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2014 Tech M&A Monthly - Top 10 Tech Trends

The document discusses various technology mergers and acquisitions (M&A) trends and highlights key players in the industry, including Nat Burgess and Ed Ossie, who have substantial experience in tech M&A and leadership roles. It provides insights into market performance and transaction values across different sectors including mobile messaging, application software, and IT services with several notable acquisitions mentioned. The overall analysis indicates a strong demand for software and technology services, despite some fluctuations in public market valuations.

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1 Global Tech M&A Monthly Top 10 Tech Trends 13 March 2014
2 Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A. After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and Japanese) Internet content. At Activision, Nat led the company's on-line business development. Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA. While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal. Nat Burgess President Corum Group Ltd. Moderator
3 Agenda  Welcome  “Heartland” Report  Conference Report – RSA  Conference Report – Mobile World Congress  Research Report  Corum’s Top 10 Tech Trends  Closing Thoughts  Q&A
4 Ed Ossie Regional Director Corum Group Ed has over 30 years of international experience serving high-growth technology companies and has spent the last 20 years in chief operating and chief executive roles. During this time, Ed has become known for his ability to design, build and execute multi-year growth strategies with a highly engaged team. Ed served as President of Innovation Group PLC, and prior to that led the sale of MTW Corporation to Innovation Group as MTW CEO. Both companies are in the insurance software and business process services segments. Prior to that he was Division Manager and Vice President for the Texas Instruments Software Group, which grew from startup to 1300 people in 5 years. Ed graduated with a Bachelor of Science degree from Missouri State University and attended select Executive Programs at Stanford Graduate School of Business. “Heartland” Report
5 Nat Burgess President Corum Group Ltd. Conference Report - RSA
6 Dougan Milne VP, International Business Development Corum Group Ltd. Dougan is currently Vice President of International Business Development, based in Barcelona, with the Corum Group International. Previously, he spent 3 years working out of Corum's European headquarters in Zürich, Switzerland and 3 years running Corum's research division from their Global HQ in Seattle. Prior to joining Corum's team in 2005, Dougan spent 3 years in the banking industry with Bank of America, and Citigroup's Private Wealth business unit. Before entering finance and investment banking, Dougan successfully founded two companies, Billions and Modo Marketing. He earned his advanced degree – Diplôme de Métiers du Vin et Management – in 2013 (France), and holds a BA in Business Economics from the University of San Diego. Conference Report - MWC
7 Corum Research Report Elon Gasper Vice President, Director of Research Amber Stoner Senior Analyst Erin Sanchez Analyst
8 Public Markets 0% 5% 10% 15% 20% 25% Weekly Percentage Change NASDAQ S&P TECH Dow Jones
9 Start End Years Current Mar. 9, 2009 ? 5.0 + 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2 Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1 Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5 Source: S&P Capital IQ, The Associated Press Historic Bull Market Runs
10 Feb. 2013 Feb. 2014 # of Transactions 251 234 # of Mega Deals 3 1 Largest Deal $24.8B $19B Private Equity Deals 7 9 # VC backed Exits 57 48 % Cross Border Transactions 31% 32% % of Startup Acquisitions 13% 12% Average Life of Target 13 13 Corum Index Buyer Seller Price Facebook WhatsApp $19B
11 Feb. 2013 Feb. 2014 # of Transactions 251 234 # of Mega Deals 3 1 Largest Deal $24.8B $19B Private Equity Deals 7 9 # VC backed Exits 57 48 % Cross Border Transactions 31% 32% % of Startup Acquisitions 13% 12% Average Life of Target 13 13 Buyer Seller Price Facebook WhatsApp $19B Sold to Sector: Mobility Target: WhatsApp Inc. Acquirer: Facebook Transaction Value: $19 Billion - Mobile messaging applications that enables users to send and receive group messages, photos and videos and share their locations. - Over 450 million monthly users. Corum Index
12 Horizontal Application Software Market 3.8x 20.3x Public Valuation Multiples EV Sales Since Q4 Corum Analysis EV EBITDA Still highest of all six sectors and near multi-year highs. Strong increase, up almost a point from December. Feb. 2014
13 Horizontal Application Software Market 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: ERP Target: Identified, Inc. Acquirer: Workday, Inc. Transaction Value: Reported at $15 million - Enables aggregation of social network profile and posting information for recruiters to discover potential job candidates. - Strengthens Workdays’ predictive analytics technology.
14 Horizontal Application Software Market 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: HR Target: Bright Media Corporation Acquirer: LinkedIn Transaction Value: $120 million - Leverages data insights and matching technology to connect prospects and employers. - Should help LinkedIn boost the quality of its job-listing service, which accounted for less than one-fifth of its revenue last quarter.
15 Horizontal Application Software Market 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: CRM Target: legodo ag [Germany] Acquirer: Actuate Corporation Transaction Value: Undisclosed - Communications software that integrates with native CRM and ERP systems for SAP, Oracle Siebel, Salesforce and Sugar CRM. - Extends CCM offering into the interactive customer correspondence space. - Tuck-in that builds off of its 2009 pickup of customer-communications management vendor Xenos.
