HW Industrial Software Introduction

Harris Williams (“HW”)

  • 25+ years and more than 1,000 closed transactions
  • 350+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 10 industry groups

Focused Advisory Services

  • Mergers and acquisitions (M&A)
  • Capital raises
  • Corporate divestitures

Consistent Recognition for Qualityscreen_shot_2020-12-02_at_4.01.36_pm.png

HW Technology Group

  • 35+ dedicated Technology professionals
  • Technology offices include Boston, San Francisco, and London

Key Technology Themes

  • SaaS / Cloud
  • Data & Analytics
  • Digital Transformation
  • A.I. / Machine Learning

Horizontal Focus Sectors

  • Application Software
  • Cloud Managed Services and Hosting Solutions
  • Compliance Solutions
  • CRM and Marketing Automation
  • Human Capital Management
  • Infrastructure and Security Software
  • IT and Tech-Enabled Services
  • Marketing, Research, and Insights Software

Vertical Focus Sectors

  • Architecture, Engineering, and Construction Software
  • Education Technology and Services
  • Energy Technology
  • Facilities and Real Estate Software
  • Financial Technology and Payments
  • Government Technology
  • Healthcare IT
  • Industrial and Supply Chain Technology
  • Internet and eCommerce
  • Retail Technology


Industrial Software Market Overview

Industry Trends1,2

  • Digital transformation is underway as product life cycles are becoming increasingly complex and organizations seek to enhance agility, integration, and real-time visibility across their global supply chains and multisite production operations
  • The global Industrial IoT (IIoT) market is expected to reach $124B by 2021, growing at a CAGR of more than 7%, driven by the emergence of 5G connectivity, improved operational efficiency, improved productivity, creation of new business opportunities, reduction in downtime, and optimization of asset utilization

48M+ 5G Endpoint Installed Base by 2023

41B+ IIoT Devices Worldwide by 2025

Rapidly Growing Demand3

  • Market for industrial software is expected to grow 30% over the next four years


Industry Convergence Driving Innovation1,2


Key Themes in Industrial Software Market

Key Industrial Software Markets

Design & Engineering 

  • U.S. Market Size: 4
  • $12.3B+

Manufacturing & Operations

  • U.S. Market Size: 5
  • $9.9B+

Maintenance & Service

  • U.S. Market Size: 1
  • $1.9B+

Key Themes We're Following

Data Visualization: 

  • Improvements in 3-D visualization, augmented reality, and virtual reality enable product designers and manufacturing engineers to more easily digest complex information
  • Visualization via a digital twin (an interactive, working, and digital representation of the physical asset) helps companies simulate repairs, enabling safe practices and training ahead of site visits

IIoT & Connectivity: 

  • The emergence of Industrial IoT Platform-as-a-Service (PaaS) that connects machines, data, and people to drive unconventional growth through new revenue streams, hybrid business models, and enhanced product innovation
  • Accelerating adoption of cloud-based solutions capable of delivering real-time information and connecting plants across geographies without the costs and complexities of managing robust technology infrastructure
  • 5G and ultra-broadband can ensure seamless vertical, horizontal, and cross-geographic integration across the value chain

Remote Monitoring and Asset Performance: 

  • Heightened geopolitical tension and increasing competition making quality and speed-to-market strategic imperatives, forcing manufacturers to track, assess, manage, and optimize asset quality and reliability
  • IoT, AI, and analytics are enhancing equipment maintenance practices to reduce unplanned downtime, extend equipment life cycles, and improve product quality and safety performance

Increasing M&A Momentum Across the Industrial Software Market

Select Notable Industrial Software M&A Activity


Notable Industry Consolidators


Note: Logos are representative of M&A participants and not comprehensive.

Notable Q4 2020 Industrial Software Transactions6​


Honeywell's Pending Acquisition of Sparta Systems 

  • Sparta Systems is a provider of AI-enabled enterprise quality management software (QMS) solutions to the life sciences industry serving over 400 customers, including leading pharma and medical device companies
  • Sparta’s advanced digital QMS solutions will enable Honeywell’s life sciences customers to proactively achieve better quality, which results in improved new therapies, faster time to market, better business and patient outcomes, and effective regulatory compliance
  • Honeywell also plans to expand Sparta's quality management capabilities into new end-markets through Honeywell’s Connected Enterprise, Forge, and Process Solutions programs

PTC’S Pending Acquisition of Arena Solutions

  • Arena Solutions is a provider of cloud-based product life cycle management (PLM) and product development software serving more than 1,200 customers across the electronics, high-tech, and medical-device industries
  • Arena’s platform unifies PLM, quality management, and requirements management, allowing every participant throughout the product design and manufacturing process to work together in a secure, high-availability cloud environment
  • The acquisition will further PTC's leadership presence in the rapidly growing market for SaaS-based PLM software, enabling the combined company to deliver a complete CAD + PLM SaaS solution

