MPG Manufacturing Software Market Snapshot - July 2020

1
Manufacturing Software Market Snapshot
July 2020
Strictly Confidential
Member FINRA & SIPC
© 2020 Madison Park Group
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I. Industry Trends
II. Featured Companies
Appendix
III. Additional Vendors
IV. Market Comparables
V. About MPG
Table of Contents

4
Companies Featured In This Report Select Referenced Solutions
✓ Manufacturing Execution Systems
(MES)
✓ Manufacturing Resource Planning
(MRP)
✓ Enterprise Resource Planning (ERP)
✓ Manufacturing Intelligence (MI)
✓ Enterprise Product Costing (EPC)
✓ Industrial Internet of Things (IIoT)
✓ Advanced Production Scheduling
(APS)
✓ Machine & Production Analytics
Madison Park Group (“MPG”) is a premier advisor to the manufacturing software market. Industry 4.0 and economic factors are fundamentally changing
the way organizations execute their manufacturing processes, with increasing use of technology for automation and data management.
Ralph Verrilli Michael Magruder Sean Stouffer James Tomasullo
Managing Director Managing Director Senior Associate Senior Associate
rverrilli@madisonparkgrp.com mmagruder@madisonparkgrp.com sstouffer@madisonparkgrp.com jtomasullo@madisonparkgrp.com
Inclusion Criteria
MPG’s Dedicated Manufacturing Technology Practice
Key Participants Across Manufacturing Software
Market Snapshot
Note: Click on company logos to be directed to specific coverage profiles;
Click on Madison Park Group logo to be redirected back to home page

5
Inside The Industry
Market Trends And Notable Transactions
1
Products have become multi-faceted and supply chains have
become complex – it is nearly impossible for a single
company to possess the resources to assemble, track and
trace all requisite parts for a final product
4
Due to supply chain disruption from the Coronavirus outbreak,
reshoring is top of mind for virtually all manufacturing
companies
5
CFOs list “digital first” as a critical priority; however, few
companies have been able to unlock “hidden capacity” in
their design & manufacturing processes using software
7
Due to the large number of domain and process specific tools,
integration of MES, PLM, ERP and other MOM software is
important for overall business and operations effectiveness
8
Landmark M&A transactions by tier-one strategics and private
equity sponsors illustrate the increasing migration to cloud-
based technology
2
Companies are diversifying their manufacturing operations -
predictive costing and cost tradeoffs (e.g., logistics, tariffs,
etc.) have now become even more critical in making
informed decisions
In Case You Missed These Transactions Slide
Aptean announced funding from Charlesbank 12
Business management for manufacturers, distributors and other sectors
Aptean acquired WorkWise 12
Discrete manufacturing ERP software
Dassault Systemes acquired IQMS 16
Manufacturing ERP and MES solutions
ECI acquired Trivest Beheer 18
SME manufacturing solutions such as ERP, APM, MES, CAD/CAM and BI
ECI acquired three manufacturing software assets from Exact Group 18
Macola, JobBOSS and MAX
Forterro acquired Abas Software 21
ERP for mid-market manufacturing & distribution clients
Germanedge acquired ORSOFT 23
Advanced planning & scheduling (APS) and supply chain management
Acumatica was acquired by EQT & partnered with IFS 26
Cloud ERP for small and midmarket organizations
Acumatica acquired JAAS Systems 26
Manufacturing automation solutions and Acumatica reseller
Koch acquired Golden Gate’s remaining stake in Infor 27
ERP software for manufacturing and other verticals
MPDV acquired Felten Group 28
Production management software and consulting services
PTC acquired Factora 31
System integrator partner for smart manufacturing technology
Rockwell Automation acquired MESTECH Services 33
Rockwell Automation Recognized Systems Integrator for MES
Yokogawa acquired Grazper Technologies ApS 37
AI-powered image analysis with use cases in industrial automation
3
Supply shortages and manufacturing fallout due to COVID
have forced organizations to reconsider their just-in-time
inventory practices
6
Companies do not use the majority of functionality which is
available in their ERP and MES solutions; organizations are
increasingly looking to niche solutions which enable them to
use just what is required in order to scale
ResiliencyAutomation/Integration/Cloud
Our Recent Observations

6
Emerging Trends
Increased Production Volatility Is Driving OEMs To A Portfolio Approach
• As large scale manufacturers look to diversify operations away from single sources, they require complex analysis of a broad range of factors such as
material costs, labor rates, tariffs, political risk and logistics constraints
‐ Production consistency and resilience remain critical success factors, even in the face of dynamic operational changes
• COVID has accelerated the evaluation process, forcing producers to rapidly source alternative production capabilities, supplies and labor sources
OEMs are taking significant action and investing in technology to eliminate costs and drive resilience in their own manufacturing processes
Focus on
Risk Management
59% of OEMs have initiated risk
management plans for potential
fluctuations due to production
shortages and other risks
Contingency
Planning
44% of OEMs have invested in
supplier contingency plans to allow for
quick pivots as a result of trade-driven
supply shocks
Lift & Shift
Scenarios
44% of OEMs have put in place, or
are exploring, “lift and shift”
manufacturing scenarios to
optimize for lowest cost
production scenarios
44%
Redundancy &
Diversity
39% of OEMs have added
additional layers of redundancy
and diversity into their production
and supplier bases
59% 44% 39%
Source: Jabil, Five Steps to Successful Supply Chain Planning; proprietary MPG research
Note: All statistics were gathered prior to the outbreak of the COVID-19 global pandemic
> Global political and rising trade war
tensions drive business continuity concerns
and potential for hidden strategic risks
> Rising labor costs have rendered regional
cost advantages less attractive while supply
chain constraints have increased costs and
driven meaningful volatility
> Consumer expectation for immediate
delivery and the need for enhanced product
quality control has led many companies to
on/near-shoring manufacturing approaches

7
Create seamless connections with external
systems, enabling efficient data-sharing
Connect all devices via sensors, enabling
equipment to learn at accelerated rates
Integrate digital and physical processes to
interpret actions and track results
Connect production steps and drive self-
optimization in machines
Emerging Trends
Automation And Data Aggregation Are Priorities In The Age Of Industry 4.0
Big Data
Smart
Factory
Cyber
Physical
Systems
Internet
of Things
(IoT)
Inter-
operability
The emergence of the Fourth Industrial
Revolution in the past few decades has been
supported by innovative technologies such as
sensors and real-time data…
…manufacturers are increasingly using these
technologies to optimize processes, yield
cost savings, attract younger workforces,
drive efficient collaboration and fuel
growth
Drive large data collection across multiple
sources (systems, sensors, mobile devices)

8
Emerging Trends
Greater Integration Demands Amidst An Increasing Number Of Systems
Over the past decade, vendors have focused on integrating the
“trinity” of manufacturing software…
…however, market constituents increasingly demand
additional integrations for greater productivity
MES
ERPPLM
Technical Decisions
What to build
Feed costing data to technical
and financial systems
Useful for
products with
hybrid hardware
/ software model
Consumer
demand feeds
into production
systems
MES
PLM ERP
CRMALM
EPC

9
Strategic Outcome
Emerging Trends
Highlight Transactions Illustrate Industry Shift To Cloud
September 2014
IQMS was founded to
address the production
requirements of SMB
manufacturers, which had
historically underutilized
MRP / ERP systems;
delivered real-time
comprehensive views of
factory performance
After bootstrapping for ~30 years, secured +$70 million in capital across two
investments to facilitate migration to the cloud, professionalize internal
processes and bolster the leadership bench
$56 million revenue with
+1,000 IQMS customers,
including 600 shared
customers with Dassault
Operational Growth Driven by Process & PeopleFoundation
Secured +$55 million of capital to integrate machine learning / AI technologies
into the platform and evangelize the offering by building an extensive network of
VAR, ISV and OEM partners
Path to +$1 billion revenue
in three years; challenging
Microsoft, Oracle and Sage
in manufacturing and other
sectors
$35 Million Growth
Investment
August 2015
$40 Million Growth
Investment
December 2018
$425 Million Acquisition
(7.59x CY2017 Revenue)
June 2019
Sale & Partnership
November 2009
Undisclosed
Series A
September 2011
Undisclosed
Series B
November 2013
$10 Million
Series C
October 2014
$13.3 Million
Series C (Ext.)
June 2018
$25 Million
Series C (Ext.)
Founded in 2008 with an
initial focus on billing /
financial management
software, evolving into a
holistic cloud ERP suite
primarily servicing the
manufacturing, distribution,
construction, services and
retail sectors
Source: Transaction press releases, PitchBook

11
» Recent M&A Activity
» Analyst / Investor Day Signals Growth Areas Of Interest
($ in millions)
Business Overview
Headquarters: Zurich, Switzerland
LinkedIn Employees (1-Yr. Growth): 96,517 (▼1%)
Website: www.abb.com
Ownership Status: Public (NYSE: ABB)
Acquisitions Since 2010: 39
Enterprise Value (EV): $59,746
LTM Revenue: $27,347
LTM EBITDA: $3,422
EV / LTM Revenue: 2.18x
EV / LTM EBITDA: 17.5x
Net Debt (Cash): $7,181
Dry Powder: $20,350
Description:
ABB is a global supplier of electrical equipment and
automation products. Automation solutions span both
discrete and process manufacturing
Select Manufacturing & Related Products:
• ABB Ability™ Manufacturing Operations Management
– Process Intelligence Applications
– Production Intelligence Applications
Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn, market data as of 7/10/2020
(1) ABB Analyst / Investor Day Earnings Transcript (ABB, 2/27/2020)
(2) “ABB Adds Cylon Controls to its Smart Buildings Portfolio” (ABB, 3/3/2020)
(3) “ABB to Strengthen E-Mobility Portfolio with Acquisition of Chinese EV Charging Provider Chargedot” (ABB, 10/28/2019)
(4) “ABB Completes Acquisition of Intrion” (ABB, 9/20/2018)
(5) “ABB to Acquire B&R” (ABB, 4/4/2017)
Robotics & Electrification Vendor Intent On Improving Automation
• During ABB’s February 2020 Analyst / Investor Day presentation, management cited various growth
areas of interests, including initiatives in automotive manufacturing
– While ABB is considered the leader in electric vehicle / battery manufacturing, management
cited select workflows in this area that can be automated further and can provide growth
opportunities
– Automotive trimming assembly, one of the final workflows in automotive manufacturing, is
currently only 10-20% automated(1)
• Management also noted that mobile robots will be a key growth area for ABB as the industry shifts
from fixed-line automation to cell-based automation
• ABB has offerings spanning robotics, electric equipment and other automation technologies; the
company’s acquisitions span a combination of hardware, software or services business models
• ABB has recently acquired various automation and robotics technology vendors:
– Cylon Controls (March 2020, ~100 employees): Building automation and HVAC control(2)
– ChargeDot (October 2019, ~185 employees): Chinese e-mobility solutions for electric vehicles(3)
– Intrion (September 2018, ~120 employees): Logistical automation solutions(4)
– AB Rotech (September 2018): Robotic welding solutions for the automotive industry
• In July 2017, ABB acquired Bernecker + Rainer Industrie-Elektronik (B&R) (+3,000 employees)(5)
– B&R is a provider of product- and software-based, open-architecture solutions for machine and
factory automation
– B&R had ~$600 million sales and 11% historical growth; ambition of growing to +$1 billion as a
mid-term sales target; ~$2 billion purchase price(5)
• In October 2000, ABB acquired Base Ten’s manufacturing execution systems
Business Overview
ABB

