Ecommerce & Consumer Products Summer Report 2024

ECOMMERCE & CONSUMER PRODUCTS SEMI-ANNUAL REPORT

Summer 2024

Index

Macroeconomic Outlook

Ecommerce & Consumer Products Industry Overview

Ecommerce Subsector Breakdown

Ecommerce Financing

Ecommerce M&A Activity

Looking Ahead

Case Studies

Behind this Report

About FE International

Macroeconomic Overview

The global economy is expected to settle into a pattern of "steady" growth. Despite recent challenges such as high interest rates, inflation, and geopolitical tensions, the 3.2% growth rate for 2024 and 2025 indicates resilience as we settle into a new normal after the pandemic. The economic pick-up is not uniform. Developed economies will likely see a slight acceleration from 1.7% growth in 2024 to 1.8% in 2025, while emerging markets and developing economies' growth rates are anticipated to remain stable. There's a sense of optimism emerging among business leaders. In the US, CEO confidence has risen for two quarters in a row, with recession fears fading significantly. European CEOs and China-based CEOs of US and European companies are also slightly more optimistic, with a more positive outlook on the short-term economic situation. However, cautious optimism in encouraged – market projections could shift notably depending on the outcome of the upcoming US presidential elections. Global Economy Settles Into Cautious Growth Pattern

Real GDP Growth (% YoY)

Forecast

4.2%

3.6% 2.3% 4.7%

3.2% 1.8% 4.2%

3.2%

1.7%

2018 2019 2020 2021

2022 2023 2024E 2025F

World

Advanced economies

Emerging market and developing economies

The Conference Board Measure of CEO Confidence

Q4 2023

Q2 2024

H2 2023

H1 2024

H2 2023

H1 2024

United States

Europe

China

Source: IMF World Economic Outlook, July 2024. The Conference Board. Note: Measure of CEO Confidence is a barometer of the health of the US economy from the perspective of US chief executives.

To combat inflation, central banks raised interest rates to levels considered restrictive to economic growth. However, with global inflation rates falling and projected to reach 4.4% by 2025, the IMF suggests these interest rates are nearing their peak. This normalization in interest rates and inflation eases the financial burden on businesses and consumers, potentially spurring an uptick in consumer activity and further investments from businesses. Leading economists are forecasting that advanced economies will achieve their inflation targets sooner than emerging markets. This recovery could be due to a combination of factors, such as stronger economic fundamentals and more robust policy responses. In recent months, the Swiss National Bank (SNB) and European Central Bank (ECB) lowered their interest rates. This is a positive sign for further cuts, with other markets following the impact of these rates closely. Inflation & Interest Rates Stabilizing

CPI Inflation Rate (%)

Forecast

8.2%

4.4% 6.0%

3.6% 2.0% 5.0%

5.9%

2.1%

2.7%

2018 2019 2020 2021

2022 2023 2024E 2025F

World

Advanced economies

Emerging market and developing economies

Interest Rate (%)

5.4% 4.3% 5.3%

Recent rate cuts by SNB & ECB

0.1% 1.3%

Jan-20 Nov-20

Oct-21

Aug-22

Jul-23

Jun-24

US (Fed)

Euro Area (ECB)

United Kingdom (BoE)

Japan (Bank of Japan)

Switzerland (SNB policy rate)

Source: IMF World Economic Outlook, July 2024, Interest rates as per central bank data of respective regions. Note: ECB = European Central Bank, SNB = Swiss National Bank.

Venture Capital & Private Equity Investment Outlook

VC Dry Powder ($B) by Vintage

PE Dry Powder ($B) by Vintage

$0 B $100 B $200 B $300 B $400 B $500 B $600 B $700 B $800 B 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

$0 B $200 B $400 B $600 B $800 B $1,000 B $1,200 B $1,400 B $1,600 B $1,800 B

2023 2022 2021 2020 2019 2018 2017 2016

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Dry powder for VC and PE has reached record levels, exceeding $700 billion for VCs and $1.5 trillion for PEs. This abundance of available capital is particularly appealing for ecommerce companies, offering the potential for substantial investment. Additionally, ecommerce-focused VCs are on the rise, with several significant fundraising rounds targeting various segments. However, converting this dry powder into actual investments may rely on the resurgence of strong exit opportunities for VCs through IPOs or M&A activity. Overall, the current environment presents a potential advantage for VCs to invest in promising ecommerce at potentially lower valuations.

Source: Pitchbook as of March 2024.

