Opportunities In Vertical Software v1.0

B/Bowery CapitalOpportunities In Vertical Software v1.0

Summary /

BOWERY CAPITAL 3

Positive / High

Intermediate

Negative / Low

Industry Mkt Size Mkt Growth Competition Opportunities Overall

Insurance

Transportation / Logistics

Aerospace / Drones

Legal

Oil & Gas

Construction

Natural Resources

Real Estate

Hospitality

Manufacturing

Opportunities For Disruption In Vertically Focused Enterprise Software

Key

Ⅰ. Insurance /

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• New technology developments in data analytics and IoT will drive disruption in the industry

• Investment opportunities likely to increase as IoT startups focus on wearables and telematics, which may have implications for insurers

• Focus on cost reduction and customer service by insurance companies may also drive new business models in the space

Spend on Software by the Insurance Industry Funding Activity in the Insurance Tech Space

Industry Leaders Key Trends

• Insurer spending on software and IT services is expected to accelerate over the next 2-3 years as insurers change systems to react to increased consumer demands, new data/analytics capabilities, and regulation changes

• Key requirements for insurers - Single view of the consumer across channels/interactions (e.g.CRM) - Flexible, low-cost core policy management and claims processing - Ability to integrate, manage and analyze data from various sources (including IoT / Telematics) - Compliance• Potential disruptive business models include: - IoT/connected devices/telematics: mitigating the cost of claims through early detection/tracking - Ecosystem-based insurance: the insurer has a high-frequency relationship with the consumer to share more data and tailor policies - Peer-to-peer/group buying through online marketplaces

Scores

Increasing Levels of Spending as Insurers React to Rapid Changes in Technology

26.41 28.62 30.83 33.08 35.51 38.13

2013 2014 2015 2016 2017 2018

$B

Source Gartner

Insurance IT Spend as % of Revenue

3.4% / than average

Market Size

Market Growth

Current level of competition

Investment Opportunities

Overall

Public Private

Source Wall Street Research; Trade Press; Emergence Capital Partners

9

17 16

24

36 29

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds

Top Investors in the Space

Source Crunchbase as of September 2014

BOWERY CAPITAL

Headquarters: Columbia, SC Employees: ~40

6

Insurance: Pro!les of Disruptors / New Entrants

Headquarters: Chicago, IL Employees: ~6

Business OverviewFounded in 2013

• AgentRun is a Customer Relationship Management platform for Insurance Agents• The AgentRun platform allows agents to stay organized by managing their clients, leads,

insurance policies, and documents all in one place• Agents can streamline workflows, using AgentRun to quickly find client profiles and

documents• All data is stored in the cloud and can be accessed anywhere• Subscription based model for $29.99/month• Founder: Andrew Lech

InvestorsTotal Funding: Unknown

Key Milestones

CRM tool launched in July 2013Agency Management System launched in January 2014

Headquarters: Brooklyn, NY Employees: ~3


• Aptible automates HIPAA compliance for web / mobile technology companies in the healthcare / insurance space

• Aptible’s clients pay $3,500 per month with a year contract• Aptible’s offering consists of two products:

- An application deployment platform (akin to Heroku) that manages servers, network topology, security, backups, encryption, and organizational permissions so customers can focus on code- A set of compliance engines that integrate with the platform to generate the documentation, audit trails, and audit reports to demonstrate compliance with every aspect of HIPAA

• Founders: Frank Macreery / Chas BallewInvestorsTotal Funding: ~$120k

Key Milestones


• EagleEye Analytics offers advanced predictive analytics software and consulting services available to the property and casualty insurance industry

• The quantifiable results from the company’s machine learning capabilities enable insurance carriers to make strategic decisions that help drive profitable growth and reduce operating expenses

• EagleEye's predictive analytics can be used across most insurance business processes – product marketing and distribution, pricing and underwriting, and managing claims

• The firm's solutions have been used in over 200 engagements in the United States, Europe, Canada and Australia

• Founders: Wade Bontrager

InvestorsTotal Funding: Undisclosed

Key Milestones

Entered into a long term relationship with PURE Insurance in September 2014Expanded to the UK in March 2014

Headquarters: Berlin, Germany Employees: ~40


• Friendsurance is a start-up based in Germany pioneering ‘social’ or ‘peer-to-peer’ (P2P) insurance

• Through the website, consumers can select their insurance cover from an aggregator covering a broad range of providers. They then connect together by sending invitations, like other social networks

• When two people connect, they agree to support each other with a small amount of money in the event of a claim. The more connections a consumer has, the less cover s/he requires from the insurance provider and thus is rewarded a payback (the difference between the original premium quoted and the network support)

• Founders: Dr Sebastian Herfurth / Tim Kunde / Janis Meyer-Plath


Key Milestones

Part of the Summer 2014 Y-Combinator Accelerator programAptible has already booked $300,000 of recurring revenue contracts

Launched in Germany in 2010Plans to expand to Australia in 2014Latest funding round was from Horizons Ventures and Vantage Fund (Australian)

Source Company websites, Crunchbase; AngelList; Trade Press

BOWERY CAPITAL

Raised Seed round on September 18, 2014 from Vertical Venture Partners The company intends to use the funds for the development of its technology platform and applications

7

Insurance: Pro!les of Disruptors / New Entrants

Headquarters: Denver, CO Employees: ~30


• Valen Analytics partners with insurance carriers to improve underwriting performance by providing proprietary data, analytics and predictive modeling to help carriers manage and segment their portfolios

• Valen’s InsureRight Platform uses portfolio metrics and risk characteristics to identify pockets of pricing inadequacy and profitability

• Valen’s customers span many lines of business including Homeowners, Workers’ Compensation, Commercial Auto & Telematics, Commercial Package, Commercial Property, and BOP

• Founders: Richard Vlasimsky / Dax Craig

InvestorsTotal Funding: $7.3MM

Key Milestones

Profiled by “Insurance & Technology “ in September 2014Customers include AmeriHealth and Berkshire Hathaway

Vertical Venture Partners

Headquarters: Brooklyn, NY Employees: ~15


• Zipari Inc. is a startup focused on building technology products designed to simplify and improve health insurance carrier's interactions with their customers

• Zipari CRM is a health insurance implementation of Salesforce that provides a 360-degree view of the customer

• Zipari believes a "relationship gap" exists between health insurance carriers and customers. Zipari aims to bridge this gap by equipping health insurance companies with the tools they need to maximize customer acquisition, retention and satisfaction

• Founders: Mark Nathan


Key Milestones

Source Company websites, Insurance Journal, PRWeb, Crunchbase; AngelList; Trade Press

Headquarters: Columbia, SC Employees: ~50


• Dovetail Insurance is a leading supplier of cloud-based insurance product delivery services for property-casualty carriers, MGAs and brokers.

• Dovetail is distributing NetComp, workers’ compensation insurance program, in 15 states nationwide, and NetBOP, its business owners policy insurance program, which is currently offered in all 50 states.

• NetComp enables small businesses to receive a quote and bind a policy quickly. Dovetail uses an insurance technology platform that enables agents, on behalf of their small business clients, to price and issue new policies in real-time.

• Founders: Steve Francis


Key Milestones

Dovetail Insurance was ranked number 359 on the 2012 Inc. Magazine’s List of America’s Fastest Growing Private CompaniesDovetail Insurance acquired NetComp Insurance in March 2013

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Top 5 Potential Customers

8

Jack WeekesOperations Vice PresidentState Farm is very active to connect with startups with its Next Door program in Chicago, the giant insurance company also has partnered with the technology incubator Plug and Play and launched the Plug and Play Internet of Things Accelerator (IoT). Jack Weekes said State Farm is “interested in how the Internet of Things can help our customers manage the risks of everyday life and recover from the unexpected”.

Lamont D. BoydDirector of Insurance ScoresFICO is a business analytic software company, Lamont Boyd is responsible for client and partnership opportunities that make use of FICO’s credit-based insurance scoring and property risk scoring products and services. It seems Crimson Informatics, a startup providing statistical analysis of driving data, has forged partnership with FICO.

Jason RobartPresident, Zaffre Investments of BCBSMABCBSMA is providing health plan for more than 30,000 Massachusetts employers, it is collaborating with Elevar to launch a program to support healthcare startups in Massachusetts. BlueCross BlueShield Venture Partners is among the top five firms currently investing in the healthtech sector.

State Farm Blue Cross Blue Shield

FICO

IBMEric WeisburgNorth American Information & Analytics Insurance LeaderEric leads the team at IBM in assisting insurance clients with understanding capabilities, developing business cases and applying big data solutions to optimize business processes. IBM’s Watson Group made its first investment in 2014 in a “social health management” startup Welltok.

Source Company websites, LinkedIn, Business Insider, Bloomberg, Fortune, WSJ,

Dan ReedManaging Director, American Family VenturesAmerican Family insurance is the nation’s third-largest mutual property/casualty insurance company, the company partnered with Microsoft Corp. and launched an accelerator for startups focused on home automation. Dan Reed said that the American Family Ventures is “focused on helping early stage companies bring new products and services to market that can make our policyholders’ homes and lives safer.”

