Venture Capital Funding in Today’s MarketplaceApril 26, 2010<br />
About Cascadia Capital<br />2<br />
Investment Bank Serving Emerging Growth & Middle Market Companies<br />Cornerstones of Cascadia Capital<br />Services Offe...
Full Service Firm<br />Representative Services<br />Select Recent Transactions<br />Mergers &<br />Acquisitions<br /><ul><...
Buy-side representation
Minority & majority recapitalizations
Management buyouts
Over $660m of recent transactions</li></ul>Corporate<br />Finance<br /><ul><li>Private equity placements
Debt financings
Public company capital raises
Strategic financings
Over $500m of recent transactions</li></ul>Strategic<br />Advisory<br />Services<br /><ul><li>Restructurings
Shareholder value analysis
Corporate valuations & fairness opinions
Public company takeover defense services</li></ul>4<br />
Information Technology Practice Overview <br />Cascadia’s Information Technology Practice operates a Thematic Business Mod...
Market Overview<br />6<br />
The Markets Are Recovering<br />The financial and economic downturn of 2008 caused a hiatus in both M&A and Financing mark...
Technology M&A<br />Technology M&A activity has begun to rebound but still below 2006 levels<br />Source: The 451 Group<br />
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Hughes Media Law Group Presents: Venture Funding in Today's Market

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Michael Orbach from Cascadia Capital discusses how the money flows to entrepreneurs in the current economic climate

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Hughes Media Law Group Presents: Venture Funding in Today's Market

  1. 1. Venture Capital Funding in Today’s MarketplaceApril 26, 2010<br />
  2. 2. About Cascadia Capital<br />2<br />
  3. 3. Investment Bank Serving Emerging Growth & Middle Market Companies<br />Cornerstones of Cascadia Capital<br />Services Offered<br />Corporate Finance<br />Mergers & Acquisitions<br />Strategic Advisory<br />Industry Focuses<br />Emerging Growth<br />Communications<br />Internet New Media<br />IT<br />Sustainable Industries<br />Middle Market<br />Business Services<br />Consumer<br />Distribution<br />Industrial<br />3<br />
  4. 4. Full Service Firm<br />Representative Services<br />Select Recent Transactions<br />Mergers &<br />Acquisitions<br /><ul><li>Sell-side representation
  5. 5. Buy-side representation
  6. 6. Minority & majority recapitalizations
  7. 7. Management buyouts
  8. 8. Over $660m of recent transactions</li></ul>Corporate<br />Finance<br /><ul><li>Private equity placements
  9. 9. Debt financings
  10. 10. Public company capital raises
  11. 11. Strategic financings
  12. 12. Over $500m of recent transactions</li></ul>Strategic<br />Advisory<br />Services<br /><ul><li>Restructurings
  13. 13. Shareholder value analysis
  14. 14. Corporate valuations & fairness opinions
  15. 15. Public company takeover defense services</li></ul>4<br />
  16. 16. Information Technology Practice Overview <br />Cascadia’s Information Technology Practice operates a Thematic Business Model that allows the firm to uniquely deliver technology domain expertise making up the Information Technology landscape<br />Cloud Storage<br />Data Center Automation<br />IT Performance Management<br />IT Security <br />Governance, Risk and Compliance (GRC)<br />Virtualization <br />E-Commerce Infrastructure <br />Enterprise and Web Content Management <br />Internet and New Media<br />Broadcast Technology <br />Legal Technology <br />The Thematic Business Model drives the four fundamental aspects that are all critical to the successful operation of Cascadia’s Information Technology Practice:<br />Strong Domain Expertise<br />Comprehensive Understanding of Technology Market Dynamics<br />Deep and Broad Relationships with Technology Strategic Buyers and Financial Sponsors<br />Extensive Technology Deal-making Experience <br />
  17. 17. Market Overview<br />6<br />
  18. 18. The Markets Are Recovering<br />The financial and economic downturn of 2008 caused a hiatus in both M&A and Financing markets throughout most of 2009<br />Large acquirers focused on controlling internal costs<br />Venture Capitalists focused on making sure that current portfolio companies remain afloat and were hesitant to put money to work in new ventures until the economic situation stabilized<br />The markets have been improving since Q4 of 2009<br />Market reached it’s bottom in Q3 of 2009 and a rebound is underway<br />Pickup in both M&A and Capital Raising activity <br />However, activity is still below 2006 and 2007 highs<br />
  19. 19. Technology M&A<br />Technology M&A activity has begun to rebound but still below 2006 levels<br />Source: The 451 Group<br />
  20. 20. Technology M&A by Industry, LTM 3/31/10<br />Internet, IT Services and Application Software lead the way as the most active sectors within IT <br />Source: The 451 Group<br />
  21. 21. Venture Capital Fundraising<br /><ul><li>Venture Capital fundraising has declined as Limited Partners reallocate their portfolios
  22. 22. However, plenty of dry-powder remains on the sidelines</li></ul>Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters<br />
  23. 23. Venture Capital Returns vs. Stock Market Indices<br /><ul><li>Venture capital returns have outpaced stock market indices over the long term
  24. 24. Venture capital valuations move directionally with the public markets; fund managers base their valuations on a wider range of factors than just the public markets, thereby reducing the near-term volatility of VC returns relative to stock market indices</li></ul>Source: Cambridge Associates LLC<br />
  25. 25. Venture Capital Activity<br /><ul><li>Deal volume is increasing as the economy stabilizes and VCs regain comfort in the market
  26. 26. Levels still 25% below 2007 and 2008 highs</li></ul>Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters<br />
  27. 27. Venture Capital Activity by Stage of Development<br />Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters<br />
  28. 28. VC Activity by Industry, LTM 3/31/10<br /><ul><li>Software, Life Sciences and Media lead the way as the most active sector within IT </li></ul>Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters<br />
  29. 29. Median Pre-Money Valuation by Series<br />Pre-money valuations have bottomed out in 2009 and there are signs that valuations are improving <br />Source: The Venture Financing Report, Cooley Godward Kronish LLP, February 18, 2010<br />
  30. 30. Public IT Company Valuations are Increasing<br />Source: CapitalIQ<br />
  31. 31. Selected Software M&A Activity<br />Source: CapitalIQ; The 451 Group<br />
  32. 32. Selected Software Equity Private Placement Activity<br />Source: CapitalIQ<br />
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