TECHNOLOGY MEDIA TELECOM - PDF document

1 TECHNOLOGY, MEDIA & TELECOM PAGE | 1 SU
TECHNOLOGY, MEDIA & TELECOM PAGE | 1 SUPPLY CHAIN AND LOGISTICS TECHNOLOGY SECTOR REVIEW | 1Q 2020 Technology Group Industrial Software Sector Review | Q1 2021 has been acquired by HW Industrial Software Introduction SELECT HW INDUSTRIAL SOFTWARE EXPERIENCE 2 Julien Oussadon Managing Director joussadon@harriswilliams.com Office: +44 20 7518 8909 Andy Leed Director aleed@harriswilliams.com Office: +1 415 - 217 - 3240 Erik Szyndlar Managing Director eszyndlar@harriswilliams.com Office: +1 415 - 217 - 3418 Eric Logue Managing Director elogue@harriswilliams.com Office: +1 804 - 915 - 6015 Giles Tucker Managing Director gtucker@harriswilliams.com Office: +1 804 - 887 - 6145 John Arendale Managing Director jarendale@harriswilliams.com Office: +1 804 - 915 - 0126 TECHNOLOGY HW INDUSTRIAL SOFTWARE TEAM INDUSTRIALS has received a majority investment from has been acquired by has been acquired by Jeff Perkins Managing Director jperkins@harriswilliams.com Office: +49 69 3650638 13 HW TECHNOLOGY GROUP HARRIS WILLIAMS (“HW”) • 25+ years and more than 1,000 closed transactions • 350+ professionals across eight offices globally • 170+ closed transactions in the last 24 months • 10 industry groups • 35+ dedicated Technology professionals • Technology offices include Boston, San Francisco, and London FOCUSED ADVISORY SERVICES • Mergers and acquisitions (M&A) • Capital raises • Corporate divestitures VERTICAL FOCUS SECTORS • Archi

2 tecture, Engineering, and Construction S
tecture, Engineering, and Construction Software • Education Technology and Services • Energy Technology • Facilities and Real Estate Software • Financial Technology and Payments • Government Technology • Healthcare IT • Industrial Software • eCommerce and Retail Technology • Supply Chain and Logistics Technology HORIZONTAL FOCUS SECTORS • Application Software • Cloud Managed Services and Hosting Solutions • Compliance Solutions • CRM and Marketing Automation • Human Capital Management • Infrastructure and Security Software • IT and Tech - Enabled Services • Marketing, Research, and Insights Software KEY TECHNOLOGY THEMES ✓ SaaS / Cloud ✓ Data & Analytics ✓ Digital Transformation ✓ AI / Machine Learning CONSISTENT RECOGNITION FOR QUALITY has been acquired by has acquired has been acquired by has been acquired by has acquired pending Industrial Software Market Overview INDUSTRIAL SOFTWARE INDUSTRIAL TECHNOLOGY / MACHINES INDUSTRY CONVERGENCE DRIVING INNOVATION 1,2 RAPIDLY GROWING DEMAND 3 INDUSTRY TRENDS 1,2 • Digital transformation is underway as product life cycles are becoming increasingly complex and organizations seek to enhance agility, integration, and real - time visibility across their global supply chains and multisite production operations • The global Industrial IoT ( IIoT ) market is expected to reach $124B by 2021, growing at a CAGR of more than 7%, driven by the emergence of 5G connectivity

3 , improved operational efficiency, impro
, improved operational efficiency, improved productivity, creation of new business opportunities, reduction in downtime, and optimization of asset utilization INDUSTRIAL AUTOMATION PRODUCTION AND QUALITY EFFICIENCIES TRANSPARENCY AND REGULATORY COMPLIANCE SUPPLY CHAIN OPTIMIZATION ✓ Automation Systems ✓ Equipment and Machinery ✓ Control / Vision Systems ✓ Robotics ✓ Sensors ✓ Computer - Aided Design ✓ Enterprise Asset Management ✓ Enterprise Resource Planning ✓ Manufacturing Execution System ✓ Product Life Cycle Management ✓ Quality Management ✓ Supply Chain Management REAL - TIME I NSIGHTS IIoT MANUFACTURING DATA MANUFACTURING DATA 3 • Market for industrial software is expected to grow 30% over the next four years $43B $56B 2020 2024 30%+ GROWTH 5G Endpoint Installed Base by 2023 48M+ IIoT Devices Worldwide by 2025 41B+ Key Themes in Industrial Software Market 4 • The emergence of Industrial IoT Platform - as - a - Service (PaaS) that connects machines, data, and people to drive unconventional growth through new revenue streams, hybrid business models, and enhanced product innovation • Accelerating adoption of cloud - based solutions capable of delivering real - time information and connecting plants across geographies without the costs and complexities of managing robust technology infrastructure • 5G and ultra - broadband can ensure seamless vertical, horizontal, and cross - geographic integration across