16 Horizontal Application Software Market 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: CRM Target: LeadRocket Acquirer: Callidus Software Transaction Value: $3 million - Social networking-based sales lead generation and management SaaS. - Users can track social posts and monitor conversations across LinkedIn, Twitter, Facebook and import and email prospective clients discovered.
17 Internet Market 2.3x 14.9x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure build-out still keeping multiple near multi-year highs. Significant bounce from last month, topping numbers from all of last year.
18 Internet Market 2.3x 14.9x Deal Spotlights: Mobility EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Target: Wander Acquirer: Yahoo! Transaction Value: $10M+ (per TechCrunch) - Mobile application enabling iOS device users to capture photos and GIFs of daily events and share them with friends. - Publishers of the “Days” diary app, joining Yahoo’s Mobile and Emerging Products team.
19 Internet Market 2.3x 14.9x Deal Spotlights: Advertising Platforms EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Target: Bannerconnect [Holland] Acquirer: WPP Group [UK] - Operates digital advertising exchange and provides IT infrastructure and related services for Web publishers, advertisers and media agencies. Sold to Target: Connexity Acquirer: Shopzilla - Media buying advertising network with integrated social networking and recommendation engine features. Target: Mobigirl Media Acquirer: SuperAwesome [UK] - Mobile advertising network targeted at teenage and adolescent girls. Sold to Sold to
20 Internet Market 2.3x 14.9x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Sector: Online Retail Target: Lefeng.com [China] Acquirer: Vipshop Holdings Limited [China] Transaction Value: $132.5 million - Retail website specialized in selling cosmetics and fashion products in China. - In connection, Vipshop entered into framework supply agreement with PRC affiliates of Lefeng and Ovation.
21 Internet Market 2.3x 14.9x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Sector: Online Retail Target: Coastal Contacts, Inc. [Canada] Acquirer: Essilor International SA [France] Transaction Value: $388.4 million - Valued at 1.8x revenue. - Implied value of $74 per customer. - Online retailer of contact lenses, eyeglasses, sunglasses and related vision care products.
22 Vertical Application Software Market 2.8x 13.7x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength. Quick recovery from January drop, still slightly down from December. Feb. 2014
23 Vertical Application Software Market 2.8x 13.7x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength in face of market pullback. Decline in value of profits takes metric back to October 2013 levels. Feb. 2014 Sold to Sector: Legal Software Target: Third Coast Holdings, owner of Datacert Acquirer: Wolters Kluwer Corporate Legal Services Transaction Value: $180 million - Acquired remaining 62% of the company. - ERP and case management software, SaaS and services that includes cost analysis management and GRC software. - Joins Wolters Kluwer’s Tymetrix, another leader in the Enterprise Legal Management space.
24 Vertical Application Software Market 2.8x 13.7x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength in face of market pullback. Decline in value of profits takes metric back to October 2013 levels. Feb. 2014 Sold to Sector: Financial Services Target: IND Group [Hungary] Acquirer: Misys PLC [UK] Transaction Value: Undisclosed - White-label online and mobile banking, personal finance management and online payments software and applications. - Acquisition builds on previous partnership with IND whose solutions are pre- integrated with Misys BankFusion.
25 2.3x 14.9x EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Target: BlueKite Ltd [UK] Acquirer: Xoom Transaction Value: $15.1 million - Robust technology platform for cross-border bill payments and mobile phone top ups. Sold to Target: Vericard [Canada] Acquirer: Budget Center Inc. Transaction Value: $2.1 million - Owner of CardVerify.net, an operational web-based service that protects online businesses and customers from credit card fraud. Vertical Application Software Market Deal Spotlights
26 Vertical Application Software Market 2.8x 13.7x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength in face of market pullback. Decline in value of profits takes metric back to October 2013 levels. Feb. 2014 Sold to Sector: Financial Services Target: Interthinx Acquirer: First American Financial Corporation Transaction Value: $155 million - Loan mortgage quality and fraud detection analytics software that uses public, private and proprietary data to detect fraud risk in loan applications. - Provides them with a start to finish solution for real estate transactions.
27 Consumer Application Software Market 2.0x 8.0x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Holding at multi-year highs… …while EBITDA regresses slightly to late Q3:13 numbers. Feb. 2014
28 Consumer Application Software Market 2.0x 8.0x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Post-holiday pullback accentuates overall trend of the market. Pulls back 3% from last month, still up 30% year-over-year. Feb. 2014 Sold to Sector: Mobility Target: Viber Media [Cyprus] Acquirer: Rakuten, Inc. [Japan] Transaction Value: $900 million - Sold at a multiple of 593.7x revenue. - Messaging application enabling users to send and receive free text messages, VOIP calls and send photos and videos to other Viber users. - Strengthen its global platform through the use of Viber’s range of customers in the Company’s E-Commerce and digital contents services.
29 Consumer Application Software Market 2.0x 8.0x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Post-holiday pullback accentuates overall trend of the market. Pulls back 3% from last month, still up 30% year-over-year. Feb. 2014 Sold to Sector: Enterprise Networking Target: PokeTALK [Canada] Acquirer: Voxox Inc. Transaction Value: Undisclosed - Service enables consumers to make low-cost international calls leveraging features such as VoIP, callback, desktop contact synch and others. - Inherits more than 600,000 registered users of the PokeTALK Service.
