Post on 19-Jun-2019
MERGERS & ACQUISITIONS • CAPITAL RAISES • FINANCIAL & STRATEGIC ADVISORY
1
HR TECH TRADING MULTIPLES
MAJOR INDICES & RATES
HR TECH NEWS & TRENDS
HR TECHNOLOGY MARKET UPDATE – Q1 2017
Google Pushing into HR Tech
Launched Cloud Jobs API and Google Hire website
Testing an applicant tracking system
Offer rejected to acquire Namely
Team Centric Software Applications
Emergence of team-centric software applicationsaddressing team collaboration and productivity andcontinuous performance management
Collaboration software applications include Slack,Workboard, Trello, Asana, Wrike, BetterWorks, 15Five,Basecamp and Rallyteam
ADP acquired The Marcus Buckingham Company, a nextgeneration employee engagement and performancesoftware
Atlassian acquired Trello, a project management softwarewith 19 million users, for $425 million
People Analytics
Analytics is becoming a core part of software solutions
Artificial Intelligence emerging in HR, for example,Firstjob applying AI to recruitment and candidateassessment process
Workday’s recent acquisition of Platfora is focused onexpanding analytics capabilities
IBM is investing heavily in the development of theWatson-based Talent Insights platform
Talent Acquisition
Massive $240 billion market covering candidate sourcing,job posting, employer branding, matching, assessing,onboarding and tracking
HR departments seeking solutions to reduce the averagetime of 52 days to fill a new job
Gig Economy
Google now has equal number of outsourced workers tofull time employees
Companies hiring test is now “Can I automate it,outsource it, or give it to a freelancer”
CHILDS is hosting its annual CHILDSConnect conference on Tuesday, May16, 2017 at the St. Regis in Atlanta. It will feature panel and roundtablediscussions led by software executives and investors on hot topics, M&Aand capital raising in HR tech. Click here to register today.
CHILDS TEAM RECENT HR M&A
CHILDS advises PharmaLogics Recruiting
We served as exclusive financial advisor to this recruitingsolutions provider for the life sciences industry in itsrecapitalization by Webster Capital
% Change
3 Month 12 Month
HR Tech Composite (CHILDS) 54,476.95 7.5% 11.4%
HR Outsourcing (CHILDS) 70,291.40 1.8% 6.9%
Dow Jones 20,591.86 4.6% 16.8%
NYSE 11,423.17 3.9% 12.6%
NASDAQ 5,836.16 9.8% 21.4%
AMEX 2,553.48 8.8% 11.9%
S&P 500 2,344.93 5.5% 14.7%
Russell 2000 1,359.20 2.1% 24.4%
USD/Euro 0.94 (1.3%) 6.5%
USD/Yen 111.50 (4.5%) (0.8%)
USD/Pound 0.80 (1.4%) 15.0%
U.S. Prime Rate 4.000% 25.00 Bps 50.00 Bps
U.S. Treasury - 10 Year 2.400% (5.00 Bps) 62.00 Bps
LIBOR - 3 month 1.150% 15.17 Bps 52.10 Bps
Fed Funds Overnight Rate 0.820% 47.00 Bps 57.00 Bps
Close as of
3/31/2017
Enterprise Value
LTM Revenue LTM EBITDA
HR Tech 4.09x 20.1x
HR Outsourcing 2.43x 13.2x
2
CHILDS Advisory Partners
HR TECH NOTABLE TRANSACTIONS
-CAPITAL RAISE-
Offers HR resources, benefits, and technology to small businesses
through an online platform
Transaction Date: 3/30/17
Investment Size: $60mm
Total Raised: $60mm in 1 round
Investors:
-ACQUISITION-
SaaS-based talent management software solutions
Transaction Date: Pending
Total EV: $175mm
Key Metrics:
‒ Target Rev: $72mm
‒ Target EBITDA: $6mm
‒ EV/Rev: 2.4x
‒ EV/EBITDA: 27.5x
-ACQUISITION-
HR SaaS that connects job seekers and employers
Transaction Date: Pending
Total EV: ND (>$1bn)
Key Metrics:
‒ Target Rev: ND
‒ Target EBITDA: ND
‒ EV/Rev: ND
‒ EV/EBITDA: ND
-ACQUISITION-
Web and mobile-based collaboration platform
Transaction Date: Pending
Total EV: $425mm
Key Metrics:
‒ Target Rev: ND
‒ Target EBITDA: ND
‒ EV/Rev: ND
‒ EV/EBITDA: ND
Seller Financial Sponsors:
-CAPITAL RAISE-
Operates an online portal to help students find jobs and internships
Transaction Date: 3/23/17
Investment Size: $19mm
Total Raised: $28mm in 4 rounds
Representative Investors:
-CAPITAL RAISE-
Cloud-based workforce intelligence platform for recruitment,
retention, and development
Transaction Date: 3/15/17
Investment Size: $45mm
Total Raised: $92mm in 4 rounds
Representative Investors:
3
CHILDS Advisory Partners
Year Quarter Buyer TargetEnterprise Value ($M)
Announced GTCR CareerBuilder $1,000
Announced Saba Software, Inc. Halogen Software Inc. (TSX:HGN) $175
Announced Pivot Software Remesys Pty Ltd ND
Announced Compunnel Software Group, Inc. Jobhuk, Inc. ND
Announced Engage: BDR Inc. Tiveo, LLC [dba mydiveo] $7
2017 Q2 Renovo Capital, LLC Global HR Research, LLC $30
2017 Q2 Gartner, Inc.. (NYSE:IT) CEB (Corporate Executive Board) $3,540.7
2017 Q1 Summit Partners Ascentis ND
2017 Q1 Atlassian Trello $425
2017 Q1 ADP Marcus Buckingham ND
2017 Q1 SmartRecruiters Jobspotting ND
2017 Q1 PeopleNet, Inc. Fyre ND
2017 Q1 PSI Services LLC Performance Assessment Network, Inc. $110
2017 Q1 RIVS, Inc. InterviewStream, Inc. ND
2017 Q1 Kronos Incorporated Financial Management Solutions, Inc. ND
2017 Q1 Asure Software, Inc. (NasdaqCM:ASUR) Corporate Payroll Inc. $3
2016 Q4 Roper Technologies, Inc. (NYSE:ROP) Deltek, Inc. [Thoma Bravo; Prospect Capital] $2,800
2016 Q4 Halyard CapitalStrategy Execution Partners LLC [dba StratEx Partners]
ND
2016 Q4 Mercer LLC Thomsons Online Benefits Limited [ABRY; Veronis] ND
2016 Q4 Reward Gateway (UK) Ltd. [Great Hill Partners] LogBuy Limited ND
2016 Q4 Nexonia Inc. Tallie Inc. ND
2016 Q4 Origami Risk LLC Claimwire, LLC ND
2016 Q4 IQNavigator, Inc. [GTCR] Beeline.com, Inc. [Adecco] $130
2016 Q4 First Republic Bank (NYSE:FRC) Gradifi, Inc. ND
2016 Q4 Leeds Equity Partners, LLCBusiness and Legal Resources, Inc. [dba BLR] [Resolute Capital Partners]
ND
2016 Q4VectorLearning.com, Inc. [LLR Partners; Providence Equity Partners]
Learnsmart LLC ND
2016 Q4 Microsoft Corporation (NasdaqGS:MSFT) LinkedIn Corporation $26,191
2016 Q4 Yoh Services LLC DreamJobs Inc. ND
RECENT HR TECHNOLOGY M&A TRANSACTIONS
4
CHILDS Advisory Partners
Year Quarter Representative Investors CompanyCurrent Raise
($M)
Announced Great Hill Partners Reflexis ND
2017 Q1Two Sigma Investments; Edgewood Partners Insurance Center
Decisely $60
2017 Q1Trinity Ventures, General Catalyst, BoxGroup, Lerer-Hippeau Ventures, Index Ventures, SV Angel
WayUp $19
2017 Q1 Keen Venture Partners Beekeeper $8
2017 Q1DRW Ventures; FJ Labs; GGV Capital; KWDC Ventures
Shiftgig, Inc. $20
2017 Q1 Updata Jellyvision $20
2017 Q1Sorenson Capital, Foundational Capital, Summit Partners, Adam Street Partners
