This document provides an agenda and background information for a MERGE briefing that will take place in Paris on March 28. The briefing will include presentations from two speakers, Corum Speakers and Bruce Milne, on topics such as disruptive technology trends, M&A activity and valuations, and achieving optimal outcomes in deals. It also lists partial sponsors and provides an agenda that will cover market perspectives, top 10 disruptive trends, M&A factors, and lessons for closing deals. Recent Corum transactions examples and public company valuation multiples for various technology sectors are presented.
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
Machine Learning is the new buzz word and AI is the slang word these days. What does happen in this exiting field in Europe? Is AI common ground for all businesses or the exclusive territory for a few? Who has managed to validate a business model for autonomous vehicles or chatbots? What does data-driven or API-first business models look like?
Fintech M&A: From threat to opportunityWhite & Case
Fintech has evolved from being a disruptive threat to a major
opportunity for financial institutions. The possibilities for
dealmaking and M&A are almost limitless.
For this paper, we interviewed some of the leading voices in the connected car industry to uncover some of the trends influencing the market, and what it might mean for the future of any business seeking to capitalize on this radical change in how we live and move. We examine how these changes are fundamentally altering the talent landscape in the industry, heralding the arrival of a new breed of executives to fill an evolving talent gap in the mobility sector; created by the convergence of the traditional automotive sector and a myriad of outside influences.
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
Machine Learning is the new buzz word and AI is the slang word these days. What does happen in this exiting field in Europe? Is AI common ground for all businesses or the exclusive territory for a few? Who has managed to validate a business model for autonomous vehicles or chatbots? What does data-driven or API-first business models look like?
Fintech M&A: From threat to opportunityWhite & Case
Fintech has evolved from being a disruptive threat to a major
opportunity for financial institutions. The possibilities for
dealmaking and M&A are almost limitless.
For this paper, we interviewed some of the leading voices in the connected car industry to uncover some of the trends influencing the market, and what it might mean for the future of any business seeking to capitalize on this radical change in how we live and move. We examine how these changes are fundamentally altering the talent landscape in the industry, heralding the arrival of a new breed of executives to fill an evolving talent gap in the mobility sector; created by the convergence of the traditional automotive sector and a myriad of outside influences.
WHAT IS THE FUTURE OF TRADE REPORT?
The report is a synthesis of quantitative research and global viewpoints on what the future holds based on research, data, and interviews with business leaders and trade experts
Zinnov Zones rating for Digital in Retail. The report provides a snapshot of a digitally enabled modern retail enterprise and how digital technologies such as big data, analytics, robotics, machine learning, virtual reality etc. are transforming operations as well as impacting customers’ experience. Zinnov estimates a total digital spending of ~ $70B by retailers globally in 2016; with the market expected to reach $150B by 2020, growing at over 20% per annum.
On-switch: Applied Lessons on Moving up the Digital Maturity CurveCognizant
What separates digital beginners from leaders? No matter what your starting point is, our recent research sheds light on where and how much to invest, and the ROI and performance gains to expect.
1. How the digital economy relates to the digital business models?
2. What are digital business platforms and how they impact digital transformation?
3. Can Generation C transform your business?
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.
Digital SMBs - Key Pillar of India's Economy | ZinnovZinnov
This study is a comprehensive view of the Indian SMB landscape, focusing on key aspects like -
a) current technology adoption
b) transition from traditional SMB to 'Digital SMB'
c) the opportunity owing to SMB digitalization
d) ecosystem initiatives
d) the way forward
To get your hands on the full version of the report, drop us a note at info@zinnov.com.
Industry 4.0 is the name of the next industrial revolution which is fueled by the advancement of digital technologies. It
is dramatically changing how companies engage in business activities. As a result, the disruptive nature of Industry 4.0
demands a reassessment of the requirements for IT. On the one hand, there is the possibility that the responsibilities of Chief Information Officers (CIOs) could be taken over by other executives such as the Chief Digital Officer (CDO) or the Chief Technology Officer (CTO). On the other hand, this
recent development creates entirely new perspectives for positioning themselves and their IT departments
within the business.
The impact of digital technologies is reaching a magnitude at which IT is considered a substantial
business driver, potentially placing CIOs in the driver’s seat.
As the rise in sophisticated digital technologies drives an exponential change in online customer behaviour, the need for businesses to embrace digital transformation has never been greater.
A Blockchain is nothing more than a database. Blockchain offers many advantages as compared to other databases. It has a decentralized structure with no single point of failure and the data stored on the Blockchain is completely tamper proof.
Latlon Technologies - Official Presentation Mohan Kumar
Latlon Technologies is a leading IT services provider offering digital IT solutions and Business IT solutions to its global customers. Latlon’s service offerings include Software Development, Website Design, Creative Design, SEO, Social media marketing and e-publishing services.
A regional Open Education agenda for the South MediterraneanFabio Nascimbeni
Presenting the OpenMed regional Open Education agenda for the South Mediterranean region: a set of proposed actions that should guide institutions and governments alike to increase openness in their educational offer.
