ENVIRONMENTAL, HEALTH & SAFETY - SOFTWARE
CONTACTS
David Bench
Managing Director
(949) 460-6431
dbench@capstonellc.com
Teak Murphy
Director
(310) 746-5006
tmurphy@capstonellc.com
Christopher Cardinale
Associate
(949) 460-6433
ccardinale@capstonellc.com
BOSTON
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Q1 2016
MERGERS & ACQUISITIONS
Whether the concern is employee training and safety, emissions governance, or contamination
prevention, the public demand for a successful and reliable EH&S policy is on the rise. One strong
growth area of the EH&S industry is software and management technology. In a 2013 study
published by EHS Today, only 5% of organizations rate their EH&S programs as “world class.”
There is strong demand for the betterment of corporate EH&S programs, and organizations are
increasingly implementing software as an integral part towards that improvement. As such,
according to the analyst firm Verdantix, corporate spending on EH&S software is anticipated to
grow 15% per year to $1 billion by 2018, spearheaded by oil & gas companies, which will account
for 43% of that total spend.
Due to this growth in EH&S technology, large software providers, such as SAP, are either
developing EH&S platforms or acquiring boutique designers already active in the space. Also,
EH&S consulting firms, such as Trinity Consultants, are increasingly providing software and
automation as a service element. However, the market is highly fragmented, with smaller
players, such as Enviance, retaining strong brand preference. Constant innovation allows this
fragmentation to continue in an environment that was once consolidated by the major software
players of the 1990s, according to Verdantix. These innovations fueled M&A in 2015 and will
continue for 2016 as the market moves back towards a consolidated state. Market indicators
predict another strong year for EH&S software M&A in 2016.
Not only are corporations purchasing software companies, but the industry continues to garner
interest from the private equity community. According to The Wall Street Journal, private equity
deals accounted for nearly half of software M&A transaction value through the first half of 2015,
with the median EBITDA multiple increasing from 13.7x to 20.7x for the same time period in
2014. EH&S has gained attention from the private equity community as well, as seen by Battery
Ventures’ February 2015 investment in Enviance, and HarbourVest Partners’ August 2015
investment in Intelex Technologies, among others. In both corporate and financial acquisitions,
EH&S software transaction values since January 1st, 2011 have a median EBITDA and revenue
multiple of 12.3x and 2.2x, respectively.
As a subset of the software industry, SaaS experienced nearly a doubling of M&A deals from 333
in 2012 to 621 in 2014. The total transaction value in Q3 2015 increased by 24% over Q2 2015.
Moreover, vertically-focused SaaS providers, such as EH&S, trade at a premium of 35%. As
mentioned, the market demand towards subscription carries on, and valuation multiples reflect
that trend.
Sources: Capstone Partners LLC Research, The Wall Street Journal, Environmental Compliance Alert, NAEM, Verdantix
EH&S - Software
Q1 2016
KEY INDUSTRY TRENDS
The software industry as a whole is built upon innovation. EH&S is no different, often
requiring quicker and more dynamic change due to geopolitical and regulatory
conditions. Some key trends identified for 2016 and beyond are:
SOFTWARE-AS-A-SERVICE: The movement towards subscription continues, as
smaller companies become more concerned with EH&S, and therefore require lower
cost of entry and fixed expenditures. Also, the need for remote access and cloud
applications continues to increase. Customers are seeking large-scale integration to
maximize value.
OPERATIONAL RISK MANAGEMENT: In the early 2000s, environmental compliance
and information systems were prominent within the EH&S services industry.
Although compliance is still a top concern, a movement towards operational risk
management has taken place. Concerns with incident management and plant shut
downs, as seen with the BP oil spill, are a strong driver towards continued EH&S
investment.
BUYING DECISIONS
Heading into 2016 and beyond, buyers within the organizations that control EH&S
purchasing decisions are considering these key factors, among others:
CONSOLIDATED DATA: Establishing a single source for global EH&S data analysis
