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© 2021 Madison Park Group
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August 2022
Market Update
Q2 2022 M&A Report
Insights
2
Table of Contents
Q2 2022 M&A Market Update
To View Section, Click Section Name
I. The Big Picture
II. Deals Update by Sector
III. Q2 2022 MPG Deals Spotlight
IV. About Us
18
12
3
21
3
The Big Picture
I.
4
Q2 2022 M&A Activity
M&A Velocity Slows As Investors Adjust To Changing Economic Environment
To View News, Click On Source Logo
Latest Acquisition Announced
by The Citation Group
June 2022
Beeline Receives Strategic
Investment from Stone Point
Capital
May 2022
KKR Invests in Leading
Customer Experience Software
Provider Alchemer
May 2022
KKR Buys Supply-Chain
Software Maker Apexanalytix
From Carousel
June 2022
• U.S. technology M&A deals cooled down in 1H’22 with 1,885 closed transactions (▼42.7% YoY)(1) representing $294.0b in value (▲24.8% YoY)(1)
• Madison Park Group observed several key themes that drove the contraction in M&A activity in during the second quarter:
– The robust deal volume seen in the end of 2021 and Q1 of 2022 has come to a halt
– Investors are still grappling with the economic implications and impact of fiscal policy adjustments
– Record CPI increases (9.1% in June 2022) and corresponding interest rate raises have given investors pause on equity deployments
Key Announcements & Market Events
Roper Sells Industrial Business
Stake to CD&R for $2.6b
June 2022
PE Transactions
Peak Rock Capital Affiliate
Completes Acquisition of Mojix
May 2022
Thoma Bravo to buy SailPoint
for $6.1b in cybersecurity push
April 2022
Inriver Announces Growth
Investment from Thomas H.
Lee Partners
May 2022
Strategic Acquisitions
Covetrus to Go Private in $4.0b
Deal With CD&R, TPG Capital
May 2022
Zendesk To Be Acquired By
Hellman & Friedman, Permira
in $10.2b Deal
June 2022
Emerson’s Software Units,
AspenTech to Merge in $11.0b
Deal
May 2022
NYSE-owner ICE to buy Black
Knight in $13.1b deal
May 2022
Broadcom to Acquire VMWare
in Massive $61b Deal
May 2022
Salesforce acquires Troops.ai to
make useful Slack bots
May 2022
Synopsys to Acquire WhiteHat
Security from NTT
April 2022
Shopify Acquires shipping
logistics startup Deliverr for
$2.1b
May 2022
Wipro to Buy SAP Consulting
Firm Rizing for $540m
April 2022
Paddle Acquires ProfitWell for
$200m
May 2022
Siemens to Buy U.S. Software
Company Brightly in $1.6b deal
June 2022
Software Maker Datto to Be
Bought by Kaseya for $6.2b
April 2022
GTY Technology Holdings Inc.
Enters Agreement to be
Acquired by GI Partners
April 2022
Sources: News publications, 451 Research’s M&A KnowledgeBase, S&P Global Market Intelligence
(1) Change in total transaction count and deal value from 1H 2022 over 1H 2021
EQT Sells Cybersecurity Firm
Ultimaco to SGT in $500m Deal
June 2022
Permira Completes Acquisition
of Mimecast
May 2022
EcoOnline gets $400m
Takeover Bid From Apax
Partners
June 2022
UK’s Ideagen Agrees to $1.3b
Takeover Amid Strong Buyout
Interest
May 2022
5
3.03x
3.75x
2.99x
2.16x
1.98x
2.65x 2.64x
3.32x
2.79x
3.48x
5.65x
4.46x
3.97x
2.05x
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020 2021 2022
Significant Capital Availability Continuing Deal Activity
Overhang Remains Robust while Private Market M&A Valuation Pullback
Outpacing Public Markets
(1) Statistic for March 2022 are estimates derived from data covering 98% of industry assets
Sources: S&P Capital IQ, Pitchbook, U.S. Bureau of Labor Statistics
S&P 500 Cash Balances
Private Equity Dry Powder
Buildup of dry powder amongst private equity and strategic buyers…
As of December 31 ($ in billions)
…continuing to drive deal activity through uncertain conditions…
Total Deal Value
Deal Count
…while compressing public market trading multiples… …lead moderate software M&A valuation compression
2021 Average: 4.10x
2020 Average: 2.65x
2019 Average: 2.98x
$160.5 $180.8 $226.1 $235.4
$399.7 $428.3
$479.7
$572.7
$668.6
$730.4
$761.1
$841.1
2016 2017 2018 2019 2020 2021
Average EV / Revenue
Median EV / Revenue
$192
$248
$393
$594
$470
$349
$590
$476
$630
$1,240
$294
3,654
3,284
3,963
4,422
4,088
3,594
3,756 3,729
4,010
4,360
1,885
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD Q2
'22
4.94x
6.16x
6.47x
8.18x
11.16x 11.41x
5.70x
4.17x
5.05x 5.01x
6.41x
8.11x
8.86x
4.78x
2016 2017 2018 2019 2020 2021 Q2 2022
6
MPG-Tracked Public Software Universe Acquisitions
Corporate & Business Solutions Transactions from 2019 – Q2 2022
Corporate & Business Solutions Select Public Buyers
Buyer
Total Disclosed
Transaction Value
Total Transaction
Count
