PANDEMIC ACCELERATES FOCUS ON LOGISTICS ......sector itself. Even though companies like uShip have...

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KEY HIGHLIGHTS• Early in the pandemic, industry participants

focused on internal operations

• Capstone expects M&A and VC activity to increase in 2021 as executives place a greater importance on integrating technology into their supply chain

• VC’s have focused on larger deals in 2020

• Digital freight matching platforms continue to draw high amounts of capital but have yet to live up to lofty expectations

• Capstone interviews OpenView Partners VP Dan Heck about project44

PANDEMIC ACCELERATES FOCUS ON LOGISTICS TECHNOLOGYLOGISTICS TECHNOLOGY INDUSTRY UPDATE | DECEMBER 2020

CONTACT

Burke SmithManaging DirectorHead of Transportation & Logistics

OVERVIEW

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Logistics Technology Industry UpdatePandemic Accelerates Focus

CONTACTBurke SmithManaging DirectorHead of Transportation & Logistics [email protected]

Over the past few years there’s been sizable investment in Logistics Technologyas executives have looked to gain visibility into supply chains, leverage the cloud,and automate systems that traditionally relied on people and paper. In part, thisspurred a September 2019 headline grabbing announcement of “$1 Billion inTechnology Investment over 5 Years” from C.H. Robinson (Nasdaq: CHRW). Whileunderway well before COVID-19, the pandemic has accelerated this trend by anestimated 10-15 years.

In CHRW’s Q2 2020 earnings call, Bob Bisterfield, CEO, commented: “Ourcustomers are looking for innovative new ways to manage complex global supplychain challenges and to mitigate risks. They want connectivity, they wantvisibility, they want predictive analytics that can help identify problems in theirsupply chains before they need to deal with them.”1

The demand for technology throughout logistics will only continue to grow withshippers looking for visibility into their freight and tools to help optimize supplychains. Some logistics service providers (brokers, carriers, warehouses, etc.) aredeveloping technology in house, though 3rd party technology providers offer acompelling argument with strong funding and resources. Over the next fewyears, Capstone Headwaters expects each segment of the industry to be a focusof investment and merger and acquisition (M&A); from inside the four walls tooutside, rail to air, hardware to software, and beyond.

TABLE OF CONTENTS Overview Mergers & Acquisitions Summary Venture Capital Summary Notable 2020 VC Deals Digital Freight Matching Supply Chain Technology Q&A with OpenView Tracking & Telematics Select Transactions Report Contributors

Note: includes deals from the U.S. and Canada;Source: Capital IQ, Capstone Research, Seeking Alpha

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32017 2018 2019 2020

M&A Deals Capital RaisesTransaction Activity: Logistics Technology

MERGERS & ACQUISITIONS SUMMARY

Year-to-date (YTD) as of September 30Note: Includes transactions from North America, Developed Europe; and Asia; Deals may be tagged in multiple sectors

Source: Capital IQ and Capstone Research

Through Q3, M&A volume has reached 60 deals and has surpassedthe volume over the first three quarters of 2019 (52 deals), 2018(44) and 2017 (56). While a few of those were completed beforethe pandemic, such as GlobalTranz’s acquisition of Cerasis andTransplace’s acquisition of Lanehub (January, terms not disclosed),the bulk was completed from March onwards, with a relativelyshort slowdown in April.

The three sectors that saw a noticeable increase in deal volumewere Warehousing, Logistics-Specific Back Office, and E-Commerce Software. Additionally, software valuations acrossindustries remains healthy at a median 3.0x revenue in 2020.

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Logistics Technology | December 2020

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Transaction Volume – U.S. & Developed Markets

Burke Smith, Managing Director

“Logistics technology has seenheightened M&A activity in 2020and we expect it to only acceleratethrough the rest of the year andinto 2021.”

Notable 2020 Acquisitions

Route management software for public transit

Inventory management software for e-commerce

Payment and fuel card technology for land, sea and air transport

Multi-carrier delivery management software

Parcel TMS

Acquired Acquired Acquired AcquiredAcquired

VENTURE CAPITAL SUMMARY

Year-to-date (YTD) as of September 30Note: includes transactions from North America, Developed Europe, and Asia

Source: Capital IQ, PitchBook, and Capstone Research

Overall venture capital (VC) activity in the U.S. has been resilientthrough the pandemic and has largely been driven by later stagedeals over $100 million in value. This is in part due to highconfidence in the IPO market for tech companies.

