“How much is my company worth?” No magic formula can answer this question, but a valuation report is still a key component of the disciplined tech M&A process that will ultimately bring an optimal outcome. Thursday, November 8, as the world’s leading expert on tech company valuations, Corum Group will share best practices for developing, presenting and making the best use of a valuation to create the auction environment that will result in the best price and deal structure for your software or related technology company.
With market uncertainty and volatility dominating finance headlines, but tech M&A still breaking records amidst strong buyer demand and high valuations, what does 2019 hold for your company? As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2019, plus a scorecard from 2018; the new Top 10 Disruptive Technology Trends driving deals in 2019; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary Panel featuring SAP, Salesforce, IBM and more. Don’t miss the premier event each year for software company owners and CEOs.
What happened in Tech M&A during the first quarter of 2019? How has the rapid market recovery impacted valuations? Are private equity deals still soaring? Who are the new buyers making waves? Listen in as Corum Group gives the most in-depth look available at Q1 of 2019 for mergers and across all six technology sectors and 30 subsectors. Plus, we’ll get a special report on succession planning for tech company owners and executives, and a report from a special series of M&A conferences across Europe.
Tech M&A Monthly: 6 Merger Myth and MisconceptionsCorum Group
Strong public markets and high demand for disruptive tech are continuing to drive high valuations for technology companies. Corum Group’s research team looked at the key deals, trends and valuations across all six tech sectors and 30 subsectors. What sectors are getting the highest valuations? What are acquirers after? How long will these good times continue? Corum’s senior dealmakers will also address six merger myths & misconceptions that might be keeping your company from taking advantage of today’s hot M&A market.
The third quarter of 2016 has been a rocket ride in tech M&A, with public markets back to hitting records and a flurry of tech megadeals that have shaken up the tech landscape. What does all this activity mean for your company? With tech M&A volume and valuations both high, you’ll want to understand what’s happening in your sector in order to best prepare your company for whatever comes next. There’s no better way to start that process than to tune in for this 30 minute look at the key deals, trends and valuations for all six technology sectors and 30 subsectors from the tech industry’s premier M&A research team.
The pace of technological innovation has never been faster, and it’s forcing tech and non-tech companies of all sizes to make acquisitions to keep up. Add to that the record levels of buyer cash, strong public markets and increasingly active and strategic Private Equity firms, and you have the recipe for a remarkable 2017.
To get all the tech M&A details for the year ahead and the year just past, join Corum Group and hundreds of technology CEOs globally for the largest tech M&A event of the year – Forecast 2017, the Global Tech M&A Report. We’ll look at the Top 10 Disruptive Technology trends that will drive deals in 2017, give 2017 predictions, survey how our 2016 predictions turned out, unveil the annual Corum Index of Tech M&A, and take a look at valuation metrics across the six technology sectors and 30 subsectors. Finally, the highlight of the event is our annual Luminary panel featuring SAP, Salesforce and more. You don’t want to miss the premier event each year for software company owners and CEOs.
Tech M&A Monthly: 12 Negotiation Tips from the ProsCorum Group
Bruce Milne, CEO of Corum Group Ltd., gave a presentation on technology M&A trends to an audience. He discussed the strong environment for tech M&A deals, noting disruptive trends are driving strategic buyers. The presentation included a report on mega deals announced in 2016, such as SoftBank's acquisition of ARM Holdings for $32.4 billion. Milne also provided tips for technology company owners negotiating M&A deals.
Tech M&A Monthly: Deal Structures TodayCorum Group
Today’s combination of active public markets, resurgent IPOs and a growing pool of buyers means that deal structures are getting more complex as buyers and sellers get creative in order to get deals done. The September edition of Tech M&A Monthly will examine some of the many ways that structure is more important than price in many cases, following up on last year’s highly-praised webcast on the topic. When is a profit sharing agreement appropriate? What’s the role of consulting agreements? How do cross-border issues complicate matters? September 10, Corum dealmakers will address these questions and more, drawing on the largest body of tech M&A in history. In addition, we’ll examine the key deals, trends and valuations from the past month in the Horizontal, Infrastructure and Consumer technology markets.