ENHANCED REPORTING CAPABILITIES: Avoiding non-compliance remains as a key
consideration
SIMPLE UPDATES: Buyers seek a system that is easy to update and maintain
USER-FRIENDLY INTERFACE: A leading decision characteristic, it must be easy to
enter data
When comparing first-time buyers with returning buyers, some key differentiators
are identified. From a 2015 study conducted by NAEM, the main goal of returning
buyers when considering new software is the centralization of data collection efforts
at 21%, with only a 6% rate for first-time buyers. Also, 17% of returning buyers
indicated collecting data for internal and external reporting as a top business
objective, vs. 6% for first-time buyers. These differences demonstrate that data
consolidation and reporting becomes higher priority when considering a switch
between software providers as opposed to the first expenditure. The market
indicates broadly that current EH&S software vendors need to enhance data
capabilities in order to retain customers post-implementation.
Sources: Verdantix, Capital IQ, Capstone Partners LLC Research, NAEM, EHS Today
Capstone Partners LLC 2
EH&S - Software
Q1 2016
SELECTED M&A DEAL BRIEFS
Several dynamic transactions occurred during 2015 in EH&S software and related
solutions. Selected transaction profiles are outline below, followed by a more
comprehensive list in the subsequent tables.
ENVIANCE ACQUIRES REMEDY INTERACTIVE – Enviance, Inc., a private company
based near San Diego, CA, provides cloud-based environmental enterprise planning
software solutions to measure, manage, report and mitigate environmental
performance. Enviance acquired Remedy Interactive, Inc., a developer of software
solutions that mitigate workplace injuries, including risk identification, automated
prevention solutions, and safety program management.
“Bringing Remedy Interactive into the fold enables Enviance to offer new and existing
clients a broader suite of offerings to meet their rapidly evolving health and safety
needs,” said David Muse, CEO of Enviance. “By making strategic technology
acquisitions such as Remedy Interactive, we will complement our commitment to
environmental compliance and operational risk management and rapidly achieve
greater market leadership by leveraging new technologies.”
BOEING AQUIRES PETERS SOFTWARE – The Boeing Company acquired Peters
Software, a German company that develops training and safety software for
commercial and private pilots, specializing in materials for pilots operating in the
European Aviation Safety Agency. Its solutions support the safety of pilots, airlines,
passengers, and employees.
Boeing trains approximately 1,200 flight, maintenance and cabin safety personnel
daily throughout its global network. Stan Deal, SVP at Boeing Commercial Airplanes,
said: “The high-quality software that Peters Software develops enhances Boeing's
customized pilot training content to meet specific needs of our customers.”
INFLEXION ACQUIRES ALCUMUS HOLDINGS – Inflexion Private Equity Partners, a
private equity firm based in London, acquired Alcumus Holdings Ltd. For $141
million. Alcumus, also based in the United Kingdom, provides compliance, risk
management, and occupational health & safety consulting to European companies,
in addition to compliance management software and social responsibility
management.
Simon Turner, Managing Partner at Inflexion, commented: “We have been tracking
Alcumus for a number of years and are delighted to be able to join forces with such
an accomplished team. The UK compliance and certification market is growing
strongly and with Alcumus’ proven track record of diversifying its suite of services to
offer the most value to its clients, it is well-placed to grow market share under our
ownership.”
Sources: Capstone Partners LLC Research, The Boeing Company, Inflexion Private Equity Partners, Enviance, Inc.
Capstone Partners LLC 3
EH&S - Software
Q1 2016
ENVIRONMENTAL, HEALTH AND SAFETY - SOFTWARE: SELECT M&A TRANSACTIONS
Date
EV / LTM
Enterprise
Value
Revenue EBITDA
(mm)
Target
Acquiror
Target Business Description
12/15/2015
Software
Ingenieros S.L.
Alhambra Systems
S.A.
Develops information management software and solutions
for the defense, police, and public safety sectors.
-
-
-
12/10/2015
CSI Software, Inc. DAXKO LLC
Provides software and services for health and fitness clubs
and wellness centers.
-
-
-
12/03/2015
HEALTH-e
Workforce
Solutions Pty Ltd.
Smartgroup
Corporation Ltd.
Provides software products that organizes, manages, and
