Supply Chain Software - 2019 First Half Market Update - INSIGHTS August 2019 - Blackpeak Capital
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August 2019
INSIGHTS
Supply Chain Software
2019 First Half Market Update
Dennis Rourke, Partner
Ben Howe, CEO
Rob Buxton, Partner
Sean Tucker, Partner
The Next Generation of Supply Chain Is Emerging
Supply chain is increasingly at the nexus of
several transformative technology and business
trends: Autonomous Vehicles, Internet of
Autonomous
Things, digital twins, and automation and Vehicle
robotization of warehouses and distribution Technologies
centers eCommerce
Fulfillment
Transportation management solutions are the
target of intense disruption and investment
driven by modernization of the $13 trillion
transportation industry, the rise of
Transportation as a Service (Uber, Lyft), and the Traditional Supply Chain Software Infrastructure
rapid progress in autonomous vehicle
development
Amazon effect increasingly impacting supply
chain models CONSOLIDATION UNDERWAY
The M&A market for supply chain and ERP
IoT
remains robust as PE firms continue to invest in
consolidation platforms for older technologies,
which in turn continue to execute aggressive
acquisition programs
The TMS sector continues to be the most active
subsector in supply chain software for M&A and
capital raising
Public SCM / ERP companies have continued to
perform well, benefitting from continued growth
in target markets and strong global equity
capital markets
2
Supply Chain Software Market
According to Gartner, the worldwide SCM market will exceed $16B by the end of 2019, and is
expected to grow at a 11% CAGR to exceed $22B by 2022
Global SCM Market
New capabilities, such as cloud computing, ($US billions)
performance management, RFID, drone delivery,
increased use of robots and automated handling
in manufacturing and warehouse operations, and
new uses of optimization are emerging, driven by
new approaches in retail demand generation,
customer interaction and social media 20.7 22.4
18.4
14.6 16.4
Overall market spend growth rates have 10.0 11.1 12.2 13.0
consistently been in double-digits, suggesting the
once mature market is undergoing a replacement
cycle 2014 2015 2016 2017 2018 2019 2020 2021 2022
The growing penetration of SaaS is shifting Percentage of Spend by Delivery Model
spending from capital to operating budgets and 100%
accelerating SCM adoption in the SMB and
80%
middle markets
60%
By 2021, SaaS deployments are forecast to
exceed 35%% of total spending, while on- 40%
premise will decline to less than 20% $8.9
20%
Between 2018 and 2022, nearly $8 billion in total
software revenue will be added 0%
2015 2016 2017 2018 2019 2020 2021
License Maintenance/Support SaaS
Source: Gartner 3
Robust M&A Activity
SCM M&A Activity & Deal Value ($US, in millions)
First Half 2019 150
$26,204
$22,289
The pace of M&A has quickened in 2019, with 107 closed transactions in the 100 $18,288
first six months, versus 109 deals for all of 2018
50
No blockbuster deals in first half, but solid number of M&A deals between $7,754
$4,085 $3,676
$200M - $1B, as well as three $1B deals 44 74 74 73 109 107
0 2014 2015 2016 2017 2018 H1 2019
Private Equity (PE) firms continued to be highly active in M&A deals in the first # of Deals Total Value of Deals
half, whether acquiring platform companies, continued execution of M&A, or
selling from PE to PE Median M&A Multiple & Deal Value
8
Non-technology players continue to make technology / software acquisitions in
$158
both retail (McDonalds / Dynamic Yield) and manufacturing (Bridgestone / 6
TomTom)
4
$60
Transportation-related software continues to dominate, representing 35% of all 2 $54
$37 $28 $32
SCM M&A deals 3.5x 3.2x 3.5x 3.5x 7.1x 3.0x
0 2014 2015 2016 2017 2018 H1 2019
2018 Median EV/LTM Rev. Median Deal Value
2018 M&A activity was strong with more than 100 transactions 8
SCM Billion $ Deal Activity
$22,280
$20,861
The Freight Management Systems (FMS) sub-sector of the TMS market has 6
emerged as one of the most active sub-sectors in supply chain software for $16,188
M&A and capital raising 4
Notable deals in TMS in 2018 include Summit’s acquisition of MercuryGate 2
and E2open’s acquisition of Cloud Logistics 4
$1,046
1 5
$1,000
1 6 $3,000 3
0 2014 2015 2016 2017 2018 H1 2019
# of Billion $ Deals Total Value of Billion $ Deals
Source: 451 Research, CapIQ
4
H1 2019 Major M&A / Recap Transactions
($US in millions)
Enterprise LTM EV / LTM
Date Announced Target Acquirer Target Description Value Revenue Revenue
Provides online freight, cargo insurance,
fleet management, dispatching, and load
1. Apr-19 $1,000 ND ND
tracking software matching services to
trucking, rail, and other transportation
Develops plant maintenance operations
2. May-19 1,000 ND ND
and optimization software
Telematics / data platform for connected
3. Jan-19 1,000 158 6.3x
vehicles
Provides e-logistics, transport
management, and logistics management
4. Jan-19 800 ND ND
SaaS for retail transportation and shipping
industries
Provides logistics and related payment
5. Apr-19 700 ND ND
management SaaS for the shipping sector
Distributes Microsoft and SAP ERP
6. Apr-19 software and provides proprietary ERP 550 ND ND
software
Provides marketing and commerce
software for campaign automation,
7. Apr-19 500 275 1.8x
customer analytics, AI-based content
management, search engine optimization,
Provides cloud-based global trade
8. May-19 424 86 4.9x
management (GTM) solutions
Provides machine learning-based
9. Mar-19 325 30 10.8x
enterprise customer personalization SaaS
Develops cloud-based software solutions to
10. Apr-19 enterprise companies in automotive, hotel, 320 ND ND
cruise, and retail industries
MEDIAN $625 $122 5.6x
TOTAL TOP 10 $6,619
Source: 451 Research, CapIQ
5
Most Active Acquirers (2016 – H1 2019)
Buyer Number of Transactions Transactions
Xware; Container Chain; CargoIT; IFS Global Holdings; LSI Sigma Software; Trinium
Technologies; Taric; Pierbridge; Fenix Data Systems; SaaS Transportation; PB &
26 Associates; EasyLog; Softcargo; LSP Solutions; Intris; CustomsMatters; ABM Data
Systems; Microlistics; Cargoguide International; CargoSphere; CMS Transport; Prolink
Solutions; Bysoft Solucoes; ACO Informatica; znet group; Softship
STEPcom; Core Transport Technologies; Visual Compliance; PinPoint GPS Solutions;
12 Accucode; Aljex Software; MacroPoint; PCSTrac; Z-Firm; Datamyne; Appterra; Pixi
Software
Averetek; Amber Road; INTRA; Cloud Logistics; Birch Worldwide; Entomo; Zyme
10 Solutions; Steelwedge Software; Orchestro; Terra Technology
Optiware; IndustryBuilt; Apprise Software; irms 260 Enterprise Solutions; StarDyne
5 Technologies
5 Exari; Hiperios; Aquiire; Riskopy; Spend360
4 Pink Web Applications; Optiway; Bluegarden; LogBuy
3 InProcess Technology; Mtelligence; Fidelis Group
Source: 451 Research, CapIQ
6
Capital Raising Shifted into High Gear in 2019
Highlights
Total fund raising of more than $5.2B through the first half of 2019 vs. $4.4B for all of 2018
While the median transaction size in H1 2019 was $12M, we are seeing more transactions
in the $50M to $150M range