WHAT IS THE FUTURE OF TRADE REPORT?
The report is a synthesis of quantitative research and global viewpoints on what the future holds based on research, data, and interviews with business leaders and trade experts
Zinnov Zones rating for Digital in Retail. The report provides a snapshot of a digitally enabled modern retail enterprise and how digital technologies such as big data, analytics, robotics, machine learning, virtual reality etc. are transforming operations as well as impacting customers’ experience. Zinnov estimates a total digital spending of ~ $70B by retailers globally in 2016; with the market expected to reach $150B by 2020, growing at over 20% per annum.
On-switch: Applied Lessons on Moving up the Digital Maturity CurveCognizant
What separates digital beginners from leaders? No matter what your starting point is, our recent research sheds light on where and how much to invest, and the ROI and performance gains to expect.
1. How the digital economy relates to the digital business models?
2. What are digital business platforms and how they impact digital transformation?
3. Can Generation C transform your business?
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.
Digital SMBs - Key Pillar of India's Economy | ZinnovZinnov
This study is a comprehensive view of the Indian SMB landscape, focusing on key aspects like -
a) current technology adoption
b) transition from traditional SMB to 'Digital SMB'
c) the opportunity owing to SMB digitalization
d) ecosystem initiatives
d) the way forward
To get your hands on the full version of the report, drop us a note at info@zinnov.com.
Industry 4.0 is the name of the next industrial revolution which is fueled by the advancement of digital technologies. It
is dramatically changing how companies engage in business activities. As a result, the disruptive nature of Industry 4.0
demands a reassessment of the requirements for IT. On the one hand, there is the possibility that the responsibilities of Chief Information Officers (CIOs) could be taken over by other executives such as the Chief Digital Officer (CDO) or the Chief Technology Officer (CTO). On the other hand, this
recent development creates entirely new perspectives for positioning themselves and their IT departments
within the business.
The impact of digital technologies is reaching a magnitude at which IT is considered a substantial
business driver, potentially placing CIOs in the driver’s seat.
As the rise in sophisticated digital technologies drives an exponential change in online customer behaviour, the need for businesses to embrace digital transformation has never been greater.
A Blockchain is nothing more than a database. Blockchain offers many advantages as compared to other databases. It has a decentralized structure with no single point of failure and the data stored on the Blockchain is completely tamper proof.
Latlon Technologies - Official Presentation Mohan Kumar
Latlon Technologies is a leading IT services provider offering digital IT solutions and Business IT solutions to its global customers. Latlon’s service offerings include Software Development, Website Design, Creative Design, SEO, Social media marketing and e-publishing services.
A regional Open Education agenda for the South MediterraneanFabio Nascimbeni
Presenting the OpenMed regional Open Education agenda for the South Mediterranean region: a set of proposed actions that should guide institutions and governments alike to increase openness in their educational offer.
The Best Practices in Program Portfolio Evaluation - Competitive IntensityGray Associates, Inc
Competition is a critical element in program evaluation.
- Before you can evaluate competition, you need to define your market.
- IPEDS has lots of good historical data on competition.
– IPEDS identifies most competitors and their size and growth.
– Median completions helps to estimate the size of potential new programs.
– Change in median completions is an indicator of saturation.
- But, IPEDS is dated and missing certain competitors:
– National on-line
– Non-Title IV
- More current data is available, including Google and inquiries.
- The degree for the programs should enable graduates to compete for jobs.
Paper Godsdienstpedagogiek Over Interreligieuze VooroordelenChester Vacquier
Wanneer kunnen leerlingen reflecteren op hun vooroordelen over hun eigen of andere levensbeschouwingen? Deze vraag -op het raakvlak godsdienstpedagogiek, psychologie en filosofie - beantwoordt Chester Vacquier in deze paper.
The presentation shares the first results of the Open Educators Factory project, focussing on the relation between openness and networking and on the importance of keeping in mind different entrance points towards openness
BITCOIN UNLIMITED 51 PERCENT ATTACK COULD CUT PRICE IN HALF: INVESTOR BLOGSteven Rhyner
Personal {finance|financing|money} {resource|source} PFhub {has|has actually} {suggested|recommended} Bitcoin Unlimited is {planning|preparing|intending} a 51 percent {attack|assault|strike}, which {could|might|can} see Bitcoin {lose|shed} half its {value|worth}.
2017 may be a very challenging year for hiring professionals in terms of finding the best new personnel.
Here are a few tips to attract the finest talent, gain a competitive advantage, and improve the candidate experience.
IIF2017 - Niclas Bergenblad - Så blir du kunskapsledare i din bransch!Internet i fokus
De flesta företag har en önskan om att bli den man vänder sig till i branschen. Som journalister och media rådfrågar och som blir inbjudna att föreläsa om visionära ämnen. Men hur gör man för att bli en though leader? Räcker det med att vara välinformerad, kunnig, trovärdig och engagerad? Och hur väljer man ut vilka medarbetare som ska vara talespersoner för verksamheten?
