Robo universe seoul 2016 mooreland presentation
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Transcript of Robo universe seoul 2016 mooreland presentation
CONFIDENTIAL
Global Capital Markets & Industry Outlook
Bryan DowExecutive Director, Investment Banking
June 23, 2016
2CONFIDENTIAL
Bryan Dow, Executive Director (Silicon Valley) Senior member of Mooreland Partners Industrial
Technology Group Lead Mooreland’s Drone Coverage Advise companies in mergers, acquisitions, sales and
raising growth capital 12+ years in technology M&A with over 50 completed
transactions–Previously Head of the Clean Energy and Industrial
Technology Investment Banking Group at ThinkEquity–Prior to ThinkEquity, member of the Technology
Investment Banking Group at Needham & Company–Completed over 50 transactions
BS from the Leavey School of Business at Santa Clara University
Mooreland Presenter
to be acquired by
Pending October 2015
has been acquired by
has acquired
September 2015
has been acquired by
June 2015
3CONFIDENTIAL
Mooreland Overview
Technology FocusedIndustrial Technology | Digital Media and Internet
| Communications Technology | Enterprise Software
100% Partner Owned
Founded 2002One Global P&L
Global ReachServing North American, European and Asian
markets from offices in Silicon Valley, New York and London
Team of 4813 Nationalities
10 Languages Spoken
Ranked #1in Mid-Market
Technology M&A28 deals completed in 2015
UnrivalledExperience
1,000+ Deals Closed in Combined Careers
4CONFIDENTIAL
Focus on Key Technology Sectors
Energy EfficiencyEnergy Storage & Alternative
EnergyEmerging
TechnologiesSemiconductors & Components
Advanced Manufacturing
Supply Chain Services
Monitoring, Analytics & Controls
Energy AnalyticsPower & Energy
Devices and Systems
Electronics & Materials
Recycling Optics &
Photonics Additive
Manufacturing / 3D Printing
DesignServices Smart Sensors
Energy Management
& SecuritySolar & Wind Fuel Cells PCB & Flex
Automation Systems and
Software
Advanced Manufacturing
ServicesControl Systems
& Software
Advanced Lighting
Distributed Generation
ServicesEnergy
HarvestingMEMS &
Semiconductors
Process Equipment & Analytical
InstrumentationEMS Industrial
Internet of ThingsTech
nolo
gies
, Sol
ution
s & S
ervi
ces
Grow
thM
arke
ts
SmartMobility Drones
Advanced Robotics and Automation
Connected Factories &
Offices
INDUSTRIAL TECHNOLOGIES & ELECTRONICS
ENTERPRISE SOFTWARE & SERVICES
COMMUNICATIONS TECHNOLOGIES DIGITAL MEDIA
Industrial Technologies & Electronics
CONFIDENTIAL 5
Recent Mooreland Transaction Experience
June 2013
has been acquired by
May 2013
has divested its Semiconductor Systems
Business to
May 2013
has been acquired by
March 2013
has been acquired by
March 2013
has been acquired by
February 2013
has divested its HTML5 Development Tools
Division to
April 2013
has been acquired by
May 2013
has been acquired byhas been acquired by
June 2013July 2013
has been acquired by
December 2013
has acquired
October 2013
Acquisition of majority interest
and investment by
November 2013
has been acquired by
July 2013
has been acquired by has acquired
July 2013 July 2013
has been acquired by
August 2013
has been acquired by
October 2013
has been acquired by has been
acquired by
January 2014
has been acquired by
January 2014
has been acquired by
May 2014
has been acquired by
April 2014
have acquired
April 2014
and portfolio company
February 2014
has been acquired by
February 2014
has been acquired by
portfolio company of
January 2014
has been acquired by
a
portfolio company
has been acquired by
February 2014
has been acquired by
April 2014
and portfolio company
has been acquired by
May 2014May 2014
has been acquired by
a portfolio company of
December 2014
has been acquired by
has been acquired by
December 2014
a portfolio company of
December 2014
has been acquired by
October 2014
has acquired a portfolio company of
