Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. www.harriswilliams.com TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2016
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limited company incorporated under English law with its registered office at5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. HarrisWilliams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
Ministry Brands is the leading provider of an end-to-endSaaS-based technology platform to member-centricorganizations, including faith-based organizations and K-12private education institutions, serving over 60,000customers.
Ministry has successfully demonstrated that integratingpayment platforms with membership managementsoftware (CRM, ERP) can create a true differentiator in themarketplace and result in significant synergies and growthopportunities.
With the recapitalization from Insight, and havingcompleted over 35 acquisitions historically, Ministry ispositioned as the largest and most active consolidator inthe membership management software and paymentssector.
HW&Co.’s TMT Group advised Genstar Capital and Providence Strategic Growth on the majorityinvestment in Ministry Brands by Insight Venture Partners.
2
a portfolio company of
and
has received a majority investment from
Date Closed:
12/2/2016
Relevant Sectors:
SaaS
Fintech / Payments
Membership Management
Ministry represents a key client relationship, with HW&Co. advising on the successful recapitalization of the company by Genstar Capital in 2015 before advising on the majority investment from Insight Venture Partners.
Deltek is a leading global provider of enterprise software and information solutions for project-based businesses that serve nichemarkets, including government contractors and professional services firms.
Approximately 22,000 organizations and millions of users spanning 80 countries use Deltek’s solutions to research and identifybusiness opportunities, recruit talent, optimize resources, streamline operations, and deliver projects profitably and on time.
The acquisition of Deltek complements Roper’s recent acquisitions of Aderant and ConstructConnect and significantlyenhances Roper’s reach and capabilities in application software.
Ent. Value: $2,800M
Revenue: $535M
EV / Rev: 5.2x
EV / EBITDA: 14.0x
December 28, 2016
Oracle’s pending acquisition of Dynamic Network Services
Dyn is a leading Internet Performance and DNS provider that enables faster access, reduced page load times, and higher end-user satisfaction by monitoring, controlling, and optimizing Internet applications and cloud services.
Global network drives 40 billion traffic optimization decisions daily for more than 3,500 enterprise customers, including a numberof major digital brands such as Netflix, Twitter, Pfizer, and CNBC.
Dyn’s DNS solution is a natural extension to Oracle’s existing cloud computing platform and will provide Oracle’s enterprisecustomers with complete Infrastructure-as-a-Service and Platform-as-a-Service solutions.
Ent. Value: $700M
Revenue: NA
EV / Revenue: NA
EV / EBITDA: NA
Pending
Vista Equity Partners’ pending acquisition of SunGard Public Sector and SunGard K-12 Education
SunGard’s Public Sector and K-12 Education segments provide a comprehensive set of technology solutions purpose-built toaddress the public safety and public administration needs of government entities as well as K-12 school districts.
The segments’ solutions help public administrations and school districts reduce administrative complexities and improveproductivity by enabling effective management of HR and finance functions.
As part of the acquisition, SunGard Public Sector will become a new independent company under the ownership of VistaEquity, while SunGard K-12 Education will become part of Vista-owned PowerSchool.
Pending
Ent. Value: $850M
Revenue: NA
EV / Revenue: NA
EV / EBITDA: NA
Francisco Partners’ acquisition of Prometheus Group
Prometheus Group is a leading global provider of enterprise asset management and plant maintenance software solutions,enabling improved efficiency and effectiveness of maintenance, planning, scheduling, and execution.
The company serves hundreds of blue-chip customers, including 70% of the top 10 companies globally in its core verticals,which include the chemical, utility, mining, manufacturing, and oil and gas markets.
Francisco Partners will leverage its deep understanding of the market to support Prometheus Group in identifying newtechnologies and complementary solutions to drive organic and inorganic growth.
Ent. Value: NA
Revenue: NA
EV / Revenue: NA
EV / EBITDA: NA
November 8, 2016
Hearst’s acquisition of CAMP Systems
CAMP Systems is a leading provider of enterprise software solutions for managing and tracking the maintenance of aircraftused in business aviation as well as enterprise information systems for managing service centers.
The company’s mission-critical solutions enable more than 19,000 aircraft, 30,000 engines, and 1,300 maintenance facilitiesglobally to comply with global regulations and guidelines regarding aircraft maintenance and safety.
