Global tech ipo review q2 2013
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Global tech ipo review q2 2013

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PwC объявила о выходе в свет «Обзора сделок на мировом рынке IPO в секторе высоких технологий за 2-й квартал 2013 ...

PwC объявила о выходе в свет «Обзора сделок на мировом рынке IPO в секторе высоких технологий за 2-й квартал 2013 года». В этом обзоре, основанном на данных по сделкам компании Dealogic, представлен анализ сделок на мировом рынке IPO в секторе высоких технологий за период с 1 апреля 2013 г. по 30 июня 2013 г. В отчете описываются основные тенденции на мировом рынке IPO в секторе высоких технологий, включая географию сделок; перечисляются крупнейшие сделки на этом рынке, заключенные во 2-м квартале; указывается распределение сделок по фондовым биржам, где состоялись сделки, и по секторам; раскрываются основные финансовые и оценочные показатели.

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Global tech ipo review q2 2013 Global tech ipo review q2 2013 Document Transcript

  • Global Technology IPO Review Q2 2013 www.pwc.com Technology Institute A quarterly look at global trends in the technology IPO market August 2013
  • 1IPO Review Q2 2013  Global Technology Steady improvement Welcome to the second quarter 2013 issue of PwC’s Global Technology IPO Review. Amidst a slowly improving US economy, continued stagnation in Europe and softness in Asia, the global technology IPO market showed steady improvement with 16 IPOs raising US$2.8bn* compared to 10 IPOs in Q1 and just US$1.7bn in proceeds. Comparing activity to the same quarter last year, total funds raised declined 84%. However, the Q2 2012 data were skewed by the Facebook IPO of US$16bn. Excluding Facebook, funds raised were up an impressive 59%. Strength and momentum in the US markets, as evidenced by the Dow Jones, NASDAQ and S&P 500 indices reaching double-digit year-to-date gains as of 30 June, helped to buoy US tech IPOs. US exchanges made up 88% of the volume and 92% of total proceeds. In contrast, China, a dominant player in the market over the last two years, for the second consecutive quarter recorded no tech IPOs. However, there is optimism that the Chinese Security and Regulatory commission will relax its posture on new filings at some point in the second half of the year. Should this come to pass, technology IPOs would likely see a significant jump in both volume and proceeds. Increased volatility in the global equity markets pushed the major European markets lower in the second quarter. This, coupled with overall economic weakness across Europe, led to continued softness in technology IPOs, resulting in just two deals. Looking beyond Europe, after a long hiatus, we noted an Internet Software & Services company in India completed a successful IPO on the Bombay exchange. And in North America, Canada also recorded one Internet Software & Services deal. From a subsector perspective, it’s no surprise that Software and Internet Software & Services dominated Q2 technology IPOs, making up 70% of deal volume. Demand for new software tools that enable cloud, social, mobile and data analytics can be expected to remain robust for the foreseeable future. Though the volume of US venture capital and private equity technology investments experienced a moderate year-over-year decline in the second quarter, early-stage investments saw an uptick of three percent year over year as investor confidence continued to build around completing successful exits. On the technology M&A front, closed deals were lacklustre in the second quarter, but numerous new announcements and rumours of sizable technology transactions point to a possible strengthening M&A market in the second half of the year. Further information is available in the detailed report that follows and underlying data can be viewed and downloaded from our Web site at pwc.com/globaltechipo. If you would like to discuss these findings and how they may impact your business, please reach out to me or any member of our global technology team listed in the back of this document Sincerely, Raman Chitkara Partner and Global Technology Industry Leader PricewaterhouseCoopers LLP raman.chitkara@us.pwc.com *Issue size greater than US$40mn
  • 2 Global Technology  IPO Review Q2 2013 Global technology IPO trends After experiencing a significant decline in the second half of 2012, the global IPO market has started showing signs of improvement. The increasing risk appetite of investors, followed by a rising equity market, led to a surge in IPO activity in Q2 2013. The number of technology IPOs and proceeds raised in the second quarter increased by 60% and 64% quarter over quarter respectively. The absence of IPOs in China from the last two quarters has negatively impacted global IPO growth in 2013. Between 2010 and 2012 almost 50% of technology IPOs were from China. Without China, the US easily led in number of deals and proceeds, recording 12 technology IPOs and raising US$2.2bn. Compared to the first quarter, the US realised a 100% increase in the number of deals, and 139% increase in total proceeds. Additionally, US exchanges continued to be most active, with 88% of the deals and 92% of total proceeds. Since the Jumpstart Our Business Startups (JOBS) Act was signed into law in 2012, the number of US emerging growth companies going public with reduced public company reporting requirements has steadily risen with 11 of the 12 US IPOs this quarter filed under this new federal securities law. 0 4000 8000 12000 16000 20000 Q2 2013Q1 2013Q4 2012Q3 2012Q2 2012 InUS$mn NumberofIPOs 0 5 10 15 20 25 Issue size Number of IPOs (right axis) Global IPO Trend 20 11 8 10 16 $17,776 $996 $1,344 $1,718 $2,819 Figure 1: Global technology IPO trends Source: Dealogic with analysis by PwC.