Through Q3, seed an early-stage VC activity took a hit in the U.S. asinvestors turned their focus to existing portfolio companies, ratherthan sourcing new deals at this risky segment of the market.However, this was not the case for Logistics Technology as bothseed and series A deals rose by 67% in Q2 2020 compared with Q22019 (from 9 to 15 deals).

VC juggernauts have taken a strong interest in the space with theinvestments in Shipbob (Softbank), Silo (Andreessen Horowitz), FoxRobotics (Menlo Ventures), GAINSyste (Francisco Partners), PINC(Accel-KKR) and Exostar (Thoma Bravo).

Throughout early and later stage investments, a few big sector winners thus far in 2020 include:

Supply Chain software: 51 deals, $560.9 million raised

Telematics – 34 deals, $485.1 million raised

Warehousing software – 21 deals, $196.5 million raised

Autonomous industrial vehicles – 15 deals, $302.9 million raised

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Most VCs have adapted to new, remote ways of doing business, and capital invested continued at a strong pace in the third quarter. The $37.8 billion invested in Q3 was relatively on par with Q3 2019, thanks largely to late-stage investments. Deal volume also held steady, with 2,990 completed deals using PitchBook’s new deal estimation methodology.

- Pitchbook Q3 2020 NVCA Venture Monitor2

“


NOTABLE 2020 VENTURE CAPITAL DEALS

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Company Deal Date Deal Type Deal Amount (mm)Total Raised

To Date (mm)Post Valuation

(mm) Lead Investors

08/18/20 Series C $50.0 $69.1 NA• Ontario Teachers’

Pension Plan• Honeywell

Ventures

06/17/20 Seed Round ~$1.5 $3.1 $12.0• Gravity Ranch• HOLT Ventures• SRI International

07/06/20 Buyout/LBO ~$100.0 $20.0 $100.0 • Main Street Capital

07/15/20 Series A $9.0 NA $29.0 • Menlo Ventures

07/27/20 PE Growth/Expansion Undisclosed NA NA • Francisco Partners

06/16/20 PE Growth/Expansion Undisclosed $42.9 NA• Accel-KKR

09/28/20 Series D $68.0 $130.7 $568.0• SoftBank

Investment Advisers

09/24/20 Series A $9.0 $12.0 NA • Andreesen Horowitz

07/09/20 Series G $60.0 $221.7 $400.0 • Ping An Insurance

10/02/20 Series A $500.0 $500.0 ~3,300.0 • Greenbriar Equity Group

Source: PitchBook and Capstone Research

$122 $300 $540 $539

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DIGITAL FREIGHT MATCHING

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Back in October 2015, Convoy – one of the first and mostrecognized digital freight matching (DFM) platforms – raiseda $2.5 million seed round of financing. One could argue thatthe initial round not only kickstarted the rise of the company(which has raised $665.5 million to date) but also of the DFMsector itself. Even though companies like uShip have beenaround longer, the DFM sector did not really hit its strideuntil around 2010. Now, startups like Uber Freight ($500mmraised to date), NEXT Trucking ($124.3mm), Post.Bid.Ship($6.2mm), Internet Truckstop (acquired by ICONIQ Capital inApril ‘19), and others have started and grown, promising todisrupt the logistics world. But have they? Honestly, not yet.

DFM platforms have developed significantly over the last fewyears due to advancements in mobile apps, cloudcomputing, telematics, machine learning, and othertechnologies. However, the technology is still in its earlystages of adoption with major shippers sticking withtraditional brokerages to move freight. Three reasons why:

DFM is good for the spot market, but a lot of freight is contracted with carriers

DFM is good for simple dry van truckload freight, but struggles with specialty loads (reefer, flatbed, LTL, etc.)