Ecommerce & Consumer Products Industry Overview

The State of Ecommerce Ecommerce & Consumer Products is the exchange of goods through online platforms, which include retail websites, online marketplaces, and digital services. Ecommerce has been fueled by a confluence of technological innovations, evolving consumer preferences, and strategic business adaptations. The industry has maintained stability since the reopening of economies post-Covid and is projected for significant growth going forward. Consumers have grown accustomed to the conveniences of online shopping, like one-click purchasing, same-day delivery, and the comfort to compare products and prices at home. Plus, recurring, automated subscription services are gaining increased popularity and have furthered both the ease of shopping for customers and the ability for businesses to retain customers around the world. These fundamental changes in consumer habits continue to propel the market. Businesses have responded by improving their online presence through user-friendly websites, mobile apps, and robust digital marketing strategies made to accommodate the online customer. The ecommerce market is in an attractive state, and its future is promising. Ecommerce has integrated itself into the lives of millions of consumers globally and businesses are rapidly adapting. There are boundlessopportunities to invest — both in new products and the innovative platforms used to sell them.

Ecommerce by the Numbers

Global Retail Ecommerce Sales Growth 2022-2027

(In Trillions of USD)

• The retail ecommerce sales globally reached $5.8 trillion in 2023 and are projected to grow at an 8.3% CAGR to $7.9 trillion by 2027. • Ecommerce retail sales grew 1.6 times in China, 3.3 times in the US, and 4.5 times in the UK during the COVID-19 lockdowns. • Sales penetration in the US more than doubled to 35% in 2020 from the previous year, roughly the equivalent of ten years of growth. • 20.1% of retail purchases are expected to take place online in 2024. By 2027, it will grow to be 23%. • Nearly 20% of total global sales in 2021 were made from online purchases. By 2025, this will grow to nearly 25% of all global sales. • Amazon accounts for 37.6% of ecommerce sales, the highest market share of all ecommerce companies. It receives 2.8 billion site visits per year, the highest in ecommerce. It's followed by AliExpress, which has 952 million annual visitors, and eBay, which has 872 million.

Forecast

7.9

7.4

6.9

6.3

5.8

5.3

2022

2023

2024E

2025F

2026F

2027F

Source: Forbes Advisor

Key Growth Trends

AI quickly became a popular tool to learn about market trends and make the sales process more pleasurable for customers. For example, consider the trend of virtual fitting rooms, which allows users to visualize how clothing products look on them before making purchases online. Tools like these use AI for several functions, like enhancing the accuracy of fitpredictions and suggesting similar options throughoptimized algorithms. Ecommerce companies are turning to these tools to help reduce return rates and other operational costs. High-speed internet connections, smartphone proliferation, and the increasing availability of digital payment solutions make ecommerce substantially more accessible internationally. For context, the global smartphone market reached about 1.46 billion units in 2023. Shopping between international platforms and across national borders has never been easier. The same applies to global supply chains, which make it much easier for any business to source products and components from different parts of the world — ultimately bringing consumers more options at competitive costs. The proliferation of smartphones also brings growth in the form of digital wallets and contactless payment technology, which provides users with the ability to complete transactions seamlessly — and with increased security. Likewise, technological advancements in encryption technology, multi-factor authentication, and stringent security protocol adoption continue to play a significant role in the market. As more consumers convert to the convenience of tap-to-pay, we will continue to see correlative growth in ecommerce and cybersecurity alike.

Artificial Intelligence (AI)-

Powered Features

Significant Expansion in Cross-Border Trade Opportunities

Development of Secure Digital

Payment Systems

Source: Forbes

Ecommerce Subsector Breakdown

Key Subsectors by Transaction Type Sectors Overview

• Transactions or commerce conducted between businesses, where one business supplies another with products or services. • Around 80% of the total share of transactions is comprised of B2B transactions.

B2B

• Transactions or commerce conducted between businesses, where one business sells products or services to another business. • Ecommerce allows organizations to constantly conduct business throughapps and digital marketplaces.

B2C

• C2C Commerce consists of the transactions taking place between two or more customers. For example, the exchange of used books or clothes. • Ecommerce creates more opportunities for individual sellers and buyers with unique interests.

C2C

• Transactions among various departments and persons within a single organization, like procurement, inventory management, or employee purchasing. • Virtual Private Network technologies bolster the security of an organization’s network and enable accessibility for remote employees.

