Since last year ended on such a strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of 2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in proceeds from their IPOs. That’s the second highest first quarter proceeds in the past five years and impressive given the increased US market volatility and consistent with the high pre-IPO valuations we’ve seen recently. Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, it’s a promising start for 2015. Learn more at www.pwc.com/globaltechipo
*Deal size greater than US$40 million
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investments–anything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
Right Cloud Mindset: Survey Results Hospitality | Accentureaccenture
Looking two years ahead: Functional objectives along with technology related challenges and top five areas of investment for hospitality companies. Learn more: https://accntu.re/3uB9LL1
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
Accenture reveals that the relationship between intelligent operations and business value creation is key to becoming a future-ready organization. Read More.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
Federal Technology Vision 2021: Full U.S. Federal Survey Findings | Accentureaccenture
Leaders don’t wait for a new normal, they build it. The Accenture Federal Technology Vision 2021 identifies five key trends that agencies must address to lead in the post-pandemic world. Explore the full survey findings here. https://accntu.re/3sIBI0k
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investments–anything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
Right Cloud Mindset: Survey Results Hospitality | Accentureaccenture
Looking two years ahead: Functional objectives along with technology related challenges and top five areas of investment for hospitality companies. Learn more: https://accntu.re/3uB9LL1
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place — among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administrator’s chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
Intelligent Operations for Future-Ready Businesses | Accentureaccenture
Accenture reveals that the relationship between intelligent operations and business value creation is key to becoming a future-ready organization. Read More.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
Federal Technology Vision 2021: Full U.S. Federal Survey Findings | Accentureaccenture
Leaders don’t wait for a new normal, they build it. The Accenture Federal Technology Vision 2021 identifies five key trends that agencies must address to lead in the post-pandemic world. Explore the full survey findings here. https://accntu.re/3sIBI0k
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
MAPS2018 Keynote address on EY report: Life Sciences 4.0 – Securing value thr...EY
Summary: This keynote address presented by Pamela Spence, EY Global Life Sciences Leader (pspence2@uk.ey.com) at MAPS 2018 – the annual meeting for Medical Affairs Professional Society – discusses our latest life sciences report and the industry demands for a customer-focused, data driven approach to health care. We describe the accelerating pace of change as technological advances and the escalating expectations of payers, physicians and patient consumers are combining to disrupt the life sciences business model. Data and algorithms that maximize health outcomes based on individual needs and preferences are becoming the ultimate health care consumable. To create value now and in a future that we call Life Sciences 4.0, life sciences companies must build – or participate in – interoperable information systems that collect, combine and share data. For more on our report, Progressions 2018 – Life Sciences 4.0, please go to www.ey.com/progressions
A.T. Kearney reached out to more than 2,000 executives, business leaders, and heads of strategy functions to discuss their thoughts on the state of strategy today. Our findings indicate that while most leaders continue to believe in strategy, the return on their strategy initiatives has largely eroded over the past decade. In fact, when asked what it takes to secure a prosperous future, more than 80 percent of executives consider agility as important or more important than strategy when it comes to securing a prosperous future. Fortunately, the findings also point to promising ways to reclaim strategy—including using future-focused tools and techniques and engaging the organization in strategy formulation.
Infrastructure Victoria - AZ/ZEV International ScanL.E.K. Consulting
InfrastructureVictoria for released the Evidence Base that will inform its advice to the Victorian Government on the infrastructure required to support automated and zero emissions vehicles. The Evidence Base includes the findings of ten projects to address key areas, including transport, energy, ICT and urban design. L.E.K. Consulting contributed to this work program, undertaking an international scan of the regulation and technical standards relating to automated and zero emission vehicle technologies.
L.E.K. Consulting’s annual Media & Entertainment Study
was conducted between December 2018 and January
2019. We surveyed around 2,000 households on their
entertainment choices, preferences and viewing habits.
This Executive Insights analyzes key findings about
movie theater attendance and subscription services.
Cracking the Code on Consumer Fraud | Accentureaccenture
"Accenture research highlights how public safety agencies need a new approach to tackle consumer fraud – more intelligence-led,
proactive and collaborative."
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
The FDA and industry: A recipe for collaborating in the New Health EconomyPwC
Pharmaceutical and life science companies and their chief regulator – the FDA – must find new ways to collaborate to meet 21st century demands.
Web Page: http://www.pwc.com/us/en/health-industries/health-research-institute/hri-pharma-life-sciences-fda.jhtml
PwC’s new Golden Age Index – how well are countries harnessing the power of o...PwC
One of the key megatrends affecting the UK and most other developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the UK compares with other OECD economies in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Has U.S. defense, diplomacy and development adopted a “smart power” approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
L.E.K. Consulting recently surveyed more than 200 U.S. brand managers and packaging stakeholders at consumer packaged goods companies to understand their packaging needs and views on trends driving demand.
The survey focused on topics that include:
- Brand trends and their effect on packaging demand
- Shifts within packaging (e.g., new materials, packaging innovations)
- Perspectives on packaging demand (including forecast spend on packaging for their brands)
This Executive Insights analyzes key findings from this proprietary research
PwC’s Trends in People Analytics report highlights our recently published 2015 PwC Saratoga US benchmark data, as well as the implications for people analytics functions and key trends for consideration.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
http://bit.ly/GlobalTechIPOReview
Selon le « Global Technology IPO Review Q3 2014 » de PwC, un montant record de 24,8 milliards de dollars a été levé par les sociétés de technologie au 3ème trimestre 2014.
18 entreprises issues de 6 différents pays se sont introduites en bourse sur la période, soit une hausse de 50% en volume par rapport à l’année dernière.
Les fonds levés ce trimestre ont dépassé les 17,8 milliards de dollars levés au 2nd trimestre 2012, quand Facebook s’était introduit en bourse pour 16 milliards de dollars.
PwC объявила о выходе в свет «Обзора сделок на мировом рынке IPO в секторе высоких технологий за 2-й квартал 2013 года». В этом обзоре, основанном на данных по сделкам компании Dealogic, представлен анализ сделок на мировом рынке IPO в секторе высоких технологий за период с 1 апреля 2013 г. по 30 июня 2013 г. В отчете описываются основные тенденции на мировом рынке IPO в секторе высоких технологий, включая географию сделок; перечисляются крупнейшие сделки на этом рынке, заключенные во 2-м квартале; указывается распределение сделок по фондовым биржам, где состоялись сделки, и по секторам; раскрываются основные финансовые и оценочные показатели.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
MAPS2018 Keynote address on EY report: Life Sciences 4.0 – Securing value thr...EY
Summary: This keynote address presented by Pamela Spence, EY Global Life Sciences Leader (pspence2@uk.ey.com) at MAPS 2018 – the annual meeting for Medical Affairs Professional Society – discusses our latest life sciences report and the industry demands for a customer-focused, data driven approach to health care. We describe the accelerating pace of change as technological advances and the escalating expectations of payers, physicians and patient consumers are combining to disrupt the life sciences business model. Data and algorithms that maximize health outcomes based on individual needs and preferences are becoming the ultimate health care consumable. To create value now and in a future that we call Life Sciences 4.0, life sciences companies must build – or participate in – interoperable information systems that collect, combine and share data. For more on our report, Progressions 2018 – Life Sciences 4.0, please go to www.ey.com/progressions
A.T. Kearney reached out to more than 2,000 executives, business leaders, and heads of strategy functions to discuss their thoughts on the state of strategy today. Our findings indicate that while most leaders continue to believe in strategy, the return on their strategy initiatives has largely eroded over the past decade. In fact, when asked what it takes to secure a prosperous future, more than 80 percent of executives consider agility as important or more important than strategy when it comes to securing a prosperous future. Fortunately, the findings also point to promising ways to reclaim strategy—including using future-focused tools and techniques and engaging the organization in strategy formulation.