DFM is good for rates by removing the intermediary brokerage, but logistics is still highly relationship driven

VC Deal Activity – Digital Freight Matching

Year-to-date (YTD) as of September 30Source: Capital IQ and Capstone Research;

Raises its first round of capital from Benchmark

Digital Freight Matching Transaction History

With every new technology that’s looking to replace legacy business models there are hurdles, and DFM is no exception. Weexpect DFM platforms to become a larger part of the overall Logistics landscape as technology advances and more capital isinvested in these businesses. Since 2017, DFM companies have seen the 2nd highest total investment ($1.5b) and by far thehighest money invested per capital raise ($42.9mm per deal) of any sector Capstone Headwaters tracks. This is contrasted byrelatively light M&A activity of only 7 acquisitions over the same time period, indicative of early-stage sectors.

Internet Truckstop Group is acquired by

ICONIQ Capital, while NEXT and Convoy raise a combined

$497mm of capital

Raises its first outside capital with a $500mm Series A led

by Greenbriar Equity

$2.5mm seed round is raised from a group of investors

Raises $18mm Series C with Kleiner Perkins

»Raises $16mm of institutional capital in a Series A led by Greylock Partners

2005 20152012 2016 2017 2018 2019 2020

Both raise additional rounds of capital as the race continues

Raises its first outside capital with a $21mm Series B from Sequoia Capital


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SUPPLY CHAIN TECHNOLOGY

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With the advancement and proliferation of connecteddevices and RFID technology there’s a massiveopportunity to collect data from across the supply chain.These data streams ultimately make it possible formanufacturers, fulfillment companies, carriers, etc. tocommunicate in real time and trigger actions to make thesupply chain more efficient. Even though this technologyis still in its early days we’re already seeing companiestarget the holy grail of supply chain technology – artificialintelligence, machine learning, and predictive analyticsthat don’t just react, but anticipate potential issues andchanges in demand.

As a result, M&A activity has remained healthy over thelast few years with around 20 acquisitions a year. Strategicbuyers have been the majority of those deals, around 79%of volume, as they look to fill gaps in their technologystack and advance their capabilities. Acquisition valuationshave also remained strong, averaging 3.8x revenue in thesector for deals over $15 million in enterprise value.

While M&A activity has remained steady, venture capitaldeals have accelerated at a CAGR of 11.5% from 2017 to2020. So far, 51 supply chain technology deals haveoccurred in 2020 with 35 (68.6%) being either the 1st or 2ndround of capital.

M&A and VC Deal Activity – Supply Chain

“Modern day supply chains face a number of challengesincluding rapidly shifting demand, hyper-personalization ofconsumer needs, labor shortages and operationalinefficiencies, so by further developing our relationship withsupply chain software specialists Blue Yonder, I believe wewill be able to make larger, more transformativecontributions to a greater number of customers”

- Yasu Higuchi, Panasonic3

M&A HIGHLIGHT – Panasonic Acquires Minority Stake in Blue Yonder (May 2020, $5.5 Billion)


Year-to-date (YTD) as of September 30Source: Capital IQ and Capstone Research;

“The market potential for an innovator like Silo to reducewaste and improve margins is enormous, and we’reexcited to support its efforts [to become] the system ofrecord for food distribution in the US”

- Anish Acharya, GP Andreessen Horowitz4

VC HIGHLIGHT – Silo Raises $9 Million of Series A Funding Led by Andreessen Horowitz (September 2020)

Minority acquisition of 20% at an enterprise value of $5.5 billion

The deal allows Panasonic and Blue Yonder to accelerate their ability to provide supply and demand forecasting, inventory optimization and improve labor utilization.

$9 million Series A – led by Andreessen Horowitz and included Initialized Capital and Haystack Ventures

Silo provides a cloud-based supply chain platform that automates the perishable supply chain to mitigate food waste and improve margins

Q&A WITH OPENVIEW

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Founded: 2014HQ: Chicago, ILFunding : $90.5mm

PortfolioCompany:

What’s the backstory on project44 in terms of howOpenView got involved and where the business was atthat time? OpenView got involved in spring 2018 andproject44 was already doing a great job. Jett[McCandless] is the founder and CEO and has atremendous vision, background, and expertise and was akey reason why we wanted to get involved. At that point,At that point, they provided a really strong visibilitysolution. However, they also had an approach andphilosophy of being more than just a pure softwaresolution and wanted to be an API solution as well. Itallowed them to not only deliver similar functionalityaround visibility and answer the fundamental question of“where is my stuff?” but also to use their APIs to powerinternal tools for big retailers, supply chain companies,and startups who would love to pipe that data andmetadata into internal systems and applications. Theywere attacking a really big market, doing a great job, hada great leadership team, and a differentiated approach.Since we invested, they’ve done extremely well and havegrown many times over. Jett has this great vision andteam and we’re excited about where they’re going.