$50,345 15
$44,773 4
$28,096 30
$19,669 7
$10,120 15
$6,227 16
$4,975 16
$4,312 8
$3,349 7
$2,748 7
Deal Count (#) Volume ($ in millions)
Sources: Pitchbook, S&P Capital IQ
(1) Acquired by Intercontinental Exchange (NYSE:ICE) on May 4, 2022
(1)
$131,781
$81,429
$15,887 $15,502
$8,025
$4,025 $3,676 $2,200
124
102
52
81 81
30
37
40
0
20
40
60
80
100
120
140
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Global
Diversified
Accounting /
Fintech
Verticalized
Software
Platform
Communication
& Collaboration
Martech Enterprise
Content
Management
Human
Resources
Compliance &
Legal
7
Buyer
Total Disclosed
Transaction Value
Total Transaction
Count
$30,825 5
$8,012 11
$3,951 18
$2,625 3
$2,420 16
$2,410 10
$2,002 7
$1,973 6
$1,813 12
$1,431 9
MPG-Tracked Public Software Universe Acquisitions
Industrial Software Transactions from 2019 – Q2 2022
Select Highly Acquisitive Public Buyers
Industrial Software
Deal Count (#) Volume ($ in millions)
Sources: Pitchbook, S&P Capital IQ
$58,723
$11,260
$7,169
$884
88
108
70
16
0
20
40
60
80
100
120
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Industrial Tech Engineering & Design Commerce & Supply
Chain Management
Location / Telematics
8
Buyer
Total Disclosed
Transaction Value
Total Transaction
Count
$26,819 12
$12,917 4
$6,520 6
$2,177 8
$769 4
$587 4
$473 2
$450 2
$397 6
$347 5
MPG-Tracked Public Software Universe Acquisitions
Healthcare & Life Sciences Transactions from 2019 – Q2 2022
Healthcare & Life Sciences Select Highly Acquisitive Public Buyers
Deal Count (#) Volume ($ in millions)
Sources: Pitchbook, S&P Capital IQ
$49,741
$1,844 $1,521 $1,356
48
33
14
13
0
10
20
30
40
50
60
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
CRO & Life Sciences
Software
Healthcare Software &
Data
Healthcare Services Life Sciences Software
9
MPG-Tracked Public Software Universe Acquisitions
Business Infrastructure Solutions Transactions from 2019 – Q2 2022
Business Infrastructure Solutions Select Public Buyers
Buyer
Total Disclosed
Transaction Value
Total Transaction
Count
$43,233 5
$28,448 7
$13,630 8
$6,800 5
$6,642 3
$5,940 8
$3,038 16
$2,987 13
$2,830 11
$2,528 10
Deal Count (#) Volume ($ in millions)
Sources: Pitchbook, S&P Capital IQ
$119,975
$12,566 $12,125
$5,481
140
58
76
50
0
20
40
60
80
100
120
140
160
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Payments Cybersecurity Data Providers &
Infrastructure
Business Intelligence
& Analytics
10
Buyer
Total Disclosed
Transaction Value
Total Transaction
Count
$6,296 5
$2,771 12
$2,604 19
$2,252 2
$2,073 6
$1,636 98
$755 8
$370 12
$238 3
$200 1
MPG-Tracked Public Software Universe Acquisitions
IT Services Transactions from 2019 – Q2 2022
Sources: Pitchbook, S&P Capital IQ
Select Highly Acquisitive Public Buyers
IT Services
Deal Count (#) Volume ($ in millions)
$9,520
$5,732
$5,071
140
36
67
0
20
40
60
80
100
120
140
160
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
Large Cap IT Services BPO Small Cap IT Services
11
Select Notable Active Financial Buyers
Leading Firms Continue to Rapidly Deploy into Quality Assets
Investor
YTD 2022
Deal Count(1) AUM Dry Powder Notable 2022 Software / Technology Platform Investments
85 $96.0b $20.5b
55 $55.0b $16.2b
54 $7.0b $2.5b
41 $88.0b $37.6b
38 $72.0b $23.8b
37 $103.0b $31.7b
36 $16.7b $5.3b
23 $24.2b $11.1b
15 $14.0b $7.6b
11 $4.4b $1.4b
Total 395 $480.3b $155.2b
Sources: Pitchbook, S&P Capital IQ
(1) Inclusive of add-ons, tuck-ins, minority investments, and pending acquisitions / investments
12
Deals Update by Sector
II.
13
EV / Revenue EV / EBITDA
Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics
Apr-22
Verticalized Software
Platform
$372 6.11x n/m
May-22
Business Intelligence &
Analytics
n/a n/a n/a
May-22 Martech $200 n/a n/a
May-22 Martech $400 n/a n/a
May-22 Cybersecurity n/a n/a n/a
May-22 Compliance & Legal $1,340 16.92x 48.1x
May-22 Martech $105 n/a n/a
May-22 Human Resources n/a n/a n/a
May-22
Communication &
Collaboration
n/a n/a n/a
Jun-22 Martech $10,200 7.62x n/m
Average 10.22x 48.1x
Notable Transactions in Q2 2022
Corporate & Business Solutions Software
$ in millions
Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
14
EV / Revenue EV / EBITDA
Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics
Apr-22 Engineering & Design $284 n/a n/a
May-22 Industrial Tech $6,000 8.33x(1)
15.8x
May-22
Commerce & Supply
Chain Management n/a n/a n/a
May-22
Commerce & Supply
Chain Tech $2,100 n/a n/a
Jun-22
Commerce & Supply
Chain Management $75 n/a n/a
Jun-22
Commerce & Supply
Chain Tech Conf. Conf. Conf.
Jun-22
Commerce & Supply
Chain Tech Conf. Conf. Conf.