Visier $45
2017 Q1 Canopy San Diego MJ Hybrid Solutions, Inc. $0
2017 Q1 Summit Partners LLP Ascentis Corporation -
2017 Q1 Diagram Collage Technologies Inc. $4
2017 Q1 OpenView Deputy $25
2017 Q1 500 Startups Boon Company, Inc. $0
2017 Q1Edison Partners; NorthCap Partners; Cultivation Capital; Chicago Ventures; Mission Operators Group
Gan Integrity Inc. $9
2017 Q1 Adecco Group AG (SWX:ADEN) Talentoday Inc. $3
2017 Q1Mohr Davidow Ventures; iNovia Capital; Nokia Growth Partners; Greycroft Partners LLC; Georgian Partners; RTP Ventures
WorkFusion, Inc. $35
2017 Q1 Cosmic Forward LtdProfessional Diversity Network, Inc. (NasdaqCM:IPDN)
$3
2017 Q1 Temp Holdings Co., Ltd., Investment Arm Wonolo Inc. -
2017 Q1 Slack Technologies, Inc., Investment Arm WorkRamp, Inc. -
2016 Q4Altimeter Capital; Matrix Partners; Sequoia Capital; Scale Venture Partners; True Ventures
Namely Inc. $50
2016 Q4Y Combinator; Initialized Capital Management, LLC; Susa Ventures; Liquid 2 Ventures
WorkRamp, Inc. $2
2016 Q4 Spectrum Equity Management, L.P. Tenstreet Inc. -
2016 Q4CanopyBoulder; Poseidon Asset Management; The Arcview Group
Surface Solutions $1
2016 Q4 Serent Capital Digital Architecture Group -
2016 Q4 Syven Capital Kinexxia -
2016 Q4 JMI Equity; BDC Venture Capital Axonify $27
2016 Q4 Glenmede Trust; Ontario Pension Board Hired $70
RECENT HR TECHNOLOGY CAPITAL RAISES
5
EV/Revenue
M&A ACTIVITY AND TRENDS
CHILDS Advisory Partners
EV/Revenue
SOFTWARE M&A VALUATIONS
Sources: Capital IQ, Gartner, Forrester, CHILDS proprietary database
U.S. MIDDLE MARKET SOFTWARE M&A ACTIVITY – QUARTERLY TRENDS
Deal Count 392 401 426 432 445 513 484 503 529 500 492 516 478 465 396 410 432
% Δ N/A 2% 6% 1% 3% 15% (6%) 4% 5% (5%) (2%) 5% (7%) (3%) (15%) 4% 5%
The U.S. middle market software industry, which wedefine as deals less than $1 billion in enterprise value,saw 432 deals announced in the Q1 2017, whichrepresents a 5% increase over the previous quarter anda 10% decrease from the same period last year
The average EV/Revenue multiple for middle marketsoftware deals with disclosed valuation metrics hasdecreased slightly through the first quarter of 2017, butit remains relatively consistent with recent trends atapproximately 2.2x revenue
Valuations of publicly traded HR Tech companies alsoremained relatively consistent at 4.1x EV/Revenue
Despite some uncertainty in the market surroundingmacroeconomic conditions such as the shifting U.S.monetary policy and possible healthcare, tax, and tradepolicy reform, high levels of liquidity are expected todrive robust M&A activity in 2017
― Strategic buyers have record high cash balanceson their balance sheets
― The number of private equity funds and theamount of dry powder which needs to be put towork is at record highs
― The debt markets have remained strong andseen little impact from the modest interest ratehike by the Federal Reserve in March
― The large amount of un-invested capital andaccess to debt financing will support strongdeal volume and valuations as acquisitiontargets attract greater competition from buyers
SOFTWARE PUBLIC MARKET VALUATIONS
5.0x5.3x
4.2x4.7x
5.8x
4.4x4.0x
5.1x
4.2x4.2x