Where do you see the future growth of project44 overthe next few years? I think there are two real categoriesof growth here: 1) you can do what you’re doing now, justbetter. The way I think about that is expanding to newmodes of transportation and new geographies, while alsotaking the existing product portfolio and selling it intomore customers. The market is still underpenetrated, andwe will still sometimes win deals that are uncontested.And 2) is expanding the API vision because it makes thecompany more strategic. People are increasingly buildingapplications on top of project44’s infrastructure. Thestickier we can be in the supply chain ecosystem the morevaluable we become to customers. The goal with the twostrategies is to become the leader in the space thatpeople look to for data and information.

How do you think the supply chain visibility sectorwill evolve over the next few years? First, I think morepeople will continue to adopt technology. It’s probablystill only in the 2nd or 3rd inning out of nine and we have along way to go to making our vision a reality. But I believe

it’s a relative inevitability; this vision will become a reality.I think the bigger thing is that there will be an explosionof other technologies built in the space. There’s a realdisconnect between the importance of the supply chainto our economy and countries worldwide, and theadoption of technology. To me, visibility is the tablestakes application you’d build to bring technology to bearin this industry. What we think is special about project44is that you can use data in numerous other ways like howto orchestrate the movement of inventory across yournetwork. Right now it’s with pencil, paper, and softwarethat’s 20+ years old. In the future it will be done by APIs.

What other sectors and trends within LogisticsTechnology are you keeping your eyes on? One has todo with the idea of orchestrating inventory across yoursupply chain network and answering the question of “doyou have your inventory staged in the right warehouses atthe right time?” Companies like STORD, FLEXE, Flowspace,and MasonHub are the tip of the spear. But, ultimately,you work your way into how to optimize your supplychain. Another interesting space is tools for truckers likeCloudTrucks and SmartHop that allow drivers andcompanies to be more sophisticated around how theychoose loads, limit downtime, and minimize deadheading.

What qualities do you like to see in companies thatyou invest in? The thing that we really appreciate is welove investing in teams and companies that have a uniquereason to win. And that means we’re investing infounders who know their space very well and we canempower them to do their best work. In LogisticsTechnology, more so than other areas, experience andcredibility matter. When we identify founders who havethat unique credibility, our goal is simply to support themin their vision and help however we can, often bypartnering them up with our 30+ person portfoliosupport team.

Capstone spoke with Dan Heck, Vice President at OpenView Partners, to discuss thecompany’s investment in project44 and its overall view of Logistics Technology. OpenView is aventure capital investor based in Boston, MA that invests in enterprise software companies.

entrepreneurs in the Midwest at Hyde Park Angels and began hiscareer at Target’s Corporate HQ in Minneapolis. Dan has workedwith various leading Logistics Technology companies includingProject44, Fourkites, and Shipbob.

As Vice President at OpenView Partners, DanHeck identifies investment opportunities,leads diligence and works with entrepreneursto help build large, enduring companies. Priorto OpenView, he was an Investor atTouchdown Ventures, where he set up andran venture funds on behalf of corporations.He also spent time working with early-stage


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TRACKING & TELEMATICS

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Tracking & Telematics is by no means a “new” technology,having roots in the 1960s and 70s with the developmentof GPS technology. However, the current COVID-19pandemic as well as dramatic increases in insurance costsfor carriers have placed increased importance on thesector in 2020.

