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1、Architecture,Engineering,and Construction Software Sector Brief Harris Williams|Q2 2023The construction industry continues to embrace new technology and digital transformation efforts to improve safety,efficiency,and profitability.1Key Trends in the AEC Software MarketHappening in AEC Software Right

2、 NowThe use of prefabrication and off-site construction is becoming a key strategic advantage for construction companies as speed,safety,and quality are all improved.Modular,Off-Site,and Prefab ConstructionConstruction robots and drones are helping enhance the safety and productivity of job sites by

3、 taking over repetitive,labor-intensive tasks and assisting with site surveys,progress monitoring,and inspections.Robots and Drones3-D printing continues to emerge as a leading sustainable and efficient method of construction that produces less waste and requires fewer labor resources than tradition

4、al site-built construction.3D PrintingWearable technologies are becoming increasingly common on the job site.GPS,biometric,and environmental sensors are being outfitted to monitor workers movements,vital signs,and safety conditions as part of broader efforts to capture more data from the job site.We

5、arablesLegislation and public interest in reducing the impact of climate change are driving adoption of green construction technologies,including solar,smart appliances and building systems,and zero-energy building design.Green BuildingAdvanced technologies,including IoT devices,AI,and AR/VR,are hel

6、ping AEC firms improve logistical challenges and increase worker safety while enabling managers to make faster and more informed decisions based on real-time data.Artificial Intelligence and the Connected Construction SiteBUILD2Perspectives on the AEC Software LandscapeDESIGNSelect Market Participan

7、tsSolutions to aid in the design and modeling of buildings and infrastructureIncreased mandatory and voluntary adoption of 5D BIM across key project constituentsIntegration of building life cycle considerations,notably maintenance,operations,and energy usage,into the design stage,resulting in increa

8、sed complexity and demand for technology innovationBuilding Information ModelingComputer-Aided DesignKey TrendsSolutions designed to forecast and manage time,materials,and costs prior to work beginningIncorporation of real-time material and cost data into the project planning stage to give owners an

9、d contractors greater clarity into project costs and timelinesIntegration of third-party estimation and takeoff tools into larger project management suites to create more seamless transitions between construction phasesTakeoffBiddingCost Estimating Select Market ParticipantsSolutions designed to man

10、age the build phase of the construction process,including planning,scheduling,labor,and logisticsExpansion of project management suites through addition of native tools or integration of third-party point solutions to create comprehensive platformsAdoption of field and mobile tools to connect the jo

11、b site with the office to increase real-time visibility into projectsProject ManagementInventory and Supply ChainWorkforce ManagementSelect Market ParticipantsPLANKey TrendsKey Trends3Recent Harris Williams Sector Deal ActivityAmerican City&County January 11,2023Cities and counties are preparing for

12、 an increase in project funding,mainly through the Bipartisan Infrastructure Law(BIL),the$1.2 trillion Infrastructure Investment and Jobs Act signed into law November 2021.Construction project management solutions are called out specifically in the BIL as advanced digital construction management sys

13、tems among several buckets of dollars for organizations interested in digital transformation.Read the full article here.More Dollars Will Be Available for Infrastructure Projects and Digital Construction Management in 2023Construction Dive March 29,2023Recent advances in AI and BIM could make the In

14、ternet of Things(IoT)a game changer for contractors.For example,jobsite cameras,wearables,and drones are just a few pieces of newly accessible technology thats improving safety,production,and engineering.However,real-time data must be integrated to improve forecasting,quality control,and risk reduct

15、ion,experts say.Read the full article here.Iot Has Massive Upside,but Data Must Flow FirstFor Construction Pros January 14,2023The 2023 outlook for the construction industry is optimistic,especially for the adoption of construction technology products,with investing in construction technology toppin

16、g For Construction Pros“New Years Resolution”list.Executing world-class performance requires contractors to continuously innovate and new technology to help construction contractors do their jobs faster and more efficiently is emerging every day.Read the full article here.2023 Sees Construction Tech

17、nology as Top TrendEngineering News-Record February 16,2023In the construction industry,the primary use cases for new technologies during the pandemic were remote worksite monitoring to bolster worker safety and progress reporting,supply chain management,and enhanced sustainability for green constru

