MPG Transportation & Logistics Technology Market Snapshot - May 2020

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Transportation & Logistics Technology
Market Snapshot - May 2020
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Featured Companies Referenced Solutions
✓ Transportation Management Systems
✓ Trace-and-Trace Visibility Systems
✓ Bid & Rate Management
✓ Route Optimization & Management
✓ Import & Export Management
✓ Load Boards
✓ Port & Dock Management
✓ Tech-Enabled 3rd Party Logistics
Madison Park Group (“MPG”) is a premier advisor to the Transportation & Logistics Technology market. Significant untapped market share and rapidly
evolving categories indicates significant investment and M&A activity is on the near horizon.
Michael Magruder Rohan Khanna John Gooden Aaron Riccio
Managing Director Managing Director Senior Associate Analyst
mmagruder@madisonparkgrp.com rkhanna@madisonparkgrp.com jgooden@madisonparkgrp.com ariccio@madisonparkgrp.com
Inclusion Criteria
MPG’s Dedicated Transportation & Logistics Practice
Note: click on company logos to be directed to specific coverage profiles;
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Key Participants Across Transportation & Logistics Technology
Market Snapshot

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Industry Trends
COVID-19 Has Brought Supply Chains to Daily Front Page News With Technology
Underpinning Many of the Success Stories
Underlying End Market & Industry Trends
Strategic Acquisitions
C.H. Robinson acquired Prime Distribution
9
Freight forwarding logistics service
C.H. Robinson acquired Space Cargo
9
Freight forwarding and customs brokerage logistic services
Descartes acquired Visual Compliance
12
Source-to-Pay, Cash Management and Product Information Management
E2Open acquired Amber Road
13
Global trade management provider
Flexport acquired Crux Systems
14
Track and trace technology for ocean containers
GlobalTranz acquired Cerasis
16
Managed transportation and third-party multimodal logistics services
MercuryGate acquired TranSolutions
18
Transportation-centric claim management software
Transplace acquired Lanehub
22
Cloud-based freight lane matching and collaboration platform
Trimble acquired Cityworks
24
Geographic Information System for enterprise asset management tracking
Sponsor Activity
Generation leads fundraise of Convoy
11
On-demand digital marketplace
Softbank leads fundraise of Flexport
14
Multi-mode freight forwarding platform
Providence Equity Acquires GlobalTranz
16
Tech-enabled 3rd Party Logistics provider
Hg Capital Acquires Transporeon
23
Transportation sourcing and management Platform
Notable Transactions Slide
Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases
1
Supply chains are struggling through the COVID-19 pandemic as
significant and numerous supply/demand imbalances emerge as
a result of restrained global trade
4
Consumer expectation for faster delivery are creating pressure
on consumer and B2B supply chains to have real-time visibility
into inventory & requisite lead-time to deliver products & goods
5
Adoption of capital-intensive equipment intended to reduce
carbon emissions is forcing logistics service providers to
aggressively pursue other operating efficiencies to reduce cost
of service
3
Hyperbolic movement in fuel prices have effected many
transportation providers in ocean shipping and trucking at a
time when there is over-capacity and weak demand
2
Costs and razor thin margins have prevented SMBs from
effectively competing, driving risk exposure in a fragile
ecosystem that is critical to the U.S. economy; cloud technology
is evening the playing field
The continuing maturation of 5G will drive stakeholders to
update technology, enabling greater efficiency in vehicle
tracking, communication, and network management
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Key Technology Users & Participants
Targeted Solutions Throughout the Forward Logistics Landscape
Participants Profile Technology Utilization
Carriers /
Forwarders
• Providers of transportation and logistics services;
transport modes can include freight, ocean, air, or a
combination of multi-modal routes
• The Full Truckload (FTL), and other highly populated
transportation markets requires extensive carrier
network management
• Carriers utilize Transportation Management Systems
(TMS) to reduce costs and further digitize
cumbersome ordering and documentation processes
• Carrier-are typically focused on service yield, capacity
planning, bid management, compliance/risk, and cost
containment
Shippers
• Organizations who are the supplier or legal owner of
the goods / commodities being shipped
• Shippers encompass both the buyer and/or the seller
of a product and can range from global wholesalers to
single individuals
• Shippers often utilize TMS portals to increase
transparency and control over both inbound and
outbound shipments
• Shipper-specific capabilities include order
management, cost control, and analytics tools
Distributors /
3rd Party Logistics
Providers (3PL)
• Distributors often own fulfillment centers and docking
yards to efficiently management goods between
transportation routes
• 3PLs offer services ranging from an ad-hoc to all-
encompassing logistics across an entire supply chain
• Distributors use solutions to track shipments,
communicate between carriers and stations, and
manage documentation and accounting procedures
• Automation continues to be an emerging technology
amongst warehouses and fulfillment centers
Brokers
• Individuals or companies that brings together a shipper
who has goods to transport with an authorized carrier
that wants to provide that service
• Brokers utilize solutions to gain greater efficiency
when quoting and securing customer loads
• Manage scheduling, dispatch, and transit process
• Enhanced visibility
Digital
Marketplaces
• Provide a marketplace platform, and supplementary
capabilities, to connect carriers with potential loads
• Multi-sided market; many marketplaces are currently
pointed at smaller size carriers
• Utilize AI and machine learning to address supply
chain supply/demand imbalances and efficiently
connect shippers with available capacity
• Significantly streamlined booking process, increasing
visibility and efficiency

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Manufacturer
Forward Logistics Technology Map
Mission Critical Technology Solutions Connecting Product
Producers With End Consumers
Transportation Distribution Transportation
EmblematicTechnology
Capabilities
End Customer
Transportation
Management System
Customs
Management
Route Optimization
& Management
Track-and-Trace
Visibility System
Import / Export
Management
Distribution
Planning
Port & Dock
Management
Warehouse / Yard
Management
Fleet / Mobile
Management
Bid / Rate
Management
Freight / Lane
Matching
BI &
Reporting Tools
Carriers 3PLs Shippers
Logistics
Note: Carriers, 3rd Party Logistics providers, and shippers are emblematic companies
Order & Budget
Management
Point-of-Sale (PoS) &
Payment Processing
Robotic
Automation
Manufacturing
ERP

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High Priority Spend Category for Corporate America
Customer Expectation Has Stimulated Investment In Connected Logistics Networks,
Adding Further Pressure to Already Thin Operating Margins
United States Business Logistics Costs (2009A-2018A) 2018 Transportation Spend Composition
58.6% 60.6%
61.3% 61.7% 61.4%
64.5% 63.5% 64.1% 64.0%
63.4%
$1.1
$1.1
$1.2
$1.3
$1.3
$1.4 $1.4 $1.4
$1.5
$1.6
7.4%
7.5%
7.9% 7.9% 7.9% 8.0%
7.8%
7.5% 7.5%
8.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
.0
.5
.0
.5
.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
($ in Trillions)
Total USBLC as a % of Nominal GDP
Other Costs (as % of Total Logistics Cost)
Inventory Carrying Costs (“”)
Transportation Costs (“”)
Transport Mode
2018A Spend
2017A-2018A
YoY Growth
5-Year
CAGR($ in billions) (% of Total)
Full Truckload (FTL) $296.1 28.5% 7.6% 3.6%
Less-Than-
Truckload (LTL)
$71.8 6.9% 8.3% 3.5%
Private or Dedicated
Fleets
$300.9 29.0% 13.1% 7.1%
Parcel $104.9 10.1% 8.7% 8.0%
Rail $88.4 8.5% 12.9% 1.6%
Air Freight $76.5 7.4% 9.2% 3.8%
Water & Ports $45.7 4.4% 12.8% 1.5%
Pipeline $53.0 5.1% 12.7% 12.7%
Total $1,037.4 100.0% 10.4% 5.1%
Note: Updated 2019A USBLC figures are unavailable as of May 2020
Source: Pitchbook, CapIQ, CSCMP State of Logistics Report, 2019

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$34
$110
$153
$260
$8
$45
$32 $36
$4
$7 $6 $6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
$19
$57
$44
$68
$125
$463
$573
$1,438
$3,493
$3,390
5
10 8
21 22
35
40
53 51
42
-25.0
-15.0
-5.0
5.0
15.0
25.0
35.0
45.0
55.0
65.0
-
000
000
000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Freight Venture Investment Activity
Deal Count
Capital Market Snapshot
Massive Market Scale in Freight & Private Fleets Has Attracted Significant Scaling
Capital, Emerging Investment Themes Developing in Adjacent Markets & Modes
Freight VC Investment Activity ($ in millions) Notable Venture Activity ($ in millions)
Target Lead Sponsor Description Amount Date
Digital brokerage $400.0 Nov-2019
Freight marketplace $69.7 Sep-2019
Autonomous trucking $70.0 Sep-2019
Autonomous trucking $215.0 Sep-2019
Fleet Management $60.0 Apr-2019
Digital freight forwarder $1,000.0 Apr-2019
Fleet Management $150.0 Mar-2019
Autonomous mobility $530.0 Feb-2019
Freight marketplace $97.0 Jan-2019
Freight marketplace $50.0 Dec-2018
Supply chain visibility $45.0 Oct-2018
Median Supply Chain Technology VC Pre-Money Valuations
Late VC
Early VC
Angel & Seed
Source: Pitchbook, CapIQ, corporate websites, press releases, LinkedIn

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Date Lead Investor Amount
Sep-2017 Undisclosed (Secondary)
Aug-2017 $500.0 million (Debt)
Nov-2014 Undisclosed (Debt)
Oct-2013 $52.3 million (Debt)
Jul-2012 $139.6 million (Buyout)
BluJay Solutions
New Leadership Pushing Growth Through Product Innovation
Shift in Executive Leadership
($ in millions)
Business Overview
Headquarters: Manchester, U.K.
Employees (1-Year Growth): 794 (▲10.9%)
Website: blujaysolutions.com
Ownership Status: PE-Backed (Francisco Partners)
Disclosed Acquisitions: 12
Selected Funding / Transaction History
Description:
Provider of logistics and transportation software including
Transportation, Warehouse, Commerce and Compliance
Management modules and supplementary services
• In January 2019, BluJay announced the appointment of new CEO, Andrew Kirkwood
✓ Prior to BluJay, Kirkwood served as Senior Vice President and General Manager, Supply Chain
Execution at JDA Software
✓ Deep Shah, Francisco Partners Co-President and BluJay Board Member, commented, ”Andrew’s
supply chain background coupled with his proven ability to drive successful go-to-market
strategies will help BluJay continue to grow and deliver value to our 7,500 customers. He’s an
energetic and strategic thinker and will drive new levels of innovation at BluJay. We are thrilled
to have him on board.”
• In January 2020, the Company announced a partnership with project44 to combine BluJay’s cloud-
based TMS with project44’s global multimodal network, data security system, and data cleansing
and normalization capabilities
✓ Tommy Barnes, Head of Global Network Partnership for project44, commented, “Both companies
obsess over their customers and have similar outlooks on the future of logistics and
transportation. The alliance between project44 and BluJay will help create a more connected
ecosystem, and unmatchable value for our shared customers.”
• In November, the Company continued innovation through the enhancement of its transportation
and distribution applications, including the following:
✓ Introduction of SpotLight, a benchmark index tool for accessing cost-based routing decisions
✓ Improved ocean TMS workflow allowing for easier utilization of ocean bookings and scheduling
✓ New Parcel Track and Trace module including a fresh user-interface and API for parcel tracking
✓ Optimized job allocation tool used to run orders, calculate ETAs and track order progress
✓ Order creation tool through its existing Supplier Portal module avoiding the need to integrate
external applications
Product Enhancements Across TMS and Point Solutions
Compliance / Customs
Management
Transportation
Management
Supply Chain Risk
Management / Optimization
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
Supply Chain Consulting

