SlideShare a Scribd company logo

Forecast 2016 - Global Tech M&A Report

Tech M&A continued to reach new highs as 2016 began, with disruptive technology, plus trillions of dollars of ready cash, driving both strategic and financial acquirers to buy software and related technology companies at a pace not seen in over a decade. What’s next for tech M&A? Join Corum Group and hundreds of technology CEOs globally for the largest tech M&A event of the year – Forecast 2016, the Global Tech M&A Report. Hear from Corum dealmakers globally, plus our panel of industry luminaries: Peter Coffee, Salesforce, VP for Strategic Research Mukund Mohan, Microsoft, Director, Strategy for Sales & Enterprise Dr. Karl-Michael Popp, SAP, Senior Director of Corporate Development Reese Jones, Silicon Valley Futurist & Singularity University Founder Plus, a look at the 10 Disruptive Technology Trends for 2016, the annual Corum Index of Tech M&A and valuation metrics across the six technology sectors and 30 subsectors. You don’t want to miss the premier event each year for software company owners and CEOs.

1 of 116
Download to read offline
1
Global Tech M&A Monthly
Forecast 2016
January 14, 2016
Join the conversation!
@CorumGroup
#FORECAST2015
2
A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical
market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the
world.
He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding
investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to
two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the
nation’s most active regional technology trade association.
He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most
influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100
Awards given to Europe’s top technology firms
A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for
success, including Power Planning. He is a frequent lecturer and author.
Welcome
Bruce Milne
CEO
Corum Group Ltd.
3
5 Reasons for Continued Growth
1. Record cash – strategic & financial buyers
2. Strategic imperative – acquire or perish
3. Solid growth/financial markets
4. More global buyers than ever
5. Inexpensive debt (PE buyouts)
4
Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the
Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases
against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat
worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by
large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to
the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A.
After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and
Japanese) Internet content. At Activision, Nat led the company's on-line business development.
Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA.
While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal.
Nat Burgess
President
Corum Group Ltd.
Moderator
5
Agenda
Peter Coffee – salesforce.com
Dr. Karl Popp – SAP
Reese Jones – Singularity University
Mukund Mohan – Microsoft Ventures
6
Field Report: SIGNificant Software
acquired by Namirial
Jon Scott
Senior Vice President
Corum Group Ltd.
 E-signing SaaS
 Signature verification
and capture
 DTM solutions
compliant throughout
the EU

Recommended

Tech M&A Monthly: Forecast 2016 - Part 2: Private Equity
Tech M&A Monthly: Forecast 2016 - Part 2: Private EquityTech M&A Monthly: Forecast 2016 - Part 2: Private Equity
Tech M&A Monthly: Forecast 2016 - Part 2: Private EquityCorum Group
 
Tech M&A Monthly: Sellers Panel
Tech M&A Monthly: Sellers PanelTech M&A Monthly: Sellers Panel
Tech M&A Monthly: Sellers PanelCorum Group
 
Tech M&A Monthly: 12 Steps to a Successful Valuation
Tech M&A Monthly: 12 Steps to a Successful ValuationTech M&A Monthly: 12 Steps to a Successful Valuation
Tech M&A Monthly: 12 Steps to a Successful ValuationCorum Group
 
Tech M&A Monthly: Q3 2016 Report
Tech M&A Monthly: Q3 2016 ReportTech M&A Monthly: Q3 2016 Report
Tech M&A Monthly: Q3 2016 ReportCorum Group
 
2014 Tech M&A Monthly - Mid-Year Report
2014 Tech M&A Monthly - Mid-Year Report2014 Tech M&A Monthly - Mid-Year Report
2014 Tech M&A Monthly - Mid-Year ReportCorum Group
 
Tech M&A Monthly: 12 Negotiation Tips from the Pros
Tech M&A Monthly: 12 Negotiation Tips from the ProsTech M&A Monthly: 12 Negotiation Tips from the Pros
Tech M&A Monthly: 12 Negotiation Tips from the ProsCorum Group
 
Forecast 2017: Tech M&A Monthly
Forecast 2017: Tech M&A MonthlyForecast 2017: Tech M&A Monthly
Forecast 2017: Tech M&A MonthlyCorum Group
 
Tech M&A Monthly: Q1 Report 2016
Tech M&A Monthly: Q1 Report 2016Tech M&A Monthly: Q1 Report 2016
Tech M&A Monthly: Q1 Report 2016Corum Group
 

More Related Content

What's hot

2014 Tech M&A Monthly - Deal Structures Today
2014 Tech M&A Monthly - Deal Structures Today2014 Tech M&A Monthly - Deal Structures Today
2014 Tech M&A Monthly - Deal Structures TodayCorum Group
 
Tech M&A Monthly: 10 Ways to Increase Your Company's Value
Tech M&A Monthly: 10 Ways to Increase Your Company's ValueTech M&A Monthly: 10 Ways to Increase Your Company's Value
Tech M&A Monthly: 10 Ways to Increase Your Company's ValueCorum Group
 
Tech M&A Monthly: Deal Structures Today
Tech M&A Monthly: Deal Structures TodayTech M&A Monthly: Deal Structures Today
Tech M&A Monthly: Deal Structures TodayCorum Group
 
Tech M&A Monthly: When You are Approached
Tech M&A Monthly: When You are ApproachedTech M&A Monthly: When You are Approached
Tech M&A Monthly: When You are ApproachedCorum Group
 
2019 Tech M&A Annual Report
2019 Tech M&A Annual Report2019 Tech M&A Annual Report
2019 Tech M&A Annual ReportCorum Group
 
Tech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsTech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsCorum Group
 
Tech M&A Monthly: Valuations for an Optimal Outcome
Tech M&A Monthly: Valuations for an Optimal OutcomeTech M&A Monthly: Valuations for an Optimal Outcome
Tech M&A Monthly: Valuations for an Optimal OutcomeCorum Group
 
Tech M&A Monthly: 6 Merger Myth and Misconceptions
Tech M&A Monthly: 6 Merger Myth and MisconceptionsTech M&A Monthly: 6 Merger Myth and Misconceptions
Tech M&A Monthly: 6 Merger Myth and MisconceptionsCorum Group
 
Q1:2019 Tech M&A Report
Q1:2019 Tech M&A ReportQ1:2019 Tech M&A Report
Q1:2019 Tech M&A ReportCorum Group
 
Tech M&A Monthly: Single biggest business mistake
Tech M&A Monthly: Single biggest business mistakeTech M&A Monthly: Single biggest business mistake
Tech M&A Monthly: Single biggest business mistakeCorum Group
 
Tech M&A Monthly: Seller's Panel 2017
Tech M&A Monthly: Seller's Panel 2017Tech M&A Monthly: Seller's Panel 2017
Tech M&A Monthly: Seller's Panel 2017Corum Group
 
Tech M&A Monthly: Misconceptions Killing Deals Today
Tech M&A Monthly: Misconceptions Killing Deals TodayTech M&A Monthly: Misconceptions Killing Deals Today
Tech M&A Monthly: Misconceptions Killing Deals TodayCorum Group
 
Corum Tech M&A Midyear Report
Corum Tech M&A Midyear ReportCorum Tech M&A Midyear Report
Corum Tech M&A Midyear ReportCorum Group
 
Corum group: Paris Presentation
Corum group: Paris PresentationCorum group: Paris Presentation
Corum group: Paris PresentationYoussef Rahoui
 
Corum annual report 2017
Corum annual report 2017Corum annual report 2017
Corum annual report 2017Youssef Rahoui
 
The Dual Company Model: Pros and Cons
The Dual Company Model: Pros and ConsThe Dual Company Model: Pros and Cons
The Dual Company Model: Pros and ConsMatteo Fabiano
 
Caso Globant - MIT G-Lab Case
Caso Globant - MIT G-Lab CaseCaso Globant - MIT G-Lab Case
Caso Globant - MIT G-Lab Caseenendeavor
 

What's hot (20)

2014 Tech M&A Monthly - Deal Structures Today
2014 Tech M&A Monthly - Deal Structures Today2014 Tech M&A Monthly - Deal Structures Today
2014 Tech M&A Monthly - Deal Structures Today
 
Tech M&A Monthly: 10 Ways to Increase Your Company's Value
Tech M&A Monthly: 10 Ways to Increase Your Company's ValueTech M&A Monthly: 10 Ways to Increase Your Company's Value
Tech M&A Monthly: 10 Ways to Increase Your Company's Value
 
Tech M&A Monthly: Deal Structures Today
Tech M&A Monthly: Deal Structures TodayTech M&A Monthly: Deal Structures Today
Tech M&A Monthly: Deal Structures Today
 
Tech M&A Monthly: When You are Approached
Tech M&A Monthly: When You are ApproachedTech M&A Monthly: When You are Approached
Tech M&A Monthly: When You are Approached
 
2019 Tech M&A Annual Report
2019 Tech M&A Annual Report2019 Tech M&A Annual Report
2019 Tech M&A Annual Report
 
Tech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsTech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
Tech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
 
Tech M&A Monthly: Valuations for an Optimal Outcome
Tech M&A Monthly: Valuations for an Optimal OutcomeTech M&A Monthly: Valuations for an Optimal Outcome
Tech M&A Monthly: Valuations for an Optimal Outcome
 
Tech M&A Monthly: 6 Merger Myth and Misconceptions
Tech M&A Monthly: 6 Merger Myth and MisconceptionsTech M&A Monthly: 6 Merger Myth and Misconceptions
Tech M&A Monthly: 6 Merger Myth and Misconceptions
 
Q1:2019 Tech M&A Report
Q1:2019 Tech M&A ReportQ1:2019 Tech M&A Report
Q1:2019 Tech M&A Report
 
Tech M&A Monthly: Single biggest business mistake
Tech M&A Monthly: Single biggest business mistakeTech M&A Monthly: Single biggest business mistake
Tech M&A Monthly: Single biggest business mistake
 
European Unicorns 2016
European Unicorns 2016European Unicorns 2016
European Unicorns 2016
 
Tech M&A Monthly: Seller's Panel 2017
Tech M&A Monthly: Seller's Panel 2017Tech M&A Monthly: Seller's Panel 2017
Tech M&A Monthly: Seller's Panel 2017
 
Tech M&A Monthly: Misconceptions Killing Deals Today
Tech M&A Monthly: Misconceptions Killing Deals TodayTech M&A Monthly: Misconceptions Killing Deals Today
Tech M&A Monthly: Misconceptions Killing Deals Today
 
Corum Tech M&A Midyear Report
Corum Tech M&A Midyear ReportCorum Tech M&A Midyear Report
Corum Tech M&A Midyear Report
 
SCM & Logistics Technology M&A
SCM & Logistics Technology M&ASCM & Logistics Technology M&A
SCM & Logistics Technology M&A
 
Corum group: Paris Presentation
Corum group: Paris PresentationCorum group: Paris Presentation
Corum group: Paris Presentation
 