(Industrial Business Assets)
Jun-22 Industrial Tech $2,600(2) 2.77x 10.0x
Jun-22 Compliance & Legal $398 9.01x n/m
Jun-22 Industrial Tech $1,875(3) 10.42x(1)
n/a
Average 7.63x 12.9x
Notable Transactions in Q2 2022
Industrial Software
$ in millions
Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
(1) Based on projected 2022 revenue
(2) Clayton, Dubilier, and Rice acquired a majority stake of Roper Technologies’ industrial software businesses
(3) Inclusive of $300M earnout ($1.575b cash at close + $300M earnout)
MPG Advised
15
EV / Revenue EV / EBITDA
Acquirer Target Date MPG Subsector Transaction Size Valuation Metrics
Apr-22 Cybersecurity $330 n/a n/a
Apr-22 Cybersecurity $6,900 15.72x n/a
Apr-22
Data Providers &
Infrastructure
$6,200 10.02x 51.2x
May-22
Business Intelligence &
Analytics
$800 n/a n/m
May-22
Business Intelligence &
Analytics
$150 n/a n/a
May-22 Cybersecurity $61,000 4.71x 18.3x
May-22 Cybersecurity $5,800 9.83x(1)
35.3x(1)
May-22 Payments $13,100 8.88x 18.1x
Jun-22
Data Providers &
Infrastructure $449 n/a n/a
Jun-22 Cybersecurity $160 10.67x n/a
Average 9.97x 30.7x
Notable Transactions in Q2 2022
Business Infrastructure Solutions
$ in millions
Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
(1) Based on 2022 projected revenue
16
EV / Revenue EV / EBITDA
Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics
Apr-22 Life Sciences Software $107 n/m n/a
Apr-22 Healthcare Services $44 5.39x(1)
n/a
Apr-22 Healthcare Services n/a n/a n/a
Apr-22 Healthcare Services $150 n/a n/a
Apr-22 Healthcare Services $303 3.21x n/a
Apr-22 Healthcare Services $83 n/a n/a
May-22 Healthcare Services n/a n/a 20.5x
Jun-22 Healthcare Services n/a n/a n/a
Jun-22 Healthcare Services $28,300 4.87x 17.9x
Jul-22 Healthcare Services Conf. Conf. Conf.
Average 4.49x 19.2x
Notable Transactions in Q2 2022
Healthcare & Life Sciences Software
$ in millions
MPG Advised Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
(1) Based on projected 2022 revenue
(2) Wellinks acquired Pulmonary Rehabilitation Program assets from Sparo
(2)
17
EV / Revenue EV / EBITDA
Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics
Apr-22 IT Services $540 2.79x n/a
Apr-22 BPO $140 9.11x n/a
Apr-22 IT Services $135 n/a n/a
May-22 BPO n/a n/a n/a
May-22 BPO $371 2.59x n/a
May-22 BPO $131 n/a 3.5x(1)
May-22 IT Services $188 6.11x n/a
May-22 IT Services $74 0.23x 6.0x
Jun-22 IT Services $350 3.68x n/a
Jun-22 IT Services $45.5 2.53x 7.6x
Average 3.86x 5.7x
Notable Transactions in Q2 2022
IT Services
$ in millions
Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
(1) Based on 2022 projected revenue
18
Q2 2022 MPG Deals Spotlight
III.
19
Transaction Highlights
▪ Andavi Solutions has completed the acquisitions
of Tradeparency, a leading provider of trade
promotion management software solutions for
the wine & spirits industry, and Business Impact,
a business intelligence and analytics solutions
provider focused on the wine & spirits and food
& beverage industries
▪ Andavi is backed by Endeavour Capital, a private
investment firm founded in 1991 focused on
partnering with middle market companies to
help them achieve ambitious growth objectives
▪ Andavi Solutions offers a suite of technology
solutions for superior sales execution, optimized
promotion and spend management and better
decision making in the three-tier ecosystem
Market Relevance
Corporate & Business
Solutions
Data & Analytics Food & Beverage Software
“We are extremely excited about our recent acquisitions and growth potential.
Madison Park Group continues to be a great partner driving our M&A
initiatives and has been an excellent resource for us to navigate the food and
beverage solutions ecosystem.”
— Lisa Whinnie, CEO, Andavi Solutions
About the Deal
▪ Tradeparency’s purpose-built platform
is a natural complement to Andavi’s
suite of sales execution and category
management solutions, and enables
customers to confidently navigate the
supplier/distributor channels and gain
full visibility on activity and spend
▪ The addition of Business Impact helps
Andavi meet the growing demand from
customers for complex data ingestion
and mapping to provide full visibility
into distribution their models
▪ These acquisitions add best-in-class
technology, data insights and clientele
base to Andavi, further establishing the
platform as a market leader
Acquisition Of
In Partnership with Endeavour Capital
CONTACTS
Rohan Khanna
Managing Director
Email | LinkedIn
Frank Schiffer
Associate
Email | LinkedIn
James Tomasullo
Senior Associate
Email | LinkedIn
Andavi Solutions has Acquired Tradeparency and
Business Impact
June 2022
20
Rockpointe has been acquired by Clinical Education
Alliance (CEA)
July 2022
Transaction Highlights
▪ Rockpointe is a science-based medical
education company with clinical specialists
and industry influencers dedicated to the
design and implementation of innovative
accredited clinical education (CE) driven by
public health priorities and the needs of
healthcare practitioners
▪ CEA is the HCP education and insights
global leader in the development of
innovative enduring, virtual, and live
education. Integrating personalization and
moderated social media, CEA provides
education, tools, and resources for the
entire healthcare team with the goal of
improving patient outcomes
Market Relevance
Healthcare & Life Sciences
Technologies
HCP
Education & Insights
Virtual & Online
Content Delivery
“We are thrilled to join CEA. Rohan’s guidance and the work from the MPG team
were imperative to making this happen. MPG was hands-on throughout the process
and I am glad we partnered together for this important event.”
— Tom Sullivan, Founder & CEO, Rockpointe
About the Deal
▪ Founder-owned business, fully transformed
to an online/virtual delivery model post
pandemic, with deep roots in primary care
and high-science therapeutic areas
▪ Selected CEA as the preferred strategic
partner given (i) shared vision, (ii) expanded
educational content, (iii) improved access to
an industry-leading technology portal and
(iv) exponential increase in educational
reach nationwide and globally
▪ The acquisition greatly expands CEA’s reach
to community clinicians throughout the US,
including under-served areas and supports
CEA’s focus on high-science therapeutic
areas while allowing rapid expansion into
primary care education
Strategic Sale
In Partnership with Founding Team
Rohan Khanna
Managing Director
Email | LinkedIn
Jonathan Adler
Managing Director
Email | LinkedIn
Patrick Valent
Associate
Email | LinkedIn
A Portfolio Company of
CONTACTS
21
•t
About Us
IV.