The acquisition is in line with Hearst’s strategy of growing its data and information-based solutions and entering new marketsthrough its Hearst Business Media unit.
MOST ACTIVE STRATEGIC ACQUIRERS OF SOFTWARE ASSETS BY VOLUME
GLOBAL STRATEGIC ACQUIRER SOFTWARE M&A ACTIVITY BY VOLUME
The 10 most active strategic software acquirers registered 75 acquisitions in 2016, with Google and IBM each completing 14 acquisitions during the year.
Commensurate with its acquisition strategy focused on expanding its cloud offering, Google capped off a year of strong activity with the acquisition of Qwiklabs, a public cloud infrastructure training platform that the company will use to foster cloud adoption and utilization.
Global strategic software M&A remained in line with prior quarters, registering 350 transactions in 4Q 2016.
Strategic acquirers continue to be active, while also integrating the historically high volume of M&A transactions from 2015. Disruptive technologies continue to feed much of the strategic M&A activity. 352 352 333 327 324
MOST ACTIVE PRIVATE EQUITY BUYERS OF NEW SOFTWARE PLATFORMS BY VOLUME
GLOBAL NEW PLATFORM PRIVATE EQUITY SOFTWARE M&A ACTIVITY BY VOLUME
The 10 most active software investors completed 46 platform investments in 2016, with Vista Equity and Thoma Bravo continuing to be among the most active investors with 13 and 7 new software platform investments, respectively.
Among the top 10 software investors, the most popular investment areas included niche vertical SaaS applications, business productivity software, IT security, and big data /analytics software.
Globally, private equity software M&A registered 81 new platform acquisitions in 4Q 2016, representing a 72% increase over 4Q 2015 results.
Software continues to account for a significant portion of overall private equity activity and key industry players continue to raise significant capital to devote to both M&A and growth investing in the sector. Included among private equity groups closing new funds in 2016 are Vista Equity, Thoma Bravo, Francisco Partners, Accel Partners, KKR, and Technology Crossover Ventures.
Note: Includes control new platform investments only. Excludes add-on acquisitions.
PAGE | 6
TECHNOLOGY, MEDIA, & TELECOM
QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2016
Application Software
Pending Silver Lake Partners Cegid Group ERP and business management software for midsized companies. $719 2.3x
Pending NICE Systems Ltd. inContact, Inc. Contact and data center software solutions for security-sensitive organizations. $864 3.7x
Pending H.I.G. Capital Lionbridge Technologies, Inc. Localization, translation, and global marketing software solutions for brands. $430 0.8x
Pending TPG Capital Mediware Information Systems, Inc. Enterprise software solutions for healthcare and human serv ices providers and payers. NA NA
Pending Siemens AG Mentor Graphics Corp. Electronic design software for the semiconductor, automotive, and transportation industries. $4,097 3.6x
Pending Permira Advisers LLP P&I Personal & Informatik AG Human resource management, payroll accounting, and time management software. $852 6.3x
Pending Vista Equity Partners SunGard Data Systems Enterprise software solutions for the public sector and K-12 education sector. $850 NA
12/28/16 Roper Technologies, Inc. Deltek, Inc. Enterprise application software for project-based organizations. $2,800 5.2x
12/07/16 The Hearst Corp. CAMP Systems International, Inc. Maintenance tracking and serv ice center management software for the aviation industry. NA NA
12/06/16 Sequential Technology Synchronoss (Activation Business) Device activation streamlining software and serv ices for mobile carriers. $209 NA
11/22/16 Kerridge Commercial Systems Ltd. Integrity Software ERP, payroll, and human resources software for retailers. NA NA
11/01/16 ION Investment Group Ltd. Reval Holdings, Inc. Treasury and risk management platform for enterprises. NA NA
10/21/16 EQT Partners AB Press Ganey Holdings, Inc. Patient experience and performance software analytics for healthcare organizations. $2,285 6.6x
10/18/16 Vista Equity Partners GovDelivery Holdings, Inc. Government-to-citizen communication software and serv ices. $153 NA
10/03/16 ONEX Corp. Science Info. Business / Thomson Reuters Intellectual property and scientific information software and serv ices. $3,550 3.6x
10/03/16 Dassault Systèmes SA CST Computer Simulation Technology AG High performance software for the simulation of electromagnetic fields. $242 NA
$851 3.6x
DATE
CLOSED ACQUIRER TARGET DESCRIPTION
ENTERPRISE
VALUE (MM)
REVENUE
MULTIPLE
APPLICATION SOFTWARE – M&A MARKET SUMMARY
APPLICATION SOFTWARE M&A VOLUME (GLOBAL)
NOTABLE APPLICATION SOFTWARE M&A TRANSACTIONS
Application Software M&A remained robust, registering 307 transactions in 4Q 2016 and approaching 2015 highs.