12
Business Overview
($ in millions)
Description:
Aptean provides industry-specific ERP, SCM, MES, asset
management and compliance solutions for process &
discrete manufacturers, distributors and other organizations
• Aptean Manufacturing Execution System
– Factory MES
– Aptean ActivPlant MES
– Aptean AXXOS OEE
New Investment And Manufacturing Acquisition
• In June 2020, Aptean announced a strategic growth investment from Charlesbank Capital Partners,
a Boston-based middle-market private equity firm; the transaction is expected to close in Q3 2020
– Charlesbank will join existing investors Vista Equity Partners and TA Associates as shareholders
of the company; TA will invest additional capital alongside Charlesbank
• The investment comes off the heels of aggressive organic and M&A initiatives in the past 15
months; Aptean has nearly doubled revenue with international regions accounting for almost half
of the business(2)
– The company had particular traction in its cloud business, with SaaS bookings growing almost
100% over the last 36 months(2)
• Aptean now has +4,100 clients across +50 countries, with a core focus on process & discrete
manufacturers and distributors(2)
» New Investor Joins Existing Roundtable Of Sponsors
» Latest Acquisition Provides Discrete Manufacturing ERP Capabilities
Source: Pitchbook, Capital IQ, corporate websites, press releases, LinkedIn
(1) “Moody’s Assigns B3 CFR to Aptean” (Moody’s, 3/3/2019)
(2) “Aptean Attracts Strategic Growth Capital to Accelerate Innovation and Global Expansion” (Aptean, 6/23/2020)
(3) “Software Provider Aptean Acquires WorkWise, Extends Manufacturing Reach” (FurnitureToday, 6/25/2020)
Headquarters: Alpharetta, GA
LinkedIn Employees
(1-Yr. Growth):
1,559 (▲7%)
Website: www.aptean.com
Ownership Status: PE-Backed (Vista, TA, Charlesbank)
Enterprise Value (EV): n/a
Est. Revenue:(1) $179 (2018)
Est. EBITDA:(1) $70 (2018)
EV / Est. Revenue: n/a
EV / Est. EBITDA: n/a
Net Debt (Cash): n/a
Dry Powder: n/a
• In June 2020, Aptean announced the acquisition of WorkWise, a provider of ERP software for
discrete manufacturing clients
– WorkWise has manufacturing customers in sectors such as industrial vehicles, agricultural
equipment, industrial equipment, food and beverage equipment, metals & plastics fabrication
and electronics
– Besides manufacturing-focused ERP, WorkWise also provides cloud and on-premise based CRM
solutions for clients in the banking, finance and business services sectors
– WorkWise has over 90 employee and is based in the greater Milwaukee, WI area(3)
• Prior to the WorkWise acquisition, Aptean executed a series of acquisitions to bolster its leadership
in the food & beverage ERP market, including Schouw Informatisering (November 2019), Linkfresh
Software (October 2019) and Beck Consulting (September 2019)
• Aptean also acquired Paragon Software Solutions, a provider of transportation management
software in March 2020
Aptean

13
($ in millions)
Headquarters: San Rafael, CA
LinkedIn Employees (1-Yr. Growth): 12,489 (▲7%)
Website: www.autodesk.com
Ownership Status: Public (NasdaqGS: ADSK)
LTM Revenue: $3,425
LTM EBITDA: $562
EV / LTM EBITDA: n/m
Net Debt (Cash): $617
Dry Powder: $12,906
Description:
Autodesk is a provider of 3D, design and engineering
software for the architecture, engineering, construction,
manufacturing and media industries
• Product Design & Manufacturing Portfolio
– Product Design & Manufacturing Collection
– Netfabb
– Powermill
– Factory Design Utilities
Strategic Investor In The Industrial Software Ecosystem
• Autodesk has historically favored strategic investments in technologies across the engineering,
manufacturing, construction and infrastructure management segments
• In March 2020, Autodesk led an $8.0 million investment in Aurigo Software, a provider of capital
planning and construction management solutions for local governments, utilities and airports(1)
• In September 2019, Autodesk participated alongside NewSpring Capital in a $26.8 million
investment into enterprise product cost management software provider aPriori(2)
− aPriori will use the investment to augment its Cost Insight platform as more manufacturers shift
to cloud-based technology
− As part of the investment, Autodesk is introducing aPriori’s manufacturing cost insights into its
generative design capabilities within the Autodesk Fusion 360 platform, providing designers and
engineers with a key layer of information in the early stages of the development process
• Other investments in manufacturing technology include:
− MakeTime (June 2016): On-demand manufacturing technology
− Seebo (June 2016, $16.5 million): Enables manufacturers to add IoT design elements to
Autodesk’s CAD environment(3)
• Despite the preference for strategic investments, the company has made select strategic
acquisitions, albeit recent M&A deals have been focused on the construction software segment,
including Pype (July 2020), BuildingConnected (January 2019) and PlanGrid (December 2018)
» Strategic Investment and M&A Activity
» Manufacturing Market Share Growth
• At Morgan Stanley’s March 2020 TMT Conference,Scott Reese, SVP of Manufacturing, Cloud &
Production Products, spoke to Autodesk’s initiatives in manufacturing and increasing market share
in an era of intensifying manufacturing pressures
• Notable areas of interest include robotics, additive printing, generative design and building a
common data model in the cloud
(1) “Autodesk invests in public infrastructure software firm” (Reuters, 4/14/2020)
(2) “aPriori Secures $26.8M Series C Financing Round” (Businesswire, 9/10/2019)
(3) “Autodesk Backs 3D Robotics, MakeTime, Seebo out of Forge Fund” (WSJ, 6/15/2016)
Business Overview
Autodesk

14
» Transformative Merger In Review
($ in millions)
Headquarters: Cambridge, U.K.
Website: www.aveva.com
Ownership Status: Public (LON: AVV)
LTM Revenue: $1,054
LTM EBITDA: $197
Net Debt (Cash): ($56)
Dry Powder: $2,674
Description:
AVEVA provides industrial technology solutions with product
categories spanning operations management, supply chain,
asset performance, engineering and more
• Operate and Optimize Suite
– AVEVA Discrete Lean Management
– Batch and Hybrid Process Operations Management
– Continuous Process Operations Management
– Optimize Operations
– Workflow Management (Formerly Wonderware
Skelta BPM)
Building An Industrial Technology Powerhouse Following Merger
• In March 2020, AVEVA announced the acquisition of MES Enter ErrorSolver, a Korean-based
production accounting software vendor which will be rebranded as AVEVA Production Accounting
− The acquisition enhances AVEVA’s process operations portfolio and aligns with AVEVA’s Value
Chain Optimization strategy, which is predicated on eliminating information silos and
integrating critical processes
• In April 2019, AVEVA acquired MaxGrip’s asset management performance software assets
− The acquisition augments AVEVA’s suite of asset lifecycle management offerings with a suite of
Reliability Centered Maintenance (RCM) solutions
− MaxGrip’s software and asset library contains +900 asset types with failure causes & conditions
and maintenance remediations; MaxGrip has been an AVEVA partner since 2017
» Post-Merger Acquisitions
• In March 2018, AVEVA completed its merger with Schneider Electric’s industrial software business
after two previous failed attempts; the transaction was announced on September 5, 2017
– Under the terms of the agreement, AVEVA issued shares to Schneider Electric totaling ~£1.8
billion of consideration, valuing Schneider at ~19x FY17 adjusted EBITA of £91.2 million(1)
– The transaction was structured as a reverse acquisition: AVEVA is the legal acquirer of Schneider
Electric Software since it will exercise control over the enlarged group; however, Schneider
Electric Software was the acquirer for accounting purposes given it was issued a majority
(~60%) equity stake in AVEVA(1)
– Separately, AVEVA shareholders received £650 million in a “Return of Value” payment: £550
million paid from Schneider and £100 million as a distribution from AVEVA using cash on its
balance sheet; the one-time payment per share of £10.14 was +50% of AVEVA’s 9/5/2017
closing share price of £19.20(1)
– The merger brings together a complementary set of industrial technologies: while AVEVA is
strong in front-end design and engineering work, Schneider specializes in operations,
maintenance and asset optimization
(1) Transaction filings, investor presentations and press releases
Business Overview
Aveva

15
($ in millions)
Business Overview
Description:
Bentley provides design, construction and infrastructure
operations solutions for engineers, architects, geospatial
professionals, builders and owner-operators
• Discrete Manufacturing Solutions
– Asset Lifecycle Information Management
– Factory Planning and Layout
– Plant Design and Analysis
– Site Planning and Design
– Project Collaboration
• Process Manufacturing Solutions
– Asset Performance Management
– Advanced Work Packaging
– Piping and Pressure Vessel Design and Analysis
Historically Independent Player Decides To Pursue IPO Route
» Acquisition History
• Bentley’s M&A and product strategy has been focused on acquiring technologies in the
architecture, engineering & construction (AEC) ecosystem, although the company has solutions for
the discrete and process manufacturing sectors
• In July 2020, Bentley announced the acquisition of Cohesive Solutions, the largest North American
reseller of IBM Maximo enterprise asset management (EAM) software
– In parallel, Bentley announced the launch of The Cohesive Companies through its Acceleration
Fund; The Cohesive Companies will serve as a digital integrator for infrastructure asset
performance solutions
• In June 2020, Bentley announced the acquisition of NoteVault, a provider of field automation
solutions for accelerating job site information collection for construction companies
• In March 2020, Bentley announced the acquisition of GroupBC, a U.K. provider of construction
information management solutions
• In October 2019, Bentley announced two acquisitions and a joint venture:
– Orbit GeoSpatial Technologies (acquisition): Simulation software for transportation & mobility
– Citilabs (acquisition): GIS data management solutions
– Digital Construction Works (joint venture): Digital integration services
• In May 2019, Bentley announced the acquisition of Keynetix, a provider of geotechnical data
management cloud solutions
» IPO Aspirations
• In February 2020, the company submitted a registration statement with the Securities and
Exchange Commission for a proposed public listing of its Class B common stock; the IPO will take
place after the SEC completes its review of the registration
• The company has been majority owned by its five founding Bentley brothers, although Bentley
shares are currently sold only by invitation on the Nasdaq Private Market
(1) Bentley
Headquarters: Exton, PA
Website: www.bentley.com
Ownership Status: Independent
Est. Revenue:(1) +$700 (2018)
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
Bentley

