LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Robert Koven Leonis Partners 1st Quarter 2018 SAAS AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established software and technology companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Robert Koven Leonis Partners 4th Quarter 2017 SAAS AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established software and technology companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Robert Koven Leonis Partners 4th Quarter 2017 IT Services AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Essential Elements for Better Corporate Travel in 2019CertifyInc
In a world of increasing personalization, business traveler expectations are being elevated to a point where their needs must be met at every step along the way. This webinar looks at new trends in corporate travel and how finance leaders can build future-proofed corporate travel policies that help manage spend and cuts costs.
The document discusses key metrics for evaluating marketplace efficiency and profitability. It finds that companies with a higher "Rule of 40" score, which measures revenue growth plus EBITDA margin, significantly outperformed those with a lower score. It also introduces the "Battery Growth Magic Number" which measures revenue growth minus sales and marketing spend as a percentage of revenue, and finds companies with a positive number significantly outperformed those with a negative number. The document concludes with three rules for efficient marketplaces promoted by Battery Ventures: 1) Have a positive Battery Growth Magic Number, 2) Migrate to subscription pricing, and 3) Achieve a 10x return on customer acquisition costs.
MBA Investment Bankers is presenting valuation and strategic options to the board of Khakis 'R Us, a publicly traded men's casual clothing retailer. Key information includes that Khakis has strong financial performance but a languishing stock price compared to competitors. MBA performed a discounted cash flow valuation that estimated the fair value of Khakis' stock at $10.50 per share. Comparable company and precedent transaction analyses provided supporting valuation ranges. MBA will recommend whether Khakis should sell the company or pursue an alternative strategic path.
The document outlines Intuit's investor day agenda and materials. It includes presentations on Intuit's strategy to win in key areas like the QuickBooks Online ecosystem, TurboTax online and mobile, accountants, technology, data and security. The document reflects on Intuit's successful transition to a cloud and platform business model over the past 4 years and doubling of its total addressable market. It discusses priorities and metrics for the coming year to continue delighting customers through product experiences, data insights, ecosystem contributions and security leadership.
The document summarizes the 2017 Fintech100 report, which lists the top 100 global fintech innovators. It provides details on the selection criteria and breakdown of companies by region, sector, and funding. Key highlights include the continued dominance of Chinese companies, with Ant Financial ranked first. Lending and payments companies make up a large portion of the list. The report also notes the rise of data and analytics companies and the emergence of open banking globally.
Robert Koven Leonis Partners 1st Quarter 2018 SAAS AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established software and technology companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Robert Koven Leonis Partners 4th Quarter 2017 SAAS AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established software and technology companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Robert Koven Leonis Partners 4th Quarter 2017 IT Services AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
Essential Elements for Better Corporate Travel in 2019CertifyInc
In a world of increasing personalization, business traveler expectations are being elevated to a point where their needs must be met at every step along the way. This webinar looks at new trends in corporate travel and how finance leaders can build future-proofed corporate travel policies that help manage spend and cuts costs.
The document discusses key metrics for evaluating marketplace efficiency and profitability. It finds that companies with a higher "Rule of 40" score, which measures revenue growth plus EBITDA margin, significantly outperformed those with a lower score. It also introduces the "Battery Growth Magic Number" which measures revenue growth minus sales and marketing spend as a percentage of revenue, and finds companies with a positive number significantly outperformed those with a negative number. The document concludes with three rules for efficient marketplaces promoted by Battery Ventures: 1) Have a positive Battery Growth Magic Number, 2) Migrate to subscription pricing, and 3) Achieve a 10x return on customer acquisition costs.
MBA Investment Bankers is presenting valuation and strategic options to the board of Khakis 'R Us, a publicly traded men's casual clothing retailer. Key information includes that Khakis has strong financial performance but a languishing stock price compared to competitors. MBA performed a discounted cash flow valuation that estimated the fair value of Khakis' stock at $10.50 per share. Comparable company and precedent transaction analyses provided supporting valuation ranges. MBA will recommend whether Khakis should sell the company or pursue an alternative strategic path.
The document outlines Intuit's investor day agenda and materials. It includes presentations on Intuit's strategy to win in key areas like the QuickBooks Online ecosystem, TurboTax online and mobile, accountants, technology, data and security. The document reflects on Intuit's successful transition to a cloud and platform business model over the past 4 years and doubling of its total addressable market. It discusses priorities and metrics for the coming year to continue delighting customers through product experiences, data insights, ecosystem contributions and security leadership.
