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FOR INSTITUTIONAL USE ONLYHUMAN CAPITAL INSIGHTMergers and acquisitions, public and private financings& financial advisory servicesIN THIS ISSUEHCM Introduction2Human Capital Market Update4About Us20INVESTMENT BANKINGMAY 2022
HUMAN CAPITAL INSIGHTMAY 2022Premier HCM Investment Banking TeamCHIP KELSOJON STEELEZACH SAYERSManaging Directorchip.kelso@raymondjames.com 1.404.312.0786Group Co-Headjon.steele@raymondjames.com 1.617.519.7114Directorzach.sayers@raymondjames.com IONEDUCATIONEDUCATIONPHILIP STEINEMANUEL BISCHOFBERGERManaging DirectorRaymond James Europephilip.stein@raymondjames.com 49.89.23.23.77.50DirectorRaymond James Europeemanuel.bischofberger@raymondjames.com ATIONRAYMOND JAMES INVESTMENT BANKING 2
HUMAN CAPITAL INSIGHTMAY 2022Representative TransactionsPrivate Equity TransactionsStrategic Buyer TransactionsJanuary 2022December 2021July 2021May 2021October 2021September 2021December 2020July 2020June 2021May 2021May 2020September 2019May 2021May 2021May 2019June 2018January 2021September 2020June 2018October 2017June 2020May 2020October 2017June 2017Payroll
HUMAN CAPITAL INSIGHTHuman Capital Market UpdateINVESTMENT BANKINGMAY 2022
HUMAN CAPITAL INSIGHTMAY 2022Human Capital Market UpdateTrading Multiples as of 5/31/2022TEV / 2022E Revenue7x6xTEV / 2022E EBITDAP/E 0.4x1x12.0x20.8x15x6.4x10.7x10x5x0x0xSoftware / Outsourcing Transaction Staffing /InternetServices/ DataRecruitingProcessing Services24.2x20x4x0x30.7x30x20.8xSoftware / Outsourcing Transaction Staffing /InternetServices/ DataRecruitingProcessing ServicesSoftware / Outsourcing Transaction Staffing /InternetServices/ DataRecruitingProcessing Services1-Year Historical Composite Stock Performance (%) as of 5/31/2022HCM Outsourcing ServicesHCM Transaction / Data ProcessingS&P 500Euro StoxxNasdaqHCM Software / InternetStaffing / Recruiting ServicesIndexed to 100 as of HCM Outsourcing ServicesHCM Transaction / DataProcessingS&P 500Euro StoxxNasdaqHCM Software / InternetStaffing / Recruiting ServicesSource: CapitalIQRAYMOND JAMES INVESTMENT BANKING 5
HUMAN CAPITAL INSIGHTMAY 2022Human Capital Market UpdateOperating / Trading Statistics as of 5/31/20222022E Revenue Growth2023E Revenue Growth2022E EBITDA Margin2023E EBITDA Margin% 52 Week HighDebt / 2022E EBITDASoftware /InternetOutsourcingServicesTransaction /Data ProcessingStaffing /Recruiting 2.0x2.3x2.7x0.8xTop 3 Performers, by Stock Performance as of 5/31/2022Software /InternetLast MonthLast 3 MonthsLast 12 MonthsSource: CapitalIQOutsourcingServicesTransaction /Data ProcessingStaffing /Recruiting ServicesDHI Group, Inc.20.7%Automatic Data Processing, Inc.2.2%Automatic Data Processing, Inc.2.2%RCM Technologies, Inc.25.7%HealthStream, Inc.6.6%Willis Towers Watson(1.8%)HealthEquity, Inc.0.4%Resources Connection, Inc.7.4%ATOSS Software AG1.1%CBIZ, Inc.(2.2%)Equifax Inc.(0.5%)SThree plc5.7%DHI Group, Inc.18.6%Insperity, Inc.11.3%HealthEquity, Inc.16.5%RCM Technologies, Inc.210.0%HealthStream, Inc.