M&A Activity

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Year-to-date (YTD) as of September 30Note: Includes deals with Enterprise Value above $15mm

Source: Capital IQ and Capstone Research

Round #:

Installed based of embedded OEM telematicssystems to reach 339 million by 2024 – OEMs areincreasingly installing telematics systems in vehiclesfor uses such as roadside assistance, stolen vehicletracking, diagnostics, electronic toll collection andfleet management. According to a December 2019

Industry Trends

M&A valuations remain frothy – Valuations in the Telematics space have remained strong over the last few years. Weexpect this to continue into 2021 as OEMs fill technology gaps and private equity investors take advantage of growing,SaaS-based businesses.

VC activity turns to later stage deals in 2020 – From 2017 to 2019, only 11.1% of all venture capital deals were from the4th financing round and later. In 2020, we saw a jump in these later rounds, accounting for 36.4% of all activity. While thisis partially due to Covid-19 forcing funds to focus on later rounds, it is also due to the maturing nature of the sector.

Deal Highlights

study, the number of embedded systems is slated to grow from 80.4 million to 339.3 million by 2024, a CAGR of 27.1%.5

Video telematics will see increased demand – As cameras start to permeate truck cabs usage of video telematics arebeginning to grow. Triggered by going significantly over/under the speed limit, a crash, or location, video will be ableto help improve driver behavior and ultimately safety.

Predictive analytics will increase safety and efficiency – The advancement of artificial intelligence and machine learningenables telematics providers to predict potential issues for drivers on the road. From analyzing historical driving, traffic,and weather data, telematics providers can better predict anything from at risk drivers and efficient route management.


Burke Smith, Managing Director

“The Telematics sector is highlyfragmented, and Capstone expectsincreased consolidation over the next fewyears. Even though the sector is moremature than others in the LogisticsTechnology industry, valuations for dealshave remained strong over the past threeyears averaging 3.5x revenue for dealsover $15mm in value.”

NA

Enterprise EV / LTMDate Target Acquirer Target Business Description Value (mm) Revenue EBITDA

09/09/20 SmartDrive Omnitracs Provides technology for fuel management and driver safety solutions $450.0 - -

09/03/20 Optidev Techstep Offers mobile data capture, real time communication, and IT solutions for logistics.. $22.8 1.1x 7.7x

09/02/20 Zone Defense PRO-VISION Develops accident avoidance systems for the Recreation Vehicle and Trucking industry. - - -

07/31/20 Consignor Group Francisco Partners Develops multi-carrier delivery management software. $236.0 - -

07/30/20 MSTS Corsair Capital Provides billing and payment solutions to the Trucking, Sea, and Air sectors. $350.0 - -

07/16/20 RouteMatch Software Uber Provides enterprise intelligent transportation systems to public and private transit sectors. - - -

07/15/20 Ubimax TeamViewer Manufactures and supplies industrial wearable computing solutions, hardware, and services. $159.6 - -

07/10/20 Stitch Labs Square Develops and offers inventory management software. - - -

06/24/20 Tricom Mercell Develops cloud-based solutions for handling procurement, contract, logistics, and invoice-handling. $12.0 - -

06/11/20 Cracking Logistics The Descartes Systems Group Operates a platform to book container shipping in various ports in the United Kingdom. $12.0 - -

06/02/20 ScanData Transplace Develops parcel transportation management solutions. - - -

05/20/20 Blue Yonder Group Panasonic Designs end-to-end integrated supply chain and retail management software solutions. $5,500.0 - -

05/19/20 VIZIYA Prometheus Develops asset management and maintenance software via on-premise or cloud basis. $35.6 - -

03/03/20 Digital Applications International Dematic Develops logistics automation software. $133.8 3.0x -

03/02/20 ProShip FOG Software Develops automated multi-carrier shipping software for retail and E-Commerce. $15.0 - -

01/29/20 Track What Matters Accel-KKRProvides GPS fleet tracking software and management systems for trucks, buses, and other vehicles. - - -

01/16/20 Cerasis GlobalTranz Develops transportation management software for shippers. - - -

01/14/20 Lanehub Transplace Develops a networking platform for transportation professionals. - - -

01/09/20 Kuebix Trimble Offers a cloud-based transportation management system for businesses that ship freight. $201.1 - -

10/24/19 Oceasoft Dickson Develops connected solutions for monitoring temperature, humidity, and other physical parameters. $11.9 1.3x -

