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Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan.
Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
www.harriswilliams.de
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEWTECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
WORKFORCE
MANAGEMENT
PAYROLLTALENT
MANAGEMENT
ENGAGEMENT
RECRUITING
BENEFITS
COMPLIANCE
ONBOARDING
PERFORMANCE
TRAINING
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
1
Financial Technology
Healthcare IT
HARRIS WILLIAMS & CO. OVERVIEW
KEY CONTACTS
HCM TECHNOLOGY
Erik [email protected]+1 (415) 217-3418
UNITED STATES
Jeff BistrongManaging [email protected]+1 (617) 654-2102
Mike WilkinsManaging [email protected]+1 (415) 217-3411
Sam HendlerManaging [email protected]+1 (617) 654-2117
Tyler [email protected]+1 (617) 654-2133
EUROPE
Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901
Jonathan [email protected]+44 (0) 20 7518 8909
TO SUBSCRIBE PLEASE EMAIL:[email protected]
wwwwww.harrisw.harriswilliilliaammss.de
HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM
Enterprise Software
Infrastructure Software
Data & Analytics
Data Center & Managed
Services
IT & Tech-Enabled Services
Consumer Internet
Digital Media & Content
eCommerce
Online Marketing
HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS
Education Technology
Engineered SolutionsSoftware
Public Sector & Non-Profit
Supply Chain,Transportation, & Logistics
TMT VERTICAL FOCUS AREAS
KEY FACTS
HW&Co. Office
Network Office
Human CapitalManagement
Professional Services
SELECT RECENT HW&CO. TMT TRANSACTIONS
has been
recapitalized byhas been acquired byhas been acquired by
has received a majority
investment from
has received a majority
investment from
San Francisco
Boston
Richmond
Minneapolis Cleveland
London
Frankfurt
Beijing
Hong KongMumbai
ShanghaiNew Delhi
Washington D.C.
has been acquired byhas received a growth
investment from
SOFTWARE / SAAS INTERNET & DIGITAL MEDIA
has made a
majority
investment in
Over 135 transactions closed in the past24 months
Approximately 260 professionals acrosseight offices in the U.S. and Europe
Strategic relationships in India and China
10 industry groups
has been acquired byhas received a majority
investment from
2017 Investment Bank of the
Year by Mergers & Acquisitions,
2016 PE Investment Bank of the
Year by Global M&A Network
Deal of the Year by Global
M&A Network
Deal of the Year by Buyouts
Magazine
has received an
investment fromhas been acquired by
Undisclosed Buyer
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
2
HW&CO. HCM TECHNOLOGY TRANSACTION EXPERIENCE
Talent Acquisition Talent Management Workforce Management
has been acquired by
a portfolio company of
Post Acute Compliance
and Learning
Management Software
has been recapitalized
a portfolio company of
HR Compliance and
Learning Management
Solutions
has been acquired by
a portfolio company of
Talent Sourcing and
Acquisition Solutions
has been acquired by
a portfolio company of
Employee Benefits,
Health Assessment and
Coaching Software
a portfolio company of
has been acquired by
Workplace Compliance
and Training Solutions
has acquired a
majority stake in
ERP, HR and Payroll
Software
has been acquired by
Employee Benefits
Management Software
has been acquired by
and
a portfolio company of
Corporate Grant
Management and
Employee Engagement
Software
has been acquired by
a portfolio company of
Healthcare Information
Systems, HR and Payroll
Software
has been acquired by
a portfolio company of
Commercial Talent
Payroll Software
has been acquired by
Workforce
Management Software
has made a majority
investment in
Workforce
Management
Software
STRONG TRANSACTION EXPERIENCE IN HCM TECHNOLOGY
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
3
HCM TECHNOLOGY VENDOR LANDSCAPE
Workforce Management Tools
Payroll, Compliance, & Benefits
Talent Acquisition Tools
Sourcing
Recruiting
Background & Screening
Talent Management Tools
Training & Learning Management
Performance & Succession Management
Recognition / Rewards
Time & Attendance
ERP-Focused Platforms
HCM-Focused Platforms
Employee Engagement & Wellbeing
To receive the latest Human Capital Management
Technology market map, please contact HW&Co.