18、ction projects.Those technologies will continue to transform the industry,as well as others to come in 2023.Read the full article here.Safety,Proximity,and Supply Chain Optimization Will Continue to Fuel ConstructionWhat Were Reading Sector Update:Engineering&Construction|Q2 2023Link to Read Sector

19、Update:Real Estate&Property Tech|Q1 2023Link to ReadHarris Williams advised Ethos Capital on its acquisition of Newforma,a provider of project information management(PIM)software for architects,engineers,contractors,and owners worldwide.Link to ReadRecent Harris Williams PublicationsSelect Recent AE

20、C Software Transactions4PTCs acquisition of ServiceMax(Silver Lake)ServiceMax is a developer of cloud-based field service management and enterprise asset management software for engineering and manufacturing departments across a range of industrial end markets.The acquisition of ServiceMax will exte

21、nd PTCs product life cycle management solutions by moving into the field,combing PTCs system of record product data with service and maintenance records to create a holistic view on products at each stage of thelife cycle.Closed:January 3,2023Trimbles acquisition of RyvitRyvit is a provider of an in

22、tegration platform-as-a-service(IPaaS)for data exchange between applications in the construction industry.The acquisition of Ryvit will enable Trimble to unify its Construction One application suite while expanding extensibility for Trimble applications across the construction software ecosystem.Clo

23、sed:January 4,2023Hexagons acquisition of ProjectmatesProjectmates is a provider of cloud-based enterprise construction project management software for owners.The acquisition of Projectmates will expand Hexagons existing construction software portfolio,which is primarily focused ongeneral contractor

24、s,by adding capital planning,budgeting,and projects controls solutions specifically designed for asset owners.Closed:January 31,2023Schneider Electrics acquisition of AVEVAAVEVA is a provider of engineering design,information management,and software solutions for AEC,energy,and other end markets.The

25、 acquisition will help Schneider Electric further enable a more holistic approach to digital transformation across customer operations helping drive step-change improvements through a reduction in energy,carbon,and resource intensity.Closed:January 18,2023Autodesks pending acquisition of UNIFI LabsU

26、NIFI Labs is a provider of cloud solutions for organizing,accessing,and managing digital asset and BIM content in Revit,Civil 3D,Plant 3D,and other digital design tools.The acquisition of UNIFI will enhance Autodesks existing BIM data management capabilities by enhancing customers ability toderive i

27、nsights from their data at every phase of the project life cycle.Announced:March 21,2023Ethos Capitals acquisition of NewformaNewforma is a provider of project information management(PIM)software for architects,engineers,contractors,and owners.Following the acquisition Ethos intends to leverage its

28、operational and execution expertise to support Newforma as it builds new cloud-based products and solutions that connect the AECO ecosystem and facilitate greater information exchange.Closed:March 31,202320185Select Public Company AEC Software Acquisition ActivityPlatformAcquisitionDivesture(Acquire

29、r)Private Placement/Venture RoundNASDAQ:TRMBNASDAQ:BSYSTO:HEXA BNYSE:PCORNASDAQ:ADSK(Randall Reilly)(iFoodDecisionSciences)Legion Ltd.Aerial Mapping of COWIEAM ServiceMelown TechnologiesManhattan Real Estate&Workplace Solutions(MRI)Construction Logistics Business(Command Alkon/Thoma Bravo)2019202020

30、212022Source:PitchBook1Q23Thread Connectivity Device Business(Worldsensing)Assa Abloy(50%)(40%)(30%)(20%)(10%)-10%20%(25%)25%75%125%175%225%275%Indexed stock price performance for the period March 2022 March 2023Indexed stock price performance for the period March 2018 March 2023(9.9%)17.8%(13.2%)Co

31、re AECS&P 500Product Design/Engineering AEC Sector Public Company Trended Stock PerformancePublic Company Stock Performance Last 12 MonthsPublic Company Stock Performance 5 Years6Core AECProduct Engineering/Design+65.9%+59.2%+258.0%Source:S&P Capital IQ0.020.040.060.080.0100.0120.0140.0160.0180.0Feb