  • 3IPO Review Q2 2013  Global Technology Company Subsector Issue size (in US$ mn) Primary exchange EVERTEC, Inc. Computer Storage & Peripherals 505 NYSE CDW Corporation Computer Storage & Peripherals 395 NASDAQ Intelsat SA Communications Equipment 348 NYSE Tableau Software, Inc. Software 254 NYSE Blackhawk Network Holdings, Inc. Internet Software & Services 230 NASDAQ Gogo Inc. Communications Equipment 187 NASDAQ Just Dial Limited Internet Software & Services 165 Bombay Gigamon Inc. Software 128 NYSE Cyan, Inc. Software 88 NYSE Rally Software Development Corp. Software 84 NYSE Source: Dealogic with analysis by PwC. Figure 2: IPO summary—Top 10 deals Top 10 technology deals A review of the top 10 deals shows that no one sector dominated and no company raised US$1billion or higher. However, semiconductors, one of the leading sectors over the past two years, is noticeably absent (partially due to filing restrictions in China). The largest issues occurred for Computer, Storage & Peripherals and Communications companies which are larger entities requiring greater capital than Software and Internet. With the US market showing greater strength than others around the world, it’s not surprising that nine of the top ten deals traded on either the NYSE or NASDAQ. Of note, is the seventh largest deal, an India Internet Software & Services company trading on the Bombay exchange.
  • 4 Global Technology  IPO Review Q2 2013 Geographic IPO trends 0 600 1200 1800 2400 CanadaSwitzerlandIndiaLuxembourgUnited States 0 3 6 9 12 InUS$mn NumberofIPOs Geographic Distribution Issue size Number of IPOs (right axis) 12 1111 $2,181 $348 $165 $70 $55 Figure 3: Geographic distribution Source: Dealogic with analysis by PwC. In the absence of Chinese IPOs, the US led IPO activity over the last two quarters. The US witnessed six out of ten IPOs and 12 out of 16 IPOs during the first and second quarter of 2013 respectively. Total proceeds raised in the US during the current quarter were US$2.2bn, which was 78.5% of global total proceeds. EVERTEC, Inc. was the biggest issue in the US (Puerto Rico) with proceeds of US$505.3mn. The other geographic locations witnessed one IPO each, Intelsat SA from Luxembourg being the largest with proceeds of US$347.8mn. “A weakening rupee and continuing global economic challenges presented substantial obstacles for Indian companies to attract investment. The secondary markets also experienced challenges. Upcoming elections in 2014 in India add another dimension of uncertainty. Despite these odds, the sliding rupee does present benefits to the Indian exporter of software and IT services and with momentum still continuing in this sector, one can expect better IPO performance in the coming quarters. ” – Sandeep Ladda Technology Industry Leader, PwC India
  • 5IPO Review Q2 2013  Global Technology 0 4000 8000 12000 16000 20000 Q2 2013Q1 2013Q4 2012Q3 2012Q2 2012 0 3 6 9 12 15 InUS$mn NumberofIPOs Geographic IPO Trend—United States Issue size Number of IPOs (right axis) 8 7 5 6 12$16,870 $784 $1,081 $911 $2,181 Figure 4: United States Source: Dealogic with analysis by PwC. The number of US IPOs increased to 12, a growth of 100% quarter over quarter and 50% year over year. In terms of deal value, US technology IPOs raised US$2.2bn, a 139% increase sequentially, but 87% decline year over year (including the Facebook IPO of US$16bn). Excluding the Facebook IPO, proceeds raised were up 59% year-over-year. The total number of IPOs in other countries remained constant as compared to the previous quarter with four deals. However the total proceeds declined by 21% to US$637.6mn in the current quarter, as compared to US$805.1mn in the previous quarter. “Continued strength in the US capital markets, despite signals by the Federal Reserve that stimulus efforts would begin to slow, supported reasonable valuations and solid post-offering performance for US technology IPOs. In addition, a return to early-stage investments by venture capital investors points to improving confidence in profitable exits and a robust pipeline of future technology offerings.” – Tom Archer Technology Industry Leader, PwC US