(0.6%)Automatic Data Processing, Inc.9.0%Automatic Data Processing, Inc.9.0%Barrett Business Services, Inc.24.5%Wolters Kluwer N.V.(3.1%)CBIZ, Inc.5.3%Edenred SA7.3%Resources Connection, Inc.11.3%DHI Group, Inc.109.7%CBIZ, Inc.23.3%Paychex, Inc.22.4%RCM Technologies, Inc.478.4%Wolters Kluwer N.V.3.1%Paychex, Inc.22.4%Automatic Data Processing, Inc.13.7%Impellam Group plc37.6%Paylocity Holding Corporation3.0%Automatic Data Processing, Inc.13.7%Gartner, Inc.13.2%Resources Connection, Inc.26.7%RAYMOND JAMES INVESTMENT BANKING 6
HUMAN CAPITAL INSIGHTMAY 2022HCM Software / Internet: Detailed Valuation Multiples & MetricsPrice5/31/2022CompanyOracle CorporationSAP SEIntuit Inc.Workday, Inc.Wolters Kluwer N.V.Paycom Software, Inc.Ceridian HCM Holding Inc.Xero LimitedPaylocity Holding CorporationThe Sage Group plcSEEK LimitedPaycor HCM, Inc.ZipRecruiter, Inc.Docebo Inc.ATOSS Software AGNew Work SEHealthStream, Inc.Benefitfocus, Inc.DHI Group, Inc.Asure Software, Inc.Limeade, Inc. 940.22% of 52Week High67.6 % .761.250.365.559.996.059.836.6MarketCap ( lEnterpriseValue ( MM) TDAMarket Price2022E EPS2023E EPS2022E P/EGrowth Rate5.7 .22.12.41.70.85.4 .02.11.50.711.5 11.411.311.516.8NM10.8 6.210.510.79.813.2NM14.7 MNMNMNM13.0 .61.15.8NA4.35.0NA5.8 x5.75.0 x4.817.1 x15.716.3 x14.325.4 x24.226.2 x25.62.82.41-Year Historical Stock Performance as of 5/31/2022S&P 500Euro StoxxNasdaqHCM Software / InternetIndexed to 100 as of 5/31/2022(1.7)%(6.4)%(12.1)%(16.2)%S&P 500Euro StoxxNASDAQHCM Software / InternetRAYMOND JAMES INVESTMENT BANKING 7Source: CapitalIQHCM Software / Internet Composite: ASUR, ASX:SEK, ASX:LME, BNFT, CSLT, DCBO, DHX, HSTM,INTU, LSE:SGE, NZSE:XRO, ORCL, PAYC, PCTY, PYCR, SAP, WDAY, WKL, ETR:AOF, CDAY, ETR:NOW, ZIP
HUMAN CAPITAL INSIGHTMAY 2022HCM Software / InternetSector Growth and Trading Multiples as of 3/31/2022Quarterly Revenue GrowthHistorical TEV / LTM Revenue Multiples5-Year Median 5.6xHistorical TEV / LTM EBITDA Multiples5-Year Median 22.4xSource: CapitalIQHCM Software / Internet Composite: ASUR, ASX:SEK, ASX:LME, BNFT, CSLT, CSOD, DCBO, DHX, HSTM,INTU, JOBS, LSE:SGE, NZSE:XRO, ORCL, PAYC, PCTY, PYCR, SAP, WDAY, WKL, ETR:AOF, CDAY, ETR:NOW, ZIPHistorical LTM P/E Multiples5-Year Median 40.6xRAYMOND JAMES INVESTMENT BANKING 8
HUMAN CAPITAL INSIGHTMAY 2022Software / Internet: Selected M&A and Capital Markets PPACQUIRER / INVESTORPersonio137 VenturesContrary CapitalTola CapitalNorwest Venture PartnersInsight Partners, Tiger Global, Spruce HouseCornerstone OnDemandTiger GlobalF-Prime CapitalBedrock, Kleiner PerkinsThe Riverside CompanyStripeAccel – KKRTA AssociatesBoathouse CapitalInsight PartnersConnected Capital, MAIF Avenir, Impact PartnersClickupIndividualsBeameryNorwest Venture PartnersHireologyBattery VenturesRTP GlobalHandshakeFlorida FundersJavelin Venture PartnersSoftbankKazooChartHopm]x[v CapitaliCIMSDigital , FMZ VenturesSalesforce VenturesTARGET / ISSUERBack MSSpark HireValenceRise e.IDHeyJobsWorkRampType Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration,IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible DebtTRANSACTIONVALUE ( MM)ND 0NDND25ND4740TEV RAYMOND JAMES INVESTMENT BANKING 9