05/13/19 Amber Road E2open Provides cloud-based global trade management solutions. $424.0 4.9x -

01/28/19 Visual Compliance Descartes Provides software solutions and services to automate customs, trade and fiscal compliance processes. $248.9 8.3x -

04/23/18 Viewpoint Trimble Provides logistics and general software to the construction industry. $1,200.0 7.7x -

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

SELECT M&A TRANSACTIONS

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Round Type

Post MoneyValuation (mm)

Capital RaisedDate Target Acquirer Target Business Description

10/02/20 Uber Freight Greenbriar Equity Develops an application that matches carriers with shippers. Series A $3,300.00 $500.00

09/28/20 Shipbob SoftBank Provides an online shipping and fulfillment software for small e-commerce businesses. Series D - $68.00

09/24/20 Silo Andreessen HorowitzProvides a platform that automates the perishable supply chain. Series A - $9.00

08/25/20 Fox Robotics Menlo Ventures Develops a full perception stack and solution for autonomous industrial vehicles. Series A - $9.00

07/06/20 Taulia Zouk Capital, JPMorgan Chase Develops artificial intelligence-based supply chain management and financing software solutions. Series G $400.00 $60.00

06/17/20 Authenticiti SRI, HOLT, Scopus and Gravity RanchDevelops a Blockchain based supply chain data platform for manufacturers. Venture - -

06/16/20 PINC Solutions Accel-KKR Provides yard management, finished vehicles logistics, and inventory robotics solutions. Growth - -

06/02/20 Exostar Thoma BravoProvides a cloud platform for securing enterprise, supply chain collaboration, and identity and access management solutions.

Growth - -

06/01/20 Clearpath Robotics RRE Ventures Designs and manufactures self-driving vehicles for industrial applications. Series C - $29.40

05/26/20 Scandit Kreos Capital Develops barcode scanning software solutions. Series C - $84.40

05/14/20 RPA Labs Supply Chain Ventures Develops workflow automation software for companies in the logistics and supply chain industry. Pre-Seed - -

05/05/20 Platform Science Daimler, Prologis, NewRoad CapitalOffers a connected vehicle platform with telematics including apps for compliance, safety, and productivity. Series B $174.50 $42.00

04/15/20 Parsyl Ascot Group Operates an IoT supply chain data platform for the transport of sensitive and perishable products. Series A - $15.00

03/31/20 Slync Blumberg, 235 Capital, CorrelationDevelops a blockchain-based platform for supply chain management. Series A - $11.00

03/31/20 Provision Analytics Adventure Capital Offers cloud-based solution for assessing food safety through tracing and tracking along the supply chain. Venture - -

03/10/20 Overhaul Group Edison Partners Develops visibility and risk management software solutions for the transportation industry globally. Venture - $17.50

03/04/20 Evertracker GENIUS Venture Provides artificial intelligence process for supply chains and logistics industries. Growth - -

03/03/20 Compcare Services The Firmament GroupProvides cloud-based TMS software and mobile applications for the intermodal transportation industry. Growth - -

02/24/20 EcoVadis Bain & Company Operates a platform which provides sustainability ratings and intelligence for supply chain companies. Growth - -

02/14/20 Interos Kleiner Perkins Caufield & Byers Develops a supply-chain assurance and risk management platform. Series B - $17.50

10/17/19 Softeon Warburg Pincus Provides supply chain and warehouse management software solutions. Growth - -

09/09/19 Workaround Summit Partners Manufactures smart wearable scanners for Logistics industry. Venture - $42.50

07/23/19 Fetch Robotics Redwood, SoftBank, Shasta VenturesDevelops and manufactures autonomous mobile robot solutions for warehousing and intralogistics markets. Series C - $46.00

Source: Capital IQ, PitchBook, FactSet, and Capstone Research

SELECT CAPITAL RAISES

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Burke Smith Managing Director, Head of Transportation & Logistics [email protected] | 310-872-0038