American Family Insurance

http://en.wikipedia.org/wiki/Software_Analytics

http://en.wikipedia.org/wiki/Software_Analytics

Ⅱ. Transportation & Logistics /

BOWERY CAPITAL 10

• Transportation and supply chain management provide a strong opportunity for optimization through technology solutions

• Larger enterprises likely have some solution in place through existing ERP vendors (e.g. Oracle, SAP), but many SMBs have no existing solution

• More funding is flowing into the space, with increasing investment opportunities

Spend on Software by the Transportation & Logistics Industry

Funding Activity in the Transportation Tech Space

Industry Leaders Key Trends• Transportation Management Systems offer strong ROI for logistics /

transportation businesses (average 8% savings on freight costs each year)

- Only 10% of firms with $25-100MM in revenues are currently using transportation management systems, suggesting a large opportunity in the SMB market - Industry estimates are that ~89% of fleet vehicles (18.5MM in the US, 61MM globally) do not currently utilize a fleet management solution• TMS represents a strong opportunity for cloud offerings due to

increasing demands for global visibility across the supply chain• Oracle and SAP dominate the space within larger businesses, and

both are focusing on improving fleet management capabilities• Industry experts see increasing requests for software that can

handle multi-modal delivery (truck / rail / ship) as well as customs / regulations and multi-carrier coordination for global sourcing

• Fragmented nature of the customer base can make it costly to gain scale without significant spending on sales teams

Scores

Signi!cant Opportunity to Increase Penetration of Technology With SMBs

Market Size

Market Growth



Overall

9.75 10.50 11.28 12.06 12.94 13.88

2013 2014 2015 2016 2017 2018

$B

Source Gartner

Transportation IT Spend as % of Revenue

2.8% / than average

10 7 8

17 19 15

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



Public Private

Source Wall Street Research; Gartner; Trade Press; Emergence Capital Partners

Descartes

BOWERY CAPITAL

Raised $5MM series A in October 2014ShipHawk has 60 national and regional carrier partners across the USAward winner at TechCrunch Disrupt NY in 2013

Headquarters: Toronto, ON Employees: ~100

11

Transportation: Pro!les of Disruptors / New Entrants

Headquarters: Venice, CA Employees: ~25


• Cargomatic is a real-time on demand network for Local Truck Availability. • Cargomatic connects shippers with qualified carriers who have unutilized capacity on their

trucks• Cargomatic bills itself as “Uber for local trucking,” offering mobile and desktop apps to

single-rig and other small trucking companies to help them run their business and drum up new orders

• Shippers (from retail stores to an office about to move) can also order the logistics services they need online or via the company’s apps

• Founders: Brett Parker / Jonathan Kessler


Key Milestones

Headquarters: San Francisco, CA Employees: ~11


• Keychain Logistics is a software marketplace that directly connects companies shipping products with independent semi-truck owner-operators.

• The platform effectively cuts out the traditional third-party logistics brokerage process by virtue of a software enabled network of virtual carriers

• They understand where trucks in their network are at any given moment, their capacity, and if they would be an ideal match for a company shipping

• Founders: Garrett Wilson / Bryan Beshore

InvestorsTotal Funding: ~$2.5MM

Key Milestones


• Nulogy provides 2 solutions in the area of supply chain management:• PackManager: A Contract Packaging Management system designed for the contract

manufacturing and packaging industry. PackManager includes warehouse management (WMS), financial and manufacturing resource planning modules. PackManager integrates with Intuit's QuickBooks, SAP, RedPrairie, and other systems

• QCloud: A software service tool for automating quality control processes and reporting in manufacturing, packaging, and logistics environments. Built for modern multi-touch tablets, it was built to provide users with a simple, highly usable quality control solution that does not require extensive training or to deliver rapid return on investment

• Founders: Jason Tham / Kevin Wong / Jason Yuen

Key Milestones

Headquarters: Santa Barbara, CA Employees: ~15


• ShipHawk is a data driven 3PL that matches shipments with the optimal carriers, aggregating packing and shipping options into a single, easy-to-use web-based application.

• After a user tells ShipHawk what they are shipping, the system analyzes the item(s) to determine what carriers can ship their item and who can do it cheapest, fastest, etc. This lets the user identify the differences between carriers and their prices so that the user can make an informed decision. ShipHawk schedules the pickup, and tracks the progress of each shipment. ShipHawk can also guarantee package delivery

• ShipHawk’s API manages packing materials, shipping labels, quotes and tracking for businesses

• Founders: Jeremy Bodenhamer / Aaron Freeman


Key Milestones

Raised seed funding in June 2014Operating since January 2014, Cargomatic now runs over 100 deliveries per day (with an average ticket size of ~$120)

In May 2014, rolled out services to 30 cities across the US. Raised $2.5MM seed funding in January 2013. Part of the Y-Combinator summer 2012 accelerator program


Gartner Cool Vendor in SCM in 2014Named one of Canada’s Top 10 up and coming tech companies in 2012Partnered with DHL Supply Chain in Sep 2013


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Seed round (March 2014) included funding from Data Elite, who provided the firm with west coast office spaceWeft already partners with Vodafone, Telefonica and Etisalat on various initiativesThought to be currently raising a $5MM Series A round

Customers include Barnes & Noble, Priority Distribution & PST Trucking

Headquarters: Cambridge, MA Employees: ~10

12

Headquarters: New York, NY Employees: ~12


• Transfix is the world's first fully automated freight brokerage• Transfix empowers shippers and carriers to make more money through the Transfix web

and mobile platform• Transfix provides real time tracking and visibility for packages and Transfix shippers

typically save 10-15% per shipment• For carriers, Transfix provides on-demand truck locations for fleet management, as well as

quality customers to fit with the carrier’s location and availability• Founders: Drew McElroy / Jonathan Salama


Key Milestones

Headquarters: Austin, TX Employees: ~175


• uShip is the global transport marketplace that’s reinventing logistics. By moving it entirely online and to mobile devices, it brings greater automation, transparency and efficiency to the traditionally inefficient shipping industry

• Primarily serving the commercial freight, vehicles, and household goods markets, the uShip freight exchange seamlessly connects shipping customers – from freight brokers to business shippers and consumers – with feedback-rated transportation service providers that engage in online fixed price, spot market and auction-based transactions

• Based in Austin, Texas, and Amsterdam, the company operates globally with localized sites in 19 countries and regions on six continents

• Founders: Jay Manickam / Matt Chasen


Key Milestones

Launched in 2004, uShip operates globally with localized sites in the U.S., Canada, UK, Germany, France, Spain, The Netherlands, Austria, the European Union, Central and South America.


• Weft is an “air traffic control system” for cargo• The Weft Tracking and Control system provides manufacturers and shipping/logistics

companies with cost-effective, high-performance hardware and an intelligent platform for monitoring and setting alerts for themselves and partners

• The platform integrates with ERP systems (SAP, Oracle, Microsoft) and CRM systems as well as other certified sensors through the Works with Weft program

• The Weft platform uses the information from sensors and all other clients and shipments in the Weft network to identify problems, predict bottlenecks or missed deliveries, and inform all parties on OOB exceptions.

• Founder: Marc HeldInvestorsTotal Funding: ~$1.0MM

Key Milestones

Headquarters: Portugal Employees: ~20


• Routyn is a Fleet routing and scheduling system developed by Wide Scope. It helps companies create vehicle routes and schedules that meet delivery objectives, considering multiple constraints, while minimizing cost and mileage

• Routyn includes mobile connectivity to manage the driver fleet, allowing for real-time re-optimization of route planning as things change

• Customers include Danone Portugal and various Portugese Logistics providers• In the US, Routyn has formed partnerships with route management firms like Inrix, but has

a limited customer base• Founder: Filipho Carvalho


Key Milestones

Gartner Cool Vendor in SCM in 2014Ranked by Dun & Bradstreet as one of the 10 fastest growing companies in Portugal and by Deloitte as one of the 500 fastest in EMEA

Transportation: Pro!les of Disruptors / New Entrants


BOWERY CAPITAL


13

Scott AllisonSVP, DHL Technology AmericasDHL recently launched a peer delivery model called MyWays in Sweden, The model taps into the crowd to change how they can address ‘last mile’ delivery problems and enter into new fast growing markets without existing logistics infrastructure. Scott Allison, based in Dallas, Texas, is responsible for the development and execution of the group global Technology strategy.

Jonas LandströmHead of Americas at Volvo Venture CapitalJonas led the investment in the logistics startup Cargomatic, he said that the Cargomatic model of connecting through the mobile app and a marketplace they are not paying for makes a lot of sense, and it has the possibility to add more services.

David RichterVP, Strategic Initiatives, UberUber recently launched a new same-day delivery service called Uber Corner Store in certain parts of Washington D.C. and UberRUSH, a courier delivery system in Manhattan where customers can have items be picked up and dropped off at a specific address by Uber bicyclists. These two services are tests of Uber’s logistics capabilities.

Michelle ProctorDirector of Innovation As the Director of Innovation, Michelle has been instrumental in the creation of the SenseAware platform, which combines an online application with a multi-sensor device, including its product development, sales, alliance program, customer experience management and research, branding and software interface.

