Sectorwatch: Software Engineering - 7 Mile Advisors · 2020-03-03 · 3 Overview 7MA provides...

Sectorwatch:Software EngineeringFebruary 2020

2

Software EngineeringFebruary 2020

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [15]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

3

Overview

7MA provides Investment Banking & Advisory Services to the Business Services and TechnologyIndustries globally. We advise on M&A and private capital transactions, and provide market assessmentsand benchmarking. As a close knit team with a long history together and a laser focus on our targetmarkets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluatenew markets. We publish our sectorwatch, a review of M&A and operational trends in the industries wefocus.

Dashboard• Summary metrics on the sector• Commentary on market momentum by

comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance• Summary valuation and operating metrics

for a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of valuation

multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

4

Dashboard

Operating Metrics

Valuation

10.3%

15.3%

32.0%

0% 10% 20% 30% 40%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

3.5x

14.7x

16.4x

20.3x

0x 5x 10x 15x 20x 25x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

Revenue Growth

-0.9% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin

-1.1% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability

-0.3% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate is less than the average of the last 3 years,

indicating that the market may be flattening or declining

Current gross profit margin is less than the average of the last 3 years gross

profit margins, indicating customer pricing power

Current EBITDA margin is less than the average of the last 3 years EBITDA

margins, which may signal further consolidation

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

R Systems International Limited 130 114 16% 33% 9% 1.2 13.3 - NA

Persistent Systems Limited 639 488 6% 29% 13% 1.3 9.7 6,867 71

Endava plc 2,788 421 23% 28% 9% 6.6 72.0 5,754 73

Globant S.A. 4,204 659 26% 39% 17% 6.4 37.9 11,855 56

EPAM Systems, Inc. 11,573 2,294 24% 35% 15% 5.0 27.5 36,700 63

Wipro Limited 15,041 8,475 5% 29% 20% 1.8 8.4 170,000 50

Capgemini SE 22,399 15,851 7% 12% 13% 1.5 11.3 219,300 72

Infosys Limited 43,791 12,642 10% 32% 24% 3.5 14.6 228,123 55

Tata Consultancy Services Limited 106,091 21,780 10% 44% 26% 4.9 18.5 424,285 51

Average 22,962 6,969 14% 31% 16% 3.6 23.7 122,543 61

Median 11,573 2,294 10% 32% 15% 3.5 14.6 36,700 59

share price as of 27Feb20

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

0x

1x

2x

3x

4x

5x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/Revenue - Median TEV/Revenue - Average

0x

5x

10x

15x

20x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/EBITDA - Median TEV/EBITDA - Average

12.8x

3.0x

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

May-1

5

Aug-1

5

Nov-1

5

Feb-1

6

May-1

6

Aug-1

6

Nov-1

6

Feb-1

7

May-1

7

Aug-1

7

Nov-1

7

Feb-1

8

May-1

8

Aug-1

8

Nov-1

8

Feb-1

9

May-1

9

Aug-1

9

Nov-1

9

Feb-2

0

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

- 10% 20% 30%

Median

R Systems International

Limited

Endava plc

Capgemini SE

Persistent Systems Limited

EPAM Systems, Inc.

Globant S.A.

Wipro Limited

Infosys Limited

Tata Consultancy Services

Limited

- 20% 40% 60%

Median

Capgemini SE

Endava plc

Wipro Limited


Infosys Limited


Limited

EPAM Systems, Inc.

Globant S.A.


Limited

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

- 10% 20% 30%

Median

Wipro Limited


Capgemini SE

Infosys Limited


Limited


Limited

Endava plc

EPAM Systems, Inc.

Globant S.A.

$- $20 $40 $60 $80

Median

Wipro Limited


Limited

Infosys Limited

Globant S.A.

EPAM Systems, Inc.


Capgemini SE

Endava plc

9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0x 2x 4x 6x 8x

Median

Infosys Limited

Wipro Limited


Limited

Endava plc


Globant S.A.

EPAM Systems, Inc.

0 20 40 60 80 100

Median

EPAM Systems, Inc.

Globant S.A.

Persistent Systems

Limited

Endava plc

Tata Consultancy

Services Limited

Wipro Limited

Infosys Limited

10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 2x 4x 6x 8x

Median


Limited


Capgemini SE

Wipro Limited

Infosys Limited


Limited

EPAM Systems, Inc.

Globant S.A.

Endava plc

0x 20x 40x 60x 80x

Median

Wipro Limited


Capgemini SE


Limited

Infosys Limited


Limited

EPAM Systems, Inc.

