Tracxn - Aviation Software Startup Landscape

NOVEMBER 2018
AVIATION SOFTWARE

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Aviation Software - Nov 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on November 19, 2018.
Aviation Software Feed Summary
4
Aviation Software > Feed Summary
Companies which offer software solutions for aviation industry including airlines (scheduled & non-scheduled), MRO
operators, flight schools, fixed base operators (FBO) and airports to manage the flight operations.
• Inclusions: These include product suites like PSS, fleet
management, flight planning & scheduling, crew
management, aircraft maintenance planning, safety
management, training management solutions; software
tools for pilots, cabin crew, MRO and flight dispatchers.
• Exclusions: Companies providing implementation
services for aviation products, outsourced service
providers such as FBO & MRO, aircraft and parts
marketplaces and consumer-focused apps (OTAs, aircraft
tracking tools). Airline manufacturing software are also
not included in the feed.
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$1.8B
Funding
22
Mega
Companies
110708
FundedCovered on
Tracxn
4
Unicorns
9
Soonicorns
3
Minicorns
11
IPO’d Cos
46
Late Stage Cos
17
52
Acquisitions
29
DeadPooled
-
Acquihired
Series A+ Cos
Travelport
(1971, Atlanta)
Gogo
(1991, Itasca, $497M)
Rockwell Collins
(1994, Cedar Rapids)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Aviation Software
5
$170M - Series B
SmartSky Networks (2011, Charlotte, $267M)
$21M - Series A
Row44 (2004, Westlake Village, $103M)
$66.6M - Series B
$17.4M - Series B
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Aviation Software > Feed Summary > Investment Trend Summary
Seed
Right Side Capital Management (#2), Pleiade Venture (#1),
Mainport Innovation Fund (#1)
Series A/B
Polaris Partners (#1), TA Associates Management (#1), Frontline
Ventures (#1)
Series C+
TA Associates Management (#1), Fidus Investment (#1),
HarbourVest Partners (#1)
Incubators Starburst (#2), Techstars (#2), GnB Accelerator (#1)
Other Notable
Investors
Bpifrance (#2), Enterprise Angels (#2), ADP (#1)
Debt Investors Golub Capital (#1), Silicon Valley Bank (#1), Tikehau Capital (#1)
Most Active InvestorsRecent Investments
38
29
52
33
15
6
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 4 7 18 17 13 5
$1.4B
$123M
$110M
$80.1M
$1M
US
Canada
India
Europe
Israel
$ Funding
$21M
$4M
$27M
$282M
$51M
$257M
$24M
5
2013 2014 2015 2016 2017 2018*
$ Funding $ Funding Predicted
# Rounds # Rounds Predicted

Summary of exit outlook in Aviation Software
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Samurai Ventures 1 Travelfusion (2000, London, $500k)
Battery Ventures 1 ITA Software (1996, Cambridge, $100M)
General Catalyst
Partners
1 ITA Software (1996, Cambridge, $100M)
International
Investment and
Underwriting
1 Datalex (1985, Dublin, $6.6M)
Meritage Funds 1 SmartSky Networks (2011, Charlotte, $267M)
Nov 2018 Farelogix Acq by Sabre for $360M
Sep 2017
Rockwell Collins Acq by United Technologies for
$30B
Jul 2017 ADB SAFEGATE Acq by The Carlyle Group for $1B
Jul 2015 Navitaire Acq by Amadeus for $830M
Aug 2011 EMS Technologies Acq by Honeywell for $491M
Apr 2011 ITA Software Acq by Google for $700M
Aviation Software > Feed Summary > Exit Outlook Summary
Honeywell 3
EMS Technologies (Aug 2011, $491M), Satcom1 (Dec 2015),
Aviaso (Sep 2015)
Sabre 3
Farelogix (Nov 2018, $360M), Flight Explorer (Sep 2008),
Airpas (Apr 2016)
Warburg Pincus 2 Accelya (Feb 2017), Mercator (Apr 2014)
Boeing 2 Tapestry Solutions (Sep 2008), ETS Aviation (May 2014)
Gentrack 2
Concessionaire Analyzer (Apr 2017, $8M), Blip Systems
(Apr 2017, $5.9M)
Recent IPOs Top Acquisitions
Rockwell Collins Jun 2001
Operational Management tools for private…
IPO MCap: -
Ramco Apr 2000
SaaS based software solution for aviation…
IPO MCap: -
Adacel Feb 1998
Simulation and control systems for aviati…
IPO MCap: $4M
PASSUR
Aviation Business Intelligence Platform
IPO MCap: -
Travelport Sep 2014
Travel commerce company
IPO MCap: $1.9B
Gogo Jun 2013
WiFi provider in airplanes
IPO MCap: $1.4B
Travel Technology Interactive Apr 2011
Provider of IT solutions for passenger an…
IPO MCap: $36.5M
Mercator Jun 2005
Software platforms and product-enabled so…
IPO MCap: -

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
FACTSHEET
* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies
Feed Report - Aviation Software - Nov 2018
Marketmap: Aviation Software
Overview
Companies 708
Funded 110 Series A+ 46
Funding $1.8B Last 2 yrs $277M
Most Active Investors
Seed Right Side Capital Management (2)
Series A/B Polaris Partners (1)
Series C+ TA Associates Management (1)
Others Bpifrance (2)
Incubators Starburst (2)
Top Cities
Itasca 1 Cos $497M
Charlotte 3 Cos $254M
Feed in Numbers
Unicorns 4 Soonicorns 9
Minicorns 3 Editor Picks 80
Acquihired - Deadpooled 29
Top Companies
Rockwell Collins (1994, Cedar Rapids)
Travelport (1971, Atlanta)
Gogo 1991, Itasca, $497M)
Exits
IPOs 15 Travelport, Gogo
Acquisitions 53 Rockwell Collins, ADB
SAFEGATE
Top Acquirers Honeywell, Sabre
AVIATION SUITE
SAFETY & COMPLIANCE
FLIGHT OPERATIONS
FLIGHT MONITORING
ELECTRONIC FLIGHT BAG
PASSENGER SERVICE SYSTEMS
IN-FLIGHT CONNECTIVITY
AND ENTERTAINMENT*
NEW DISTRIBUTION CAPABILITY*
SUITE
MRO OPERATORS
FIXED-BASE OPERATORS SOLUTIONS
AIRLINE MAINTENANCE
ANALYTICS
OPERATIONAL INSIGHTS
PREDICTIVE MAINTENANCE*
PASSENGER INSIGHTS CHARTER RESERVATION*
NON-SCHEDULED OPERATORS
SUITE
AIRPORT
PASSENGER MANAGEMENT
ATC AND AIRFIELD SOFTWARE
Aviation Software > Feed Summary > BlueBox
7

Key Sub Sectors in Aviation Software Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Passenger Service Systems >
In-Flight Connectivity and
Entertainment
52 $255M 6
MRO Operators >
Suite 58 $12.3M 4
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Passenger Service Systems
Companies developing solutions for the various
modules of the passenger service system...
129 39 $1.4B
Safety and Compliance Management
Companies developing software for the aviation safety,
compliance and document management
32 7 $143M
Aviation Suite
Suite companies that develop aviation solutions for
commercial and private airlines,...
39 8 $76.2M
Analytics
Companies developing tools which analyse passenger
data, assess flight predictability,...
33 8 $56M
Finance and Accounting
Companies developing finance and accounting
solutions exclusively for the aviation industry
25 4 $51M
Non-Scheduled Operators
Companies providing solutions for the non-scheduled
operators such as flying clubs, training...
76 8 $14.5M
Flight Operations
Companies developing in-flight software to be used by
the crew and on-ground solutions...
115 9 $6.6M
Aviation Software > Feed Summary > Summary of Key Markets

