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1、March 20252024 PropTechYear in Review010203Executive SummaryPublic MarketsPropTech Market Update04Houlihan Lokey Overview and PropTech Market LandscapesTable of ContentsExecutive Summary2024 PropTech Market Update Elevated interest rates and economic uncertainty in 2024 created a challenging environ

2、ment for the PropTech market,especially in the residential category with annual existing home sales at their lowest since 1995.Despite a slowdown in activity,the PropTech market remains strong,with$4.3 billion in growth equity and debt financing and 90 M&A transactions in 2024.Houlihan Lokey is opti

3、mistic about growth in the PropTech market in 2025 as business momentum improves and the need for consolidation across the category continues.Key tech trends include the adoption of AI across all real estate end markets,the use of predictive real estate analytics,and software with integrated payment

4、s business models in multiple subverticals.PropTech public equities have been on the rise;the Houlihan Lokey PropTech Public Market Index increased 27%in 2024.(1)4$6,119$14,507$9,407$4,211$3,374$1,345$4,305$2,901$510$934$7,464$18,812$12,308$4,721$4,308$9,57320212021202220232024EquityDebtAverage Annu

5、al Total Value103 162 99 94 90 11120212021202220232024Average Annual M&A TransactionsGrowth equity investment and M&A in PropTech hit five-year lows.U.S.PropTech M&A Activity and Growth Capital Investment Hit a Five-Year Low in 2024Sources:PitchBook,CB Insights,company filings,company websites,press

6、 releases.(1)As of December 31,2024.U.S.PropTech M&A TransactionsTrailing Five YearsU.S.PropTech Private Growth Capital InvestmentTrailing Five Years($in Millions)Significant 2024 Capital Raises2024 PropTech Market Update(cont.)2024 saw several significant capital investments and M&A transactions in

7、 the category:$4.3 billion in growth equity and debt investment into the U.S.PropTech market in 2024 across 165+investments.40+financing rounds of more than$20 million,11 of which were more than$50 million;Hostaway,DoorLoop,Bilt Rewards,and Guesty announced significant capital raises.M&A activity ha

8、s remained consistent from prior years,with 90 announced transactions in 2024.Strategic consolidators continue to drive activity,including CoStars acquisitions of Matterport and Visual Lease.PropTech market momentum is building in early 2025:Several high-profile M&A and financing deals in early 2025

9、:ButterflyMX/FTV Capital,Industrious/CBRE,and College Pads/StarRez,among others.Public equity markets and M&A have performed well;U.S.software M&A deal volume was up 20%YoY in 2024,(3)(4)while the Houlihan Lokey Software Index rose 20%.Supply/demand imbalance is creating pent-up demand,though invest

10、ors are still focused on the“Rule of 40”with an emphasis on growth.(5)Credit markets have begun to open up in 2H 2024 and are expected to expand further in 2025,driven by optimism about reduced regulations and a more business-focused administration.Multiple high-profile PropTech investments and M&A

11、transactions were announced in 2024.5Sources:PitchBook,LSEG,PwC,CB Insights,company filings,company websites,press releases.(1)Includes two separate financing transactions in January and August 2024.(2)Deal values represent enterprise values.$350 Million Equity Raised$130 Million Equity Raised$365 M

12、illion Equity Raised$100 Million Equity Raised$100 Million Equity RaisedUndisclosed$273 Million/Undisclosed/$1.6 Billion$770 MillionSignificant 2024 M&A Transactions(2)(1)(2)(3)Total deal volume reflects count of M&A/buyout transactions of U.S.-headquartered software target companies.(4)PitchBook.(5

13、)“Rule of 40”=revenue growth+EBITDA margin.Reflects CY24E metrics.(1)/$444 Million$75 Million Equity Raised$401$206$167$988$124$105$80$329$245$769$396$499 Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sept-24Oct-24Nov-24Dec-242024+23%1H 2024 PropTech Equity and Debt Investment:$2.0 Billion2H 2024

14、PropTech Equity and Debt Investment:$2.3 Billion2024 PropTech Financing MarketStrong 2H momentum in financing activity signals market rebound in 2025.2024 Monthly PropTech Growth Investment vs.S&P 500 Index6($in Millions)Equity and Debt Raise ValueS&P 500 Index Despite strong investment value in 2H

15、2024,the PropTech market still struggled with muted investment into the sector in 2024,as investors remained cautious given the rate environment.19%Increase YoY28%Decrease YoYSources:PitchBook,CB Insights,company filings,company websites,press releases,S&P Capital IQ as of December 31,2024.$41.5$48.

16、9$36.3$30.5$19.5$16.8$23.4$36.21H-212H-211H-222H-221H-232H-231H-242H-24H2 2024 Saw an Uptick in Overall PropTech Invested CapitalAverage deal size has continued to increase,rising to$36.2 million in 2H 2024116%growth from the low in 2H 2023.202220232024The residential vertical garnered the majority

17、of PropTech investment inthe near-zero-rate environment.37%CRE/Multi-Family40%Residential23%Construction39%CRE/Multi-FamilyCommercial/multi-family grew into the category leader for PropTech in 2023.33%Residential28%Construction50%CRE/Multi-Family27%Residential23%ConstructionBalanced Investment Activ

18、ity Across Sectors With Expanding Share in CRE/Multi-FamilyAverage U.S.PropTech Investment Deal SizeCount of$20+Million U.S.PropTech InvestmentsSources:PitchBook,CB Insights,company filings,company websites,press releases.7($in Millions)116%GrowthCommercial/multi-family share of investment increased

19、 by 5%between 2023 and 2025.74908744282319221H-212H-211H-222H-221H-232H-231H-242H-24PropTech M&A Market Remained Active With Continued Consolidation The market experienced increasing consolidation in 2024,with M&A activity centered on building platforms through sponsor portfolio companies and strate

20、gic acquisitions.Looking ahead,we anticipate the following:Financial sponsors will deploy capital(given the magnitude of dry powder)and prioritize high-quality assets demonstrating strong growth,retention,and cash flow metrics.Investors will focus on capital-efficient businesses that have successful

