Global Software
Sector Update
Industry Insights
SPRING 2024

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Executive Summary
Executive Summary
Executive Summary
Executive Summary

Deal Volume in Line with 2023—However,Deal Value Significantly Up due to Large
Ticket Deals
Deal Flow Picked Up in Q1 2024 Yet
Remained Third Weakest of Last Ten
Quarters
Public SaaS Company Multiples Stayed
Level in Q1 2024, Holding Gains Made in Q4
2023

Key Market Updates
The first quarter of 2024 saw strategic buyers step up their level of deal activity, with some notably large transactions, such as Synopsys’s $31.9 billion
acquisition of Ansys and HPE’s $12.8 billion acquisition of Juniper Networks, helping drive quarterly deal value in Q1 2024 to more than double the level of
Q1 2023 (+121%). However, the number of deals continued to decline, with just 519 deals compared with 623 in the same period of 2023 (-17%), as PE
buyers continue to be less active, hamstrung by a combination of still sluggish deal flow and continued tight credit markets. Two of the most active
sponsors, Thoma Bravo and Vista, printed just a single new platform deal between them in Q1, for example. This is also reflected in the median multiple on
PE acquisitions, which dropped to 3.9x EV/LTM revenues for the trailing twelve months, compared with the jump to 5.2x for strategic deals during the same
period. This brought the median multiple on strategic deals back to a premium over PE deals for the first time since 2020.
In the public markets, following a notable bounce in Q4 2023, multiples for publicly traded Software-as-a-Service (SaaS) stocks held broadly level in Q1
2024, closing the quarter at 8.3x EV/NTM revenues for the upper quartile and 3.0x for the lower quartile. There was some distinct outperformance in stocks
most heavily exposed to the AI investment wave, with engineering software stocks jumping to the highest median multiple of 9.7x EV/NTM revenues,
compared to 8.4x 12 months ago. The engineering software sector also saw some of the most highly priced M&A deals, with the Ansys acquisition by
Synopsys, BETA CAE acquisition by Cadence Design Systems, and Jama Software acquisition by Francisco Partners all trading at double-digit revenue
multiples. Other sectors performing well and benefiting from the AI theme, with median multiples up over 20% year-on-year, include Business Intelligenceand Analytics as well as Cybersecurity. By contrast the Human Capital Management sector showed the opposite trend, with median multiple down 19%
year-on-year to 6.4x EV/NTM revenues.
With a more solid public equity market supported by strong inflows into tech stocks, we are finally seeing a welcome return of new issues in the form of
IPOs. Successful listings in the quarter included Astera Labs and Reddit, and there is a busy pipeline of filings for the remainder of the year. The market
continues to be heavily driven by expectations on timing for the first of the expected cuts to the Fed Funds Rate, with unwelcome signs toward the end of
the quarter of inflation being more persistent than previously thought. As we head toward the summer, there is a general sense of a continued
improvement in market conditions leading to a more active deal cadence in the second half of 2024.

Source: Pitchbook, 451 Research, Capital IQ as of March 31, 2024

3

Q1 Deal Value More than Doubled (+121%) Year-on-Year due toLarge Ticket Deals
However, Number of Deals in Q1 Were Down 17% Year-on-Year
Annual Deal Volume and Deal Value ($ billion)$391.4
370.0

3,500

$275.4$258.2

270.0
3,000

$190.9$154.7
$72.8

$95.0

2,414

$123.52,500$108.2

2,162

$68.1

$119.0
2,192

194
183

157

170.0

2,076
70.0

2,000

1,697

1,500

1,344

1,387

76

107

329

355

1,000

1,437

1,293

1,258

79

99

63

318

357

347

1,547
91
394

122

594

939

925

876

848

809
(30.0)

491(130.0)

1,411
500

$68.9

846

1,001

1,062

1,084

1,374

1,200

519
37
171

(230.0)311-(330.0)

2014

2015

2016

2017

2018

2019

North America

EMEA

Rest of World

2020
Deal Value ($ bn)

2021

2022

2023

Q1 2024

Q1 2024 Annualized

Source: 451 Research as of March 31, 2024

4

Mega and Large Ticket Deals Are Back in Q1 2024, While Smaller
Deals Are Still Significantly Below Long-Term Median
Deal Value for Deals <$1 bn 33% Below Long-Term Median of c. $9.4 bn
Quarterly Deal Values ($ bn) (Q1 2014 to Q1 2024)1
Broadcom’s acquisition of VMware and
ICE’s acquisition of Black Knight
accounted for $74 bn (56%) of the total
deal value of $133 bn in Q2 2022

