Innovation is accelerating as we begin 2018. Companies across sectors are making acquisitions to keep up with the technological disruption rippling across all industries, driving high valuations and strong buyer demand. As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2018, plus a scorecard from 2017; the new Top 10 Disruptive Technology Trends driving deals in 2018; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary panel featuring IBM, Salesforce and more. Don’t miss the premier event each year for software company owners and CEOs.
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.
The third quarter of 2016 has been a rocket ride in tech M&A, with public markets back to hitting records and a flurry of tech megadeals that have shaken up the tech landscape. What does all this activity mean for your company? With tech M&A volume and valuations both high, you’ll want to understand what’s happening in your sector in order to best prepare your company for whatever comes next. There’s no better way to start that process than to tune in for this 30 minute look at the key deals, trends and valuations for all six technology sectors and 30 subsectors from the tech industry’s premier M&A research team.
Tech M&A Monthly: 12 Negotiation Tips from the ProsCorum Group
When it comes to the most important negotiation of your life, will you be prepared? Negotiating the sale of your software company is one of the most difficult tasks you will undertake. Not only will you and the buyer be in complete opposition on every point, from price to structure to risk and more--but you're negotiating with your future boss! 12 August, Corum's senior dealmakers share 12 key negotiation tips drawn from decades of deal experience. Join us to learn how to make use of "straw men," body language, attorneys and more in order to get the optimal outcome for you and your company.
Tech M&A Monthly: 12 Steps to a Successful ValuationCorum Group
When selling a software or related technology company, naturally the question of valuation is at the top of your mind. But how do you capture the effort, ingenuity and investment poured into your company in a dollar value? Where do you even begin?
Corum Group is the world's leading expert on technology company valuations, with over three decades of experience. On September 8, benefit from that experience by tuning into Tech M&A Monthly - "12 Steps to a Successful Valuation." Corum's team of senior global dealmakers will walk you through valuation processes, methods, goals and strategies that will help your company achieve an optimal outcome when the time comes for M&A.
Did the "SaaS-pocalypse" and the rest of this year's public market turmoil slow down Tech M&A? Or are the underlying factors of buyer cash reserves, disruptive technology and strategic imperatives overriding uncertain markets? Join Corum Group for the most in depth look anywhere at Q1 of 2016 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 focus on what it means for technology executives considering whether this is the right opportunity window to take their firms to market.
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityCorum Group
Private Equity has never been more active in tech M&A. The top financial tech acquirers are consistently making double the deals of the top strategics, a new generation of smaller, agile firms are doing deals of all sizes, while traditional, conservative PE firms have finally caught on to technology and are spending billions. And with trillions in funds yet to be spent, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What do you do when you’ve got it? What about from a portfolio company? Find out from our panel of leading global Private Equity firms.
Global Tech M&A Annual Report - January 2013 Corum Group
Corum Group experts and a luminary panel of tech experts will share their their annual predictions for software, IT and related tech. What are the trends in SaaS, Mobile, Social, Big Data, Gaming and Verticals that will affect you? With complete valuation metrics and predictions for all 26 market sectors.
Who were the top buyers in 2012? Who will be in 2013? More importantly, what will they buy and why? How can you get your firm on their radar? Meanwhile, what are the 10 Deadly Sins of Tech M&A Advisors that you should watch out for?
With market uncertainty and volatility dominating finance headlines, but tech M&A still breaking records amidst strong buyer demand and high valuations, what does 2019 hold for your company? As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2019, plus a scorecard from 2018; the new Top 10 Disruptive Technology Trends driving deals in 2019; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary Panel featuring SAP, Salesforce, IBM and more. Don’t miss the premier event each year for software company owners and CEOs.
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.
The third quarter of 2016 has been a rocket ride in tech M&A, with public markets back to hitting records and a flurry of tech megadeals that have shaken up the tech landscape. What does all this activity mean for your company? With tech M&A volume and valuations both high, you’ll want to understand what’s happening in your sector in order to best prepare your company for whatever comes next. There’s no better way to start that process than to tune in for this 30 minute look at the key deals, trends and valuations for all six technology sectors and 30 subsectors from the tech industry’s premier M&A research team.
Tech M&A Monthly: 12 Negotiation Tips from the ProsCorum Group
When it comes to the most important negotiation of your life, will you be prepared? Negotiating the sale of your software company is one of the most difficult tasks you will undertake. Not only will you and the buyer be in complete opposition on every point, from price to structure to risk and more--but you're negotiating with your future boss! 12 August, Corum's senior dealmakers share 12 key negotiation tips drawn from decades of deal experience. Join us to learn how to make use of "straw men," body language, attorneys and more in order to get the optimal outcome for you and your company.
Tech M&A Monthly: 12 Steps to a Successful ValuationCorum Group
When selling a software or related technology company, naturally the question of valuation is at the top of your mind. But how do you capture the effort, ingenuity and investment poured into your company in a dollar value? Where do you even begin?
Corum Group is the world's leading expert on technology company valuations, with over three decades of experience. On September 8, benefit from that experience by tuning into Tech M&A Monthly - "12 Steps to a Successful Valuation." Corum's team of senior global dealmakers will walk you through valuation processes, methods, goals and strategies that will help your company achieve an optimal outcome when the time comes for M&A.
Did the "SaaS-pocalypse" and the rest of this year's public market turmoil slow down Tech M&A? Or are the underlying factors of buyer cash reserves, disruptive technology and strategic imperatives overriding uncertain markets? Join Corum Group for the most in depth look anywhere at Q1 of 2016 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 focus on what it means for technology executives considering whether this is the right opportunity window to take their firms to market.
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityCorum Group
Private Equity has never been more active in tech M&A. The top financial tech acquirers are consistently making double the deals of the top strategics, a new generation of smaller, agile firms are doing deals of all sizes, while traditional, conservative PE firms have finally caught on to technology and are spending billions. And with trillions in funds yet to be spent, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What do you do when you’ve got it? What about from a portfolio company? Find out from our panel of leading global Private Equity firms.
Global Tech M&A Annual Report - January 2013 Corum Group
Corum Group experts and a luminary panel of tech experts will share their their annual predictions for software, IT and related tech. What are the trends in SaaS, Mobile, Social, Big Data, Gaming and Verticals that will affect you? With complete valuation metrics and predictions for all 26 market sectors.
Who were the top buyers in 2012? Who will be in 2013? More importantly, what will they buy and why? How can you get your firm on their radar? Meanwhile, what are the 10 Deadly Sins of Tech M&A Advisors that you should watch out for?
With market uncertainty and volatility dominating finance headlines, but tech M&A still breaking records amidst strong buyer demand and high valuations, what does 2019 hold for your company? As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2019, plus a scorecard from 2018; the new Top 10 Disruptive Technology Trends driving deals in 2019; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary Panel featuring SAP, Salesforce, IBM and more. Don’t miss the premier event each year for software company owners and CEOs.
Tech M&A Monthly: Valuations for an Optimal OutcomeCorum Group
“How much is my company worth?” No magic formula can answer this question, but a valuation report is still a key component of the disciplined tech M&A process that will ultimately bring an optimal outcome. Thursday, November 8, as the world’s leading expert on tech company valuations, Corum Group will share best practices for developing, presenting and making the best use of a valuation to create the auction environment that will result in the best price and deal structure for your software or related technology company.
2014 Tech M&A Monthly - Deal Structures TodayCorum Group
With healthy capital markets, booming public markets and a resurgent IPO environment, deal structures are beginning to move away from the cash-only rules of the last few years. Buyers are using more stock and earn-out, while leveraging cheap debt to sometimes make acquisitions beyond their reach just a couple years ago. When should you consider stock? What’s the role of earn-outs? How should you approach non-competes? Find out during the September edition of Tech M&A Monthly.
Tech M&A Monthly: 6 Merger Myth and MisconceptionsCorum Group
Strong public markets and high demand for disruptive tech are continuing to drive high valuations for technology companies. Corum Group’s research team looked at the key deals, trends and valuations across all six tech sectors and 30 subsectors. What sectors are getting the highest valuations? What are acquirers after? How long will these good times continue? Corum’s senior dealmakers will also address six merger myths & misconceptions that might be keeping your company from taking advantage of today’s hot M&A market.
What happened in Tech M&A during the first quarter of 2019? How has the rapid market recovery impacted valuations? Are private equity deals still soaring? Who are the new buyers making waves? Listen in as Corum Group gives the most in-depth look available at Q1 of 2019 for mergers and across all six technology sectors and 30 subsectors. Plus, we’ll get a special report on succession planning for tech company owners and executives, and a report from a special series of M&A conferences across Europe.
Global Tech M&A Monthly: Mid-Year Report - July 2013Corum Group
2013 has been a remarkable year for tech M&A so far, marked by record setting deals, landmark transactions and increasing valuations. What markets have benefited the most? Who is best poised going into the second half? The Corum research team will give an in-depth look at the market--deals, trends and valuations 6 technology sectors and all 26 subsectors. Plus, reports from the M&A trenches on deals just completed.
2014 Tech M&A Monthly - Mid-Year ReportCorum Group
This month, join us as we mark the halfway-point of this remarkable year for tech M&A, and look both back and ahead. We’ll look back at the notable deals, high valuations and key trends in all six market sand 26 subsectors that have made 2014 such a wild ride. Then, we’ll look ahead at the factors that could bring the ride to a sudden halt—either for the market as a whole, or for your company’s value in particular. Nothing lasts forever, so we’ll be examining the six events that could kill the market, as well as six events that, regardless of the overall environment, could kill your company’s value before you have a chance to realize that value.
Plus, special announcements of deals out of the UK, the US heartland and beyond, plus a look at the way Enmeshed Systems and the blurring lines between hardware and software are driving key deals and high valuations. Don’t miss this extended 45-minute presentation
Tech M&A Monthly: Deal Structures TodayCorum Group
Today’s combination of active public markets, resurgent IPOs and a growing pool of buyers means that deal structures are getting more complex as buyers and sellers get creative in order to get deals done. The September edition of Tech M&A Monthly will examine some of the many ways that structure is more important than price in many cases, following up on last year’s highly-praised webcast on the topic. When is a profit sharing agreement appropriate? What’s the role of consulting agreements? How do cross-border issues complicate matters? September 10, Corum dealmakers will address these questions and more, drawing on the largest body of tech M&A in history. In addition, we’ll examine the key deals, trends and valuations from the past month in the Horizontal, Infrastructure and Consumer technology markets.
