Cybersecurity Summer Report 2024

CYBERSECURITY

SEMI-ANNUAL REPORT

Summer 2024

Index

Macroeconomic Outlook

Cybersecurity Industry Overview

Cybersecurity Funding

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

$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

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 of interest for fintech companies, with vast capital available for both fundraising and exits. Additionally, fintech-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 – something that is picking up significantly in 2024.

Source: Pitchbook as of March 2024.

Cybersecurity Industry Overview

The State of Cybersecurity

The cybersecurity landscape has become even more complex and crucial in recent years and that trend will only continue. Polarization, armed conflicts, and economic uncertainty marked 2023. This backdrop likely intensifies the need for robust cybersecurity measures as countries and organizations face potential threats from various actors. These evolving threats, along with technological advancements, drive significant transformations across the industry. One notable shift is the move from isolated security tools to integrated ecosystems and a holistic approach to security, focusing on data visibility and access. AI, machine learning, and quantum computing are reshaping these capabilities. While these technologies offer new opportunities, they also introduce new challenges and vulnerabilities. Despite these challenges, the cybersecurity economy experienced exponential growth, outpacing both the overall global economy and the tech sector. This growth underscores the increasing recognition of cybersecurity as a critical investment area.

Cybersecurity Revenue by Segment

(In Billions of USD)

273.5

248.1

223.9

202.3

183.14

166.2

150.16

139.9

121.9

115.2

102.7

89.72

83.32

2016

2017

2018

2019

2020

2021

2022

2023

2024E

2025F

2026F

2027F

2028F

Cyber Solutions Security Services

• The global cybersecurity market is experiencing explosive growth and is estimated to reach $274 billion by 2028. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.6% . • The cost of cybercrime to reach a staggering $10.5 trillion globally by 2025, Cybersecurity Ventures predicts. The average spend per employee in cybersecurity is projected to reach $52.2 in 2024.

• The imperative to protect increasingly digitized businesses, IoT devices, and consumers from cybercrime will propel global spending on cybersecurity products and services to $1.8 trillion cumulatively for the five-year period from 2021 to 2025. • Rapid growth in the use of decentralized finance (DeFi) services is creating a new soft spot for global financial systems, fostering new methods of crypto crime. Cybersecurity Ventures predicts “rug pulls” and other attacks will cost the world $30 billion in 2025 alone.

Source: Statista Market Insights, Cybersecurity Ventures, World Economic Forum

Issues Shaping the Industry

Cloud Security The amount of data stored in the cloud will reach 100 zettabytes by 2025, analysts predict. This reflects 50% of the world’s data, up from about 25% in 2015. Growing reliance on cloud services means robust security measures built for cloud environments are increasingly paramount. Rise of AI Over the next two years, generative AI is expected to have a significant impact on cybersecurity, with attackers likely to have an advantage over defenders. Building cyber resilience through preparation and recovery strategies is becoming increasingly important in the face of these threats.

Regulatory Complexity As cyberattacks become more sophisticated, governments are likely to implement stricter data privacy regulations. Navigating these complex regulatory frameworks remains a significant challenge for organizations, driving the need for compliance-focused cybersecurity strategies. IoT & IIoT Security The proliferation of IoT and Industrial IoT devices brings both greater connectivity and a growing need to address cybersecurity in these interconnected systems, especially amid rising geopolitical tensions.

Zero Trust Adoption Zero Trust is a cybersecurity framework that requires all users to be authenticated, authorized, and continuously validating security configurations while accessing data. Organizations increasingly use this approach to help mitigate risks and thwart unauthorized access attempts, ensuring a more secure environment for sensitive data. Board-Level Concern In the face of high-profile data leaks, cybersecurity is gaining more attention at the highest levels of organizations. Boards recognize it as a strategic priority and are actively investing to safeguard sensitive information.