Top number in each bar indicates total deal value in quarter<$1 bn Deal Values (including SPACs)

130
117

111

$1 bn–$10 bn Deal Values (including SPACs)>$10 bn Deal Values (including SPACs)

The four biggest deals,
including Synopsys’acquisition of Ansys andHPE’s acquisition ofJuniper Networks, madeup for c. $55 bn (79%) of
the total deal value of $69
bn in Q1 2024

98
92
84

74

54
46

46
19

32

28

14
6

16

20

7

24
15

12

7

6

20

20

11

19
10

8

10

8

7

6

9

12

Q1
14

Q2
14

Q3
14

Q4
14

Q1
15

Q2
15

Q3
15

34

31

11
4

9

7

Q4
15

Q1
16

19

40

20
11

12

Q2
16

24

19

15
6

9

6

9

9

1
8

Q3
16

Q4
16

Q1
17

Q2
17

5
14

Q3
17

22
23

15

42

33

16
9

9

10

Q4
17

Q1
18

Q2
18

15

12

14

Q3
18

Q4
18

Q1
19

25

Q2
19

46

50

24

62

12

40

31

44

25
27
16

45

40

26

23

33

11
8

10

21

69

66

57

11

35

17

13

9

32

74

57

50

11
20

11

12

5

6

8

8

5

Q3
19

Q4
19

Q1
20

Q2
20

11

Q3
20

15

17

Q4
20

Q1
21

20

Q2
21

18

Q3
21

20

Q4
21

16

Q1
22

12

Q2
22

22

12

26
21

17

11

14

8

5
5

10

10

Q1
23

Q2
23

Q3
23

Q4
23

15

11

7

7

Q3
22

Q4
22

7

18
6

Q1
24

1Between January 1, 2014, and March 31, 2024; SPAC = Special Purpose Acquisition Company
Source: 451 Research as of March 31, 2024

5

Deal Count Picked Up in Q1 2024 Yet Remained Third Weakest of
Last Ten Quarters
PE Deals Accounted for 31% of Deals in Q1 2024 Compared to an Average of 37% During 2022 and 2023
Quarterly Deal Volume (Q1 2014 to Q1 2024)1
Top number in each bar indicates total deal volumes in quarter
702

678
623

618

589

565
526

414

387
348

355

355

368

323

309

286

369

368

331

327

307

328

324

348

318

278

229

247

57

69

70

76

Q1
14

Q2
14

Q3
14

Q4
14

293

62

Q1
15

270

278
240

240

257

196

85

90

69

70

Q2
15

Q3
15

Q4
15

Q1
16

116

Q2
16

219

91

71

88

Q3
16

Q4
16

Q1
17

208

299

288
218

209

238

269

237

259

230

422

460
431

337
320

313

234
206

458
374

355

263

519

496

396

395

343

267
252

383

377

509
470

462

558

538

302

366

415

389

306

257

184

360

330

219

120

118

115

135

Q2
17

Q3
17

Q4
17

Q1
18

130

134

139

145

146

136

125

139

Q2
18

Q3
18

Q4
18

Q1
19

Q2
19

Q3
19

Q4
19

Q1
20

Private Equity (incl. SPAC)

174

206

207

207

228

244

244

218

172

166

Q3
22

Q4
22

192

174

169

Q2
23

Q3
23

94

Q2
20

Q3
20

Q4
20

Q1
21

Q2
21

Q3
21

Q4
21

Q1
22

Q2
22

Q1
23

116

Q4
23

159

Q1
24

Strategic

1Between January 1, 2014, and March 31, 2024; Private Equity includes acquisitions made by PE-backed platforms

Source: 451 Research as of March 31, 2024

6

Top Six Software Acquisitions over Q1 2024 by Deal Value
January 2024

Ansys provides CAD simulation, analysis and testing SaaS for businesses globally.
Their software provides features for structural design optimization, virtual
prototyping, systems modeling, and materials information management.

acquired by

The megatrends of AI, silicon proliferation and software-defined systems are
requiring more compute performance and efficiency in the face of growing,
systemic complexity. Bringing together Synopsys' EDA solutions with Ansys'
simulation and analysis capabilities will enable the combined entity to deliver aholistic, powerful and seamlessly integrated silicon-to-systems approach toinnovation to help maximize the capabilities of technology R&D teams across a
broad range of industries.