Did the "SaaS-pocalypse" and the rest of this year's public market turmoil slow down Tech M&A? Or are the underlying factors of buyer cash reserves, disruptive technology and strategic imperatives overriding uncertain markets? Join Corum Group for the most in depth look anywhere at Q1 of 2016 for mergers and acquisitions of software and related technology companies. We'll look at the key deals, trends and valuations for all six technology sectors and 30 subsectors, with a special focus on what it means for technology executives considering whether this is the right opportunity window to take their firms to market.
With market uncertainty and volatility dominating finance headlines, but tech M&A still breaking records amidst strong buyer demand and high valuations, what does 2019 hold for your company? As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2019, plus a scorecard from 2018; the new Top 10 Disruptive Technology Trends driving deals in 2019; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary Panel featuring SAP, Salesforce, IBM and more. Don’t miss the premier event each year for software company owners and CEOs.
What happened in Tech M&A during the first quarter of 2019? How has the rapid market recovery impacted valuations? Are private equity deals still soaring? Who are the new buyers making waves? Listen in as Corum Group gives the most in-depth look available at Q1 of 2019 for mergers and across all six technology sectors and 30 subsectors. Plus, we’ll get a special report on succession planning for tech company owners and executives, and a report from a special series of M&A conferences across Europe.
Tech M&A Monthly: 6 Merger Myth and MisconceptionsCorum Group
Strong public markets and high demand for disruptive tech are continuing to drive high valuations for technology companies. Corum Group’s research team looked at the key deals, trends and valuations across all six tech sectors and 30 subsectors. What sectors are getting the highest valuations? What are acquirers after? How long will these good times continue? Corum’s senior dealmakers will also address six merger myths & misconceptions that might be keeping your company from taking advantage of today’s hot M&A market.
The third quarter of 2016 has been a rocket ride in tech M&A, with public markets back to hitting records and a flurry of tech megadeals that have shaken up the tech landscape. What does all this activity mean for your company? With tech M&A volume and valuations both high, you’ll want to understand what’s happening in your sector in order to best prepare your company for whatever comes next. There’s no better way to start that process than to tune in for this 30 minute look at the key deals, trends and valuations for all six technology sectors and 30 subsectors from the tech industry’s premier M&A research team.
The pace of technological innovation has never been faster, and it’s forcing tech and non-tech companies of all sizes to make acquisitions to keep up. Add to that the record levels of buyer cash, strong public markets and increasingly active and strategic Private Equity firms, and you have the recipe for a remarkable 2017.
To get all the tech M&A details for the year ahead and the year just past, join Corum Group and hundreds of technology CEOs globally for the largest tech M&A event of the year – Forecast 2017, the Global Tech M&A Report. We’ll look at the Top 10 Disruptive Technology trends that will drive deals in 2017, give 2017 predictions, survey how our 2016 predictions turned out, unveil the annual Corum Index of Tech M&A, and take a look at valuation metrics across the six technology sectors and 30 subsectors. Finally, the highlight of the event is our annual Luminary panel featuring SAP, Salesforce and more. You don’t want to miss the premier event each year for software company owners and CEOs.
Tech M&A Monthly: 12 Negotiation Tips from the ProsCorum Group
Bruce Milne, CEO of Corum Group Ltd., gave a presentation on technology M&A trends to an audience. He discussed the strong environment for tech M&A deals, noting disruptive trends are driving strategic buyers. The presentation included a report on mega deals announced in 2016, such as SoftBank's acquisition of ARM Holdings for $32.4 billion. Milne also provided tips for technology company owners negotiating M&A deals.
Tech M&A Monthly: Deal Structures TodayCorum Group
Today’s combination of active public markets, resurgent IPOs and a growing pool of buyers means that deal structures are getting more complex as buyers and sellers get creative in order to get deals done. The September edition of Tech M&A Monthly will examine some of the many ways that structure is more important than price in many cases, following up on last year’s highly-praised webcast on the topic. When is a profit sharing agreement appropriate? What’s the role of consulting agreements? How do cross-border issues complicate matters? September 10, Corum dealmakers will address these questions and more, drawing on the largest body of tech M&A in history. In addition, we’ll examine the key deals, trends and valuations from the past month in the Horizontal, Infrastructure and Consumer technology markets.
Did the "SaaS-pocalypse" and the rest of this year's public market turmoil slow down Tech M&A? Or are the underlying factors of buyer cash reserves, disruptive technology and strategic imperatives overriding uncertain markets? Join Corum Group for the most in depth look anywhere at Q1 of 2016 for mergers and acquisitions of software and related technology companies. We'll look at the key deals, trends and valuations for all six technology sectors and 30 subsectors, with a special focus on what it means for technology executives considering whether this is the right opportunity window to take their firms to market.