21、ly balanced growth and profitability,favoring those with scalable financials.The PropTech market is expected to see a resurgence in activity as investors grow more optimistic about a macroeconomic environment that is increasingly favorable to M&A.Strategic acquirers drove 90%of overall activity in P

22、ropTech M&A.U.S.PropTech M&A TransactionsTrailing Six YearsSignificant 2024 M&A Transactions$770 Million/$1.6 Billion/$444 Million/Undisclosed$585 Million8104 103162 99 94 90 201920202021202220232024Sources:PitchBook,CB Insights,company filings,company websites,press releases.AI will reshape the rea

23、l estate landscape in 2025,driven by substantial investment and increased adoption across all real estate end markets.9AI Tools Provide Huge Opportunity and Value Add to the Real Estate MarketIndustry Leaders on AIs Impact in Real EstateSeveral Notable AI M&A and Financing Deals Occurred During 2024

24、AI Will Improve Efficiency and Visibility in the Real Estate Market(1)1234$75 Million Equity Raised$22 Million Equity Raised$24 Million Equity RaisedSources:PitchBook,CB Insights,company filings,company websites,press releases.(1)JLL.(2)McKinsey.“The generative AI space is fast-moving,and were excit

25、ed about the ways it will help our customers and partners.”Claire Carroll,Spokesperson,Zillow“While opportunities for AI in design have,so far,been mostly focused on streamlining processes through digital tools,it has the potential to create more fundamental changes in how buildings are used and ope

26、rated,and how they connect with people and wider urban systems.”Cynthia Kantor,CEO,Project and Development Services,JLL90%+Of companies plan to run their corporate real estate functions with AI.(1)10%Of PropTech companies currently provide AI-powered solutions.(1)$110B$180BPotential added value to t

27、he real estate industry through gen AI.(2)$630MInvestment into AI-powered PropTech in 2023.(1)Forecasting property values and market trends.Visibility and analytics on tenant occupancy.Efficiency in back-office tasks such as billing,maintenance,and leasing.AI assistance for tenant support.Portfolio

28、and property management.Analytics to help decision-making and profitability.AI Opportunities Within PropTech Public MarketsStrong PropTech Public Market Performance Fueled by Broader Tech Rebound Houlihan Lokeys PropTech Index outperformed the S&P 500 in 2024,with multiple constituents seeing 50%+sh

29、are price increases.Investors are increasingly valuing companies that balance revenue growth and profitability;however,growth has become scarcer in the market.PropTech stocks outperformed in 2024,with high-quality,“profitable-growth”companies continuing to trade at premium valuations.11Source:S&P Ca

30、pital IQ as of December 31,2024.(1)PropTech Index includes all companies shown on page 13 and is weighted on a market-capitalization basis.Note that Service Titan is not included given recent IPO.(2)Individual companies performances are based on stock price performance as of December 31,2024.(1)(2)(

31、3)Includes all companies shown on page 13,excluding negative Rule of 40 companies.(4)Reflects metrics based on CY25E revenue,EBITDA,and revenue growth.(5)Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of

32、December 31,2024.(6)Includes all Houlihan Lokey Tech Index companies.2024 Public Market PerformancePublic Market Performance Driven by Combination of Growth and Profitability27%23%29%PropTech IndexS&P 500NASDAQ2025E EV/Revenue vs.“Rule of 40”(3)(4)(5)R=0.610.0 x10.0 x20.0 x010203040506070802025E EV/

33、Revenue vs.“Rule of 40”Components(4)(6)215%70%86%69%71%64%61%64%Top 10 2024 PropTech Performers(2)(3)(1)CY25E Revenue Growth15%+7.1x13.4x15%3.3x6.1x25%25%+CY25E EBITDA MarginPropTech Public Company Performance12Source:S&P Capital IQ as of February 10,2025.(1)(2)LTM Share Price PerformancePublic Prop

34、Tech EcosystemLTM Share Price Performance21%50%5%9%19%10%20%9%42%Broader DataCommercialBrokerageCredit/MortgageMarketingRE SharingEconomy/TravelRE Media/PortalsMortgage/TitleResidentialBrokerageConstruction TechRE Data/RE Software19%20%9%50%10%5%9%21%42%(40%)(20%)0%20%40%60%Feb-24Mar-24Apr-24May-24J

35、un-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24Jan-25Real Estate Media/PortalsRE Data/RE SoftwareResidential BrokerageCommercial BrokerageTraditional Mortgage/TitleCredit/Mortgage MarketingReal Estate Sharing Economy/TravelBroader DataConstruction TechPropTech Public Company ValuationEnterprise Value/2025

36、E Revenue Enterprise Value/2025E EBITDA 11.3x/20.5x1.2x/11.6x1.5x/9.9x3.2x/17.7x9.0 x/22.9x4.3x/14.2x5.8x/22.2x0.9x/14.2x9.3x/23.1xBroader DataCommercialBrokerageCredit/MortgageMarketingRE SharingEconomy/TravelRE Media/PortalsMortgage/TitleResidentialBrokerageConstruction TechRE Data/RE Software13So

37、urce:S&P Capital IQ as of February 10,2025.Note:Multiples represent mean value of sector group.Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of February 10,2025.2025E Revenue/2025E EBITDA Multiple11.1x8.