As is the case in M&A, the transportation software sector is generating a lot of interest
among investors ($1B for Flexport, $300M for LF Logistics, $149M for KeepTruckin)
Top 10 largest deals in the first half raised $4.4B
Private Placements
Total Capital Raised Total Number of Transactions
($US, in millions)
$5,299 116
$4,472
70
43
$1,170 22 22
$501 $486 14
$236
2014 2015 2016 2017 2018 H1 2019 2014 2015 2016 2017 2018 H1 2019
Source: 451 Research, CapIQ 7
H1 2019 Major Financing Transactions
Company Location Top Investor(s) Sector Total Funding ($M)
1. New York, NY Golden Gate Capital, Koch Equity Development ERP $1,500
Founders Fund, Cherubic Ventures, Susa
2. San Francisco, CA Ventures, DST Global, SoftBank, Investment Freight Forwarding Platform 1,000
Advisers, S.F. Express
3. Delhi, India The Carlyle Group, SoftBank, Fosun Group 3PL 413
TI Capital, Oriza Holdings, IDG Capital, China
4. Los Angeles, CA Railway Supply Chain Group, China Life B2B Supply Chain 365
Insurance, CICC
5. Shanghai, China Temasek Holdings Freight Fowarding Platform 300
Bessemer Venture Partners, T. Rowe Price
6. Boston, MA Group, Technology Crossover Ventures, Tiger Retail PoS 250
Global Management
7. Helsinki, Finland Technology Crossover Ventures Retail Management 200
8. Bengaluru, Karnataka, India Goldman Sachs, B Capital Group Trucking Logistics 150
Scale Venture Partners, Index Ventures, IVP,
9. San Francisco, CA Fleet Management 149
Greenoaks Capital, CV
Glynn Capital Management, BlackRock, Tiger
10. San Francisco, CA Delivery Logistics 100
Global Management
MEDIAN $443
TOTAL TOP TEN $4,427
Source: CapIQ, Crunchbase 8
Active SCM Private Equity Firms
Amount Invested Amount Invested Amount Invested
Date Investments ($M) Date Investments ($M) Date Investments ($M)
1. Oct-18 AFS Technologies ND
1. Jun-18 Acumatica $25 1. Apr-19 Magaya ND 2. Sep-18 Visma Retail Assets ND
2. May-18 Toolsgroup ND 2. May-15 Core Dial $28 3. Sep-18 Extenda ND
3. Apr-18 Green Mountain Technology ND 3. Apr-15 Key2Act ND 4. Jan-17 Fishbowl ND
4. May-16 SciQuest 373
5. Oct-15 Clavis Technology 20
6. Feb-15 Kerridge Commercial Systems ND
1. Jan-18 Motus & Rumzhiemer ND
1. Jul-19 Optimizers ND 2. Jul-16 Elemica $175
2. Jun-19 Onventis ND 3. Jul-14 Sparta Systems ND
1. Apr-18 Global-e $20 3. Apr-17 MUIS Software ND 4. Feb-14 GHX ND
2. Aug-17 ECi Software Solutions ND 4. Dec-13 Chain Point ND
3. Dec-14 EVRY 1,079
4. Oct-14 Exact Holding 932
1. May-19 Ivalua $60
1. Sep-16 Nexus Systems $28 2. Apr-19 Innovapptive 16
2. Dec-15 3PL Central 18 3. Mar-19 Toast 250
3. Sep-11 Steelwedge Software 16 4. Jan-19 Postmates 100
1. May-18 GPS Insight ND
2. Apr-16 Truckstop.com ND
1. Mar-18 C3 IoT $106
1. Jan-15 Asentinel ND 2. Aug-17 Transplace 1,000
1. Nov-16 Prometheus Group $300 2. Dec-14 Predictix $15 3. May-17 Llamasoft ND
2. Oct-14 Vendavo ND 3. Dec-14 LogicBox ND 4. Aug-16 Transporeon 337
3. Aug-13 Paymetric ND 4. Oct-14 Anexinet 2
4. Jun-12 Plex Systems ND
5. May-12 Kewill 157
1. Apr-18 OrderMyGear $35 1. Feb-19 Aptean ND
2. Nov-16 Macropoint 44 2. Sep-18 Dispatch ND
1. Jun-18 Yoobic $25 3. Jun-16 10-4 Systems ND 3. Jan-16 FiveRun ND
2. Mar-18 Advanced Manufacturing Control 133 4. Aug-14 B-Stock Solutions 65 4. Jan-16 BCC AdSystems ND
3. Feb-15 E2open 273 5. Nov-15 MarketLive ND
Source: CapIQ, 451 Research
9
Active SCM Venture Capital Firms
Amount Invested Amount Invested Amount Invested
Date Investments ($M) Date Investments ($M) Date Investments ($M)
1. May-19 Blackbuck $150 1. Apr-19 Suuchi $8 1. Feb-19 Vantage Point Logistics $10
2. Jun-16 Narvar 23 2. Jun-14 LogFire 8 2. Jan-19 Orchestra Software 14
3. Sep-15 LightSpeed POS 61 3. Mar-11 Ontuitive 6 3. Jan-18 Blue Day 6
4. Jun-14 Plex Systems 50 4. Mar-10 Telarix 20
5. Mar-14 Vinculum Solutions ND
1. Dec-18 Wise Systems $7 1. Oct-18 project44 $45
1. Feb-19 FourKites $50 2. Jun-18 FreightWaves 13 2. Aug-14 Lavante 4
2. Oct-18 ShopRunner 40 3. Jun-16 INRIX ND 3. Sep-10 Retail Solutions 15
3. Oct-18 FactoryFour 5 4. Jun-16 Elementum ND 4. ND Onventis ND
4. Jun-15 Celect 15 5. Nov-16 Postmates 140
5. Jul-11 INRIX 37 6. Feb-16 Zendrive 14
6. Aug-11 RetailNext 8
1. Dec-18 RightHand Robotics $23 1. ND Deliveroo ND
1. Feb-19 Mirakl $70 2. Dec-18 Scout RFP 33 2. Jun-19 Skupos $26
2. Oct-18 Shelfbot 4 3. Sep-18 Shipbob 40 3. Nov-18 Scoutbee 4
3. Sep-18 Shipbob 40 4. May-18 Alloy Technologies 12 4. Feb-18 Grow 16
4. Feb-18 FourKites 35 5. Apr-18 6 River Systems 25
1. Feb-19 Tulip Interfaces $18
1. Jun-19 Skupos $26 2. Jul-17 Transfix 42
2. Apr-19 STORD 12 3. Jun-17 FusionOps 50 1. Jun-19 Gatik $5
3. Apr-17 Odyn ND 4. May-17 Scout RFP 16 2. Dec-18 Wise Systems 7
4. May-16 Sennder ND 3. Feb-18 May Mobility 12
5. May-16 Verusen ND 4. Feb-16 Zendrive 14
6. ND Leaf Logistics ND 5. May-17 Starsky Robotics 4
7. ND Steam Logistics ND 1. Dec-18 NuORDER $15 6. Sep-15 Nauto 3
2. Sep-18 Arrive 20
Source: CapIQ, 451 Research
10Transportation–Related Supply Chain Trends
Transportation-related software capital raising remained robust in H1 2019, with
$725M raised in more than 20 transactions
› , India’s largest trucking platform, raised $150M (bringing total raised since
October 2018 to $233M)
› Leading Fleet Management / ELD vendor raised $149M at a $1.4B
valuation while Freight Marketplace vendor raised $97M at a $500M valuation
› Last-mile Logistics vendor added $100M to its last round of $300M in
September 2018
Transportation M&A again represented one third of all supply chain M&A deals:
› Serial acquirers (3 deals) and (2 Deals) continued their
robust activity
› TMS platforms and were both acquired by private equity buyers
Global tire manufacturers jumped into software with acquisition of
------------- and purchase of
11
Source: Capital IQ, 451 ResearchH1 2019 Transportation Software M&A
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
1. Jun-19 STEPcom Descartes Systems Supply Chain Integration $20 ND ND
2. Jun-19 Mighty AI Uber Computer Vision Modeling ND ND ND
3. Jun-19 TrackPoint Systems Truck-Lite Location Land-based Tracking ND ND ND
4. Jun-19 StakUp FreightWaves Freight Data ND ND ND
5. May-19 AD OPT IBS Software Aviation Software ND ND ND
6. May-19 Masternaut Michelin Telematics ND ND ND
7. May-19 Core Transport Technologies Descartes Systems Scanning and Tracking 21 ND ND
8. May-19 Roadscanners Loram Railway and Management ND ND ND
9. Apr-19 Whiplash Port Logistics Group eCommerce Fulfillment Software ND ND ND
10. Apr-19 3Gtms Sumeru TMS ND ND ND
11. Apr-19 Synovia Solutions CalAmp Telematics 50 $28 1.8x
12. Apr-19 TivaCloud Fleetworthy Solutions Transportation Compliance ND ND ND
13. Apr-19 Tero Marine Seagull Maritime Marine Fleet Management ND ND ND
14. Apr-19 Jarca / JFleet Clear Destination TMS ND ND ND
15. Apr-19 BSM Technologies Geotab Telematics / Fleet Management 113 59 1.9x
16. Apr-19 GlobalTranz Enterprises Providence Equity Partners 3PL 700 ND ND
17. Apr-19 Xevo Lear Corporation Automotive Software 320 ND ND
18. Mar-19 InfoRoute Compilator Fleet Inspection ND ND ND
19. Mar-19 Cetus Labs Navis Terminal Operating System ND ND ND