$31.9
bn

16.2x

January 2024

acquired by

$12.8
bn

2.3x

February 2024

acquired by

$5.9
bn

20.2x

Juniper Networks provides AI-based, cloud-native networking management
software, systems, and related APIs. Their software provides features for network
automation, threat detection, analytics, cloud-native test and service assurance,
license management, and security management.
Despite the prominence of AI in its acquisition announcement, HPE's purchase ismore about expanding its reach into data centers than juicing its AI offerings.
Juniper should prove to be a valuable asset for HPE as it struggles to maintainvolume and margins in its classic server business. Although graphics processing
unit availability is commonly identified as the primary bottleneck to generative AI,
high-performance networking is the most cited requirement for enhancing AI
performance in 451 Research’s surveys in each of the last two years.
Altium provides PCB software that enables and connects PCB designers, part
suppliers, and manufacturers to develop and manufacture electronic products
faster and more efficiently.
As technology advances, the design and integration of electronic systems are
becoming increasingly complex. Renesas and Altium share a common vision todevelop an integrated and open electronics system design and life cycle
management platform that unifies these steps at a system level. Joining Renesas
will also enable integration with third-party vendors across the ecosystem,
allowing them to execute all electronic design steps seamlessly on the cloud. This
integration brings significantly faster innovation and lowers barriers to entry forsystem designers.

February 2024
EUC Divisionacquired by

$4.0
bn

N/A

January 2024

acquired by

$1.8
bn

N/A

February 2024

acquired by

$1.5
bn

3.8x

Broadcom’s end-user computing division provides desktop and application
virtualization software for businesses globally. Their software provides features forunified endpoint management, application management, and digital workspace
management.
Originally a division of VMware, prior to Broadcom’s acquisition, the EUC Division
provides a leading suite of digital workspace solutions that allows organizations tosecurely deliver and manage applications, desktops and data across any device or
platform. In addition to expanding R&D and pursuing new strategic partnerships,
KKR plans to support EUC Division’s focus on customer relationships throughsignificant investments across go-to-market functions.

Procare Software provides childcare management SaaS, desktop software, mobile
applications, and related integrated systems for businesses in the education sector
globally. Their software provides features for classrooms, ratio compliance,
finance, staff, leads, childcare tuition payment processing, and schedulingmanagement and parent portals to monitor child activity.
Procare is a business with clear niche market leadership, mission critical solutions,strong organic revenue growth, a high recurring and reoccurring revenue mix,
strong customer retention, and high cash conversion. This acquisition fits into
492
Roper’s strategy, which focuses on identifying high-quality, market-leading
technology businesses that will enhance Roper’s long-term cash flow
compounding.
Everbridge provides critical event management software, related APIs, and mobile
applications for businesses globally. Their software provides features for
emergency response incident notification, incident management, dashboard, risk
monitoring, physical security, notifications, crisis management, and risk
intelligence.
Joining Thoma Bravo will mark a pivotal moment for Everbridge and their mission
to empower organizations worldwide with the tools to successfully navigate
critical events. Thoma Bravo’s comprehensive experience in risk, compliance, andsafety sectors and their commitment to fostering innovation will enable thecompany to better help customers keep people safe and their organizations
running.

CAD = Computer-Aided Design; EDA = Electronic Design Automation; API = Application Programming Interface; EUC = End-User Computing; PCB = Printed Circuit Board; 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 March 31, 2024
Deal
EV/LTM
Value
Rev

7

Other Notable Software Deals during Q1 2024
Strategic Deals (Q1 2024)
Date

TargetPE Deals2 (Q1 2024)
Acquirer

Deal Valueand Multiple1

Target Abstract

Date

TargetAcquirer

Deal Valueand Multiple1

Target Abstract

Mar-24$1,240 mn
13.8x

Simulation and analysis
softwareFeb-24$1,446 mn
3.8x

Critical event management
SaaS

Jan-24$1,200 mn
N/A

Health management
softwareMar-24$1,200 mn
13.3x

Products requirements
management and traceability
softwareMar-24$839 mn
N/A

Digital supply chain network
management software

Mar-24$1,050 mn
N/A

HCM and payroll software

Jan-24$783 mn
11.4x

E-invoicing and indirect tax
automation software

Mar-24$295 mn
N/A

Interactive response andpatient access software

Mar-24$570 mn
N/A

Business travel and meetings
management software

Jan-24$228 mn
N/A

Supply chain risk intelligencesoftwareJan-24$200 mn
N/A

Data clean room andcollaboration software

Mar-24$220 mn
N/A

Scientific and clinicalresearch software

Mar-24$191 mn
3.9x

POS terminal management
softwareMar-24$189 mn
2.0x

E-commerce, supply chain
and payment software

Mar-24$189 mn
N/A

Open commerce softwareand managed services

Feb-24$146 mn
4.0x

Virtual data rooms anddealmaking softwareFeb-24$140 mn
N/A

Health care AI foundation
models softwareFeb-24$142 mn
1.6x

External threat intelligenceand protection software

Mar-24$90 mnN/AGlobal trade management
softwareJan-24$109 mn
N/A

Hospitality and travel
management software

Jan-24

N/A

Learning and development
softwareMar-24

N/A

Enterprise payment
optimization SaaS

Payroll and professional
services businessEndpoint clinical andpatient access business