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityCorum Group
Private Equity has never been more active in tech M&A. The top financial tech acquirers are consistently making double the deals of the top strategics, a new generation of smaller, agile firms are doing deals of all sizes, while traditional, conservative PE firms have finally caught on to technology and are spending billions. And with trillions in funds yet to be spent, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What do you do when you’ve got it? What about from a portfolio company? Find out from our panel of leading global Private Equity firms.
Tech M&A Monthly: 12 Steps to a Successful ValuationCorum Group
Bruce Milne, CEO of Corum Group Ltd., welcomed attendees to a presentation on technology mergers and acquisitions. The presentation included a report on M&A activity in September 2016 which found increased deals from non-tech buyers. It also outlined 12 steps to a successful company valuation and included a discussion of major tech acquisitions so far in 2016 with deal values ranging from $1.5 billion to $8.8 billion.
Global Tech M&A Annual Report - January 2013 Corum Group
Corum Group experts and a luminary panel of tech experts will share their their annual predictions for software, IT and related tech. What are the trends in SaaS, Mobile, Social, Big Data, Gaming and Verticals that will affect you? With complete valuation metrics and predictions for all 26 market sectors.
Who were the top buyers in 2012? Who will be in 2013? More importantly, what will they buy and why? How can you get your firm on their radar? Meanwhile, what are the 10 Deadly Sins of Tech M&A Advisors that you should watch out for?
With buyer cash and disruptive trends continuing to drive tech M&A deal flow, it is still the best time to take advantage of today’s environment. For anyone considering a sale, you won’t want to miss this month’s in-depth discussion with tech CEOs who recently sold their companies. Hear from software executives and owners like you, who successfully navigated the M&A field and sold their companies to a global array of buyers. Learn how they did it and what you can do to increase your value in today’s market. We heard from:
Moe Arnaiz, Founder & CEO of eMOBUS, acquired by Asentinel and Marlin Equity
William Harris, Chairman of Orthoview, acquired by Materialise
James Schmalz, Founder & CEO of Digital Extremes, acquired by Perfect World and Leyou Technologies
Tech M&A Monthly: Single biggest business mistakeCorum Group
In over 30 years of selling more software companies than anyone, Corum has consistently seen one common mistake CEOs make that rises above all the others. It's a real value destroyer. To hear about how you can avoid this mistake, and 9 other value killers, tune in to Tech M&A Monthly.
We're in the midst of one of the most important periods of tech M&A since the dot-com boom. How long will it last? Who are the key players? What were the key deals of 2013, and what are the trends to watch for 2014? Join Corum experts and a panel of technology luminaries for a look at the year behind and the year ahead.
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1Corum Group
Innovation is accelerating as we begin 2018. Companies across sectors are making acquisitions to keep up with the technological disruption rippling across all industries, driving high valuations and strong buyer demand. As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2018, plus a scorecard from 2017; the new Top 10 Disruptive Technology Trends driving deals in 2018; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary panel featuring IBM, Salesforce and more. Don’t miss the premier event each year for software company owners and CEOs.
2014 Tech M&A Monthly - Deal Structures TodayCorum Group
With healthy capital markets, booming public markets and a resurgent IPO environment, deal structures are beginning to move away from the cash-only rules of the last few years. Buyers are using more stock and earn-out, while leveraging cheap debt to sometimes make acquisitions beyond their reach just a couple years ago. When should you consider stock? What’s the role of earn-outs? How should you approach non-competes? Find out during the September edition of Tech M&A Monthly.
2014 Tech M&A Monthly - Mid-Year ReportCorum Group
This month, join us as we mark the halfway-point of this remarkable year for tech M&A, and look both back and ahead. We’ll look back at the notable deals, high valuations and key trends in all six market sand 26 subsectors that have made 2014 such a wild ride. Then, we’ll look ahead at the factors that could bring the ride to a sudden halt—either for the market as a whole, or for your company’s value in particular. Nothing lasts forever, so we’ll be examining the six events that could kill the market, as well as six events that, regardless of the overall environment, could kill your company’s value before you have a chance to realize that value.