16
» Manufacturing M&A Activity
($ in millions)
Headquarters: Vélizy-Villacoublay, France
Website: www.3ds.com
Ownership Status: Public (PAR: DSY)
LTM Revenue: $4,745
LTM EBITDA: $1,163
Dry Powder: $12,342
Description:
Dassault Systemes is a global provider of on-premise and
cloud-based solutions math and sciences solutions for the
design, manufacturing and life sciences sectors
• DELMIA
• CATIA
• SOLIDWORKS
• SIMULIA
• GEOVIA
• EXALEAD
• NETVIBES
• Centric PLM
Converging Design & Manufacturing Technologies
• In December 2018, Dassault acquired IQMS, a provider of manufacturing ERP and MES solutions,
for $425 million(1)
− The acquisition further enables Dassault to expand from its core offerings in computer-aided
engineering (CAE) and design to manufacturing operations, enabling customers to accelerate
product innovation through the convergence of design, engineering, manufacturing and
consumer experience functions
− IQMS had grown to $56 million revenue in CY2017 after receiving $75 million of growth capital
from TCV and Banneker Partners over 2014-2015, enabling the business to shift from an on-
premise model to a cloud-subscription model(1)
− At the time of the sale, IQMS had +1,000 IQMS customers, primarily in the automotive,
industrial equipment, medical device and CPG sectors; the customer roster includes 600 shared
customers with Dassault (primarily on Dassault’s SolidWorks platform)(1)
− The acquisition unlocks the ~$5 billion mid-market manufacturing ERP market for Dassault;
there are over 250,000 small and mid-sized manufacturers globally(1)
− The acquisition comes approximately six years following Dassault’s acquisition of Apriso, a
manufacturing operations and execution platform, for $205 million(2)
• While not a manufacturing acquisition, Dassault’s $5.8 billion acquisition of Medidata in June 2018
(clinical trial solutions) represents the company’s largest acquisition to date and illustrates an
evolution to becoming a math and sciences company encompassing “things” and “life”(3)
• In February 2020, CEO Bernard Charles announced that in the upcoming decade, Dassault will
focus on developing its leadership in (i) life sciences & healthcare and (ii) infrastructure & cities
while maintaining existing investment in (iii) its Manufacturing Industries business
• Bernard noted that Digital Twin technologies (virtual replicas of physical devices) can be critical for
all three of these sectors
» Dassault Announces Broader Industry Strategy For Coming Decade
(1) “Dassault Systèmes Acquires IQMS to Extend the 3DEXPERIENCE Platform to Business Operations for Small and Midsized Manufacturers” (Dassault, 12/11/2018)
(2) “Dassault Systèmes to Acquire Apriso"(Dassault, 5/29/2013)
(3) “Medidata acquired by Dassault Systèmes for $5.8 billion” (Healthcare IT News, 6/13/2019)
Business Overview
Dassault Systemes

17
($ in millions)
Evolution From Core Services To Digitalization Via M&A
» Strategy and Business Model Review
• While Dürr Group has traditionally been a mechanical and plant engineering services firm,
digitalization and automation is a critical pillar of the company’s strategy
− The company’s strategy statement notes that Dürr is expanding its range of data-based
software applications, intelligent products, digital services and corresponding business models
− The company focuses on technologically specialized markets and aims for 25-50% market
share; geographically, emerging markets are the company’s primary growth driver, accounting
for 40-50% of orders(1)
• Financially, the company’s medium-term strategy is predicated on the following KPIs:
− 8% EBIT margin expansion by 2023(1)
− Sales growth: 2-3% organic sales growth(1)
− 25% return on capital(1)
− 30% of sales from the company’s service businesses(1)
Headquarters:
Bietigheim-Bissingen,
Germany
Website: www.durr.com
Ownership Status: Public (ETR: DUE)
LTM Revenue: $4,315
LTM EBITDA: $288
Dry Powder: $1,814
» Manufacturing Software Acquisitions In Review
• While most of the company’s acquisitions have been hardware and/or services related, the
company’s 2015 acquisition of iTAC Software, a cloud-based MES provider, signaled the company’s
M&A interests in complementary software assets
– The acquisition builds on Dürr’s existing MES solution, EcoMOS
– iTAC was acquired for €31 million and had ~€15 million revenue(2)
– Following the acquisition, iTAC became an independent company in Dürr Group, serving as a
platform for follow on manufacturing software acquisitions
• In December 2016, iTAC acquired DUALIS GmbH IT Solution, a provider of Advanced Planning and
Scheduling (APS) and production / logistical simulation software for industrial customers
(1) Dürr Group Business Model / Strategy
(2) “Dürr takes over Industry 4.0 software specialist iTAC” (Dürr, 12/4/2015)
Description:
Dürr Group is a German engineering firm servicing the
automotive manufacturing, woodworking, mechanical
engineering and chemical & pharmaceutical sectors
• DXQ Suite
– DXQcontrol
– DXQoperate
– DXQanalyze
Business Overview
Dürr

18
($ in millions)
Description:
ECI Software Solutions provides solutions for SMB
manufacturing, wholesale/retail distribution, building &
construction, and field and IT services organizations
• ECI Manufacturing Software
– M1
– JobBOSS
– Macola
– MAX
(1) “ECi Celebrates 20 Years of Accelerating Small Business Growth and Success” (ECI, 8/1/2019)
(2) “ECi Completes Acquisition of Trivest Beheer B.V.” (Businesswire, 10/3/2019)
Consolidator In The Manufacturing ERP Market
» Augment Manufacturing Technology Through Strategic Partnerships And M&A
• In March 2020, ECI’s JobBOSS division announced a partnership with Data Inventions, enabling
JobBOSS users to access Alora, Data Invention’s machine intelligence platform which provides real-
time visibility into machine performance
• In February 2020, ECI’s Macola division announced a partnership with LillyWorks, providing Macola
ERP users with cloud-based Protected Flow Manufacturing (PFM) capabilities; the integration
provides scheduling visibility and control
• In October 2019, the company acquired Trivest Beheer, a provider of ERP, advanced production
management (APM), MES, CAD/CAM, BI and mobile solutions for the SME manufacturing sector
− The acquisition, ECI’s largest to date, substantially increases the company’s presence in Europe
− Trivest, which has ~3,000 customers and nearly 300 employees, will be integrated with ECI’s
manufacturing division(2)
• In August 2017, ECI acquired Exact Group’s Specialized Solutions division; the division includes
three North American manufacturing software assets servicing different market segments:
– Macola: Manufacturing and distribution ERP
– JobBOSS: Job shop management
– MAX: ERP for small and medium-sized discrete manufacturers
» New Product Releases And Geographic Announcements
• In January 2020, ECI announced the release of KnowledgeSync, a browser-based alerts and
workflow solution for addressing critical business events
• The company also released an integration between Macola ERP and Net1 payment processing,
enabling Macola users to process credit card and ACH payments online
• ECI also rolled out its JobBOSS solution to manufacturers in Australia and New Zealand, citing that
custom job shops are flourishing in those markets and can better execute through ERP software
Headquarters: Fort Worth, TX
LinkedIn Employees (1-Yr. Growth): 725 (■0%)
Website: www.ecisolutions.com
Ownership Status: PE-Backed (Apax Partners)
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
ECI

19
($ in millions)
Headquarters: St. Louis, MO
LinkedIn Employees (1-Yr. Growth): 48,651 (■0%)
Website: www.emerson.com
Ownership Status: Public (NYSE: EMR)
LTM EBITDA: $3,740
Dry Powder: $20,224
Description:
Emerson provides two sets of offerings: Automation
Solutions for improving the performance of industrial
customers and Commercial & Residential Solutions for
improving quality of life
• Syncade MES
– Syncade Information Integration
– Syncade Electronic Batch Records Management
– Syncade Quality Review Manager
– Syncade Oral Solid Dose Starter Kit
– Syncade Equipment Management
– Syncade Document Management
– Syncade Weigh & Dispense / Materials Management
(1) “Emerson Completes Acquisition of Zedi’s Software and Automation Businesses” (Emerson, 7/8/2019)
(2) “Emerson Completes Acquisition of General Electric’s Intelligent Platforms Business” (Emerson, 2/1/2019)
(3) Investor Conference Presentation (Emerson, 2/13/2020)
Investing In Technology To Drive Longer-Term Growth
» Rounding Out Offerings Via Technology M&A
• Emerson has pursued technology acquisitions to complement its core Automation and Commercial
& Residential business lines
• In July 2019, Emerson acquired Zedi’s software and automation business (~155 employees) which
includes Zedi’s supervisory control and data acquisition (SCADA) platform(1)
− The products enable oil and gas producers to enhance operations through cloud-based
monitoring, control and operations
• In April 2019, Emerson announced the acquisitions of (i) Bioproduction Group, a provider of
simulation, modeling, and scheduling software for biomanufacturing, and (ii)KNET Software, a
provider of analytics technology that enables clients to extract, clean, transform and analyze
operational and manufacturing data
• In February 2019, Emerson acquired General Electric’s Intelligent Platforms Business (~650
employees, $210 million 2017 sales)(2)
− The business unit comes with cloud-controlled programmable logic controller (PLC)
technologies which expand Emerson’s presence in machine control and discrete applications
» Strategy Review
• During Emerson’s Analyst Day presentation in February 2020, the company discussed six major
aspects of its current performance and go-forward strategy
− 2019 Review: Achieved select growth targets, performed internal business review
− Operational, Capital Allocation and Portfolio Review: Pursuing operational efficiencies and
continued cash flow to investors (~70% of operating cash flow returned to shareholders)(3)
− 2019-2023 Macro Outlook and Emerson Plan: Focus on margin actions to drive EPS growth; the
company’s strategy includes targeting ~$1 billion in acquisitions per year(3)
− 2020 Summary: Aggressive cost resets to counter weaker underlying sales growth
− Investments To Drive Above Market Growth: Investments in technology and innovation
− Organization Update and Summary: Planned senior leadership changes in late 2020
Business Overview
Emerson