Leonard Green & Partners' (LGP) Acquisition of  ECI Software Solutions (ECI)

  • ECI Software Solutions is a provider of industry-specific, cloud-based enterprise resource planning (ERP) software solutions serving more than 22,000 small and medium-sized businesses globally
  • ECI primarily serves customers in the manufacturing, wholesale/retail distribution, building and construction, and field services industries
  • Under LGP’s ownership, ECI plans to continue scaling growth both organically and inorganically
  • As part of the transaction, Apax Partners will retain a minority stake

Rockwell Automation's Acquisition of Fiix

  • Fiix is a provider of AI-enabled, computerized maintenance management systems (CMMS) software solutions
  • Fiix’s cloud-native CMMS creates workflows for the scheduling, organizing, and tracking of equipment maintenance, seamlessly connecting to business systems in order to inform data-driven decision-making
  • With the addition of the Fiix platform, Rockwell’s customers will benefit from a 360-degree view of integrated data across automation, production, and maintenance, helping them to better monitor and improve asset performance and optimize how maintenance work is done

Command Alkon's Acquisition of Trimble's Construction Logistics Business 

  • Trimble’s construction logistics business provides technology solutions that enable heavy material suppliers, haulers, and contractors in the civil construction space to deliver products more efficiently
  • Delivery managers can track, schedule, route, and communicate across the delivery fleet with automated real-time vehicle location and status, turn-by-turn navigation, monitoring and diagnostics, as well as business analytics and reporting
  • The acquisition helps support Command Alkon’s mission of delivering solutions that digitize and innovate the heavy work industry

Industrial Software Landscape – Incumbents

To receive the latest Industrial Software market maps, please contact HW at TMT_IndustrialSoftware@harriswilliams.com.


Industrial Software Landscape – Emerging Players

To receive the latest Industrial Software market maps, please contact HW at TMT_IndustrialSoftware@harriswilliams.com.


Industrial Software Landscape – Vertical-Specific Players


Industrial Software Public Market Observations6


As of December 31, 2020

Industrial Software Market Valuations6


As of December 31, 2020

Case Study: ComplyWorks

HW’s Technology Group advised Veriforce, a portfolio company of Thoma Bravo, on its acquisition of ComplyWorks.

screen_shot_2021-01-13_at_10.36.34_am.pngTransaction Overview

Veriforce is a recognized leader in delivering comprehensive, integrated supply chain risk management solutions that help bring workers home safely and optimize business performance. The company’s SaaS safety and compliance software and solutions empower leading organizations to drive safety and compliance into their supply chains, and down to the worker level.

The acquisition of ComplyWorks is an important milestone for Veriforce, as it strengthens its commitment to helping companies navigate complex safety and regulatory environments to better protect their supply chains. The combined company creates a global platform of technology and services, empowering more than 800 companies in 120 countries to engage an estimated 50,000 contractors and millions of individual workers in a broad spectrum of risk mitigation practices designed to ensure safe, compliant business operations.

ComplyWorks is a global leader in compliance management. The company's web-based solutions cover the entire compliance life cycle, from contractor management to workforce management, worksite management, and payment.

Relevant Sub-Sectors 

  • Supply Chain Risk Management
  • EHS
  • Energy 

Case Study: Flightdocs

HW’s Technology Group advised ATP, a portfolio company of ParkerGale, on its acquisition of Flightdocs.

screen_shot_2021-01-13_at_10.39.18_am.pngTransaction Overview

Flightdocs is the second-largest provider of aircraft maintenance tracking and inventory management solutions within business aviation, delivering mission-critical enterprise-grade aviation software to ~1,000 customers worldwide. The company’s solutions include maintenance tracking, inventory management, and flight operations, which alleviate flight disrupters and add control and efficiency to the process, ensuring safety for flight departments.

ATP’s acquisition of Flightdocs creates one of the largest providers of software solutions and information services within the aviation industry that will support 75,000 maintenance professionals across more than 7,500 customers in 137 countries. The combined company will provide a comprehensive range of technical publications, troubleshooting, diagnostics, and maintenance workflow solutions under one umbrella.

Post-acquisition, ATP will continue to focus on developing its end-to-end platform for the aviation industry, utilizing its large installed base of subscription customers for additional upsell and cross-sell opportunities.

