September 2020

The contents of this newsletter are intended for the use of Red Forest Capital's prospects and investments. Previous editions can be found on redforestcapital.com. Access to materials or links included in the newsletter may be limited to Red Forest Capital investments.

Happy Yom Kippur to those who celebrate! Congratulations to all of you who are progressing well and for the many who have signed LOIs this month.

We are encouraged by your progress and look forward to helping if/when we can. In the meantime, please find a selection of resources below to support your efforts.

KNOWLEDGE-BASE ANNOUNCEMENTS

• Selection of Reports added to Research / Industries

• Ambulance Services added to Healthcare & Related / Supporting Services

• Agribusiness added to Food & Agriculture

• Auto Extended Warranty Providers added to Finance & Insurance / Warranty

• Business Process Outsourcing Services added to Professional, B2B & Support Services

• Business Service Centers added to Professional, B2B & Support Services

• Document Management Services added to Professional, B2B & Support Services

• Educational Services added to Education & Related

• Health Insurance added to Finance & Insurance / Insurance

• Internet Publishing and Broadcasting added to Media & Entertainment

• Laboratory Testing Services (2x) added to Healthcare & Related / Diagnostic & Medical Laboratories

• Oil & Gas Field Services added to Energy & Utilities

• Pharmaceuticals Packing & Labeling Services added to Healthcare & Related / Pharmaceuticals & Biotech

• Title Insurance added to Finance & Insurance / Other (Hedge Funds, Pension, Specialty)

• Veterinary Services added to Healthcare & Related / Veterinary

INDUSTRY IDEAS

• Apartment and residential management software providers like Yardi

• Grocery store and food inventory management like Silo, with supply chain volatility expected from CV19, population movement, trade and climate

• School bus dispatch and logistics that support companies like Student Transport, an industry worth ~$13.5B where ~⅓ of services outsourced

• School administration software like Capterra

• Payroll Services like Copac given the increased number of remote employees and increased complexity in compensation and benefits

• Water quality monitoring and compliance like 120Water is needed to prevent lead and brain-eating amoebas found in Lake Jackson, Texas

OTHER INDUSTRY IDEAS AND M&A

AEROSPACE & DEFENSE

• QuantiTech acquired Dynamic Concepts, a provider of engineering and software services for spaceflight

B2B SERVICES

• Accenture acquires N3, a tech-driven sales and demand-generation firm, that helps clients drive sales growth in a virtual environment

• Amentum acquires DynCorp

• Hunter Street acquired All-Star Equipment Rental ("All-Star"), a single-site operator based in Southwest Florida

• Kahoot! acquires Actimo, an employee engagement platform

• Paycor has acquired 7Geese, an industry leader in goal setting and performance management

• Vector Capital acquires Patron Technology, an event tech platform

• Veritas Technologies acquired Globanet, a leading provider of information archiving, data migration, Designated Third Party (D3P) compliance

ENVIRONMENT & RELATED

• Align Capital Partners acquired Excergy utilities tech consulting firm

• Terracon acquires Environmental Planning Group (EPG), provider of planning, permitting, design, mitigation and construction support

FINANCE & INSURANCE

• AssuredPartners acquires People's United Insurance Agency, a full-service insurance brokerage

• Arthur J. Gallagher & Co acquired Charles W. Merriam & Son that provides commercial, personal and employee benefits to nonprofits

• Clearlake Capital Group acquires Zywave, a SaaS provider of front office insurance solutions

• iPipeline acquires Impact Financial Systems, a provider of service request automation solutions for client onboarding and advisor transitions

• iPipeline Acquires WELIS, provider of life insurance illustration systems to carriers

• Odyssey Partners acquired ProPharma Group, provider of regulatory and compliance services to pharma, biotech and medical device customers

• Paya acquired The Payment Group, a company offering integrated payment solutions to over 600 utility and municipal government clients

• Radiation Business Solutions acquires RADMAX, a radiation oncology medical billing company

HEALTHCARE

• Greenfield Groves acquires Healthcare Technologies, a proprietary telehealth software platform

