a n/a

Jul-17 KEYMILE (Assets) Telecommunication network services n/a n/a n/a n/a n/a

Apr-17 B&R Machine automation systems $600.0 $75.0 $2,000.0 3.33x 26.7x

Feb-17 NUB3D 3D scanners and 3D scanning technology n/a n/a n/a n/a n/a

May-16 SVIA Automation Solutions Robot automation equipment n/a n/a n/a n/a n/a

Nov-15 Striebel & John Energy-distribution systems manufacturing n/a n/a n/a n/a n/a

Aug-15 CGM Advanced control room environments n/a n/a n/a n/a n/a

Apr-15 Gomtec Mechatronic systems and robot developer n/a n/a n/a n/a n/a

Jan-15 Viola Systems Wireless telecommunications products n/a n/a n/a n/a n/a

Nov-14 Spirit IT Oil & gas automation products n/a n/a n/a n/a n/a

May-14 Terman Temperature monitoring device mfg. n/a n/a n/a n/a n/a

Oct-13 Los Gatos Research Laser-based gas and isotope measurement n/a n/a n/a n/a n/a

Sep-13 ELBI Elektrik Electrical installation product manufacturer n/a n/a n/a n/a n/a

Aug-13 Newron System Automation systems software n/a n/a n/a n/a n/a

Jul-13 Alstom's Ring Motor Business Manufacturer of ring motors n/a n/a n/a n/a n/a

Jul-13 Power One Power-conversion/management solutions $1,000.0 $120.0 $762.0 0.76x 6.4x

Jul-13 DynaMotive UK-based controls and system producer n/a n/a n/a n/a n/a

Feb-13 APS Technology Group Automated process systems provider n/a n/a n/a n/a n/a

Dec-12 GRESIN Press equipment manufacturer n/a n/a n/a n/a n/a

Aug-12 Amarcon Ship motion and performance analysis n/a n/a n/a n/a n/a

Jul-12 RGM (Rail Business) Auxiliary converters for rail vehicles n/a n/a n/a n/a n/a

Jun-12 Tropos Wireless IP broadband network solutions n/a n/a n/a n/a n/a

Jan-12 Thomas & Betts Manufacturer of electrical components $2,300.0 $390.0 $3,900.0 1.70x 10.0x

Dec-11 Newave Energy Manufacturer of power supply equipment n/a n/a $169.6 n/a n/a

Dec-11 Stubán Generál Trafo Transformers and inductors provider n/a n/a n/a n/a n/a

Nov-11 Envitech Energy Manufacturer of electrical power systems n/a n/a n/a n/a n/a

Nov-11 Powercorp Automation technologies provider n/a n/a n/a n/a n/a

Jul-11 Trasfor Group Low voltage transformers provider n/a n/a n/a n/a n/a

Jul-11 Lorentzen & Wettre Provider of quality control equipment n/a n/a $81.1 n/a n/a

Jul-11 Epyon Power Fast charging system for electric vehicles n/a n/a n/a n/a n/a

May-11 Mincom Enterprise asset & workforce management n/a n/a n/a n/a n/a

Nov-10 Baldor Electric Company Power-transmission equipment provider n/a n/a $4,200.0 n/a n/a

Jul-10 K-TEK Detection measurement provider n/a n/a n/a n/a n/a

May-10 Ventyx Service delivery management software $250.0 n/a $1,000.0 4.00x n/a

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

48

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Aptean Total Disclosed M&A Deal Value Since 2010: $128.4 Million

Jul-20 DIN Solutions Holland-based F&B ERP vendor n/a n/a n/a n/a n/a

Jun-20 WorkWise Discrete manufacturing ERP n/a n/a n/a n/a n/a

Mar-20 Paragon Software Systems Vehicle routing optimization software n/a n/a n/a n/a n/a

Nov-19 Schouw Information Food ERP software platform n/a n/a n/a n/a n/a

Oct-19 Linkfresh Software Fresh produce ERP software n/a n/a n/a n/a n/a

Sep-19 Beck Consulting Food enterprise software solutions n/a n/a n/a n/a n/a

Sep-19 Sanderson Group Digital retail and enterprise software $45.4 $9.3 $109.7 2.41x 9.3x

May-19 Optiware Enterprise asset management software n/a n/a n/a n/a n/a

Mar-18 IndustryBuilt Software Business management software n/a n/a n/a n/a n/a

Dec-17 TheySay Online sentiment-analysis software n/a n/a n/a n/a n/a

Dec-17 Praeses (Assets) Jurisdiction Online Division n/a n/a n/a n/a n/a

Dec-17 Infl. Health (Assets) Patient data solutions n/a n/a n/a n/a n/a

Jun-17 FDM Software Public safety dispatch software n/a n/a n/a n/a n/a

May-17 Apprise Software Cloud-based ERP and SCM software n/a n/a n/a n/a n/a

Feb-17 Upp Technology Warehouse and asset management n/a n/a n/a n/a n/a

Oct-16 GQ Life Sciences Genomic software n/a n/a n/a n/a n/a

Aug-16 Diamond Municipal Financial and revenue management n/a n/a n/a n/a n/a

Jun-16 Trimble Public Safety Public safety software n/a n/a n/a n/a n/a

Jan-16 AssetPoint Asset management software n/a n/a n/a n/a n/a

Dec-15 Computron Software Accounting and finance ERP n/a n/a n/a n/a n/a

Oct-15 Medworxx Medical information systems $6.1 n/a $18.7 3.06x n/a

Oct-15 CoreTrac CRM services n/a n/a n/a n/a n/a

Jun-15 Cinram Group Inventory management and BI n/a n/a n/a n/a n/a

Jun-15 CRM Culture Productivity software assets n/a n/a n/a n/a n/a

Jan-15 Verdiem Power management n/a n/a n/a n/a n/a

Aug-12 CDC Software ERP, manufacturing operations and SCM n/a n/a n/a n/a n/a

Jun-10 Info. Development Fund accounting n/a n/a n/a n/a n/a

May-10 TradeBeam Global trade management n/a n/a n/a n/a n/a

Autodesk Total Disclosed M&A Deal Value Since 2010: $2.2 Billion

Jul-20 Pype Cloud-based construction project mgmt. n/a n/a n/a n/a n/a

Dec-18 BuildingConnected Preconstruction planning solutions n/a n/a $275.0 n/a n/a

Nov-18 PlanGrid Digital blueprint solutions $100.0 n/a $875.0 8.75x n/a

Jul-18 Assemble Systems BIM solutions for construction n/a n/a n/a n/a n/a

Nov-17 BioLite Carbon credit license permits n/a n/a n/a n/a n/a

Jun-16 CadSoft PCB Design n/a n/a n/a n/a n/a

Apr-16 Solid Angle Animation & visual effects rendering n/a n/a n/a n/a n/a

Feb-16 Monolith Voxel modelling n/a n/a n/a n/a n/a

Jan-16 Autodesk Substation Design AutoCAD software developer n/a n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

49

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Autodesk Total Disclosed M&A Deal Value Since 2010: $2.2 Billion

Jan-16 SDS AutoCAD software systems n/a n/a n/a n/a n/a

Oct-15 Configure One CPQ software n/a n/a n/a n/a n/a

Oct-15 Indeeo Apple graphic design applications n/a n/a n/a n/a n/a

Sep-15 NetFabb Additive design & mfg. software $18.6 n/a $44.5 2.39x n/a

Aug-15 SeeControl IoT business applications platform n/a n/a n/a n/a n/a

Feb-15 Tweak Software PLM software hosting n/a n/a n/a n/a n/a

Jan-15 Synthicity Urban planning data processing n/a n/a n/a n/a n/a

Dec-14 Magestic Systems 3D nesting of composites $3.0 n/a $10.0 3.33x n/a

Nov-14 Terrible Labs Mobile and web application development n/a n/a n/a n/a n/a

Nov-14 TeamUp Technologies Three dimensional cloud platform n/a n/a $60.0 n/a n/a

Nov-14 Lagoa 3D rendering platform n/a n/a $60.0 n/a n/a

Oct-14 Modio Character animation software n/a n/a n/a n/a n/a

Oct-14 Robobat Polska Structural engineering software n/a n/a n/a n/a n/a

Jun-14 Shotgun Software Animation & creative software n/a n/a $54.5 n/a n/a

Jun-14 The Living Building design studio n/a n/a n/a n/a n/a

Jun-14 Bitsquid Mobile game engine n/a n/a n/a n/a n/a

May-14 Within Technologies Engineering design optimization n/a n/a $88.8 n/a n/a

May-14 NEi Nastran Solver Engineering analysis and simulation n/a n/a n/a n/a n/a

Apr-14 Ilesfay Technology PLM data replication n/a n/a n/a n/a n/a

Mar-14 Creative Market Labs Digital content design marketplace n/a n/a n/a n/a n/a

Feb-14 Delcam Automated multi-vertical CAD/CAM $75.6 n/a $285.4 3.78x n/a

Jan-14 Schrauwen Bruneel Electronic circuits design software n/a n/a n/a n/a n/a

Jan-14 Circuits.io Application for designing electronic circuits n/a n/a n/a n/a n/a

Jan-14 Majestic Systems Industrial manufacturing software n/a n/a n/a n/a n/a

Dec-13 Azalient Traffic simulation modelling n/a n/a n/a n/a n/a

Dec-13 Graitec Innovation Structural building construction CAD n/a n/a $88.1 n/a n/a

Nov-13 Virtual Shape Automotive modelling & design n/a n/a n/a n/a n/a

Oct-13 for-each Software focused on mobile development n/a n/a n/a n/a n/a

Aug-13 Bestech Systems Bridge span analysis n/a n/a n/a n/a n/a

Aug-13 Savoy Computing Transportation path analysis n/a n/a n/a n/a n/a

May-13 Tinkercad Cloud-based 3D design tools n/a n/a n/a n/a n/a

Mar-13 Firehole Technologies Composite materials design n/a n/a $10.0 n/a n/a

Jan-13 Allpoint 3D data processing n/a n/a n/a n/a n/a

Jan-13 PI-VR Automotive visualization n/a n/a $49.3 n/a n/a

Oct-12 Qontext Enterprise social collaboration n/a n/a $26.0 n/a n/a

Oct-12 HSMWorks Computer aided manufacturing n/a n/a n/a n/a n/a

Aug-12 Inforbix Product data searching n/a n/a n/a n/a n/a

Aug-12 Exotic Matter 3D fluid solver and dynamics framework n/a n/a n/a n/a n/a

Jul-12 Socialcam Video data capture n/a n/a $60.0 n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

50

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Autodesk Total Disclosed M&A Deal Value Since 2010: $2.2 Billion

Jun-12 Vela Systems Construction field software n/a n/a $76.0 n/a n/a

Dec-11 T-Splines Surface modelling software n/a n/a n/a n/a n/a

Dec-11 Horizontal Systems BIM platform n/a n/a n/a n/a n/a

Nov-11 GRIP Entertainment Artificial intelligence games n/a n/a n/a n/a n/a

Oct-11 Micro Application CAD/CAM for fabrication & construction n/a n/a $23.0 n/a n/a

Aug-11 Numenus High-end visualization n/a n/a n/a n/a n/a

Aug-11 Darwin Dimensions 3D character modelling n/a n/a n/a n/a n/a

Aug-11 Instructables User-generated DIY content n/a n/a $30.2 n/a n/a

Jul-11 Code Mine Cloud-based image tools and utilities n/a n/a n/a n/a n/a

May-11 Datastay PLM software n/a n/a n/a n/a n/a

Mar-11 Blue Ridge Numerics Fluid dynamics and simulation n/a n/a $39.0 n/a n/a

Mar-11 Scaleform UI software for consumer electronics n/a n/a $36.0 n/a n/a

Dec-10 Sim Ops 3D gaming technology n/a n/a n/a n/a n/a

Jul-10 Illuminate Labs Game lighting technology n/a n/a n/a n/a n/a

May-10 3am Solutions (Assets) Project visualization n/a n/a n/a n/a n/a

AVEVA Total Disclosed M&A Deal Value Since 2010: $2.4 Billion

Mar-20 MES Enter ErrorSolver Production accounting software n/a n/a n/a n/a n/a

May-19 Maxgrip (Software Assets) Asset management software solutions n/a n/a $28.2 n/a n/a

Sep-17 Schneider Electric Software Industrial software merger $575.7 $118.9 $2,307.1 4.01x 19.4x

Jun-15 FabTrol Systems Steel fabrication management software n/a n/a $6.5 n/a n/a

Jan-15 8over8 Asset risk management software $10.2 ($8.0) $40.8 4.02x n/m

Dec-12 Global Majic Software 3D interactive visualization applications n/a n/a n/a n/a n/a

