SDR Ventures：2024年H1专业服务业报告：并购活动、资本市场及当前趋势分析（英文版）（14页）.pdf

1、PROFESSIONAL SERVICESREPORT1H 2024Explore M&A Activity,Capital Market Conditions and Current Trends for the Professional Services Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.720.221.9220|SDRVENTURES.COMInvestment Banking

2、 and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1Morgan HoffmanMorgan HoffmanSenior AssociateProfessional Services TPROFESSIONAL SERVICES 1H24:WHAT TO KNOW PrivatePrivate EquityEquity is is onon thethe movemove in

3、in thethe professionalprofessional servicesservices sector,sector,eithereither buyingbuying oror investinginvesting in in thosethose highlyhighly skilled,skilled,in in demanddemand professionsprofessions includingincluding consulting,consulting,wealthwealth management,management,accounting,accountin

4、g,andand increasinglyincreasingly legallegal servicesservices.AsAs companiescompanies looklook toto maximizemaximize efficiencies,efficiencies,therestheres a a renewedrenewed interestinterest in in providingproviding backback-officeoffice servicesservices throughthrough BusinessBusiness ProcessProce

5、ss OutsourcingOutsourcing (BPO),(BPO),bothboth in in thethe UnitedUnited StatesStates andand overseasoverseas.BPOBPO is is seeingseeing a a lotlot ofof interestinterest andand eyeingeyeing thethe potentialpotential forfor futurefuture gainsgains throughthrough AIAI applicationsapplications.WereWere

6、watchingwatching closelyclosely howhow seeminglyseemingly duelingdueling federalfederal rulingsrulings regardingregarding regulatoryregulatory agencyagency powerspowers andand noncompetenoncompete clausesclauses willwill affectaffect thethe sector,sector,whichwhich cancan bebe highlyhighly dependent

7、dependent onon thethe expertiseexpertise andand reputationreputation ofof keykey individualsindividuals withinwithin anan organizationorganization.WhosWhos InvestingInvesting AndAnd WhereWhere:WhatWhat WereWere WatchingWatching InIn ProfessionalProfessional ServicesServicesVery often,when the elepha

8、nts charge,its a good idea to follow the elephants.Watch what the biggest players are doing;they probably know something.In the professional services sector,we are watching big private equity money flow into these services,including law firms in some states(a very new development),consulting,account

9、ing,and HR management.Law firms alone present a$400 billion market that has been shielded,for a long time,from outside investment by bar regulations,including private equity.In most states,only lawyers can own law firms.But as PE money floods into accounting and medical operations,many are starting

10、to question that rule.And private equity is scratching at the door.1,2,3 Professional services,including business practice outsourcing(BPO),the practice of outsourcing back-office stuff like human resources,payroll,compliance,accounting,legal,and risk management,is showing dependable,if not earth-sh

11、aking growth.The sector,overall,expects to see a compound annual growth rate(CAGR)of around 2%going forward.Growth is growth,and advances in AI are threatening to reshape the market.The bright spot behind economic uncertainty,higher interest rates,and inflation is that businesses are increasingly lo

12、oking for efficiencies to boost margins,including offloading the humans who perform those back-office duties.Some areas,such as outsourced education and training are exploding,experiencing a nearly 16%CAGR.If the professional services sector has seemed sleepy,the money seems2Established in 2002,SDR

13、Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of industries.We serve business owners and operators of privately held companies and provide them with a prof

14、essional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR VenturesPROFESSIONAL SERVICES CONTACTSCONTENTSThe information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.I

15、t is not to be construed as an offer or consultation of an offer to sell or buy any securities.Scott MitchellScott MitchellManaging DirectorProfessional Services TBen PaddorBen PaddorAssociateProfessional Services T720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Cap

16、ital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 13to be telling us it wont be for long.Shifting regulations,work from home,and AI-generated efficiencies are making a lot of“boring”professions enticing to investors.1,4,5PrivatePrivate Equity,Equity,Showi

17、ngShowing ThemThem TheThe MoneyMoneyDependable,recession proof,repeatable income without having to invest in materials and machinery and factories and trucks and distribution networks?Private equity investors are saying,“yes please.”One industry insider called PEs recent interest in professional ser

18、vices“lions versus gazelles”as PE stalks its prey.Private equity groups are all about the money,seeking returns greater than they could achieve in“public equity”(aka the stock market),and money has been pouring into these investment groups for a decade.By one account,private equity controls about$13

