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1、Enterprise Assessments Deep DiveDISCUSSION MATERIALSQ2 2023Dear Clients and Friends,Houlihan Lokey is pleased to present its deep dive on the Enterprise Assessments segment,an emerging component of the broader Professional Learning ecosystem.We hope this document serves as a valuable resource to you

2、.Wishing you good luck.Regards,2Enterprise Assessments Deep Dive Q2 2023Sam HandlerSenior Vice President,Los AngelesSHandlerHL.com 310.789.5734Brian McDonaldManaging Director,New YorkBMcDonaldHL.com212.497.4238Axel BauerManaging Director,MunichAxel.BauerHL.com+49(0)89 413 121 39Simon GlucksteinManag

3、ing Director,LondonSGlucksteinHL.com+44(0)7785 555 763James LocalManaging Director,LondonJLocalHL.com+44(0)20 7907 4229Table of Contents3Page1.Houlihan Lokey Overview32.Assessments Segment Deep Dive8Page1.Houlihan Lokey Overview52.Assessments Segment Deep Dive10Houlihan Lokey Is a Leading Corporate

4、Finance AdvisorOur integrated project teams work hand-in-hand from day one and are fully aligned to deliver outstanding results for our clientsTHE LEADING M&A ADVISOR,DRIVEN BY INDUSTRY EXPERTISE No.1 global M&A advisor for global transactions under$1 billion*Closed 1,800+M&A deals in the past five

5、yearsGLOBAL SELLSIDE M&A EXECUTION BOLSTERED BY LOCAL PRESENCE 36 offices in the Americas,Europe,and Asia 370+cross-border deals since 2011 Outstanding track record with international investors,both on sellside and buyside transactionsFULLY INTEGRATED DEBT CAPITAL MARKETS COVERAGE TEAMHLILISTEDNYSE

6、Global team of 90 professionals across 11 offices in five countries Senior-level contact into all major credit investors$25 billion capital raised over the past two years 24 senior officers dedicated to the sponsor community in North America and Europe Worked on more than 2,000 engagements for finan

7、cial sponsors in 2022FULLY INTEGRATED FINANCIAL SPONSORS COVERAGE TEAMLargest dedicated alternative investor coverage team in the industry,with unique intelligence to optimize Houlihan Lokey sellside processesDedicated coverage of 1,000+funds provides proprietary data and knowledge of buyer behavior

8、Houlihan Lokey LocationsSince 2015,700+private equity firms have chosen Houlihan Lokey to advise on M&A or capital raising for their portfolio companies$6B Market Cap*As of April,2023.Source:Refinitiv.*Excludes accounting firms and brokers.52022 M&A Advisory RankingsGlobal Transactions Under$1 Billi

9、onAdvisorDeals1Houlihan Lokey3812Rothschild&Co3693JP Morgan2174Lazard2065Goldman Sachs&Co203Source:Refinitiv.Excludes accounting firms and brokers.2022 M&A Advisory RankingsU.S.Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey1812Generational Equity1293Piper Sandler&Co1244Jefferies LLC1215Linc

10、oln International103Source:Refinitiv.Houlihan Lokeys global team continues to demonstrate leadership across all components of the professional learning segment.ComplianceSkills-BasedPost-SecondaryAssessmentshas made an investment ina portfolio company ofBuyside Advisorhas made a minority investment

11、inBuyside Advisorhas acquiredBuyside Advisora portfolio company of has been acquired bySellside Advisorhas received an investment fromSellside Advisora portfolio company ofhas been acquired bySellside Advisorhas merged withSellside Advisorhas received an investment fromSellside Advisor*a portfolio c

12、ompany ofhas acquiredBuyside Advisorhas acquired Buyside Advisora portfolio company ofand has been acquired bySellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas divested its Assessment Division toa portfolio company ofSellside AdvisorProfessional Lear

13、ning Market LeadershipGlobal Footprint Across Core Professional Learning SegmentsTombstones included herein represent transactions closed from 2018 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a

14、Houlihan Lokey joint venture company.has been acquired bySellside Advisor6a portfolio company of has acquiredBuyside Advisora portfolio company of has acquiredBuyside Advisorhas acquiredBuyside AdvisorThe Training&Education team serves businesses that,broadly,help individuals and companies achieve g

15、rowth through learning.TrainingAssessmentsEducationB2B Career-Elevating Soft SkillsB2B Career-Elevating Technical SkillsB2B Compliance:White CollarB2B Compliance:Blue CollarB2P Certification and Licensure TrainingLearning content,programs,and services,helping professionals and businesses remain comp