How To Cut Time From Your Hiring Process by Spark Hire
If your hiring process is dragging on, it can cause you to miss out on top talent. These are the tips you need to find talent quickly and efficiently.
Explications et inspirations venant des meilleures interfaces mobile ou desktop.
Malheureusement ce sont principalement des GIF qui ne se lancent pas sur PDF. Pour visualiser la présentation avec les GIF animés, merci de vous rendre sur ce lien.
https://docs.google.com/presentation/d/1HBakdoN3RNYG5fEt_lWUVv_kg54OVcBpHp3HiSWCLDQ/edit?usp=sharing
2014 Tech M&A Monthly - 10 M&A Mistakes You Don't Know You're MakingCorum Group
Decisions you make today will affect the ultimate value of your company. But pitfalls at every stage of the process can hurt your value and affect the ultimate outcome. November 13, join Corum Group’s panel of senior dealmakers for a look at the mistakes you may be making today—in every stage through company formation to preparation to negotiation—that may kill tomorrow’s deal. Plus, reports on global M&A conferences, a healthcare/3D printing deal, and a look at key deals, trends and valuations from the last month.
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsCorum Group
How did the first quarter of 2017 go for Tech M&A? Did the megadeal mayhem of 2016 continue dominating deal flow? Are private equity deals still soaring? With the public markets hitting records, what do current valuation metrics for technology companies look like? Who are the new buyers making waves? Tune in Thursday, April 13 as Corum Group gives the most in-depth look available at Q1 of 2017 for mergers and acquisitions of software and related technology companies. We’ll look at the key deals, trends and valuations for all six technology sectors and 30 subsectors, with a special report on new buyer strategies. All of this comes with a special focus on what it all means for technology executives considering whether this is the right time to take their firms to market.
Tech M&A Monthly: 15 Ways to Find BuyersCorum Group
The more qualified buyers you can bring to the table, the better your chances for an optimal sale of your company. But how do you build the ideal buyers list, with the right combination of "A list and B list" buyers? What about Private Equity, non-tech buyers, or international firms? Join the November edition of Tech M&A Monthly for a look at how Corum Group builds buyers lists--our dealmakers will walk through 15 things you need to be able to do in order to identify potential acquirers for your company.
Research Presentation: How Numbers are Powering the Next Era of MarketingMediaPost
The data that Google, Bing and Yahoo leverage turns “dumb” messages into highly targeted digital advertising. These are some of the best examples we have had of actually leveraging "big data" concepts in the marketplace. Now, the rest of marketing is utilizing the same concepts and transforming how we measure brands, engage with consumers and drive innovation. Paul Barrett of Accenture Interactive will report on the fusion of data-driven marketing with the rich streams of data arising from private, public and paid sources to predict the changes that marketers should expect in the coming years.
PRESENTER
Paul Barrett, Senior Manager - Big Data Practice, Accenture Interactive
The pace of technological innovation has never been faster, and it’s forcing tech and non-tech companies of all sizes to make acquisitions to keep up. Add to that the record levels of buyer cash, strong public markets and increasingly active and strategic Private Equity firms, and you have the recipe for a remarkable 2017.
To get all the tech M&A details for the year ahead and the year just past, join Corum Group and hundreds of technology CEOs globally for the largest tech M&A event of the year – Forecast 2017, the Global Tech M&A Report. We’ll look at the Top 10 Disruptive Technology trends that will drive deals in 2017, give 2017 predictions, survey how our 2016 predictions turned out, unveil the annual Corum Index of Tech M&A, and take a look at valuation metrics across the six technology sectors and 30 subsectors. Finally, the highlight of the event is our annual Luminary panel featuring SAP, Salesforce and more. You don’t want to miss the premier event each year for software company owners and CEOs.
R Systems’ Profile available on Microsoft Public Sector Global Outlook Direct...R Systems International
Microsoft Public Sector Global Outlook Directory 2015 : R Systems’ advertisement is available on Page 31 and our brief corporate profile is available on Page 101
http://digital.tudor-rose.co.uk/public-sector-global-outlook/#31
http://digital.tudor-rose.co.uk/public-sector-global-outlook/#102
📗 Fintech Trends for 2022 – Building for Resilience & Security
Since we first published our white paper on the state of play for technology in modern financial services, a lot has gone on.
However, the overarching themes of this paper remain relevant: financial services and products must be based on trusted, secure and resilient tech for the exciting innovations in the industry to take hold.
Our Fintech Marketing Lead, Michael Jaiyeola, produces this paper in collaboration with our global fintech clients, internal engineering and project management teams and influential subject matter experts [see below].
👉 Discover 5 key tech trends shaping modern financial services.
👉 Learn how to bridge the gap between business and tech functions for strategic success.
“Here we bring you a report that describes some of the technologies needed to be competitive, agile and innovative in this new age of human-centric technology.”
@Phil Harrison, CCO Fintech Trifork & Erlang Solutions.