22
$30+
BILLION IN DEAL VALUE
Growth Stage
FOCUSED ON TRANSACTIONS WITH $100-500 MILLION ENTERPRISE VALUE
30%+
REPEAT CLIENTS (1)
23
DEDICATED ADVISORS
220+
COMPLETED TRANSACTIONS
(1) Calculated as total clients divided by clients completing more than one transaction with MPG
over client relationship, inclusive of investor relationships
(2) Select deals completed in the last ten years
We specialize in impacting
growth strategies to optimize
shareholder value creation
We partner with global
technology clients across North
America and Europe
We marry thoughtful corporate
strategy planning with stalwart
transactional execution
E X P E R T I S E
F O C U S S T R A T E G Y
Domain experts with active
relationships across +1,500
global investors
R E S O U R C E S
22
40%+
SPONSOR-BACKED CLIENTS
~30%
CROSS-BORDER DEALS (1)
Madison Park Group
Advisors to the Technology Economy
Our Deep Sector Expertise Drives
Better Outcomes (2)
Industrial
Software
Enterprise Software
& Technology
Healthcare &
Life Sciences
Tech-Enabled &
Business Services
36%
33%
23%
8%
23
Senior Leadership Team
20+ Years Average Investment Banking & Technology Advisory Experience
Jonathan Adler
Managing Director
Email | LinkedIn
Jeff Herriman
Managing Director
Email | LinkedIn
Rohan Khanna
Managing Director
Email | LinkedIn
Michael Magruder
Managing Director
Email | LinkedIn
R. Drew Ogden
Managing Director
Email | LinkedIn
Christian Vansant
Managing Director
Email | LinkedIn
Ralph Verrilli
Managing Director
Email | LinkedIn
Highlight Areas of Expertise
✓ EHSQ Tech
✓ Healthcare & Life Sciences Tech
✓ Non-Profit & Member Management
Software
Highlight Areas of Expertise
✓ Construct Tech
Highlight Areas of Expertise
✓ Construct Tech
✓ Robotics
Highlight Areas of Expertise
✓ Manufacturing Software
✓ Supply Chain Tech
✓ Sponsor Coverage
Highlight Areas of Expertise
✓ Engineering Software
✓ Manufacturing Software
✓ IIoT
Highlight Areas of Expertise
✓ Healthcare & Life Sciences Tech
✓ Managed IT Services
✓ Supply Chain Tech
Highlight Areas of Expertise
✓ Cybersecurity
✓ Managed IT Services
✓ Marketing Tech
Scott Boutwell
Managing Director
Email | LinkedIn
Highlight Areas of Expertise
✓ Construct Tech
✓ EHSQ Tech
24
Select Recent Transactions
Right People, Right Narrative, Right Time
Click here for our full transaction list
Financial Sale
PE-Backed
Strategic Sale
PE-Backed
Strategic Sale
Founding Team
Strategic Sale
Founding Team
Strategic Sale
PE-Backed
Minority Investment
Founding Team
Financial Sale
Founding Team
Merge With
Founding Team
Strategic Sale
Founding Team
Strategic Sale
VC-Backed
Financial Sale
PE-Backed
Financial Sale
Founding Team
Financial Sale
PE-Backed
Strategic Sale
Founding Team
Financial Sale
PE-Backed
Financial Sale
Founding Team
Acquisitions Of
PE-Backed
Financial Sale
Founding Team
25
Uncompromising Dedication to Thought Leadership
Follow us on LinkedIn for Upcoming Reports and Analysis
See our 2021 Report
Manufacturing Tech
See our 2021 Report
EHSQ
Cybersecurity
See our 2021 Report
See our 2022 Report
Engineering Technology
See our 2022 Report
Life Sciences Software
See our 2022 Public Good Primer
Cause & Community Software
Supply Chain Planning
Marketing Tech
Click here to follow us on LinkedIn
Supply Chain Execution
See our 2022 Report
Click here to see all our publications
Public Market Coverage
See our 2022 Report
Construct Technology
See our 2021 Report
Procurement Technology
M&A Market Coverage
See our Q1 2022 M&A Markets Report
Fundraising Market Coverage
See our 2022 GRC Primer
GRC
See our 2022 Report
See our Q2 2022 Public Markets Report
26
This presentation has been prepared by Madison Park Group and may only be used for informational purposes. This presentation is not intended to be taken by, and should not be taken by, any
individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. Past performance may not be
indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment
strategy, or product made reference to directly or indirectly in this document, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your
portfolio. Acceptance of this information further constitutes your acknowledgement and agreement that Madison Park Group does not make any express or implied representation or warranty
as to the accuracy or completeness of the information contained herein and shall have no liability to the recipient or its representatives relating to or arising from the use of the information
contained herein or any omissions therefrom. Any use, disclosure, distribution, dissemination, copying or reproduction of this information without prior written consent or approval from
Madison Park Group is strictly prohibited. Any third-party trademarks, service marks, logos, and trade names included in the report are property of their respective owners.
Madison Park Group, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Madison Park
Group is not a retail broker-dealer. This communication is not intended for retail consumption. The firm does not conduct underwriting activities, provide research or analyst reports or solicit or
carry accounts for, or offer or sell securities products to retail customers. Madison Park Group is regulated by the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm.
The information and services provided in this presentation are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be
contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or where Madison Park Group is not authorized to provide such
information or services.