Infrastructure Victoria - AZ/ZEV International ScanL.E.K. Consulting
InfrastructureVictoria for released the Evidence Base that will inform its advice to the Victorian Government on the infrastructure required to support automated and zero emissions vehicles. The Evidence Base includes the findings of ten projects to address key areas, including transport, energy, ICT and urban design. L.E.K. Consulting contributed to this work program, undertaking an international scan of the regulation and technical standards relating to automated and zero emission vehicle technologies.
L.E.K. Consulting’s annual Media & Entertainment Study
was conducted between December 2018 and January
2019. We surveyed around 2,000 households on their
entertainment choices, preferences and viewing habits.
This Executive Insights analyzes key findings about
movie theater attendance and subscription services.
Cracking the Code on Consumer Fraud | Accentureaccenture
"Accenture research highlights how public safety agencies need a new approach to tackle consumer fraud – more intelligence-led,
proactive and collaborative."
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
The FDA and industry: A recipe for collaborating in the New Health EconomyPwC
Pharmaceutical and life science companies and their chief regulator – the FDA – must find new ways to collaborate to meet 21st century demands.
Web Page: http://www.pwc.com/us/en/health-industries/health-research-institute/hri-pharma-life-sciences-fda.jhtml
PwC’s new Golden Age Index – how well are countries harnessing the power of o...PwC
One of the key megatrends affecting the UK and most other developed countries is an ageing population. Harnessing the potential of older workers will therefore become an increasingly important source of competitive advantage for both nations and businesses.
To explore how the UK compares with other OECD economies in this regard, PwC has developed a new ‘Golden Age index’ comparing how well they are utilising workers aged 55 and over. The index includes relative employment, earnings and training rates for older workers for 34 OECD countries over the period since 2003.
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Has U.S. defense, diplomacy and development adopted a “smart power” approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
On June 21st, PwC’s Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwC’s HRI anticipates a 6.5% growth rate for 2017—the same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
L.E.K. Consulting recently surveyed more than 200 U.S. brand managers and packaging stakeholders at consumer packaged goods companies to understand their packaging needs and views on trends driving demand.
The survey focused on topics that include:
- Brand trends and their effect on packaging demand
- Shifts within packaging (e.g., new materials, packaging innovations)
- Perspectives on packaging demand (including forecast spend on packaging for their brands)
This Executive Insights analyzes key findings from this proprietary research
PwC’s Trends in People Analytics report highlights our recently published 2015 PwC Saratoga US benchmark data, as well as the implications for people analytics functions and key trends for consideration.
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
http://bit.ly/GlobalTechIPOReview
Selon le « Global Technology IPO Review Q3 2014 » de PwC, un montant record de 24,8 milliards de dollars a été levé par les sociétés de technologie au 3ème trimestre 2014.
18 entreprises issues de 6 différents pays se sont introduites en bourse sur la période, soit une hausse de 50% en volume par rapport à l’année dernière.
Les fonds levés ce trimestre ont dépassé les 17,8 milliards de dollars levés au 2nd trimestre 2012, quand Facebook s’était introduit en bourse pour 16 milliards de dollars.
PwC объявила о выходе в свет «Обзора сделок на мировом рынке IPO в секторе высоких технологий за 2-й квартал 2013 года». В этом обзоре, основанном на данных по сделкам компании Dealogic, представлен анализ сделок на мировом рынке IPO в секторе высоких технологий за период с 1 апреля 2013 г. по 30 июня 2013 г. В отчете описываются основные тенденции на мировом рынке IPO в секторе высоких технологий, включая географию сделок; перечисляются крупнейшие сделки на этом рынке, заключенные во 2-м квартале; указывается распределение сделок по фондовым биржам, где состоялись сделки, и по секторам; раскрываются основные финансовые и оценочные показатели.
Startup Europe Partnership Monitor - May 2015Startup Europe
Startup Europe Partnership Monitor is about the goals that this partnership has achieved, such a startups which become a sustainable companies, a cross industry platform and a communications hub for both Startups and Investors
Even though the growth has been slow in 2018, startups leveraging new hardware capabilities are reviving new investment. Explore global trends in our hardware sector report here http://bit.ly/hrd_sector
Financial Data and AnalysisApple’s fiscal third quarter ended o.docxvoversbyobersby
Financial Data and Analysis:
Apple’s fiscal third quarter ended on June 27, 2015. The company boasted third quarter revenue of $49.6 billion, with a net profit of $10.7 billion, or $1.85 per diluted share. Revenue is up by 33% from last year’s third quarter results. Apple reports its revenue by operating segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. Greater China had the biggest year over year change with a 112% increase in Revenue. The Rest of Asia Pacific came in second with a 26% increase in the year over year revenue, with Europe, Americas, and Japan reporting 19%, 15%, and 9% respectively. International sales represents 64% of the company’s third quarter earnings. The company reports fifteen billion in operating cash flow and returned over thirteen billion to shareholders. The Apple board of directors declared a $0.52 cash dividend on the company’s common stock that was payable to stockholders on August 13, 2015. (Apple Inc.)
The increase is largely due to the popularity of the iphone 6S and Mac products . The iphone product sales are up 59% from this time last year and the Mac up 9%. The Greater China market helped Apple create record sales of the iphone 6S, which was first released on September 25, 2015 and will continue through October 2015. Thirteen million units were sold in the first week of release this year, as compared to the record of ten million last year. Analysts report three to four million units were sold in China alone. This momentum is due to China not subjecting Apple to governmental policy restrictions by having regulators delay the release as it did last year over security concerns. Additionally Apple allowed sixteen days for the presale, six more days than last year’s presale. (Thielman) Services also showed revenue growth of 9% in the year over year, which include revenues from iTunes, Apple Care, and other licensing services. Other products including Apple TV, iPod, Apple Watch, and Beats Electronics was up 49% from last year. (Apple Inc.)
The Apple Watch was first introduced in March of 2015. Apple CEO Tim Cook and CFO Luca Maestri will not give specific unit sales and revenue data attributed by the Apple Watch alone as this product is reported in the Other Products category. The company does not want to divulge financial results of this product to its competitors. This strategy prevents the collection of competitive intelligence and limits imitation products from entering the market too quickly by the competition. However, the Other Products reported staggering growth of 49% in the year over year, which both leaders attribute to the successful launch of the Apple Watch. (Dillet)
August 1, 2014 Apple purchased Beats by Dr. Dre for $3 billion. Apple recognized the value of Beats steaming music business and it wanted the endorsement from Dr. Dre. Beats co-founder Jimmy Iovine and Dr. Dre are now employees of Apple. Eddy Cue, Apple’s senior vice president has report ...
As a nation, the UK has a tendancy to embrace the latest tech trends, which permeate into all aspects of our personal and professional lives. The UK tech industry creates employment for over 1.2 million people, however skills shortages are affecting the sector in a similar way to its counterparts in the US and Asia.