30 IT Services Market 0.70x 9.7x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Holding to trend started Q3 2013. Builds on two year high set last month. Feb. 2014
31 IT Services Market 0.70x 9.7x Deal Spotlights EV Sales Corum Analysis EV EBITDA Since Q4 Continuing upward trend started end of Q3 2013. 24-month highs, despite lower market trend. Feb. 2014 Sold to Target: Avaya Government Solutions Acquirer: Camber Corporation Transaction Value: $100 million - IT consulting and network engineering services for US government agencies. Sold to Target: ForwardThink Group Acquirer: Perficient, Inc. Transaction Value: $46 million - Technology consulting/software development services, focusing on BPM, CRM, BI and compliance and risk management.
32 Infrastructure Software Market 2.3x 12.7x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Drops to November numbers while cloud infrastructure matures. Regressing to H2 2013 average as profits valued and combined with growth in compelling areas such as information security.
33 Infrastructure Software Market 2.3x 12.7x Deal Spotlights EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Commoditization drops sector to lowest sales multiple since February 2013… …but EBITDA ratio drops back to just Q3 2013 numbers, as profitable models hold value. Sold to Sector: Security Target: Cyberoam Technologies [India] Acquirer: Sophos Plc [UK] Transaction Value: $80 million - UTM and firewall appliance vendor. Sold to Sector: Security Target: Espion International (IP Assets) Acquirer: VersAi Transaction Value: Undisclosed - Self-signature-creating artificial intelligence algorithm intellectual property and distribution rights.
34 Infrastructure Software Market 2.3x 12.7x Deal Spotlights: Security EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Commoditization drops sector to lowest sales multiple since February 2013… …but EBITDA ratio drops back to just Q3 2013 numbers, as profitable models hold value. Target: Tomium Software Transaction Value: $8 million - Streaming mainframe security software for use with DB2 and IMS databases. Sold to Target: Skyfence Networks [Israel] Transaction Value: $60 million - Security software for public cloud applications. Target: Incapsula Transaction Value: Undisclosed - Acquired remaining shares of Incapsula, which was spun out of Imperva a little over 4 years ago. Sold to Sold to
35 Corum Research Report Elon Gasper Vice President, Director of Research Amber Stoner Senior Analyst Erin Sanchez Analyst
36 Top Ten Tech Trends 2014
37 Top Ten Tech Trends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things
38 Top Ten Tech Trends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Online Exchanges Data-Connected Networks Internet of Things Digital Currency FlowCREATE
39 Top Ten Tech Trends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things CONNECT
40 Corum Top Ten Tech Trends - Creation Transition from Desktop to Mobile #1: Mobilization  Mobile Internet users outnumber desktop users.  Corporate IT departments focusing on improving business processes with mobility.  Technologies enabling the transition are in high demand.  Mobile front-ends, client/cloud apps, responsive web apps, development & testing environments.
41 Transition from Desktop to Mobile #1: Mobilization Sold to Target: StackMob, Inc. Acquirer: PayPal, Inc. Transaction Value: Undisclosed - Mobile application development SaaS, application deployment, analytics and management software and application hosting. - Will make it easier for developers to create seamless payment solutions that span online, mobile, and in-store experiences. Corum Top Ten Tech Trends - Creation
42 Transition from Desktop to Mobile #1: Mobilization Sold to Target: Antenna Software, Inc. Acquirer: Pegasystems, Inc. Transaction Value: $27.7 million - Deal valued at 1.2x revenue. - Application development, distribution PaaS, mobile application testing and monitoring, security, mobile application management and CRM software. Corum Top Ten Tech Trends - Creation
43 Blurring the Lines between Software & Hardware #2: Enmeshed Systems  The line between software and hardware continues to blur.  Beyond “embedded” systems those so enmeshed that it is hard to tell where one ends and the other begins.  Can be seen in consumer devices, the sensors making up the Internet of Things, the next-generation electronics in aircraft, automobiles and the overall industrial Internet. Corum Top Ten Tech Trends - Creation
44 Blurring the Lines between Software & Hardware #2: Enmeshed Systems Sold to Target: Esterel Technologies [France] Acquirer: ANSYS, Inc. Transaction Value: $53 million, 2.7x revenue - Embedded software development and verification software for the aerospace, defense, transportation, industrial and nuclear energy sectors. - Extends ANSYS Simulation Driven Product Development vision to encompass both hardware and software systems. Corum Top Ten Tech Trends - Creation
45 Modernizing Industries with Tomorrow’s Technology #3: Advanced Manufacturing  Manufacturing has lagged, often offshoring rather than innovating  Today, leapfrogging the past generation of technology  Advances include: analytics, robotics, high performance computing, connected control systems, advanced ERP, 3D printing and more. Corum Top Ten Tech Trends - Creation
46 Modernizing Industries with Tomorrow’s Technology #3: Advanced Manufacturing Sold to Target: Albat + Wirsam Software AG Group Acquirer: Friedman Operating Group Transaction Value: $22.9 million - ERP software for glass manufacturers that features product management, sales and inventory management, order processing, invoicing, BI and CAD. - Furthers presence in the glass, fenestration, and building-products industries. Corum Top Ten Tech Trends - Creation
47 Modernizing Industries with Tomorrow’s Technology #3: Advanced Manufacturing Sold to Target: Airstone Labs Acquirer: Autodesk, Inc. Transaction Value: Undisclosed - CAD and object modeling SaaS that enables businesses to create designs that can be printed on 3D printers. - Helps broaden the popular Autodesk 123D family of apps and helps revive the Tinkercad service and community. Corum Top Ten Tech Trends - Creation
48 In-House Tools Transform Traditional Firms into Tech Firms #4: Digital Force Multipliers  Low software development costs let traditional firms build powerful in-house platforms.  Digitally-enhanced hybrid companies get significant competitive advantages.  Cuts out traditional dev shops, but opens M&A opportunity for traditional firms to buy their way in. Corum Top Ten Tech Trends - Creation
49 Building Barriers in an Age of Blurred Lines #5: Information Security  Other trends about knocking down walls—increasing demand to build some walls stronger.  Encompasses both enterprise and consumer privacy, security, anonymity, encryption, identity management, etc.  NSA/RSA scandal opens door for point solutions and more diverse standards. Corum Top Ten Tech Trends - Creation
50 Top Ten Tech Trends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things CREATECONNECT
51 Corum Top Ten Tech Trends - Connection Consistent Messaging Across Channels #6: Omni-Channel Marketing  Consumers are becoming more informed and more savvy.  Retailers must better understand behavior patterns, deliver messages across channels, and drive purchasing.  Real-time analytics, marketing and sales/payments are key.  Encompasses not just advertising and websites, but physical locations, social media, events, and much more.