Global business
operations

CRS = Cloud Reservation System; PMS = Property Management System; POS = Point of Sale; RMS = Revenue Management System; CRM = Customer Relationship Management; HCM = Human Capital Management; 1Deal Multiple = Enterprise Value/LTM
Revenue, unless otherwise specified; 2PE deals include acquisitions made by PE-backed strategics, whose owners are indicated below the gray line, and exclude deals involving SPAC vehicles; All trademarks, trade names or logos referenced herein are theproperty of their respective owners
Source: 451 Research as of March 31, 2024

8

Strategic Deal Multiples Rebounded in Q1 2024 Whereas PEs
Continued Downward Trend
However, Premium Assets Still Command Double-Digit Multiples from PE and Strategic Buyers
Annual Median Deal Multiples
EV/LTM Revenue (Strategic)

Average Multipleof Strategic Deals: 4.3x

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

6.2x

6.4x

The PE multiple dropped due to the
exclusion of Q1 2023, which had a
median multiple of 6.8x, whereas the Q1
2024 median was 3.9x. The strategic
multiple increased above long-term
average of 4.3x due to several highprofile, high-multiple deals

6.3x

5.5x

5.4x
4.4x
4.3x

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 March 31, 2024

4.5x
4.1x

4.0x

4.0x

4.3x

4.0x

3.5x

2017

5.2x

2018

2019

2020

2021

2022

2023

3.8x

Q1 2024 LTM

9SaaS Deal Multiples by Quartile and Target Revenue
Third-Quartile Multiples Command Average Premiums of 21%–148% vs. Median
Deal Multiples Quartiles by Target LTM Revenue
First Quartile

MedianThird Quartile

13.9x
Top quartile skewed by high-multiple
strategic acquisitions such as HPE’s
acquisition of Axis Security, Cisco’s
acquisition of Valtix, Palo Alto’s
acquisition of Cider Security and Check
Point’s acquisition of Perimeter 81

8.5x

6.3x
5.6x

5.2x

5.0x

3.6x

3.4x

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 March 31, 2022, and March 31, 2024; (iii) disclosed EV/LTM revenue multiple; and (iv)excluding outliers and SPAC transactions
Source: 451 Research and Mergermarket as of March 31, 2024

10

Kroll’s Technology Investment Banking Practice Tracked Universeof 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 March 31, 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

Infrastructure

11

SaaS Companies’ EV/NTM Multiples Have Stabilized andRecovered from the 15-Year Median Floor
Median Multiple Trading at 5.3x EV/NTM Revenue Versus Long-Term Average of 4.5x
Performance of Our Technology Investment Banking Practice SaaS Index over the Past 15 Years
EV/NTM Revenue
20.0x

16.0x

12.0x

8.3x

8.0x

6.6x
5.3x
4.5x

4.0x

3.0x

0.0x
Mar-09Mar-10Mar-11Mar-12Mar-13Mar-14

Bottom Quartile

Mar-15MedianMar-16

Mar-17Top Quartile

Mar-18Mar-1915-Year MedianMar-20Mar-21

Mar-22Mar-23Mar-24

5-Year Median

Our Technology Investment Banking Practice SaaS Index includes 212 companies that offer SaaS solutions; NTM = Next Twelve Months
Source: Capital IQ as of March 31, 2024

12

EV/NTM Revenue Multiples Stayed Level in Q1 2024, Holding
Gains Made in Q4 2023
Median Grew +2% in Q1 While the Top and Bottom Quartiles Saw Slight Declines
Performance of Our Technology Investment Banking Practice SaaS Index over the Past Three Years
EV/NTM Revenue
20.0x

Median grew +2% from Dec ‘23
to Mar ‘24, while the top
quartile decreased -2% and thebottom quartile decreased -4%

16.0x

12.0x

8.5x
8.3x

8.0x

5.2x
4.0x

0.0x
Mar-21

3.1x

Jun-21

Sep-21

Dec-21

Mar-22
Bottom Quartile

Jun-22

Sep-22
MedianDec-22Top Quartile

Mar-23Jun-23

Sep-23

Dec-23

6.3x
5.3x
3.0x

Mar-24

3-Year Median

Our Technology Investment Banking Practice SaaS Index includes 212 companies that offer SaaS solutions
Source: Capital IQ as of March 31, 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 March 31, 2023, and March 31, 2024
140%