19、.7 trillion in assets,with$3.7 trillion more in“dry powder,”money sitting around doing nothing and itching to be put to work.1,6,7Given that professional services often offer turnkey business,an established client base,and limited demands for material investment(yes,they need offices,employees,and c

20、omputers,but not piles of iron ore,robots,and assembly lines),professional services are attracting interest.Theres an ongoing“severe shortage”of accountants,according to the industry publication CPA Journal,making accounting firms attractive.Businesses need accountants,and when theres a shortage,the

21、yll likely pay whatever it takes to hire a firm.The number of first-time candidates sitting for the CPA exam was down 33%from 2016 to 2021.Meanwhile,PE has bought stakes in five of the top 26 U.S.accounting firms in the past three years.7,8,24Its not only accounting firms attracting attention.Wealth

22、 management practices are gathering private equity investors,often merging them with accounting firms under one umbrella.The infusion of wealth into financial planning and management is being welcomed as firms are seeking new capital while they invest in better FinTech tools,including AI.Whats chang

23、ed in the PE to Financial Management and Accounting relationship is firms that traditionally resisted outside ownership,or partial ownership,are now welcoming the investment.One big reason is mid-sized or large firms are eager to acquire smaller firms but lack the capital required to roll up smaller

24、 players.PE steps in with cash,and theyre in business together.When you cant find new talent to hire,you buy it.Resilient earnings,a shortage of trained providers,and willing partners are bringing money and established businesses together,not just in the United States,but around the world.Its been e

25、stimated PE poured$50 billion into professional services in 2023 alone.PE giant Clayton,Dubilier&Rice(CD&R)last year snagged a majority stake in Ankura Consulting Group for$1.5 billion.The global business consultancy market alone is expected to experience a CAGR of more than 4%over the next decade.9

26、,10,11 Now,theres long been one area of professional services that has been off-limits to PE investors:legal services.Traditionally state bars have prohibited nonlawyers(so,investors)from owning law firms.Now investors and firms are asking why.Investors have been snapping up veterinary clinics and d

27、entist offices for decades.Finally,that dam holding back the legal profession is starting to crumble.Arizona allowed investors to own law firms in 2020,and this year,at least 10 states are either allowing,about to allow,or considering allowing investors to buy into law firms.In legal services,this c

28、ould signal a tsunami of capital infusion into an extremely fragmented industry.Private equity is poised to ask,“Your honor,may we approach the bench?”12,13 BehindBehind TheThe Scenes,Scenes,MakingMaking TheThe GreenGreen:BusinessBusiness ProcessProcess OutsourcingOutsourcingIf theres money in firms

29、 providing direct professional services,why not in the business of providing those services wholesale?BPO has been successfully providing a bundle of services to companies,so they dont need to deal with HR,IT,benefits management,retirement accounts,payroll,and all that stuff,is becoming an attractiv

30、e option both onshore and offshore.Why hire your own HR department and take on the costs of sick days,insurance,liability,vacation time,and Social Security and Medicare payments when you can just“buy the bundle.”Investors are taking notice.In January,Sourcefit,a global BPO provider attracted a capit

31、al infusion from several PE investors in Southeast Asia.British Investment International(BII)through a subsidiary announced a$50 million stake in the African BPO company E-Services Limited in Ghana.14,15,16720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Mark

32、ets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 14Frankly,while it would be bad for BPO employees worldwide,the emergence of AI could boost efficiencies and profits for investors in the global industry as technology is increasingly able to take over many tasks f

33、rom the human workforce,including call center,customer experience,and IT tasks.One report pegs global revenue in BPO at more than$350 billion in 2023 with an anticipated CAGR of more than 5%over the next few years,with smaller players growing the fastest.Unlike some professional services where PE is

34、 leading,were seeing some of the BPO giants such as IT companies Infosys and Wipro also getting involved,leveraging acquisitions to scale up.In June,IT service provider and household name Cognizant agreed to acquire the outsource aerospace digital engineering firm Belcan for nearly$1.3 billion in ca

35、sh and stock.Not to be left out,PE behemoth KKR poured$150 million into outsourced healthcare revenue cycle management company Infinx,which is deeply focused on infusing AI technologies into its payment and workforce management capabilities.17,18,19,20,21 TheThe HandshakeHandshake:MergersMergers&Acq