HUMAN CAPITAL INSIGHTMAY 2022Outsourcing Services: Detailed Valuation Multiples & MetricsCPrice5/31/2022CompanyAutomatic Data Processing, Inc.Aon plcPaychex, Inc.Willis Towers WatsonTriNet Group, Inc.Alight Inc.Insperity, Inc.LifeWorks Inc.CBIZ, Inc.Zalaris ASA .07% of 52Week High89.5 % 80.687.379.971.861.277.447.592.757.0MarketCap ( ,833.5978.42,121.687.8TotalEnterpriseValue ( MM) 2023ERevenue2022EEBITDA2023EEBITDAMarket Price2022E EPS2023E EPS2022E P/EGrowth Rate5.6 x5.49.43.04.12.40.61.72.0NA5.2 x5.18.82.83.82.20.51.71.9NA21.6 x16.921.211.110.611.212.09.214.7NA20.0 x15.819.610.49.89.810.38.613.4NA30.4 x20.831.815.615.314.121.122.320.2NA27.4 A1.3NA1.5NA3.8 x3.03.6 x2.814.3 x12.013.1 x10.421.3 x20.818.8 x17.71.81.61-Year Historical Stock Performance as of 5/31/2022HCM Outsourcing ServicesS&P 500Euro StoxxNasdaq8.1%(1.7)%(6.4)%(12.1)%HCM OutsourcingIndexed to 100 as of 5/31/2022S&P 500Euro StoxxNASDAQSource: CapitalIQHCM Outsourcing Services Composite: ADP, AON, CBZ, NSP, PAYX, TNET, TSX:LWRK, WLTW, OB:ZALRAYMOND JAMES INVESTMENT BANKING 10
HUMAN CAPITAL INSIGHTMAY 2022Outsourcing ServicesSector Growth and Trading Multiples as of 3/31/2022Quarterly Revenue GrowthHistorical TEV / LTM Revenue Multiples5-Year Median 2.3xHistorical TEV / LTM EBITDA Multiples5-Year Median 15.3xSource: CapitalIQHCM Outsourcing Services Composite: ADP, AON, CBZ, NSP, PAYX, TNET, TSX:LWRK, WLTW, OB:ZALHistorical LTM P/E Multiples5-Year Median 29.6xRAYMOND JAMES INVESTMENT BANKING 11
HUMAN CAPITAL INSIGHTMAY 2022Outsourcing Services: Selected M&A & Capital Markets ActivityTEV /DATEANNOUNCEDTYPEACQUIRER / INVESTORTARGET / ISSUERTRANSACTIONVALUE ( MM)REVENUEEBITDA5/4/2022M&AIRIS SoftwarePaycheck PlusNDNANA4/24/2022M&AEngage PEOEmployer SolutionsNDNANA3/29/2022M&APRO UnlimitedGeometric ResultsNDNANA3/17/2022PPTalent IncCareermindsNDNANA3/16/2022PPSoftbank, QED, AlphaEdisonBambee 30NANA3/9/2022M&AG&A PartnersEmployer ANA129NANANA2/16/2022PPSeek InvestmentsEmployment Hero2/14/2022M&ASimplify ComplianceHuman Capital InstituteNDNA1/10/2022PPTop Tier Capital PartnersCareer Karma40NANA12/6/2021M&ACeridianADAM HCMNDNANA12/6/2021M&AClearStarEmployment Screening ServicesNDNANA12/2/2021M&ASterlingEmployment Background InvestigationsNDNANA12/1/2021M&AStone Point CapitalBusinessolverNDNANA11/19/2021M&ACast & Crew EntertainmentThe Team Zion HCM11/2/2021M&APSIPropelNDNA5/31/2022PPThreshold VenturesBenepass12NANA9/1/2021M&AUKGGreat Place to Work 1M&AEquifaxHealth e(fx)NDNANA6/28/2021M&AEQT PartnersPRO ANANANANANXTThingNANANA5.0xNANA5/11/2021M&AVoya FinancialJobviteBenefit s2754/6/2021PPFFL PartnersVelocity Global1002/25/2021M&ARFE Investment PartnersCongruity 21M&A3i GroupWilsonHCGNANANAType Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration,IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible DebtNARAYMOND JAMES INVESTMENT BANKING 12