16、liant,develop skills and competencies,and improve performanceTechnology,intellectual property(IP),and infrastructure that create or administer proprietary tests,examinations,and/or performance reviews(collectively,“assessments”)Enterprise Assessments:Pre-HireEnterprise Assessments:Post-HireEnterpris

17、e Assessments:OKR(1)Educational Assessments and CredentialsCurriculum creators,brick-and-mortar institutions,and service providers that support schools,from early childhood through post-graduate institutionsK-12 Learning ContentK-12 ServicesHigher Education Learning ContentHigher Education ServicesE

18、arly Childhood EducationTraining&Education PracticeCore Coverage PillarsExtracurricular LearningDelivery and Enablement7(1)Objectives and key results.Houlihan Lokeys proprietary“Assess.Train.Reinforce.Evolve.”framework paints a long-term picture for the B2B professional learning space.1New FunctionA

19、ssessDigital examinations of employee attributes,skills,and cognitive abilityTrainLearning content,delivered live(in-person or virtual)and asynchronouslyPromotionEvolveEnter new role,elevate or continue developing in existing positionReinforceSolutions that offer practice environments,microlearning,

20、and foundations for feedbackPre-HireRecruiting platforms and tools that track and evaluate candidates;includes pre-hire assessments234Sequence can be fluid and dynamic;employees and admin have flexibility,with the ability to reorder or expand;core objective is to drive and validate learners mastery

21、of contentUnification across assess,train,and reinforce workflows drives optimal employee development,with each competency working together to inform learning paths,content utilization,and employee growthNew Age of Post-Hire AssessmentRecurring revenue models,designed to test employees throughout li

22、fecycle and assess attributes and evolution.Serve as a critical vehicle that informs content curation and learning paths.Content(Train)+Practice(Reinforce)Learning content mixed with reinforcement tools creates a powerful feedback loop,driving learning efficacy.Coaching and enablement platforms cham

23、pion wave of new capabilities.Summarizing the B2B Learning UniverseHoulihan Lokey B2B Learning Framework|Assess.Train.Reinforce.Evolve.8Note:The above depiction is illustrative and aspirational for many enterprises.Page1.Houlihan Lokey Overview52.Assessments Segment Deep Dive10Delivery and Enablemen

24、t|RegulatoryIP and Technology|EnterpriseDescriptionRegulatory and compliance services that test,administer,report,and sometimes create assessments for government agencies and regulatory bodiesService providers that author,administer,and track proprietary assessments,which evaluate(a)job candidates a

25、nd(b)active employee competencies and performance;data and technology capabilities inform long-term enterprise hiring objectivesTypical CustomersGovernment agencies;regulatory bodies;education institutionsSmall,medium,and large enterprisesSAM(1)$2.5B+(2)$3.0B+Segment AttributesLong-term contracts;co

26、nsistent and stable growth;exceptional barriers to entryHighly scaled;large and faster growing market;technology can serve as key differentiatorChallengesCapital intensive;large-scale contracts can create lumpiness;limited TAM opportunityCompetitive,especially in pre-hire space;gaps persist between

27、tech and IP players;early innings of connectedness across segments(as defined below)Select Market LeadersSegmentationIn-PersonVirtualPre-HirePost-HireOKRs(3)Competitive IntensityVertical MomentumThe professional assessments ecosystem is separated into two core verticals:(a)delivery and enablement an

28、d(b)IP and technology.The Professional Assessments EcosystemTwo Core SegmentsSegment of FocusNote:The K-12 assessments segment represents a separate portion of the broader assessments ecosystem.The K-12 segment is excluded from this set of materials,which focuses only on professional assessments.(1)

29、Serviceable Addressable Market.Based on proprietary Houlihan Lokey data.(2)Reflects professional learning delivery market(excludes K-12 and HE market).(3)Objectives and key results.10The enterprise assessments segment delivers clear value for enterprises and is in the early innings of achieving its

30、value-creation potential.The Enterprise Assessments SegmentLong-Term ThesisThe enterprise assessments segment reflects a core pillar of the broader human capital management(HCM)development ecosystem;the segment is experiencing significant disruption,with developments driving ROI for enterprise custo

31、mers.Tech-enablement has powered alignment between assessments,data,and customer strategy.In many cases,assessments help quantify,measure,and analyze qualitative skills and attributes.Data and analytics have turned assessments into a predictive mechanism,at scale.Technology has improved the scalabil

