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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

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

Published in: Economy & Finance

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  • Hughes Media Law Presents: Cascadia Capital - Venture Funding In Today's Market from Gearheadgal on Vimeo.<br /><object type="application/x-shockwave-flash" data="http://vimeo.com/moogaloop.swf?clip_id=11283512&amp;server=vimeo.com&amp;show_title=1&amp;show_byline=1&amp;show_portrait=0&amp;color=c9ff23&amp;fullscreen=1" width="350" height="288"><param name="movie" value="http://vimeo.com/moogaloop.swf?clip_id=11283512&amp;server=vimeo.com&amp;show_title=1&amp;show_byline=1&amp;show_portrait=0&amp;color=c9ff23&amp;fullscreen=1"></param><embed src="http://vimeo.com/moogaloop.swf?clip_id=11283512&amp;server=vimeo.com&amp;show_title=1&amp;show_byline=1&amp;show_portrait=0&amp;color=c9ff23&amp;fullscreen=1" width="350" height="288" type="application/x-shockwave-flash"></embed></object>
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  • 1. Venture Capital Funding in Today’s MarketplaceApril 26, 2010
  • 2. About Cascadia Capital
    2
  • 3. Investment Bank Serving Emerging Growth & Middle Market Companies
    Cornerstones of Cascadia Capital
    Services Offered
    Corporate Finance
    Mergers & Acquisitions
    Strategic Advisory
    Industry Focuses
    Emerging Growth
    Communications
    Internet New Media
    IT
    Sustainable Industries
    Middle Market
    Business Services
    Consumer
    Distribution
    Industrial
    3
  • 4. Full Service Firm
    Representative Services
    Select Recent Transactions
    Mergers &
    Acquisitions
    • Sell-side representation
    • 5. Buy-side representation
    • 6. Minority & majority recapitalizations
    • 7. Management buyouts
    • 8. Over $660m of recent transactions
    Corporate
    Finance
    • Private equity placements
    • 9. Debt financings
    • 10. Public company capital raises
    • 11. Strategic financings
    • 12. Over $500m of recent transactions
    Strategic
    Advisory
    Services
    • Restructurings
    • 13. Shareholder value analysis
    • 14. Corporate valuations & fairness opinions
    • 15. Public company takeover defense services
    4
  • 16. Information Technology Practice Overview
    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
    Cloud Storage
    Data Center Automation
    IT Performance Management
    IT Security
    Governance, Risk and Compliance (GRC)
    Virtualization
    E-Commerce Infrastructure
    Enterprise and Web Content Management
    Internet and New Media
    Broadcast Technology
    Legal Technology
    The Thematic Business Model drives the four fundamental aspects that are all critical to the successful operation of Cascadia’s Information Technology Practice:
    Strong Domain Expertise
    Comprehensive Understanding of Technology Market Dynamics
    Deep and Broad Relationships with Technology Strategic Buyers and Financial Sponsors
    Extensive Technology Deal-making Experience
  • 17. Market Overview
    6
  • 18. The Markets Are Recovering
    The financial and economic downturn of 2008 caused a hiatus in both M&A and Financing markets throughout most of 2009
    Large acquirers focused on controlling internal costs
    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
    The markets have been improving since Q4 of 2009
    Market reached it’s bottom in Q3 of 2009 and a rebound is underway
    Pickup in both M&A and Capital Raising activity
    However, activity is still below 2006 and 2007 highs
  • 19. Technology M&A
    Technology M&A activity has begun to rebound but still below 2006 levels
    Source: The 451 Group
  • 20. Technology M&A by Industry, LTM 3/31/10
    Internet, IT Services and Application Software lead the way as the most active sectors within IT
    Source: The 451 Group
  • 21. Venture Capital Fundraising
    • Venture Capital fundraising has declined as Limited Partners reallocate their portfolios
    • 22. However, plenty of dry-powder remains on the sidelines
    Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters
  • 23. Venture Capital Returns vs. Stock Market Indices
    • Venture capital returns have outpaced stock market indices over the long term
    • 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
    Source: Cambridge Associates LLC
  • 25. Venture Capital Activity
    • Deal volume is increasing as the economy stabilizes and VCs regain comfort in the market
    • 26. Levels still 25% below 2007 and 2008 highs
    Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters
  • 27. Venture Capital Activity by Stage of Development
    Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters
  • 28. VC Activity by Industry, LTM 3/31/10
    • Software, Life Sciences and Media lead the way as the most active sector within IT
    Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report, Data: Thomson Reuters
  • 29. Median Pre-Money Valuation by Series
    Pre-money valuations have bottomed out in 2009 and there are signs that valuations are improving
    Source: The Venture Financing Report, Cooley Godward Kronish LLP, February 18, 2010
  • 30. Public IT Company Valuations are Increasing
    Source: CapitalIQ
  • 31. Selected Software M&A Activity
    Source: CapitalIQ; The 451 Group
  • 32. Selected Software Equity Private Placement Activity
    Source: CapitalIQ

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