20. Feb-19 Delivery Biz Pro GetSwift Delivery Management Platform ND ND ND
21. Feb-19 habbl Daimler FleetBoard Fleet Management ND ND ND
22. Feb-19 Ushr Dynamic Map Platform Automotive Mapping 200 ND ND
23. Feb-19 ECO Insight and Navigator Insight SolutionsStormGeo Holding AS Fleet Performance ND ND ND
24. Feb-19 TESIS Vector Informatik Automotive Testing Solutions ND ND ND
25. Jan-19 Transporeon HgCapital TMS 800 ND ND
26. Jan-19 TomTom Telematics Bridgestone Europe Telematics 1000 158 6.3x
27. Jan-19 M2M Solutions Telsinc Fleet Management 11 ND ND
28. Jan-19 Our Freight Guy GlobalTranz Freight Brokerage and Logistics ND ND ND
29. Jan-19 AM Gruppe Royal Reesink WMS / TMS ND ND ND
30. Oct-18 Sigma Software Wisetech Global Customs, Freight Forwarding 5 2 2.8x
2019 Median $113 $44 1.9x
2019 Total Disclosed $3,240
12
Source: Capital IQ, 451 ResearchH1 2019 Transportation Software Capital Raising
Date Target Sector Investors Investment ($M)
1. May-19 Trukkin Middle EAST Truck Aggregator Batic Investments and Logistics 4
2. May-19 Overhaul Group Shipping Visibility Abbey International Finance 7
3. May-19 Ravin AI Automated Vehicle Inspection Shell Ventures, Pico Partners 4
4. May-19 Blackbuck Trucking Logistics Goldman Sachs 150
5. Apr-19 Spare Labs Transportation Network Management Mitsubishi 6
b-to-v Partners, BFB Brandenburg Kapital, Senovo Capital
6. Apr-19 Synfioo Intermodal Monitoring Management, Hpi Seed Fund 3
SGH Capital, Edenred Capital Parnters, daphni, Weaving
7. Apr-19 FretLink Shipping and Logistics Invest 31
Institutional Venture Partners, Index Ventures, Scale Venture
8. Apr-19 KeepTruckin Fleet Management Partners, GV, Greenoaks Capital Partners 149
9. Apr-19 Driveroo Vehicle Maintenance WS Investments 3
10. Apr-19 Phantom Auto Teleoperated Navigation Bessemer Venture Partners 14
11. Apr-19 CODE42 Mobility Services Platform Hyundai Motor Company ND
12. Apr-19 AutoX Technologies AV Dongfeng Motor Group Company 20
Visible Supply Chain
13. Apr-19 Management 3PL Cynosyre Group ND
14. Mar-19 Rarestep / Fleetio Fleet Management ND 4
15. Mar-19 Blackbuck Trucking Logistics Goldman Sachs, B Capital Group 44
16. Mar-19 FleetMaster Fleet Management Daimler Financial Services ND
17. Feb-19 Agilis Systems Fleet Management Spectrum Equity Management ND
18. Feb-19 Drag Alliance Dragage Platform Craft Ventures 4
19. Feb-19 Vantage Point Logistics Freight Management Radian Capital, Tamarind Hill Fund 10
20. Jan-19 Next Trucking Freight Marketplace Sequoia Capital, GLP, Brookfield Ventures 97
Bringg Delivery Salesforce Ventures, Cambridge Capital, Next47, OG Tech
21. Jan-19 Technologies Delivery Logistics Ventures 25
Glynn Capital Management, BlackRock, Tiger Global
22. Jan-19 Postmates Delivery Logistics Management 100
August Capital, Bain Capital Ventures, Hyde Park Angels,
23. Jan-19 FourKites Supply Chain Visibility CEAS Investments I 50
2019 Median $14
2019 Total Disclosed $722 13
Source: Capital IQ, 451 ResearchSector Spotlight: eProcurement / Spend Management
Sector Highlights Key Vendors
e-Procurement and Spend Management
considered to be $4B - $6B market, growing Depth of
in the low double digits (Note: Coupa
Product
believes there is an addressable TAM of
$50+B) Functionality
Competition in eProcurement tracks closely
to that in ERP and SCM sectors, with market
share dominated by SAP and Oracle,
representing 1/3 of the market, followed by
IBM, Microsoft, and Coupa
Ongoing consolidation in the sector is being
driven by challengers such as Coupa and
private equity players acquiring mid-market
players
The new wave of spend management
leaders is constructing comprehensive suites
integrating:
› Spend analysis
› Contract Management
› Supplier / Vendor Management
› Market place management
› Payments
› Financial Management Market presence
› Data Integration
14
Source: Gartner, Capital IQ, 451 ResearcheProcurement / Spend Management Trends
Robust M&A market in eProcurement and Spend Management during the past 3 years
with nearly 45 transactions, including 12 deals in H1 2019
M&A deals of note include:
› acquisition of
› acquisition of for $650M
has been singularly aggressive, capitalizing on its strong stock
performance to acquire 8 companies in the last 2 years
Venture Investment in the sector has been modest, representing $550 million in 14
deals in the past 2+ years
Average capital raising deal size is going up with larger deals, including $60M for
Ivalua at a reported valuation greater than $1B ($120M total in 2 years) and $33M
for ($58M total in last 2 years)
15
Source: Capital IQ, 451 ResearcheProcurement M&A
Date Target Acquirer Sector Date Target Acquirer Sector
1. Jun-19 eProcurement 13. Dec-18 eProcurement
2. May-19 Supplier Management 14. Dec-18 Vendor Management
3. May-19 eProcurement 15. Oct-18 eProcurement
4. Apr-19 Vendor Management 16. Oct-18 Supplier Management
5. Apr-19 Contract Lifecycle Management 17. Oct-18 eProcurement
6. Mar-19 Supplier Intelligence 18. Sep-18 eProcurement
7. Mar-19 eProcurement 19. Sep-18 Supplier Management
8. Feb-19 eProcurement 20. Aug-18 Spend Management
9. Feb-19 eProcurement 21. Jul-18 Vendor Management
10. Feb-19 Supplier Management 22. Jun-18 Procurement / SCM
11. Jan-19 Supplier Intelligence 23. Mar-18 eProcurement
12. Jan-19 eProcurement 24. Mar-18 eProcurement
16
Source: Capital IQ, 451 ResearcheProcurement M&A
Date Target Acquirer Sector Date Target Acquirer Sector
25. Mar-18 Spend Management 36. Mar-17 eProcurement
26. Feb-18 Vendor Management 37. Feb-17 Contract Compliance
27. Jan-18 Procurement Data 38. Jan-17 eProcurement
28. Dec-17 eProcurement 39. Dec-16 Vendor Management
29. Nov-17 eProcurement 40. Nov-16 eProcurement
30. Oct-17 Supplier Management 41. Oct-16 Supplier Management
31. Oct-17 AI Fraud Detection 42. Oct-16 eProcurement
32. Jul-17 eProcurement 43. Aug-16 eProcurement
33. Jun-17 eProcurement 44. May-16 eProcurement
34. May-17 Data Aggregation 45. Feb-16 eProcurement
35. Apr-17 Strategic Sourcing
17
Source: Capital IQ, 451 ResearcheProcurement Capital Raising
Total Total
Date Company Funding ($M) Sector Date Company Funding ($M) Sector
1. Jun-19 15 eProcurement 8. Apr-18 40 eProcurement
2. May-19 60 Spend Management 9. Apr-18 12 eProcurement
3. Dec-18 25 eProcurement 10. Jun-17 8 eProcurement
4. Dec-18 33 eProcurement 11. Jun-17 16 eProcurement
5. Dec-18 7 Supplier Management 12. Apr-17 60 Spend Management
6. Apr-19 8 Vendor Risk Management 13. Nov-16 7 eProcurement
7. May-18 250 eProcurement 14. Jul-16 9 eProcurement
Total $550
Source: Capital IQ, 451 Research
18Public Company Stock Performance
Public companies in the ERP
and SCM sectors have Public Company Performance Index
performed well as a whole over
the past three years, having 65.0
achieved a 3-year stock
performance increase of over 55.0
53%
Many have also achieved robust 45.0
double-digit revenue growth
Trading multiples for the sector 35.0
as a whole are also quite healthy
at 9.4x 2019 revenue and 22.3x
25.0
2019 EBITDA
Strong multiples reflect solid 15.0
growth rates for those
companies growing faster than
5.0
the market as a whole as well as
the strong operating and
EBITDA margins -5.0
Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19
The sector has also benefitted
SCM Composite Index Dow Jones Industrial Average
from a surge in global equity
S&P 500 Index NASDAQ Composite Index
markets over the past 24 months
* Includes companies on the following slide Source: CapIQ 19Public Company Universe
($ in millions) Market Data Operating Data(c)
EV / Revenue EV / EBITDA Cash Revenue EBIDTA Revenue Growth LQ EBITDA LQ Gross
Enterprise LTM 2 - Yr
(a) (b)
Company Value Perf.(%) Perf.(%) 2019E 2018A 2019E 2018A 2019E 2019E 2018A 2019E 2018A 18A/17A 19E/18A Margin Margin
1. $197,081 10% 7% 5.0x 4.9x 10.5x 12.4x $17,411 $39,326 $39,893 $18,853 $15,899 3% (1%) 42% 81%
2. 122,688 6% 17% 4.0x 4.3x 10.9x 18.1x 3,411 30,762 28,288 11,254 6,773 0% 9% 28% 69%
3. 31,569 2% 54% 7.1x 7.9x 19.9x 33.6x 2,281 4,447 3,981 1,584 941 3% 12% 25% 84%
4. 12,880 22% 110% 2.9x 3.1x 13.1x 15.8x 192 4,500 4,218 981 817 13% 7% 22% 47%
5. 8,773 22% 116% 15.5x 16.8x 31.2x 37.9x 171 566 522 281 232 10% 8% 48% 92%
6. 8,570 79% 284% 36.0x 42.7x NM 99.0x 22 238 201 86 87 46% 18% 40% 81%
7. 8,096 109% 332% 31.9x 31.1x NM NM 99 254 260 23 (38) 39% (3%) NM 66%
8. 5,287 64% 91% 8.8x 9.5x 39.3x 37.1x 118 601 559 135 143 (6%) 7% 21% 54%
9. 4,119 6% 37% 15.0x 15.0x 34.5x 45.8x 53 275 275 119 90 16% 0% 38% 75%
10. 1,917 (13%) 3% 10.3x 12.7x 38.1x 70.5x 99 186 151 50 27 13% 23% 28% 69%
11. 1,694 17% 84% 6.1x 6.8x 25.0x 43.0x 122 277 248 68 39 13% 12% 14% 65%
12. 2,775 83% 162% 11.2x 14.1x NM -74.7x 162 248 197 (9) (37) 17% 26% NM 63%
13. 1,286 27% 79% 6.1x 8.6x 16.5x 37.3x 18 212 150 78 34 53% 42% 33% 69%
14. 634 (23%) 27% 1.9x 1.9x 39.7x 43.7x 127 332 333 16 14 9% (0%) NM 53%
15. 326 (16%) 36% 3.0x 2.9x 22.6x 32.9x 42 110 112 14 10 2% (2%) 15% 54%
16. 96 (51%) (71%) 1.5x 1.4x 5.0x 25.3x 5 66 70 19 4 24% (6%) 61% 47%
17. 162 (24%) (7%) 2.8x 3.0x NM 48.0x 9 58 53 3 3 (4%) 8% 2% 46%
18. 38 (7%) (31%) 0.6x 0.8x 5.9x 9.7x 9 64 46 6 4 6% 41% 13% 43%
MEDIAN $3,447 8% 45% 6.1x 7.4x 21.3x 37.1x $109 $264 $254 $73 $37 11% 8% 28% 66%
]
AVERAGE $22,666 17% 74% 9.4x 10.4x 22.3x 31.5x $1,353 $4,585 $4,420 $1,864 $1,391 14% 11% 29% 64%
AGGREGATE $407,990 $24,349 $82,522 $79,558 $33,560 $25,041
Notes:
(a) Based on closing stock prices on August 7, 2019
(b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherwise noted) and preferred stock, less cash & equivalents)
(c) Projections represent Wall Street estimates
(d) Adjusted operating margin excludes extraordinary and non-recurring items
Source: CapIQ, SEC Filings 20Expanded Landscape
General PLANNING DELIVERY
Large
Supply
SCM Supply Chain
Chain Supply Chain Execution
Providers Planning
Providers
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly send us a note
at drourke@agcpartners.com and we would be happy to consider. 21eProcurement / Spend Management Landscape
Private Company Landscape
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future publications, kindly send us a note
at drourke@agcpartners.com and we would be happy to consider.
22AGC’s Supply Chain Software Market Update 2019
• Dennis brings more than 25 years of experience in investment banking to his role at AGC and has been a
Dennis Rourke Partner with AGC since it was founded in early 2003
Partner
• Dennis has completed more than 80 transactions, primarily for software companies, including 25 deals in
supply chain software
• Previously, Dennis was a Managing Director at Banc of America Securities and a Founding Member of
Montgomery Securities’ East Coast Technology Group
• He holds a B.A. in English Literature from Middlebury College, an M.A. in German Literature from the
Johannes Gutenberg Universitat in Mainz, Germany, and an M.S. in Finance from the MIT Sloan School of
Management
AGC’s Supply Chain Management Expertise
Private Placement
$8.5 Million
Placement Agent
Convertible Debt
$250 Million
Co-manager
Intactix
Petrolsoft
has been acquired by has been acquired by has been acquired by
Initial Public Offering Private Placement
Initial Public Offering
Initial Public Offering $96 Million $55 Million $40 Million $12 Million
$85 Million Co-manager $21 Million
$37 Million Co-manager Sole Financial Advisor Sole Financial Advisor Sole Placement Agent
Sole Financial Advisor to Aspen Technology To JDA Software
to Numetrix 23M&A and Private Placement
Activity
Note: This document is intended to serve as an informative article only in order to further discussion, analysis and independent verification. This
document is based upon sources believed to be reliable, however, we do not guarantee the sources’ accuracy. Unless otherwise indicated, AGC
does not believe that the information contained herein is sufficient to serve as the basis of an investment decision. There can be no assurance that
these statements, estimates or forecasts will be attained and actual results may be materially different. This is not a solicitation of an offer of any kind.
To learn more about the company/companies that is/are the subject of this commentary, contact one of persons named herein who can give you
additional information. 24M&A Activity H1 2019
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
1. Jun-19 Drive.ai Apple AV ND ND ND
2. Jun-19 STEPcom Descartes Systems Supply Chain Integration 20 ND ND
3. Jun-19 Zenopt RELEX Retail Management ND ND ND
4. Jun-19 Mighty AI Uber Computer Vision Modeling ND ND ND
5. Jun-19 Onventis Main Capital eProcurement ND ND ND
6. Jun-19 Eazy Collect The Access Group ERP Payments ND ND ND
7. Jun-19 Acumatica IFS ERP ND ND ND
8. Jun-19 AutoStore TH Lee Partners WMS Robotics / Automation ND ND ND
9. Jun-19 i2i Infinity SGS Electronic Certificates of Origin ND ND ND
10. Jun-19 TrackPoint Systems Truck-Lite Location-based Tracking ND ND ND
11. Jun-19 Cubus Serviceware CPM/BI ND 5 ND
12. Jun-19 Lindbak Retail Systems EG Retail Management ND ND ND
13. Jun-19 StakUp FreightWaves Freight Data ND ND ND
14. Jun-19 Averetek E2open Channel Management ND ND ND
15. May-19 irth Solutions Gauge Capital Field Service Management ND ND ND
16. May-19 Prometheus Group Enterprises Genstar Capital Plant Maintenance 1,000 ND ND
17. May-19 Handshake Shopify eCommerce Platform ND ND ND
18. May-19 CVM Solutions Supplier.io Supplier Management ND ND ND
19. May-19 AD OPT IBS Software Aviation Software ND ND ND
20. May-19 Boomerang Commerce Assets Lowe's Companies Retail Analytics ND ND ND
21. May-19 Profitect Zebra Technologies Retail Analytics ND ND ND
22. May-19 CStorePro Professional Datasolutions Retail Pricing ND ND ND
23. May-19 Felix Informatique Constellation Software Retail / Hospitality ERP ND ND ND
24. May-19 Masternaut Michelin Telematics ND ND ND
25. May-19 Azima Global SymphonyAl Group Manufacturing Monitoring ND ND ND
26. May-19 Core Transport Technologies Descartes Systems Scanning and Tracking 21 ND ND
27. May-19 Amber Road E2open Trade Management 424 86 5.0x
28. May-19 ecUtopia True Commerce EDI ND ND ND
29. May-19 EU Supply Mercell Holding eProcurement 17 5 3.4x
30. May-19 Experlogix Featheringill Capital CPQ ND ND ND
Source: CapIQ, 451 Research
25M&A Activity H1 2019 (cont’d.)