In this whitepaper, we take a look at the state of play for the UK Tech industry as we reach this year's midway point. The paper highlights the key trends which all suggest that the UK is seeing a resurgence in growth as one of the most technologically advanced nations in the world.
Indian Unicorns will continue to strengthen through acquisitions in Mobile, M...ProductNation/iSPIRT
With Mergers and Acquisitions (M&A) totaling $2.27bn since Jan 2011, technology majors as well as large Indian ‘Unicorns’ are likely to continue acquiring Indian Technology product startups to fill technology gaps as well as talent requirements. This was among the key trends to emerge from the Think Next Roundtable Report - 2015 India technology Product M&A Industry Monitor Report released by iSPIRT, India’s software products think tank, technology focused M&A advisory boutique Signal Hill and Microsoft Ventures.
Insight Report: Global Enterprise Solution SectorOddup
What do the past year's global funding trends showcase for the enterprise solutions sector? And where is the sector heading next? Find out more with Oddup's report http://bit.ly/es_sector
New startup funding in the finance sector witnessed a decline in Q1 2019 while early-stage startups form the biggest chunk. Discover the global trends in our latest Insights Report here http://bit.ly/fi_sector
India Technology Product M&A Industry Monitor - An iSPIRT & SignalHill reportProductNation/iSPIRT
India Technology Product M&A Industry Monitor - An iSPIRT & SignalHill report. Tech Product M&A in India is on the rise with both US & Asian strategics starting to dip their toes in the water. On account of the increasing pace of innovations and scale of the Indian Product Tech eco-system,
Similar to PwC's Global Technology IPO Review -- Q1 2015 (20)
This publication includes the deal activity in the insurance sector such as overall highlights, key announced transactions, and the outlook ahead. Read our full report to learn more.
Chain Reaction: How Blockchain Technology Might Transform Wholesale InsurancePwC
With the goal to identify where blockchain technologies have the greatest potential, this research report sponsored by PwC and conducted by Z/Yen, is based on 50+ interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the global wholesale insurance market.
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
Many internal audit departments are investing in data analytics, but are struggling to fully realize the anticipated benefits. By avoiding common pitfalls and implementing data analytics holistically throughout the department, stalled analytics programs can be restarted, or new programs more successfully implemented.
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
Hadoop Summit is an industry-leading Hadoop community event for business leaders and technology experts (such as architects, data scientists and Hadoop developers) to learn about the technologies and business drivers transforming data. PwC is helping organizations unlock their data possibilities to make data-driven decisions.
Stepping into the cockpit- Redefining finance's role in the digital agePwC
Insurance finance functions have been refining their
operating models to better align with business partner
demands, as well as adopting leading practices on how
to best utilize people, process and technology. The
challenge is that the business landscape is continuously
shifting and the pace of change is rapidly accelerating.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
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2. Global Technology IPO Review – Q1 2015 2
Table of contents
1. A promising start to 2015 3
2. Executive summary 4
Chinese technology IPOs choose domestic exchanges 5
Internet Software & Services continues to be the top subsector, while Computers,
Storage & Peripherals makes a comeback
6
3. Global technology IPO trends 7
4. Top 10 technology IPOs – Q1 2015 8
5. Geographic IPO trends – Q1 2015 9
United States 13
China 14
Europe 15
All other geographies 16
6. Stock exchange distribution –Q1 2015 17
7. Cross-border IPOs – Q1 2015 21
8. Subsector distribution – Q1 2015 22
9. Key financials – Q1 2015 24
10. Technology IPOs valuation metrics – Q1 2015 29
11. Top three subsectors - Q1 2015 31
Internet Software & Services 31
Computers, Storage & Peripheral 35
Semiconductors 39
12. Methodology 43
13. For more information 44
3. Global Technology IPO Review– Q1 2015 3
A promising start to 2015
Raman Chitkara
Partner and Global Technology
Industry Leader
PricewaterhouseCoopers LLP
raman.chitkara@us.pwc.com
Welcome to the first quarter 2015 issue of PwC’s Global Technology IPO Review. Since last year ended on such a
strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of
2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in
proceeds from their IPOs. That’s the second highest first quarter proceeds in the past five years and impressive
given the increased US market volatility and consistent with the high pre-IPO valuations we’ve seen recently.
Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And
sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, it’s a promising start
for 2015.
Even more encouraging, global participation in the technology IPO market remained strong in the first quarter
with 11 countries represented, on par with the prior quarter and a significant improvement from the four countries
of a year ago. China and its exchanges made a strong showing, posting the most tech IPOs (8) and raising US$1.1
billion, all on Chinese exchanges. That strong performance is expected to continue for the rest of the year.
Even Europe, with uneven tech IPO activity the past year, had five tech IPOs, including the largest of the quarter,
UK-based Auto Trader Group Plc., at US$2.4 billion. Total proceeds raised across European companies were
$US3.0 billion. The US had just four tech IPOs, raising US$1.4 billion, a decline in both proceeds and number of
IPOs from both Q4 2014 and Q1 2014. Higher volatility of the US capital markets combined with easy access to
venture capital at record high pre-IPO valuations were the principal factors behind this lackluster showing.
Looking at the subsectors, Internet Software & Services was once again the big winner, recording eight IPOs and
US$3.4 billion in proceeds. This subsector has dominated the tech IPO market for the last four years (2011-2014)
and shows no signs of letting up. Another bright note, after being completely absent in Q4 2014, Computer, Storage
& Peripherals made a comeback with four IPOs and proceeds of US$1.3 billion, perhaps indicating a reversal of the
last few quarters.
On the following pages you will find the full details on the quarter’s results. If you would like to discuss these
findings and how they may impact your business, please reach out to me or any member of our global technology
team listed at the back of this document.
Sincerely,
* Issue size greater than US$40 million
(includes overallotment) and based on
trade date
4. Global Technology IPO Review – Q1 2015 4
Executive summary
The first quarter of 2015 had the second highest
proceeds since 2010 with US$6.1 billion. However,
compared to Q1 2014, the first quarter’s total
proceeds fell by 11% and the number of IPOs
declined by 12% (23 versus 26).
Europe maintained the momentum that began in
the second quarter of 2014. Five of the 23 tech
IPOs in Q1 2015 were European tech companies. In
the second quarter of 2014 there were eight
European tech IPOs out of 40. The third and fourth
quarter of 2014 registered five out of 52.
Market volatility (VIX) was higher in Q1 2015 than
the last quarter of 2014, contributing to the pull-
back in US tech IPO activity.
Figure 1: First quarter global tech IPO trend
Source: Dealogic with analysis by PwC.
$4,029
$2,711
$3,038
$1,718
$6,839
$6,063
30
21
30
10
26
23
0
5
10
15
20
25
30
35
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
“The year 2015 started on a promising
note with china and Europe
contributing a large number of IPOs.
Chinese stock exchanges performed
well due to simplified rules and higher
valuations. Given high pre-IPO
valuations and market volatility, the
remainder of 2015 may stay on pace
with the first quarter, but likely not
surpass 2014.”
— Raman Chitkara
Global Technology Industry Leader, PwC
5. Global Technology IPO Review – Q1 2015 5
Chinese technology companies choose
domestic exchanges
Chinese technology IPOs in Q1 2015 fared better
than Q1 2014 in terms of proceeds, but the number
of IPOs declined. On a sequential basis both listings
and proceeds also declined. The most noticeable
development for China tech IPOs in Q1 was the
absence of cross-border listings.