The document summarizes the 2017 Fintech100 report, which lists the top 100 global fintech innovators. It provides details on the selection criteria and breakdown of companies by region, sector, and funding. Key highlights include the continued dominance of Chinese companies, with Ant Financial ranked first. Lending and payments companies make up a large portion of the list. The report also notes the rise of data and analytics companies and the emergence of open banking globally.
We recommend Cintas Corporation as a HOLD with a 12-month price target of $81, representing an upside of 0.77% from the current price of $81.32. Key factors leading to a neutral outlook include limited opportunities for organic growth, continued emphasis on cross-selling and acquisitions to improve margins, and an aggressive capital return plan including share buybacks.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
2017 William Blair & Company Investment Banking Case Competition - FinalistIan Socrates
- Patterson Education Group is a scalable education platform delivering exceptional student outcomes through individually tailored curriculums and a talented executive team.
- Valuation analysis values PEG's enterprise value between $157-$177 million based on comparable, precedent, and discounted cash flow analyses.
- The recommendation is to pursue a sale to a strategic buyer given industry consolidation trends and PEG's compelling growth profile and market position.
This presentation summarizes JPMorgan Chase & Co.'s business operations, financial performance, competitive position, and valuation. Key points include:
- JPMorgan is the largest US bank by market cap and has a large physical branch and ATM network across the US and globally.
- It has various business segments including investment banking, asset management, and retail banking.
- JPMorgan was profitable during the financial crisis while its competitors reported large losses. It has a strong capital position.
- Analysts value JPMorgan at $54.74/share based on dividend discount and relative P/E valuation models, representing a buy rating.
F-Prime Capital prepared a market analysis for 2018's year-end discussion. We are sharing it with our broader community in the hope that someone will find in informative, interesting or at least entertaining.
- The original investment thesis for Rentrak Corporation remains intact but revenue growth expectations were significantly higher than realized performance and management guidance.
- While Rentrak saw considerable revenue growth in key areas, it was well below projections, and further growth may not be sustainable at the levels expected.
- The stock price is highly sensitive to news about revenue and guidance, with large swings that could impact any holding in the company.
- A revised discounted cash flow valuation was performed using updated financial results and expense assumptions, but Rentrak's performance remains hard to predict accurately.
Analysis of recent transactions in BPO Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data.
Mercer Capital's Value Focus: Transportation & Logistics | Fourth Quarter 201...Mercer Capital
Mercer Capital’s Transportation & Logistics newsletter is a quarterly publication providing perspective on valuation issues pertinent to the transportation industry.
This document provides an overview of financial goal planning in 3 steps: 1) Identify and prioritize goals like retirement, education, marriage and calculate costs, 2) Allocate resources to each goal based on risk tolerance and choose appropriate instruments, 3) Monitor performance against expectations and update strategies. Typical financial goals are discussed along with analysis of instruments like mutual funds, EPF, NPS and their returns. The importance of starting early with regular investments tailored to each goal and risk profile is emphasized.
From Good to Great: How to Ace Your Marketplace FundraiseBattery Ventures
At the Marketplace Conference Online December 2020, Battery Ventures' Justin Da Rosa teamed up with Speedinvest's Philip Specht on the core marketplace metrics investors evaluate during the fundraising process from seed to growth.
Carriage Services is a publicly traded provider of funeral and cemetery services in the United States. It operates 170 funeral homes and 32 cemeteries across 28 states. The company has grown significantly through acquisitions over the past decade, with its stock price increasing from $7.5 to $27 per share. Analysts project continued growth due to demographic trends such as an aging population and increasing cremation rates. Valuation analyses estimate Carriage Services' stock price could reach $30-33 per share based on comparable company multiples and discounted cash flow modeling.
- The document discusses trends in the financial advisor landscape based on research from Cogent Reports.
- It finds that while the total number of advisors is flat, the number of RIAs has increased 7% since 2015. Most advisors now derive over half their compensation from fee-based sources rather than commissions.
- Advisors are increasingly using passively managed and low-fee investments like ETFs and index funds, with allocations to ETFs up 21% since 2015. They also report relationships with fewer mutual fund providers.
Hudson Bay company - new strategy analyze current issues (2015)Usman Chaudhry
The document discusses several issues and alternatives facing Hudson's Bay Company, including improving management controls, expanding digital and off-price businesses, and potentially acquiring Holt Renfrew. It then provides a detailed financial analysis of expanding Saks Fifth Avenue stores into Canada, finding the net present value of such an investment would be $133 million based on projections. Key performance measures like revenue, expenses, cash flow, and net income are forecasted for potential Saks locations over 5 years.
