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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
J E F F P E R K I N S+49 69 3650638 13
J O H N A R E N D A L E+1 804-915-0126
G I L E S T U C K E R+1 804-887-6145
• Founded in 1991
• 330+ professionals across eight offices globally
• 160+ closed transactions in the last 24 months
• 21st record year in 2018
• 10 industry groups
T H I E R R Y M O N J A U Z E+44 20 7518 8901
• 35 professionals across Boston, San Francisco, and London
H O R I Z O N T A L F O C U S A R E A S
• Compliance Software
• CRM and Member Management Software
• Data & Analytics
• Enterprise Software
• Human Capital Management
• Infrastructure & Security Software
• IT& Tech Enabled Services
• Managed Services, Hosting & Data Center Solutions
• Online Marketing, Data & Research
V E R T I C A L F O C U S S E C T O R S
• Architecture, Engineering & Construction
• eCommerce & Retail Software
• Education Technology
• Energy Technology
• Facilities & Real Estate Technology
• Financial Technology
• Government Technology
• Healthcare IT
• Industrial & Supply Chain Software
A N D Y L E E D+1 415-217-3420
E R I K S Z Y N D L A R+1 415-217-3418
M I K E W I L K I N S+1 415-217-3411
T Y L E R D E W I N G+1 617-654-2133
S E N I O R P R O F E S S I O N A L S
E R I C L O G U E+1 804-887-6015
J E N S O N D U N N+1 804-887-6073
• 20 professionals across Richmond, Frankfurt, and Asia
K E Y F O C U S A R E A SS E N I O R P R O F E S S I O N A L S
• Industrial Technology
• Process Automation
• Test & Measurement
• Industrial Process Solutions
• Thermal Management
• Communication & Connectivity
• Flow Control & Engineered Components/Systems
• Power & Energy Conditioning
• Energy Metering
• Data Centers
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
has been acquired by
Provider of cloud-based business management, ERP, and vertical specific applications for the manufacturing, distribution, and building and construction industries
has been acquired by
Provider of high-performance unmanned aerial systems (UAS) for the global military, public safety, and critical infrastructure markets
Provider of software solutions that manage engineering information throughout the asset lifecycle
has been acquired by
has been acquired by
Provider of demand response, energy efficiency, and customer engagement solutions
has received a growth investment from
Provider of commercial maritime management and logistics software to the bulk markets
has been acquired by
Provider of a wide variety of specialty electronic, electromechanical, and software products for the fire and life safety industry
has merged with
Provider of supply chain management software solutions focused on warehouse management, EDI, and direct store delivery
has been acquired by
Designer and manufacturer of distributed solar power generation, inverters, and software applications
has been acquired by
Provider of scientific services and products that offer analytical testing and consulting solutions to a diverse and demanding set of end markets
has been acquired by
Provider of intelligent traffic software (ITS) and IoT solutions for the transportation industry
has been acquired by
Provider of demand response and energy management solutions
Provider of highly complex, fully customizable automation solutions for end-of-line packaging applications
has been acquired by
has been acquired by
Provider of cloud-based manufacturing execution, ERP, and supply chain software for mid-market manufacturers
has been acquired by
Provider of fully-integrated, SaaS-based operator qualification, drug & alcohol, safety & insurance, and training solutions
has received a majority investment from
Provider of SaaS-based environmental, health, safety and quality (EHSQ) software for global, enterprise clients
has been acquired by
Provider of special machine solutions to address automation, testing, and manufacturing needs for the automotive end market
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
HW’s TMT Group advised Cority, a portfolio company of Norwest Venture Partners, on the sale of a majority stake to Thoma Bravo.
a portfolio company of
has received a majority investment from
Close Date: 7/2/19
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
HW’s TMT Group advised Veriforce, a portfolio company of Greenridge Investment Partners, on its sale to PEC Safety, a portfolio company of Thoma Bravo.
a portfolio company of
has been acquired by
Close Date: 4/12/19
a portfolio company of
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
415-217-3418
415-217-3420
Managing [email protected]
617-654-2133
a portfolio company of
has been acquired by
AND
Close Date: 1/3/19
Enterprise Value: $425M
Managing [email protected]
+44 20 7518 8901
HW’s TMT Group advised IQMS, a portfolio company of Technology Crossover Ventures and Banneker Partners, on its sale to Dassault Systemes.