36、uisitionsAcquisitions Exercising its growth ambitions,the Arizona-based Fennemore Craig law firm in April“raided”Denvers boutique law firm Moye White,perhaps in an effort to get ahead of private equity.The bold move lured away 50 attorneys from Moye White and an estimated 30 legal professionals.It i

37、s expected Moye White will wind down operations and cease to exist.Earlier in the year,Fennemore bought up three West Coast law firms,continuing a growth path that placed it among the countrys 200 largest law firms by revenue in 2022.At the time of the acquisitions,Fennemores president said,“Increas

38、ingly,there is a certain scale thats required to operate at the highest levels.”Moye White was an established,full-service firm that had defended AT&T and fought Amazon in court.22,23 In the world of accounting,tax advisory and CPA firm Baker Tilly accepted a$1 billion investment from private equity

39、 firm Hellman&Friedman(H&F).At the time it was reported to be the largest private equity investment in the American CPA space.Since 2019,Baker Tilly has doubled its workforce and expanded nationally,edging into the top 10 of advisory CPA firms in the country.A release announcing the cash infusion re

40、ported it would provide capital to further accelerate growth and potential strategic acquisitions,perhaps a hint of more activity to come.Baker Tilly is part of Baker Tilly International,with 41,000 employees worldwide and global annual revenue of$4.7 billion.24,25 In June,Vensure Employer Solutions

41、,a big player in human resources and human capital management,acquired California-based professional employer organization Emplicity,marking Vensures 74th acquisition.Emplicity,a nearly 30-year-old company,provides HR practice outsourcing including payroll,benefits management,retirement plans,as wel

42、l as safety and compliance services.Vensure Employer Solutions,based in Arizona,claims to be the largest private company in the HR tech and service sector,managing some$158 billion in payroll for more than 140,000 businesses.Terms were not disclosed.26 OpeningOpening thethe FloodgatesFloodgates:What

43、sWhats AheadAhead forfor Regulations,Regulations,NoncompeteNoncompete Clauses?Clauses?Looking ahead in the highly personal,expertise-driven fields of professional services,were closely watching a couple of rulings in 1H24 which may,or ultimately may not,shake things up.Theres always the risk of losi

44、ng a key person say a high-profile attorney or highly sought after investment strategist to either a new firm or a competitor.In May,the Federal Trade Commission(FTC)ruled against noncompete clauses in employment agreements.The FTC said canning the noncompete agreement would raise wages,boost compet

45、ition,and fuel innovation.27But not so fast.A month later,the U.S.Supreme Court struck down the decades old so-called“Chevron Deference”which kind of,sort of gave federal agencies the right to make rules in areas of the law that were considered vague.Instead,the Supremes found the courts should make

46、 those decisions on an individual basis,not regulatory agencies through sweeping proclamations.With an election on the horizon in 2H24 and a potential change in administration,theres been doubt cast on rulings regarding everything from auto emission limits to,yes indeed,noncompete agreements.28 Anot

47、her interesting turn is that Special Purpose Acquisition Companies(SPACs)a shortcut to going public have faded(with the help of new SEC regulation,which now could be challenged).Were watching the money stream away from720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR

48、Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 15SPACS and toward traditional,proven,routes of acquisitions and private equity investment,with fewer of those so-called blank check companies.As Bob Dylan said,you dont need a weatherman to know which

49、way the wind blows.Follow the money.If a company wants to sell itself through the SPAC shortcut,maybe investors are asking why the shortcut.Its starting to look like investors are recognizing the value of traditional investment banking,careful data crunching,and due diligence practices.29,30,31 In a

50、ny case,we feel some fundamentals apply across the professional services sector.Private equity is holding a ton of dry powder,and investors didnt turn over their money for it to simply sit there.Investments are there to make money.Meanwhile,skilled professional expertise is at a premium.And business

51、es seeking efficiencies are looking for“someone else”to provide professional services.Putting the pieces together,it seems logical business service providers and outsourced back-office operations will continue to be a hot commodity in the coming months.720.221.9220|SDRVENTURES.COMInvestment Banking

52、and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1Strategic59%Financial41%28 32 90 159 212 -100 200Education andTrainingBusiness ProcessOutsourcingHumanResources andRecruitingMarketingServicesConsulting,Accounting an

53、dLegal6TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTIONS BY LOCATIONTRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 transactionsSource:PitchBook Financial Data and AnalyticsNote:This data represents recorded transactions only and is not all-inclusive.Nevertheles