32、-20Jun-20Oct-20Feb-21Jun-21Oct-21Feb-22Jun-22Oct-22Feb-23$500,000$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000$950,000$1,000,000Feb-20Jun-20Oct-20Feb-21Jun-21Oct-21Feb-22Jun-22Oct-22Feb-23$29.00$30.00$31.00$32.00$33.00$34.00$35.00$36.00$37.0001,0002,0003,0004,0005,0006,0007,0008,0

33、009,000Feb-20Jun-20Oct-20Feb-21Jun-21Oct-21Feb-22Jun-22Oct-22Feb-237Overall Construction Macroeconomic EnvironmentValue of Construction Put in Place Non-Residential(1)Construction Employment(1)Net Inputs to New Construction(2)Value of Construction Put in Place Residential(1)($in millions)($in millio

34、ns)Producer Price Index(100=Dec.2014)Construction Employees(LHS)Avg.Hourly Wage(RHS)(in thousands)(2)Source:U.S.Dept.of Labor BLS PPI Index for net inputs to new construction,excluding capital investment,labor,and imports(WPUIP231000)(1)Source:Federal Reserve Bank of St.Louis Economic Research Divis

35、ion$550,000$600,000$650,000$700,000$750,000$800,000$850,000$900,000$950,000$1,000,000Feb-20Jun-20Oct-20Feb-21Jun-21Oct-21Feb-22Jun-22Oct-22Feb-2338.0%37.8%22.2x28.9x8.4x9.7x26.5%29.5%9.1x11.3x33.4x43.4x11.4%8.3%8AEC Public Company Operating and Valuation MetricsMedian EV/LTM RevenueMedian EV/NTM Rev

36、enueMedian EV/LTM EBITDAMedian EV/NTM EBITDALTM Revenue GrowthNTM Revenue GrowthLTM EBITDA MarginLTM Rule of 40(Growth+Margin)Core AECProduct Engineering/DesignPublic Company Operating Metrics1Public Company Valuation Metrics1(1)As of March 31,2023Source:S&P Capital IQ7.9%13.1%AEC Market Landscape9D

37、ATA AND ANALYTICS TOOLSDESIGNPLANERP PLATFORMSPLAN AND DOCUMENT MANAGEMENTBUILDBIM AND CADBIDDING,COST ESTIMATING,AND TAKEOFFPROJECT DATALEAD GENERATIONDIVERSIFIEDAEC-FOCUSEDBID MANAGEMENTINDUSTRY DATAPROJECT MANAGEMENTOFF-SITE CONSTRUCTIONCONTRACTOR COMPLIANCEWORKFORCE MANAGEMENTWORKSITE INTELLIGEN

38、CESCHEDULINGFIELD TOOLSCONSTRUCTION FINANCE AND PAYMENTSTo view full market map,please contact:TechnologyITechnologyArchitecture,Engineering&ConstructioneCommerce&RetailHealthcare IndustrialOffice of the CFOReal Estate and Property TechIndustrialsOur Technology Group,Energy,Power&Infrastructure Grou

39、p,and Industrials Group collaborate to advise leading architecture,engineering,and construction technology companies worldwide.C O L L A B O R AT I V E E F F O R T S TO A D V I S E A E C T E C H N O LO GY C O M PA N I E SGLOBAL M&A ADVISORContact UsComplianceEducationHuman Capital Management LegalPh

40、armaSupply Chain LogisticsBuilding Products Chemical MaterialsEngineered ProductsIndustrial Technology Specialty Materials mBuilding Materials Engineered Equipment Engineered ComponentsPackaging,10Ryan CostaTechnology GroupD(617)654-2120Tim WebbHead of Industrials GroupManaging D(804)915-0128 Erik S

41、zyndlarTechnology Group Managing D(415)217-3418Priyanka NaithaniTechnology GroupManaging D(617)654-2115Greg WallerEnergy,Power&Infrastructure GroupD(804)887-6138Thierry MonjauzeHead of Technology GroupManaging D+44 20 7518 8901Ty DenoncourtIndustrials Group D(804)887-6136 Energy ManagementEngineerin

42、g and ConstructionInfrastructureTesting,Inspection,Certification,and CompliancemEnergy TechnologyEnvironmental ServicesRenewables and Distributed EnergyUtility and TelecommEnergy,Power&Infrastructure11Harris Williams Technology Group Transaction Experience Education TechnologyCompliance SoftwareAuto