32、ity and usability of assessments across organizations,proliferating assessments across the employee lifecycle,from pre-hire to long-term OKRs.We are in the early innings.Technology and IP are still converging,with leaders either winning with technology or IP library depth and efficacy.Use cases are

33、still divided,starkly,between candidate vetting(pre-hire)and employee development(post-hire),with limited linkage between pre-hire and post-hire assessments or learning content that is responsive to assessment performance.Long-term connectedness across(a)assessments verticals and(b)assessments,learn

34、ing,and performance management are poised to drive clear customer value and ROI,paving multiple paths for further innovation from and growth for enterprise assessments leaders.Better CandidatesHigher RetentionImproved PerformanceThesis SummaryClear Value Creation for Customers11The Enterprise Assess

35、ments SegmentMission-Critical Measurement InstrumentGrowing Into RoleDevelopment Plan,Training,Career-Pathing,Continuous FeedbackNew HireOnboarding,Mentoring,CoachingCareer GrowthDeliver Continuous Feedback;Evolving Within an OrganizationPerformance TrajectoryInform Employee Progress,Potential,and O

36、pportunitiesAssessments possess a foundational presence across all stages of the employee lifecycle and serve as a mission-critical measurement instrument that can improve employee and,consequently,enterprise performance.R E T I R EAD V A N C E M E N T/E L E V AT I O NM AT U R E I N R O L EF I R S T

37、 1 0 0 D AY SO N B O AR DR E C R U I TProspectingFinding,Assessing,and Landing CandidatesLifetime Learning and Development|EnterpriseAssessments provide an essential data pillar for long-term development and improvement and build harmony between all stages of an employees journey,from candidacy to r

38、etirement12The Enterprise Assessments SegmentIllustrative Market MapThe enterprise assessments segment sits in the broader HCM universe and serves as a critical connector to three massive HCM pillars:pre-hire,performance management,and learning.The assessments segment provides critical measurements,

39、markers,and insights as enterprisesassess hiring strategies,mechanisms,and services to develop talent and long-term HCM performance goals.Post-HireAssessments from candidate screening through pre-hire assessment;includes cognitive,behavioral,and skills testingPlatform(2)Pre-Hire HCMPerformance Manag

40、ement HCM(3)Learning and Coaching HCMDepth of IPPre-HireAssessments built to(a)measure,track,and manage employee performance and progress or(b)identify employee attributes(1)Logo locations are representative and for discussion purposes.(2)Reflects tech enablement and capabilities beyond IP.(3)Includ

41、es OKR software.Higher market penetration;more tech-enabledLower market penetration;overlap with select peersEnterprise Assessments(1)13Candidate ScreeningPost-Hire Learning and PerformancePre-Hire AssessmentTangible ResultsInternal MobilityTop Use Cases58%Reduction in time spent interviewing candid

42、ates after including assessments(1)50%Higher than average sales revenue by top performers on pre-hire assessments(2)15%Higher employee engagement when employees have access to growth and development opportunities(3)20%Annual increase in internal hiring since developing internal mobility programming(

43、4)Assessments are leveraged across the talent recruitment,management,and development lifecycle and deliver clear,quantifiable benefits.The Enterprise Assessments SegmentUse Cases and Customer Value CreationScreenDevelopElevateTechnology and testing to automate and improve candidate vetting and down-

44、selectionTests aimed at improving the quality of candidates in the pipelinePerformance and personality assessments to ensure talent quality and development over time;includes post-hire skills assessmentsLeadership and strengths assessments to drive quality talent retention and identify mobility oppo

45、rtunitiesRecruitment ROIEmployee RetentionEmployee SatisfactionImproved Performance(1)The ROI of pre-employment assessments,and criteria.(2)AON pre-hire assessments case study,Elkjop stores.(3)Employee Engagement,Clear Company(July 2022).(4)Booz Allen case study by Qz Magazine(October 2022).High-Gro

46、wth Segment 14IP serves as the foundational differentiator for most assessments players;technology provides players with scale,data capabilities,and configurability,enabling assessments to interplay with the broader HCM ecosystem and inform key strategic HCM decisions.The Enterprise Assessments Segm

47、entPillars of Valuation|IP and TechnologyDifferentiationScalePremium MultipleCombination of(a)deep,proven,and science-backed IP with(b)data and insights that inform hiring and employee development delivers premium multiple,underpinned by scale,barriers to entry,and potential embedded growth from lan