DHL Uber

Volvo FedEX

Barnes & Noble Inc.Angelo VentroneVP, Global LogisticsBarnes& Noble is using the freight brokerage startup Transfix as one of their brokers. Angelo is responsible for Barnes & Noble’s Logistics and Transportation operations Source Company websites, Es3,com, Bloomberg, Fortune, WSJ,

https://www.myways.com/

https://www.myways.com/

http://au.linkedin.com/company/5204?trk=ppro_cprof


Ⅲ. Aerospace/Drones /

BOWERY CAPITAL 15

• Commercial drones would be helpful in a number of industries for surveying and covering large areas quickly and efficiently

• Agriculture and forestry may be two industries that become early adopters of drone technology

• Regulation currently limits commercial drone use, but a growing number of hobbyists means that innovation continues in the sector

Overall Spend on Commercial Drones Funding Activity in the Aerospace / Drone Tech Space

Industry Leaders Key Trends

• The aerospace market for drones is an emerging industry, transitioning from hobbyists to businesses

• A ban remains in place for using unmanned aircraft for commercial purposes, but an increasing number of exceptions are being granted

• North Dakota is designated as an FAA unmanned aircraft test site, and several drone-related startups are based there

• Key trends likely to emerge in the drone technology space– Specialized business models (hardware and software for specific

purposes designed to work across different drone types)– Drone servicing companies likely to emerge– Drone hardware may become commoditized (like PC markets)

• Initial commercial applications for drones will likely involve surveying and testing

• Delivery by drone is being tested in certain areas, but widespread adoption may be years away and is likely to be restricted by regulators in many countries

Scores



Strong Industry Growth Predicted, but Impact of Regulation Remains Uncertain

5.2 5.9 7.0

8.8 9.5 10.0

2013 2014 2015 2016 2017 2018

$B

Source Business Insider

2013-18 CAGR: 14.0%

Drones IT Spend as % of Revenue / Per Employee

N.A.

1

7

1

5

13 13

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



Public Private

Source Broker research, Trade Press

Overall

Market Size

Market Growth

BOWERY CAPITAL

Headquarters: Wilsonville, OR Employees: ~5

16

Drones: Pro!les of Disruptors / New Entrants

Headquarters: San Francisco, CA Employees: ~8


• DroneDeploy.com is a smart drone management platform that helps you get stuff done with drones. It's built to be simple, safe and powerful, controlling multiple drones, from anywhere, on any device

• Making flight plans has never been easier - just describe your mission, and DroneDeploy will build a dynamic flight path that avoids other aircraft, airports, and even urban areas while respecting local laws

• DroneDeploy also makes it easy to fulfil the purpose of missions, with a growing selection of Apps that enable a number of operations, including seamless photo-stitching and object identification. APIs are simple and open to developers

• Founders: Mike Winn / Nicholas Pilkington / Jono Millin


Key Milestones

Raised $2MM in September 2014Graduated from the AngelPad accelerator in May 2013

Headquarters: Grand Forks, ND Employees: ~3


• Remote sensing solutions for the agricultural and mapping industries• Products include camera add-ons and multispectral cameras that can plug and play onto

UAVs• The company also provides software to validate coverage, stitch together images and

perform vegetation analysis

• Founder: David Dvorak


Key Milestones

Launched as a service provider to farmers, but have evolved into a technology company in the past 12-24 monthsFormed out of the University of North Dakota


• HoneyComb is an Oregon-based company focused on drone based aerial imaging solutions for precision agriculture and forestry

• HoneyComb provides drone-based agricultural surveying solutions allowing farmers to lower resource usage, increase yield, and better manage their crops

• The honeycomb system and services are unique in that they are self-contained and accessible to anyone. This is achieved with autonomous flight, automatic imaging, and cloud-based data processing

• Founders: Ryan Jenson / Ben Howard / John Faus

InvestorsTotal Funding: $150k

Key Milestones

Headquarters: Portland, OR Employees: ~13


• SkyWard connects aerial robotics operators with regulators and insurers• The SkyWard platform is a commercial, cloud-based flight operations management system.

Administrative dashboards and tools for managers, and mobile apps for operators, all seamlessly connected in real time

• SkyWard allows users to digitally manage workflows and update, track and version documents as operations evolve, to ensure regulatory compliance

• Risk mitigation and management with underwriters who understand Aerial Robotics (AR). A real-time information exchange for the most accurate risk pricing

• Founders: Dana Maher / Jonathan Evans / Jake Weber / Eric Ringer / Stephen McKeonInvestorsTotal Funding: $1.5MM

Key Milestones

Agriculture is expected to be one of the largest adopters of drone technology - HoneyComb’s AgDrone UAS has provided information to farmers across a wide variety of issues including crop stress, irrigation issues, planning and damage assessment

Closed a $1.5MM seed round in June 2014The software system will handle all issues related to record keeping, risk management and regulatory compliance


BOWERY CAPITAL


17

Trond‐Erik JohansenPresident, ConocoPhillips AlaskaConocoPhillips conducted the first FAA approved commercial use drone flight in the US. in 2013, TE Johansen said that the UAS could be useful in our monitoring and data collection efforts, with the benefit of improved safety and lower noise levels as compared to using manned aircraft.

Scott TrowbridgePortfolio Creative Executive and Studio LeaderDisney filed three patents for amusement park drones in 2014, Disney says drones could lead to an era of aerial movie screens and larger-than-life puppets flying through the sky. The company hopes that its drone-powered air shows could serve as an alternative to fireworks and large-scale light shows

Curt SmithDirector, Chief Technology Office BP PLC signed a five-year contract to use drones at its oil operations in Alaska, the first large-scale, government-approved commercial use of unmanned aircraft in the U.S. Curt Smith said that drones will gather far more data, enabling BP to operate "more effectively, more safely and at a lower cost." BP says the company intends to use the drones to monitor wildlife, ice floes and BP's infrastructure, as well as to respond to oil spills or help in rescue missions.

John McGaghHead of InnovationRio spent $370 million on its 730-person technology and innovation unit in 2013, and is funding one of the world’s largest non-military robotics programs, the company will soon use unmanned trains to deliver cargo to the coast and set drones aloft at its remote mines.

ConocoPhillips BP Alaska

Walt Disney Imagineering Rio Tinto

ClaycoTomislav ZigoDirector, Virtual Design and ConstructionThe giant engineering and construction firm Clayco has an exemption pending that would allow engineers to survey the company’s sprawling construction sites with drones. Tomislav Zigo said that the company is “somewhere down there in the pipeline.” Clayco is one of the clients of the UAS startup Skycatch. Source Company websites, Bloomberg, Fortune, WSJ,



Ⅳ. Manufacturing /

BOWERY CAPITAL 19

A Large Market for Software, but Dominated by Scale Players

• Significant spending on ERP and management software occurs in the industry

• Scale players are often entrenched with large and midmarket firms

• Opportunities exist for disruptive solutions targeting SMBs and newer firms

• Integrating mobile technologies into business processes, for better collaboration and efficiency, will be key

Spend on Software by the Manufacturing Industry

Funding Activity in the Manufacturing Tech Space

Industry Leaders Key Trends• Manufacturing software represents a massive industry segment, with major players like Oracle, SAP and IBM focused on providing software solutions for large enterprises. For midsize firms, companies like Infor and Epicor offer tailored software, specific to an industry vertical• There are a variety of tools available for small manufacturers, but manufacturers typically lag other sectors (e.g. the financial and health care industries), in the adoption of emerging IT trends• Cloud solutions can be implemented by manufacturing startups, but slow adoption by existing firms mean that for the next five years or more, the most common deployments are likely to be hybrid-ERP (a mix of on-premise and cloud software)• Key trends that will increasingly impact the industry include:- Integrating mobile apps to the plant infrastructure to allow use plant workers to schedule applications on the plant floor- Integration of more technology into existing products, to allow them to connect with mobile applications (e.g. smart appliances)- Use of enterprise “social media platforms” for collaboration on production-line quality control, design access and problem-solving- Increasingly technology connectivity between customers, partners and suppliers – systems will increasingly connect with each other

Scores

41.90 45.55 49.80 53.98 58.44 63.55

2013 2014 2015 2016 2017 2018

$B

Source Gartner, Internal estimates

Industrial Manufacturing IT Spend as % of Revenue

1.8% / than average

113 136

173 160 158 150

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



Public Private

Source Broker research, Trade Press

(Fujitsu)

Market Size

Market Growth



Overall

BOWERY CAPITAL

• Rootstock Software is a provider of manufacturing and supply chain solutions built on the Force.com cloud computing platform

• The Rootstock ERP solution enables real-time management of manufacturing and supply chain operations from front to back, anytime and anywhere

• The company’s manufacturing and supply chain apps integrate “out of the box” with native sales and accounting apps by salesforce.com and FinancialForce.com

• Rootstock has an established base of installed and implemented cloud customers• The organization also provides the control and visibility to elevate the total performance of

manufacturing and supply chain operations• Rootstock is available on the AppExchange by salesforce.com• Founder: Pat Garrehy

InvestorsTotal Funding: $8MM+

20


Manufacturing: Pro!les of Disruptors / New Entrants

Headquarters: Kirkland, WA Employees: ~85


• Acumatica is a leading provider of cloud business management software that empowers small and mid-size businesses to unlock their potential and drive growth

• Built on the world’s best cloud and mobile technology and a unique customer-centric licensing model, Acumatica delivers a suite of fully integrated business management applications such as Financials, Distribution, CRM and Project Accounting, powered by a robust and flexible platform

• In an interconnected world, Acumatica enables customers to take full control of their business; to play to their strengths, since every business is unique; and to empower their people by going wherever their people go, on any device

• Founders: John Howell, Jr / Serguei Beloussov / Mike ChtchelkonogovInvestorsTotal Funding: $10MM

Key Milestones

Sells direct plus through a partner network of over 270 partnersCustomers in over 30 countries, including KFC, Parallels and Payza

Headquarters: Louisville, KY Employees: ~2


• AutoLean combines automation software and lean manufacturing to provide sustainable and cost effective solutions for manufacturers