20
($ in millions)
Description:
Epicor is a developer of enterprise software solutions,
specializing in enterprise resource planning, sales
management, supply chain management and human resource
management
• Epicor ERP Cloud
– Manufacturing Operations
– Global Supply Chain Management
– Product Management
– Business Intelligence & Analytics
• Epicor CMS Automotive
– Production Manager
– Material Replenishment Monitor
– Virtual Kanban and Virtual Factory
(1) Epicor
(2) “Epicor Acquires Specialized Midmarket ERP Vendor Solarsoft” (CIO, 9/13/2012)
Uptick In Consolidation Efforts Following Hiatus From M&A
• Epicor acquired three companies in CY2019 after previously acquiring 1-2 companies per year from
CY2014-CY2017; the acquisitions were focused on supply chain and sales functionalities
– 1 EDI Source (October 2019): Provider of electronic data interchange software for the retail,
CPG, transportation, logistics, manufacturing and healthcare industries
– Majure Data (July 2019): Warehouse management for the lumber & building materials industry
– MechanicNet (June 2019): CRM and retention solutions for motor vehicle services business
• Epicor’s last manufacturing-specific transaction was the 2012 acquisition of Solarsoft
– Solarsoft is a U.K. based provider of MES, ERP and distribution software which had previously
been backed by private equity firm Marlin Equity
– Solarsoft had +2,500 customers and ~$90 million revenue(2)
» Return To M&A In CY2019
• In April 2020, Epicor announced the hiring of Paul Stoddart as Chief Marketing Officer; Mr.
Stoddart was most recently Vice President and Partner, Digital at IBM
• In January 2020, Epicor announced the promotion of Himanshu Palsule to President; Mr Palsule
will continue to serve as Epicor’s Chief Product and Technology Officer while assuming additional
responsibilities for leading Epicor’s Auto and EDI businesses
» Executive Hires And Promotions
• In May 2020, Epicor announced the release of version 10.2.600 of its ERP solution, providing
manufacturers with improved capabilities for worker productivity and collaboration as clients
navigate through COVID-19
• Notable innovations include an application studio for customization & personalization features,
access to quality management capabilities (powered by ETQ), advanced project management and
public cloud multi-region, multi-company transactions
» Product Enhancements To Improve Manufacturing Resilience
Headquarters: Austin, TX
LinkedIn Employees (1-Yr. Growth): 4,637 (■0%)
Website: www.epicor.com
Ownership Status: PE-Backed (KKR)
Est. Revenue:(1) $800 million (2019)
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
Epicor

21
» Platform Creation And Consolidation
($ in millions)
Description:
Forterro is a group of ERP software and services companies
serving small to midmarket clients around the globe, with a
particular focus on Europe
• Forterro Localized ERP solution
– JEEVES
– GARP
– BPSC
– SYLOB
– CLIPPER
– SILOG
– HELIOS
– PROCONCEPT
Consolidating The European Manufacturing ERP Ecosystem
• Forterro was formed through Battery Venture’sinitial acquisition of Jeeves Information Systems, a
Swedish provider of ERP software for small and mid-sized organizations
• Following the acquisition, the company embarked on a consolidation initiative, acquiring six
regional-specific manufacturing ERP vendors and one channel partner
− Infocube (June 2013, +100 employees): Jeeves’ largest reseller and implementation partner
servicing 350 clients across 21 countries(1)
− SolvAxis (April 2014): Switzerland-based ERP solutions for small to mid-market manufacturers
− SYLOB (May 2016): ERP for small to mid-market manufacturers in France
− BPSC (February 2017): ERP for medium & large manufacturers, distributors and service
companies in Poland
− Clip Industrie (June 2017): ERP vendor servicing nearly 2,000 small to mid-market manufacturers
in France(2)
− Silog (March 2018): France-based ERP vendor for small to mid-market manufacturers; combined
with other divisions, Forterro services +3,000 customers in France following the transaction(3)
− Abas Software (June 2019, ~450 employees): German-based ERP vendor servicing 4,000 mid-
market manufacturing and distribution businesses(4)
(1) “Jeeves Acquires Infocube” (Forterro, 6/12/2013)
(2) “Forterro Acquires Clip Industrie” (Forterro, 6/12/2017)
(3) “Forterro Acquires Silog” (Forterro, 3/1/2018)
(4) “Forterro Announces Acquisition Of German ERP Vendor Abas Software AG” (Forterro, 6/25/2019)
» Product Enhancements For Improved Safety And Productivity
• Forterro’s last product release was in May 2019 when the company announced the release of
Version 11.3 of Forterro’s ProConcept SA product
• The new version includes developments on SIMP / PMP, graphical planning for Business to
Business Management and other innovations which improve safety, ergonomics and productivity
• ProConcept is SolvAxis’ rebranded product offering following its acquisition in2014
Headquarters: Austin, TX
Estimated Employees: +800
Website: www.forterro.com
Ownership Status: PE-Backed (Battery Ventures)
Est. Revenue: n/a
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
Forterro

22
($ in millions)
Headquarters: San Ramon, CA
Website: www.ge.com
Ownership Status: Subsidiary (GE)
Acquisitions Since 2010: 53 (GE)
Enterprise Value (EV): $117,309 (GE)
LTM Revenue: $93,536 (GE)
LTM EBITDA: $11,086 (GE)
EV / LTM Revenue: 1.25x (GE)
EV / LTM EBITDA: 10.6x (GE)
Net Debt (Cash): $57,210 (GE)
Dry Powder: $9,924 (GE)
Description:
GE Digital provides industrial software and data solutions to
the utilities & telecom, power generation, oil & gas and
manufacturing sectors
• Proficy Manufacturing Execution Systems
– Proficy Plant Applications
– Predix Manufacturing Data Cloud
– ROB-EX Scheduler
• Proficy CSense
• Predix Edge
• Predix Operations Performance Management
– Proficy Plant Applications
– Predix Manufacturing Data Cloud
(1) “GE Advances Digital Leadership with Launch of $1.2 Billion Industrial IoT Software Company” (GE, 12/13/2018)
(2) “GE Digital Acquires Startup IQP To Boost Predix And Help Partners Build IoT Applications” (CRN, 8/1/2017)
(3) “GE Buys Bit Stew for $153M to Beef Up Its Industrial Internet Software” (gtm, 11/15/2016)
(4) “GE Buys $500 Million Machine Analytics Firm” (GE, 9/14/2016)
Corporate Realignment To Drive IIoT Presence
» Corporate Reorganization
• In December 2018, General Electric announced the formation of an independent company focused
on building a comprehensive portfolio of Industrial Internet of Things (IIoT) solutions
− The new entity will be comprised of GE Digital’s IIoT solutions, including the Predix platform,
Asset Performance Management, Historian, Automation (HMI/SCADA), Manufacturing
Execution Systems, Operations Performance Management and the GE Power Digital and Grid
Software Solutions businesses
− The entity will have $1.2 billion in annual software revenue and will be wholly owned by GE(1)
− The restructuring better enables GE to take advantage of the nascent but growing IIoT market,
which is expected to drive key productivity improvements and IT demand
− In parallel with the reorganization, GE announced the sale of a majority stake in field service
software provider ServiceMax to Silver Lake
• In July 2019, Patrick Byrne was appointed as the new CEO of GE Digital; Mr. Byrne joined GE from
Fortive, where he served as Senior Vice President and led Fortive’s Product Realization business
» Shift in Executive Leadership
» GE Digital’s Technology M&A
• Amidst corporate realignment and recent navigation through COVID, GE / GE Digital has been
focused on organic initiatives; the latest cohort of technology acquisitions took place in 2016/2017
• GeonX (November 2017): Additive manufacturing simulation software for engineers
• IQP (July 2017, est. $30-$40 million): Code-free IoT application development platform(2)
• Nurego (February 2017): Monetization tool for Predix-based IIoT applications
• Bit Stew Systems (November 2016, $153 million purchase price): Industrial data and operations
management platform(3)
• Meridium (September 2016, $495 million valuation): Asset Performance Management (APM)
software for machine-heavy industries such as oil, gas, electricity and chemicals(4)
Business Overview
GE Digital

23
» Platform Review And M&A History
($ in millions)
Description:
Germanedge is a provider of manufacturing execution systems
and advanced planning systems, with a goal of creating a full
suite of manufacturing operations management solutions
• Germanedge MES and APS software
– GefaSoft
– QDA Solutions
– New Solutions
– Objective International
– ORSOFT
(1) “The Best Way To Predict The Future Of Production Is To Create It Yourself” (Germanedge)
Creating A Comprehensive MES Vendor Through “Buy-And-Build”
• Germanedge was formed through the acquisitions of five companies in order to create a European-
centric provider of comprehensive MES and other manufacturing capabilities
– GefaSoft (December 2016): MES and process visualization software; customers span the
automotive OEM, pharmaceutical, food and renewable energy sectors
– QDA Solutions (July 2017): Quality management software; the acquisition was a carveout from
ASI DATAMYTE GmbH
– New Solutions (July 2017): Software for digitizing shop floor business processes, including
capabilities for shift books, checklists and technical asset management
– Objective International (November 2018): Combined MES and warehouse management solution
for process and discrete manufacturers
– ORSOFT (January 2019): Solutions for advanced planning and scheduling (APS), supply chain
management and master data management
• The company has focused on integrating the five companies and has not executed an acquisition
since January 2019
• To date, Germanedge has +350 employees and generates +€40 million annual revenue(1)
• Customers span Germany, Belgium, the U.S. and China, with logos such as BMW, Daimler, VW,
Tetra Pak, Continental, OMV, Boehringer, Lanxess and Total
Headquarters: Munich, Germany
Estimated Employees: +350
Website: www.germanedge.com
Ownership Status: PE-Backed (Alpina Partners)
Est. Revenue:(1) +€40
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
Germanedge

24
($ in millions)
Headquarters: Stockholm, Sweden
Website: www.hexagon.com
Ownership Status: Public (STO: HEXA B)
LTM Revenue: $4,391
LTM EBITDA: $1,259
Dry Powder: $8,376
Description:
Hexagon is a provider of sensor, software and autonomous
solutions for industrial, manufacturing, infrastructure, safety
and mobility applications
• Hexagon Manufacturing Intelligence Portfolio
– Metrology Software
– Production Software
– Design & Engineering Software
– SFx Solutions
Note: Madison Park Group served as the exclusive financial advisor to Romax on its sale to Hexagon
(1) “Hexagon enhances its Smart Factory solutions with the acquisition of Romax Technology” (Hexagon, 3/3/2020)
(2) “Strategy Overview” (Hexagon Capital Markets Presentation, 12/11/2019)
Core Strategy Of “Empowering An Autonomous Future”
» Augmenting Hexagon’s Manufacturing Intelligence Division Via M&A
• In February 2020, Hexagon announced the acquisition of Romax Technology, a provider of
computer aided engineering (CAE) solutions for electromechanical drivetrain design and simulation
− Romax enables Hexagon to meet the growing demand for electrification, as Romax’s tools are
critical in the design and manufacture of electric vehicles
− Following the acquisition, Romax will operate as a part of Hexagon’s Manufacturing Intelligence
(MI) division
− Based in the U.K., Romax has ~240 employees, +250 clients and €27 million in 2019 sales;
clients span the automotive, aerospace, wind power, marine, bearing and rail industries(1)
• Prior to Romax, Hexagon had acquired a number of technology assets spanning categories such as
engineering, geospatial and construction
• One of the company’s more notable manufacturing technology transactions was theMarch 2016
acquisition of Forming Technologies (FTI), a developer of manufacturing software for managing
time and material costs of sheet metal components
− FTI services OEMs and suppliers in the automotive, aerospace, electronics and appliance sectors
» Strategy Review
• During Hexagon’s Capital Markets Day presentation in December 2019, management outlined the
following pillars of its strategy:
– Continue gaining share in the company’s core capabilities spanning Reality Capture, Positioning,
Autonomous Technologies, Design & Simulation and Location Intelligence
– Drive growth through M&A - management expects acquisitions to add 3-5% annual growth(2)
– Advance into disruptive Smart technologies (e.g., Smart Factories, Smart Mines, Smart Industrial
Facilities, Smart Autonomous Mobility, Smart Buildings & Infrastructure, Smart Site, Cities &
Nations)
Business Overview
Hexagon