Corum annual report 2017
Corum annual report 2017Corum annual report 2017
Corum annual report 2017
 
The Dual Company Model: Pros and Cons
The Dual Company Model: Pros and ConsThe Dual Company Model: Pros and Cons
The Dual Company Model: Pros and Cons
 
Caso Globant - MIT G-Lab Case
Caso Globant - MIT G-Lab CaseCaso Globant - MIT G-Lab Case
Caso Globant - MIT G-Lab Case
 
BCCS_Toppan_Tech
BCCS_Toppan_TechBCCS_Toppan_Tech
BCCS_Toppan_Tech
 

Viewers also liked

2015 Tech M&A Monthly - Q1 Report
2015 Tech M&A Monthly - Q1 Report2015 Tech M&A Monthly - Q1 Report
2015 Tech M&A Monthly - Q1 ReportCorum Group
 
Converge 2014
Converge 2014Converge 2014
Converge 2014DBPPA
 
Sindhu Balu_Pathways_ChemE magazine_Oct.11
Sindhu Balu_Pathways_ChemE magazine_Oct.11Sindhu Balu_Pathways_ChemE magazine_Oct.11
Sindhu Balu_Pathways_ChemE magazine_Oct.11Sindhu Balu
 
DIAGNOSTICO DEL HOSPITAL SAN FRANCISCO
DIAGNOSTICO DEL HOSPITAL SAN FRANCISCODIAGNOSTICO DEL HOSPITAL SAN FRANCISCO
DIAGNOSTICO DEL HOSPITAL SAN FRANCISCOmonicagaitan681913
 

Viewers also liked (6)

Centros de atencion (1)
Centros de atencion (1)Centros de atencion (1)
Centros de atencion (1)
 
Guiacoccidente
GuiacoccidenteGuiacoccidente
Guiacoccidente
 
2015 Tech M&A Monthly - Q1 Report
2015 Tech M&A Monthly - Q1 Report2015 Tech M&A Monthly - Q1 Report
2015 Tech M&A Monthly - Q1 Report
 
Converge 2014
Converge 2014Converge 2014
Converge 2014
 
Sindhu Balu_Pathways_ChemE magazine_Oct.11
Sindhu Balu_Pathways_ChemE magazine_Oct.11Sindhu Balu_Pathways_ChemE magazine_Oct.11
Sindhu Balu_Pathways_ChemE magazine_Oct.11
 
DIAGNOSTICO DEL HOSPITAL SAN FRANCISCO
DIAGNOSTICO DEL HOSPITAL SAN FRANCISCODIAGNOSTICO DEL HOSPITAL SAN FRANCISCO
DIAGNOSTICO DEL HOSPITAL SAN FRANCISCO
 

Similar to Forecast 2016 - Global Tech M&A Report

Global Tech M&A Annual Report - January 2013
Global Tech M&A Annual Report - January 2013 Global Tech M&A Annual Report - January 2013
Global Tech M&A Annual Report - January 2013 Corum Group
 
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your CompanyCorum Group
 
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013Corum Group
 
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013Corum Group
 
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1Corum Group
 
2014 Tech M&A Monthly - Deals Closing Globally
2014 Tech M&A Monthly - Deals Closing Globally2014 Tech M&A Monthly - Deals Closing Globally
2014 Tech M&A Monthly - Deals Closing GloballyCorum Group
 
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&A
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&ATech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&A
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&ACorum Group
 
2015 Tech M&A Monthly - Forecast 2015
2015 Tech M&A Monthly - Forecast 20152015 Tech M&A Monthly - Forecast 2015
2015 Tech M&A Monthly - Forecast 2015Corum Group
 
2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation
2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation
2014 Tech M&A Monthly - Myths, Misconceptions, & MisinformationCorum Group
 
2014 Tech M&A Monthly - Forecast 2014
2014 Tech M&A Monthly - Forecast 20142014 Tech M&A Monthly - Forecast 2014
2014 Tech M&A Monthly - Forecast 2014Corum Group
 
Global Tech M&A Monthly: Mid-Year Report - July 2013
Global Tech M&A Monthly: Mid-Year Report - July 2013Global Tech M&A Monthly: Mid-Year Report - July 2013
Global Tech M&A Monthly: Mid-Year Report - July 2013Corum Group
 
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013Corum Group
 
2014 Tech M&A Monthly - Top 10 Tech Trends
2014 Tech M&A Monthly - Top 10 Tech Trends2014 Tech M&A Monthly - Top 10 Tech Trends
2014 Tech M&A Monthly - Top 10 Tech TrendsCorum Group
 
2015 Tech M&A Monthly - Improve Your Deal by 48%
2015 Tech M&A Monthly - Improve Your Deal by 48%2015 Tech M&A Monthly - Improve Your Deal by 48%
2015 Tech M&A Monthly - Improve Your Deal by 48%Corum Group
 
Tech M&A Monthly - Hottest Tech M&A Ever
Tech M&A Monthly - Hottest Tech M&A EverTech M&A Monthly - Hottest Tech M&A Ever
Tech M&A Monthly - Hottest Tech M&A EverCorum Group
 
Tech M&A Monthly: Q3 2017 Report
Tech M&A Monthly: Q3 2017 ReportTech M&A Monthly: Q3 2017 Report
Tech M&A Monthly: Q3 2017 ReportCorum Group
 
Tech M&A Monthly: Private Equity Panel - Feb. 2013
Tech M&A Monthly: Private Equity Panel - Feb. 2013Tech M&A Monthly: Private Equity Panel - Feb. 2013
Tech M&A Monthly: Private Equity Panel - Feb. 2013Corum Group
 
Tech M&A Forecast 2011
Tech M&A Forecast 2011Tech M&A Forecast 2011
Tech M&A Forecast 2011Alina Soltys
 
2014 Tech M&A Monthly - Quarterly Report
2014 Tech M&A Monthly - Quarterly Report2014 Tech M&A Monthly - Quarterly Report
2014 Tech M&A Monthly - Quarterly ReportCorum Group
 

Similar to Forecast 2016 - Global Tech M&A Report (20)

Global Tech M&A Annual Report - January 2013
Global Tech M&A Annual Report - January 2013 Global Tech M&A Annual Report - January 2013
Global Tech M&A Annual Report - January 2013
 
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
 
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
 
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013
 
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
 
2014 Tech M&A Monthly - Deals Closing Globally
2014 Tech M&A Monthly - Deals Closing Globally2014 Tech M&A Monthly - Deals Closing Globally
2014 Tech M&A Monthly - Deals Closing Globally
 
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&A
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&ATech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&A
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&A
 
2015 Tech M&A Monthly - Forecast 2015
2015 Tech M&A Monthly - Forecast 20152015 Tech M&A Monthly - Forecast 2015
2015 Tech M&A Monthly - Forecast 2015
 
2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation
2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation
2014 Tech M&A Monthly - Myths, Misconceptions, & Misinformation
 
2014 Tech M&A Monthly - Forecast 2014
2014 Tech M&A Monthly - Forecast 20142014 Tech M&A Monthly - Forecast 2014
2014 Tech M&A Monthly - Forecast 2014
 
Global Tech M&A Monthly: Mid-Year Report - July 2013
Global Tech M&A Monthly: Mid-Year Report - July 2013Global Tech M&A Monthly: Mid-Year Report - July 2013
Global Tech M&A Monthly: Mid-Year Report - July 2013
 
Connected Cars: Automotive Technology M&A
Connected Cars: Automotive Technology M&AConnected Cars: Automotive Technology M&A
Connected Cars: Automotive Technology M&A
 
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013
Tech M&A Monthly - Global Reports + Ballmer's Exit September 2013
 
2014 Tech M&A Monthly - Top 10 Tech Trends
2014 Tech M&A Monthly - Top 10 Tech Trends2014 Tech M&A Monthly - Top 10 Tech Trends
2014 Tech M&A Monthly - Top 10 Tech Trends
 
2015 Tech M&A Monthly - Improve Your Deal by 48%
2015 Tech M&A Monthly - Improve Your Deal by 48%2015 Tech M&A Monthly - Improve Your Deal by 48%
2015 Tech M&A Monthly - Improve Your Deal by 48%
 
Tech M&A Monthly - Hottest Tech M&A Ever
Tech M&A Monthly - Hottest Tech M&A EverTech M&A Monthly - Hottest Tech M&A Ever
Tech M&A Monthly - Hottest Tech M&A Ever
 
Tech M&A Monthly: Q3 2017 Report
Tech M&A Monthly: Q3 2017 ReportTech M&A Monthly: Q3 2017 Report
Tech M&A Monthly: Q3 2017 Report
 
Tech M&A Monthly: Private Equity Panel - Feb. 2013
Tech M&A Monthly: Private Equity Panel - Feb. 2013Tech M&A Monthly: Private Equity Panel - Feb. 2013
Tech M&A Monthly: Private Equity Panel - Feb. 2013
 
Tech M&A Forecast 2011
Tech M&A Forecast 2011Tech M&A Forecast 2011
Tech M&A Forecast 2011
 
2014 Tech M&A Monthly - Quarterly Report
2014 Tech M&A Monthly - Quarterly Report2014 Tech M&A Monthly - Quarterly Report
2014 Tech M&A Monthly - Quarterly Report
 

More from Corum Group

Tech M&A Monthly: Definitive Agreements
Tech M&A Monthly: Definitive AgreementsTech M&A Monthly: Definitive Agreements
Tech M&A Monthly: Definitive AgreementsCorum Group
 
Tech M&A Monthly: What Happens If You Don’t Sell?
Tech M&A Monthly: What Happens If You Don’t Sell?Tech M&A Monthly: What Happens If You Don’t Sell?
Tech M&A Monthly: What Happens If You Don’t Sell?Corum Group
 
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure SuccessCorum Group
 
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group
 
Tech M&A Monthly: 2018 Seller's Panel
Tech M&A Monthly: 2018 Seller's PanelTech M&A Monthly: 2018 Seller's Panel
Tech M&A Monthly: 2018 Seller's PanelCorum Group
 
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity RoundtableTech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity RoundtableCorum Group
 
Tech M&A Monthly: 10 Keys to a Valuable Valuation
Tech M&A Monthly: 10 Keys to a Valuable ValuationTech M&A Monthly: 10 Keys to a Valuable Valuation
Tech M&A Monthly: 10 Keys to a Valuable ValuationCorum Group
 
Tech M&A Monthly: 15 Ways to Find Buyers
Tech M&A Monthly: 15 Ways to Find BuyersTech M&A Monthly: 15 Ways to Find Buyers
Tech M&A Monthly: 15 Ways to Find BuyersCorum Group
 
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That SellsTech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That SellsCorum Group
 
Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
Tech M&A Monthly: 9 Practical Tips for Presenting to AcquirerTech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
Tech M&A Monthly: 9 Practical Tips for Presenting to AcquirerCorum Group
 
Tech M&A Monthly: 2017 Midyear Report
Tech M&A Monthly: 2017 Midyear ReportTech M&A Monthly: 2017 Midyear Report
Tech M&A Monthly: 2017 Midyear ReportCorum Group
 
Tech M&A Monthly: Forecast 2017 pt. 2 - Private Equity
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityTech M&A Monthly: Forecast 2017 pt. 2 - Private Equity
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityCorum Group
 
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal Success
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal SuccessTech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal Success
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal SuccessCorum Group
 
Tech M&A Monthly: 2016 Midyear Report
Tech M&A Monthly: 2016 Midyear ReportTech M&A Monthly: 2016 Midyear Report
Tech M&A Monthly: 2016 Midyear ReportCorum Group
 

More from Corum Group (14)

Tech M&A Monthly: Definitive Agreements
Tech M&A Monthly: Definitive AgreementsTech M&A Monthly: Definitive Agreements
Tech M&A Monthly: Definitive Agreements
 
Tech M&A Monthly: What Happens If You Don’t Sell?
Tech M&A Monthly: What Happens If You Don’t Sell?Tech M&A Monthly: What Happens If You Don’t Sell?
Tech M&A Monthly: What Happens If You Don’t Sell?
 