52 Consistent Messaging Across Channels #6: Omni-Channel Marketing Sold to Target: RapidBlue Solutions Oy [Finland] Acquirer: ShopperTrak Transaction Value: Undisclosed - Provides a European research and development center that can customize its applications for Europe and the Middle East. - Uses radio frequency technology to collect shopper movement information and transforms data into information and insights that retailers can use. Corum Top Ten Tech Trends - Connection
53 Actionable Opportunities Enabled by Customer Data #7: Data-Connected Networks (DCNs)  The SaaS model enables firms across all sectors to provide their customers with powerful tools simply and affordably.  Firms can track the way their customers are using tools, analyze that data, glean insights about the markets they serve, and then offer actionable opportunities to customers. Corum Top Ten Tech Trends - Connection
54 Connecting Creators & Consumers #8: Online Exchanges  Connecting those who need something with those who have it in real time.  Previously, disintermediators like Expedia, iTunes, etc. Today, building new kinds of connections.  Real-life Examples:  Demographically parsed survey data  Qualified, filtered higher ed candidates  Medical referrals Corum Top Ten Tech Trends - Connection
55 Connecting Creators & Consumers #8: Online Exchanges Available for download after registration at www.CorumGroup.com Corum Top Ten Tech Trends - Connection
56 Decreasing Friction in Payments & Exchange #9: Digital Currency Flow  Currency flow has moving towards fewer barriers and less friction on transactions.  Examples include digital currencies, mobile wallets, crowdfunding, lightweight payment systems, online game and social network currencies & more.  Software & systems that improve upon or harness this flow have significant potential. Corum Top Ten Tech Trends - Connection
57 Software, Communications, Platforms & Analytics #10: Internet of Things  Enterprise assets, industrial processes, consumer items & more.  26 billion units by 2020, revenue exceeding $300B.  Each of the “Things” needs software, communication services, platforms, data analytics, etc. Corum Top Ten Tech Trends - Connection
58 Software, Communications, Platforms & Analytics #10: Internet of Things Sold to Target: inubit AG [Germany] Acquirer: Bosch Software Innovations GmbH [Germany] Transaction Value: Undisclosed - Business process management and modeling software. - Will offer combined products for Business Process Management BPM, Business Rules Management, Business Data Management, and Infrastructure Management. Corum Top Ten Tech Trends - Connection
59 Software, Communications, Platforms & Analytics #10: Internet of Things Available for download after registration at www.CorumGroup.com Corum Top Ten Tech Trends - Connection
60 Top Ten Tech Trends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things CREATECONNECT
61 www.corumgroup.com

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2014 Tech M&A Monthly - Top 10 Tech Trends

  • 1.
    1 Global Tech M&AMonthly Top 10 Tech Trends 13 March 2014
  • 2.
    2 Nat joined Corumin 1996 and brings a diverse background in technology M&A and law. While with the Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A. After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and Japanese) Internet content. At Activision, Nat led the company's on-line business development. Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA. While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal. Nat Burgess President Corum Group Ltd. Moderator
  • 3.
    3 Agenda  Welcome  “Heartland”Report  Conference Report – RSA  Conference Report – Mobile World Congress  Research Report  Corum’s Top 10 Tech Trends  Closing Thoughts  Q&A
  • 4.
    4 Ed Ossie Regional Director CorumGroup Ed has over 30 years of international experience serving high-growth technology companies and has spent the last 20 years in chief operating and chief executive roles. During this time, Ed has become known for his ability to design, build and execute multi-year growth strategies with a highly engaged team. Ed served as President of Innovation Group PLC, and prior to that led the sale of MTW Corporation to Innovation Group as MTW CEO. Both companies are in the insurance software and business process services segments. Prior to that he was Division Manager and Vice President for the Texas Instruments Software Group, which grew from startup to 1300 people in 5 years. Ed graduated with a Bachelor of Science degree from Missouri State University and attended select Executive Programs at Stanford Graduate School of Business. “Heartland” Report
  • 5.