#emergingtech #financialservices #diversityandinclusion #womenintechnology #futureofwork #distributedcomputing #systemresilience #cybersecurity #web3 #blockchain #cbdc #payments #ai #embeddedfinance #opensourcesoftware #functionalprogramming #erlang #elixirlang
In this white paper, we’ll spread the light on such issues as:
- What big data is
- How data science creates a real value in retail
- 5 big data use-cases revealing how retail companies can turn their customers’ data in action
4 key elements to success in the 3rd platform by Jerod Powell - CEO INFINIT ...Jerod Powell
Digital Transformation, 3rd Platform, And Disruptive IT - What You Need To Know To Be Successful: Transform Or Die, That Simple.
In this Presentation, Jerod Powell, CEO of INFINIT Consulting is going to shed some light on why some partners are highly successful in the cloud and era of the 3rd platform and why some are seemingly stuck and dying a slow death.
Internet of things report 2014 by copperberg researchThomas Igou
The report is an analysis of a survey conducted with 280+ respondents from the Manufacturing Industry, and looks into the impact of the Internet of Things within the manufacturing industry by exploring opportunities, challenges, and solutions.
Insights Success has shortlisted “The 20 Most Admired Tech Companies to Watch 2018”, we introduce you to 20 such avant-garde companies which have adopted new and advanced techniques and are the frontiers of a new era of business.
Battle for the Cloud: The 2014 Strategy& ICT 50 StudyFlorian Gröne
The study ranks the 50 largest publicly held business-to-business suppliers of digitization-related products, services, and infrastructure. This year, cloud computing, digital fabrication, and the internet of things are transforming how companies build and manage their IT. Industry leaders at the forefront of these trends have already gained a competitive edge.
Elevate your Customer's Experience and Stay Ahead of the CompetitionNuxeo
As the world’s economies struggle with shutdowns, disconnected workspaces, and recessionary pressures, the insurance industry faces unique challenges that modern technologies can help solve.
Get insights into the state of the insurance industry with guest speaker Jeffery Williams, insurance industry analyst at Forrester. Jeffery will explore recent trends impacting the industry, including today’s top priorities for insurers.
Discover the emerging technologies that enable insurers to be more competitive and rapidly bring new products to market.
B2B Sales For Startups: a great presentation about how to sell to key accounts by creating and engaging a community of prospective customers thanks to content marketing, events and services.
Courrier de L'Atlas n°92 avec Youssef Rahoui, dirigeant de Madmagz et fondate...Youssef Rahoui
Courrier de L'Atlas n°92 avec Youssef Rahoui, dirigeant de Madmagz et fondateur de Tech à la menthe. Les réseaux au service de l'entrepreneuriat et de l'égalité.
2. 2
Corum Speakers
Founder & owner of 4 software companies
Served on advisory boards for Microsoft, IBM,
DEC, Comdex and Apple, and as board
member/founding investor for Blue Coat,
Bright Star and Sabaki.
Founder of the WTIA, the nation’s most active
regional technology trade association.
Chosen as one of the 200 most influential
individuals in the IT community in Europe.
A graduate with Distinction from Harvard
Business School, written 3 books on business
models for success
Bruce Milne
CEO
20 years of international entrepreneurial and
business experience growing software and
business services companies
CEO of The Seasam Group, digital marketing
and IoT company for intelligent transportation
systems and digital signage solutions
Director level positions in Cisco leading
Nordic sales
Investor and board member of a number of
startups and young companies in a diverse
range of sectors
BBA in International Business and MBA in
Finance and Marketing, Swedish School of
Economics
Julius Telaranta
Vice President
8. 8
Hong Kong /
Canada
Italy / Austria Ireland / Finland Australia / Australia
Japan / USDenmark /
Finland
UK / China
US / Germany
Recent Corum Transactions
11. 11
Leveraging Corum’s Unique Position
Top 10 Disruptive
Technology Trends
1000s of
Buyer
Interactions
(Deals)
1000s of
companies
(Education)
1000s of
industry
transactions
(Research)
12. 12
Why worry about these trends?
1. Trends create change
2. Change drives strategic imperative
3. Strategic imperative drives acquisitions
4. Well-positioned companies get sold
Are you part of any of these trends?
13. 13
Corum Top Ten Technology Trends 2017
AI Enablement IoT
Software
Visual
Intelligence
Systems
Digital Currency
Flow
Data Science
Monetization
Online
Exchanges
Omni-channel
Sales
Connected
Health
Focused IT
Services
Data
Security
CORECONTOUR
14. 14
Putting AI to work by means of big data and feedback
#1: AI Enablement
Nascent AIs and other
machine learning platforms
need data.
Need tasks that provide
data, benefit from improving
expertise, then provide
feedback to improve the
platform.
Business cases emerging
rapidly across all sectors.
Significant stores of unique
data can short-circuit “build
vs. buy” debates in M&A.
Corum Top Ten Disruptive Technology Trends 2017
15. 15
Emerging platforms, standards & analytics
#2: IoT Software
Internet of Things (IoT)
growth brings us into its first
full software cycle.