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
4
HCM TECHNOLOGY MARKET OBSERVATIONS(1)(2)(4)
Select Market Participants
Observations
Transaction Spotlight
In The News
Closed September 11, 2017
Enterprise Value: Not Public
Employee recruitment, engagement and, retention remain top of mind -
especially as job market tightens
Identification and recruitment of internal and known talent provides attractive
alternative to relatively costly external candidate searches
Increasing convergence of HCM technology and education technology to
address employee career trajectories
Prevalence of data and metric-driven performance evaluations continue to
support adoption of predictive technology platforms
Data-driven / market place tools are increasing connectivity for both enterprises
and their contingent / on-demand workers
TALENT ACQUISITION AND MANAGEMENT
Revenue Multiple: Not Public
Select Market Participants
Observations
Transaction Spotlight
In The News
Closed July 12, 2017
Enterprise Value: Not Public
“Workforce as a Strategy” is increasingly driving companies to adopt data-driven
technologies that remove friction from the employee journey
Workforce management tools are generally of high interest; time and
attendance is a highly appealing sub-sector
Middle market opportunity for HR tech persists; workforce management solutions
tend to be stickier offerings and present compelling platforms
Leading vertical-specific platforms remain highly attractive to investors and
acquirers (e.g., retail, healthcare, and hospitality)
Comprehensive platforms that including compliance, benefits, and wellness are
gaining adoption in the marketplace
Ikea Enters ‘Gig Economy’ by Acquiring TaskRabbit
Efficient Forms Announces Strategic Equity Partnership With AltaLink Capital
Workday acquires the team behind Pattern, a young startup aimed to lighten the
load of managing customer relationships for salespeople
WORKFORCE MANAGEMENT
Revenue Multiple: Not Public
Zenefits tries a rebrand and hands off insurance brokerage
Hub International Acquires The Assets Of Florida-Based MillsonJames LLC
ZeroChaos has acquired Loki Management Systems, a leading developer of
workforce management software for global enterprises
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
5
SELECT HCM TECHNOLOGY M&A TRANSACTIONS – Q3 2017(1)(2)(4)
Oak Hill Capital Partners has acquired a controlling stake in EPIC Insurance Brokers & Consultants
EPIC is a national unique and innovative retail property & casualty and employee benefits insurance broker.
In March 2017, EPIC and Two Sigma Private Investments provided a $60mm funding commitment to Decisely, an easy to-use
HR and benefits platform for small businesses.
Oak Hill Capital Partners will enable EPIC to continue its aggressive organic growth strategy and support strategic
acquisitions of additional complementary insurance distribution platforms across the U.S.
Closed July 27, 2017
Ent. Value: $977mmRevenue: $300mm
EV / Revenue: 3.3xEV / EBITDA: Not Public
ZeroChaos acquires Loki Management Systems
Loki Management Systems is a leading developer of workforce management software for global enterprises with complex
staff scheduling and payroll requirements.
Loki provides software under Advanced Payroll, a flexible payroll system designed for multinational organizations and is fully
integrated with Microsoft Dynamics 365, and StaffRight, a comprehensive time, attendance and staff scheduling solution.
The acquisition will enable ZeroChaos to offer its customers more advanced scheduling capabilities, and the company will in
turn provide scale and resources to Loki to help accelerate its organic growth.
Closed August 30, 2017
Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Kronos has acquired Digital Instinct and its flagship product line, Virtual Roster
Digital Instinct’s flagship product line, Virtual Roster, is an integrated suite of solutions including staff scheduling, time and
attendance, and workforce analytics.
The Virtual Roster product is used by more than 140 casino and casino resort locations worldwide.
Kronos will utilize the Virtual Roster suite of applications to provide their casino resort customers with innovative solutions that
increase productivity and drive employee engagement.Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Closed July 27, 2017
PrismHR acquires NetWise Technology, the creators of ClientSpace
NetWise Technology created the ClientSpace product to be the leading client service and CRM software platform for PEO
organizations.
ClientSpace helps human resource outsourcing (HRO) companies provide client service from the start of the sales cycle all
the way through to renewals.
PrismHR will integrate ClientSpace into their current product offering to deliver the industry’s most efficient, end-to-end
software solution for professional employer and administrative service organizations.
Announced September 5, 2017
Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
Absorb Software has raised $59m from Silversmith Capital Partners
Absorb Software is a provider of could-based learning and performance management software serving over 600
corporations and higher education institutions.