4Q 2016 median reported Application Software M&A revenue multiples increased to 2.7x, slightly above historical averages.
MEDIAN M&A REVENUE MULTIPLES (REPORTED)
1.3x
1.4x 1.5x
1.6x
2.5x2.5x
2.1x
2.3x2.3x
1.4x
2.5x
2.3x
2.5x2.4x
2.5x
2.3x
2.7x
Notable up market Application Software deals include Siemens’ pending $4.1 billion acquisition of Mentor Graphics, Roper’s $2.8 billion acquisition of Deltek, EQT’s $2.3 billion acquisition of Press Ganey, and ONEX’s $3.6 billion acquisition of Thomson Reuters’ Intellectual Property & Science operations.
MEDIAN
298
244 246 252 251
227
282 271
289
272
319 320 316 314
281
298 307
4Q '1
2
1Q '1
3
2Q '1
3
3Q '1
3
4Q '1
3
1Q '1
4
2Q '1
4
3Q '1
4
4Q '1
4
1Q '1
5
2Q '1
5
3Q '1
5
4Q '1
5
1Q '1
6
2Q '1
6
3Q '1
6
4Q '1
6
4Q '1
2
1Q '1
3
2Q '1
3
3Q '1
3
4Q '1
3
1Q '1
4
2Q '1
4
3Q '1
4
4Q '1
4
1Q '1
5
2Q '1
5
3Q '1
5
4Q '1
5
1Q '1
6
2Q '1
6
3Q '1
6
4Q '1
6
PAGE | 7
TECHNOLOGY, MEDIA, & TELECOM
QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2016
SaaS
Pending Vista Equity Partners Cvent, Inc. SaaS-based event management and email marketing software. $1,342 6.7x
11/08/16 Francisco Partners Prometheus Group Enterprises LLC SaaS-based enterprise asset management and plant maintenance software. NA NA
11/01/16 salesforce.com, inc. Krux Digital, Inc. Cloud-based database management and monitoring platform. $768 NA
10/03/16 Evolent Health, Inc. Valence Health, Inc. Cloud-based clinical integration and health plan software and serv ices. $145 1.7x
09/22/16 GI Partners Daxko LLC SaaS-based provider of operational and financial management solutions. $240 5.3x
$371 4.6x
HW&CO. CONFIDENTIAL
HW&CO. CONFIDENTIAL
55
38
49 47
45 46
60
54 53
65
68 70
55
52 51 52 54
NOTABLE SAAS M&A TRANSACTIONS
5.8x
4.6x
5.3x
4.4x
5.3x
5.6x 5.7x
4.4x
3.5x
3.9x
4.4x4.2x
4.6x4.9x
5.6x5.4x
4.8x
SAAS – M&A MARKET SUMMARY
SAAS M&A VOLUME (GLOBAL)
SaaS M&A registered 54 acquisitions in 4Q 2016, in line with the volumes over the prior four quarters.
Median reported SaaS transaction revenue multiples decreased to 4.8x in 4Q 2016, but remain in line with historical averages.
Traditional on-premisesoftware providers continue to drive SaaS M&A spending as they seek to increase recurring subscription revenue and streamline operating efficiencies.
Category-leading public SaaS companies continue to be attractive M&A targets for both private equity and strategic acquirers, as evidenced by the recent Cvent, Fleetmatics, Intralinks, and NetSuite transactions.