38、7x8.2x6.4x4.2x3.1x1.5x1.2x0.9xBroaderDataConstructionTechRE MediaPortalsRE Data/RE SoftwareMortgage/TitleRE Sharing/TravelCredit/MortgageMarketingCommercialBrokerageResidentialBrokerage23.8x20.9x20.8x19.3x16.6x13.5x13.0 x11.1x10.1xConstructionTechRE Data/RESoftwareRE MediaPortalsBroaderDataRE Sharin

39、g/TravelMortgage/TitleResidentialBrokerageCommercialBrokerageCredit/MortgageMarketingSources:Company website,press releases,equity research.(1)As of February 2,2025.(2)Defined as annualized quarterly total revenue.ServiceTitan Prices IPO in December 2024On December 12,2024,ServiceTitan,a leading clo

40、ud-based software provider for trade businesses,went public through an IPO,raising approximately$625 million.ServiceTitan Inc.(NASDAQ:TTAN)is an end-to-end tech platform built for contractors to streamline their operations.The companys platform provides business owners,technicians,customer service r

41、epresentatives,and other key office staff with tech tools designed to help customers grow revenue,drive operational efficiencies,deliver a superior end-customer experience,and monitor key business drivers in real time.14Transaction OverviewServiceTitan PlatformServiceTitan Financial MetricsRecognize

42、d as a pioneer in modernizing operations for trade professionals,ServiceTitan has consistently been ranked among the top platforms for field service management(FSM).ServiceTitans IPO enables the company to further enhance its suite of AI-driven tools,develop innovative product offerings,and accelera

43、te expansion into new markets globally.Company Highlights8,000+Customers$770M+Implied ARR(2)as of December 2024110%+Net RetentionHas Completed an IPO2024A2025E2026EEV/Revenue16.3x13.2x11.5xTrading DataIPO Price$71.00Current Price(1)$103.63%From Pricing46%CRMFSMFinTechERPHCMLead GenerationBook JobDis

44、patch Tech(s)Perform JobPayment and InvoiceBack-Office OpsExternal Payroll ProcessorExternalGeneralLedgerPrice appreciation since IPO demonstrates strong market appetite for tech businesses catering to the FSM/PropTech sector.PropTech Market Update5.14.95.35.55.55.35.35.66.15.14.14.14.34.54.213A14A1

45、5A16A17A18A19A20A21A22A23A24A25E16%growth between 2024 and 2025 in purchase and refinance mortgage originations.5.5%6.5%7.5%Dec-23Jan-24Feb-24 Mar-24 Apr-24 May-24 Jun-24Jul-24Aug-24 Sep-24 Oct-24 Nov-24 Dec-24Jan-254.34.34.03.84.24.13.94.04.14.24.34.53%(2%)(5%)(6%)11%(4%)(4%)4%1%2%4%4%Q1-23Q2-23Q3-

46、23Q4-23Q1-24Q2-24Q3-24Q4-24EQ1-25EQ2-25EQ3-25EQ4-25EKey Subsegment Trends:Residential Real EstateExisting Home Sales(SAAR,M)and QoQ Growth(2)Existing Home Sales(Millions)(2)(3)(4)Market conditions continue to impact the residential real estate and mortgage markets in 2024;however,signs point to mark

47、et improvement in 2025.Purchase and Refinance Mortgage Originations Expected to Increase in 2025Existing Home Sales Expected to Improve Slightly in 2025Existing Home Sales Expected to Rise Above Historical Low in 2023Total One-to-Four Family Home Mortgage Originations($in Billions)(2)Existing home s

48、ales are expected to increase.The market forecasts existing home sales to increase in 2025.16(1)Freddie Mac.(2)Mortgage Bankers Association(MBA).234(1)(2)(3)National Association of Realtors(NAR).(4)Fannie Mae.MBA Forecast as of 1/19/25MBA Forecast as of 1/19/25Fannie Mae Forecast as of 1/10/25Mortga

49、ge Rates Ended 2024 at 6.9%1158 bps Increase30-Year Fixed Rate Mortgage Avg.as of 2/6/25(1)Rates continue to be a headwind for buyers as market braces for higher costs.$291$336$357$304$271$367$385$369$86$93$122$190$128$160$185$187Q1-24Q2-24Q3-24Q4-24EQ1-25EQ2-25EQ3-25EQ4-25EPurchase Mortgage Origina

50、tionsRefinance Mortgage Originations6%Avg.2025E IncreaseNAR Forecast as of 1/24/2505001,0001,5002,000Jul-16Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24Jan-2530-Year Fixed Rate Mortgage Avg.as of January 2025(1)7.8%0.0%2.0%4.0%6.0%8.0%10.0%Jan-05Jan

51、-06Jan-07Jan-08Jan-09Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24Jan-25High Mortgage Rates Are Locking In Existing HomeownersHomeowners with low-rate mortgages are hesitant to sell,leading to resale inventory being constrained at historical lows.Mortgage

52、 Rates Hovering Near Multi-Decade HighHomeowners Are Increasingly Reluctant to SellHome Remodeling Surging as Consumers Look for Internal UpgradesShortage of Home Inventory Available in the Market17(1)Federal Reserve Economic Data.(2)Federal Housing Finance Agency.(3)NAR.(4)Joint Center for Housing

53、Studies of Harvard University.(5)Annualized Figure based on data from Q1 to Q3.(6)U.S.Bureau.(7)Brookings Institution.1234(18.1%)Decrease in probability of a home sale for every percentage point increase in mortgage rate.(2)(57%)Reduction in home sales with fixed-rate mortgages in Q4 2023 due mortga

54、ge rate lock-in.(2)30-Year LowExisting home sales in 2024.(3)4.5%Difference between the maximum mortgage rate in 2020 and the minimum in 2024.(1)$266B$277B$280B$298B$323B$328B$363B$406B$470B$480B$468B20142015201620172018201920202021202220232024Mortgage Rates Peaked in November 2023Remodeling activit

55、y is up 75%since 2014,as homeowners opt for upgrades over new purchases.Amount Invested in Home Improvement and Repairs(5)Housing deficit is estimated to be 4.9 million in the U.S.in December 2024.(7)Active Listings in the U.S.(000s)(6)1,49904008001,2001,6002,000U.S.Housing Starts(000s)(1)Paving a P

56、ath for New Single-Family Home ConstructionBuilders are taking advantage of the growing demand for new homes(driven by constrained resale inventory and pent-up buyer demand),with public builders gaining greater market share.New Residential Home Starts Are Above 5-and 10-Year AverageHalf of New Homes