Absorb’s hallmark product, Absorb LMS, helps learning and development teams better train, retain and manage both
internal employees and external stakeholders.
Silversmith Capital Partners’ investment will be used to accelerate development of Absorb’s innovative flagship product,
Absorb LMS, and further expand the company’s geographic footprint.
Announced September 6, 2017
Ent. Value: Not PublicRevenue: Not Public
EV / Rev: Not PublicEV / EBITDA: Not Public
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
6
DATE COMPANY StageROUND
SIZE ($M)
TOTAL RAISED
($M)INVESTORS (CURRENT ROUND) DESCRIPTION
09/25/17 Early $8 $12 Cue BallDeveloper of a career advancement platform designed to connect Black, Latino,
Hispanic and Native American students and professionals.
09/21/17 Early $3 $15 Maveron, Battery VenturesDeveloper of a predictive hiring platform designed to transform the way
companies screen, select and develop early career talent.
09/20/17 Late $8 $23 JAZZ Venture PartnersDeveloper of a recruiting software designed to offer neuroscience games and
artificial intelligence to find high potential hires.
09/13/17 Early $4 $6 Hartford (Venture Arm)Developer of a software platform designed to manage human resources, benefits
and compliance.
09/07/17 Early $8 $11 Creandum, PROfounders CapitalProvider of an online recruitment platform designed to connect job-seekers with
employers.
08/28/17 Early $7 $7 ReinventureProvides software that manages the onoarding of new employees, payroll, and
other HR functions.
08/04/17 Early $3 $10 Baird Capital, PJC, Ringleader Ventures Provider of an online job portal designed to revolutionize recruitment advertising.
08/03/17 Early $12 $15 Global Founders Capital, Northzone Ventures, Picus
Capital
Developer of a HR management and recruiting platform designed to foster the
digitization of human resources departments in small and medium-sized
enterprises.
08/01/17 Late $22 $42 Innogest, Northzone VenturesDeveloper of a mobile recruiting platform created to facilitate connection
between blue-collar and service jobs.
07/11/17 Early $48 $91 NEA, Notion CapitalProvider of talent mobility cloud technology platform designed to offer
outsourced relocation and assignment management services.
07/06/17 Early $16 $22 Accel, OtiumDeveloper of an employee payroll software designed to easily manage payroll
and leave.
SELECT RECENT HCM PRIVATE PLACEMENTS(1)(2)
Note: Financial information presented above represents reported capital raised only.
FINANCING SPOTLIGHT TRANSACTION
Lever Raises $40M
Lever is a recruiting software company that helps its customers track resumes and identify people who might not be actively
job-hunting.
Founded by an ex-Googler, Sarah Nahm, Lever’s latest round of funding includes additional investors Matrix Partners, Scale
Partners and Top Tier Capital Partners.
The capital will allow Lever to accelerate R&D and to add new analytical functions to its software to meet the needs of
highly complex, global corporations such as Netflix, KPMG, Lyft and Cirque du Soleil.
Round: C
Round Size: $40m
Total Raised: $70m
Announced July 19, 2017
PAGE | 7
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
HCM TECHNOLOGY ACQUISITION ACTIVITY(1)(2)
KEY STRATEGIC ACQUIRERS OF HCM TECHNOLOGY ASSETS BY VOLUME
GLOBAL HCM TECHNOLOGY M&A ACTIVITY
The key strategic acquirers havecombined for over 30 HCMtechnology related acquisitionssince 2014