Globant S.A.

Endava plc

11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 50x 100x 150x

Median

Wipro Limited

Capgemini SE



Limited

Infosys Limited


Limited

EPAM Systems, Inc.

Globant S.A.

Endava plc

0x 50x 100x 150x 200x

Median

Wipro Limited



Limited

Infosys Limited

Capgemini SE

EPAM Systems, Inc.

Globant S.A.

Endava plc

12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

8x 10x 11x 13x 15x 18x 27x 38x 72x

29.1%

29.3%

12.3%

32.5%

32.0%

44.4%

35.1%

38.5%

27.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0x

10x

20x

30x

40x

50x

60x

70x

80x

LTM

GP%

EBIT

DA(x

)

EBITDA(x) LTM GP%

8x 10x 11x 13x 15x 18x 27x 38x 72x

5.2% 5.6%

7.0%

15.6%

9.5%

10.3%

24.5% 26.2%

23.1%

0%

5%

10%

15%

20%

25%

30%

0x

10x

20x

30x

40x

50x

60x

70x

80x

LTM

RG

R%

EBIT

DA(x

)

EBITDA(x) LTM RGR%

13

Recent TransactionsDate Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

25Feb20 Segue Technologies Inc. Tetra Tech, Inc. - - - -

17Feb20 Modern Computer Systems MSP Solution Tech - - - -

5Feb20 ZoftNow Inc. Prodigy Ventures Inc. 0.54 - - -

28Jan20 Performance Improvement Partners, LLC Erie Street Capital - - - -

24Jan20 Blackstone Federal ECS Federal, LLC 85.00 44.00 1.9x -

19Jan20 Pactera Technology International Ltd. China Electronics Corporation - - - -

8Jan20 Sistemas Informáticos Abiertos, S.A. Indra Sistemas, S.A. - - - -

7Jan20 BZW Consulting Group, Inc. The Pinnacle Group - - - -

6Jan20 NEF, Inc. CBRE Group, Inc. - - - -

6Jan20 All the Assets Of MedTouch LLC Perficient, Inc. - 13.00 - -

12Dec19 Source Support Services, Inc. Capitala Group - - - -

14Nov19 Codalis SA Bechtle AG - 10.13 - -

31Oct19 Yotabites Consulting LLC ProKarma Inc. - - - -

8Nov19 Virtual Clarity Limited DXC Technology Company - - - -

5Nov19 Naya Pai Technologies Ltd EPAM Systems, Inc. - - - -

31Oct19 Backbone Enterprises, Inc. CynergisTek, Inc. 11.00 - - -

30Oct19 Statêra, Inc Navint Partners, LLC - - - -

6Sep19 iC-1 Solutions, LLC Swift Group Holdings, LLC 25.50 - - -

24Oct19 DYNARDO (Dynamic Software and Engineering) GmbH ANSYS, Inc. 33.29 - - -

23Oct19 Global IT SOS SmartSource, Inc. - - - -

21Oct19 pernexas GmbH Alfresco Software, Inc. - - - -

14Oct19 PeopleWare ICT Solutions B.V. Proact IT Group AB (publ) 18.73 30.86 0.6x -

24Sep19 Locus Telecommunication Inc., Ltd. NTT DATA Asia Pacific Pte. Ltd. - - - -

10Sep19 Pragsis Technologies S.L. Accenture plc - - - -

26Aug19 Beijing Transtrue Technology Inc. Suzhou Longyue Holdings Co., Ltd. 62.54 117.23 1.3x 26.5x

14

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to bedelivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice &Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and camefrom publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy orcompleteness of third-party data contained herein. This document should be treated as confidential and for the use of the intendedrecipient only. Please notify 7 Mile Advisors if it was distributed in error.

Software EngineeringFebruary 2020

15

Public Basket

R Systems International Limited

R Systems International Limited provides informationtechnology (IT) solutions and business process outsourcing(BPO) services worldwide. The company offers ComputarisConvergent Charging solution to converge real-time rating,charging, and billing; mobile broadband managementsolutions; Computaris mobile virtual network operator (MVNO)in a White Box solution for MVNOs business exigencies; andvalue added services, as well as product development andmaintenance, system integration, technical support andmanaged, BPO, and testing services to the telecom and digitalmedia industries. It also provides services in area of cardless/NFC based transactions; mobile/tablet applications;product customization/ maintenance/ support; ATMmanagement; third-party and customer relationshipmanagement integration; ATM on cloud; deposit automation;and passbook printing solutions to financial institutes andsoftware companies. In addition, the company offers OPD-integrated product lifecycle management services, domainconsultancy, enterprise application integration, independenttesting, implementation, offshore product development,software re-engineering, requirement engineering and GAPanalysis. The company was founded in 1993 and isheadquartered in Noida, India.