July 2014
has merged with
has divested its Disc Publishing business
to
July 2014October 2014
has been acquired byhas secured equity growth capital from
November 2014January 2015
has been acquired byhas been acquired by
January 2015
has been acquired by
April 2015
has acquired
March 2015
a portfolio company of
has been acquired by
April 2015 March 2015
has been acquired by
S. Carter Enterprises
has been acquired byWIOT Technologies Oy
February 2015
holding company backed by
has been acquired by
January 2015
has been acquired by
March 2015
has been acquired by
March 2015
a subsidiary of
has been acquired by
May 2015
a portfolio company of
has merged with
May 2015
June 2015
has been acquired byhas secured an $84 million
investment from
June 2015
has been acquired by
June 2015June 2015
ADP’s Procure-to-Pay (P2P) business has been acquired by
A Portfolio Company
has sold its Mobile Assets to
July 2015August 2015
has secured growth equity funding from
September 2015
has been acquired by
September 2015
has been acquired by
September 2015
a portfolio company of
has been acquired byhas acquired
September 2015
October 2015
has been acquired by has been acquired by
October 2015
has sold its TV technology activities to
October 2015
has been acquired by
December 2015
has been acquired by
December 2015
wholly owned subsidiary of
has secured a $96 million investment from
February 2016March 2016
has been acquired byhas acquired
May 2016 March 2016
has secured growth equity fundingto be acquired by
Pending
Advanced Robotics and Automation
CONFIDENTIAL
The industrial segment will continue to represent the majority of near-term revenue, however…
Technological advances are enabling new markets and applications Increased start-up activity with funding from VCs, strategic
investors and government Emergence of “out of segment buyers” (i.e. Teradyne, Google,
Amazon) targeting very large new market opportunities Robot is becoming a symbiotic partner to humans with the
accelerating adoption of “Cobots” into integrated work environments
Emerging “Blue Ocean” market applications likely to be larger than legacy industrial market
The Robotics Industry Has Been Experiencing a “Renaissance” Enabling Technologies
Advanced Sensors and Detectors
Advanced Precision and Motion Control
Intelligent Navigation
Mapping SystemsConnectivity and
Smart Device Enabled
Data AnalyticsVision Technologies
Cooperative Ability with Humans
Advanced Processors and
Microcontrollers
Predictive Motion Planning
Force Sensing
Speech Recognition
7
8CONFIDENTIAL
Robotics Markets are Evolving - Emerging “Blue Ocean” OpportunitiesMarket Example Applications Example End Customers Major Players
• Industrial • Machine Tending • Pick-and-place • Packaging
• Process Application • Assembly • Assembly/Machine Tending• Product Testing
•Large enterprises: lighter payload apps that require precision and safety
•Small to medium size enterprises – mainly mfg. and material handling
Collaborative /
/
• Cleaning• Smart Home Technology• Outdoor Maintenance • Video Collaboration
• Robotic Kiosks• Mapping / Navigation • Security / Safety
•Consumers•Schools•Retail
Consumer
• Precision Agriculture• Film / Photo / Video• Inspection / Monitoring
• Mapping / Surveying• Public Safety • First Response
•Consumers and Prosumers•Government / Defence / Safety•Surveillance organizations•Agriculture Drones
• Self-Driving Cars• Underwater Vehicles
•Consumers and prosumers•Oil and gas companies•Mapping and navigation companies•Defence organizations
Other Autonomou
s
• Material transport• Logistics Management• Mfg line replenishment
• Security / Defense• Asset tracking
•Manufacturing operations•Warehouse and logistic operations•Defence & Public securityMobile
/
• Surgical Procedures• Surgical Training• Telemedicine
• Caregiver Support• Bionics
•Hospital •Healthcare facilities Med /
Surg.
