Global Software
Sector Update
Industry Insights
SUMMER 2024

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Executive Summary
Executive Summary
Executive Summary
Executive Summary

H1 Deal Value Close to Surpassing 2023
Deal Value with Already $134 bn
Announced in H1 2024
Number of M&A Deals Declined 22% in H1
2024 Versus H1 2023 as Market Activity
Concentrated on Larger Deals
Public EV/NTM Revenue Multiples Declined
Moderately in Q2 2024, with the Median
Returning to Q2 2023 Level

Key Market Updates
In Q2, central banks largely delayed the expected reversal of interest rate hikes due to persistent inflation and ongoing economic resilience. This has
subsequently postponed the anticipated increase in M&A deal activity. The quarter saw an 18% decrease in the number of deals compared to Q1, and a
35% drop in aggregate deal value, primarily due to the lack of any deals exceeding $10 billion. However, year-on-year data indicates an improving yet
more concentrated market environment, with a strong 148% increase in deal value in H1 2024, despite a 22% decrease in the number of deals. Q2 stoodout as the most active quarter for deals in the $1 billion–$10 billion EV segment over the past two years.
In the public markets, SaaS stocks surrendered some of their gains from the previous year, ending with a median EV/NTM revenue multiple of 4.7x on June30, 2024, slightly down from 4.8x on June 30, 2023. The top quartile multiple was 7.9x EV/NTM revenue, compared to 8.6x the previous year. The only
sectors that saw gains in Q2 were the more resilient, high revenue retention sectors of ERP and supply chain and vertical software, closely followed by theleading sectors from Q1, namely engineering software, business intelligence, analytics, and cybersecurity. IPO activity was relatively quiet in Q2.
Transaction multiples for both strategic and private equity buyers in the first half of 2024 have stabilized just above the 10-year median at around 4.5x
EV/LTM revenues. However, this figure masks a high degree of market polarization, as the most sought-after assets continue to trade at double-digit
revenue multiples in high conviction, pre-emptive processes, often to private equity buyers. As one GP recently stated, it is currently the best time to sell inover two years for the right SaaS business.
This situation, characterized by fierce competition for select assets, underscores the increasing eagerness among software investors and strategics to
deploy capital, sometimes with all-equity financing and deal documentation being finalized in just a few days. While the announced and completed deal
data does not yet indicate an improving market, it's worth noting that these are lagging rather than leading indicators. More forward-looking datapoints
include an increase in deal preparation activity, which we and others in our network are observing. Given the rise in deal preparation activity, the summer
months this year are expected to be busier than they have been for some time.

Source: Pitchbook, 451 Research, Capital IQ as of June 30, 2024

3

H1 Deal Value Close to Surpassing 2023 Deal Value with Two
Quarters Left in 2024
Deal Value in Q2 2024 increased by 136% compared to Q1 2024
Annual Deal Volume and Deal Value ($ billion)$425,9

3.500
370,0

$282,8$267.4

3.000

270,0

$192,1

2.451$158,22.500$111,0$124,7$122,2

2.178

$88,4

$73,4

$136,32.231

197$133,7
1,934

196

152

170,0

2.000
70,0

1.500

1.344

1.387

76

107

329

355

1.000

1.440

1.294

1.263

79

99

64

318

357

347

1.554
91
395

1.703
123

601

939

1.004

823
(30,0)

492
967
58
1.425

500

863

1.068

925

877

852

2015

2016

2017

2018

2019

North America

EMEA

Rest of World

1.391

1.088

(130,0)299
1.212(230,0)610-(330,0)2014

2020
Deal Value ($ bn)

2021

2022

2023

H1 2024

H1 2024 Annualized

Source: 451 Research as of June 30, 2024

4

Deals Between 1bn and 10bn Posted Strongest Quarter Since Q32021 but with Mega Deals (>10bn) Missing After Q1 Strong Start
Value for Deals <$1 bn 17% Below Long-Term Median of c. $9.5 bn
Quarterly Deal Values ($ bn) (Q1 2014 to Q2 2024)1
147

Top number in each bar indicates total deal value in quarter

Broadcom’s acquisition of VMware and
ICE’s acquisition of Black Knight
accounted for $74 bn (50%) of the total
deal value of $147 bn in Q2 2022<$1 bn Deal Values (including SPACs)$1 bn–$10 bn Deal Values (including SPACs)>$10 bn Deal Values (including SPACs)