Each “Thing” needs
platforms, communication,
analytics, etc.
Competing platforms and
associated ecosystems
beginning to coalesce.
IoT software often, but not
always, inextricably
enmeshed with hardware.
Compatibility-driven, as in
other cycles of disruption.
Corum Top Ten Disruptive Technology Trends 2017
16. 16
Intersection of AI, computer vision & analytics
#3: Visual Intelligence Systems
Corum Top Ten Disruptive Technology Trends 2017
Evolution of Positioning
Intelligence beyond GPS
required computer vision.
Drones and self-driving cars
driving advanced vision tech
with even larger implications.
Retail, security, energy,
agriculture, advertising are all
being impacted.
Companies creating practical
solutions with this tech—
especially utilizing analytics—
are in high demand.
17. 17
Decreasing friction in payments & exchange
#4: Digital Currency Flow
Currency flow moving towards
fewer barriers, reduced regulation
and less friction on transactions
globally.
Banks face competition from
nimbler mobile and web point
solutions.
Includes alternative currencies—
from blockchain/bitcoin to in-
game currencies to Starbucks
payments.
Software & systems that speed or
harness payment flow have
significant potential.
Corum Top Ten Disruptive Technology Trends 2017
18. 18
Maximizing return with real-time analytics
#5: Data Science Monetization
In a world of freemium, free-to-
play & declining ad effectiveness,
turning users or viewers into
dollars is a premium capability.
Robust analytic tools are no
longer optional, especially for
consumer-facing companies.
Gaming companies are leading
the way, deriving value from their
analytic capabilities as much as
entertainment.
Video ads are close behind with
opportunities in e-commerce,
brick & mortar, B2B and beyond.
Corum Top Ten Disruptive Technology Trends 2017
19. 19
Connecting creators & consumers
#6: Online Exchanges
Uber & others recharging the
concept that created online
commerce, putting unused
capacity to work.
Not just connecting buyers &
sellers, but creating previously
non-existent opportunities on
both sides.
Disruptive opportunities
include:
Personalization
Real-time commerce
Financial disintermediation
Corum Top Ten Disruptive Technology Trends 2017
20. 20
Purchasing decisions anywhere, any platform
#7: 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.
Persuasion must move there as
well, taking new forms as it does.
Consumer brands leading the
way, but enterprise is not far off.
Corum Top Ten Disruptive Technology Trends 2017
21. 21
Linking people to their health data & services
#8: Connected Health
Technological, regulatory
and demographic changes
converging to create
significant opportunity.
Leveraging new tech:
smartphones, trackers,
connected medical devices,
genomics, remote
monitoring.
Improved self-care and
remote care/diagnosis.
Makes healthcare more
patient-centric by enabling
healthcare consumerism.
Corum Top Ten Disruptive Technology Trends 2017
22. 22
Differentiation drives new value in a sleepy sector
#9: Focused IT Services
New and more pervasive
technologies creating new
needs for maintenance,
extension and utilization.
Teams that provide customer
value around a specific
technology, sector or problem
are seeing increased value.
Buyers seeing more value in
purpose-built IP emerging out
of services firms.
Services on the edge of key
trends seeing particular
interest.
Corum Top Ten Disruptive Technology Trends 2017
23. 23
Building barriers in an age of blurred lines
#10: Data Security
New technologies creating
new risks from freer flowing
data.
High impact breaches (DNC,
Yahoo, Dyn DNS, Oracle
Micros) 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 – the
Dyn DDoS attach came from
infected IoT devices.