analysis for workforces, data, and organizations.
$8
-
8.6x
11/30/2015
Appriss Inc.
Insight Venture
Partners
Offers SaaS based public safety, risk and compliance, health
information, and insurance solutions.
-
-
-
11/20/2015
Law Enforcement
Zuercher
Technology
Technologies LLC
Group, Inc.
Develops cloud-based software solutions for the law
enforcement and public safety sectors.
-
-
-
11/17/2015
Aircraft Technical Maranon Capital,
Publishers
Parkergate Capital
Provides information solutions, software, and web-based
hosting solutions for aviation safety and compliance.
-
-
-
11/17/2015
Bobo Software
S.R.L.
Banzai Media S.R.L.
Owns and operates an online platform that provides
information solutions on health and well-being.
-
-
-
11/17/2015
4tell Solutions, LLC
Rubicon Technology Develops and implements sustainable software solutions,
including energy mgmt. and emission control.
Partners
-
-
-
11/16/2015
New World
Systems
Corporation
Tyler Technologies,
Inc.
Develops and markets software solutions for public safety,
law enforcement, and utility management applications.
$675
-
-
11/05/2015
Thunisoft Credit
Beijing Thunisoft
Software Co. Ltd.
Corporation Limited
(49%)
Develops software and solutions for local food safety
authorities.
$61
5.6x
-
11/02/2015
Cardno Limited
(39%)
Provides environmental assessments and planning, as well as
software and technology solutions to engineers and planners.
$621
0.6x
9.0x
10/22/2015
Lavender & Wyatt Netsmart
Systems Inc.
Technologies Inc.
Provides behavioral health electronic medical record
software and solutions.
-
-
-
10/21/2015
Energent
Incorporated
Rodan Energy
Solutions Inc.
Develops software and applications for energy informatics
solutions, including energy mgmt. and optimization.
-
-
-
10/12/2015
Peters Software
GmbH
The Boeing Company
Develops training software for commercial and private pilots
aligned with the European Aviation Safety Agency.
-
-
-
10/12/2015
Alcumus Holdings Inflexion Private
Ltd.
Equity Partners
$141
-
-
09/23/2015
The Learning
Clinic Limited
System C Healthcare Develops software solutions for healthcare providers focused
on patient safety and infection outbreak control.
plc
-
-
-
09/14/2015
TotalMobile
Limited
Lyceum Capital
Partners
Provides mobile working solutions for field workers, including
software for community safety and regulatory compliance.
-
-
-
09/09/2015
TOTVS S.A. (5%)
Harris Associates L.P.
Develops integrated mgmt. systems including energy and
environmental mgmt.
-
-
-
09/01/2015
GenoLogics Life
Sciences
Software, Inc.
Illumina Inc.
Provides laboratory software for the mgmt. of information,
regulatory compliance, workflow tracking and safety.
-
-
-
08/24/2015
Ingegneria
Designs and develops software specific for the mgmt., and
Biomedica Santa Patheon Holdco Ltd.
safety of biomedical and scientific equipment.
Lucia S.p.A.
-
-
-
08/18/2015
Trinity
Levine Leichtman
Consultants, Inc. Capital Partners
-
-
-
Crescent Capital
Investments Pty
Limited
Provides compliance solutions, web-based information
solutions, and health & safety software,
Operating as an environmental consulting firm, offers
software and compliance solutions for EH&S management.
Capstone Partners LLC 4
EH&S - Software
Q1 2016
ENVIRONMENTAL, HEALTH AND SAFETY - SOFTWARE: SELECT M&A TRANSACTIONS (CONTINUED)
Date
Target
Acquiror
EV / LTM
Enterprise
Value
Revenue EBITDA
(mm)
Target Business Description
08/13/2015
Intelex
HarbourVest Partners Develops web and application software solutions for
Technologies, Inc. / JMI Equity
management of EH&S, quality, risk, and suppliers.
-
-
-
08/12/2015
Zuercher
TriTech Software
Technologies, LLC Systems, Inc.
Develops software for law enforcement, including modules
that provides jail mgmt., warrant tracking, and data reports.
-
-
-
07/21/2015
Emergency
ESO Solutions, Inc.
Technologies, Inc.
Designs public safety application software for fire
departments and EMS agencies.
-
-
-
06/15/2015
Emergency
Communications Veritas Capital
Network, LLC
Provides SaaS solutions for mass notification, including critical
communications for evacuations and active shooters.
-
-
-
06/07/2015
Nexus Technical
Services
Corporation
Provides fire protection services, including software for
nuclear inspection and safety mgmt. programs.
-
-
-
06/01/2015
PJA Solutions Pty. The Citadel Group
Ltd.
Limited
Develops and supports software products and training for
clinical applications and public health laboratories.
$48
-
-
05/27/2015