112

107
96

92
32

74
58
17

42
29

14

16

29

6

15

29

20

17
11

10

11

21

35

21
11

7

10

5

8

8

7

7

10

13

10

4
7

11

Q1
14

Q2
14

Q3
14

Q4
14

Q1
15

Q2
15

Q3
15

Q4
15

Q1
16

Q2
16

6

39

34

32
20

21

53

20
15
6

9

5

6

10

10

1
8

13

Q3
16

Q4
16

Q1
17

Q2
17

Q3
17

25

23
24

16

14

9

9

11

Q4
17

Q1
18

Q2
18

42

18

11
20

12

81

23

71

35
17

15
10

15

12

14

11

Q3
18

Q4
18

Q1
19

Q2
19

25
11

22

25
27

14

16

6

9

9

5

Q3
19

Q4
19

Q1
20

Q2
20

8

5
11

Q3
20

56

27

11

35

51

The four biggest deals,
including Permira’s
acquisition of
Squarespace and IBM’s
acquisition of HashiCorp,
made up c. $24 bn (45%)
of the total deal value of$53 bn in Q2 2024

95

72

50

48

The four biggest deals,
including Synopsys’acquisition of Ansys andHPE’s acquisition ofJuniper Networks, madeup c. $59 bn (74%) of thetotal deal value of $80 bn
in Q1 2024

131

55

48

65

41
38
40

24
33

17

20

Q4
20

Q1
21

Q2
21

18

21

Q3
21

Q4
21

29

32
27

23

15

53

16
17

Q1
22

12

Q2
22

13
11

26

22

45

11

18

16

25

7

8

8

6
6

9

10

7

8

Q3
22

Q4
22

Q1
23

Q2
23

Q3
23

Q4
23

Q1
24

Q2
24

1Between January 1, 2014, and June 30, 2024; SPAC = Special Purpose Acquisition Company

Source: 451 Research as of June 30, 2024

5

Notable Decline in Strategic and PE Transactions Brings Q2 Deal
Count Under 500, Marking 27% YoY Decrease
PE Deals Comprise 31% of Q2 2024 Transactions, Aligning Closely with 32% Long-Term Average
Quarterly Deal Volume (Q1 2014 to Q2 2024)1
Top number in each bar indicates total deal volumes in quarter
726
682

640

620

597

572

415

387
348

355 355
323

309

286

371

369

368

331

327

307

330 325

348 344

377

318
229

278
278 246 293 271

57

69

70

77

Q1
14

Q2
14

Q3
14

Q4
14

62

Q1
15

84

90

Q2
15

Q3
15

240

241 258

68

69

Q4
15

Q1
16

196

116

Q2
16

220

91

71

87

Q3
16

Q4
16

Q1
17

208 206

217 209238

269

239 259

230

446

289

264

302

368

421

396

369

334

300

311

256

188

216

177
97

Q2
17

Q2
20

Q4
17

319

436

429

461

342

146 147 137 127 141
122 119 113 134 131 135 139

Q3
17

469
374

357

301

237

531
501

397
313

267
253

386 396

512
474

466

565

542

527

Q1
18

Q2
18

Q3
18

Q4
18

Q1
19

Q2
19

Q3
19

Private Equity (incl. SPAC)

Q4
19

Q1
20

Q3
20

246 257221
208 210 210 230

Q4
20

Q1
21

Q2
21

Q3
21

Q4
21

Q1
22

Q2
22

174 167 194 176 169

Q3
22

Q4
22

Q1
23

Q2
23

Q3
23

118

Q4
23

162

Q1
24

136

Q2
24

Strategic

1Between January 1, 2014, and June 30, 2024; Private Equity includes acquisitions made by PE-backed platforms

Source: 451 Research as of June 30, 2024

6

Top Six Software Acquisitions over Q2 2024 by Deal ValueMay 2024

acquired by

$6.9
bn

6.5x

April 2024

acquired by

$6.4
bn

11.0x

June 2024

acquired by

$5.6
bn

7.7x

Squarespace is a design-driven platform helping entrepreneurs build brands andbusinesses online. The company empowers millions in more than 200 countries
and territories with the tools they need to create an online presence, build anaudience, monetize, and scale their business. Squarespace’s suite of products
includes websites, domains, ecommerce, and marketing tools, as well as tools forscheduling with Acuity, creating and managing social media presence with Bio
Sites and Unfold, and hospitality business management via Tock.
Upon completion of the transaction, Squarespace will become a privately heldcompany with the flexibility and resources to invest in enabling entrepreneurs tobuild better online brands and more easily transact with their customers.