MEDIAN M&A REVENUE MULTIPLES (REPORTED)
DATE
CLOSED ACQUIRER TARGET DESCRIPTION
ENTERPRISE
VALUE (MM)
REVENUE
MULTIPLE
MEDIAN
4Q '1
2
1Q '1
3
2Q '1
3
3Q '1
3
4Q '1
3
1Q '1
4
2Q '1
4
3Q '1
4
4Q '1
4
1Q '1
5
2Q '1
5
3Q '1
5
4Q '1
5
1Q '1
6
2Q '1
6
3Q '1
6
4Q '1
6
4Q '1
2
1Q '1
3
2Q '1
3
3Q '1
3
4Q '1
3
1Q '1
4
2Q '1
4
3Q '1
4
4Q '1
4
1Q '1
5
2Q '1
5
3Q '1
5
4Q '1
5
1Q '1
6
2Q '1
6
3Q '1
6
4Q '1
6
PAGE | 8
TECHNOLOGY, MEDIA, & TELECOM
QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2016
Data and Analytics
Pending Google, Inc. Apigee Corp. Digital business acceleration and data analytics platform for application management. $470 5.1x
Pending salesforce.com, inc. BeyondCore, Inc. One-click automated business analysis for healthcare and manufacturing companies. NA NA
Pending BC Partners Brainspace Corp. Information governance, compliance, and enterprise knowledge sharing for law firms. NA NA
Pending Golden Gate Capital NeuStar, Inc. Real-time information and analytics software and serv ices. $2,699 2.3x
Pending Guidewire Software, Inc. EagleEye Analytics, Inc. Predictive analytics software for the property and casualty insurance industry. $42 NA
Pending Intel Corp. Nervana Systems, Inc. Software solutions for data analysis, computation, and machine learning. $408 NA
Pending Informa Plc Penton Business Media, Inc. Information, data, and marketing software and serv ices. $1,557 NA
12/23/16 The Descartes Systems Group, Inc. Datamyne, Inc. Trade data intelligence software for analyzing import and export trade activ ity. $53 NA
12/16/16 ARM Holdings Allinea Software Ltd. Software development and performance analysis software for high-performance users $22 NA
12/01/16 Morningstar, Inc. PitchBook Data, Inc. Web-based platform for data, research, and analysis on private and public companies. $225 7.2x
11/30/16 Predictive Safety LLC Data Connect Corp. Trade show data management, imaging, and on-site registration platform. NA NA
11/28/16 Verisk Analytics, Inc. Intellistance LLC Market intelligence and analytics software solutions for the insurance industry. NA NA
11/16/16 Verint Systems, Inc. OpinionLab, Inc. Software solutions for collecting and analyzing customer feedback. $84 4.2x
11/15/16 General Electric Co. Bit Stew Systems, Inc. Industrial data and operations management platform. $153 NA
10/04/16 BSM Technologies Mobi Corp. Appointment scheduling, routing, and analytics software for fleet optimization. $25 NA
10/03/16 Quintiles Transnational Holdings, Inc. IMS Health Holdings, Inc. Data analytics software and serv ices for the healthcare industry. $12,895 4.2x
10/01/16 Inovalon Holdings, Inc. Creehan & Co. Corp. Data and analytics software for pharmacy customer and operations management. $130 4.8x
$153 4.5x
NOTABLE DATA AND ANALYTICS M&A TRANSACTIONS
74
64
71 74
64 67
72 76
99
89
105
112
102
82
87
99 98
DATA AND ANALYTICS – M&A MARKET SUMMARY
DATA AND ANALYTICS M&A VOLUME (GLOBAL)
Data and Analytics M&A registered 98 transactions in 4Q 2016, representing a 20% increase over 1Q 2016.
4Q 2016 median reported sector transaction multiples remained in line with last quarter and consistent with historical averages from the past two years.
As the volume of complex data available to enterprises increases, strategic buyers are actively pursuing real-time information and business intelligence solutions to enhance their software solutions.
Notable Data and Analytics transactions include salesforce.com’s pending acquisition of BeyondCareand Google’s pending $470 million acquisition of Apigee.