List of Notable Companies in Aviation Software
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Aviation Software > Feed Summary > Notable Companies in the Sector
Public
Gogo
(1991, Itasca, $497M)*
Travel Technology
Interactive
(2001, Paris)
Adacel
(1987, Orlando)
PASSUR
(1998, Bohemia, $10M)
Datalex
(1985, Dublin, $6.6M)
Ramco
(1997, Chennai)
FLYHT Aerospace
Solutions
(1998, Calgary)
Airborne Wireless
Network
(2016, Simi Valley)
FuelsManager
(1928, Atlanta)
Public
Mercator
(1985, Dubai)
Smart4Aviation
(2010, Amsterdam)
Thales Group
(1893, Paris)
Acquired
Rockwell Collins
(1994, Cedar Rapids)
Travelport
(1971, Atlanta)
ADB SAFEGATE
(1920, Brussels)
Navitaire
(1993, Minneapolis)
ITA Software
(1996, Cambridge, $100M)
EMS Technologies
(1968, Norcross)
Farelogix
(1998, Miami, $6M)
Travelfusion
(2000, London, $500k)
Unicorns
SmartSky Networks
(2011, Charlotte, $267M)
Deadpooled
AISystems(2005, Kirkland)

List of Notable Companies by Market in Aviation Software
Notable Companies by Market (1/6)
11
Aviation Software > Feed Summary > Notable Companies by Market
Aviation Suite
Aviation Suite
Operational Management tools for private and
government aviation
Unicorn. Stage: Acquired
ValueAct Capital
Smart4Aviation (2010, Amsterdam)
Provide web based and mobile based channel to
streamline airline operations.
Stage: Public
Flight Operations
Flight Scheduling
AISystems (2005, Kirkland)
Provider of business planning solutions to the
airline industry
Stage: Deadpooled
MRO Operators
Suite
Ramco (1997, Chennai)
SaaS based software solution for aviation industry
Minicorn. Stage: Acquired
HDFC Mutual Fund, Axis Mutual Fund, JOHCM and 1
Other Investors

12
MRO Operators
FBO Solutions
FuelsManager (1928, Atlanta)
Bulk liquid asset management for the aviation &
defence industry
Stage: Public
Suite
Unicorn. Stage: Public
TCV, Bregal Sagemount
Mercator (1985, Dubai)
Software platforms and product-enabled solutions
for airlines
Stage: Acquired
Navitaire (1993, Minneapolis)
Suite of revenue generation and cost streamlining
solutions
Stage: Acquired
Travel Technology Interactive (2001, Paris)
Provider of IT solutions for passenger and cargo
airline management
Stage: Public
New Distribution Capability
ITA Software (1996, Cambridge, $100M)
Software for airline and travel industry
Soonicorn. Stage: Acquired
Battery Ventures, General Catalyst Partners, PAR
Capital Management and 2 Other Investors
Switchfly (2003, San Francisco, $34.8M)
SaaS based travel-commerce and loyalty platform
Soonicorn. Stage: Series C
Golub Capital, Thayer Ventures, Azure Capital
Partners and 7 Other Investors
Datalex (1985, Dublin, $6.6M)
Flight distribution and pricing engine provider
Minicorn. Stage: Public
International Investment and Underwriting, Herald
Investment Management
Farelogix (1998, Miami, $6M)
Airline merchandising and retailing solution
Editor's Pick. Stage: Acquired
Sandler Capital

13
Travelfusion (2000, London, $500k)
Meta-search for flights and hotels
Stage: Acquired
Samurai Ventures
In-Flight Connectivity and Entertainment
Gogo (1991, Itasca, $497M)
Morgan Stanley, JPMorgan, Scotia Capital and 7
Other Investors
Provider of LTE-based in-flight connectivity
solutions
Unicorn. Stage: Series B
Platform Partners, Meritage Funds, Tiger
Infrastructure Partners and 1 Other Investors
Aircraft broadband connectivity provider
PAR Capital Management, Advanced Inflight
Alliance
Global Eagle (2012, Los Angeles, $82.5M)
In-flight entertainment and connectivity solutions
provider
Soonicorn. Stage: Series B
EMS Technologies (1968, Norcross)
Wireless communication systems for aviation,
defense, and aerospace industry
Hudson River Capital Partners
Satcom1 (2003, Vallensbaek)
In-flight airtime and satellite communications
services
FLYHT Aerospace Solutions (1998, Calgary)
Cloud-based flight information reporting and
management platform
Editor's Pick. Stage: Public
Weather
Airborne Wireless Network (2016, Simi
Valley)
Wholesale airborne connectivity network provider
Stage: Public

14
Thales Group (1893, Paris)
Aerospace, Space, Ground Transportation, Defence,
Security R&D
Decacorn. Stage: Public
VentureTech Alliance
Revenue Management
RateGain (2004, Noida, $50M)
Cloud-based solutions for hospitality and travel
industry
Soonicorn. Stage: Series A
TA Associates Management
Compliance Management
Intelex (1992, Toronto, $123M)
Environment, Safety and Quality Software
Soonicorn. Stage: Funded
JMI Management, HarbourVest Partners

15
Analytics
Passenger Insights
Boxever (2011, Dublin, $19M)
Marketing Intelligence for the travel Industry
Polaris Partners, Frontline Ventures, Silicon Valley
Bank and 5 Other Investors
Operational Insights
PASSUR (1998, Bohemia, $10M)
Stage: Public
Airport
Suite
ADB SAFEGATE (1920, Brussels)
Integrated solutions provider for airports
Montagu Private Equity, CPP Investment Board

16
Airport
ATC Software
Adacel (1987, Orlando)
Simulation and control systems for aviation and
defense

Recent News in Aviation Software Sector
Recent News
17
Aviation Software > Feed Summary > Recent News
Nov 2018
For Second Year in a Row, Ramco Systems Positioned in Gartner
Magic Quadrant for Enterprise Asset Management (EAM) Software,
PRWeb
Nov 2018 Telespazio, Thales Alenia invest in Canada's NorthStar, Telecompaper
Nov 2018
Gogo Inc. Announces $200 Million Convertible Senior Notes
Offering, PR Newswire
Nov 2018
Punta Cana International Airport Reports ‘Significant
Improvements’ from SITA’s Biometric eGates, Find Biometrics
Nov 2018
Thales and Nettitude announce teaming agreement to provide
combined threat intelligence and monitoring, Financial IT
Nov 2018
Global Aerospace Floor Panels Market Growth Analysis By Top
Leading Players like Rockwell Collins, Advanced Custom
Manufacturing, EFW, Euro Composites, Avcorp Corporation, Aim
Altitude & more, Algos Online
Nov 2018
Sabre enters agreement to acquire Farelogix, expanding its airline
technology portfolio and accelerating its strategy to deliver next-
generation retailing, distribution and fulfillment capabilities, Seeking
Alpha
Nov 2018 UTC: Collins Merger Still on Track for China OK, AIN Publications
Nov 2018 Immfly opened a new office in Turkey, Travel And Tour World
Nov 2018
Ramco Systems Positioned in Gartner Magic Quadrant for EAM
Software, NCNOnline
Nov 2018
Bangkok Airways Partners With RateGain for its Advanced Airfare
Price Intelligence Solution, PR Newswire
Key Recent News Key Recent News
Nov 2018
EmpowerMX appoints Dan Raynor and Chris Leong to its Board
along with a significant investment from Argentum, Talent4Boards
Nov 2018
RSCC to provide satellite connection on-board aircraft with
Panasonic, Telecompaper
Nov 2018
Rockwell Collins to Update Army CH-47F Chinook Avionics,
ExecutiveBiz
Nov 2018
Thales on course for EU okay for Gemalto 4.8-billion-euro bid -
source, Reuters
Nov 2018
Global Eagle Reports Financial Results for the Third Quarter of
2018, GlobeNewswire
Nov 2018
Per Norén Appointed President of Global Eagle Entertainment Inc.,
GlobeNewswire
Nov 2018
Travelport announces senior appointments to commercial team,
TTG Asia
Nov 2018
Thales Australia’s OneSKY Facility officially opened, Australian
Manufacturing
Nov 2018 Air Canada Airlines is going paperless with TRAX, PR Newswire
Nov 2018 Airshare Opts for Gogo Avance L3 on Phenom 100s, AIN Publications
Nov 2018
SITA acquires MEXIA Interactive to boost airport offering, ETB Travel
News
Nov 2018
Global Payment HSMs Market Report Analysis 2018: Gemalto,
Thales, Utimaco, Atos SE, Yubico, Futurex, JN UNION, JN TASS, Talk
Daily News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
18
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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Investments ($M) and number of rounds in Aviation Software; 2011-2018
Global Funding Trends (1/2)
20
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Aviation Software > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 23% # of Rounds23% $ Funding
6% # of Rounds
111% $ Funding
$21M
$72M $64M
$4M
$27M
$282M
$51M
$257M
$24M
0
2
4
6
8
10
12
14
16
18
20
$0k
$50M
$100M
$150M
$200M
$250M
$300M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