HashiCorp’s Infrastructure Cloud suite of products provides enterprises withextensive Infrastructure Lifecycle Management and Security Lifecycle Management
capabilities to enable organizations to automate their hybrid and multi-cloudenvironments.
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise.
The company helps clients capitalize on insights from their data, streamline
business processes, reduce costs and gain the competitive edge in their industries.
The acquisition reflects IBM’s continued focus and investment in hybrid cloud and
AI. Combining IBM's portfolio and expertise with HashiCorp's capabilities andtalent is intended to create a comprehensive hybrid cloud platform designed for
the AI era.
PowerSchool is a global education technology company supporting over 55
million students and over 17,000 customers in more than 90 countries. The
company brings together K–12 educational and operational technology to support
every step of the learning journey.
PowerSchool is a leader in K–12 SaaS technology in North America and is well
positioned to provide differentiated, mission-critical solutions that drive better
education outcomes, empower educators, and help district operations run more
efficiently. With Bain Capital’s support, PowerSchool will have access to additional
resources and the flexibility to deliver more growth and innovation—particularly
with PowerBuddy, PowerSchool’s generative AI platform—and scale its global
reach in helping schools personalize education for every student.

EV = Enterprise Value; LTM = Last Twelve Months
All trademarks, trade names or logos referenced herein are the property of their respective owners
Source: 451 Research, Mergermarket, Press Releases as of June 30, 2024

April 2024

acquired by

$5.0
bn

8.1x

June 2024

acquired by

$4.2
bn

N/A

June 2024

acquired by

$3.2
bn

~13x

EV

EV/LTMRev

Darktrace is a global leader in cybersecurity artificial intelligence, with a mission tofree the world from cyber disruption. The Darktrace ActiveAI Security Platform
provides a full lifecycle approach to cyber resilience that, within seconds, canautonomously spot and respond to known and unknown in-progress threats
across an organization's entire ecosystem, including cloud, apps, email, endpoint,
network, and operational technology.
Thoma Bravo recognizes that Darktrace is a pioneer in using self-learning artificial
intelligence to neutralize cyber threats and automate responses to cyber incidents,
leveraging its deep research and development expertise. Thoma Bravo, as alongstanding software investor, aims to bring operational expertise and strong
cybersecurity knowledge to support Darktrace’s growth.
Aareon is a trusted provider of SaaS solutions for the property industry, leading
the charge toward a digital future. With its Property Management System, Aareon
promotes efficient and sustainable property management and maintenance. The
company’s portfolio enables seamless, automated end-to-end processes
connecting property managers and owners across the residential and commercial
real estate sectors.
The transaction and partnership with TPG will provide Aareon access to additional,
dedicated resources and expertise to drive innovation and further growth. TPG, a 492
leading global alternative asset management firm, will invest in Aareon with
CDPQ, a global investment group, who will co-invest alongside TPG for a minority
interest in Aareon.
Preqin empowers financial professionals who invest in or allocate to alternative
assets with essential data and insight to make confident decisions. The company
supports them throughout the entire investment lifecycle with critical informationand leading analytics solutions. Preqin has pioneered rigorous methods ofcollecting private data for over 20 years, enabling more than 200,000
professionals globally to streamline how they raise capital, source deals andinvestments, understand performance, and stay informed.
Bringing together Preqin’s data and research tools with BlackRock’s Aladdin
workflow capabilities in a unified platform will create a preeminent private markets
technology and data provider, adding a highly complementary data business toBlackRock’s investment technology in a fast-growing sector.

7

Other Notable Software Deals during Q2 2024
Strategic Deals (Q2 2024)