May-12 Bocad Service International Building information modelling software n/a n/a $22.5 n/a n/a

Oct-11 Z+F UK Laser scanning software n/a n/a $9.9 n/a n/a

Jun-10 Logimatic Software Production control software n/a n/a $19.6 n/a n/a

Jun-10 ADB Systemer Integrated software for oil & gas $4.9 ($0.1) $6.4 1.33x n/m

Bentley Total Disclosed M&A Deal Value Since 2010: n/a

Jul-20 Cohesive Solutions IBM Maximo EAM software reseller n/a n/a n/a n/a n/a

Jun-20 NoteVault Voice-based field automation n/a n/a n/a n/a n/a

Mar-20 Business Collaborator Document management software n/a n/a n/a n/a n/a

Oct-19 Orbit GeoSpatial Technologies Geospatial software solutions n/a n/a n/a n/a n/a

Oct-19 Citilabs Mobile analytics platform solutions n/a n/a n/a n/a n/a

Oct-19 Digital Construction Works Digital integration services n/a n/a n/a n/a n/a

May-19 Keynetix Geotechnical data management software n/a n/a n/a n/a n/a

Feb-19 SignCAD Systems Traffic sign design software n/a n/a n/a n/a n/a

Nov-18 AIworx Machine learning & IoT technologies n/a n/a n/a n/a n/a

Oct-18 Agency9 Advanced digital twin modelling n/a n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

51

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Bentley Total Disclosed M&A Deal Value Since 2010: n/a

Oct-18 Legion Pedestrian simulation software n/a n/a n/a n/a n/a

Jun-18 Synchro Software 4D building information modelling n/a n/a n/a n/a n/a

Apr-18 Plaxis Geotechnical software tools n/a n/a n/a n/a n/a

Apr-18 SoilVision Systems Geotechnical software database n/a n/a n/a n/a n/a

Jan-18 S-Cube Futuretech Structural engineering management tools n/a n/a n/a n/a n/a

Oct-17 ACTION Modulers Water Modelling Software Business n/a n/a n/a n/a n/a

Nov-16 Comply Serve Infrastructure compliance management n/a n/a n/a n/a n/a

Sep-15 E-On Software 3D system simulation n/a n/a n/a n/a n/a

Mar-15 EADOC Construction project management software n/a n/a n/a n/a n/a

Feb-15 Acute3D High-resolution 3D modelling n/a n/a n/a n/a n/a

Jan-15 C3 Global Asset performance applications n/a n/a n/a n/a n/a

Sep-14 BLUERIDGE Analytics 3D civil / site design software n/a n/a n/a n/a n/a

Nov-13 Engineering Systems Structural analysis & design software n/a n/a n/a n/a n/a

Nov-12 EuResearch Software for pressure vessels & exchangers n/a n/a n/a n/a n/a

Sep-12 IVARA Corporation Asset performance management software n/a n/a n/a n/a n/a

May-12 InspectTech Systems Asset management solutions n/a n/a n/a n/a n/a

Mar-12 Hannappel Software CAD software for electrical installations n/a n/a n/a n/a n/a

Nov-11 Pointools Point cloud conversion applications n/a n/a n/a n/a n/a

Nov-11 Formation Design Systems 3D modelling & analysis software n/a n/a n/a n/a n/a

Mar-11 Engineering Dynamics Offshore simulation software n/a n/a n/a n/a n/a

Jul-10 BLUERIDGE Analytics 3D civil / site design software n/a n/a n/a n/a n/a

Feb-10 Enterprise Informatics Document management software n/a n/a n/a n/a n/a

Feb-10 Exor Corporation Infrastructure asset management software n/a n/a n/a n/a n/a

Dassault Systemes Total Disclosed M&A Deal Value Since 2010: $9.8 Billion

Jul-20 Proxem AI-based semantic processing software n/a n/a n/a n/a n/a

Jun-19 Medidata Clinical development SaaS $661.0 $85.4 $5,763.8 8.72x n/m

Feb-19 Elecwork (Assets) Electrical design, product line & IP assets n/a n/a n/a n/a n/a

Jan-19 IQMS Manufacturing ERP software & SaaS $56.0 n/a $425.0 7.59x n/a

Jan-19 Argoism System requirements validation software n/a n/a n/a n/a n/a

Dec-19 COSMOlogic Computational chemistry software n/a n/a n/a n/a n/a

Jul-18 Centric Software PLM software for operations management n/a n/a $228.1 n/a n/a

Jun-18 No Magic BPM software & SaaS n/a n/a n/a n/a n/a

Nov-17 Exa Corporation Simulation & engineering software & SaaS $73.0 $1.5 $400.0 5.48x n/m

Jun-17 Outscale Provider of IaaS n/a n/a n/a n/a n/a

Jun-17 AITAC Marine and offshore engineering software n/a n/a n/a n/a n/a

Dec-16 Next Limit Dynamics Graphics simulation software asset n/a n/a n/a n/a n/a

Jul-16 CST Electromagnetic field simulation software $47.0 n/a $243.7 5.18x n/a

Jun-16 Ortems Manufacturing planning software n/a n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

52

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Dassault Systemes Total Disclosed M&A Deal Value Since 2010: $9.8 Billion

Apr-16 3DPLM Software Solutions Software development & implementation n/a n/a n/a n/a n/a

Apr-15 Modelon CAD & simulation software n/a n/a n/a n/a n/a

Jul-14 Quitiq Supply planning & optimization software $96.0 n/a $337.0 3.51x n/a

Jul-14 SIMPACK Simulation software provider n/a n/a n/a n/a n/a

Jan-14 Accelrys Scientific PLM software $166.0 n/a $750.0 4.52x n/a

Jan-14 Real time Technology 3D visualization technology n/a n/a $245.4 n/a n/a

Oct-13 Inceptra Horizontal PLM software n/a n/a n/a n/a n/a

Sep-13 Safety Technology Supplier of safety training and equipment n/a n/a $1.0 n/a n/a

Jul-13 SFE CAE-driven development software n/a n/a n/a n/a n/a

Jul-13 Apriso Manufacturing operations platform n/a n/a $205.0 n/a n/a

Apr-13 Archividéo Production of 3D images for construction $1.3 n/a n/a n/a n/a

Apr-13 Fe-Design Simulation and automation software n/a n/a n/a n/a n/a

Apr-13 Simpoe Injection-molding simulation software n/a n/a n/a n/a n/a

Jan-13 SquareClock Provides 3D space planning solutions $2.7 n/a n/a n/a n/a

Dec-12 Tuscany Design Automation Engineering software for circuit design n/a n/a n/a n/a n/a

Jul-12 Dassault Systèmes GEOVIA Supplier of mining productivity solutions n/a n/a $354.9 n/a n/a

Feb-12 Netvibes Dashboard publishing platform $2.8 ($2.5) n/a n/a n/a

Oct-11 Elsys International Collaborative management software $0.7 ($0.2) n/a n/a n/a

Oct-11 Simulayt Draping simulation technology services $1.1 $3.0 n/a n/a n/a

Apr-11 Enginuity PLM R&D software for chemical companies n/a n/a n/a n/a n/a

Mar-11 Intercim Operations management software n/a n/a $36.5 n/a n/a

Jun-10 Geensoft Design tools for software systems n/a n/a $6.7 n/a n/a

Jun-10 Exalead Unified search technology platform n/a n/a $164.9 n/a n/a

Apr-10 IBM (PLM Assets) Support services for PLM software n/a n/a $600.0 n/a n/a

Dürr Group Total Disclosed M&A Deal Value Since 2010: $802.8 Million

Mar-20 Techno-Step (50%) Process data analysis and diagnosis $4.0 n/a $4.1 1.03x n/a

Oct-18 MEGTECH/Universal Environmental control technologies $230.7 n/a $144.6 0.63x n/a

Sep-17 Test Devices Aviation-related testing technology $8.0 n/a $5.2 0.65x n/a

Dec-16 KBA-Metal Print Thermal exhaust air purification systems n/a n/a n/a n/a n/a

Dec-16 Dualis APS software solutions n/a n/a n/a n/a n/a

Jul-16 E&P Turbo Cycle systems n/a n/a n/a n/a n/a

Mar-16 Cyplan (Other 50%) Producer of electricity from waste products n/a n/a n/a n/a n/a

Dec-15 iTAC Software MES provider $15.9 n/a $33.5 2.11x n/a

Nov-15 Mhitraa Engineering Automatic parts cleaning systems n/a n/a n/a n/a n/a

Oct-15 Shenlian China-based mfg. solutions n/a n/a n/a n/a n/a

Mar-15 Thermea (57.6%) Large-scale heat pumps n/a n/a $15.3 n/a n/a

Oct-14 HOMAG Group (55.9%) Woodworking manufacturing provider n/a n/a $523.8 n/a n/a

Jun-14 EST+ a.s. Producer of spray paints for metal products n/a n/a $6.7 n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

53

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Dürr Group Total Disclosed M&A Deal Value Since 2010: $802.8 Million

Jun-14 Bersch & Fratscher Manufacturer of paint spray guns n/a n/a $7.5 n/a n/a

Mar-14 Eurotech Solution Sdn. Bhd. Provider of automotive engineering service n/a n/a n/a n/a n/a

Mar-14 PT Anugerah Cipta Kelola Seller of automotive spare parts n/a n/a n/a n/a n/a

Jun-13 LTB (80.1%) Plant engineering business n/a n/a $15.0 n/a n/a

May-11 Cyplan (50.0%) Producer of electricity from waste products n/a n/a $10.1 n/a n/a

May-11 Agramkow (55.0%) Manufacturer of filling machines n/a n/a $21.0 n/a n/a

May-10 Helmut Rickert GmbH Gluing systems n/a n/a $6.6 n/a n/a

Mar-10 UCM AG Cleaning machines mfg. n/a n/a $5.7 n/a n/a

Jan-10 Klaus Kleinmichel Industrial gluing equipment mfg. n/a n/a $3.5 n/a n/a

ECi Total Disclosed M&A Deal Value Since 2010: n/a

Jun-20 Prosperity Lumber and building materials software n/a n/a n/a n/a n/a

May-20 BuildTools Web-based construction management n/a n/a n/a n/a n/a

Aug-19 Trivest Software Group Software for SME manufacturers n/a n/a n/a n/a n/a

Jul-19 Pacsoft Inventory management n/a n/a n/a n/a n/a

Dec-18 Lasso Data Systems Cloud-based CRM applications n/a n/a n/a n/a n/a

Nov-18 Print Audit Device and print management software n/a n/a n/a n/a n/a

Oct-18 Office Document consulting Developer of sales automation software n/a n/a n/a n/a n/a

Sep-18 KnowledgeSync Business Activity Monitoring software n/a n/a n/a n/a n/a

Jan-18 PrintFleet Print management services n/a n/a n/a n/a n/a

Aug-17 Exact Group (Assets) Manufacturing software assets n/a n/a n/a n/a n/a

Mar-17 Mark Systems Home builder ERP software n/a n/a n/a n/a n/a

Aug-15 JumpTrack Proof Of Delivery Proof of delivery systems n/a n/a n/a n/a n/a

Apr-15 Naverisk Business management systems software n/a n/a n/a n/a n/a

Jan-15 ECi Spruce Computer Systems End-to-end management software n/a n/a n/a n/a n/a

Jun-13 Red Cheetah Software Business operations software n/a n/a n/a n/a n/a

Apr-12 Bluesky System Solutions Computer software and IT service provider n/a n/a n/a n/a n/a

Sep-10 ECi Acsellerate Business intelligence services n/a n/a n/a n/a n/a

Emerson Total Disclosed M&A Deal Value Since 2010: $9.0 Billion

Feb-20 American Governer Company Hydroelectric service provider n/a n/a n/a n/a n/a

Nov-19 Verdant Environmental Tech. Energy management systems mfg n/a n/a n/a n/a n/a

Nov-19 Spence and Nicholson Steam regulators and traps n/a $7.0 $85.4 n/a 12.2x

Aug-19 Zedi (Assets) O&G SCADA platform n/a n/a n/a n/a n/a

May-19 Bioproduction Group Biomanufacturing analytics software n/a n/a n/a n/a n/a

Apr-19 Integration Objectives Analytics application software solutions n/a n/a n/a n/a n/a

Oct-18 GE Intelligent Platforms Logic controller technologies $210.0 n/a n/a n/a n/a

Oct-18 HTE Engineering Services Special purpose heat staking equipment n/a n/a n/a n/a n/a

Jul-18 Aventics Pneumatic component manufacturer $425.0 $51.3 $615.1 1.45x 12.0x

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

54

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Emerson Total Disclosed M&A Deal Value Since 2010: $9.0 Billion