0.0x

0.5x

1.0x

1.5x

2.0x

Revenue Multiples - R Systems International

Limited

TEV/Revenue Average

0x

5x

10x

15x

20x

EBITDA Multiples - R Systems International

Limited

TEV/EBITDA Average

0x

10x

20x

30x

P/E Multiples - R Systems International

Limited

P/E Average

16

Public Basket


Persistent Systems Limited provides computer programming,consultancy, and related services. It operates in four segments:Services, Digital, Alliance, and Accelerite. The company engagesin providing software development, professional, and marketingservices; technology solutions in the life sciences, telecom,product lifecycle management, and digital practice domains;and the delivery and maintenance of IT software and services. Itis also involved in the business of a telecommunication APIgateway for defining, exposing, controlling, and monetizingtelecom services to partners and application developers; andoperating an Internet of Things service creation platform thatallows enterprises to add a service layer to the basic APIsexposed to by connected devices, and to expose and monetizethese APIs. It serves the banking, financial services, insurance,healthcare and life sciences, and software and technologyindustries Persistent Systems Limited was incorporated in 1990and is based in Pune, India.

Date Key Development Headline1/14/20 Persistent Systems Limited and Gojoko Announces Joint Offering

the Community Lenders Gô Digital® Platform Running on Persistent Digital Credit Union Solution

4/30/19 Persistent Systems Intends To Seek Acquisitions

1/28/19 Persistent Systems Intends To Seek Acquisitions

0x

1x

2x

3x

Revenue Multiples - Persistent Systems

Limited

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Persistent Systems

Limited

TEV/EBITDA Average

0x

10x

20x

30x

P/E Multiples - Persistent Systems Limited

P/E Average

17

Public Basket

Endava plc

Endava plc provides technology services for clients in theconsumer products, healthcare, logistics, and retail verticals inEurope, Latin America, and the United States. It offers strategy,creative and user experience, insights through data, mobile andInternet of Things, architecture, smart automation, softwareengineering, test automation and engineering, continuousdelivery, cloud, applications management, and smart deskservices across the digital evolution, agile transformation, andautomation solution areas. The company was founded in 2000and is headquartered in London, United Kingdom.

Date Key Development Headline12/16/19 Endava plc (NYSE:DAVA) acquired Exozet Berlin GmbH from

German Startups Group GmbH & Co. KGaA (XTRA:GSJ) and others.

11/18/19 Endava to Seek Acquisitions

11/3/19 Endava plc (NYSE:DAVA) acquired of Intuitus Limited.

8/30/19 WorldPay (UK) Limited completed the acquisition of Endava Technology SRL from Endava plc (NYSE:DAVA).

6/2/19 WorldPay (UK) Limited agreed to acquire Endava Technology SRL from Endava plc (NYSE:DAVA) for £6 million.

0x

2x

4x

6x

8xRevenue Multiples - Endava plc

TEV/Revenue Average

0x

10x

20x

30x

40x

50xEBITDA Multiples - Endava plc

TEV/EBITDA Average

0x

20x

40x

60x

80x

100x

P/E Multiples - Endava plc

P/E Average

18

Public Basket

Globant S.A.

Globant S.A. operates as a technology services companyworldwide. The company offers machine learning, patternrecognition, natural language understanding, future oforganizations, customer insight, behavioral change, productinnovation, design thinking, product management discoveryand delivery, and product coaching services. It also providesprocess appraisal, automated, process evolution, deliverymanagement, agile consultancy, management consulting, userexperience, visual and service, industrial design, consultancy,fast prototyping, app evolution, platform integration, andhardware integration services. In addition, the company offersgame engineering and experience, digital platform, virtual andaugmented reality, graphics engineering, 3D and 2D art, e-Sports, data architecture, data science, distributed platform,data integration, data visualization, and blockchain services.Globant S.A. was founded in 2003 and is based in LuxembourgCity, Luxembourg.

Date Key Development Headline8/11/19 Globant S.A. (NYSE:GLOB) acquired Belatrix Global Corporation

S.A. for $65 million.

1/31/19 Globant S.A. (NYSE:GLOB) completed the acquisition of Avanxo (Bermuda) Limited.