Source: Cybercrime Magazine

The Global Divide

Two core factors drive the divide: the increasing cost of accessing adequate cyber services, tools and talent, and the early adoption of cutting-edge technology by the largest organizations in the ecosystem. As a result, the least capable organizations are perpetually unable to keep up with the curve, falling further behind and threatening the integrity of the entire ecosystem. Disparity across geographies is further reflected in the analysis. This global resilience gap tends to mirror other global development indicators—Latin America and Africa report the lowest number of self-reported cyber-resilient organizations, while North America and Europe report the highest. Conversely, Latin America and Africa reported the highest number of insufficiently cyber- resilient organizations, while North America and Europe reported the lowest number.

In 2022, the cybersecurity economy grew twice as fast as the world economy. In 2023, it grew four times faster. Although organizational investment in cyber resilience is on the rise overall, rapid innovation and growth often lead to uneven development. Generally, the largest and most developed economies reap the rewards of new technologies, while less developed nations, sectors, and communities continue to fall behind. Rapid technological growth, while benefiting many in terms of access, innovation, and collaboration, also creates systemic inequity in the global cybersecurity economy. This highlights a pronounced disparity in capability among organizations within its markets. Projections show the gap between organizations resilient enough to thrive and those struggling to survive is widening at an alarming rate.

Source: Global Cybersecurity Outlook 2024

Regulatory Landscape Accelerates One of the most significant trends shaping the cybersecurity landscape in 2024 is the increasing stringency of regulatory compliance requirements. Governments and regulatory bodies worldwide are recognizing the need for more comprehensive cybersecurity measures and enacting stricter regulations to enforce them. Data protection regulations like the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) have already set the tone for stringent data protection standards. In 2024, we can expect more countries to follow suit. This will create a complex web of compliance requirements for multinational organizations and elevate the issue of cross-border data transfer to a critical level. Regulations such as the Schrems II ruling in Europe have already raised concerns about the legality of transferring data between jurisdictions. Companies will need to find secure and compliant ways to transfer data internationally. Further, governments are increasingly concerned about the security of supply chains, especially in critical industries like healthcare and defense. Regulations will require organizations to ensure the cybersecurity of their suppliers and partners is as robust as their own. Regulations also demand fast, efficient, and transparent reporting of cybersecurity incidents. Organizations will need to maintain both proactive defense systems and robust incident response plans to comply with these requirements.

Cybersecurity Funding

(In Billions of USD)

527

442

433

421

397

326

$11.1

318

288

281

$9.5

269

$9.2

245

345

$5.8

$5.1

$4.1

$4.0

$3.7

$3.3

$3.0

2021 Q3

2021 Q4

2022 Q1

2022 Q2

2022 Q3

2022 Q4

2023 Q1

2023 Q2

2023 Q3 2023 Q4

2024 Q1

2024 Q2

Total Deal Size in ($B)

Deal Count

• In 2023, cybersecurity vendors raised $15.4 billion in over 1,329 transactions. This fell behind 2022’s volume of 1,619 transactions recorded. • A notable resurgence of late-stage rounds is observed when compared to most of 2023. VC funding experienced a QoQ rebound in Q1 2024, showing a significant increase from the previous quarter when cybersecurity startups raised just below $1.7 billion. Seed funding represented a majority of all Q1 2024 funding rounds recorded.

• The lower middle market represented a significant number of fundraises in H1 2024 – There were 122 transactions in this market segment totaling to over $3.6B in deal value – Later stage VC deals held the largest share - 47% of the total number of fundraises with 55% of the total funding value – PE-based fundraises represented a modest 12% of the total deal count

Source: Pitchbook as of June 2024. Note: This includes only equity-based funding.

Largest Financing Deals in 2024

Deal Size ($M)

Company

Date

Funding Type

Company

Date

Funding Type

07-May-24

$1,000

Later Stage VC

27-Jun-24

$112

PE Growth/Expansion

01-Mar-24

400

Later Stage VC

26-Jan-24

102

Later Stage VC

09-Apr-24

300

Later Stage VC

28-Mar-24

100

Later Stage VC

03-Jan-24

195

Later Stage VC

25-Mar-24

100

Later Stage VC

20-Jun-24

180

Later Stage VC

13-Mar-24

100

Later Stage VC

30-Apr-24

175

Later Stage VC

06-Mar-24

100

Later Stage VC

30-Apr-24

150

Later Stage VC

22-Feb-24

100

Early Stage VC

07-Feb-24

150

Later Stage VC

09-Jan-24

100

PE Growth/Expansion

24-May-24

139

PE Growth/Expansion

01-May-24

Later Stage VC

20-Jun-24

125

Later Stage VC

01-May-24

Later Stage VC

23-Apr-24

115

Later Stage VC

01-May-24

Early Stage VC

Source: Pitchbook as of June 2024.