4 the value chain IIoT & CONNECTIVITY: DAT
the value chain IIoT & CONNECTIVITY: DATA VISUALIZATION : • Improvements in 3 - D visualization, augmented reality, and virtual reality enable product designers and manufacturing engineers to more easily digest complex information • Visualization via a digital twin (an interactive, working, and digital representation of the physical asset) helps companies simulate repairs, enabling safe practices and training ahead of site visits REMOTE MONITORING AND ASSET PERFORMANCE: • Heightened geopolitical tension and increasing competition making quality and speed - to - market strategic imperatives, forcing manufacturers to track, assess, manage, and optimize asset quality and reliability • IoT, AI, and analytics are enhancing equipment maintenance practices to reduce unplanned downtime, extend equipment life cycles, and improve product quality and safety performance KEY THEMES WE’RE FOLLOWING KEY INDUSTRIAL SOFTWARE MARKETS DESIGN & ENGINEERING U.S. Market Size: 4 $12.3B+ MANUFACTURING & OPERATIONS U.S. Market Size: 5 $9.9B+ MAINTENANCE & SERVICE U.S. Market Size: 1 $1.9B+ acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by Increasing M&A Momentum Across the Industrial Software Market HW TRANSACTION SELECT NOTABLE INDUSTRIAL S

5 OFTWARE M&A ACTIVITY NOTABLE INDUSTRY CO
OFTWARE M&A ACTIVITY NOTABLE INDUSTRY CONSOLIDATORS 5 Note: Logos are representative of M&A participants and not comprehensive. acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by acquired by 2019 acquired by acquired by acquired by acquired by 2020 investment from acquired by acquired by acquired by 2021 acquired by acquired by acquired by Notable Q1 2021 Industrial Software Transactions 6 Hg Capital’s Pending Strategic Investment in Trackunit • Trackunit is a provider of SaaS - based IoT solutions and machine insights to the global construction equipment industry • Trackunit collects and analyzes machine data in real time to deliver actionable, proactive, and predictive information, empowering cust om ers with data - driven foresight to help eliminate downtime • Hg’s experience and focus on scaling leading SaaS companies provides Trackunit with a knowledgeable partner to support the next phase of growth through consolidation and sales channel development Vista Equity Partners’ Pending Strategic Growth Investment in ARCOS • ARCOS is a provider of resource management software for utilities, airlines, and other critical infrastructure industries • ARCOS’s technology enables the largest utilities and airlines to better manage their crews and resources, especially in unpla nne d scenarios where resources are needed on short notice • ARCOS and

6 Vista will partner to accelerate invest
Vista will partner to accelerate investment in hiring, continue driving innovation in its core products, and expand it s suite of offerings – to better address the resource management challenges of utilities and other critical infrastructure industries Lectra’s Pending Acquisition of Gerber Technology • Gerber Technology is a provider of software solutions that enable apparel and industrial customers to improve their manufactu rin g and design processes and more efficiently manage a connected supply chain, supporting functions from product development and prod uct ion to final delivery to the end customer • The strategic combination of Gerber Technology and Lectra will enable the combined entity to quickly meet changing customer needs and deliver even more value through seamlessly integrated solutions • Consolidating the two companies’ research and development capabilities will enable the combined entity to accelerate developm ent of Industry 4.0 technologies and help its expanded customer base seize the full potential of these innovations Teledyne Technologies’ Acquisition of FLIR Systems • FLIR Systems is a provider of innovative sensing solutions for a diverse set of applications across the government and defens e, industrial, and commercial end markets • FLIR Systems offers a diversified portfolio of products and solutions, including thermal imaging, visible - light imaging, video a nalytics, measurement and diagnostic, a