HUMAN CAPITAL INSIGHTMAY 2022Transaction / Data Processing: Detailed Valuation Multiples & MetricsCuPrice5/31/2022CompanyAutomatic Data Processing, Inc.Paychex, Inc.Verisk Analytics, Inc.Equifax Inc.Gartner, Inc.Edenred SAHealthEquity, Inc.First Advantage Corporation % of 52Week 9.5 % 87.375.567.571.188.873.859.0MarketCap ( 25,279.62,233.5TotalEnterpriseValue ( MM) ue2022EEBITDA2023EEBITDAMarket Price2022E EPS2023E EPS2022E P/EGrowth Rate5.6 x9.410.25.84.56.67.33.05.2 x8.89.85.44.06.06.72.721.6 x21.220.916.620.715.824.19.620.0 x19.619.414.819.114.220.38.530.4 x31.830.924.832.228.649.213.727.4 1.26.6 x6.26.1 x5.718.8 x20.817.0 x19.230.2 x30.726.4 x27.62.22.11-Year Historical Stock Performance as of 5/31/2022HCM Transaction / Data ProcessingS&P 500Euro StoxxNasdaq6.9%(1.7)%(6.4)%(12.1)%Indexed to 100 as of 5/31/2022HCM Transaction /Data ProcessingS&P 500Euro StoxxNASDAQSource: CapitalIQHCM Transaction / Data Processing Composite: ADP, EFX, ENXTPA: EDEN, FA, IT, HQY, PAYX, VRSKRAYMOND JAMES INVESTMENT BANKING 13
HUMAN CAPITAL INSIGHTMAY 2022Transaction / Data ProcessingSector Growth and Trading Multiples as of 3/31/2022Quarterly Revenue GrowthHistorical TEV / LTM Revenue Multiples5-Year Median 7.2xHistorical TEV / LTM EBITDA Multiples5-Year Median 20.4xSource: CapitalIQHCM Transaction / Data Processing Composite: ADP, EFX, ENXTPA: EDEN, FA, IT, HQY, PAYX, VRSKHistorical LTM P/E Multiples5-Year Median 38.8xRAYMOND JAMES INVESTMENT BANKING 14
HUMAN CAPITAL INSIGHTMAY 2022Transaction / Data Processing: Selected M&A & Capital Markets ActivityTEV /DATEANNOUNCEDTYPEACQUIRER / INVESTORTARGET / ISSUERTRANSACTIONVALUE ( MM)REVENUEEBITDA5/18/2022PPEldridge, Norwest Venture PartnersVelocity Global 22PPGlynn Capital, FidelityGusto55NANA4/26/2022PPHouston /7/2022PPVelvet Sea VenturesKarmaCheck15NANA3/28/2022M&APapaya GlobalAzimoNDNANA3/22/2022PPTrue SearchSkyminyr3NANA3/2/2022PPMercato PartnersAtomic40NANA2/16/2022PPStripeCheck Technologies75NANA2/8/2022M&ACheckrModoHR Technologies Inc.NDNANA1/26/2022M&ASafeguard GlobalGlobal 22PPVista Credit PartnersGlobalization A1/18/2022PPGGV CapitalPinwheel50NANA1/11/2022PPLLR PartnersQuantum WorkplaceNDNANA12/23/2021M&AAssessioPeople Test SystemsNDNANA12/2/2021M&AGallant Capital PartnersSJV Data SolutionsNDNANA12/1/2021M&ASunstone PartnersVcheck GlobalNDNANA11/17/2021M&ABenefitfocusTango 1PPGreycroftAmplifAI19NANA9/21/2021PPTiger GlobalCrosschq17NANA9/16/2021PPIndex VenturesCodeSignal50NANA9/1/2021M&APaylocityBlue Marble Payroll60NANA8/30/2021PPDurable CapitalCheckr250NANA8/10/2021M&AEquifaxAppris Insights1,825NA23.0x6/2/2021PPCoatue ManagementPinwheel20NANA5/6/2021M&AAbry PartnersReward 2021PPYC Continuity FundDeel156NANA4/13/2021M&AiSolvedGivfulNDNANAType Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration,IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible DebtRAYMOND JAMES INVESTMENT BANKING 15