    5 Nat Burgess President Corum GroupLtd. Conference Report - RSA
  • 6.
    6 Dougan Milne VP, InternationalBusiness Development Corum Group Ltd. Dougan is currently Vice President of International Business Development, based in Barcelona, with the Corum Group International. Previously, he spent 3 years working out of Corum's European headquarters in Zürich, Switzerland and 3 years running Corum's research division from their Global HQ in Seattle. Prior to joining Corum's team in 2005, Dougan spent 3 years in the banking industry with Bank of America, and Citigroup's Private Wealth business unit. Before entering finance and investment banking, Dougan successfully founded two companies, Billions and Modo Marketing. He earned his advanced degree – Diplôme de Métiers du Vin et Management – in 2013 (France), and holds a BA in Business Economics from the University of San Diego. Conference Report - MWC
  • 7.
    7 Corum Research Report ElonGasper Vice President, Director of Research Amber Stoner Senior Analyst Erin Sanchez Analyst
  • 8.
  • 9.
    9 Start End Years CurrentMar. 9, 2009 ? 5.0 + 70s Inflation Oct. 3, 1974 Nov. 28, 1980 6.2 Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1 Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5 Source: S&P Capital IQ, The Associated Press Historic Bull Market Runs
  • 10.
    10 Feb. 2013 Feb.2014 # of Transactions 251 234 # of Mega Deals 3 1 Largest Deal $24.8B $19B Private Equity Deals 7 9 # VC backed Exits 57 48 % Cross Border Transactions 31% 32% % of Startup Acquisitions 13% 12% Average Life of Target 13 13 Corum Index Buyer Seller Price Facebook WhatsApp $19B
  • 11.
    11 Feb. 2013 Feb.2014 # of Transactions 251 234 # of Mega Deals 3 1 Largest Deal $24.8B $19B Private Equity Deals 7 9 # VC backed Exits 57 48 % Cross Border Transactions 31% 32% % of Startup Acquisitions 13% 12% Average Life of Target 13 13 Buyer Seller Price Facebook WhatsApp $19B Sold to Sector: Mobility Target: WhatsApp Inc. Acquirer: Facebook Transaction Value: $19 Billion - Mobile messaging applications that enables users to send and receive group messages, photos and videos and share their locations. - Over 450 million monthly users. Corum Index
  • 12.
    12 Horizontal Application SoftwareMarket 3.8x 20.3x Public Valuation Multiples EV Sales Since Q4 Corum Analysis EV EBITDA Still highest of all six sectors and near multi-year highs. Strong increase, up almost a point from December. Feb. 2014
  • 13.
    13 Horizontal Application SoftwareMarket 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: ERP Target: Identified, Inc. Acquirer: Workday, Inc. Transaction Value: Reported at $15 million - Enables aggregation of social network profile and posting information for recruiters to discover potential job candidates. - Strengthens Workdays’ predictive analytics technology.
  • 14.
    14 Horizontal Application SoftwareMarket 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: HR Target: Bright Media Corporation Acquirer: LinkedIn Transaction Value: $120 million - Leverages data insights and matching technology to connect prospects and employers. - Should help LinkedIn boost the quality of its job-listing service, which accounted for less than one-fifth of its revenue last quarter.
  • 15.
    15 Horizontal Application SoftwareMarket 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: CRM Target: legodo ag [Germany] Acquirer: Actuate Corporation Transaction Value: Undisclosed - Communications software that integrates with native CRM and ERP systems for SAP, Oracle Siebel, Salesforce and Sugar CRM. - Extends CCM offering into the interactive customer correspondence space. - Tuck-in that builds off of its 2009 pickup of customer-communications management vendor Xenos.
  • 16.
    16 Horizontal Application SoftwareMarket 3.9x 19.0x Deal Spotlight EV Sales Since Q4 Corum Analysis EV EBITDA Highest valuation in 24 months supported by maturity and nextgen technology. Persistent demand for SaaS and ERP brings the multiple up. Jan. 2014 Sold to Sector: CRM Target: LeadRocket Acquirer: Callidus Software Transaction Value: $3 million - Social networking-based sales lead generation and management SaaS. - Users can track social posts and monitor conversations across LinkedIn, Twitter, Facebook and import and email prospective clients discovered.
  • 17.
    17 Internet Market 2.3x 14.9x Public ValuationMultiples EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure build-out still keeping multiple near multi-year highs. Significant bounce from last month, topping numbers from all of last year.
  • 18.
    18 Internet Market 2.3x 14.9x Deal Spotlights:Mobility EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Target: Wander Acquirer: Yahoo! Transaction Value: $10M+ (per TechCrunch) - Mobile application enabling iOS device users to capture photos and GIFs of daily events and share them with friends. - Publishers of the “Days” diary app, joining Yahoo’s Mobile and Emerging Products team.
  • 19.