Key acquirers were relatively moreactive in Q3 with four announcedacquisitions completed in the lastthree months
The 39 deals YTD in 2017 are in linewith deal volumes from the previoustwo years; the quarterly M&Avolume in 2017 has been relativelyconsistent
Q3 2017 was a typical period ofM&A volume with 14 transactions,just above the average of the lastthree quarters
HCM technology companiesremain highly attractive to bothstrategic and financial acquirers
Deal volume is robust supported bytuck in acquisitions and platformbuilding
10 9 812
16
7
20
6
12
21
1212
14 11 14
39
4543
55
4945
59
51
5759
4951
Q1 - 14 Q2 - 14 Q3 - 14 Q4 - 14 Q1 - 15 Q2 - 15 Q3 - 15 Q4 - 15 Q1 - 16 Q2 - 16 Q3 - 16 Q4 - 16 Q1 - 17 Q2 - 17 Q3 - 17
Quarterly Trailing LTM
2 2
4
6
2
3
4
2
62017
2016
2015
2014
# of Transactions
# of Transactions
PAGE |
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
8
2.0x
4.0x
6.0x
8.0x
2.0x
4.0x
6.0x
8.0x
Div
ers
ifie
d P
latf
orm
s TEV/NTM REVKey Public Comps
Be
ne
fits
Te
ch
no
log
y
Key Public Comps
HR
So
ftw
are
Key Public Comps
10.2x5.9x0.8x
TEV/NTM REV
TEV/NTM REV
EV/2017E REV
EV/2017E REV
EV/2017E REV
Min MaxMedian
Legend
As of September 30, 2017
12.7x3.8x1.4x
5.5x4.9x4.7x
HCM TECHNOLOGY MARKET VALUATION(1)(2)
2.0x
4.0x
6.0x
8.0x
PAGE | 9
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
Multiples Summary
Market Enterprise Revenue LTM EBITDA Margin Revenue EBITDA
Company Capitalization Value LTM 2017E Gross Margin LTM 2017E 2017E 2018P 2017E 2018P
HR Software
Automatic Data Processing, Inc. $48,726,427 $48,589,692 $12,379,800 $12,379,800 45.6% 22.1% 21.1% 3.9x 3.6x 18.6x 16.8x
Workday, Inc. Class A 20,949,760 19,302,530 1,852,165 2,101,364 70.2% NM 15.1% 9.2x 7.4x NM NM
Paychex, Inc. 21,643,259 21,559,510 3,151,300 3,313,205 70.8% 43.4% 44.0% 6.5x 6.3x 14.8x 14.3x
Ultimate Software Group, Inc. 5,518,293 5,564,610 860,723 936,087 61.7% 7.6% 22.8% 5.9x 5.0x 26.0x 20.8x
Paycom Software, Inc. 4,468,796 4,378,322 382,870 429,066 80.6% 20.2% 28.9% 10.2x 8.2x NM 27.9x
Paylocity Holding Corp. 2,440,013 2,445,320 300,010 300,010 58.7% 9.4% 18.7% 8.2x 5.9x NM 29.8x
Cornerstone OnDemand, Inc. 2,293,947 2,201,507 445,020 481,227 69.1% NM 11.3% 4.6x 4.0x NM 26.7x
Callidus Software Inc. 1,670,782 1,435,005 227,993 246,807 60.4% NM 12.6% 5.8x 4.9x NM NM
Asure Software, Inc. 150,930 167,969 42,763 54,867 70.5% 10.9% 23.1% 3.1x 2.4x 13.3x 9.7x
DHI Group, Inc. 126,025 167,136 219,001 209,882 80.0% 19.6% 20.1% 0.8x 0.8x 4.0x 3.7x
Median $3,454,404 $413,945 $455,147 69.7% 19.6% 20.6% 5.9x 4.9x 14.8x 18.8x
Benefits Technology
HealthEquity Inc $3,034,733 $2,888,448 $202,472 $226,982 57.0% 30.6% 36.5% 12.7x 10.5x NM 27.9x
WageWorks, Inc. 2,425,670 1,828,777 434,867 482,081 56.5% 23.1% 30.0% 3.8x 3.5x 12.7x 11.0x
Benefitfocus, Inc. 996,201 1,045,647 248,188 256,593 50.8% NM 6.3% 4.1x 3.6x NM NM
Castlight Health, Inc. Class B 575,090 477,392 115,241 132,877 67.8% NM NM 3.6x NM NM NM
Connecture Inc. 16,012 110,341 82,182 76,439 33.2% NM NM 1.4x NM NM NM
Median $996,201 $202,472 $226,982 56.5% 26.8% 30.0% 3.8x 3.6x 12.7x 19.4x
Diversified Platforms
Microsoft Corporation $568,810,718 $534,119,200 $89,395,000 $96,700,000 61.7% 37.2% 39.2% 5.5x 4.9x 14.1x 12.5x
Oracle Corporation 200,974,243 193,118,440 38,320,000 39,617,290 76.1% 42.0% 46.7% 4.9x 4.8x 10.4x 10.1x
SAP SE 132,102,216 131,823,172 25,274,220 27,834,025 69.7% 26.7% 32.2% 4.7x 4.4x 14.7x 13.4x
Median $200,974,243 $38,320,000 $39,617,290 69.7% 37.2% 39.2% 4.9x 4.8x 14.1x 12.5x
OPERATIONAL AND VALUATION METRICS OF PUBLIC COMPARABLES