Chinese regulators shifted from an approval-based
to a registration-based system like that in the US,
which has increased transparency and introduced a
robust system for IPOs listing on Chinese
exchanges.1
1 www.chinabusinessreview.com
Figure 2: Q1 2014 – Q1 2015 China technology IPOs
Source: Dealogic with analysis by PwC.
$987
$3,673
$22,968
$1,435 $1,055
11
13
10
11
8
0
2
4
6
8
10
12
14
0
5,000
10,000
15,000
20,000
25,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Total proceeds No. of IPOs
US$ millions
6. Global Technology IPO Review – Q1 2015 6
Internet Software & Services
continues to be the top subsector,
while Computers, Storage &
Peripherals makes a comeback
The Internet Software & Services subsector
remained at the top in Q1 2015, as it has been for
the last four years (2011-2014). With eight IPOs
raising US$3.4 billion, the subsector accounted for
40% of the top 10 IPOs in the quarter. The largest
IPO of the quarter, Auto Trader Group Plc,
belonged to this subsector which raised 69%
(US$2.4 billion) of the subsector IPO proceeds.
Computers, Storage & Peripherals made a
comeback with proceeds worth US$1.3 billion from
four offerings, compared to zero listings in Q4
2014. The subsector contributed 21% of the total
proceeds and 17% of the number of tech IPOs.
7. Global Technology IPO Review – Q1 2015 7
Global technology IPO trends
After 2014’s strong performance as the best year of
the decade for technology IPOs, the first quarter of
2015 maintained a healthy pace with 23 tech IPOs
and total proceeds of US$6.1 billion. The top ten
listings were split evenly between China, the US
and Europe, with three each, and one from South
Korea. Total Q1 2015 proceeds declined by 11% and
the number of IPOs dropped by 12% compared to
Q1 2014. Sequentially, the number of listings
declined by 19%, while total proceeds declined by
32%.
Figure 3: Global technology IPO trends
Source: Dealogic with analysis by PwC.
$6,839
$12,116
$24,785
$7,453
$6,063
26
40
18
34
23
0
5
10
15
20
25
30
35
40
45
0
5,000
10,000
15,000
20,000
25,000
30,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
8. Global Technology IPO Review – Q1 2015 8
Top 10 technology IPOs – Q1 2015
The Internet Software & Services subsector again
dominated the top ten technology IPOs accounting
for 64% (US$3.2 billion) of proceeds and 40% (4)
of the top 10 IPOs in Q1 2015. Computers, Storage
& Peripherals followed second with 24% of the top
10 proceeds and 30% of the top 10 IPOs.
Total proceeds from the top 10 tech IPOs were
US$5 billion, 82% of all proceeds in the quarter.
The US and Chinese (Shenzhen) stock exchanges
had three listings each out of the top 10. The top 10
IPOs raised funds in seven different exchanges,
indicating a healthy market for tech companies
globally.
The London Stock Exchange listed the largest tech
IPO of the quarter, Auto Trader Group Plc. Europe
also recorded the largest tech IPO in Q4 2014 which
points to the success of the renewed focus on
innovation and startup incubation across Europe.
Since 2011, the top tech IPO listings all went public
on either the US NYSE or NASDAQ. Besides Q4
2014, the last time the largest listing was not from a
US exchange was in Q2 2010, when Amadeus IT
Group SA listed in Spain.
Table 1: Q1 2015 IPO summary – Top 10 listings
Company Subsector Proceeds
(in US$
millions)
Primary exchange Domicile
nation
Auto Trader Group Plc Internet Software &
Services
2,358 London United
Kingdom
Inovalon Holdings Inc Computers, Storage
& Peripherals
685 NASDAQ US
GoDaddy Inc Internet Software &
Services
460 New York US
Lens Technology Co Ltd Computers, Storage
& Peripherals
252 Shenzhen China
Dustin Group AB Computers, Storage
& Peripherals
236 Stockholm Sweden
Beijing Kunlun Tech Co Ltd Software 232 Shenzhen China
NNIT A/S IT Consulting &
Services
215 OMX Nordic
Exchange
Copenhagen
Denmark
Box Inc Internet Software &
Services
201 New York US
NS Home Shopping Co Ltd Internet Software &
Services
184 Korea South
Korea
MLS Co Ltd Semiconductors 156 Shenzhen China
Source: Dealogic with analysis by PwC.
9. Global Technology IPO Review – Q1 2015 9
Geographic IPO trends – Q1 2015
In Q1 2015 the geographic distribution of
technology IPOs was spread across 11 nations.
In terms of number of IPOs, China led with
eight raising US$1.1 billion. The Chinese
regulator’s shift from an approval-based to a
registration-based system for IPO listings is
believed to have simplified Chinese IPOs and
enhanced the attractiveness of going public in
China.2 Although the number of Chinese IPOs
was lower than Q1 2014, which had 11 IPOs and
raised proceeds worth US$987 million, the
average proceeds of the IPOs increased from
US$89.7 million in Q1 2014 to US$131.9
million in Q1 2015.
Europe was number two raising US$3.0 billion
with five IPOs from four different countries.
The total proceeds raised grew by 38% while
the number of deals increased by 25%
sequentially. Auto Trader Group Plc from the
UK was the largest IPO of the quarter. It raised
US$2.4 billion or 78% of the total proceeds
raised in Europe.
Source: Dealogic with analysis by PwC.
2 www.chinabusinessreview.com
Figure 4: Q1 2015 Geographic distribution of technology IPOs
$1,421
$1,055
$298
$3,014
$276
4
8
2
5
4
0
1
2
3
4
5
6
7
8
9
0
500
1,000
1,500
2,000
2,500
3,000
3,500
United States China South Korea Europe RoW
NumberofIPOs
Total Proceeds Number of deals
US$ millions
10. Global Technology IPO Review – Q1 2015 10
Year over year comparison for Q1 2015 The US ranked third with four IPOs and raised funds worth US$1.4 billion (23%). But when compared
to Q1 2014, proceeds fell by 9% from US$1.6 billion and the number of IPOs dropped significantly by
67% from 12 IPOs. South Korea raised US$298 million from two IPOs. Rest of World includes listings
from Israel, Australia, Taiwan and Japan valued at US$276 million.
The US experienced significant decline (-67%) in year-over-year IPO volume, yet total IPO proceeds
declined by only 9%. China deal volume dropped 27%, but total proceeds increased by 7%. Overall, we
are seeing an increase in average deal value in both the US and China. Europe grew significantly by
503% in total proceeds and 400% in deal volume. Rest of World (RoW) in Q1 2015 experienced a 93%
fall in deal value and a 100% rise in deal volume owing to a large Japanese listing in Q1 2014 valued at
US$3.1 billion.
Number of
IPOs
Total
proceeds
United States 67% 9%
China 27% 7%
Europe 400% 503%
RoW* 100% 93%
Source: Dealogic with analysis by PwC.
11. Global Technology IPO Review – Q1 2015 11
On a regional basis, Europe led in terms of proceeds with total listings worth US$3.0 billion, while Asia led in terms of number of IPOs with 14 deals. European
proceeds grew by 38% on a sequential basis; while on a year-over-year basis it increased by 503%. However, the number of deals in Asia fell by 30% sequentially
but increased 8% year over year. Asia ranked second in terms of proceeds raised (US$1.6 billion), which fell by 53% sequentially and 66% on a year-over-year
basis.
Figure 5: Q1 2015 Regional analysis – number of listings
Source: Dealogic with analysis by PwC.