• AutoLean systems allow operators, engineers, and managers to identify problems and make decisions real-time

• AutoLean produces several apps for iOS, including:- OEE Monitor (measuring uptime, productivity and quality)- 5S Audit (benchmarking of 5S performance- Takt (quickly calculate Takt time)

• AutoLean will enable you to bring the most value out of your manufacturing business• Founder: Jeffrey Jackson


Key Milestones

Full suite of iOS apps developed and refreshed in H1 2014


• LinkCycle helps reduce manufacturing costs without having us step foot onto the plant floor–no more hardware, no more audits

• The plant manager can walk through the plant with his iPad and identify how energy is flowing through the machines in his facility, and see opportunities to reduce production costs

• LinkCycle uses interval data for any metered utility (i.e. 15-min electricity usage from the facility's master utility meter) and production output for all products (usually available every work shift)

• Using an ensemble of provisionally patented statistical techniques, LinkCycle correlates these two data sets to determine the resource usage of each production line / machine

• LinkCycle provides a map back to the customer of how these resources flow through all equipment, with about 90% accuracy. This map identifies inefficiencies and priorities for cost reduction, through strategies that don't require additional capital expenditure

• Founders: Alex Loijos / Bradley McLean


Key Milestones

Member of the Techstars accelerator in 2013Winner of the Ultra Light Startups Energy Pitch in 2012Initial customers include Rubbermaid, with pilot programs in place at Intel and Infor

Headquarters: San Ramon, CA Employees: ~25


Key Milestones

Rootstock has several midmarket customers in various manufacturing and distribution industriesThe company raised ~$1MM in funding in March 2014 and a further $1MM in October 2014


BOWERY CAPITAL 21


Siegfried RusswurmCEO, Siemens Industry SectorSiemens launched a new $100 million CVC fund, Siegfried Russwurm said that this fund will support Siemens’ “Industrie 4.0” strategy by providing capital to those companies whose technologies have the potential to change the landscape of manufacturing and industrial automation. Simens has previously invested in the 3D visualization startup Lagoa and cyber security software company Countertack.

Rakesh KapoorDirector of Saint-Gobain Northboro-Worcester R&D Center and of External VenturingSaint-Gobain is one of the world’s largest materials producers. the company has a unique corporate venture unit NOVA, which awards innovative startups worldwide. Rakesh is responsible for interfacing with startups and building partnerships.

William RuhVice President, Global Software CenterGE and Frost Data Capital started an incubator to foster startups around the Industrial Internet, which is GE’s vision for how industrial equipment with sophisticated sensors will be linked over a network that connects people to machines and machines to one another to boost efficiency. William is responsible for setting and leading GE’s software services and solutions portfolio strategy, development and operations.

Saravana Balaji JavaseelanHead of Global Sustainability GroupNewell Rubbermaid is an American manufacturer and distributor of many household items and commercial products. As part of its corporate sustainability strategy, the company is exploring cost-effective solutions to make manufacturing more energy efficient.

Siemens General Electric

Saint-Gobain Newell Rubbermaid

Tesla MotorsJay VijayanChief Information OfficerTesla is building the $5 billion Gigafactory, the world's largest lithium-ion manufacturing plant in Nevada, the company also built its own ERP system in house by the team lead by Jay Vjayan. With new car models coming in its pipeline, the level of complexity is growing as well as the needs for specific unique PLM/ERP system.

Source Company websites, TechCrunch, Bloomberg, Fortune, WSJ,

http://www.crunchbase.com/company/lagoa

http://www.crunchbase.com/company/lagoa

http://en.wikipedia.org/wiki/United_States

http://en.wikipedia.org/wiki/United_States

http://online.wsj.com/public/quotes/main.html?type=djn&symbol=GE




Ⅴ. Legal /

BOWERY CAPITAL 23

eDiscovery Platforms Continue to Grow Strongly, But Other Legal Software Remains Dated

• There is significant innovation in eDiscovery platforms, which are becoming more important in many areas of litigation

• Smaller disruptors in eDiscovery compete with larger platforms like HP Autonomy

• Other technology in use by law firms to manage cases, documents and billing is often dated, as the industry is fragmented and firms can be slow to adopt new solutions.

Overall Spending on eDiscovery Software Funding Activity in the Legal Tech Space

Industry Leaders Key Trends• Software for the legal industry typically falls into a couple of key categories- Case management / document management software- Time and billing software- Litigation support / e-Discovery• The legal industry is fragmented and often slow to adapt to new technologies from a practice management perspective- Small firms can use generalist tools to manage their practice (e.g. MS Excel/Outlook, QuickBooks, Box/DropBox) • New tools to provide litigation support could see strong adoption- E-Discovery / Data Analytics will play an increasing role- Contextual searches required to make data review processes more efficient, reducing the cost of litigation• The growth of data and document review systems will likely make law firms an increasing target by attackers looking to gain information about a company or piece of litigation- Tailored security for law firm stored files and eDiscovery tools may become an increasing trend

Scores

Market Size

Market Growth



Overall

1.87 2.09 2.34 2.62 2.93 3.28

2013 2014 2015 2016 2017 2018

$B

2013-18 CAGR: 11.9%

Source Gartner

Professional Services IT Spend as % of Revenue / Per Employee

4.5% / than average

8 20

27 33

60

30

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



Public Private

(Thomson Reuters)

(HP)

* = e=Discovery / Litigation support

*

*

* *

* *

*

Source American Bar Association; Broker research; Trade Press; Emergence Capital Partners

BOWERY CAPITAL 24

Headquarters: New York, NY Employees: 1

Legal: Pro!les of Disruptors / New Entrants

Headquarters: Dallas, TX Employees: ~35


• Brainspace Discovery 4 removes the need for the time-consuming creation of lexicons and input of keyword lists, and for traditional linear review techniques

• It automatically clusters related documents and develops the keywords that will allow for intelligent, defensible exclusions, and makes the following discovery, review, and production processes smarter and more efficient

• Data visualizations connect seemingly disparate and distributed pieces of information, surfacing new insights and understandings that are not discoverable through traditional search and predictive coding methods

• Founder: Dave Copps

InvestorsTotal Funding: ~$10MM

Key Milestones

Rebranded as BrainSpace in 2014 (formerly PureDiscovery)Named a Cool Vendor in Risk Management by Gartner in 2014; One of Dallas’ fastest growing companies in 2014

Headquarters: Philadelphia, PA Employees: ~15


• Hire an Esquire is a legal labor marketplace that helps law practices transform into an efficient flexible business model while helping lawyers diversify their career and network in a volatile legal economy while also providing entrepreneurial and lifestyle options previously unavailable in the legal profession

• The first technology driven staffing service that lets law firms, businesses, and startups locate, manage, and pay freelance, contract, and local counsel through a simple intuitive SaaS platform

• Founders: Andrew Somerville / Jules Miller / Julia Shapiro

InvestorsTotal Funding: ~$725k

Key Milestones


• Bodhala is a game-changing legal marketplace that cuts companies' legal costs• Bodhala introduces customers to new highly effective, more affordable counsel options for

specific matters while also helping lower rates of existing counsel• Proprietary technology -- which leverages extensive data around attorneys' performance,

experience and referrals -- brings substantial savings by harnessing the power of transparency and true competition

• Founder: Ketan Jhaveri


Key Milestones

Company remains in private beta

Headquarters: Redmond, WA Employees: ~50


• IronBox specializes in Internet security, data protection and application security• IronBox encryption technology can be used for secure file transfer in conjunction with

Dropbox and other cloud storage providers• IronBox also launched email encryption technology specifically for law firms and accounting

firms, designed to work with Microsoft Outlook• IronBox products are currently used by many Fortune 500 companies as well as mid-sized

businesses• Subscription pricing model on a monthly basis is upto $34.99• Founders: Kevin Lam / Tim Riley

InvestorsTotal Funding: Privately funded

Key Milestones

Launched email encryption tool in February 2014IronBox express, a tool to encrypt files within Dropbox, launched in July 2014

Received seed funding round in May 2014Expanded services in 2013 to meet staffing needs of large and small law firmsCustomers are primarily AM Law 200 firms and Fortune 500 legal departments


BOWERY CAPITAL 25

Legal: Pro!les of Disruptors / New Entrants

Headquarters: Boca Raton, FL Employees: ~20


• Rocket Matter is the leading SaaS time and billing and practice management application for law firms

• The software is most suited to firms of 1-100 employees• The platform has a web product and native apps for Android and iOS• Established in 2007, Rocket Matter has grown at least 50% a year since inception• In 2013 Rocket Matter introduced an Internet marketing product, in attempt to help law firms

manage their entire client experience, from initial lead gathering through invoicing• Pricing is monthly subscription based ($50-60/month)• Founder: Larry Port


Key Milestones

Headquarters: Chicago, IL Employees: ~100


• Total Attorneys is the nation’s leading provider of cloud-based practice management / customer acquisition software for attorneys

• Total Attorneys connects small law firms and solo practitioners to millions of consumers, and simplified client management with a robust web-based practice management platform

• For $1 per month and in one place, attorneys can receive new leads, create and manage matters, handle time and billing, manage documents, receive payments, send agreements and invoices, and allow clients to access their firm through a secure client portal

• Total Attorneys has listed twice on the INC. 500 list and Crain’s Chicago Business Fast 50• Founder: Ed Scanlan


Key Milestones

Outlook integration introduced, Aug 2014Android app introduced in August 2013Rocket X1 marketing service launched in April 2013

Raised $15MM from Bain Capital in 2012Received award for “most innovative legal product” in 2012


BOWERY CAPITAL 26


Chad LynchDirector of Corporate Business DevelopmentOrrick, Herrington & Sutcliffe LLP is an international law firm founded in San Francisco, California. Chad leads the business development platform for the Orrick Emerging Companies Group based in Silicon Valley, Chad created the Total Access program specifically to serve both the entrepreneurs of early-stage and growth companies and the venture capital community.