4 2 1 2 9 9 6 2
2
1
4 7
7
6
3
3 3 2 1 2
1
1
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
9
5
Total # of Rounds
$2M $2M
$1M
$2M $11M $6M $1M
$3M
$18M
$148M
$45M
$255M
$21M
$71M $63M $7M
$123M
$700K
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
21
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Aviation Software; 2011-2018
Aviation Software > Investment Trends > Global Funding Trends
7
2
5
14
9
6
2
45
$0.4M
$3.2M
$0.0M
$2.0M
$4.0M
$6.0M
$8.0M
$10.0M
$12.0M
0
5
10
15
20
25
30
35
40
45
50
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
$0.4M $2.2M $2.8M $11.1M $3.2M $2.6M - $3.2M
$70M
$45M
$0K $0K
$255M
$25M
$237M
0
0.5
1
1.5
2
2.5
3
3.5
0
50000000
100000000
150000000
200000000
250000000
300000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
2 1 - - 3 1 2 -
$72M
$21M
Total $ Invested

Aviation Software > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Aviation Software
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Itasca 497M 5
Charlotte 254M 4
Broomfield 223M 3
Toronto 123M 1
Westlake Village 103M 3
Cambridge 100M 1
Los Angeles 82.5M 1
Thiruvananthapu
ram
60M 1
Amherst 55.9M 6
Delhi NCR 50M 1
Total Funding
63
5
2
39
1
3
# Rounds
$1.4B
$123M
$110M
$80.1M
$1M
$287k
US
Canada
India
Europe
Israel
SEA
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.5
$0.8
$1.0 $1.0 $1.4 $0.9 $1.1
2011 2012 2013 2014 2015 2016 2017
$0.0 $0.0
$3.4
$9.0
$18.2
$8.0
$6.0
$0.0 $0.0 $0.0 $0.0
$46.8
$18.4
$118.3
$23.6 $20.9
$0.0 $7.2
$61.4
$0.0 $0.7
Aviation Software > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Aviation Software; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$32K* $5M
$1.1M $50M
$2.6M $170M
$179K $123M
$11.1M
$21.1M
$4.7M
$914K
Series C+
Series B
Series A
Seed
Stage

Note: 61 companies with undisclosed funding amount are not included
24
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
11
21
8
4
6
No. of Companies
Aviation Software > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Aviation Software; as of Nov 2018
Distribution of companies by Funding Range
$3M
$66M
$140M
$248M
$1.3B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
16%
6%
4%
2%
25
Note: Numbers in the brackets show the count of companies
Time to raise
next round
17
26
46
110
708
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
16% 4%
(28)
3%
(23)
- 4%
(28)
81%
(570)
42% 22%
(24)
18%
(20)
- 3%
(3)
55%
(61)
57% 28%
(13)
15%
(7)
- 4%
(2)
39%
(18)
65% 38%
(10)
19%
(5)
- 4%
(1)
31%
(8)
- 41%
(7)
29%
(5)
- 6%
(1)
24%
(4)
Aviation Software > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Aviation Software
Funding Funnel
25 Months
19 Months
39 Months
Investment backedBootstrapped
9
4
52
11
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Aviation Software > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Aviation Software; Nov 2016-Nov 2018
Notable Investments in last 24 months
EARLY STAGE
$170M - Series B Mar 2017
solutions
$66.6M - Series B Feb 2017
solutions
$17.4M - Series B Sep 2018
solutions

Most Active Investors (VC, PE) by Stage in Aviation Software; Last 5 years (Nov 2013-Nov 2018)
Most Active VC & PE Investors
27
Aviation Software > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Right Side Capital Management(2
Investments)
Seer Aerospace, Lean Systems
1
Mainport Innovation Fund
MI Airline
2
Pleiade Venture
Conztanz
3
Caixa Capital Risc
Immfly
4
Advent International
LifeMiles
5
A Plus Finance
Conztanz
6
Pear Ventures
JetInsight
7
Aquiti Gestion
AirInt Services
8
Newion Investments
Nallian
9
Calao Finance
Adaptive Channel
10
EARLY STAGE
Polaris Partners
Boxever
1
Frontline Ventures
Boxever
2
Alter Equity
OpenAirlines
3
RateGain
4
Pleiade Venture
Travelaer
5
Octopus Ventures
Stratajet
6
Playfair Capital
Stratajet
7
Drive Capital
Comply365
8
CapHorn Invest
Deolan
9
JamJar Investments
Stratajet
10
LATE STAGE
Fidus Investment
FDS
1
Radixx
2
HarbourVest Partners
Intelex
3

Aviation Software > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Aviation Software; Last 5 years (Nov 2013-Nov 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
Techstars(2 Investments)
Seer Aerospace, Lean Systems
1
Starburst(2 Investments)
Safety Line, Inflight VR
2
Startupbootcamp
1Ansah
3
NFX
JetInsight
4
Startup Sauna
Falconet
5
JetBlue Technology Ventures
Volantio
6
GnB Accelerator
HaloHola
7
OTHER NOTABLE INVESTORS
Bpifrance(2 Investments)
Safety Line, OpenAirlines
1
Enterprise Angels(2 Investments)
Spidertracks, Merlot
2
Goldman Sachs
Ramco
3
PNC Financial Services Group
ATPCO
4
JMI Management
Intelex
5
Entrepreneur Venture
Travelaer
6
Rabobank
MI Airline
7
British Petroleum
RocketRoute
8
Meritage Funds
SmartSky Networks
9
University of Cambridge
Satavia
10
DEBT INVESTORS
Silicon Valley Bank
Boxever
1
Tikehau Capital
Marlink
2
Golub Capital
Switchfly
3

Aviation Software > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/2)

Aviation Software > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (2/2)

Aviation Software > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
32
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Market Deep Dive

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Join 4000+ people taking sharper decisions with Tracxn
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Oct 2018
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Oct 2018
HRTech
Oct 2018

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Feed Report - Aviation Software - Nov 2018
Marketmap: Aviation Software
34
Aviation Software > Market Details > BlueBox

Key Sub Sectors (1/2)
35
Key Sub Sectors in Aviation Software
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies developing solutions for the various modules of the passenger service system used
by the airlines
Gogo (1991, Itasca, Public)
SmartSky Networks (2011, Charlotte,
$267M)
129 39 $1.4B
Companies developing software for the aviation safety, compliance and document
management
TechPubs Global (2008, Longmont,
Acquired)
32 7 $143M
Aviation Suite
Suite companies that develop aviation solutions for commercial and private airlines, airports,
flying schools, etc.
PACE (1995, Berlin, Acquired)
IBS Software Services (1997,
Thiruvananthapuram, $60M)
39 8 $76.2M
Analytics
Companies developing tools which analyse passenger data, assess flight predictability, etc. to
provi....
PASSUR (1998, Bohemia, Public)
iJet Technologies (2010, Seattle, $24.7M)
33 8 $56M
Companies developing finance and accounting solutions exclusively for the aviation industry
Accelya (1976, Barcelona, Acquired)
25 4 $51M
Companies providing solutions for the non-scheduled operators such as flying clubs, training
schools....
RocketRoute (2009, Farnborough,
Acquired)
Stratajet (2010, London, $13M)
76 8 $14.5M
Flight Operations
Companies developing in-flight software to be used by the crew and on-ground solutions for
operating the flights
Aviobook (2010, Genk, Acquired)
Deolan (2007, Bordeaux, $3.4M)
115 9 $6.6M
MRO Operators
Companies developing solutions for the on-ground Maintenance, Repair and Overhaul teams
Ramco (1997, Chennai, Acquired)
OpenAirlines (2006, Toulouse, $2.3M)
118 12 $4.3M
Aviation Software > Market Details > Key Sub Sectors