Source: Dealogic with analysis by PwC.
Source: Dealogic with analysis by PwC.
12
1
13
0
15
8
16
1
2
1
12
3
9
4
20
1
4
5
14
0
0
5
10
15
20
25
North America Europe Asia RoW
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
12. Global Technology IPO Review – Q1 2015 12
Figure 6: Q1 2015 Regional analysis – Proceeds in US$ millions
Source: Dealogic with analysis by PwC.
$1,562
$500
$4,777
$0
$4,141 $4,022 $3,903
$50$524 $59
$23,153
$1,051
$1,715
$2,192
$3,501
$44
$1,421
$3,014
$1,630
$0
$0
$5,000
$10,000
$15,000
$20,000
$25,000
North America Europe Asia RoW
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
13. Global Technology IPO Review – Q1 2015 13
United States
The US recorded four IPOs, raising US$1.4 billion
in Q1 2015. On a year-over-year basis, proceeds fell
by 9% from US$1.6 billion and the number of IPOs
dropped significantly by 67% from 12 IPOs.
Sequentially, the number of IPOs and the amount
raised also fell by 56% and 17%, respectively. The
US market witnessed a rather low number of
technology IPOs due to the increased availability of
private funding. Also, the activity in the first
quarter tends to be subdued and the extraordinarily
high levels recorded in 2014 likely resulted from
pent-up demand and strong US markets.
Figure 7: US technology IPOs
Source: Dealogic with analysis by PwC.
$1,562
$4,048
$524
$1,715
$1,421
12
14
2
9
4
0
2
4
6
8
10
12
14
16
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
“The start of 2015 saw a significant
drop-off in US technology IPO
listings driven by the abundance of
late-stage crossover rounds at
'unicorn' valuations and the delay of
several IPOs by a number of venture-
backed technology companies.
Looking ahead, the IPO pipeline
remains strong which bodes well for
an uptick in technology IPO activity
in the months ahead.”
- Alan Jones,
Deals Partner, PwC US
14. Global Technology IPO Review – Q1 2015 14
China
In Q1 2015 China reported eight IPOs garnering
US$1.1 billion in proceeds; sequentially, the
number of IPOs declined by 27% and total proceeds
declined by 26%. On a year-over-year basis, the
number of IPOs decreased by 27%, though total
proceeds increased by 7%. In Q1 2015, all Chinese
tech companies listed on Chinese exchanges. In
addition to the new registration-based system, the
CSRC introduced greater information disclosures
by listing companies, a longer listing window and
penalties for underwriters who fail to adequately
disclose risk to regulators.3
3 www.chinabusinessreview.com
Figure 8: Chinese technology IPOs
Source: Dealogic with analysis by PwC.
$987 $3,673
$22,968
$1,435 $1,055
11
13
10
11
8
0
2
4
6
8
10
12
14
16
18
0
5,000
10,000
15,000
20,000
25,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
“While there are a number of Chinese
technology companies in the US IPO
pipeline, we anticipate significant
growth of technology listing in
domestic exchanges as a result of
both the new registration based
system and increased valuations."
— Jianbin Gao
Technology Industry Leader, PwC China
15. Global Technology IPO Review – Q1 2015 15
Europe
Five technology companies from four different
countries went public from Europe in Q1 2015. The
number of listings increased by a quarter and total
proceeds grew by 38% compared to Q4 2014. On a
year-over-year basis, the number of deals grew four
times while total proceeds increased by 503%, as Q1
2014 had only one IPO raising US$500 million
(King Digital Entertainment Plc). The largest IPO
in Q1 2015 was Auto Trader Group Plc from the UK,
which raised US$2.4 billion. This was the highest
proceeds raised by any European IPO in the last
five quarters, followed by Rocket Internet AG from
Germany which raised proceeds of US$1.8 billion in
Q4 2014. Both of these IPOs were from the Internet
Software & Services subsector.
European IPO activity has been picking up since
early 2014, and Q1 2015 activity was the second
best (both in proceeds and number of IPOs) after
Q2 2014 which witnessed the highest proceeds of
US$4.0 billion from eight listings. In Q1 2015, the
countries that participated from Europe with one
IPO each were Italy, the UK and Denmark. Sweden
was the only country which listed two IPOs, one on
its home exchange and another listing on NASDAQ.
Figure 9: European technology IPOs
Source: Dealogic with analysis by PwC.
$500
$4,022
$59
$2,192
$3,014
1
8
1
4
5
0
3
6
9
12
15
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
Total proceeds Number of IPOs
US$ millions
“The UK Tech IPO market continues to
thrive, in particular on those
businesses which are disrupting
business models through the use of
new technology. The focus on
changing consumer practices
continues to pay dividends.”
— Jass Sarai
Technology Industry Leader, PwC UK
16. Global Technology IPO Review – Q1 2015 16
All other geographies
Global participation of IPOs witnessed a decline in
Q1 2015, with six IPOs with proceeds worth
US$574 million. Total proceeds declined by 73%
and number of listings fell by 40% on a sequential
basis, while the year-on-year trend shows an 85%
decline in proceeds, but a 200% growth in the
number of listings. In terms of proceeds raised, Q1
2014 was the best among the five quarters,
primarily owing to the US$3.1 billion listing of
Japan Display Inc.
Q1 2015 saw participation of companies from
Australia, South Korea, Japan, Taiwan and Israel.
The top two deals were from Taiwan and Israel—NS
Home Shopping Co Ltd raising US$183.9 million
and Solar Edge Technologies at US$145 million,
respectively.
Figure 10: All other geographies technology IPOs (excludes US, Europe and China)
Source: Dealogic with analysis by PwC.
$3,790
$322
$185
$2,111
$574
2
4
2
10
6
0
2
4
6
8
10
12
14
16
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
17. Global Technology IPO Review– Q1 2015 17
Stock exchange distribution – Q1 2015
The London Stock Exchange (LSE) led the group
raising 39% (US$2.4 billion) of the total proceeds
from one listing, Auto Trader Group Plc, the largest
Q1 2015 tech IPO. NASDAQ was in second place
with 16% of total proceeds from three offerings. The
NYSE and Shenzhen tied for third place, both
raising 12% of the total proceeds.
In terms of number of IPOs, Shenzhen Stock
Exchange led with five IPOs or 22% of the total 23
listings in Q1 2015. The NYSE, Shanghai and
NASDAQ all jointly contributed 13% each to the
total.
All other exchanges (SEHK, Borsa Italia, ASX,
Stockholm SE, Taiwan SE, KRX, London SE, Tokyo
SE, OMX Nordic Exchange) together contributed
54% of the total proceeds and 39% of the number
of listings.
Figure 11: Q1 2015 Stock exchange distribution
Source: Dealogic with analysis by PwC.