7 s well as advanced threat detection syst
s well as advanced threat detection systems that support first responders and military personnel , p romote efficiency within the trades, and innovate consumer - facing technologies • Together, Teledyne and FLIR will offer a complementary portfolio of sensory technologies for all key domains and applications ac ross a global customer base Autodesk’s Acquisition of Innovyze • Innovyze is a provider of smart water infrastructure modeling, simulation, and predictive technologies • Innovyze’s modeling, simulation, asset performance management, and operational analytics solutions enable more cost - effective water distribution and collection infrastructure, more sustainably designed drainage systems, and centralization of infrastructure ass et visibility to optimize capital and operational expenses • The acquisition positions Autodesk as a leading global provider of end - to - end digital solutions from design to operations of wat er infrastructure, accelerates Autodesk’s digital twin strategy, and creates a clearer path to a more sustainable and digitized wat er industry 6 Announced: March 24, 2021 Announced: March 17, 2021 Announced: February 8, 2021 Completed: January 4, 2021 Completed: March 31, 2021 Enterprise Value: $1.0B Enterprise Value: $357M Enterprise Value: $8.3B EV / LTM Revenue: 4.2x EV / LTM EBITDA: 17.1x Industrial Software Landscape – Incumbents DIVERSIFIED DIVERSIFIED INDUSTRIAL TECH INDUSTRIAL SOFTWARE MULTI - VERT

8 ICAL APPLICATIONS DESIGN & ENGINEERING (
ICAL APPLICATIONS DESIGN & ENGINEERING (PLM, CAD, CAE, CAM, SIMULATION) 7 GEOSPATIAL EHS IIOT SECURITY & DATA SENSORS ROBOTICS MANUFACTURING & OPERATIONS (MES, MOM, QMS) MAINTENANCE & SERVICES (EAM, ASSET TRACKING, SLM, FACILITY MGMT.) SUPPLY CHAIN & LOGISTICS ERP INDUSTRIAL 4.0 SOLUTIONS INDUSTRIAL AUTOMATION IIOT ENABLEMENT PLATFORMS CONNECTIVITY INDUSTRIAL AUTOMATION / SYSTEM INTEGRATION 3D PRINTING DRONES GEOSPATIAL LOCATION INTELLIGENCE To receive the latest Industrial Software market maps, please contact HW at TMT_IndustrialSoftware@harriswilliams.com DIVERSIFIED GEOSPATIAL EHS IIOT SECURITY & DATA SENSORS ROBOTICS MULTI - VERTICAL APPLICATIONS DESIGN & ENGINEERING (PLM, CAD, CAE, CAM, SIMULATION) MANUFACTURING & OPERATIONS (MES, MOM, QMS) MAINTENANCE & SERVICES (EAM, ASSET TRACKING, SLM, FACILITY MGMT. ) SUPPLY CHAIN & LOGISTICS ERP INDUSTRIAL 4.0 SOLUTIONS INDUSTRIAL AUTOMATION IIOT ENABLEMENT PLATFORMS CONNECTIVITY INDUSTRIAL AUTOMATION / SYSTEM INTEGRATION 3D PRINTING DRONES GEOSPATIAL LOCATION INTELLIGENCE Industrial Software Landscape – Emerging Players 8 To receive the latest Industrial Software market maps, please contact HW at TMT_IndustrialSoftware@harriswilliams.com Industrial Software Landscape – Vertical - Specific Players AUTOMOTIVE & TRANSPORTATION ENERGY & UTILITIES DURABLE GOODS & PACKAGING HEALTHCARE FOOD & BEVERAGE SMART CITIES AEC LIFE SCIENCES & PHARMA WATER AEROSPACE

9 AGRICULTURE 9 DIVERSIFIED PLATFORMS To
AGRICULTURE 9 DIVERSIFIED PLATFORMS To receive the latest Industrial Software market maps, please contact HW at TMT_IndustrialSoftware@harriswilliams.com KEY PUBLIC COMPANIES 2021E TRADING METRICS INDUSTRIAL SOFTWARE INDEXED STOCK PERFORMANCE 16.0x 9.7x 1.8x 42.8x 29.5x 12.0x EV / 2021E Revenue EV / 2021E EBITDA KEY PUBLIC COMPANIES 2021E TRADING METRICS DIVERSIFIED INDUSTRIALS INDEXED STOCK PERFORMANCE 14.7x 3.2x 0.7x EV / 2021E Revenue EV / 2021E EBITDA 44.9x 16.6x 12.6x Industrial Software Public Market Observations 6 Min Max Median Legend 10 As of March 31 , 2021. 150.4% 199.9% 50.0% 100.0% 150.0% 200.0% 250.0% S&P 500 Industrial Software 150.4% 135.2% 50.0% 100.0% 150.0% 200.0% 250.0% S&P 500 Diversified Industrials Industrial Software Market Valuations 6 11 As of March 31 , 2021. Case Study: Xirgo HW advised Xirgo , a portfolio company of HKW, on its sale to Sensata Technologies. Xirgo is a leading global provider of innovative, full - featured, customizable wireless IoT communication devices and software solutions. An expansive product line facilitates best - in - class solutions for an array of end markets and applications. With comprehensive in - house engineering and software capabilities in all key development disciplines, Xirgo consistently delivers compelling solutions to companies searching for ways to become more competitive, improve operational efficiencies, and unlock new revenue streams. The acquisition of Xirgo meani