Intra-Bcommerce

Source: geeksforgeeks

Overview Sectors Ecommerce Subsector Breakdown

Key Trends

• Apparel and accessories for personal style and self-expression. Examples: Shoes, clothes, purses, glasses, timepieces, jewelry, leather goods, and scarves. • Major retailers: eBags, Zara, Nordstrom, Clarks, and Amazon

• Changing cultural trends, emerging social media platforms, and the arrival of younger generations all bring new creative personalities to the market. Brand marketers are encouraged to perpetually update their influencer playbooks. • Generative AI’s breakout year is forcing fashion players to look beyond operational automation to capture value. • The rapid growth of the Internet of Things (IoT) represents an unprecedented opportunity for the electronics manufacturing industry, which in turn will lead to increase in sales for ecommerce. • Positive sentiments towards purchasing furniture online surged following the COVID-19 crisis due to attractive discounts and the convenience of online shopping. • Amazon and Wayfair dominate the online furniture retail landscape and coexist as omnichannel retailers. • Consumer interest in hobbies and recreation at home rose greatly during the pandemic and is continued by social media DIY trends, influencer marketing, and • Sustainability, social justice, and equality — consumers are paying closer attention than ever to the supply chains and production sources of theirgoods.

Fashion

• Gadgets and tech solutions for modern living. Examples: Home appliances, cell phones, and smart streaming devices. • Major retailers: Amazon, BestBuy, and Ikea

Electronics

• Home and office furnishing. Examples: beds, tables, lighting, shelves, and seating. (Omits permanent fixtures, like sinks, baths, electronics, and household appliances.) • Major retailers: Amazon, Wayfair, and Ikea • Recreation and personal skills. Examples: video game consoles, musical instruments, art supplies, children's toys, sporting gear, and gardening equipment. • Major retailers: Walmart, Amazon, and Target

Furniture

Toys, Hobbies and DIY

Source: FE Internal Analysis.

Ecommerce Subsector Breakdown

Sectors

Overview

Key Trends

• A broad category containing grocery chains and meal-prep subscriptions along with alcoholic and nonalcoholic drinks retailers. • Major retailers: Amazon, boxed.com, HelloFresh, and Walmart

• Strong gains are expected in the industry as a busy workforce turns increasingly to the convenience of digital platforms for groceries. • The surge in smartphone users globally has significantly contributed to the growth of F&B ecommerce sales. Smartphone users represent the primary online shoppers in the industry. • The market's expansion is attributed to the ongoing trend of online gaming, the emergence of high bandwidth network connectivity, and the continuous demand for 3D games. • Beauty shoppers love online marketplaces. It’s the most favored ecommerce channel as it provides a one-stop shopping experience with a wide selection of products, from both first-party and third- party vendors. • Rapid adoption of telemedicine and an increased interest in products promoting overall wellness due to the COVID-19 pandemic continue to drive ecommerce opportunities, like subscription supplements.

Food & Beverage

• Consumer sales of physical media. Examples: books, CDs, DVDs, and video games on disc.

Media

• Personal care and health products. Examples: over-the-counter medicines, vitamins, cosmetics, and body and hair products. • Major retailers: CVS Health, Walgreens Boots Alliance, Walmart, and Amazon

Beauty, Health, Personal & Household Care

Source: FE Internal Analysis.

Amazon Remains Unmatched

Most Valuable Companies by Market Capitalization Worldwide, 2024

(In Billions of USD)

Amazon.com, Inc.

1,902

Amazon leads global ecommerce with a market cap of $1.9 trillion, followed by Pinduoduo at $200 billion and Alibaba at $184 billion.

PDD Holding Inc.

200

• Amazon is enhancing its AI-driven recommendations, making shopping more personalized and intuitive by considering user behavior comprehensively. The company's "Climate Pledge Friendly" program also boosts visibility for ecofriendly products, aligning with rising consumer demand for sustainability. Amazon's social commerce efforts include both platform updates that mimic social media, like user-generated photo and video reviews, as well as cross-platform integrations that channel social media users on platforms like Facebook and Instagram directly to its sites. • Amazon is expanding globally through its Amazon Global Selling program, simplifying cross-border transactions with new tools. Advertising advancements such as Amazon DSP will also provide sellers with more targeted and automated ad campaigns for its growing user market.

Alibaba Group Holding Limited

184

Meituan

MercadoLibre, Inc.

Copart, Inc.

JD.com, Inc.

Sea Limited

Coupang, Inc.

eBay Inc.