$736
$974
$753
$303
$114
$61 $43 $236 $46 $184
$2,358
$42 $215
3 3
5
3
1 1 1 1 1 1 1 1 1
0
1
2
3
4
5
6
0
500
1,000
1,500
2,000
2,500
NYSE NASDAQ Shenzhen Shanghai SEHK Borsa Italia ASX Stockholm
SE
Taiwan SE KRX London SE Tokyo SE OMX
Nordic
Exchange
(CPSE)
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
18. Global Technology IPO Review– Q1 2015 18
Issue date Company Subsector Proceeds
(in US$ millions)
Primary exchange Domicile nation
02/11/2015 Inovalon Holdings Inc Computers, Storage & Peripherals 685 NASDAQ United States
03/31/2015 GoDaddy Inc Internet Software & Services 460 New York Stock Exchange (NYSE) United States
01/22/2015 Box Inc Internet Software & Services 201 New York Stock Exchange (NYSE) United States
03/26/2015 SolarEdge Technologies Inc Semiconductors 145 NASDAQ Global Select (NASDAQ GS) Israel
03/20/2015 Evolution Gaming Group AB Software 144 NASDAQ Sweden
03/06/2015 MaxPoint Interactive Inc Internet Software & Services 75 New York Stock Exchange (NYSE) United States
*IPOs have been classified based on the exchange where capital was raised.
Source: Dealogic with analysis by PwC.
Table 2: Q1 2015 IPOs by region – North America (NASDAQ, NYSE)*
19. Global Technology IPO Review– Q1 2015 19
Table 3: Q1 2015 IPOs by region – Asia including Australia (Shanghai, Shenzhen, Tokyo Stock Exchange, Taiwan Stock Exchange, Korean Exchange,
Hong Kong Stock Exchange, Australian Stock Exchange)*
Issue date Company Subsector Proceeds
(in US$ millions)
Primary exchange Domicile nation
03/18/2015 Lens Technology Co Ltd Computers, Storage & Peripherals 252 Shenzhen Stock Exchange (SZSE) China
01/09/2015 Beijing Kunlun Tech Co Ltd Software 232 Shenzhen Stock Exchange (SZSE) China
03/12/2015 NS Home Shopping Co Ltd Internet Software & Services 184 Korea Stock Exchange South Korea
02/12/2015 MLS Co LTD Semiconductors 156 Shenzhen Stock Exchange (SZSE) China
02/11/2015 Shenzhen Gongjin Electronics Co Ltd Telecommunications Equipment 146 Shanghai Stock Exchange (SHSE) China
03/31/2015 Cowell e Holdings Inc Computers, Storage & Peripherals 114 Hong Kong Stock Exchange South Korea
02/12/2015 Ningbo Techmation Co Ltd Semiconductors 86 Shanghai Stock Exchange (SHSE) China
01/12/2015 Fujian Torch Electron Technology Co Ltd Semiconductors 71 Shanghai Stock Exchange (SHSE) China
02/12/2015 Suzhou TFC Optical Communication
Co Ltd
Communications Equipment 65 Shenzhen Stock Exchange (SZSE) China
01/19/2015 Beijing InterAct Technology Co Ltd IT Consulting & Services 48 Shenzhen Stock Exchange (SZSE) China
01/25/2015 ShunSin Technology Holdings Limited Semiconductors 46 Taiwan Stock Exchange (TSEC) Taiwan
03/30/2015 Touchcorp Ltd Internet Software & Services 43 Australian Stock Exchange Australia
03/25/2015 Aiming Inc Internet Software & Services 42 The Tokyo Stock Exchange (TSE) Japan
*IPOs have been classified based on the exchange where capital was raised.
Source: Dealogic with analysis by PwC.
20. Global Technology IPO Review– Q1 2015 20
Table 4: Q1 2015 IPOs by region– Europe (London, Borsa Italiana, Nordic Exchange, Stockholm Stock Exchange)*
Issue date Company Subsector Proceeds
(in US$ millions)
Primary exchange Domicile nation
03/19/2015 Auto Trader Group Plc Internet Software & Services 2,358 London Stock Exchange (LSE) United Kingdom
02/12/2015 Dustin Group AB Computers, Storage & Peripherals 236 Stockholm Stock Exchange Sweden
03/06/2015 NNIT A/S IT Consulting & Services 215
OMX Nordic Exchange
Copenhagen (CPSE) Denmark
02/12/2015 Banzai SpA Internet Software & Services 61 Borsa Italiana (BIT) Italy
*IPOs have been classified based on the exchange where capital was raised.
Source: Dealogic with analysis by PwC.
21. Global Technology IPO Review – Q1 2015 21
Cross-border technology IPOs – Q1 2015
Following a decline in cross-border listings in Q4 2014 (dropping to 9% after reaching 33% in Q3 2014), 13% of the 23 first-quarter IPOs were cross border.
Given the shift in Chinese regulatory policy, we may expect to see a slower pace of cross-border deals.
The three Q1 2015 cross-border listings were from Sweden, Israel and South Korea and they listed on FirstNotStock (a NASDAQ sub-exchange), NASDAQ
Global Select and the Hong Kong Stock Exchange, respectively.
Figure 12: Cross-border technology listings
Source: Dealogic with analysis by PwC.
29
12
31
20
11
6
3
3
0
5
10
15
20
25
30
35
40
45
Q2 2014 Q3 2014 Q4 2014 Q1 2015
Cross-border IPOs Domestic IPOs
22. Global Technology IPO Review – Q1 2015 22
Subsector distribution – Q1 2015
In Q1 2015, Internet Software & Services once again
emerged as the clear leader with eight listings and
total proceeds of US$3.4 billion. The subsector
contributed 56% of the total proceeds and 35% of
the listings. On a year-over-year basis, the number
of IPOs declined by 27%, while proceeds increased
significantly by 93%. Sequentially, proceeds
declined by 9% and the number of IPOs dropped by
20%. The largest IPO of the quarter, Auto Trader
Group Plc, is in the Internet Software & Services
subsector and the subsector had 40% of the top ten
tech IPOs for the quarter.
Computers, Storage & Peripherals made a
comeback, with proceeds of US$1.3 billion from
four IPOs, compared to zero IPOs in Q4 2014. The
subsector contributed 21% of the total proceeds and
17% of the number of listings during the current
quarter. On a year-over-year basis, total proceeds
declined by 66%, while the number of listings
doubled.
The Semiconductors subsector came in third, with
proceeds worth US$503 million from five listings,
and contributed 8% of the proceeds and 22% of the
number of offerings. On a year-over-year basis, the
number of IPOs grew by 150% and proceeds
increased by 104%, while sequentially proceeds
declined by 30% with 25% increase in
IPO numbers.
The Software subsector raised US$376 million from
two IPOs during the current quarter, contributing
6% of the total proceeds and 9% of the IPO
offerings. Compared with Q1 2014, the total
Figure 13: Q1 2015 IPO subsector distribution
Source: Dealogic with analysis by PwC.
Q1 2015 Year over year comparison
Number of IPOs Total proceeds
Internet Software & Services -27.3% 92.9%
Software -60.0% -3.9%
Semiconductors 150.0% 104.5%
Computers, Storage & Peripherals 100.0% -66.1%
IT Consulting & Services 0.0% 25.3%
Source: Dealogic with analysis by PwC.
$ 3,424
$376
$503 $210
$1,286
$263
8
2
5
2
4
2
0
1
2
3
4
5
6
7
8
9
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Internet Software
& Services
Software Semiconductors Communications
Equipment
Computer Storage
& Peripherals
IT Consulting &
Services
NumberofIPOs
Total proceeds No. of IPOs
US$ millions
23. Global Technology IPO Review– Q1 2015 23
proceeds declined by 4%, while IPO offering
numbers dropped by 60%. Sequentially, proceeds
and IPO volume fell by 84% and 85%, respectively.