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
I N D U S T R Y C O N V E R G E N C E D R I V I N G I N N O V A T I O N 1 , 2
K E Y S T A T S
I N D U S T R Y T R E N D S 1 , 2
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
•
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•
Enterprise Value: $570M
Revenue: NP EV / EBITDA: NP
EV / Rev: NP
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Enterprise Value: NP
Revenue: NP EV / EBITDA: NP
EV / Rev: NP
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Enterprise Value: NP
Revenue: NP EV / EBITDA: NP
EV / Rev: NP
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Enterprise Value: $1.0B
Revenue: NP EV / EBITDA: NP
EV / Rev: NP
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Enterprise Value: NP
Revenue: NP EV / EBITDA: NP
EV / Rev: NP
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
R E P R E S E N T A T I V E I N D U S T R I A L S O F T W A R E S O L U T I O N P R O V I D E R S
To receive the latest Industrial Software market maps, please contact HW at
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
Min MaxMedianLegend
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
Multiples Summary
Market Enterprise Revenue EBITDA Margin Enterprise Value/Revenue Enterprise Value / EBITDA
Company Capitalization Value LTM CY2019P LTM CY2019P LTM CY2019P LTM CY2019P
Industrial Software
Dassault Systèmes SE $41,165,488 $39,106,004 $4,060,157 $4,480,697 27.7% 34.7% 9.6x 8.7x 34.8x 25.2x
Roper Technologies, Inc. 37,703,636 42,093,136 5,275,900 5,416,078 34.4% 35.5% 8.0x 7.8x 23.2x 21.9x
Autodesk, Inc. 35,683,789 36,999,789 2,745,400 3,283,915 7.0% 26.6% 13.5x 11.3x NM 42.4x
Hexagon AB (publ) 19,874,331 22,247,395 4,312,570 4,668,648 28.3% 33.2% 5.2x 4.8x 18.2x 14.4x
Cadence Design Systems, Inc. 19,627,135 19,588,827 2,197,451 2,322,899 25.9% 35.3% 8.9x 8.4x 34.4x 23.9x
Synopsys, Inc. 18,584,493 18,251,039 3,231,439 3,369,326 17.4% 26.5% 5.6x 5.4x 32.5x 20.4x
ANSYS, Inc. 16,674,900 16,169,797 1,327,893 1,459,126 40.9% 45.3% 12.2x 11.1x 29.8x 24.5x
Trimble Inc. 11,011,113 12,813,713 3,167,800 3,368,775 19.3% 22.7% 4.0x 3.8x 21.0x 16.8x
PTC Inc. 10,037,401 10,456,374 1,252,437 1,326,910 11.4% 28.9% 8.3x 7.9x 73.4x 27.2x
Aspen Technology, Inc. 8,303,964 8,458,372 542,315 562,798 46.0% 49.9% 15.6x 15.0x 33.9x 30.1x
AVEVA Group plc 8,035,831 7,870,182 998,320 1,010,813 14.9% 26.1% 7.9x 7.8x 53.1x 29.9x
Altium Limited 3,010,683 2,952,658 155,250 197,037 39.1% 37.4% 19.0x 15.0x 48.7x 40.1x
Altair Engineering Inc. 2,808,670 2,816,246 410,981 476,420 8.4% 13.4% 6.9x 5.9x 81.5x 44.0x
Kinaxis Inc. 1,576,050 1,387,866 159,632 186,438 18.8% 26.5% 8.7x 7.4x 46.2x 28.1x
QAD Inc. 756,667 633,519 324,861 330,007 2.9% 4.8% 2.0x 1.9x 67.0x 39.7x
Median $11,011,113 $12,813,713 $1,327,893 $1,459,126 19.3% 28.9% 8.3x 7.8x 34.6x 27.2x
Diversified Industrials
Honeywell International Inc. $126,328,741 $132,656,741 $40,294,000 $37,160,796 21.8% 23.4% 3.3x 3.6x 15.1x 15.2x
Danaher Corporation 100,882,211 109,064,811 20,077,500 20,619,601 24.1% 24.2% 5.4x 5.3x 22.5x 21.9x
Siemens 93,815,004 127,739,807 94,424,242 99,025,122 10.8% 12.4% 1.4x 1.3x 12.5x 10.4x
General Electric Company 89,562,698 205,650,698 121,113,000 116,757,667 12.9% 10.5% 1.7x 1.8x 13.2x 16.8x
Schneider Electric S.E. 48,662,802 56,205,738 29,448,134 30,984,454 16.3% 17.4% 1.9x 1.8x 11.7x 10.4x
ABB Ltd 42,302,776 48,978,776 28,068,000 28,805,827 11.4% 11.5% 1.7x 1.7x 15.2x 14.8x
Emerson Electric Co. 40,472,718 45,471,718 18,061,000 19,052,608 20.6% 21.1% 2.5x 2.4x 12.2x 11.3x
Fortive Corporation 26,761,038 28,996,238 6,553,400 7,484,158 21.9% 24.1% 4.4x 3.9x 20.2x 16.1x
Sandvik AB 22,853,481 24,330,629 10,933,543 11,313,701 22.2% 23.1% 2.2x 2.2x 10.0x 9.3x
Rockwell Automation, Inc. 19,218,444 20,547,344 6,727,700 6,881,108 22.0% 22.8% 3.1x 3.0x 13.9x 13.1x
OMRON Corporation 10,453,107 9,477,103 7,756,357 7,492,437 12.5% 13.0% 1.2x 1.3x 9.8x 9.8x
Cognex Corporation 8,052,286 7,522,989 810,255 787,014 29.5% 27.3% 9.3x 9.6x 31.5x 35.0x
KUKA 2,177,308 2,550,147 3,631,089 3,739,046 3.6% 4.4% 0.7x 0.7x 19.4x 15.6x
Median $40,472,718 $45,471,718 $18,061,000 $19,052,608 20.6% 21.1% 2.2x 2.2x 13.9x 14.8x
Total Median $19,422,790 $20,068,086 $3,845,623 $4,109,872 19.9% 24.1% 5.3x 5.0x 22.5x 21.1x
VALUATION
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
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INDUSTRIAL SOFTWARE SECTOR REVIEW | 2Q 2019
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