ABB Ltd. (3%)
Cevian Capital
Provides power and automation technologies for industrial
customers, including software applicable to EH&S.
-
-
-
05/18/2015
Healthy
Communities
Institute Corp.
Xerox Corporation
Provides a SaaS health improvement platform for health
departments and community coalitions.
-
-
-
05/04/2015
CBR Associates,
Inc.
symplr
Develops health software programs for credentials,
occurrence tracking, risk mgmt., and incident tracking.
-
-
-
05/04/2015
Stock Informatik
Gmbh
CompuGroup
Develops software for occupational and preventative health
Medical Deutschland
mgmt., corporate health mgmt., and work safety.
AG
-
-
-
04/30/2015
Remedy
Interactive, Inc.
Enviance, Inc.
Provides software solutions that mitigate workplace injuries for
small and mid-size organizations.
-
-
-
04/14/2015
Environmental
Systems, Inc.
CBRE Group, Inc.
Provides system integration services, and software in the
areas of energy mgmt., life safety, and data analytics.
-
-
-
04/07/2015
Metis Secure
Solutions, LLC
Mircom Technologies Develops and delivers emergency notification,
Ltd.
communications, and command center software.
-
-
-
04/02/2015
BAIR Analytics Inc.
LexisNexis Risk
Solutions Inc.
Provides analytical software and safety services for law
enforcement and defense.
-
-
-
03/10/2015
InterAct 911
Corporation
N. Harris Computer
Corporation
Develops incident response, emergency mgmt., and public
safety software to support first responders and dispatchers.
-
-
-
03/04/2015
Innov8 Safety
Solutions Limited
Lucion Environmental Provides construction mgmt. and site safety solutions,
Ltd.
including safety audit software and EH&S consulting.
-
-
-
02/12/2015
Emergency
CallWorx, Inc.
Motorola Solutions,
Inc.
Develops software solutions for call receiving, dispatching,
and transmission of critical information during emergencies.
-
-
-
02/09/2015
Exo2 Projects Ltd Alltech, Inc.
Provides environmental and carbon assessment services,
including bespoke software for a variety of companies.
-
-
-
02/06/2015
CompuDyne Public Safety &
Justice, Inc.
TriTech Software
Systems, Inc.
Provides computer aided safety mgmt., and dispatch public
safety software that assists in dispatch and mobility
applications.
-
-
-
02/02/2015
Enviance, Inc.
Battery Ventures
Provides resource planning software that includes emission
analysis, chemical mgmt., and incident mgmt.
-
-
-
01/13/2015
Gael Limited
Ideagen PLC
Designs and develops quality mgmt. solutions, including
online and live training solutions.
$28
2.2x
11.2x
JENSEN HUGHES, Inc.
Capstone Partners LLC 5
EH&S - Software
Q1 2016
2016 YEAR TO COME - MAJOR M&A PLAYERS
Many large, diversified business services companies continue to remain active in
EH&S M&A. Below are a few anticipated to continue implementing M&A strategies.
UL LLC – UL LLC, a private company based in Illinois, provides safety science services
globally. The company operates in six segments, including Environment and
Workplace Health & Safety. Serving a variety of industries, its Environment segment
assists companies in capturing the value of sustainability strategies from training to
transparency. Its Workplace Health & Safety segment improves business
performance and culture through education, program management, and software
solutions.
With over 50 historical acquisitions, and multiple software-related buys, UL is a major
player in the EH&S M&A marketplace. The company has made a major push towards
software integration as a service offering, including products such as Occupational
Health Manager, PureSafety, and SYSTOC, all designed to increase employee
efficiency and productivity. Capstone Partners forecasts continued M&A activity by
UL LLC with respect to EH&S.
Honeywell – Honeywell International, a diversified technology and manufacturing
company based in New Jersey, provides multiple products and services geared
towards the automation, safety, and performance of companies, among other
initatives. Its Safety segment focuses on safety technology with workplace, aviation,
and emergency management applications.
With over 25 acquisitions since 2009, Honeywell is very active in M&A, particularly
with respect to technology and software. The company has consummated multiple
software acquisitions, including Aviaso, Inc. in September 2015, a developer of
software solutions that supports fuel efficiency and emissions control for the aviation
industry.
IHS, Inc. – IHS, Inc., a diversified consulting company based in Colorado, provides