25
($ in millions)
Headquarters: Charlotte NC
Website: www.honeywell.com
Ownership Status: Public (NYSE: HON)
LTM EBITDA: $8,677
Dry Powder: $55,314
Description:
Honeywell is an American conglomerate providing solutions for
aerospace, building technologies, performance materials &
technologies and safety & productivity
• Production Management Portfolio
– Capacity and Distribution Planner
– Production Manager
(1) “Honeywell International Shareholder / Analyst Call” (Honeywell, 4/27/2020)
Executing Multiple Transformation Initiatives
» Silent On Manufacturing Technology M&A Since MES Divestiture
• Honeywell’s 2005 acquisition of POMS represented its foray into the MES market with a verticalized
focus on pharmaceutical and CPG companies; however, Honeywell subsequently sold POMS to
Constellation Software in 2012
• Honeywell has since acquired a variety of software assets spanning segments such as field service
management (Movilizer), supply chain & logistics management (Intelligrated, FLUX Information
Technology) and flight management (Aviaso)
• During the company’s Shareholder / Analyst Call in April 2020, management noted that the
company is in a strong financial position to manage the current economic environment and take
advantage of M&A / investment opportunities as they arise
– The company is armed with $10 billion in cash and a $6 billion delayed draw term loan coming
out of CY2019(1)
» Transformation Initiatives And COVID Update
• During Honeywell’s Shareholder / Analyst Call in April 2020, management provided an update on
the company’s three transformation initiatives:
− Honeywell Connected: Commercialized Honeywell Forge enterprise management software,
enabling clients to autonomously control their operations, drive efficiency and safety
− Supply Chain Transformation: Established supply-based management strategy for 11 categories
across the enterprise, streamlined distribution manufacturing and improved sourcing
productivity(1)
− Honeywell Digital: Matured data management practices, digitized key processes, rationalized
+500 software applications, cleansed 5.2 million critical master data records, eliminated 20 ERP
systems and reduced websites by 58%(1)
• Honeywell also provided an update on its activities to combat COVID-19, citing its capabilities in
providing N95 respirator masks; the company opened two production sites, enabling Honeywell to
produce an additional 20 million masks each month(1)
Business Overview
Honeywell

26
» Partnership Creates An ERP Powerhouse Spanning SME And Enterprise Markets
($ in millions)
Description:
IFS provides ERP, EAM and service management solutions for
enterprises. Acumatica provides cloud-based business
management solutions for SMBs
• IFS Manufacturing Solutions
– Discrete Manufacturing ERP
– Process Manufacturing ERP
– Aerospace & Defense Manufacturing ERP
• Acumatica Cloud ERP Manufacturing Addition
– Manufacturing Management
– Inventory Management
– Order Management
– Service Management
(1) “IFS shines as it reports 2019 numbers” (Diginomica, 1/28/2020)
(2) “Acumatica acquired by global private equity firm in bid to take on Oracle, Microsoft and other business software giants” (GeekWire, June 2019)
(3) “Acumatica ramps up after private equity deal, using new owner’s cash for an acquisition of its own” (GeekWire, February 2020)
Landmark ERP Acquisition / Partnership
• In June 2019, EQT Partners acquired Acumatica, a provider of cloud-based enterprise resource
planning software for ~5,000 small and midmarket organizations in the manufacturing,
distribution, construction, services, retail and eCommerce sectors(2)
− EQT acquired Acumatica out of the same investment vehicle which holds IFS
− Acumatica had approximately 265 employees at the time of the acquisition, with plans to
increase the workforce 40-50%(2)
− Post-transaction, IFS and Acumatica will closely partner; Jonas Persson will serve as chairman of
both organizations; the rest of Acumatica’s management will have the opportunity to rollover a
portion of their proceeds into IFS
− Through the partnership, IFS will have access to Acumatica’s +350 channel partners while
Acumatica will have access to IFS’s support centers spanning +15 countries(2)
− The aim of the transaction is to create an ERP powerhouse which can compete with large
incumbents such as SAP, Oracle, Microsoft, Infor and Sage; IFS will cover the enterprise segment
of the ERP market while Acumatica will cover the SME segment
• Acumatica ramped up M&A following the EQT transaction, acquiring Ohio-based JAAS Systems in
February 2020
– JAAS provides manufacturing software with capabilities spanning bill of material (BOM)/routing,
production management and materials requirements planning (MRP); Acumatica had previously
sold JAAS as part of its Manufacturing Edition
– The purchase price was not disclosed, but Acumatica CEO Jon Roskill cited the acquisition at
less than $50 million(3)
– JAAS had ~25 employees at the time of acquisition, bringing the total number of Acumatica
employees to ~350, up from 265 at the time of the EQT acquisition(3)
Headquarters: Sweden (IFS), Washington (Acumatica)
LinkedIn Employees: 5,193 (IFS), 268 (Acumatica)
Websites: www.ifs.com, www.acumatica.com
Ownership Status: PE-Backed (EQT)
Acquisitions Since 2010: 9 (IFS), 1 (Acumatica)
Est. Revenue:(1) $668 (2019, IFS)
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
IFS / Acumatica

27
» Koch Rounds Out Stake In ERP Behemoth
($ in millions)
Description:
Infor is a global software company that builds SMB and
enterprise ERP software cloud products for industries
including manufacturing, healthcare and retail
• Infor CloudSuite Manufacturing
– CloudSuite Automotive
– CloudSuite Aerospace & Defense
– CloudSuite Chemicals
– CloudSuite Industrial Enterprise
– CloudSuite Industrial (SyteLine)
(1) “Financial Overview Fiscal Year Ended April 30, 2019” (Infor)
(2) “Koch Industries acquires Infor in deal pegged at nearly $13B” (TechCrunch, 2/4/2020)
(3) “Infor Acquires Accentia Middle East” (Infor, 3/14/2017)
ERP Giant Now Part Of A +$110 Billion Conglomerate
• In February 2020, Infor announced that an affiliate of Koch Equity Development agreed to acquire
Golden Gate Capital’s remaining equity stake in Infor at a reported valuation close to $13 billion(2)
– Koch has been an investor in Infor since 2017 when it invested +$2 billion; Koch also invested
$1.5 billion in January 2019 – at the time of the second investment, Infor generated $3 billion
revenue in CY2018, with 17,000 employees and 68,000 customers(2)
– Koch Equity Development is the investment and acquisition subsidiary of Koch Industries, a
$110 billion conglomerate based in Wichita, KS(2)
– The acquisition brings new technological capabilities to the Koch family of companies, making
Koch both an investor and customer of Infor
» Quiet On Manufacturing M&A, Focused On Other Segments
• Infor’s last manufacturing specific transaction was the 2017 acquisition of Accentia Middle East, an
Infor partner servicing the Middle East, North Africa and India (IMEA) region
– Accentia has ~80 employees with customers in 17 countries spanning the manufacturing,
distribution and equipment industries(3)
• More recent acquisitions have spanned categories such as location-based healthcare software
(Intelligent InSites) and catering & event management (ReServe Interactive)
» Strategy Review – Deep Focus On Multi-Tenant Cloud
• In January 2020, Infor CEO Kevin Samuelson, conducted an interview with Forbes and provided
narrative on the company’s strategy
− The company is prioritizing its multi-tenant cloud-suites while deprioritizing select standalone
and single-tenant cloud solutions
− The company is also refining its sector focus: Mr. Samuelson cited manufacturing as a notable
area of interest, stating that there is no bigger sector that can benefit from operational
excellence than manufacturing
Headquarters: New York, NY
Website: www.infor.com
Ownership Status: PE-Backed (Koch Equity)
Est. Revenue:(1) $3,173 (FY2019 Ended Apr.)
Est. EBITDA:(1) $857 (FY2019 Ended Apr.)
Dry Powder: n/a
Business Overview
Infor

28
» Resurgence In Acquisition Activity After ~20 Year Hiatus
($ in millions)
Description:
With subsidiaries in Europe, Asia and North America, MPDV
provides manufacturing software, services and solutions to
help clients streamline production processes
• MPDV Manufacturing Software
– MES Hydra
– APS Hydra
– Manufacturing Integration Platform
– ERP Connection
– ShopFloor Integration
– Manufacturing Intelligence & Artificial Intelligence
– Smart MES Applications
– Hydra industry Solutions
(1) MPDV
(2) “MPDV takes over the Felten Group” (MPDV, 7/10/2019)
German Software Vendor Re-enters The M&A Arena
• In July 2019, MPDV announced the acquisition of Felten Group, a provider of production
management software and consulting services
− Felten has 50 employees with locations in Germany and Luxembourg(2)
− MPDV and Felten had rarely encountered each other in competitive customer situations,
indicating complementary customer bases
− The transaction represents a return to M&A as a means of growth; MPDV had previously
acquired INCA Industrial Computer Applications GmbH in the late 1990s
» Onboarding An Integrated Set Of Manufacturing Technologies
• In April 2018, MPDV announced the first version of its Manufacturing Integration Platform (MIP), a
production IT platform catered to system integrators, machine manufacturers and manufacturing
companies who want to develop and integrate production-related IT applications themselves
– The platform leverages an open semantic information model and common data structure,
enabling developers to focus on business logic when creating their applications
• Since its rollout, MPDV has onboarded multiple partners onto the platform
• In March 2020, MPDV announced that MEGLA will become a part of the MIP
− MEGLA provides solutions for digital transformation, predictive maintenance, Industry 4.0 and
the Internet of Things
− Production companies can use the manufacturing app (mApp) MEGLA IoT Suite Connector to
connect machines and sensors to MPDV's MIP
• In April 2020, MPDV announced that aucubo will become a part of the MIP
− aucubo provides a smartwatch wearable platform which displays current and post current shop
floor information
» Continued Analyst Recognition
• In March 2020, MPDV announced that it was once again recognized as a Challenger vendor in
Gartner’s Magic Quadrant for Manufacturing Execution Systems
Headquarters: Mosbach, Germany
Estimated Employees: 500
Website: www.mpdv.com
Ownership Status: Independent
Est. Revenue:(1) €67 million (CY2018)
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
MPDV