• Odyssey Investment Partners acquired ProPharma, provider of regulatory and compliance to pharma, biotech and medical device customers

• Pearl Meyer acquired Yaffe & Company, a provider of leadership development, physician advisory, and compensation services

• Patricia Industries acquires Advanced Instruments, a maker of lab products for $780 million

• Remedy Health Media (Remedy) acquires Oncology Business Review, an oncology-focused digital media company

• Schweiger Dermatology Group acquires practices of Dr. Lillian Graf and Dr. Leopold Laufer in New York

• Traditions Health acquired Physician's Choice Hospice and Palladium Hospice and Palliative Care

INDUSTRIALS & MANUFACTURING

• EnPro Industries to acquire Alluxa, a provider of specialized optical filters and thin-film coatings for industrials, life sciences, and semiconductors

• Palladium Equity Partners acquired Trachte, provider of building electrical controls, switchgear, and other advanced equipment and systems

MEDIA & ADVERTISING

• Discovery acquired AdSparx, a live and on-demand streaming advertising technology

• Faithlife acquired Wordsearch Bible

• Octane, a Fintech company, acquired Cycle World, Motorcyclist, Dirt Rider, Motorcycle Cruiser publishing properties

REAL ESTATE & RELATED

• Avison Young acquires Truss, a Chicago-based provider of property technology

• Dye & Durham to acquire Property Information Exchange, a provider of cloud-based real estate due diligence products

TECHNOLOGY

• Accenture acquires Salt Solutions, technology consultancy with manufacturing and logistics IoT solutions

• Airship acquires ReplyBuy, a SMS commerce company

• Atlas Copco to acquire Perceptron, a provider of 3D automated metrology solutions and coordinate measuring machines

• CB Insights acquires Blockdata, a blockchain data analysis provider

• CrowdStrike acquires Preempt Security, a provider of Zero Trust technology for real-time access control and threat prevention

• Ivanti acquired MobileIron, the mobile-centric security platform for the Everywhere Enterprise

• MarketCast acquires Deductive, the data science team that supports some of the biggest names in media and consumer electronics

• mCube acquires Kinduct’s Athlete Management System used by over 550 teams, leagues, organizations, military and healthcare organizations

• PagerDuty acquires Rundeck, a provider of enterprise DevOps automation solutions

• Palo Alto Networks the Crypsis Group, an incident response, risk management and digital forensics consulting firm

TRANSPORTATION & LOGISTICS

• Banyan Software acquires Trans Plus Software, a provider of an end-to-end software and automate fleet and logistics management

• Diamond Group acquired Tyneside Training Services (TTS), a provider of commercial transport and logistics courses for drivers

• Kenan Advantage Group acquired Les Distributions Carl Beaulac, a specialist in hauling petroleum, chemicals, aggregates and hot products

WASTE MANAGEMENT

• West Street Infrastructure Partners, managed by Goldman Sachs, acquires Synagro a provider of wastewater biosolids solutions

INTERESTING & FUN

• A Taxonomy of Moats

• Investing in customer concentrated businesses

• How to persist through unprecedented leadership challenges (without losing your mind in the process)

• Wisconsin’s Pizza Farm

• Six problem-solving mindsets for very uncertain times

• How to Build Trust with Your Investors Beyond Your Actual Pitch

• FounderSuite offers a presentation hosting, and investor relations tips

• Slidebean offers presentation, marketing, sales and finance templates

• How do corporate executives select advisors?

• WEBCAST. Building Year-Round Customer Lifetime Value in Retail

• Y Combinator releases data on underrepresented founders

• A Guide to Strategic Due Diligence for Physician Practice Mergers

• Microsoft commits to becoming "water positive" by 2030

• Rocket League passes 1 million concurrent players

• Benefits of an expanded MLB Postseason

• FinTok, where investing and misinformation reign

• Google Rolls Out New COVID-19 Maps Layer

• Gravitas is a quality you can develop

• The Art of Communicating Risk

• Snowflake CEO Frank Slootman lines out his operating manual for running a business

• The Creator Economy mapping the history, rise, and ecosystem of the "creator economy"