PE Deals2 (Q2 2024)
Enterprise
Value
and Multiple1

Enterprise
Value
and Multiple1

Target Abstract

Date

Target AbstractApr-24$1,600 million
10.1x

3D capturing and digital twin
softwareMay-24$3,000 mn
N/A

Audit, risk, compliance and
ESG management software

May-24$1,540 mn
10.3x

Machine identity
management software

Apr-24$2,529 mn
3.6x

Portfolio and wealthmanagement software

Jun-24$1,032 mn
3.8x

Digital adoption and tutorialassistance software

May-24$1,625 mn
N/A

Application security testing
softwareApr-24$785 mn
N/A

Multi-fund investment andrisk management software

May-24$1,300 mn
N/A

Digital fraud detection andcrime prevention software

Jun-24$771 mn
11.5x

Admin tasks and digitalforms creation software

Apr-24$1,170 mn
4.6x

Revenue optimization andcompliance software

Apr-24$532 mn
N/A

Credit risk management
softwareMay-24$650 mn
9.3x

Employee intranet software$500 mn
5.0x

Threat detection andresponse software

Jun-24$564 mn
8.8xEnterprise decision analytics
softwareMay-24$475 mn
N/A

Accounts payable automation
solutionsMay-24$500 mn
3.3x

Security analytics andautomation software

May-24$450 mn
N/A

API security software

May-24$405 mn
7.2x

Geospatial network
management software

Jun-24$400 mn
N/A

Hospitality reservation andevent management software

Apr-24$228 mn
1.3x

Cross-device programmatic
advertising software

Apr-24$393 mn
2.4x

Scientific and clinicalresearch software

Apr-24

N/A

Date

May-24

TargetQRadar SaaS assets

Acquirer

TargetSoftware integrity business

Acquirer

Payroll and HRM SaaS

ESG = Environmental, Social, and Governance; HRM = Human Resource Management; 1Deal Multiple = Enterprise Value/LTM Revenue, unless otherwise specified; 2PE deals include acquisitions made by PE-backed strategics, whose owners are indicatedbelow the gray line, and exclude deals involving SPAC vehicles; All trademarks, trade names or logos referenced herein are the property of their respective owners
Source: 451 Research as of June 30, 2024

8

Strategic Deal Multiples Rebounded in H1 2024, with PE Deal
Multiples Continuing Downward Trend
Strategic and PE Valuation in Line with Long-Term Average
Annual Median Deal Multiples
EV/LTM Revenue (Strategic)

Average Multipleof Strategic Deals: 4.4x

EV/LTM Revenue (PE)Average Multipleof PE Deals: 4.4x

6,2x

6,4x

6,3x
5,5x

5,4x
4.4x
4.4x

4,4x
4,0x

3,7x

3,5x

3,1x

2014

2015

3,8x

3,7x
3,3x

2016

EV = Enterprise Value or Market Capitalization + Total Debt – CashPE deals include acquisitions made by PE-backed strategics
Source: 451 Research as of June 30, 2024

4,8x

4,5x
4,1x

4,0x

4,0x

4,3x

4,0x

4,5x

3,5x

2017

2018

2019

2020

2021

2022

2023

H1 2024 LTM

9SaaS Deal Multiples by Quartile and Target Revenue
Third-Quartile Multiples Command Average Premiums of 54%–119% vs. Median
Deal Multiples Quartiles by Target LTM Revenue
First Quartile

MedianThird Quartile

10,4x

8,2x

8,2x

5,3x

4,8x

5,0x

3,8x
2,9x

2,7x

<$25 mn$25 mn–$100 mn>$100 mn

Transactions selected are based on the following parameters: (i) target company with SaaS business model; (ii) transaction announced between June 30, 2022, and June 30, 2024; (iii) disclosed EV/LTM revenue multiple; and (iv)excluding outliers and SPAC transactions
Source: 451 Research and Mergermarket as of June 30, 2024

10

Kroll’s Technology Investment Banking Practice Tracked
Universe of Public Software Companies
BI andAnalytics

Engineering

Communication and
Collaboration

ERP andSCM

Cybersecurity

Marketing

Financial andAccounting

Financial
Services

HCM

BI = Business Intelligence; ERP = Enterprise Resource Planning; HCM = Human Capital Management; SCM = Supply Chain Management
Source: S&P Global Market Intelligence as of June 30, 2024, including the most actively traded software companies for respective covered sectors and excluding most microcap companies
All trademarks, trade names, or logos referenced herein are the property of their respective owners

VerticalSoftware

Infrastructure11

Public SaaS Companies’ EV/NTM Revenue Multiples Have
Stabilized and Are Trading in Line with the 15-Year MedianMedian Multiple Trading at 4.7x EV/NTM Revenue Versus Long-Term Average of 4.6x
Performance of Our Technology Investment Banking Practice SaaS Index over the Past 15 Years
EV/NTM Revenue
20.0x