Plus, special announcements of deals out of the UK, the US heartland and beyond, plus a look at the way Enmeshed Systems and the blurring lines between hardware and software are driving key deals and high valuations. Don’t miss this extended 45-minute presentation
2014 Tech M&A Monthly - Quarterly ReportCorum Group
The third quarter of 2014 has been marked by soaring deal values, a surge of megadeals and the largest IPO in history. What does this mean to your company? Tune in to the Tech M&A Quarterly review webcast, where we look at the key deals, megadeals, valuations and trends impacting the global M&A market for software and related technology companies. We’ll examine:
The hot gaming market, including Twitch, Mojang, Bally and more
More megadeals, including Concur, Cars.com, Trulia and many others
What does Alibaba’s IPO—the largest tech IPO ever—mean to your company?
Deal reports from India to Seattle
Valuation metrics for all six tech markets and 26 subsectors
And much, much more—don’t miss the Tech M&A Monthly Q3 2014 Report.
Tech M&A continued to reach new highs as 2016 began, with disruptive technology, plus trillions of dollars of ready cash, driving both strategic and financial acquirers to buy software and related technology companies at a pace not seen in over a decade. What’s next for tech M&A? Join Corum Group and hundreds of technology CEOs globally for the largest tech M&A event of the year – Forecast 2016, the Global Tech M&A Report. Hear from Corum dealmakers globally, plus our panel of industry luminaries:
Peter Coffee, Salesforce, VP for Strategic Research
Mukund Mohan, Microsoft, Director, Strategy for Sales & Enterprise
Dr. Karl-Michael Popp, SAP, Senior Director of Corporate Development
Reese Jones, Silicon Valley Futurist & Singularity University Founder
Plus, a look at the 10 Disruptive Technology Trends for 2016, the annual Corum Index of Tech M&A and valuation metrics across the six technology sectors and 30 subsectors. You don’t want to miss the premier event each year for software company owners and CEOs.
Private Equity has a vital role in today's Tech M&A market. From platforms to bolt-ons, they are bidding on most deals, either directly or through a portfolio company. And with $1.1 trillion in uncommitted funds in 2015, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What about from a portfolio company? Find out from our live panel of leading global PE firms, featuring:
George Kase, Marlin Equity
John Hodge, RUBICON Technology Partners
Blair Greenberg, Bregal Sagemount
Martin Scott, The Riverside Company
Tech M&A Monthly: Forecast 2016 - Part 2: Private EquityCorum Group
Private Equity’s role in today's Tech M&A market continues to grow, with no upper bounds in sight. They are in the mix for on most deals, whether directly or through a portfolio company, going after both platforms companies and bolt-ons. And with trillions in uncommitted funds earmarked to be spent, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What do you do when you’ve got it? What about from a portfolio company? Find out from our panel of leading global Private Equity firms.
As the strongest market ever for sellers of technology companies continues, if you’re at all considering the sale of your technology company, don’t miss a unique opportunity to hear from fellow founders, owners and CEOs who recently sold. During our annual Seller’s Panel, hear from international software executives and owners like you, who successfully navigated the M&A process and sold their companies to a global array of buyers. Learn how they did it, what they learned, what surprised them—and what you can do to increase your value in today’s market.
Panelists include:
· Dennis Gurock, co-founder of Gurock Software, acquired by Idera
· Luc Pettet, Founder & CEO of Punters.com.au, acquired by News Corp
The document provides an overview of recent tech and venture capital news and events through a series of short summaries:
1) Mobile World Congress saw continued momentum towards 5G but fragmentation in IoT and stagnation in smartphones. FCC may rollback net neutrality regulations.
2) Buyout funds have record dry powder and software deals have significantly outperformed, which could drive increased buyout activity in tech.
3) The UK government outlined its post-Brexit digital strategy focused on connectivity, skills, and making the UK a leader in digital business and data usage.
4) IBM is taking steps to commercialize quantum computing through partnerships to solve currently unsolvable problems in areas like drug discovery, supply
Global Tech M&A Monthly: Mid-Year Report - July 2013Corum Group
2013 has been a remarkable year for tech M&A so far, marked by record setting deals, landmark transactions and increasing valuations. What markets have benefited the most? Who is best poised going into the second half? The Corum research team will give an in-depth look at the market--deals, trends and valuations 6 technology sectors and all 26 subsectors. Plus, reports from the M&A trenches on deals just completed.