critical information, insights, and analytics for companies worldwide, including
strategic planning, EH&S risk management, customer workflows, and operational
excellence, among others. IHS offers a robust software platform, including 43
different solutions for EH&S.
IHS is among the most active in M&A, with over 70 acquisitions and 10 since the start
of 2014. Multiple software related transactions, as well as acquisitions within the
EH&S space, including its 2011 acquisition of Dyadem International for $49mm, a
provider of risk management software, including EH&S. Capstone Partners expects
IHS to continue integrating M&A as a part of the corporate growth strategy.
Sources: Capital IQ, Capstone Partners LLC Research, UL LLC, Honeywell International, Inc., IHS, Inc.
Capstone Partners LLC 6
EH&S - Software
Q1 2016
2016 YEAR TO COME – RISING M&A STARS
Capstone Partners not only identifies the obvious buyers, but strives to recognize
those M&A players on the rise. Often recent funding or capital raises brings to light
these parties, as well as increased activity within the marketplace. Below are a few
smaller companies that are more narrowly focused on EH&S software and
anticipated to implement M&A growth strategies.
Medgate, Inc. – Medgate, Inc., a private company based in Toronto, develops and
provides EH&S software suites that enable users to track medical trends, manage
compliance and regulatory issues, mitigate incidents, and analyze current programs.
It offers Safety Management, Industrial Hygiene, and Ergonomics software suites,
among others. It also provides Environmental software to streamline the collection
and analysis of environmental data.
Medgate has completed 1 acquisition, Tempus Software in 2012, a provider of
occupational health and safety software. Medgate is funded by Adventure Capital, a
Canadian venture capital firm. Capstone anticipates Medgate will continue to grow
its presence within the marketplace.
Enviance, Inc. – As discussed before, Enviance provides cloud-based environmental
enterprise planning software solutions to measure, manage, report and mitigate
environmental performance.
Enviance has demonstrated an M&A strategy with its recent acquisition of Remedy
Interactive. Moreover, Enviance recently received funding from Battery Ventures, a
large private equity and venture capital firm based in Boston. According to Enviance.
“Remedy represents Enviance’s first strategic acquisition and the first step towards
the company’s ultimate goal of becoming the leading enterprise EH&S vendor. The
acquisition is in line with Enviance’s strategy to pursue growth opportunities that
complement the company’s product, technology and services portfolio.”
Trinity Consultants, Inc. – Trinity Consultants, based in Dallas, is the most active and
diversified company on the rising stars list, operating as an EH&S services and
consulting company. Trinity has established a propensity for technological
integration, such as its BREEZE software, Tank Emissions calculators, and other EH&S
management solutions, in addition to traditional consulting services.
Trinity has a history of M&A, with 9 historical acquisition and 2 in 2015. Moreover, in
August 2015, Levine Leichtman Capital acquired Trinity. This trend of recent
acquisitions, in addition to the private equity investment, suggests continued
involvement in the M&A market going forward. Capstone forecasts Trinity
Consultants as a company to watch for 2016 EH&S acquisitions.
Sources: Capital IQ, Capstone Partners LLC Research, Medgate, Inc., Enviance, Inc., Trinity Consultants, Inc.
Capstone Partners LLC 7
EH&S - Software
Q1 2016
CAPSTONE AT A GLANCE
Capstone Partners is a trusted advisor to the owners and stakeholders of privately held businesses.
We offer a fully integrated suite of investment banking and corporate finance advisory services in the
form of capital raises, liquidity events, and shareholder exits.
SERVICES
MERGERS
&
ACQUISITIONS
PRIVATE
CORPORATE
ADVISORY
PLACEMENTS
RESTRUCTURING
SERVICES
DEDICATED INDUSTRY EXPERTISE
Capstone’s dedicated industry practices have developed deep domain expertise to deliver
enhanced transaction success rates, accelerated speed of execution, and maximum
valuation premiums.
Capstone is uniquely focused on the intersection between EH&S and software, with
industry-focused research reports and numerous completed transactions within their
respective segments.
EH&S
Software
INDUSTRIAL & MANUFACTURING