Relevant Sub-Sectors

  • Aviation Software
  • Maintenance & Services
  • Safety

Case Study: Iptor

HW’s Technology Group advised Iptor Supply Chain Systems, a portfolio company of Marlin Equity Partners, on its sale to Bregal Unternehmerkapital.

screen_shot_2021-01-13_at_10.41.28_am.pngTransaction Overview

Iptor Supply Chain Systems is a global leader in supply chain management, planning, and logistics software and services. The company helps distribution-focused organizations solve their most complex order management and fulfillment challenges within fast-moving, multichannel, and global supply chains.

Serving 1,250 customers with 4,000 installations in more than 40 countries, Iptor provides fully integrated enterprise solutions, with highly adaptable and robust software backed by world-class support from supply chain experts. With a flexible, cloud-based platform, Iptor offers a compelling value proposition to clients across the distribution, 3PL, and publishing sectors.

Bregal Unternehmerkapital identifies companies with strong management teams that are regarded as market leaders or “hidden champions” in their particular segments. Flexible financing and transaction structures enable it to acquire both minority and majority stakes. Bregal Unternehmerkapital aims to help companies achieve a sustained improvement in sales and profitability, and provides them with capital, proven financial expertise, and access to a broad network of entrepreneurs and industry experts.

Relevant Sub-Sectors

  • Warehouse Management Systems
  • Digital Supply Chain Collaboration
  • Industrial Software

Case Study: IQMS Software

HW’s Technology Group advised IQMS, a portfolio company of Technology Crossover Ventures and Banneker Partners, on its sale to Dassault Systèmes.

screen_shot_2021-01-13_at_10.44.01_am.pngTransaction Overview

IQMS is a leading provider of fully integrated manufacturing and supply chain software solutions that manage, optimize, and automate production operations and back-office workflows for manufacturers across diverse end markets globally.

Through its comprehensive manufacturing execution system (MES) and enterprise resource planning (ERP) software platform, IQMS’s solutions provide manufacturers with a comprehensive end-to-end suite that provides real-time visibility and actionable insights throughout the manufacturing life cycle.

IQMS serves over 1,000 long-standing customers across diverse end markets, including automotive, medical, packaging, consumer goods, electronics, and aerospace and defense, in a growing $35 billion global market.

Post-acquisition, Dassault Systèmes will help IQMS expand its customer base by leveraging the presence in the mid-market space established through Dassault’s SOLIDWORKS applications, which are delivered and supported by the company’s Professional Solutions global partner channel.

Relevant Sub-Sectors

  • Execution Systems
  • Quality Management Software
  • Industrial IoT

Case Study: ComputerEase

HW’s Technology Group advised ComputerEase on its sale to Deltek, a subsidiary of Roper Technologies.

screen_shot_2021-01-13_at_10.46.56_am.pngTransaction Overview

ComputerEase is a leading provider of mission-critical construction accounting, project management, and payroll processing solutions that enable contractors to manage and gain real-time visibility into their companies’ operations and financial performances – whether in the office or remotely in the field.

ComputerEase’s fully integrated, cloud-based solution is purpose-built to meet the unique needs of diverse contractor trades and sizes, with complex and varying union, labor, and equipment requirements. Today, more than 6,000 contractors rely on ComputerEase to streamline their operations and increase profits.

Deltek is a leading global provider of enterprise software and information solutions for project-based businesses. More than 23,000 organizations and millions of users in over 80 countries around the world rely on Deltek for superior levels of project intelligence, management, and collaboration. The company’s industry-focused expertise powers project success by helping firms achieve performance that maximizes productivity and revenue.

Relevant Sub-Sectors

  • Project Management
  • Field Service Management
  • Architecture,  Engineering, and Construction Software

Case Study: Cority

HW’s Technology Group advised Cority, a portfolio company of Norwest Venture Partners, on the sale of a majority stake to Thoma Bravo.

screen_shot_2021-01-13_at_10.49.40_am.pngTransaction Overview

Cority is a trusted environmental, health, safety, and quality (EHSQ) software for ensuring client success. Cority enables organizations to utilize EHSQ software to advance their journeys to sustainability and operational excellence by combining the deepest domain expertise with the most comprehensive and secure true SaaS platform.

With 30+ years of innovation and experience, Cority’s team of over 350 experts serves over 800 clients in 100 countries, supporting 2.5 million end users. The company enjoys the industry’s highest levels of client satisfaction, and has received many awards for its strong employee culture and outstanding business performance.

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives, and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business.

Relevant Sub-Sectors

  • Environmental, Health, Safety and Quality (EHSQ)
  • Governance, Risk and Compliance (GRC)
  • Industrial Software

1. Gartner

2. IDC

3. ARC Advisory Group


5. KBV Research

6. CapIQ