Private Equity has a vital role in today's Tech M&A market. From platforms to bolt-ons, they are bidding on most deals, either directly or through a portfolio company. And with $1.1 trillion in uncommitted funds in 2015, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What about from a portfolio company? Find out from our live panel of leading global PE firms, featuring:
George Kase, Marlin Equity
John Hodge, RUBICON Technology Partners
Blair Greenberg, Bregal Sagemount
Martin Scott, The Riverside Company
With buyer cash and disruptive trends continuing to drive tech M&A deal flow, it is still the best time to take advantage of today’s environment. For anyone considering a sale, you won’t want to miss this month’s in-depth discussion with tech CEOs who recently sold their companies. Hear from software executives and owners like you, who successfully navigated the M&A field and sold their companies to a global array of buyers. Learn how they did it and what you can do to increase your value in today’s market. We heard from:
Moe Arnaiz, Founder & CEO of eMOBUS, acquired by Asentinel and Marlin Equity
William Harris, Chairman of Orthoview, acquired by Materialise
James Schmalz, Founder & CEO of Digital Extremes, acquired by Perfect World and Leyou Technologies
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013Corum Group
June's Tech M&A Monthly webcast will examine two of the trends helping drive today's very hot tech M&A market. Debt is cheap and companies are taking advantage, including Apple's record $17B debt issue recently. We'll hear more about how this "megadebt" trend is shaping M&A.
Meanwhile, companies like Tumblr, Waze and Eloqua are commanding huge valuations, and buyers as varied as Yahoo, Facebook and Oracle are paying a premium when they have their sights set on an acquisition. What's driving these "hypervaluations" and how can you take advantage?
All this, plus our monthly look at the deals, trends and valuations across six software markets.
14 Essential Leadership Skills During The 4th Industrial RevolutionBernard Marr
Tomorrow’s leaders will need new skills to deal with the realities of the fast-moving, interconnected and technology-driven workplace. The good news is that these leadership skills can be learned and are still required even when bots and machines are part of the workforce. Here are 14 leadership skills of the future workplace.
Tech M&A Monthly: 10 Ways to Increase Your Company's ValueCorum Group
If you’re looking at taking advantage of today’s strong M&A market, what can you do to make sure you’re bringing the most valuable company possible to market? There’s no easy trick to building a valuable technology company, but there are specific things that owners and executives can do to maximize that value when preparing for an exit, whether this year or farther down the road. June 9, hear from Corum’s global team of dealmakers for their perspectives as both M&A advisors and CEOs themselves--what they’ve seen drive real value in actual transactions, and how companies like yours can put these best practices to use.
2014 Tech M&A Monthly - Quarterly ReportCorum Group
The third quarter of 2014 has been marked by soaring deal values, a surge of megadeals and the largest IPO in history. What does this mean to your company? Tune in to the Tech M&A Quarterly review webcast, where we look at the key deals, megadeals, valuations and trends impacting the global M&A market for software and related technology companies. We’ll examine:
The hot gaming market, including Twitch, Mojang, Bally and more
More megadeals, including Concur, Cars.com, Trulia and many others
What does Alibaba’s IPO—the largest tech IPO ever—mean to your company?
Deal reports from India to Seattle
Valuation metrics for all six tech markets and 26 subsectors
And much, much more—don’t miss the Tech M&A Monthly Q3 2014 Report.
The Top 5 Fintech Trends Everyone Should Be Watching In 2020Bernard Marr
While historically slower to embrace change, the financial industry is adopting fintech trends, technology that can automate and improve financial services, to respond to consumer demand and provide more efficient and effective services. Here are the top five fintech trends everyone should be watching in 2020.
Tech M&A Monthly - Q3 Quarterly Report October 2013Corum Group
Q3 2013 came to a remarkable close in the tech M&A arena--this report included our in depth quarterly report on the deals, trends and valuations, plus what it all means to technology CEOs, owners and investors considering their M&A options.
In addition to a detailed breakdown of the six software and related technology markets, and the 26 subsectors, the Corum team discussed the latest news from the world of tech & finance, with a look at unusual deals--with Blackberry acquired by an insurance company, we look at other buyers you might not think of; the JOBS Act--with Twitter taking advantage and some of the fundraising provisions coming into effect, how is the impact on tech M&A shaping up? And, finally, Corum President Nat Burgess provides his thoughts on why he thinks this that Tech M&A is currently a seller's market.
Tech M&A Monthly: Single biggest business mistakeCorum Group
In over 30 years of selling more software companies than anyone, Corum has consistently seen one common mistake CEOs make that rises above all the others. It's a real value destroyer. To hear about how you can avoid this mistake, and 9 other value killers, tune in to Tech M&A Monthly.
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.
Tech M&A Monthly: Valuations for an Optimal OutcomeCorum Group
“How much is my company worth?” No magic formula can answer this question, but a valuation report is still a key component of the disciplined tech M&A process that will ultimately bring an optimal outcome. Thursday, November 8, as the world’s leading expert on tech company valuations, Corum Group will share best practices for developing, presenting and making the best use of a valuation to create the auction environment that will result in the best price and deal structure for your software or related technology company.
2014 Tech M&A Monthly - Deal Structures TodayCorum Group
With healthy capital markets, booming public markets and a resurgent IPO environment, deal structures are beginning to move away from the cash-only rules of the last few years. Buyers are using more stock and earn-out, while leveraging cheap debt to sometimes make acquisitions beyond their reach just a couple years ago. When should you consider stock? What’s the role of earn-outs? How should you approach non-competes? Find out during the September edition of Tech M&A Monthly.
Tech M&A Monthly: 6 Merger Myth and MisconceptionsCorum Group
Strong public markets and high demand for disruptive tech are continuing to drive high valuations for technology companies. Corum Group’s research team looked at the key deals, trends and valuations across all six tech sectors and 30 subsectors. What sectors are getting the highest valuations? What are acquirers after? How long will these good times continue? Corum’s senior dealmakers will also address six merger myths & misconceptions that might be keeping your company from taking advantage of today’s hot M&A market.
What happened in Tech M&A during the first quarter of 2019? How has the rapid market recovery impacted valuations? Are private equity deals still soaring? Who are the new buyers making waves? Listen in as Corum Group gives the most in-depth look available at Q1 of 2019 for mergers and across all six technology sectors and 30 subsectors. Plus, we’ll get a special report on succession planning for tech company owners and executives, and a report from a special series of M&A conferences across Europe.
Global Tech M&A Monthly: Mid-Year Report - July 2013Corum Group
2013 has been a remarkable year for tech M&A so far, marked by record setting deals, landmark transactions and increasing valuations. What markets have benefited the most? Who is best poised going into the second half? The Corum research team will give an in-depth look at the market--deals, trends and valuations 6 technology sectors and all 26 subsectors. Plus, reports from the M&A trenches on deals just completed.
2014 Tech M&A Monthly - Mid-Year ReportCorum Group
This month, join us as we mark the halfway-point of this remarkable year for tech M&A, and look both back and ahead. We’ll look back at the notable deals, high valuations and key trends in all six market sand 26 subsectors that have made 2014 such a wild ride. Then, we’ll look ahead at the factors that could bring the ride to a sudden halt—either for the market as a whole, or for your company’s value in particular. Nothing lasts forever, so we’ll be examining the six events that could kill the market, as well as six events that, regardless of the overall environment, could kill your company’s value before you have a chance to realize that value.
Plus, special announcements of deals out of the UK, the US heartland and beyond, plus a look at the way Enmeshed Systems and the blurring lines between hardware and software are driving key deals and high valuations. Don’t miss this extended 45-minute presentation
Tech M&A Monthly: Deal Structures TodayCorum Group
Today’s combination of active public markets, resurgent IPOs and a growing pool of buyers means that deal structures are getting more complex as buyers and sellers get creative in order to get deals done. The September edition of Tech M&A Monthly will examine some of the many ways that structure is more important than price in many cases, following up on last year’s highly-praised webcast on the topic. When is a profit sharing agreement appropriate? What’s the role of consulting agreements? How do cross-border issues complicate matters? September 10, Corum dealmakers will address these questions and more, drawing on the largest body of tech M&A in history. In addition, we’ll examine the key deals, trends and valuations from the past month in the Horizontal, Infrastructure and Consumer technology markets.
Private Equity has a vital role in today's Tech M&A market. From platforms to bolt-ons, they are bidding on most deals, either directly or through a portfolio company. And with $1.1 trillion in uncommitted funds in 2015, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What about from a portfolio company? Find out from our live panel of leading global PE firms, featuring:
George Kase, Marlin Equity
John Hodge, RUBICON Technology Partners
Blair Greenberg, Bregal Sagemount
Martin Scott, The Riverside Company
With buyer cash and disruptive trends continuing to drive tech M&A deal flow, it is still the best time to take advantage of today’s environment. For anyone considering a sale, you won’t want to miss this month’s in-depth discussion with tech CEOs who recently sold their companies. Hear from software executives and owners like you, who successfully navigated the M&A field and sold their companies to a global array of buyers. Learn how they did it and what you can do to increase your value in today’s market. We heard from:
Moe Arnaiz, Founder & CEO of eMOBUS, acquired by Asentinel and Marlin Equity
William Harris, Chairman of Orthoview, acquired by Materialise
James Schmalz, Founder & CEO of Digital Extremes, acquired by Perfect World and Leyou Technologies
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013Corum Group
June's Tech M&A Monthly webcast will examine two of the trends helping drive today's very hot tech M&A market. Debt is cheap and companies are taking advantage, including Apple's record $17B debt issue recently. We'll hear more about how this "megadebt" trend is shaping M&A.
Meanwhile, companies like Tumblr, Waze and Eloqua are commanding huge valuations, and buyers as varied as Yahoo, Facebook and Oracle are paying a premium when they have their sights set on an acquisition. What's driving these "hypervaluations" and how can you take advantage?
All this, plus our monthly look at the deals, trends and valuations across six software markets.
14 Essential Leadership Skills During The 4th Industrial RevolutionBernard Marr
Tomorrow’s leaders will need new skills to deal with the realities of the fast-moving, interconnected and technology-driven workplace. The good news is that these leadership skills can be learned and are still required even when bots and machines are part of the workforce. Here are 14 leadership skills of the future workplace.
Tech M&A Monthly: 10 Ways to Increase Your Company's ValueCorum Group
If you’re looking at taking advantage of today’s strong M&A market, what can you do to make sure you’re bringing the most valuable company possible to market? There’s no easy trick to building a valuable technology company, but there are specific things that owners and executives can do to maximize that value when preparing for an exit, whether this year or farther down the road. June 9, hear from Corum’s global team of dealmakers for their perspectives as both M&A advisors and CEOs themselves--what they’ve seen drive real value in actual transactions, and how companies like yours can put these best practices to use.
2014 Tech M&A Monthly - Quarterly ReportCorum Group
The third quarter of 2014 has been marked by soaring deal values, a surge of megadeals and the largest IPO in history. What does this mean to your company? Tune in to the Tech M&A Quarterly review webcast, where we look at the key deals, megadeals, valuations and trends impacting the global M&A market for software and related technology companies. We’ll examine:
The hot gaming market, including Twitch, Mojang, Bally and more
More megadeals, including Concur, Cars.com, Trulia and many others
What does Alibaba’s IPO—the largest tech IPO ever—mean to your company?