Jul-18 Textron (Assets) Electrical / utility tools and test equipment n/a $67.5 $810.0 n/a 12.0x

Jan-18 ProSys Global process control consulting services n/a n/a n/a n/a n/a

Jan-18 Cooper-Atkins Cloud-based temperature management n/a n/a $247.0 n/a n/a

Dec-17 Paradigm Oil & gas E&P software $140.0 $39.2 $510.0 3.64x 13.0x

Oct-17 GeoFields O&G pipeline data management software n/a n/a n/a n/a n/a

May-17 MYNAH Technologies Dynamic simulation software n/a n/a n/a n/a n/a

Apr-17 Pentair (Assets) Slumping valves and controls machinery $1,800.0 n/a $3,150.0 1.75x n/a

Nov-16 FMC Technologies (Assets) Chemical blending systems n/a n/a n/a n/a n/a

Oct-16 Permasense Corrosion and erosion monitoring systems $7.9 ($0.6) $50.3 6.39x n/m

Aug-16 Locus Traxx Technologies Shipment tracking software n/a n/a n/a n/a n/a

Aug-16 PakSense Perishable goods distribution sensors n/a n/a n/a n/a n/a

Dec-15 Specktronix Gas detector manufacture n/a n/a $94.8 n/a n/a

Oct-15 IntelliSAW Smart grid wireless sensor system n/a n/a $5.0 n/a n/a

Sep-15 Spectrex Flame & gas detector mfg. n/a n/a n/a n/a n/a

Jul-15 Yggdrasil O&G production optimization software n/a n/a n/a n/a n/a

Jun-15 ESI Pipeline support services n/a n/a n/a n/a n/a

Dec-14 Cascade Technologies (Assets) Gas emission monitoring systems n/a n/a n/a n/a n/a

Nov-14 Paine Electronics Pressure transducer manufacturer n/a n/a n/a n/a n/a

Jul-14 Valvulas Automation control products n/a n/a n/a n/a n/a

May-14 Management Resources Group Engineering and maintenance services n/a n/a n/a n/a n/a

Jan-14 EGS (Minority Stake) Industrial electrical products manufacturer $500.0 n/a $1,283.1 2.57x n/a

Dec-13 APM Automation Solutions Level measurement instrumentation n/a n/a n/a n/a n/a

Dec-13 Advanced Protection TechnologyIndustrial surge protector mfg. n/a n/a n/a n/a n/a

Oct-13 Virgo Valves & Controls Automation systems manufacturer $250.0 n/a $450.0 1.80x n/a

Oct-13 Enardo Vapor control equipment n/a n/a n/a n/a n/a

Jun-13 Groveley Fire and gas detection equipment n/a n/a n/a n/a n/a

Apr-12 Johnson Controls Marine container and boiler mfg. n/a n/a n/a n/a n/a

Mar-12 Avtron Loadbank Power measurement device provider n/a n/a n/a n/a n/a

Apr-11 Emerson Process Chennai Industrial valves mfg. n/a n/a $133.6 n/a n/a

Jan-11 Turbine Control Turbine control engineering services n/a n/a n/a n/a n/a

Sep-10 Chloride Group Power supply systems mfg. and provider n/a n/a $1,550.0 n/a n/a

Epicor Total Disclosed M&A Deal Value Since 2010: $1.2 Billion

Sep-19 1 EDI Source Electronic data interchange services n/a n/a n/a n/a n/a

Jul-19 Majure Data Warehouse management systems n/a n/a n/a n/a n/a

Jun-19 MechanicNet Customer relationship management n/a n/a n/a n/a n/a

Jan-17 docSTAR Document management n/a n/a n/a n/a n/a

Jan-16 Dot Net It Enterprise IT services n/a n/a n/a n/a n/a

Feb-15 Insite Software Manufacturing commerce tools n/a n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

55

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Epicor Total Disclosed M&A Deal Value Since 2010: $1.2 Billion

Jan-15 ShopVisible Order management and digital commerce n/a n/a $25.0 n/a n/a

Nov-14 QuantiSense Retail analytics n/a n/a n/a n/a n/a

Oct-12 Solarsoft Business ERP for midsized mfg. & distribution $90.0 n/a $155.0 1.72x n/a

May-12 Cogita Holdings ERP and operations management n/a n/a n/a n/a n/a

May-12 Internet AutoParts Auto replacement parts eCommerce n/a n/a $4.4 n/a n/a

May-11 Activant Solutions Business management and SCM n/a n/a $1,020.0 n/a n/a

Dec-10 Spectrum Human R. HR software $13.8 n/a $18.4 1.34x n/a

Forterro Total Disclosed M&A Deal Value Since 2010: n/a

Jun-19 Abas Software Assemble-to-Order ERP application n/a n/a n/a n/a n/a

Mar-18 Silog France-based ERP platform n/a n/a n/a n/a n/a

Jun-17 Clip Industrie French VSE & SMB ERP platform n/a n/a n/a n/a n/a

Feb-17 BPSC Poland-based ERP platform n/a n/a n/a n/a n/a

May-16 SYLOB France-based industrial SME ERP platform n/a n/a n/a n/a n/a

Apr-14 SolvAxis Switzerland-based ERP solutions n/a n/a n/a n/a n/a

Dec-13 Infocube Jeeves reseller and implementation partner n/a n/a n/a n/a n/a

General Electric Total Disclosed M&A Deal Value Since 2010: $105.3 Billion

Sep-18 Alstom Provider of renewable energy services n/a n/a $3,020.0 n/a n/a

Dec-17 YPF Energia Electrica Electricity generation business n/a n/a n/a n/a n/a

Nov-17 Geonx Virtual manufacturing platform n/a n/a n/a n/a n/a

Nov-17 Markbygden ETT Swedish wind farm project n/a n/a $352.0 n/a n/a

Jul-17 IQP Code-free application development tool n/a n/a $40.0 n/a n/a

Jul-17 Baker Hughes Oilfield products and services $28,000.0 $5,040.0 $55,440.0 1.98x 11.0x

Apr-17 LM Wind Power Wind turbine industry mfg. $1,086.4 $192.5 $1,650.0 1.52x 8.6x

Apr-17 Lokomotiv Kurastyru Manufacturer of locomotives n/a n/a n/a n/a n/a

Feb-17 Nurego Monetization and business operations tool n/a n/a n/a n/a n/a

Jan-17 ServiceMax Field-service management platform $60.0 n/a $915.0 15.25x n/a

Dec-16 Concept Laser 3D metal printing technology n/a $27.7 $762.8 n/a 27.6x

Nov-16 Bit Stew Systems Industrial operations management $15.0 n/a $153.0 10.20x n/a

Nov-16 Alstom Bharat Forge Manufacturer of turbines and generators n/a n/a n/a n/a n/a

Sep-16 Meridium Asset performance management n/a n/a $366.3 n/a n/a

Sep-16 Arcam Metal-based additive mfg. technology $78.0 $0.2 $685.0 8.78x n/m

Sep-16 SLM Solutions Metal-based additive mfg. technology $74.0 n/a $762.0 10.30x n/a

Aug-16 ShipXpress Rail and shipping SCM software n/a n/a n/a n/a n/a

Apr-16 NeuCo Plant optimization software n/a n/a n/a n/a n/a

Apr-16 Metem Manufacturer of alloy components n/a n/a $140.0 n/a n/a

Dec-15 Alstom Bharat Forge Manufacturer of turbines and generators n/a n/a n/a n/a n/a

Nov-15 Alstom (Power & Grid) Thermal, renewable and grid business n/a n/a $10,300.0 n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

56

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

General Electric Total Disclosed M&A Deal Value Since 2010: $105.3 Billion

Jun-15 Alstom India Power services n/a n/a n/a n/a n/a

Mar-15 Oceaneering Int. Subsea electric actuator product line n/a n/a n/a n/a n/a

Jun-14 Cameron Int. Flow equipment products n/a n/a $550.0 n/a n/a

May-14 Wurldtech Security Software security products n/a n/a n/a n/a n/a

Apr-14 Medical Universal Manufacturer of medical imaging systems $5.3 $0.1 n/a n/a n/a

Mar-14 Ther. Fisher (Assets) Life sciences operations $250.0 n/a $1,060.0 4.24x n/a

Feb-14 Allen Gearing High performance gearboxes $35.4 $5.8 n/a n/a n/a

Jan-14 Finnamore Health care consultancy services $16.4 $0.3 n/a n/a n/a

Dec-13 Gestamp Aguascali. Manufacturer of metal components n/a n/a $14.2 n/a n/a

Aug-13 GE Avio Civil and military aeronautics components $2,710.2 n/a $4,330.0 1.60x n/a

Jul-13 Lufkin Industries Artificial lift and parts $1,319.6 $191.3 $3,236.9 2.45x 16.9x

Jun-13 Salof Companies Small scale cryogenic liquefaction plants n/a n/a n/a n/a n/a

Jan-13 BLS Energieplan Energy development and consulting n/a n/a n/a n/a n/a

Nov-12 Albeo Technologies Manufacturer of led lighting products $10.6 n/a n/a n/a n/a

Oct-12 Metlife (Assets) Portfolio of bank's assets and deposits n/a n/a $7,000.0 n/a n/a

Aug-12 Naxys Manufacturer of oil and gas equipment n/a n/a n/a n/a n/a

Aug-12 Prairie Rose Wind Utility-scale wind-energy project n/a n/a n/a n/a n/a

Aug-12 Presens Pressure-sensor devices n/a n/a n/a n/a n/a

May-12 Industrea Mining products and services $370.0 $116.8 $678.4 1.83x 5.8x

Apr-12 Chisholm View Wind Owner and operator of a wind farm n/a n/a $375.0 n/a n/a

Jan-12 RMI Rail and shipper eCommerce $45.0 n/a n/a n/a n/a

Sep-11 Lightech Electronic Consumer & commercial lighting products n/a n/a $18.7 n/a n/a

Apr-11 John Wood Group Support services for the O&G industry $1,478.0 $259.1 $2,779.1 1.88x 10.7x

Mar-11 Lineage Power Power supply products $450.0 n/a $525.0 1.17x n/a

Feb-11 Wellstream Holdings Pipeline systems for the oil & gas industry n/a $2.0 $1,275.1 n/a n/m

Feb-11 Dresser Engineered infrastructure products n/a n/a $3,000.0 n/a n/a

Jan-11 NBCUniversal Media and entertainment company $20,234.0 n/a $5,800.0 0.29x n/a

Jan-11 Remote Energy Mon. Manufacturer of energy measuring devices n/a n/a n/a n/a n/a

Oct-10 Opal Software Utilities software and engineering services n/a n/a n/a n/a n/a

Oct-10 Citigroup (Assets) Loan portfolio of retail credit cards n/a n/a n/a n/a n/a

Jul-10 RBS Factoring Invoice factoring solutions n/a n/a n/a n/a n/a

May-10 Arteria Networks Optical fiber network $381.2 n/a $64.1 0.17x n/a

Germanedge Total Disclosed M&A Deal Value Since 2010: n/a

Aug-19 ORSOFT SCM and master data management n/a n/a n/a n/a n/a

Nov-19 Objective International MES and warehouse management solution n/a n/a n/a n/a n/a

Jul-17 QDA Solutions Quality management software n/a n/a n/a n/a n/a

Jul-17 New Solutions Shop floor digitizing processes n/a n/a n/a n/a n/a

Dec-16 GefaSoft MES and process visualization software n/a n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

57

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Hexagon Total Disclosed M&A Deal Value Since 2010: $3.0 Billion

Mar-20 CAEFatigue Mechanical fatigue simulation n/a n/a n/a n/a n/a

Feb-20 Romax Technology Computer aided engineering software Conf. Conf. Conf. Conf. Conf.