The Semiconductors and Computers, Storage &
Peripherals subsectors both had an increase in
number of deals. Overall, we are seeing an increase
in average proceeds across all subsectors. In Q1
2015 Internet Software & Services experienced the
largest increase in average deal value compared to
Q1 2014, as the number of IPOs declined by 27%
and the total proceeds increased by 93%.
24. Global Technology IPO Review – Q1 2015 24
Key financials – Q1 2015
All subsectors
14
Figure 14: Technology IPOs – Net income
Source: Dealogic with analysis by PwC.
Out of the 23 tech IPOs in Q1 2015, 78% reported LTM net income. This is much higher than the 53% of
tech IPOs with LTM net income in Q4 2014. During volatile times, it is the stronger players that go public
which explains the improvement in financial position.
47%
53%
Q4 2014
Losses Net income
22%
78%
Q1 2015
Losses Net income
25. Global Technology IPO Review – Q1 2015 25
A flood of money from unconventional sources
has sent valuations of several late-stage technology
start-ups to very high levels. The average amount
raised by pre-IPO companies has increased to
US$111 million (vs US$101 million in 2014).4 This
has led to fewer tech companies filing for an IPO to
meet their capital needs.
In terms of average LTM revenue, the Computers,
Storage & Peripherals subsector led with US$1.1
billion, followed by Communications Equipment
with US$423 million and Internet Software &
Services with US$339 million. In terms of average
LTM EBITDA and net income, Computers, Storage
& Peripherals again led with US$172 million and
US$83 million, respectively. The remaining
subsectors reported much lower LTM EBITDA in
the range of US$20 million-US$40 million. The
Software subsector came in second with US$34
million average LTM net income.
The average LTM debt levels were relatively high
for Computers, Storage & Peripherals, at US$443
million, followed by US$363 million for the
Internet Software & Services subsector.
Computers, Storage & Peripherals also had the
highest average EV of US$3.8 billion, but the
company with the highest EV was Auto Trader
Group Plc, with an EV of US$5.6 billion.
4 https://www.cbinsights.com/tech-ipo-pipeline
26. Global Technology IPO Review – Q1 2015 26
Figure 15: Q1 2015 Average LTM revenue
Source: Dealogic with analysis by PwC.
Figure 16: Q1 2015 Average LTM EBITDA
Source: Dealogic with analysis by PwC.
$614
$1,109
$152
$339
$201
$423
$185
23
4
5
8
2 2 2
0
5
10
15
20
25
30
35
0
200
400
600
800
1,000
1,200
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
services
IT Consulting &
Services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
LTM revenue No. of IPOs
$87
$172
$23
$34
$33 $27
$36
23
4 5
8
2 2 2
0
5
10
15
20
25
30
35
0
20
40
60
80
100
120
140
160
180
200
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
Services
IT Consulting &
Services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
LTM EBITDA No. of IPOs
27. Global Technology IPO Review – Q1 2015 27
Figure 17: Q1 2015 Average LTM net income
Source: Dealogic with analysis by PwC.
Figure 18: Q1 2015 Average total debt
Source: Dealogic with analysis by PwC.
$18
$83
$16
-$19
$20 $21
$34
23
4 5
8
2 2 2
0
5
10
15
20
25
30
35
(40)
(20)
0
20
40
60
80
100
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
Services
IT Consulting &
Services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
LTM net income No. of IPOs
$388
$433
$30
$363
$43
23
4 5
8
2 2 2
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
450
500
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
Services
IT Consulting &
Services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
LTM debt No. of IPOs
28. Global Technology IPO Review – Q1 2015 28
Figure 19: Q1 2015 Average enterprise value
Source: Dealogic with analysis by PwC.
$2,284
$3,828
$1,284 $1,319
$760
$1,104
$1,965
23
4
5
8 2 2 2
0
5
10
15
20
25
30
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
Services
IT Consulting &
Services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
Enterprise value No. of IPOs
29. Global Technology IPO Review – Q1 2015 29
Technology IPOs valuation metrics – Q1 2015
The technology industry normally has a higher valuation compared to other industries. The Software subsector had the highest EV/LTM revenue of 10.6x,
followed by the Semiconductors subsector with 8.4x. The average tech sector multiple was 3.7x. The high valuation multiple for the Semiconductors subsector
was driven by Ningbo Techmation Co Ltd and Fujian Torch Electron Technology Co Ltd Communications Equipment had the lowest EV/revenue multiple
of 2.6x.
The Semiconductors subsector had the highest EV/EBITDA multiple of 56.4x, followed by Software, with 54.5x. Computers, Storage & Peripherals had the
lowest EV/EBITDA multiple of 22.2x.
Figure 20: Q1 2015 EV/LTM revenue
Source: Dealogic with analysis by PwC.
3.7 x 3.5 x
8.4 x
3.9 x 3.8 x
2.6 x
10.6 x
23
4 5
8 2 2 2
0
5
10
15
20
25
30
$-
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
Services
IT Consulting &
services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
EV/LTM revenue No. of IPOs
30. Global Technology IPO Review – Q1 2015 30
Figure 21: Q1 2015 EV/LTM EBITDA
Source: Dealogic with analysis by PwC.
26.2 x
22.2 x
56.4 x
38.5 x
23.1 x
41.2 x
54.5 x
23
4
5
8
2 2
2
0
5
10
15
20
25
30
$-
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
All sectors Computer Storage &
Peripherals
Semiconductors Internet Software &
Services
IT Consulting &
Services
Communications
Equipment
Software
NumberofIPOs
InUS$millions
EV/LTM EBITDA No. of IPOs
31. Global Technology IPO Review – Q1 2015 31
Top three subsectors – Q1 2015
Internet Software & Services
The subsector was relatively slow this quarter with a decline in revenue of 28% quarter over quarter and 11% year over year. The average revenue of US$339.2
million was the lowest in the last five quarters, due in part to mega deals such as Alibaba in Q3 2014.
Average LTM EBITDA was US$34.2 million and average LTM net income/ (loss) of US$(18.6 million). Average enterprise value was US$1.32 billion, which was
lower than the last four quarters.
In terms of valuation matrix, EV/LTM revenue was at 3.9x and EV/LTM EBITDA was 38.5x. This was more in line with other quarters, except Q3 2014, which
was an exceptional quarter for Internet Software & Services.
Figure 22: Internet Software & Services – LTM revenue
Source: Dealogic with analysis by PwC.
$383
$866
$2,066
$469
$339
11
20
6
10
8
0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
LTM revenue No. of IPOs
32. Global Technology IPO Review – Q1 2015 32
Figure 23: Internet Software & Services – LTM EBITDA
Source: Dealogic with analysis by PwC.
Figure 24: Internet Software & Services – LTM net income
Source: Dealogic with analysis by PwC.
$66
-$18
$896
-$7
$34
11
20
6
10
8
0
5
10
15
20
25
30
(200)
0
200
400
600
800
1,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
LTM EBITDA No. of IPOs
$39
-$34
$828
-$1 -$19
11
20
6
10
8
0
5
10
15
20
25
(100)
0
100
200
300
400
500
600
700
800
900
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$million
LTM net income No. of IPOs
33. Global Technology IPO Review – Q1 2015 33
Figure 25: Internet Software & Services – Enterprise value
Source: Dealogic with analysis by PwC.
Figure 26: Internet Software & Services – Total debt
Source: Dealogic with analysis by PwC.