PUBLIC COMPARABLES ANALYSIS(1)
As of September 30, 2017($ in 000s)
Values less than 0.0x or greater than 30.0x are denoted NM or Not MeaningfulEBITDA Margins less than 0.0% are noted NM or Not Meaningful
PAGE | 10
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
HR Technology
Date Enterprise LTM Financials LTM Multiples
Closed Target Acquirer Value Revenue EBITDA Revenue EBITDA
Pending APC Workforce Solutions LLC The Carlyle Group NA NA NA NA NA
Pending NetWise Technology PrismHR NA NA NA NA NM
Pending Sapience Analytics Pvt Ltd. Credit Suisse Group AG NA NA NA NA NM
Pending Edgewood Partners Insurance Center, Inc. OHCM Management LLC NA $204 NA NA NA
09/11/2017 Connexys BV Bullhorn, Inc. NA NA NA NA NA
08/30/2017 LOKI Systems ZeroChaos NA NA NA NA NA
08/21/2017 HR Outsourcing, Inc. Paychex, Inc. NA NA NA NA NA
08/04/2017 BusinessWare Solutions Inc OpsArc Solutions NA $0 $0 0.0x 0.0x
07/31/2017 CareerBuilder LLC Apollo Global Management NA NA NA NA NA
07/31/2017 Xactly Corp. Vista Equity Partners NA $95 NA NA NA
07/27/2017 Digital Instinct Pty Ltd. Kronos, Inc. NA NA NA NA NA
07/14/2017 MillsonJames LLC HUB International US Holdings, Inc. NA NA NA NA NA
07/12/2017 Swipeclock Inverness Graham NA NA NA NA NA
05/31/2017 PRO Unlimited, Inc. Harvest Partners LP $300 NA NA NA NA
05/26/2017 iSystems Intermediate Holdco, Inc. Asure Software, Inc. $55 $14 NA 3.9x NA
05/24/2017 MBO Partners Primus Capital NA NA NA NA NA
05/04/2017 cut-e GmbH Aon Plc NA NA NA NA NA
05/01/2017 Aon The Blackstone Group LP $4,800 NA NA NA NA
05/01/2017 Halogen Software, Inc. Saba Software, Inc. $165 $72 $7 2.3x 24.8x
04/24/2017 PrismHR Summit Partners NA NA NA NA NA
04/03/2017 Jiff, Inc. Castlight Health, Inc. $153 $7 NA 21.9x NA
04/03/2017 Reflexis Systems Great Hill Partners NA NA NA NA NA
04/01/2017 Fairsail Sage Group NA $13 NA NA NM
03/22/2017 Ascentis Corp. Summit Partners NA NA NA NA NA
01/17/2017 The Marcus Buckingham Co., Inc. Automatic Data Processing, Inc. NA NA NA NA NA
01/05/2017 Financial Management Solutions Kronos Incorporated NA NA NA NA NA
12/21/2016 Strategy Execution Partners LLC Halyard Capital Management LLC NA NA NA NA NA
Median $233 $49 $7 5.1x 6.0x
Multiples less than 0.0x or greater than 30.0x are deemed NM or Not Meaningful
($ in millions)
RECENT HCM SOFTWARE TRANSACTIONS(1)(2)(3)
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
Non-Public Information
PAGE | 11
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
strategic investment
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HW&CO.’S TMT GROUP: M&A ADVISOR OF CHOICE FOR MARKET LEADING TECHNOLOGY COMPANIES
PAGE | 12
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
OUR FIRM
Healthcare & Life Sciences
IndustrialsEnergy, Power & Infrastructure
Industrials
Harris Williams & Co. has a broad range of industry expertise, which create powerful opportunities. Our clients benefit form our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website.
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PAGE | 13
HUMAN CAPITAL MANAGEMENT TECHNOLOGY SECTOR REVIEW
TECHNOLOGY, MEDIA & TELECOM GROUP │ Q3 2017
Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
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Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
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The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.
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