HUMAN CAPITAL INSIGHTMAY 2022Staffing / Recruiting Services: Detailed Valuation Multiples & MetricsCuPrice5/31/2022CompanyGeneral StaffingRecruit Holdings Co., Ltd.Randstad N.V.Adecco Group AGManpowerGroup Inc.Persol Holdings Co., Ltd.Synergie SEKelly Services, Inc.Groupe CRIT SATrueBlue, Inc.Pasona Group Inc.Barrett Business Services, Inc. % of 52Week 6.3074.8657.9 % 77.957.171.968.084.276.084.766.954.386.2MarketCap ( 769.3729.9638.4548.0TotalEnterpriseValue ( MM) ERevenue2022EEBITDA2023EEBITDAMarket Price2022E EPS2023E EPS2022E P/EGrowth Rate2.3 x0.40.40.30.50.20.10.20.30.30.42.2 x0.40.40.20.50.20.10.20.30.30.414.2 x6.58.66.67.83.84.53.46.44.07.513.5 x6.37.76.17.13.63.43.06.33.96.626.2 x10.68.610.218.69.510.713.99.28.612.723.4 ANANA0.6NA1.00.5 x0.30.5 x0.36.7 x6.56.1 x6.312.6 x10.611.2 x9.11.10.91-Year Historical Stock Performance as of 5/31/2022S&P 500Euro StoxxNasdaqStaffing / Recruiting Services(1.7)%(6.4)%(12.1)%(23.3)%Indexed to 100 as of 5/31/2022S&P 500Euro StoxxNASDAQStaffing / Recruiting ServicesSource: CapitalIQHCM Staffing / Recruiting Services Composite: TSE:6098, ENXTAM:RAND, SWX:ADEN, MAN, TSE:2181, ENXTPA:SDG, KELYA, ENXTPA:CEN, TSE:2168, TBI, BBSIRAYMOND JAMES INVESTMENT BANKING 16
HUMAN CAPITAL INSIGHTMAY 2022Staffing / Recruiting Services: Detailed Valuation Multiples & Metrics (Cont.)CuPrice5/31/2022CompanyProfessional StaffingRobert Half International, Inc.Hays plcKforce, Inc.SThree plcBrunel International N.V.Robert Walters plcResources Connection, Inc.Impellam Group plcBGSF, Inc.Computer Task Group, Inc.Gattaca plcRCM Technologies, Inc.Healthcare StaffingAMN Healthcare Services, Inc.Cross Country Healthcare, Inc.Execuitve and Retained SearchKorn FerryPageGroup plcHeidrick & Struggles International, Inc. 1.9896.9017.6561.465.7834.56% of 52Week High71.7 % 67.780.663.485.056.191.685.781.385.122.089.875.0 % 58.172.6 % 66.469.1MarketCap ( otalEnterpriseValue ( MM) EBITDA2023EEBITDAMarket Price2022E EPS2023E EPS2022E P/EGrowth Rate1.3 x0.30.80.30.50.30.7NA0.60.30.00.71.2 x0.30.70.30.40.2NANA0.50.30.00.79.5 x6.99.36.27.43.7NANA8.06.16.27.89.1 x6.08.75.66.33.5NANA6.45.13.27.014.3 x13.315.111.716.39.711.2NA7.612.821.810.913.4 NANANA0.60.7NANAMeanMedian0.5 x0.50.5 x0.47.1 x7.26.1 x6.113.2 x12.810.8 x10.60.90.8 1.0 x0.41.2 x0.46.5 x3.38.1 x4.99.3 x3.912.1 x6.21.40.7MeanMedian0.7 x0.70.8 x0.84.9 x4.96.5 x6.56.6 x6.69.1 x9.11.11.1 1.1 x0.70.41.1 x0.70.46.0 x6.03.75.7 x5.53.710.5 x10.29.710.0 x10.19.30.7NA0.60.8 x0.70.7 x0.75.2 x6.05.0 x5.510.1 x10.29.8 x10.00.60.60.5 x0.46.5 x6.46.0 x6.112.1 x10.710.8 anOverall Staffing / Recruiting ServicesMean0.6 xMedian0.4Source: CapitalIQHCM Staffing / Recruiting Services Composite: RHI, LSE:HAS, KFRC, LSE:STEM, ENXTAM:BRNL, LSE:RWA, RGP, ISE:DQ5, AIM:IPEL, BGSF, CTG, AIM:GATC, RCMT, AMN,CCRN, KFY, LSE:PAGE, HSIIRAYMOND JAMES INVESTMENT BANKING 17
HUMAN CAPITAL INSIGHTMAY 2022Staffing / Recruiting ServicesSector Growth and Trading Multiples as of 3/31/2022Quarterly Revenue GrowthHistorical TEV / LTM Revenue Multiples5-Year Median 0.5xHistorical TEV / LTM EBITDA Multiples5-Year Median 9.3xHistorical LTM P/E Multiples5-Year Median 18.7xSource: CapitalIQHCM Staffing / Recruiting Services Composite: TSE:6098, ENXTAM:RAND, SWX:ADEN, MAN, TSE:2181, ENXTPA:SDG, KELYA, ENXTPA:CEN, TSE:2168, TBI, BBSI, RHI,LSE:HAS, KFRC, LSE:STEM, ENXTAM:BRNL, LSE:RWA, RGP, ISE:DQ5, AIM:IPEL, BGSF, CTG, NYSEAM:VOLT, AIM:GATC, RCMT, AMN, CCRN, KFY, LSE:PAGE, HSIIRAYMOND JAMES INVESTMENT BANKING 18