Deal reports from India to Seattle
Valuation metrics for all six tech markets and 26 subsectors
And much, much more—don’t miss the Tech M&A Monthly Q3 2014 Report.
The Top 5 Fintech Trends Everyone Should Be Watching In 2020Bernard Marr
While historically slower to embrace change, the financial industry is adopting fintech trends, technology that can automate and improve financial services, to respond to consumer demand and provide more efficient and effective services. Here are the top five fintech trends everyone should be watching in 2020.
Tech M&A Monthly - Q3 Quarterly Report October 2013Corum Group
Q3 2013 came to a remarkable close in the tech M&A arena--this report included our in depth quarterly report on the deals, trends and valuations, plus what it all means to technology CEOs, owners and investors considering their M&A options.
In addition to a detailed breakdown of the six software and related technology markets, and the 26 subsectors, the Corum team discussed the latest news from the world of tech & finance, with a look at unusual deals--with Blackberry acquired by an insurance company, we look at other buyers you might not think of; the JOBS Act--with Twitter taking advantage and some of the fundraising provisions coming into effect, how is the impact on tech M&A shaping up? And, finally, Corum President Nat Burgess provides his thoughts on why he thinks this that Tech M&A is currently a seller's market.
Tech M&A Monthly: Single biggest business mistakeCorum Group
In over 30 years of selling more software companies than anyone, Corum has consistently seen one common mistake CEOs make that rises above all the others. It's a real value destroyer. To hear about how you can avoid this mistake, and 9 other value killers, tune in to Tech M&A Monthly.
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.
2014 continued the recent trend of increasing technology M&A, with both volume and valuations reaching new heights. January 15, join Corum experts and a panel of technology luminaries for a look at the year behind and the year ahead. We'll cover key deals and valuation metrics for all six technology sectors and 29 subsectors, and introduce the Ten Disruptive Tech Trends for 2015. In addition to Corum dealmakers from across the globe, we'll be joined by:
Peter Coffee, Salesforce VP for Strategic Research
Mukund Mohan, Director of Microsoft Ventures
Dr. Karl-Michael Popp, SAP Senior Director of Corporate Development
Reese Jones, Silicon Valley Futurist & Singularity University Founder
It's the largest tech M&A event of the year, so be sure not to miss Forecast 2015.
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your CompanyCorum Group
There’s no easy trick to realizing the value of a technology company, let alone building a valuable tech company to begin with. But there are specific things that owners and executives can do throughout the life of the company to increase valuations when the time comes for an exit. Join Corum’s global team for their perspectives as dealmakers and CEOs themselves--what they’ve seen drive real value in actual transactions, and how companies like yours can put these best practices to use. Plus a look at key deals and valuation metrics in the Internet, Consumer and IT Services sectors, and much more.
For more information visit: https://www.corumgroup.com/
What does today’s combination of high valuations, turbulent public markets, disciplined buyers, disruptive technology and record megadeals mean for the value of your software company? What does the Tech M&A landscape look like as we head into the second half of 2018? How should technology company owners, investors and executives be thinking about M&A?
Join us July 12 for the Tech M&A Monthly Midyear Update, a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, an update on this year's Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Smart Logistics and Connected Health driven deals this year? What’s next? What do these complex, interrelated trends mean for your company's future?
2014 Tech M&A Monthly - Deals Closing GloballyCorum Group
Bolstered by strong public markets, record cash and continuing disruptive technological change, the high volume of Tech M&A deals has carried over into the first quarter of 2014, making for a record spring. Tune in to our Quarterly Report April 10 for field reports from the dealmakers in the M&A trenches on deals closing globally.
Plus, details on the key deals, trends and valuations in the Horizontal, Vertical, Consumer, Internet, Infrastructure and IT Services markets for Q1:2014.
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&ACorum Group
The booming public markets, rising valuations and increasingly active Private Equity firms are helping drive an increase in more complex tech M&A deals--stock, earnouts, debt and other structural methods are being used to bridge gaps and get deals done. But more complexity can mean more risk if you aren't properly prepared. November 10, Corum's global team of senior dealmakers will share 12 deal structure tips to help you achieve an optimal outcome when you sell your technology company. Plus a special report - Drumpf and M&A: What does this mean for you?
2014 Tech M&A Monthly - Myths, Misconceptions, & MisinformationCorum Group
In today's M&A market, it's not hard to find advice about how to sell a company. Unfortunately, a lot of it is wrong. And not simply wrong, but potentially damaging, not just to your M&A prospects but to your company's future. In the June edition of Tech M&A Monthly, join us as we take a look at why so much of the advice you're getting consists of myths, misconceptions and misinformation that put your company's value at risk.
Plus, news from the latest deals, a detailed look at how another of the Top Tech Trends, Information Security is driving transactions, plus the key deals, trends and valuations from the last month.
This is the annual forecast created by Corum Group that dives into the various sectors and sub-sectors of Tech, with a specific focus on M&A, valuation arena, and what we will see this year.
As the strongest market ever for sellers of technology companies continues, if you’re at all considering the sale of your technology company, don’t miss a unique opportunity to hear from fellow founders, owners and CEOs who recently sold. During our annual Seller’s Panel, hear from international software executives and owners like you, who successfully navigated the M&A process and sold their companies to a global array of buyers. Learn how they did it, what they learned, what surprised them—and what you can do to increase your value in today’s market.
Panelists include:
· Dennis Gurock, co-founder of Gurock Software, acquired by Idera
· Luc Pettet, Founder & CEO of Punters.com.au, acquired by News Corp
We're in the midst of one of the most important periods of tech M&A since the dot-com boom. How long will it last? Who are the key players? What were the key deals of 2013, and what are the trends to watch for 2014? Join Corum experts and a panel of technology luminaries for a look at the year behind and the year ahead.
Tech M&A Monthly: Ten Steps to Successfully Sell Now - May 2013Corum Group
Record cash, strong public markets and disruptive technology are all helping make this the best time to sell a software or related tech firm since 1999. But how do you take advantage? In this special webcast, Corum CEO Bruce Milne will present "10 Steps To Successfully Sell Now" drawing on his three decades of experience selling technology companies to help you translate your hard work and technical genius into real personal wealth, at one of the most opportune times in recent history.
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.
The Internet of Things is driving tremendous innovation, differentiation, and value. Buyers like Google, Samsung, CISCO, Intel and Qualcomm spent $14B to acquire over 60 IoT-related companies last year, doubling the number of IoT acquisitions, and increasing spending 40-fold. Still, Cisco reports that only 1% of potentially connected devices are actually connected. As the other 99% come online, the opportunities for IoT software are remarkable, and the value of innovative companies building that software is increasing. This Market Spotlight webcast will examine the opportunities for these companies in today’s M&A marketplace, with perspectives from analysts, bankers, investors and CEOs.
Tech M&A Monthly: Private Equity Panel - Feb. 2013Corum Group
Private Equity now accounts for 40% of the largest deals, often outbidding the strategic buyers. And with a staggering $1 tillion in uncommitted funds, this trend will continue driving up valuations and impacting the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What about from a portfolio company? Find out from our live panel of leading global PE firms, including Accel-KKR, Riverside and Carlyle.
The 2014 IT Summit is a program for Executives and professionals in IT. Once a year the Connecticut Tech Council and Mohegan Sun Convention Center host the IT Summit.
As the connected car becomes the center of the Internet of Things, 2016 is shaping up to be an inflection point for automotive technology. Join WFS as we examine the recent deals in the space, and discuss the future with a luminary panel from ANSYS, Inrix, Glympse and CalAmp.
Tech M&A Monthly - Hottest Tech M&A EverCorum Group
Are you intrigued by the current tech M&A environment--the best ever--but planning to wait a year to squeeze out additional growth, close a few more clients, or otherwise get completely comfortable? Tune in Thursday, November 14, to learn why that might be a mistake. We’ll take a look at historical patterns of peaks and valleys in the tech M&A market, and at a few current trends that could bring today’s brisk tech M&A to a near-standstill.
Plus, we’ll get field reports from dealmakers with announcements of newly closed deals, firms that took advantage of the best M&A environment ever.
Similar to Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1 (20)
Tech M&A Monthly: When You are ApproachedCorum Group
In today’s competitive Tech M&A environment, more and more firms were being approached by potential acquirers. Here at Corum, we are seeing more and more companies coming to us after they have been approached, but only those who manage discussions properly will get a deal done. In this webinar, Corum’s global team of senior dealmakers will address the question, “What do I do when I've been approached?”, sharing 13 tips to turn that approach into an optimal outcome—and avoid the mistakes that can turn an approach into a disaster for your company.
Getting approached is a double edged sword - it means a buyer is interested, but it means they may also be interested in your competitors. We looked at the missteps sellers often make when they're first approached, best practices for dealing with that first inquiry, and the methods for leveraging a single buyer’s approach into an auction environment that will ultimately give you the maximum value and best structure.
Tech M&A Monthly: Definitive AgreementsCorum Group
Selling a technology company is a complex process, but it all boils down into the final contract between the seller and the buyer. How do you ensure that the definitive agreement reflects your best interests and the value you have built in your company? On Thursday, August 9, Corum dealmakers will take a detailed look at the process that leads up to the final M&A contract, highlighting the key moments and the most dangerous pitfalls as the agreement comes together, with stories straight from Corum’s 30+ years of selling technology companies. This is the most important document of your company’s life – and possibly yours, as well – so take 30 minutes to understand how to do it right.
Tech M&A Monthly: What Happens If You Don’t Sell?Corum Group
Not every company sells right away—deals fall apart, valuations don’t meet expectations, or the market just isn’t ready. What do you do now?
80% of self-managed M&A efforts initially end in failure. However, if you’ve run the process right, this may be a golden opportunity to actually increase the value you finally get for your company.
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure SuccessCorum Group
Selling a technology company is a complex process. Where do you begin? The best place to start is with an intensive “launch meeting” with key stakeholders and the deal team from your advisor. During the May edition of Tech M&A Monthly, Corum Group draws back the curtain on their launch meeting process, built from the largest body of tech M&A in history. Who should be in the room? What needs to be covered? What should you leave out? How do you make sure to get the most value from this unique opportunity? Tune in Thursday, May 17, as Corum’s global team of senior dealmakers outlines the best way to kick off the most important transaction of your life.
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group
April's edition of Tech M&A Monthly, featuring an in-depth look at M&A in Q1 2018 and an interview with 2017 Top Acquirer Constellation Software's COO and Volaris CEO, Mark Miller
Whether just considering the M&A process or actively preparing your company for sale, you want to understand the process from the perspective of those who have been there before. In Part 3 of Corum’s Annual Tech M&A Report, hear from an international panel of founders, CEOs and owners who recently sold their tech firms. What surprised them? What did they learn? What would they do differently? How did they ensure that they achieved an optimal outcome through the process?