Ed ZimmermanChair, Tech Group Lowenstein Sandler is a nationally recognized top-ranked business law firm. Ed is a venture lawyer at Lowenstein. He represents start-ups and growth companies in raising money, selling the company or cashing out the founders, and depending on market conditions, public offerings.

Alex CastelliPartner and Technology Industry Practice DirectorCohnReznick LLP is the tenth largest public accounting firm in the United States based in New York, the firm co-sponsored the the first EvolveLaw Legal Tech Demo Day with DWT in New York in 2014. Alex leads the firm's Technology/Life Sciences Industry Practice.

Craig JacobyPartnerCraig Jacoby specializes in representing high growth companies and their investors and is the Chair of Cooley's Emerging Companies group. Cooley LLP recently announced a partnership with the legal tech startup Ravel Law, through this partnership Cooley’s client alerts providing analysis of recent changes in law will be available in Ravel, accessible right alongside the court opinions they discuss.

Orrick, Herrington & Sutcliffe CohnReznick

Lowenstein Sandler Cooley LLP

Silicon Valley BankShai GoldmanManaging Director at SVB CapitalShai was relocated from Bay Area to New York City to expand the SVB NYC office and support the startup community. He seeks interesting technology startups that are boostrapped or pre-VC backed and guided them to SVB for commercial banking services. Source Company websites, TechCrunch, Bloomberg, Fortune, WSJ,





https://www.linkedin.com/company/492307?trk=prof-exp-company-name

https://www.linkedin.com/company/492307?trk=prof-exp-company-name

Ⅵ. Oil & Gas /

BOWERY CAPITAL 28

Signi!cant Software Spend but Potential Barriers to Adoption of New Technology

• The growth in new oil & gas companies provides a broader customer base for oil & gas startups

• However, existing software spend as a percentage of revenue is low, and the age of the workforce may make some companies reluctant to adopt new technologies

• Investment opportunities may be limited, although the number of startups entering the space is growing

Spend on Software by the Oil & Gas Industry Funding Activity in the Oil & Gas Tech Space

Industry Leaders Key Trends• The rise in unconventional drilling techniques (e.g. hydraulic fracturing) is driving significant growth in US oil & gas production- Historically, IT spend has been low in Oil & Gas as a % of revenue- However, unconventional drilling is driving increases in complexity, cost and risk of drilling, so demand for technology is increasing• Thousands of small exploration & production companies are competing with multinationals for cost-effective ways to find and produce oil and gas. Leads to an increase in potential customer base for tech firms.• Datasets are fragmented and inaccurate – publicly available filings are often in paper format, filed at local courthouses, and can be incomplete / contain purposeful errors• Demand for data and advanced analytical software is growing as companies look to deploy increasing resources effectively- This trend is accelerating as younger, tech-savvy workers enter the growing industry workforce in the US.• Low levels of IT spending by traditional oil & gas firms and entrenchment by existing vendors may limit growth rates of disruptors

Scores

4.55 4.90 5.18 5.57 6.13 6.64

2013 2014 2015 2016 2017 2018

$B 2013-18 CAGR: 7.9%

Source Gartner

Energy IT Spend as % of Revenue

1.0% / than average

Public Private

Source Industry experts; Trade press; Emergence Capital Partners

1 4

7

14 13 14

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



Market Size

Market Growth



Overall

BOWERY CAPITAL 29

Headquarters: Calgary, Alberta Employees: ~10

Oil & Gas: Pro!les of Disruptors / New Entrants

Headquarters: Tampa, FL Employees: ~10


• Fielding Systems provides solutions to the E&P industry that help production operators streamline operating activities and increase production through proper management and optimization

• FieldVisor provides end-to-end field data capture, operations management and production reporting for E&P companies

• ScadaVisor supports multiple device or continuous real-time monitoring of Oil & Gas field devices (e.g. flow meters, pumpoff controllers, tanks, compressors, PLC’s, artificial lifts, and other SCADA devices) via the web or a mobile device

• VisorBridge is a communication engine for all Oil & Gas devices• Founder: Sean CutterInvestorsTotal Funding: ~$665k

Key Milestones

First annual user group meeting to be held in NovemberReleased iPad app in January 2013Datacenter operations transferred to Microsoft Azure in 2013

$515k seed round in August 2013 $150k Angel round in October 2013



• RunTitle is an online marketplace for mineral ownership information• On one side of the market are professional landmen – they travel to local courthouses

around the country to pick up paper filings (reporting changes in ownership and exploration / production activity) on a daily basis to produce mineral ownership reports

• Oil & Gas companies can purchase the mineral ownership reports to determine which land parcels they should lease / purchase

• The price of every report is set by its’ seller, and report costs typically range from $200 to $5000

• RunTitle charges a processing fee on every report sold• Founders: Reid Calhoon / Charlie Wohleber


• Petrofeed is a mobile application that allows users to see the location and status of any rigs currently operating

• Information currently includes detailed statistics, current job information and current rig location for every Rig in the province of Alberta

• Like social media apps, users also have the option to "follow" specific rigs and receive notifications when the rig begins a new well, finishes drilling or moves

• The service aims to expand to become a database of companies and people, in addition to rigs

• Subscription to the service is ~$99/month• Founders: Ashley Dunfield / Gavin Miller


Launched in early 2014 as a free appReached the top of the business app rankings in Canada in August 2014

$2.8MM seed round in April 2014

Key Milestones

Headquarters: Broomfield, CO Employees: ~15


• PetroDE combines analytics, situational awareness, and collaboration to facilitate rapid decisions for Oil & Gas firms

• The software includes advanced search capabilities as well as the ability to display Monte Carlo statistics, charts, maps and user created annotations on a secure communication platform

• Founder: Alan Lindsey


Key Milestones


Key Milestones

Moved to Houston in early 2013 to join the SURGE accelerator programMoved from Houston to Austin in September 2013, after receiving funding from Austin ventures

Software was debuted in August 2012Google Earth functionality for mapping added in 2013Analytics on well production across 4.5MM wells added in August 2013

GABA LLC JES LLC


BOWERY CAPITAL 30


Marian MarinoManager, GameChanger at ShellMarian leads a team of innovators that look for and sponsor the development of radical ideas that have the potential to drastically impact the future of energy. Shell is looking to invest in startups that can “find more oil in better ways,” as well as sensor technologies, such as sensors that can be put in refineries that can alert operators about all activities while they are happening.

Christina KarapatakiPrincipal, Schlumberger Technology InvestmentsSchlumberger is the world's largest oilfield services company, it also offers technology services and solutions for oil and gas companies. Christina said Schlumberger is interested in data analytics technologies and companies that can merge information technologies with energy technologies.

John Egil JohannessenInvestment Manager, Statoil Technology InvestStatoil ASA, is a Norwegian multinational oil and gas company. Statoil has three programs to support startups: LOOP program provides project funding and access to technical expertise & pilots without taking ownership, while Seed funding and Venture Capital both involve STI paying for an ownership stake in a company. The company is also a sponsor of the energy-sector-focused accelerator SURGE in Houston, Texas.

Cory SteffekCorporate Venture Capital at Aramco Energy VenturesSaudi Aramco Energy Ventures is the corporate venturing arm of Saudi Aramco. The company is interested in technologies of upstream oil & gas, downstream oil & gas and value-added products, energy efficiency, etc.

Shell Statoil

Schlumberger Saudi Aramco

National Oilwell Varco (NOV)Jay PickettDirector of Technology DevelopmentNOV is a leading worldwide provider of equipment and components used in oil and gas industries. Jay’s Technology Development team is responsible for finding and developing breakthrough technology in order to commercialize it and add it to their product portfolio.

