Harris Williams’ Industrial Software Practice

Harris Williams (“HW”)

  • Founded in 1991
  • 330+ professionals across eight offices globally
  • 160+ closed transactions in the last 24 months
  • 21st record year in 2018
  • 10 industry groups


Technology, Media & Telecom (“TmT”) Group

  • 35 professionals across Boston, San Francisco, and Londo

Horizontal Focus Areas

  • Compliance Software
  • CRM and Member Management Software
  • Data & Analytics
  • Enterprise Software
  • Human Capital Management
  • Infrastructure & Security Software
  • IT& Tech Enabled Services
  • Managed Services, Hosting & Data Center Solutions
  • Online Marketing, Data & Research

Vertical Focus Sectors

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

Industrial Technology Group

  • 20 professionals across Richmond, Frankfurt, and Asia

Key Focus Areas

  • Industrial Technology
  • Process Automation
  • Test & Measurement
  • Industrial Process Solutions
  • Thermal Management
  • Communication & Connectivity
  • Flow Control & Engineered Components/Systems
  • Power & Energy Conditioning
  • Energy Metering
  • Data Centers

Select Industrial Software and Automation Transactions

Representative HW Transactions

screen_shot_2019-07-25_at_5.31.30_pm.pngProvider of SaaS-based environmental, health, safety and quality (EHSQ) software for global, enterprise clients






screen_shot_2019-07-25_at_5.31.59_pm.pngProvider of fully-integrated, SaaS-based operator qualification, drug & alcohol, safety & insurance, and training solutions






screen_shot_2019-07-25_at_5.32.28_pm.pngProvider of cloud-based manufacturing execution, ERP, and supply chain software for mid-market manufacturers






screen_shot_2019-07-25_at_5.32.57_pm.pngProvider of high-performance unmanned aerial systems (UAS) for the global military, public safety, and critical infrastructure markets






screen_shot_2019-07-25_at_5.33.34_pm.pngProvider of demand response and energy management solutions






screen_shot_2019-07-25_at_5.34.05_pm.pngProvider of intelligent traffic software (ITS) and IoT solutions for the transportation industry






screen_shot_2019-07-25_at_5.34.34_pm.pngProvider of scientific services and products that offer analytical testing and consulting solutions to a diverse and demanding set of end markets






screen_shot_2019-07-25_at_5.34.58_pm.pngProvider of highly complex, fully customizable automation solutions for end-of-line packaging applications






screen_shot_2019-07-25_at_5.35.29_pm.pngProvider of software solutions that manage engineering information throughout the asset lifecycle






screen_shot_2019-07-25_at_5.35.59_pm.pngProvider of demand response, energy efficiency, and customer engagement solutions







screen_shot_2019-07-25_at_5.36.27_pm.pngProvider of commercial maritime management and logistics software to the bulk markets






screen_shot_2019-07-25_at_5.36.54_pm.pngProvider of special machine solutions to address automation, testing, and manufacturing needs for the automotive end market






screen_shot_2019-07-25_at_5.37.22_pm.pngProvider of a wide variety of specialty electronic, electromechanical, and software products for the fire and life safety industry






screen_shot_2019-07-25_at_5.37.54_pm.pngProvider of cloud-based business management, ERP, and vertical specific applications for the manufacturing, distribution, and building and construction industries






screen_shot_2019-07-25_at_5.38.17_pm.pngDesigner and manufacturer of distributed solar power generation, inverters, and software applications






screen_shot_2019-07-25_at_5.38.42_pm.pngProvider of supply chain management software solutions focused on warehouse management, EDI, and direct store delivery





Case Study: Cority

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


Transaction Overview

Cority is a highly trusted environmental, health, safety, and quality (EHSQ) software for assuring client success. Cority enables organizations to utilize EHSQ software to advance their journey 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 serve 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

    Case Study: Veriforce

    HW’s TMT Group advised Veriforce, a portfolio company of Greenridge Investment Partners, on its sale to PEC Safety, a portfolio company of Thoma Bravo.


    Transaction Overview

    Veriforce is a leading provider of fully-integrated, SaaS-based Operator Qualification, Drug & Alcohol, Safety & Insurance, and Training solutions across the upstream, midstream, utility, manufacturing, chemical, and construction end-markets.

    Veriforce’s platform enables more efficient business processes and risk mitigation through seamless integration with customers’ ERP or LMS systems driving more efficient communication between customers and their workers.

    The Company serves over 200 hiring clients, 4,440 contractor firms, and has over 185,000 registered individuals within its system across diverse end-markets.

    The combined Veriforce and PEC Safety business will have an expanded solution set to better serve its customers and bring their workers home safely.