$1,406
$3,457
$44,873
$2,047
$1,319
11
20
6
10
8
0
5
10
15
20
25
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
Enterprise value No. of IPOs
$78 $38
$2,296
$420
$363
11
20
6
10
8
0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
Total debt No. of IPOs
34. Global Technology IPO Review – Q1 2015 34
Figure 27: Internet Software & Services – EV/LTM revenue
Source: Dealogic with analysis by PwC.
Figure 28: Internet Software & Services – EV/LTM EBITDA
Source: Dealogic with analysis by PwC.
3.7 x 4.0 x
21.7 x
4.4 x 3.9 x
11
20
6
10
8
0
5
10
15
20
25
$-
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
EV/LTM revenue No. of IPOs
21.2 x
50.1 x
38.5 x
11
20
6
10
8
0
5
10
15
20
25
30
- x
10x
20x
30x
40x
50x
60x
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
EV/LTM EBITDA No. of IPOs
35. Global Technology IPO Review – Q1 2015 35
Computers, Storage & Peripherals
In Q1 2015, the subsector performed very well, with average revenue of US$1.1 billion. This was a marginal increase in proceeds of 4% year over year, and with
four IPOs, it was the highest in the last four quarters.
The average EBITDA and net income increased sharply year over year due to a very low average EBITDA and net income in Q1 2014. The average EBITDA and
net income of US$172 million and US$83 million in Q1 2015 increased by 630% and 1,619% year over year.
Average EV was US$3.8 billion, an increase of 87% year over year. For the Computers, Storage & Peripherals subsector, debt levels are typically high. This
quarter the average debt was US$443 million.
The valuation multiple was EV/LTM revenue was 3.5x and EV/LTM EBITDA was 22.2x. This was much lower than the other subsectors.
Figure 29: Computers, Storage & Peripherals – LTM revenue
Source: Dealogic with analysis by PwC.
$1,070
$46
$1,109
1
0
1
0
4
0
1
2
3
4
5
6
0
200
400
600
800
1,000
1,200
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
LTM revenue No. of IPOs
38. Global Technology IPO Review – Q1 2015 38
Figure 34: Computers, Storage & Peripherals – EV/LTM revenue
Source: Dealogic with analysis by PwC.
Figure 35: Computers, Storage & Peripherals – EV/LTM EBITDA
Source: Dealogic with analysis by PwC.
1.9 x
12.0 x
3.5 x
1
0
1
0
4
0
1
2
3
4
5
6
7
$-
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
14.0 x
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
EV/LTM revenue No. of IPOs
86.7 x
32.4 x
22.2 x1
0
1
0
4
0
1
2
3
4
5
$-
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
70.0 x
80.0 x
90.0 x
100.0 x
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
EV/LTM EBITDA No. of IPOs
39. Global Technology IPO Review – Q1 2015 39
Semiconductors
Compared to Q1 2014 the Semiconductors
subsector saw a 126% rise in average revenue to
US$152 million, however, it declined by 45%
quarter over quarter. The average EBITDA also
decreased by 74% quarter over quarter. The
number of IPOs in the Semiconductors subsector
increased from Q4 2014 to five IPOs. The
resurgence of Chinese Semiconductor companies
had a positive impact on this subsector.
The average EV also jumped by more than 49%
year over year and the EV multiples were much
higher than the last few quarters with EV/revenue
and EV/EBITDA of 8.4x and 56.4x, respectively.
Figure 36: Semiconductors – LTM revenue
Source: Dealogic with analysis by PwC.
$67
$655
$87
$276
$152
2
2
4
4
5
0
5
10
15
20
25
30
35
0
100
200
300
400
500
600
700
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
LTM revenue No. of IPOs
42. Global Technology IPO Review – Q1 2015 42
Figure 41: Semiconductors – EV/LTM revenue
Source: Dealogic with analysis by PwC.
Figure 42: Semiconductors – EV/LTM EBITDA
Source: Dealogic with analysis by PwC.
12.8 x
1.2 x
7.9 x
5.1 x
8.4 x
2
2
4 4
5
$-
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
30.0 x
35.0 x
$-
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
14.0 x
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
EV/LTM revenue No. of IPOs
35.0 x
11.7 x
25.8 x
16.1 x
56.4 x
2
2 4 4
5
$-
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
30.0 x
$-
10.0 x
20.0 x
30.0 x
40.0 x
50.0 x
60.0 x
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
NumberofIPOs
InUS$millions
EV/LTM EBITDA No. of IPOs
43. Global Technology IPO Review – Q1 2015 43
Methodology
The Global Technology IPO Review for Q1 2015 is based on PwC’s analysis of transaction data extracted from Dealogic. The analysis considers IPOs across all
countries worldwide during the period 1 January 2015 to 31 March 2015 (Q1). Financial data was also obtained from Dealogic.
The definition of the Technology sector is based on the Dealogic database industry classifications and includes the following subsectors:
Internet Software & Services
IT Consulting & Services
Professional Services (e.g., Application Software, Software Solutions)
Semiconductors
Software
Computers, Storage & Peripherals
– Computers, Computers Peripheral Equipment
– Computers, Storage Device Manufacturing
Electronic Computers Manufacturing
Communications Equipment
Only IPOs with issue size greater than US$40million were included in the analysis.
All monetary amounts are in US dollars unless otherwise indicated.
LTM – Last twelve months
Figures are rounded to one decimal.
44. Global Technology IPO Review – Q1 2015 44
For more information
If you would like to discuss how these findings might impact your business or your future strategy, please reach out to any of our technology industry leaders
listed below.
Raman Chitkara
Global Technology Leader
Phone: 1 408 817 3746
Email: raman.chitkara@us.pwc.com
Rod Dring – Australia
Phone: 61 2 8266 7865
Email: rod.dring@au.pwc.com
Estela Vieira – Brazil
Phone: 55 1 3674 3802
Email: estela.vieira@br.pwc.com
Christopher Dulny – Canada
Phone: 1 416 869 2355
Email: christopher.dulny@ca.pwc.com
Jianbin Gao – China
Phone: 86 21 2323 3362
Email: gao.jianbin@cn.pwc.com
Pierre Marty – France
Phone: 33 1 5657 58 15
Email: pierre.marty@fr.pwc.com
Werner Ballhaus – Germany
Phone: 49 211 981 5848
Email: werner.ballhaus@de.pwc.com
Sandeep Ladda – India
Phone: 91 22 6689 1444
Email: sandeep.ladda@in.pwc.com
Masahiro Ozaki– Japan
Phone: 81 3 5326 9090
Email: masahiro.ozaki@jp.pwc.com
Hoonsoo Yoon – Korea
Phone: 82 2 709 0201
Email: hoonsoo.yoon@kr.pwc.com
Ilja Linnemeijer – The Netherlands
Phone: 31 88 792 4956
Email: ilja.linnemeijer@nl.pwc.com
Yury Pukha – Russia
Phone: 7 495 223 5177
Email: yury.pukha@ru.pwc.com
Greg Unsworth – Singapore
Phone: 65 6236 3738
Email: greg.unsworth@sg.pwc.com
Philip Shepherd – UAE
Phone: 97 1 43043501
Email: douglas.mahony@ae.pwc.com
Jass Sarai – UK
Phone: 44 0 1895 52 2206
Email: jass.sarai@uk.pwc.com
Pierre-Alain Sur – US
Phone: 1 646 471 6973
Email: pierre-alain.sur@us.pwc.com
Alan Jones – US (Deals Partner)
Phone: 1 415 498 7398
Email: alan.jones@us.pwc.com