Source Company websites, fuelfix.com, LinkedIn, TechCrunch, Bloomberg, WSJ,

http://en.wikipedia.org/wiki/Oilfield_services

http://en.wikipedia.org/wiki/Oilfield_services





Ⅶ. Construction/

BOWERY CAPITAL

Potential for Increased Technology Adoption as the Industry Embraces the Cloud

32

• Use of mobile technology and cloud-based software allows construction industry professionals to access information, plans etc. while on site

• There are significant opportunities to optimize workflows through these technologies

• Many point solutions exist, but construction firms are still using many different vendors

Spend on Software by the Construction Industry Funding Activity in the Construction Tech Space

Industry Leaders Key Trends• As with many industries, construction firms have really begun to embrace the cloud in recent years• There is a significant amount of M&A activity in the construction technology space, as larger firms piece together an integrated solution through the acquisition of smaller, single-product vendors• Key trends emerging in the construction industry- Mobile computing is taking hold (70% of construction professionals now say mobile technology is important to their business)- Data-driven design through Building Information Modeling (BIM)- Collaboration tools are increasingly important• Growth in the use of mobile technologies will require integrated infrastructure to connect mobile and desktop, and also an upgrade of security solutions (many construction workers currently report the use of personal devices in their roles)

Scores

2.42 2.64 2.89 3.14 3.40 3.71

2013 2014 2015 2016 2017 2018

$B

2013-18 CAGR: 8.9%

Source Gartner; Internal estimates

Construction IT Spend as % of Revenue

1.0% / than average

Market Size

Market Growth



Overall

Public Private

Source Broker research, Constructech, Trade Press; Emergence Capital Partners

8 10 9

14 13 11

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



BOWERY CAPITAL

Presented at the NY Tech Meetup in July 2014Noted as an up-and-coming company on the 2014 Constructech 50

33


Construction: Pro!les of Disruptors / New Entrants

Headquarters: Houston, TX Employees: ~30


• Instant Access to BIM Data for AEC Workflows• Assemble is the web-based solution that lets you extract data, add intelligence, and

collaborate in real-time to make better decisions and deliver projects on time and in budget• Assemble automates the extraction of all properties and parameters from a model so that

BIM data can be accessed and managed from any web browser• The data is updated in real-time and can be shared across project teams• Founder: Howard Davis


Key Milestones

Named a Top 50 vendor by Constructech in 2014Announced a strategic partnership with Kahua systems in July 2014

Headquarters: Mason, OH Employees: ~15


• Cloud Takeoff is a SaaS solution that allows the construction industry to collaborate and create estimates using digital plans

• Cloud Takeoff makes it very easy for construction contractors to measure, or perform “takeoffs” on their blueprints stored safely in the cloud. From any Mac or PC they can create estimates, share their plans with subs or suppliers and communicate with others directly on their plans

• Pricing is on an annual or monthly subscription basis, starting at $79/user• Founder: Phillip Ogilby


Key Milestones


• FieldLens is a collaboration tool to connect with everyone on the jobsite. Available on iOS, Android or the web

• Users can issue jobsite tasks and track field progress in real-time, as well as organize project communication and deliver pre-formatted reports (PDF, spreadsheets or web-based links)

• The software supports video, photos, voice notes and attachments• When information is added offline it automatically uploads when the device is in range again• FieldLens’ goal is to help project teams work smarter and faster• Priced at $15/month per user• Founder: Matt SenaInvestorsTotal Funding: $12.6MM

Key Milestones

Headquarters: San Diego, CA Employees: ~30


• NoteVault provides innovative voice-to-text-based mobile reporting solutions for the commercial construction industry

• NoteVault's reporting system enables users to simply 'call in' notes. Each note is then transcribed and automatically emailed the next day in text as a PDF Daily Report to project stakeholders. Notes can be viewed online in virtually real time as well

• Founder: Peter Lasensky


Key Milestones

Hired new Eastern & Western US Sales Directors in September 2014Planning to open offices in NYC and San Francisco

In Sep 2014, Cloud Takeoff partnered with the Virtual Builders Exchange, allowing members of the exchange to use Cloud Takeoff software for free


BOWERY CAPITAL

Launched in March 2012Named a Top 50 vendor by Constructech in 2014

Named a top product by Constructech in 2014Debuted iPad app in Feb 2014

34

Headquarters: Redwood City, CA Employees: <10


• ourPlan is the visual planning program designed specifically for Lean Construction projects. • It is an easy-to-use cloud application that manages short interval schedules• ourPlan Track downloads your project from the cloud to your iPad so you can view and

update your commitments in the field• Founded by DPR construction


Key Milestones

Headquarters: Mountain View, CA Employees: ~40


• PlanGrid is a cloud-based app that allows users to store blueprints and construction documents on iPad and iPhone

• People working in the field can use these instead of paper-based versions• When a modification needs to be made, that can be directly noted on the plan, in the app• Founders: Kenny Stone / Tracy Young / Ryan Sutton-Gee / Ralph Gootee


Key Milestones

Headquarters: Carpinteria, CA Employees: ~130


• Procore Technologies, Inc. designs and develops construction project management software. The company's software manages and organizes project schedules, communications, change orders, requests-for-information data, and job logs

• Procore’s software lets construction professionals collaborate on projects from Internet-connected devices by keeping all the drawings, contracts, and documents in one central place and synced up

• Founders: Tooey Courtemanche

Key Milestones

Procore has been on the cloud since 2003 Raised $15 Million Series D in June 2014

InvestorsTotal Funding: $19 MM

Construction: Pro!les of Disruptors / New Entrants


BOWERY CAPITAL 35


Chris PurcellChief Technology OfficerMcKinstry is a giant construction services company, the company invested in a Bellevue startup BuildersCloud which helps construction companies share files and mobile collaboration for construction professionals.

Tom PeckSVP & CIO and Global Head, Procurement & Travel AECOM is a $20B global provider of architecture, design, engineering and construction services, the company is a customer of the digital-blueprint software startup PlanGrid.

Dan DolinarExecutive Vice President, COORudolph and Sletten is a general contracting firm on the United States west coast providing general contracting and construction management services, the firm built some of Silicon Valley's first clean rooms, micro-processing plants and biotech laboratories. Rudolph & Sletten is a paid customer of the digital-blueprint software startup PlanGrid.

David HammerleVice President, Procurement and ContractsBechtel Corporation is the largest construction and civil engineering company in the United States. The company continually developes information systems to improve workflows, including implementing new applications to accelerate information flow among engineering, construction, procurement, and project management functions, applying multiple Web-based procurement and collaboration tools, deploying new networking technologies such as "virtual companies" that let multiple offices in far-flung places team up to design and manage projects.

McKinstry Rudolph & Sletten

AECOM Bechtel Corporation

DPR ConstructionAtul KhanzodeDirector of Construction TechnologiesDPR Construction is a national technical builder specializing in highly complex and sustainable projects, the company uses state-of-the art building information modeling (BIM) and integrated project delivery (IPD) technology and methods. Atul leads the Construction Technologies Group at DPR Construction which includes Operations, Preconstruction and BIM technologies.

Source Company websites, TechCrunch, Bloomberg, Fortune, WSJ,

http://en.wikipedia.org/w/index.php?title=Construction_management_services&action=edit&redlink=1

http://en.wikipedia.org/w/index.php?title=Construction_management_services&action=edit&redlink=1

http://en.wikipedia.org/wiki/Construction

http://en.wikipedia.org/wiki/Construction

http://en.wikipedia.org/wiki/Civil_engineering

http://en.wikipedia.org/wiki/Civil_engineering

http://en.wikipedia.org/wiki/Economy_of_the_United_States

http://en.wikipedia.org/wiki/Economy_of_the_United_States



Ⅷ. Natural Resources /

BOWERY CAPITAL 37

Room for Growth in Software Spending, but Industry May be Slow to Adopt

• Spending on technology as a % of revenue in the industry is low, but the industry size means the market remains large

• Aging workforce and concentration in low-tech, developing countries makes the industry slow to adapt

• Mobile technologies represent an opportunity for new entrants, but investment opportunities are limited

Spend on Software by the Natural Resources & Materials Industry

Funding Activity in the Natural Resources Tech Space

Industry Leaders Key Trends• A number of factors are likely to hamper growth in software spend- Large, entrenched players in metals & mining limits customer base for software startups- Mining activity increasingly moving to developing countries- Aging workforce reluctant to adopt new technology• Areas for growth in technology usage include- Increasing use of social media to connect with local communities- Safety analytics to improve management of high risk activities- Requirement to reduce production costs as commodity prices stay low, requiring better design and supply chain planning tools- Increasing compliance requirements as regulatory environments become more complex• Technology developments in the mining sector have been focused in Australia and South Africa• The forestry segment in the US has seen growth as governments and timber companies look to better manage their plots using technology

Scores

15.58 16.81 18.37 20.00 21.79 23.65

2013 2014 2015 2016 2017 2018

$B 2013-18 CAGR: 8.7%

Source Gartner

Natural Resources IT Spend as % of Revenue

1.0% / than average

3 2

6 5

6

11

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



Market Size

Market Growth



Overall

Public Private

(formerly Gemcom, owned by Dassault)

(Honeywell)

Source Broker research, Trade Press; Emergence Capital Partners

BOWERY CAPITAL

Raised seed funding on February 21, 2013 WatrHub became a portfolio company for the SURGE accelerator program, and a winner of Imagine H20 Annual Water Competition in 2014.

38

Headquarters: Thetford, VT Employees: ~5

Nat. Resources: Pro!les of Disruptors / New Entrants

Headquarters: Toronto, Ontario Employees: ~10


• WatrHub Inc. is a Data & Analytics company that delivers timely, tailored market intelligence to drive faster growth and smarter decision-making in the Water Industry

• WatrHub’s platform enables users to extract insights and track analytics from diverse data sources, including internal databases, spreadsheets, public-domain records, and 3rd party online and offline sources, in any format

• Founders: Ahmed Badruddin / Sunit Mohindroo


Key Milestones

Headquarters: Newcastle, Australia Employees: ~10


• Fewzion is a shift planning system designed to improve performance in mining• Fewzion makes it easy to put an up to date plan in the hands of front line leaders and hold

them accountable for delivering it• Fewzion uses modern software usability features to provide “ipad simple” functionality that

you simply can’t get from spreadsheets, whiteboards and traditional ERP tools. Whilst retaining (and improving on) the visual management and interactive capabilities of tools such as Lean, Six Sigma, Management Operating Systems (MOS), Total Quality Management (TQM) and the Theory of Constraints

• Founder: Alex Retzlaff


Key Milestones


• Forest Metrix is a forest inventory software app for timber cruisers, consulting foresters and others who wish to measure forests and the habitat features around them

• The app allows the user to input data, use mapping overlays and create analytical outputs• Forest Metrix systems work on modern tablets, such as iPad Minis for extremely quick and

complete entry, along with integration with GPS, camera, web and other available hardware and services.