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
 
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
 
Tech M&A Monthly: 2018 Seller's Panel
Tech M&A Monthly: 2018 Seller's PanelTech M&A Monthly: 2018 Seller's Panel
Tech M&A Monthly: 2018 Seller's Panel
 
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity RoundtableTech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
 
Tech M&A Monthly: 10 Keys to a Valuable Valuation
Tech M&A Monthly: 10 Keys to a Valuable ValuationTech M&A Monthly: 10 Keys to a Valuable Valuation
Tech M&A Monthly: 10 Keys to a Valuable Valuation
 
Tech M&A Monthly: 15 Ways to Find Buyers
Tech M&A Monthly: 15 Ways to Find BuyersTech M&A Monthly: 15 Ways to Find Buyers
Tech M&A Monthly: 15 Ways to Find Buyers
 
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That SellsTech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
 
Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
Tech M&A Monthly: 9 Practical Tips for Presenting to AcquirerTech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
 
Tech M&A Monthly: 2017 Midyear Report
Tech M&A Monthly: 2017 Midyear ReportTech M&A Monthly: 2017 Midyear Report
Tech M&A Monthly: 2017 Midyear Report
 
Tech M&A Monthly: Forecast 2017 pt. 2 - Private Equity
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityTech M&A Monthly: Forecast 2017 pt. 2 - Private Equity
Tech M&A Monthly: Forecast 2017 pt. 2 - Private Equity
 
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal Success
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal SuccessTech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal Success
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal Success
 
Tech M&A Monthly: 2016 Midyear Report
Tech M&A Monthly: 2016 Midyear ReportTech M&A Monthly: 2016 Midyear Report
Tech M&A Monthly: 2016 Midyear Report
 

Recently uploaded

02.20 Webinar - Online Giving Trends.pdf
02.20 Webinar - Online Giving Trends.pdf02.20 Webinar - Online Giving Trends.pdf
02.20 Webinar - Online Giving Trends.pdfBloomerang
 
Industry Atom Marketing Trends for 2024 (B2B Version) (2).pdf
Industry Atom Marketing Trends for 2024 (B2B Version) (2).pdfIndustry Atom Marketing Trends for 2024 (B2B Version) (2).pdf
Industry Atom Marketing Trends for 2024 (B2B Version) (2).pdfIndustry Atom
 
Ch 11 Haunted Castle on Hallows Eve.pptx
Ch 11 Haunted Castle on Hallows Eve.pptxCh 11 Haunted Castle on Hallows Eve.pptx
Ch 11 Haunted Castle on Hallows Eve.pptxdeveloperarafat360
 
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...TalentView
 
Geocell manufacture in india Singhal industries
Geocell manufacture in india Singhal industriesGeocell manufacture in india Singhal industries
Geocell manufacture in india Singhal industriesdmktgsinghal
 
Sample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO StrategySample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO StrategyRemar Barquilla
 
How to Get Around Sales Objection | The SMART Sales Systems
How to Get Around Sales Objection | The SMART Sales SystemsHow to Get Around Sales Objection | The SMART Sales Systems
How to Get Around Sales Objection | The SMART Sales SystemsSalesScripter
 
Cracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxCracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxWorkforce Group
 
Truths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and EntrepreneurshipTruths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and EntrepreneurshipYannis Charalabidis
 
Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024Neil Kimberley
 
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...
Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...Precious Mvulane CA (SA),RA
 
D2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdfD2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdfsundaysantos13
 
Diageo Strategy Presentation made in February 2024 CAGNY
Diageo Strategy Presentation made in February 2024 CAGNYDiageo Strategy Presentation made in February 2024 CAGNY
Diageo Strategy Presentation made in February 2024 CAGNYNeil Kimberley
 
How do hotel linen suppliers contribute to sustainable and eco-friendly pract...
How do hotel linen suppliers contribute to sustainable and eco-friendly pract...How do hotel linen suppliers contribute to sustainable and eco-friendly pract...
How do hotel linen suppliers contribute to sustainable and eco-friendly pract...indhumathi546580
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysAggregage
 
Time Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievementTime Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievementOfficeClip
 
5 Common Writing Mistakes Infographic.pdf
5 Common Writing Mistakes Infographic.pdf5 Common Writing Mistakes Infographic.pdf
5 Common Writing Mistakes Infographic.pdfRemar Barquilla
 

Recently uploaded (20)

2024 Calendar-eXperience MattersThailand
2024 Calendar-eXperience MattersThailand2024 Calendar-eXperience MattersThailand
2024 Calendar-eXperience MattersThailand
 
02.20 Webinar - Online Giving Trends.pdf
02.20 Webinar - Online Giving Trends.pdf02.20 Webinar - Online Giving Trends.pdf
02.20 Webinar - Online Giving Trends.pdf
 
Industry Atom Marketing Trends for 2024 (B2B Version) (2).pdf
Industry Atom Marketing Trends for 2024 (B2B Version) (2).pdfIndustry Atom Marketing Trends for 2024 (B2B Version) (2).pdf
Industry Atom Marketing Trends for 2024 (B2B Version) (2).pdf
 
Stand Out on the Road with a Creative Box Truck Wrap
Stand Out on the Road with a Creative Box Truck WrapStand Out on the Road with a Creative Box Truck Wrap
Stand Out on the Road with a Creative Box Truck Wrap
 
Ch 11 Haunted Castle on Hallows Eve.pptx
Ch 11 Haunted Castle on Hallows Eve.pptxCh 11 Haunted Castle on Hallows Eve.pptx
Ch 11 Haunted Castle on Hallows Eve.pptx
 
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
 
Geocell manufacture in india Singhal industries
Geocell manufacture in india Singhal industriesGeocell manufacture in india Singhal industries
Geocell manufacture in india Singhal industries
 
Sample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO StrategySample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO Strategy
 
How to Get Around Sales Objection | The SMART Sales Systems
How to Get Around Sales Objection | The SMART Sales SystemsHow to Get Around Sales Objection | The SMART Sales Systems
How to Get Around Sales Objection | The SMART Sales Systems
 
Cracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxCracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptx
 
Truths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and EntrepreneurshipTruths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and Entrepreneurship
 
Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024
 
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...
Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...Zero Budget Marketing  Strategy with KPIs for a Cleaning Detergent  Training ...
Zero Budget Marketing Strategy with KPIs for a Cleaning Detergent Training ...
 
D2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdfD2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdf
 
Diageo Strategy Presentation made in February 2024 CAGNY
Diageo Strategy Presentation made in February 2024 CAGNYDiageo Strategy Presentation made in February 2024 CAGNY
Diageo Strategy Presentation made in February 2024 CAGNY
 
How do hotel linen suppliers contribute to sustainable and eco-friendly pract...
How do hotel linen suppliers contribute to sustainable and eco-friendly pract...How do hotel linen suppliers contribute to sustainable and eco-friendly pract...
How do hotel linen suppliers contribute to sustainable and eco-friendly pract...
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
 
Time Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievementTime Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievement
 
Digital Transformation & Improvement Pocketbook
Digital Transformation & Improvement PocketbookDigital Transformation & Improvement Pocketbook
Digital Transformation & Improvement Pocketbook
 
5 Common Writing Mistakes Infographic.pdf
5 Common Writing Mistakes Infographic.pdf5 Common Writing Mistakes Infographic.pdf
5 Common Writing Mistakes Infographic.pdf
 