54、s,they are typically representative of the industry.If You Are a Business Owner Looking for Additional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Office

55、s at 720.221.9220.GeoNames,Microsoft,TomTomPowered by Bing720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1FIRMRECENT SUBSIDIARY ACQUISITIONS7ACTIVE BUYERSSource:PitchB

56、ook Financial Data and AnalyticsNote:This data represents recorded transactions only and is not all-inclusive.Nevertheless,they are typically representative of the industry.FIRMRECENT SUBSIDIARY ACQUISITIONSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGS720.221.9220|SDRVEN

57、TURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1PUBLIC BASKET8EDUCATION AND TRAININGPROFESSIONAL SERVICES SEGMENTS VS.S&P 500Segment Market Cap Performance Trailing 12 MonthsSource:Pitch

58、Book Financial Data and Analytics-20%-10%0%10%20%30%Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24Education&TrainingBusiness Process OutsourcingHuman Resources and RecruitingMarketing ServicesConsulting,Accounting and LegalS&P 500BUSINESS PROCESS OUTSOURCI

59、NG720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 19PUBLIC BASKET(CONTINUED)Source:PitchBook Financial Data and AnalyticsHUMAN RESOURCES AND RECRUITINGMARKETING SERVICE

60、SCONSULTING,ACCOUNTING AND LEGAL720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 154%42%29%42%10%11%22%13%36%47%49%45%42%42%29%30%11%9%12%8%47%49%60%62%36%37%29%27%9%5%1

61、0%11%55%58%61%62%39%36%32%23%7%10%6%6%54%55%63%71%0%20%40%60%80%100%$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mm$10-25mm$25-50mm$50-100mm$100-250mmSenior DebtSub DebtEquity10U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSource:GF DataOVERALL U.S.

62、M&A ACTIVITYNote:The most current source of GF Data is as of May 2024.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytics202120232022YTD 2024$0.0M$10

63、0.0B$200.0B$300.0B$400.0B$500.0B$600.0B1,3002,3003,3004,3002023 Q22023 Q32023 Q42024 Q12024 Q2Deals ClosedDeals ClosedCapital Invested5.9x6.1x6.8x6.1x6.8x7.0 x7.3x7.5x8.0 x8.3x8.8x8.6x9.0 x9.4x10.0 x8.5x0.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x202120222023YTD 2024$10-25mm$25-50mm$50-100mm$100-250mm720.2

64、21.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 111SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYEXIT PREPARATIONCOMPREHENSIVE PROFESSIONA

65、L SERVICESEXPERTISEOur robust experience in the Professional Services Industry makes us an ideal fit to help identify and execute the right M&A options for your business.Through,buy-side analysis,sell-side execution or private capital formation,we can help you maximize the potential of your company

66、and take advantage of the many opportunities that this industry has to offer.Our Professional Services investment banking expertise includes the following segments:SELECT TRANSACTION EXPERIENCESDR has completed numerous transactions types throughout the Professional Services Industry,including:CONTA

67、CT US Education and Training Business Process Outsourcing Marketing Services Human Resources&Recruiting Consulting,Accounting,&LegalMorgan HoffmanMorgan HoffmanSenior AssociateProfessional Services TScott MitchellScott MitchellManaging DirectorProfessional Services T720.221.9220|SDRVENTURES.COMInves

68、tment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1ADDITIONAL REFERENCES121.“Private Equity Turns Its Attention To Professional Services,”Institutional Asset Manager,Gill Wadsworth,Apr.19,2024 https:/ins

69、titutionalassetmanager.co.uk/private-equity-turns-its-attention-to-professional-services/2.“Why Arizona Law Firms Are A Hot Investment For Private Equity,”Wall Street Journal,Erin Mulvaney,Mar.20,2024 https:/ 3.“Why Law Firms Could Be Private Equitys Next Conquest,”Forbes,Brandon Kochkodin,Mar.27,20

70、24 https:/ Mergers Ahead For BPOs,”Contact Center Pipeline,Peter J.Hill,Feb.2024 https:/ 5.“Business And Financial Services M&A Update:Q1 2024,”Deloitte,accessed Jul.12,2024 https:/ 6.“Understanding Private Equity(PE),”Investopedia,Troy Segal,Feb.9,2024 https:/ 7.“McKinsey Global Private Markets Rev