Key Sub Sectors (2/2)
36
Key Sub Sectors in Aviation Software
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Cargo Operators
Companies providing software for both commercial and non-commercial cargo operators of
the aircraft
Nallian (2012, Keerbergen, $1.3M)
Champ (1970, Luxembourg)
14 1 $1.3M
HR Management
Companies developing solutions to train and manage the crew, both in-flight and on-ground,
for the airline operators
Peters Software (2000, Cologne, Acquired)
Flight Schedule Pro (2001, Overland Park)
67 5 -
Aviation Software > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/6)
37
Aviation Software > Market Details > Detailed Sector Taxonomy

38

39

40

41

42

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Passenger Service Systems > In-Flight Connectivity and Entertainment
Companies providing solutions for the passengers to access the internet and entertainment such as
browsing, messaging, in-flight movies, television, etc.
(Companies covered 52 | Funded 22 | Total Funding $1.3B)
$255M
(+$166M)
6
(-1)
SmartSky Networks
2
(-)
MRO Operators > Suite
Companies developing a suite of solutions such as maintenance tracking, inventory managenemt, etc.
for the MRO operators
(Companies covered 58 | Funded 8 | Total Funding $3.4M)
$12.3M
(+$11.2M)
4
(+3)
Flightdocs
(2003, Fort Myers)
43
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Aviation Software in last 2 years (November 2016 - October 2018)
Aviation Software > Market Details > Top Markets of Investment Activity

Incubators GnB Accelerator (#1)
Seed Mainport Innovation Fund (#1), Caixa Capital Risc (#1)
Series A/B PAR Capital Management (#1), North Atlantic Capital (#1)
Series C+ Goldman Sachs (#1), Credit Suisse (#1)
Arconics Nov - 2016
Acq by ViaSat
TrueNorth Avionics Oct - 2016
Acq by Satcom Direct
Marlink Jun - 2016
Acq by Apax Partners
Satcom1 Dec - 2015
Acq by Honeywell
FDS Nov - 2014
Acq by Harbert Management
AeroSat Oct - 2013
Acq by Astronics Corporation for $12M
$17.4M - Series B
SmartSky Networks (2011,
Charlotte, $267M)
$700k - PE
FDS (1999, Alpharetta, $7.9M)
Seed
Inflight VR (2014, Munich)
Seed
HaloHola (2015, Jakarta, $150k)
$170M - Series B
Charlotte, $267M)
$66.6M - Series B
Charlotte, $267M)
Nov 2018
Telespazio, Thales Alenia invest in Canada's NorthStar,
Telecompaper
Nov 2018
Nov 2018
Thales and Nettitude announce teaming agreement to
provide combined threat intelligence and monitoring,
Financial IT
Nov 2018
Thales on course for EU okay for Gemalto 4.8-billion-euro
bid - source, Reuters
Nov 2018
Global Eagle Reports Financial Results for the Third Quarter
of 2018, GlobeNewswire
Nov 2018
Thales Australia’s OneSKY Facility officially opened,
Australian Manufacturing
Nov 2018
Airshare Opts for Gogo Avance L3 on Phenom 100s, AIN
Publications
Nov 2018
Global Payment HSMs Market Report Analysis 2018:
Gemalto, Thales, Utimaco, Atos SE, Yubico, Futurex, JN
UNION, JN TASS, Talk Daily News
Nov 2018
Gogo gives back some of earnings gains, seals Airshare deal,
Seeking Alpha
Nov 2018 SportsFix on board AirAsia with ROKKI, Advanced Television
Oct 2018
Thales UK Awarded £93M F-ADAPT Contract to Enhance
Starstreak High Velocity Missile and Lightweight Multirole
Missile Systems, DefPost
Oct 2018
French defence group wins €105 contract in Belfast, The Irish
Times
News
12
7
9
22
52
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Passenger Service Systems > In-Flight Connectivity and Entertainment: Market Factsheet
44
Exits
Recent InvestmentsCompanies providing solutions for
the passengers to access the
internet and entertainment such
as browsing, messaging, in-flight
movies, television, etc.
Gogo
(1991, Itasca, $497M)
SmartSky Networks
Gogo Business Aviation
(1991, Broomfield, $223M)
Row44
(2004, Westlake Village, $103M)
Global Eagle
(2012, Los Angeles, $82.5M)
Top Companies
#1 Top Markets of Investment Activity
Aviation Software > Market Details > Market: In-Flight Connectivity and Entertainment
Companies Created 52 | Funded 22 | Total Funding $1.3B
0
2
4
6
$0k
$100M
$200M
$300M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: In-Flight Connectivity and Entertainment

Passenger Service Systems > In-Flight Connectivity and Entertainment: Top Companies
Analyst’s Pick
Morgan Stanley, JPMorgan, Scotia Capital and 7
Other Investors
solutions
Infrastructure Partners, WP Global Partners
Alliance
provider
Analyst’s Pick
Adaptive Channel (2011, Toulouse, $1.4M)
Entertainment content and IFE solutions provider
Editor's Pick. Stage: Seed
Calao Finance
On-board entertainment streaming content
GnB Accelerator, Fenox Venture Capital
services
management platform
Weather
Analyst’s Pick
Inmarsat (2016, London)
Provider of in-flight entertainment and connectivity
systems.
Editor's Pick. Stage: Unfunded
Zodiac Inflight Innovations (1996, Brea)
In-flight connectivity and entertainment solution
provider

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
46
Passenger Service Systems > In-Flight Connectivity and Entertainment: Leaderboard
Better than Market Average
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Gogo 1991 Itasca Public $497M 8 - 2 - - - 3.1M 4.1k 83 686 20% - -
4.9 Global Eagle 2012 Los Angeles Series B $82.5M 1 - 2 4 5 244 3.1M 2.5k 16 124 5% - -
4.8 Marlink 2002 Lysaker Acquired - 1 - 4 - - 3.2k 63k 344 21 43 14% 198 7%
4.2
SmartSky
Networks
2011 Charlotte Series B $267M 7 4 - - - - - - 13 - - - -
4.1 Immfly 2013 Barcelona Seed $2.7M 1 4 2 - - 1.3k 75k 90 2 32 55% 1 -
4.0
Thales
Group
1893 Paris Public - - - 4 - - 61k 41k 135 211 2 2% 3.1k 5%
3.8 Inflight VR 2014 Munich Seed - 1 - - - 5 441 - - - - - 79 22%
3.7
FLYHT
Aerospace
Solutions
1998 Calgary Public - 13 - - - 3 429 - - 28 - - 10 2%
3.7 AeroSat 1997 Amherst Acquired $55.9M 6 - - - - 10 - - 1 - - 1 11%
3.7
Gogo
Business
Aviation
1991 Broomfield Funded $223M 4 - - - - 2.5k - - 4 - - -176 -7%
3.6 SITAONAIR 2015 Geneva Unfunded - - - 4 - - 1.6k 300k 422 5 - - 302 25%
3.5 MI Airline 2011 Hoofddorp Seed $3M 2 - - - - 391 - - - - - 7 2%
3.2
Satcom
Direct
1997 Melbourne Unfunded - - - 4 - - 2.5k 7k 40 10 - - 47 2%