29
($ in millions)
Headquarters: Redwood City, CA
Website: www.oracle.com
Ownership Status: Public (NYSE: ORCL)
LTM EBITDA: $16,330
Dry Powder: $86,218
Description:
Oracle provides an integrated stack of cloud applications and
platform services as well as traditional on-premise
infrastructure solutions
• Oracle Manufacturing Cloud
• NetSuite Manufacturing ERP
– Product Data Management
– Planning & Scheduling
– Production Control
– Shop Floor Control
– Quality Management
– Procurement
– CRM
– Order Management
– Supply Chain
Growing Through A Full-Stack Approach
» Software Giant Further Penetrates Manufacturing Realm Via ERP Acquisition
• Oracle’s most recent manufacturing-focused transaction was the July 2016 acquisition of NetSuite,
valued at approximately $9.3 billion
− NetSuite provides business management software for a variety of industries, but has a cloud-
based ERP solution specifically catered to the manufacturing sector
− Oracle CEO Mark Hurd cited the two companies' cloud-based offerings as complementary
offerings which can co-exist within Oracle’s portfolio
− Prior to NetSuite’s acquisition by Oracle, NetSuite itself had executed a series of acquisitions;
NetSuite’s most recent transaction prior to its sale was the March 2016 acquisition of IQity
solutions, a provider of cloud-based solutions for process and discrete manufacturers
• Since the NetSuite transaction, Oracle’s acquisitions have spanned a variety of software categories
and verticals, including construction (Aconex), utilities (LiveData Utilities), marketing & advertising
(Sauce Video, CrowdTwist) and more
» User Conference Provides Glimpse Into Strategy
• Oracle presented various aspects of its strategy at its OpenWorld 2019 User Conference
− Grow its Autonomous Database franchise; CTO Larry Ellison has considered this a key solution
for fending off competitors such as Amazon Web Services, Microsoft Azure, Google Cloud
Platform and open-source alternatives
− Migrate Oracle to Oracle Cloud Infrastructure
− Migrate ERP and application customers to software-as-a-service
− Rebrand Oracle as a more customer-friendly provider
• The strategy is predicated on driving growth through an integrated stack from infrastructure
through the database
Business Overview
Oracle

30
($ in millions)
Description:
Plex develops software that connects, automates, tracks and
analyzes manufacturing operations to help clients streamline
production
• Smart Manufacturing Platform
• Products
– Manufacturing Execution System
– Enterprise Resource Planning
– Analytics and Industrial Internet of Things
– Supply Chain Management
(1) “Plex Systems Boasts 11 Consecutive Years of Double-Digit Revenue Growth” (Plex Systems, 3/27/2020)
(2) “Plex Systems hires new permanent CEO” (Crain’s Detroit Business, 12/3/2018)
Continued Cloud Traction And New Leadership Hires
• In March 2020, Plex Systems announced that it had achieved eleven consecutive years of double-
digit growth
− Growth in CY2019 was bolstered by factors such as a 53% ARR increase in DemandCaster (agile
supply chain planning), 96% renewal rates on cloud solutions, investments in the leadership
team and international expansion through the opening of a Prague office(2)
− The company now boasts nearly 700 manufacturing customers in 29 countries(2)
» Eleven Years Of Double-Digit Growth
» Product Innovations Signal Continued Shift To Cloud
• In November 2019, the company announced Plex Manufacturing Execution Suite (Plex MES), a
standalone cloud-based MES solution
− The new product offers three enhanced capabilities: Error-proofed control, high-resolution
visibility and seamless connectivity
− In an interview with Diginomica in January 2020, Plex CEO Bill Berutti commented on the
pervasiveness of legacy MES offerings with significant paper-based workflows and the need for
advanced analytics to connect shop floor equipment data to other systems in the age of
Industry 4.0
» M&A History And Corporate Development Hire
• Plex Systems has acquired two businesses to date:
− Dattus (July 2018): Asset monitoring platform that extracts critical machine data preventing the
conditions that lead to product defects
− Cadent Resources (August 2016): Demand planning and inventory optimization solutions
• In November 2019, Plex Systems announced the appointment of Brad Hafer as Group Vice
President of Corporate Development
− Mr. Hafer will oversee corporate strategy, partnerships and M&A as the company seeks to take
advantage of Industry 4.0 technologies
Headquarters: Troy, Mi
LinkedIn Employees
(1-Yr. Growth):
592 (▲4%)
Website: www.plex.com
Ownership Status: PE-Backed (Francisco Partners)
Est. Revenue:(1) $130 (2018)
Est. EBITDA: n/a
Dry Powder: n/a
Business Overview
Plex

31
($ in millions)
Description:
PTC provides computer-aided design (CAD) modeling, product
lifecycle management (PLM), service lifecycle management (SLM)
and industrial-focused AR / VR and IoT solutions
• Creo
• Kepware
• ThingWorx
• Vuforia
• Windchill
(1) “PTC Buys SI Partner Factora To Boost Industry 4.0 Expertise” (CRN, 4/26.2019)
Systems Integration M&A Augments IIoT CapabilitiesHeadquarters: Boston, MA
LinkedIn Employees (1-Yr.
Growth):
7,003 (■0%)
Website: www.ptc.com
Ownership Status: PE-Backed (NasdaqGS: PTC)
LTM Revenue: $1,346
LTM EBITDA: $235
Net Debt (Cash): $994
Dry Powder: $1,990
Business Overview
PTC
» Acquisitions in IIoT and Cloud
• In November 2019, PTC announced the acquisition of Onshape, a SaaS-based product
development platform combining CAD, data management and collaboration tools
− Although Onshape is an engineering software vendor rather than a manufacturing software
vendor, the acquisition overall demonstrates PTC’s interest in cloud-based solutions
− The Onshape acquisition is covered in greater detail in Madison Park Group’s December 2019
Engineering Software Market Update
• In June 2019, PTC announced the acquisition of TWNKLS, an augmented reality application solution
• In April 2019, PTC announced the acquisition of Factora Solutions, a systems integrator partner for
smart manufacturing technology
− The acquisition of the 65-employee company strengthens PTC’s capabilities in industrial IoT(1)
− Smart manufacturing is PTC’s fastest growing sub-sector in the industrial IoT market, with
traction in both process and discrete manufacturing
− Factora has deep experience with using PTC’s ThingWorx Platform and ThingWorx
Manufacturing Apps
− Factora will act as a new independent business unit under PTC called the Factory Services unit,
providing smart manufacturing expertise to PTC’s employees, partners and customers
− Factora CEO Barry Lynch was appointed senior vice president of field services
» New Executive Promotion Suggests Future M&A Activity
• In January 2020, PTC announced that Kathleen Mitford has been appointed to become the
Company’s chief strategy officer
− Ms. Mitford will oversee strategy mergers and acquisitions, strategic alliances, corporate
marketing, and academic groups
− Ms. Mitford was recently recognized with the 2019 Massachusetts Technology Leadership
Council's Tech Excellence Leadership Award

32
» “Effective Enterprise” Is The Core Principal In Disruption
($ in millions)
Description:
QAD provides cloud and on-premise software and services
for global manufacturing companies across automotive, life
sciences, consumer products, F&B and industrial markets
• Digital Manufacturing Suite
– QAD Manufacturing
– QAD Production Excellence
– QAD CEBOS Enterprise Quality Management Solution
– QAD Automation Solutions
– QAD Enterprise Asset Management
All-Encompassing Product Suite Driving Organic Growth
• QAD’s ‘Effective Enterprise’ vision provides the framework for the company’s ‘Adaptive
Manufacturing Enterprise’ solutions
– An Effective Enterprise, as defined by QAD, is “Where every business process is working at peak
efficiency and is perfectly aligned with a company’s strategic goals”
• In April 2020, the company enhanced features to its Adaptive ERP solution, enabling adaptive
manufacturing to respond rapidly to industry distribution
– Adaptive Manufacturing Solutions, a cloud-based ERP solution which follows the Effective
Enterprise principal, enables customers to create the architecture behind the solution and not
receive the ERP solution in its entirety
− For nearly four decades, QAD has focused on the manufacturing industry: automotive,
consumer products, food and beverage, high tech, industrial and life sciences
− Within these sectors, the total vertical coverage amounts to 24 segments, providing prescriptive
solutions to each individual customer
Headquarters: Santa Barbara, CA
Website: www.qad.com
Ownership Status: Public (Nasdaq: QADA)
Enterprise Value (EV): $707
LTM Revenue: $307
LTM EBITDA: $2
Dry Powder: $603
» Relatively Quite On M&A
• QAD acquired three companies between 2008 and 2012 which provided complementary
capabilities to its core ERP offerings
− CEBOS (December 2012): Advanced quality planning solutions
− DynaSys (June 2012): Supply chain planning software
− FullTilt Solutions (April 2008): Product information management software
• The company had a six-year M&A hiatus before acquiring IRIS Sistem Inforindo in August 2018
– IRIS was a long-time distributor and system integrator for QAD operating in South Asia,
primarily in Indonesia; the acquisition was inherently focused on go-to-market augmentation vs.
acquiring new product capabilities
– The acquisition was announced in tandem with QAD’s launch of a new Indonesia subsidiary, PT
QAD Asia Indonesia
Business Overview
QAD

33
($ in millions)
Headquarters: Milwaukee, WI
LinkedIn Employees
(1-Yr. Growth):
21,030 (▲1%)
Website: www.rockwellautomation.com
Ownership Status: Public (NYSE: ROK)
LTM Revenue: $6,761
LTM EBITDA: $1,471
Dry Powder: $10,487
Description:
Rockwell Automation provides industrial automation and
information hardware and software to drive digital
transformation for its clients
• FactoryTalk ProductionCentre MES
• Industrial IoT Platform
• OperationSuite
• MaintenanceSuite
• Analytics Platform
• DesignSuite
(1) “Rockwell Automation buys Interwave Technology” (Philadelphia Business Journal, 2/3/2003)
(2) “Rockwell completes acquisition of Propack” (Milwaukee Business Journal, 3/6/2002)
Aiming For Double-Digit Growth In Technology
» Strategy Overview From Analyst Day Presentation
• During the company’s Analyst Day presentation in November 2019, Rockwell management
presented the pillars of their strategy
– Gain share in core platforms, including controllers, precision motors, industrial networks,
visualization & software and intelligent motor control
– Grow double-digit in Information Solutions & Connected Services (FT Innovation Suite, Data
Analytics, MES Software & Services, Network & Security, Safety Services, Remote Monitoring,
Infrastructure-as-a-service)
– Add +1% per year from inorganic investments (Information Solutions, Connected Services,
Process Expertise, Europe & Asia Market Access)
» Manufacturing Technology M&A
• From 2019 through YTD 2020, Rockwell Automation has acquired two technology companies in the
manufacturing & industrial automation software market
− In May 2020, Rockwell announced the completed the acquisition of Italy-based ASEM, a leading
provider of digital automation technologies for European machine builders
− In October 2019, Rockwell acquired MESTECH Services, a provider of manufacturing execution
systems / manufacturing operations management, digital solutions consulting and systems
integration services; MESTECH is a Rockwell Automation Recognized Systems integrator
• Rockwell acquired multiple manufacturing software vendors in the 2000-2010 era; many of the
acquisitions were used to bolster Rockwell’s FactoryTalk Industrial Automation suite
– Incuity Software (April 2008): Enterprise manufacturing intelligence
– Datasweep (November 2005): Manufacturing production management
– Interwave Technology (February 2003, ~50 employees) Integration technology connecting
shop-floor and business computer systems(1)
– Propack Data (March 2002, ~230 employees): Manufacturing information systems for
pharmaceutical and other regulated industries(2)
Business Overview
Rockwell Automation

