2025年上半年交通科技行业更新报告

Introduction Despite a brief spring correction triggered by the “Liberation Day” tariffannouncement, technology stocks have delivered reasonably strong year-to-dategains, driven by sustained optimism around AI-driven investment and productivity. We are pleased to issueHoulihan Lokey’sTransportation TechnologyUpdate, which offers ourviews on the first half of2025 and our perspectiveson key ongoing themes for2025 and beyond. Inside the Update That said, meaningful risks remain on the horizon, including escalating geopoliticaltensions and trade conflicts, the potential resurgence of inflation, uncertaintyaround the Federal Reserve’s interest rate trajectory, and increased vulnerabilitystemming from concentrated leadership in the tech sector. H1 Review and2025 Outlook7 While the anticipated M&A boom has yet to fully materialize, with tariff-relateduncertainty delaying some transactions, particularly in Transportation Technology,improving market sentiment and growing private equity activity suggest that dealmomentum is building. M&A and Financing ActivityWithin Transportation Technology12 Our Transportation Technology team is actively engaged across severaltransactions and looks forward to connecting with you to share insights andinnovations across the eight core sectors we cover: automotive, aviation, maritime,off-road, transit and mobility, rail, supply chain and logistics, and trucking. Shane Kaiser Managing Director, Head of Transportation Technology Houlihan Lokey’s Transportation Technology Practice Transportation Technology Team Shane KaiserManaging DirectorNew YorkSKaiser@HL.com+1 203.273.0213 Featured Transactions Tim MacholzDirector San FranciscoTMacholz@HL.com+1 415.273.3628 Tyler DeckSenior Vice President BostonTDeck@HL.com+1 949.375.2592 Luc PetreVice PresidentNew YorkLPetre@HL.com+1 917.498.8307 Baylen PosnerAssociateNew YorkBaylen.Posner@HL.com+1 215.896.0602 Joseph NicholsFinancial AnalystSan FranciscoJoseph.Nichols@HL.com+1 626.807.9745 How We Cover Transportation Technology Industry Themes AI Augmentation Labor Shortages Asset Management and Operations Asset Maintenance and Repair Digitization of Physical Operations Energy Transition Representative Transportation Technology Market Map Transportation Technology Thought Leadership: Recent Market Updates, White Papers, and DeepDives Into Specific Subsectors H1 Review and 2025 Outlook •M&A activity in the United States has stabilized in linewith levels seen prior to the 2021/2022 spike. H1 2025 M&A and Financing Activity in Review •With the Federal Reserve holding rates steady year-to-date, the anticipated boom in software M&A has yet tomaterialize; however, analysts expect two or three ratecuts later this year, which may catalyze an increase indeal activity. M&A activity hasstabilized, and weare excited about theupcoming transactionswe see in 2025. •The transportation technology sector continuesto see exciting consolidation and investment, withactivity across the spectrum of large publicly tradedacquirers, sponsor-backed strategics, financialsponsors building new platforms, and VC/growthequity financings: – WiseTech (ASX:WTC) has been highly acquisitiveyear-to-date, acquiring E2open (NYSE:ETWO) aswell as two customs technology businesses(Editrade and Opentecnología) and a global trademanagement solution provider (ImpexDocs). – Tenstreet (supported by Providence Equity Partners,Spectrum Equity, and Supply Chain Ventures)acquired DriverReach, enhancing its platform’susability and ease of adoption for carriers. – Thoma Bravo acquired a portfolio of digital aviationbrands from Boeing, creating a new platformcomprising Jeppesen, ForeFlight, AerData, andOzRunways. – Interest in AI shows no signs of waning: 8VC hasbeen highly active with investments in Gallatin,Augment, and HDVI year-to-date. H1 2025 Public Markets in Review •The spring tariff-related dip was short-lived, with theS&P 500 and Nasdaq rallying to close H1 2025 withsolid gains. Despite a broadermarket rebound,transportationtechnology peersremain pressured,having beendisproportionatelyaffected by the“Liberation Day”tariffs. •Performance among companies in our VerticalSoftware Index has been mixed: – Two insurtech companies, Porch Group andGuidewire, have posted the strongest gains. Sincedivesting its insurance carrier in January 2025, Porchhas begun to demonstrate the benefits of itshigher-margin, commission-and fee-based businessmodel. Meanwhile, Guidewire is experiencingaccelerated demand for its cloud-based solutions. – In contrast, D2L shares have struggled year-to-date,driven by the uncertainty in the U.S. highereducation market surrounding potentialDepartment of Education policy changes. •Given deeper tariff implications, our TransportationTechnology Index has not experienced the same “V-shaped” rebound as the broader market. – Kinaxis has been the outlier, with shares up 20%+year-to-date, as the company has maintained itsfiscal 2025 guid