Incubators Startupbootcamp (#1)
Series A/B Alter Equity (#1), Argentum Group (#1)
SkyTrac Oct - 2017
Acq by Drew Marine
Mxi Technologies Dec - 2016
Acq by Industrial and Financial Systems
(IFS)
ATP Nov - 2015
Acq by ParkerGale
Tapestry Solutions Sep - 2008
Acq by Boeing
Ramco Apr - 2000
IPO'd on NSE
Seed
1Ansah (2012, Sydney)
$1.2M - Series A
$1.1M - Seed
empowerMX (1999, Frisco, $1.1M)
$10M - Series A
Flightdocs (2003, Fort Myers)
$1.1M - Series A
Nov 2018
For Second Year in a Row, Ramco Systems Positioned in
Gartner Magic Quadrant for Enterprise Asset Management
(EAM) Software, PRWeb
Nov 2018
Ramco Systems Positioned in Gartner Magic Quadrant for
EAM Software, NCNOnline
Nov 2018
EmpowerMX appoints Dan Raynor and Chris Leong to its
Board along with a significant investment from Argentum,
Talent4Boards
Nov 2018
Air Canada Airlines is going paperless with TRAX, PR
Newswire
Oct 2018
Boeing wins U.S. Army contract to deploy logistics in Middle
East, Xinhua Finance Agency
Oct 2018
Bank Islam Brunei Darussalam Berhad Goes Live on Ramco
ERP Suite, Corporate Ethos
Oct 2018 MRO software providers team up with Airbus, HeliHub.com
Oct 2018 Ramco Systems bags order from Airbus Helicopters, BTVI
Oct 2018
WinAir Software Dashboards Feature Redesigned Displays,
AIN Publications
Oct 2018
CHC Announces Implementation Of Aircraft Data Solution
With Real-Time HUMS, Aero-News Network
Sep 2018
Seabury Solutions’ Alkym to Support Air Busan and KAEMS,
Business Wire
Sep 2018
Ramco Systems bags order from US firm for 'aviation suite',
Indiatimes
Aug 2018
Microsoft & Ramco Systems announce the launch of Ramco
Global Payroll Software on Microsoft Dynamics 365
leveraging AI capabilities, Core Sector Communique
News
5
-
2
8
58
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
MRO Operators > Suite: Market Factsheet
47
Exits
Recent InvestmentsCompanies developing a suite of
solutions such as maintenance
tracking, inventory managenemt,
etc. for the MRO operators
Ramco
(1997, Chennai)
OpenAirlines
(2006, Toulouse, $2.3M)
empowerMX
(1999, Frisco, $1.1M)
1Ansah
(2012, Sydney)
2MoRO
(2004, Bidart)
Top Companies
Aviation Software > Market Details > Market: Suite
Companies Created 58 | Funded 8 | Total Funding $3.4M
0
1
2
3
$0k
$5M
$10M
$15M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Suite

MRO Operators > Suite: Top Companies
Market: Suite
Analyst’s Pick
HDFC Mutual Fund, Axis Mutual Fund, JOHCM,
Goldman Sachs
Commsoft (1971, Tiptree)
Cloud-based aircraft maintenance solutions
provider

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
49
MRO Operators > Suite: Leaderboard
Better than Market Average
Market: Suite
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 OpenAirlines 2006 Toulouse Series A $2.3M 3 - - - - 1.7k - - 6 - - 361 29%
4.1 Flightdocs 2003 Fort Myers Series A - 1 - - - - 245 - - 4 - - 72 42%
4.0 Ramco 1997 Chennai Acquired - 1 4 4 4 4 4.4k 76k 418 69 104 33% -4519 -51%
3.5
Tapestry
Solutions
1981 San Diego Acquired - - - - - - 213 - - 8 - - 37 21%
3.4 SkyTrac 1986 Kelowna Acquired - - - 4 - - 561 4k 21 5 - - 23 4%
3.1 ATP 1973 Brisbane Acquired - - - 3 - - 336 3k 8 4 1 14% 35 12%
3.0 empowerMX 1999 Frisco Seed $1.1M 1 - - - - 20 - - 4 - - - -
2.7
Component
Control
1986 San Diego Unfunded - - - - - - 841 - - 8 - - 52 7%
2.7
Eagle
Technology
1986 Mequon Unfunded - - - - - - 1.8k 300 - 3 - - 67 4%
2.7 Traxxall 2014 Montreal Unfunded - - - 5 - - 282 300 1 8 - - 14 5%
2.6 Rusada 1987 Vevey Unfunded - - - - - - 1.4k - - 4 - - 72 6%
2.5 Commsoft 1971 Tiptree Unfunded - - - - - 5 454 - - - - - 40 10%
2.5
Mxi
Technologies
1996 Ottawa Acquired - - - - - - 419 - - - - - 6 1%
2.3
Seabury
Solutions
2002 Amsterdam Unfunded - - - - - - 279 - - 3 - - 19 7%
2.2 1Ansah 2012 Sydney Seed - 1 - - - 4 - - - - - - - -

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
50
Notable Acquisitions
Top Acquirers

Public companies (1/2)
52
Performance indicators of public companies in Aviation Software
IPO Date Company
IPO
Mcap
Exchange
Ticker
Sep 2014
$1.9B NYSE:TVPT
Jun 2013
Gogo (1991, Itasca)
$1.4B NASDAQ:GOGO
Apr 2011
Provider of IT solutions for passenger and cargo airline management
$36.5M EURONEXT:ALTTI
Jun 2005
Software platforms and product-enabled solutions for airlines
NSE:MERCATOR
Jun 2001
Operational Management tools for private and government aviation
COL
Apr 2000
NSE:RAMCOSYS
Feb 1998
Simulation and control systems for aviation and defense
$4M ASX:ADA
PASSUR (1998, Bohemia)
Datalex (1985, Dublin)
Aerospace, Space, Ground Transportation, Defence, Security R&D
EPA:HO
Aviation Software > Exit Outlook > Public Companies

Public companies (2/2)
53
Performance indicators of public companies in Aviation Software
IPO Date Company
IPO
Mcap
Exchange
Ticker
Airborne Wireless Network (2016, Simi Valley)
Cloud-based flight information reporting and management platform
CVE:FLY
Bulk liquid asset management for the aviation & defence industry
Provide web based and mobile based channel to streamline airline operations.
AISystems (2005, Kirkland)
Provider of business planning solutions to the airline industry
Aviation Software > Exit Outlook > Public Companies

Notable Acquisitions (1/3)
54
Notable Acquisitions in Aviation Software
Aviation Software > Exit Outlook > Notable Acquisitions
2018 YTD
Acquirer: Sabre Deal: $360M
2017
Acquirer: United Technologies
Deal: $30B
government aviation
Acquirer: The Carlyle Group Deal: $1B
2015
Acquirer: Honeywell
services
Acquirer: Amadeus Deal: $830M
solutions
Acquirer: Ctrip Deal: $160M

55
2013
Acquirer: Astronics Corporation
Deal: $12M
AeroSat (1997, Amherst, $55.9M)
In-flight aircraft satellite connectivity solution
provider
2012
Acquirer: Global Eagle Entertainment
2011
Acquirer: Honeywell Deal: $491M
Acquirer: Google Deal: $700M

56
Before 2008
Acquirer: Blackstone Deal: $4.3B

Most Active Acquirers
57
Aviation Software > Exit Outlook > Most Active Acquirers

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
58
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Aviation Software > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Aviation Software; Last 5 years (Nov 2013 - Oct 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Right Side Capital Management (2 Investments)
Pleiade Venture
Mainport Innovation Fund
Caixa Capital Risc
Advent International
A Plus Finance
Pear Ventures
Aquiti Gestion
Newion Investments
Calao Finance
Motu Ventures
Samurai Ventures
EARLY STAGE
Polaris Partners
Frontline Ventures
Pleiade Venture
Alter Equity
Octopus Ventures
Playfair Capital
Drive Capital
CapHorn Invest
JamJar Investments
WP Global Partners
5square
Sumeru Equity Partners
Growth Capital Partners
Luminate Capital Partners
LATE STAGE
Fidus Investment

Samurai Ventures
61
Portfolio in Aviation Software | Exits | Funds Link | Website | LinkedIn | Twitter
Aviation Software > Investors > Samurai Ventures
People
Investments
Top Exits
Recent News on Fund & Portfolio
Simi Efrati
CEO & President
Geographical Spread Stage of Entry
None
Travelfusion
(2000, London, $500k)
Acq by Ctrip - Jan 2015
2013 2014 2015 2016 2017 2018
Follow On New Investments
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
Europe

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
62
Seed Stage
Early Stage
Late Stage