Jan-20 COWI (Assets) Mapping and geospatial services n/a n/a n/a n/a n/a

Jan-20 Geopraevent Sensors and measuring technologies n/a n/a n/a n/a n/a

Jan-20 Volume Graphics Industrial tomography software n/a n/a n/a n/a n/a

Jun-19 Melown Technologies Web-based 3D visualization software n/a n/a n/a n/a n/a

Jun-19 AMendate Additive manufacturing design n/a n/a n/a n/a n/a

Feb-19 Thermopylae Govt. & defense geospatial applications $20.0 n/a n/a n/a n/a

Jan-19 j5 International Operational risk management software n/a n/a $16.6 n/a n/a

Jan-19 Etalon Machine / equipment calibration solutions n/a n/a n/a n/a n/a

Oct-18 Bricsys CAD software for AEC market $14.7 $1.5 n/a n/a n/a

Sep-18 External-Array Software CMM manufacturing software n/a n/a n/a n/a n/a

Jun-18 Geocloud (Assets) Ski slope infrastructure measurement n/a n/a n/a n/a n/a

Jun-18 SPRING Technologies Machine tool simulation software $9.5 $0.4 n/a n/a n/a

Jun-18 AutonomouStuff Integrated autonomous vehicle solutions $45.0 n/a n/a n/a n/a

May-18 Nextsense Non-contact profile measurement $13.5 n/a n/a n/a n/a

Apr-18 Licom Systems Alphacam CAM software distributor n/a n/a n/a n/a n/a

Apr-18 ProCAM Group Italian distributor of Vero Software n/a n/a n/a n/a n/a

Mar-18 AGTEK Construction project modelling software n/a n/a n/a n/a n/a

Jan-18 Plant Design Solutions CADWorx & Analysis software n/a n/a n/a n/a n/a

Jan-18 Industrial Business Solutions Digital project completion n/a n/a n/a n/a n/a

Oct-17 Luciad Geospatial information visualization $21.7 n/a n/a n/a n/a

Jun-17 InfraMeasure Laser-based rail measurement system n/a n/a n/a n/a n/a

Jun-17 DST Computer Services Pipe stress analysis software n/a n/a n/a n/a n/a

Jun-17 FASys Industrie DIN 4000/4003 tool & resource management n/a n/a n/a n/a n/a

May-17 VIRES Driver-assisted & autonomous simulation n/a n/a n/a n/a n/a

May-17 Catavolt Mobile app development n/a n/a n/a n/a n/a

Apr-17 MSC Software Computer aided engineering software $230.0 n/a $834.0 3.63x n/a

Jan-17 MiPlan Consulting Mobile mine management software n/a n/a n/a n/a n/a

Sep-16 GISquadrat Location-based geospatial software n/a n/a n/a n/a n/a

Aug-16 Apodius Composite measurement solutions n/a n/a n/a n/a n/a

Aug-16 Multivista Construction visual documentation services n/a n/a n/a n/a n/a

Aug-16 P3D Systems Laser scanning & 3D modelling software n/a n/a n/a n/a n/a

Jun-16 Ingegneria dei Sistemi (Assets) Structural health monitoring solutions $20.0 n/a n/a n/a n/a

Jun-16 Nestix Production control software n/a n/a n/a n/a n/a

Mar-16 AICON 3D Systems Industrial 3D optical measuring systems $21.1 $1.8 n/a n/a n/a

Mar-16 Forming Technologies (FTI) Sheet metal forming mfg. software n/a n/a n/a n/a n/a

Mar-16 M&P Survey Equipment Surveying equipment & construction lasers n/a n/a n/a n/a n/a

Feb-16 Sigma Space Optoelectronic aerospace instrumentation $25.0 n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

58

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Hexagon Total Disclosed M&A Deal Value Since 2010: $3.0 Billion

Jan-16 SCCS Provider of survey equipment for Leica $15.0 $7.8 n/a n/a n/a

Apr-15 Q-Das Statistical process control (SPC) services n/a n/a n/a n/a n/a

Jul-14 Vero Software CAD/CAM software $106.2 n/a n/a n/a n/a

Jul-14 Geodata Diffusion Real time kinematic correction services $4.0 $1.8 n/a n/a n/a

Jun-14 North West Geomatics Digital remote sensing/aerial photography $13.5 n/a n/a n/a n/a

Jun-14 iLab Sistemas Planning/optimization for agro businesses n/a n/a n/a n/a n/a

Jun-14 Mintec Software services for mining industry n/a n/a n/a n/a n/a

Apr-14 Arvus Tecnologia Software services for agro businesses n/a n/a n/a n/a n/a

Mar-14 Veripos Satellite position software $44.0 $15.8 n/a n/a n/a

Mar-14 SAFEmine Traffic safety products and services $17.2 n/a n/a n/a n/a

Feb-14 Aibotix Manufacturer of flying robots n/a n/a n/a n/a n/a

Dec-13 Pixis Provider of digital engineering services n/a n/a n/a n/a n/a

Oct-13 Devex Tecnologia e Sistemas Mine-management software services n/a n/a n/a n/a n/a

Jun-13 Geosoft Software for cartography/photogrammetry n/a n/a n/a n/a n/a

May-13 Navgeokom Surveying and mapping products n/a n/a n/a n/a n/a

Apr-13 Manfra & Companhia Topography software systems $9.2 n/a n/a n/a n/a

Jan-13 LISTECH Developer of construction software n/a n/a n/a n/a n/a

Jan-13 New River Kinematics Metrology application software $13.3 n/a n/a n/a n/a

Dec-12 GTA Geoinformatik Provider of 3D city mapping technologies n/a n/a n/a n/a n/a

Jan-12 Microsurvey Software Surveying and mapping software $2.6 n/a n/a n/a n/a

Aug-11 Sisgraph Engineering and geospatial software $14.3 n/a n/a n/a n/a

Jul-10 Intergraph Engineering and geospatial software $770.0 n/a $2,125.0 2.76x n/a

Honeywell Total Disclosed M&A Deal Value Since 2010: $13.7 Billion

Dec-19 Rebellion Photonics Hyperspectral imaging technology n/a n/a n/a n/a n/a

Jul-19 TruTrak Flight Systems Light sport aircraft autopilot products n/a n/a n/a n/a n/a

Jun-19 Theatro Wearable communication device n/a n/a $15.0 n/a n/a

Nov-18 Transnorm Warehouse conveyor solutions $153.4 n/a $495.2 3.23x n/a

Dec-17 FLUX (25%) Warehouse management and supply chain n/a n/a n/a n/a n/a

Nov-17 Scame Sistemi Provider of fire and gas safety systems n/a n/a n/a n/a n/a

Aug-17 Corsair Components PC component designer & manufacturer n/a $55.0 $525.0 n/a 9.5x

Jun-17 NextNine Industrial cyber security software n/a n/a n/a n/a n/a

Dec-16 Munters (Bid) Humidity control products and services $631.3 n/a $1,084.9 1.72x n/a

Aug-16 Intelligrated Warehouse execution systems $900.0 $125.0 $1,500.0 1.67x 12.0x

Apr-16 Xtralis Technology for fire detection and gas leaks n/a n/a $480.0 n/a n/a

Mar-16 Movilizer Cloud-based field service applications n/a n/a n/a n/a n/a

Mar-16 Videofied Wireless alarm system $108.7 n/a $123.0 1.13x n/a

Feb-16 COM DEV Space communications products $181.3 $10.4 $345.6 1.91x n/m

Jan-16 SECAN Heat and cooling steam systems $40.6 n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

59

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Honeywell Total Disclosed M&A Deal Value Since 2010: $13.7 Billion

Dec-15 Elster Group Metering and data communication n/a $404.8 $5,100.0 n/a 12.6x

Dec-15 Satcom1 On board communications software $25.0 n/a n/a n/a n/a

Nov-15 Sigma Aldrich Laboratory research chemicals business n/a n/a $112.8 n/a n/a

Sep-15 Aviaso Flight management systems n/a n/a n/a n/a n/a

Mar-15 Datamax O'Neil Bar code and RFID labeling products n/a n/a $185.0 n/a n/a

Dec-13 Deverill Black & Co. Financial-advisory in the UK $0.7 ($0.1) $1.6 2.35x n/m

Jun-13 Infonet Services Voice and data communications services $801.0 $18.2 $513.1 0.64x 28.3x

Jun-13 RAE Systems Multi-sensor chemical and radiation $107.0 n/a $340.0 3.18x n/a

Feb-13 Saia-Burgess Electrical parts and equipment $94.2 n/a $130.0 1.38x n/a

Oct-12 UOP Russell Modular plant designer n/a $100.0 $750.0 n/a 7.5x

Jun-12 INNCOM International Energy-management software $24.0 n/a n/a n/a n/a

Jan-12 Fire Sentry Fire detection and control products n/a n/a n/a n/a n/a

Sep-11 Sunoco (Assets) Frankford Phenol Operations n/a n/a n/a n/a n/a

Aug-11 IRIS Systems Flame monitoring products n/a n/a n/a n/a n/a

Sep-10 Sperian Protection Personal protective equipment $963.8 $94.4 $1,823.5 1.89x 19.3x

Jul-10 E-Mon Energy sub-meter systems n/a n/a n/a n/a n/a

Jun-10 MatrikonOPC Technology for industrial intelligence $81.2 $7.8 $127.0 1.56x 16.3x

May-10 Akuacom Demand response technology n/a n/a n/a n/a n/a

IFS/Acumatica Total Disclosed M&A Deal Value Since 2010: $8.9 Million

Jan-20 Jaas (Acumatica) Cloud-based ERP platform provider n/a n/a n/a n/a n/a

Dec-19 Astea International (IFS) Management software solutions n/a n/a n/a n/a n/a

Nov-17 WorkWave (IFS) Scalable SaaS last-mile delivery software n/a n/a n/a n/a n/a

Aug-17 Field Service Mgt. (IFS) Service management software services n/a n/a n/a n/a n/a

Aug-17 mplSystems (IFS) Customer and field service technology n/a n/a n/a n/a n/a

Jan-17 Mxi Technologies (IFS) Maintenance management software n/a n/a n/a n/a n/a

Mar-16 MainIoT Software (IFS) SaaS-based Enterprise Asset Management $5.5 $1.4 $8.9 1.60x 6.4x

Jul-15 VisionWaves (IFS) Management software systems. n/a n/a n/a n/a n/a

Dec-11 LatinIFS Tecnologia (IFS) Distributor of application software $13.1 $2.4 n/a n/a n/a

Sep-10 IFS 360 Scheduling (IFS) Workforce management $3.3 $0.5 n/a n/a n/a

Infor Total Disclosed M&A Deal Value Since 2010: $2.6 Billion

Jan-20 Intelligent Insites Healthcare automation services n/a n/a n/a n/a n/a

Apr-19 ReServe Interactives Catering management software n/a n/a n/a n/a n/a

Dec-18 Alfa-Beta Solutions System integration services n/a n/a n/a n/a n/a

Sep-18 Vivonet Cloud-based POS software n/a n/a n/a n/a n/a

Jun-17 Birst Networked business analytics n/a n/a $100.7 n/a n/a

Mar-17 Ciber (Infor Practice) Infor consulting services & reseller n/a n/a n/a n/a n/a

Mar-17 Accentia Middle East ERP software n/a n/a $18.0 n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

60

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Infor Total Disclosed M&A Deal Value Since 2010: $2.6 Billion

Jun-16 Predictix Retail applications n/a n/a n/a n/a n/a

May-16 Merit Globe Infor software consulting n/a n/a n/a n/a n/a

Aug-15 GT Nexus Cloud-based global commerce platform $150.0 n/a $675.0 4.50x n/a

Apr-14 GRASP Healthcare resource management n/a n/a n/a n/a n/a

Jan-14 PeopleAnswers Talent assessment n/a n/a n/a n/a n/a

May-13 TDCI Product configuration n/a n/a n/a n/a n/a

Apr-13 CERTPOINT Corporate training & learning n/a n/a $26.5 n/a n/a

Dec-12 Orbis Global Marketing resource management n/a n/a n/a n/a n/a

Aug-12 Laurier CIM Group Wholesale distribution ERP n/a n/a n/a n/a n/a

Jun-12 EasyRMS Hospitality industry revenue management $11.5 $4.0 n/a n/a n/a

Oct-11 ENXSuite Energy performance management n/a n/a n/a n/a n/a

Jul-11 Lawson Software Manufacturing & maintenance ERP $755.2 $134.5 $1,697.8 2.25x 12.6x

Jul-10 Qurius Multi-vertical ERP n/a n/a $5.1 n/a n/a

Jun-10 Bridgelogix Barcode data collection n/a n/a n/a n/a n/a

Jan-10 Amadeus Hotel property management n/a n/a $5.0 n/a n/a

MPDV Total Disclosed M&A Deal Value Since 2010: n/a

Jul-19 Felten Group IT consulting services n/a n/a n/a n/a n/a

Oracle Total Disclosed M&A Deal Value Since 2010: $38.6 Billion

Apr-20 Sauce Video Video content creation solutions n/a n/a n/a n/a n/a

Mar-20 LiveData Utilities Data solutions for utility companies n/a n/a n/a n/a n/a

Nov-19 CrowdTwist Cloud based customer loyalty platform n/a n/a n/a n/a n/a

Jul-19 Sonantic Speech driven communication software n/a n/a n/a n/a n/a

Jun-19 Oxygen Systems (Brazil) Provider of localization solutions in Brazil n/a n/a n/a n/a n/a