10
CHRW NASDAQ
Long-Term Succession Plan Established; Push for Global Expansion
Solidifying Global Presence
($ in millions)
Business Overview
• In January, C.H. Robinson announced the $225.0 million acquisition of Prime Distribution Services, a
food retail distribution provider with extended solutions, such as warehouse, inventory, and
transportation management
✓ Prime was carved out of Roadrunner Transportation’s Ascent division, and completed FY 2019A
with $108.7 million in revenue, implying an acquisition multiple of 2.07x EV / Revenue
• In May, C.H. Robinson acquired Dema Service, an Italian logistics service provider for air, land and
ocean freight forwarding; terms of the acquisition were undisclosed
✓ The acquisition of Dema allows the Company to expand its existing European presence utilizing
Dema’s employee base with offices located in Italy, Poland and Czech Republic
✓ Jeroen Eijsink, President of C.H. Robinson, commented, “The acquisition of Dema Service is an
exciting milestone for C.H. Robinson and will strengthen our existing footprint in Italy, one of the
largest road transportation markets in Europe. We are eager to work with Dema Service’s
customers to offer our full suite of logistics services to help improve their supply chains.”
• In March, the Company announced the $48.0 million acquisition of Spain-based, Space Cargo, an
international provider of ocean and air freight forwarding and customs brokerage; the acquisition is
aimed at further expanding its Global Forwarding division
Description:
Provider of 3PL, freight transportation services, and logistics
solutions to a variety of industries globally.
Management Movements
• In February 2019, C.H. Robinson announced a new CEO-elect, Bob Biesterfield, who previously
resided as the Company’s COO
✓ Biesterfield replaced former-CEO, John Wiehoff, who will remain Chairman of the Board
following his succession
• In August, the Company appointed new CFO Mike Zechmeister; Mike previously served as CFO of
United Natural Foods and spent 25 years in various corporate finance roles at General Mills
C.H. Robinson
Trailing 12-Month Performance(1)
(9.5%)
8.7%
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
Headquarters: Eden Prairie, MN
Employees (1-Year Growth): 26,269 (▲7.7%)
Website: chrobinson.com
Ownership Status: Public (NASDAQ:CHRW)
LTM Mar. 2020A Revenue: $15,363
LTM Mar. 2020A EBITDA: $775
(1) TTM stock performance as of 4/28/20

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Starting the New Year with a Fresh Round of Funding
Recent Venture Funding Pushes Valuation Over $2 Billion
($ in millions)
Business Overview
Headquarters: Seattle, WA
Website: convoy.com
Ownership Status: VC-Backed (Generation)
Disclosed Acquisitions: -
Est. Enterprise Value (EV): $2,800
Est. Revenue: +$400
Trailing 12-Month Performance
• In April 2019, Convoy announced a new “drop-and-hook” offering aimed at streamlining load
collection by leveraging preloaded trailers and its existing transport network infrastructure; solution
has been launched nationwide
• In March 2019, Convoy announced the addition of automated bidding for carriers to its existing
load requesting application
✓ The newly added feature minimizes load searching and increased truck utilization through an
automated bidding process based on specified rates, preferred lanes and pick up dates
Convoy
Description:
On-demand marketplace to connect Shippers and Carriers to
match supply and demand based on the nearest drivers.
Nov-2019 $400.0 million (Series D)
Sep-2018 $185.0 million (Series C)
Feb-2018 $6.0 million (Debt)
Jul-2017 $62.5 million (Series B)
Product Innovation Remains Top Priority
Innovation Lab Aimed at Addressing Freight-Related Issues
• In May 2019, Convoy formally established the Convoy Innovation Lab, an initiative aimed at helping
businesses solve freight-related issues by connecting Shippers with Convoy engineers, data
scientists and product designers
• In November, Convoy raised $400.0 million in a Series D venture round led by Generation
Investment Management, the sustainable investment firm of Al Gore
✓ The recent funding valued Convoy at a pre-money valuation of $2.4 billion, and had follow-on
participation from CapitalG, a growth equity fund backed by Alphabet, Google’s parent company
✓ Additional participation includes investments from Lone Pine Capital, T. Rowe Price, Baillie
Gifford, and Durable Capital Partners
✓ Joy Tuffield, Partner at Generation Investment Management, commented, “Not only do we think
that Convoy is an innovator and disruptor and is only going to become more relevant in the
freight market, but it's a real win-win scenario. It's helpful for the planet, it's helpful for reducing
empty miles driven, it's helping to reduce carbon emissions. It's also providing a fairer player
field for carriers out there, increasing take-home pay and their earnings, and providing a better
quality of service for the shippers themselves.”
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

12
DSG NASDAQ
Acquisitions Aimed at Expanding Footprint
($ in millions)
Business Overview
Descartes
Description:
Provider of logistics technology solutions including
transportation, compliance management, fleet and mobile
resource management and vehicle telematics.
Robust Acquisition Activity
• In February of this year, Descartes acquired PeopleVox, a provider of cloud-based ecommerce
warehouse management solution; PeopleVox’s customers include direct-to-consumer brands,
ecommerce retailers, and traditional retailers with physical stores looking to enhance their online
presence to meet the need for omni-channel deliveries
• In August, Descartes acquired BestTransport for $11.2 million, net of working capital; BestTransport
is a cloud-based TMS provider focused on flatbed-centric transportation
• In June, Descartes acquired STEPcom for approximately $18.6 million; STEPcom is a provider of
Electronic Data Interchange (EDI) solutions for eInvoicing, project management and customer
specific mappings
✓ The acquisition adds 600+ customers and strengthens the Company’s B2B application footprint
with additional tools for data pool synchronization, product information management and
vendor managed inventory
• In May 2019, Descartes acquired CORE Transport Technologies, a provider of an electronic
transportation network to service global air carriers and ground handlers with shipment scanning
and tracking solutions
✓ The transaction represents a move to strengthen its GLN solution footprint
✓ Descartes paid $21.0 million up front with up to an additional $9.0 million performance-based
earn out over the first two years following the acquisition
• In February 2019, Descartes acquired Visual Compliance for $249.3 million; Visual Compliance
provides software solutions used to automate customs, trade and compliances processes
✓ The acquisition is intended to support denied party screening for global logistics network
customers and partners
✓ Ken Wood, Executive Vice President of Product Management at Descartes, commented, “Penalties
for doing business with sanctioned parties can be far-reaching and severe. By adding Visual
Compliance’s solutions and domain expertise to our existing screening business and global
logistics network, we’re in an even stronger position to help our customers navigate the trade
compliance landscape while managing the full life cycle of their shipments.”
2.9%
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
Headquarters: Waterloo, Ontario
Website: descartes.com
Ownership Status: Public (TSE:DSG)
LTM Jan. 2020A Revenue: $326
LTM Jan. 2020A EBITDA: $114
8.7%

13
Seeking Sale Process Following Substantial Public Acquisition
Rumors Surface Around Sale Process
($ in millions)
Business Overview
Headquarters: Austin, TX
Website: e2open.com
Ownership Status: PE-Backed (Insight Partners)
FY 2020E Revenue: (1) $365
Est. EBITDA $150
• In July, E2Open acquired global trade management (GTM) provider, Amber Road for $425 million;
the transaction allows the Company to expand its global logistics presence and integrate Amber
Road’s sourcing and trade compliance features into its existing product suite
✓ E2Open President & CEO, Michael Farlekas, commented, “In joining forces we envision a solution
suite with accelerated innovation to connect, streamline, and operate all aspects of global
sourcing, manufacturing, logistics, distribution, trade and compliance, resulting in immediate
benefits for all stakeholders. We believe combining Amber Road's advanced trade management
and supply chain capabilities with E2open's end-to-end networked supply chain solutions will
further improve margins, lower risks and drive operational flexibility and efficiency for our
customers.”
• In June, E2Open acquired Averetek, a provider of Through-Channel Marketing Automation (TCMA)
software; terms of the transaction were undisclosed
✓ Peter Thomas, former CEO of Averetek, commented, “By joining E2open, we’re able to offer
global brands a broader set of tools and services that will accelerate channel growth.”
E2Open
Description:
Provider of a cloud-based, supply chain platform for channel
optimization, demand sensing, distribution planning and real-
time insights.
Mar-2015
$273.0 million
(Public Buyout)
Jul-2012 $70.3 million (IPO)
Feb-2010 $16.3 million (Series D)
(1) 2020E Proforma Revenue, PE Hub
Improved Intelligence Applications to Trade Compliance and Logistics Suites
• In December, the Company released updates to its trade compliance and logistics product suites;
the update aimed to integrate acquired capabilities through its Amber Road transaction in July
✓ Improvements include channel rebates calculation engine, vendor shipment booking
functionality, trade compliance features, and a self-tuning engine for demand sensing modeling
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
Major Public Buyout Expands Global Reach
• In February 2019, PE Hub reported that E2Open is expected to launched a formal sale process,
which will include a mix of prominent private equity firms and a range of strategic acquirers; 15.0-
20.0x anticipated EV / EBITDA range
✓ Insight Partners previously “tested the waters” in April, but did not launch a formal process