Cybersecurity M&A Activity

Cybersecurity M&A by Deal Count and Volume

(In Billions of USD)

$75.4

166

158

$64.7

142

128

125

111

109

108

107

129

$28.8

$17.3

$14.1

$9.8

$8.6

$7.9

$6.4

$4.6

$2.7

$2.2

2021 Q3

2021 Q4

2022 Q1

2022 Q2

2022 Q3

2022 Q4

2023 Q1

2023 Q2

2023 Q3 2023 Q4

2024 Q1

2024 Q2

Total Deal Size in ($B)

Deal Count

• M&A volume in cybersecurity software has boosted in LTM Q2 2024, reaching a total deal value of $103.9B – This represents a 36.6% YoY growth in deal size. However, the deal count fell by 12.3% indicating an increase in average transaction value • 174 strategic deals took place, which represented 56.7% of all deals done – By deal size, these transactions represented 78.1% of the entire pool, depicting aggressive inorganic growth and overall industry consolidation • M&A deals in the lower middle market ($10-$100 million) represented 10.0% of all transactions, a 66.8% increase YoY

Source: Pitchbook as of June 2024.

Select Cybersecurity M&A Deals in 2024

Deal Size ($M)

EV/LTM Revenue

Deal Size ($M)

EV/LTM Revenue

Target

Buyer

Date

Target

Buyer

Date

09-Jan-24

14,000

2.3x

10-Apr-24

350

26-Apr-24

5,320

8.0x

16-Jan-24

235

19-May-24

1,540

10.3x

27-Mar-24

230

25.1x

28-Mar-24

1,472

2.9x

5-Jan-24

205

14-Mar-24

1,410

2.2x

04-Apr-24

163

18-Apr-24

1,300

13.0x

17-Apr-24

150

02-Apr-24

794

2.1x

1-Feb-24

150

12-Apr-24

650

16-Apr-24

125

25-Jun-24

450

12.9x

7-Feb-24

123

1.1x

13-May-24

350

1.4x

29-Apr-24

120

Source: Pitchbook as of June 2024.

Lower Middle Market M&A Deals in 2024

Deal Size ($M)

EV/LTM Revenue

Deal Size ($M)

EV/LTM Revenue

Target

Buyer

Date

Target

Buyer

Date

28-May-24

2.2X

16-Jan-24

31-Jan-24

16-May-24

8.31x

SafeDog

01-Jan-24

22-Feb-24

Private Buyer

01-Feb-24

14-Feb-24

29-Feb-24

Source: Pitchbook as of June 2024.

Public Cybersecurity Comps

Operational EBITDA Margin

Valuation

Revenue Growth

Net Income Margin

EV/Revenue

EV/EBITDA

23A

24E

25E

23A 19% 29% 39% (5%)

24E 28% 42% 45% 18% 26% 12% 23% 37% 30% 20% 20% 22% 30% 42% 10%

25E 30% 42% 45% 19% 28%

23A

24E 22% 25% 40% 13% 25% 10% 18% 27% 24% 13% 17%

25E 23% 24% 40% 13% 25% 14% 17% 28% 24% 14% 18% 18% 24% 32% 12% 20%

23A

24E

25E

23A

24E

25E

A10 Networks

(10%)

5% 5% 6%

9% 8% 5%

16% 14% 35%

3.4x 4.4x

3.3x 4.2x 6.7x

3.0x 3.9x 6.3x 13.2x 17.9x 9.9x 5.3x 3.3x 6.7x 2.3x 5.2x

18.1x 15.1x 18.3x

11.9x

10.2x 9.2x 14.0x 69.1x 64.8x 58.8x 22.1x 8.3x 22.4x 10.9x 24.3x

Akamai Technologies Check Point Software

5% 4%

10.0x 14.9x

7.1x

Cloudflare

33% 36% 27% 31%

28% 31% 24% 26% (1%)