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&ACorum Group
The booming public markets, rising valuations and increasingly active Private Equity firms are helping drive an increase in more complex tech M&A deals--stock, earnouts, debt and other structural methods are being used to bridge gaps and get deals done. But more complexity can mean more risk if you aren't properly prepared. November 10, Corum's global team of senior dealmakers will share 12 deal structure tips to help you achieve an optimal outcome when you sell your technology company. Plus a special report - Drumpf and M&A: What does this mean for you?
The document discusses trends in digital media jobs and talent in New York City. It notes that while some companies are outsourcing programming and development work overseas to reduce costs, New York remains an important center for technology talent, companies, diversity, and creative digital media jobs. The largest software companies in the New York area are growing and hiring for both technical and creative digital media roles across industries like financial services and media.
Tech M&A Monthly: Definitive AgreementsCorum Group
Selling a technology company is a complex process, but it all boils down into the final contract between the seller and the buyer. How do you ensure that the definitive agreement reflects your best interests and the value you have built in your company? On Thursday, August 9, Corum dealmakers will take a detailed look at the process that leads up to the final M&A contract, highlighting the key moments and the most dangerous pitfalls as the agreement comes together, with stories straight from Corum’s 30+ years of selling technology companies. This is the most important document of your company’s life – and possibly yours, as well – so take 30 minutes to understand how to do it right.
Tech M&A Monthly: When You are ApproachedCorum Group
In today’s competitive Tech M&A environment, more and more firms were being approached by potential acquirers. Here at Corum, we are seeing more and more companies coming to us after they have been approached, but only those who manage discussions properly will get a deal done. In this webinar, Corum’s global team of senior dealmakers will address the question, “What do I do when I've been approached?”, sharing 13 tips to turn that approach into an optimal outcome—and avoid the mistakes that can turn an approach into a disaster for your company.
Getting approached is a double edged sword - it means a buyer is interested, but it means they may also be interested in your competitors. We looked at the missteps sellers often make when they're first approached, best practices for dealing with that first inquiry, and the methods for leveraging a single buyer’s approach into an auction environment that will ultimately give you the maximum value and best structure.
Tech M&A Monthly: Forecast 2017 pt. 2 - Private EquityCorum Group
Private Equity has never been more active in tech M&A. The top financial tech acquirers are consistently making double the deals of the top strategics, a new generation of smaller, agile firms are doing deals of all sizes, while traditional, conservative PE firms have finally caught on to technology and are spending billions. And with trillions in funds yet to be spent, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What do you do when you’ve got it? What about from a portfolio company? Find out from our panel of leading global Private Equity firms.
Tech M&A Monthly: 12 Steps to a Successful ValuationCorum Group
Bruce Milne, CEO of Corum Group Ltd., welcomed attendees to a presentation on technology mergers and acquisitions. The presentation included a report on M&A activity in September 2016 which found increased deals from non-tech buyers. It also outlined 12 steps to a successful company valuation and included a discussion of major tech acquisitions so far in 2016 with deal values ranging from $1.5 billion to $8.8 billion.
Global Tech M&A Annual Report - January 2013 Corum Group
Corum Group experts and a luminary panel of tech experts will share their their annual predictions for software, IT and related tech. What are the trends in SaaS, Mobile, Social, Big Data, Gaming and Verticals that will affect you? With complete valuation metrics and predictions for all 26 market sectors.
Who were the top buyers in 2012? Who will be in 2013? More importantly, what will they buy and why? How can you get your firm on their radar? Meanwhile, what are the 10 Deadly Sins of Tech M&A Advisors that you should watch out for?
With buyer cash and disruptive trends continuing to drive tech M&A deal flow, it is still the best time to take advantage of today’s environment. For anyone considering a sale, you won’t want to miss this month’s in-depth discussion with tech CEOs who recently sold their companies. Hear from software executives and owners like you, who successfully navigated the M&A field and sold their companies to a global array of buyers. Learn how they did it and what you can do to increase your value in today’s market. We heard from:
Moe Arnaiz, Founder & CEO of eMOBUS, acquired by Asentinel and Marlin Equity
William Harris, Chairman of Orthoview, acquired by Materialise
James Schmalz, Founder & CEO of Digital Extremes, acquired by Perfect World and Leyou Technologies
Tech M&A Monthly: Single biggest business mistakeCorum Group
In over 30 years of selling more software companies than anyone, Corum has consistently seen one common mistake CEOs make that rises above all the others. It's a real value destroyer. To hear about how you can avoid this mistake, and 9 other value killers, tune in to Tech M&A Monthly.