HUMAN CAPITAL INSIGHTMAY 2022Staffing / Recruiting Services: Selected M&A & Capital Markets ActivityDATEANNOUNCEDTYPEACQUIRER / INVESTORTARGET / ISSUERTEV /TRANSACTIONVALUE ( MM)REVENUEEBITDANA5/16/2022M&AAMN HealthcareConnetics USANDNA5/12/2022PPPSG EquityWhoz 26NANA4/27/2022M&AIngenovisVISTA Staffing SolutionsNDNANA4/19/2022M&AThe Pritzker OrganizationEpic Staffing GroupNDNANA4/19/2022M&AStaffing 360 SolutionsHeadway Workforce 1/14/2022PPLevel One 9/2021M&AEmployBridgeHire DynamicsNDNANA10/8/2021M&AHire DynamicsSelect StaffNDNANA8/30/2021M&ARecruiter.comNovo GroupNDNANA8/5/2021M&AAdeccoBPI GroupNANA6/25/21PPTenex Capital ManagementBELAYNDNDNANA6/3/2021M&AApollo Global ManagementEmployBridgeNDNANA4/1/2021M&AKelly ServicesSoftworld215NANA2/12/2021M&AEpic Staffing GroupTalentMineNDNANA2/1/2021M&AHireQuestSnelling 2020M&AThe Planet GroupInteractive Business SystemsNDNANA11/6/202010/16/2020M&AM&AArthur J. GallagherHarvey Nash GroupOptimum TalentLatitude 36NDNANANDNANA10/2/2020M&AHudson GlobalCoit Group9NANA9/2/2020M&AASGN IncorporatedLeapFrog NA8/21/2020M&AGI GroupKelly Services BrazilNDNANA7/9/2020M&ARandstadMuhlenhoff & PartnerNDNANA6/30/2020M&AAdvanced Resources GroupSt. Louis ANA2/25/2020M&AExpress Employment ProfessionalsFrontline Recruitment GroupNDNANA2/6/2020M&ACHG Healthcare ServicesLocumsMartNDNANA2/4/2020M&ABG StaffingEdgeRock22NANA1/14/2020M&AKelly ServicesInsight Workforce SolutionsNDNANAType Key: M&A – Merger & Acquisition, PP – Private Placement, SHLF – Shelf Registration,IPO – Initial Public Offering, EQTY – Follow-on Equity Offering, DEBT – Debt Offering, CVT – Convertible DebtRAYMOND JAMES INVESTMENT BANKING 19
HUMAN CAPITAL INSIGHTAbout UsINVESTMENT BANKINGMAY 2022
HUMAN CAPITAL INSIGHTIf you have any questions about thedata in this newsletter, please contactTechnology & Services Investment BankingAs the leading Technology & Services Investment Banking practice in the market withover 330 transactions since 2010, our team is committed to delivering innovativesolutions and optimal results for our clients across .ApplicationSoftwareFinTechMarketing &Info ServicesInfrastructureTechnologyBy the Numbers120 Investment BankingProfessionals (U.S.)50 Senior Bankers (U.S.)10200 Global Offices(North America, Europe, Asia)Public Equity and Debt Offerings Raising over 100 BILLION in Proceeds Since May 201020 310 Year Track RecordM&A Advisory and Private Placement ServicesTransactions Representing a Total Value of Over 85 BILLION Since January 2017Investment Banking CapabilitiesADVISORYCAPITAL RAISING Sales / Recaps Private Placements Acquisitions Initial Public Offerings Divestitures Follow-On Offerings Strategic Advisory Debt Capital Fairness Opinions RestructuringCHIP KELSOManaging Director,Technology & Services, North America 1.404.312.0786chip.kelso@raymondjames.comJON STEELEGroup Co-Head,Technology & Services, North America 1.617.519.7114jon.steele@raymondjames.comZACH SAYERSDirector,Technology & Services, North America 1.678.464.8335zach.sayers@raymondjames.comPHILIP STEINManaging Director,Technology & Services, Europe UEL BISCHOFBERGERDirector,Technology & Services, Europe s.comRAYMOND JAMES INVESTMENT BANKING 21