5.8x
4.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Enterprise Software SaaS HR Tech
Q2 2016 Q3 2016 Q4 2016 Q1 2017
302 313 336 307 321
384 363 380 405
377 381 387 373 373 339 332
376
74 75 78
97 98
107 98
97 105
104 84 102
84 72
38 53
42 12 11
10 24 22
16 17
19
15 15
18 20
18 15
14 17 10 4 2
2 4 4
6 6
7 4
4 9
7
3 5
5 8 4
200
250
300
350
400
450
500
550
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17
Dea
l Vo
lum
e
Undisclosed Less than $100M $100M - $499M $500M - $1,000M
2.43x
2.49x 2.48x
2.27x
2.34x
2.22x
2.05x
2.10x
2.15x
2.20x
2.25x
2.30x
2.35x
2.40x
2.45x
2.50x
2.55x
2012 2013 2014 2015 2016 2017 YTD
6
CHILDS Advisory Partners
HR TECHNOLOGY PUBLIC TRADING STATISTICS
Sources: Capital IQ, CHILDS proprietary database* Denotes figure excluded from mean calculation
HR TECHNOLOGY
HRO (HUMAN RESOURCES OUTSOURCING)
(USD in millions, except for stock price)
(USD in millions, except for stock price)
DATES EVENT LOCATION
Apr 19 – Apr 21 Health & Benefits Leadership Conference Las Vegas, NV
May 7 – May 10 2017 Total Rewards Conference & Exhibition Washington, DC
Mary 16 – May 20 35th Annual American Payroll Association Congress Orlando, FL
May 21 – May 24 Association for Talent Development 2017 Congress Atlanta, GA
Jun 18 – Jun 21 SHRM Annual Conference & Expo New Orleans, LA
Oct 10 – Oct 13 HR Technology Conference & Exposition Las Vegas, NV
HCM CONFERENCES [1]
[1]: Green font represents planned attendance by CHILDS Advisory Partners
Market Data Operating Statistics EV as a Multiple of: Growth
Stock Price LTM LTM CY2017 16 - '17
Company Name 3/31/17 Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA GrowthAverage
Paychex, Inc. $58.90 93.4% $21,159.7 $20,811.2 $3,106.6 $1,337.7 43.1% 6.70x 15.6x 5.97x 13.7x 6.0% 8.0%
Workday, Inc. 83.28 89.2% 16,905.8 15,443.5 1,569.4 (273.8) (17.4%) 9.84x * NM * 6.11x 40.4x * 29.5% 49.6%
The Ultimate Software Group, Inc. 195.21 87.1% 5,789.9 5,709.7 781.3 67.6 8.7% 7.31x * 84.5x * 5.15x 20.8x 24.1% 23.9%
Paycom Software, Inc. 57.51 99.6% 3,420.3 3,389.9 329.1 68.0 20.7% 10.30x * 49.8x * 6.48x 22.5x 29.1% 44.5%
WageWorks, Inc. 72.30 89.8% 2,681.8 2,252.3 364.7 64.3 17.6% 6.18x 35.0x * 4.17x 13.5x 31.0% 18.5%
Cornerstone OnDemand, Inc. 38.89 81.4% 2,203.4 2,139.7 423.1 (46.3) (10.9%) 5.06x NM * 3.57x 22.7x 13.6% 31.7%
Paylocity Holding Corporation 38.63 77.8% 1,987.0 1,904.8 264.1 7.1 2.7% 7.21x * 267.6x * 4.58x 28.4x 26.6% 40.5%
Callidus Software Inc. 21.35 99.1% 1,360.6 1,175.9 206.7 (7.2) (3.5%) 5.69x NM * 3.73x 27.3x 18.7% 22.5%
Benefitfocus, Inc. 27.95 62.1% 858.5 900.4 233.3 (21.5) (9.2%) 3.86x NM * 2.86x 31.2x 13.8% 30.6%
HealthStream, Inc. 24.23 84.0% 770.0 666.8 226.0 21.0 9.3% 2.95x 31.5x 2.33x 15.1x 10.7% 19.5%
Halogen Software Inc. 9.33 95.0% 199.4 161.8 72.3 6.4 8.8% 2.22x 25.3x 1.93x 14.9x 7.5% 14.6%
DHI Group, Inc. 3.95 46.9% 199.1 260.9 227.0 47.1 20.7% 1.15x 5.5x 1.19x 5.0x (3.3%) 2.1%
Asure Software, Inc. 10.28 79.1% 88.7 106.0 35.5 4.7 13.1% 2.98x 22.7x 1.99x 9.7x 28.5% 11.7%
Mean 83.4% $603.0 $98.1 8.0% 4.09x 20.1x 3.85x 18.7x 18.1% 24.5%
Median 87.1% $264.1 $7.1 8.8% 3.86x 22.7x 3.73x 17.9x 18.7% 22.5%
3 Year
Rev CAGR
% of 52
Week HighMarket Cap.