Chemicals
Environmental, Health & Safety
Facilities Maintenance, Repair, & Operations
Industrial Equipment
Infrastructure
TECHNOLOGY & TELECOM





Cloud Software & Services
Data Analytics & Intelligence
Enterprise SaaS/ Software
IT & Data Center Infrastructure
Telecom Equipment & Services
Capstone Partners LLC 8
EH&S - Software
Q1 2016
INFORMATION MANAGEMENT CORPORATION
CAPSTONE PARTNERS CASE STUDIES: INFORMATION MANAGEMENT CORPORATION AND WEBGEN SYSTEMS

Capstone was retained by the shareholders of
Information Management Corporation (IMC), a
leading niche provider of public safety software, to
secure a financial or strategic acquirer for the
business.

12 indications of interest were received for the
Company, with 5 management discussions
conducted prior to moving forward with a West
Coast-based strategic buyer, TriTech Software
Systems, which was backed by a local private equity
firm, WestView Capital Partners.

The Company sold 100% of its stock and secured ongoing employment agreements for key
management, in addition to a consulting agreement
for IMC’s primary shareholder.
has been acquired by

The undersigned represented
INFORMATION MANAGEMENT CORPORATION
“Capstone’s performance greatly exceeded our
expectations…and feel they earned every bit
of their fee.”
Bernard Noe, President - IMC
Capstone was retained by the Board of WebGen, a
leading provider of commercial energy management
software, to raise growth capital for the Company to
aid in its technology development and enhance its
sales efforts.

Capstone contacted 96 parties through the process:
75 financial sponsors and 21 strategic investors. 13
management discussions were conducted prior to
moving forward with one new investor.

The Company raised $9.5 million: $5.0 million from
new investors and $4.5 from existing investors.
Through the fund raising process several strategic
parties indicated an interest in acquisition. Capstone
effectively managed a “dual-pronged” process.
has recapitalized through the issuance of
$9,500,000
Of Series B
Senior Participating Convertible Preferred
Stock
WEBGEN SYSTEMS, INC.


“We received comprehensive and thoughtful
advice, good industry knowledge and overall
process management such that the Board
could make appropriate decisions.”
The undersigned represented
WEBGEN SYSTEMS, INC.
Mark Noyes, CEO - WebGen Systems, Inc.
Capstone Partners LLC 9
EH&S - Software
Q1 2016
CAPSTONE PARTNERS CASE STUDIES: E-MON AND SAFETY SERVICES COMPANY
a division of
HUNT POWER

Capstone was retained by Hunt Power to assist in
realigning its strategic initiatives. Its division, E-Mon,
is a leading provider of submetering technology and
energy management software used for monitoring
electrical usage.