43、Tech /DataFinancial TechnologyOracle Supply Chain Software&ServicesSAP Utilities Software&Services Supply Chain/Logistics TechnologyCompliance SoftwareSupply Chain /Logistics TechnologyIndustrial SoftwareCompliance /Education TechnologyIT ServicesHealthcare ITHealthcare ITCompliance SoftwareIT Servi

44、cesPharma ITeCommerce /Retail TechnologyHealthcare ITEducation TechnologySupply Chain /Logistics TechnologyProperty TechnologyCompliance SoftwareEducation TechnologyIndustrial SoftwareRetail TechnologyIndustrial SoftwareVertical SoftwareEducation TechnologyHealthcare ITInfrastructure /Security Softw

45、areLegal TechnologyHealthcare ITHealthcare ITProperty TechnologyLegal TechnologyInsurance TechnologySupply Chain/Logistics TechnologyHealthcare ITConstruction TechnologyHarris Williams is a global investment bank specializing in M&A advisory services.Clients worldwide rely on us to help unlock value

46、 in their business and turn ambitious goals into reality.We approach every engagement with boundless collaboration,pooling expertise and relationships across industries and geographies to uncover the unique story of each company.Energy,Power&InfrastructureTransportation&LogisticsBusiness ServicesInd

47、ustrialsAerospace,Defense&Government ServicesHealthcare&Life SciencesConsumerTechnologyDeep Industry ExperienceOffices:Boston|Cleveland|Frankfurt|London|Minneapolis|Richmond|San Francisco|Washington,DCRevenue from repeat clients70%Managing directors promoted from within the firm 83%Year history30+GL

48、OBAL M&A ADVISOR1213Disclosures and DisclaimersSources1.S&P Capital IQ2.PitchBookInvestment banking services are provided by Harris Williams LLC(Harris Williams).Harris Williams is a registered broker-dealer and member of FINRA and SIPC.Harris Williams&Co.Ltd is a private limited company incorporate

49、d under English law with its registered office at 8th Floor,20 Farringdon Street,London EC4A 4AB,UK,registered with the Registrar of Companies for England and Wales(registration number 07078852).Harris Williams&Co.Ltd is authorized and regulated by the Financial Conduct Authority.Harris Williams&Co.

50、Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main,Germany,under HRB 107540.The registered address is Bockenheimer Landstrasse33-35,60325 Frankfurt am Main,Germany(email address:).Geschftsfhrer/Directors:Jeffery H.Perkins,Paul Poggi.(VAT

51、No.DE321666994).Harris Williams is a trade name under which Harris Williams LLC,Harris Williams&Co.Ltd and Harris Williams&Co.Corporate Finance Advisors GmbH conduct business.The information and views contained in this presentation have been prepared in part by Harris Williams.This presentation does

52、 not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate any investment or potential transaction.This presentation is not a research report,as such term is defined by applicable law and regulations and is provided for informational purposes on

53、ly.Any and all information,including estimates,projections and other forward-looking statements,presented in this document may involve various assumptions and significant elements of subjective judgment and analysis which may or may not be correct.Harris Williams has not independently verified,and n

54、either Harris Williams nor any other person will independently verify,any of the information,estimates,projections or forward-looking statements contained herein or the assumptions on which they are based.The information contained in this document is made as of the date hereof unless stated otherwis

55、e.Harris Williams does not expect to update or otherwise revise this document nor provide any additional information,nor correct any inaccuracies herein which may become apparent.The information contained herein is believed by Harris Williams to be reliable,but Harris Williams makes no representatio

56、n or warranty as to the accuracy or completeness of such information,and information contained herein that is based on material prepared by others may involve significant elements of subjective judgment and analysis which may or may not be correct.Opinions,estimates and projections contained herein

57、constitute Harris Williams judgment and are subject to change without notice.This presentation is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular transaction,nor shall this presentation form the

58、 basis of any contract.It does not constitute and should not be construed as an endorsement or recommendation of any entities products or services.No part of this material may be copied or duplicated in any form or by any means,or redistributed,without Harris Williams prior written consent.Sources a