Auris Surgical Robotics
CONFIDENTIAL
(Drones)
(Drones)(Consumer)
(Consumer)(Industrial)
(Industrial and Consumer)
9
China is the world’s largest consumer of robotics Market will continue to be a growth market as
robotics penetration is still very low vs. more advanced markets –23 robots per 10,000 workers vs. over 300
robots per 10,000 workers in Japan & S. Korea Government support and subsidies driving growth
–Goal of creating 4 or 5 robotic “champions” –Goal of supplying 1/3 of domestic demand from
domestic robotic suppliers (on track)–Handing out RMB200-500 million /yr subsidies
Number of Chinese Robotics growing rapidly–~420 domestic robotics companies
Increasing M&A and funding interest– Investments in robotics are to hit record levels -
$500M+ in 2015– Increased interest in global M&A as a means to
acquire technologies and enter the market
China is Now the World’s Largest Market for RobotsChina Robotics Market Dynamics Global Robot Stock – Significant Growth in China Expected
China EU North America0
50100150200250300350400450
182
311
237
428
343292
2014 2017
Units
in ‘0
00s
Select Chinese Robotics and Automation PlayersPublic Private
Market Cap: $6.2BEV/LTM Rev.: 22.4xEV/LTM EBITDA.: NM
Market Cap: $962MEV/LTM Rev.: 12.8xEV/LTM EBITDA.: NM
Market Cap: $1.2BEV/LTM Rev.: 1.9xEV/LTM EBITDA.: 6.5x
Market Cap: $926MEV/LTM Rev.: 3.7xEV/LTM EBITDA.: 62.5x
Source: International Federation of Robotics
CONFIDENTIAL 10
Korea is the world’s largest automated manufacturing market per capita–Robot supplies in Korea continue to increase–Highest robot density in the world: 478
industrial robots per 10,000 employees Robots will influence national cost
competitiveness in Korea– Improve manufacturing cost competitiveness
by 6% relative to the U.S. by 2025 Growing government support and funding
–Korea’s 2015 robotics budget increased–Will invest ~$15 million into Samsung for
robots that can compete with cheap labor Increasing M&A and funding interest
– South Korea’s domestic robot market is heavily skewed to manufacturing bots that cater to the shipping and auto industries
But, Korea is World’s Largest Automated Market Per CapitaKorea Robotics Market Dynamics
Source: BCG Perspectives, International Federation of Robotics, S&P Capital IQ
Acquirer Target Category Date Transaction Size (EV)
EV/Rev.
Mar’16 $68M 0.8x
Jun’15 $15M 0.7x
Feb’15 $21M 2.6x
Oct’14 $6M 0.4x
Defense
Semiconductor
Electronics
Company Investors Category Date Amount Raised
Jul’15 $18M
Nov’14 $12M
Jun’14 $4M
Feb’14 $2M
Semiconductor
Battery Power
Defense
Industrial
Recent M&A Activity
Recent Private Placement Activity
Testopia
Marine Ports
11CONFIDENTIAL
Movement of Private Capital into the Sector has Accelerated Robotics and Automation private placement fundings have risen significantly since 2014, in both volume
and $ amount (a record of $923M was invested in Robotics and Automation in 2015) The market has also witnessed an influx of strategic investors (i.e. Bosch, KUKA, Mitsui, GE, Flextronics,
iRobot, ABB, Nike, Foxconn, Alibaba, QUALCOMM, SanDisk, Shanghai Electric, etc…)
Sources: CapitalIQ, 451 Research, Press Releases, Internal Estimates
Private Placement in Robotics Since 2008 - Present
2008 2009 2010 2011 2012 2013 2014 2015
Total Funding $42 $76 $85 $224 $198 $269 $447 $923
# of Investments 10 18 17 30 29 45 71 75
1018 17
30 29
45
7175
0
10
20
30
40
50
60
70
80
2008 2009 2010 2011 2012 2013 2014 2015
(# o
f fun
ding
s)
CONFIDENTIAL 12
Select Robotics Private Placements – Focus on New ApplicationsCompany Investors Category Date Amount Raised Total Raised
Walden International, Hon Hai Precision Industry, SB China Venture Capital May-2016 $30.0M $30.0M
IDG Capital Partners, GSR Ventures Management, ZhenFund, Zhejiang United Investment Group Apr-2016 $23.0M $25.0M
New Enterprise Associates, MIG Verwaltungs, UnternehmerTUM-Fonds Management, HMW Emissionshaus Apr-2016 $7.5M $9.5M
Mitsubishi UFJ Capital Co. Ltd. Mar-2016 $10.6M $10.6M
Accel Partners Mar-2016 Undisclosed Undisclosed
EDB Investments Pte. Ltd., Intel Capital, Northern Light Venture Capital Jan-2016 $15.0M $17.0M
Haiyin Venture Partners, Taylor Ventures Dec-2015 $9.5M $9.5M
Pontifax Ltd., Khosla Ventures, Syngenta Ventures, Innovation Endeavors, Data Collective, Monsanto Growth Ventures Nov-2015 $17.1M $30.4M
Summit Partners Oct-2015 $46M $46M
BlueTree Capital, Eagle Ventures, Hercules, Pittsburgh Life Sciences Greenhouse, Slater Technology Sep-2015 $25M $134M
SoftBank Capital, Shasta Ventures, O'Reilly AlphaTech Ventures Jun-2015 $20M $23M
Andreessen Horowitz, First Round, GE Ventures, Kleiner Perkins Caufield & Byers Jun-2015 Undisclosed $40MUAV
Mobile
Healthcare
UAV
Gripper
Agricultural
Mobile
Mobile
Gripper
Mobile
UAV
Sensors
13CONFIDENTIAL
Robotics M&A activity is growing but still relatively small
Historically acquisitions had focused on consolidation
However, buyers are starting to focus on emerging tech and next gen apps
“Out-of-segment” buyers increasing
Notable M&A Transactions
8
1412
2119
23
2010 2011 2012 2013 2014 2015
Num
ber o
f Tra
nsac
tions
Robotics and Automation M&A Activity
(1)
Notes:1. 2013 total transactions include 8 successive acquisitions by Google * Mooreland Estimate
Acquirer Target Category Date Transaction Size (EV)
EV/Rev.