Sources & Notes
Data Sources
1. Pitchbook
2. S&P Capital IQ
3. Tracxn
4. LinkedIn
5. Public company releases,
filings, and earnings transcripts
Journals & Other Media
1. CISION
2. TechCrunch
3. Globe Newswire
4. Yahoo!
5. Forbes
6. Businesswire
7. GTCR
8. Verdantix
9. Wall Street Journal
10. Reuters
11. IBM
Company References
1. Miscellaneous company and
press releases
Disclosures
26
Sources & Disclosures
Madison Park Group LLC
New York
3 Park Avenue, 31st Floor
New York, NY 10016
Massachusetts
101 Federal Street, Suite 1900
Boston, MA 02110
New Hampshire
36 Maplewood Avenue
Portsmouth, NH 03801
Pennsylvania
555 E Lancaster Avenue, Suite 500
Wayne, PA 19087

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Q2 2022 Software Technology M&A Market Update

  • 1. 1 Member FINRA & SIPC © 2021 Madison Park Group Connect with us August 2022 Market Update Q2 2022 M&A Report Insights
  • 2. 2 Table of Contents Q2 2022 M&A Market Update To View Section, Click Section Name I. The Big Picture II. Deals Update by Sector III. Q2 2022 MPG Deals Spotlight IV. About Us 18 12 3 21
  • 4. 4 Q2 2022 M&A Activity M&A Velocity Slows As Investors Adjust To Changing Economic Environment To View News, Click On Source Logo Latest Acquisition Announced by The Citation Group June 2022 Beeline Receives Strategic Investment from Stone Point Capital May 2022 KKR Invests in Leading Customer Experience Software Provider Alchemer May 2022 KKR Buys Supply-Chain Software Maker Apexanalytix From Carousel June 2022 • U.S. technology M&A deals cooled down in 1H’22 with 1,885 closed transactions (▼42.7% YoY)(1) representing $294.0b in value (▲24.8% YoY)(1) • Madison Park Group observed several key themes that drove the contraction in M&A activity in during the second quarter: – The robust deal volume seen in the end of 2021 and Q1 of 2022 has come to a halt – Investors are still grappling with the economic implications and impact of fiscal policy adjustments – Record CPI increases (9.1% in June 2022) and corresponding interest rate raises have given investors pause on equity deployments Key Announcements & Market Events Roper Sells Industrial Business Stake to CD&R for $2.6b June 2022 PE Transactions Peak Rock Capital Affiliate Completes Acquisition of Mojix May 2022 Thoma Bravo to buy SailPoint for $6.1b in cybersecurity push April 2022 Inriver Announces Growth Investment from Thomas H. Lee Partners May 2022 Strategic Acquisitions Covetrus to Go Private in $4.0b Deal With CD&R, TPG Capital May 2022 Zendesk To Be Acquired By Hellman & Friedman, Permira in $10.2b Deal June 2022 Emerson’s Software Units, AspenTech to Merge in $11.0b Deal May 2022 NYSE-owner ICE to buy Black Knight in $13.1b deal May 2022 Broadcom to Acquire VMWare in Massive $61b Deal May 2022 Salesforce acquires Troops.ai to make useful Slack bots May 2022 Synopsys to Acquire WhiteHat Security from NTT April 2022 Shopify Acquires shipping logistics startup Deliverr for $2.1b May 2022 Wipro to Buy SAP Consulting Firm Rizing for $540m April 2022 Paddle Acquires ProfitWell for $200m May 2022 Siemens to Buy U.S. Software Company Brightly in $1.6b deal June 2022 Software Maker Datto to Be Bought by Kaseya for $6.2b April 2022 GTY Technology Holdings Inc. Enters Agreement to be Acquired by GI Partners April 2022 Sources: News publications, 451 Research’s M&A KnowledgeBase, S&P Global Market Intelligence (1) Change in total transaction count and deal value from 1H 2022 over 1H 2021 EQT Sells Cybersecurity Firm Ultimaco to SGT in $500m Deal June 2022 Permira Completes Acquisition of Mimecast May 2022 EcoOnline gets $400m Takeover Bid From Apax Partners June 2022 UK’s Ideagen Agrees to $1.3b Takeover Amid Strong Buyout Interest May 2022
  • 5. 5 3.03x 3.75x 2.99x 2.16x 1.98x 2.65x 2.64x 3.32x 2.79x 3.48x 5.65x 4.46x 3.97x 2.05x Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 2022 Significant Capital Availability Continuing Deal Activity Overhang Remains Robust while Private Market M&A Valuation Pullback Outpacing Public Markets (1) Statistic for March 2022 are estimates derived from data covering 98% of industry assets Sources: S&P Capital IQ, Pitchbook, U.S. Bureau of Labor Statistics S&P 500 Cash Balances Private Equity Dry Powder Buildup of dry powder amongst private equity and strategic buyers… As of December 31 ($ in billions) …continuing to drive deal activity through uncertain conditions… Total Deal Value Deal Count …while compressing public market trading multiples… …lead moderate software M&A valuation compression 2021 Average: 4.10x 2020 Average: 2.65x 2019 Average: 2.98x $160.5 $180.8 $226.1 $235.4 $399.7 $428.3 $479.7 $572.7 $668.6 $730.4 $761.1 $841.1 2016 2017 2018 2019 2020 2021 Average EV / Revenue Median EV / Revenue $192 $248 $393 $594 $470 $349 $590 $476 $630 $1,240 $294 3,654 3,284 3,963 4,422 4,088 3,594 3,756 3,729 4,010 4,360 1,885 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD Q2 '22 4.94x 6.16x 6.47x 8.18x 11.16x 11.41x 5.70x 4.17x 5.05x 5.01x 6.41x 8.11x 8.86x 4.78x 2016 2017 2018 2019 2020 2021 Q2 2022