We're in the midst of one of the most important periods of tech M&A since the dot-com boom. How long will it last? Who are the key players? What were the key deals of 2013, and what are the trends to watch for 2014? Join Corum experts and a panel of technology luminaries for a look at the year behind and the year ahead.
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1Corum Group
Innovation is accelerating as we begin 2018. Companies across sectors are making acquisitions to keep up with the technological disruption rippling across all industries, driving high valuations and strong buyer demand. As you build out your strategic plans for the New Year, join the largest tech M&A event of the year, as Corum Group looks back at last year, and ahead to the year to come.
Join us for predictions about the M&A market for 2018, plus a scorecard from 2017; the new Top 10 Disruptive Technology Trends driving deals in 2018; deals, trends and valuations across all six technology sectors and 30 subsectors; and our annual Luminary panel featuring IBM, Salesforce and more. Don’t miss the premier event each year for software company owners and CEOs.
2014 Tech M&A Monthly - Deal Structures TodayCorum Group
With healthy capital markets, booming public markets and a resurgent IPO environment, deal structures are beginning to move away from the cash-only rules of the last few years. Buyers are using more stock and earn-out, while leveraging cheap debt to sometimes make acquisitions beyond their reach just a couple years ago. When should you consider stock? What’s the role of earn-outs? How should you approach non-competes? Find out during the September edition of Tech M&A Monthly.
2014 Tech M&A Monthly - Mid-Year ReportCorum Group
This month, join us as we mark the halfway-point of this remarkable year for tech M&A, and look both back and ahead. We’ll look back at the notable deals, high valuations and key trends in all six market sand 26 subsectors that have made 2014 such a wild ride. Then, we’ll look ahead at the factors that could bring the ride to a sudden halt—either for the market as a whole, or for your company’s value in particular. Nothing lasts forever, so we’ll be examining the six events that could kill the market, as well as six events that, regardless of the overall environment, could kill your company’s value before you have a chance to realize that value.
Plus, special announcements of deals out of the UK, the US heartland and beyond, plus a look at the way Enmeshed Systems and the blurring lines between hardware and software are driving key deals and high valuations. Don’t miss this extended 45-minute presentation
2014 Tech M&A Monthly - Quarterly ReportCorum Group
The third quarter of 2014 has been marked by soaring deal values, a surge of megadeals and the largest IPO in history. What does this mean to your company? Tune in to the Tech M&A Quarterly review webcast, where we look at the key deals, megadeals, valuations and trends impacting the global M&A market for software and related technology companies. We’ll examine:
The hot gaming market, including Twitch, Mojang, Bally and more
More megadeals, including Concur, Cars.com, Trulia and many others
What does Alibaba’s IPO—the largest tech IPO ever—mean to your company?
Deal reports from India to Seattle
Valuation metrics for all six tech markets and 26 subsectors
And much, much more—don’t miss the Tech M&A Monthly Q3 2014 Report.
Tech M&A continued to reach new highs as 2016 began, with disruptive technology, plus trillions of dollars of ready cash, driving both strategic and financial acquirers to buy software and related technology companies at a pace not seen in over a decade. What’s next for tech M&A? Join Corum Group and hundreds of technology CEOs globally for the largest tech M&A event of the year – Forecast 2016, the Global Tech M&A Report. Hear from Corum dealmakers globally, plus our panel of industry luminaries:
Peter Coffee, Salesforce, VP for Strategic Research
Mukund Mohan, Microsoft, Director, Strategy for Sales & Enterprise
Dr. Karl-Michael Popp, SAP, Senior Director of Corporate Development
Reese Jones, Silicon Valley Futurist & Singularity University Founder
Plus, a look at the 10 Disruptive Technology Trends for 2016, the annual Corum Index of Tech M&A and valuation metrics across the six technology sectors and 30 subsectors. You don’t want to miss the premier event each year for software company owners and CEOs.