Polaris Partners
63
Aviation Software > Investors > Polaris Partners
People
Investments
[Soonicorn] Boxever (2011, Dublin, $19M, Series B)
Aviation Software Notable Portfolio
[Unicorn] LegalZoom (2001, Glendale, $266M, Public)
Legal Document Services
[Unicorn] InsideSales (2004, Provo, $251M, Series E)
Cloud based Predictive Lead Management System
[Unicorn] Automattic (2005, San Francisco, $191M, Series C)
Developer of open-source content management system
[Soonicorn] Alector (2013, San Francisco, $214M, Series E)
Developing immuno-modulatory therapies for dementia & other
neurodegenerative disorders.
[Soonicorn] Nanosys (2001, Palo Alto, $189M, Series F)
Develops quantum dots & films for LCD display screens
[Soonicorn] Cardlytics (2008, Atlanta, $178M, Public)
Card-linked marketing for FIs
[Soonicorn] KSQ Therapeutics (2015, Cambridge, $157M,
Series C)
Drug discovery company employing functional genomics technology to
identify novel pathways and targets involved in oncology and immuno-
oncology.
[Soonicorn] Selecta Biosciences (2008, Watertown, $138M,
Public)
Developing nanoparticle immunomodulatory drugs
[Soonicorn] Egnyte (2006, Mountain View, $133M, Series E)
File Sharing for Enterprises
[Soonicorn] Impinj (2000, Seattle, $132M, Public)
RFID solutions for retail, healthcare, consumer electronics and IoT
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Alex Hwang
Co-Founder & CEO
May 2018
airBaltic picks Boxever to personalize customer journey,
Financial News
May 2018
Boxever Continues to Drive Advances in Marketing
Technology for Travel, Business Wire
Feb 2018
Travel firm Boxever reports 65% rise in revenues, The
Irish Times
Nov 2017
Aer Lingus Selects Boxever to Deliver a World-Class
Personalized Customer Experience in the Sky and on the
Ground, Business Wire
Sep 2017
Irish tech firm Boxever looks to raise €6m in funding, The
Irish Times
Aug 2016
How chatbots could have helped Delta Airlines during its
computer outage, VentureBeat
Jan 2016
Boxever raises additional $12M to continue Global
Expansion, Boxever
Jan 2015 Boxever featured in Sunday Times - Boxever, Boxever
Mar 2014
Boxever Announces $6 Million in New Funding Led by
Polaris Partners - Boxever, Boxever
None
11
2013 2014 2015 2016 2017 2018
-
-
-
1
-
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
Europe

64
Aviation Software > Investors > TA Associates Management
Investments
[Soonicorn] RateGain (2004, Noida, $50M, Series A)
Cloud-based solutions for hospitality and travel industry
[Soonicorn] Billdesk (2000, Mumbai, $253M, Series E)
Payment gateway
[Soonicorn] StorageCraft (2003, Draper, $187M, Funded)
Backup solutions for Enterprise, OEM and small businesses
[Soonicorn] Fractal Analytics (2000, San Mateo, $125M, Series
C)
Predictive and advanced Big Data analytics
[Soonicorn] Eagle Test (1976, Buffalo Grove, $95M, Public)
Semiconductor Test Equipment from Teradyne
[Soonicorn] TEOCO (1994, Fairfax, $60M, Funded)
Planning, Assurance, Analytics and optimization solutions provider
[Editor's Pick] Millenium Health Systems (2007, San Diego,
$196M, Funded)
Clinical tools for personalized medicine
Other Notable Portfolio
Top Exits Recent News on Fund & Portfolio
Nov 2018
Bangkok Airways Partners With RateGain for its
Advanced Airfare Price Intelligence Solution, PR Newswire
Nov 2018
Condor Ferries Chooses RateGain for Next-Gen Revenue
Management, PR Newswire
Oct 2018
RateGain and Hotelogix Join Hands to Help Hotels With
Real-Time Distribution, BW Businessworld
Aug 2018
RateGain dances away with acquisition of DHISCO,
ChinaTravelNews
Apr 2018
RateGain Announces “Lightning Refresh” feature on their
Hospitality Rate Shopper Solution, Hospitality Net
Apr 2018
RateGain adds new feature to airline pricing system
AirGain, travolution.com
Nov 2017
RateGain brings real-time, big data intelligence to airline
pricing, Financial News
Oct 2017
Indonesia’s largest hotel chain Archipelago International
Signs RateGain to bolster their Online Distribution ,
Hospitality Net
Oct 2017
Radixx International Appoints John Elieson as President
and CEO , GlobeNewswire
None
1 1
2013 2014 2015 2016 2017 2018
-
1
-
1
-
Undisclosed
Series C+
Series B
Series A
Seed1
1
-
-
-
India
US

Frontline Ventures
65
Aviation Software > Investors > Frontline Ventures

WP Global Partners
66
Aviation Software > Investors > WP Global Partners

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
67
Seed Stage
Early Stage
Late Stage

68
Aviation Software > Investors > TA Associates Management

Fidus Investment
69
Aviation Software > Investors > Fidus Investment

70
Aviation Software > Investors > HarbourVest Partners

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
71
Incubators
Other Notable Investors
Debt Investors

Aviation Software > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Aviation Software; Q3 2013 - Q3 2018
Index of Ecosystem Investors
INCUBATOR
Techstars (2 Investments)
Starburst (2 Investments)
Startupbootcamp
NFX
Startup Sauna
JetBlue Technology Ventures
GnB Accelerator
OTHER NOTABLE INVESTORS
Bpifrance (2 Investments)
Enterprise Angels (2 Investments)
Goldman Sachs
JMI Management
Entrepreneur Venture
Rabobank
British Petroleum
Meritage Funds
University of Cambridge
Argentum Group
HDFC Mutual Fund
Zaz Ventures
Safran
ANA HOLDINGS
DEBT INVESTORS
Silicon Valley Bank
Tikehau Capital
Golub Capital

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
73
Incubators
Debt Investors

Goldman Sachs
74
Aviation Software > Investors > Goldman Sachs
Investments
Nov 2018
Gogo Inc. Announces $200 Million Convertible Senior
Notes Offering, PR Newswire
Nov 2018
Gogo gives back some of earnings gains, seals Airshare
deal, Seeking Alpha
Nov 2018
Gogo Announces Third Quarter 2018 Financial Results,
PR Newswire
Oct 2018
GOL Partners with Gogo for Connected Aircraft Services,
PR Newswire
Oct 2018
Gogo Business Aviation Surpasses 5,000 Systems
Installed, PR Newswire
Oct 2018
Global Inflight Internet System Market Analysis Report
2018- Gogo, Honeywell, ViaSat, Panasonic, Thales,
Rockwell Collins, truthweek.com
Oct 2018
Gogo DASH gives visibility into onboard connectivity
systems for an improved customer experience, PR
Newswire
Sep 2018 Gogo 2Ku Takes Off on Air France, Investing News
Sep 2018 Gogo TV live on 3 airlines, Telecompaper
Sep 2018
Duncan and Gogo Develop Challenger 605 Iridium STC,
AIN Publications
Gogo
(1991, Itasca, $497M)
IPO - Jun 2013
Ramco
(1997, Chennai)
Acq by
1
2013 2014 2015 2016 2017 2018
-
1
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed2
1
-
-
-
US
India

75
Aviation Software > Investors > PNC Financial Services Group
Investments
[Editor's Pick] ATPCO (1965, Dulles, Funded)
Airline Tariff Publishing Company
Oct 2018 NDC Exchange boosted by five new airlines, PhocusWire
Oct 2018
Routehappy Enables Airlines to Supply Their Own
Content, Business Travel News
Sep 2018
ATPCO, SITA and Blockskye to explore blockchain for
airline offer management, PhocusWire
Sep 2018
ATPCO And Blockskye Proof of Concept Explores
Application of Blockchain in Airline Offer Management,
GlobeNewswire
Aug 2018
Air Canada Advances its Product Distribution Capabilities
With NDC Exchange Connection, DirectorsTalk Interviews
Aug 2018
ATPCO Awarded Patent for Cacheless Airline Ticket
Pricing Model, DirectorsTalk Interviews
Mar 2018
ARC Joins NDC Exchange in Partnership with ATPCO and
SITA, Business Wire
Feb 2018
ATPCO buys content tech Routehappy to expand airline
services, PhocusWire
Aug 2017 ATPCO Hires Cvent's Fliess, Business Travel News
Apr 2017
ATPCO and Routehappy sign off flight shopping
partnership, travolution.com
None
1
2013 2014 2015 2016 2017 2018
-
-
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