Dec-18 goBalto Clinical feasibility solutions n/a n/a n/a n/a n/a

Nov-18 Talari Networks Wide area network technology n/a n/a n/a n/a n/a

Nov-18 DataFox Company research platform n/a n/a n/a n/a n/a

Oct-18 Iridize Customer training and on-boarding n/a n/a n/a n/a n/a

Jun-18 Datascience.com Data science platform n/a n/a n/a n/a n/a

May-18 Grapeshot Content placement optimization $30.6 $4.2 $400.0 13.07x n/m

Apr-18 Vocado Financial aid management platform n/a n/a $139.0 n/a n/a

Apr-18 Sparkline Data Provider of data warehouse platform n/a n/a n/a n/a n/a

Dec-17 Aconex Construction document management $122.3 $5.7 $1,198.7 9.80x n/m

Apr-17 Moat Marketing analytics platform n/a n/a $850.0 n/a n/a

Apr-17 Wercker Code deployment platform n/a n/a n/a n/a n/a

Apr-17 Webtrends (Infinity) Big data analytics n/a n/a n/a n/a n/a

Jan-17 Apiary API documentation development n/a n/a n/a n/a n/a

Nov-16 Dyn Internet performance management $100.0 n/a $650.0 6.50x n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

61

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Oracle Total Disclosed M&A Deal Value Since 2010: $38.6 Billion

Nov-16 NetSuite ERP solutions for SMB $897.5 ($55.6) $8,838.9 9.85x n/m

Sep-16 Palerra Cloud security automation n/a n/a n/a n/a n/a

Sep-16 LogFire Warehousing & in-store inventory platform n/a n/a $36.0 n/a n/a

May-16 Opower Utilities customer engagement $152.0 ($32.8) $471.2 3.10x n/m

Apr-16 Textura Commercial construction collaboration $92.2 ($5.4) $698.3 7.57x n/m

Apr-16 Crosswise (Assets) Cross device data services n/a n/a $50.0 n/a n/a

Feb-16 Ravello Systems Nested virtualization software n/a n/a $500.0 n/a n/a

Jan-16 AddThis Social infrastructure and data platform n/a n/a $200.0 n/a n/a

Dec-15 StackEngine Docker management platform n/a n/a n/a n/a n/a

Sep-15 Maxymiser Multivariate testing & personalization n/a n/a n/a n/a n/a

Aug-15 CloudMonkey Mobile Mobile software application testing n/a n/a n/a n/a n/a

Jan-15 Datalogix Online advertising data & technology $125.0 n/a $1,200.0 9.60x n/a

Oct-14 Front Porch Digital Content storage management n/a n/a n/a n/a n/a

Sep-14 MICROS Systems Hospitality & retail management solutions $1,405.4 $291.3 $5,701.2 4.06x 19.6x

Jul-14 TOA Technologies Mobile workforce software n/a n/a n/a n/a n/a

Jul-14 BlueKai Enterprise marketing data activation n/a n/a $425.0 5.90x n/a

Jun-14 LiveLOOK Customer collaboration tools n/a n/a n/a n/a n/a

Jun-14 GreenBytes Desktop virtualization n/a n/a n/a n/a n/a

Mar-14 Corente Enterprise network security n/a n/a n/a n/a n/a

Dec-13 Responsys Email marketing $194.3 $13.8 $1,500.0 7.72x n/m

Dec-13 Nirvanix Internet storage services n/a n/a n/a n/a n/a

Nov-13 BigMachines Product configuration & quoting $58.0 n/a $400.0 6.90x n/a

Nov-13 Bitzer Mobile Enterprise mobility management n/a n/a n/a n/a n/a

Oct-13 Compendium Content marketing start-up n/a n/a n/a n/a n/a

Jun-13 Tekelec Network signaling applications n/a n/a n/a n/a n/a

Mar-13 Acme Packet Session delivery network $274.4 $8.4 $1,741.5 6.35x n/m

Mar-13 Eloqua Marketing automation software $95.8 ($8.6) $871.0 9.10x n/m

Mar-13 Nimbula Cloud infrastructure software n/a n/a $100.0 n/a n/a

Dec-12 DataRaker Utilities big data analytics n/a n/a n/a n/a n/a

Nov-12 Instantis Project portfolio management n/a n/a n/a n/a n/a

Sep-12 SelectMinds Social talent sourcing n/a n/a n/a n/a n/a

Aug-12 Involver Video campaign marketing n/a n/a n/a n/a n/a

Jul-12 Xsigo Systems Virtualized infrastructure services n/a n/a n/a n/a n/a

Jul-12 Skire Facility management solutions n/a n/a n/a n/a n/a

Jul-12 Collective Intent Social media analytics n/a n/a n/a n/a n/a

May-12 Vitrue Social media marketing services n/a n/a $300.0 n/a n/a

Apr-12 ClearTrial Clinical trials operations n/a n/a n/a n/a n/a

Apr-12 Taleo Talent management software $308.9 $16.2 $608.1 1.97x n/m

Jan-12 RightNow Tech. CRM and customer service software $216.2 $22.3 $1,500.0 6.94x n/m

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

62

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Oracle Total Disclosed M&A Deal Value Since 2010: $38.6 Billion

Dec-11 Endeca Technologies Information management software n/a n/a $1,080.0 n/a n/a

Oct-11 GoAhead Integrated middleware for manufacturers n/a n/a n/a n/a n/a

Jul-11 InQuira Natural language search n/a n/a n/a n/a n/a

Jul-11 Ksplice Linux update software n/a n/a n/a n/a n/a

Jul-11 Pillar Data Systems Network storage systems n/a n/a n/a n/a n/a

Jun-11 FatWire Software Web experience management n/a n/a n/a n/a n/a

Jun-11 Datanomic Compliance screening software n/a n/a n/a n/a n/a

Jan-11 Art Technology Group Cross-channel commerce $193.9 $25.5 $848.0 4.37x n/m

Oct-10 Passlogix Single sign on services n/a n/a n/a n/a n/a

Aug-10 Phase Forward Clinical research software $227.7 $14.5 $744.6 3.27x n/m

Aug-10 eServGlobal Telecom software $55.5 n/a $96.4 1.74x n/a

May-10 Market2Lead Marketing automation software n/a n/a n/a n/a n/a

May-10 Secerno Database security and compliance n/a n/a n/a n/a n/a

Feb-10 Convergin Network service mediation n/a n/a n/a n/a n/a

Feb-10 AmberPoint SOA visibility and management n/a n/a n/a n/a n/a

Jan-10 Sun Microsystems Network infrastructure services $9,000.0 n/a $7,400.0 0.82x n/a

Jan-10 Silver Creek Systems Data usability solutions n/a n/a n/a n/a n/a

Plex Systems Total Disclosed M&A Deal Value Since 2010: n/a

Jul-18 Dattus Asset monitoring platform n/a n/a n/a n/a n/a

Aug-16 Cadent Resources Planning and inventory optimization n/a n/a n/a n/a n/a

PTC Total Disclosed M&A Deal Value Since 2010: $1.7 Billion

Nov-19 Onshape Cloud-based 3D CAD platform n/a n/a $470.0 n/a n/a

Jun-19 TWNKLS Augmented reality solutions & services n/a n/a n/a n/a n/a

Apr-19 Factora Solutions IIoT systems integration n/a n/a n/a n/a n/a

Nov-18 Frustum Topology optimization & generative design n/a n/a $69.6 n/a n/a

Feb-18 Waypoint Labs Augmented reality for frontline workers $20.0 n/a n/a n/a n/a

Jan-16 Kepware Manufacturing device connectivity $20.0 n/a $118.0 5.90x n/a

Nov-15 Vuforia Vision-based AR platform n/a n/a $64.8 n/a n/a

May-15 ColdLight Solutions Machine learning predictive analytics $7.1 n/a $103.8 14.56x n/a

Jan-15 Caugnate Augmented reality technologies services n/a n/a n/a n/a n/a

Jul-14 ITA Holdings Sensor connectivity n/a n/a $170.0 n/a n/a

Jul-14 Atego Model-based systems applications $20.0 n/a $49.3 2.47x n/a

Dec-13 ThingWorx IoT platform for machines $6.0 n/a $130.0 21.67x n/a

Sep-13 NetIDEAS Product development and PLM $1.0 n/a $20.0 20.00x n/a

Jul-13 Enigma Aftermarket technical content management n/a n/a $10.0 n/a n/a

Oct-12 Servigistics Strategic service management $80.0 n/a $220.0 2.75x n/a

Sep-11 4CS Warranty lifecycle management n/a n/a $14.9 n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

63

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

PTC Total Disclosed M&A Deal Value Since 2010: $1.7 Billion

Jan-11 Mortice Kern Systems Configuration management software $67.9 $10.1 $304.0 4.48x n/m

Feb-10 Planet Metrics Carbon information management n/a n/a n/a n/a n/a

QAD Total Disclosed M&A Deal Value Since 2010: $12.5 Million

Aug-18 IRIS Sistem Inforindo QAD software implementation solutions n/a n/a n/a n/a n/a

Dec-12 CEBOS Enterprise quality management solutions $4.5 n/a $5.0 1.11x n/a

Jun-12 DynaSys Collaborative SCM solutions $7.2 $0.3 $7.5 1.04x 26.9x

Rockwell Automation Total Disclosed M&A Deal Value: $88.4 Million

May-20 Asem Computer designer and retailer n/a n/a n/a n/a n/a

Feb-20 Kalypso Software delivery and consulting services n/a n/a n/a n/a n/a

Feb-20 Avnet Data Security Cybersecurity training services n/a n/a n/a n/a n/a

Feb-20 Sensia JV Digital oilfield automation solutions n/a n/a n/a n/a n/a

Sep-19 MESTECH Services IT consulting services n/a n/a n/a n/a n/a

Jan-19 Emulate3D Engineering software for control testing n/a n/a n/a n/a n/a

Dec-17 Odos Imaging Time-of-flight 3D imaging technology n/a n/a n/a n/a n/a

Sep-16 MAVERICK Technologies Industrial automation services n/a n/a n/a n/a n/a

Sep-16 Automation Control Products Thin client hardware products n/a n/a n/a n/a n/a

Mar-16 MagneMotion Automation and transportation services n/a n/a n/a n/a n/a

Oct-14 ESC Services Hazardous energy control services n/a n/a n/a n/a n/a

Nov-13 vMonitor Communication services for O&G industry n/a n/a n/a n/a n/a

Nov-13 Jacobs Automation Linear synchronous motor technologies n/a n/a n/a n/a n/a

Oct-12 Harbin Jiuzhou Electric (Assets) Manufacturer of medium voltage drives n/a n/a $78.9 n/a n/a

Mar-12 SoftSwitching Technologies Power quality and monitoring services n/a n/a n/a n/a n/a

Dec-11 Lektronix Industrial automation-repair services n/a n/a $9.4 n/a n/a

Apr-11 HIPROM Engineering integration services n/a n/a n/a n/a n/a

Roper / Deltek Total Disclosed M&A Deal Value Since 2010: $12.0 Billion

Jun-20 Team TSI (Roper) Healthcare data systems software n/a n/a n/a n/a n/a

Aug-19 Internet Pipeline (Roper) Life insurance & annuity distribution software $200.0 n/a $1,625.0 8.13x n/a

Aug-19 ComputerEase (Deltek) Construction project management software n/a n/a $185.0 n/a n/a

Apr-19 Foundry (Roper) Computer graphics and VFX software $61.0 $20.9 $537.0 8.80x 25.7x

Jan-19 Avitru (Deltek) SaaS-based construction software n/a n/a n/a n/a n/a

Jun-18 ConceptShare (Deltek) Creative operations management platform n/a n/a n/a n/a n/a

Jun-18 PowerPlan (Roper) Financial forecast and analytics software $150.0 n/a $1,100.0 7.33x n/a

Nov-17 Onvia (Deltek) Business information and research services $24.7 $0.8 $70.0 2.83x n/m

Sep-17 WorkBook (Deltek) Business procurement ERP software n/a $1.7 n/a n/a n/a

Dec-16 Deltek (Roper) Software for project-focused clients $535.0 $200.0 $2,800.0 5.23x 14.0x

Oct-16 ConstructConnect (Roper) Pre-construction mgmt. & bid solicitation $150.0 n/a $632.0 4.21x n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

64

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Roper / Deltek Total Disclosed M&A Deal Value Since 2010: $12.0 Billion

Jul-16 Union Square (Deltek) AEC collaboration software $15.1 $4.9 n/a n/a n/a

Jan-16 CliniSys Group (Roper) Laboratory information management $53.0 $16.4 $245.3 4.63x 15.0x

Oct-15 Atlas Medical (Roper) Healthcare software applications n/a n/a $48.0 n/a n/a

Oct-15 Aderant Holdings (Roper) Financial management software $125.0 n/a $675.0 5.40x n/a