57、 Constructed Are by Public Builders18(1)Federal Reserve Economic Data.(2)Census,BTIG Research,Redfin.1249%0%10%20%30%40%50%60%2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024U.S.housing starts have grown 2.4x since 2010,indicating a continued need

58、to make up for the lack of existing homes for sale to meet buyer demand.Public homebuildersleveraging scale to lower costshave shifted to entry-level homes,while private builders focus on higher-priced options.Today,they construct 5 of every 10 new homes for sale in the U.S.Percentage of New Homes C

59、onstructed by Public Builders(2)10-Year Average5-Year Average33%10%20%30%Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Driving Continued Growth in New Single-Family Home ConstructionS&P Homebuilder Select Industry Index(4)19(1)NAR and U.S.Census Bureau.(2)FRED&Mortgage Bankers Associat

60、ion(MBA).(3)Freddie Mac.(4)S&P Capital IQ.Supply Shortages Have Driven Up Share of New Builds for Sale1Leading to“Wait and See”Sentiment Among Investors4Housing Starts(Millions)(2)Housing Starts Expected to Increase in 2025210%1.371.461.381.481.401.331.331.381.371.371.421.43Q1-23Q2-23Q3-23Q4-23Q1-24

61、Q2-24Q3-24Q4-24E Q1-25E Q2-25E Q3-25E Q4-25EU.S.New Single-Family Homes Share of Single-Family Homes for Sale(1)Macro Factors Will Continue to Weigh on Overall Residential Category3Residential fixed investment fell 4.3%at a seasonally adjusted annual rate marking the second consecutive decline since

62、 the very strong 13.7%growth in Q1.Elevated interest rates,supply and workers constraints,and potential tariffs are expected to dampen overall industry growth.6,0008,00010,00012,00014,000Dec-23Feb-24Apr-24Jun-24Aug-24Oct-24Dec-24Feb-25Housing starts are expected to remain at consistent levels;howeve

63、r,macro headwinds will impact growth in the new homebuilder sector.Economic,Housing,and Mortgage Market Outlook(3)Key Subsegment Trends:Residential Real EstateResidential real estate tech was particularly active with financings in 2024,with most of the financing concentrated in home insurance and mo

64、rtgage tech.Residential Real Estate(RRE)Tech HighlightsTop 10 U.S.RRE Tech Equity Rounds of 202420Sources:PitchBook,CB Insights,company filings,company websites,press releases.RE Operations TechSoftware solutions for brokers and agents are experiencing significant growth as demand increases for tool

65、s that streamline workflows,enhance client relationships,and improve efficiency in a competitive real estate market.The home financing and insurance tech industry has seen recent rapid growth as demand rises for faster,more convenient solutions and flexible financing options to meet modern consumers

66、 needs.Home Financing and Insurance TechConsolidation activity drove M&A in 2024;uncertainty in the industry drove the need for scale and operating leverage.Significant RRE/SFR/STR M&AKey PlayersKey PlayersKey Transactions/DateCompanySelected Investor(s)Equity InvestedEquity Funding to DateLatest Re

67、ported Valuation10/23$100$230NA12/2$45$45NA5/7$36$55$13012/16$30$30$909/3$30$310NA9/10$25$97$3104/2$19$30NA8/5$12$21$522/27$10NANA12/18$10$11NA($in Millions)/6501,24120142015201620172018201920202021202220232024Key Subsegment Trends:Nonresidential Construction Dodge Construction Index(3)The nonreside

68、ntial construction market has seen meaningful growth due to price increases,a stable backlog,and continued government funding.Consistent Increase in Total Nonresidential Construction SpendCommercial,Institutional,and Light Industrial Construction Backlog Indicator Remains StrongConstruction Projects

69、 Continue Increasing Spend in the Sector in 2024Public Contribution to Nonresidential Spend Total Nonresidential Construction Spending in the U.S.($in Trillions)(1)Construction backlog continues to hold up remarkably well,despite high interest rates.Momentum in the Dodge Construction Index signals s

70、trong demand going into 2025.Public contribution to nonresidential spend continues to grow and contribute more overall.21Note:DMI is a monthly measure of the value of nonresidential building projects going into planning.(1)Federal Reserve Bank of St.Louis.(2)Associated Builders and Contractors.1234(

71、1)(2)(3)Dodge Construction Index.(4)U.S.Census.ABC Construction Backlog Indicator and Construction Confidence Index(Months of Backing)(2)8.305.06.07.08.09.010.0Dec-21Apr-22Aug-22Dec-22Apr-23Aug-23Dec-23Apr-24Aug-24Dec-24Increasing growth in nonresidential construction spending over the past several

72、years.Constriction of Public Construction to Total Nonresidential($in Millions)(4)35.0%37.0%39.0%0500,0001,000,00012/1/20226/1/202312/1/20236/1/202412/1/2024PublicPrivateContribution14%CAGR Between December 2020 and December 20244%CAGR Between December 2014 and December 20206%CAGR Since January 1005

73、0100150200250Jan-06Jan-07Jan-08Jan-09Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24Dec-24Key Subsegment Trends:Construction TechThe construction tech M&A market saw a notable uptick,fueled by the growing focus on digital transformation,increased demand for

74、 integrated software solutions,and growing consolidation among leading industry players.Construction Tech HighlightsTop 10 U.S.Construction Tech Equity Rounds of 202422Construction tech players saw a wave of M&A activity in 2024 as the sector continues to consolidate and build end-to-end platforms.S

75、ignificant Construction Tech M&AKey TransactionsDateCompanySelected Investor(s)Equity InvestedEquity Funding to DateLatest Reported Valuation2/15$53$79$2432/21$31$37NA3/15$30$87NA9/17$29$37$7512/23$18$42$20010/22$25$34NA10/10$22$39$1028/10$20$30$801/5$20$31NA6/27$16$30$92($in Millions)Increased Fund

76、ing for AI and AutomationAI and automation are transforming construction with predictive analytics,robotics,and autonomous machinery to improve efficiency and reduce costs.Key Players/Sources:PitchBook,CB Insights,company filings,company websites,press releases.Preconstruction tech has the potential