  • 6. 6 MPG-Tracked Public Software Universe Acquisitions Corporate & Business Solutions Transactions from 2019 – Q2 2022 Corporate & Business Solutions Select Public Buyers Buyer Total Disclosed Transaction Value Total Transaction Count $50,345 15 $44,773 4 $28,096 30 $19,669 7 $10,120 15 $6,227 16 $4,975 16 $4,312 8 $3,349 7 $2,748 7 Deal Count (#) Volume ($ in millions) Sources: Pitchbook, S&P Capital IQ (1) Acquired by Intercontinental Exchange (NYSE:ICE) on May 4, 2022 (1) $131,781 $81,429 $15,887 $15,502 $8,025 $4,025 $3,676 $2,200 124 102 52 81 81 30 37 40 0 20 40 60 80 100 120 140 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 Global Diversified Accounting / Fintech Verticalized Software Platform Communication & Collaboration Martech Enterprise Content Management Human Resources Compliance & Legal
  • 7. 7 Buyer Total Disclosed Transaction Value Total Transaction Count $30,825 5 $8,012 11 $3,951 18 $2,625 3 $2,420 16 $2,410 10 $2,002 7 $1,973 6 $1,813 12 $1,431 9 MPG-Tracked Public Software Universe Acquisitions Industrial Software Transactions from 2019 – Q2 2022 Select Highly Acquisitive Public Buyers Industrial Software Deal Count (#) Volume ($ in millions) Sources: Pitchbook, S&P Capital IQ $58,723 $11,260 $7,169 $884 88 108 70 16 0 20 40 60 80 100 120 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 Industrial Tech Engineering & Design Commerce & Supply Chain Management Location / Telematics
  • 8. 8 Buyer Total Disclosed Transaction Value Total Transaction Count $26,819 12 $12,917 4 $6,520 6 $2,177 8 $769 4 $587 4 $473 2 $450 2 $397 6 $347 5 MPG-Tracked Public Software Universe Acquisitions Healthcare & Life Sciences Transactions from 2019 – Q2 2022 Healthcare & Life Sciences Select Highly Acquisitive Public Buyers Deal Count (#) Volume ($ in millions) Sources: Pitchbook, S&P Capital IQ $49,741 $1,844 $1,521 $1,356 48 33 14 13 0 10 20 30 40 50 60 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 CRO & Life Sciences Software Healthcare Software & Data Healthcare Services Life Sciences Software
  • 9. 9 MPG-Tracked Public Software Universe Acquisitions Business Infrastructure Solutions Transactions from 2019 – Q2 2022 Business Infrastructure Solutions Select Public Buyers Buyer Total Disclosed Transaction Value Total Transaction Count $43,233 5 $28,448 7 $13,630 8 $6,800 5 $6,642 3 $5,940 8 $3,038 16 $2,987 13 $2,830 11 $2,528 10 Deal Count (#) Volume ($ in millions) Sources: Pitchbook, S&P Capital IQ $119,975 $12,566 $12,125 $5,481 140 58 76 50 0 20 40 60 80 100 120 140 160 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 Payments Cybersecurity Data Providers & Infrastructure Business Intelligence & Analytics
  • 10. 10 Buyer Total Disclosed Transaction Value Total Transaction Count $6,296 5 $2,771 12 $2,604 19 $2,252 2 $2,073 6 $1,636 98 $755 8 $370 12 $238 3 $200 1 MPG-Tracked Public Software Universe Acquisitions IT Services Transactions from 2019 – Q2 2022 Sources: Pitchbook, S&P Capital IQ Select Highly Acquisitive Public Buyers IT Services Deal Count (#) Volume ($ in millions) $9,520 $5,732 $5,071 140 36 67 0 20 40 60 80 100 120 140 160 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 Large Cap IT Services BPO Small Cap IT Services
  • 11. 11 Select Notable Active Financial Buyers Leading Firms Continue to Rapidly Deploy into Quality Assets Investor YTD 2022 Deal Count(1) AUM Dry Powder Notable 2022 Software / Technology Platform Investments 85 $96.0b $20.5b 55 $55.0b $16.2b 54 $7.0b $2.5b 41 $88.0b $37.6b 38 $72.0b $23.8b 37 $103.0b $31.7b 36 $16.7b $5.3b 23 $24.2b $11.1b 15 $14.0b $7.6b 11 $4.4b $1.4b Total 395 $480.3b $155.2b Sources: Pitchbook, S&P Capital IQ (1) Inclusive of add-ons, tuck-ins, minority investments, and pending acquisitions / investments
  • 12. 12 Deals Update by Sector II.