Forecast 2016 - Global Tech M&A Report

  • 1. 1 Global Tech M&A Monthly Forecast 2016 January 14, 2016 Join the conversation! @CorumGroup #FORECAST2015
  • 2. 2 A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the world. He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the nation’s most active regional technology trade association. He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100 Awards given to Europe’s top technology firms A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for success, including Power Planning. He is a frequent lecturer and author. Welcome Bruce Milne CEO Corum Group Ltd.
  • 3. 3 5 Reasons for Continued Growth 1. Record cash – strategic & financial buyers 2. Strategic imperative – acquire or perish 3. Solid growth/financial markets 4. More global buyers than ever 5. Inexpensive debt (PE buyouts)
  • 4. 4 Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A. After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and Japanese) Internet content. At Activision, Nat led the company's on-line business development. Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA. While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal. Nat Burgess President Corum Group Ltd. Moderator
  • 5. 5 Agenda Peter Coffee – salesforce.com Dr. Karl Popp – SAP Reese Jones – Singularity University Mukund Mohan – Microsoft Ventures
  • 6. 6 Field Report: SIGNificant Software acquired by Namirial Jon Scott Senior Vice President Corum Group Ltd.  E-signing SaaS  Signature verification and capture  DTM solutions compliant throughout the EU
  • 7. 7 Corum 2015 Prediction Scorecard 0 Chinese web companies move in to the US slowly, with a tempered eastern flavor. Then, Alibaba buys Yahoo. 5 Google gives up on Glass hardware, sells assets to Lenovo, waits for acceptance to build software tools. 6 Major IT Services firms shift significant resources and focus to the Internet of Things. 7 Adtech companies continue to be in high demand outside of their sector—and even outside of media & technology. 10 Wearable fitness tech begins to become integrated into overall healthcare. 10 Security breaches do not slow down yet, and first major IoT breach occurs. 10 Major fashion retailer or designer makes major move into wearable technology.
  • 8. 8 Corum 2016 Predictions  Vehicles, not houses or cities, become the central hub of the IoT—driving a global M&A wave with multiple megadeals.  Food ordering & delivery apps integrated into gaming & social media.  Asian Internet giants acquire strategic European travel sites and services.  Consumer traction in entry-level VR driven by immersive sports and viral videos—not games.
  • 9. 9 Corum 2016 Predictions  Apple makes a major acquisition in the IoT or Enterprise space.  Private Equity acquires an underperforming public Internet company such as Groupon, RetailMeNot or Yahoo.  Booming Indian product M&A doubles, including at least one megadeal.  Drone software M&A takes off, with image processing and analytics at the forefront.
  • 10. 10 Corum Top Ten Technology Trends 2016 Online Exchanges Digital Currency Flow Connected Health Omni-channel Sales IoT Software Enmeshed Systems AI Enablement Positioning Intelligence Sports & Games Data Security CONNECTCREATE Join the conversation! @CorumGroup #FORECAST2016
  • 11. 11 Connecting Creators & Consumers #1: Online Exchanges Corum Top Ten Disruptive Technology Trends 2016 John Norton Vice President Corum Group Ltd. Over the last 20 years, John has founded and led multiple technology ventures. He has experience in outsourced software development, web hosting services, cloud technologies and SaaS. John has been involved in the sale of 2 technology businesses. Most recently, John was President of iHost Networks, a leading provider of web hosting services for SMBs. iHost was one of the first shared web hosts to move its entire infrastructure to Microsoft Azure. He led the sale of iHost in 2014 to a private buyer. John was a partner in MicroCrafts, Inc., a Redmond, WA based custom software development firm. The company built applications, on contract, for leading technology companies such as Hewlett Packard as well as venture-backed startups. MicroCrafts was sold to publicly traded Metamor Worldwide. From 1999-2001, John held the position of VP of Professional Services at Stamps.com. John holds a BA in Economics from the University of Washington.
  • 12. 12 Connecting Creators & Consumers #1: Online Exchanges  Connecting buyers & sellers, creators & consumers.  Previously, disintermediators like Napster, Expedia, iTunes, etc. Today, building new kinds of connections.  Disruptive opportunities include:  Medical services  Banking  Gambling Corum Top Ten Disruptive Technology Trends 2016
  • 13. 13 Decreasing Friction in Payments & Exchange #2: Digital Currency Flow Corum Top Ten Disruptive Technology Trends 2016 Mark’s professional experience is as an M&A advisor, CEO of an IT company, Venture Capitalist, IT Management Consultant and Naval Officer. The thread throughout his career has been Information Technology, its commercialization, and its applications towards improving business effectiveness. His undergraduate education is from the U.S. Naval Academy in Annapolis, MD, where he received a degree in Systems Engineering. In 2006 he spent one year at the Stockholm School of Economics attaining an MBA. Additionally, he was a semi-professional road cyclist and was ranked 1st in the U.S. Mid-Atlantic. He enjoys the challenges and dynamism involved with identifying new technology innovations with strong commercialization applications, particularly in an international setting where he has had the opportunity to work in numerous countries throughout Asia, the Middle East, Europe, and Africa. Serving as a Naval Officer provided an exceptional leadership opportunity in a challenging and diverse environment. Mark Johnson Director Corum Group International, Ltd.
  • 14. 14 Decreasing Friction in Payments & Exchange #2: Digital Currency Flow  Currency flow has moving towards fewer barriers and less friction on transactions.  Examples include digital currencies, mobile wallets, innovative payment systems, online game and social network currencies & more.  Software & systems that improve upon or harness this flow have significant potential. Corum Top Ten Disruptive Technology Trends 2016
  • 15. 15 Linking people to their health data & services #3: Connected Health Corum Top Ten Disruptive Technology Trends 2016 Dave Levine Vice President Corum Group Ltd. Dave joined Corum in 2015 and has a diverse background in technology and life sciences. As an executive and entrepreneur, Dave has been operating and investing in companies sitting at the convergence of commerce and eCommerce as well as innovative life science businesses for over twenty-five years. Recently, Dave was CEO North America for Gaxsys, an eCommerce and logistics company that is a leader in last mile logistics and fulfillment for eCommerce marketplaces. Dave has been on both sides of the mergers and acquisitions table having sold a life science technology company, facilitated sell side and buy side technology transactions and has also scaled multiple technology companies globally in the eCommerce, life sciences and innovation intelligence markets. Dave sits on boards of public and private companies including one company that recently filed for an IPO. Dave holds a business degree from the Indiana University, Kelley School of Business.
  • 16. 16 Linking people to their health data & services #3: Connected Health  Technological, regulatory and demographic changes converging to create significant opportunity  Leveraging new hardware: smartphones, fitness trackers, connected medical devices.  Improved self-care and remote care/diagnosis.  Makes healthcare more patient-centric by enabling healthcare consumerism Corum Top Ten Disruptive Technology Trends 2016
  • 17. 17 Purchasing decisions anywhere, any platform #4: Omni-Channel Sales Corum Top Ten Disruptive Technology Trends 2016 Daniel Bernstein Vice President Corum Group Ltd. Daniel Bernstein has worked in a number of roles over a twenty year career in high technology, most recently as the founder and CEO of Sandlot Games Corporation, a leading casual games publisher and developer. Having sold Sandlot Games to Digital Chocolate in 2011, Daniel started a small games studio and a consulting practice where he advises larger companies such as RealNetworks and smaller high growth businesses on product development, strategic initiatives, and M&A opportunities. Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such as Wild Tangent and Monolith. An accomplished composer, Daniel also writes music for most of the games he works on. Daniel holds a BS in Computer Science and an MA in Music Composition from the University of Virginia.
  • 18. 18 Purchasing decisions anywhere, any platform #4: Omni-Channel Sales  Consumer platforms & devices continually fragmenting.  Marketing keeping pace – next challenge is sales, both decision points and actual purchase.  Point at which money changes to product must be immediately with customer, moving closer by being on their favorite device.  Consumer brands leading the way, but enterprise is not far off. Corum Top Ten Disruptive Technology Trends 2016
  • 19. 19 Emerging Platforms, Standards & Analytics #5: IoT Software Corum Top Ten Disruptive Technology Trends 2016 Rob Schram Senior Vice President Corum Group Ltd. Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated circuit testing, industrial process automation and control, communications software, security software, and energy software and services. Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development professional with a proven reputation for targeting, negotiating and developing profitable ventures and a demonstrated ability to successfully analyze an organization's critical business requirements, identify deficiencies and opportunities, and develop innovative and cost-effective solutions for enhancing competitiveness, increasing revenues, and improving customer relationships.
  • 20. 20 Emerging Platforms, Standards & Analytics #5: IoT Software  Internet of Things (IoT) shocking growth towards multi-trillion dollar market spawns first full software cycle.  Each “Thing” needs platforms, communication, analytics, etc.  Competing ecosystems beginning to coalesce.  Compatibility-driven, as in other cycles of disruption. Corum Top Ten Disruptive Technology Trends 2016
  • 21. 21 Blurring the Lines between Software & Hardware #6: Enmeshed Systems Corum Top Ten Disruptive Technology Trends 2016 Prior to joining Corum’s team, for 12 years John ran a leading boutique M&A firm in Silicon Valley specializing in technology-based transactions that included company sales and acquisitions, asset divestitures, management buyouts and capital raises. Previously John spent more than 20 years in the enterprise software arena, including C-level executive roles with BMC Software Inc. Ingres Corporation, and DEC. During these assignments he managed product lines located across the USA and Europe, and drove multimillion $$ strategic alliances and OEM sales channels. John also participated in several software startups in Silicon Valley during the 1980's, including founding Analytica, one of the industry's first ever software firms to be venture-capital funded. John has been a presenter and panelist at many technology and business conferences in the USA and Europe. He is a past member of Microsoft's Advisory Board for Application Development. He has published numerous articles on Growth & Exit planning, and has taught M&A basics to burgeoning capitalists in Shanghai, China. John Simpson Vice President Corum Group Ltd.
  • 22. 22 Blurring the Lines between Software & Hardware #6: Enmeshed Systems  The line between software and hardware continues to blur.  Beyond embedded systems to those so enmeshed that it is hard to tell where one ends and the other begins.  Both consumer devices and industrial systems impacted.  Product evolution seeing hardware replaced by software—and vice versa. Corum Top Ten Disruptive Technology Trends 2016