JMI Management
76
Aviation Software > Investors > JMI Management
Investments
[Soonicorn] Intelex (1992, Toronto, $123M, Funded)
Oct 2018
Global Quality Management Software Market 2018 –
Intelex, IQS Enterprise Quality Managementand
Compliance Software, MasterControl, Quartz QMS,
SafetyChain, Talk Daily News
Aug 2018
Intelex Outlines a Unified EHSQ Strategy for Complex
Environmental Requirements, PR Newswire
Jun 2018
Intelex Technologies Appoints Nicole Radziwill as Quality
Practice Leader, EHSQ Content Strategy, PR Newswire
Jun 2018
Trusted Independent Research Firm Reinforces Intelex's
New EHSQ Alliance Strategy, PR Newswire
May 2018
Intelex Announces the Appointments of Chief People
Officer, Chief Commercial Officer and Vice President,
Brand Strategy & Marketing Communications, PR
Newswire
Apr 2018
Intelex Technologies Recognized as a Best Workplace,
PressReleasePoint
Apr 2018
Intelex Technologies Selects Microsoft Azure to Help
Change Business For Good, PR Newswire
None
1
2013 2014 2015 2016 2017 2018
-
1
-
-
-
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
Canada

British Petroleum
77
Aviation Software > Investors > British Petroleum

Meritage Funds
78
Aviation Software > Investors > Meritage Funds

HDFC Mutual Fund
79
Aviation Software > Investors > HDFC Mutual Fund

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
80
Incubators
Debt Investors

Silicon Valley Bank
81
Aviation Software > Investors > Silicon Valley Bank

Tikehau Capital
82
Aviation Software > Investors > Tikehau Capital

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
83
Recent News

Recent News (1/2)
85
Aviation Software > News > Recent News
Nov 2018
For Second Year in a Row, Ramco Systems Positioned in Gartner
Magic Quadrant for Enterprise Asset Management (EAM) Software,
PRWeb
Nov 2018 Telespazio, Thales Alenia invest in Canada's NorthStar, Telecompaper
Nov 2018
Nov 2018
Punta Cana International Airport Reports ‘Significant
Improvements’ from SITA’s Biometric eGates, Find Biometrics
Nov 2018
Thales and Nettitude announce teaming agreement to provide
combined threat intelligence and monitoring, Financial IT
Nov 2018
Global Aerospace Floor Panels Market Growth Analysis By Top
Leading Players like Rockwell Collins, Advanced Custom
Manufacturing, EFW, Euro Composites, Avcorp Corporation, Aim
Altitude & more, Algos Online
Nov 2018
Sabre enters agreement to acquire Farelogix, expanding its airline
technology portfolio and accelerating its strategy to deliver next-
generation retailing, distribution and fulfillment capabilities, Seeking
Alpha
Nov 2018 UTC: Collins Merger Still on Track for China OK, AIN Publications
Nov 2018
Ramco Systems Positioned in Gartner Magic Quadrant for EAM
Software, NCNOnline
Nov 2018
Bangkok Airways Partners With RateGain for its Advanced Airfare
Price Intelligence Solution, PR Newswire
Nov 2018
EmpowerMX appoints Dan Raynor and Chris Leong to its Board
along with a significant investment from Argentum, Talent4Boards
Nov 2018
RSCC to provide satellite connection on-board aircraft with
Panasonic, Telecompaper
Nov 2018
Rockwell Collins to Update Army CH-47F Chinook Avionics,
ExecutiveBiz
Nov 2018
Thales on course for EU okay for Gemalto 4.8-billion-euro bid -
source, Reuters
Nov 2018
Global Eagle Reports Financial Results for the Third Quarter of
2018, GlobeNewswire
Nov 2018
Per Norén Appointed President of Global Eagle Entertainment Inc.,
GlobeNewswire
Nov 2018
Travelport announces senior appointments to commercial team,
TTG Asia
Nov 2018
Thales Australia’s OneSKY Facility officially opened, Australian
Manufacturing
Nov 2018 Air Canada Airlines is going paperless with TRAX, PR Newswire
Nov 2018 Airshare Opts for Gogo Avance L3 on Phenom 100s, AIN Publications
Nov 2018
SITA acquires MEXIA Interactive to boost airport offering, ETB Travel
News
Nov 2018
Global Payment HSMs Market Report Analysis 2018: Gemalto,
Thales, Utimaco, Atos SE, Yubico, Futurex, JN UNION, JN TASS, Talk
Daily News

Recent News (2/2)
86
Aviation Software > News > Recent News
Nov 2018
Gogo gives back some of earnings gains, seals Airshare deal, Seeking
Alpha
Nov 2018
Global Solid-State Power Amplifiers Market Report Analysis 2018:
Beverly Microwave Division, Thales Alenia Space, Qorvo, Talk Daily
News
Nov 2018 Gogo Announces Third Quarter 2018 Financial Results, PR Newswire
Nov 2018
Global Aerospace Floor Panels Market Insights 2018: Rockwell
Collins Inc., Zodiac Aerospace, Triumph Group Inc., truthweek.com
Nov 2018
Condor Ferries Chooses RateGain for Next-Gen Revenue
Management, PR Newswire
Nov 2018
Ultra Electronics Sell Non-Core Airport Systems Unit For GBP22
Million, Morningstar
Nov 2018
Beyond Air helps Travelport through "challenging" quarter,
PhocusWire
Nov 2018 SportsFix on board AirAsia with ROKKI, Advanced Television
Nov 2018
Airborne Wireless Network Announces Completion of its
Preliminary Software Platform, PR Newswire
Oct 2018
Rockwell Collins Announces Executive Changes in Interior Systems,
Information Management Services Businesses, Business Wire
Oct 2018
Global In-Vehicle Digital Mobile Radio Market 2018 By Competitors:
Harris Corporation, Motorola Solutions, Simoco, Raytheon
Company, Thales SA, truthweek.com
Oct 2018
Global Hand Portable Digital Mobile Radio Market 2018 By
Competitors: Motorola Solutions, Thales SA, RELM Wireless
Corporation, Hytera Communications, truthweek.com
Oct 2018
Component Control Announces Mobile Imaging App Now Available
for Quantum ERP, PRWeb
Oct 2018
UDAN Scheme Set to Gain Traction as TruJet Partners With IBS
Software, PR Newswire
Oct 2018
Global Industrial Inertial Systems Market Analysis Report 2018-
Northrop Grumman, Honeywell, Sagem, Rockwell Collins, Thales,
Talk Daily News
Oct 2018
Global Small Satellite Market Analysis Report 2018- Airbus Defense
and Space, Thales Group, ST Engineering, Talk Daily News
Oct 2018
Thales UK Awarded £93M F-ADAPT Contract to Enhance Starstreak
High Velocity Missile and Lightweight Multirole Missile Systems,
DefPost
Oct 2018
GOL Partners with Gogo for Connected Aircraft Services, PR
Newswire
Oct 2018
Southwest Airlines Continues Content Distribution Partnership
With Travelport, ETB Travel News
Oct 2018
Scandinavian Airlines and Datalex Partner on Multi-Year Digital
Retailing Transformation Programme, Business Wire
Oct 2018 French defence group wins €105 contract in Belfast, The Irish Times
Oct 2018
ESA Partners with Thales Alenia Space for Galileo Ground Mission &
Security Facility Operations, EverythingRF

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
87
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
89
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Angel Funded
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
DeadPooled
Investors Acquirers
Unicorn Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
Aviation Software > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in Aviation Software
Index of Top companies by Market (1/11)
90
Aviation Software > Appendix > Index of Top companies by Market
Aviation Suite
Aviation Suite
IBS Software Services (1997,
Thiruvananthapuram, $60M)
IT solutions for travel, transport and logistics
Minicorn. Stage: Funded
General Atlantic, KKR
government aviation
Unicorn. Stage: Acquired
ValueAct Capital
SITA (1949, Cointrin)
Software suite for the aviation industry
Hitit Computer Services (1994, Istanbul)
Passenger Sales Service and Operation Planning
solution for airline operator
Aviation Suite
Provide web based and mobile based channel to
streamline airline operations.
IPO Date - IPO Mcap -
- -
Flight Operations
Electronic Flight Bag
AeroclAPP (2016, Madrid)
App-based EFB solution
Aviobook (2010, Genk)
Operation Control Suite for airline operators and
pilots
Dynamic Source (2009, Stockholm)
Operation management suite for airlines
Nav Flight Services (1992, Prague)
Flight planning solutions provider