16.0x

12.0x

8.0x

7.9x
6.6x
4.7x
4.6x

4.0x

2.9x

0.0x
Jun-09Jun-10Jun-11

Jun-12

Jun-13Jun-14

Bottom Quartile

Jun-15MedianJun-16Jun-17Top Quartile

Jun-18Jun-1915-Year MedianJun-20Jun-21

Jun-22Jun-23Jun-24

5-Year Median

Our Technology Investment Banking Practice SaaS Index includes 205 companies that offer SaaS solutions; NTM = Next Twelve Months
Source: Capital IQ as of June 30, 2024

12

EV/NTM Revenue Multiples Declined Moderately in Q2 2024,with the Median Returning to Q2 2023 LevelMedian Multiple Declined -13% to 4.7x in the Quarter Ending June 2024, Returning to the June 2023 Level of 4.8x
Performance of Our Technology Investment Banking Practice SaaS Index over the Past Three Years
EV/NTM Revenue
20.0x

16.0x

▪

Median declined -13% from Mar-24 to Jun-24, while the top quartile
decreased -7% and the bottom quartile decreased -2%▪

This decline returned the median to close to the Jun-23 level of 4.8x

12.0x

8.0x

8.6x

8.5x

7.9x
6.0x

4.0x

5.4x

4.8x
3.2x

0.0x
Jun-21

Sep-21

Dec-21

Mar-22Jun-22
Bottom Quartile

Sep-22

Dec-22
MedianMar-23Top Quartile

Jun-233.0x

Sep-23

Dec-23Mar-244.7x
2.9x

Jun-24

3-Year Median

Our Technology Investment Banking Practice SaaS Index includes 205 companies that offer SaaS solutions; NTM = Next Twelve Months
Source: Capital IQ as of June 30, 2024

13

Last 12 Months Performance of Stock Prices
Considerable Differences between High- and Low-Performing Stocks: Outperformance Is Being Rewarded
Performance of Our Technology Investment Banking Practice’s Tracked Software Universe between June 30, 2023, and June 30, 2024
140%

302%

161%

223%

120%
100%
80%
60%
40%
20%

25,5%

21,2%

20,9%

17,8%
8,1%

0%

3,1%

(1,0%)(4,8%)(8,8%)-20%(11,3%)(14,7%)

-40%
-60%
-80%

-81%
BI and Analytics

ERP and SCM

Engineering

Cybersecurity

Financial andAccounting Software

Percentage change in stock price between June 30, 2023, and June 30, 2024

-96%
Financial Services

HCM

Vertical Software-87%
InfrastructureMarketingCommunications andCollaboration

Median percentage change in stock price of constituents between June 30, 2023, and June 30, 2024

Does not include companies listed after June 30, 2023; Buckets ordered by median percentage change in stock price between June 30, 2023, and June 30, 2024; All trademarks, trade names, or logos referenced herein are the property of
their respective owners
Source: Capital IQ as of June 30, 2024

14

Quarterly Performance of Stock Prices
Most Software Subsectors Experienced Modest Declines in Q2 2024
Performance of Our Technology Investment Banking Practice’s Tracked Software Universe between March 31, 2024, and June 30, 2024
80%
60%
40%
20%
0%

2,5%

0,7%

(1,1%)(1,3%)(2,6%)(3,1%)(7,3%)(8,9%)(9,6%)(11,8%)-20%(21,1%)

-40%
-60%
-80%
ERP and SCM

Vertical Software

Engineering

BI and Analytics

Percentage change in stock price between March 31, 2024, and June 30, 2024

Cybersecurity

Financial Services

Financial andAccounting Software

Infrastructure

Communications andCollaboration

Marketing

HCMMedian percentage change in stock price of constituents between March 31, 2024, and June 30, 2024

Does not include companies listed after March 31, 2024; Buckets ordered by median percentage change in stock price between March 31, 2024, and June 30, 2024; All trademarks, trade names, or logos referenced herein are theproperty of their respective owners
Source: Capital IQ as of June 30, 202415

Significant Differences Exist in Multiples Between Software
Subsectors

High Multiples for Engineering and ERP and SCM Subsectors Reflected in Strong Revenue Growth and EBITDA
Margins
EV/CY24 Revenue Multiples, June 2024
12,0x
10,0x

