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June 09 - Boissevain Agile Equity

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June 09 - Boissevain Agile Equity

  1. 1. Presentation to<br />June 24, 2009<br />
  2. 2. Agile Equity Introduction<br />Leading M&A advisory firm founded in 1996 with headquarters in New York City and an office in Washington, DC.<br />Serves public and private companies on M&A advisory transactions.<br />Extensive domestic and international cross-border transaction experience including Australia, Canada, India, Israel, Japan, South Korea and U.K.<br />Deep sector expertise:<br />2<br />
  3. 3. Agile Equity Introduction<br />Selected BPO Transactions<br />3<br />
  4. 4. Market Conditions<br />Middle Market M&A <br />Demand for differentiated companies remains high<br />Strategic buyers continue to seek opportunistic acquisitions to gain scale, increase market share, enter new growth areas and achieve cost synergies<br />Venture Capital portfolio companies are looking for exit strategies in a market where the IPO market is not an alternative<br />Debt is clearly more expensive and leverage ratios have tightened, but financing remains available<br />Total debt multiples are lower in the second half of 2008, as compared to the second half of 2007, as banks have tightened their lending standards<br />ABL facilities have tightened and covenants are tougher; liquidation value has taken hold<br />However, strong cash flow and balance sheet still commands lender appetite<br />Net cash balance sheets offer flexibility and speed<br />Acquisition pricing expectations by sellers are moderating to reflect weaker economic and business outlooks for 2009<br />4<br />
  5. 5. Venture Capital<br />Historical Trends<br />Venture Capital financing saw a slight decline in terms of deal volume and value in 2008<br />1Q09 down over 40% in terms of value and volume on an annualized basis<br />5<br />
  6. 6. Market Conditions<br />Pockets of Opportunity<br />Digital Media/Advertising<br />Dynamic ad optimization and content distribution <br />Growth in mobile ad networks<br />Digital goods on mobile devices<br />OneTXT deal is emblematic of this trend, facilitating purchases of virtual goods over handheld devices<br />Healthcare IT<br />Expected influx of Obama dollars<br />Hot Sectors:<br />Electronic Medical Records<br />Medical Billing<br />Revenue Cycle Management<br />6<br />
  7. 7. Market Conditions<br />Strategic Options<br />M&A option vs. later stage investment<br />Capital is available<br />Providers are seeking late-stage investments<br />Buyers seeking to invest in growth<br />Organic growth has been challenging in the current economic environment <br />Drive for growth has inflated some sectors, perhaps too much<br />7<br />
  8. 8. Case Study<br />Project Bueno <br />Hispanic television network<br />Institutional investors wanted exit<br />Due to their own liquidity concerns<br />Company healthy and growing<br />Result:<br />Agile Equity generated 3 written offers<br />Deal will close with the best offer next week<br />8<br />
  9. 9. Case Study<br />Project Outsource<br />$4 Billion Asian company seeking investment in medical billing or Legal Process Outsourcing (LPO) space<br />Medical Billing (HIT) sector attractive due to anticipated government spending<br />LPO sector hot due to cost cutting amidst the global recession<br />Interested in enhancing outsourcing capability similar to India<br />Capitalizing on local labor market and existing infrastructure<br />Result:<br />Agile Equity selectively pursuing attractive targets for consideration <br />9<br />
  10. 10. Contact Information<br />10<br />

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