  • 23. 23 Putting AI to work by means of big data and feedback #7: AI Enablement Corum Top Ten Disruptive Technology Trends 2016 Allan Wilson Director Corum Group Ltd. Allan has over 30 years of executive and entrepreneurial experience and has built and sold several software companies in sectors including, manufacturing, supply chain, big data, predictive analytics and social networks. He has deep understanding of Aerospace, Automotive, High Tech, Healthcare, Consumer Products and Military Contracting operating models. Allan has extensive international experience and lived in Germany for a time working for SAP, following the sale of his company to them in 2009.
  • 24. 24 Putting AI to work by means of big data and feedback #7: AI Enablement  Nascent AIs need big data to learn from and interactive tasks that benefit from improving expertise.  Watson, Siri, Cortana, Alexa, Google Now and others growing in daily use.  Mostly consumer-oriented, but Watson already driving major healthcare M&A.  Other verticals & business cases developing quickly.  Targets provide machine learning opportunities. Corum Top Ten Disruptive Technology Trends 2016
  • 25. 25 Pivotal Levels of Precision and Understanding #8: Positioning Intelligence Corum Top Ten Disruptive Technology Trends 2016 Ward Carter Chairman Corum Group Ltd. Corum's former President and now Chairman, Ward Carter's technology background includes a variety of management positions with the Burroughs Corporation (later Unisys). Then, as vice president of a Wall Street investment firm and as principal in a regional venture firm, he raised capital for ventures in computer hardware, software, and biotechnology. As an executive for a Seattle- based archival storage software company, he attracted venture capital and assisted with the eventual acquisition of the company by a larger competitor. As president of InfoMatrix, and later Discovery Sales + Marketing, Ward provided strategic consulting support to emerging software companies. He joined Corum in 1997, has successfully managed numerous software company mergers and acquisitions worldwide, was appointed President in 2006 and Chairman in 2010. He graduated with Honors from Seattle University with a B.A. in Business.
  • 26. 26 Pivotal Levels of Precision and Understanding #8: Positioning Intelligence Corum Top Ten Disruptive Technology Trends 2016  Increasingly granular location data and processing now available.  Setting in motion a new wave of highly contextual services and information.  Use cases for location and proximity technology being dramatically enhanced and refined – drones, cars, smartphones, personal trackers and more  Vertical opportunities beckon now, as key players position for future horizontal plays.
  • 27. 27 Reaching pivotal moment in culture & tech #9: Sports & Gaming Corum Top Ten Disruptive Technology Trends 2016 Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises. Jim also launched Radar Group, the first Transmedia Incubation Company to monetize entertainment franchises across all media, including film and television. His success and extensive experience in software production, marketing and public relations, packaging, online and retail distribution and software M&A, uniquely qualify him as an expert in building value and realizing wealth. Jim joined Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective sellers maximize the value of their digital media companies.Jim Perkins Vice President Corum Group, Ltd.
  • 28. 28 Reaching pivotal moment in culture & tech #9: Sports & Gaming  Sports and gaming reaching critical point of cultural importance globally.  Tech creating new opportunities to change the games, viewership and marketing.  Sports and video games converging—sports more interactive and gaming more a spectator sport (i.e., e-sports, daily fantasy).  Gambling creating value opportunities in both sectors and their intersection. Corum Top Ten Disruptive Technology Trends 2016
  • 29. 29 Building Barriers in an Age of Blurred Lines #10: Data Security Corum Top Ten Disruptive Technology Trends 2016 Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results. Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies. Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University. Jon Scott Senior Vice President Corum Group Ltd.
  • 30. 30 Building Barriers in an Age of Blurred Lines #10: Data Security  New technologies creating new risks from freer flowing data.  High profile hacks (OPM, Patreon, Ashley Madison, Target, Sony, JP Morgan) drive broad recognition of security needs.  Key trends include security analytics, rapid detection & in-process threat response.  Internet of Things opening a new front in this fight. Corum Top Ten Disruptive Technology Trends 2016
  • 31. 31 Corum Top Ten Technology Trends 2016 Online Exchanges Digital Currency Flow Connected Health Omnichannel Sales IoT Software Enmeshed Systems AI Enablement Positioning Intelligence Sports & Games Data Security CONNECTCREATE
  • 32. 32 Corum Research Report Elon Gasper Vice President, Director of Research Amber Stoner Senior Analyst Artem Mamaiev Analyst Yasmin Khodamoradi Analyst Aaron King Analyst Join the conversation! @CorumGroup #FORECAST2016
  • 33. 33 Public Markets -10% -5% 0% 5% 10% 15% 20% Weekly Percentage Change NASDAQ S&P TECH Dow Jones
  • 34. 34 The Bull Market, 2009-2015 0% 50% 100% 150% 200% 250% 300% 350% Daily Percentage Change NASDAQ S&P TECH Dow Jones 2015
  • 35. 35 Corum Index Market Transactions 20152014 3879 4307 Mega Deals 46 59 Largest Deal $22B $63B Pipeline 2014 2015 Private Equity Deals 219 232 VC Backed Exits 648671 Attributes 20152014 35% Cross Border Transactions 34% Start-Up Acquisitions 13%13% 14 yrs14 yrs Average Life of Target 5.9% 11% 28% 186% 3.4% 2.9%
  • 36. 36 Top Strategic Acquirers – 2015 20 19 19 16 15 11 9 9 9 9 8
  • 38. 38 Top Strategic Acquirers – 2015 20 19 19 16 15 11 9 9 9 9 8
  • 39. 39 Buyer Leaderboard Rotation 2014 - 2015 Change 2014 2015 280% Accenture 5 19 200% IBM 5 15 83% Cisco 6 11 54% Microsoft 13 20 50% Intel 6 9 50% Amazon 6 9 5% J2 Global 18 19 0% Apple 9 9 20% Trimble 10 8 57% Google 37 16 59% WPP 22 9 Join the conversation! @CorumGroup #FORECAST2016
  • 40. 40 Top Private Equity Acquirers – 2015
  • 41. 41 2015 Technology Megadeals $1.9B $4.0B$3.6B$2.3B $4.4B $3.9B $3.7B $2.5B $2.4B $1.8B $1.4B$1.5B $1.6B $63.1B $37.0B $16.7B $16.5B $11.8B $10.6B $7.7B $4.8B $4.5B $4.1B $3.0B $3.0B $2.8B $2.5B $2.4B $1.2B$1.9B$1.9B $8.0B $5.3B $1.1B $1.0B $1.0B $5.9B $1.4B $1.1B $1B $1.9B $13.8B$5.1B $5.2B $4.0B $3.8B $3.7B $2.8B $2.7B $2.5B $2.2B $2.1B $1.9B $1.8B $1.6B $1.5B $1.3B $1.1B $5.1B
  • 42. 42 59 Megadeals of 2015 - $318B Total IT SERVICES - 4 Deals - $11B INFRASTRUCTURE 19 Deals - $203B VERTICAL 17 Deals - $48B CONSUMER 6 Deals - $25B HORIZONTAL 4 Deals - $8B INTERNET 9 Deals - $23B
  • 44. 44 2015 Vertical Megadeals $5.1B $5.2B $4.0B $3.8B $3.7B $2.8B $2.7B $2.5B $2.2B $2.1B $1.9B $1.8B $1.6B $1.5B $1.3B $1.1B $5.1B Sold to Target: Wood Mackenzie [Scotland] Acquirer: Verisk Analytics [USA] Transaction Value: $2.8B (7.9x revenue, 16.7x EBITDA)
  • 45. 45 2015 IT Services Megadeals $1.9B $4.0B$3.6B$2.3B Sold to Target: IGATE [USA] Acquirer: Capgemini [France] Transaction Value: $4B (3.5x revenue, 17.4x EBITDA) - Largest acquisition by Capgemini since 2000
  • 46. 46 2015 Internet Megadeals $2.4B $1.4B $1.6B $3.7B $4.4B $2.5B $1.8B $3.9B $1.5B Sold to Target: Lynda.com [USA] Acquirer: LinkedIn [USA] Transaction Value: $1.5B (10x revenue)
  • 47. 47 2015 Consumer Megadeals $5.9B $1.4B $1.1B $1B $1.9B $13.8B Sold to Target: King Digital Entertainment PLC [Ireland] Acquirer: Activision Blizzard [USA] Transaction Value: $5.9B (2.4x revenue)
  • 48. 48 2015 Horizontal Megadeals Sold to Target: Kofax [USA] Acquirer: Lexmark [USA] Transaction Value: $1B (3.2x revenue, 38x EBITDA) $5.3B $1.1B $1.0B $1.0B
  • 49. 49 North America Sellers 2509 Buyers 2735 Europe Sellers 1130 Buyers 961 Latin America Sellers 56 Buyers 21 Mideast/Africa Sellers 77 Buyers 42 Asia Sellers 487 Buyers 493 Source: 451 Research
  • 50. 50 2015 North American Deals West Sellers 913 Buyers 958 Midwest Sellers 278 Buyers 306 Canada Sellers 215 Buyers 201 Northeast Sellers 589 Buyers 754 Southeast Sellers 514 Buyers 516 Source: 451 Research California Japan Canada Japan New Jersey India
  • 51. 51 2015 Latin American Deals Latin America Sellers 56 Buyers 21 Source: 451 Brazil Norway Brazil United Kingdom
  • 52. 52 2015 European Deals Nordics Sellers 124 Buyers 122 Western Europe Sellers 948 Buyers 812 Eastern Europe Sellers 58 Buyers 27 Source: 451 Hungary United States United StatesUnited Kingdom Germany United States Finland Ireland
  • 53. 53 2015 Asia-Pacific Deals China Sellers 54 Buyers 74 Far East Sellers 45 Buyers 90 SE/Oceania Sellers 212 Buyers 160 India Sellers 176 Buyers 169 Source: 451 New Zealand Australia China China IndiaIndia Japan Japan
  • 54. 54 North America Sellers 2509 Buyers 2735 Europe Sellers 1130 Buyers 961 Latin America Sellers 56 Buyers 21 Mideast/Africa Sellers 77 Buyers 42 Asia Sellers 487 Buyers 493 Source: 451 Research Israel United States Israel United Kingdom Israel United States
  • 55. 55 Market Valuations 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 EV/Sales 5.00 7.00 9.00 11.00 13.00 15.00 17.00 19.00 21.00 Q3:13 Q4:13 Q1:14 Q2:14 Q3:14 Q4:14 Q1:15 Q2:15 Q3:15 Q4:15 EV/EBITDA
  • 56. 56 Market Sectors Horizontal Application Software Vertical Application Software Consumer Application Software Infrastructure Software Internet IT Services and BPO Join the conversation! @CorumGroup #FORECAST2016
  • 57. 57 Horizontal Application Software Market Public Valuation Multiples 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 17.85 x 17.20 x 18.85 x 20.12 x 19.86 x 18.88 x 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x EV/S 3.74 x 3.33 x 3.55 x 3.57 x 3.40 x 3.51 x 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x
  • 58. 58 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2009 2010 2011 2012 2013 2014 2015 7-year Horizontal EV/S Trends SCM Human Resources Business Intelligence ERP CRM SalesMultiple
  • 59. 59 Subsector Sales EBITDA Examples Business Intelligence 3.65x 15.81x Marketing & Ad Tech 1.94x 16.74x CRM 1.59x 20.88x ERP 2.90x 14.25x Human Resources 6.24x 35.12x SCM 6.89x 25.88x Payments 4.13x 16.03x Other 2.74x 28.33x Horizontal Application Software Valuations
  • 60. 60 Subsector Sales EBITDA Examples Business Intelligence 3.65x 15.81x Marketing & Ad Tech 1.94x 16.74x CRM 1.59x 20.88x ERP 2.90x 14.25x Human Resources 6.24x 35.12x SCM 6.89x 25.88x Other 2.74x 28.33x Horizontal Application Software Valuations Payments 4.13x 16.03x
  • 61. 61 Horizontal Application Software Market Deal Spotlight: Analytics 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 17.85 x 17.20 x 18.85 x 20.12 x 19.86 x 18.88 x 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x EV/S 3.74 x 3.33 x 3.55 x 3.57 x 3.40 x 3.51 x 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x Sold to Target: Revolution Analytics [USA] Acquirer: Microsoft [USA] Transaction Value: $115M (29x revenue) - Bolsters analytics and R development solutions
  • 62. 62 Horizontal Application Software Market Deal Spotlight: Analytics 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 17.85 x 17.20 x 18.85 x 20.12 x 19.86 x 18.88 x 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x EV/S 3.74 x 3.33 x 3.55 x 3.57 x 3.40 x 3.51 x 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x Sold to Target: MarketShare Partners LLC [USA] Acquirer: NeuStar, Inc. [USA] Transaction Value: $450M (8x revenue) - Augments cross-channel marketing capabilities Sold to Target: Prelytix [USA] Acquirer: First Derivatives PLC [Ireland] - Integrated into newly launched marketing cloud offering
  • 63. 63 Horizontal Application Software Market Deal Spotlight: Enterprise Mobility 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 17.85 x 17.20 x 18.85 x 20.12 x 19.86 x 18.88 x 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x EV/S 3.74 x 3.33 x 3.55 x 3.57 x 3.40 x 3.51 x 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x Sold to Target: eMOBUS [USA] Acquirer: Asentinel [USA] Sold to Target: Asentinel [USA] Acquirer: Marlin Equity [USA] Sold to Target: MOBI Wireless [USA] Acquirer: Bregal Sagemount [USA]
  • 64. 64 Deal Spotlight: E-signature Target Acquirer Deal Value Target Country Acquirer Country Description - Austria Italy Digital signatures and handwritten signatures capture $85M Canada USA E-signature and digital transaction management - USA USA Proof Of Delivery solutions and shipment tracking - USA USA Digital signatures for security businesses - France USA Trusted Documents and Transactions division Horizontal Application Software Market