Corum Top Ten Disruptive Technology Trends 2017
29. 29
Vertical Application Software Market
Public Valuation Multiples
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
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x
EV/S 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x
30. 30
Subsector Sales EBITDA Examples
A/E/C 5.72x 22.35x
Automotive 5.01x 20.05x
Energy &
Environment
4.78x 19.73x
Financial Services 5.08x 16.28x
Government 1.95x 13.06x
Healthcare 3.90x 19.81x
Real Estate 6.99x 23.93x
Vertical Other 4.48x 13.70x
Vertical Application Software Valuations
31. 31
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
EV/SEV/EBITDA
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 16.98 x 17.06 x 17.55 x 19.25 x 18.93 x 18.73 x 18.18 x 18.93 x 17.70 x 18.19 x 18.39 x 17.98 x 17.31 x
EV/S 3.29 x 3.58 x 3.49 x 3.45 x 3.57 x 3.52 x 3.70 x 3.83 x 3.75 x 3.46 x 3.47 x 3.70 x 3.83 x
32. 32
Subsector Sales EBITDA Examples
Business
Intelligence
3.61x 18.85x
Marketing &
Ad Tech
1.84x 15.66x
CRM 1.61x 45.82x
ERP 4.21x 21.64x
Human Resources 6.29x 31.66x
SCM 5.68x 20.17x
Payments 3.83x 15.93x
Other 3.46x 16.62x
Horizontal Application Software Valuations
34. 34
Consumer Application Software Market
Public Valuation Multiples
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 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
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 13.73 x 12.98 x 13.60 x 14.42 x 16.03 x 15.89 x 15.68 x 16.21 x 17.32 x 17.80 x 14.73 x 14.82 x 15.82 x 17.52 x
EV/S 1.83 x 1.88 x 1.83 x 1.76 x 2.05 x 1.96 x 2.15 x 2.09 x 2.31 x 2.16 x 2.12 x 2.04 x 2.27 x 2.18 x
36. 36
Public Valuation Multiples
Internet Market
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 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
21.00 x
23.00 x
25.00 x
EV/SEV/EBITDA
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 21.93 x 23.52 x 23.08 x 22.58 x 23.49 x 23.13 x 20.76 x 22.21 x 20.40 x 19.07 x 18.57 x 20.12 x 21.80 x
EV/S 3.76 x 3.75 x 3.60 x 3.50 x 3.71 x 4.00 x 4.54 x 4.76 x 4.32 x 4.11 x 3.81 x 4.16 x 4.14 x
37. 37
Subsector Sales EBITDA Examples
Diversified
Internet
5.29x 19.48x
eCommerce 1.18x 30.12x
Social Network 4.14x 19.24x
Travel & Leisure 5.81x 21.11x
Internet Valuations
38. 38
Infrastructure Software Market
Public Valuation Multiples
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
3.00 x
3.20 x
3.40 x
3.60 x
3.80 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/EBITDA EV/S
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 13.42 x 13.68 x 13.71 x 13.62 x 13.45 x 13.78 x 14.03 x 13.89 x 15.38 x 15.17 x 15.20 x 15.66 x 15.50 x
EV/S 3.36 x 3.37 x 3.31 x 3.30 x 3.19 x 3.46 x 3.36 x 3.45 x 3.20 x 3.42 x 3.32 x 3.32 x 3.54 x
40. 40
IT Services – Developed Markets
Public Valuation Multiples
0.40 x
0.60 x
0.80 x
1.00 x
1.20 x
1.40 x
1.60 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/SEV/EBITDA
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 10.14 x 10.35 x 10.40 x 10.69 x 10.21 x 10.68 x 11.08 x 11.13 x 10.90 x 10.89 x 11.14 x 10.86 x 11.03 x
EV/S 0.98 x 1.06 x 1.08 x 1.17 x 1.16 x 1.14 x 1.26 x 1.32 x 1.27 x 1.21 x 1.30 x 1.37 x 1.25 x
41. 41
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
EV/SEV/EBITDA
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 13.94 x 14.76 x 14.80 x 17.40 x 15.24 x 15.48 x 15.12 x 14.69 x 12.93 x 13.01 x 13.52 x 13.38 x 14.25 x
EV/S 2.98 x 3.14 x 3.15 x 3.13 x 3.12 x 3.43 x 3.09 x 3.15 x 2.91 x 2.77 x 2.70 x 2.70 x 2.95 x
42. 42
Subsector Sales EBITDA Examples
Developed 1.25x 11.03x
Emerging 2.95x 14.25x
IT Services Valuations
43. 43
French Targets – Brief Overview
Last 12 months
101 announced Tech Deals
Deal size ranges from €0.6M - €250M;
Median is €61M
Revenue multiples range from 0.4x - 5.6x for
disclosed amounts
17% of Targets had VC funding
Markets ranging from ERP & BI software, to Data
management, to Internet content & commerce,
to Mobility, to IT & Hosted Services.
44. 44
Largest Deal
Enablon [France] acquired by Wolters Kluwer
Legal & Regulatory Solutions [Netherlands]
Risk & energy management software
May 2016
€250M Deal Value
• 5.6x Sales
Top EHS provider Enablon will operate as a unit of
Wolters Kluwer’s division adding domain knowledge
for its customers.
The acquisition is considered as one of the largest
European venture capital exits this year.
45. 45
Deal Spotlight
Ketchapp Games [France] acquired by Ubisoft
Entertainment SA [dba Ubisoft] [France]
Mobile game development
September 2016
With the purchase of a small startup, Ubisoft
furthers a strategy to become the biggest game
publisher on the planet and tries to stay
independent from Vivendi which has already
approached them.
Ubisoft also bought Racing videogames software
developer Ivory Tower in October 2015.
46. 46
Deal Spotlight
OCTO Technology [France] acquired by
Accenture Ltd. [Ireland]
Technology consulting & SI
September 2016
€115M Deal Value
With presence in 5 countries OCTO got access to
substantial resources by joining Accenture Digital
while Accenture penetrated digital marketing
sphere in French market to compete with giants:
IBM, Dell and Deloitte.
47. 47
Deal Spotlight
StickyADS.tv [France] acquired by FreeWheel
Media Inc. [Comcast] [USA]
Online video ad exchange
May 2016
€100.8M Deal Value
After StickyADS.tv joined FreeWheel’s “Preferred
Partners” Initiative the partnership resulted into the
deal and combined offering for a new ecosystem
of TV publishers.