10 ngfully advances Sensata’s Smart & Co
ngfully advances Sensata’s Smart & Connected megatrend - focused growth initiative for transportation and logistics end markets. Xirgo brings complementary capabilities and accelerates Sensata’s strategy to expand beyond OEMs and address the broader fleet ecosystem, including telematics service providers, fleet management solution providers, and fleet operators themselves. Sensata is a leading industrial technology company that develops sensors, sensor - based solutions, including controllers and software, and other mission - critical products that address complex engineering requirements in the automotive, heavy vehicle and off - road, industrial, and aerospace industries. 12 GILES TUCKER Managing Director gtucker@harriswilliams.com 804 - 887 - 6145 CHRIS TOUSSAINT Vice President ctoussaint@harriswilliams.com 804 - 887 - 6167 TRANSACTION OVERVIEW a portfolio company of has been acquired by INDUSTRIAL TECHNOLOGY CONNECTIVITY & SENSORS AUTOMOTIVE & TRANSPORTATION RELEVANT SUB - SECTORS HW DEAL CONTACTS ANDY LEED Director aleed@harriswilliams.com 415 - 217 - 3420 ERIC LOGUE Managing Director elogue@harriswilliams.com 804 - 915 - 6015 Case Study: ComplyWorks HW’s Technology Group advised Veriforce , a portfolio company of Thoma Bravo, on its acquisition of ComplyWorks . Veriforce is a recognized leader in delivering comprehensive, integrated supply chain risk management solutions that help bring workers home safely and optimize bus

11 iness performance. The Company’s SaaS
iness performance. The Company’s SaaS safety and compliance software and solutions empower leading organizations to drive safety and compliance into their supply chains, and down to the worker level. The acquisition of ComplyWorks is an important milestone for Veriforce , as it strengthens its commitment to helping companies navigate complex safety and regulatory environments to better protect their supply chains. The combined company creates a global platform of technology and services, empowering more than 800 companies in 120 countries to engage an estimated 50,000 contractors and millions of individual workers in a broad spectrum of risk mitigation practices designed to ensure safe, compliant business operations. ComplyWorks is a global leader in compliance management. The Company’s web - based solutions cover the entire compliance life cycle, from contractor management to workforce management, worksite management, and payment. 13 ERIK SZYNDLAR Managing Director eszyndlar@harriswilliams.com 415 - 217 - 3418 BRIAN TITTERINGTON Director btitterington@harriswilliams.com 415 - 217 - 3425 TRANSACTION OVERVIEW a portfolio company of has acquired SUPPLY CHAIN RISK MANAGEMENT EHS ENERGY RELEVANT SUB - SECTORS HW DEAL CONTACTS Case Study: Flightdocs HW’s Technology Group advised TC, a portfolio company of ParkerGale , on its acquisition of Flightdocs . HW DEAL CONTACTS AVIATION SOFTWARE MAINTENANCE & SERVICES SAFETY a portfolio company

