交通技术更新

2024 Year in Review Introduction2We are pleasedto issue HoulihanLokey’s TransportationTechnology Update,which offers our views on2024 and our perspectiveson key ongoing themesfor 2025 and beyond. Technology stocks performed exceptionally well in 2024—benefitting from threeinterest rate cuts during the year and optimism around deregulation and tax cutspost-election. However, risks remain on the horizon, with inflation stalled above theFederal Reserve’s 2% target as well as uncertainty associated with tariffs.Equity market performance is more concentrated now than it has been in decades,with the “Magnificent 7” (Nvidia, Tesla, Meta, etc.) driving a significant percentageof returns. Small-cap and mid-cap investors have seen mixed results, and ourTransportation Technology Index clearly showcases this bifurcation.M&A activity has stabilized at historically normalized levels, and there is clearly animprovement in market sentiment and an increase in private equity activity. OurTransportation Technology team saw this firsthand, successfully closing a numberof landmark transactions this year.We are looking forward to connecting with you to discuss insights and innovationacross the eight primary transportation sectors we cover: automotive, aviation,maritime, off-road, transit and mobility, rail, supply chain and logistics, andtrucking.Best regards,Shane KaiserManaging Director, Head of Transportation Technology 01Themes Driving TechnologyInvestment Across Transportation022024 Review and2025 Outlook03M&A and Financing ActivityWithin Transportation Technology04Public MarketsUpdate05AboutHoulihan LokeyInside the Update 1020254146 Houlihan Lokey’s Transportation Technology Practice3Featured TransactionsCompany AdvisorSellside AdvisortoSellsideAdvisorSellside AdvisorSellsideAdvisorSellside AdvisorSellsideAdvisorSellside AdvisorTombstones included herein represent transactions closed from 2021 forward.ProjectAquaLeading supply chainrisk managementplatformSellside AdvisorSellside AdvisorFinancing AdvisorSellsideAdvisorAutomotive AIInventoryManagementSoftwareHas been acquired byUndisclosed BuyerSellsideAdvisorProjectZenithLeading fleetmanagementplatformBuyside Advisor Transportation Technology TeamShane KaiserManaging DirectorNew YorkSKaiser@HL.com+1 203.273.0213Tim MacholzDirectorSan FranciscoTMacholz@HL.com+1 707.363.5446Tyler DeckSenior Vice PresidentBostonTDeck@HL.com+1 949.375.2592Luc PetreAssociateNew YorkLPetre@HL.com+1 917.498.8307Baylen PosnerAssociateNew YorkBaylen.Posner@HL.com+1 215.896.0602 How We Cover Transportation Technology4Application SoftwareData and AnalyticsModes/End MarketsAutomotive•CRM•Digital Retailing•DMS•Finance and Insurance•Lead Management•Registration, Titling, and Compliance•Equity Mining•Insurance Underwriting•Marketing Automation•Parts and Inventory Pricing•Predictive Diagnostics and Maintenance•Vehicle AppraisalAviation•Flight Planning and Dispatch•Inventory Management•Maintenance Tracking•MRO (Third Party)•Pilot Training•Flight and Fuel Optimization•Predictive Maintenance•Regulatory DataMaritime•Bunkering•Dock Operations•Freight Management•Planned Maintenance•Production Planning•Vessel Management•Market Intelligence (Vessel and Voyage, Port,and Trade Flow Data)•Predictive MaintenanceOff-Road•Asset Management•Dealer Management System•E-Ticketing•Materials Management•E-Logs•Predictive MaintenanceRail•Operations Control•Planning and Scheduling•Yard and Asset Management•Equipment Diagnostics•Incident Analytics and Prevention•Predictive Maintenance•Route Analysis and OptimizationSupply Chainand Logistics•ERP•Order Management•Procurement and Spend•Supplier Sourcing•TMS•Warehouse Management•Orchestration•Visibility•Trade, Emissions, and Compliance•Network and Inventory Optimization•Freight DataTransit andMobility•Route Planning and Optimization(Student, Public, and Corporate Transport)•Smart City Planning•Toll Management•Parking Management Software•Infrastructure Optimizationand Visualization•Predictive Maintenance•Ridership Data•Traffic DataTrucking•CRM•DMS•Fleet Management (Fleet and Fuel Tracking,Rightsizing, Routing, Scheduling, and Driver RiskManagement)•Emissions Compliance•Fleet Analytics and Reporting•Parts and Inventory Pricing•Predictive Diagnostics and Maintenance•Vehicle Health and Maintenance Industry ThemesLabor ShortagesAsset Management and OperationsAsset Maintenance and RepairDigitization of Physical OperationsEnergy Transition Representative Transportation Technology Market Map5Off-RoadIoTApplication SoftwareMarketplacesData and AnalyticsRailIoTApplication SoftwareData and AnalyticsAviationIoTApplication SoftwareMarketplacesData and AnalyticsAutomotiveApplication SoftwareMarketplacesData and AnalyticsIoTApplication SoftwareMarketplacesApplication SoftwareIoT 6Transportation Technology Thought Leadership: Recent Market Updates, White Papers, and DeepDives Into Specific SubsectorsOff-RoadIndustry WhitePaperQ3 2024QuarterlyUpdateView ReportView ReportAutomotiveRepairDeep