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity RoundtableCorum Group
Private Equity is increasingly coming to dominate tech M&A dealflow. Is your company on their radar? Join Part 2 of Corum’s Annual Tech M&A Report, as we examine the rise of Private Equity from a subset of value buyers to the dominant paradigm in the market today, and are joined by a panel of the world’s leading Private Equity firms. With mountains of cash to spend, aggressive deal teams and actively acquisitive portfolio companies, all technology company owners and executives should understand the role of Private Equity in today’s M&A landscape.
Tech M&A Monthly: 10 Keys to a Valuable ValuationCorum Group
What is your company worth? When selling a software or related technology company, valuation is obviously a vital question. But how do you take all the effort, ingenuity and investment poured into your company, and come up with a dollar value? How do you even start?
Corum Group is the world's leading expert on tech company valuations, with over three decades of experience. Benefit from that experience by tuning in to the December edition of Tech M&A Monthly as Corum's research and client services teams will walk you through - "10 Keys to a Valuable Valuation." We'll examine the valuation processes, methods, goals and strategies to help your company achieve an optimal outcome when the time comes for M&A.
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.
Strong public markets and high demand for disruptive tech are continuing to drive high valuations for technology companies. Join Corum Group’s research team for a look at the key deals, trends and valuations across all six tech sectors and 30 subsectors. What sectors are getting the highest valuations? What are acquirers after? How long will these good times continue? We’ll address all these questions and more—plus, a look at key questions of succession planning. What should you be doing before, during and after a tech M&A transaction to ensure that the value you have created goes where it is supposed to?
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That SellsCorum Group
You've built a uniquely valuable asset in your software company, but how do you convey that unique value to a buyer? How do you get a buyer to seriously consider acquiring your company? In today's fast-paced world of tech M&A, buyers don't have time for drawn out "books" of information. The best tool for reaching them is a clear, succinct Executive Summary document that clearly outlines the opportunity created by acquiring your company.
But how do you write such a document? What are the pitfalls to avoid? How do you balance a need for brevity with a description of your complex technology and company? Join Corum dealmakers on September 14 to learn the 10 Rules for Writing an Executive Summary That Sells.
Tech M&A Monthly: 9 Practical Tips for Presenting to AcquirerCorum Group
Presenting your company to potential acquirers is unlike any other kind of presentation. You’ve pitched products, investors and partners, but when the product itself is your company, it requires a new approach for what could be the most important presentation of your life. Thursday, August 10, Corum’s global team of dealmakers will walk through nine practical tips for giving management presentations during the tech M&A process. What should you present? How should you present it? Who should be involved? We’ll walk through key insights based on decades of experience to help you prepare. Plus, deals, trends and valuation metrics from across the technology industry.
Public markets are hitting records, valuations are at all-time highs, and buyers are hungry for companies with the disruptive technology they need to succeed in this era of rapid change. How should technology company owners, investors and executives be thinking about M&A in today's environment? How long will this boom last?
July 13, tune in to the Tech M&A Monthly Midyear Update, for a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, an update on this year's Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Visual Intelligence Systems and Connected Health driven deals this year? What’s next? What do these complex, interrelated trends mean for your company's future? Join Corum’s research and deal teams for the 2017 Midyear Global Tech M&A Update.
Tech M&A Monthly: Misconceptions Killing Deals TodayCorum Group
In today’s tech M&A market, it’s easy to find advice on how and when to sell a technology company. Unfortunately, a lot of it is wrong. And not simply wrong, but potentially damaging, both to your M&A prospects and potentially to your company’s future. In the May edition of Tech M&A Monthly, Corum’s global team of dealmakers will examine a multitude of misconceptions that can put your company’s value at risk, kill deals, and even destroy companies. Plus, news from the M&A trenches, plus key deals, trends and valuations from the last month.
Tech M&A Monthly: When You Are Approached - 12 Tips to Ensure Deal SuccessCorum Group
In today's fast-paced tech M&A environment, more and more firms are being approached about the possibility of a sale. Here at Corum, we're seeing a surge companies coming to us after they have been approached, but only those who manage discussions properly will get a deal done. In this webinar, we'll help answer the question "What do I do when I've been approached?" as Corum’s global team of senior dealmakers share 12 tips to get you an optimal outcome and avoid the mistakes that can turn an approach into a disaster for your company.
Getting approached is a double edged sword - it means a buyer is interested, but it means they are probably also interested in your competitors. We'll look at the missteps sellers often make when they're first approached, the best strategies for dealing with that first inquiry, and the best methods for turning a single buyer's approach into an auction that will ultimately give you the maximum value and best structure.
With megadeals for companies like Linkedin, Blue Coat, Demandware and more rocking the tech industry, where does that leave your company? What does the landscape look like for privately held software and related technology companies, and how should owners, investors and executives approach the M&A market in the latter half of 2016? Tune in to the Tech M&A Monthly Mid-Year Update, for a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, we’ll get an update on the Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Location Intelligence and Connected Health driven deals this year, and what’s next? How do these complex, interrelated trends impact the M&A outlook for your company? Join Corum’s research and deal teams July 14 for the Mid-Year Global Tech M&A Update.
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This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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
Agenda
Welcome
Field Reports
2018 Predictions & 2017 Scorecard
Top 10 Disruptive Tech Trends
Annual Research Report
Luminary Panel
Q&A
Peter Coffee – Salesforce
Ed Gardner – Descartes
Reese Jones – Singularity University
Henry Hu – IBM
4. 4
Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Moderator
Timothy Goddard
EVP, Marketing
Corum Group Ltd.
5. 5
Field Report:
Lending Manager
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.
6. 6
Field Report:
Visual Components and Stabiplan
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
Managing Director
Corum Group Intl.
7. 7
Field Report:
Infian
Daniel Bernstein
Senior 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.
8. 8
Corum 2017 Prediction Scorecard
0 GE will extend its shopping spree, breaking into the top three tech
company acquirers.
0 More blockchain-related acquisitions by fintech and traditional
finance firms.
4 Sovereign funds will cut out the middleman stepping into a more
direct role in tech M&A.
8 Repatriation leads to multiple acquisitions of US “unicorn” tech firms.
10 Industrial sector follows GE & Siemens into tech M&A including IoT,
SCM & related deals.
10 Major AI players will make notable acquisitions in data security.
10 More major tech firms make a move into the connected car space.
10 Amazon will make an unusual acquisition.
9. 9
Corum 2017 Prediction Scorecard
0 GE will extend its shopping spree, breaking into the top three tech
company acquirers.
0 More blockchain-related acquisitions by fintech and traditional
finance firms.
4 Sovereign funds will cut out the middleman stepping into a more
direct role in tech M&A.
8 Repatriation leads to multiple acquisitions of US “unicorn” tech firms.
10 Industrial sector follows GE & Siemens into tech M&A including IoT,
SCM & related deals.
10 Major AI players will make notable acquisitions in data security.
10 More major tech firms make a move into the connected car space.
11 Amazon will make an unusual acquisition.
10. 10
2018 Predictions
Amazon will make a major healthcare
acquisition.
Uber down round drives other unprofitable
unicorn valuations.
Chinese buyers return to the market with
major deals.
Big-name old-line companies make first major
tech acquisitions.
Thoughts? Questions?
Let us know!
@CorumGroup
11. 11
2018 Predictions
More chip flaws surface, leading to M&A in
response.
Enterprise blockchain applications begin
demonstrating value, increasing related M&A.
Arab money leads unexpected major tech
acquisition.
Repatriation leads to multiple high-profile
companies acquired for >$10B.
12. 12
Leveraging Corum’s Unique Position
Top 10 Disruptive
Technology Trends
1000s of
Buyer
Interactions
(Deals)
1000s of
companies
(Education)
1000s of
industry
transactions
(Research)
13. 13
Corum Top Ten Technology Trends 2018
AI
Enablement
Composite
Commerce
IoT
Software
Digital Currency
Flow
Data Science
Monetization
Focused IT
Services
Smart
Logistics
Connected
Health
Regtech
Systems
Data
Security
CORECONTOUR
Thoughts? Questions?
Let us know!
@CorumGroup
14. 14
Ivan Ruzic has had a successful 30+ year career in the software business that has
included virtually every senior executive role. His resume spans marquee
companies such as BEA systems, Novell and Borland as well as multiple startups
including his own. His international experience is extensive and in addition to the
United States has been involved in mergers and acquisitions in Europe, Africa and
Asia.
His success and extensive experience qualify him as an expert in building value
and realizing wealth. Ivan 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 technology companies.
Putting AI to work by means of big data and feedback
#1: AI Enablement
Corum Top Ten Disruptive Technology Trends 2018
Ivan Ruzic, Ph.D.
Vice President
Corum Group Ltd.
15. 15
#1: AI Enablement
Putting AI to work by means of big data and feedback
Machine learning systems
need data & feedback loops.
Major AI platforms have
prioritized foundational
loops: search, language,
images, speech, etc.
Significant value lies in
unexploited feedback loops
and unique datasets.
Use cases exist across all
sectors, with deeper,
defensible niches more
valuable.
Corum Top Ten Disruptive Technology Trends 2018
16. 16
Jeff Riley
Vice President
Corum Group Ltd.
Jeff has over 25 years of large and small company experience in the technology industry,
focusing on enterprise software and IT services across a broad variety of vertical industries and
geographies.
In 2004, Jeff became CEO of Dinerware, a small restaurant software startup based in Seattle.
Under his leadership Dinerware grew rapidly, receiving numerous industry awards along the way.
After being listed on the Inc 5000 list of fastest growing private companies for four years in a row,
he led the successful sale of the company to Heartland Payment Systems which was later
acquired by Global Payments.
The first half of Jeff’s career was spent in product management and business development for
new products and capabilities within large technology companies including Digital Equipment, RR
Donnelley, and Microsoft. While at Microsoft, Jeff launched Microsoft’s first secure commerce
website in 1997, managed Microsoft Business Solutions SMB sales and marketing, and served as
integration lead for the Great Plains acquisition before being promoted to GM of Retail Business
Solutions within Dynamics.
He graduated from Babson College with a B.S. in Business Administration majoring in
Management Information Systems.
A new generation of online/offline convergence
#2: Composite Commerce
Corum Top Ten Disruptive Technology Trends 2018
17. 17
A new generation of online/offline convergence
#2: Composite Commerce
Corum Top Ten Disruptive Technology Trends 2018
Technology and traditional in-
person commerce has been
coalescing for decades.
Amazon/Whole Foods
exemplified the phenomenon,
sparking new levels of
awareness—and deals.
Force multiplier for:
Online exchanges
Omnichannel sales/marketing
Visual intelligence systems
Smart Logistics
AR/VR
Much more
18. 18
Daniel Bernstein
Senior 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.
Emerging platforms, standards & analytics
#3: IoT Software
Corum Top Ten Disruptive Technology Trends 2018
19. 19
Emerging platforms, standards & analytics
#3: IoT Software
Even in the Internet of Things,
the value of code outstrips
the value of hardware.
Each ‘thing’ needs integrated
platforms, communication,
analytics, AI, security, etc.