77、 to drive massive efficiencies for the entire construction lifecycle.Preconstruction OpportunityKey PlayersKey Subsegment Trends:Commercial Real Estate(CRE)Kastles Back-to-Work Barometer Average for Top 10 U.S.Cities as of the Last Week of the Month(3)Office Conversion Projects(4)The CRE market cont

78、inues to face challenges with high vacancy rates,but in 2024 and moving into 2025,unused spaces are being repurposed at an accelerated pace,driving new opportunities.Strength in Commercial Property Prices Throughout 2024Vacancy Rates Continue to Climb,but at a Slower PaceU.S.Office Utilization Maint

79、ains Level as Hybrid Work Stays Early Stages of Office Conversions Are Starting to Take EffectRecent rise in treasury yields may cause a stall in the recovery of commercial property prices.U.S.net absorption rates remained negative in 2024 for the 12th consecutive quarter.Return-to-work growth level

80、ed off in 2024 as employers maintained policies adopted in late 2023.Office vacancy paired with high demand for multi-family units led to an increase in office conversion.23(1)Green Street Commercial Property Price Index.(2)Cushman&Wakefield,“U.S.Office MarketBeat Q4 2024.”1234(1)(2)(3)Kastle System

81、s,Back to Work Barometer.(4)CBRE.U.S.Office Market Net Absorption(S.F.in M)and Vacancy Rates(%)(2)Change in Green Street Core Commercial Property Price Index(1)(4.5%)6.5%3.9%Past 24 MonthsPast 12 MonthsPast 6 MonthsFluctuating economic headwinds have created instability in commercial property values

82、,down 4.5%over the past 24 months but up 6.5%in 2024.61637330941852022202320242025+CompleteUnderwayPlannedOffice-to-multi-family conversions,including mixed-use residential,account for 74%of the office space currently undergoing or planned for conversion.(4)(69.7)(67.1)(26.0)(67.4)(57.0)14.4%16.4%17

83、.7%19.4%20.9%20202021202220232024Net AbsorptionVacancy Rate35%43%44%45%48%49%48%51%52%51%51%51%Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Return to OfficeKey Subsegment Trends:Commercial Real Estate(CRE)TechDeal activity within the segment was strong in 2024,as commercial real estat

84、e solutions boosted visibility and efficiency.Commercial Real Estate(CRE)Tech HighlightsTop 10 U.S.CRE Tech Equity Rounds of 202424AI for Commercial BuildingsAI in commercial buildings is experiencing strong growth as businesses look for smarter ways to manage energy,cut costs,and improve tenant exp

85、eriences with automation and real-time data insights.Analytics have been a main focus in the commercial tech space as building operators and investors aim to become more efficient and have more visibility into their portfolios.AnalyticsIn 2024,commercial real estate tech players saw M&A activity pri

86、marily from strategics.Significant CRE M&AKey PlayersKey PlayersKey Transactions/DateCompanySelected Investor(s)Equity InvestedEquity Funding to DateLatest Reported Valuation10/22$100$608$1,1008/5n.d.$75$240$1,50011/14$37$75$1509/18$30$130$1504/15$30$38NA10/22$25$31$604/6$24$24NA11/26$22$27$1009/30$

87、15NANA4/5$13$13NA($in Millions)Sources:PitchBook,CB Insights,company filings,company websites,press releases./77305001,0001,500Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24Dec-24Key Subsegment Trends:Multi-FamilyMulti-Family Investment Volume($in Billions)(2)U.S.Multi-Family Housing Units C

88、ompleted(in 000s)(2)Rental prices have eased from peak 2022 levels;strong demand continues to outpace inventory,even as completions level off.U.S.Apartment Rent Growth Slows as Inflation CoolsMulti-Family Construction Levels Drop in 2024;Remain at Healthy LevelsMulti-Family Investment Volume Begins

89、Recovering After Weak Prior QuartersContinued Strength in Multi-Family CompletionsMulti-family units under construction dropped to 773,000 in December 2024.Multi-family investment recovers with heavy investment during Q4 2024.Multi-family construction completions have experienced sustained growth ac

90、ross the U.S.25(1)A.(2)CBRE Research.1234(1)(2)(3)U.S.Census Bureau.(4)Multi-Family executive.U.S.Multi-Family Housing Units Under Construction(in 000s)(3)U.S.Apartment Rent Growth(1)(2)Q4 2024 investment volume was up 59%YoY,and multi-family captured 36%of real estate investment volumethe largest s

91、ector share.(2)(4)281345416450202120222023202460%Increase1.0%0.0%2.0%4.0%Dec-22Jun-23Dec-23Jun-24Dec-24$122$14320232024Key Subsegment Trends:Multi-Family TechIn 2024,the multi-family tech landscape saw consolidators focus on enhancing property management,operational automation,and resident experienc

92、e.Multi-Family Tech HighlightsTop U.S.Multi-Family Tech Equity Rounds of 202426Continued Growth in Property Management SoftwarePMS platforms designed for specific types of managers and communities continue to grow and attract investor capital.Investors are heavily funding multi-family tech startups

93、focused on smart building solutions that enhance operational efficiency,security,and sustainability.Growth in Smart Building InvestmentsMulti-family tech players saw an increase in M&A activity in 2024 as the sector continued to consolidate.Significant Multi-Family Tech M&AKey PlayersKey PlayersKey

94、Transactions/DateCompanySelected Investor(s)Equity InvestedEquity Funding to DateLatest Reported Valuation8/2$350$563$3,25010/29$100$130$5008/14$75$172$1,0008/26$74$78NA3/28$45$422$1,0005/15$28$28NA6/13$27$58$1409/17$20$42NA8/13$10$28$1897/25$6$24NA($in Millions)(1)Sources:PitchBook,CB Insights,comp

95、any filings,company websites,press releases.(1)Includes two separate financing transactions in January and August 2024.International PropTech Market Activity 27The international PropTech market had several relevant and notable transactions in 2024.Sources:PitchBook,press releases.(1)Zion Market Rese