27% 26% 22% 21%

(14%)

21.5x 29.6x 15.0x 8.0x

16.8x 22.6x 12.1x 6.4x 3.4x 7.6x 2.4x 5.8x 1.8x 13.5x 8.0x

NM 92.8x NM 85.4x NM 99.4x

CrowdStrike Holdings CyberArk Software

(13%)

17%

(9%)

Darktrace

12% 23% 25% 14%

24% 39% 30%

11%

68.6x 14.5x 32.7x 16.3x

27.4x

14% 22%

3.4x 8.3x 2.2x 6.5x

9.1x

Fortinet

20%

13% 5% 12% 4% 14% 10%

25.6x 12.4x

Juniper Networks

(8%)

21% 21%

Okta

22%

12%

(17%) (2%)

(16%) (13%)

NM 28.2x NM 8.1x NM 44.7x

OneSpan

24% 30%

17%

1.8x

1.7x

7.1x

Palo Alto Networks

25% 13% (11%)

16%

24% 33%

15.7x 8.8x 1.8x 4.2x 1.6x 9.4x 6.4x 2.2x 10.2x 12.4x 17.3x 8.8x

11.9x 7.3x 1.6x 3.6x

39.4x 17.7x 14.9x 16.3x 34.3x

Qualys

34% (9%)

41%

27% (8%)

25.5x

19.1x

Radware

11%

1.7x

NM 17.3x NM 18.5x NM 41.3x

Rapid7

14%

10%

21% 4%

22%

(19%) (24%) (55%) (10%)

19%

4.0x 1.8x 7.2x 5.6x 2.3x 9.4x 11.8x 13.1x 7.5x 6.4x

SecureWorks SentinelOne

(21%)

(10%)

(17%) (55%)

5% 6%

2% 2%

3% 8% 17% 0% 6%

1.7x

47% 17%

31% 13%

27% 14% 6% 13%

(3%) 20% 27%

5.7x 4.9x 2.2x 8.4x 11.3x 10.7x 6.4x 5.3x 17.9x

NM NM 97.5x

Tenable Holdings

(1%) 24%

21% 29%

15% 0%

NM 28.7x

23.1x

Trend Micro

4% 5% 5%

(5%)

9.1x

8.6x

7.7x

Varonis Systems

9% 5%

(21%)

(20%)

NM NM 109.2x

VeriSign Zscaler

70%

72% 23% 25% 23% 72% (3%)

72% 24% 27% 24% 72%

55%

50% 23%

51% 21% 20% 18% 51% 0%

17.8x

16.4x

15.6x 44.3x 32.2x 22.1x 109.2x

48% 14% 13% 48% (21%)

33%

23% 13% 10% 27%

(12%)

(13%)

NM 57.6x

Mean

11% 9%

7% 3%

19% 18%

23.6x 18.0x 68.6x

32.3x

Median

7.1x

19.1x

High Low

33%

70%

55%

50%

29.6x

22.6x

99.4x

(10%)

(55%)

1.6x

1.7x

1.6x

9.1x

8.1x

7.1x

Source: Capital IQ as of June 2024.

Public Cybersecurity Comps

Revenue

23A

24E

25E

2024E Mean

2024E Median

0.0x 7.0x 14.0x 21.0x 28.0x 35.0x

EBITDA Valuation

23A

24E

25E

2024E Mean

2024E Median

0.0x 20.0x 40.0x 60.0x 80.0x 100.0x 120.0x

Source: Capital IQ as of June 2024.

Public Cybersecurity Comps

Revenue Growth

23A

24E

25E

2024E Mean

2024E Median

20% 35% 50%

-25% -10% 5%

EBITDA Margin

23A

24E

25E

2024E Mean

2024E Median

25% 50% 75%

-75% -50% -25% 0%

Source: Capital IQ as of June 2024.