  • 6 Global Technology  IPO Review Q2 2013 “The temporary shut down of the Chinese capital markets, coupled with the disappointing post-offering performance of several technology stocks, have driven the technology IPO market in China to a historical low. However, there continues to be a growing number of sizable M&A deals in the China technology space as venture capital investors pursue exits. The strength of venture capital investments combined with the Chinese Government’s determination to support innovative technology companies, suggests the longer term outlook for China technology IPOs is good.” – Jianbin Gao Technology Industry Leader, PwC China Due to filing limitations instituted by the Chinese Security and Regulatory Commission in late 2012, the absence of Chinese technology IPOs continued. 0 200 400 600 800 1000 Q2 2013Q1 2013Q4 2012Q3 2012Q2 2012 0 3 6 9 12 15 InUS$mn NumberofIPOs Geographic IPO Trend—China Issue size Number of IPOs (right axis) 12 4 1 $906 $212 $82 Figure 5: China Source: Dealogic with analysis by PwC. 0 200 400 600 800 1000 Q2 2013Q1 2013Q4 2012Q3 2012Q2 2012 0 1 2 3 4 5 InUS$mn NumberofIPOs Geographic IPO Trend—All Other Countries Issue size Number of IPOs (right axis) 2 4 $181 $805 $638 4 Figure 6: All other countries Source: Dealogic with analysis by PwC.
  • 7IPO Review Q2 2013  Global Technology “Because of recent lacklustre returns, Canadian investors are looking for alternatives to their traditional natural resources sector for investments. With its strong performance over the last couple of years, the technology sector is a natural option. So, while Halogen Software marks the first major technology IPO since 2011, there’s reason to believe that it will be the first of a steady stream—good news for emerging technology entrepreneurs in Canada who, according to a recent PwC survey, don’t see IPO as a viable exit for their companies.” – Chris Dulny Technology Industry Leader, PwC Canada Stock exchange distribution US exchanges continue to be the most active, with US$2.6bn proceeds raised and 14 IPOs. The New York Stock Exchange (NYSE) led with ten IPOs and total proceeds of US$1.7bn, while NASDAQ followed with four IPOs and total proceeds of US$891mn. The remaining two IPOs were from India’s Bombay Stock Exchange (BSE) US$165.4mn, and Canada’s Toronto Stock Exchange US$54.8mn. 0 500 1000 1500 2000 OthersNASDAQNYSE 0 3 6 9 12 InUS$mn NumberofIPOs Stock Exchange Distribution Issue size Number of IPOs (right axis) 10 $1,708 $891 $220 4 2 Figure 7: Stock exchange distribution Source: Dealogic with analysis by PwC. Issue Date (mm/dd/yyyy) Company Subsector Proceeds (in US$ mn) Primary Exchange Domicile nation 06/26/2013 CDW Corporation Computer Storage & Peripherals $395.3 NASDAQ United States 06/26/2013 Tremor Video, Inc. Internet Software & Services $75.0 NYSE United States 06/20/2013 Gogo Inc. Communications Equipment $187.0 NASDAQ United States 06/11/2013 Gigamon Inc. Software $128.3 NYSE United States 06/06/2013 Textura Corporation Software $75.0 NYSE United States 05/22/2013 ChannelAdvisor Corporation Internet Software & Services $80.5 NYSE United States 05/16/2013 Tableau Software, Inc. Software $254.2 NYSE United States 05/16/2013 Marketo, Inc. Software $78.8 NASDAQ United States 05/09/2013 Halogen Software Inc. Internet Software & Services $54.8 Toronto Canada 05/08/2013 Cyan, Inc. Software $88.0 NYSE United States 04/18/2013 Blackhawk Network Holdings, Inc. Internet Software & Services $230.0 NASDAQ United States 04/11/2013 EVERTEC, Inc. Computer Storage & Peripherals $505.3 NYSE US (Puerto Rico) 04/11/2013 Rally Software Development Corp. Software $84.0 NYSE United States Source: Dealogic with analysis by PwC. * Deals have been classified based on the exchange where capital was raised. Figure 8: Region—North America (NASDAQ, NYSE)*