Key Market Analysis Takeaways

• Smartphones and high-speed internet propel market growth with more user touchpoints and delivery convenience. • User-friendly mobile apps and websites are becoming the universal preference, securing a favorable ecommerce market outlook. • AI algorithms provide personalized experiences on demand and are facilitating market growth. • Consumers want sustainability, like ecofriendly packaging and ethical sourcing, bolstering growth in that corner of the market.

Challenges

Major Market Drivers

• Intense, established competition challenges the market and impacts the revenue of the ecommerce businesses.

Key Market Trends

Opportunities

• Personalized shopping experiences and AI provide new opportunities for disruption.

• Asia Pacific holds the largest segment because of rapid urbanization, along with the rising adoption of smartphones.

Geographical Trends

• Major market players in the ecommerce maintain heavy leads. This includes Alibaba, Amazon, Apple, eBay, Groupon, Rakuten Group, Walmart, and Zalando.

Competitive Landscape

Source: imarcgroup

Ecommerce Financing Activity

Ecommerce Financing by Year (In Billions of USD)

Total Deal Size in ($B) # of Deals

456

Annualized

354

397

102

217

While the market has experienced a correction in recent years, new indicators show lasting potential in the sector. Key trends: • Funding Decline: Ecommerce funding volume increased significantly in 2022 and 2023 as economies continued to rebound from the pandemic. Ecommerce saw 300% growth in 2022 and an additional 17% growth in 2023. The growth rate looks promising for 2024. • Shifting Investment Strategies: Mimicking the growth trend seen in 2023, VCs are currently deploying good investment sizes. • Food & Beverage: Trend in 2024 shows that food & beverage remains the most sought-after sector in financing, followed by fashion and electronics. The turnaround in Q1 2024 provided a positive outlook for ecommerce.

1.1

1.4

1.2

0.6

0.3

2021

2022

2023

YTD 2024

Financing Volume by Quarter (In Billions of USD)

Total Deal Size in ($B) # of Deals

126 125

118

103

101

92 94 93

36 33

15 17

0.0 0.2 0.1

0.1

0.3 0.4 0.3 0.2 0.3 0.4 0.3 0.3 0.4 0.3

Q2 Q3 Q4 Q1

2021

2022

2023

2024

Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.

Ecommerce Financing

Distribution of Financing Rounds by Volume

$0 - $5M $5 - $10M $10 - $25M $25 - $100M $100 - $250M $250M+

4% 2%

5%1%

6%2%

2022

2023

Q1 2024

83%

85%

86%

• Investors are targeting opportunities in the lower and middle markets, focusing on deals valued under $100 million in 2024. This segment has seen a substantial amount of financing activity, with 217 rounds completed so far this year. • Food & Beverage companies raised the most capital followed by electronics companies. Notably, US-based Feastables, a snack-based company, secured the quarter’s largest deal so far with approximately $60 million raised in February 2024.

Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.

Largest Financing Deals in 2024

Deal Size ($M)

Company

Date

Funding Type

Company

Date

Funding Type

02-Feb-24

60.0

Early Stage VC

22-May-24

10.0

Early Stage VC

03-Jan-24

55.1

Early Stage VC

06-Apr-24

10.0

Early Stage VC

09-May-24

52.0

Early Stage VC

07-Mar-24

10.0

Early Stage VC

22-Feb-24

21.6

Early Stage VC

22-Feb-24

10.0

Seed Round

13-Mar-24

17.0

Early Stage VC

30-Apr-24

9.0

Early Stage VC

13-Feb-24

15.0

Early Stage VC

27-May-24

8.8

Early Stage VC

29-Mar-24

14.9

Early Stage VC

27-Mar-24

8.4

Early Stage VC

25-Apr-24

12.0

Early Stage VC

24-Apr-24

7.3

Early Stage VC

10-Apr-24

12.0

Early Stage VC

19-Feb-24

7.3

Early Stage VC

15-Mar-24

11.1

Seed Round

11-Apr-24

7.0

Seed Round

Source: Pitchbook as of June 2024.

Ecommerce M&A Activity

Ecommerce M&A Activity Following a stellar 2021, ecommerce M&A volume experienced a correction, declining by 12% in both 2022 and 2023. The total number of deals in Q1 2024 has already reached 274 and is expected to remain at a similar level as last year.