  • 65. 65 Horizontal Application Software Market Deal Spotlight: E-mail Marketing 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x 22.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 17.85 x 17.20 x 18.85 x 20.12 x 19.86 x 18.88 x 17.28 x 16.94 x 16.07 x 15.70 x 17.60 x 17.79 x 16.42 x EV/S 3.74 x 3.33 x 3.55 x 3.57 x 3.40 x 3.51 x 3.39 x 3.42 x 3.30 x 3.32 x 3.55 x 3.63 x 3.54 x Sold to Target: EmailDirect [USA] Acquirer: j2 Global [USA] - 3rd email marketing acquisition by j2 Global Sold to Target: Bronto Software Inc. [USA] Acquirer: NetSuite [USA] Transaction Value: $200M - Cloud-based ecommerce marketing automation platform
  • 66. 66 2015 Horizontal Megadeals $5.3B $1.1B $1.0B $1.0B Sold to Target: Constant Contact [USA] Acquirer: Endurance International [USA] Transaction Value: $1.1B
  • 67. 67 IT Services – Developed Markets Public Valuation Multiples 0.40 x 0.50 x 0.60 x 0.70 x 0.80 x 0.90 x 1.00 x 1.10 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x 12.00 x EV/S EV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 8.77 x 9.00 x 9.31 x 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x EV/S 0.81 x 0.79 x 0.85 x 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x
  • 68. 68 Public Valuation Multiples IT Services – Emerging Markets 0.40 x 0.90 x 1.40 x 1.90 x 2.40 x 2.90 x 3.40 x 3.90 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x EV/S EV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 14.15 x 13.45 x 15.12 x 15.21 x 14.54 x 15.76 x 17.62 x 16.35 x 17.47 x 16.77 x 19.21 x 16.65 x 15.07 x EV/S 2.48 x 2.35 x 2.81 x 3.00 x 2.75 x 2.95 x 2.61 x 3.16 x 3.24 x 3.16 x 3.34 x 3.18 x 3.20 x Join the conversation! @CorumGroup #FORECAST2016
  • 69. 69 IT Services – Developed Markets Deal Spotlight: CSC 0.40 x 0.50 x 0.60 x 0.70 x 0.80 x 0.90 x 1.00 x 1.10 x 5.00 x 6.00 x 7.00 x 8.00 x 9.00 x 10.00 x 11.00 x 12.00 x EV/S EV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 8.77 x 9.00 x 9.31 x 9.66 x 10.05 x 10.06 x 9.55 x 9.53 x 9.12 x 9.74 x 10.29 x 10.76 x 10.82 x EV/S 0.81 x 0.79 x 0.85 x 0.98 x 0.95 x 0.93 x 0.91 x 0.92 x 0.89 x 0.85 x 1.00 x 1.03 x 0.97 x Sold to Target: UXC [Australia] Acquirer: CSC [USA] Transaction Value: $307.9M (0.6x revenue, 9.6 EBITDA) Sold to Target: Xchanging [UK] Acquirer: CSC [USA] Transaction Value: $720M (0.9x revenue) Sold to Target: Fruition Partners [USA] Acquirer: CSC [USA] Transaction Value: $130M (2.4x revenue)
  • 70. 70 Deal Spotlight: Consulting and Integration Services Target Acquirer Deal Value Target Country Acquirer Country Description $38M USA USA Ecommerce SaaS solutions; IBM and SAP hybris partner $27.8M UK USA ERP, CRM, ecommerce and IT integration HR services - Canada USA HR service delivery SaaS $120M USA USA Workday consulting; HR & finance $77M Germany India SAP consulting and infrastructure solutions $24.2M France USA CRM consulting, management and support IT Services – Developed Markets
  • 71. 71 Deal Spotlight: Eastern Europe IT Services – Emerging Markets 0.40 x 0.90 x 1.40 x 1.90 x 2.40 x 2.90 x 3.40 x 3.90 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x EV/S EV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 14.15 x 13.45 x 15.12 x 15.21 x 14.54 x 15.76 x 17.62 x 16.35 x 17.47 x 16.77 x 19.21 x 16.65 x 15.07 x EV/S 2.48 x 2.35 x 2.81 x 3.00 x 2.75 x 2.95 x 2.61 x 3.16 x 3.24 x 3.16 x 3.34 x 3.18 x 3.20 x Sold to Target: Ciklum Holding Limited [Ukraine] Acquirer: Soros Fund Management LLC [Ukraine] Transaction Value: $180M - Software engineering, QA, R&D and consulting - Hopes to invigorate the “New Ukraine” Sold to Target: Home.pl [Poland] Acquirer: 1&1 Internet [Germany] Transaction Value: $149M - Becomes webhosting market leader in Poland - 1&1 parent company, United Internet, considering spinning out division through IPO
  • 72. 72 Deal Spotlight: India IT Services – Emerging Markets 0.40 x 0.90 x 1.40 x 1.90 x 2.40 x 2.90 x 3.40 x 3.90 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x EV/S EV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 14.15 x 13.45 x 15.12 x 15.21 x 14.54 x 15.76 x 17.62 x 16.35 x 17.47 x 16.77 x 19.21 x 16.65 x 15.07 x EV/S 2.48 x 2.35 x 2.81 x 3.00 x 2.75 x 2.95 x 2.61 x 3.16 x 3.24 x 3.16 x 3.34 x 3.18 x 3.20 x Sold to Target: Intelenet Global Services [India] Acquirer: Blackstone Group [UK] Transaction Value: $386M (7x EBITDA) - India-based business process outsourcing (BPO) provider, including transaction processing and managed contact center services for businesses globally - Blackstone re-entering the Indian BPO market, four years after selling the unit to UK’s Serco Group
  • 73. 73 Deal Spotlight: China IT Services – Emerging Markets 0.40 x 0.90 x 1.40 x 1.90 x 2.40 x 2.90 x 3.40 x 3.90 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x 21.00 x EV/S EV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 14.15 x 13.45 x 15.12 x 15.21 x 14.54 x 15.76 x 17.62 x 16.35 x 17.47 x 16.77 x 19.21 x 16.65 x 15.07 x EV/S 2.48 x 2.35 x 2.81 x 3.00 x 2.75 x 2.95 x 2.61 x 3.16 x 3.24 x 3.16 x 3.34 x 3.18 x 3.20 x Sold to Target: Hangzhou Maimiao Network Tech [China] Acquirer: Shenzhen Comix Group [China] Transaction Value: $55.2M (13x revenue) - Software development focused on customer analytics & online marketing for Alibaba
  • 74. 74 Vertical Application Software Market Public Valuation Multiples COMING UP: 2016 Luminary Panel 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x
  • 75. 75 Subsector Sales EBITDA Examples A/E/C 5.13x 17.25x Automotive 3.98x 36.54x Energy & Environment 3.34x 15.78x Financial Services 4.80x 15.24x Government 1.75x 12.25x Healthcare 5.23x 18.31x Real Estate 7.17x 31.16x Vertical Other 4.46x 14.83x Vertical Application Software Valuations
  • 76. 76 Subsector Sales EBITDA Examples Automotive 3.98x 36.54x Energy & Environment 3.34x 15.78x Government 1.75x 12.25x Real Estate 7.17x 31.16x Vertical Other 4.46x 14.83x Vertical Application Software Valuations A/E/C 5.13x 17.25x Financial Services 4.80x 15.24x Healthcare 5.23x 18.31x
  • 77. 77 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: EHR Sold to Target: HealthFusion [USA] Acquirer: Quality Systems Inc. [USA] Transaction Value: $165M - EHR patient & practice management, medical billing & claims management SaaS Sold to Target: e-MDs [USA] Acquirer: Marlin Equity Partners [USA] - EHR and practice management SaaS for the healthcare industry
  • 78. 78 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Europe Sold to Target: BS Concept Realization [Netherlands] Acquirer: CompuGroup Medical [USA] Sold to Target: CareTrace [Netherlands] Acquirer: CompuGroup Medical [USA] Sold to Target: LMZSOFT [Germany] Acquirer: CompuGroup Medical [USA] Sold to Target: Medicitalia [Italy] Acquirer: CompuGroup Medical [USA]
  • 79. 79 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Healthcare Analytics Sold to Target: Healthcare Insights [USA] Acquirer: Premier [USA] Transaction Value: $65M - Medical billing and claims analytics Sold to Target: LiveHealthier [USA] Acquirer: Centene Corporation [USA] Transaction Value: $24M - Employee health management & analytics
  • 80. 80 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Insurance Analytics Sold to Target: DriveFactor [USA] Acquirer: CCC Information Services Group [USA] Transaction Value: $22M - Automotive telematic analytics provider for auto insurance industry
  • 81. 81 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Insurance Sold to Target: Vikaran Solutions [USA] Acquirer: Patriot National, Inc. [USA] Transaction Value: $10M - Deal includes all outstanding stock of MCPS, Vikaran’s software development center in India
  • 82. 82 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Insurance business process management Sold to Target: QQ Solutions [USA] Acquirer: Vertafore [USA] - Combines to provide solutions for all sizes of insurance agencies Sold to Target: Brovada Technologies [Canada] Acquirer: Towers Watson [USA] Transaction Value: $15.2M - Streamlines communication between agents, brokers and property & casualty carriers
  • 83. 83 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Financial Services Sold to Target: CoreOne Technologies [USA] Acquirer: Markit Group [USA] Transaction Value: $200M - Enables Markit to expand into prime brokerage and strengthen its regulatory reporting and ETF/data management
  • 84. 84 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Financial analytics Sold to Target: QED Financial Systems [USA] Acquirer: Broadridge Financial Solutions [USA] - Provides support for the front and back office solutions offered by Broadridge Sold to Target: Marriott Sinclair [UK] Acquirer: RPC Consulting [UK] - Streamlines communication between agents, brokers and property & casualty carriers
  • 85. 85 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Real Estate Sold to Target: FNC, Inc. [USA] Acquirer: CoreLogic [USA] Transaction Value: $475M - Collateral valuation platform complements CoreLogic’s property services & analytics
  • 86. 86 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Real Estate Sold to Target: 4tell Solutions [USA] Acquirer: Rubicon Technology Partners [USA] - SaaS platform solutions for real estate and infrastructure performance management
  • 87. 87 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 5.00 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x 20.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 15.39 x 15.03 x 16.09 x 16.52 x 17.11 x 18.35 x 17.52 x 17.23 x 15.95 x 15.67 x 16.69 x 16.70 x 15.85 x EV/S 3.91 x 3.55 x 4.28 x 4.09 x 4.44 x 4.43 x 4.29 x 4.18 x 4.12 x 4.05 x 4.30 x 4.50 x 4.37 x Vertical Application Software Market Deal Spotlight: Real Estate Sold to Target: Anjuke [China] Acquirer: 58.com [China] Transaction Value: $267M - Creates China’s largest secondary and rental real estate platform
  • 88. 88 Public Valuation Multiples Internet Market 2.00 x 4.00 x 6.00 x 6.00 x 11.00 x 16.00 x 21.00 x 26.00 x 31.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 28.01 x 27.67 x 29.78 x 29.01 x 33.23 x 32.43 x 30.32 x 28.14 x 22.49 x 22.21 x 26.11 x 26.23 x 25.04 x EV/S 5.11 x 4.73 x 5.21 x 4.93 x 4.63 x 4.93 x 4.85 x 4.57 x 4.13 x 3.93 x 4.03 x 4.01 x 3.83 x Join the conversation! @CorumGroup #FORECAST2016
  • 89. 89 Subsector Sales EBITDA Examples Diversified Internet 5.63x 20.00x eCommerce 1.53x 26.55x Social Network 7.75x 42.11x Travel & Leisure 5.25x 25.92x Internet Valuations
  • 90. 90 Deal Spotlight: Travel Target Acquirer Deal Value Target Country Acquirer Country Description $280M USA USA Travel reservation and distribution services $1.3B USA USA Online travel reservation services $3.9B USA USA Vacation property rental classified ads and reservations website - Singapore USA Social network for booking accommodations and room rentals - USA USA Online directory of rental vacation properties and reservation booking $265M Sweden Germany Online flight and hotel reservation services in Scandinavia $671M China China Hotel reservation and vacation booking; call center service for tours Internet Market
  • 91. 91 Deal Spotlight: Food Ordering Target Acquirer Deal Value Target Country Acquirer Country Description $682M Australia UK Online food ordering SaaS - Italy UK Online food ordering and delivery service - Italy UK Priority personalized and trackable e-content delivery - Canada UK Restaurant delivery service - USA USA Food delivery and catering $80M USA USA Online food ordering and delivery service - USA USA Online food delivery service $589M Turkey Germany Online food ordering site $170M Kuwait Germany Online food delivery for MENA region Internet Market
  • 92. 92 Deal Spotlight: Internet Dating Target Acquirer Deal Value Target Country Acquirer Country Description $575M Canada USA Subscription based online dating website & app $250M China China Chinese online dating service - Germany UK Online dating classified ads services for Europe & Mexico $24M Germany UK Online academic & degree- focused dating service $7M USA USA Mobile Jewish dating application - Switzerland Hong Kong Swiss-based dating website development & marketing Internet Market