Competing platforms and
associated ecosystems are
beginning to coalesce.
Defensible solutions to critical
problems provide a path to
significant M&A value.
Corum Top Ten Disruptive Technology Trends 2018
20. 20
Rob Griggs
Vice President
Corum Group Ltd.
As a serial entrepreneur and investment banker, Rob Griggs has had a successful 35+
year career in the high technology arena. Early in his career he was a top performer at
Apple before starting his first software company in the mid-1980’s. As a founder of
Authorware / MacroMedia, NetRadio, Wit Capital, and many other companies, Rob’s
sales, marketing, business development and capital raising skills have been honed over
supporting hundreds of company financial transactions during his career.
His success and extensive experience in software M&A uniquely qualify him as an expert
in building value and realizing wealth. Rob 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 technology companies.
Decreasing friction in payments & exchange
#4: Digital Currency Flow
Corum Top Ten Disruptive Technology Trends 2018
21. 21
Decreasing friction in payments & exchange
#4: Digital Currency Flow
Blockchain is grabbing headlines,
but the key to the trend is
decreasing transaction friction.
Includes alternative currencies;
not just crypto, but in-game
tokens, Starbucks cards, airline
miles, other loyalty programs, etc.
Digital transformation is driving
major consolidation in payments
space from megadeals on down.
Small efficiency improvements
with potential to scale make
attractive M&A targets.
Corum Top Ten Disruptive Technology Trends 2018
22. 22
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
Executive Vice President
Corum Group, Ltd.
Maximizing return with real-time analytics
#5: Data Science Monetization
Corum Top Ten Disruptive Technology Trends 2018
23. 23
Maximizing return with real-time analytics
#5: Data Science Monetization
Proactive monetization is a more
valuable use of data science than
cost cutting & efficiency gains.
Robust analytic tools are no longer
optional, especially for consumer-
facing companies.
Game companies are leading the
way, with video ads close behind
and new opportunities in retail,
B2B value pricing, and beyond.
In a world of freemium, free-to-play
and declining ad effectiveness,
proven ability to turn users into
dollars is a valued asset.
Corum Top Ten Disruptive Technology Trends 2018
24. 24
Differentiation drives new value in a sleepy sector
#6: Focused IT Services
Peter Prince
Vice President
Corum Group Ltd.
Peter Prince has spent the last 27 years involved in starting and growing software
companies or large divisions of international software companies. As well as
following his entrepreneurial spirit he has held a number of senior roles for both
privately held and public companies. He was part of several key acquisitions such
as Software Artistry to IBM, Infinium to SSA GT and SSA Global to Golden Gate
(Infor). He was President of SSA Global EMEA prior to its sale and then CEO of
Cogniti.
Peter has a diverse background within the software industry spanning Operations,
Sales, Mergers and Acquisitions and Integration. He’s been retained by some of
the largest Private Equity firms in an advisory capacity.
Peter has also focused on investing both time and funding into start-up and young
companies over the recent years in a diverse range of sectors.
He attended Chiltern University attaining a business degree and later attended
Harvard Business School successfully completing an executive course, Launching
New Ventures.
Corum Top Ten Disruptive Technology Trends 2018
25. 25
Differentiation drives new value in a sleepy sector
#6: Focused IT Services
Service firms specializing in a
technology, sector or problem
are seeing increased value.
Intricate platforms require
particular expertise for
application, maintenance, and
extension of tech stacks.
Buyers value deep domain
knowledge as a driver of
defensible long-term customer
relationships.
Firms on the forefront of key
trends & high-value verticals
seeing particular interest.
Corum Top Ten Disruptive Technology Trends 2018
26. 26
Corum Top Ten Disruptive Technology Trends 2018
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.
Moving things & people with a new level of efficiency
#7: Smart Logistics
27. 27
Moving things & people with a new level of efficiency
#7: Smart Logistics
Movement of physical objects
must increasingly keep pace with
the movement of data.
At the convergence of trends in
AI, latent capacity utilization,
ecommerce, consumer demand.
Impact beyond traditional SCM,
in multiple verticals including:
Transportation
Manufacturing
Construction
Agriculture
Corum Top Ten Disruptive Technology Trends 2018
28. 28
Linking people to their health data & services
#8: Connected Health
Corum Top Ten Disruptive Technology Trends 2018
Steve Jones
Vice President
Corum Group Ltd.
Steve joined Corum after 25 years of executive experience in various high-tech
industries with both public and private venture-backed startups. He has extensive
global experience, opening international markets and growing sales from zero to
tens of million in revenue. He has been on the forefront of selling several companies
and spinning off software divisions, highlighted by the sale of GetFon to Alestra
(AT&T Mexico). He is fluent in Spanish.
Steve was the founding CEO of Solera Networks, a real-time intrusion detection
security company. He also co-founded Auction Trust Network, an eCommerce
company for online exchanges; which he sold to MediaForge (Rakuten Marketing).
Steve is a board member of several software companies and has industry expertise
in several areas: enterprise apps and infrastructure, security, mobile and wireless,
media & entertainment, supply chain, and embedded devices/systems (IoT).
29. 29
Linking people to their health services & data
#8: Connected Health
Technical, regulatory and
demographic changes drive
shift from system-centric to
patient-centric health IT.
Patients demand consumer-
grade connections to data
and providers.
Providers need tools that
help them compete.
Notable demand for
telemedicine, patient
engagement, mobility &
transparency solutions.
Corum Top Ten Disruptive Technology Trends 2018
30. 30
David Levine
Senior 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.
Corum Top Ten Disruptive Technology Trends 2018
Letting computers keep up with compliance
#9: Regtech Systems
31. 31
Letting computers keep up with compliance
#9: Regtech Systems
The complexity of dealing with
regulatory change is increasing.
Rules in software becoming
intrinsic to laws, mandates &
agreements.
Solution sets backed by legal
requirements draw significant
acquirer interest.
Interconnected regulatory
systems make consolidation of
point solutions particularly
attractive.
Corum Top Ten Disruptive Technology Trends 2018
32. 32
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
Managing Director
Corum Group Intl.
Building barriers in an age of blurred lines
#10: Data Security
Corum Top Ten Disruptive Technology Trends 2018
33. 33
Building barriers in an age of blurred lines
#10: Data Security
New technologies creating new
risks from freer flowing data.
High impact breaches & attacks
(Equifax, Uber, WannaCry)
drive broad recognition of
security needs.
Dominant trend is anti-malware,
especially automation and AI-
enabled tools.
The Internet of Things opened
a new front, from IoT botnets to
hijacked smart speakers.
Corum Top Ten Disruptive Technology Trends 2018
34. 34
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Amanda Tallman
Senior Analyst
Becky Hill
Research Analyst
Patrick Cunningham
Research Analyst
Yasmin Khodamoradi
Director, Valuation Services
Thoughts? Questions?
Let us know!
@CorumGroup
35. 35
Public Markets 2017
Jan
2017
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0%
10%
20%
30%
40%
50%
60%
Weekly Percentage Change
S&P TECH Dow Jones NASDAQ
Jan
2018
USA 2017
S&P Tech 42%
NASDAQ 28%
Dow Jones 25%
Asia 2017
HANG SENG 36%
Nikkei 19%
SSE Composite 7%
Europe 2017
DAX 13%
CAC 40 9%
FTSE 100 8%
55. 55
Horizontal Application Software Market
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x 19.85 x 19.84 x 20.36 x 21.12 x 20.23 x 20.56 x
EV/S 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x 4.35 x 4.33 x 4.27 x 4.35 x 4.30 x 4.33 x
Public Valuation Multiples
57. 57
Horizontal Application Software Market
Deal Spotlights: Analytics/BI
Target Acquirer
Target
Country
Acquirer
Country
Month Description
USA France April Big data analytics applications
USA USA April Networked business analytics platform
USA USA May AI-engine converting unstructured 'dark' data
Netherlands USA August AI-enabled big data analytics SaaS
Germany Germany September Realtime Decisioning Engine
USA USA October Web-based reporting and data visualization platform
USA Japan October Data intelligence applications
USA USA November Big data predictive solutions
USA USA December Proactive retention management solutions
58. 58
Horizontal Application Software Market
Deal Spotlights: Sales Performance
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x 19.85 x 19.84 x 20.36 x 21.12 x 20.23 x 20.56 x
EV/S 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x 4.35 x 4.33 x 4.27 x 4.35 x 4.30 x 4.33 x
Sold to
Target: Xactly Corporation [USA]
Acquirer: Vista Equity Partners [USA]
Transaction value: $564M
- Sales performance, analytics and planning SaaS
Sold to
Target: Endeavor Commerce [USA]