  • 8 Global Technology  IPO Review Q2 2013 Source: Dealogic with analysis by PwC. Sector distribution The software subsector witnessed the highest number of IPOs for the second consecutive quarter. It recorded six IPOs with total proceeds of US$708mn, amounting to 25% of total proceeds. In terms of number of IPOs, the Internet Software & Services subsector followed Software with five IPOs that raised US$606mn. Two sizable deals in the Computer Storage & Peripherals subsector (EVERTEC, Inc., US$ $505mn, and CDW Corporation, US$ $395mn) pushed it to the top position in terms of proceeds among all sectors with total proceeds of US$901mn. For the second consecutive quarter, the Communications Equipment and IT Consulting & Services subsectors witnessed two and one IPO respectively. Whilst Communications Equipment sector’s total proceeds increased from US$402mn in Q1 2013 to US$535mn in the current quarter, IT Consulting & Services witnessed a substantial decline from US$426mn in Q1 2013 to US$70mn in the current quarter. 0 400 800 1200 1600 IT Consulting & Services Communications Equipment Computer Storage & Peripherals Internet Software & Services Software 0 3 6 9 12 InUS$mn NumberofIPOs Sector Distribution Issue size Number of IPOs (right axis) 6 $708 $606 $901 $535 $70 5 2 2 1 Figure 9: Sector distribution Source: Dealogic with analysis by PwC.
  • 9IPO Review Q2 2013  Global Technology Key financials We considered the financials of the 16 IPO companies to calculate the average subsector financials. The average Last Twelve Months (LTM) revenue for all subsectors stood at US$986mn and average LTM EBITDA at US$184mn. The biggest contributor to the average LTM revenue was CDW Corporation from the Computer Storage & Peripherals subsector with LTM revenue of US$10bn. The average LTM revenue of the Software subsector stood at US$86mn from six IPOs. However, the average LTM net income for the Software subsector was negative due to LTM net loss by five of the six companies during the quarter. However, the average total debt was the lowest amongst all the subsectors at US$7mn. The Internet Software & Services subsector had an average LTM revenue of US$260mn from five IPOs. Blackhawk Network Holdings, Inc. was the largest IPO in the subsector with US$ $1bn of LTM revenue. This subsector witnessed three out of five IPOs reporting LTM net loss, thus pulling down the average to US$3mn. Computer Storage & Peripherals was the leading subsector in terms of LTM revenue. The average LTM revenue of the subsector was primarily driven by the LTM revenue of CDW Corporation at US$10bn. The Communications Equipment subsector had the highest average total debt amongst all the other sectors. It was primarily owing to the over-leveraged Intelsat SA, with enterprise value (EV) of US$18bn and total debt of US$16bn. IT Consulting & Services had only one IPO, Luxoft Holding, Inc. reported during the quarter. Whilst LTM revenue was the second lowest after the Software subsector, LTM net income was the second highest after Computer Storage & Peripherals. Out of the 16 IPOs during the quarter, ten reported LTM net losses and the remaining six reported LTM net income. Whilst five out of ten companies which reported LTM net losses were from the Software subsector, the remaining five were from Internet Software & Services (three) and Communications Equipment (two) subsectors. Three of the 16 IPOs were backed by private equity firms. Figure 10: Net income status in Q2 2013 technology IPO universe (16) Positive LTM net income Negative LTM net income Net Income status in 2Q13 technology IPO Universe (16) 63% 37% 63% 37% Source: Dealogic with analysis by PwC. LTM revenue $986 $86 $260 $5,381 $1,443 $315 LTM revenue Number of IPOs (right axis) NumberofIPOs 0 1000 2000 3000 4000 5000 6000 IT Consulting & Services Communications Equipment Computer Storage & Peripherals Internet Software & Services SoftwareAll Subsectors InUS$mn 0 2 4 6 8 10 12 14 16 16 6 5 2 2 1 Figure 11: Key financials – LTM revenue Source: Dealogic with analysis by PwC.