12 of has acquired Flightdocs is one of the
of has acquired Flightdocs is one of the largest providers of aircraft maintenance tracking and inventory management solutions within business aviation, delivering mission - critical enterprise - grade aviation software to ~1,000 customers worldwide. The Company’s solutions include maintenance tracking, inventory management, and flight operations, which alleviate flight disrupters and add control and efficiency to the process, ensuring safety for flight departments. ATP’s acquisition of Flightdocs creates one of the largest providers of software solutions and information services within the aviation industry that will support 75,000 maintenance professionals across more than 7,500 customers in 137 countries. The combined company will provide a comprehensive range of technical publications, troubleshooting, diagnostics, and maintenance workflow solutions under one umbrella. Post - acquisition, ATP will continue to focus on developing its end - to - end platform for the aviation industry, utilizing its large installed base of subscription customers for additional upsell and cross - sell opportunities. TRANSACTION OVERVIEW 14 CHRISTOPHER SMITH Director csmith@harriswilliams.com 804 - 932 - 1383 JAKE LIN Vice President jlin@harriswilliams.com 415 - 217 - 3447 ERIK SZYNDLAR Managing Director eszyndlar@harriswilliams.com 415 - 217 - 3418 RELEVANT SUB - SECTORS Case Study: Iptor HW’s Technology Group advised Iptor Supply Chain Systems, a portf

13 olio company of Marlin Equity Partners,
olio company of Marlin Equity Partners, on its sale to Bregal Unternehmerkapital . THIERRY MONJAUZE Managing Director tmonjauze@harriswilliams.com +44 20 7518 8901 HW DEAL CONTACTS a portfolio company of has been acquired by Iptor Supply Chain Systems is a global leader in supply chain management, planning, and logistics software and services. The Company helps distribution - focused organizations solve their most complex order management and fulfillment challenges within fast - moving, multichannel, and global supply chains. Serving 1,250 customers with 4,000 installations in more than 40 countries, Iptor provides fully integrated enterprise solutions, with highly adaptable and robust software backed by world - class support from supply chain experts. With a flexible, cloud - based platform, Iptor offers a compelling value proposition to clients across the distribution, 3PL, and publishing sectors. Bregal Unternehmerkapital identifies companies with strong management teams that are regarded as market leaders or “hidden champions” in their particular segments . Flexible financing and transaction structures enable it to acquire both minority and majority stakes. Bregal Unternehmerkapital aims to help companies achieve a sustained improvement in sales and profitability, and provides it them with capital, proven financial expertise, and access to a broad network of entrepreneurs and industry experts. ANDY LEED Director aleed@harriswil

14 liams.com 415 - 217 - 3420 TRANSACTION O
liams.com 415 - 217 - 3420 TRANSACTION OVERVIEW WAREHOUSE MANAGEMENT SYSTEMS DIGITAL SUPPLY CHAIN COLLABORATION INDUSTRIAL SOFTWARE RELEVANT SUB - SECTORS MATTHEW TSUI Vice President mtsui@harriswilliams.com +44 20 7518 8926 15 SYLVAIN NOBLET Director snoblet@harriswilliams.com +44 20 7518 8917 Case Study: IQMS Software HW’s Technology Group advised IQMS, a portfolio company of Technology Crossover Dentures and Aanneker Partners, on its sale to Dassault Systèmes . ANDY LEED Director aleed@harriswilliams.com 415 - 217 - 3420 EXECUTION SYSTEMS QUALITY MANAGEMENT SOFTWARE INDUSTRIAL IOT a portfolio company of has been acquired by IQMS is a leading provider of fully integrated manufacturing and supply chain software solutions that manage, optimize, and automate production operations and back - office workflows for manufacturers across diverse end markets globally. Through its comprehensive manufacturing execution system (MES) and enterprise resource planning (ERP) software platform, IQMS’s solutions provide manufacturers with a comprehensive end - to - end suite that provides real - time visibility and actionable insights throughout the manufacturing life cycle. IQMS serves over 1,000 long - standing customers across diverse end markets, including automotive, medical, packaging, consumer goods, electronics, and aerospace and defense, in a growing $35 billion global market. Post - acquisition, Dassault Syst è mes will help IQMS expand it

15 s customer base by leveraging the prese
s customer base by leveraging the presence in the mid - market space established through Dassault’s SOLIDWORKS applications, which are delivered and supported by the Company’s Professional Solutions global partner channel. AND THIERRY MONJAUZE Managing Director tmonjauze@harriswilliams.com +44 20 7518 8901 ERIK SZYNDLAR Managing Director eszyndlar@harriswilliams.com 415 - 217 - 3418 16 HW DEAL CONTACTS TRANSACTION OVERVIEW RELEVANT SUB - SECTORS Case Study: ComputerEase HW’s Technology Group advised ComputerEase on its sale to Deltek , a subsidiary of Roper Technologies. SCOTT REINIG Director sreinig@harriswilliams.com 617 - 654 - 2113 PROJECT MANAGEMENT FIELD SERVICE MANAGEMENT ARCHITECTURE, ENGINEERING, AND CONSTRUCTION SOFTWARE has been acquired by ComputerEase is a leading provider of mission - critical construction accounting, project management, and payroll processing solutions that enable contractors to manage and gain real - time visibility into their companies’ operations and financial performances – whether in the office or remotely in the field. ComputerEase’s fully integrated, cloud - based solution is purpose - built to meet the unique needs of diverse contractor trades and sizes, with complex and varying union, labor, and equipment requirements. Today, more than 6,000 contractors rely on ComputerEase to streamline their operations and increase profits. Deltek is a leading global provider of enterprise software