Acquirer: Vendavo [USA]
- Guided selling and sales configuration solution
Sold to
Target: AlignStar [USA]
Acquirer: Xactly Corporation [Vista Equity Partners] [USA]
- Territory resource management software
59. 59
Horizontal Application Software Market
Deal Spotlight: Social Media Customer Engagement
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x 19.85 x 19.84 x 20.36 x 21.12 x 20.23 x 20.56 x
EV/S 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x 4.35 x 4.33 x 4.27 x 4.35 x 4.30 x 4.33 x
Target: Digital Roots [USA]
Acquirer: Interactions [USA]
- AI-enabled social media management solution
- Bolsters Interactions social media engagement
- Adds to Interactions strong AI technology position
Sold to
60. 60
Horizontal Application Software Market
Deal Spotlights: Smart Logistics
Target Acquirer
Target
Country
Acquirer
Country
Month Description
USA USA June
Fleet management, driver-safety, and telematics
solutions
USA Canada June Inventory control and management solutions
USA USA August
SaaS platform for accessing and managing local
deliveries
USA Canada August Cloud-based freight visibility platform
USA USA September Multimodal shipment visibility solutions
China China September Domestic delivery, logistics and warehousing services
Ireland USA October
Fleet management, vehicle tracking and telematics
software
USA USA November Channel data integrity and intelligence solutions
USA France December GPS fleet tracking and management technology
61. 61
Horizontal Application Software Market
Deal Spotlight: Time Tracking
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x 19.85 x 19.84 x 20.36 x 21.12 x 20.23 x 20.56 x
EV/S 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x 4.35 x 4.33 x 4.27 x 4.35 x 4.30 x 4.33 x
Target: TSheets.com [USA]
Acquirer: Intuit [USA]
Transaction value: $340M
- Cloud-based time tracking and scheduling application
- TSheets to be re-branded into Time Capture
- Enhances QuickBooks ecosystem
Sold to
62. 62
Horizontal Application Software Market
Deal Spotlights: Employee Training Software
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 18.39 x 17.98 x 17.31 x 18.71 x 19.46 x 20.61 x 19.56 x 19.85 x 19.84 x 20.36 x 21.12 x 20.23 x 20.56 x
EV/S 3.47 x 3.70 x 3.83 x 3.80 x 3.90 x 4.31 x 4.49 x 4.35 x 4.33 x 4.27 x 4.35 x 4.30 x 4.33 x
Target: Learning Seat [Australia]
Acquirer: Callidus Software [USA]
Transaction Value: $26M
- Adaptive training and compliance learning content platform
Target: Navis Learning [USA]
Acquirer: Simplify Compliance [Business & Legal Resources] [USA]
- Customized learning and development solutions
Sold to
Sold to
63. 63
Vertical Application Software Market
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x 18.65 x 17.76 x 18.10 x 18.47 x 19.87 x 19.89 x
EV/S 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x 5.00 x 5.05 x 5.05 x 5.15 x 4.88 x 5.31 x
Public Valuation Multiples
64. 64
Subsector Sales EBITDA Examples
A/E/C 6.52x 26.02x
Automotive 5.39x 19.16x
Energy &
Environment
4.89x 18.19x
Financial
Services
5.40x 18.22x
Government 2.29x 14.73x
Healthcare 4.43x 25.34x
Real Estate 6.77x 38.74x
Vertical Other 3.70x 14.68x
Vertical Application Software Valuations
65. 65
Vertical Application Software Market
Deal Spotlights: Patient Engagement
Target Acquirer Month Value Description
March $170M Speech-enabled patient engagement SaaS
April $34M
EHR, care coordination and medical outcomes
management SaaS
June $63M EHR for tracking patient care and outcomes
September $132M Medication therapy management solutions
October $90M Patient relationship management platform
October - Patient relationship management platform
December - Care coordination and outcome measurement platform
66. 66
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x 18.65 x 17.76 x 18.10 x 18.47 x 19.87 x 19.89 x
EV/S 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x 5.00 x 5.05 x 5.05 x 5.15 x 4.88 x 5.31 x
Vertical Application Software Market
Deal Spotlights: Healthcare
Target: Kroll Computer Systems [Canada]
Acquirer: TELUS Corporation [Canada]
Transaction Value: $250M
- Pharmacy management software
Target: Navicure [USA]
Acquirer: ZirMed [USA]
Transaction Value: $750M (estimated)
- Сloud-based claims management and patient payment solutions
Sold to
Sold to
67. 67
2017 Mega Deals
$62B$2B
$1.0B
$18B
IT SERVICES
HR BPO assets
Healthcare business
$1.3B
$2.6B
$2.0B
$1.6B
$2.0B
$1.0B
$2.8B
$4.3B
HORIZONTAL
$21B
$1.4B
$1.1B
$1.1B
$15B
INTERNET
$1.9B
$3.4B
$2.4B
$1.6B
$1.6B
$2.5B
$1.3B
INFRASTRUCTURE
$27B
$6.0B
$3.7B
$1.2B
$1.1B
$1.3B
$1.8B
$1.1B
$1.6B
$1.6B
$1.6B
$5.7B$5.3B
$10.4B
$1.7B
VERTICAL
$15.3B
$2.0B
$3.6B
$2.8B
$2.3B
$3.9B
$1.2B
$1.4B
$1.3B
$1.0B
$1.1B
$1.1B
$1.2B
$1.0B
$23B
$1.0B
CONSUMER
Target: Aclara Technologies [Sun Capital Partners] [USA]
Acquirer: Hubbell [USA]
Transaction Value: $1.1B
- Smart metering solutions to gas and electric utilities
Sold to
68. 68
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 16.76 x 16.40 x 17.82 x 17.83 x 17.66 x 17.99 x 19.26 x 18.65 x 17.76 x 18.10 x 18.47 x 19.87 x 19.89 x
EV/S 4.57 x 4.61 x 4.70 x 4.71 x 5.00 x 4.93 x 5.12 x 5.00 x 5.05 x 5.05 x 5.15 x 4.88 x 5.31 x
Vertical Application Software Market
Deal Spotlights: Energy & Environment
Sold to
Target: EnerNOC [USA]
Acquirer: Enel [Italy]
Transaction Value: $250M
- Demand response solutions and energy intelligence software
Sold to
Target: Aveva [United Kingdom]
Acquirer: Schneider Electric [France]
Transaction Value: $710M (reported)
- Engineering design and information management solutions
Sold to
Sold to
Target: REstore [Belgium]
Acquirer: Centrica [United Kingdom]
Transaction Value: $81M
- Cloud-based demand side management software
Target: Comverge [Georgia]
Acquirer: Itron [USA]
Transaction Value: $100M
- Intelligent energy management solutions
69. 69
2017 Mega Deals
$62B$2B
$1.0B
$18B
IT SERVICES
HR BPO assets
Healthcare business
$1.3B
$2.6B
$2.0B
$1.6B
$2.0B
$1.0B
$2.8B
$4.3B
HORIZONTAL
$21B
$1.4B
$1.1B
$1.1B
$15B
INTERNET
$1.9B
$3.4B
$2.4B
$1.6B
$1.6B
$2.5B
$1.3B
INFRASTRUCTURE
$27B
$6.0B
$3.7B
$1.2B
$1.1B
$1.3B
$1.8B
$1.1B
$1.6B
$1.6B
$1.6B
$5.7B$5.3B
$10.4B
$1.7B
VERTICAL
$15.3B
$2.0B
$3.6B
$2.8B
$2.3B
$3.9B
$1.2B
$1.4B
$1.3B
$1.0B
$1.1B
$1.1B
$1.2B
$1.0B
$23B
$1.0B
CONSUMER
Sold to
Target: Silver Spring Networks [USA]
Acquirer: Itron [USA]
Transaction Value: $1B (1.9x EV/Sales)
- Networking platform and solutions provider for smart energy networks
70. 70
Vertical Application Software Market
Deal Spotlights: Construction Software
Target Acquirer
Target
Country
Acquirer
Country
Month Description
USA Canada March
Electrical estimating, takeoff, service and project
management software
USA USA March ERP solutions to the home building industry
USA USA May Online peer-to-peer equipment rental platform
USA USA July Enterprise resource planning construction software
USA USA August Web-hosted construction collaboration software
United
Kingdom
Canada September Construction estimating software
USA USA October Construction information cloud-based platform
Sweden Sweden October
Project collaboration SaaS for the construction and
real estate industry
Australia USA December
Online collaboration platform for the construction
industry
USA USA December Estimating and project management software
71. 71
Vertical Application Software Market
Deal Spotlights: Autonomous Vehicle Tech
Target Acquirer
Target
Country
Acquirer
Country
Month Description
Germany Netherlands January Software for autonomous driving
USA USA February Sensor-based AI-enabled operation software
Germany France March Skeleton tracking and gesture recognition software
USA USA March Autonomous vehicles adoption through LiDAR solutions
Netherlands Germany August Self-driving vehicles simulation software
USA USA October Advanced unmanned systems and aerospace vehicles
USA USA October Automated driving software solution
USA USA October Lidar sensing devices
72. 72
2017 Mega Deals
$62B$2B
$1.0B
$18B
IT SERVICES
HR BPO assets
Healthcare business
$1.3B
$2.6B
$2.0B
$1.6B
$2.0B
$1.0B
$2.8B
$4.3B
HORIZONTAL
$21B
$1.4B
$1.1B
$1.1B
$15B
INTERNET
$1.9B
$3.4B
$2.4B
$1.6B
$1.6B
$2.5B
$1.3B
INFRASTRUCTURE
$27B
$6.0B
$3.7B
$1.2B
$1.1B
$1.3B
$1.8B
$1.1B
$1.6B
$1.6B
$1.6B
$5.7B$5.3B
$10.4B
$1.7B
VERTICAL
$15.3B
$2.0B
$3.6B
$2.8B
$2.3B
$3.9B
$1.2B
$1.4B
$1.3B
$1.0B
$1.1B
$1.1B
$1.2B
$1.0B
$23B
$1.0B
CONSUMER
Sold to
Target: Mobileye [Israel]
Acquirer: Intel [USA]
Transaction Value: $15.3B (41.0x EV/Sales and 117.6x EBITDA)
- EyeQ system-on-chip, semiconductors and related systems for automakers
73. 73
Consumer Application Software Market
Public Valuation Multiples
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 14.82 x 15.82 x 17.52 x 18.23 x 20.43 x 20.02 x 15.85 x 17.48 x 13.74 x 13.09 x 14.49 x 16.65 x 18.01 x
EV/S 2.04 x 2.27 x 2.18 x 2.44 x 2.62 x 2.83 x 3.22 x 2.96 x 3.06 x 2.96 x 2.63 x 2.91 x 3.89 x
75. 75
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 12.59 x 15.03 x 14.78 x 17.30 x 18.13 x 20.70 x 16.89 x 18.81 x 17.25 x 15.16 x 15.24 x 16.51 x 18.01 x
EV/S 2.26 x 2.30 x 2.23 x 2.21 x 2.32 x 2.99 x 3.13 x 3.07 x 3.23 x 3.45 x 3.67 x 3.93 x 3.89 x
Deal Spotlights: Chinese Tech Giants
Consumer Application Software Market
Target: Space Ape [USA]
Acquirer: Supercell [Tencent Holdings] [Finland]
Transaction value: $55.8M
- Internet-based mobile and tablet games
Target: Ejoy Technology [China]
Acquirer: Alibaba [China]
- Internet games developer
Sold to
Sold to
76. 76