48. 48
Deal Spotlight
News Republic Inc. [France] acquired by
Cheetah Mobile Inc. [China]
News aggregation mobile application
August 2016
€50.8M Deal Value (Reported)
News Republic will benefit of increasing traffic
while Cheetah will be able to target a different set
of users.
The transaction followed Cheetah’s purchase of
French mobile advertising SaaS provider
MobPartner for €55M back in March 2015.
49. 49
Deal Spotlight
Talentsoft SA [France] acquired by Goldman
Sachs [USA]
Workforce management SaaS
October 2016
€25M Deal Value
Talentsoft teamed with Goldman Sachs continuing to
successfully compete with Oracle and SAP in the
talent management software market.
The transaction is a breakthrough on the global
financial scene as Talentsoft is about to accelerate
R&D and gain scale geographically (Europe).
50. 50
Deal Spotlight
Norskale France SAS [France] acquired by
Citrix Systems Inc. [USA]
Desktop & application virtualization SaaS
September 2016
Driven by demand for business mobility by end-
users Citrix filled the gap in the area by adding
Norskale with its excellent reputation in User
Environment Management industry.
51. 51
Deal Spotlight
Nextperf [fka Next Performance] [France]
acquired by Rakuten Marketing [Rakuten] [USA]
AI-based marketing retargeting software
July 2016
With Nextperf’s programmatic technology being
provided throughout Europe, Brazil, North America
Rakuten will expand into its strategic market,
Europe.
52. 52
Deal Spotlight
AlephD SA [France] acquired by AOL Inc.
[Verizon] [USA]
Advertising pricing optimization SaaS
January 2016
AlephD’s yield management tools will be build into
a unified publisher platform called ONE by AOL.
53. 53
1. Disruptive trends – Strategic imperative to buy
2. Cash – Strategic & financial buyers
3. Low cost debt for leveraged buyouts
4. Many new buyers (IPOs, non-tech)
5. Strong financial markets
5 Reasons Tech M&A Will Remain Strong
58. 58
Buyer Seller
The Inherent Problem in M&A
Price
Structure
Liabilities
Taxes
Non Competes
You will be diametrically opposed on everything……while negotiating with your future boss
59. 59
More time - regulatory environment (SOX)
More tasks than people realize
Busy buyers – reviewing 100s of opportunities
Tougher outside professionals
More complex due diligence required
Deal fatigue – Letter of Intent (LOI) to close
The M&A Process is Tougher…
67. 67
1
8 Stages for an
Optimal Outcome
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
68. 68
1
Set tasks, timeline
Allocate staff resources
Conduct internal due diligence
Compile business/marketing plan
Ready financials/projections
Ready presentation materials
Begin collecting due diligence materials
Stage 1: Preparation
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
69. 69
1
Stage 2: Research
Prepare buyers list (A&B level, financial, non tech)
Perform strategic analysis on each buyer
Prepare preliminary valuation
Determine proper contact (Execs, EA’s, advisors)
Outside advisor/board/investor influencers
Prepare position statement for each buyer
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
70. 70
1
Stage 3: Contact
Create introductory correspondence
Draft/customize executive summary
Execute NDAs and non-solicitations
Screen initial interest, valuation expectations
Establish log on all communications
Refine position/process based on feedback
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
71. 71
1
Stage 4: Discovery
Coordinate conference calls, site visits, and meetings
Establish technology review process
Prepare formal valuation report
Develop synergy and contribution analysis
Set up NDA with customers, contractors, etc.
Finish due diligence on buyer
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
72. 72
1
Stage 5: Negotiation
Organize and host final visits
Provide structure & valuation guidance
Create an auction environment
Negotiate with top bidder(s)
Sign Letter of Intent (L.O.I.)
Inform other bidders of No Shop
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
73. 73
1
Stage 6: Due Diligence
Verification of financial statements/projections
Determine if outside advisors/opinions needed
Establish confidential data room
Technical/Legal/Ownership due diligence
Written explanation of business model/methodologies
Complete definitive agreement/ attachments
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
75. 75
1
Stage 8: Integration
Advanced planning – during negotiation
Determine synergies
Best practices analysis
Interim transition team
Employee retention plan
Set up monitoring/reporting
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
76. 76
1 to 5+
offers1 to 5+
20 to 200
global buyer
candidates
20 to 200
3 to 8
qualified
parties
5 to 15
NDAs
Optimal Outcome by the numbers
700 to 1000
communications
of various kinds
700 to 1000
10 to 30
expressions
of interest
10 to 30
5 to 15 3 to 8
77. 77
With a Professional Global Search
9 – 12 months
required to complete because of workload,
Sarbanes-Oxley (SOX) and buyer due
diligence (DD) considerations
…you can generate interest very quickly, but buyers
are constrained in how fast they can move.
78. 78
Resell/License
Do you want to buy
my company?