MEDIAN M&A REVENUE MULTIPLES (REPORTED)
1.8x
1.1x
0.9x
1.4x
1.3x
1.9x 1.9x
2.7x
3.3x
2.8x
2.0x
2.6x2.6x
1.9x
3.1x
2.4x2.5x
DATE
CLOSED ACQUIRER TARGET DESCRIPTION
ENTERPRISE
VALUE (MM)
REVENUE
MULTIPLE
MEDIAN
4Q '1
2
1Q '1
3
2Q '1
3
3Q '1
3
4Q '1
3
1Q '1
4
2Q '1
4
3Q '1
4
4Q '1
4
1Q '1
5
2Q '1
5
3Q '1
5
4Q '1
5
1Q '1
6
2Q '1
6
3Q '1
6
4Q '1
6
4Q '1
2
1Q '1
3
2Q '1
3
3Q '1
3
4Q '1
3
1Q '1
4
2Q '1
4
3Q '1
4
4Q '1
4
1Q '1
5
2Q '1
5
3Q '1
5
4Q '1
5
1Q '1
6
2Q '1
6
3Q '1
6
4Q '1
6
PAGE | 9
TECHNOLOGY, MEDIA, & TELECOM
QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2016
Infrastructure Software
Pending CA Technologies Automic Software GmbH Information technology and business systems automation software. $635 NA
Pending Broadcom Ltd. Brocade Communications Systems, Inc. Data storage and networking software and solutions. $5,501 2.3x
Pending Investcorp Calligo Ltd. Data protection, network security, and privacy software for enterprises. $20 NA
Pending Cisco Systems, Inc. CloudLock, Inc. Cloud data security software for protection against malware and data security breaches. $293 22.2x
Pending Francisco Partners & Elliott Capital Dell Software, Inc. Security, systems, information management, and data analytics software. $2,000 NA
Pending Oracle Corp. Dynamic Network Serv ices, Inc. Internet performance management and optimization software. $700 9.0x
Pending Open Text Corp. EMC (Enterprise Content Div ision) Enterprise information management software and serv ices. $1,620 NA
Pending Proofpoint, Inc. FireLayers, Inc. Enterprise-level security, compliance, and IT governance software for applications. $55 NA
Pending Micro Focus International Plc HPE (Software Div ision) Diversified enterprise software, including application lifecycle management and analytics. $6,268 NA
Pending Vista Equity Partners Infoblox, Inc. Network infrastructure automation software and security solutions. $1,233 3.4x
Pending Symantec Corp. LifeLock, Inc. Threat detection, identify alerts, and remediation software for consumers and enterprises. $2,096 3.2x
Pending TPG Capital McAfee, Inc. Anti-v irus, data protection and encryption, and database security software. $4,314 NA
Pending KKR & Co. LP Optiv Security, Inc. Information security and compliance management software for enterprise clients. NA NA
Pending Oracle Corp. Palerra, Inc. Cloud security automation platform. NA NA
12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Cloud-based bot and automation detection software. NA NA
10/06/16 BCE, Inc. Q9 Networks, Inc. Outsourced data center infrastructure solutions. $793 NA
10/04/16 Akamai Technologies, Inc. Soha Systems, Inc. Cloud-based security software platform focused on application networking systems. $60 NA
09/30/16 AVAST Software AVG Technologies NV Anti-v irus and internet security software. $1,380 3.2x
$1,233 3.3x
67
38
61
56 55 53
48
56
47 45
50
36
52
44
57
60
75
2.3x
1.9x
1.7x
1.2x
2.4x2.5x
2.9x
2.4x
2.7x
3.0x
3.2x3.3x
2.6x
2.9x
2.6x2.7x
3.1x
NOTABLE INFRASTRUCTURE SOFTWARE M&A TRANSACTIONS
INFRASTRUCTURE SOFTWARE – M&A MARKET SUMMARY
INFRASTRUCTURE SOFTWARE M&A VOLUME (GLOBAL)
Infrastructure Software M&A volumes registered a high point in 4Q 2016 with 75 transactions, representing a 25% increase over the prior quarter.
4Q 2016 median reported Infrastructure Software M&A revenue multiples increased to 3.1x, representing the highest median multiple over the last four quarters.
As data security breaches continue to make global headlines, strategic acquirers are actively pursuing IT and network security assets to capitalize on heightened enterprise focus.