1/17/19 Globant S.A. (NYSE:GLOB) entered into a binding agreement to acquire Avanxo Colombia for $48.6 million.

0x

2x

4x

6x

8xRevenue Multiples - Globant S.A.

TEV/Revenue Average

0x

10x

20x

30x

40x

50xEBITDA Multiples - Globant S.A.

TEV/EBITDA Average

0x

20x

40x

60x

80xP/E Multiples - Globant S.A.

P/E Average

19

Public Basket

EPAM Systems, Inc.

EPAM Systems, Inc. provides software product developmentand digital platform engineering services primarily in NorthAmerica, Europe, Asia, and Australia. It offers software productdevelopment services, including product research, customerexperience design, prototyping, program management,component design and integration, lifecycle software testing,product deployment, end-user customization, performancetuning, product support and maintenance, managed services,and porting and cross-platform migration. The companyprovides custom application development services, such asbusiness and technical requirement analysis, user experiencedesign, solution architecture creation and validation,development, component design and integration, qualityassurance and testing, deployment, performance tuning,support and maintenance, legacy applications re-engineering/refactoring, porting and cross-platform migration,and documentation. The company was founded in 1993 and isheadquartered in Newtown, Pennsylvania.

Date Key Development Headline11/4/19 EPAM Systems, Inc. (NYSE:EPAM) acquired NAYA Technologies.

7/1/19 EPAM Systems, Inc. acquired Competentum Group.

5/9/19 EPAM To Seek Investments

5/8/19 EPAM Systems, Inc. (NYSE:EPAM) acquired testCloud.de GmbH for approximately $17.3 million.

0x

2x

4x

6xRevenue Multiples - EPAM Systems, Inc.

TEV/Revenue Average

0x

10x

20x

30x

40xEBITDA Multiples - EPAM Systems, Inc.

TEV/EBITDA Average

0x

20x

40x

60x

80x

100xP/E Multiples - EPAM Systems, Inc.

P/E Average

20

Public Basket

Wipro Limited

Wipro Limited operates as an information technology (IT),consulting, and business process services (BPS) companyworldwide. The company’s IT Services segment offers a rangeof IT and IT-enabled services, including digital strategy advisory,customer centric design, technology consulting, IT consulting,custom application design, development, re-engineering andmaintenance, systems integration, package implementation,infrastructure services, analytics services, BPS, research anddevelopment services, and hardware and software designservices to various enterprises. Wipro Limited was founded in1945 and is headquartered in Bengaluru, India.

Date Key Development Headline1/31/20 Wipro and Smart Energy Water Form Global Strategic Alliance

to Accelerate Digital Transformation for Enterprises

12/10/19 Ministry of Technology and Communications and Wipro Sign MoU to Launch Open Source CoE

11/19/19 University of Oulu, Wipro Sign MoU to Collaborate on 5G/6G Technologies

11/13/19 Wipro Limited Announces 5G Collaboration with Telecom Infra Project

10/2/19 Wipro Limited (BSE:507685) completed the acquisition of International TechneGroup Incorporated.

0x

1x

2x

3x

4xRevenue Multiples - Wipro Limited

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Wipro Limited

TEV/EBITDA Average

0x

5x

10x

15x

20x

25xP/E Multiples - Wipro Limited

P/E Average

21

Public Basket

Capgemini SE

Capgemini SE provides consulting, technology, and digitaltransformation services. It addresses clients’ opportunities inthe world of cloud, digital, and platforms, as well as enablesorganizations to realize business ambitions through an array ofservices from strategy to operations. The company’sConsulting Services segment offers strategy and transformationconsulting services primarily in digital transformation thatenhance the performance of organizations based on intimateclient relationships, and the knowledge of client industries andprocesses. Its Technology & Engineering Services segmentprovides assistance and support to internal IT teams of clientcompanies. Capgemini SE was founded in 1967 and is based inParis, France.

Date Key Development Headline2/17/20 Capgemini SE (ENXTPA:CAP) entered into an agreement to

acquire Advectas AB.

2/9/20 Capgemini SE (ENXTPA:CAP) completed the acquisition of 54.7% stake Altran Technologies S.A. (ENXTPA:ALT) from AltamirSCA (ENXTPA:LTA), Apax Partners SAS, Elliott Management Corporation and others for €2 billion.