34
» Strategy Review
($ in millions)
Headquarters: Sarasota, FL
Estimated Employees: ~16,000
Website: www.ropertech.com
Ownership Status: Public: (NYSE: ROP)
Acquisitions Since 2010: 25 (Roper), 15 (Deltek)
Enterprise Value (EV): $44,603 (Roper)
LTM Revenue: $5,430 (Roper)
LTM EBITDA: $1,937 (Roper)
EV / LTM Revenue: 8.21x (Roper)
EV / LTM EBITDA: 23.0x (Roper)
Net Debt (Cash): $4,277 (Roper)
Dry Powder: $13,475 (Roper)
Software Aggregator Making In-Roads Into Manufacturing ERP
(1) “Roper Technologies To Acquire Deltek, Leading Provider Of Software And Solutions For Project-Based Businesses” “Roper, 12/6/2020)
(2) Roper Technologies Q3 2019 Earnings Presentation
Business Overview
Roper / Deltek
• Roper is a diversified technology company which acquires and aggregates companies across its four
core business segments: Application Software, Network Software & Systems, Measurement &
Analytical Tools and Process Technologies
• Roper’s strategy is predicated on the following:
− Engineered Content for Diverse Domain Specific Markets: Drives significant growth platforms
with high recurring revenue and gross margins
− Strong Operations Management: Strong profitability drives cash flow conversion
− Strategic Reinvestment of Cash: Finance organic and inorganic growth initiatives
• In December 2016, Roper announced the acquisition of Deltek in a $2.8 billion all cash transaction(1)
− Deltek is a provider of software for +22,000 project-based businesses, including government
contractors and professional services firms(1)
− Following the acquisition, Deltek continued to be run by CEO Mike Corkery, with the entity
sitting under Roper’s Application Software segment
− Roper expected Deltek to earn $535 million of revenue and $200 million of EBITDA in 2017(1)
• Following its acquisition by Roper, Deltek continues to make acquisitions
− The subsidiary has recently executed M&A in the construction software ecosystem, most
notably ComputerEase (August 2019, $185 million purchase price) and Avitru (January 2019)(2)
• Although Deltek is focused on project management software, the company has a manufacturing ERP
solution called Costpoint which is catered to federal and aerospace & defense contractors
− The solution has capabilities in procurement, engineering changes, inventory, quality
management and more
» Deltek Acquisition And Aftermath
Description:
Roper is a diversified technology company servicing domain
specific markets. Deltek provides enterprise application
software and services to project-focused organizations
• Deltek ERP and PSA
– Costpoint for Manufacturing

35
($ in millions)
Headquarters: Munich, Germany
Website: www.siemens.com
Ownership Status: Public (ETR: SIE)
LTM EBITDA: $11,178
Dry Powder: $34,658
Description:
Siemens is a German conglomerate which providers
electrification, automation and digitalization solutions. IT
offerings spanning design, manufacturing and other use
cases
• Opcenter Manufacturing Operations Management
– Advanced Planning and Scheduling
– Manufacturing Execution
– Quality Management
– Manufacturing Intelligence and Performance
– Research, Development and Laboratory
(1) Siemens to Acquire Camstar, Extending Leadership in Industrial Digitalization
Seeing Beyond 2020
» Vision 2020+
• In August 2018, Siemens outlined Vision 2020+, a long-term value creation strategy through
accelerated growth, stronger profitability and a leaner company structure
• The strategy contains the following pillars:
− New company structure: Three "Operating Companies" – "Gas and Power", "Smart
Infrastructure" and "Digital Industries" – and the "Strategic Companies" Siemens Healthineers,
Siemens Gamesa and the planned company Siemens Alstom
− More entrepreneurial freedom at individual businesses for accelerated growth: Revenue and
margin targets raised
− Targeted expansion of digitalization business: Acquisition of Mendix
− New growth field: "Internet of Things (IoT) Integration Services“
• Siemens had previously launched Vision 2020 in May 2014, which emphasized a sharper focus in
electrification, automation and digitalization
– Siemens has largely executed on that plan, with nearly all businesses having significantly more
profit, record customer satisfaction and market leadership in industrial digitalization through the
company’s Digital Factory
» High-Profile MES Acquisition
• In October 2014, Siemens announced the acquisition of Camstar, an MES provider
− The acquisition supports Siemen’s industrial digitalization strategy by unlocking additional
production automation solutions for the electronics, semiconductor and medical device
industries
− The acquisition accelerated Siemens integration of PLM with the manufacturing operations
management domain under the MES brand, SIMATIC IT; ultimately, access to PLM, MOM and
industrial automation allows customers to realize innovations within the value chain
− Camstar had 250 employees at the time of acquisition, with headquarters in Charlotte, NC and
other offices in Singapore, Malaysia, China and The Netherlands(1)
Business Overview
Siemens

36
($ in millions)
Headquarters: Walldorf, Germany
Website: www.sap.com
Ownership Status: Public (ETR: SAP)
LTM EBITDA: $8,146
Dry Powder: $66,395
Description:
SAP is a provider business application and technology solutions
such as enterprise resource planning, database management,
business intelligence and vertical-specific software
• SAP Digital Manufacturing Cloud
• SAP Manufacturing Execution
• SAP S/4HANA Manufacturing
• SAP Manufacturing Integration and Intelligence
Strategy Predicated On Creating An Intelligent Enterprise
• In April 2020, SAP announced that Christian Klein, Co-Chief Executive Officer and member of the
Executive Board, will continue as sole Chief Executive Officer
− Jennifer Morgan, Co-Chief Executive Officer and member of the Executive Board, mutually
agreed with the Supervisory Board of SAP SE that she will depart the company
• In the mid-2000s, SAP sought to execute on a “Perfect Plant” initiative which bridged the gap
between business strategy and manufacturing operations
– The Perfect Plant vision is for clients to optimize asset utilization, providing visibility into all
operations and KPIs such through trends and real-time alerts
• In line with its Perfect Plant strategy, SAP acquired a series of businesses in the manufacturing
software market:
– Lighthammer (June 2005): Manufacturing intelligence and collaborative manufacturing
software; the acquisition supports the connection of manufacturing information to business
systems in order to inform executive decision-making through shop floor intelligence
– Factory Logic (December 2006): Production scheduling automation; Factory Logic’s solutions
had replaced the manual process of scheduling plant production which had historically been
managed legacy Excel spreadsheets and mathematical algorithms
– Visiprise (June 2008): MES provider for discrete manufacturers; the acquisition combines SAP
Business Suite Applications, SAP Manufacturing Integration & Intelligence (SAP MII) and
Visiprise to manage “plan to make” processes through an integrated ERP-MES approach
• SAP has recently been acquiring into different segments of the software market, including surveys
(Qualtrics), sales management (Callidus), field service management (Coresystems) and robotic
process automation (Contextor)
• SAP’s current strategy is to empower its clients to become Intelligent Enterprises grounded in
actionable insights; this strategy entails connecting experiences and operations using experience
management (XM) solutions, a business technology platform and a suite of applications
– Supporting technologies include AI, machine learning, IoT and advanced analytics
» Evolving Strategy And Accompanying Acquisitions
» Shift in Executive Leadership
Business Overview
SAP

37
($ in millions)
Headquarters: Tokyo, Japan
Website: www.yokogawa.com
Ownership Status: Public (TKS: 6841)
LTM Revenue: $3,788
LTM EBITDA: $509
Dry Powder: $3,771
Description:
Yokogawa is a Japanese electrical engineering and software
company, with offerings spanning measurement, control and
information technology
• OpreX
– OpreX Transformation
– OpreX Control
– OpreX Measurement
– OpreX Execution
– OpreX Lifecycle
Aggressive Transformation Initiatives
» Transformation 2020 Initiative Leads To New Brand In Industrial Automation
• In May 2018, Yokogawa announced Transformation 2020, a mid-term business plan
– Through digital technology, Yokogawa will grow existing business and enhance profitability,
create new businesses & growth frontiers and improve enterprise-wide productivity
• In June 2018, Yokogawa unveiled OpreX, a new brand for the company’s industrial automation and
control business
• The brand is comprised of five categories:
– OpreX Transformation: Driving operational efficiencies in production, supply chain, risk and
business management
– OpreX Control: Control systems that respond to changes in management and operations,
driving efficiency, quality, safety and stability in plant operations
– OpreX Measurement: Field instruments and systems that enable measurement, data acquisition
and analysis
– OpreX Execution: Agile project implementation services
– OpreX Lifecycle: Maintenance and development services to optimize the plant lifecycle
• The new brand announcement comes as end-markets navigate digital transformation and seek to
gain value from plant’s small and big data
» AI-Driven M&A Activity Supports Transformation Efforts
• In March 2020, Yokogawa announced the acquisition of Grazper Technologies ApS, a provider of
AI-powered technologies for image analysis
− Grazper's technology has multiple use cases within automation, including capturing image
information for robots, detecting abnormalities at plants and monitoring security using cameras
− Yokogawa will be able to leverage Grazper’s technology across its business units, bolstering
Yokogawa’s 2020 Transformation strategy
Business Overview
Yokogawa

III. Appendix
Additional Vendors

39
Additional Vendors
Manufacturing Software & Related Technologies
Source: Pitchbook, LinkedIn, Proprietary MPG Research
Company Overview
Headquarters: Kefar Sava, Israel
Website: www.3dsignals.com
Employees: 52
Parent/Investor(s): Mercura Capital, SOMV, Grove Ventures
Year Founded: 2015
CEO: Ariel Rosenfeld
Description:
3DSignals is a developer of acoustic-based technology designed to
monitor sensory data from various rotating industrial equipment. The
data generates insights that improve utilization and increase
machines' productivity, enabling industries to identify anomalies and
prevent unexpected downtime by facilitating remote diagnostics and
effective maintenance decision making.
Company Overview
Headquarters: San Jose, CA
Website: www.42-q.com
Employees: 37
Parent/Investor(s): Sanmina Corporation
Year Founded: 2016
CEO: Hartmut Liebel (Sanmina)
Description:
42Q is a provider of cloud-based MES solutions The company services
the medical, automotive, discrete manufacturing and aerospace &
defense industries. In addition to its core MES module, the company
offers products for CMMS, asset performance, labor tracking and
supply chain control. The company is a product subsidiary of Sanmina
Corporation.