Capstone received 10 indications of interest, invited
4 parties to participate in management meetings
and due diligence, and received 4 letters of intent
for the division.

Winning bidder was a private equity firm that was
working with the former president of E-Mon (who
had been introduced to the firm by Capstone).
E-MON
has been acquired by

The undersigned represented
HUNT POWER, L.P.
“We always got top-notch advice, with
outstanding industry knowledge, good
foresight, and ferocious attention to detail.
Senior level attention remained at 100%
throughout.”
Enrique Marroquin - Finance Director, Hunt
Power
Capstone was retained by Safety Sam, Inc. dba
Safety Services Company. Safety Services is a
leading provider of OSHA-required compliance and
employee safety training materials and solutions for
small-to mid-sized companies in the US and Canada.

To best achieve the sole shareholder’s goals of a
premium market price, retaining the culture &
management, and securing resources to pursue
growth opportunities, the shareholder decided to
keep a minority interest and partner with a private
equity investor.

has been acquired by
Winning bidder was Serent Capital, a private equity
firm based in San Francisco.
“What I actually experienced in completing a
transaction makes me so grateful I didn’t try
this on my own…Without question, the fee we
paid for your services was worth every penny.”
SAFETY SAM, INC.


The undersigned represented
SAFETY SAM, INC.
Devon Dickinson – Founder, Safety Sam, Inc.
Capstone Partners LLC 10
EH&S - Software
Q1 2016
CAPSTONE PARTNERS: SELECT SOFTWARE TRANSACTIONS
has been acquired by
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UNDISCLOSED
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has acquired assets
from
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Capstone Partners LLC 11
EH&S - Software
Q1 2016
CAPSTONE PARTNERS: SELECT SOFTWARE TRANSACTIONS
initial pubic offering
has acquired
has been acquired by
has been acquired by
has merged with
has been acquired by
strategic investment
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has been acquired by
has been acquired by
Informa Group plc
$167,440,000
L-1 Investment
Partners, LLC
Capstone Partners LLC 12
EH&S - Software
Q1 2016
CAPSTONE PARTNERS: SELECT EH&S TRANSACTIONS
Applied Energy
Systems, Inc.
has been acquired by
has divested assets to
has been acquired by
has been acquired by
has been acquired by
has been acquired by
has been acquired by
has been acquired by
has been acquired by
Jarex
Distribution LLC
has been acquired by
DOE & INGALLS
MANAGEMENT
has been acquired by
has been acquired by
has recapitalized with
has recapitalized with
has been acquired by
has been acquired by
has secured
$9,500,000
has been acquired by
has been acquired by
has been acquired by
SERIES B CONVERTIBLE
PREFERRED STOCK
Hyde Park
Holdings LLC
Capstone Partners LLC 13
EH&S - Software
Q1 2016
THE CAPSTONE DIFFERENCE
SENIOR LEVEL
ATTENTION
INDUSTRY
MIDDLE MARKET
NATIONAL
GLOBAL
SPECIALIZATION
FOCUS
PRESENCE
REACH
CLIENT VALIDATION
2015
LEADING M&A
DEAL MAKER
OF THE YEAR
98%
Capstone
98%
Capstone delivered senior level attention
96%
Capstone maximized the value of the
Company.
2015
US MIDDLE MARKET
INVESTMENT BANKING
FIRM OF THE YEAR
95%
96%
was
the
right
investment
banking partner for the transaction.
2015
BOUTIQUE M&A
INVESTMENT BANK
OF THE YEAR
during each stage of the transaction.
Capstone increased the probability and
speed of closure.
2014
BOUTIQUE
INVESTMENT BANKING
FIRM OF THE YEAR
Cumulative client performance rating
across all categories over two decades.
THE
INTERNATIONAL
M&A AWARDS
GLOBAL REACH
CAPSTONE OFFICES
PARTNER OFFICES
Boston  Chicago
Argentina  Belgium
Bosnia  Brazil  Canada  Chile
London  Los Angeles
New York  Orange County
China  Croatia  Czech Republic  Denmark
Egypt  Finland  France  Germany  Hungary  Ireland
Italy  Ivory Coast  Japan  Mexico  Morocco  Netherlands  Norway
Philadelphia  San Diego
Silicon Valley  Tampa