14
$3.2 Billion Post-Money Valuation Following Series D Round
Softbank-Led Venture Funding
($ in millions)
Business Overview
Headquarters: San Francisco, CA
Website: flexport.com
Ownership Status: VC-Backed (SoftBank)
Disclosed Acquisitions: -
Enterprise Value (EV): (1) $3,200
Est. Revenue: $500
Est. EV / Est. Revenue: 6.40x
• In February 2019, Flexport raised $1.0 billion in a late-stage venture round led by SoftBank; funds
are planning to be used to hire more engineers, local experts and continue to invest in warehouses
✓ Flexport CEO, Ryan Petersen, briefly commented on SoftBank’s investment, “Our business is
super scale-driven, and that’s SoftBank’s entire modus operandi. SoftBank is out ‘to drive and
inject scale into companies and help them go faster.’’
✓ As part of the transaction, Softbank Managing Partner, Michael Ronen will join Flexport’s Board
of Directors
✓ According to Forbes, Flexport had an annual revenue of $441.0 million in 2018, up 95.0% from
~$226.0 million in 2017
Flexport
Description:
Freight forwarding platform designed to provide visibility and
control over transportation of ocean, air, and ground freight.
Feb-2019 $1.0 billion (Series D)
Sep-2016 $65.0 million (Series B)
(1) Received $3.2 Billion valuation as of February 2019, Forbes
Recent Acquisition Provides Advanced Ocean Shipment Visibility
• In October, Flexport acquired Crux Systems, a track and trace technology solution for tracking ocean
containers used by nearly 10,000 shippers and suppliers
✓ Enhanced capabilities allows for further transparency into customer’s ocean shipments, including
cargo location, time stamps, and completion of major delivery milestone
✓ Eric Klien, Former CEO of Crux Systems, commented, “When we founded Crux Systems, we saw
an opportunity to improve global logistics by solving the difficulties of accessing container
information and getting real-time visibility into what's happening with your shipments. Joining
Flexport enables us to leverage expertise, infrastructure, and technology to further build out a
world-changing track and trace service.”
✓ Ryan Petersen also commented, “Making the measurement of on-time performance more
scientific and objective will allow us to align incentives with our customers and operate with real
skin in the game. Integrating Crux Systems technology and expertise natively into the Flexport
platform will take us one step closer to a world where the service levels of freight forwarders are
performance-driven and clearly measurable.”
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

15
Geotab
New Leadership Pushing Growth Through Product Innovation
Cross Boarder Expansion Through Acquisitions
($ in millions)
Business Overview
Headquarters: Oakville, Canada
Website: geotab.com
Ownership Status: Bootstrapped
Description:
Provider of logistics and transportation software including
Transportation, Warehouse, Commerce and Compliance
Management modules and supplementary services
• In June, Geotab announced the acquisition of BSM Technologies, a telematics and asset
management solutions provider, accelerating the Company’s presence across North America
✓ BSM Technologies was acquired for $83.4 million ($45.6 million revenue), implying a 1.83x EV /
Revenue multiple; BSM experienced inconsistent historical growth and decreasing EBITDA
✓ Neil Cawse, CEO of Geotab, commented: “The government telematics markets are key
opportunities for us. Considering BSM’s existing activity, level of knowledge and successful
history, this transaction not only increases value and multiplies our service offerings to
government customers but also strengthens our partner ecosystem that is focused on this
vertical market.”
• In November, Geotab acquired Intendia, a Spanish engineering firm specializing in integrated
technology solutions for the heavy-truck market in Europe
✓ Neil commented: “Geotab is enjoying rapid growth in Europe and the Intendia team will help to
further enhance our ability to meet the unique needs of the European market by providing
localized value-add to our customers as well as help grow our market potential.”
• In YTD 2020, Geotab completed multiple integrations throughout its telematics solution portfolio:
✓ In March, Geotab integrated Donaldson’s Filter Minded monitoring system, providing fleet
operators with real-time data on engine filter monitoring
✓ In February, the Company integrated Allison Connected Services into Geotab Marketplace
✓ In January there were four more integrations with GM, Bendix, Eleos and Drivewyze
• In January, Geotab launched its Electric Vehicle Suitability Assessment tool in North America its
existing telematics technology to deliver data-driven recommendations for electrification of fleets
✓ Neil commented, “Geotab is the world's leading telematics platform for electric vehicles. EVSA is
a practical step in speeding up the commercial adoption of EVs and is going to help change the
lives of fleet managers who are interested in the effective electrification of their fleets.”
Partnership-Driven Marketplace Strategy and North American Electrification
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
n/a n/a n/a

16
Headquarters: Scottsdale, AZ
Employees (1-Year Growth): 1,362(▲1.1%)
Website: globaltranz.com
Ownership Status: PE-Backed (Providence Equity)
Enterprise Value (EV): n/a
Est. Revenue: (1) +$1,500
EV / Est. Revenue: n/a
PE-Sponsors Remain Active in 3PL Solution Providers
Changing of Private Equity Hands
($ in millions)
Business Overview
• In April 2019, Providence Equity Partners acquired GlobalTranz from The Jordan Company, a New
York-based private equity firm; the acquisition comes less than a year after selling its initial stake
through a Series C capital raise in September 2014
✓ David Phillips, Managing Director at Providence commented, ”The team at GlobalTranz has built a
technology-driven, market-leading logistics platform that has delivered strong value and growth.
The company is poised for continued success and we are excited to be part of the next stage of
the company’s evolution. GlobalTranz is a very strong fit with our model, and we expect to
leverage our relationships and resources to help management continue to grow the business.”
• The Jordan Company first acquired GlobalTranz for $400.0 million in July 2018
✓ According FreightWaves sources, The Jordan Company was positioned to realize a ~100.0%
return in less than a year after the buyout
GlobalTranz
Description:
Provider of cloud-based, 3PL solutions to Shippers, logistics
service providers and Carriers though its Transportation
Management System (TMS) software.
Apr-2019 n/a (Buyout)
Jul-2018 $400.0 million (Buyout)
(1) Reported gross revenue over $1.5 billion, FreightWaves, GlobalTranz acquires Circle 8 Logistics, 4/2/19
Continued Acquisition Spree
• In January, the Company acquired Cerasis, a managed transportation and third-party multimodal
logistics services business based out of Minnesota
• In April 2019, GlobalTranz announced its acquisition of Circle 8 Logistics, a North American provider
of third-party multi-modal transportation and logistics services; this is the Company’s 9th acquisition
since January 2017
✓ Bob Farrell, Executive Chairman of GlobalTranz, commented, “GlobalTranz is clearly executing on
its strategy of driving growth both organically and via complementary, accretive acquisition. Our
unique hybrid combination of the best independent freight agents in the industry with our
strong direct channels is a clear differentiator. Circle 8 will further enhance our channels to
market.”
• In January, GlobalTranz acquired Our Freight Guy, a freight brokerage and logistics services
company; terms of the acquisition were undisclosed
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

17
May-2017 n/a
Organic Growth Through Global Expansion and Product Innovation
Update of Flagship TMS Platform
($ in millions)
Business Overview
Headquarters: Rolling Meadows, IL
Website: logistyx.com
Ownership Status: VC-Backed (Alumni Ventures)
Logistyx Technologies
Description:
Parcel shipping TMS, operational business intelligence data,
and an integrated global carrier network of more than 8,500
carrier services
No M&A Activity in 2019
• Logistyx did not compete any transactions in 2019; Logistyx’s last transaction was its July 2018
acquisition of Transparix, a Transportation Management Execution (TME) systems provider
Expansion in Netherlands
• In April 2019, Logistyx announced the opening of its new international headquarters in Zaandam,
Netherlands; the Company currently has offices in U.S., Canada, U.K. and Singapore
• In April 2019, Logistyx announced the promotion and hiring of eight executives ranging from Vice
Presidents to Directors; the announcement shortly follows the completion of its “90 People in 90
days” hiring initiative in January
✓ Kevin Fleming commented on the hiring spree, “As the volume of parcel shipments continues to
swell alongside e-commerce sales and demand for our services grows exponentially, these
talented leaders will help us meet and exceed global shipping requirements’
• In February 2019, Logistyx launched an update to their flagship software, TME 3.0, which includes a
single business intelligence engine
✓ The new update enables shippers to rate shop, perform rate simulation and gain greater
visibility into company-specific data
✓ Logistyx President, Kevin Fleming, commented, “Nobody else has a multi-national integrated
carrier network focused primarily on parcel shipping like ours, and we’re constantly updating
and adding to the 8,500 integrated carrier services so our shippers can get their parcels
delivered efficiently to any location in the world. TME 3.0 takes the performance of this carrier
network to new heights, and our shippers are using it to better serve and retain their
customers.”
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

18
Aug-2018
$390.0 million (1)
(Buyout)
Jan-2015 n/a (Growth)
Jan-2003 n/a $200,000 (Seed)
Dual Growth Strategy through Acquisition and Partnerships
Sponsor-Backed Acquisition
($ in millions)
Business Overview
Headquarters: Cary, NC
Employees (1-Year Growth): 259 (▼6.2%)
Website: mercurygate.com
Ownership Status: PE-Backed (Summit Partners)
LTM June 2018 Revenue(1) $63
• In July, MercuryGate announced the acquisition of TranSolutions, a provider of transportation-centric
claim management software
✓ The acquisition allows MercuryGate to instantly enhance its portfolio of TMS solutions with
freight claim management software delivered on its integrated suite
✓ MercuryGate President and CEO, Joe Juliano commented, “Claims management is a rapidly
growing focus across the industry. Adding TranSolutions’ revolutionary claims software to
MercuryGate’s expansive transportation-centric solutions platform, delivers on our mission to
continually add value and increase functionality for our customers. We are delighted to welcome
TranSolutions to the MercuryGate team and look forward to a seamless transition and an
enhanced customer experience for TranSolutions and MercuryGate customers”
MercuryGate
Description:
Provider of TMS software including Carrier, Fleet and
Procurement Management and other business intelligence
solutions.
(1) Acquisition price was undisclosed, but rumored to be $390.0 million, FreightWaves
Partnerships Expansion
• In August, MercuryGate announced a partnership with Uber Freight, Uber’s on-demand logistics
business, to deliver real-time pricing and guarantee freight lane capacity to the Company’s current
base of TMS users
✓ Joe Juliano, commented on the new partnership, “Shippers need reliable information to drive
speed and efficiency in their 24/7 operations. By tapping into Uber Freight’s trusted carrier
network, customers of all sizes can realize the benefits of a digital freight marketplace with
access to real-time pricing and a vast network of available carriers and guaranteed capacity.”
Extending Leadership
• In November, the Company appointed Mark Huebeler as CFO and responsible for MercuryGate’s
financial operations, including financial strategy, M&A activity, balance sheet management and
capital investment decisions
✓ Mr. Huebeler previously served as Vice President of Valassis Digital, and advertising technology
company, and CFO and COO of LexisNexis’s Legal Software Solutions division
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

19
Jan-2018 n/a (Buyout)
Jul-2016 $20.0 million (Debt)
Gearing up for Increased In-Organic Growth
Completion of Merger Financed by Leading Private Equity Firm
($ in millions)
Business Overview
Headquarters: Boston, MA
Website: motus.com
Ownership Status: PE-Backed (Thoma Bravo)
Financial Information: n/a
• In March 2019, Motus completed its integration with Runzheimer, a legacy vehicle reimbursement
software provider, to merge the two companies into a fully cloud-based Vehicle Management and
Reimbursement Platform
✓ The merger was financed by Thomas Bravo in January 2018
✓ Craig Powell, CEO of Motus, commented, “Any time companies are coming together through an
M&A process there is the potential for things to go wrong. However, these two teams came
together in remarkable fashion by focusing on all of the things that they had in common with
respect to delivering value and service to our clients and end users. It is a passionate group of
people, and they accomplished this integration while retaining – and even gaining – marquee
customers; a true testament to each member of the team as well as the powerful platform that
they have all helped to create. Moving forward as a fully-aligned team and integrated customer
base, our focus now shifts to accelerating the product innovations that we are so excited to
bring to our market as we double-down on our mission to make the lives of mobile workers
better”
Motus
Description:
Provider of mobile workforce management software for
mileage reimbursement and driver management.
Shifting Growth Strategy Towards M&A Initiatives
• In September, the Company acquired Wireless Analytics, a Managed Mobility Services (MMS) and
Wireless Expense Management (WEM) provider, allowing the Motus platform to gain greater
visibility into wireless utilization, spend, and performance
✓ Jeff Logan, Director of Product Management, for Motus commented, “The Motus mobile
technology team are experts in building and scaling products to serve mobile workers; making
their work lives better along the way. We are excited to apply this domain expertise alongside
the data and expertise of Wireless Analytics as we look to impact the future of these markets.”
✓ In January 2020, Motus transitioned Tim Brown, existing CFO, to Chief Corporate Development
Officer as the Company sets its sights on rapid platform expansion
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

