1、2HR TechHR Techa portfolio company of HR TechHCMa portfolio company of sale ofHR Techa portfolio company of&HR Techa subsidiary ofHR TechHR TechHR TechHR TechHR TechHR TechHR TechHR Tech3 34YTD 2022 M&A activity 29%ahead of 2021 and record 15 M&A transactions completed in Q3 2022YTD 2022 private pla

2、cement activity is lower than 2021 levels;$169M in YTD 2022 vs$804M in 2021Source:PitchBook,CapIQ,Drake Star Proprietary Database(1)Based on Drake Star deal analysisDrake Star Securities LLC is regulated by FINRA and is a member of SIPC.45Notably acquisitions of:AI Matching,Conversational AI,ATS Sol

3、utions(including as platforms for new entrants),Recruiting Services firms by recruiting software companies(PrismHR,Namely,Employ/NXTThing)Wide range of PE firms acquiring sizeable new platforms(TA/iCIMS,TPG/Greenhouse,New Mountain/Radancy)as well as existing portfolio companies adding adjacent solut

4、ions(Rubicon/Harver,K1/Employ,PSG/Sympa)On a more limited basis,combinations of companies with similar offerings to gain scale and other advantagesSource:PitchBook,CapIQ,Drake Star Proprietary Database(1)Based on Drake Star deal analysis5Drake Star Securities LLC is regulated by FINRA and is a membe

5、r of SIPC.6Source:Bureau of Labor Statistics,Wall Street Research,Drake Star Analysis6Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.7Drake Star Securities LLC is regulated by FINRA and is a member of SIPC.Job OpeningsUnemployed WorkersSkills Gap candidates lacking skills to

6、 fill open jobs could be remedied by long-term initiatives of:(i)training existing employees(ii)partnering with educational institutions to improve pipeline,(iii)aligning educational curriculum with needed skillsLess layoffs despite economic headwinds(Job Hoarding)Labor force participation rate is o