  • 13. 13 EV / Revenue EV / EBITDA Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics Apr-22 Verticalized Software Platform $372 6.11x n/m May-22 Business Intelligence & Analytics n/a n/a n/a May-22 Martech $200 n/a n/a May-22 Martech $400 n/a n/a May-22 Cybersecurity n/a n/a n/a May-22 Compliance & Legal $1,340 16.92x 48.1x May-22 Martech $105 n/a n/a May-22 Human Resources n/a n/a n/a May-22 Communication & Collaboration n/a n/a n/a Jun-22 Martech $10,200 7.62x n/m Average 10.22x 48.1x Notable Transactions in Q2 2022 Corporate & Business Solutions Software $ in millions Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
  • 14. 14 EV / Revenue EV / EBITDA Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics Apr-22 Engineering & Design $284 n/a n/a May-22 Industrial Tech $6,000 8.33x(1) 15.8x May-22 Commerce & Supply Chain Management n/a n/a n/a May-22 Commerce & Supply Chain Tech $2,100 n/a n/a Jun-22 Commerce & Supply Chain Management $75 n/a n/a Jun-22 Commerce & Supply Chain Tech Conf. Conf. Conf. Jun-22 Commerce & Supply Chain Tech Conf. Conf. Conf. (Industrial Business Assets) Jun-22 Industrial Tech $2,600(2) 2.77x 10.0x Jun-22 Compliance & Legal $398 9.01x n/m Jun-22 Industrial Tech $1,875(3) 10.42x(1) n/a Average 7.63x 12.9x Notable Transactions in Q2 2022 Industrial Software $ in millions Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn (1) Based on projected 2022 revenue (2) Clayton, Dubilier, and Rice acquired a majority stake of Roper Technologies’ industrial software businesses (3) Inclusive of $300M earnout ($1.575b cash at close + $300M earnout) MPG Advised
  • 15. 15 EV / Revenue EV / EBITDA Acquirer Target Date MPG Subsector Transaction Size Valuation Metrics Apr-22 Cybersecurity $330 n/a n/a Apr-22 Cybersecurity $6,900 15.72x n/a Apr-22 Data Providers & Infrastructure $6,200 10.02x 51.2x May-22 Business Intelligence & Analytics $800 n/a n/m May-22 Business Intelligence & Analytics $150 n/a n/a May-22 Cybersecurity $61,000 4.71x 18.3x May-22 Cybersecurity $5,800 9.83x(1) 35.3x(1) May-22 Payments $13,100 8.88x 18.1x Jun-22 Data Providers & Infrastructure $449 n/a n/a Jun-22 Cybersecurity $160 10.67x n/a Average 9.97x 30.7x Notable Transactions in Q2 2022 Business Infrastructure Solutions $ in millions Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn (1) Based on 2022 projected revenue
  • 16. 16 EV / Revenue EV / EBITDA Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics Apr-22 Life Sciences Software $107 n/m n/a Apr-22 Healthcare Services $44 5.39x(1) n/a Apr-22 Healthcare Services n/a n/a n/a Apr-22 Healthcare Services $150 n/a n/a Apr-22 Healthcare Services $303 3.21x n/a Apr-22 Healthcare Services $83 n/a n/a May-22 Healthcare Services n/a n/a 20.5x Jun-22 Healthcare Services n/a n/a n/a Jun-22 Healthcare Services $28,300 4.87x 17.9x Jul-22 Healthcare Services Conf. Conf. Conf. Average 4.49x 19.2x Notable Transactions in Q2 2022 Healthcare & Life Sciences Software $ in millions MPG Advised Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn (1) Based on projected 2022 revenue (2) Wellinks acquired Pulmonary Rehabilitation Program assets from Sparo (2)
  • 17. 17 EV / Revenue EV / EBITDA Acquirer Target Date MPG Subsector Transaction Size Est. Valuation Metrics Apr-22 IT Services $540 2.79x n/a Apr-22 BPO $140 9.11x n/a Apr-22 IT Services $135 n/a n/a May-22 BPO n/a n/a n/a May-22 BPO $371 2.59x n/a May-22 BPO $131 n/a 3.5x(1) May-22 IT Services $188 6.11x n/a May-22 IT Services $74 0.23x 6.0x Jun-22 IT Services $350 3.68x n/a Jun-22 IT Services $45.5 2.53x 7.6x Average 3.86x 5.7x Notable Transactions in Q2 2022 IT Services $ in millions Sources: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn (1) Based on 2022 projected revenue
  • 18. 18 Q2 2022 MPG Deals Spotlight III.
  • 19. 19 Transaction Highlights ▪ Andavi Solutions has completed the acquisitions of Tradeparency, a leading provider of trade promotion management software solutions for the wine & spirits industry, and Business Impact, a business intelligence and analytics solutions provider focused on the wine & spirits and food & beverage industries ▪ Andavi is backed by Endeavour Capital, a private investment firm founded in 1991 focused on partnering with middle market companies to help them achieve ambitious growth objectives ▪ Andavi Solutions offers a suite of technology solutions for superior sales execution, optimized promotion and spend management and better decision making in the three-tier ecosystem Market Relevance Corporate & Business Solutions Data & Analytics Food & Beverage Software “We are extremely excited about our recent acquisitions and growth potential. Madison Park Group continues to be a great partner driving our M&A initiatives and has been an excellent resource for us to navigate the food and beverage solutions ecosystem.” — Lisa Whinnie, CEO, Andavi Solutions About the Deal ▪ Tradeparency’s purpose-built platform is a natural complement to Andavi’s suite of sales execution and category management solutions, and enables customers to confidently navigate the supplier/distributor channels and gain full visibility on activity and spend ▪ The addition of Business Impact helps Andavi meet the growing demand from customers for complex data ingestion and mapping to provide full visibility into distribution their models ▪ These acquisitions add best-in-class technology, data insights and clientele base to Andavi, further establishing the platform as a market leader Acquisition Of In Partnership with Endeavour Capital CONTACTS Rohan Khanna Managing Director Email | LinkedIn Frank Schiffer Associate Email | LinkedIn James Tomasullo Senior Associate Email | LinkedIn Andavi Solutions has Acquired Tradeparency and Business Impact June 2022
  • 20. 20 Rockpointe has been acquired by Clinical Education Alliance (CEA) July 2022 Transaction Highlights ▪ Rockpointe is a science-based medical education company with clinical specialists and industry influencers dedicated to the design and implementation of innovative accredited clinical education (CE) driven by public health priorities and the needs of healthcare practitioners ▪ CEA is the HCP education and insights global leader in the development of innovative enduring, virtual, and live education. Integrating personalization and moderated social media, CEA provides education, tools, and resources for the entire healthcare team with the goal of improving patient outcomes Market Relevance Healthcare & Life Sciences Technologies HCP Education & Insights Virtual & Online Content Delivery “We are thrilled to join CEA. Rohan’s guidance and the work from the MPG team were imperative to making this happen. MPG was hands-on throughout the process and I am glad we partnered together for this important event.” — Tom Sullivan, Founder & CEO, Rockpointe About the Deal ▪ Founder-owned business, fully transformed to an online/virtual delivery model post pandemic, with deep roots in primary care and high-science therapeutic areas ▪ Selected CEA as the preferred strategic partner given (i) shared vision, (ii) expanded educational content, (iii) improved access to an industry-leading technology portal and (iv) exponential increase in educational reach nationwide and globally ▪ The acquisition greatly expands CEA’s reach to community clinicians throughout the US, including under-served areas and supports CEA’s focus on high-science therapeutic areas while allowing rapid expansion into primary care education Strategic Sale In Partnership with Founding Team Rohan Khanna Managing Director Email | LinkedIn Jonathan Adler Managing Director Email | LinkedIn Patrick Valent Associate Email | LinkedIn A Portfolio Company of CONTACTS