59、nd DisclosuresAppendixClosed DateTargetAcquirerBusiness DescriptionEnterprise Value($M)Implied EV/RevenueImplied EV/EBITDAPendingUNIFI LabsAutodeskDeveloper of a cloud-based platform to create and manage BIM content across the life cycle of building projects.NANANAPendingLocLab ConsultingHexagonProv

60、ider of 3D digital twin content creation software and services for the transportation,construction,energy,and manufacturing end markets.NANANA04/13/23DesignDocsStudio Designer(Serent)Provider of project management and accounting software.NANANA04/04/23Pantera Global TechnologyByggfakta GroupDevelope

61、r of construction management software designed to get higher bid response rates.NANANA03/31/23Newforma(Battery)Ethos CapitalDeveloper of project information management software for architects,engineers,contractors,and owners.NANANA03/29/23JobsafeInfobric(Summa Equity)Provider of education and traini

62、ng services focused on the construction and civil engineering sector.NANANA03/15/23CrewSight(Trimble)Assa AbloyProvider of access control and workforce management solutions to the global construction industry.The company offers electronic worker self-enrollment,real-time labor reporting,and authoriz

63、ed labor site access control.NANANA03/14/23Digital Construction WorksTopcon Positioning SystemsProvider of digital automation,integration,and twinning services around a portfolio of fit-for-purpose software and cloud services from software vendors,catering to the construction industry.NANANA01/24/23

64、Open Asset Management Marlin Equity PartnersDeveloper of a digital asset management system intended for the architecture,engineering,and construction industries.NANANA01/31/23ProjectmatesHexagon Provider of construction project management software for owners.NANANA01/18/23AVEVASchneider ElectricProv

65、ider of engineering design,information management,and software solutions for AEC,energy,and other end markets.$12,294.07 8.3x78.7x01/04/23RyvitTrimble Developer of an integration-as-a-service(IPaaS)solution for the construction end market.NANANA01/03/23ServiceMax(Silver Lake)PTCDeveloper of cloud-ba

66、sed field service management and enterprise asset management software for engineering and manufacturing departments across a range of industrial end markets.$1,485.00 NANA12/16/22NewmetrixOracle Developer of a SaaS platform that enables users to manage,collaborate,and analyze industrial videos and p

67、hotos for safety and risk management.NANANA12/13/22CIM3HexagonDistributor of ESPRIT CAM software products in Italy.NANANA12/01/22COINSAccess UK(GIC/Hg/TA)Provider of enterprise software solutions for the construction industry,including contracting,home building and property development,engineering,s

68、ervice and facilities management,and equipment/plant management.NANANA12/01/22Mistral GroupAptean(Insight/TA/Vista)Developer of enterprise resource planning(ERP)software for dealers,renters,and resellers of agricultural equipment and construction equipment in France.NANANA11/30/22PoolarserverEos Par

69、tnersDeveloper of a collaboration software platform for cross-office project collaboration in the construction sector.NANANA11/04/22StructionSiteDroneDeployProvider of a ground and interior reality capture platform for the construction industry.NANANA10/18/22NavStar GeomaticsVance Street ManagementD

70、eveloper of hardware and software for automated detection of movement on slopes and structures.NANANA15Recent Sector M&A Transactions DetailSource:S&P Capital IQHW Confidential$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/CompanyCapitalizationValueHighGross MarginEBITDA MarginLTM Re

71、venueNTM RevenueLTM EBITDANTM EBITDACore AECSchneider Electric$93,355,868$107,239,59296.3%40.6%18.7%2.9x2.7x15.7x13.4xDassault Systmes 54,083,479 54,961,859 81.4%83.8%27.2%9.1x8.3x33.3x23.3xAutodesk44,709,167 45,303,167 88.6%91.6%21.9%9.1x8.4x41.4x22.2xHexagon 30,869,595 34,526,963 84.7%65.3%32.8%6.