20
Key Transaction is a Catalyst for Promising Global Growth
Late-2018 Acquisition Sets Roadmap for Global Expansion
($ in millions)
Business Overview
Headquarters: Chicago, IL
Website: project44.com
Ownership Status: VC-Backed (Sapphire Ventures)
FY 2018E Revenue: $17
Pre-Money Valuation(1) $200
Description:
Real-time tracking and analytics solutions to improve visibility
into load arrival times for multi-mode transportation.
Project44 is a verticalized leader in real-time API connectivity.
(1) Pre-money valuation as of last financing date (Oct. 2018)
Source: Pitchbook, CapIQ, corporate websites, press releases, FreghtWaves, LinkedIn
• Last December, Project44 acquired Gatehouse Logistics, a Denmark-based visibility provider with
extensive customer traction throughout the European market
✓ Jeff McCandless, CEO of Project44, commented, “Many global businesses – from retailers to
manufacturers – are looking for ways to digitally transform their supply chains and create new
business value. We partnered with GateHouse Logistics earlier this year because they offer the
largest European capacity provider network, share our commitment to high-fidelity data and have
a ‘customer first’ mentality. By bringing our companies together permanently, we have created the
first ever single-pane view into all our customers’ global shipments – an unmatched value.”
Project44
Oct-2018 $45.0 (Series C)
Apr-2018 $35.0 (Series B)
Sept-2016 $10.5 (Series A)
Trailing 12-Month PerformanceSelected Funding / Transaction History
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
Recent Success in Europe Leads to New Office Space
• This past December, Project44 opened an office in Paris, its second in Europe after acquiring
GateHouse’s original location in Aalborg, Denmark
✓ The office will led by Senior Vice President, Renaud Houri, whom manages operations in Europe,
the Middle East and Africa
Platform Capabilities Extend to Truckload Tendering
• In September, Project44 released a new truckload tendering capability to its Advanced Visibility
Platform to further streamline and automate the manual truckload shipping process
✓ Project44 Chief Strategy Officer, Mike Reed, commented, "This represents the next wave of
automation capabilities for project44. As demonstrated by our less-than-truckload and truckload
full-lifecycle automation solutions, project44 has been built from the ground up to deliver
shippers, logistics service providers and carriers end-to-end visibility on and automation of all
their key shipping processes. By seamlessly connecting shippers, LSPs [logistic service providers],
marketplaces and carriers, we are now making tendering and dispatching a shipment a much
faster, more efficient and valuable experience,

21
Sep-2017 $356.9 million (buyout)
Executive Overhaul Points PTV in a Fresh Growth Trajectory
Series of Management Changes
($ in millions)
Business Overview
Headquarters: Karlsruhe, Germany
Website: ptvgroup.com
Ownership Status: Corporate VC-Backed (Porsche SE)
FY 2018A Revenue: $73
FY 2018A EBITDA: $6
• In May 2019, PTV partnered with Arcadis, a design and consultancy organization for natural and
built assets, to strengthen urban strategy and expertise about mobility solutions
✓ The partnership serves to address the strong world-wide demand for high-end MaaS solutions
in urban environments
✓ Stephan Ritter, PTV Group Executive, commented, “Arcadis is excited to partner with PTV to
discover additional ways that mobility data can be leveraged in planning and managing future
urban mobility requirements. Our unique blend of management consultancy and engineering
capability complements PTV`s cutting edge transport modeling technology.”
PTV Group
Description:
Provider of mobile TMS solutions including multimodal
transport planning, route optimization, geocoding and
simulation software.
Partnerships aimed at Improving Urban MaaS
• In November 2019, PTV announced Christian Haas as new CEO following the departure of
longstanding CEO, Vincent Kobesen
✓ Mr. Haas was previously CEO of Collenda, a European provider of credit and receivables
management solutions, where he led the Company’s transformation from a traditional software
supplier to a primarily SaaS-based business model focused on AI applications
✓ The appointment comes shortly after PTV appointed Klaus Lechner as CFO in September and Dr.
Peter Overmann as CTO in August
✓ Philipp von Hagen, PTV Chairman of the Supervisory Board commented, “The appointment of the
new management team on the basis of a thorough selection process has the primary objective
of accelerating the growth of PTV in the areas of intelligent software solutions for connected
cities and mobility.”
Investment in PTV Subsidiary from Major Automobile Company
• In February 2019, Volkswagen Financial Services acquired a majority share in PTV’s subsidiary, Truck
Parking Europe, a mobile application for traffic planning and optimization; the app passed a
milestone of +1 million downloads prior to the completion of the investment
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

22
Apr-2019 $409.0 million (Debt)
Aug-2017 $1.0 billion (Buyout)
Jun-2013 n/a (Buyout)
Innovation Through Partnerships and M&A
Acquisition of Innovative Freight Lane Matching Solutions
($ in millions)
Business Overview
Headquarters: Frisco, TX
Website: transplace.com
Ownership Status: PE-Backed (TPG Capital)
Est. FY 2019A Revenue: $3,200
• In January, Transplace acquired Lanehub, a cloud-based freight lane matching and collaboration
platform by automatically identifying and connecting companies with complementary freight lanes
to save on shipping expenses
✓ Lanehub’s collaboration network currently includes over 150 shipper members, 250 carrier
members, 180,000 lanes, and over $23 billion in truckload spend
✓ Frank McGuigan, CEO of Transplace, commented, “Lanehub’s customer base and experience in
the consumer-packaged goods, food, retail, manufacturing, and automotive industries are highly
complementary to our business. By joining our software solutions, we can create incredible
opportunities to connect and convert traditional one-way moves into more collaborative round
trips, significantly reducing empty miles and poor asset utilization. Unifying our teams and
technologies is a win for all involved.”
Transplace
Description:
Provider of TMS technology for manufactures, retailers and
distributors offering end-to-end transportation management,
strategic capacity, and cross-boarder and global trade
services.
Focus on Increased Analytics and AI
• In April 2019, Transplace announced its partnership with Riskpulse, a predictive analytics provider
for shippers, carriers and distributors to reduce unnecessary freight spending and increase
operational visibility
✓ Transplace CTO, Jim French, commented, “Today’s complex, dynamic supply chains require
greater levels of visibility, predictability and control, and further integrating analytics and
machine learning into Transplace’s Control Tower and managed services solutions enables us to
deliver those things to our customers. Partnering with Riskpulse allows Transplace shippers to
mitigate disruption by providing true visibility to those shipments most at risk of service delays
and proactively making decisions to make adjustments to optimize shipping performance and
reduce losses.”
• In February 2019, Transplace partnered with Nooodle.ai, a provider of enterprise AI applications, to
further integrate AI and ML into its existing suite of supply chain management services and
technology
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

23
Mar-2019 n/a (Buyout)
Sept-2017 n/a (Growth)
Sept-2016 n/a (Buyout)
Changing of Financial Sponsor Hands
Continued PE Buyout Activity
($ in millions)
Business Overview
Headquarters: Ulm, Germany
Employees (Sept. Growth): 513 (▲58.8%)
Website: transporeon.com
Ownership Status: PE-Backed (Hg Capital)
Enterprise Value (EV): (1) +$800
Est. Revenue: $475
• In January 2019, Transporeon was acquired by Hg Capital from TPG Capital for an estimated value
of +$800 million, according to Wall Street Journal; official terms of the transaction were undisclosed
✓ Before exiting to Hg, TPG Capital invested in the Company in September 2016, and has since
supported management in expanding internationally, doubling its investment into R&D and
growing a full suite of visibility data and data-related products
✓ Stefan Margolis, Director, and Justin von Simson, Managing Partner, at Hg commented, “We have
been tracking Transporeon for many years. We believe that it is a very unique platform, with
significant further organic growth potential, at the forefront of freight industry digitalization.
Using its cloud-based technology solutions, Transporeon helps to reduce complexity and
increase efficiency, in what is still a highly inefficient, large, fragmented global logistics market.
Transporeon
Description:
Provider of transportation sourcing and management
platforms for shippers, suppliers, retailers and carriers.
Partnership to Enhance Real-Time Shipping
• In February 2019, Transporeon partnered with Sixfold, a provider of real-time visibility solutions, in
an effort to enhance existing technology for transport tracking and calculation of expected arrival
time for carrier fleets
✓ This enhancement allows for carriers to use one platform source to assign shipments, book time
slots and track deliveries in real time
(1) TPG Sells Transporeon to Hg in More Than $800 Million Deal, WSJ, January 29, 2019
Executive Shift Following CEO Replacement
• In November, Transporeon named Stephan Sieber as new CEO replacing Marc-Oliver Simon
✓ Mr. Sieber was most recently CEO and Strategic Advisor to Unit4, a business process
management software provider focusing on ERP, financial, and human resource management
✓ Previous founders, Marc-Oliver Simon and Martin Mack, will remain in active roles on the
advisory board
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

24
Series of Acquisitions Led by Cityworks Transaction
Cityworks Acquisition Enhances Offerings to Local Governments and Utilities(2)
($ in millions)
Business Overview
Headquarters: Sunnyvale, CA
Employees (1-Year Growth): 6,220 (▼6.9%)
Website: trimble.com
Ownership Status: Public (NASDAQ: TRMB)
FY 2019A Revenue: $3,264
FY 2019A EBITDA: $634
Trimble
Description:
Provider of location-based industrial solutions; logistics
portfolio includes navigation and telematics, real-time
intelligence, and transportation routing.
• In October, Trimble announced the acquisition of Cityworks, a Geographic Information System (GIS)
enterprise asset management (EAM) solution for local governments and utilities
✓ Cityworks will allow Trimble to enhance its existing utilities and local government offerings with a
best-in-breed EAM platform, enabling customers and partners to generate improved returns on
infrastructure performance and productivity
✓ Founder & CEO, Brian Haslam, and the existing management team will continue to lead the
brand under Trimble’s Resources and Utilities division
✓ Steve Berglund, President & CEO of Trimble commented, “Cityworks is a pioneer in developing
software to address the global challenges associated with managing aging, critical infrastructure.
With Cityworks, we now expand our solutions portfolio enabling customers to manage and
optimize the performance of their assets across the entire infrastructure lifecycle.“
• In January, the Company acquired Kuebix, a cloud-based TMS and managed services provider
✓ This acquisition brings together Trimble’s network of 1.3 million private fleet and commercial
carrier customers, with Kuebix’s 21,000 shipping relationships, creating the largest connected
network of shippers and carriers in the North American transportation supply chain
• In September, Trimble acquired 3LOG Systems, a supplier of timber management solutions
expanding the Company’s existing forestry business software portfolio
(2) MPG was the exclusive financial advisor for Cityworks
• In October, the Company announced that Robert Painter was unanimously elected to succeed
Steven Berglund as President and CEO; the appointment went into effect in January 4, 2020
✓ Robert most recently held positions as CFO, responsible for the Company’s finance operations,
and Vice President of Trimble Buildings, a division focused on BIM-centric businesses that span
the Design-Build-Operate continuum of the building lifecycle
✓ Prior to Trimble, Robert was a Vice President of Corporate Development at Cenveo and Strategy
Consultant at Bain & Company
Smooth Transition of New CEO
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
TRMB NASDAQ
(18.1%)
8.7%