  • 10 Global Technology  IPO Review Q2 2013 LTM EBITDA $184 -$11 $18 $457 $976 $52 LTM EBITDA Number of IPOs (right axis) NumberofIPOs 0 200 400 600 800 1000 IT Consulting & Services Communications Equipment Computer Storage & Peripherals Internet Software & Services SoftwareAll Subsectors InUS$mn 0 2 4 6 8 10 12 14 16 16 6 5 2 2 1 Figure 12: Key financials – LTM EBITDA Source: Dealogic with analysis by PwC. 0 50 100 150 200 250 IT Consulting & Services Communications Equipment Computer Storage & Peripherals Internet Software & Services SoftwareAll Subsectors InUS$mn 0 2 4 6 8 10 12 14 16 16 6 5 2 2 1 LTM net income -$16 -$15 $3 $138 $38 LTM net income Number of IPOs (right axis) NumberofIPOs -$251 Figure 13: Key financials – LTM net income Source: Dealogic with analysis by PwC.
  • 11IPO Review Q2 2013  Global Technology Total debt $1,326 $7 $12 $2,392 $8,154 $17 Total debt Number of IPOs (right axis) NumberofIPOs 0 2000 4000 6000 8000 10000 IT Consulting & Services Communications Equipment Computer Storage & Peripherals Internet Software & Services SoftwareAll Subsectors InUS$mn 0 2 4 6 8 10 12 14 16 16 6 5 2 2 1 Figure 14: Key financials – Total debt Source: Dealogic with analysis by PwC. Figure 15: Key financials – Enterprise value Source: Dealogic with analysis by PwC. Enterprise value $2,565 $749 $1,251 $616 $5,212 $9,640 Enterprise value Number of IPOs (right axis) NumberofIPOs 0 2000 4000 6000 8000 10000 IT Consulting & Services Communications Equipment Computer Storage & Peripherals Internet Software & Services SoftwareAll Subsectors InUS$mn 0 2 4 6 8 10 12 14 16 16 6 5 2 2 1
  • 12 Global Technology  IPO Review Q2 2013 Figure 16: IPO deals: EV/LTM revenue Source: Dealogic with analysis by PwC. 0x 3x 6x 9x 12x 15x IT Consulting & Services (1) Communications Equipment (2) Computer Storage & Peripherals (2) Internet Software & Services (5) Software (6)All subsectors (16) EV / LTM revenue Subsector Key Multiples - Average 3x 2x 2x 1x 4x 15x Figure 17: IPO deals: EV/LTM EBITDA revenue Source: Dealogic with analysis by PwC. 0x 7x 14x 21x 28x 35x IT Consulting & Services (1) Communications Equipment (2) Computer Storage & Peripherals (2) Internet Software & Services (5) All subsectors (16) EV / LTM EBITDA Subsector Key Multiples - Average 14x 34x 14x 11x 5x IPO deals: Valuation metrics The average EV/LTM revenue and EV/LTM EBITDA of all subsectors within technology IPOs was 2.6x and 14.0x, respectively. The Software subsector witnessed the highest EV/LTM revenue of 14.5x, whilst the Internet Software & Services subsector recorded the highest EV/LTM EBITDA of 34.0x.