• Founder: Donn Downey


Key Milestones

Reviewed positively by the Society of American Foresters in September 2013Won Massachusetts forestry software contract in March 2014iPhone version launched in 2014



• Plot Reduce uses several data layers to build a sophisticated map of the forest stratification• This can then be used to estimate inventory on the plot, allowing investors (REITs,

government agencies etc) to better manage their inventory budget for forested areas• Plot Hound is a free app that can be used to manage cruising data flow (cruising is a

measurement process to estimate the amount of standing timber in a forest location)• Since launch, the software has been used on 114,000 plots across 23 states, covering 4MM

acres• Founders: Zack Parisa / Max Nova


Key Milestones

SilviaTerra is a product of the MassChallenge startup accelerator in 2011SilviaTerra has closed several deals with large timber companies since launching the product in 2011

Fewzion was part of the 2013 intake of the Australian startup accelerator called SlingshotIn 2014, Anglo American became a Fewzion customer


BOWERY CAPITAL 39


Stuart McCrackenHead of Exploration Business and Strategic PlanningAnglo American is one of the world’s largest mining companies. The company is one of the shift management software startup Fewzion’s clients, Fewzion’s software is being used at Moranbah North in Anglo American’s program to improve productivity.

Chris Van LiewChief Information OfficerThe Weyerhaeuser Company is currently one of the largest private owners of timberlands. Chris is responsible for IT Architecture, resumed responsibility for IT Supplier and Procurement Management, and continuing as director of IT Infrastructure Services. Weyerhaeuser is moving to downtown Seattle in 2016 to build its own urban campus next to Amazon.

Jeane L. HullChief Technical Officer Peabody Energy is the world's largest private-sector coal company. Jeane leads the company’s supply chain management activities, as well as technical, project and operations support functions across Peabody's global platform. Peabody is also one of the shift management software startup Fewzion’s clients.

Paul StewartVP & Chief Information Officer BHP Billiton is one of the world’s largest global resources company. The company has sponsored a resource-based technology accelerator in Australia and has been a client of CloudFX, a Singaporean company which provides cloud strategy consulting and implementation services. Previously Stewart was CEO of Canopy Cloud, a cloud computing company.

Anglo American Exploration Peabody Energy

Weyerhaeuser BHP Billiton Petroleum

Freeport-McMoRanBert OdinetChief Information OfficerThe Phoenix, Arizona-based company is the world’s largest producer of copper and molybdenum and a major producer of gold. Bert manages delivery of Information Technology and Corporate Financial Shared Services (AP, Payroll, T&E, Records Management and Business Continuity) through a global team providing in-house and outsourced functions. Source Company websites, LinkedIn, CIO.com, TechCrunch, Bloomberg, Fortune, WSJ,



Ⅸ. Real Estate /

BOWERY CAPITAL 4117

A Crowded Space With Many New Entrants

• There are many technology solutions for both consumers and real estate professionals, but these are typically point solutions

• Mobile technologies are becoming increasingly important in the industry and are an area of growth

• There has been significant investment in real estate focused startups, as well as M&A in the sector

Spend on Software by the Real Estate Industry Funding Activity in the Real Estate Tech Space

Industry Leaders Key Trends• The real estate space is crowded with many technology solutions• Many different marketplaces and search tools exist to connect residential and commercial buyers with sellers or brokers• For brokers, tools exist to manage CRM, marketing, transactions and inspections• Mobile will become a more integral part of the business- Mobile video for marketing listings- Beacon-based technology for sending notifications to mobile devices- Use of mobile devices to manage listings and close transactions• Other technology trends that may gain traction in real estate markets include:- 3D environment modeling- 3D printing capabilities in real estate offices- Use of drones in real estate marketing

Scores

Market Size

Market Growth



Overall

1.38 1.50 1.63 1.75 1.91 2.05

2013 2014 2015 2016 2017 2018

$B

2013-18 CAGR: 8.2%


Professional Services IT Spend as % of Revenue

4.5% / than average

31 47 69

96

207 170

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds




Public Private

BOWERY CAPITAL 42


Real Estate: Pro!les of Disruptors / New Entrants


• Hightower offers a mobile technology platform that allows landlords and their brokers to collaborate on deals in real time, track important documents and information, and view real-time analytics from mobile devices

• Hightower’s services are geared toward both owners and brokers. Owners can use it to manage multiple aspects of leasing their buildings, including managing their deal pipeline and working with existing tenants, as well as taking track of their marketing efforts

• The company said it is working with 40 commercial landlords and institutional investors who manage “100s of millions of square feet” through the tool

• Founders: Donald DeSantis / Niall Smart / Brandon Weber


Key Milestones

Raised series A round in August 2014Listed in BVP’s “Top 300 Private Companies in the Cloud”Used by Beacon Capital, CBRE and JLL

Headquarters: Collingswood, NJ Employees: ~30


• Smarter Agent is the largest cloud-based SaaS mobile platform in the real estate space. Clients include real estate franchisors, brokers and multiple listing services

• Smarter Agent’s BREEZE Mobile technology can transform any single global app suite into thousands of mobile solutions. This allows any company to have massive scale, as well as 1-to-1 engagement between employees and customers

• Today Smarter Agent powers more highly rated and downloaded real estate app titles in the Android/iPhone marketplaces than any other in the real estate vertical

• Founder: Eric Blumberg


Key Milestones

Clients include Century 21, Sotherby’s International Realty and Berkshire Hathaway HomeServicesIn Sep 2014, Smarter Agent was included on the Inc. 5000 list

Headquarters: Cincinnati, OH Employees: ~5


• DWLLR is the first business management system (BMS), built to help real estate professionals sell more homes.

• A fully customizable application, that provides an end-to-end solution that simplifies the real estate transaction by streamlining the sales efforts, eliminating paper, and providing a fresh approach to marketing, all while saving professionals time and money

• Dwllr combines elements from Yammer, Salesforce and Basecamp to provide a environment to communicate, collaborate, share information in an easy and secure application

• Founder: Khisaun Ferguson


Key Milestones



• Rethink is a CRM system for Real Estate professionals, built on Salesforce’s Force.com platform

• Rethink was built from the ground up for the Real Estate industry and has been ranked as the #1 real estate app on the Salesforce App Exchange

• Prospects can be automatically matched with listings• Create action plans to keep in touch with buyers and sellers• Visualize sales cycle and identify trends• There are over 100,000 Rethink CRM users• Founder: Vijay Mehra


Key Milestones

In 2014, Rethink surpassed 100,000 users across 20 countries and became the leading Real Estate CRM solution on the Salesforce app exchange

Launched in four markets – San Francisco, NYC, Cincinnati and Chicago


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In 2014, Rethink surpassed 100,000 users across 20 countries and became the leading Real Estate CRM solution on the Salesforce app exchange

Compstak launched CompStak Exchange in October 2014, a new platform of the lease comp database platform. The company has raised $5 million in Series A funding



• CompStak uses a crowd-sourced model to gather real estate information that is hard to come by, difficult to compile, or otherwise unavailable

• CompStak devised a crowd-powered model in which brokers trade their information about lease “comps” – info about rents, square footage, building income and tenants – in exchange for other comps

• The firm is now in 12 cities in the U.S. , including New York , San Francisco, Chicago, Washington DC, Atlanta, Los Angeles and Dallas, and plans to expand further

• Founder: Vadim Belobrovka, Michael Mandel

InvestorsTotal Funding: $10MM

Key Milestones



• SiteCompli aggregates and analyzes compliance data for commercial, residential and institutional owners

• SiteCompli has quickly become the industry standard technology solution used by New York City property owners and managers to stay on top of compliance issues including violations, fines, permits, equipment inspections, hearings and more

• The company monitors over one billion square feet of real estate in New York City, including over 60 percent of large office buildings

• Founder: Ross Goldenberg, Jason Griffith


Key Milestones

Real Estate: Pro!les of Disruptors / New Entrants


Reonomy raised its Series A of $3.7M, and launched a beta to select institutional real estate investors, lenders and developers in March 2014,



• Reonomy’s platform makes Commercial Real Estate (CRE) property and market-level research simple. With Reonomy’s comprehensive and validated data coupled with powerful analytics, CRE investors and lenders can make faster, more secure, and informed decisions.

• Reonomy’s research platform enables CRE investors and lenders to conduct quant-based analyses that currently take hours, days, or weeks and execute them in a matter of clicks.

• Data is taken from more than 100 sources and is formatted, standardized, structured and integrated to provide the greatest possible value to Reonomy clients, such as institutional and private investors, lenders, researchers, and valuation groups at brokerage firms.

• Founder: Harlan Milkove, Richard Sarkis, Charlie Oshman, Guillermo Sanchez

Key Milestones

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Scott CrowleySVP & Chief Information OfficerAs CIO, Mr.Crowley is responsible for ensuring that the company’s information technology investments are aligned with its business objectives. In addition, his main focus is to identify and implement technologies to empower the sales force to become more efficient and productive, giving the company a competitive advantage in the marketplace. Berkshire Hathaway HomeServices is a customer of the startup Smarter Agent.

David BeltExecutive Director and FounderMacro Sea is developing the 84,000-square-foot design incubator New Lab at the Brooklyn Navy Yard. As the founder, David has developed a diverse range of projects that vary widely in size, scope, and location, and has become a leader in creative development and interim use projects. In the past 10 years, David has executed over $1 Billion worth of private and institutional development projects in New York, Philadelphia, Princeton, and Europe.