IT Shades publishes a monthly edition focused on platforms and applications. This edition includes:
- Financial results and M&A activity in the sector, including Coupa Software growing revenues 39% and acquiring supply chain companies, and DocuSign growing revenues 57% with billings up 46%.
- Solution updates from companies like Starlims releasing a new forensic lab management solution and Amadeus partnering with airports on biometric technologies.
- The document provides updates across financials, solutions, partnerships, and other areas relevant to the platforms and applications industry. IT Shades' goal is to share this content and benefit readers.
Ernie Humphrey presented on key findings from the 2019 T&E Trends Report. The report found that many organizations lack visibility into travel and expense data and control over spending. This is due to poor T&E management processes and a lack of dedicated expense management technology. Adopting expense management systems can improve efficiency, reduce costs, and increase compliance by making it easier for travelers to submit expenses and enabling straight-through processing. The presentation provided recommendations for organizations to map out their current T&E processes and costs in order to understand challenges and make a case for technology investments that address key pain points.
This document summarizes the key findings of the ICC Global Survey on Trade Finance 2018. Some of the main highlights include:
- 73% of respondent banks expected trade finance to improve over the next 12 months, while 22% expected it to stay the same.
- 57% expected the trade finance gap to remain consistent in the next 12 months, while 41% expected it to remain consistent over the next 3 years.
- Traditional trade finance transactions like letters of credit and collections made up the majority of transactions processed in 2017.
- Over half of banks reported implementing technology solutions to reduce time and costs, though some are still struggling with implementation.
The Digital Transformation of Asset & Wealth ManagementKurt Harrison
The document discusses the challenges facing the asset and wealth management industry, including poor investment performance, investor preference for passive strategies and ETFs, pressure on trading and operations, the rise of robo-advisory, and increased regulatory requirements. It argues that asset managers will need to adapt by embracing quantitative strategies, passive products, digitization, and hiring staff with skills in areas like artificial intelligence, electronic trading, and digital client experiences. Regulations are also driving the need for more technology-oriented compliance officers.
Wilshire Liquid Alternatives Industry Monitor for Q4 2018Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
T&E Trends and Best Practices in the Digital WorldAshley Emery
T&E Trends and Best Practices in the Digital World
Original air date: October 30, 2019
Join us to discover five key themes from the 2019 Travel and Expense Management Trends Report, a comprehensive survey of almost 600finance professionals. You'll learn specific ways to lower T&E report processing costs, positively impact the productivity of your travelers, and improve your company’s working capital management.
Wilshire Liquid Alternatives Industry Monitor for Q4 2018Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
IBM is facing declining performance in its growth markets, with revenue from this segment declining 9%. Revenue from China accounted for almost half the decline as IBM missed its revenue expectations by $1 billion. The Systems and Technology segment generating $3.2 billion in revenue, down 17% from 2012, with much of the hardware decline coming from China as the government waited for new economic policies. However, investors should still trust IBM management and business model as the company has ambitious goals and a clear roadmap to achieving $20 EPS by 2015 through strategic initiatives focusing on growth areas like cloud, analytics, smarter planet, and business transformation.
The document is an investor presentation from Intuit given in March 2015 that provides an overview of the company's strategy, priorities, financial metrics and outlook. Some of the key points include:
- Intuit's mission is to improve customers' financial lives so profoundly that they can't imagine going back to the old way.
- The company's strategic priorities are to win online/mobile, grow globally, create a unified SMB profile, accelerate its "taxes are done" goal, and make everything a service.
- Intuit expects QuickBooks Online subscribers to grow to around 1 million in FY2015 and around 2 million in FY2017, with total revenue reaching approximately $5.8 billion.
- The presentation
We recommend Cintas Corporation as a HOLD with a 12-month price target of $81, representing an upside of 0.77% from the current price of $81.32. Key factors leading to a neutral outlook include limited opportunities for organic growth, continued emphasis on cross-selling and acquisitions to improve margins, and an aggressive capital return plan including share buybacks.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
2017 William Blair & Company Investment Banking Case Competition - FinalistIan Socrates
- Patterson Education Group is a scalable education platform delivering exceptional student outcomes through individually tailored curriculums and a talented executive team.
- Valuation analysis values PEG's enterprise value between $157-$177 million based on comparable, precedent, and discounted cash flow analyses.
- The recommendation is to pursue a sale to a strategic buyer given industry consolidation trends and PEG's compelling growth profile and market position.