May’16 €4b 1.5x
Apr’16 €74m Conf.
Apr’16 €1b 1.4x
Feb’16 $45m Conf.
Oct’15 $201m 3.6x
Jul’15 Conf. Conf.
May’15 $350m 9.2x
Apr’15 Conf. Conf.
Feb’15 Conf. Conf.
Sep’14 $390m 0.5x
Jul’14 $347m 1.5x
Collaborative
Collaborative
Consolidation
Services
UAV
Motion Control
Industrial and Mobile
(Defense & Security Business)
Defense
Industrial
Test and Assembly
Automotive
CONFIDENTIAL
• Robotics and Automation public valuation has retracted from last year’s high and is now trading below the Nasdaq
• Current public players, mostly selling traditional industrial technologies into slowing growing markets, will need to organically and/or inorganically develop solutions for new emerging markets to find growth
Robotics and Automation – Broad Equity Market PerformanceBroader Robotics Indices – 36 Months Relative Performance
14
Google acquired 8 robotics companies
15CONFIDENTIAL
Robotics and Automation – Equity Market Performance in China
• Chinese public Robotics and Automation companies have experienced significant correction following unprecedented run-up in 2015
• However, these stocks are still very highly valued vs. all other markets• Still very significant disparity with Western stock markets, which results in tempting arbitrage
opportunity for Chinese companies to acquire foreign robotics companies
China Robotics Index – 36 Months Relative Performance
16CONFIDENTIAL
Mooreland Taxonomy for Robotics and AutomationVe
rtica
l Pla
tform
s
Sem
icond
ucto
r
Defe
nce
& S
ecur
ity
Auto
moti
ve
Cons
umer
Spec
ialty
Robo
t Pla
tform
s
Fixed Robotics Mobile Robotics Medical and
Surgical Robotics
Part
s,
Com
pone
nts
& A
cces
sorie
s
Modules & Parts (Grippers, Vacuum Pumps, Hands, Rotary Units, etc.)Components (Sensors, Actuators, etc.)
Controllers
System Integrators
Manufacturing Execution Systems
Supply Chain Management Software
ERP Software
Surg
ical
War
ehou
se &
In
vent
ory
Mgm
t.
Collaborative RoboticsDrone / UAV(1)
Sola
r
Elec
tron
ics M
fg.
& F
acto
ry
Auto
mati
on
Food
& B
ever
age
Min
ing
&
Agric
ultu
re
Heal
thca
re &
Life
Sc
ienc
es
Logi
stics
Other Autonomous
(Underwater, Satellite, Self-Driving
Vehicles)
(1) UAV = Unmanned Aerial Vehicle
17CONFIDENTIAL
Robotics Market Landscape – Robots, Parts, Accessories & Components
Robo
t Pla
tform
sFixed
Robotics Mobile Robotics UAV Collaborative Robotics
Medical and Surgical Robotics
Other Autonomous
Part
s, C
ompo
nent
s &
Acc
esso
ries
Controllers ComponentsModules and Parts
18CONFIDENTIAL
Robotics and Automation Landscape - Vertical PlatformsAutomotive Consumer Defense and Security Electronics Mfg. / Factory Automation
Food and Beverage LogisticsHealthcare / Life Sciences Mining & Agriculture
Solar SurgicalSpecialty Warehouse / Inventory Mgmt.