  • 13IPO Review Q2 2013  Global Technology Within the Software subsector, Textura Corporation and Tableau Software, Inc. witnessed the highest EV/LTM revenue multiples of 26.0x and 23.9x, respectively. However, the EV/LTM EBITDA multiple was not meaningful because both the companies had negative EBITDA. Just Dial Limited was the most valued stock in the Internet Software & Services subsector, with EV/LTM revenue and EV/LTM EBITDA multiples of 11.7x and 41.4x respectively. Also, the high EV/LTM EBITDA multiple of the sector was primarily due to the negative EBITDA from three out of five companies during the last twelve months. Despite witnessing the top two IPOs during the quarter, the Computer Storage & Peripherals subsector witnessed the lowest EV/LTM revenue of 1.0x. While CDW Corporation was valued at a 0.7x of EV/LTM revenue multiple, EVERTEC, Inc. traded at 8.0x its EV/LTM revenue multiple. The Communications Equipment subsector witnessed the second highest EV/LTM revenue multiple of 3.6x, and lowest EV/LTM EBITDA of 5.3x amongst all the sectors. Luxoft Holding, Inc. was the only IPO in IT Consulting & Services subsector. It traded at 2.4x of EV/LTM revenue and 14.4x EV/LTM EBITDA multiple. Although the EV/LTM revenue was second lowest as compared to other subsectors average, EV/LTM EBITDA was second highest. Subsector averages are relatively skewed as there are some subsectors with only one or two companies in this quarter’s technology IPOs.
  • 14 Global Technology  IPO Review Q2 2013 The Global Technology IPO Review for Q2 2013 is based on PwC’s analysis of transaction data extracted from Dealogic. The analysis considers IPOs across all countries worldwide from 1 April 2013 to 30 June 2013. Financial data was also obtained from Dealogic. The definition of the Technology sector is based on the Dealogic database industry classifications and includes the following subsectors: • Internet Software & Services • IT Consulting & Services • Professional Services (e.g., Application Software, Software Solutions) • Semiconductors • Software • Computer Storage & Peripherals –– Computer, Computer Peripheral Equipment –– Computer Storage Device Manufacturing • Electronic Computer Manufacturing • Communications Equipment Only IPOs with issue size greater than US$40mn were included in the analysis. All monetary amounts are in US dollars unless otherwise indicated. LTM – Last twelve months Methodology
  • 15IPO Review Q2 2013  Global Technology For more information If you would like to discuss how these findings might impact your business or your future strategy, please reach out to any of our technology industry leaders listed below. Raman Chitkara Global Technology Leader Phone: 1 408 817 3746 Email: raman.chitkara@us.pwc.com Rod Dring – Australia Phone: 61 2 8266 7865 Email: rod.dring@au.pwc.com Estela Vieira – Brazil Phone: 55 1 3674 3802 Email: estela.vieira@br.pwc.com Christopher Dulny– Canada Phone: 1 416 869 2355 Email: christopher.dulny@ca.pwc.com JianBin Gao – China Phone: 86 21 2323 3362 Email: gao.jianbin@cn.pwc.com Xavier Cauchois – France Phone: 33 1 5657 10 33 Email: xavier.cauchois@fr.pwc.com Werner Ballhaus – Germany Phone: 49 211 981 5848 Email: werner.ballhaus@de.pwc.com Sandeep Ladda– India Phone: 91 22 6689 1444 Email: sandeep.ladda@in.pwc.com Kenji Katsura– Japan Phone: 81 90 5428 7687 Email: kenji.katsura@jp.pwc.com Hoonsoo Yoon – Korea Phone: 82 2 709 0201 Email: hoonsoo.yoon@kr.pwc.com Ilja Linnemeijer– The Netherlands Phone: 31 88 792 4956 Email: ilja.linnemeijer@nl.pwc.com Yury Pukha – Russia Phone: 7 495 223 5177 Email: yury.pukha@ru.pwc.com Greg Unsworth – Singapore Phone: 65 6236 3738 Email: greg.unsworth@sg.pwc.com Douglas Mahony – UAE Phone: 97 1 43043151 Email: douglas.mahony@ae.pwc.com Jass Sarai – UK Phone: 44 0 1895 52 2206 Email: jass.sarai@uk.pwc.com Tom Archer– US Phone: 1 408 817 3836 Email: thomas.archer@us.pwc.com
  • ©2013 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. BS-14-0011-A.0713 pwc.com About PwC’s Technology Institute The Technology Institute is PwC’s global research network that studies the business of technology and the technology of business with the purpose of creating thought leadership that offers both fact-based analysis and experience-based perspectives. Technology Institute insights and viewpoints originate from active collaboration between our professionals across the globe and their first-hand experiences working in and with the technology industry. For more information please contact Raman Chitkara, Global Technology Industry Leader at raman.chitkara@us.pwc.com. About PwC PwC firms help organisations and individuals create the value they are looking for. We are a network of firms in 158 countries with close to 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.