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
31. May-19 Roadscanners Loram Railway and Management ND ND ND
32. May-19 Seven Telematics Connexas Group Fleet Management ND ND ND
33. May-19 Optiware Aptean Manufacturing ERP ND ND ND
34. Apr-19 Flexible Workforce Openforce Vendor Management ND ND ND
35. Apr-19 Xware Wisetech Global Logistics Messaging 23 3 6.6x
36. Apr-19 Whiplash Port Logistics Group eCommerce Fulfillment Software ND ND ND
37. Apr-19 Triple E Technologies Constellation Sofrware C-Store Payments ND ND ND
38. Apr-19 3Gtms Sumeru TMS ND ND ND
39. Apr-19 OptiView omNovos Inventory Management ND ND ND
40. Apr-19 Practi Technologies Just Eat PoS 9 ND ND
41. Apr-19 Exari Group Coupa Software Contract Lifecycle Management 215 ND ND
42. Apr-19 Second Phase Billtrust B2B eCommerce ND ND ND
43. Apr-19 Synovia Solutions CalAmp Telematics 50 28 1.8x
44. Apr-19 TivaCloud Fleetworthy Solutions Transportation Compliance ND ND ND
45. Apr-19 Tero Marine Seagull Maritime Marine Fleet Management ND ND ND
46. Apr-19 Sellbrite GoDaddy eCommerce / Marketplace tools ND ND ND
47. Apr-19 Jarca / JFleet Clear Destination TMS ND ND ND
48. Apr-19 BSM Technologies Geotab Telematics / Fleet Management 113 59 1.9x
49. Apr-19 Scan to Buy Yandex Market eCommerce ND ND ND
50. Apr-19 MaxGrip AVEVA Asset Performance Management 25 ND ND
51. Apr-19 IBM DemandTec Assets Centerbridge Partners Commerce / Marketing Platform 500 275 1.8x
52. Apr-19 Truckstop.com ICONIQ Freight Marketplace 1,000 ND ND
53. Apr-19 EG Francisco Partners ERP 550 ND ND
54. Apr-19 KNet Software Emerson Electric Co. Digital Transformation ND ND ND
55. Apr-19 GlobalTranz Enterprises Providence Equity Partners 3PL 700 ND ND
56. Apr-19 Xevo Lear Corporation Automotive Software 320 ND ND
57. Apr-19 Hiper Software Linx Sistemas e Consultoria Retail Management 5 ND ND
58. Mar-19 First Mile Rakuten eCommerce Order Fulfillment ND ND ND
59. Mar-19 IFS 360 Rakuten eCommerce Order Fulfillment ND ND ND
60. Mar-19 Dynamic Yield McDonald's Digital Personalization 325 30 10.8x
Source: CapIQ, 451 Research
26M&A Activity H1 2019 (cont’d.)
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
61. Mar-19 Exceedra AFS Technologies Trade Promotion Management ND ND ND
62. Mar-19 Meronimi Proxima Group Supplier Intelligence ND ND ND
63. Mar-19 Blume Global Apollo Global Digital Supply Chain ND ND ND
64. Mar-19 InfoRoute Compilator Fleet Inspection ND ND ND
65. Mar-19 Cetus Labs Navis Terminal Operating System ND ND ND
66. Mar-19 EMNS Elemica Material Quality Compliance ND ND ND
67. Mar-19 OpusCapita Providence Equity eProcurement ND ND ND
68. Mar-19 Spark Digital Technologies BLOCKStrain Technology Corp. Cannabis Supply Chain 6 ND ND
69. Feb-19 Exact Software KKR ERP ND ND ND
70. Feb-19 Delivery Biz Pro GetSwift Delivery Management Platform ND ND ND
71. Feb-19 Scheduling+ GetSwift Workforce Scheduling ND ND ND
72. Feb-19 MedaTech Information Technology Matrix IT ERP 24 ND ND
73. Feb-19 Certona Corporation Kibo Software Omnichannel Personalization 60 20 3.0x
74. Feb-19 Stantive Technologies Group Bridgeline Digital Digital Experience Platform 5 7 0.8x
75. Feb-19 Newton Transportation Technologies Nauto AV ND ND ND
76. Feb-19 Epilog KNAPP AG WMS ND ND ND
77. Feb-19 Browz Avetta Supplier Management ND ND ND
78. Feb-19 EnterWorks Winshuttle MDM / PIM ND ND ND
79. Feb-19 habbl Daimler FleetBoard Fleet Management ND ND ND
80. Feb-19 Shoplo SumUp Payments Limited eCommerce ND ND ND
81. Feb-19 Ushr Dynamic Map Platform Automotive Mapping 200 ND ND
82. Feb-19 ECO Insight and Navigator Insight SolutionsStormGeo Holding AS Fleet Performance ND ND ND
83. Feb-19 Determine Corcentric eProcurement 32 28 1.1x
84. Feb-19 Netsend Corcentric eProcurement ND ND ND
85. Feb-19 Purfresh TriStrata Group Controlled Atmosphere Cargo ND ND ND
86. Feb-19 TESIS Vector Informatik Automotive Testing Solutions ND ND ND
87. Feb-19 PCSYS TECSYS WMS / TMS 13 14 0.9x
88. Feb-19 Dynacommerce Holding Tech Mahindra Omnichannel Commerce 18 9 2.0x
89. Feb-19 CarrierWeb I.D. Systems Asset Tracking 4 ND ND
90. Jan-19 SYSTEMA AS WiseTech Global Customs Management 6 ND ND
Source: CapIQ, 451 Research
27M&A Activity H1 2019 (cont’d.)
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
91. Jan-19 Buymanager SupplyFrame Supplier Intelligence ND ND ND
92. Jan-19 Transporeon HgCapital TMS 800 ND ND
93. Jan-19 T-PRO Solutions Blacksmith Applications Trade Promotion Optimization ND ND ND
94. Jan-19 XimantiX Software Cegedim e-business e-Invoicing ND ND ND
95. Jan-19 TomTom Telematics Bridgestone Europe Telematics 1,000 158 6.3x
96. Jan-19 Visual Compliance Descartes Systems SC Compliance 250 35 7.1x
97. Jan-19 Precognitive ShopRunner Online Fraud Prevention ND ND ND
98. Jan-19 M2M Solutions Telsinc Fleet Management 11 ND ND
99. Jan-19 Scanmarket Verdane Capital eProcurement ND ND ND
100. Jan-19 Techsol Marine Ocean Group Marine Machine Control ND ND ND
101. Jan-19 Our Freight Guy GlobalTranz Freight Brokerage and Logistics ND ND ND
102. Jan-19 MineralSoft Drilling Info Mineral / Land Management ND ND ND
103. Jan-19 ItemMaster Gladson Product Content Management ND ND ND
104. Jan-19 AM Gruppe Royal Reesink WMS / TMS ND ND ND
105. Jan-19 ISM Connect Smith Micro Software OnScreen Demos 9 ND ND
106. Jan-19 Edgenet Gladson Product Content Management ND ND ND
107. Jan-19 Leo Enterprises DS Co. Supply Chain Data ND ND ND
2019 Median $32 $28 3.0x
2019 Total Disclosed $7,754
Source: CapIQ, 451 Research
28M&A Activity 2018
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
1. Dec-18 Covalent Works Corporation SPS Commerce EDI 23 4 5.8x
2. Dec-18 XELOG DRS Investment WMS ND ND ND
3. Dec-18 IQMS Dassault Systèmes Manufacturing ERP 425 56 7.6x
4. Dec-18 Hiperos Coupa Software Supplier Risk Management 95 ND ND
5. Dec-19 GateHouse Logistics Project44 Transportation Visibility Platform ND ND ND
6. Nov-18 Contigo Energy One Limited ETRM 4 ND ND
7. Nov-18 e-Courier Alpine SG Last-Mile Delivery ND ND ND
8. Nov-18 Companeo InfoPro Digital B2B ND ND ND
9. Nov-18 OrderDynamics Corp TECSYS Distributed Order Management 13 ND ND
10. Nov-18 Innovative Return Concepts Inmar Returns Management ND ND ND
11. Nov-18 Clearplan KAR Auction Services Vehicle Recovery Management ND ND ND
12. Nov-18 GreatRateFreight Gold River Productions, RushNet Freight Marketplace ND ND ND
13. Oct-18 Proquro Exact Holding eProcurement ND ND ND
14. Oct-18 Gladson Interactive The Jordan Company Retail Product Content ND ND ND
15. Oct-18 Spring ShopRunner Mobile-First Brand Catalogue ND ND ND
16. Oct-18 Omnify Software Arena Solutions PLM ND ND ND
17. Oct-18 Integration Point Thomson Reuters Global Trade Management ND ND ND
18. Oct-18 Bluefrog Technologies Francis David Corporation PoS ND ND ND
19. Oct-18 INTTRA E2open Shipping Management ND ND ND
20. Oct-18 AFS Technologies STG Partners Food SCM ND ND ND
21. Oct-18 Sciengistics ARCOS Airline WF Scheduling ND ND ND
22. Oct-18 Sigma Software Wisetech Global Customs, Freight Forwarding 5 2 2.8x
23. Oct-18 EDIAdmin SPS Commerce EDI ND ND ND
24. Oct-18 Altius VA Supplier Assessment Services Supplier Management ND ND ND
25. Oct-18 IFS Global Holdings WiseTech Global Shipping TMS 55 8 7.0x
26. Oct-18 Legion Bentley Systems Pedestrian Simulation ND ND ND
27. Oct-18 Aquiire Coupa Software Supplier Search ND ND ND
28. Oct-18 MyWebGrocer Mi9 Retail Retail Management ND ND ND
29. Oct-18 Stylelabs BVBA Sitecore Content Marketing ND ND ND
30. Oct-18 ERA Systems BluJay Solutions Customs Management ND ND ND
Source: CapIQ, 451 Research 29M&A Activity 2018 (cont’d.)