Enterprise
Value
Market Data Operating Statistics EV as a Multiple of: Growth
Stock Price LTM LTM CY2017 16 - '17
Company Name 3/31/17 Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA GrowthAverage
Automatic Data Processing, Inc. $102.39 97.3% $45,963.1 $45,219.4 $12,051.0 $2,733.1 22.7% 3.75x 16.5x 3.40x 15.5x 5.5% 3.8%
Willis Towers Watson Public Limited Company130.89 98.1% 17,739.2 20,903.2 7,778.0 1,489.0 19.1% 2.69x 14.0x 2.44x 9.7x 1.4% 28.9%
Capita plc 7.07 51.3% 4,704.2 7,628.8 6,061.3 770.3 12.7% 1.24x 9.7x 1.23x 8.7x (0.6%) 8.0%
51job, Inc. 36.66 96.7% 2,203.6 1,510.2 336.8 97.2 28.9% 4.48x 15.5x 3.84x 10.9x 17.6% 13.3%
TriNet Group, Inc. 28.90 95.8% 1,973.0 2,248.0 3,060.3 152.9 5.0% 0.73x * 14.7x 0.57x * 9.5x 9.7% 23.0%
Insperity, Inc. 88.65 97.9% 1,861.7 1,678.3 2,941.3 120.0 4.1% 0.57x * 14.0x 0.45x * 8.7x 12.0% 9.2%
CBIZ, Inc. 13.55 95.1% 729.6 918.9 799.8 87.9 11.0% 1.15x 10.5x 1.08x 8.6x 6.2% 5.7%
Barrett Business Services, Inc. 54.62 81.6% 396.1 344.2 840.6 32.2 3.8% 0.41x * 10.7x NM * NM * NM 27.2%
Connecture, Inc. 1.07 33.0% 24.2 102.4 81.9 (14.5) (17.7%) 1.25x NM * ND * ND * NM 12.0%
Mean 83.0% $3,772.3 $607.6 10.0% 2.43x 13.2x 2.40x 10.2x 7.4% 14.6%
Median 95.8% $2,941.3 $120.0 11.0% 1.97x 14.0x 2.44x 9.5x 6.2% 12.0%
% of 52
Week HighMarket Cap.
Enterprise
Value
3 Year
Rev CAGR
7
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
HR Tech HRO (Human Resources Outsourcing) S&P 500
CHILDS Advisory Partners
STOCK MARKET FUNDAMENTALS
HR Tech: ASUR, BNFT, CALD, CSOD, DHX, HGN, HSTM, PAYX. WAGEHR Outsourcing: ADP. CBZ, CNXR, CPI, JOBS, WLTW
HR SECTOR INDICES VS. S&P 500
VALUATION TREND DATA (EV/LTM REVENUE)
26.5%
19.0%
12.2%
4.1x
2.4x
3 mos. 12 mos. 3 yrs
S&P 500 5.8% 15.0% 26.5%
HR Tech 7.5% 11.4% 19.0%
HRO 1.8% 6.9% 12.2%
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
HR Tech HRO (Human Resources Outsourcing)
1 mo. 12 mos. 3 yrs
HR Tech 4.2% 8.1% 11.8%
HRO 1.4% (22.0%) (27.2%)
8
CHILDS Advisory Partners
FIRM OVERVIEW
MERGERS & ACQUISITIONS
CAPITAL RAISESFINANCIAL &
STRATEGIC ADVISORY
CHILDS ADVISORY PARTNERS’ SERVICES
39 professionals across four offices in the U.S. with headquarters in Atlanta
55 total transactions closed since the beginning of 2014 with 26 in the technology space
Over 450 transactions completed in the middle market (Enterprise Value less than $1.0 billion)
60% transactions since 2013 have involved a strategic buyer; 40% a financial sponsor