25
Scale Remains Core Objective; Penetrating European Markets
Market Leaders Establishing Alliance
($ in millions)
Business Overview(1)
Headquarters: San Francisco, CA
Website: uberfreight.com
Ownership Status: Public (NASDAQ: UBER)
FY 2019A Revenue: $14,147
FY 2019A EBITDA: ($8,124)
Description:
Utilizes proprietary UBER network, technology, and brand
awareness to connect shippers with carriers through an on-
demand marketplace.
Funding / Transaction History
(1) Represents financials related directly to UBER Freight
• In August, Uber Freight announced a partnership with MercuryGate, providing MercuryGate users
with instant visibility into Uber’s real-time pricing and guaranteed freight lane capacity
✓ President & CEO of MercuryGate, Joe Juliano, commented on the partnership, “Shippers need
reliable information to drive speed and efficiency in their 24/7 operations. By tapping into Uber
Freight’s trusted carrier network, customers of all sizes can realize the benefits of a digital freight
marketplace with access to real-time pricing and a vast network of available carriers and
guaranteed capacity.”
✓ Uber’s data relies on is extensive carrier network of +400,000 drivers and proprietary pricing
algorithms, enabling rates to change based on real-time market conditions
✓ Users can price and tender loads immediately, spending less time looking for prices and capacity
and more time and energy delivering value to their customers and improving their bottom line
Uber Freight
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
• In July, Uber Freight launched their freight platform in Germany aiming to further penetrate
Europe’s $500 billion trucking market
✓ The Company first entered Europe through their April 2019 launch in the Netherlands
✓ Eric Sheridan, coverage analyst for UBS, feels strongly about the ability for Uber Freight to
scale globally, “Going forward, we forecast Freight scaling to a $6bn+ annual revenue
segment by 2024E as Uber continues to invest behind the further buildout of its logistics
network and demand generation domestically as well as potential geographic expansion (incl.
announced plans to launch in Germany).”
Gaining Scale Through European Markets
UBER NASDAQ
(27.5%)
8.7%

26
Feb-2016 n/a (Buyout)
Jun-2012 n/a (Growth)
Expansive Growth Fueled by M&A; Preparing for Sale Process
Another Logistics Software Provider Preparing for Market
($ in millions)
Business Overview
Headquarters: Stockholm, Sweden
Website: unifaun.com
Ownership Status: PE-Backed (Vitruvian Partners)
FY 2020E Revenue: $50-$40
FY 2019E EBITDA: $15-$10
• In February, PE Hub reported that is expected to launched a formal sale process, which is
anticipated to command upwards of +$400.0 million in enterprise value, implying an EV / Revenue
multiple of 8.00x-10.00x
✓ Virtruvian Partners first invested in Unifaun in February 2016 when it acquired a controlling
stake from Bridgepoint Development Capital, a private equity firm headquartered in London
Unifaun
Description:
Provider of TMS solutions and services in the Nordics,
providing a SaaS platform connecting freight carriers and
shippers of all sizes.
Advanced Delivery Management Software Update
• In October, the Company released its refreshed user interface, enhanced functionalities and
modernized framework for Unifaun Online; improved functionalities include the following:
✓ Updated address book containing simplified, multi-parameter search function, and sorting tools
✓ Modernized software architecture with a new validation engine, React JS framework, and
performance augmentations
✓ Help center with HTML5-based content to both ease search and improve usability
Expansion Through M&A
• In June, Unifaun announced the acquisition of Transsmart, a provider of cloud Delivery
Management solutions based in the Netherlands
✓ Leif Bohlin, CEO of Unifaun, commented, “The acquisition of Transsmart is an important step for
Unifaun in taking a leading role in the European TMS consolidation story. The combined group
is now perfectly positioned to leverage our unique partner eco-system to accelerate growth
across Europe. Our scale and ability to invest for growth are crucial long-term success factors,
and with the addition of Transsmart we are signaling our continued intent in becoming the
undisputed European leader within our field.”
✓ Unifaun’s last transaction came in June 2014 during its merger with Memnon Networks to create
the largest Nordic supplier of TMS solutions
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

27
VZ NASDAQ
Platform Creation Through Organic Product Development
Introduction of Field Service Dispatch
($ in millions)
Business Overview
Headquarters: Atlanta, GA
Website verizonconnect.com
Ownership Status: Public (NYSE: VZ)
LTM Mar. 2020A Revenue: $131,350
LTM Mar. 2020A EBITDA: $42,664
Verizon Connect
Description:
Merged Verizon Networkfleet and acquisitions of Fleetmatics
and Telogis in 2016. Provides TMS solutions that include fleet
tracking, compliance, and field service management.
• In August, Verizon Connect introduced Field Service Dispatch making it easier for dispatchers to
efficiently schedule and communicate information to technician and customers in real-time
✓ Updated features of Field Service Dispatch include simple scheduling, easy dispatching, real-time
notifications, technician mobile application and live map integration
✓ Erin Cave, Vice President of Product Management at Verizon Connect, commented, “Operations
and fleet managers want a centralized hub where they have complete visibility into vehicles,
workers and the work they are doing. Verizon Connect Field Service Dispatch provides a
simplified approach to managing drivers, technicians and jobs, and enables customers to
streamline business processes, efficiently schedule jobs and improve customer service -- all from
one pane of glass.”
Trailing 12-Month Performance (1)
Increased Route Optimization with Tachograph Digitalization
• In March 2019, Verizon Connect launched Digital Tachograph allowing users to monitor and
analyze driver activities from vehicle’s digital tachograph, a device that digitally records speed,
distance and activity
✓ Derek Bryan, EMEA Vice President of Verizon Connect, commented, “One of the biggest
challenges for fleet managers is helping drivers understand their tacho status so customers
aren’t losing time and money by pulling drivers off the road to manually download tachograph
files from trucks. Digital Tacho Live View provides the visibility necessary to access driver data
quickly and easily, helping managers make quick and informed decisions, produce more accurate
plans and receive advanced warning of infringements.”
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /
(1.6%)
8.7%

28
Continued Development Through M&A
Expansion Fueled by Global Initiatives
($ in millions)
Business Overview
Headquarters: Sydney, Australia
Website: wisetechglobal.com
Ownership Status: Public (ASX:WTC)
LTM Jun. 2019A Revenue: $249
LTM Jun. 2019A EBITDA: $59
Description:
Provider of international and domestic logistics software. The
Company’s core product, CargoWise, provides streamlined
process efficiencies, visibility and communication capabilities..
• In January, WiseTech made another tuck-in acquisition of SISA Studio Informatica, a customer and
freight forwarding solutions provider based out of Switzerland
✓ The total purchase price was $24.4 million, with an upfront consideration of $15.5 million and
earn-out potential of $8.9 million; represents an implied EV / Revenue of 1.98x
✓ WiseTech Founder and CEO, Richard White, commented, “For over 40 years, SISA has
accumulated a powerful breadth and depth of expertise across the customs and logistics
landscape in Switzerland that will enhance our global customs and localization capability, and
further strengthen our solutions for logistics providers throughout Europe
• In October, the Company acquired Ready Korea, a South Korean customs, bonded warehouse, and
trade compliance solutions provider; transaction financials were undisclosed
✓ The transaction marks the fifth acquisition by WiseTech in 2019
• In August, WiseTech acquired Depot Systems, a provider of terminal management software systems;
transaction financials were undisclosed
• In April 2019, WiseTech announced its $23.2 million acquisition of Xware, a messaging integration
platform based in Sweden
✓ Richard White, commented, “This is part of our digital straight-through processing strategy to
accelerate adoption, reduce risks and costs and encourage wider digitization within the logistics
industry. This adjacency acquisition will also expand our innovation resources, deliver benefits to
our customers and improve partner channel capacity for integrations to CargoWise platforms.”
• In February 2019, WiseTech announced a $65.8 million acquisition of Containerchain, a shipping
container tracking and management systems provider
✓ Richard White, commented on the transaction, “We see great strategic value in the team’s
container management technology, expertise and connectivity across land side communities and
significant market penetration in Australia, New Zealand and Singapore. Importantly, this
acquisition further expands our offering and ability to reach new customer segments. This
transaction is an additional component in our global container automation and domestic
landslide technology developments”
WiseTech Global
WTC NASDAQ
(21.9%)
8.7%
Management
Transportation
Management
Supply Chain Risk
Wearhouse / Yard
Management
Market Intelligence
& Analytics
3PL Services /