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
31. Oct-18 Cloud Logistics E2open TMS ND ND ND
32. Sep-18 TAKE Supply Chain Aclate Supply Chain Orchestration ND ND ND
33. Sep-18 AFN Logistics GlobalTranz 3PL ND ND ND
34. Sep-18 DCR Workforce Coupa Software eProcurement 25 19 1.3x
35. Sep-18 Apttus Thoma Bravo Supplier Management 1600 225 7.1x
36. Aug-18 ThunderBuild Topcon Positioning Systems Construction Supply Chain ND ND ND
37. Aug-18 MercuryGate Summit Partners TMS ND ND ND
38. Aug-18 Wtransnet Alpega Freight Exchange ND ND ND
39. Aug-18 TIM Consult Transporeon Group TMS ND ND ND
40. Aug-18 Taric WiseTech Global Customs Management 19 ND ND
41. Aug-18 Esize PROACTIS Spend Management 16 ND ND
42. Jul-18 DesertMicro AMCS Waste & Recycling SCM ND ND ND
43. Jul-18 Beeline New Mountain Capital Vendor Management 650 ND ND
44. Jul-18 MetaPack Stamps.com TMS 230 3 89.6x
45. Jul-18 Barkawi Management Consultants Genpact SCM Consulting ND ND ND
46. Jul-18 4flow vista Alpega Transportation Planning ND ND ND
47. Jul-18 Shire Systems Elecosoft CMMS 8 ND ND
48. Jul-18 GlobalTranz Jordan Company 3PL / Freight ND ND ND
49. Jul-18 Blue Yonder JDA Software Retail AI ND ND ND
50. Jul-18 Transparix Logistyx Technologies TMS / Parcel ND ND ND
51. Jun-18 Accucode (Velocity Mail Assets) Descartes Systems TMS 26 ND ND
52. Jun-18 Pierbridge WiseTech Global TMS / Parcel 28 ND ND
53. Jun-18 Centriq Korber WMS / Voice ND ND ND
54. Jun-18 Constructionline Warburg Pincus Procurement / SCM 211 ND ND
55. Jun-18 Oniqua IBM IoT 35 ND ND
56. Jun-18 InsightSoftware.com TA Associates ERP Reporting ND ND ND
57. Jun-18 Centric Software Dassault PLM ND 61 ND
58. Jun-18 American Restaurant Association ArrowStream Supply Chain Data ND ND ND
59. Jun-18 Felix Data Systems WiseTech Global Customs Management 3 1 2.8x
60. Jun-18 LOCOM Software Siemens Logistics Services ND ND ND
Source: CapIQ, 451 Research
30M&A Activity 2018 (cont’d.)
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
61. Jun-18 Barcode Tech Reflex Group Barcode / Holding ND ND ND
62. Jun-18 ShakeDeal Vora Ventures B2B Market Place ND ND ND
63. May-18 SaaS Transportation WiseTech Global LTL / TMS 2 ND ND
64. May-18 GTG Technology Firmament Group TMS ND ND ND
65. May-18 Tax Filer Iris Software Tax Compliance ND ND ND
66. May-18 Powerplan Roper Technologies Financial / Compliance 1,100 ND ND
67. May-18 Magneto Adobe eCommerce Platform 1,680 150 11.2x
68. May-18 Shop.co Klarna On-line Shopping ND ND ND
69. May-18 Symphony Commerce Quantum Retail Technology Commerce as a Service ND ND ND
70. May-18 Flipkart Walmart e-Commerce 16,000 7,500 2.1x
71. May-18 Mandata LDC TMS 28 ND ND
72. Apr-18 Viewpoint Trimble Construction Management 1,200 111 10.8x
73. Apr-18 PB & Associates WiseTech Global Freight Forwarding ND ND ND
74. Apr-18 Viewpoint Trimble Construction Management 1,200 ND ND
75. Apr-18 CSF Solutions BluJay Solutions Customs Management ND ND ND
76. Apr-18 Insight Group Technologies Mantis Informatics WMS Optimization / Slotting ND ND ND
77. Mar-18 Acceo Solutions Constellation Software Broad ERP 201 90 2.2x
78. Mar-18 VendorBase Procurify eProcurement ND ND ND
79. Mar-18 P2P Mailing FedEx Parcel Delivery for e Tailors 130 ND ND
80. Mar-18 Avetta Welsh, Carson, Anderson & Stowe eProcurement ND ND ND
81. Mar-18 Servman Software WorkWave Field Service ND ND ND
82. Mar-18 FSEnet+ Gladson Product Data Management ND ND ND
83. Mar-18 ecmarket Luminate Capital Partners SCM Document Automation 50 ND ND
84. Mar-18 LSP Solutions BV WiseTech Global Customs and WMS 4 2 1.6x
85. Mar-18 IndustryBuilt Aptean ERP - F+B ND ND ND
86. Mar-18 Gap Systems Loftware Enterprise Labeling ND ND ND
87. Mar-18 CommerceHub GTCR /Sycamore Partners eCommerce Network 1,100 111 9.9x
88. Mar-18 Science Warehouse Advanced Spend Management 22 ND ND
89. Feb-18 Matters (TMS) INIT TMS 1 ND ND
90. Feb-18 Panjiva S&P Global Vendor Management / Insight ND ND ND
Source: CapIQ, 451 Research
31M&A Activity 2018 (cont’d.)
($US in millions)
LTM EV/ LTM
Date Target Acquirer Sector EV ($M) Rev. ($M) Rev.
91. Feb-18 Intris WiseTech Global Customs Management / Freight 9 ND ND
92. Jan-18 Kramer-Smilko DemandBridge Distributor Management ND ND ND
93. Jan-18 Birch Worldwide E2open Channel Management ND ND ND
94. Jan-18 Entomo E2open Channel Management ND ND ND
95. Jan-18 Kubix Lectra PIM / MDM 8 ND ND
96. Jan-18 Movildata Internacional Verizon Telematics Fleet Management ND ND ND
97. Jan-18 Motus Thoma Bravo Vehicle Management ND ND ND
98. Jan-18 Ruzheimer Thoma Bravo Mobile Management ND ND ND
99. Jan-18 ProSys Emerson Plant Production Management ND ND ND
100. Jan-18 Mintec Global Synova Capital Procurement Data / Management ND ND ND
101. Jan-18 JustEnough Software Mi9 Retail Merchandising Management ND ND ND
102. Jan-18 TenderEasy Alpega Transportation Procurement ND ND ND
103. Jan-18 Forecast Solutions RELEX Retail Planning ND ND ND
104. Jan-18 Kenandy Rootstock Software ERP ND ND ND
105. Jan-18 Companeo InfoPro Digital B2B Market Place ND ND ND
106. Jan-18 SwoopMe Agero Road-Side Dispatch ND ND ND
107. Jan-18 HiGH Software Columbus A/S Lease Management ND ND ND
108. Jan-18 Certified Retail Solutions Spencer Technologies Store Systems Management ND ND ND
109. Jan-18 TouchStar Group PDI Logistics Automation ND ND ND
2018 Median $28 $56 7.1x
2018 Total Disclosed $26,204
Source: CapIQ, 451 Research
32Private Placements H1 2019
($US in millions)
Date Company Sector Investors Investment ($M)
1. Jun-19 LF Logistics Freight Forwarding Temasek Holdings 300
2. Jun-19 Skubana eCommerce / Inventory Management Defy Partners, Advancit Capital 5
Runa Capital, Manulife Financial, Kensington Capital
3. Jun-19 Procurify eProcurement Partners, Information Venture Partners, HabourVest 15
4. Jun-19 Whitebox eCommerce Fulfillment TDF Ventures 5
Zrosk Investment Management, Yamaha Motor, Novastar
5. Jun-19 MAX Last-Mile Delivery Ventures, Breakthrough Energy Ventures, Alitheia Capital 7
6. Jun-19 Seven Senders Parcel Delivery Platform btov Partners, Digital+ Partners 18
7. Jun-19 Gatik.ai Middle-mile AV Innovation Endeavors, Trucks VC, Fontinalis 5
8. May-19 Sorted Group Retail Fulfillment NVM Private Equity, Praetura Ventures 19
9. May-19 Trukkin Middle EAST Truck Aggregator Batic Investments and Logistics 4
10. May-19 Ravin Al Automated Vehicle Inspection Shell Ventures, Pico Partners 4
11. May-19 Ivalua Spend Management Adrian Growth, Tiger Global Management 60
12. May-19 Silo Ag Supply Chain Penny Newman Grain, Initialized Capital Management 3
13. May-19 Retail Zipline Retail Communication Emergence Capital Partners, Serena Ventures 10
14. May-19 Overhaul Group Shipping Visibility Abbey International Finance 7
15. May-19 Blackbuck Trucking Logistics Goldman Sachs 150
Global Founders Capital, Northzone, Cherry Ventures,
16. May-19 FreightHub Freight Forwarding Maersk Growth, Rider Global, Unbound 30
17. Apr-19 Spare Labs Transportation Network Management Mitsubishi 6
b-to-v Partners, BFB Brandenburg Kapital, Senovo Capital
18. Apr-19 Synfioo Intermodal Monitoring Management; Hpi Seed Fund 3
Elaia Partners, Tekton Ventures, TheFamily,Breega