    19 Internet Market 2.3x 14.9x Deal Spotlights:Advertising Platforms EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Target: Bannerconnect [Holland] Acquirer: WPP Group [UK] - Operates digital advertising exchange and provides IT infrastructure and related services for Web publishers, advertisers and media agencies. Sold to Target: Connexity Acquirer: Shopzilla - Media buying advertising network with integrated social networking and recommendation engine features. Target: Mobigirl Media Acquirer: SuperAwesome [UK] - Mobile advertising network targeted at teenage and adolescent girls. Sold to Sold to
  • 20.
    20 Internet Market 2.3x 14.9x Deal Spotlight EV Sales CorumAnalysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Sector: Online Retail Target: Lefeng.com [China] Acquirer: Vipshop Holdings Limited [China] Transaction Value: $132.5 million - Retail website specialized in selling cosmetics and fashion products in China. - In connection, Vipshop entered into framework supply agreement with PRC affiliates of Lefeng and Ovation.
  • 21.
    21 Internet Market 2.3x 14.9x Deal Spotlight EV Sales CorumAnalysis EV EBITDA Since Q4 Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Sector: Online Retail Target: Coastal Contacts, Inc. [Canada] Acquirer: Essilor International SA [France] Transaction Value: $388.4 million - Valued at 1.8x revenue. - Implied value of $74 per customer. - Online retailer of contact lenses, eyeglasses, sunglasses and related vision care products.
  • 22.
    22 Vertical Application SoftwareMarket 2.8x 13.7x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength. Quick recovery from January drop, still slightly down from December. Feb. 2014
  • 23.
    23 Vertical Application SoftwareMarket 2.8x 13.7x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength in face of market pullback. Decline in value of profits takes metric back to October 2013 levels. Feb. 2014 Sold to Sector: Legal Software Target: Third Coast Holdings, owner of Datacert Acquirer: Wolters Kluwer Corporate Legal Services Transaction Value: $180 million - Acquired remaining 62% of the company. - ERP and case management software, SaaS and services that includes cost analysis management and GRC software. - Joins Wolters Kluwer’s Tymetrix, another leader in the Enterprise Legal Management space.
  • 24.
    24 Vertical Application SoftwareMarket 2.8x 13.7x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength in face of market pullback. Decline in value of profits takes metric back to October 2013 levels. Feb. 2014 Sold to Sector: Financial Services Target: IND Group [Hungary] Acquirer: Misys PLC [UK] Transaction Value: Undisclosed - White-label online and mobile banking, personal finance management and online payments software and applications. - Acquisition builds on previous partnership with IND whose solutions are pre- integrated with Misys BankFusion.
  • 25.
    25 2.3x 14.9x EV Sales Corum Analysis EV EBITDA Since Q4Feb. 2014 Pure-play and infrastructure buildout keeps it near multi- year highs. Drop driven by general downward pressure in the public markets and delayed priority for profitability. Sold to Target: BlueKite Ltd [UK] Acquirer: Xoom Transaction Value: $15.1 million - Robust technology platform for cross-border bill payments and mobile phone top ups. Sold to Target: Vericard [Canada] Acquirer: Budget Center Inc. Transaction Value: $2.1 million - Owner of CardVerify.net, an operational web-based service that protects online businesses and customers from credit card fraud. Vertical Application Software Market Deal Spotlights
  • 26.
    26 Vertical Application SoftwareMarket 2.8x 13.7x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Movement to SaaS helps maintain strength in face of market pullback. Decline in value of profits takes metric back to October 2013 levels. Feb. 2014 Sold to Sector: Financial Services Target: Interthinx Acquirer: First American Financial Corporation Transaction Value: $155 million - Loan mortgage quality and fraud detection analytics software that uses public, private and proprietary data to detect fraud risk in loan applications. - Provides them with a start to finish solution for real estate transactions.
  • 27.
    27 Consumer Application SoftwareMarket 2.0x 8.0x Public Valuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Holding at multi-year highs… …while EBITDA regresses slightly to late Q3:13 numbers. Feb. 2014
  • 28.
    28 Consumer Application SoftwareMarket 2.0x 8.0x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Post-holiday pullback accentuates overall trend of the market. Pulls back 3% from last month, still up 30% year-over-year. Feb. 2014 Sold to Sector: Mobility Target: Viber Media [Cyprus] Acquirer: Rakuten, Inc. [Japan] Transaction Value: $900 million - Sold at a multiple of 593.7x revenue. - Messaging application enabling users to send and receive free text messages, VOIP calls and send photos and videos to other Viber users. - Strengthen its global platform through the use of Viber’s range of customers in the Company’s E-Commerce and digital contents services.
  • 29.
    29 Consumer Application SoftwareMarket 2.0x 8.0x Deal Spotlight EV Sales Corum Analysis EV EBITDA Since Q4 Post-holiday pullback accentuates overall trend of the market. Pulls back 3% from last month, still up 30% year-over-year. Feb. 2014 Sold to Sector: Enterprise Networking Target: PokeTALK [Canada] Acquirer: Voxox Inc. Transaction Value: Undisclosed - Service enables consumers to make low-cost international calls leveraging features such as VoIP, callback, desktop contact synch and others. - Inherits more than 600,000 registered users of the PokeTALK Service.
  • 30.