Sep-15 Atlantic Health (Roper) Vaccination provider services n/a n/a n/a n/a n/a

Sep-15 RFIDeas (Roper) Security applications solutions n/a n/a n/a n/a n/a

Jul-15 On Center (Roper) Project management & training software n/a n/a $157.0 n/a n/a

Mar-15 HRsmart (Deltek) SaaS-based talent management services n/a n/a n/a n/a n/a

Feb-15 Data Innovations (Roper) Clinical laboratory middleware software n/a n/a $230.0 n/a n/a

Feb-15 SoftWriters (Roper) Pharmacy-focused software provider n/a n/a $220.0 n/a n/a

Jan-15 Strata Decision (Roper) Healthcare financial performance analytics $26.3 n/a $140.0 5.32x n/a

Aug-14 Strategic Healthcare (Roper) Healthcare business analytics provider n/a n/a n/a n/a n/a

Aug-14 Innovative Product (Roper) Linen distribution systems n/a n/a n/a n/a n/a

Jul-14 Foodlink Online (Roper) Fresh food SCM solutions n/a n/a n/a n/a n/a

Jun-14 Axium Software (Deltek) Architecture and engineering software n/a n/a n/a n/a n/a

Mar-14 Sohnar (Deltek) Project management and workflow services $2.9 n/a n/a n/a n/a

Nov-13 Centurion Research (Deltek) Developer of enterprise software n/a n/a n/a n/a n/a

Oct-13 Advanced Sensors (Roper) Water analyzers and sensing equipment $11.6 $2.1 $54.0 4.66x 26.1x

Jul-13 Acumen (Deltek) Project management software $5.9 n/a n/a n/a n/a

May-13 Managed HealthCare (Roper) Site health care services and technology n/a $95.0 $1,000.0 n/a 10.5x

Aug-12 Sunquest (Roper) Healthcare automated information systems $195.5 $140.0 $1,415.0 7.24x 10.1x

Jul-12 Ascension (Roper) Developer of 3D tracking devices n/a n/a $19.0 n/a n/a

Jun-11 Northern Digital (Roper) Optical 3D/electromagnetic tracking systems $61.7 $20.0 $205.9 3.34x 10.3x

Apr-11 Washington (Deltek) Schedule consulting services $15.0 n/a $26.0 1.73x n/a

Oct-10 INPUT (Deltek) US-based market intelligence and consulting $26.2 n/a $60.0 2.29x n/a

Jul-10 iTradeNetwork (Roper) F&B SaaS-based business intelligence $150.0 n/a $523.0 3.49x n/a

Jul-10 Deltek Danmark (Deltek) Enterprise project optimization software $45.8 $4.8 $72.6 1.58x 15.0x

Mar-10 SIRA (Deltek) Budgeting, forecasting & resource planning n/a n/a $8.9 n/a n/a

Feb-10 Heartscape (Roper) Developer of medical devices n/a n/a n/a n/a n/a

SAP Total Disclosed M&A Deal Value Since 2010: $32.5 Billion

Jan-19 Qualtrics Surveying software $372.0 n/a $8,000.0 21.51x n/a

Nov-18 Contextor Robotic process automation tool n/a n/a n/a n/a n/a

May-18 Coresystems Workforce management software n/a n/a n/a n/a n/a

Apr-18 Callidus Software Cloud-based sales solutions $253.0 ($5.6) $2,400.0 9.49x n/m

Jan-18 Recast.AI Collaborative bot platform n/a n/a n/a n/a n/a

Jan-17 Abakus Attribution software n/a n/a n/a n/a n/a

Sep-16 Plat.One Software services n/a n/a n/a n/a n/a

Sep-16 Altiscale Data management platform n/a n/a $125.0 n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

65

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

SAP Total Disclosed M&A Deal Value Since 2010: $32.5 Billion

Jun-16 Fedem Technology Providers of engineering software n/a n/a n/a n/a n/a

Feb-16 Roambi Business information management n/a n/a n/a n/a n/a

Apr-16 Jirafe Analytics for e-commerce retailers n/a n/a n/a n/a n/a

Oct-15 Multiposting Online e-recruitment systems $9.4 ($0.8) n/a n/a n/a

Dec-14 Concur Business management software $702.6 $24.0 $7,430.7 10.58x n/m

May-14 SeeWhy Web analytic applications n/a n/a n/a n/a n/a

May-14 Fieldglass Vendor management system n/a n/a $974.4 n/a n/a

Dec-13 KXEN Knowledge management n/a n/a $30.5 n/a n/a

Aug-13 SAP Hybris E-commerce data platform $110.0 n/a $1,500.0 13.64x n/a

May-13 KMS Software Human capital management software n/a n/a n/a n/a n/a

Apr-13 SmartOps Supply chain optimization services n/a n/a n/a n/a n/a

Apr-13 Camilion Solutions Product development and management n/a n/a n/a n/a n/a

Mar-13 Ticket-Web Ticketing systems n/a n/a n/a n/a n/a

Oct-12 SAP Ariba Collaborative business commerce $516.8 $42.1 $4,282.4 8.29x n/m

Jun-12 Syclo Mobile enterprise app platform n/a n/a n/a n/a n/a

Feb-12 SuccessFactors Human resources performance $327.9 ($37.4) $3,235.0 9.86x n/m

Feb-12 Datango eLearning and electronic performance $10.7 ($3.0) n/a n/a n/a

Nov-11 Crossgate Electronic data exchange services n/a n/a n/a n/a n/a

Sep-11 Right Hemisphere Visual enterprise solutions n/a n/a n/a n/a n/a

Jan-11 Secude (Assets) Security software assets n/a n/a n/a n/a n/a

Sep-10 TechniData Information technology consulting $94.8 n/a n/a n/a n/a

Jul-10 Sybase Information management $1,197.0 $409.6 $4,533.2 3.79x 11.1x

Siemens Total Disclosed M&A Deal Value Since 2010: $9.9 Billion

Jun-20 SCNB EWSD switching systems n/a n/a n/a n/a n/a

Jun-20 Vizendo Virtual operator training n/a n/a n/a n/a n/a

Feb-20 C&S Electric Manufacturer of low voltage products n/a n/a $4.2 n/a n/a

Jan-20 AIT Goehner Consultancy and development services n/a n/a n/a n/a n/a

Jan-20 Multimechanics Virtual testing software n/a n/a n/a n/a n/a

Nov-19 Atlas 3D Cloud-based printing toolset n/a n/a n/a n/a n/a

Nov-19 Process Systems Enterprise Advanced modelling software n/a n/a n/a n/a n/a

Sep-19 Pixeom Software defined edge platform n/a n/a n/a n/a n/a

Jul-19 Innovation Systems (IST) Industrial transport planning software n/a n/a n/a n/a n/a

Jun-19 ESTEQ (South Africa) PLM and MOM distributor n/a n/a n/a n/a n/a

Jun-19 Saab Medav (Assets) NVH testing products and services n/a n/a n/a n/a n/a

Dec-18 Comsa Wire-harness engineering software n/a n/a n/a n/a n/a

Oct-18 Mendix Application development platform $97.3 n/a $730.0 7.50x n/a

Dec-18 Comsa Computer & Software Automotive design & analysis software n/a n/a n/a n/a n/a

Sep-18 Lightwork Design 3D rendering visualization systems n/a n/a n/a n/a n/a

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

66

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Target Description Revenue EBITDA Value Revenue EBITDA

Siemens Total Disclosed M&A Deal Value Since 2010: $9.9 Billion

Jun-18 Comfy Smart building management software n/a n/a n/a n/a n/a

Jun-18 Austemper Design Electronic design for circuit components n/a n/a n/a n/a n/a

Mar-18 Agilion Real-time location systems (RTLS) n/a n/a n/a n/a n/a

Feb-18 Sarokal Test Systems Testing equipment for ASIC & FPGA n/a n/a n/a n/a n/a

Jan-18 Milanovic Engineering Engineering and manufacturing services n/a n/a n/a n/a n/a

Dec-17 Solido Design Variation-aware design n/a n/a n/a n/a n/a

Oct-17 Mentor Infolytica Electromagnetic and thermal analysis n/a n/a n/a n/a n/a

Oct-17 Wi-Tronix Predictive maintenance for rail services n/a n/a n/a n/a n/a

Aug-17 TASS International Automotive design and testing software n/a n/a n/a n/a n/a

Mar-17 Mentor Graphics Electronic design automation $1,282.5 $267.2 $4,500.0 3.51x 16.8x

Nov-16 Conworx Technology Lab device interfaces n/a n/a n/a n/a n/a

Mar-16 CD-adapco Specialized simulation based on CFD $190.0 n/a $970.0 5.11x n/a

Mar-16 Neo New Oncology Medical diagnostic technology n/a n/a n/a n/a n/a

Nov-15 Polarion Software Application lifecycle management n/a n/a n/a n/a n/a

Jul-15 Zenco Systems Traffic enforcement technology n/a n/a n/a n/a n/a

Mar-15 AxIT Order management & logistics n/a n/a n/a n/a n/a

Oct-14 Camstar Manufacturing execution systems n/a n/a $160.0 n/a n/a

Jan-14 IBS Industrial productivity software n/a n/a n/a n/a n/a

Dec-13 TESIS PLMware Product lifecycle management n/a n/a n/a n/a n/a

Jun-13 Sky Eye Transport fleet management n/a n/a n/a n/a n/a

Jun-13 Preactor Manufacturing planning & scheduling n/a n/a n/a n/a n/a

May-13 Invensys Rail Railway design & system automation $1,179.5 n/a $2,660.0 2.26x n/a

Nov-12 LMS PLM simulation & testing $241.7 n/a $870.0 3.60x n/a

Sep-12 VRcontext Visualization technology n/a n/a n/a n/a n/a

Jan-12 eMeter Energy information management n/a n/a n/a n/a n/a

Dec-11 Vistagy Specialized engineering environments $18.0 n/a n/a n/a n/a

Aug-11 Advanced Telemetry Energy management n/a n/a n/a n/a n/a

Yokogawa Total Disclosed M&A Deal Value Since 2010: n/a

Apr-20 Fluid Imaging Technologies Digital imaging technology platform n/a n/a n/a n/a n/a

Mar-20 Grazper Artificial intelligence solutions n/a n/a n/a n/a n/a

Sep-19 RAP international Workflow software solutions n/a n/a n/a n/a n/a

Jul-17 TechInvent Chemical optimization solutions n/a n/a n/a n/a n/a

Nov-16 Soteica Visual Mesa Emissions management software n/a n/a n/a n/a n/a

Apr-16 KBC Advanced Technologies Oil & gas consulting services n/a n/a n/a n/a n/a

Jan-16 Industrial Knowledge Cloud-based data-processing services n/a n/a n/a n/a n/a

Nov-15 Birlesik Endustriyel Sistemler Distributor of electricity n/a n/a n/a n/a n/a

Jun-15 CM Technologies Cell imaging developer n/a n/a n/a n/a n/a

Average 4.82x 14.6x

Median 3.51x 12.6x

67

($ in Millions) Target Overview Transaction Statistics

Estimated Deal Deal Value / Estimated

Date Acquiror Target Description Revenue EBITDA Value Revenue EBITDA

Jun-20 Dairy.com Orbis MES Food & beverage MES software n/a n/a n/a n/a n/a

Apr-20 Fog Factivity MES and APS solutions n/a n/a n/a n/a n/a

Feb-20 Shoplogix IndustriOS Smart manufacturing software solutions n/a n/a n/a n/a n/a

Feb-20 Koch Industries Infor Industry focused enterprise software $3,200.0 $850.0 $13,000.0 4.06x 15.3x

Feb-20 ABRY Partners Extend (Norway) Web-based quality management systems n/a n/a n/a n/a n/a

Nov-19 Marel Cedar Creek Company Production control solutions to livestock n/a n/a n/a n/a n/a

Oct-19 Aggity Open Data Factory monitoring software solutions $5.0 $2.8 $5.0 0.98x 1.8x

Aug-19 VIA Equity SEMA CAD/CAM software for timber construction n/a n/a n/a n/a n/a

Jul-19 Protacon SW-Development Supply chain & production planning n/a n/a n/a n/a n/a

Jul-19 Merieux Nutrisciences KTBA F&B quality management software $16.5 n/a n/a n/a n/a

Jun-19 EQT Acumatica Cloud-based ERP software vendor n/a n/a n/a n/a n/a

May-19 Mitsubishi Electric ICONICS IoT and other cloud-based mfg. solutions n/a n/a n/a n/a n/a

Jan-19 Bpifrance Missler Software CAD and manufacturing software $45.8 $9.7 n/a n/a n/a

Jan-19 Siparex Group TopSolid CAD/CAM for the mechanical industry $45.8 $9.7 n/a n/a n/a