J.V./Alliance
M&A Uniquely Allows Entry to Top Execs
CEO
MKTFIN MANF
DIVDIV DIVDIVDIV
DIVDIVDIVDIV
The only time you can go straight to the top
79. 79
5 Major Benefits of a Professional Process
Model
The
preparation
process will
help forge a
better
business
model for
your firm
1
Research
Your
strategic
position will
improve from
the research/
positioning
process
2
Market
Feedback
Buyer
contact will
provide
invaluable
data/insights
to help
improve your
value
3
Relation-
ships
Not everyone
is a buyer,
but you open
many doors
which will
yield
business
4
Exit
The merger,
asset sale, or
financial
recap of your
company
5
79
Any of these benefits will
justify the time and expense
of a global partner search.
84. 84
Lessons From Experience
This M&A process workload and pitfall analysis is based
on data supplied by the World Technology Council
(WTC), Corum’s 500-member advisory board of past
sellers, industry experts, buyers and investors.
Top 60 Documents and Projects
Top 6 Value Destroyers
Sellers’ Single Biggest Mistake
Top 10 Deal Killers
85. 85
• Corporate Preparation
• Business Plan
• Marketing Plan
• Org Chart
• Staff Bios
• NDA
• Non Solicitation
• Executive Summary
• Introduction Letter
• Financials (3 years)
• Recast Financials
• Financial Package
• 3 Year Projections
• Pipeline Analysis
• Lead Process
• Pricing Analysis
• Market Research
• Competitive Research
• Buyer Research
• Ind. Buyer Strategy
Top 60 Documents & Projects (1-20)
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors
86. 86
• Corporate Presentation
• Comparable Transactions
• Industry Comps
• DCF Analysis
• Replacement Cost
• Terminal Value
• Valuation Report
• All Agreements
• All Litigation – Threats
• Shareholder Qualification
• HR Needs
• Audit
• Activity Log
• Terms Sheet(s)
• Synergy Analysis
• Dilution Analysis
• Tax Analysis
• Taxable Assets
• Negotiation
• LOI
Top 60 Documents & Projects (21-40)
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors
87. 87
• Stand Still Prep.
• Outside Opinions
• DD Checklist
• DD Timeline
• Merger Agreement
• Asset Schedule
• Fairness Opinion
• Employ. Agreement
• Non Competes
• Patent Analysis
• Customer Overview
• Client Sign-off
• Bulk Sale
• Sovereign Approval
• Proxies
• Security Agreements
• Registration
• Shareholder Exp. Distr.
• Announcements
• Integration Process
Top 60 Documents & Projects (41-60)
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors
88. 88
1. Confidentiality—internal/external
2. Theft of technology
3. Loss of staff (non-solicitation)
4. Wear on CEO/management
5. Business drop-off—lack of focus
6. Going to market too late
Top 6 Value Destroyers
89. 89
They are trying to lock you up
Often demand exclusive negotiations
Don’t want you talking to others
Want to pay less than true value
Remember your fiduciary obligation!
Seller’s biggest single mistake…
…dealing with only one buyer
90. 90
Top 10 Deal Killers
1. Dealing with only one buyer
2. Misalignment: shareholders/empl/mgmt
3. Contact at the wrong level
4. Improper research of potential buyers
5. Misunderstanding buyer process/models
91. 91
Top 10 Deal Killers
6. Inability to portray value properly
7. Improper due diligence preparation
8. Not qualifying buyers properly
9. Not orchestrating all buyers properly
10.Ego – Greed – Arrogance
93. 93
This seller
is serious.
Leverage using a Professional Intermediary
I may not
be the only
bidder.
Potential
Acquirer
Seller Intermediary
Wonderful
if I buy you,
terrible if I
don’t.
94. 94
The most in-depth buyer information in the world
Optimal Outcome – The Corum Buyer
Knowledgebase
Approx. $25M investment
Developed over 30 years
Nearly 16 million entries
Proprietary client activity
reporting technology
Supplemented by every major
research organization
Data updated with world’s
largest educational program
95. 95
Corum Proprietary Buyer Knowledgebase –
Advantages
Helps to ensure that you get to the right people
Insider strategic knowledge improves getting attention
Proprietary knowledge of buyer valuation metrics
Gives advanced notice of due diligence required
Includes library of buyer contracts, NDAs, etc.
Invaluable aid in negotiation process
96. 96
Tech M&A Guideline Percentages
Buyer solicitations that result in transaction
Average improvement from first offer with an
auction process
How often another firm is willing to pay more
than the initial bidder
Deals involving only one bidder that are
suboptimal
Failure rate in “self-managed” tech M&A
98. 98
Contact Information
Visit our website at: www.corumgroup.com
Julius Telaranta, Vice
President
Berlin Office
Email: juliust@corumgroup.com
Mobile: + 49 172-971-9898
Office: +1 425-460-6250
Corum Group International
S.à.r.l.
Buechenstr. 9
8185 Winkel
Switzerland
+41 43 888 7590
Corum Group Ltd.
19805 North Creek Parkway
Suite 300
Bothell, WA 98011 USA
+1 425-455-8281