96、arch.International PropTech Transaction Environment Gaining Momentum The international PropTech market saw several large and notable transactions during 2024,primarily driven by private equity acquisitions.The global PropTech market is expected to surpass$32 billion(1)by 2030.PropTech is transformin

97、g the real estate and construction markets in Europe as businesses navigate a progressively more complex environment.May 2024June 2024January 2024December 2024June 2024July 2024March 2024November 2024February 2024$1,752$1,115$1,005$1,444$796$966$693$616$651$1,414$550$516$254$70$128$58$81$600$3$250$2

98、,302$1,631$1,259$1,514$924$1,024$774$1,216$654$1,66464718472626547482942Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24Q2-24Q3-24Q4-24Equity Raise ValueDebt Raise ValueNumber of DealsPropTech Private Capital Deal Dashboard20242024 U.S.PropTech Financing Activity1Featured 2024 U.S.PropTech Financing Transactions

99、228Sources:PitchBook,CB Insights,company filings,company websites,press releases.(1)Includes two separate financing transactions in January and August 2024.$47.5$23.7$36.5$24.7$16.1$16.2$17.4$19.4Avg.Deal Value:DateCompanySelected Investor(s)Equity InvestedEquity Funding to DateLatest Reported Valua

100、tion12/17$365$543$9251/24$350$563$3,2503/18$130$409$89610/22$100$608$1,10010/29$100$130$5008/30$100$233NA8/6n.d.$75$240$1,5001/17$75$172$1,0032/15$53$79$2533/28$45$355$1,000($in Millions)($in Millions)$27.0$22.6(1)PropTech M&A Deal Dashboard20242024 U.S.PropTech M&A Activity1Featured 2024 U.S.PropTe

101、ch M&A Transactions229Sources:PitchBook,CB Insights,company filings,company websites,press releases.DateTargetAcquirerEV4/22$1,6006/6$7706/4$58512/2$44411/1$2731/16$9010/22$805/16NA6/3NA11/13NA($in Millions)22 21 27 24 24 23 16 27 5 10 15 20 25 30 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24Houli

102、han Lokey Overview and PropTech Market LandscapesLeading Global PropTech Coverage Team31Leader in PropTech AdvisoryTombstones included herein represent transactions closed from 2019 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan

103、 Lokey or by professionals from a Houlihan Lokey joint venture company.Chris GoughManaging Director+1 415.273.3696 Chris.GoughHL.comRip FurnissSenior Vice President+1 646.259.7483 Rip.FurnissHL.comPat HagertyVice President+1 646.259.7528 Pat.HagertyHL.comKevin WalshManaging Director+1 415.273.3664 K

104、evin.WalshHL.com Sascha PfeifferManaging Director+49(0)69 204 34 6415Sascha.PfeifferHL.com Dominic OrsiniManaging Director+44(0)161 240 6447Dominic.OrsiniHL.comMark FisherManaging Director+44(0)20 7907 4203 MFisherHL.comGlobal CoverageU.S.PropTech Teamhas been acquired bySellside Advisor*has been ac

105、quired bySellside Advisor*has received a majority investment fromSellside Advisor*has been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisor*has been acquired byMLS Technology Holdings,LLCSellside Advisor*has been acquired bya portfolio company ofSellside Advisor*

106、has received a strategic investment fromSellside Advisor*has acquiredBuyside Advisor*has received a majority recapitalization fromSellside Advisor*has been acquired bySellside Advisorhas received a strategic growth investment fromSellside Advisorhas been acquired bySellside Advisorhas been acquired

107、bySellside Advisor*has acquireda portfolio company of Buyside Advisorhas acquiredBuyside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas received investment fromSellside Advisorhas acquiredBuyside Ad

108、visora portfolio company ofhas merged witha portfolio company ofAdvisor to SingleOpshas made a significant growth investment in Buyside Advisorhas made a significant growth investment ina portfolio company ofMainsail PartnersBuyside Advisorhas been acquired bySellside Advisor*ButterflyMX PlatformVid

109、eo IntercomsPackage RoomVehicle Access ControlSecurity CamerasSmart LocksElevator ControlsFront Deck StationAccess Control SystemsSingle Unified PlatformHoulihan Lokey Advises FTV Capital on Its Significant Growth Investment in ButterflyMXHoulihan Lokey acted as the exclusive financial advisor to FT

110、V Capital on its investment in ButterflyMX.On January 14,2025,ButterflyMX announced that it had received a significant growth equity investment from FTV Capital.ButterflyMX is the premier cloud-based property access solution for multi-family and commercial buildings.FTV Capitals investment will acce

111、lerate new product development while further solidifying ButterflyMXs market-leading position in the multi-tenant property access and security market.32Transaction OverviewCompany HighlightsSources:Company website,press releases.Selected Transaction Commentary1.5MPeople Using ButterflyMX40+Integrati

112、ons300+Employees17,000Properties on the PlatformThe future of ButterflyMX will continue to focus on developing solutions that automate building operations,allowing for more affordable property ownership and management.As we continue on this journey,were pleased to have the backing of FTV Capital,a f

113、irm with a deep understanding of both vertical software and tech-enabled hardware,a vast network of partners and advisors,and a shared vision to provide products and services that revolutionize how multi-tenant properties are owned and operated.”ButterflyMX has already asserted its market leadership

114、 with best-in-class solutions that address complexities around multi-family and commercial access for tenants,building owners,and property managers.The strong market momentum and incredibly positive customer feedback we heard were a resounding testament to the companys unique value proposition and t

115、he compelling ROI it delivers.We are excited to partner closely with ButterflyMX to help the company meaningfully scale in its next chapter.“”“has made a significant growth investment in Buyside AdvisorAaron Rudenstine CEO,ButterflyMXRichard Liu Partner,FTV CapitalHoulihan Lokey Advises Sumeru on It

