2025年中期更新与人员分析聚焦

Summer 2025 Houlihan Lokey:A Global Technology Advisory Leader No. 1Most Active Advisor toPrivate Equity—Globally 2024 Most Active Advisor toPrivate Equity—Globally No. 1 2024 M&A Advisory RankingsAll Global Technology Transactions 1,900+SponsorsCovered Globally 28Global CoverageSenior Officers 850+Companies Sold toFinancial SponsorsOver the Past FiveYears 1,800+Sponsor-RelatedEngagementsin 2024 Technology IndustryCoverage Independent Advice, Deep Sector Coverage, and High-Touch Execution (1)As of July 31, 2025.(2)Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers. Global Leadership TeamBuilt to Advise HCM Platforms Global HCM Sector Team Covering the Entire HCM Ecosystem 15+ SourcingRecruitment MarketingAssessmentsHiring Tools and MarketplacesApplicant Tracking andEngagementOnboardingTalent Acquisition PayrollHRISWorkforce ManagementContingent LaborCompensation and Benefits Dedicated HCMFinanceProfessionalsBased in NewYork, London,Frankfurt, andSan Francisco Performance and SuccessionManagementTalent Analytics and OptimizationLearning and ComplianceEmployee Experience Sascha PfeifferGlobal Head ofTechnology Kevin WalshManaging Director Adrian ReedManaging Director 50+ Completed orAnnouncedHCMTransactionsSince the Startof 2016 IRIS, a portfolio company ofLeonard Green & Partners, Hgand Intermediate Capital Group,has acquired Dext Software, aportfolio company of Hg jinjer has been acquired byPotentia Capital and J-STAR James GrundyVice President Ted SullivanDirector Marco SolleVice President WorkforceManagement RecruitmentMarketing Payroll and HRIS ExpenseAutomation ExpenseAutomation Global Single SpecializedHCM PracticeAcross the World Gage FeldeisenAssociate Ben Levett-DunnAssociate beqom SA has been acquiredby Sumeru Equity PartnersFund IV L.P. Tombstones included herein represent transactions closed from 2021 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. Payroll WorkforceManagement EmployeeBenefits CompensationManagement EmployeeEngagement Payroll Leading HCMSoftware Practice 50+ Deals Across the HCMLandscape Since 2016 Core HRTalent AcquisitionTalent Management Houlihan Lokey Is aThought Leader in HCM Thought Leadership 2024 Year-End Report Media Relations Topical Q&A End-of-year highlights on HCM dealactivity and other group spotlights.Unique content and market insights. Specific subsector Q&A tohighlight the markets thatHoulihan Lokey is active in. Proven content and eventshighlight media partnerships. Houlihan Lokey hasproven global expertisein HCM software. Events ONE Houlihan Lokey ’25 2025 Industry Conferences Sector DinnerLondon 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 Mix of private equity and strategicattendees.Facilitated discussions covering thelatest takes on the payroll and EORindustry and investment trends. The New York conference in May2025 featured Houlihan Lokey’sTechnology Group and leadingHCM players.There will be a fall conference inNovember 2025 in London. Table of Contents 02People Analytics Spotlight 01HCM Market Update 04Appendix 03Public Markets Update HCM Market Update Macro Backdrop for HCM Software Key Takeaways Rising unemployment ratesunderscore the need for HCMplatforms to manage largerapplicant pools efficiently,streamline workflows, and empowerHR teams to focus on strategicinitiatives like workforce planningand employee engagement. Federal Funds Rate Inflation Fed Funds Expected Rate Projections(1) The Federal Funds Rate has stabilized at ~4.3%after a rapid increase in 2022–2023 to fightinflation. The median federal funds rate projection for2H 2025 is 3.9%, a ~0.4% cut from the currentrate. Inflation has remained modest, with May tickingup slightly by 0.1%. Advanced HCM software solutionswill benefit organizations byaddressing hiring constraints,supporting workforce reskilling, andenabling better workforce allocationthrough robust data analytics andforecasting tools. AI-driven capabilities within HCMsystems have become essential,enhancing decision-making inrecruitment, performancemanagement, and workforceoptimization while ensuring aseamless employee experiencethroughout the lifecycle. Total Nonfarm Job Openings vs. Hires Initial Jobless Claims Unemployment Rate Softening labor demand has meaningfullydecreased job openings, while job hires haveremained somewhat stable—the job openingsto hires ratio has dropped from 1.7x to 1.3x. Unemployment has crept up 60 basis pointssince August 2022 but remains near all-timelows. The rate for people <25 years old is 8.2%. Recent upticks in jobless claims highlight anincreasingly difficult labor market. AI has increasingly begun to replacethe work of people acrossindustries, leading to an inc