9,8x

9,7x

8,0x

6,1x

6,0x

5,9x

5,3x

5,0x

5,0x

4,0x

5.0x median

4,1x

4,0x

4,0x

Vertical Software

InfrastructureMarketingCommunications andCollaboration

28%

27%

3,2x

2,0x
0,0x
Engineering

ERP and SCM

Cyber Security

BI and Analytics

Financial Services

Financial andAccounting Software

HCM

Revenue Growth & EBITDA Margins, June 2024
50%

45%

40%

8%

10%

30%
20%

45%

40%
32%
9%

37%

10%

30%

34%
10%

22%

24%

Cyber Security

BI and Analytics

36%

12%

30%

6%

32%
10%

10%

30%
11%

12%

33%

30%

20%

22%

19%

17%

Vertical Software

InfrastructureMarketing

4%
23%

0%
Engineering

ERP and SCM

Buckets ordered by June 2024 revenue multiples
Source: Capital IQ as of June 30, 2024

Financial Services

Financial andAccounting Software

CY24 Revenue Growth

HCM

Communications andCollaboration

CY24 EBITDA Margin
16

Key Subsectors for Our Technology Investment Banking Practicea business division ofhas received
investment from

VerticalSoftwarehas received
investment fromhas received
investment fromhas received
investment fromhas beenacquired byhas beenacquired byhas received
investment fromhas beenacquired byhas received
investment fromhas received
investment fromhas beenacquired byhas beenacquired by

Data &
Analytics

a portfolio
company ofhas beenacquired byhas beenacquired byhas received
investment fromhas received
investment from

Fintech &Payments

has beenacquired byhas beenacquired byMarketing &AdTechhas beenacquired byhas beenacquired by

Retail &Commerce

has beenacquired byhas beenacquired byhas beenacquired byhas received
investment fromhas beenacquired byhas received
investment fromhas beenacquired byhas beenacquired by

Cybersecurity& Riskhas beenacquired by

ConsumerTech(1)

has beenacquired byhas beenacquired bya subsidiary ofhas beenacquired by

Office of the
CFO

All trademarks, trade names, or logos referenced herein are the property of their respective owners
Note: (1) Magnite formerly known as Rubicon Project17

Distinguished Enterprise Software Franchise
Our Technology Investment Banking Practice (formerly Pagemill Partners) has completed more than 300 transactions, the majority of which are inenterprise software:– We are industry leaders in leveraging SaaS and perpetual models, including companies with hybrid delivery models.
– Underlying technology architecture, reliance on third-party technologies and strategic partnerships, product roadmaps and verticalgo-to-market strategies are all important attributes that we have demonstrated experience in articulating and positioning.

Horizontally Focused

Vertically Focused

Perpetual License/Transactional Model

Recurring SaaSa business division ofhas beenacquired byhas received
investment fromhas received
investment fromhas received
investment fromhas beenacquired byhas received
investment fromhas beenacquired byhas beenacquired byhas received
investment fromhas beenacquired byhas received
investment fromhas received
investment fromhas beenacquired byhas beenacquired byhas beenacquired byhas received
investment fromhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas been acquired bya portfolio company
ofhas beenacquired byhas received
investment fromhas beenacquired byhas been acquired bya portfolio company
ofhas beenacquired by(1)

has beenacquired byhas received
investment fromhas beenacquired byhas beenacquired by

All trademarks, trade names, or logos referenced herein are the property of their respective owners
Note: (1) Magnite formerly known as Rubicon Project18

Select Recent Kroll Technology Investment Banking Transactions

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For more information, please contact:
Nicholas Collins
Managing Director
Investment Banking
Palo Alto+1 650 354 4020
Nicholas.Collins@Kroll.com

Matt De La OManaging Director
Investment Banking
Washington DC+1 202 449 1813
Matt.DeLaO@Kroll.com

Rory O’Sullivan
Managing Director
Investment Banking
London+44 20 7089 4810
Rory.OSullivan@Kroll.com

Philipp Bose, CFA
Director
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Munich+49 89 38 88 84 280
Philipp.Bose@Kroll.com

Scott Munro
Vice Chairman
Investment Banking
Palo Alto/Toronto+1 650 354 4040
Scott.Munro@Kroll.com

Vineet AsthanaManaging Director
Investment Banking
New York+1 212 277 0132
Vineet.Asthana@Kroll.com

Corey Maurer
Director
Investment Banking
Los Angeles+1 424 281 6348
Corey.Maurer@kroll.com

Efraim Chalamish
Senior Advisor
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Israel
+1 212 871 0422
Efraim.Chalamish@Kroll.com

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