  • 22. 22 $30+ BILLION IN DEAL VALUE Growth Stage FOCUSED ON TRANSACTIONS WITH $100-500 MILLION ENTERPRISE VALUE 30%+ REPEAT CLIENTS (1) 23 DEDICATED ADVISORS 220+ COMPLETED TRANSACTIONS (1) Calculated as total clients divided by clients completing more than one transaction with MPG over client relationship, inclusive of investor relationships (2) Select deals completed in the last ten years We specialize in impacting growth strategies to optimize shareholder value creation We partner with global technology clients across North America and Europe We marry thoughtful corporate strategy planning with stalwart transactional execution E X P E R T I S E F O C U S S T R A T E G Y Domain experts with active relationships across +1,500 global investors R E S O U R C E S 22 40%+ SPONSOR-BACKED CLIENTS ~30% CROSS-BORDER DEALS (1) Madison Park Group Advisors to the Technology Economy Our Deep Sector Expertise Drives Better Outcomes (2) Industrial Software Enterprise Software & Technology Healthcare & Life Sciences Tech-Enabled & Business Services 36% 33% 23% 8%
  • 23. 23 Senior Leadership Team 20+ Years Average Investment Banking & Technology Advisory Experience Jonathan Adler Managing Director Email | LinkedIn Jeff Herriman Managing Director Email | LinkedIn Rohan Khanna Managing Director Email | LinkedIn Michael Magruder Managing Director Email | LinkedIn R. Drew Ogden Managing Director Email | LinkedIn Christian Vansant Managing Director Email | LinkedIn Ralph Verrilli Managing Director Email | LinkedIn Highlight Areas of Expertise ✓ EHSQ Tech ✓ Healthcare & Life Sciences Tech ✓ Non-Profit & Member Management Software Highlight Areas of Expertise ✓ Construct Tech Highlight Areas of Expertise ✓ Construct Tech ✓ Robotics Highlight Areas of Expertise ✓ Manufacturing Software ✓ Supply Chain Tech ✓ Sponsor Coverage Highlight Areas of Expertise ✓ Engineering Software ✓ Manufacturing Software ✓ IIoT Highlight Areas of Expertise ✓ Healthcare & Life Sciences Tech ✓ Managed IT Services ✓ Supply Chain Tech Highlight Areas of Expertise ✓ Cybersecurity ✓ Managed IT Services ✓ Marketing Tech Scott Boutwell Managing Director Email | LinkedIn Highlight Areas of Expertise ✓ Construct Tech ✓ EHSQ Tech
  • 24. 24 Select Recent Transactions Right People, Right Narrative, Right Time Click here for our full transaction list Financial Sale PE-Backed Strategic Sale PE-Backed Strategic Sale Founding Team Strategic Sale Founding Team Strategic Sale PE-Backed Minority Investment Founding Team Financial Sale Founding Team Merge With Founding Team Strategic Sale Founding Team Strategic Sale VC-Backed Financial Sale PE-Backed Financial Sale Founding Team Financial Sale PE-Backed Strategic Sale Founding Team Financial Sale PE-Backed Financial Sale Founding Team Acquisitions Of PE-Backed Financial Sale Founding Team
  • 25. 25 Uncompromising Dedication to Thought Leadership Follow us on LinkedIn for Upcoming Reports and Analysis See our 2021 Report Manufacturing Tech See our 2021 Report EHSQ Cybersecurity See our 2021 Report See our 2022 Report Engineering Technology See our 2022 Report Life Sciences Software See our 2022 Public Good Primer Cause & Community Software Supply Chain Planning Marketing Tech Click here to follow us on LinkedIn Supply Chain Execution See our 2022 Report Click here to see all our publications Public Market Coverage See our 2022 Report Construct Technology See our 2021 Report Procurement Technology M&A Market Coverage See our Q1 2022 M&A Markets Report Fundraising Market Coverage See our 2022 GRC Primer GRC See our 2022 Report See our Q2 2022 Public Markets Report
  • 26. 26 This presentation has been prepared by Madison Park Group and may only be used for informational purposes. This presentation is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this document, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Acceptance of this information further constitutes your acknowledgement and agreement that Madison Park Group does not make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein and shall have no liability to the recipient or its representatives relating to or arising from the use of the information contained herein or any omissions therefrom. Any use, disclosure, distribution, dissemination, copying or reproduction of this information without prior written consent or approval from Madison Park Group is strictly prohibited. Any third-party trademarks, service marks, logos, and trade names included in the report are property of their respective owners. Madison Park Group, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Madison Park Group is not a retail broker-dealer. This communication is not intended for retail consumption. The firm does not conduct underwriting activities, provide research or analyst reports or solicit or carry accounts for, or offer or sell securities products to retail customers. Madison Park Group is regulated by the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services provided in this presentation are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or where Madison Park Group is not authorized to provide such information or services. Sources & Notes Data Sources 1. Pitchbook 2. S&P Capital IQ 3. Tracxn 4. LinkedIn 5. Public company releases, filings, and earnings transcripts Journals & Other Media 1. CISION 2. TechCrunch 3. Globe Newswire 4. Yahoo! 5. Forbes 6. Businesswire 7. GTCR 8. Verdantix 9. Wall Street Journal 10. Reuters 11. IBM Company References 1. Miscellaneous company and press releases Disclosures 26 Sources & Disclosures Madison Park Group LLC New York 3 Park Avenue, 31st Floor New York, NY 10016 Massachusetts 101 Federal Street, Suite 1900 Boston, MA 02110 New Hampshire 36 Maplewood Avenue Portsmouth, NH 03801 Pennsylvania 555 E Lancaster Avenue, Suite 500 Wayne, PA 19087