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1、Education TechnologyMEMBER FINRA/SIPC1000 SECOND AVENUESUITE 1200SEATTLE,WA 98104$183B$203B$223B$247B$272B$304B$341B$183B$227B$268B$295B$327B$365B$404B$100B$150B$200B$250B$300B$350B$400B$450B2019202020212022202320242025EdTech Industry OverviewEdTech Industry Continues Rapid Innovation and GrowthBroa

2、d Focus Of EdTech Companies Across DomainsPost COVID-19 CAGR:16.3%Global EdTech Market Size 1Digitization of education sector accelerated by COVID-19 driving rapid growth of EdTech along with cultural shift towards more independent,accessible and flexible learningWorkforce and Talent platforms,focus

3、ed on upskilling,along with Management Systems comprise nearly half of the Global EdTech 1000 and primarily sell B2B Pre COVID-19 CAGR:13.1%1K-12&Higher Education Still Undergoing Digitization 4COVID-19 necessitated institutions to become tech-enabled,however,digital adoption and transformation rema

4、ins the greatest challenge globally for the K-12 and higher education sectorEdTech companies are helping K-12 transform to digital instruction and assessment through key shifts:print to digital;LMS to interactive content&instruction,and summative to formative assessmentCorporate EdTech Accelerated B

5、y New Normal49%29%22%0%20%40%60%80%20192Q202Q211Q222Q22HybridRemoteOn-siteU.S.Employees Workplace Split 3The dust of the“work-from-home”COVID-19 era settled into a new,hybridized normal,spurring corporate investment in digital technologies for training and collaboration2%5%5%6%8%9%9%12%22%23%Global

6、EdTech By Subsector 2Testing and CredentialsWorkforce and TalentManagement SystemsSTEM and CodingOnline LearningKnowledge and ContentLanguage LearningTutoring and Test PrepNext Gen TechnologyInternational Education3Gallup:Returning to the Office,Aug 20221HolonIQ,2022 Global Education Market Open Bri

7、efing,Apr 20222HolonIQ,Global EdTech 1000 2021 Stats,Feb 20224 HolonIQ,2022 Global Education Market Open Briefing,Apr 2022EdTech companies are helping higher education institutions transform through holistic digital capabilities across key domains:demand and discovery,learning design,learner experie

8、nce,and work&lifelong learning 2Simulation technologies are augmenting the training paradigm for practitioners and skilled labor,as teams can create and work through hyper-individualized scenariosVirtual Reality and Simulation TechServing as universal endorsements for ones grasp of a skillset or con

9、cept,digital credentials are revamping the upskilling industry by enabling individuals to identify and display the skills most relevant for their goalsDigital Badges and Micro CredentialsRemote learning and interactive platforms are eliminating the need for learning to stay confined to a classroom,i

10、ncreasing peoples ability to access and better retain contentAsynchronous and Interactive LearningAI and ML power the adaptive learning ecosystem by identifying trends in ones grasp of a subject and resolving learning gaps until content-mastery is achievedArtificial Intelligence and Machine Learning

11、The integration of visual graphics,ranking systems and performance-based rewards are increasing the usability of and engagement with EdTech platforms writ largeGamification and EngagementEdTech Underlying Trends3$36M$200M$744M$56M$756M$70M$33M$29M$47M$27M$750M$93M$2,671MEdTech M&A Transaction Multip

12、lesAcquisition multiples reflect underlying business models Enterprise SaaS companies trade on multiples of recurring revenue Services companies trade on multiples of EBITDA and comparatively lower revenue multiples to SaaS companies given the quality of the revenue streamPremium valuations for scal

13、e,growth,and scarcity value Attractive multiples paid for premium assets with strong growth characteristics,size or unique technologyAcquirorTargetSource:Capital IQ,Pitchbook,451 Research,Company Press Releases3.6x3.3x4.7x4.0 x4.0 x3.7x3.5x2.8x2.2x5.0 x6.3x4.8x2.5xJul-17Nov-18Dec-18Jul-19Oct-20Nov-2

14、0Dec-20Jan-21Feb-21Apr-21Dec-21Feb-22Apr-22Premium Valuations$200M$525M15.0 x12.5xJan-22Apr-22AcquirorTargetEV/LTM Revenue MultiplesEVM&A TransactionsFinancial Sponsor DealEV/LTM Revenue MultiplesEV4EdTech M&A Volume by QuarterEdTech M&A Transactions3035313836212643606267645742010203040506070801Q192

15、Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q22K-12Higher EducationCorporate and General Learning With an already growing demand for remote learning technologies catalyzed by the COVID-19 pandemic,EdTech experienced a marked rise in M&A activity in Q4 2020,reaching an apex in H2 2021,and plateau

16、ing at an elevated number of 40+transactions per quarter Corporate EdTech led M&A activity,with Workplace Training and Preparation software comprising most of the M&A activity:The relatively larger number of Corporate learning transactions is partly driven by greater EdTech sector focus Many corpora

17、tions are eager to adopt new technologies to train and upskill employees more efficiently,leading to higher productivity and ultimately higher profits Source:Pitchbook,and 451 Research;Data Includes US,Canada,and EuropeEdTech M&A Activity OverviewM&A Transactions by Sector as of H1 202232%15%53%K-12

18、Higher EducationCorporate and GeneralLearning($USD in millions)EquityEnterprise2022A YoY Growth2022A MarginEV/LTMCompanyValueValueRevenueEBITDAGrossEBITDARevenueEBITDA2U,Inc.$546$1,3679.6%NM71.6%NM1.4xNMChegg,Inc.$2,763$3,0722.6%(18.2%)71.2%16.7%4.0 x22.4xCoursera,Inc.$1,612$84631.9%NM62.8%NM1.8xNMD

19、ocebo Inc.$930$72850.6%NM79.6%NM6.1xNMDuolingo,Inc.$3,920$3,35947.4%NM72.8%NM11.0 xNMInstructure Holdings,Inc.$3,112$3,54824.9%25.0%62.7%28.4%8.0 x26.4xKahoot!ASA$928$859135.5%NM94.3%4.0%7.0 xNMPowerSchool Holdings,Inc.$2,929$4,22721.6%(55.9%)65.7%9.5%7.0 xNMSkillsoft Corp.$355$1,0037.0%NM70.4%19.3%

20、1.6x7.7xUdemy,Inc.$1,859$1,36319.0%NM55.4%NM2.4xNMMean$1,895$2,03770.7%15.6%5.0 x18.8xMedian$1,735$1,36570.8%16.7%5.0 x22.4xPublicly Traded Comparable CompaniesEducation Technology5Data as of September 16,2022*Education Technology Index consists of Publicly Traded Comparable Companies mentioned abov

21、e.Index multiple is calculated on a TEV-weighted basisSource:Capital IQ;NM denotes EV/EBITDA multiples that are greater than 30 or less than 0,and EV/Revenue multiples greater than 20EV/LTM Revenue Multiples from 2019 YTD 202210.2x4.1x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x18.0 xJan-19May-19Sep

22、-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Education Technology Index*6Most Active Private Equity AcquirersCompany Name#EdTech AcquisitionsPortfolio Companies988777Source:Pitchbook and 451Note:#of EdTech Investments as of January 2019-August 2022Private Equity M&A:Acquisitions from 2019 YTD 20227Most Active Strategic AcquirersCompany Name#EdTech AcquisitionsTarget Companies744222Source:Pitchbook and 451Note:#of EdTech Investments as of January 2019-August 2022Strategic M&A:Acquisitions from 2019 YTD 2022