Ecommerce M&A by Year (In Billions of USD)

Total Deal Size in ($B) # of Deals

706

623

Annualized

547

501

387

Key trends:

274

7.4 13.6

• Anticipating a Major Uptick: The acquisitions of On the Dot and Herbal Essentials, amounting to $1.5 billion and $1.2 billion respectively, brought substantial value to ecommerce M&A. This heightened level of activity could lead to a significant increase in M&A transactions. • Global Surge in M&A Activity Across Geographies: M&A activity in the first half of 2024 encompassed diverse regions, including the US, Sweden, Saudi Arabia, Singapore, South Korea, and others. Overall, the ecommerce M&A landscape is showcasing a positive outlook in 2024.

17.7

39.7

19.7

23.1

2020

2021

2022

2023

YTD 2024

M&A Volume by Quarter (In Billions of USD)

Total Deal Size in ($B) # of Deals

211

189

155

151

149 147

149 143

135 134

134

131

182

118

113

111

5.6 3.2 2.6 6.2 3.0 18.4 6.1 12.2 6.2 7.6 1.7 4.0 3.1 6.0 13.1 0.9 5.6 1.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024

Source: Pitchbook as of July 2024. Data consists of those transactions also where deal value was not disclosed.

Distribution of Global M&A Deals by Volume While >8% of Ecommerce M&A deals have exceeded $1B in 2024 (YTD), the highest proportion in the last two years, the lower middle market remains the backbone of the industry, accounting for more than 90%.

4% 3%

13%

12%

2022

2023

Q1 2024

78%

79%

83%

$0 - $100M $100 - $500M $500 - $1000M $1000M+

• Ecommerce integrates products into consumers' daily lifestyles, making it a standard. The industry is experiencing larger deals and an increasing number of transactions as the year progresses, despite the market being highly consolidated.

• Strategic acquirers are expected to be major players, looking to: – Expand to new geographies – Expand product offerings and reach new customer segments – Expand user-experience capabilities

Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.

Largest Ecommerce M&A Deals in 2024

Deal Size ($M)

EV/LTM Revenue

Deal Size ($M)

EV/LTM Revenue

Target

Buyer

Date

Target

Buyer

Date

31-Jan-24

1,500

22-Apr-24

152

12-Apr-24

1,084

20-Feb-24

06-Mar-24

1,000

20-Jun-24

02-Jan-24

900

2.45x

11-Apr-24

24-Jan-24

345

2.62x

02-Apr-24

10-Mar-24

202

20-May-24

22-Mar-24

200

8.30x

09-May-24

19-Apr-24

173

Source: Pitchbook as of June 2024.

Lower Middle Market Ecommerce M&A Deals in 2024

Deal Size ($M)

Target

Buyer

Date

Target

Buyer

Date

20-Feb-24

02-Apr-24

20-Jun-24

20-May-24

06-Feb-24

09-May-24

11-Apr-24

21-Feb-24

07-Mar-24

11-Jun-24

Source: Pitchbook as of June 2024.

Looking Ahead

Ecommerce will prove an interesting landscape in the coming years — with compelling growth. Key takeaways: • Increased deal flow and consolidation: The industry’s growth perpetually offers new space to harness technologies and drive innovation, along with the challenges of meeting consumers’ changing expectations and the need to be resilient in the face of macroeconomic and geopolitical volatility. • Down rounds and exit opportunities: Distressed assets may be seeking outs given previous high valuation rounds. This could be due to overvaluation, changing market conditions, or shedding assets for strategic realignment. Established players like Amazon are intense competition and will continue to shape the market. Still, innovation brings space for disruption, largely through unique digital experiences and emerging customersegments.

Case Studies

Successful Acquisition Leads to Strong Relationship FE International represented Verma Farms on their sale to Branded with mutual satisfaction

Company Overview:

Verma Farms presents a top-tier CBD wellness solution, esteemed as a first choice for health aficionados. Championed by notable health influencers, physicians, and devoted users, Verma Farms shines for its potency in enhancing well-being, ensuring premium quality and promoting holistic health. It is strategically anchored in the burgeoning CBD Health & Wellness segment, which emphasizes its market relevance.