483%

340%

120%
100%
80%
60%
40%

39.4%

37.7%
28.3%

20%

27.3%

25.1%
14.8%

12.4%

0%

7.2%

4.7%

2.8%
(9.6%)

-20%
-40%
-60%
-80%
BI and Analytics

ERP and SCM

Financial andAccounting Software

Cyber Security

Percentage change in stock price between March 31, 2023, and March 31, 2024

Engineering

Marketing

Financial Services

HCM

Infrastructure

Vertical Software

Communications andCollaboration

Median percentage change in stock price of constituents between March 31, 2023, and March 31, 2024

Does not include companies listed after March 31, 2023; Buckets ordered by median percentage change in stock price between Ma rch 31, 2023, and March 31, 2024; All trademarks, trade names, or logos referenced herein are theproperty of their respective owners
Source: Capital IQ as of March 31, 2024

14

Quarterly Performance of Stock Prices
Modest Growth Across Most Software Sectors in the Last Quarter
Performance of Our Technology Investment Banking Practice’s Tracked Software Universe between December 31, 2023, and March 31, 2024
191%

80%

170%

60%
40%
20%
8.2%

0%

3.7%

3.1%

2.9%

2.5%

2.2%

0.3%

0.1%

(0.5%)(4.4%)(9.2%)

-20%
-40%
-60%
-80%
ERP and SCM

Financial andAccounting Software

HCM

Engineering

Financial Services

Percentage change in stock price between December 31, 2023, and March 31, 2024

Cyber Security

BI and Analytics

Vertical Software

InfrastructureMarketingCommunications andCollaboration

Median percentage change in stock price of constituents between December 31, 2023, and March 31, 2024

Does not include companies listed after December 31, 2023; Buckets ordered by median percentage change in stock price between December 31, 2023, and March 31, 2024; All trademarks, tra de names, or logos referenced herein are
the property of their respective owners
Source: Capital IQ as of March 31, 2024

15

Multiples Across Subsectors Starting to Recover after Significant
Decline from 2022 Levels
March 2024 Median Multiple of 5.6x Nearing March 2022 Multiple of 6.0x
EV/Forward Revenue Multiples, March 2022 vs. March 2023 vs. March 2024
12.0x

10.0x

9.7x

9.4x

10.1x
9.2x 9.1x

8.4x

9.4x

9.4x
7.9x

8.0x

6.4x
6.0x

6.4x
5.3x

5.8x

5.4x

6.0x
5.1x

5.6x

6.1x

5.6x

5.5x

5.6x

4.8x

4.7x

4.2x 4.2x

4.1x

6.0x median
5.6x median

4.2x

4.6x

4.8x
4.2x 4.2x

4.0x

4.2x

4.7x median

3.9x

2.0x

0.0x
Engineering

ERP and SCM

HCM

Cyber Security

BI and Analytics

March 2022

Financial andAccounting Software

March 2023

Financial Services

InfrastructureMarketing

Vertical Software

Communications
and Collaboration

March 2024

Buckets ordered by March 2024 revenue multiples
Source: Capital IQ as of March 31, 2024

16

Select Recent Kroll Technology Investment Banking Transactions

has received investment fromhas been acquired byhas been acquired byhas been acquired byhas been acquired by

February 2024

January 2024

November 2023

May 2023

March 2023

has been acquired byhas been acquired byhas received majority
investment fromhas been acquired byhas been acquired by

December 2022

September 2022

July 2022

July 2022

July 2022

All trademarks, trade names, or logos referenced herein are the property of their respective owners

17Key Subsectors for Our Technology Investment Banking Practicea business division ofhas beenacquired by

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

Data &
Analytics

a portfolio
company ofhas beenacquired byhas beenacquired byhas received
funding fromhas beenacquired byFintech &Payments

has beenacquired byhas beenacquired byMarketing &AdTechhas beenacquired byhas beenacquired by

Retail &Commerce

Cybersecurity& Riskhas beenacquired by

ConsumerTechhas 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

18

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:– Industry leaders leverage 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 beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas received
funding fromhas beenacquired byhas been acquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas been acquired bya portfolio company ofhas beenacquired byhas been acquired bya portfolio company ofhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired byhas beenacquired by

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Rory O’Sullivan
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Munich+49 89 38 88 84 280
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Scott Munro
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Investment Banking
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Vineet AsthanaManaging Director
Investment Banking
New York+1 212 277 0132
Vineet.Asthana@Kroll.com

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

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

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