HUMAN CAPITAL INSIGHTMAY 2022Notes & DisclosuresSources of data include Capital IQ, FactSet and other news organizations.Information obtained from third-party sources is considered reliable, butwe do not guarantee that the information herein is accurate or complete.This report was prepared within Raymond James & Associates’ InvestmentBanking Department and is for information purposes only. This report isnot a product of Raymond James & Associates’ Research Department;recipients of this report should not interpret the information herein assufficient grounds for an investment decision or any other decision. Thereport shall not constitute an offer to sell or the solicitation of an offer tobuy any of the securities mentioned herein; past performance does notguarantee future results. Any performance mentioned does not includetransaction fees and costs which would reduce an investor’s return. Aninvestment cannot be made directly in a market index.EBIT: Earnings Before Interest and TaxesEBITDA: Earnings Before Interest, Taxes, Depreciation and AmortizationEPS: Earnings per ShareLTM: Last Twelve MonthsNA: Not ApplicableNM: Not MeaningfulPE: Price Earnings RatioTEV: Total Enterprise ValueThis report includes logos or other words or devices that June beregistered trademarks of their respective owners. Such use is solely forpurposes of convenience in referring to the trademark owners and theirproducts/services. This report and its contents are not endorsed,sponsored or affiliated with any trademark owner. Raymond James &Associates, Inc. and its affiliates are not affiliated with any trademarkowner but June provide certain financial services to one or moretrademark owners or their affiliates.Additional information is available upon request.ATLANTA INVESTMENT BANKING OFFICE3414 PEACHTREE RD. NE // SUITE 500 // ATLANTA, GA 30326 // 404.442.5800BOSTON INVESTMENT BANKING OFFICE225 FRANKLIN STREET // SUITE 2200 // BOSTON, MA 02110 // 617.624.7000MUNICH INVESTMENT BANKING OFFICETHERESIENSTRASSE 1 // MUNICH, GERMANY 80333 // 49.89.23.23.77.70LOS ANGELES INVESTMENT BANKING OFFICE10250 CONSTELLATION BLVD. // SUITE 1600 // LOS ANGELES, CA 90067 // 424.313.3600ST. PETERSBURG INVESTMENT BANKING OFFICE880 CARILLON PARKWAY // ST. PETERSBURG, FL 33716 // 727.567.1000INVESTMENT BANKING 2020 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Raymond James is a registered trademark of Raymond James Financial, Inc.
Software / Internet Outsourcing Services Transaction / Data Processing Staffing / Recruiting Services 17.1x 12.7x 21.4x 6.5x 0x 4x 8x 12x 16x 20x 24x Software / Internet Outsourcing Services Transaction / Data Processing Staffing / Recruiting Services 26.5x 21.9x 31.2x 11.0x 0x 5x 10x 15x 20x 25x 30x 35x Software / Internet Outsourcing Services .
