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Entrepreneurship Seminar
Planning a successful Exit
25th February 2015
© 2015 Atlantic Bridge
ELAINE COUGHLAN
2
CO FOUNDER ATLANTIC
BRIDGE CAPITAL
@COUGHLANELAINE
@ATLANTICBRIDGEV
Atlantic Bridge
Leading Technology Platform Applying “Bridge Model” to US and China
Who are We
– Entrepreneurs with Capita...
Global Platform applying a “Bridge Model” for scale-up
© 2015 Atlantic Bridge 4
Dublin London
Accelerate Scaling through O...
>$1Bn in proceeds generated for investors and founders
December, 2007
has been
acquired by
May 2012
has been acquired
by
I...
VC Funds becoming more
focused on specific domains
Positive …..The Irish Investment VC/PE Sector is evolving well
 Corporates invest strategically to keep at front of innovation curve
 Gives a first look at new and emerging technologi...
M&A and IPO Increasing in Europe
• M&A is most likely exit
outcome
© 2015 Atlantic Bridge 8
Source: Dow Jones Venture Sour...
Outcomes are becoming bigger in Europe
• IPO • M&A
© 2015 Atlantic Bridge 9
Company Date Market Cap
Aug-14 $12.3Bn
Oct-14 ...
Europe is home to many global leaders and billion $ companies
© 2015 Atlantic Bridge 10
2005 2006 2007 2008 2009 2010 2011...
Scaling up for Growth Mkt Share and Strong Exit
• Small business plan = small outcome
• Limited window + competition is in...
IPO Window is Open but volatile
• High profile IPOs including Ali Baba
generating confidence
– Sucked some of the air out ...
However Europe has less growth capital than the US
Taking on Capital influences Outcomes……
13
Source: VentureSource
• (Inv...
Why Companies are acquired
• Strategic
• Customers
• Revenue
• Technology
• Staff
© 2015 Atlantic Bridge 14
Increasing val...
M&A begins with establishing relationships
• BU Support critical
• Senior relationships
• Combined selling into corporate
...
Impediments to Successful M&A
• Important to have as few restrictions on M&A
as possible
– Right of first refusal and info...
China is a €15Bn+ FDI Opportunity in Europe
© 2015 Atlantic Bridge 17
MAJOR TECH TREND: CHINA “GOES GLOBAL”
© 2014 WestSummit Capital – Private & Confidential
18
30-YEAR OPEN DOOR POLICY
FIRST...
ROLE OF TECHNOLOGY IN GLOBALIZATION
© 2014 WestSummit Capital – Private & Confidential 19
DESIRE TO BUILD NEW COMPETITIVE
...
OVERSEAS INVESTMENT BY CHINESE COMPANIES
© 2014 WestSummit Capital – Private & Confidential 20
Exits, Realisations
© 2014 Atlantic Bridge 21
You have to Kiss a lot of Frogs
© 2014 Atlantic Bridge 22
To get A Prince 
Role Of Advisors
• Seek domain specific advisors
• Must have senior level relationships
• Ideal if you receive starting a ...
Thank You!
For further information contact:
www.abven.com
+353 1 6034450
elaine@abven.com
© 2015 Atlantic Bridge
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Presentation by Elaine Coughlan of Atlantic Bridge on planning for a successful exit in a VC backed company

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Barclays entrepreneurship planning a successful Exit