16 and information solutions for project -
and information solutions for project - based businesses. More than 23,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. The Company’s industry - focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue. PRIYANKA NAITHANI Director pnaithani@harriswilliams.com 617 - 654 - 2115 a subsidiary of 17 HW DEAL CONTACTS TRANSACTION OVERVIEW RELEVANT SUB - SECTORS THIERRY MONJAUZE Managing Director tmonjauze@harriswilliams.com +44 20 7518 8901 Case Study: Cority HW’s Technology Group advised Cority , a portfolio company of Norwest Venture Partners, on the sale of a majority stake to Thoma Bravo. BRIAN TITTERINGTON Director btitterington@harriswilliams.com 415 - 217 - 3425 ENVIRONMENTAL, HEALTH, SAFETY AND QUALITY (EHSQ) GOVERNANCE, RISK AND COMPLIANCE (GRC) INDUSTRIAL SOFTWARE a portfolio company of Cority is a trusted environmental, health, safety, and quality (EHSQ) software for ensuring client success. Cority enables organizations to utilize EHSQ software to advance their journeys to sustainability and operational excellence by combining the deepest domain expertise with the most comprehensive and secure true SaaS platform. With 30+ years of innovation and experience, Cority’s team of over 350 experts serves over 800 clients in 100 countries, supporting 2.

17 5 million end users. The Company enjoys
5 million end users. The Company enjoys the industry’s highest levels of client satisfaction, and it has received many awards for its strong employee culture and outstanding business performance. Thoma Bravo is a leading private equity firm focused on the software and technology - enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives, and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. ERIK SZYNDLAR Managing Director eszyndlar@harriswilliams.com 415 - 217 - 3418 has received a majority investment from 18 HW DEAL CONTACTS TRANSACTION OVERVIEW RELEVANT SUB - SECTORS Harris Williams Capabilities and Locations HARRIS WILLIAMS OFFICE LOCATIONS Harris Williams has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our d eep - sector experience, integrated industry intelligence, and collaboration across the firm, and our commitment to learning what makes them unique. For more information, vi sit our website at www.harriswilliams.com/industries. UNITED STATES EUROPE Healthcare & Life Sciences Industrials Energy, Power & Infrastructure Industrials Aerospace, Defense & Government Services Building Products & Materials Business Services Consume

18 r Specialty Distribution Technology Tra
r Specialty Distribution Technology Transportation & Logistics Boston One International Place Suite 2620 Boston, Massachusetts 02110 Phone: +1 (617) 482 - 7501 Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio 44114 Phone: +1 (216) 689 - 2400 Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota 55402 Phone: +1 (612) 359 - 2700 Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia 23219 Phone: +1 (804) 648 - 0072 San Francisco One Market Plaza 11th Floor San Francisco, California 94105 Phone: +1 (415) 288 - 4260 Washington, D.C. 800 17th St. NW 2nd Floor Washington, D.C. 20006 Phone: +1 (202) 207 - 2300 Frankfurt Bockenheimer Landstrasse 33 - 35 60325 Frankfurt Germany Phone: +49 069 3650638 00 London 25 Savile Row 4th Floor London W1S 2ER , England Phone: +44 (0) 20 7518 8900 19 Sources & Disclosures Investment banking services are provided by Harris Williams LLC (“Harris Williams”) . Harris Williams is a registered broker - dealer and member of FINRA and SIPC . Harris Williams & Co . Ltd is a private limited company incorporated under English law with its registered office at 8 th Floor, 20 Farringdon Street, London EC 4 A 4 AB, UK, registered with the Registrar of Companies for England and Wales, registration number 07078852 . Harris Williams & Co . Ltd is authorized and regulated by the Financial Conduct Authority . Harris Williams & Co . Corporate Finance Advisors GmbH is registered in the commercial regi

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