19. Apr-19 FretLink Shipping and Logistics Capita,; SGH Capital, Edenred Capital Parnters, daphni, 31
Pritzker Group Venture Capital, Okapi Venture Capital,
20. Apr-19 Specright Specification Data Management Mucker Capital, Fika Ventures 9
Source: CapIQ, 451 Research 33Private Placements H1 2019 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
21. Apr-19 Magaya Corporation WMS / Cargo LLR Partners ND
22. Apr-19 Suuchi Manufacturing Services Edison 8
23. Apr-19 Holded Technologies ERP Nauta Capital, Speedrocket 4Founders Capital 7
Institutional Venture Partners, Index Ventures, Scale
24. Apr-19 KeepTruckin Fleet Management Venture Partners, GV, Greenoaks Capital Partners 149
25. Apr-19 Driveroo Vehicle Maintenance WS Investments 3
Schooner Capital, LRVHealth, HLM Venture Partners,
26. Apr-19 Censinet Vendor Risk Management Excelerate Health Ventures, Cedars Sinai Medical Center 8
Oxford Capital Parnters, Cherry Ventures Management,
27. Apr-19 Weengs eCommerce Fulfillment Senderwood, VentureFriends 8
28. Apr-19 Phantom Auto Teleoperated Navigation Bessemer Venture Partners 14
29. Apr-19 SupplyStack TMS PMV, Mainport Innovation Fund, Fortino Capital 6
30. Apr-19 Innovapptive EAM Tiger Global Management 16
31. Apr-19 NextSCM Solutions SCM 021 Capital 3
Y Combinator, Moment Ventures, Canvas Ventures, 1984
32. Apr-19 Flowspace Fulfillment Network Ventures 12
Tom Stafford, Samos, Picus Capital, Pentland Ventures,
33. Apr-19 Zencargo Freight Forwarding MPGI, LocalGlobe, HV Holtzbrink Ventures 20
34. Apr-19 CODE42 Mobility Services Platform Hyundai Motor Company ND
35. Apr-19 SupplyStack TMS PMV, Mainport Innovation Fund, Fortino Capital 6
36. Apr-19 AutoX Technologies AV Dongfeng Motor Group Company 20
37. Apr-19 STORD Digital Warehousing Kleiner Perkins 12
Visible Supply Chain
38. Apr-19 Management 3PL Cynosyre Group ND
Bessemer Venture Partners, T. Rowe Price Group,
39. Mar-19 Toast, Inc. Restaurant POS Technology Crossover Ventures,Tiger Global Management 250
40. Mar-19 Shopmatic eCommerce Platform Spring SEEDS, August Global Asset Management 11
Source: CapIQ, 451 Research 34Private Placements H1 2019 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
41. Mar-19 Fliit Holding Food Logistics Berlin Technologie Holding, Alstin II Fonds, Maersk Growth 11
42. Mar-19 Delhivery 3PL The Carlyle Group, SoftBank, Fosun Group 413
43. Mar-19 MarginEdge Restaurant Automation Osage Venture Partners 3
44. Mar-19 Rarestep / Fleetio Fleet Management ND 4
45. Mar-19 Blackbuck Trucking Logistics Goldman Sachs, B Capital Group 44
46. Mar-19 Airbiquity Connected Car Solutions Toyota Motor, DENSO, Toyota Tsusho 15
47. Mar-19 FleetMaster Fleet Management Daimler Financial Services ND
83North, Elaia Partners, Bain Capital Ventures, Felix
48. Feb-19 Mirakl eCommerce Platform Capital Partners 70
49. Feb-19 Agilis Systems Fleet Management Spectrum Equity Management ND
50. Feb-19 Aptean ERP TA Associates, Vista Equity Partners ND
51. Feb-19 Dray Alliance Drayage Platform Craft Ventures 4
52. Feb-19 FreightWaves Global Freight Content 8VC 21
Founders Fund, Cherubic Ventures, Susa Ventures, DST
53. Feb-19 Flexport Freight Forwarding Platform Global, SoftBank Investment Advisers, S.F. Express 1,000
54. Feb-19 QU POS POS NRD Capital Management, Cota Capital Management 10
55. Feb-19 Centage Corporation Planning and Budgeting TVC Capital 9
56. Feb-19 RELEX Retail Management Technology Crossover Ventures 200
57. Feb-19 Vantage Point Logistics Freight Management Radian Capital, Tamarind Hill Fund 10
58. Feb-19 SkuVault WMS / Inventory Management Ballast Point Ventures, Endeavor Catalyst 8
New Enterprise Associates, Pitango Venture Capital,
59. Feb-19 Tulip Interfaces Manufacturing Management Vertex Ventures 18
TI Capital, Oriza Holdings, IDG Capital, China Railway
60. Jan-19 Jusda B2B Supply Chain Supply Chain Group, China Life Insurance, CICC 365
Source: CapIQ, 451 Research 35Private Placements H1 2019 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
61. Jan-19 Transporeon TMS HgCapital 44
62. Jan-19 Next Trucking Freight Marketplace Sequoia Capital, GLP, Brookfield Ventures 97
63. Jan-19 ZigZag Global Reverse Logistics Plug & Play Ventures, Circularity Capital ND
64. Jan-19 Bold Commerce eCommerce Tools Whitecap Venture Partners, Round 13 Capital 17
65. Jan-19 Infor ERP Golden Gate Capital, Koch Equity Development 1,500
Mandra Capital, Streamlined Ventures, Emery Capital, The
66. Jan-19 Chronicled Blockchain SCM Perkins Fund 16
Bringg Delivery Coca-Cola, Ituran, Pereg Ventures, Aleph Venture Capital,
67. Jan-19 Technologies Delivery Logistics Salesforce Ventures, Cambridge Capital, Next47, OG Tech 25
Capital Factory, RevTech Ventures, Commerce Ventures,
68. Jan-19 Pensa SYSTEMS Inventory Management Signia Venture Partners, ATX Venture Partners, ZX 5
Glynn Capital Management, BlackRock, Tiger Global
69. Jan-19 Postmates Delivery Logistics Management 100
August Capital, Bain Capital Ventures, Hyde Park Angels,
70. Jan-19 FourKites Supply Chain Visibility CEAS Investments I 50
2019 Median $12
2019 Total Disclosed $5,299
Source: CapIQ, 451 Research 36Private Placements 2018
($US in millions)
Date Company Sector Investors Investment ($M)
1. Dec-18 Orchestra Beverage ERP Radian Capital 14
2. Dec-18 Blackbuck Trucking Logistics International Finance Corporation, Sands Capital Ventures 12
NTex Transportation
3. Dec-18 Services Logistics Network Norwest Venture Partners, Kalaari Capital 9
Playground Global, Menlo Ventures, Matrix Partners, GV,
4. Dec-18 RightHand Robotics Warehouse Logistics Dream Incubator 23
The Coca-Cola Company, Performance Food Group
5. Dec-18 Omnivore Technologies Restaurant PoS Company 10
6. Dec-18 Bionexo eProcurement Temasek Holdings 25
7. Dec-18 Nexxiot SC Visibility Die Mobiliar, Credit Suisse 15
8. Dec-18 Decisiv Service Relationship Management Kayne Anderson Capital Advisors 30
Western Technology Investment, International Finance
9. Dec-18 Kobo Logistics Shipping Marketplace Corporation, TLcom Capital, Y Combinator Management 6
Menlo Ventures, Scale Venture Partners, Salesforce
10. Dec-18 Scout RFP eProcurement Ventures, Workday Ventures, NewView Capital 33
11. Dec-18 NuORDER Fashion eCommerce NewSpring Capital, Upfront Ventures, Argentum 15
Silverton Partners, Draper Associates, ATX Venture
12. Dec-18 SourceDay Supplier Management Partners 7
13. Nov-18 Dispatch Field Service Logistics Trinity Private Equity Group, Great North Labs 8
14. Nov-18 FreightVerify Freight Management GM Ventures 5
Neoteny Co., Fontinalis Partners, The E14 Fund, Trucks
15. Nov-18 Wise Systems Autonomous Dispatch Venture Management, Gradient Ventures 7
Scale Venture Partners, QUALCOMM Ventures, Cross
16. Nov-18 Airspace Technologies Shipping Platform Culture Ventures, Defy Partners, Schematic Ventures 20
17. Nov-18 EmergeTech Private Freight Marketplace Greycroft 20
Tenfore Holdings, Supply Chain Ventures, Bowery Capital,
18. Nov-18 SupplyShift SC Visibility Blackhorn Ventures, Working Capital ND
19. Nov-18 Riversand PIM / MDM Crestline ND
20. Nov-18 Savi Technology. SC Visibility Eastward Capital Partners 8
Source: CapIQ, 451 Research 37Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
