Cannae SPAC Presentation Deck
2 Playbook successful across numerous investments
Company
Overview
2
Bill Foley
Playbook
Transformation and
Achievement of
Synergies
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CERIDIAN
Global human capital management ("HCM")
software provider with $14.8B of market
capitalization
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Continues to expand internationally with
launch of global payroll for Australia, New
Zealand, Singapore, and African Regions in
2020
Acquired Dayforce, a SaaS cloud software
company in 2012
Sold Comdata to FleetCor Technologies in
2014 for total pre-tax gains of ~$500M
Executed IPO in 2018 at a ~$3B equity
valuation
• Streamlined the management, which was
critical to business model shift from a service
bureau model to a SaaS model
Successfully monetized in both follow-on and
block trades post-IPO
Expanded EBITDA margins by ~450 bps since
acquisition (1)
Equity value has increased substantially from
-$3B at 2018 IPO to current market cap of
-$14.8B
Source: Public company filings and market data as of 8/5/2021.
Includes only the Human Resources Solutions segment at the time of acquisition.
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dun & bradstreet
Global provider of business decision data,
analytics, and insights
• Led strategic direction in Executive Chairman
role
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Expanding analytical applications with strategic
acquisitions - 3 tuck-ins since 2020
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Brought in strategic and capital partners to
execute the ~$7B Enterprise Value / ~$2B Equity
Value acquisition of D&B
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In its first day of trading following the IPO, DNB
stock closed up -15%
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• Recruited a new management team to accelerate
strategic transformation
Helped identify efficiencies and optimization
measures - achieved -$246M in cost savings so
far
Executed IPO above the expected range in June
2020 at a $9B equity valuation
Realigned organization to increase effectiveness
and accountability
Optimized go-to market strategy to incentivize
cross-selling and long-term contracts
Equity value has increased substantially from ~$2B
at 2018 LBO to current market cap of ~$8.0B
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BLACK
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A premier provider of high-performance
software, data and analytics for mortgage and
home equity lending and servicing
Expanded and scaled with selective M&A
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CH
KNIGHT
CANNAE
HOLDINGS, INC.
Re-acquired Lender Processing Services
("LPS") in 2014 for $4.2B
Branded the technology, data, and analytics
business as BKI
Replaced the entire senior leadership team and
brought in Thomas H. Lee
Took the company public in 2015
Reorganized the company and refocused
management on growth
Drove $300M of cost savings through
optimization
Expanded EBITDA margins by ~1,050 bps
Equity value has increased substantially from ~$2B
at 2015 IPO to current market cap of $12.7B
CANNAE HOLDINGS INVESTOR PRESENTATION AUGUST 2021 7View entire presentation