Dec-18 Computer Associates Casco Development Manufacturing execution systems n/a n/a n/a n/a n/a

May-18 Transición Mapex Manufacturing execution systems $6.2 n/a n/a n/a n/a

Apr-18 Zeiss Guardus Production management software solutions n/a n/a n/a n/a n/a

Apr-18 Intera Partners Roima Intelligence Industrial manufacturing operations solutions $20.3 n/a n/a n/a n/a

Dec-17 Movilitas Consulting SeeIt Solutions SAP-centric manufacturing solutions n/a n/a $1.5 n/a n/a

Nov-17 Ansys 3DSIM Additive manufacturing simulation n/a n/a n/a n/a n/a

Nov-17 Berwind Sciemetric Mfg. measurement & data mgt. n/a n/a n/a n/a n/a

Oct-17 Alpina Capital Partners Syncos MES solutions n/a n/a n/a n/a n/a

Oct-17 IQVIA Pilgrim Quality Solutions Quality management software services n/a n/a n/a n/a n/a

Oct-17 NextGenCam Programming Plus Milling CAD mfg. software n/a n/a n/a n/a n/a

Oct-17 Shore Points Capital GenAlpha Aftermarket solutions for OEMs n/a n/a n/a n/a n/a

Sep-17 Flexware Innovation IPACT MES and SCM automation solutions n/a n/a n/a n/a n/a

Aug-17 Trivest Software Group Bemet International CAD/CAM, ERP and quality management n/a n/a n/a n/a n/a

Aug-17 Ardian imes-icore CNC and CAD/CAM systems software $37.4 $7.1 n/a n/a n/a

Jun-17 Alma CAM Software ASCO Data Sheet metal production software n/a n/a n/a n/a n/a

Mar-17 Medgate IQS Quality management software n/a n/a n/a n/a n/a

Mar-17 FOG Software Group Shoplogix Smart factory industrial IoT platform n/a n/a $5.3 n/a n/a

Jan-17 Schleuniger Group DiIT MES solutions for the wire harness industry n/a n/a n/a n/a n/a

Average 2.52x 8.5x

Median 2.52x 8.5x

Precedent M&A TransactionsBuyer-Specific Acquisitions: 2010-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Aptean

Aveva

Bentley

Emerson

Autodesk

Dassault

Epicor

Forterro

Hexagon

Honeywell

IFS / Acumatica

Infor

MPDV

Oracle

Plex Systems

QAD

Rockwell

Automation

Dürr Group

ECi

ABB

GE / GE Digital

Germanedge

Siemens

Yokogawa

Others

SAP

PTC

Roper / Deltek

68

Public ComparablesManufacturing Software & Related Technologies

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

($ in Millions)

Market Data Operating Metrics Valuation Metrics

Price $ Enterprise Revenue Growth Last FY EBITDA Margin EV / Revenue EV / EBITDA

Company 7/10/2020 Value '19 - '20 '20 - '21 Rec. % GM % LTM 2020E 2021E LTM 2020E 2021E LTM 2020E 2021E

ERP & Manufacturing Software

Oracle $57.39 $207,411 (0.2%) 1.4% 67.6% 79.7% 41.8% 45.7% 48.8% 5.31x 5.29x 5.22x 12.7x 11.6x 10.7x

QAD $40.00 $707 (2.0%) 8.9% 71.7% 55.0% 0.7% 4.9% 6.8% 2.30x 2.31x 2.12x n/m n/m n/m

SAP $152.78 $192,733 2.8% 7.5% 59.1% 69.7% 25.7% 35.3% 36.8% 6.09x 6.02x 5.59x 23.7x 17.0x 15.2x

Median (0.2%) 7.5% 67.6% 69.7% 25.7% 35.3% 36.8% 5.31x 5.29x 5.22x 18.2x 14.3x 13.0x

Industrial Software Aggregators

AVEVA $50.72 $8,115 (1.3%) 3.7% 60.0% 77.2% 18.7% 25.9% 29.6% 7.70x 7.96x 7.67x n/m n/m 26.0x

Autodesk $244.24 $54,154 14.9% 18.0% 95.8% 91.1% 16.4% 29.7% 35.5% 15.81x 14.66x 12.42x n/m n/m n/m

Dassault $176.83 $48,808 13.4% 10.1% 63.4% 84.2% 24.5% 31.5% 33.1% 10.29x 9.47x 8.60x n/m n/m 26.0x

Hexagon $59.94 $24,373 (5.9%) 7.7% 40.0% 63.2% 28.7% 31.3% 34.9% 5.55x 5.86x 5.44x 19.4x 18.7x 15.6x

PTC $78.23 $10,045 12.4% 11.7% 81.0% 74.1% 17.4% 30.7% 34.9% 7.46x 6.89x 6.17x n/m 22.4x 17.7x

Roper $386.27 $44,603 0.5% 5.3% n/a 63.9% 35.7% 35.3% 35.3% 8.21x 8.27x 7.85x 23.0x 23.4x 22.2x

Median 6.5% 8.9% 63.4% 75.7% 21.6% 31.0% 34.9% 7.96x 8.11x 7.76x 21.2x 22.4x 22.2x

Industrial Automation Hardware, Services & Technology

ABB $24.42 $59,746 (13.0%) 7.5% n/a 32.0% 12.5% 10.3% 14.3% 2.18x 2.45x 2.28x 17.5x 23.9x 15.9x

Dürr Group $24.91 $1,709 (15.9%) 11.9% n/a 21.4% 6.7% 5.9% 8.5% 0.40x 0.46x 0.41x 5.9x 7.8x 4.8x

Emerson $59.77 $41,378 (7.2%) 2.4% n/a 42.5% 20.8% 20.2% 20.8% 2.30x 2.49x 2.43x 11.1x 12.3x 11.7x

GE $6.69 $117,309 (16.3%) 4.7% n/a 19.8% 11.9% 6.7% 10.6% 1.25x 1.47x 1.41x 10.6x 21.8x 13.2x

Honeywell $142.45 $108,264 (13.1%) 5.5% n/a 33.7% 23.9% 23.9% 24.5% 2.98x 3.40x 3.22x 12.5x 14.2x 13.1x

Rockwell Automation $210.90 $26,491 (3.4%) 4.9% n/a 43.3% 21.8% 19.9% 20.5% 3.92x 4.16x 3.96x 18.0x 20.9x 19.3x

Siemens $122.19 $140,626 (27.9%) 4.2% n/a 29.9% 11.3% 13.5% 15.4% 1.42x 2.17x 2.09x 12.6x 16.1x 13.6x

Yokogawa $14.97 $3,653 (2.2%) 0.7% n/a 43.6% 13.4% 13.5% 14.1% 0.96x 0.99x 0.98x 7.2x 7.3x 6.9x

Median (13.1%) 4.8% n/a 32.9% 13.0% 13.5% 14.9% 1.80x 2.31x 2.18x 11.8x 15.1x 13.2x

Overall Median (2.2%) 5.5% 65.5% 55.0% 18.7% 23.9% 24.5% 3.92x 4.16x 3.96x 12.6x 17.0x 15.2x

69

Fundraising TransactionsManufacturing Software & Related Technologies: 2017-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Employee Count: Per LinkedIn as of 7/10/2020

($ in Millions)

Company Overview Fundraise Summary

Employees Amount Pre-Money Implied Step-Up Raised

Company (7/10/2020) Description Lead Investor Date Type Raised Valuation Ownership Over Last Rd To-Date

Zetwerk 163 Online marketplace for manufacturing services Accel Partners Jul-20 Venture $20.6 $219.0 8.6% n/a $79.2

Qualio 39 Quality management software Storm Ventures Jun-20 Venture $11.0 n/a n/a n/a $16.7

Aptean 1,562 ERP & SCM for manufacturers & other industries Charlesbank Jun-20 Growth n/a n/a n/a n/a n/a

Drishti 57 Factory video analytics Sozo Ventures Jun-20 Venture $25.0 $42.5 37.0% 1.45x $37.3

Wizata 22 Online manufacturing solutions Volta Ventures Jun-20 Venture $3.0 n/a n/a n/a $4.8

Kinta AI 9 AI-based smart manufacturing platform Supernode Ventures May-20 Seed $3.3 n/a n/a n/a $3.5

Morewis n/a Cloud manufacturing execution system Chenshan Capital Apr-20 Venture n/a n/a n/a n/a n/a

WorkClout 5 Manufacturing management software Liquid 2 Ventures Apr-20 Seed $2.3 n/a n/a n/a $2.4

Oden Technologies 40 Manufacturing data analytics Navigate Ventures Apr-20 Venture n/a n/a n/a n/a $15.9

HighByte 7 Industrial data solutions Momenta Ventures Mar-20 Seed $0.9 n/a n/a n/a $0.9

FactoryFix 29 On demand manufacturing recruitment platform Capital Midwest Fund Mar-20 Seed $3.3 $3.3 50.0% n/a $3.4

CircuitHub 20 Scalable electronics manufacturing software Undisclosed Feb-20 Seed $4.3 $25.0 14.5% n/a $8.2

Vention 91 Browser-based digital manufacturing platform Georgian Partners Feb-20 Growth $27.2 n/a n/a n/a $42.6

Katana 23 Manufacturing and inventory software 42CAP Jan-20 Seed $2.2 n/a n/a n/a $2.2

Seeq 125 Manufacturing and industrial analytics Saudi Aramco Energy Vent. Dec-19 Growth $24.2 $120.0 16.8% 2.07x $59.2

HeyGears 47 3D digital application provider Group 42 Dec-19 Venture $60.0 n/a n/a n/a $109.4

Zetwerk 163 Online marketplace for manufacturing services Lightspeed India Dec-19 Venture $49.2 n/a n/a n/a $56.4

LeanDNA 48 Factory intelligence S3 Ventures Dec-19 Venture $15.0 $50.0 23.1% 2.67x $20.3

Atollogy 30 Machine and visual learning technologies Valo Ventures Nov-19 Venture $2.2 $15.6 12.4% 1.00x $6.0

PostProcess 69 Additive manufacturing software New York Ventures Nov-19 Venture $20.0 $40.0 33.3% n/a $20.0

ALLSENSE 80 Industrial-grade IoT & smart manufacturing Hilhouse Capital Group Nov-19 Venture n/a n/a n/a n/a $1.5

Quartic.ai 35 AI and IIoT for manufacturing automation WRVI Capital Nov-19 Venture $5.0 n/a n/a n/a $5.0

Castor 15 Industrial 3D printing software Evonik Venture Capital Oct-19 Seed $2.0 $2.5 44.2% n/a $2.4

Link3D 19 Additive manufacturing execution system AI Capital Oct-19 Venture $7.0 n/a n/a n/a $7.0

Osaro 54 Machine learning for industrial automation iRobot Oct-19 Venture $16.0 $47.0 25.4% 1.04x $30.1

3DSignals 53 Machine performance management solutions Mercura Capital Oct-19 Venture $20.5 n/a n/a n/a $23.5

In Mind Cloud 54 Manufacturing CRM and configuration Digital+ Partners Sep-19 Venture $12.7 n/a n/a n/a $12.7

Pico MES 6 Manufacturing process data collection Lemnos Sep-19 Seed $1.0 n/a n/a n/a $1.0

ComplianceQuest 83 Force.com-based enterprise QMS Insight Partners Sep-19 Growth $36.0 n/a n/a n/a $36.0

Tulip 101 No-code apps for manufacturing automation DMG Mori Sep-19 Venture $39.5 n/a n/a n/a $51.2

MacroFab 36 PCB board manufacturing automation ATX Venture Partners Aug-19 Venture $7.2 $20.0 26.3% 1.52x $16.2

Apriori 183 Product cost management Autodesk Aug-19 Growth $26.8 n/a n/a n/a $74.3

Qualio 39 Quality management software MHS Capital Management Jul-19 Seed $2.6 n/a n/a n/a $5.6

Xometry 244 On-demand manufacturing platform Greenspring Associates Jul-19 Venture $55.0 $315.0 14.9% 1.58x $129.0

E-Quality Information 100 Automotive manufacturing operations mgmt. Yinxinggu Capita Jun-19 Venture n/a n/a n/a n/a n/a

Sight Machine 82 Digital manufacturing platform LS Holdings Jun-19 Venture n/a n/a n/a n/a $56.1

Black Lake 16 Cloud MES and other manufacturing applications Bertelsmann May-19 Venture $22.1 n/a n/a n/a $27.5

Dyndrite 27 3D geometric kernel software for additive mfg. Gradient Ventures Apr-19 Venture $10.0 $30.0 25.0% 1.60x $13.0

