HCM技术市场动态

February 2025 Houlihan LokeyA Global Technology Advisory Leader2HQLos Angeles$12.75BMarket Cap(1)No. 1Global Tech M&A Advisor36LocationsWorldwide~2,000FinancialProfessionals175+Tech TeamMembersIndependent Advice + Deep Sector Coverage + High Touch ExecutionUnparalleled AccessFinancialSponsorsStrategics(1)As of January 31, 2025.(2)Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers. No. 1U.S. Private Equity M&ATechnology IndustryCoverage30Global CoverageOfficers1,300+FundsCovered2,000+Sponsor-RelatedEngagementsin 2024800+Companies Sold toFinancial SponsorsOver the Past FiveYears2023 Most Active Investment Banks toPrivate Equity – U.S.AdvisorDeals1Houlihan Lokey1172William Blair813Lincoln International774Piper Sandler665Raymond James Financial655Robert W. Baird65Source: PitchBook.Excludes accounting firms and brokers. 415Global TransactionsCompleted in 2024(2) 30SubsectorsCovered Global HCM Sector Team...Global Leadership TeamBuilt to Advise HCM Platforms3Kevin WalshManaging DirectorSascha PfeifferHead of EuropeanTechnology,Global Co-HeadSoftwareAdrian ReedManaging DirectorTed SullivanDirectorJames GrundyVice PresidentGage FeldeisenAssociateMarco SolleAssociateArnav PatelFinancial AnalystShane JamisonFinancial AnalystTombstones included herein represent transactions closed from 2020 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firmsacquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company. …Covering the Entire HCM EcosystemSourcingRecruitment MarketingAssessmentsHiring Tools and MarketplacesApplicant Tracking andEngagementOnboardingPayrollHRISWorkforce ManagementContingent LaborCompensation and BenefitsTalent Acquisitionhas been acquired bya portfolio company ofSellside AdvisorWorkforceManagementhas been acquired bySellside AdvisorCompensationManagementExpenseAutomationa portfolio company ofhas acquireda portfolio company ofBuyside AdvisorExpenseAutomationhas acquiredFairness OpinionBuyside AdvisorPayroll and HRIShas been acquired bySellsideAdvisorhas been acquired bySellsideAdvisor*WorkforceManagement 15+dedicated HCMfinanceprofessionalsbased in NewYork, London,Frankfurt, andSan Francisco.50+completed orannounced HCMtransactionssince the startof 2016.Globalsingle specializedHCM practiceacross the world. Performance and SuccessionManagementTalent Analytics and OptimizationLearning and ComplianceEmployee Experiencehas successfully secured a debtfacility package to fund itsacquisition ofandFinancing AdvisorEmployeeBenefitsgrowth financing led by$58,000,000Payrollhas merged withFinancial Advisor*EmployeeEngagementHRISa portfolio company ofreceived a majority investment from Financial Advisor*SellsideAdvisor* RecruitmentMarketinghas acquiredFairness OpinionPayroll Leading HCMSoftware Practice50+Deals Across the HCMLandscape Since 2016Tombstones included herein represent transactions closedfrom 2016 forward.*Selected transactions were executed by Houlihan Lokeyprofessionals while at other firms acquired by HoulihanLokey or by professionals from a Houlihan Lokey jointventure company.Core HRTalent AcquisitionTalent Management4 Houlihan Lokey Is aThought Leader in HCMHoulihan Lokey hasproven, global expertisein HCM software.5 Thought LeadershipEventsRegular Market UpdatesMultiple market updatepresentations highlight the uniquesubsectors within HCMUnique content and market insightsONE ConferenceNew York conference in May2025 featuring HoulihanLokey’s Business Services andTechnology groupsFall conference in November2025 in London Media RelationsProven content and eventshighlight media partnerships2025 Industry ConferencesMarch 4–5:HR Tech in EuropeMarch 11–13:IAMPHENOMMarch 17–19:Transform HRJune 29–July 2:SHRM25September 16–18:HR Tech Topical Q&ASpecific subsector Q&A tohighlight the markets thatHoulihan Lokey is active inSector DinnerLondonMix of private equity and strategicattendeesFacilitated discussions covering thelatest takes on the payroll and EORindustry and investment trends 01Tech and Macro Backdrop04HCM TechnologyInvestment TrendsTable of Contents 03Public Market Updates 02HCM Technology Themesand Sector Overview05Appendix Tech and Macro Backdrop Technology Market Backdrop801Private Software CompanyPerformance Was Mixed in 2024Growth has slowed YoY across all size cohorts of privatesoftware, but signs point to stabilization and an uptick ingrowth—particularly for early-stage firms.04Private Equity Eager to Deploy~$1.5 Trillion of Dry PowderBuy and sell pressure continues to increase, givenaging portfolios and record levels of dry powder.Top Quartile YoY ARR Growth(1)Growth and Buyout Equity—Available Capital(5)($B)≤ 2019(1)The ICONIQ Growth Enterprise Five, September 2024.(2)Index comprising more than 200 selected public software companies.(3)S&P Capital IQ as of December 31, 2024.$1,075$1,225$1,376$1,519$1,485$1,652$1,4852017201820192020202120222023253%71%37%35%168%54%27%3