29
Valuation Benchmarks & Precedent Transactions

30
($ in Millions) Target Overview
Estimated Deal Deal Value / Estimated
Announced Target Description Revenue EBITDA Value Revenue EBITDA
BluJay Solutions
C.H. Robinson
Descartes
E2Open
Logistyx
Convoy
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Note: Precedent Transactions exclude activity before 2010
Precedent M&A Transactions
Total High 8.57x 28.9x
Total Low 0.58x 7.6x
Total Average 3.86x 13.8x
Total Median 3.63x 12.2x
BluJay Solutions Total Disclosed M&A Deal Value: $173.1 Million
Mar-20 Expedient Software Customs and forwarding softwar n/a n/a n/a n/a n/a
Oct-18 ERA System Italian customer management solutions n/a n/a n/a n/a n/a
Aug-18 Grosvenor International Systems Customs management software n/a n/a n/a n/a n/a
Apr-18 CSF Solutions Customs and compliance management solutions n/a n/a n/a n/a n/a
Apr-17 Blackbay Mobility solutions for field service operations n/a n/a n/a n/a n/a
Jun-16 LeanLogistics Multi-leg, multi-modal TMS $30.0 n/a $115.0 3.83x n/a
Sep-14 IBM Sterling TMS Multi-modal transportation management system n/a n/a n/a n/a n/a
Oct-13 Palred Technologies Indian online retail and IT consultancy services n/a n/a $43.4 n/a n/a
Dec-11 Pointandship Software Shipping expense management software n/a n/a n/a n/a n/a
Jun-10 The Customs Company Export / import management software for the Netherlands n/a n/a $14.7 n/a n/a
C.H. Robinson Total Disclosed M&A Deal Value: $1.4 Billion
Jan-20 Prime Distribution Services Distribution, fulfillment and inventory management $108.7 n/a $225.0 2.07x n/a
May-19 Dema Service Freight transportation, shipping, and logistics services n/a n/a n/a n/a n/a
Mar-19 Space Cargo International freight services in Spain and Colombia $84.0 n/a $48.9 0.58x n/a
Aug-17 Milgram & Company Customs brokerage, freight forwarding service n/a n/a $49.5 n/a n/a
Sep-16 APC Logistics Freight, customs brokerage consultancy $243.4 n/a $229.1 0.94x n/a
Jan-15 Freightquote Web-based, freight transportation-management services $124.0 $34.0 $365.0 2.94x 10.7x
Nov-12 Phoenix International Freight International freight forwarding $161.0 $51.0 $635.0 3.94x 12.5x
Sep-12 Apreo Logistics Comprehensive supply chain and logistics services $12.0 n/a $26.5 2.21x n/a
Sep-11 Timco Worldwide Fruit producer and supplier n/a n/a n/a n/a n/a
Convoy Total Disclosed M&A Deal Value: n/a
n/a n/a n/a n/a n/a n/a n/a n/a
Descartes Systems Total Disclosed M&A Deal Value: $1.0 Billion
Feb-20 PeopleVox eCommerce warehouse management n/a n/a $24.5 n/a n/a
Aug-19 BestTransport TMS for flatbed-intensive manufacturers and distributors n/a n/a $11.7 n/a n/a
Jun-19 STEPcom Services Electronic Data Interchange (EDI) Solution n/a n/a $18.6 n/a n/a
May-19 Core Transport Technologies Shipment scanning and tracking solutions n/a n/a $30.8 n/a n/a
Feb-19 Visual Compliance Global trade compliance software $32.0 n/a $250.0 7.81x n/a
Aug-18 PinPoint GPS Solutions Fleet tracking device management solutions n/a n/a $11.5 n/a n/a
Jun-18 Velocity Mail Electronic transportation network software n/a n/a $25.5 n/a n/a
Feb-18 Aljex Software Cloud based logistics software n/a n/a $32.4 n/a n/a
Aug-17 MacroPoint Freight load tracking software $12.5 n/a $106.6 8.53x n/a
Jun-17 PCSTrac Shipment tracking software application n/a n/a $11.3 n/a n/a
May-17 ShipRush Multi-carrier parcel shipping software n/a n/a $17.0 n/a n/a
Dec-16 Datamyne Import-export documentation services n/a n/a $52.7 n/a n/a
Nov-16 4Solutions Cloud based supply chain services n/a n/a $2.7 n/a n/a
Oct-16 Appterra Global trade network management n/a n/a $7.4 n/a n/a
Apr-16 Pixi Software Software for e-commerce retailers and suppliers n/a n/a $10.4 n/a n/a
Nov-15 Oz Development Application integration services n/a n/a $29.5 n/a n/a
Geotab
GlobalTranz

31
E2Open
Logistyx
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Descartes Systems (Cont'd) Total Disclosed M&A Deal Value: $1.0 Billion
Jul-15 BearWare Software for tracking logistics n/a n/a $11.3 n/a n/a
Jul-15 MK Data Services Data services for shipping and trade $20.0 n/a $83.5 4.18x n/a
Dec-14 Pentant Customs connectivity and inventory control $0.7 ($0.0) $3.3 4.43x n/m
Dec-14 e-customs Cloud based freight forwarding software n/a n/a $10.3 n/a n/a
Nov-14 AirClic Provider of mobile business services n/a n/a $29.7 n/a n/a
Jun-14 CUSTOMS Info Web-based trade data repository services n/a n/a $42.2 n/a n/a
Apr-14 Aloft Tucson University Hotel Operator of a hotel in Tucson, Arizona n/a n/a $19.0 n/a n/a
Apr-14 Computer Management USA Security filing and air cargo management n/a n/a $6.6 n/a n/a
Dec-13 Compudata Infrastructure for electron business processes n/a n/a $17.1 n/a n/a
Dec-13 Impatex Freight Software Electronic customs filing and freight forwarding n/a n/a $8.3 n/a n/a
May-13 KSD Software Norway Electronic customs filing technology for the EU $8.5 ($1.1) $28.6 3.37x n/m
Nov-12 Exentra Transport Solutions Digital tachograph analysis services n/a n/a $17.1 n/a n/a
Jun-12 Integrated Export Systems Security filing and cargo management software n/a n/a $34.2 n/a n/a
Jun-12 Infodis Logistics and supply chain software services n/a n/a $3.3 n/a n/a
Jan-12 GeoMicro Geographic Information Systems & navigation n/a n/a $2.8 n/a n/a
Nov-11 InterCommIT IT integration and business-to-business services n/a n/a $13.9 n/a n/a
Jun-11 Telargo Provider of telematics services n/a n/a $9.5 n/a n/a
Jun-10 Routing International Optimized route planning solutions software n/a n/a $4.1 n/a n/a
Apr-10 Imanet Software for customs and international logistics n/a n/a $6.0 n/a n/a
Apr-10 Zemblaz Global trade-management services n/a n/a $43.7 n/a n/a
E2Open Total Disclosed M&A Deal Value: $627.3 Million
May-19 Amber Road Cloud-based global trade management solutions $86.2 ($4.0) $427.7 4.96x n/m
Jun-19 Averetek Provider of marketing automation software n/a n/a n/a n/a n/a
Nov-18 Inttra Ocean freight management platform $60.0 n/a n/a n/a n/a
Oct-18 Cloud Logistics Carrier management solutions n/a n/a n/a n/a n/a
Jan-18 Birch Worldwide Channel data management n/a n/a n/a n/a n/a
Jan-18 Entomo Cloud-based channel management software n/a n/a n/a n/a n/a
Nov-17 Zyme Cloud-based channel data management platform n/a n/a $100.0 n/a n/a
Feb-17 Steelwedge Software Enterprise-focused sales & operations planning solutions n/a n/a n/a n/a n/a
Jun-16 Orchestro Demand data management software n/a n/a n/a n/a n/a
Mar-16 Terra Technology Demand forecasting & inventory planning solution n/a n/a n/a n/a n/a
May-15 Global Trade Academy Online training and professional development n/a n/a n/a n/a n/a
Mar-15 ecVision Supply chain optimization services $10.0 $0.0 $35.3 3.53x n/a
Jun-14 Serus Intelligent operations management (IOM) n/a n/a $26.0 n/a n/a
Sep-13 EasyCargo Global trade management technologies n/a n/a $4.5 n/a n/a
Jul-13 icon-scm Demand forecasting & planning software n/a n/a $33.8 n/a n/a
Flexport Total Disclosed M&A Deal Value: n/a
Oct-19 Crux Systems Freight and container data analytics platform n/a n/a n/a n/a n/a
Geotab Total Disclosed M&A Deal Value: $83.4 Million
Nov-19 Intendia SL Sensor technology for the European heavy-truck market $1.8 $0.7 n/a n/a n/a
Jun-19 BSM Technologies GPS fleet and asset management solutions $45.6 ($3.1) $83.4 1.83x n/m
Jun-18 FleetCarma Telematics for hybrid and electric vehicles n/a n/a n/a n/a n/a
Dec-15 Maps Bi GPS mapping and business intelligence n/a n/a n/a n/a n/a
Oct-15 Strategic Telecom Solutions Fleet management services to SMBs n/a n/a n/a n/a n/a
Geotab
GlobalTranz
BluJay Solutions
C.H. Robinson
Descartes
Convoy

32
BluJay Solutions
C.H. Robinson
Descartes
E2Open
Geotab
Logistyx
Convoy
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
GlobalTranz
Geotab Total Disclosed M&A Deal Value: $83.4 Million
Nov-19 Intendia SL Sensor technology for the European heavy-truck market $1.8 $0.7 n/a n/a n/a
Jun-19 BSM Technologies GPS fleet and asset management solutions $45.6 ($3.1) $83.4 1.83x n/m
Jun-18 FleetCarma Telematics for hybrid and electric vehicles n/a n/a n/a n/a n/a
Dec-15 Maps Bi GPS mapping and business intelligence n/a n/a n/a n/a n/a
Oct-15 Strategic Telecom Solutions Fleet management services to SMBs n/a n/a n/a n/a n/a
GlobalTranz Total Disclosed M&A Deal Value: n/a
Jan-20 Cerasis Transport multi-modal logistic services n/a n/a n/a n/a n/a
Apr-19 Circle 8 Logistics Multi-modal transportation and logistics services n/a n/a n/a n/a n/a
Jan-19 Our Fright Guy Freight brokerage and logistics services n/a n/a n/a n/a n/a
Oct-18 AFN Logistics Freight brokerage, 3PL and transportation management n/a n/a n/a n/a n/a
Aug-18 SynchOne 3PL solutions for LTL shipments n/a n/a n/a n/a n/a
Jan-18 AJR Transportation Freight brokerage and 3PL services n/a n/a n/a n/a n/a
Dec-17 Apex Logistics Group Enterprise shipping and logistics n/a n/a n/a n/a n/a
Jun-17 Worthington Logistics Solutions Freight brokerage and 3PL services n/a n/a n/a n/a n/a
May-17 Logistics Planning services Freight brokerage and managed transportation provider n/a n/a n/a n/a n/a
Jan-17 Global Freight Source Freight brokerage, 3PL and transportation management n/a n/a n/a n/a n/a
Logistyx Total Disclosed M&A Deal Value: n/a
Jul-18 Transparix Software Develops a software that enables digital supply chain n/a n/a n/a n/a n/a
May-17 Advanced Distribution Solutions Multi-carrier shipping software solutions n/a n/a n/a n/a n/a
Oct-16 Pantechnik Systems Transportation management software with multi-carrier n/a n/a n/a n/a n/a
Aug-16 Ajillus Transportation system solutions and consulting service n/a n/a n/a n/a n/a
Mercury Gate Total Disclosed M&A Deal Value: n/a
Jul-19 TranSolutions Transportation-centric claims management software n/a n/a n/a n/a n/a
Motus Total Disclosed M&A Deal Value: n/a
Sep-19 Wireless Analytics Wireless mobility management n/a n/a n/a n/a n/a
Project44 Total Disclosed M&A Deal Value: n/a
Dec-18 Gatehouse Logistics Cloud-based transportation data aggregation n/a n/a n/a n/a n/a
PTV Group Total Disclosed M&A Deal Value: n/a
Sep-16 DPS International SaaS based vehicle routing and scheduling software n/a n/a n/a n/a n/a
Aug-04 Locatienet Mapping, travel and traffic data websites n/a n/a n/a n/a n/a
Transplace Total Disclosed M&A Deal Value: n/a
Jan-20 Lanehub Freight lane matching and collaboration n/a n/a n/a n/a n/a
Oct-18 Yusen Logistics Inter-modal shipment and freight brokerage services n/a n/a n/a n/a n/a
Nov-16 Lakeside Logistics Logistics & transportation management services n/a n/a n/a n/a n/a

