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  "authorName": "Harris Williams, L.E.K.",
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      "text": "Warehouse activities are still primarily manual and labor-intensive processes... Beside strategic investors, there is a high interest from private equity... Innovative business models providing holistic solutions... We expect an increased level of M&A activity... Warehouse automation companies' valuation levels have continuously increased...",
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      "text": "Number of Deals: 40",
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      "text": "Sources: Mergermarket (includes all transactions until November 2022) Notes: (1) WCS = Warehouse Control System, WMS = Warehouse Management System; (2) Others include deals in Data Capture, Software, Drones, and Machine Vision",
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      "text": "Investment and M&A activity in warehouse automation continue to flourish",
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