Sold to

Key Value Drivers:

Buyer Interest:

Process Results:

Ecommerce CBD - Health & Wellness

• Swift revenue surge, evident from a growth from c.$174K in 2019 to a staggering c.$2.7M in 2020. • Robust web traffic metrics, drawing c.680K visitors and garnering c.2M page views across its dual websites within the LTM • Revenues touching c.$3.9M in the LTM coupled with impressive net margins of c.39.1% • Steady order volume with c.3.9K monthly transactions over the LTM, underscored by a substantial AOV of c.$82

• Targeted list of 53 financial and strategic buyers

• Extensive M&A process

generated considerable interest from both private equity and strategic players, leading to an offer with a considerable amount of upside

Private Sale of an Ecommerce Business FE International represented Voltaplex, a B2B ecommerce business that sells individual batteries

Voltaplex is a dropship B2B ecommerce business that sells individual batteries, battery packs, and accessories such as circuit boards. The business has an additional revenue stream where it refers other distributors to its manufacturer and gets a referral fee. Company Overview:

Sold to

Key Value Drivers:

• Opportunity presented to 85 buyers with the majority of outreach focused on strategic acquirers Buyer Interest:

• Found the right strategic buyer and negotiated a favorable transaction structure for the seller Process Results:

Ecommerce B2B

• High customer stickiness – customers have a hard time changing suppliers due to niche market control • Lithium-ion batteries have a wide range of use cases, and the increase in electric vehicles and home energy storage should increase the demand levels

• Company’s revenue grew 167% YoY • High average order value of c.$14,100

Fast Sale of Fiber Supplier FE professionals represented Ganxxet, an ecommerce business focused on selling yarn, wool and other materials for textile creation

Launched in 2014, Ganxxet is a modern fiber supplier that caters to macrame, weaving, crochet, and knitting enthusiasts. They provide eco-friendly rope and yarn for various crafted projects, including macrame wall hangings, plant hangers, jewelry and bags. Additionally, they sell books, gift cards for their own store, and accessories. They have a notable social media following because of digital content like studio tours, tutorials, and informational guides. Company Overview:

Sold to

Private Buyer

• They have their own warehouse for storage and fulfillment that is staffed • Relatively large social media presence with 60.8k follows on Instagram • Many SKUs (over 2,000) and a large amount of inventory to date ($313k) Key Value Drivers:

• 78 Parties Contacted Buyer Interest:

• The transaction was closed within 3 weeks of being listed Process Results:

Ecommerce Consumer Goods

Behind this Report

Jake Olivieri, CFA Vice President Jake is Vice President at FE International. He leverages nearly a decade of experience in debt capital markets to advise clients on transactions across FE’s verticals with a focus on ecommerce. He has advised on over $300M of transactions in his career at FE International. linkedin" Icon -

Ismael Wrixen Executive Chairman

linkedin" Icon -

Ismael Wrixen is Executive Chairman of FE International. Before FE, Wrixen was in large-cap M&A investment banking, where he executed several high-profile public deals, namely in the technology sector. He is a member of the Forbes Finance Council and a NACVA 2018 40 Under 40 Award winner.

Thomas Smale Chief Executive Officer

linkedin" Icon -

Thomas Smale dedicates his career to helping founders get acquired on their terms. He built FE into the leading advisor for lower middle market technology businesses. Thomas offers invaluable technical, diligence, and negotiation advice to early-stage and seasoned business owners alike.

Akanksha Gupta Senior Analyst Akanksha Gupta has over 3 years of experience working on live deals. Her work includes valuations, investment theses, benchmarking, industry overviews, and more. Her expertise spans a wide range of industries including tech, EV, and real estate. She previously was an Associate with the Citigroup Investment Banking team in Mumbai. linkedin" Icon -

Randal Stephenson Head of Investment Banking

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Randal Stephenson has over 25 years of experience in both M&A advisory and debt and equity capital raising. Before FE, he held senior investment banking positions at Merrill Lynch, Jefferies, CIT Group, and Duff & Phelps. He has closed over 300 transactions valued at $44 billion across 22 countries.

About FE International Founded in 2010, FE International is an award-winning strategic advisor for technology businesses.

Sector Expertise

1,500 + Transactions completed on behalf of clients 1

Consumer Product Ecommerce Over 100 Successfully Closed Deals

Artificial Intelligence Over 15 Successfully Closed Deals

Agency & Marketing Solutions Over 50 Successfully Closed Deals

$48M Average Transaction Value

Percentage Completed Transactions 2 94.1% 70% +

Percentage of Sell-Side Transactions

Education Technology and Online Training Over 50 Successfully Closed Deals

Cybersecurity & FinTech Over 40 Successfully Closed Deals

Marketplace Apps Over 50 Successfully Closed Deals

Source: Company data. 1. Includes approximately 300 transactions completed by FE professionals while at other firms. 2. Sell-Side transactions, measured from the date of launch of buyer outreach and marketing.

London, UK

Warsaw, Poland

New York, USA

San Francisco, USA

Miami, USA

Mumbai, India

Awards:

Featured in:

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