33
E2Open
Logistyx
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Geotab
GlobalTranz
BluJay Solutions
C.H. Robinson
Descartes
Convoy
Transplace (Cont'd) Total Disclosed M&A Deal Value: n/a
Sep-15 M33 Integrated Solutions SCM solution for shipping industry $67.7 n/a n/a n/a n/a
Nov-14 Logistics Management Solutions Third party logistics services n/a n/a n/a n/a n/a
Dec-12 Torus Freight Systems Transportation and logistics services provider n/a n/a n/a n/a n/a
Oct-11 Celtic International Provides intermodal transportation services n/a n/a n/a n/a n/a
Apr-11 SCO Logistics Transportation execution & management service $5.3 n/a n/a n/a n/a
Transporeon Total Disclosed M&A Deal Value: n/a
Aug-18 TIM Consult Logistics, market intelligence and procurement services n/a n/a n/a n/a n/a
Feb-15 AIS Advanced InfoData Systems Mobile order management software for logistic industry n/a n/a n/a n/a n/a
Dec-13 MERCAREON SaaS logistics platform for retailers, suppliers, and carriers n/a n/a n/a n/a n/a
Trimble Total Disclosed M&A Deal Value: $2.7 Billion
Jan-20 Kuebix Cloud-based transportation management system n/a n/a n/a n/a n/a
Dec-19 AllTerra (iBase Network) Virtual reference station network services n/a n/a n/a n/a n/a
Dec-19 Can-Net Network Provider of VRS networks n/a n/a n/a n/a n/a
Oct-19 Cityworks Public asset and land management software Confidential Confidential Confidential Confidential Confidential
Nov-19 3LOG Systems Timber management software n/a n/a n/a n/a n/a
Oct-18 Veltec Soluções Tecnológicas On-board vehicles' telematics technology n/a n/a n/a n/a n/a
Apr-18 Viewpoint Commercial construction management software $200.0 n/a $1,200.0 6.00x n/a
Apr-18 Software Business of FabSuite Steel fabrication management software n/a n/a n/a n/a n/a
Feb-18 e-Builder Cloud-based construction management software $62.5 n/a $500.0 8.00x n/a
Jan-18 Stabiplan Developer of design software for installation engineering n/a n/a n/a n/a n/an/a
Sep-17 10-4 Systems Supply chain visibility technology for freight tracking n/a n/a n/a n/a n/an/a
Sep-17 Müller-Elektronik Electronic Components $59.8 $6.5 n/a n/a n/a
Jun-17 Innovative Software Engineering IT Consulting and Outsourcing n/a n/a n/a n/a n/a
Apr-17 Bos Forestry Business/Productivity Software n/a n/a n/a n/a n/a
Mar-17 Silvadata Automation/Workflow Software n/a n/a n/a n/a n/a
Feb-17 Beena Vision Systems Vision-based automatic wayside inspection systems n/a n/a n/a n/a n/a
Nov-16 Building Data Database Software n/a n/a n/a n/a n/a
Aug-16 Axio-Net Other Commercial Services n/a n/a n/a n/a n/a
Feb-16 Sefaira Business/Productivity Software n/a n/a n/a n/a n/a
Nov-15 Agri-Trend Other Agriculture n/a n/a n/a n/a n/a
Nov-15 Telog Instruments Environmental Services (B2B) n/a n/a n/a n/a n/a
Oct-15 PocketMobile Communications Application Software $9.0 $0.8 n/a n/a n/a
Sep-15 Spatial Dimension Canada Application Software n/a n/a n/a n/a n/a
Sep-15 Vianova Systems Other Software $11.8 $0.6 n/a n/a n/a
Apr-15 HarvestMark Business/Productivity Software n/a n/a n/a n/a n/a
Mar-15 Fifth Element Mobile workforce applications $6.8 n/a n/a n/a n/a
Mar-15 Linear project Other Software n/a n/a n/a n/a n/a
Jan-15 Fidelity Comtech Wireless Communications Equipment n/a n/a n/a n/a n/a
Dec-14 Iron Solutions Vertical Market Software $0.1 n/a n/a n/a n/a
Dec-14 Nexala Maintenance and repair solutions for rail transport $8.6 $2.7 n/a n/a n/a

34
E2Open
Logistyx
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Geotab
GlobalTranz
BluJay Solutions
C.H. Robinson
Descartes
Convoy
Trimble (Cont'd) Total Disclosed M&A Deal Value: $2.7 Billion
Nov-14 AMTECH Group Publishing $19.6 $1.9 n/a n/a n/a
Sep-14 Stewart Global Solutions Consulting Services (B2B) n/a n/a n/a n/a n/a
Sep-14 Gehry Technologies Multimedia and Design Software n/a n/a n/a n/a n/a
Aug-14 Load Systems International Other Commercial Products n/a n/a n/a n/a n/a
Aug-14 Manhattan Software Application Software n/a n/a n/a n/a n/a
Jul-14 The Omega Group Other Software n/a n/a n/a n/a n/a
Jun-14 Mining Information Systems Media and Information Services (B2B) n/a n/a n/a n/a n/a
Jun-14 Maybim Construction and Engineering n/a n/a n/a n/a n/a
May-14 WeoGeo Application Software n/a n/a n/a n/a n/a
Apr-14 SVS Innovations (Field3D & Construction Software Business)Application Software n/a n/a n/a n/a n/a
Apr-14 GeoDesy Other Commercial Products n/a n/a n/a n/a n/a
Nov-13 C3 Consulting Vertical Market Software n/a n/a n/a n/a n/a
Nov-13 CSC World Multimedia and Design Software n/a n/a n/a n/a n/a
Sep-13 Asset Forestry Forestry logistics software n/a n/a n/a n/a n/a
Aug-13 Hydro-Engineering Solutions Construction and Engineering n/a n/a n/a n/a n/a
Aug-13 IQ Irrigation Other Hardware n/a n/a n/a n/a n/a
Aug-13 RainWave Environmental Services (B2B) n/a n/a n/a n/a n/a
Jun-13 Actronic Technologies Wireless Communications Equipment n/a n/a n/a n/a n/a
Jun-13 Trade Service Information Services (B2C) n/a n/a n/a n/a n/a
Jan-13 Penmap.com Database Software n/a n/a n/a n/a n/a
Dec-12 ALK Technologies Navigation, transportation and travel technology solutions n/a n/a n/a n/a n/a
Nov-12 Vico Software Vertical Market Software n/a n/a n/a n/a n/a
Oct-12 Refraction Technology Distributors/Wholesale n/a n/a n/a n/a n/a
Oct-12 TMW Systems Enterprise management solutions for trucking industry n/a n/a $335.0 n/a n/a
Sep-12 Logicway Automation/Workflow Software n/a n/a n/a n/a n/a
Aug-12 WinEstimator Application Software n/a n/a n/a n/a n/a
Jun-12 GeoTrac Systems Fleet management solutions n/a n/a n/a n/a n/a
May-12 Spime Application Software n/a n/a n/a n/a n/a
Apr-12 @Last Software Multimedia and Design Software n/a n/a n/a n/a n/a
Apr-12 Gatewing Other Commercial Services n/a n/a n/a n/a n/a
Jan-12 Plancal Holding Other IT Services n/a n/a n/a n/a n/a
Jan-12 Acecad Software (2 Engineering Software Business)Other Software n/a n/a n/a n/a n/a
Aug-11 Omnistar (Wireless Service Providers) Other Commercial Services n/a n/a n/a n/a n/a
Aug-11 PeopleNet Communications On-board computing & communications systems n/a n/a $235.0 n/a n/a
Aug-11 Tekla Application Software $85.7 $19.7 $457.1 5.33x 23.2x
Jun-11 Yamei Electronics Technology Co. Electronic Components n/a n/a n/a n/a n/a
May-11 MyTopo Other Commercial Services n/a n/a n/a n/a n/a
May-11 Dynamic Survey Solutions Application Software n/a n/a n/a n/a n/a
May-11 Ashtech Other Commercial Products n/a n/a n/a n/a n/a
Mar-11 Mesta Entreprenør (software solutions) Application Software n/a n/a n/a n/a n/a
Dec-10 Tata AutoComp Mobility Telematics Telematics and mobile resources management services n/a n/a $5.1 n/a n/a
Oct-10 ThingMagic Electronic Equipment and Instruments n/a n/a n/a n/a n/a
Oct-10 Novariant (Terralite Business) Electrical Equipment n/a n/a n/a n/a n/a
Sep-10 Punch Telematix Transportation and fleet management solutions n/a n/a $17.6 n/a n/a

35
E2Open
Logistyx
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Geotab
GlobalTranz
BluJay Solutions
C.H. Robinson
Descartes
Convoy
Trimble (Cont'd) Total Disclosed M&A Deal Value: $2.7 Billion
Oct-10 Novariant (Terralite Business) Electrical Equipment n/a n/a n/a n/a n/a
Sep-10 Punch Telematix Transportation and fleet management solutions n/a n/a $17.6 n/a n/a
Sep-10 Cengea Solutions Other Commercial Services n/a n/a n/a n/a n/a
Aug-10 Accubid Systems Other IT Services n/a n/a n/a n/a n/a
Jun-10 Definiens (earth and sciences business) Application Software n/a n/a n/a n/a n/a
Mar-10 LeT Systems Automation/Workflow Software n/a n/a n/a n/a n/a
Jan-10 Pondera Engineers Application Software n/a n/a n/a n/a n/a
Uber Freight (1)
Total Disclosed M&A Deal Value: n/a
n/a n/a n/a n/a n/a n/a n/a n/a
Unifaun Total Disclosed M&A Deal Value: n/a
Jun-19 Transsmart Cloud Delivery Management software n/a n/a n/a n/a n/a
Jun-14 Memnon Networks TMS solutions provider n/a n/a n/a n/a n/a
Verizon Connect (1)
Total Disclosed M&A Deal Value: $2.4 Billion
Sep-17 Fleetmatics Group Fleet and field service management software n/a n/a $2,400.0 n/a n/a
Jun-16 Telogis Cloud based solutions for mobile workforces n/a n/a n/a n/a n/a
WiseTech Global Total Disclosed M&A Deal Value: $423.2 Million
Sep-19 Cypress Terminal management software n/a n/a n/a n/a n/a
Aug-19 Depot Systems Terminal management software n/a n/a $7.1 n/a n/a
Apr-19 Xware Messaging integration solutions $3.5 $1.4 $23.2 6.63x 16.6x
Feb-19 Containerchain SaaS based software technology to the shipping industry $14.4 n/a $66.0 4.58x n/a
Jan-19 SYSTEMA Software for transport and logistics industries $2.5 $0.3 $4.2 1.66x 13.8x
Oct-18 CargoIT Software solutions for transportation and logistics sector $2.0 $0.3 $2.6 1.28x 8.5x
Oct-18 IFS Global Holdings Multi-carrier, LTL & parcel shipping solution $7.9 $1.0 $39.2 4.96x n/m
Oct-18 DataFreight Freight forwarding and warehouse management software $1.8 $0.4 $3.6 1.98x 8.9x
Sep-18 Multi Consult IT Consulting service for overall logistics space n/a n/a n/a n/a n/a
Oct-18 Smartfreight SaaS based shipping software for transportation industry n/a n/a $39.5 n/a n/a
Aug-18 Trinium Technologies Intermodal and multimodal trucking solutions $11.4 $3.6 $49.9 4.38x 13.9x
Aug-18 Taric Customs management software $8.9 $1.2 $34.7 3.90x 28.9x
Jun-18 Pierbridge Parcel shipping transportation management $9.3 $0.1 $59.0 6.34x n/m
Jun-18 Fenix Data Systems Electronic data interchange and accounting plugin n/a n/a $2.5 n/a n/a
May-18 SaaS Transportaton Cloud-based transportation management services $1.8 $0.5 $3.8 2.11x 7.6x
May-18 Ulukom Bilgisayar A.Ş. Logistics, customs, freight forwarding and customs service n/a n/a n/a n/a n/a
Apr-18 Softcargo Administration software for logistics industry n/a n/a n/a n/a n/a
Apr-18 EasyLog Logistic tracking services for France n/a n/a n/a n/a n/a
Apr-18 Posbeyikian Buchter & Asociados Freight forward, compliance and management services n/a n/a n/a n/a n/a
Mar-18 LSP Solutions Warehouse, logistics, customs, and compliance solution $2.3 $0.0 $3.9 1.74x n/m
Feb-18 Intris Freight forwarding and CRM software n/a n/a $13.6 n/a n/a
Dec-17 ABM Data Systems Automated customs and brokerage services n/a n/a $17.2 n/a n/a
Dec-17 CustomsMatters E-customs, brokerage and advisory services in Ireland n/a n/a $2.1 n/a n/a
Dec-17 Microlistics Warehouse MGMT Systems Warehouse management solutions n/a n/a n/a n/a n/a
Sep-17 CargoSphere Ocean freight rate management $4.0 n/a $9.2 2.29x n/a