QUICK FACTS
2016 U.S. Boutique Investment Bank of the Year
2016 Ranked #1 by 451 Group for IT Services transactions in the U.S.
2014 Cross-Border Transaction of the Year Finalist
2014 Professional Services Transaction of the Year Finalist
2013 Strategic Acquisition of the Year Winner
2013 U.S. Boutique Investment Bank of the Year Finalist
ACCOLADES
CORE COVERAGE
Process Outsourcing
Human Capital
Industrial Services
BUSINESS
SERVICESHEALTHCARE TECHNOLOGY
IT Professional Services
Software
Recruiting
Onboarding
Talent
Workforce
Analytics
Compliance
Human Resources
Healthcare
Marketing
Vertical SaaS
Data & Analytics
SOFTWARE HR TECH
9
CHILDS Advisory Partners
TEAM’S EXTENSIVE EXPERIENCE IN HR TECHNOLOGY
Sell-Side Advisory On-demand workforce optimization solutions that monitor transitions, analyze metrics,
and automate deployment processes
People Business Network (PBN)
Recapitalization Advisory WFM consulting services and analytics software to the retail, healthcare, manufacturing
and public sector industries
Sell-Side Advisory Research and consulting services focused on assessment and development of leaders
Buy-Side Advisory Job application evaluation and suitability software solutions
Sell-Side Advisory Leading provider of Workday consulting services and the first acquisition in the
ecosystem
Recapitalization Advisory End-to-end talent management software solutions exclusively for healthcare organizations
Recapitalization Advisory SaaS-based provider of workforce management solutions with a focus on time &
attendance
Sell-Side Advisory Provider of integrated talent acquisition solutions such as MSP, VMS, payroll, and
recruitment process outsourcing
Buy-Side Advisory Leading automated employment and salary verification service provider
Buy-Side Advisory Workforce planning, scheduling, and management solutions
Buy-Side Advisory Provider of unemployment tax compliance, employment verification, unemployment
claims administration, and international employment tax services
Buy-Side Advisory SAP and SuccessFactors partner in North America specializing in HCM consulting services
Sell-Side Advisory Oracle/PeopleSoft consulting services to the healthcare and state/local industries
Sell-Side Advisory Provider of pre-hire and post-hire talent assessments
Undisclosed Financial Sponsor
Capital Raise Leading HR & finance consultancy with a focus on deploying Workday and other cloud-
based software solutions
Sell-Side Advisory Provides recruitment process outsourcing services to the life sciences industry
10
CHILDS Advisory Partners
CHILDS’ HR TECHNOLOGY TEAM
CHILDS Advisory Partners | 3438 Peachtree Road, Suite 1400 Phipps Tower | Atlanta, GA 30326 | 404.751.3000 | www.childsadvisorypartners.com
CHILDS OFFERS THE SENIOR LEVEL ATTENTION AND ADVISORY FOCUS OF A BOUTIQUE FIRM
COUPLED WITH BANKERS WITH BULGE BRACKET EXPERIENCE
\
Former Corporate Development executive for two S&P 500 companies, Equifax and Waste Management
CEO of private equity backed business called Bagster sold to strategic Fortune 500
12 years of investment banking experience with Citigroup and Bank of America with over 80 M&A and capital markets transactions
MBA from Kellogg School at Northwestern University (Beta Gamma Sigma) and BA from UNC Chapel Hill (Phi Beta Kappa)
Co-founder of Bulger Capital Partners
Co-head of East Coast Services and Software for Needham & Company
18 years of investment banking experience executing M&A transactions and raising capital
MBA from F.W. Olin School of Business at Babson College and a BA from Hobart College
7 years of investment banking experience with Morgan Stanley and KPMG
Executed 15 M&A and capital markets transactions (over $15 billion in value)
MBA from Darden School of Business at the University of Virginia and undergraduate from the University of Virginia
Scott RhodesManaging Directorsrhodes@childsap.com404.751.3021
Tom DonahueManaging Directortdonahue@childsap.com617.290.5433
Justin BentleyVice Presidentjbentley@childsap.com404.751.3048
8 years of investment banking experience
Current and past clients include companies such as Nexus, Bear Data, Aggressor and Utopia
Former investment banker at SunTrust Robinson Humphrey
Graduated cum laude from Washington & Lee University
Steve CarrVice President scarr@childsap.com404.751.3013
Former M&A investment banker at SunTrust Robinson Humphrey
Prior to joining SunTrust, Mr. Silverman was an analyst in the technology group at Canaan Partners, a venture capital firm based in California
M.A.c.c. and B.B.A. from the University of Georgia
CPA earned in 2013
Kenny SilvermanAssociateksilverman@childsap.com404.751.3041
7 years of investment banking experience
Current and past clients include companies such as Peoplenet Channelinsight, McKinnis, Aggressor, FineLine Technologies, and Solstice Mobile
Graduated cum laude from the University of Georgia
R.B. McCutcheonVice President rmccutcheon@childsap.com404.751.3015