    30 IT Services Market 0.70x 9.7x PublicValuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Holding to trend started Q3 2013. Builds on two year high set last month. Feb. 2014
  • 31.
    31 IT Services Market 0.70x 9.7x DealSpotlights EV Sales Corum Analysis EV EBITDA Since Q4 Continuing upward trend started end of Q3 2013. 24-month highs, despite lower market trend. Feb. 2014 Sold to Target: Avaya Government Solutions Acquirer: Camber Corporation Transaction Value: $100 million - IT consulting and network engineering services for US government agencies. Sold to Target: ForwardThink Group Acquirer: Perficient, Inc. Transaction Value: $46 million - Technology consulting/software development services, focusing on BPM, CRM, BI and compliance and risk management.
  • 32.
    32 Infrastructure Software Market 2.3x 12.7x PublicValuation Multiples EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Drops to November numbers while cloud infrastructure matures. Regressing to H2 2013 average as profits valued and combined with growth in compelling areas such as information security.
  • 33.
    33 Infrastructure Software Market 2.3x 12.7x DealSpotlights EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Commoditization drops sector to lowest sales multiple since February 2013… …but EBITDA ratio drops back to just Q3 2013 numbers, as profitable models hold value. Sold to Sector: Security Target: Cyberoam Technologies [India] Acquirer: Sophos Plc [UK] Transaction Value: $80 million - UTM and firewall appliance vendor. Sold to Sector: Security Target: Espion International (IP Assets) Acquirer: VersAi Transaction Value: Undisclosed - Self-signature-creating artificial intelligence algorithm intellectual property and distribution rights.
  • 34.
    34 Infrastructure Software Market 2.3x 12.7x DealSpotlights: Security EV Sales Corum Analysis EV EBITDA Since Q4 Feb. 2014 Commoditization drops sector to lowest sales multiple since February 2013… …but EBITDA ratio drops back to just Q3 2013 numbers, as profitable models hold value. Target: Tomium Software Transaction Value: $8 million - Streaming mainframe security software for use with DB2 and IMS databases. Sold to Target: Skyfence Networks [Israel] Transaction Value: $60 million - Security software for public cloud applications. Target: Incapsula Transaction Value: Undisclosed - Acquired remaining shares of Incapsula, which was spun out of Imperva a little over 4 years ago. Sold to Sold to
  • 35.
    35 Corum Research Report ElonGasper Vice President, Director of Research Amber Stoner Senior Analyst Erin Sanchez Analyst
  • 36.
    36 Top Ten TechTrends 2014
  • 37.
    37 Top Ten TechTrends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things
  • 38.
    38 Top Ten TechTrends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Online Exchanges Data-Connected Networks Internet of Things Digital Currency FlowCREATE
  • 39.
    39 Top Ten TechTrends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things CONNECT
  • 40.
    40 Corum Top TenTech Trends - Creation Transition from Desktop to Mobile #1: Mobilization  Mobile Internet users outnumber desktop users.  Corporate IT departments focusing on improving business processes with mobility.  Technologies enabling the transition are in high demand.  Mobile front-ends, client/cloud apps, responsive web apps, development & testing environments.
  • 41.
    41 Transition from Desktopto Mobile #1: Mobilization Sold to Target: StackMob, Inc. Acquirer: PayPal, Inc. Transaction Value: Undisclosed - Mobile application development SaaS, application deployment, analytics and management software and application hosting. - Will make it easier for developers to create seamless payment solutions that span online, mobile, and in-store experiences. Corum Top Ten Tech Trends - Creation
  • 42.
    42 Transition from Desktopto Mobile #1: Mobilization Sold to Target: Antenna Software, Inc. Acquirer: Pegasystems, Inc. Transaction Value: $27.7 million - Deal valued at 1.2x revenue. - Application development, distribution PaaS, mobile application testing and monitoring, security, mobile application management and CRM software. Corum Top Ten Tech Trends - Creation
  • 43.
    43 Blurring the Linesbetween Software & Hardware #2: Enmeshed Systems  The line between software and hardware continues to blur.  Beyond “embedded” systems those so enmeshed that it is hard to tell where one ends and the other begins.  Can be seen in consumer devices, the sensors making up the Internet of Things, the next-generation electronics in aircraft, automobiles and the overall industrial Internet. Corum Top Ten Tech Trends - Creation
  • 44.
    44 Blurring the Linesbetween Software & Hardware #2: Enmeshed Systems Sold to Target: Esterel Technologies [France] Acquirer: ANSYS, Inc. Transaction Value: $53 million, 2.7x revenue - Embedded software development and verification software for the aerospace, defense, transportation, industrial and nuclear energy sectors. - Extends ANSYS Simulation Driven Product Development vision to encompass both hardware and software systems. Corum Top Ten Tech Trends - Creation
  • 45.
    45 Modernizing Industries withTomorrow’s Technology #3: Advanced Manufacturing  Manufacturing has lagged, often offshoring rather than innovating  Today, leapfrogging the past generation of technology  Advances include: analytics, robotics, high performance computing, connected control systems, advanced ERP, 3D printing and more. Corum Top Ten Tech Trends - Creation
  • 46.