Zetwerk 163 Online marketplace for manufacturing services Accel Partners Mar-19 Venture $9.0 n/a n/a n/a $10.2

LeaderMES (Matics) 29 MES and manufacturing analytics solutions TheTime Mar-19 Venture n/a n/a n/a n/a $5.0

70

Fundraising TransactionsManufacturing Software & Related Technologies: 2017-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Employee Count: Per LinkedIn as of 7/10/2020

($ in Millions)

Company Overview Fundraise Summary

Employees Amount Pre-Money Implied Step-Up Raised

Company (7/10/2020) Description Lead Investor Date Type Raised Valuation Ownership Over Last Rd To-Date

Fictiv 110 Virtual manufacturing platform G2VP Mar-19 Venture $35.0 $99.9 25.9% 1.67x $60.6

Aptean 1,562 ERP & SCM for manufacturers & other industries TA Associates Feb-19 Growth n/a n/a n/a n/a n/a

MacroFab 36 PCB board manufacturing automation Undisclosed Feb-19 Seed $3.2 $10.0 24.2% 0.62x $9.0

Fast Radius 122 Additive manufacturing solutions UPS Feb-19 Venture $48.0 $352.0 12.0% 16.14x $61.3

Vention 91 Digital manufacturing platform Bain Capital Ventures Jan-19 Venture $12.6 n/a n/a n/a $15.4

Propel 158 Quality and product lifecycle management Norwest Venture Partners Nov-18 Venture $18.0 $42.0 30.0% 2.08x $28.2

HeyGears 47 3D digital application provider IDG Capital Nov-18 Venture $47.0 n/a n/a n/a $49.4

MachineMetrics 50 Industrial IoT-centric machine monitoring Tola Capital Nov-18 Venture $11.3 n/a n/a n/a $15.2

EmpowerMx 34 Aerospace MRO Argentum Nov-18 Growth $5.0 n/a n/a n/a $14.1

FactoryFour 32 Manufacturing business management software August Capital Sep-18 Venture $5.8 n/a n/a n/a $6.8

Identify3D 17 Quality assurance and data feedback UL Ventures Aug-18 Seed n/a n/a n/a n/a $4.0

Morewis n/a Cloud manufacturing execution system SoftBank Group Aug-18 Venture n/a n/a n/a n/a n/a

Sight Machine 82 Digital manufacturing platform Mercury Fund Aug-18 Venture $25.5 $55.0 31.7% 1.00x $56.1

Seeq 125 Manufacturing and industrial analytics Next47 Jul-18 Growth $18.7 $35.0 34.8% 1.02x $34.9

SYSTEMA 133 Mfg. production control systems software CFH Management Jul-18 Growth n/a n/a n/a n/a n/a

Oden Technologies 40 Manufacturing data analytics Atomico Jul-18 Venture $10.0 n/a n/a n/a $15.9

Falkonry 53 Pattern recognition for industrial monitoring Presidio Ventures Jun-18 Venture $4.6 $32.5 12.4% 2.54x $11.3

Parsable 136 Industrial work execution automation Future Fund May-18 Venture $40.0 $160.0 20.0% 2.09x $68.9

Fictiv 110 Virtual manufacturing platform Sinovation Capital May-18 Venture $15.0 $45.0 25.0% 1.40x $27.6

LeaderMES (Matics) 29 MES and manufacturing analytics solutions Firstime Ventures Apr-18 Seed $5.0 $6.6 43.1% n/a $5.0

Ampogee 5 Manufacturing performance management Amasia Apr-18 Seed n/a n/a n/a n/a n/a

Drishti 57 Factory video analytics Emergence Capital Partners Mar-18 Venture $10.0 $19.2 34.2% 2.08x $12.3

Paperless Parts 29 Parts sourcing and quoting platform Undisclosed Jan-18 Seed $3.0 $15.0 16.7% 2.73x $3.5

Vention 91 Digital manufacturing platform Star Capital Jan-18 Seed $2.8 n/a n/a n/a $2.8

Relayr 231 IIoT for manufacturing AFT Tech Ventures Dec-17 Venture $19.9 n/a n/a n/a $56.9

Seebo 44 Process-centric industrial AI solutions Viola Ventures Nov-17 Venture $16.5 $46.0 26.4% n/a $22.0

Morewis n/a Cloud manufacturing execution system Capital Nuts Nov-17 Seed n/a n/a n/a n/a n/a

Fast Radius 122 Additive manufacturing solutions UPS Nov-17 Venture $8.8 $13.0 40.4% n/a $13.3

Tacton 196 CPQ for manufacturers GRO Capital Nov-17 Growth $12.0 n/a n/a n/a $12.0

Aquifi 16 3D vision for manufacturing and logistics DAG Ventures Oct-17 Venture $16.1 $20.0 44.5% 0.26x $36.7

In Mind Cloud 54 Manufacturing CRM and configuration FCM Oct-17 Venture n/a n/a n/a n/a n/a

ManufactOn 26 Construction manufacturing Brick & Mortar Ventures Sep-17 Venture $2.5 $10.5 19.2% 1.53x $3.7

Dyndrite 27 3D geometric kernel software for additive mfg. Gradient Ventures Jul-17 Seed $3.0 $15.8 16.0% n/a $3.0

Oden Technologies 40 Manufacturing data analytics EQT Ventures May-17 Seed $3.5 n/a n/a n/a $5.9

PostProcess 69 Additive manufacturing software New York Ventures Apr-17 Seed $4.0 n/a n/a n/a n/a

LeanDNA 48 Factory intelligence Next Coast Ventures Apr-17 Venture $4.5 $14.3 24.0% 4.12x $5.3

Osaro 54 Machine learning for industrial automation Comcast Ventures Apr-17 Venture $10.8 $34.2 24.0% n/a $14.1

Ampogee 5 Manufacturing performance management Piedmont Angel Network Mar-17 Seed n/a n/a n/a n/a n/a

Identify3D 17 Quality assurance and data feedback Uncorck Capital Mar-17 Seed $3.3 $9.8 24.9% n/a $4.0

Kenandy 161 Cloud ERP for manufacturing and more KPCB Feb-17 Venture $14.0 $70.0 16.7% 0.33x $71.5

71

Fundraising TransactionsManufacturing Software & Related Technologies: 2017-Present

Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases

Employee Count: Per LinkedIn as of 7/10/2020

($ in Millions)

Company Overview Fundraise Summary

Employees Amount Pre-Money Implied Step-Up Raised

Company (7/10/2020) Description Lead Investor Date Type Raised Valuation Ownership Over Last Rd To-Date

Paperless Parts 29 Parts sourcing and quoting platform Undisclosed Feb-17 Seed $0.5 $5.0 9.1% n/a $0.5

Falkonry 53 Pattern recognition for industrial monitoring Zetta Venture Partners Feb-17 Venture $5.3 $7.5 41.5% n/a $6.7

Xometry 244 On-demand manufacturing platform GE Ventures Feb-17 Venture $7.0 $83.6 7.7% 2.11x $23.0

MacroFab 36 PCB board manufacturing automation Dentsu Ventures Jan-17 Seed $3.1 $13.0 19.0% 1.72x $5.8

Qualio 39 Quality management software Enterprise Ireland Jan-17 Seed $2.5 n/a n/a n/a $3.0

Seed Median 27 $3.0 $9.9 21.6% 1.72x $3.4

Venture Median 54 $14.0 $42.3 25.0% 1.59x $20.0

Growth Median 129 $24.2 $77.5 25.8% 1.55x $36.0

Overall Median 49 $10.0 $31.3 24.6% 1.60x $13.7

V. AppendixAbout MPG

73

Our Dedicated TeamTrusted Advisors to Manufacturing, Engineering & IIoT Companies & Boards

Hand-Crafted, Dedicated Advisory Team Combines Tenured Investment Bankers, Operating Executives, and Stalwart Transaction Support

High-Value

Strategic Sale

Transactions

Private Placement &

Recapitalization

Transactions

Ralph Verrilli

Managing Director, Head of

Engineering & Manufacturing

Technology

Tel: +1 (781) 929-4047

[email protected]

Michael Magruder

Managing Director, Head of

Capital Formation

Tel: +1 (212) 660-9711

[email protected]

Sean Stouffer

Senior Associate,

Engineering Coverage

Tel: +1 (212) 660-9723

[email protected]

James Tomasullo

Senior Associate,

Manufacturing Coverage

Tel: +1 (212) 660-9722

[email protected]

Aaron Riccio

Analyst,

Transaction Support

Tel: +1 (212) 660-9719

[email protected]

Strategic Sale Strategic Sale

Founding Team

Strategic Sale Strategic Sale

Founding Team

Strategic Sale

Founding TeamIn Partnership With

Debt Placement Equity PlacementRecapitalization Equity Placement

Founding Team

Recapitalization

Founding Team Founding Team

Notes:

(i) Vistagy’s sale to Siemens was completed representative of transaction experience prior to joining MPG

(ii) Skelta was sold to Invensys (now Wonderware, AVEVA)

In Partnership With

74

MPG TestimonialsWe Work Diligently To Ensure Highly Successful Outcomes For Our Clients

“MPG invested an enormous amount of time to learn our business and prepare our team. The culture fit was non negotiable

for us so the time spent tirelessly learning our business and culture paid off. We found what we feel is a perfect culture match

in Thompson Street Capital Partners, achieving the outcome MPG assured us was possible in every respect.”

- Jim Jacobs, Green Mountain Technology

“The MPG team was critical in outlining our go-to-market strategy and made sure that we engaged with all of the financial

sponsors who could have made sense as a partner for us. Their insights and coaching ensured we found the best possible

backer for our next stage of growth, but also let us continue running our business without distractions.”

- Craig Livingston, Arena Solutions

"I've known Madison Park Group for over 16 years. They have been my trusted advisors and sounding board over many

years. With their prudent and long-term approach to advisory, we were able to find the perfect home for Cityworks in

Trimble. With Trimble as our backer, I'm more confident than ever in the future of our great company as we accelerate the

vision of our GIS-centric approach to infrastructure optimization."

- Brian Haslam, Cityworks

"It was a pleasure working with the Madison Park Group. Professional, and with a deep understanding of the nuances of our

industry, they provided solid structures and advice as they moved the process forward. At all times we felt that they put our

interests first."

- Paul Marketos, IsoMetrix

"Working with Madison Park Group undoubtedly altered the trajectory of Omnify for the better. They went the extra mile

throughout the entire process to ensure success not just for the shareholders, but also for customers and employees alike. I

greatly appreciate MPG's unique and significant knowledge of the engineering software and PLM market. It clearly enhanced

the vision to create a player that will redefine the mainstream PLM market."

- Brad Paul, Omnify Software

75

Discovery &

Classification

Find early stage companies

speeding up

market evolution

Nurture &

Monitor

Trusted advisor to

numerous early growth-

stage businesses

States &

Changes

Insight into market

“states & changes” that

pose risks, and create

opportunities

Positioning for

Rapid Scaling

Identify developing

market trends to help

amplify relevance with

key market players

Manufacturing

Software Practice

- Cloud-based manufacturing

ERP

- Advanced planning and

scheduling

- Manufacturing execution

& quality management

- Supply chain planning and

supplier collaboration

- Enterprise product costing

-IoT-powered machine

monitoring

-Manufacturing app

development platforms

-AI-powered production and

yield optimization

Process improvement and

optimization-

Industrial DataOps

platforms-

Collaborative analytics and

factory management-

Smart robotics &

mfg. process automation-

Extensive relationships

with all key market

players in the

manufacturing,

engineering and supply

chain technology

ecosystem

Our Coverage Model

MPG holds active dialogue with product-driven market contenders of all sizes. This coverage model provides an end-to-end

view of the market - from startups to public acquirers - and outperforms both boutique advisors with limited buyer insights

and large investment banks which are insulated from emerging strategic threats.

76

This presentation has been prepared by Madison Park Group and may only be used for informational purposes. This presentation provides an overview of

the manufacturing software market and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a

recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. Past performance may not be

indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any

specific investment, investment strategy, or product made reference to directly or indirectly in this document, will be profitable, equal any corresponding

indicated historical performance level(s), or be suitable for your portfolio. Acceptance of this information further constitutes your acknowledgement and

agreement that Madison Park Group does not make any express or implied representation or warranty as to the accuracy or completeness of the

information contained herein and shall have no liability to the recipient or its representatives relating to or arising from the use of the information

contained herein or any omissions therefrom. Any use, disclosure, distribution, dissemination, copying or reproduction of this information without prior

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the report are property of their respective owners.

Madison Park Group, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar

corporate finance matters. Madison Park Group is not a retail broker-dealer. This communication is not intended for retail consumption. The firm does not

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Madison Park Group is regulated by the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services

provided in this presentation are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would

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