    Relevant Sub-Sectors

    • Governance, risk and compliance (GRC)
    • Industrial Software
    • Energy Technology

    Case Study: IQMS Software

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


    Transaction Overview

    IQMS is a leading provider of fully-integrated 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’ solutions provide manufacturers with a comprehensive end-to-end suite that provides real-time visibility and actionable insights throughout the manufacturing lifecycle.

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

    Dassault Systemes 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

    • Manufacturing Execution Systems
    • Quality Management Software
    • Industrial IoT

    The Industrial Sector’s Appetite for Software is Growing, Driving Demand for Integrated Technology and Data Platforms

    Industry Trends1,2

    • The emergence of Industrial IoT Platform-as-a-Service (PaaS) that connect machines, data, and people to drive unconventional growth through new revenue streams, hybrid business models, and enhanced product innovation
    • The global Industrial IoT market is expected to surpass $124B by 2021, growing at a CAGR of 7%+, driven by improved operational efficiency, improved productivity, creation of new business opportunities, reduction in downtime, and optimization of asset utilization
    • Due to the technical requirements in achieving Manufacturing 4.0, manufacturers today are partnering with IIoT enabled platforms and software providers as a catalyst to achieve digital transformation
    • Product lifecycles are becoming increasingly complex as manufacturers seek real-time visibility and integration across their global supply chains and multi-site production operations
    • The proliferation of connected machines and devices is accelerating the adoption of cloud-based solutions capable of delivering real-time information and connecting plants across geographies without the costs and complexity of managing robust technology infrastructure

    Key Stats

    • 100% Global Population Expected to have LPWAN Coverage by 2022
    • 64B+ IoT Devices Worldwide by 2025

    Industry Convergence Driving Innovation1,2


    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.

    Recent Industrial Software Transactions3,4


    Thomas H. Lee’s Acquisition of AutoStore

    • Autostore is a provider of robotics, grid-based goods-to-person systems, and automation software to warehouse and distribution facilities to over 28 countries around the world.
    • The company offers customers patented high-speed robots, a highly-modular and flexible cube storage grid system, and software enabling increased inventory storage relative to manual alternatives and enhanced inventory picking speed and accuracy.
    • AutoStore will use the new capital to continue building upon its robotic technology and software platform, accelerate new product innovation for its customers, expand geographically, and target strategic add-on acquisitions.



    Siemens Pending Acquisition of ESTEQ

    • ESTEQ is a provider of product lifecycle management, product design and simulation, and manufacturing operations software and services.
    • The company is headquartered in Pretoria, South Africa and serves customers across the aerospace & defense, transportation, consumer products, energy, electronics, machinery, mining & metals, and oil & gas industries.
    • The acquisition expands Siemens Digital Industries Software presence into South Africa, and will enable Siemens to expand and enhance how they service customers across the region.



    Fortive’s Pending Acquisition of Intelex

    • Intelex is a provider of SaaS-based Environmental, Health, Safety and Quality (EHSQ) management software to over 1,100 customers in 172 countries.
    • The company’s web-based platform and applications help clients across all industries improve business performance, mitigate organization-wide risk, and ensure sustained compliance with internationally accepted standards and regulatory requirements.
    • The acquisition will allow Intelex to accelerate its innovation and extend its reach into new markets on a global scale, with the combined business able to deliver a one-stop solution for EHSQ 4.0 automation to clients.



    Genstar Capital’s Acquisition of Prometheus Group

    • Prometheus is a provider of plant maintenance operations, optimization, and enterprise asset management software utilizing data analytics across its platform.
    • The company serves the largest asset-intensive companies and more than 50,000 users around the world in the oil & gas, chemical, pulp & paper, mining & metals, and utilities industries.
    • Genstar plans to accelerate Prometheus's growth by leveraging its industrial technology expertise and capital to continue scaling the business and expanding its platform offerings.



    AVEVA’s Acquisition of MaxGrip’s Asset Performance Management (APM) Software Solutions

    • MaxGrip’s software assets provide asset management performance solutions for designing, managing, and optimizing maintenance strategies, and enabling digital transformation for customers.
    • MaxGrip’s software and extensive asset library enables customers to define and implement comprehensive RCM strategies based on asset criticality and risk.
    • The acquisition will combine AVEVA's strengths in engineering and real-time data coupled with the power of MaxGrip’s software will enable customers to design for reliability.

    Industrial Software Landscape

    Representative Industrial Software Solution Providers

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


    Industrial Software Public Market Observations3

    As of June 30, 2019


    Industrial Software Market Valuations3


    1. Gartner

    2. IDC

    3. Capiq

    4. PitchBook

    5. HW proprietary transaction information


    The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

    Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.