This presentation summarizes JPMorgan Chase & Co.'s business operations, financial performance, competitive position, and valuation. Key points include:
- JPMorgan is the largest US bank by market cap and has a large physical branch and ATM network across the US and globally.
- It has various business segments including investment banking, asset management, and retail banking.
- JPMorgan was profitable during the financial crisis while its competitors reported large losses. It has a strong capital position.
- Analysts value JPMorgan at $54.74/share based on dividend discount and relative P/E valuation models, representing a buy rating.
F-Prime Capital prepared a market analysis for 2018's year-end discussion. We are sharing it with our broader community in the hope that someone will find in informative, interesting or at least entertaining.
- The original investment thesis for Rentrak Corporation remains intact but revenue growth expectations were significantly higher than realized performance and management guidance.
- While Rentrak saw considerable revenue growth in key areas, it was well below projections, and further growth may not be sustainable at the levels expected.
- The stock price is highly sensitive to news about revenue and guidance, with large swings that could impact any holding in the company.
- A revised discounted cash flow valuation was performed using updated financial results and expense assumptions, but Rentrak's performance remains hard to predict accurately.
Analysis of recent transactions in BPO Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data.
Mercer Capital's Value Focus: Transportation & Logistics | Fourth Quarter 201...Mercer Capital
Mercer Capital’s Transportation & Logistics newsletter is a quarterly publication providing perspective on valuation issues pertinent to the transportation industry.
This document provides an overview of financial goal planning in 3 steps: 1) Identify and prioritize goals like retirement, education, marriage and calculate costs, 2) Allocate resources to each goal based on risk tolerance and choose appropriate instruments, 3) Monitor performance against expectations and update strategies. Typical financial goals are discussed along with analysis of instruments like mutual funds, EPF, NPS and their returns. The importance of starting early with regular investments tailored to each goal and risk profile is emphasized.
From Good to Great: How to Ace Your Marketplace FundraiseBattery Ventures
At the Marketplace Conference Online December 2020, Battery Ventures' Justin Da Rosa teamed up with Speedinvest's Philip Specht on the core marketplace metrics investors evaluate during the fundraising process from seed to growth.
Carriage Services is a publicly traded provider of funeral and cemetery services in the United States. It operates 170 funeral homes and 32 cemeteries across 28 states. The company has grown significantly through acquisitions over the past decade, with its stock price increasing from $7.5 to $27 per share. Analysts project continued growth due to demographic trends such as an aging population and increasing cremation rates. Valuation analyses estimate Carriage Services' stock price could reach $30-33 per share based on comparable company multiples and discounted cash flow modeling.
- The document discusses trends in the financial advisor landscape based on research from Cogent Reports.
- It finds that while the total number of advisors is flat, the number of RIAs has increased 7% since 2015. Most advisors now derive over half their compensation from fee-based sources rather than commissions.
- Advisors are increasingly using passively managed and low-fee investments like ETFs and index funds, with allocations to ETFs up 21% since 2015. They also report relationships with fewer mutual fund providers.
Hudson Bay company - new strategy analyze current issues (2015)Usman Chaudhry
The document discusses several issues and alternatives facing Hudson's Bay Company, including improving management controls, expanding digital and off-price businesses, and potentially acquiring Holt Renfrew. It then provides a detailed financial analysis of expanding Saks Fifth Avenue stores into Canada, finding the net present value of such an investment would be $133 million based on projections. Key performance measures like revenue, expenses, cash flow, and net income are forecasted for potential Saks locations over 5 years.
IT Shades publishes a monthly edition focused on platforms and applications. This edition includes:
- Financial results and M&A activity in the sector, including Coupa Software growing revenues 39% and acquiring supply chain companies, and DocuSign growing revenues 57% with billings up 46%.
- Solution updates from companies like Starlims releasing a new forensic lab management solution and Amadeus partnering with airports on biometric technologies.
- The document provides updates across financials, solutions, partnerships, and other areas relevant to the platforms and applications industry. IT Shades' goal is to share this content and benefit readers.
Ernie Humphrey presented on key findings from the 2019 T&E Trends Report. The report found that many organizations lack visibility into travel and expense data and control over spending. This is due to poor T&E management processes and a lack of dedicated expense management technology. Adopting expense management systems can improve efficiency, reduce costs, and increase compliance by making it easier for travelers to submit expenses and enabling straight-through processing. The presentation provided recommendations for organizations to map out their current T&E processes and costs in order to understand challenges and make a case for technology investments that address key pain points.
This document summarizes the key findings of the ICC Global Survey on Trade Finance 2018. Some of the main highlights include:
- 73% of respondent banks expected trade finance to improve over the next 12 months, while 22% expected it to stay the same.