40
Additional Vendors
Company Overview
Headquarters: Horsham, PA
Website: www.aiscorp.com
Employees: 150
Parent/Investor(s): Autonomy Ventures
Year Founded: 1996
CEO: Jason Spera
Description:
Aegis provides manufacturing optimization, management and analysis
software. The company provides FactoryLogix, a manufacturing
execution system, which services as an integrated suite of software
modules and devices for manufacturing operations.
Company Overview
Headquarters: Porto, Portugal
Website: www.criticalmanufacturing.com
Employees: 237
Parent/Investor(s): ASM Pacific Technology
Year Founded: 2009
CEO: Francisco Lobo
Description:
Critical Manufacturing provides modular MES software primarily for
electronics-focused industries such as semiconductors and PCB. The
company also services the medical device market. In August 2018,
ASM Pacific Technology made a strategic investment in Critical
Manufacturing.

41
Additional Vendors
Company Overview
Headquarters: Potsdam, Germany
Website: www.facton.com
Employees: 59
Parent/Investor(s): Hasso Plattner Ventures
Year Founded: 1998
CEO: Alexander M. Swoboda
Description:
FACTON is a provider of enterprise product costing software designed
to help enterprises calculate, analyze and optimize product costs. The
company's software helps to standardize the costing processes in
various departments and locations, enabling businesses to accelerate
their cost calculations, enhance cost accuracy and improve
profitability. FACTON services the automotive, aerospace,
engineering, electronics and medical device industries.
Company Overview
Headquarters: Foothill Ranch, CA
Website: www.ibaset.com
Employees: 202
Parent/Investor(s): Independent
Year Founded: 1994
CEO: Naveen Poonian
Description:
iBASEt’s Solumina suite includes MES, MRO and quality management
applications. iBASEt solutions replace a myriad of disparate shop floor
and supply chain solutions – such as manual paper and email
processes – with one integrated suite of software designed to
synchronize data and foster collaboration between internal and
external teams. From process and inspection, planning to the shop
floor and supply chain execution, to MRO operations, the company
provides solutions that deliver real-time information and process
control.

42
Additional Vendors
Company Overview
Headquarters: Folsom, CA
Website: www.inductiveautomation.com
Employees: 141
Year Founded: 2003
CEO: Steve Hechtman
Description:
Inductive Automation provides web-based industrial automation
software. The company’s Ignition platform is an integrated
development environment that enables users to build industrial
applications such as SCADA, IIoT and MES. The company’s core
SCADA offering enables customers to control, track, display and
analyze processes.
Company Overview
Headquarters: Crawley, United Kingdom
Website: www.lighthousesystems.com
Employees: 85
Year Founded: 1990
CEO: Tim Barber
Description:
Lighthouse provides MES/MOM software. The company’s MES
software Shopfloor-Online provides real-time visibility into the entire
manufacturing operations. The company’s software modules span
production, quality, inventory and maintenance.

43
Additional Vendors
Company Overview
Headquarters: Northampton, MA
Website: www.machinemetrics.com
Employees: 48
Parent/Investor(s): Tola Capital, Hyperplane Venture Capital
Year Founded: 2014
CEO: William Bither
Description:
MachineMetrics provides an industrial IoT platform for optimizing
machine operations. The company’s technology enables clients to
connect machines through IoT technology, visualize historical and
real-time data and predict machine conditions through an analytics
engine.
Company Overview
Headquarters: Houston, TX
Website: www.performixinc.com
Employees: 35
Parent/Investor(s): Mercury Fund, RPM Ventures
Year Founded: 2005
CEO: Sham Afzalpurkar
Description:
Performix, Inc. provides a suite of MES solutions for SAP
manufacturing clients in the chemical, pharmaceutical, food &
beverage and consumer industry verticals. Performix also provides
manufacturing and quality solutions that leverage SAP HANA.

44
Additional Vendors
Company Overview
Headquarters: Bloomington, MN
Website: www.savigent.com
Employees: 60
Parent/Investor(s): McGowan Capital Group
Year Founded: 1994
CEO: Dean Truitt
Description:
Savigent provides a suite of products for workflow automation,
manufacturing intelligence and systems integration. The company’s
clients include manufacturers in the automotive, semiconductor,
industrial, specialty chemical, consumer packaged goods, and
aerospace and defense sectors.
Company Overview
Headquarters: Tel Aviv, Israel
Website: www.seebo.com
Employees: 44
Parent/Investor(s): Viola Ventures, TPY Capital, Autodesk
Year Founded: 2012
CEO: Lior Akavia
Description:
Seebo provides process-centric industrial artificial intelligence
solution, enabling manufacturers to improve production quality and
yield. The company's solution reduces processes-driven quality losses
and failures in production and assembly processes while collecting
and analyzing data from production lines and automated inspection
systems.

45
Additional Vendors
Company Overview
Headquarters: Somerville, MA
Website: www.tulip.co
Employees: 99
Parent/Investor(s): DMG Mori, Vertex Ventures, NEA
Year Founded: 2014
CEO: Natan Linder
Description:
Tulip is a developer of a no-code, native manufacturing application
development platform for developing IoT-enabled digital tools and
applications. The company's platform digitizes paper-based
processes, integrates industrial IoT technologies with legacy factory
machines and captures & analyzes real-time production floor data.
Company Overview
Headquarters: Montreal, Canada
Website: www.vention.io
Employees: 93
Parent/Investor(s): Georgian Partners, Bain Capital
Year Founded: 2016
CEO: Etienne Lacroix
Description:
Vention is a developer of a browser-based digital manufacturing
platform for designing, ordering and assembling industrial equipment.
The company's platform consists of a library of structural, motion and
control components, a free cloud-based 3D Machine Builder and
artificial intelligence-enabled 3D constraints.

IV. Appendix
Market Comparables

47
($ in Millions) Target Overview Transaction Statistics
Estimated Deal Deal Value / Estimated
Date Target Description Revenue EBITDA Value Revenue EBITDA
ABB Total Disclosed M&A Deal Value Since 2010: $14.7 Billion
Mar-20 Cylon Controls Web-based energy management systems n/a n/a n/a n/a n/a
Oct-19 ChargeDot Vehicle-charging technology developer n/a n/a n/a n/a n/a
Sep-18 Intrion Automated material handling systems n/a n/a n/a n/a n/a
Sep-18 AB Rotech Automotive engineering services n/a n/a n/a n/a n/a
Jul-18 GE Industrial Solutions Electrical circuits designer & manufacturer $2,700.0 $216.0 $2,600.0 0.96x 12.0x
Nov-17 Tekomar Group Marine diesel engine engineering n/a n/a n/a n/a n/a
Jul-17 KEYMILE (Assets) Telecommunication network services n/a n/a n/a n/a n/a
Apr-17 B&R Machine automation systems $600.0 $75.0 $2,000.0 3.33x 26.7x
Feb-17 NUB3D 3D scanners and 3D scanning technology n/a n/a n/a n/a n/a
May-16 SVIA Automation Solutions Robot automation equipment n/a n/a n/a n/a n/a
Nov-15 Striebel & John Energy-distribution systems manufacturing n/a n/a n/a n/a n/a
Aug-15 CGM Advanced control room environments n/a n/a n/a n/a n/a
Apr-15 Gomtec Mechatronic systems and robot developer n/a n/a n/a n/a n/a
Jan-15 Viola Systems Wireless telecommunications products n/a n/a n/a n/a n/a
Nov-14 Spirit IT Oil & gas automation products n/a n/a n/a n/a n/a
May-14 Terman Temperature monitoring device mfg. n/a n/a n/a n/a n/a
Oct-13 Los Gatos Research Laser-based gas and isotope measurement n/a n/a n/a n/a n/a
Sep-13 ELBI Elektrik Electrical installation product manufacturer n/a n/a n/a n/a n/a
Aug-13 Newron System Automation systems software n/a n/a n/a n/a n/a
Jul-13 Alstom's Ring Motor Business Manufacturer of ring motors n/a n/a n/a n/a n/a
Jul-13 Power One Power-conversion/management solutions $1,000.0 $120.0 $762.0 0.76x 6.4x
Jul-13 DynaMotive UK-based controls and system producer n/a n/a n/a n/a n/a
Feb-13 APS Technology Group Automated process systems provider n/a n/a n/a n/a n/a
Dec-12 GRESIN Press equipment manufacturer n/a n/a n/a n/a n/a
Aug-12 Amarcon Ship motion and performance analysis n/a n/a n/a n/a n/a
Jul-12 RGM (Rail Business) Auxiliary converters for rail vehicles n/a n/a n/a n/a n/a
Jun-12 Tropos Wireless IP broadband network solutions n/a n/a n/a n/a n/a
Jan-12 Thomas & Betts Manufacturer of electrical components $2,300.0 $390.0 $3,900.0 1.70x 10.0x
Dec-11 Newave Energy Manufacturer of power supply equipment n/a n/a $169.6 n/a n/a
Dec-11 Stubán Generál Trafo Transformers and inductors provider n/a n/a n/a n/a n/a
Nov-11 Envitech Energy Manufacturer of electrical power systems n/a n/a n/a n/a n/a
Nov-11 Powercorp Automation technologies provider n/a n/a n/a n/a n/a
Jul-11 Trasfor Group Low voltage transformers provider n/a n/a n/a n/a n/a
Jul-11 Lorentzen & Wettre Provider of quality control equipment n/a n/a $81.1 n/a n/a
Jul-11 Epyon Power Fast charging system for electric vehicles n/a n/a n/a n/a n/a
May-11 Mincom Enterprise asset & workforce management n/a n/a n/a n/a n/a
Nov-10 Baldor Electric Company Power-transmission equipment provider n/a n/a $4,200.0 n/a n/a
Jul-10 K-TEK Detection measurement provider n/a n/a n/a n/a n/a
May-10 Ventyx Service delivery management software $250.0 n/a $1,000.0 4.00x n/a
Sources: Pitchbook, CapitalIQ, LinkedIn, company websites, press releases
Precedent M&A Transactions
Buyer-Specific Acquisitions: 2010-Present
Aptean
Aveva
Bentley
Emerson
Autodesk
Dassault
Epicor
Forterro
Hexagon
Honeywell
IFS / Acumatica
Infor
MPDV
Oracle
Plex Systems
QAD
Rockwell
Automation
Dürr Group
ECi
ABB
GE / GE Digital
Germanedge
Siemens
Yokogawa
Others
SAP
PTC
Roper / Deltek

MPG Manufacturing Software Market Snapshot - July 2020

MPG Manufacturing Software Market Snapshot - July 2020

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