Norwest Venture Partners, Cloud Apps Management,
21. Nov-18 PropelPLM PLM Salesforce Ventures,Signalfire 18
22. Nov-18 Fleetondemand Fleet Management BUSINESS GROWTH FUND 7
Felicis Ventures, Activant Capital Group, Upside
23. Nov-18 Turvo Collaborative Logistics Platform Partnership, Next47, G2VP, Mubadala Ventures 60
24. Nov-18 TraceGains F&B SCM SaaS Capital 6
25. Oct-18 Zentail eCommerce Initialized Capital 5
26. Oct-18 SHIPMONK Inventory Portal Grotech Ventures, SJF Ventures, Supply Chain Ventures 10
27. Oct-18 Teikametrics Retail Optimization Granite Point Capital Management, Jump Capital, FJ Labs 10
28. Oct-18 Syncron International Service Management Summit Partners 68
29. Oct-18 Quicargo Technologies Freight Matching Platform SLJ Investment Partners 5
30. Oct-18 Deposco WMS ND 9
Emery Investments Limited, Nielsen Innovate Fund, Sonae
31. Oct-18 CiValue Customer Analytics Investment Management 6
32. Oct-18 Loadsmart Freight Booking Platform Connor Capital, Chromo Investimentos, Maersk Growth 22
First Round Capital, Global Founders Capital Management,
33. Oct-18 Shipwell Freight TMS Capital Factory, Aspect Ventures, Fifth Wall Ventures 10
34. Oct-18 Blackbuck Trucking Logistics Accel, Sequoia Capital India, Sands Capital Ventures 27
35. Oct-18 Braincube SAS Manufacturing Analytics Iris Capital, Next47 14
36. Oct-18 FactoryFour Manufacturing Management August Capital, Refactor Capital 5
Saltspring Capital, Relay Investments, Next Coast
37. Oct-18 Navegate SCM Ventures, The Operand Group ND
Bain Capital Ventures, Foundation Capital Partners,
38. Oct-18 Shelfbot Warehouse Cable Robot Initialized Capital Management, Liquid 2 Ventures 4
Insight Venture, Sapphire Ventures, Emergence Capital
39. Oct-18 Project44 Shipping Visibility Platform Partners, OpenView, Chicago Ventures, Eight Partners 45
40. Oct-18 BevSpot Food and Beverage Management ND 5
Source: CapIQ, 451 Research 38Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
41. Sep-18 SMH Fleet Solutions Fleet Management LDC 21
42. Sep-18 Postmates Urban Logistics Platform Tiger Global 300
43. Sep-18 Dispatch Field Service Logistics Vista, Grandbanks ND
44. Sep-18 Freightos Int'l Freight Market Place GE, Aleph, ICV, Singapore Exchange 44
Steadfast Venture Capital, Clayton Venture Partners,
45. Sep-18 Migo Mobility as a Service Hyundai, Thayer Ventures 9
Menlo Ventures, Bain Capital, Y Combinator, Hyde Park
46. Sep-18 Shipbob eCommerce Fulfillment Venture 40
47. Sep-18 Excelfore Corporation Connected Car Systems Molex, Hella 4
Accel Partners, Battery Ventures, Salesforce Ventures,
48. Aug-18 Narvar Customer Experience Software Scale Venture Partners 30
49. Aug-18 Shadowfax Technologies Last Mile Platform Eight Roads, Mirae Global, NGP Capital, QUALCOMM 22
FirstMark, F-Prime Capital , Georgian Partners, Goldman
50. Aug-18 TraceLink Serialization Compliance Sachs, Volition Capital, Vulcan Capital, Willett Advisors 93
51. Aug-18 Kobo Logistics Shipping Marketplace Y Combinator ND
52. Aug-18 Xentral ERP Software ERP Freigeist Capital ND
Cross Culture Ventures, QUALCOMM, Defy Partners,
53. Aug-18 Airspace Technologies Shipping Platform Schematic Ventures 8
54. Aug-18 SKUPOS C-Store Analytics Toba Capital, Lamp Post Ventures, Loup Ventures 6
55. Aug-18 Newman Cloud Manufacturing BOM ND 4
56. Aug-18 Routeique Logistics and Delivery Lancaster Investments Ltd. ND
57. Jul-18 Ninjacart AG B2B Platform NRJN Trust, Accel 5
Franklin Templeton, Generation Investment Management,
58. Jul-18 Optoro Reverse Logistics Revolution Growth, Tenfore Holdings 75
59. Jul-18 Appetize Technologies POS ND 14
60. Jul-18 Ocean Freight Exchange Ocean TMS Foundation Capital, NextView Ventures 3
Source: CapIQ, 451 Research 39Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
61. Jul-18 Trax Technology Solutions Retail Analytics Boyu Capital, DC Thomson 125
62. Jun-18 Yoobic Merchandising Compliance Insight Venture Partners, Felix Capital 25
63. Jun-18 Noodle Analytics Supply Chain AI Dell, TPG 35
33Capital Group, Aura Funds Management, Pearle
64. Jun-18 TradeGecko Inventory Management Ventures 10
Omnes Capital,Cambon Partners, 360° Capital, Ring
65. Jun-18 Tiller Systems POS Capital 14
66. Jun-18 Exotec Solutions WMS Robotics 360 Capital Partners, Breega Capital SARL, Iris Capital 18
67. Jun-18 LevaData AI Sourcing Platform Tola Capital 12
68. Jun-18 Paradata Supply Chain Analytics ND 10
69. Jun-18 OCS Asset Solutions Retail and Asset Services LDC 17
70. May-18 GPS Insight Fleet Management Bregal Sagemount ND
71. May-18 Tradeshift eProcurement Goldman Sachs, PSP Investments 250
72. May-18 GTG Technology TMS The Firmament Group ND
73. May-18 Maintenance Assistant CMMS BuildGroup 12
74. May-18 Pensa Systems Inventory Management ATX Seed Ventures, ZX Ventures 2
75. May-18 Gravity Supply Chain Supply Chain Visibility Wavemark Partners 7
76. May-18 Alloy Technologies Inventory Management Menlo Ventures, Eight Partners 12
77. May-18 Toolsgroup Planning and Forecasting Accel-KKR ND
78. May-18 Raven Telemetry Manufacturing AI ND 6
79. Apr-18 TradeDepot Retail Distribution Partech Partners 3
80. Apr-18 Retailisation Inventory Management Nimbus Ventures ND
Source: CapIQ, 451 Research 40Private Placements 2018 (cont’d.)
($US in millions)
Date Company Sector Investors Investment ($M)
Ward Ferry, CapitalG, China Reform Fund Management,
81. Apr-18 Guiyang Huochebang Truck Logistics Platform SoftBank 1,900
82. Apr-19 Global-e e-Commerce Logistics Apax Partners 20
Chicago Ventures, Eight Partners, Emergence Capital,
83. Apr-18 Project44 Shipping Platform Omidyar, OpenView, Pritzker Group 35
Grotech Ventures, IDEA Fund Partners, TechOperators,
84. Apr-18 Ceterus Accounting / Reporting Alerion Ventures, Harbert Growth Partners 10
Green Mountain
85. Apr-18 Technology Parcel Spend Management Accel-KKR ND
86. Apr-18 Xeeva Procurement Peak Equity 40
87. Apr-18 GrocerKey eCommerce Fulfillment Woodman's Food Markets, Dunnhumby Ventures 3
88. Apr-18 Loadshare SME Logistics Platform Matrix Partners, Stellaris Venture 5
89. Apr-18 Platform Science IoT Fleet Management Schneider National, Eight Partners ND
90. Apr-18 Arviem Cargo Trucking Nest, SICPA Security, Swisscom, Verve Capital 10
Innogy Ventures, Schneider Electric Energy, Strandview
91. Apr-18 Qmerit WF Management / Procurement Capital 12
92. Apr-18 OrderMyGear eCommerce Susquehanna Growth Equity 35
Menlo Ventures, Norwest Venture, iRobot, Eclipse
93. Apr-18 6 River Systems WMS Robotics Ventures 25
Advanced Manufacturing Highland Capital Partners, Insight Venture Partners, Ireland
94. Mar-18 Control Systems Waste Management ERP National Pensions Reserve Fund 123
95. Mar-18 CargoBot Cargo Management Platform ND 3
96. Mar-18 C3 IoT IoT Enterprise Platform The Rise Fund, TPG, Sutter Hill, Breyer Capital 106
97. Mar-18 Contguard Shipment Monitoring Citi, Canaan Partners ND
Institutional Venture Partners, Index Ventures, Scale
98. Mar-18 KeepTruckin Fleet Management Venture Partners, GV 50
99. Mar-18 Eximchain SC Blockchain Network Kinetic Capital, INBlockchain, FBG Capital 20
100. Mar-18 ecMarkets Order Management Luminate Capital Partners ND
Source: CapIQ, 451 Research 41You can also read