- 57% expected the trade finance gap to remain consistent in the next 12 months, while 41% expected it to remain consistent over the next 3 years.
- Traditional trade finance transactions like letters of credit and collections made up the majority of transactions processed in 2017.
- Over half of banks reported implementing technology solutions to reduce time and costs, though some are still struggling with implementation.
The Digital Transformation of Asset & Wealth ManagementKurt Harrison
The document discusses the challenges facing the asset and wealth management industry, including poor investment performance, investor preference for passive strategies and ETFs, pressure on trading and operations, the rise of robo-advisory, and increased regulatory requirements. It argues that asset managers will need to adapt by embracing quantitative strategies, passive products, digitization, and hiring staff with skills in areas like artificial intelligence, electronic trading, and digital client experiences. Regulations are also driving the need for more technology-oriented compliance officers.
Wilshire Liquid Alternatives Industry Monitor for Q4 2018Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
T&E Trends and Best Practices in the Digital WorldAshley Emery
T&E Trends and Best Practices in the Digital World
Original air date: October 30, 2019
Join us to discover five key themes from the 2019 Travel and Expense Management Trends Report, a comprehensive survey of almost 600finance professionals. You'll learn specific ways to lower T&E report processing costs, positively impact the productivity of your travelers, and improve your company’s working capital management.
Wilshire Liquid Alternatives Industry Monitor for Q4 2018Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
IBM is facing declining performance in its growth markets, with revenue from this segment declining 9%. Revenue from China accounted for almost half the decline as IBM missed its revenue expectations by $1 billion. The Systems and Technology segment generating $3.2 billion in revenue, down 17% from 2012, with much of the hardware decline coming from China as the government waited for new economic policies. However, investors should still trust IBM management and business model as the company has ambitious goals and a clear roadmap to achieving $20 EPS by 2015 through strategic initiatives focusing on growth areas like cloud, analytics, smarter planet, and business transformation.
The document is an investor presentation from Intuit given in March 2015 that provides an overview of the company's strategy, priorities, financial metrics and outlook. Some of the key points include:
- Intuit's mission is to improve customers' financial lives so profoundly that they can't imagine going back to the old way.
- The company's strategic priorities are to win online/mobile, grow globally, create a unified SMB profile, accelerate its "taxes are done" goal, and make everything a service.
- Intuit expects QuickBooks Online subscribers to grow to around 1 million in FY2015 and around 2 million in FY2017, with total revenue reaching approximately $5.8 billion.
- The presentation
This is the pitch deck we used at Duco in 2018 for a $28bn Series B equity fund raise, when Duco was still relatively small.
Duco is a SaaS company that provides data integrity solution in Financial Services, Insurance and elsewhere.
The document is an agenda and presentation slides from JPMorgan Chase's 2019 Investor Day. Some key points:
- JPMorgan Chase delivered strong financial results in 2018 with record revenues and income. Expenses increased due to higher revenues and additional investments.
- The Corporate & Investment Bank gained market share faster than peers across many businesses and geographies, strengthening its global leadership positions.
- The Equities business has steadily increased market share in key products like Cash Equities and Prime Finance through investments in execution capabilities.
- Electronification has increased demand for sophisticated execution tools to reduce costs, and JPMorgan is investing in technology like Algo Central to meet evolving client needs.
Investor roadshow presentation july 2017 final (1)TrueBlueInc
This document provides a 3-page summary of TrueBlue, Inc. It includes key facts about the company such as its annual revenue, number of clients served, industries served, and specialized service offerings. The summary highlights TrueBlue's growth strategies such as the PeopleReady transition, expanding scope of services, and new mobile app technology. Financial information is also presented, including adjusted EBITDA and net income figures from 2012-2016.
How to create value for your organization? Why TSR is the best metric for value creation? Why is it difficult to create sustainable value? How to build sustainable value creation strategy & create value for a longer period of time? Why CSR & brand value change not consider as a part of TSR? Why multiple compressions are so difficult to beat? Why investors & analyst discounts valuation multiple? How to transit majority investors without eroding TSR? How to create value in low growth economy? How to play your strategy with sustainable TSR matrix as per investors eye? Why investors communication is so important for value creation? Which strategy you should use for value creation? How to use value creation scenarios? Why cash strategy is so important in low growth economy?