116、s Investment in JobNimbus Houlihan Lokey acted as the exclusive financial advisor to Sumeru on its growth investment in JobNimbus.Sumeru announced its investment in JobNimbus in November 2024.JobNimbus provides roofing contractors with all-in-one software that helps streamline their business operati

117、ons.Contractors can use JobNimbus to quickly create quotes,order materials,and manage projectsall from a single,user-friendly platform.33Transaction OverviewJobNimbus PlatformSources:Company website,press releases.Selected Transaction Commentary“JobNimbus is a unique company,transforming the day-to-

118、day lives of contractors through aggressive product innovation and a mission-driven culture.We are excited to partner with the JobNimbus and Mainsail teams to continue to scale the company,expand the platform and create a clear category leader.”Jason Babcoke|Co-Founder and Managing Director,Sumeru“T

119、his investment marks a significant milestone for JobNimbus and is a testament to the hard work of our incredible team.We chose Sumeru as our partner because of their expertise in scaling high-growth companies,and with this funding,well continue to double down on our commitment to making contractors

120、heroes,helping them drive their businesses forward with advanced technology.”Ben Hodson|CEO,JobNimbusSumerus$330 million strategic investment will enable JobNimbus to accelerate product development,invest in AI-driven features,and scale the team to support growing demand from customers across the ro

121、ofing industry.The company plans to expand significantly,with a focus on key roles in engineering,product development,and customer support.Existing investors will continue as investors to support JobNimbus growth and innovation.Company Highlightshas made a significant growth investment ina portfolio

122、 company ofMainsail PartnersBuyside Advisor6,000+Customers5 Unique Features230+FTEsWebsite Creation,SEO Services,and Paid AdsScheduling,Automation,Material Ordering,Supplier Integrations,and More ProductionsMarketingSalesOne-Click Estimates,Professional Proposals,and MoreBilling/Cash FlowCommunicati

123、on Integrated text messaging,email,and Caller ID Invoicing,Payment Collection,Expense Tracking,Financial Reporting,and MoreHoulihan Lokey Advises SingleOps on Its Merger With LMNHoulihan Lokey acted as the exclusive financial advisor to SingleOps.SingleOps and Landscape Management Network(LMN)announ

124、ced their merger in November 2024.SingleOps is an all-in-one business management software for the green industry,including tree care,lawn care,full-service landscaping,sod farms,and landscape supply.LMN is the largest provider of landscape business software and crew training in the U.S.and Canada.34

125、Transaction OverviewCombined PlatformSources:Company website,press releases.Selected Transaction Commentary“By bringing together these two leading vertical SaaS platforms,SingleOps and LMN are uniquely positioned to support the full range of customer needs across the green industry.LMN and SingleOps

126、 have shared cultures of putting their customers first and understanding the pain points from their clients perspectives.We look forward to supporting the combined company as it continues to help the industry be successful and work tirelessly to serve its great customers.”Robert Anderson|Partner,FTV

127、“Merging these two incredible companies allows us to continue putting our customers first.Our customers are the fabric of our economy and create millions of jobs all over North America and in their respective communities.Both SingleOps and LMN take this responsibility very seriously,working hard to

128、empower our customers to thrive.”Mark Sedgley|CEO,SingleOpsWith the merger,SingleOps and LMNs combined business will significantly enhance product offerings,delivering unmatched innovation and customer service to more than 4,000 customers across North America.As part of this transaction,SingleOps se

129、cured an additional growth equity investment from existing investor FTV Capital.Company HighlightsCRM,Customer Communication,and Client PortalTimesheets and GPS TrackingTeam and Equipment ManagementCustomer and Sales ManagementJob ManagementEstimates and Proposals;Scheduling and Routing;Digital Work

130、 Orders;and Job Site MappingData ManagementFinancial ManagementJob Costing,Reporting,and AnalyticsInvoicing and Payment OptionsHoulihan Lokey Advises GrowthCurve on Its Acquisition of DuettoHoulihan Lokey acted as the exclusive financial advisor to GrowthCurve on its acquisition of Duetto.On June 27

131、,2024,GrowthCurve announced it had acquired Duetto,a leading provider of revenue management software(RMS)for the hospitality industry.Duetto offers innovative solutions that simplify hotel operations and optimize revenue.With a focus on organic product development,data,and integrations,Duetto connec

132、ts disparate systems into a cohesive,efficient platform that drives profitability and growth for hotels worldwide.35Transaction OverviewDuetto PlatformGameChangerRevenue Management and Pricing OptimizationScoreBoardRevenue Forecasting AutomationBlockBusterGroup Accommodations Revenue ManagementAdvan

133、ceMarket-Driven Dynamic Pricing OptimizationGameChangerMeeting and Event Space Booking and Revenue ManagementSelected Transaction Commentary“We are excited to partner with GrowthCurve,whose expertise in machine learning and AI,coupled with its experience in high-growth businesses,aligns perfectly wi

134、th our vision.This acquisition will boost our investments in innovative tech,enhance our capabilities to support our customers,and solidify our leadership in hotel revenue management.With the strength of the Duetto brand,we are confident that,together with GrowthCurve,we will achieve our ambitious g

135、rowth objectives and drive the future of hospitality tech.”David Woolenberg|CEO,Duetto“Duetto is a leader in the fast-growing revenue management software market,with a differentiated solution that helps clients harmonize data and manage decision-making at scale.We look forward to partnering with Dav

136、id and the rest of the management team to accelerate Duettos growth,including applying GrowthCurves functional capabilities in data science and AI to further enhance the solutions value proposition for clients.”Matthew Popper|Head of Technology and Information Services,GrowthCurvehas acquiredBuyside

137、 AdvisorMore than 6,000 hotel and casino resort properties in over 60 countries use Duetto,which has been recognized as the No.1 RMS for three consecutive years by the HotelTechAwards.GrowthCurve will partner with Duetto to further accelerate its AI strategy(including the development of new AI produ

138、cts),support the launch of new business lines,and expand into new markets.Company Highlights6,000+Customers60+CountriesNo.1 RMS HotelTechAwardsSources:Company website,press releases.Houlihan Lokey Advises Eque2 on Its Investment From Bowmark CapitalHoulihan Lokey acted as the exclusive sellside advi