Craig CuyarGlobal CIOCushman & Wakefield is the world's largest privately-held commercial real estate services firm. The company launched C&W TechBeat, an innovative website that will serve as a tool for technology startups and creative companies by offering the latest information, reports and trends on the Manhattan commercial real estate market.

Charles L. RauSVP & Chief Technology OfficerForest City Enterprises is a $9-billion diversified real estate management and development company, its projects include New York Times Building and Atlantic Yards in New York. The company has worked with the startup Fundrise in Washington D.C. As CTO, Mr.Rau has been instrumental in leading the Company's information technology capability and transforming it into a unified, companywide team that is enabling Forest City to better leverage information to make key business.

Berkshire Hathaway HomeServices Cushman & Wakefield

Macro Sea Forest City Enterprises

Newmark Grubb Knight FrankMarc HeringChief Technical OfficerNewmark Grubb Knight Frank is one of the largest commercial real estate service firms in the world. The company is a client of Compstak, a startup company providing a platform for the exchange of commercial lease comps. Source Company websites, LinkedIn, VentureBeat, Bloomberg, Fortune, WSJ,

http://en.wikipedia.org/wiki/New_York_Times_Building

http://en.wikipedia.org/wiki/New_York_Times_Building

http://en.wikipedia.org/wiki/Atlantic_Yards

http://en.wikipedia.org/wiki/Atlantic_Yards





Ⅹ. Hospitality /

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A Large, Fragmented Market Using Multiple Technologies, But a Crowded Startup Space

• The hospitality industry is large and fragmented, with most establishments implementing some kind of technology solution (POS for restaurants and PMS for hotels)

• There are multiple app-based solutions in the market, with limited scale players

• There are opportunities for new entrants as establishments look to differentiate themselves on customer service using technology

Spend on Software by the Hospitality Industry Funding Activity in the Hospitality Tech Space

Industry Leaders Key Trends• New technology in hotels continues to move at a rapid pace, with smartphone enabled door locks and automated robot butlers being two recent examples- Hilton invested $550MM in smartphone room keys- Starwood debuted robot butlers in Cupertino in August 2014• Even in most independent hotels and restaurants there are many technology solutions, particularly in the fields of POS (restaurants) and guest management software (hotels)• Key trends that will increasingly impact the industry include- Mobile enabled front-desk management for hotels- Electronic check in and mobile guest communication for hotels- Mobile ordering and payments- Variable pricing for restaurants- Self service kiosks- Increasing awareness/management of social media to drive marketing

Scores

26 62

110 132

213

149

2009 2010 2011 2012 2013 2014 YTD

# of funding rounds



3.21 3.54 3.84 4.11 4.42 4.76

2013 2014 2015 2016 2017 2018

$B

2013-18 CAGR: 8.2%


Retail IT Spend as % of Revenue

1.5% / than average

Market Size

Market Growth



Overall

Public Private

(Oracle)


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Headquarters: Bethesda, MD Employees: ~15

Hospitality: Pro!les of Disruptors / New Entrants


• StayNTouch fundamentally improving the way hotels operate & connect with guests through a unified cloud platform.

• Rover is a PMS overlay that extends the functionality of the PMS system• Rover can handle check in, payments, upgrades, reviews, guest messaging and facebook

integration• Zest is a smartphone app for guests that allows the hotel and guest to stay in contact for a

better level of service and improved convenience• Both systems are white labeled for use by hotels• Founders: Jos Schaap / Tim Kinsella


Key Milestones

Concur’s EVP of Supplier Management joined the board in 2013 as part of the company’s $2.1MM funding roundSeveral high profile hotels have adopted the technology, including Yotel in NYC



• VOYAT is the leading social CRM for hotels. The platform strengthens the direct relationships hotels have with guests through social and enables brands to use smart data & personalization to drive up sales

• VOYAT cloud applications and plugins can connect a large range of data sources and personalize and re-target guests throughout the entire travel and booking lifecycle

• The platform also provides powerful data analytics and business intelligence, permitting hotels to open new revenue opportunities and improve customer satisfaction

• Founders: Benjamin Habbel / Bob Lund


Key Milestones

Clients include the New York Palace, The Shangri-La California, Morgans Hotel Group and Starwood

• PriceMatch wants to industrialize and democratize revenue management for hotels• PriceMatch builds state-of-the-art econometric algorithms predicting future demand and

giving price recommendations• Those algorithms are implemented on a web-platform that is easy to use, well connected to

all kind of data sources, well connected to software already used by their clients, and finally entirely automatic

• PriceMatch developed powerful tools to measure the impact of its price recommendations on the revenue of its clients. On average, clients increase RevPAR by 7-10%

• Founders: Tancrede Besnard / Felix Blossier / Khalid Guitti / Raphael Theron / Quentin de Metz / Arthur Waller

Pioneer of the SaaS model for the hospitality industry since 2002Acquired by Newmarket in 2011Currently serving over 2,000 customers in 40 countries

Headquarters: Miami, FL Employees: ~90


• MTech serves hotels around the globe, providing software solutions that enable them to provide better service while working more efficiently

• Using proven technologies, MTech helps hoteliers maximize the guest experience and exceed expectations through guest recognition and process improvement

• MTech solutions are Enterprise level and Internet based• Products include: HotSOS, Espresso!, QIC, REX, TACT, PMWorks, Rapid Response• Founder: Luis Segredo

InvestorsTotal Funding: Acquired

Key Milestones

Headquarters: Paris, France Employees: ~40



Key Milestones

Launched in August 2013, and now has over 400 hotel partners in 34 different countriesThe properties PriceMatch works with range from 2 to 5 stars, the smallest having only 9 rooms, while the largest has 523.

Concur Technologies


BOWERY CAPITAL

Zairge launched in August 2014 at the DreamIt NYC demo dayZairge has already signed up hotels including the James New York, and Aloft Harlem

The Simplenight app released on iOS, Android and desktop in 2013Raised seed funding in December 2013 Participated TechCrunch Disrupt in 2013

48



• Simplenight works with Distribution Channels in the travel industry such as Airlines, Hotels, Travel Agencies and Online Travel Portals to help maximize their revenues by providing unprecedented access to unique inventory including: dining, nightlife, tours, activities, luxury transportation, hotel F&B, shows, concerts, sporting and special events

• The platform provides a simple B2B, white-label solution allowing for millions of customers across the globe to book and purchase the highest-rated and most popular activities for their experience all through a single channel

• SIMPLENIGHT manages the sourcing, customization, distribution and payment of activities between Inventory Suppliers and Distribution Channels

• Founder: Mark Halberstein

InvestorsTotal Funding: $3MM

Key Milestones



• Zairge software uses tablet and cloud-based technologies to meet the individual needs of hotel guests, staff, and owners

• Zairge powered hotels allows self-reported check in on tablets via scanning of a QR code or typing in a reservation number

• Zairge’s property management software provides owners with up to the second, real-time property information on any device, anywhere in the world. Additionally, they have access to employee productivity metrics to capture who is most efficient

• Zairge uses a tablet based property management system, allowing hotel staff to perform check in / admin functions from anywhere

• Founders: Ronak Patel / Dan Otto

InvestorsTotal Funding: $175K

Key Milestones

Hospitality: Pro!les of Disruptors / New Entrants


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Martha PoulterExecutive Vice President and CIOStarwood has been one of the most innovative companies on Forbes’ list. The company is one of the quickest hotel brands to respond to customer inquiries on social media like Twitter, and introduced its new robot “Botlr” that will help with check-in and delivering items to guest rooms.

Gustaf BurmanChief Technology OfficerMorgans Hotel Group Co. is widely credited as the creator of the first "boutique" hotel and a continuing leader of the hotel industry's boutique sector. Morgans is working with Voyat, a travel industry-focused CRM software startup and upgraded its central reservation technology with Sabre SynXis CRS.

Glenn FogelHead of Worldwide Strategy and Planning, Head of Priceline VenturesPriceline, the world’s largest travel company, launched a startup investment arm called Priceline Ventures in 2012, which invests in “growth companies around the world that may be too small or early in their development to be acquisition candidates but are working in areas of substantial interest to the Group.”

Paul CahillSVP of Brand ManagementMarriott International ranked as the highest hotel company on the Forbes’ World’s Most Innovative Companies list. Mr. Cahill oversees the company’s flagship hotel chain and the one where it pilots new technologies before rolling them out to other properties. Those technologies include a broad range of mobile services to ease guests’ stay inside the hotel, as well as experimentation with text messaging, social networking and location-based services.

Starwood Hotels & Resorts Priceline

Morgans Hotel GroupMarriott International

AirbnbChip ConleyHead of Global Hospitality & StrategyAt Airbnb, Conley heads hospitality and help Airbnb hosts to improve experiences for travelers and be better hosts, he is also overseeing the Airbnb Hospitality Innovation Lab based in Dublin, Ireland to test new services and features. Source Company websites, skift.com, adage.com, Washington Post, Fortune, WSJ,

http://skift.com/2014/08/27/do-robots-have-a-real-future-in-the-hospitality-industry/#1

http://skift.com/2014/08/27/do-robots-have-a-real-future-in-the-hospitality-industry/#1

http://skift.com/tag/priceline/

http://skift.com/tag/priceline/



Thank You / Mike Brown [email protected]

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Opportunities In Vertical Software v1.0

Technology

Transcript of Opportunities In Vertical Software v1.0