Peru  Poland  Portugal  Russia  Senegal  Serbia  Slovakia  Slovenia
Spain  Sweden  Switzerland  Turkey  United Kingdom  United States  Vietnam
Capstone Partners LLC 14
EH&S - Software
Q1 2016
THE EH&S SOFTWARE TEAM
David Bench, Managing Director
dbench@capstonellc.com • (949) 460-6431
David is a Managing Director in charge of the Western Region, based out of Orange
County, CA. Prior to Capstone, David managed the Western region for Morgan
Stanley Smith Barney’s Capital Strategies Group and its predecessor, Citi Capital
Strategies. David has focused on middle market investment banking for nearly 30
years and has been the lead banker in over 250 M&A transactions involving both
domestic and foreign corporate buyers, as well as leveraged recaps with private
equity sponsors. David’s achievements in investment banking have gained national
recognition by The M&A Advisor: one of his transactions was awarded the “Private
Equity Deal of the Year,” while another was recognized as the “Energy Deal of the
Year.” Mr. Bench has also been awarded “Middle Market Financing Professional of
the Year,” an award recognizing M&A’s most accomplished professionals. Mr. Bench
holds a BS and an MBA in Finance from Brigham Young University. He is a Series 7
and 63 Registered Securities Representative and a Series 24 Registered Securities
Principal.
Teak Murphy, Director
tmuprhy@capstonellc.com • (310) 746-5006
Teak works in the Technology & Telecom Group, based out of Santa Monica, and is
involved in all aspects of transaction execution from initial business development and
market research through financial diligence, marketing, negotiation and closing of
transactions. He has spent over 15 years assisting technology companies on mergers,
acquisitions, IPOs and capital raises. His prior experience includes positions at leading
technology-focus investment banks including SagePoint Advisors, Montgomery & Co.,
and Cowen and Co. Teak also worked as a Senior Associate with Enterprise Partners
Venture Capital, a Southern California based VC firm, where he evaluated investment
opportunities and worked closely with senior management and board members to
successfully grow portfolio companies. Teak's experience working on mergers and
acquisitions, fund raising, and initial public offerings as both an advisor and investor
provides unique insight into the needs of both venture-backed and founder owned
companies. Teak holds a BS in Finance from the University of Southern California.
Christopher Cardinale, Associate
ccardinale@capstonellc.com • (949) 460-6433
Christopher is an Associate in the Los Angeles office. He supports management and
clients in the Western Region. Christopher is engaged in the execution and advisory
of mergers, acquisitions and strategic capital raises. Prior to joining Capstone, he was
an associate with a boutique M&A firm focused on valuation, M&A advisory,
corporate finance, acquisition target research and exit-planning strategy. His industry
experience includes manufacturing, healthcare, TMT and consumer. Christopher was
also a research analyst in the M&A department at United Capital Financial Advisors.
He earned a BA in Finance from the University of San Diego. Christopher is a
Registered Securities Representative having passed the FINRA Series 79 and 63
examinations.
Capstone Partners LLC 15
ABOUT CAPSTONE PARTNERS
Capstone Partners LLC is a premier investment banking firm dedicated to serving
the corporate finance needs of middle market business owners, investors and
creditors. The firm provides M&A, corporate restructuring, private placement and
financial advisory services. Headquartered in Boston, Capstone has offices in
Chicago, London, Los Angeles, Philadelphia, San Diego, Silicon Valley and Tampa
with an international presence that spans 450+ professionals in close to 40
countries.
For more information about our services and expertise, please visit www.capstonellc.com
World Class Wall Street Expertise. Built for the Middle Market..
© 2016 Capstone Partners LLC. All rights reserved.