Consumer Application Software Market
Deal spotlights: Casual Gaming
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 14.82 x 15.82 x 17.52 x 18.23 x 20.43 x 20.02 x 15.85 x 17.48 x 13.74 x 13.09 x 14.49 x 16.65 x 18.01 x
EV/S 2.04 x 2.27 x 2.18 x 2.44 x 2.62 x 2.83 x 3.22 x 2.96 x 3.06 x 2.96 x 2.63 x 2.91 x 3.89 x
Target: FreeStyleGames [United Kingdom]
Acquirer: Ubisoft [France]
- Music rhythm based gaming
Target: Growtopia [Japan]
Acquirer: Ubisoft [France]
- Mobile and desktop gaming solutions
Sold to
Sold to
77. 77
Consumer Application Software Market
Deal Spotlight: Blockbuster Franchise
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 14.82 x 15.82 x 17.52 x 18.23 x 20.43 x 20.02 x 15.85 x 17.48 x 13.74 x 13.09 x 14.49 x 16.65 x 18.01 x
EV/S 2.04 x 2.27 x 2.18 x 2.44 x 2.62 x 2.83 x 3.22 x 2.96 x 3.06 x 2.96 x 2.63 x 2.91 x 3.89 x
Target: Digital Roots [USA]
Acquirer: Interactions [USA]
- AI-enabled social media management solution
- Bolsters Interactions social media engagement
- Adds to Interactions strong AI technology position
Sold to
Target: Respawn Entertainment [USA]
Acquirer: Electronic Arts [USA]
Transaction Value: $315M
- Developer of fast-paced blockbuster FPS Titanfall
- EA outbid Nexon, co-publisher of Titanfall
Sold to
78. 78
Consumer Application Software Market
Deal Spotlights: Social Gaming
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 14.82 x 15.82 x 17.52 x 18.23 x 20.43 x 20.02 x 15.85 x 17.48 x 13.74 x 13.09 x 14.49 x 16.65 x 18.01 x
EV/S 2.04 x 2.27 x 2.18 x 2.44 x 2.62 x 2.83 x 3.22 x 2.96 x 3.06 x 2.96 x 2.63 x 2.91 x 3.89 x
Target: Plarium Global [Israel]
Acquirer: Aristocrat Leisure [Australia]
Transaction Value: $500M
- Mobile and social video games including Vikings: War of Clans
- Aristocrat previously acquired social casino game maker Product Madness
Target: Rumble Entertainment [USA]
Acquirer: Plarium [Aristocrat] [Australia]
- Fantasy role-playing games
- Extends Plarium’s library of MMO strategy RPG titles
Sold to
Sold to
79. 79
2017 Mega Deals
$62B$2B
$1.0B
$18B
IT SERVICES
HR BPO assets
Healthcare business
$1.3B
$2.6B
$2.0B
$1.6B
$2.0B
$1.0B
$2.8B
$4.3B
HORIZONTAL
$21B
$1.4B
$1.1B
$1.1B
$15B
INTERNET
$1.9B
$3.4B
$2.4B
$1.6B
$1.6B
$2.5B
$1.3B
INFRASTRUCTURE
$27B
$6.0B
$3.7B
$1.2B
$1.1B
$1.3B
$1.8B
$1.1B
$1.6B
$1.6B
$1.6B
$5.7B$5.3B
$10.4B
$1.7B
VERTICAL
$15.3B
$2.0B
$3.6B
$2.8B
$2.3B
$3.9B
$1.2B
$1.4B
$1.3B
$1.0B
$1.1B
$1.1B
$1.2B
$1.0B
$23B
$1.0B
CONSUMER
Target: Big Fish Games [USA]
Acquirer: Aristocrat Leisure [Australia]
Transaction Value: $990M (2.2x EV/Sales and 11.9x EBITDA)
- Developer and distributor of casual games
Target: Big Fish Games [USA]
Acquirer: Aristocrat Leisure [Australia]
Transaction Value: $990M (2.2x EV/Sales and 11.9x EBITDA)
- Developer and distributor of casual games
Sold to
80. 80
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 12.59 x 15.03 x 14.78 x 17.30 x 18.13 x 20.70 x 16.89 x 18.81 x 17.25 x 15.16 x 15.24 x 16.51 x 18.01 x
EV/S 2.26 x 2.30 x 2.23 x 2.21 x 2.32 x 2.99 x 3.13 x 3.07 x 3.23 x 3.45 x 3.67 x 3.93 x 3.89 x
Deal Spotlights: Social Gaming
Sold to
Target: Spicerack Media [USA]
Acquirer: Scientific Games Corporation [USA]
- Mobile and social games available on Facebook and Amazon.com
Sold to
Target: NYX Gaming Group [USA]
Acquirer: Scientific Games Corporation [USA]
Transaction Value: $607M (3.1x EBITDA)
- Digital gaming software
Sold to
Target: Red7Mobile [United Kingdom]
Acquirer: Scientific Games Corporation [USA]
- Casino games and sports apps for the gambling industry
Sold to
Target: Lapis Software Associates [USA]
Acquirer: Scientific Games Corporation [USA]
- Software for on-line lottery systems
Consumer Application Software Market
81. 81
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 12.59 x 15.03 x 14.78 x 17.30 x 18.13 x 20.70 x 16.89 x 18.81 x 17.25 x 15.16 x 15.24 x 16.51 x 18.01 x
EV/S 2.26 x 2.30 x 2.23 x 2.21 x 2.32 x 2.99 x 3.13 x 3.07 x 3.23 x 3.45 x 3.67 x 3.93 x 3.89 x
Deal Spotlights: AR/VR
Consumer Application Software Market
Target: Owlchemy Labs [USA]
Acquirer: Google [USA]
- Virtual reality game developer
Target: Fitness AR [USA]
Acquirer: Mapbox [USA]
- AR-based application for visualizing runs, hikes and bike rides on a 3D image
Target: Drop Messages (IP assets) [USA]
Acquirer: Snap [USA]
- AR mobile application alerting to consumers when friends and photos are nearby
Sold to
Sold to
Sold to
82. 82
1.00 x
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 12.59 x 15.03 x 14.78 x 17.30 x 18.13 x 20.70 x 16.89 x 18.81 x 17.25 x 15.16 x 15.24 x 16.51 x 18.01 x
EV/S 2.26 x 2.30 x 2.23 x 2.21 x 2.32 x 2.99 x 3.13 x 3.07 x 3.23 x 3.45 x 3.67 x 3.93 x 3.89 x
Deal Spotlights: IoT/Wearables
Consumer Application Software Market
Target: Knoton [USA]
Acquirer: Innovo Technology [Signature Devices Corporation] [USA]
- IoT devices and software for tracking health, pet’s location or a child
Sold to
Target: Tazer Mobile [dba Tazerwear] [USA]
Acquirer: Innovo Technology [Signature Devices Corporation] [USA]
- Android-based wearable devices with AI software for smart object recognition
Sold to
83. 83
Target Acquirer
Target
Country
Month Description
United
Kingdom
March
Audio detection technology for the identification,
monitoring, and discovery of music
USA March
iPhone entertainment recommendation application
across streaming media and VoD services
USA April
Open media library that automatically connects
media to creator and metadata using blockchain
technology
France May
Online music search and AI-based recommendation
software for music publishers
Sweden November
Cloud-based audio recording platform enabling
collaboration and creation music and audio
Consumer Software Market
Deal Spotlights: Spotify
84. 84
Internet Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
5.50 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
24.00 x
26.00 x
28.00 x
30.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 18.57 x 20.12 x 21.80 x 21.78 x 26.43 x 27.08 x 26.11 x 28.79 x 24.53 x 25.69 x 26.95 x 25.76 x 26.58 x
EV/S 3.81 x 4.16 x 4.14 x 3.99 x 4.19 x 4.41 x 4.28 x 4.40 x 4.49 x 4.65 x 4.89 x 4.11 x 4.64 x
Public Valuation Multiples
85. 85
Subsector Sales EBITDA Examples
Diversified
Internet
6.01x 27.44x
eCommerce 0.91x 29.47x
Social Network 6.29x 23.41x
Travel & Leisure 7.13x 30.25x
Internet Software Valuations
86. 86
Target Acquirer
Target
Country
Acquirer
Country
Month Description
USA USA April Online art and craft instruction video workshops
USA USA April Platform for making interior design
USA USA May Online recipe recommendations and food delivery
USA Sweden September Marketplace for freelancers willing to run errands
USA USA September Meal-subscription service
USA USA October Online marketplace and product launch platform
USA USA December Internet-based grocery delivery service
Internet Software Market
Deal Spotlights: Composite Commerce
87. 87
Target Acquirer
Target
Country
Month Description
USA March Online store that delivers pet products
USA April Online pet products marketplace
USA April
Mobile application that enables pet-owners take an advice
from verified vets, trainers and other pet experts
USA November Subscription service that sells puppy toys and treats online
Australia November
Online retailer of pet food, medication, accessories, toys, and
treats
Sweden November
Internet retail for pet food and other pet supplies and
accessories
Sweden November Online retailer of pet supplies
Deal Spotlights: Pets Retail
Internet Software Market
88. 88
2017 Mega Deals
$62B$2B
$1.0B
$18B
IT SERVICES
HR BPO assets
Healthcare business
$1.3B
$2.6B
$2.0B
$1.6B
$2.0B
$1.0B
$2.8B
$4.3B
HORIZONTAL
$21B
$1.4B
$1.1B
$1.1B
$15B
INTERNET
$1.9B
$3.4B
$2.4B
$1.6B
$1.6B
$2.5B
$1.3B
INFRASTRUCTURE
$27B
$6.0B
$3.7B
$1.2B
$1.1B
$1.3B
$1.8B
$1.1B
$1.6B
$1.6B
$1.6B
$5.7B$5.3B
$10.4B
$1.7B
VERTICAL
$15.3B
$2.0B
$3.6B
$2.8B
$2.3B
$3.9B
$1.2B
$1.4B
$1.3B
$1.0B
$1.1B
$1.1B
$1.2B
$1.0B
$23B
$1.0B
CONSUMER
Target: Vivid Seats [USA]
Acquirer: GTCR [USA]
Transaction Value: $1.6B (estimated)
- Online secondary ticketing marketplace to buy and sell tickets for
live sports, concert and theater events
Sold to
89. 89
Target Acquirer
Target
Country
Value Description
USA - Web based ticketing platform with a la carte features
USA $16M Online ticketing solutions for events and venues
USA -
Ticketing applications that enable online ticket sales in
venues
USA - Online ticketing services and POS ticketing systems
USA - Online and mobile ticketing solutions
USA $200M Online tickets retailer
China $393M Retails online tickets for concerts, theater and other events
India $19M Online ticketing platform for entertainment activities
Israel $56M Event ticketing SaaS for entertainment and sports
Internet Software Market
Deal Spotlights: Ticketing
90. 90
Target Acquirer
Target
Country
Acquirer
Country
Value Description
Denmark USA $550M
Online travel booking services for airlines, cruises, hotel
and car rentals
UK USA $407M Online travel services holding company
Israel
United
Kingdom
$64M
Search engine technologies and related services for
hotel booking
Bulgaria USA $35M Airfare pricing and shopping solutions
India India $28M Independent corporate travel services provider
Germany
United
Kingdom
$14M Online travel package booking portal
Switzerland
United
Kingdom
-
Meta-search engine for hotels and all types of
accommodations
USA China -
Travel services including accommodation reservation,
transportation ticketing etc.