Oracle continues to invest in its cloud platform, with the acquisitions of cloud security provider, Palerra, and internet performance management platform, Dyn, both complementary to the company’s cloud services and security strategy.
Seed Series A Series B Series C Series D / or later
PRIVATE PLACEMENT CAPITAL RAISED BY ROUND (AS PERCENTAGE OF TOTAL REPORTED PRIVATE PLACEMENT CAPITAL)
Private placement activity in the software sector slowed in 4Q 2016, with 788 transactions. Total capital raised also declined, reaching $7.5 billion, down from $11.2 billion in 3Q 2016.
PRIVATE PLACEMENT ACTIVITY BY SOFTWARE SECTOR
In 4Q 2016, there was an even split on private placement capital invested across early stage (seed – B) and late stage (C – later) rounds.
Notable private placements across stages include Wavefront’s $52 million series B raise, Prevalent’s $60 million series C raise, and Stripe’s $150 million series D raise.
PRIVATE PLACEMENTS BY SOFTWARE SUB-SECTOR AND NEW CAPITAL RAISED
COMPARABLE COMPANY SET MEDIANS CORRELATION WITH EV / REVENUE MULTIPLE
26% 99% 15% 32% - 28%
17% 29% 16% - 25% -
23% 100% 15% 63% 13% 38%
13% 19% 35% 61% - 86%
7% 18% 27% - - 79%
10% 18% 30% 78% 82% 31%
16% 35% 23% 44% 28% 76%
29% 76% 10% 58% - 27%
3% 22% 31% 79% 72% 39%
21% 87% 12% 68% - 88%
8% 40% 25% 75% - 43%
21% 38% 23% 39% - 68%
3% 9% 22% 54% - 83%
20% 85% 21% 98% - -
14% 29% 19% 17% 66% -
15% 236% 7% 19% - -
- 1% 16% 28% - 92%
PAGE | 14
TECHNOLOGY, MEDIA, & TELECOM
QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2016
SUMMARY OF TECHNOLOGY IPOS
Technology IPO activity slowed in 4Q 2016, with only three companies going public, as market volatility ahead of the U.S. presidential election prompted some startups to delay going public.
Notable technology IPOs included Trivago, which raised $287 million and priced at $11 in December, BlackLine Systems, which raised $146 million with a market cap of $839 and priced at $17 in October, and Coupa Software, which raised $133 million with a market cap of $866 million and priced at $18 in October.
MARKET CAP AT IPO (LTM) REVENUE GROWTH (1YR PRIOR TO IPO)OFFERING SIZE AT IPO (LTM)
RECENT U.S. IPO ACTIVITY (BY OFFERING SIZE)
23%
46%
31%
< 25% 25 - 75% > 75%
36%
36%
29%
$0-50M $50-500M $500M-$1B $1B+
7%
43%
36%
14%
$0 - 50M $50 - 100M $100 - 250M $250M +
(All tech IPOs over the last 12 months) (All tech IPOs over the last 12 months) (All tech IPOs over the last 12 months)
Harris Williams & Co. has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form our deep-sector experience,integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information,visit our website at www.harriswilliams.com/industries.
HARRIS WILLIAMS & CO. OFFICE LOCATIONS
UNITED STATES EUROPE
NETWORK OFFICES
Beijing
Hong Kong
Mumbai
New Delhi
Shanghai
Aerospace, Defense & Government
Services
Building Products & Materials
Business Services
Consumer Specialty Distribution
Technology, Media & Telecom
Transportation & Logistics
BostonOne International PlaceSuite 2620Boston, Massachusetts 02110Phone: +1 (617) 482-7501
Cleveland1900 East 9th Street20th FloorCleveland, Ohio 44114Phone: +1 (216) 689-2400
Minneapolis222 South 9th StreetSuite 3350Minneapolis, Minnesota 55402Phone: +1 (612) 359-2700
Richmond (Headquarters)1001 Haxall Point9th FloorRichmond, Virginia 23219Phone: +1 (804) 648-0072
San Francisco575 Market Street31st FloorSan Francisco, California 94105Phone: +1 (415) 288-4260
Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limitedcompany incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for Englandand Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name underwhich Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US.
The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.