139、sor to Eque2 on its investment from Bowmark Capital.Bowmark Capital announced its investment in Eque2 in May 2024.Eque2 is a leading provider of specialist enterprise resource planning software to the construction industry.The company provides mission-critical,cloud-based business management softwar

140、e solutions to approximately 3,000 customers in the U.K.construction sector(from SMB to enterprise).36Transaction OverviewEque2 PlatformSources:Company websites,press releases.(1)As of December 5,2023.(2)Comprises SaaS,support,licenses,and services revenues.Selected Transaction Commentary“The Houlih

141、an Lokey team has provided excellent expertise and support throughout every stage of the process.The combination of their sector knowledge,buyer insight and global reach were key to delivering this deal.We are looking forward to the next phase of our journey working with the Bowmark team,alongside t

142、he ongoing support of WestBridge to execute on our exciting strategy for the future.”Justin Moule|CEO,Eque2“Eque2 has built an enviable position in construction ERP software where there is a large addressable market and accelerating demand for digital solutions.Having known the business and its mana

143、gement for many years,we are delighted to have the opportunity to back Justin and his team,and to partner with WestBridge to support the business in the next stage of growth.”Simon Kaufman|Partner,Bowmark CapitalEque2s software solutions enable customers to manage their core workflows,improve produc

144、tivity,and increase margins.Bowmark Capital is partnering with WestBridgewhich is reinvesting as part of the transactionto help Eque2 continue its strong growth trajectory and build its leading position in construction software through further investment in tech and new product development.Company H

145、ighlights(1)Construction-specific accounts,payroll,and reporting solution that fully integrates with MS Dynamics,Sage Accounts,and Xero.ConstructionLeading construction estimating software for main contractors,subcontractors,and QS.EstimatingHousebuildingSpecialist software to manage the full houseb

146、uilding lifecycle,from land appraisal to sales and customer care.Complementary OfferingsComplementary stand-alone software modules including Miracle payroll,CIA,Intuita,etc.Exceptional Customer Retention Metrics75%Recurring Revenue Underpinned by Successful and Accelerating Cloud Migration(2)Ideally

147、 Positioned to Continue Strong Growth TrajectoryBroad Base of Enterprise and SMB Customers,From 1 Million to 2.5 Billion Turnovera portfolio company ofhas received investment fromSellside AdvisorMortgage Tech Landscape 37End-to-End OriginationServicingCompliance and RegulatoryServicing WorkflowSecon

148、dary Market TradingLoan Origination SystemClosingPoint of SaleCRMUnderwritingData and AnalyticsPricingProcessingRisk AssessmentLead GenerationOriginationIndicates an Operating Subsidiary End-to-End PlatformsTo view full market map,please contact:Chris.GoughHL.com,Rip.FurnissHL.com,or Pat.HagertyHL.c

149、omMulti-Family Tech Landscape38Indicates an Operating Subsidiary Multi-Family Software PlatformsPortal Listing PlatformsTenant-FocusedFront-EndCommunicationsMarketing/Resident OnboardingTouring/VisualizationCRMConsumer ListingTenant ExperienceMovingTenant Application/ScreeningTenant Credit/Financial

150、ParkingTenant RewardsInsurance/SDR/Lease GuaranteeFlex Stay/Community LivingTo view full market map,please contact:Chris.GoughHL.com,Rip.FurnissHL.com,or Pat.HagertyHL.comMulti-Family Tech Landscape(cont.)39Indicates an Operating Subsidiary Lease Admin.Management/OperationsHOA/Condo ManagementPMSMai

151、ntenance/OperationsEnergy/Utilities ManagementBack OfficeData,Analytics,and LMSPayments-RelatedBuilding Connectivity/Smart ApartmentsAccess ManagementMulti-Family Software PlatformsTo view full market map,please contact:Chris.GoughHL.com,Rip.FurnissHL.com,or Pat.HagertyHL.comCommercial Real Estate T

152、ech Landscape40Indicates an Operating Subsidiary Building OperationsIWMSTenant ExperienceVisitor ManagementAccess ManagementOperations and Facility ManagementIoT/Smart BuildingsFlex Space ManagementParking ManagementSales and LeasingCRM,Marketing,and WorkflowListing ServicesCRE Software PlatformsEne

153、rgy ManagementFinancing PlatformsPortfolio ManagementData and AnalyticsFunding MarketplacesInvestor ManagementDeal ManagementValuation and AppraisalLease ManagementTo view full market map,please contact:Chris.GoughHL.com,Rip.FurnissHL.com,or Pat.HagertyHL.comConstruction Tech Landscape41Indicates an

154、 Operating Subsidiary Pre-ConstructionOperations ManagementCAD/BIMPlanning/SchedulingDocument ManagementCollaborationEstimates/TakeoffsBid ManagementSales EnablementProject Management SoftwareProposals/QuotesFSMWorkforce ManagementSafety/InspectionSite Management/ReportingComplianceTo view full mark

155、et map,please contact:Chris.GoughHL.com,Rip.FurnissHL.com,or Pat.HagertyHL.comCRM/Marketing AutomationConstruction Tech Landscape(cont.)42Indicates an Operating Subsidiary Financial Management SoftwareData and Analytics ERP/AccountingPayments/LendingInsurTechProcurement/MarketplacesCommunicationAsse

156、t ManagementCMMSEquipment ManagementFleet ManagementSupply Chain ManagementBuild MaterialsMaterials/Inventory ManagementHeavy EquipmentRemodelingLogisticsRoboticsPrefab/Modular To view full market map,please contact:Chris.GoughHL.com,Rip.FurnissHL.com,or Pat.HagertyHL.comDisclaimer43 2025 Houlihan L

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171、s such.Houlihan Lokey or its affiliates may from time to time provide financial or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Corporate Finance Financial Restructuring Financial and Valuation AdvisoryHL.com