    46 Modernizing Industries withTomorrow’s Technology #3: Advanced Manufacturing Sold to Target: Albat + Wirsam Software AG Group Acquirer: Friedman Operating Group Transaction Value: $22.9 million - ERP software for glass manufacturers that features product management, sales and inventory management, order processing, invoicing, BI and CAD. - Furthers presence in the glass, fenestration, and building-products industries. Corum Top Ten Tech Trends - Creation
  • 47.
    47 Modernizing Industries withTomorrow’s Technology #3: Advanced Manufacturing Sold to Target: Airstone Labs Acquirer: Autodesk, Inc. Transaction Value: Undisclosed - CAD and object modeling SaaS that enables businesses to create designs that can be printed on 3D printers. - Helps broaden the popular Autodesk 123D family of apps and helps revive the Tinkercad service and community. Corum Top Ten Tech Trends - Creation
  • 48.
    48 In-House Tools TransformTraditional Firms into Tech Firms #4: Digital Force Multipliers  Low software development costs let traditional firms build powerful in-house platforms.  Digitally-enhanced hybrid companies get significant competitive advantages.  Cuts out traditional dev shops, but opens M&A opportunity for traditional firms to buy their way in. Corum Top Ten Tech Trends - Creation
  • 49.
    49 Building Barriers inan Age of Blurred Lines #5: Information Security  Other trends about knocking down walls—increasing demand to build some walls stronger.  Encompasses both enterprise and consumer privacy, security, anonymity, encryption, identity management, etc.  NSA/RSA scandal opens door for point solutions and more diverse standards. Corum Top Ten Tech Trends - Creation
  • 50.
    50 Top Ten TechTrends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things CREATECONNECT
  • 51.
    51 Corum Top TenTech Trends - Connection Consistent Messaging Across Channels #6: Omni-Channel Marketing  Consumers are becoming more informed and more savvy.  Retailers must better understand behavior patterns, deliver messages across channels, and drive purchasing.  Real-time analytics, marketing and sales/payments are key.  Encompasses not just advertising and websites, but physical locations, social media, events, and much more.
  • 52.
    52 Consistent Messaging AcrossChannels #6: Omni-Channel Marketing Sold to Target: RapidBlue Solutions Oy [Finland] Acquirer: ShopperTrak Transaction Value: Undisclosed - Provides a European research and development center that can customize its applications for Europe and the Middle East. - Uses radio frequency technology to collect shopper movement information and transforms data into information and insights that retailers can use. Corum Top Ten Tech Trends - Connection
  • 53.
    53 Actionable Opportunities Enabledby Customer Data #7: Data-Connected Networks (DCNs)  The SaaS model enables firms across all sectors to provide their customers with powerful tools simply and affordably.  Firms can track the way their customers are using tools, analyze that data, glean insights about the markets they serve, and then offer actionable opportunities to customers. Corum Top Ten Tech Trends - Connection
  • 54.
    54 Connecting Creators &Consumers #8: Online Exchanges  Connecting those who need something with those who have it in real time.  Previously, disintermediators like Expedia, iTunes, etc. Today, building new kinds of connections.  Real-life Examples:  Demographically parsed survey data  Qualified, filtered higher ed candidates  Medical referrals Corum Top Ten Tech Trends - Connection
  • 55.
    55 Connecting Creators &Consumers #8: Online Exchanges Available for download after registration at www.CorumGroup.com Corum Top Ten Tech Trends - Connection
  • 56.
    56 Decreasing Friction inPayments & Exchange #9: Digital Currency Flow  Currency flow has moving towards fewer barriers and less friction on transactions.  Examples include digital currencies, mobile wallets, crowdfunding, lightweight payment systems, online game and social network currencies & more.  Software & systems that improve upon or harness this flow have significant potential. Corum Top Ten Tech Trends - Connection
  • 57.
    57 Software, Communications, Platforms& Analytics #10: Internet of Things  Enterprise assets, industrial processes, consumer items & more.  26 billion units by 2020, revenue exceeding $300B.  Each of the “Things” needs software, communication services, platforms, data analytics, etc. Corum Top Ten Tech Trends - Connection
  • 58.
    58 Software, Communications, Platforms& Analytics #10: Internet of Things Sold to Target: inubit AG [Germany] Acquirer: Bosch Software Innovations GmbH [Germany] Transaction Value: Undisclosed - Business process management and modeling software. - Will offer combined products for Business Process Management BPM, Business Rules Management, Business Data Management, and Infrastructure Management. Corum Top Ten Tech Trends - Connection
  • 59.
    59 Software, Communications, Platforms& Analytics #10: Internet of Things Available for download after registration at www.CorumGroup.com Corum Top Ten Tech Trends - Connection
  • 60.
    60 Top Ten TechTrends 2014 Mobilization Enmeshed Systems Advanced Manufacturing Digital Force Multipliers Information Security Omni-Channel Marketing Data-Connected Networks Online Exchanges Digital Currency Flow Internet of Things CREATECONNECT
  • 61.

Editor's Notes

  • #13 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #14 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #15 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #16 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #17 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #18 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #19 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #20 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #21 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #22 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #23 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #24 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #25 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #26 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #27 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #28 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #29 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #30 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #31 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #32 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #33 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #34 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
  • #35 Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc.. This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time. How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.) Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now. Here’s the latest Corum Index. [NEW COPY NEEDED] By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up) Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.