91
Flight Operations
Flight Scheduling
Optym (2000, Gainesville)
Scheduling solutions provider for airlines, rail and
truck operators
MRO Operators
Suite
HDFC Mutual Fund, Axis Mutual Fund, JOHCM and 1
Other Investors
Commsoft (1971, Tiptree)
Cloud-based aircraft maintenance solutions
provider
FBO Solutions
QT Technologies (1984, Dallas)
Fuel management & automation solutions for the
aviation industry
Editor's Pick. Stage: Funded
JDJ Investments
X-1FBO (2016, Coral Gables)
Cloud-based software solutions provider for FBO
operators
Bulk liquid asset management for the aviation &
defence industry
- -

92
Cargo Operators
Cargo Management
Nallian (2012, Keerbergen, $1.3M)
Collaborative cargo management solution to
airlines
Newion Investments
Suite
IPO Date Sep 2014 IPO Mcap $1.9B
NYSE TVPT
Airlines Technology (2015, Gurgaon)
Enterprise solution focussed on NDC
implementation and aggregation for airlines
industry
FarthCrs (2000, Athens)
Reservation management tool
Ticko (2018, Bertrange)
Blockchain-based airline ticketing and passenger
service system
Vedaleon (2003, Melbourne)
PSS and e-commerce solution for aviation industry
Suite
Software platforms and product-enabled solutions
for airlines
Stage: Acquired
solutions
Stage: Acquired
Provider of IT solutions for passenger and cargo
airline management
IPO Date Apr 2011 IPO Mcap $36.5M
EURONEXT ALTTI

93
Battery Ventures, General Catalyst Partners, PAR
Capital Management and 2 Other Investors
Switchfly (2003, San Francisco, $34.8M)
SaaS based travel-commerce and loyalty platform
Soonicorn. Stage: Series C
Golub Capital, Thayer Ventures, Azure Capital
Partners and 7 Other Investors
Datalex (1985, Dublin, $6.6M)
- -
Sandler Capital
Volantio (2014, Atlanta, $3.4M)
AI-enabled inventory optimization and e-commerce
solutions for airlines
Editor's Pick. Stage: Series B
Ingleside Investors, International Airlines Group,
JetBlue Technology Ventures and 3 Other Investors
Stage: Acquired
Samurai Ventures
JR Technologies (2002, Athens)
New Distribution Capability Solutions
Paxport (1994, Stockholm)
Merchandising and Distribution Solution
Innovations Kapital
Reservation Management
Air Black Box (2012, London)
Provider of collaborative interlining booking
systems
Editor's Pick. Stage: Series A
Cebu Pacific Air, ANA HOLDINGS
CodeGen (1999, London)
Airline reservation management
Reservations Gateway (2001, Colombo)
Reservation management and internet booking
solution

94
IPO Date Jun 2013 IPO Mcap $1.4B
NASDAQ GOGO
solutions
Infrastructure Partners and 1 Other Investors
Alliance
provider
AeroSat (1997, Amherst, $55.9M)
In-flight aircraft satellite connectivity solution
provider
Stage: Acquired
PAR Capital Management, AE Industrial Partners,
CAI Capital Management and 3 Other Investors
Adaptive Channel (2011, Toulouse, $1.4M)
Entertainment content and IFE solutions provider
Calao Finance
On-board entertainment streaming content
GnB Accelerator, Fenox Venture Capital
services
management platform
CVE FLY
Inmarsat (2016, London)
Provider of in-flight entertainment and connectivity
systems.

95
Zodiac Inflight Innovations (1996, Brea)
In-flight connectivity and entertainment solution
provider
Airborne Wireless Network (2016, Simi
Valley)
- -
Aerospace, Space, Ground Transportation, Defence,
Security R&D
EPA HO
HR Management
Crew Management
Blue One Software (2001, Brussels)
Integrated operation management suite for the
aviation industry
UTWiz (2015, Whitestone)
App-based crew transportation solutions for the
aviation industry
Training School Solutions
AerX Labs (2015, Bangalore)
Aviation simulators and training providers
AirwaySim (2009, Vantaa)
Web-based simulation tools for aviation training
purposes

96
Revenue Management
Cloud-based solutions for hospitality and travel
industry
Soonicorn. Stage: Series A
ATPCO (1965, Dulles)
Airline Tariff Publishing Company
Infare (2000, Copenhagen)
Airfare Intelligence Tools
Maureva (2004, Ebene City)
Passenger and Cargo Revenue Accounting Solutions
for Airlines
Airnguru (2015, Santiago)
Pricing Intelligence platform for airline operator
Compliance Management
Soonicorn. Stage: Funded
JMI Management, HarbourVest Partners
Analytics
Passenger Insights
Boxever (2011, Dublin, $19M)
Polaris Partners, Frontline Ventures, Silicon Valley
Bank and 5 Other Investors
Airport Analytics (2015, Bangalore)
Analytics and BI solution for airports

97
Analytics
iJet Technologies (2010, Seattle, $24.7M)
Aviation operational data & analytics solutions
PASSUR (1998, Bohemia, $10M)
- -
Airline Data (1987, Dallas)
Analytics solutions for the aviation industry
Merlot (2008, Auckland)
Operation planning and crew management suite for
airlines operator
Enterprise Angels
ZestIot (2017, Gurgaon)
IoT- and AI-enabled solutions for asset tracking and
passenger management applications in aviation
industry
Predictive Maintenance
Predictive Aviation (2015, Albuquerque)
Aircraft component failure analysis tool

98
Scheduling Management
EFLIGHT (2014, Bangalore)
Cloud-based solution for flight planning for pilots
Airbus BizLab
Charter Reservation
Stratajet (2010, London, $13M)
Marketplace for private jets and empty legs
Editor's Pick. Stage: Series A
Octopus Ventures, Playfair Capital, JamJar
Investments and 1 Other Investors
JDM Charter Systems (2009, Westfield)
Online marketplace for charter reservation
Airport
Suite
Montagu Private Equity, CPP Investment Board
Airport 20/20 (2015, Orlando)
Airport management suite
InterSystems (1970, Brisbane)
Operation management suite for airport operators
RESA (1991, La Boissiere-des-landes)
Airport management suite
Ultra-electronics (2016, Wythenshawe)
Passenger and operational management suite for
airports

99
Airport
Suite
Amorph Systems (2013, Stuttgart)
IT solutions provider for various organizations
Zaz Ventures
BEONTRA (2001, Karlsruhe)
Capacity and revenue planning tool
TopSystem (1995, Wurselen)
Airport management and ground handling software
suite
ATC Software
AviBit (2001, Graz)
Air traffic control solutions
ACAMS (2001, Oslo)
Integrated Airport tower control system
Simulation and control systems for aviation and
defense
IPO Date Feb 1998 IPO Mcap $4M
ASX ADA
Airtopsoft (2006, Brussels)
Provider of airport and airspace modeling solutions
Comsoft Solutions (2016, Karlsruhe)
Air Traffic Control System
ATC Software
Copperchase (1990, Cramlington)
ATC Communications and Data Management
Systems
Saipher (1994, Sao Jose Dos Campos)
Air traffic control and management software
solution
SkySoft (2001, Geneva)
Air Traffic Control and Management Software

100
Airport
Airfield Software
Team Eagle (1997, Campbellford)
Airport Operation management suite
Passenger Management
AviaVox (2003, Hoofddorp)
Artificial Voice Systems for Airports and Airlines
Qmetrix (2001, Vienna)
Passenger management solution for airports and
airlines
Simple Way (2005, Prague)
Unified passenger information platform
Revenue Management
Airport Digital (2016, Denver)
Cloud-based customer support and marketing
solutions for airports
Concessionaire Analyzer (2011, Luqa)
Revenue Management solution for Airports and
Malls.

Funded Deadpooled Companies
101
Excludes all details for Chinese companies
Aviation Software > Appendix > Funded Deadpooled Companies
View all 29 Deadpooled companies on Tracxn Platform
Funding Company Location
$15M Lumexis Costa Mesa
AISystems Kirkland
Carmen Systems Gothenburg
FlyteComm Plano
Index of Deadpooled companies in Aviation Software

Gaurav Jain
Manager - Sector Specialist
Team
102
For research queries write to us at myanalyst@tracxn.com
Princi Malhan
Sector Specialist

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