Brazil USA - Search engine for tourist services
India USA - Online-offline travel portal
Greece Sweden - Online travel agency
Internet Software Market
Deal Spotlights: Travel Booking
91. 91
Infrastructure Software Market
Public Valuation Multiples
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x
EV/S 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x
93. 93
Infrastructure Software Market
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x
EV/S 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x
Sold to
Sold to
Deal Spotlights: Endpoint Security and Backup
Target: Datacastle Corporation [USA]
Acquirer: Carbonite [USA]
- Enterprise endpoint backup and data protection solutions for the mobile workforce
Target: Invincea [USA]
Acquirer: Sophos [USA]
Transaction Value: $100M (12.2x EV/Sales)
- Malware threat detection, prevention, and pre-breach forensic intelligence
94. 94
2017 Mega Deals
$62B$2B
$1.0B
$18B
IT SERVICES
HR BPO assets
Healthcare business
$1.3B
$2.6B
$2.0B
$1.6B
$2.0B
$1.0B
$2.8B
$4.3B
HORIZONTAL
$21B
$1.4B
$1.1B
$1.1B
$15B
INTERNET
$1.9B
$3.4B
$2.4B
$1.6B
$1.6B
$2.5B
$1.3B
INFRASTRUCTURE
$27B
$6.0B
$3.7B
$1.2B
$1.1B
$1.3B
$1.8B
$1.1B
$1.6B
$1.6B
$1.6B
$5.7B$5.3B
$10.4B
$1.7B
VERTICAL
$15.3B
$2.0B
$3.6B
$2.8B
$2.3B
$3.9B
$1.2B
$1.4B
$1.3B
$1.0B
$1.1B
$1.1B
$1.2B
$1.0B
$23B
$1.0B
CONSUMER
Sold to
Target: Barracuda Networks [USA]
Acquirer: Thoma Bravo [USA]
Transaction Value: $1.6B (4x EV/Sales)
- Data storage, disaster recovery, content and network security
Sold to
95. 95
Target Acquirer
Deal
Value
Month Description
$5.7B December
Digital security products, including subscriber authentication
and rights management solutions
$200M September Multi-factor authentication and single sign-on solutions
$103M June
Cloud platform for building identity and IoT applications
$42M May
Automated machine identity provisioning software for
identifying and authorize specific users and jobs
- March
Cloud-based identity and access management solutions,
single sign-on, password management and analytics
- November Centralized identity and access right management software
Deal Spotlights: Identity and Access Management
Infrastructure Software Market
96. 96
Infrastructure Software Market
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x
EV/S 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x
Deal Spotlights: Web Browsing Security
Sold to
Sold to
Sold to
Target: Evidon [USA]
Acquirer: Crownpeak Technology [K1 Investment Management] [USA]
Transaction Value: $50M (estimated)
- Digital governance solutions for privacy and data protection
Target: Weblife Balance [USA]
Acquirer: Proofpoint [USA]
Transaction Value: $60M
- SaaS for anonymous and protected web browsing by proxying user’s activity
Target: SurfEasy [Opera Software ASA] [Canada]
Acquirer: Symantec Corporation [USA]
Transaction Value: $38.5M
- Virtual private network security application for protecting personal online privacy and security
97. 97
Infrastructure Software Market
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x
EV/S 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x
Deal Spotlights: Open Source
Sold to
Sold to
Sold to
Target: Restlet [France]
Acquirer: Talend [USA]
Transaction Value: $10.1M
- SAS API lifecyle-management platform for Java-based Web application development
Target: Atollic [Sweden]
Acquirer: STMicroelectronics [Switzerland]
Transaction Value: $7M
- ARM-based integrated development environment software for microcontrollers
Target: Tesora [USA]
Acquirer: Stratoscale [Israel]
- Database-as-a-Service platform for administrators and DevOps
98. 98
Infrastructure Software Market
Deal Spotlight: Enterprise Mobility, Device Management
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x
EV/S 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x
Target: SkyGiraffe [USA]
Acquirer: ServiceNow [USA]
- Cloud-based workflow platform
- Follows the purchase of design studio Telepathy for its enterprise-class
functionalities
Sold to
99. 99
Infrastructure Software Market
Deal Spotlight: Enterprise Mobility, Device Management
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-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 15.20 x 15.66 x 15.50 x 16.65 x 16.56 x 14.53 x 14.97 x 15.03 x 15.47 x 14.97 x 14.66 x 16.09 x 18.15 x
EV/S 3.32 x 3.32 x 3.54 x 3.53 x 3.54 x 3.60 x 3.62 x 3.48 x 3.63 x 3.83 x 3.95 x 4.09 x 4.44 x
Target: Cumulocity [Germany]
Acquirer: Software Aktiengesellschaft [Germany]
- Cloud-based M2M application platform
- Complements Zementis acquisition and Industry 4.0 alliances with major
players, including Bosch, Octo, Dell and Huawei
Sold to
100. 100
IT Services – Developed Markets
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
13.00 x
14.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x
EV/S 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x
Public Valuation Multiple
101. 101
IT Services – Emerging Markets
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 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
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 13.52 x 13.38 x 14.25 x 14.45 x 17.04 x 17.75 x 18.55 x 19.31 x 19.57 x 20.45 x 21.18 x 23.26 x 22.67 x
EV/S 2.70 x 2.70 x 2.95 x 3.04 x 3.14 x 3.26 x 3.27 x 3.34 x 3.00 x 3.27 x 3.40 x 3.55 x 3.71 x
Public Valuation Multiples
102. 102
Subsector Sales EBITDA Examples
Developed 1.31x 12.21x
Emerging 3.71x 22.67x
IT Services Valuations
103. 103
Target Acquirer
Target
Country
Value Description
Chile $39M Electronic transaction processing services
Peru $37M
BPO and IT outsourcing services with a focus on
construction and traffic management
Brazil $14M Outsourcing services, primarily credit origination
Brazil -
Internet software and applications development
consulting services
El Salvador - Back office management services
Deal Spotlights: LATAM outsourcing services
IT Services
104. 104
IT Services
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
13.00 x
14.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x
EV/S 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x
Sold to
Sold to
Deal Spotlights: Government SI
Target: Harris Corporation [Services division] [USA]
Acquirer: Veritas Capital [USA]
Transaction Value: $690M
- Technology consulting and solutions for the US government civil and military sectors
Target: Praxis Engineering Technologies [USA]
Acquirer: CSRA [United Kingdom]
Transaction Value: $235M
- Technology consulting and solutions for the US government civil and military sectors
105. 105
IT Services
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
13.00 x
14.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x
EV/S 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x
Deal Spotlights: CRM-based SI
Target: Lyons Consulting Group [USA]
Acquirer: Capgemini Group [France]
- Digital marketing and Salesforce-based systems integration services
Target: cDecisions [United Kingdom]
Acquirer: PricewaterhouseCoopers International [dba PwC] [USA]
- Salesforce customer relationship management software and services
Sold to
Sold to
Sold to
Sold to
Target: Basati [USA]
Acquirer: Simplus [USA]
- Consulting services for Salesforce solutions
Target: CRM Manager [USA]
Acquirer: Simplus [USA]
- Salesforce integration and consulting services
106. 106
IT Services
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
13.00 x
14.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x
EV/S 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x
Sold to
Sold to
Deal Spotlights: Automotive SI
Target: EPOS CAT [Germany]
Acquirer: Data Respons [Norway]
Transaction Value: $11.6M
- Computer-aided testing services to the automotive industry
Target: CEC Controls Company [USA]
Acquirer: John Wood Group [dba Wood Group] [United Kingdom]
Transaction Value: $59M
- Automotive company that offers error proofing, systems engineering, and material handling
107. 107
IT Services
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
13.00 x
14.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x
EV/S 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x
Deal Spotlights: AI Research Services
Target: Xerox Research Centre Europe [Xerox Corporation] [France]
Acquirer: NAVER Corporation [Korea]
- Software development and research in AI, machine learning, computer vision, natural language processing
Target: Company AI [Korea]
Acquirer: NAVER Corporation [Korea]
- AI research and development services in learning algorithms and optimization technology areas
Sold to
Sold to
Sold to
Sold to
Target: Halli [India]
Acquirer: Google [Alphabet Inc.] [USA]
- AI and machine learning based solutions
Target: Maluuba [Canada]
Acquirer: Microsoft Corporation [USA]
- Deep learning mobile applications for natural language processing
108. 108
IT Services – Developed Markets
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
13.00 x
14.00 x
EV/SEV/EBITDA
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
EV/EBITDA 11.14 x 10.86 x 11.03 x 11.28 x 11.25 x 11.48 x 11.81 x 12.19 x 12.13 x 12.52 x 12.86 x 12.26 x 12.21 x
EV/S 1.30 x 1.37 x 1.25 x 1.36 x 1.45 x 1.42 x 1.41 x 1.40 x 1.44 x 1.41 x 1.36 x 1.34 x 1.31 x
Deal Spotlight: BPO Services
Sold to
Target: DST Systems [USA]
Acquirer: SS&C Technologies [USA]
Transaction Value: $5.1B
- BPO services to the financial and healthcare industries
- Expands SS&C's footprint into the US retirement and wealth management markets
109. 109
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Amanda Tallman
Senior Analyst
Becky Hill
Research Analyst
Patrick Cunningham
Research Analyst
Yasmin Khodamoradi
Director, Valuation Services
110. 110
Luminary Panel – The Year Ahead
Peter Coffee
@petercoffee
Salesforce
Henry Hu
@HenryMHu
IBM
Reese Jones
@Reese_Jones
Singularity University
Ed Gardner
Descartes
Thoughts? Questions?
Let us know!
@CorumGroup
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
Ed Gardner is the Executive Vice president of Corporate Development at Descartes Systems Group,
Inc. He joined Descartes in 2003 where he first held a number of senior roles within our corporate
finance organization. In his current role as Executive Vice President, Corporate Development, Mr.
Gardner is responsible for the development and execution of our M&A strategy. Mr. Gardner's
previous experience includes both practical logistics experience where he worked in a senior
leadership position at a third party logistics provider (3PL) as well as deal execution and integration
experience as part of Ernst & Young's Transaction Advisory Services practice in London, England.
Ed Gardner
Descartes
Executive VP, 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
Henry develops M&A strategies, evaluates acquisition opportunities, leads strategic projects to
formulate new business models, international joint ventures, and innovation programs. He also leads
the preparation of M&A forums for IBM senior executives. Prior to his current role, Henry was the CFO
of IBM Systems Strategic Imperatives (e.g. Cloud and Analytics). His professional background spans
IBM, A.T. Kearney and Ford Motor Company. In 2017 he became the CT/Westchester chapter co-
President of Ascend, the largest non-profit organization for Asian Professionals in North America.
Henry holds a B.S. in International Trade & Computer Science from Shanghai Jiao Tong University, an
M.S. in Engineering Management from Stanford, and an Executive MBA from Columbia University.
Henry Hu
IBM
Corporate Development Executive
115. 115
Luminary Panel – The Year Ahead
Peter Coffee
@petercoffee
Salesforce
Henry Hu
@HenryMHu
IBM
Reese Jones
@Reese_Jones
Singularity University
Ed Gardner
Descartes
116. 116
Q&A
We welcome your questions!
Use Q&A tab at the bottom of screen
Submit to queue at any time
117. 117
Upcoming Conference Schedule
Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position,
research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
event ever – participants have done over $1 trillion in transaction value.
Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends,
valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.”
www.CorumGroup.com/Events
Jan. 24: Portland – MB
Jan. 25: Sacramento – MB
Jan. 31: Dublin – MB
Feb. 6: Columbus – SUSO
Feb. 8: Private Equity Roundtable
Feb. 13: Paris – MB
Feb. 14: Amsterdam – MB
Feb. 15: Seattle – MB
Feb. 15: Barcelona – MB
Feb. 22: San Francisco – Growth
& Exit Strategies
Feb. 28: Baltimore – MB
Feb. 28: Victoria – MB
Mar. 1: Century City – MB
Mar. 1: Atlanta – MB
Mar. 13: San Diego – MB