Burke is the Head of the Transportation & Logistics practice at Capstone Headwaters and is based in theDenver office. Burke joined the firm in 2014, bringing to Capstone Headwaters 19 years experienceas an advisor to or leader of middle market companies. Most recently, Burke ran several asset-basedtrucking and warehousing operations, and previously managed an 8-state last mile delivery network.Over his career to date, Burke has executed more than 45 transactions with a combinedvalue in excess of $40 billion. Burke began his career working on Wall Street. He initiallytrained at Wasserstein Perella & Co., where he worked directly for famed M&A banker Bruce Wasserstein.Burke then joined Donaldson, Lufkin & Jenrette (DLJ) as an early member of the firm’s Exclusive SalesGroup, which became one of the most successful middle market sell-side advisory practices on WallStreet. Following the acquisition of DLJ by Credit Suisse, Burke joined UBS as an ExecutiveDirector in the mergers and acquisitions group. Burke earned a Law degree from Harvard Law School,and an MA and BA from Stanford University.

TRANSPORTATION & LOGISTICS TEAM

Anant [email protected] | 505-690-3561

Anant joined Capstone Headwaters after several years in investment banking sourcing capital for earlyand growth stage companies. Prior to investment banking, Anant worked with Sun Mountain Capital, a$90 million New Mexico-based co-investment fund focused on emerging technologies and economicdevelopment within the state. Prior to that, Anant worked as a Senior Associate for Mesa CapitalPartners, a private equity fund which invests in growth opportunities in the service, manufacturing andtechnology areas. Anant began his private equity career with MWV Pinnacle, a $23 million fundmandated to invest in minority owned or managed companies. In addition to his investment banking andprivate equity positions, Anant has also worked in several corporate roles, including as CFO for an earlystage transportation technology company and as Director of Corporate Development and FP&A for twomiddle market private equity sponsored companies. Anant earned his MBA from Case WesternUniversity and holds an MA from New School University and a BA from St John’s College.

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Jay MercierAssociate404-934-6362 [email protected]

Nathan FeldmanAnalyst845-416-5906 [email protected]

2019US MIDDLE MARKET INVESTMENT BANK

OF THE YEAR

TURNAROUND AWARDS

2019INVESTMENT BANKING FIRM

OF THE YEAR

INTERNATIONAL AWARDS


OF THE YEAR

2020MIDDLE MARKETINVESTMENT BANK

OF THE YEAR


OF THE YEAR


CITATIONS

1. Seeking Alpha, “C.H. Robinson Worldwide, Inc. (CHRW) CEO Bob Biesterfeld on Q2 2020 Results ‐ Earnings Call Transcript,” https://seekingalpha.com/article/4361857‐c‐h‐robinson‐worldwide‐inc‐chrw‐ceo‐bob‐biesterfeld‐on‐q2‐2020‐results‐earnings‐call, accessed November 5th, 2020.

2. Pitchbook, “Pitchbook Q3 2020 NVCA Venture Monitor,” accessed November 5th, 2020. 3. Bloomberg, “Panasonic and Blue Yonder Extend Strategic Partnership to Accelerate the Autonomous Supply Chain,”

https://www.bloomberg.com/press‐releases/2020‐05‐20/panasonic‐and‐blue‐yonder‐extend‐strategic‐partnership‐to‐accelerate‐the‐autonomous‐supply‐chain, accessed November 6th, 2020.

4. Perishable News, “Silo Secures $ 9 Million Series a to Empower the Food Supply Chain,” https://www.perishablenews.com/produce/silo‐secures‐9‐million‐series‐a‐to‐empower‐the‐food‐supply‐chain/, accessed November 8th, 2020.

5. ResearchAndMarkets.com, “Global Automotive OEM Telematics Market Report, 2019‐2024 with Detailed Profiles of 21 Major Car OEMs and Their Telematics Propositions,” https://www.globenewswire.com/news‐release/2019/12/19/1962985/0/en/Global‐Automotive‐OEM‐Telematics‐Market‐Report‐2019‐2024‐with‐Detailed‐Profiles‐of‐21‐Major‐Car‐OEMs‐and‐Their‐Telematics‐Propositions.html, accessed November 10th, 2020.

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi-tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission ofany reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security ofany such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for thegeneral information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation orneeds of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for allinvestors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be reliedupon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to varymaterially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subjectto change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters.The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. Thisreport may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information containedherein should not be construed as legal advice.

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