1、2025 Year in ReviewSector Coverage ReportTransportation&LogisticsTechnology UpdateIntroduction201Themes Driving Technology Investment Across Transportation and Logistics9022025 Review and 2026 Outlook 2103M&A and Financing Activity Within Transportation and Logistics Technology2604Public Markets Upd

2、ate 3905About Houlihan Lokey 44Inside the UpdateWhile the recent market volatility is at the forefront of investors minds,2025 was largely characterized by strong performance in technology stocks and an active M&A market,fueled by sustained optimism around AI-driven investments and productivity enha

3、ncements.M&A activity markedly increased in the second half of the year.After a slower start due to tariff-related uncertainty,which delayed some transactions(particularly in transportation technology),improving market sentiment and growing private equity activity led to a significant increase in de

4、al momentum with 2025 Tech M&A deal volume surpassing 2023 and 2024 activity.Our Transportation and Logistics Technology team was actively engaged in this evolving market,advising on several landmark transactions this year,including myKaarmas investment from Warburg Pincus.We look forward to connect

5、ing with you this year to share our insights and discuss the innovations were seeing across the eight core sectors we cover:automotive,aviation,maritime,off-road,transit and mobility,rail,supply chain,and trucking.We are pleased to issue Houlihan Lokeys Transportation and Logistics Technology Year i

6、n Review,which offers our views on 2025 and perspectives on trends shaping 2026.Best regards,Shane KaiserManaging Director,Head of Transportation and Logistics TechnologyHoulihan Lokeys Transportationand Logistics Technology Practice3Featured TransactionsTombstones included herein represent transact