48、d-and-expand opportunityIP and ContentTechnologyGrounded in depth,range,and sophistication of IP(the assessments)High barriers to entryBrand power,reputation in specific segmentsLarge market,with utilization outside of enterprise segment(academic institutions)Deeply engrained in long-time customer H

49、CM environments;high“intellectual switching costs,”given alignment between assessments and hiring and reviews Grounded in technology,with assessments contributing to HCM solution(1)Platform built on capabilities,data,and insights delivers more holistic value proposition to enterprise,although offeri

50、ng faces competition from wide range of peersExpansion tied to platform capabilities versus more expansive IPExposure to massive HCM software TAMCan interplay with other assessments providers(1)Typically reflects pre-hire solution.Leveraging IP and technology to deliver an insights-based platform,wi

51、th a rich and robust offering,underpinned by proven,science-backed assessmentsROI TrackingInsights-BasedIterative,Data-DrivenPre-Hire+Post-HireMapping to LearningConfigurability15Notable Investment in the Leadership and Coaching SegmentAcquired by Atairos$631M raised to date$47M raised to date$93M r

52、aised to date$87M raised to date$75M raised to date$352M raised to dateIllustrative Leadership and Communication Learning EcosystemPlatformPoint SolutionAssessmentsIdentify and informTrainingHow to improveKey Opportunities The leadership development segment taps into functions across an organization

53、,increasing the market opportunity.Capital continues to be deployed in the segment,validating the segments long-term trajectory.Assessments sit firmly within the ecosystem,identifying skills and gaps and complementing both training and coaching.The market is ripe for long-term M&A,given few platform

54、s and a large mix of players across all three markets.The broader leadership and communication development segment includes three core pillars,with leading peers in each segment evolving into broader talent development platformsLeadership training and coaching platforms have received material capita

55、l investment over the past three years;tight alignment between assessments offerings(identify)and training and coaching(improvement and reinforcement)suggests momentum in assessments segment.CoachingReinforce learningThe Enterprise Assessments SegmentProximity to Leadership and Coaching Offerings Su

56、pport Momentum16Source:Pitchbook.The below reflects core business attributes and top investor areas of focus when assessing the enterprise assessments space.The Enterprise Assessments SegmentAttributes and Areas of FocusIP DepthBusiness ModelARR vs.BulkCore Use Case Creates Customer BeachheadROIInte

57、grations and Data CapabilitiesExposure to New HiresConfigurabilityCapexAttributesAreas of FocusDescriptionDepth and range of IP portfolio(assessments)Recurring vs.nonrecurring model“All you can eat”vs.bulk purchasesPre-hire,post-hire,performance-based,or mobility-related use casesIP offers beachhead

58、 into learning or talent management verticals,supporting sizeable cross-sell opportunityCan the customerat the job function levellink utilization of assessment to business unit ROI?Data tracking and insights,informing broader HCM insights Integration with workflow tools and core HCM applications,lin

59、king assessment takeaways to business performanceIs revenue model tied directly to new hires per year?Does the platform configure with counterparts in an enterprises HCM environment and deliver broader,actionable insights?How much capex is required to refresh and expand IP and tech stack?ThemePriori

60、tyScalableDigital delivery,tracking,and reporting,enabling delivery at scaleGross margin and EBITDA margin potential17Trove of Assessments Data Delivers Critical HCM Insights During Hiring ProcessEarly innings of long-term opportunity,with assessments delivering data-driven insights that drive tangi

61、ble value for the HCM function.The Enterprise Assessments SegmentLong-Term Vision and OpportunitiesHCM StrategyPotential EmployeesCandidates prior experience and education levelPerformance on pre-hire examsPost-hire skills assessmentPerformance reviews and action itemsPre-HirePost-HirePerformanceMob

62、ilityData insights streamline candidate selection and employee pathways,driving efficiency and ROI across HCM functionUnderstand EE objectives,priorities,and strengths heading into interview process.Identify likely areas for development.Highlight potential alternative roles within organization.Insta

63、ll in database;keep warm,should new job open.Pre-wired development pathways with complementary learning tools.Set target promotion pathways early in employment journey.Ability to map out long-term hiring,based on data-driven insights on employee development and progresses.Opportunity for TomorrowDay

64、-One Information From AssessmentLong-Term Development InsightsConsumption of optional learning contentManagerial assessments and mobility ambitionsPeer feedback18Disclaimer 2023 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without

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