If all these question bothers you before developing your company’s corporate strategy/value creation strategy then you must see your New Year’s
complimentary gift presentation
“A handy e-book on how to create sustainable shareholders value”
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Kelly Battles, CFO, Host Analytics
About the presenters:
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Robert Koven Leonis Partners 1st Quarter 2018 IT Services Analysis
1. LEONIS PARTNERS: 1ST QUARTER 2018 IT SERVICES ANALYSIS
A NALY SIS O F I T S ERVIC ES VALUAT IONS & K EY DRIVERS IN PUB LIC AND PRIVAT E M ARK ET S
2. LEONIS PARTNERS
EXPERIENCED IT SERVICES ADVISORS
▪ Leonis provides M&A and Growth Capital advisory
services to both high-growth and well-established
technology and technology services companies
▪ Leonis core areas of focus:
▪ Sell-side M&A: Represent companies looking to be
acquired by a strategic or go through a fulsome liquidity
event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private
equity & growth equity firms who understand the
sector and will partner with management to inject
capital and provide expertise to maximize the
company’s growth
• Minority Equity Raises: Equity investments from
growth equity and strategic partners who bring capital
and market expertise to bear
▪ Retained Advisory Services: Strategic guidance to assist
management in maximizing firm value ahead of a
potential liquidity event, as well as manage inbound
offers and solicitations
For more information or inquiries, please contact us at
info@leonispartners.com
2
TECHNOLOGY SERVICES TOMBSTONES
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket
Wall Street firms and Middle Market
▪ Team has executed over 115 M&A, restructuring and capital raising deals
with cumulative transaction values over $180 billion
▪ Deep knowledge of strategic and financial buyers with a proprietary
database of more than 4,200 private equity investors and 1,800 domestic
and international strategic acquirers
▪ Team with experience advising, operating and investing in businesses
within the firm’s core areas provides an unbiased view of how “the other
side” will look at a deal
LEONIS CREDENTIALS & SERVICES
Has Been Acquired By Equity Capital Raise Has Acquired
Has Been Acquired By
Has Been Acquired By Has Acquired Has Been Recapitalized
By
Debt Capital Raise
3. LEONIS IT SERVICES INDEX
1Q 2018 INDEX SUMMARY
▪ Leonis’s proprietary IT Services Index is comprised of 34
publicly traded IT Services companies
▪ These 34 companies make fall into four distinct verticals:
‒ IT Consulting Services
‒ Managed Services
‒ Management Consulting
‒ Value-added Resellers (VARs)
▪ The Leonis IT Services Index is an equally-weight index
• Over the quarter, the Leonis IT Services Index decreased
1% from its fourth quarter 2017 highs
• Year to date, IT Consulting Services and Managed Services
multiples have fared the best
• Key growth drivers and trends emerging in 2017 and
continuing in 2018 are:
• Robust private equity interest and strategic M&A driving
valuations to multi-decade highs
• AWS continuing to prevail in shift to cloud infrastructure
• Continuing need for UI/UX talent resulting from corporate
digital transformations and mobility needs
• ServiceNow prevailing in the IT Service Mgmt. market as
companies look for solutions to hybrid cloud and on-prem
infrastructure
3
IT SERVICES PERFORMANCE
IT SERVICES EBITDA MULTIPLES OVER TIMETHE LEONIS IT SERVICES INDEX
Source: Pitchbook, Leonis Proprietary Transaction Database, Federal Reserve Economic Data.
Note: Market Data as of 3/31/2018.
10.0x
9.7x 9.8x
10.6x 10.6x 10.6x 10.6x
11.1x
10.7x
9.0x
9.5x
10.0x
10.5x
11.0x
11.5x
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
Avg. EV/EBITDA Multiple
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Leonis IT Services Index Nasdaq Index
5. ▪ When companies are grouped into ranges as shown
below, 90% of the change in the valuation is driven by a
change in the average gross margin for the bucketed
companies
▪ The distribution of EV/Rev multiples is skewed by
Managed Service providers but is centered at ~1.5x EV/
Revenue with average gross margins rates centered
around 25% - 30%
▪ Regression of bucketed average gross margins exhibits
direct correlation with valuation multiples, yielding an R-
squared of .90(2), extremely high for financial statistics
5
KEY INDUSTRY KPIS(1)
THE IMPORTANCE OF EBITDA IN VALUATIONS
RECENT TRENDS AND OBSERVATIONS
VALUATIONS ALIGNED TO GROSS MARGIN AND EBITDA
▪ As shown in the graph below, when the Leonis Index as a whole is
reviewed, we find a coefficient of determination (“R-squared”) of .82 when
regressing companies’ EBITDA margin versus their EV/Rev multiple. This
signifies a strong link between rising EBITDA and valuation multiple
▪ A similar analysis for gross margin across the full index produces an R-
squared of .60, which is still moderately supportive of a broad conclusion
▪ Interestingly, annual revenue growth compared EV/Revenue produces only
a .01 R-squared, which suggests that growth, while important from a total
value perspective, does not immediately lead to multiple expansion in IT
services businesses at scale
▪ The net take-away is clear: in the IT Services Industry, the level of
profitability is a critical determinant of value
Source: Pitchbook and Leonis Proprietary Transaction Database.