  1. 1. Entrepreneurship Seminar Planning a successful Exit 25th February 2015 © 2015 Atlantic Bridge
  2. 2. ELAINE COUGHLAN 2 CO FOUNDER ATLANTIC BRIDGE CAPITAL @COUGHLANELAINE @ATLANTICBRIDGEV
  3. 3. Atlantic Bridge Leading Technology Platform Applying “Bridge Model” to US and China Who are We – Entrepreneurs with Capital track record of scaling companies – $7bn in 5 IPOs on NASDAQ as entrepreneurs – 10 companies sold > $1bn in proceeds for investors – Tech Growth Equity in Europe & US – 4 Funds > $500M in Assets – Set up 2004 What we do – “Bridge Model” into US and China markets – Focused on Disruptive Sectors of Big Data, Mobile, Cloud, SaaS & Core Tech – Global Platform Accelerates the scaling up of European & US Companies – Invest Series A and later Performance – Top performing Growth Equity Fund in Europe – > 30 Companies invested in Ireland, Europe, US © 2014 Atlantic Bridge 3
  4. 4. Global Platform applying a “Bridge Model” for scale-up © 2015 Atlantic Bridge 4 Dublin London Accelerate Scaling through Our Global Platform and Networks in US and China markets Silicon Valley China Dublin LondonPalo Alto Beijing Hong KongSand Hill Road
  5. 5. >$1Bn in proceeds generated for investors and founders December, 2007 has been acquired by May 2012 has been acquired by IPO on NASDAQ Stock Exchange Lead Underwriter: April 2012 December 2012 has been acquired by December 2011 has been acquired by May 2011 has been acquired by April 2011 has been acquired by IPO on NASDAQ Stock Exchange Lead Underwriter: May 2000 Atlantic Bridge Exit Track Record 5 Has been acquired by October 2014
  6. 6. VC Funds becoming more focused on specific domains Positive …..The Irish Investment VC/PE Sector is evolving well
  7. 7.  Corporates invest strategically to keep at front of innovation curve  Gives a first look at new and emerging technologies and trends  Spurs innovation internally 25% of all deals now involve a corporate Investor Engaging early with corporate starts relationship with a potential investors, partners, customer and acquirer Corporate Venture Investment increasing © 2014 Atlantic Bridge 7
  8. 8. M&A and IPO Increasing in Europe • M&A is most likely exit outcome © 2015 Atlantic Bridge 8 Source: Dow Jones Venture Source
  9. 9. Outcomes are becoming bigger in Europe • IPO • M&A © 2015 Atlantic Bridge 9 Company Date Market Cap Aug-14 $12.3Bn Oct-14 $8.4Bn Mar-14 $6Bn Oct-;14 $6.7Bn Apr ’14 $2.4Bn Oct ’13 $2.3Bn June-14 $1.57Bn Oct ’12 $1.3Bn May ’14 $910m Mar ‘13 $884m June-14 $171m June-14 $135m Company Date Acquirer Valuation Oct ’13 $3Bn Sept ’14 $2Bn Feb ’14 $900m Feb ’14 $800m Mar ’14 $600m Feb ‘14 $555m Jan ’14 $527m Jan ’14 $400m+ July ‘14 $215m Oct ‘14 $150m Sept ‘14 $493 July ‘14 $450
  10. 10. Europe is home to many global leaders and billion $ companies © 2015 Atlantic Bridge 10 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 © 2014 Atlantic Bridge European tech companies reaching USD 1bn valuations •It Took 10 years for 3 companies to reach $1bn •Europe has created 24 in last 4 years
  11. 11. Scaling up for Growth Mkt Share and Strong Exit • Small business plan = small outcome • Limited window + competition is intense • First mover advantage in most industries – Leads to Category leadership • Having a value add investor can help: – enter new mkts – Expand the company – Hire and attract the best talent – Build Your board – Win customers, have credibility and stability in capital structure – Secure Bigger Exits © 2014 Atlantic Bridge 11
  12. 12. IPO Window is Open but volatile • High profile IPOs including Ali Baba generating confidence – Sucked some of the air out of IPO Mkt • Strong and predictable revenue stream very important • Companies taking longer to go public • Raising much larger rounds privately first – Uber 42bn, Airbnb, SnapChat 19bn • Outcome of all this not yet know – FOMO !! © 2015 Atlantic Bridge 12
  13. 13. However Europe has less growth capital than the US Taking on Capital influences Outcomes…… 13 Source: VentureSource • (Investment by Stage US vs. Europe, Q1 2008 to Q3 2014) © 2015 Atlantic Bridge
  14. 14. Why Companies are acquired • Strategic • Customers • Revenue • Technology • Staff © 2015 Atlantic Bridge 14 Increasing value
  15. 15. M&A begins with establishing relationships • BU Support critical • Senior relationships • Combined selling into corporate base • Securing corporate investor • Strategic customer deals • Displace large competitor from key accounts • Companies want to be confident of smooth integration with company – Trust critical – People/Culture and integration risk © 2015 Atlantic Bridge 15
  16. 16. Impediments to Successful M&A • Important to have as few restrictions on M&A as possible – Right of first refusal and information rights can derail an M&A process – If must have….limit time as much as possible • Make sure IP licensing is clean – Can be used as bargaining chip over price • Negotiate as much payment upfront – Acquirer will want retention for key staff – Ensure any earn outs are achievable and in your control © 2015 Atlantic Bridge 16
  17. 17. China is a €15Bn+ FDI Opportunity in Europe © 2015 Atlantic Bridge 17
  18. 18. MAJOR TECH TREND: CHINA “GOES GLOBAL” © 2014 WestSummit Capital – Private & Confidential 18 30-YEAR OPEN DOOR POLICY FIRST TIER MARKET FOR GLOBAL GOODS & SERVICES EMERGENCE OF DOMESTIC LEADERS WITH SCALE HIGHLY COMPETITIVE DOMESTIC MARKET INTERNATIONAL EXPANSION IS
  19. 19. ROLE OF TECHNOLOGY IN GLOBALIZATION © 2014 WestSummit Capital – Private & Confidential 19 DESIRE TO BUILD NEW COMPETITIVE ADVANTAGES HUNGRY FOR INNOVATION & NEW TECHNOLOGIES IN WESTERN WORLD: ACQUIRE OVERSEAS TALENT ENTER WESTERN MARKETS PARTNERSHIP, INVESTMENT, M&A
  20. 20. OVERSEAS INVESTMENT BY CHINESE COMPANIES © 2014 WestSummit Capital – Private & Confidential 20
  21. 21. Exits, Realisations © 2014 Atlantic Bridge 21
  22. 22. You have to Kiss a lot of Frogs © 2014 Atlantic Bridge 22 To get A Prince 
  23. 23. Role Of Advisors • Seek domain specific advisors • Must have senior level relationships • Ideal if you receive starting a process • Can generate sufficient interest to get competitive bidding • Can be used as “bad cop” in negotiations – Important not to sour working relationship for post acquisition world • Important advisor incentivised correctly to drive outcome you want © 2015 Atlantic Bridge 23
  24. 24. Thank You! For further information contact: www.abven.com +353 1 6034450 elaine@abven.com © 2015 Atlantic Bridge

Presentation by Elaine Coughlan of Atlantic Bridge on planning for a successful exit in a VC backed company

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