36
E2Open
Logistyx
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Geotab
GlobalTranz
BluJay Solutions
C.H. Robinson
Descartes
Convoy
WiseTech Global (Cont'd) Total Disclosed M&A Deal Value: $423.2 Million
Dec-17 CustomsMatters E-customs, brokerage and advisory services in Ireland n/a n/a $2.1 n/a n/a
Dec-17 Microlistics Warehouse MGMT Systems Warehouse management solutions n/a n/a n/a n/a n/a
Sep-17 CargoSphere Ocean freight rate management $4.0 n/a $9.2 2.29x n/a
Sep-17 Cargoguide Global freight rate management services n/a n/a n/a n/a n/a
Aug-17 Softship Commercial and financial suite for the shipping industry n/a n/a n/a n/a n/a
Aug-17 CMS Transport Systems Integrated transport and logistics management $2.9 $0.1 $7.1 2.46x n/m
Aug-17 Prolink solutions Automated customs compliance and forwarding n/a n/a n/a n/a n/a
Aug-17 Digerati User interface and branding service developer $0.7 $0.5 $6.0 8.57x 12.0x
Jul-17 Bysoft SCM and foreign trade processing software $2.5 n/a $9.3 3.73x n/a
Feb-17 ACO Informatica Customs compliance services $0.6 n/a $1.3 2.13x n/a
Jan-17 znet group Customs software and services $2.2 n/a $6.4 2.88x n/a
May-16 Cargo Community Network Australia Airline messaging application and services n/a n/a n/a n/a n/a
Jun-15 Compu Clearing Outsourcing Logistics and freight forwarding services equipment $6.9 $2.0 $19.0 2.76x 9.3x
Jul-12 TransLogyx Systems Transport management software n/a n/a n/a n/a n/a

37
E2Open
Logistyx
Flexport
MercuryGate
Motus
Project44
PTV Group
Transplace
Transporeon
Trimble
Uber Freight
Unifaun
Verizon Connect
WiseTech
Other
Geotab
GlobalTranz
BluJay Solutions
C.H. Robinson
Descartes
Convoy
($ in Millions)
Target Overview Transaction Summary
Estimated Estimated Deal Value / Estimated
Date Acquiror Target Description Revenue EBITDA EV Revenue EBITDA
Total High 9.09x n/m
Total Low 1.13x n/m
Total Average 4.86x n/m
Total Median 6.17x n/m
Mar-20 The Jordan Company Transportation Impact Parcel rate negotiation, audit and optimization solutions $50.0 n/a n/a n/a n/a
Mar-20 FOG Software Group Proship Multi-carrier shipping software n/a n/a n/a n/a n/a
Feb-20 3Gtms Pacejet Cloud-based shipping software n/a n/a n/a n/a n/a
Jan-20 Elemica Eyefreight Web-based freight management application n/a n/a n/a n/a n/a
Jan-20 Bregal Unternehmerkapital Iptor ERP and supply chain management software n/a n/a n/a n/a n/a
Oct-19 Altamir, Apax Partners Trivest Software Group Smart software solutions for manufacturing industry n/a n/a n/a n/a n/a
Sep-19 GreenSteam BMT SMART Freight management software n/a n/a n/a n/a n/a
Sep-19 Eurazeo, L-Capital Elemica Cloud based supply chain operating network $60.5 n/a $390.0 6.45x n/a
Sep-19 FOG Software Group Volo Commerce E-commerce management system n/a n/a n/a n/a n/a
Jul-19 Gefco Chronotruck Smartphone application for freight tracking n/a n/a n/a n/a n/a
May-19 Providence Equity Partners GlobalTranz Freight management and logistics software $1,600.0 n/a n/a n/a n/a
May-19 Groupe Michelin Masternaut SaaS telematics platform n/a n/a $166.2 n/a n/a
May-19 Salesforce MapAnything Geo-analytics and location intelligence platform n/a n/a $247.7 n/a n/a
Apr-19 Sumeru Equity Partners 3Gtms Commercial transportation management platform n/a n/a $87.0 n/a n/a
Apr-19 CalAmp Synovia Telematics solutions for government-operated fleets $28.0 n/a n/a n/a n/a
Apr-19 Amazon CANVAS Technology Computer vision technology for autonomous vehicles n/a n/a n/a n/a n/a
Apr-19 Corcentric Determine Source-to-Pay and contract lifecycle management $24.5 ($9.6) $27.8 1.13x n/m
Apr-19 Geotab BSM Technologies IoT telematics and asset management solutions $60.0 n/m $86.5 1.44x n/a
Apr-19 ICONIQ Truckstop.com Technology and freight matching solutions $110.0 $33.0 $1,000.0 9.09x n/m
Apr-19 Bridgestone Europe TomTom Telematics Fleet management solutions n/a n/a $1,027.8 n/a n/a
Apr-19 Total Specific Solutions Korton Software Software for mobility and passenger transportation n/a n/a n/an/a n/a n/a
Mar-19 Hg Capital Transporeon Cloud-based logistics platform n/a n/a +$800.0 n/a n/a
Mar-19 Animal Dynamics Accelerated Dynamics AI based control system designed to manage drones n/a n/a n/a n/a n/a
Mar-19 Geoforce Cartasite Fleet management software platform n/a n/a n/a n/a n/a
Feb-19 Spectrum Equity Agilis Systems Fleet management software n/a n/a n/a n/a n/a
Feb-19 Jfrog Shippable Cloud-based assembly line platform n/a n/a n/a n/a n/a
Feb-19 Avetta Browz SaaS based supply chain risk management software n/a n/a n/a n/a n/a
Jan-19 Thoma Bravo Motus / Runzheimer Vehicle management and reimbursement platform n/a n/a n/a n/a n/a
Jan-19 Cubic Gridsmart Camera-based traffic management system n/a n/a $87.0 n/a n/a
Aug-18 Summit Partners MercuryGate Full-stack TMS solutions $63.2 n/a $390.0 6.17x n/a

38
Fundraising Transactions
Early-Stage (Series A & B)
($ in Millions)
Target Overview Estimated Employee Data Fundraise Summary
Growth Funding Amount
Date Company Description Current Since Funding Lead Investor(s) Type Raised
High 231.3% $600.0
Low (4.3%) $5.6
Average 90.6% $51.5
Median 79.9% $20.6
Apr-20 Autofleet Vehicle as a Service platform for fleets 23 n/a MizMaa Ventures Series A $7.50
Mar-20 RoadSync Digital payment platform for the transportation sector 38 58.3% Base10 Partners Series A $5.70
Mar-20 Overhaul Freight visibility and transportation risk 54 42.1% Edison Partners Series B $17.50
Feb-20 OneRail Final-mile fulfillment platform 27 n/a Las Olas Ventures Series A $5.80
Feb-20 Flock Freight LTL freight technology platform 90 125.0% SignalFire Series B $50.00
Jan-20 Sendy On-demand delivery platform service 7 n/a Atlantica Ventures Series B $20.00
Jan-20 LogiNext Solutions Logistics management software for tracking workforce 90 (4.3%) Tiger Global Management Series B $39.00
Oct-19 Shipwell Freight shipping platform 110 139.1% Georgian Partners Series B $35.00
Oct-19 Avrios Developer of a fleet management platform 71 4.4% Edenred Capital Partners Series B $14.08
Sep-19 Darkstore On-demand delivery fulfillment platform 32 220.0% EQT Ventures Series B $21.00
Sep-19 Wunder Mobility Shared mobility platform 177 185.5% KCK Group Series B $60.00
Sep-19 LocoNav Online fleet management marketplace 260 101.6% Sequoia Capital India Series B n/a
Aug-19 Cloudleaf Real-time actionable intelligence for assets in motion 34 47.8% Intel Capital, WRVI Capital Series B $26.00
Jun-19 Arrive Logistics Freight brokerage platform 849 81.8% Lead Edge Capital Series B $25.00
May-19 Deliv Last mile same-day delivery solution 178 (0.6%) Enterprise Holdings Series B1 n/a
May-19 FreightHub Digital freight forwarder and shipping management 232 149.5% Rider Global Series B $30.00
Apr-19 Happy Returns Return and logistics e-commerce solutions 57 58.3% PayPal Ventures Series B1 $11.00
Apr-19 Sennder Digital freight-forwarding platform 207 95.3% Accel Series B $30.00
Apr-19 SupplyStack Transport and logistical management software 28 n/a Mainport Series B $5.64
Feb-19 Prevedere Business performance forecasting software 67 17.5% Norwest Venture Partners Series B $6.00
Feb-19 FreightWaves Freight market analytical software 159 231.3% 8VC Series B $20.13
Feb-19 Aurora Innovation Full-stack autonomous transportation software 520 78.1% Sequoia Capital Series B $600.00

MPG Transportation & Logistics Technology Market Snapshot - May 2020

MPG Transportation & Logistics Technology Market Snapshot - May 2020

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MPG Transportation & Logistics Technology Market Snapshot - May 2020