71、iew 2024:Private Markets In A Slower Era,”McKinsey&Company,Mar.28,2024 https:/ 8.“The Accounting Profession Is In Crisis,”The CPA Journal,Jacqueline A.Burke and Ralph S.Polimeni,Dec.2023 https:/ Equity Uncovers The Money In Money Management,”Middle Market Growth,Joanne Cleaver,Feb.6,2024 https:/midd

72、lemarketgrowth.org/business-financial-services-accounting-advisory/10.“The Growth Of Private Equity Investments In Professional Services Globally,”LinkedIn via Phoenix,May 31,2024 https:/ Consulting Service Market Size To Be Worth USD 494.26 Billion By 2033.CAGR Of 4.20%,”Yahoo Finance via Spherical

73、 Insights,Apr.17,2024 https:/ 12.“Non-Lawyer Firm Ownership Is Coming,”MichaelM,Michael Mogill,accessed Jul.12,2024 https:/ The Numbers:10 States Allowed Non-Lawyers To Offer Services,”Bloomberg Law,Sam Skolnik,De.28,2023 https:/ 14.“The 23 Top BPO Companies In The World,”Running Remote,Greg Digneo,

74、Mar.29,2024 https:/ Secures Strategic Investment From 9 Basil,Nextgen Ventures,And Rocket Equities,”BusinessWire via Sourcefit,Jan.4,2024 https:/ 16.“BIIs$50m Growth Investment Partners Makes First Investment In eSAL,”Daba Finance,Jan.27,2024 https:/ Banking and Securities Offered Through SDR Capita

75、l Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1ADDITIONAL REFERENCES(CONTINUED)1317.“BPO Employees Face Maximum Risk Of Getting Replaced By AI Pretty Quickly:Nasscom Chairman,”The Hindu Business Journal,Mar.3,2024 https:/ 18.“Business Process Outsourcing

76、(BPO)Market Trends And Analysis By Service,Vertical,Enterprise Size,Region,And Segment Forecasts To 2027,”GlobalData,Mar.5,2024 https:/ And Why Indian IT Companies Like Infosys,Wipro Are Taking The Acquisition Route To Grow,”Times of India,Jun.28,2024 https:/ 20.“Cognizant To Acquire Belcan For$1.2

77、Billion,”Reuters,Milana Vinn,Jun.10 2024 https:/ Invests$150 Million In AI-Powered Healthcare Revenue Solutions Provider Infinx,”MoneyControl News,May 21,2024 https:/ 22.“Fennemore Craig Raids Denver Boutique Moye White For 50 Lawyers,”Bloomberg Law,Tatyana Monnay,Apr.2,2024 https:/ 23.“Fennemore Ac

78、quires Sacramento Tax Firm In 2024 Growth Blitz,”Bloomberg Law,Roy Strom,Feb.20,2024 https:/ 24.“Private Equity Money Is Pouring Into US CPA Firms.Surge In Offshoring To India?”The Finance Story,staff,Jun.5,2024 https:/ 25.“Baker Tilly Secures Strategic Investment Led By Hellman&Friedman,”Yahoo Fina

79、nce via Business Wire,Feb.5,2024 https:/ 26.“Vensure Employer Solutions Completes Its 74th Acquisition By Acquiring Emplicity,A Professional Employer Organization(PEO)Headquartered In Irvine,CA,”Accesswire,Jun.4,2024 https:/ 27.“FTC Announces Rule Banning Noncompetes,”Federal Trade Commission,Apr.23

80、,2024 https:/www.ftc.gov/news-events/news/press-releases/2024/04/ftc-announces-rule-banning-noncompetes 28.“Pollution Curbs,Non-Compete Bans At Risk By Chevron Ruling,”Bloomberg,Jennifer A.Diouhy and Emily Birnbaum,Jun.28,2024 https:/ 29.“SPAC Mania Is Dead.The SEC Wants To Keep It That Way,”Wall St

81、reet Journal,Paul Kiernan,Jan.24,2024 https:/ Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.PROFESSIONAL SERVICES REPORT1H 2024 1H 2024|VOL 1|ISSUE 1ADDITIONAL REFERENCES(CONTINUED)1430.“What Is A Blank Check Company?How They Work,Risks,And Example,”Investopedia,Gordon Scott,Mar.25,2024 https:/ 31.“A Better Approach To Mergers And Acquisitions,”Harvard Business Review,May/June 2024 https:/hbr.org/2024/05/a-better-approach-to-mergers-and-acquisitions?registration=success