Auris Surgical Robotics
Commercial Drones
CONFIDENTIAL
Commercial Drones - New Opportunity Taking Flight
20
Multifaceted and complex connected vehicles built with sensors
that collect data and carry payloads for specific commercial
purposes
Basically another IoT node
FAA expects the number of drones flying in U.S. domestic
airspace to hit 30,000 by 2020
FAA also brings regulation, which is still shaping up
Enormous potential in key industries and applications
Key Applications
Precision Agriculture
Film / Photo / Video
Inspection / Monitoring
Mapping / Surveying
Public Safety / First Responders
Drones, Unmanned Aerial Vehicles (UAVs), & Unmanned Aircraft Systems (UASs)
CONFIDENTIAL
UAV – The Big Picture
21
UAVs continue as the most dynamic growth sector of the world aerospace industry
Development of UAVs for different applications, by different industries has led to a wide variety of airframes and capabilities
Key external drivers– Gov’t funding for military– ↑ sophistication and ↓ price of components
M&A trends– Expansion within verticals– Node in IoT– Internet to remote geographies
Financing trends– Inspection– Delivery/logistics– Cloud services
Source: Teal Group, 2014
UAV Classification
0 – 200 ft.Low-speed, low altitude missions,
film and inspection
500 – Above ft.Manned aircraft; military grade
drones
200 – 400 ft.High-speed transit
zone for sophisticated drones (e.g. delivery drones)
400 – 500 ft.No-fly zone
CONFIDENTIAL
Commercial Drone Landscape
22
Software Only ServicesSystems & Software
CONFIDENTIAL
Drone Market Size
23
Over $6 billion /year spent on
military and commercial drones
Estimated to grow to $8.6 billion by
2019, representing a 6% CAGR
2014 2015 2016 2017 2018 2019
$0.7
$5.1
Commercial Drone Spending$, Billions
51% CAGR
2014 2015 2016 2017 2018 2019
$6.4
$8.66% CAGR
Total Military & Commercial Drone Spending$, Billions
Key Observations
Commercial estimated to grow to
$5.1 billion by 2019, representing a
51% CAGR
Commercial to grow from ~10% of
the market today to ~60% by 2019
CONFIDENTIAL
Market Share & Commercial Drone Use
24
Major commercial use is aerial photography and video, however infrastructure inspection, construction, and agriculture are emerging uses
In the US, DJI has established a significant leadership position with its Phantom 3 (~$500 ASP)
Although small, the number of people and organizations authorized to operate commercial drones is growing rapidly in the US. (~4,500 by year end)
Proposed Drone Missions in the US Approved Under FAA 333
Key Observations
Commercial Drone Penetration in the US
Source: Oppenheimer February 2016, TechCrunch, April 2015
Photography & Video
Inspection
Survey
Real Estate
Search & Rescue
Agriculture
Data Collection
Mapping
Construction
Drone Training
2,550
1,250
1,100
900
600
400
400
400
350
250
(2%)
(1%)
(2%)
(84%)
(11%)
Country Drone Governing Body Registered Commercial Drones
Federal Aviation Authority (FAA) ~8,400 Drones
French Civil Aviation Authority (DGAC) ~2,200 Drones
Civil Aviation Authority (CAA) ~1,400 Drones
Korea Office of Civil Aviation (KOCA) ~500 Drones
United Kingdom
France
United States
Korea
CONFIDENTIAL
Korean Drone Market Activity
25
Korean Government Investing in Drones
Strict drone flying regulations make it difficult for drone users
Gov’t designated five areas in the country as “drone flying zones” to test commercial and public service drone applications
The military will start to use Korean built drones in 2017 and considering emergency response and firefighting uses
Gov’t says it will set aside $37.3 million in the five years starting in 2017 to build traffic management and surveillance systems
Source: DroneLife 2016, Arirang News 2016, Yonhapnews 2015
2013 2023$1.7M
$510.0M
Korean Drones Sales To Grow Rapidly YoY Through 2023
77% CAGR
Source: Yonhapnews 2015
Selected Drone M&A and Fundings in Korea
Investor Target Date Investment Description
Feb ’16
IDG Capital Partners invested $4.1M into Drogen, which develops commercial and hobbyist grade drones in Korea. The company offers full drone systems and controls circuit boards.