Note: Market Data as of 3/31/2018.
(1) Excludes Equinix, Limelight Networks & J2 Global.
(2) Using a logarithmic regression in order to standardize the distribution of gross margin percentages relative to EV/Rev multiples.
EV / REVENUE AS A FUNCTION OF GROSS MARGIN(1) (GM)
R² = 0.0087
R² = 0.5958
R² = 0.8171
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
0.00x 1.00x 2.00x 3.00x 4.00x 5.00x
YoY Revenue Growth Gross Margin EBITDA Margin
7
5
6
5
2
6
14.2%
29.4%
30.2%
34.2%
42.2%
37.2%
y = 0.1369ln(x) + 0.1623
R² = 0.8956
0%
10%
20%
30%
40%
50%
0
3
6
9
12
15
<0.5x 0.5x-1.0x 1.0x-1.5x 1.5x-2.0x 2.0x-2.5x 2.5x+
MedianGM
#ofCompanies
EV / Revenue
# of Companies Median GM Log. (Median GM)
7. 7
KEY OBSERVATIONS
RELEVANT TRANSACTIONS
IT CONSULTING
TRADING & PRECEDENT MULTIPLES
Source: Pitchbook and Leonis Proprietary Transaction Database.
Note: Market Data as of 3/31/2018.
IT Consulting includes the following company tickers: CTSH, INFY, WIT, TECHM, EPAM, SYNT, TTEC, GLOB, VRTU, ICFI, HURN, PRFT, HCKT, PFSW, EDGW, CTG.
IT CONSULTING
▪ Transaction multiples in the IT Consulting landscape continue to
remain robust as strategic interest remains strong with growing
private equity interest across all size ranges (see Apollo/West Corp.
and HIG Capital/NCI transactions)
- Transaction multiples in this space are largely driven by
gross margin for financial buyers and by the type of talent
being acquired for the strategic buyers
- Vertically-focused IT Consulting businesses still receive
premiums relative to their generalist peers
▪ 1Q 2018 revenue multiples and margins were nearly identical to the
previous quarter
11.1x
10.8x
10.5x
10.8x
10.5x
10.3x 10.2x
11.4x 11.4x
14% 14% 14% 13% 13% 13% 13% 13% 13%
33%
34%
35%
33% 32%
33%
34%
32% 32%
10%
15%
20%
25%
30%
35%
40%
9.0x
9.5x
10.0x
10.5x
11.0x
11.5x
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
EV/EBITDA EBITDA Margin Gross Margin
Date
Announced Target Acquirer Deal Size
EV / EBITDA
Multiple
01/31/18 Xerox Corp. FUJIFILM Holdings $12,044.4 11.28x
11/30/17 Aricent Altran Technologies $2,029.7 14.43x
10/10/17 West Corp. Apollo Global Management $5,128.3 8.33x
08/14/17 NCI H.I.G. Capital $283.0 15.98x
Average EV/EBITDA Multiple over last seven years: 12.18x
8. 8
RELEVANT TRANSACTIONS
MANAGED SERVICES
TRADING & PRECEDENT MULTIPLES
Source: Pitchbook and Leonis Proprietary Transaction Database.
Note: Market Data as of 3/31/2018.
Managed Services includes the following company tickers: EQIX, AKAM, JCOM, LLNW, INAP.