  • 93. 93 Infrastructure Software Market Public Valuation Multiples 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 16.03 x 14.90 x 15.14 x 14.87 x 15.68 x 15.40 x 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x EV/S 4.14 x 3.92 x 4.15 x 4.02 x 4.09 x 4.13 x 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x
  • 94. 94 Subsector Sales EBITDA Examples Endpoint 3.23x 14.93x IT Services Management 6.20x 27.40x Network Management 2.29x 19.22x Security 4.84x 15.42x Storage & Hosting 2.34x 6.68x Other 4.32x 13.78x Infrastructure Software Market
  • 95. 95 Subsector Sales EBITDA Examples Endpoint 3.23x 14.93x Network Management 2.29x 19.22x Security 4.84x 15.42x Storage & Hosting 2.34x 6.68x Other 4.32x 13.78x Infrastructure Software Market IT Services Management 6.20x 27.40x
  • 97. 97 Infrastructure Software Market Deal Spotlight: Data Security 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 16.03 x 14.90 x 15.14 x 14.87 x 15.68 x 15.40 x 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x EV/S 4.14 x 3.92 x 4.15 x 4.02 x 4.09 x 4.13 x 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x Sold to Target: Secure Islands [Israel] Acquirer: Microsoft Corporation [USA] Transaction Value: $85M (10.6x revenue) - Continues Microsoft’s trend of buying Israeli cyber security companies
  • 98. 98 Infrastructure Software Market Deal Spotlight: Enterprise Security 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 16.03 x 14.90 x 15.14 x 14.87 x 15.68 x 15.40 x 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x EV/S 4.14 x 3.92 x 4.15 x 4.02 x 4.09 x 4.13 x 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x Sold to Target: Porticor [Israel] Acquirer: Intuit [USA] Transaction Value: $85 Sold to Target: Voltage Security [USA] Acquirer: Hewlett-Packard [USA] Transaction Value: $175M (5x revenue) Sold to Target: Vormetric [USA] Acquirer: Thales Group [France] Transaction Value: $400
  • 99. 99 Infrastructure Software Market Deal Spotlight: Storage 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 16.03 x 14.90 x 15.14 x 14.87 x 15.68 x 15.40 x 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x EV/S 4.14 x 3.92 x 4.15 x 4.02 x 4.09 x 4.13 x 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x Sold to Target: Sanbolic [USA] Acquirer: Citrix Systems [USA] Transaction Value: $89.5M - 2nd attempt at storage optimization after 2011’s lackluster Cloud.com acquisition Sold to Target: SolidFire [USA] Acquirer: NetApp [USA] Transaction Value: $870M - Provides NetApp with access to service providers market
  • 100. 100 Infrastructure Software Market Deal Spotlight: M2M Networking 2.00 x 2.50 x 3.00 x 3.50 x 4.00 x 4.50 x 6.00 x 8.00 x 10.00 x 12.00 x 14.00 x 16.00 x 18.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 16.03 x 14.90 x 15.14 x 14.87 x 15.68 x 15.40 x 15.79 x 16.06 x 15.21 x 14.22 x 13.30 x 14.12 x 13.78 x EV/S 4.14 x 3.92 x 4.15 x 4.02 x 4.09 x 4.13 x 4.22 x 4.37 x 4.02 x 3.66 x 4.19 x 4.32 x 3.96 x Sold to Target: B+B SmartWorx [USA] Acquirer: Advantech Co. [Taiwan] Transaction Value: $99.8M - Largest acquisition in company history
  • 101. 101 Consumer Application Software Market Public Valuation Multiples UP NEXT:2016 Luminary Panel 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 11.77 x 13.87 x 13.18 x 13.04 x 14.01 x 15.24 x 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x EV/S 2.71 x 2.42 x 2.30 x 2.45 x 2.97 x 3.10 x 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x
  • 102. 102 Subsector Sales EBITDA Examples Education 1.54x 14.35x Entertainment 3.51x 62.51x Gaming 2.74x 14.15x Consumer Application Software Valuations
  • 103. 103 Deal Spotlight: Fitness Tracking Target Acquirer Deal Value Target Country Acquirer Country Description $85M Denmark USA Exercise tracking application & website $475M USA USA Meal tracking and analysis - USA USA Fitness schedule management software $25M USA USA Provides video streaming of custom training and yoga sessions $260M USA USA Wearable health and fitness sensors, related sleep monitoring technology - India India Diet & exercise mobile app providing preventative healthcare solutions $241M Austria Germany Mobile fitness planning and tracking applications - Finland Finland Wearable and bike-mountable GPS-based sports and fitness tracking - USA USA 5-minute video workout fitness app $6.7M USA USA Online weight loss community and support group - USA South Korea Fitness-tracking jump rope - USA USA On-demand exercise videos, images and personal training app Consumer Application Software Market
  • 104. 104 Deal Spotlight: Smart Homes Target Acquirer Deal Value Target Country Acquirer Country Description - USA USA Home humidity and temperature detection sensors $67M UK UK Wireless home energy monitoring software and reporting SaaS - Sweden USA Home monitoring, fire detection, alarm and connected smart home systems $15M USA Singapore Wireless smart home systems controller that programs multiple third-party smart home devices $67M USA USA Home security systems, sensors and remote monitoring services $12.4M USA USA Sensor-based, RF-enabled physical security and home automation systems Consumer Application Software Market
  • 105. 105 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 11.77 x 13.87 x 13.18 x 13.04 x 14.01 x 15.24 x 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x EV/S 2.71 x 2.42 x 2.30 x 2.45 x 2.97 x 3.10 x 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x Consumer Software Market Deal Spotlight: Ubisoft Sold to Target: Ivory Tower [France] Acquirer: Ubisoft Entertainment [France] - Massively multiplayer online action driving and racing video games Sold to Target: Longtail Studios Halifax [Canada] Acquirer: Ubisoft Entertainment [France] - Will operate as a hub for Ubisoft’s mobile development
  • 106. 106 1.00 x 1.50 x 2.00 x 2.50 x 3.00 x 3.50 x 5.00 x 7.00 x 9.00 x 11.00 x 13.00 x 15.00 x 17.00 x 19.00 x EV/SEV/EBITDA Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 EV/EBITDA 11.77 x 13.87 x 13.18 x 13.04 x 14.01 x 15.24 x 15.50 x 16.69 x 14.47 x 13.17 x 15.43 x 16.64 x 14.35 x EV/S 2.71 x 2.42 x 2.30 x 2.45 x 2.97 x 3.10 x 2.84 x 3.30 x 2.97 x 2.64 x 2.67 x 2.46 x 2.54 x Consumer Software Market Deal Spotlight: SEGA Target: Demiurge Studios [USA] Acquirer: SEGA Networks [Japan] – Mobile game developer with popular titles like Marvel Puzzle Quest Sold to Sold to Target: Ignited Artists [USA] Acquirer: SEGA Networks [Japan] – Game startup prototyping its first title Target: Space Ape [UK] Acquirer: SEGA Networks [Japan] – Gaming studio with titles like Samurai Siege Sold to
  • 107. 107 Deal Spotlight: Music Streaming Target Acquirer Deal Value Target Country Acquirer Country Description - USA USA BI analytics, reporting and market intelligence SaaS on musical artists and fan behavior $75M USA USA Online and mobile music streaming and downloading service - USA Italy Social music streaming mobile app $56.5M Sweden USA Music, music videos, live concerts & interviews streaming app - USA USA Music streaming service and band advertising - India USA Music streaming and sharing mobile app Consumer Application Software Market
  • 108. 108 Deal Spotlight: Music Streaming Target Acquirer Deal Value Target Country Acquirer Country Description - USA USA BI analytics, reporting and market intelligence SaaS on musical artists and fan behavior $75M USA USA Online and mobile music streaming and downloading service - USA Italy Social music streaming mobile app $56.5M Sweden USA Music, music videos, live concerts & interviews streaming app - USA USA Music streaming service and band advertising - India USA Music streaming and sharing mobile app Consumer Application Software Market Sold to Target: Loen Entertainment [South Korea] Acquirer: Kakao Corp. [South Korea] Transaction Value: $1.5B (33x revenue) – First megadeal of 2016 – Streaming service and record label located in Seoul’s Gangnam district
  • 109. 109 Corum Research Report Elon Gasper Vice President, Director of Research Amber Stoner Senior Analyst Artem Mamaiev Analyst Yasmin Khodamoradi Analyst Aaron King Analyst
  • 110. 110 Tech Leader Panel – The Year Ahead Karl Popp @karl_popp SAP Peter Coffee @petercoffee Salesforce Mukund Mohan @mukundmohan Microsoft Reese Jones @Reese_Jones Singularity University Join the conversation! @CorumGroup #FORECAST2016
  • 111. 111 Special Guest Peter Coffee is VP for Strategic Research at salesforce.com inc. He has been with the company for seven years, following nineteen years as a columnist and editor with the industry publications PC Tech Journal, PC Week and eWEEK. He works with IT managers and application developers to build a global community on the Salesforce1 cloud platform, combining the Force.com, Heroku1 and ExactTarget Fuel service portfolios. Peter holds an engineering degree from MIT and an MBA from Pepperdine University, with subsequent faculty appointments in IT management at Pepperdine; expert-systems programming at UCLA; and business analytics at Chapman College. He is the author of two books, “How To Program Java” and “Peter Coffee Teaches PCs”. He is a winner of the Neal Award for excellence in business journalism and the McGan “Silver Antenna” Award for service to amateur radio. In recent years, Peter has worked with customers and partners throughout the Americas and in Australia, India and EU countries as well as lecturing at MIT, Harvard, Stanford, the CalTech/MIT Enterprise Forum and UCLA. Peter Coffee Salesforce VP for Strategic Research
  • 112. 112 Special Guest Dr. Karl Michael Popp is senior director of mergers and acquisitions in the corporate development team at SAP AG, responsible for holistic analysis of acquisition opportunities and post merger integration. With more than 20 years of experience in the software business, he evaluated and successfully integrated many acquired companies into SAP. In addition, he continually improves the M&A process for SAP. Before working on M&A, Karl has managed several dozen strategic OEM and Resell partnerships for SAP NetWeaver, one of SAP´s technology platforms. Karl has published several books on the software business, including “Profit from Software Ecosystems” and the recently published book “Mergers and Acquisitions in the Software Industry – Foundations of Due Diligence”. Dr. Karl Popp SAP Senior Director, Corp. Dev.
  • 113. 113 Special Guest Inventor, venture investor, and business strategist Reese Jones has engaged in over a dozen companies' start up, financing, development, IPO and acquisitions. They include Netopia, where he served as CEO until its acquisition by Motorola in 2006, after having founded it as Farallon Computing, then taken it public in 1996. Other notable technology endeavors in which he's applied his leadership include Convergence, Mediabolic, and Jobvite, as well as Venture Partnerships at Accel, August, and TelesoftVC. He is a Fellow in Innovation and Entrepreneurship at UC Berkeley, where as a grad student in the 1980s he started and ran BMUG, which became the largest nonprofit computer user group of its kind. Reese is an Associate Founder and active Trustee of Singularity University. His current interests include network theory, human/Internet interfaces, phones as synapses, and Internet evolution. Reese Jones Singularity University Associate Founder
  • 114. 114 Special Guest Mukund Mohan is the director at Microsoft Ventures. He runs a team who invest in startups via a seed stage fund, help early-stage companies at our accelerator and engage with the startup ecosystem via our BizSpark efforts in Asia-Pacific. Mukund founded and sold BuzzGain, a leader in Do It Yourself PR, to Meltwater in January 2010. Before that he founded and sold 2 Silicon Valley startups in the Internet & Enterprise software markets. Besides having held executive and management roles in Hewlett Packard (Mercury), he also worked at Cisco Systems as an engineer. Mukund studied at the University of Maryland, Baltimore County pursuing a Master’s degree in Computer Science and has a Bachelor’s degree in engineering and computer science from the University of Mysore in India. Mukund Mohan Director Strategy for Cloud & Enterprise
  • 115. 115 Tech Leader Panel – The Year Ahead Karl Popp @karl_popp SAP Peter Coffee @petercoffee Salesforce Mukund Mohan @mukundmohan Microsoft Reese Jones @Reese_Jones Singularity University Join the conversation! @CorumGroup #FORECAST2016