72、3x5.9x19.1x16.0 xTrimble 12,945,208 14,334,308 70.0%59.6%20.3%3.9x3.8x19.2x15.0 xBentley Systems13,461,163 15,213,221 94.6%79.0%26.6%13.8x12.5x52.1x36.6xNemetschek SE8,784,038 8,296,153 91.4%79.4%NM11.5x9.2xNMNMProcore Technologies,Inc.7,940,939 7,928,514 66.8%54.0%26.5%9.3x8.6x34.9x29.4xCore AEC Me

73、dian$22,165,379$24,870,09286.6%72.2%26.5%9.1x8.3x33.3x22.2xProduct Design/EngineeringSynopsys$58,826,524$58,257,03198.7%80.3%24.4%11.3x9.7x46.1x26.7xCadence Design Systems57,398,309 57,435,646 99.9%89.6%34.1%16.1x14.2x47.2x32.0 xANSYS28,890,591 29,165,196 99.7%91.2%34.7%14.1x12.7x40.6x28.9xPTC 15,16

74、4,890 16,328,391 91.7%80.1%29.5%8.4x7.4x28.5x18.5xAltair Engineering 5,773,723 5,797,734 99.5%78.5%5.0%10.1x9.4xNM45.6xProduct Design/Engineering Median$28,890,591$29,165,19699.5%80.3%29.5%11.3x9.7x43.4x28.9xComp Set Median$28,890,591$29,165,19691.7%79.4%26.6%9.3x8.6x34.9x25.0 x16Public Market Opera

75、tional and Valuation Metrics(1)(1)As of March 31,2023Source:S&P Capital IQ$in ThousandsMarketEnterprise%of 52-WeekLTMLTMEnterprise Value/CompanyCapitalizationValueHighGross MarginEBITDA MarginLTM RevenueNTM RevenueLTM EBITDANTM EBITDAResidentialD.R.Horton,Inc.$33,546,096$37,306,79693.8%29.4%22.4%1.1

76、x1.4x4.9x9.7xLennar Corp.30,418,910 31,850,044 96.2%20.5%19.3%0.9x1.1x4.9x8.0 xNVR,Inc.18,095,798 16,615,051 99.7%26.7%21.8%1.6x1.9x7.2x10.4xPulteGroup,Inc.13,072,849 14,820,551 95.7%29.8%21.7%0.9x1.1x4.2x6.2xResidential Median$24,257,354$24,232,54895.9%28.1%21.8%1.0 x1.2x4.9x8.8xEngineering,Procure

77、ment,and ConstructionWSP Global Inc.$16,296,070$18,949,64497.8%19.1%9.5%2.1x2.4x22.7x13.9xJacobs Solutions Inc.14,890,177 18,602,473 78.2%21.8%8.9%1.2x1.2x13.6x12.4xAECOM11,716,286 13,652,648 91.5%6.5%6.7%1.0 x1.0 x15.3x13.8xKBR,Inc.7,505,556 9,129,556 94.9%12.6%7.6%1.4x1.3x18.3x12.4xSkanska AB(publ

78、)6,294,743 6,757,999 74.1%10.2%5.7%0.4x0.4x7.5x7.7xHochtief6,278,789 6,712,014 98.2%24.1%1.6%0.2x0.2x14.7x5.0 xSNC-Lavalin Group Inc.4,310,324 5,737,799 99.9%5.4%5.0%1.0 x1.0 x20.8x11.1xJohn Wood Group PLC1,690,907 2,428,507 78.4%12.1%2.0%0.4x0.4x22.4x5.9xEP&C Median$6,900,149$7,943,77793.2%12.4%6.2

79、%1.0 x1.0 x16.8x11.7xEuropean Public-Private PartnershipsVinci SA$64,591,096$90,898,67396.2%14.8%15.0%1.4x1.3x9.1x7.5xFerrovial SA21,376,350 31,057,871 97.5%83.0%8.2%3.8x3.7x46.9x31.1xBouygues SA12,649,710 25,429,447 93.1%56.5%9.3%0.5x0.5x5.8x5.2xEiffage SA10,331,276 23,613,311 94.1%82.8%16.4%1.1x1.0 x6.4x6.1xEuro Median$17,013,030$28,243,65995.1%69.6%12.1%1.2x1.2x7.8x6.8xConstruction Median$12,394,567$14,236,59995.3%19.8%8.2%1.0 x1.1x14.2x10.0 x17Public Market Operational and Valuation Metrics(1)(1)As of March 31,2023Source:S&P Capital IQ