MANAGED SERVICES
KEY OBSERVATIONS
▪ Unlike the rest of their IT Service peers, Managed Services Providers
(MSPs) continue to trade publicly with an anchor to revenue-based
multiples; in the M&A market, MSPs receive valuations based on a
triangulation of EBITDA and revenue based valuations
- This nuance is driven by the fact that these providers tend to
have highly predictable recurring revenue streams and often
operate at gross margins meaningfully higher than other IT
Service subcategories
- In the M&A market, there is a tendency to place a revenue
multiple on the recurring revenue streams and an EBITDA-
based multiple on the project-based revenue streams,
yielding a sum-of-the-parts valuation for businesses that
have both recurring and non-recurring revenue
4.4x
4.6x
3.8x
4.3x
4.4x
4.7x 4.6x
4.8x
4.7x
58% 58% 58% 58% 58% 59% 60% 60% 60%
8% 7% 6%
10% 11% 12% 11% 12% 12%
5%
15%
25%
35%
45%
55%
65%
3.0x
3.5x
4.0x
4.5x
5.0x
5.5x
6.0x
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
EV/Rev Gross Margin YoY Growth
Date
Announced Target Acquirer Deal Size
EV / Rev
Multiple
01/29/18 SingleHop Internap $132.0 2.77x
12/15/17 Metronode Equinix $791.4 13.31x
10/09/17 Itconic Equinix $259.0 4.13x
01/17/17 CTEK Security CynergisTek $34.6 2.31x
Average EV/EBITDA Multiple over last seven years: 2.92x
9. 9
RELEVANT TRANSACTIONS
MANAGEMENT CONSULTING
TRADING & PRECEDENT MULTIPLES
Source: Pitchbook and Leonis Proprietary Transaction Database.
Note: Market Data as of 3/31/2018.
Management Consulting includes the following company tickers: ACN, CRAI, FCN, NCI, RECN.
▪ Management Consulting businesses saw some of the most
pronounced appreciation in their valuations in 2017, with the average
EV/EBITDA trading multiple rising from 10.2x at the end of 4Q
2016 to 11.9x at the end of 2017. In 1Q 2018, this trend reversed and
multiples fell
- The broader run-up in valuations has been triggered to some
extent by upside earnings surprises for many of the large
players in the last 12 months, which slowed in 1Q 2018
- M&A activity has remained less active in this area than in
other IT Service subcategories
MANAGEMENT CONSULTING
KEY OBSERVATIONS
9.4x
9.3x 9.3x
10.2x
10.6x
11.5x
11.1x
11.9x
10.5x
11% 12% 12%
12% 11%
10% 9% 9%
11%
33% 32% 32% 32% 32% 31% 32% 32% 32%
5%
10%
15%
20%
25%
30%
35%
8.0x
8.5x
9.0x
9.5x
10.0x
10.5x
11.0x
11.5x
12.0x
12.5x
13.0x
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
EV/EBITDA EBITDA Margin Gross Margin
Date
Announced Target Acquirer Deal Size
EV / EBITDA
Multiple
02/28/17 MediaLink Ascential $207.0 14.79x
11/02/16 Kurt Salmon Accenture $166.4 20.55x
10/31/16 AssetMark Huatai Securities $780.0 12.00x
11/30/15 SRA International Computer Sciences $390.0 9.23x
Average EV/EBITDA Multiple over last seven years: 10.33x
10. 10
RELEVANT TRANSACTIONS
VALUE-ADDED RESELLERS (VARS)
TRADING & PRECEDENT MULTIPLES
Source: Pitchbook and Leonis Proprietary Transaction Database.
Note: Market Data as of 3/31/2018.
VARs includes the following company tickers: NSIT, PLUS, BBOX, TECD, CDW, ALSN, CNXN, PCMI.
VALUE-ADDED RESELLERS (VARS)
KEY OBSERVATIONS
▪ Value-Added Resellers (VARs) had seen some of the most
pronounced run-up in valuations in the last four to six months
▪ In 1Q 2018, VARs repriced lower and were the laggards of the IT
Services ecosystem, losing almost 87% in value
▪ M&A still remained robust in 1Q 2018 as the consolidation wave
continued
- High stock valuations and record levels of cash have led
strategic players to accelerate their consolidation of a
fragmented subcategory and, in turn, these acquisitions have
driven valuation multiples up meaningfully to all-time highs
- Private equity players have also driven up multiples as they
seek to find platforms and bolt-on acquisitions to execute
large-scale roll-up strategies
6.7x 6.7x
7.6x
8.0x
9.7x
10.2x
10.9x
10.4x
9.0x
1% 1%
3% 3%
4% 3% 3% 3%
3%
15% 15% 15% 15% 15% 15% 15% 15% 15%
0%
2%
4%
6%
8%
10%
12%
14%
16%
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18
EV/EBITDA EBITDA Margin Gross Margin
Date
Announced Target Acquirer Deal Size
EV / EBITDA
Multiple
03/28/18 Polycom Plantronics $1,986.6 14.57x
09/29/17 OnX Cincinnati Bell $201.0 6.93x
02/27/17 Avnet Tech Tech Data $2,593.1 8.20x
01/06/17 Datalink Insight Enterprises $267.9 11.13x
Average EV/EBITDA Multiple over last seven years: 7.86x