Editor's Notes

  1. Chinese market issues halted this possibility; Alibaba could still by Yahoo for essentially nothing. Did give up on the hardware, didn’t sell to Lenovo. Certainly saw resources shifted, hard to say it’s “significant” at this point Verizon’s acquisition of AOL was certainly driven by Adtech, so while this trend was not as widespread as it may have been, it was certainly present While still early days, the “personal data cloud” created by such trackers is certainly beginning its integration into traditional healthcare After hackers showed they could take control of a Jeep, Chrysler had to recall 1.4M vehicles, costing it nearly $1B Fossil’s acquisition of fitness tracker maker Misfit nailed this prediction in December.
  2. Jan 2, 2015 – Dec 31, 2015 US Public Markets
  3. Look closely at the Top Acquirers last year. First off, Google has been really dominant, setting new records for number of deals each year. Often, picking up technology in seemingly unrelated areas . They realize that it is worthwhile to use the cash, make some strategic bets as in house new developed technology has about the same mortality rate as any new small business – 90 failure over the first five years. Much easier to make acquisitions of proven technologies. We deal with Google all the time, we’ve had them as guest speakers and on panels, such as our annual report we passed out. Not only are they doing more deals, but they’re buying differently, too. When Google comes into an LOI, they will actually lay out issues you would normally be negotiating, stressing over later on. Their attitude is “Here’s some things that we’re going to be having trouble with, we’ll tell you how we’re going to handle it.” They just get by all that stuff. They realize that their sheer size and the drain of the process can destroy the relationship during due diligence by creating “deal fatigue.” Which is the biggest single killer of deals in process these days. After Google, we see Intel, who we just sold a Korean company too. In fact we’ve got offers from or sold to all of these firms. What’s interesting to note is how the leader board has changed. Up to a couple of years ago, it was the same names over and over. Microsoft, Cisco, IBM, etc. Now the leaders are firms that didn’t exist a few years ago, who began making news on the M&A front when they were private – firms like Zynga and Facebook. With the new crowd funding law, we will see more of these private firms with plenty of cash bidding. Then we have firms many of you have never heard of, now outbidding the giants. Have you heard of WPP or Schneider Electric? What’s not shown is all of the newly minted foreign public companies who went public on international exchanges. First thing they do with the cash from their offering is make acquisitions. Not only to get access to technology and domain expertise, but often, more importantly, to acquire a ready made base in major markets in North America and Europe to expand sales. Further, foreign buyers want to get access to user bases where they can leverage their low cost development staff. For this reason, even the most legacy, old line firms are seeing suitors these days
  4. http://www.informationweek.com/software/operating-systems/microsofts-2015-acquisitions-mobile-analytics-security/d/d-id/1323679
  5. Look closely at the Top Acquirers last year. First off, Google has been really dominant, setting new records for number of deals each year. Often, picking up technology in seemingly unrelated areas . They realize that it is worthwhile to use the cash, make some strategic bets as in house new developed technology has about the same mortality rate as any new small business – 90 failure over the first five years. Much easier to make acquisitions of proven technologies. We deal with Google all the time, we’ve had them as guest speakers and on panels, such as our annual report we passed out. Not only are they doing more deals, but they’re buying differently, too. When Google comes into an LOI, they will actually lay out issues you would normally be negotiating, stressing over later on. Their attitude is “Here’s some things that we’re going to be having trouble with, we’ll tell you how we’re going to handle it.” They just get by all that stuff. They realize that their sheer size and the drain of the process can destroy the relationship during due diligence by creating “deal fatigue.” Which is the biggest single killer of deals in process these days. After Google, we see Intel, who we just sold a Korean company too. In fact we’ve got offers from or sold to all of these firms. What’s interesting to note is how the leader board has changed. Up to a couple of years ago, it was the same names over and over. Microsoft, Cisco, IBM, etc. Now the leaders are firms that didn’t exist a few years ago, who began making news on the M&A front when they were private – firms like Zynga and Facebook. With the new crowd funding law, we will see more of these private firms with plenty of cash bidding. Then we have firms many of you have never heard of, now outbidding the giants. Have you heard of WPP or Schneider Electric? What’s not shown is all of the newly minted foreign public companies who went public on international exchanges. First thing they do with the cash from their offering is make acquisitions. Not only to get access to technology and domain expertise, but often, more importantly, to acquire a ready made base in major markets in North America and Europe to expand sales. Further, foreign buyers want to get access to user bases where they can leverage their low cost development staff. For this reason, even the most legacy, old line firms are seeing suitors these days
  6. Look closely at the Top Acquirers last year. First off, Google has been really dominant, setting new records for number of deals each year. Often, picking up technology in seemingly unrelated areas . They realize that it is worthwhile to use the cash, make some strategic bets as in house new developed technology has about the same mortality rate as any new small business – 90 failure over the first five years. Much easier to make acquisitions of proven technologies. We deal with Google all the time, we’ve had them as guest speakers and on panels, such as our annual report we passed out. Not only are they doing more deals, but they’re buying differently, too. When Google comes into an LOI, they will actually lay out issues you would normally be negotiating, stressing over later on. Their attitude is “Here’s some things that we’re going to be having trouble with, we’ll tell you how we’re going to handle it.” They just get by all that stuff. They realize that their sheer size and the drain of the process can destroy the relationship during due diligence by creating “deal fatigue.” Which is the biggest single killer of deals in process these days. After Google, we see Intel, who we just sold a Korean company too. In fact we’ve got offers from or sold to all of these firms. What’s interesting to note is how the leader board has changed. Up to a couple of years ago, it was the same names over and over. Microsoft, Cisco, IBM, etc. Now the leaders are firms that didn’t exist a few years ago, who began making news on the M&A front when they were private – firms like Zynga and Facebook. With the new crowd funding law, we will see more of these private firms with plenty of cash bidding. Then we have firms many of you have never heard of, now outbidding the giants. Have you heard of WPP or Schneider Electric? What’s not shown is all of the newly minted foreign public companies who went public on international exchanges. First thing they do with the cash from their offering is make acquisitions. Not only to get access to technology and domain expertise, but often, more importantly, to acquire a ready made base in major markets in North America and Europe to expand sales. Further, foreign buyers want to get access to user bases where they can leverage their low cost development staff. For this reason, even the most legacy, old line firms are seeing suitors these days
  7. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  8. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  9. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  10. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  11. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  12. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  13. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  14. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  15. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  16. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  17. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  18. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  19. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  20. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  21. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  22. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  23. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  24. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  25. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  26. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  27. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  28. http://www.chinamoneynetwork.com/2015/03/02/venture-backed-58-com-acquires-anjuke-for-267m
  29. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  30. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  31. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  32. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  33. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  34. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  35. Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  36. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  37. -Misfit will continue developing activity trackers under its own brand, -Fossil will use Misfit tech across its 16 brands -Fossil is eyeing growth through acquisitions in music, fitness, healthcare and digital entities areas -to bring connectivity to more fashionable accessories -purchase of Misfit will kick off wearable consolidation
  38. - USA Italy
  39. - USA Italy