Notable Transactions from 2024 After cybersecurity M&A dropped more than 18% in 2023 over the prior year, a robust and active environment is expected in 2024. Select notable transactions so far:

HPE will acquire Juniper in an all-cash transaction for $40.00 per share, representing an equity value of approximately $14 billion. "This transaction will strengthen HPE’s position as we help bridge the AI-native and cloud-native worlds," said CEO Antonio Neri.

Darktrace is a self-learning artificial intelligence that helps neutralize cyber threats by automatically identifying and responding to cyber incidents. It was acquired by Thoma Bravo in an all-cash deal at an estimated $5 billion valuation.

Identity security firm CyberArk has agreed to buy machine identity management company Venafi in a cash-and-shares deal worth $1.54 billion from investment firm.

Akamai Technologies announced its intention to buy API security company Noname Security for about $450 million

Looking Ahead

The continuing digitization of the global economy brings ever-increasing numbers of cyberattacks and presents cybersecurity providers with compelling opportunities. The adoption of cloud services and other emerging technologies, such as AI, ML, and blockchain, constantly exposes us to new security vulnerabilities that require advanced cybersecurity solutions. This is evident with the increasing sophistication of cyberattacks, like ransomware, phishing, and the ever-evolving Advanced Persistent Threats (APTs), which continually take new shapes and forms. Additionally, the enforcement of data protection rules will require corporations to invest heavily in data security. Amid talent deficits and the desire to boost log visibility, SMBs and midmarket players are focused on implementing more advanced solutions. Billions of dollars in revenues are set to flow into the market in the next few years, and providers will look to seize the moment. This means optimizing engagement with the cloud, developing a pricing model for the midmarket, expanding managed-service offerings, and embracing innovation. In short, it means finding productive combinations of products, prices, and services that vendors can tailor to target segments and are flexible enough to scale. Dealmaking is expected to shoot up in such a high-growth environment, and it is natural to anticipate a boost in fundraising and M&A, as has already been witnessed in the past few years.

Case Studies

Networking Creates Competitive Tension FE International leverages industry connections to drive competitive valuation 1

Masergy is a leading independent provider of managed SD-WAN/Networking services. The Company enables application performance across the network and the cloud with SD-WAN Secure, UCaaS, CCaaS, and Managed Security solutions. The Company is focused on serving the connectivity and security needs of global large/medium sized enterprises, serving 1,400+ enterprise customers in nearly 100 countries. Company Overview:

Sold to

Transaction Highlights:

B2B Cybersecurity

• Targeted outreach to a narrow field of top-tier, highly credible parties with significant strategic rationale or demonstrated sector expertise. Resulted in highly competitive tension.

• Proactive positioning for key diligence topics like individual products, specific technologies, and growth initiatives.

• Development of battleground presentations that proactively addressed buyer needs by identifying the seller's operational capabilities and forward strategy.

1. Transactions completed by FE professionals while at other firms

Deep Experience Brings Strong Outcome FE International finds special synergy to successfully close deal 1

Sontiq is a developer of identity and fraud protection software designed to deliver immediate restoration assistance to check fraud victims. The company offers a full range of identity monitoring, mobile cybersecurity, restoration, and response services. It both empowers customers and helps prevent the financial and emotional consequences of identity theft and cybercrimes. Company Overview:

Sold to

Transaction Highlights:

B2B/B2C Cybersecurity

• Tailored process that won many desirable offers in the market and ultimately a $643M acquisition deal.

• Identified unique synergies between Sontiq’s focus on identity security and TransUnion’s digital identity assets and solutions. This resulted in a combined entity with a comprehensive set of omnichannel solutions.

1. Transactions completed by FE professionals while at other firms

Behind this Report Ashley Bohn Senior Associate

Ismael Wrixen Executive Chairman

Ashley Bohn is a Senior Associate on the Investment Banking team at FE International. Bohn provides advisory services across fintech, digital media, and similar areas. She previously worked in public accounting where she serviced companies with gross revenues ranging from six to ten figures within the technology industry. She is a Certified Public Accountant in New York State.

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

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.

Mohit Pamecha Associate

Mohit Pamecha has 3 years of experience working with several global private equity funds having a combined AUM of over $10 billion, primarily on their M&A deals. He previously worked as a Financial Associate at TresVista.

Randal Stephenson Head of Investment Banking

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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