6/24/19 Altran Technologies S.A., Capgemini SE - M&A Call

6/23/19 Capgemini SE (ENXTPA:CAP) entered into an agreement to acquire Altran Technologies S.A. (ENXTPA:ALT) from Altamir SCA (ENXTPA:LTA), Apax Partners SAS, Elliott Management Corporation and others for €3.7 billion.

4/3/19 Capgemini to Enter into Alliance Partnership with Autodesk, Inc. for the Deployment of a Comprehensive BIM Platform

0.0x

0.5x

1.0x

1.5x

2.0x

Revenue Multiples - Capgemini SE

TEV/Revenue Average

0x

5x

10x

15xEBITDA Multiples - Capgemini SE

TEV/EBITDA Average

0x

10x

20x

30xP/E Multiples - Capgemini SE

P/E Average

22

Public Basket

Infosys Limited

Infosys Limited, together with its subsidiaries, providesconsulting, technology, and outsourcing services in NorthAmerica, Europe, India, and internationally. It provides businessinformation technology services, including applicationdevelopment and maintenance, independent validation,infrastructure management, and business process managementservices, as well as engineering services, such as engineeringand life cycle solutions; and consulting and systems integrationservices comprising consulting, enterprise solutions, systemsintegration, and advanced technologies. Infosys Limited wasfounded in 1981 and is headquartered in Bengaluru, India.

Date Key Development Headline2/9/20 Infosys Limited (NSEI:INFY) entered into a definitive agreement

to acquire Simplus from Salesforce Ventures, Inc., other institutional investors, founders, key employees for $200 million.

10/9/19 Infosys Enters into Strategic Partnership with Eishtec

8/22/19 Infosys and University of Illinois Urbana-Champaign Enter a Strategic Partnership for Precision Medicine

7/12/19 Infosys To Seek Acquisitions

5/9/19 Infosys Seeks Acquisitions

0x

1x

2x

3x

4x

5x

Revenue Multiples - Infosys Limited

TEV/Revenue Average

0x

5x

10x

15x

20x

EBITDA Multiples - Infosys Limited

TEV/EBITDA Average

0x

10x

20x

30x

P/E Multiples - Infosys Limited

P/E Average

23

Public Basket

Tata Consultancy Services Limited

Tata Consultancy Services Limited provides informationtechnology (IT) and IT enabled services worldwide. Thecompany offers CHROMA, a cloud-based talent managementsolution that enables organizations to drive transformationalemployee experiences; ignio, a cognitive automation system;iON, an assessment solution; TAP, a cloud solution, includingTAP contract management, purchasing, accounts payable, andsupplier management solutions; and TCS MasterCraft, a digitalplatform to automate and manage IT processes. It also providescustomer intelligence and insight solutions to deliverpersonalized retail, banking, and communications experiences;Intelligent Urban Exchange, an enterprise software to acceleratesmart city transportation, water, and energy programs for cities.Tata Consultancy Services Limited is a subsidiary of Tata SonsLimited.

Date Key Development Headline9/15/19 Tata Consultancy Services Limited (NSEI:TCS) entered into an

agreement to acquire Certain Assets of General Motors Technical Centre India Private Limited.

9/5/19 Posten Norge Expands Its Strategic Partnership with TCS to Enable Superior Customer Experience

4/14/19 Tata Consultancy Services To Seek Acquisitions

2/11/19 Tata Consultancy Services Announces Global Partnership with JDA Software to Build Next-Generation Cognitive Solutions

1/10/19 TCS Seeks Acquisitions

0x

2x

4x

6x

8x

10x

Revenue Multiples - Tata Consultancy

Services Limited

TEV/Revenue Average

0x

10x

20x

30x

40x

EBITDA Multiples - Tata Consultancy

Services Limited

TEV/EBITDA Average

24

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and privatecapital transactions and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on ourtarget markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Mark Landry, Managing Director 561.972.0609 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

Neil Churman, Director 281.742.9340 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Ben Garber, Vice President 412.626.7898 [email protected]

Nicholas Prendergast, Vice President 704.973.3995 [email protected]

Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected]

Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected]

Marty Johnson, Senior Associate 704.973.3999 [email protected]

Sydney Scadden, Senior Associate 704.973.3998 [email protected]

Garth Martin, Senior Associate 704.973.3997 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Rory Julyan, Associate 704.981.2520 [email protected]

Daniel Kim, Associate 704.912.4584 [email protected]

Olufunke Abass, Associate 704.285.8171 [email protected]

CONTACT INFO

Sectorwatch: Software Engineering - 7 Mile Advisors · 2020-03-03 · 3 Overview 7MA provides...

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