Acquirer Target Date Transaction Description
Aug ’11
FIRSTEC, a military systems manufacturing company and subsidiary of Foosung, acquired an 80% stake in Uconsystem for $4.7M (1.4x EV / LTM Revenue). Uconsystem offers integrated surveillance and reconnaissance UAV for military applications.
CONFIDENTIAL
Drones Face Hurdles to Growth
26
- Regulation - Speed of expansion relies heavily on federal rules
- Air Safety -Growing number of drones seen flying
dangerously close to commercial aircraft
- Civilian Privacy Concerns -17 states passed drone-related privacy legislation
- New Legal & Insurance Implications - Heightened risk of property damage and liability
Challenges facing commercial drone industry
- Unproven Business Models - How will companies actually use drones to make
money?
Source: CBS Money Watch, August 2015
CONFIDENTIAL
Drone M&A Deal Volume and Selected Transactions
27
Source: CapIQ data as of April 5, 2016
Acquirer Target Date Transaction Description
Jan’16• Aerial mapping and surveying• Accelerates the development of
Intel visual sensing technologies
Dec’15• Fully autonomous drones with
obstacle avoidance technology• GoPro is using as a platform
Jan’15• Small drones • Platform to develop low-cost,
replaceable and expendable UAVs
Apr’14
• Solar-powered high-altitude long-endurance drones
• Google using drones to deploy internet in remote locations
Mar’14
• Solar powered long-endurance drones
• Facebook using to deploy internet in remote locations
Jul’12• Aerial imaging drones• Parrot to expand presence in the
commercial UAVs
Drone M&A Activity
Number of Transactions
M&A activity growing but still relatively small
Historically focused on military Notable “out-of-segment” buyers Recent activity around flight control
software and autopilot systems
2009 2010 2011 2012 2013 2014 2015 2016 YTD
32
56
4
9
15
9
CONFIDENTIAL
Venture Community Heavily Engaged
28
Venture funding for UAV-related startups rose to $492M in 2015; a 256% YoY increase from 2014
VCs have jumped into the commercial drone market in a big way in 2015/16
Many VCs more focused on software, not hardware Main categories includes:
Inspection (e.g. mapping, precision agriculture, infrastructure, energy, mining), delivery/logistics, insurance and cloud services
Source: CapIQ, PrivCo, TechCrunch November 2014, CB Insights 2015
Drone Funding Activity Selected Venture-Backed Companies 2009- 2016 YTD
Companies $ Raised
DJI Technology $105M
3D Robotics $99M
Airware $75M
Yuneec $60M
Aeronautics $53M
EHang (Ghost Drone) $52M
Skycatch $46M
Aeryon Labs $46M
PrecisionHawk $39M
CyPhy Works $37M
2011 2012 2013 2014 2015 2016 YTD6 13
2638
79
35 $12
$36
$83 $192
$492
$203
CONFIDENTIAL
Concentrated Investments from Select VCs
29
While there have been a significant number of investments made by venture capital firms, only a select group of firms have made multiple investments in drones.
Venture Investors Investments
30CONFIDENTIAL
FAA regulations to continue to roll out, but will take longer than expected– This brings uncertainty are can stifle innovation–Needed in order for commercial drones to be ubiquitous and safe
Strategic and VC private investments to continue to ramp– Significant uptick in strategic interest as strategies get worked out at the BU level–VCs are more cautious in hardware investments in this environment; into capital light models
At least one major IPO in 2016 as there are already “public ready” companies– Eventually will provide more choices for public investors– Increases buyer universe driving further M&A
Near-term M&A to be driven by large technology conglomerates, niche consumer electronics players and mil/aero companies moving down market– They have been on the sidelines for too long; starting to enter–Outsiders, especially large cap players, bring further validation and clout to the industry
What We Expect From the Drone Market…
31CONFIDENTIAL
ANY QUESTIONS?
Bryan G. Dow Executive Director
950 Tower Lane, Suite 1950 Foster City, CA 94404 tel: +1 (650) 330-3788 [email protected]
Mooreland Partners LLC is a member of FINRA / SIPC
SILICON VALLEY950 Tower Lane, Suite 1950
Foster City, CA 94404Tel: +1 (650) 330-3790
NEW YORK140 East 45th Street, 18th Floor
New York, NY 10017Tel: +1 (212) 653-0800
LONDON13 Charles II Street, 2nd Floor
London SW1Y 4QUTel: +44 (0) 20 7484 1350
www.moorelandpartners.com