Private Equity has a vital role in today's Tech M&A market. From platforms to bolt-ons, they are bidding on most deals, either directly or through a portfolio company. And with $1.1 trillion in uncommitted funds in 2015, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What about from a portfolio company? Find out from our live panel of leading global PE firms, featuring:
George Kase, Marlin Equity
John Hodge, RUBICON Technology Partners
Blair Greenberg, Bregal Sagemount
Martin Scott, The Riverside Company
Tech M&A Monthly: Forecast 2016 - Part 2: Private EquityCorum Group
Private Equity’s role in today's Tech M&A market continues to grow, with no upper bounds in sight. They are in the mix for on most deals, whether directly or through a portfolio company, going after both platforms companies and bolt-ons. And with trillions in uncommitted funds earmarked to be spent, they're outbidding strategic buyers, driving up valuations and changing the competitive landscape. Is your market on their radar? How can you get direct interest from Private Equity? What do you do when you’ve got it? What about from a portfolio company? Find out from our panel of leading global Private Equity firms.
As the strongest market ever for sellers of technology companies continues, if you’re at all considering the sale of your technology company, don’t miss a unique opportunity to hear from fellow founders, owners and CEOs who recently sold. During our annual Seller’s Panel, hear from international software executives and owners like you, who successfully navigated the M&A process and sold their companies to a global array of buyers. Learn how they did it, what they learned, what surprised them—and what you can do to increase your value in today’s market.
Panelists include:
· Dennis Gurock, co-founder of Gurock Software, acquired by Idera
· Luc Pettet, Founder & CEO of Punters.com.au, acquired by News Corp
The document provides an overview of recent tech and venture capital news and events through a series of short summaries:
1) Mobile World Congress saw continued momentum towards 5G but fragmentation in IoT and stagnation in smartphones. FCC may rollback net neutrality regulations.
2) Buyout funds have record dry powder and software deals have significantly outperformed, which could drive increased buyout activity in tech.
3) The UK government outlined its post-Brexit digital strategy focused on connectivity, skills, and making the UK a leader in digital business and data usage.
4) IBM is taking steps to commercialize quantum computing through partnerships to solve currently unsolvable problems in areas like drug discovery, supply
Global Tech M&A Monthly: Mid-Year Report - July 2013Corum Group
2013 has been a remarkable year for tech M&A so far, marked by record setting deals, landmark transactions and increasing valuations. What markets have benefited the most? Who is best poised going into the second half? The Corum research team will give an in-depth look at the market--deals, trends and valuations 6 technology sectors and all 26 subsectors. Plus, reports from the M&A trenches on deals just completed.
Tech M&A Monthly: 12 Deal Structure Tips to Maximize Value + Trump and Tech M&ACorum Group
The booming public markets, rising valuations and increasingly active Private Equity firms are helping drive an increase in more complex tech M&A deals--stock, earnouts, debt and other structural methods are being used to bridge gaps and get deals done. But more complexity can mean more risk if you aren't properly prepared. November 10, Corum's global team of senior dealmakers will share 12 deal structure tips to help you achieve an optimal outcome when you sell your technology company. Plus a special report - Drumpf and M&A: What does this mean for you?
The document discusses trends in digital media jobs and talent in New York City. It notes that while some companies are outsourcing programming and development work overseas to reduce costs, New York remains an important center for technology talent, companies, diversity, and creative digital media jobs. The largest software companies in the New York area are growing and hiring for both technical and creative digital media roles across industries like financial services and media.
Tech M&A Monthly: Definitive AgreementsCorum Group
Selling a technology company is a complex process, but it all boils down into the final contract between the seller and the buyer. How do you ensure that the definitive agreement reflects your best interests and the value you have built in your company? On Thursday, August 9, Corum dealmakers will take a detailed look at the process that leads up to the final M&A contract, highlighting the key moments and the most dangerous pitfalls as the agreement comes together, with stories straight from Corum’s 30+ years of selling technology companies. This is the most important document of your company’s life – and possibly yours, as well – so take 30 minutes to understand how to do it right.
Tech M&A Monthly: When You are ApproachedCorum Group
In today’s competitive Tech M&A environment, more and more firms were being approached by potential acquirers. Here at Corum, we are seeing more and more companies coming to us after they have been approached, but only those who manage discussions properly will get a deal done. In this webinar, Corum’s global team of senior dealmakers will address the question, “What do I do when I've been approached?”, sharing 13 tips to turn that approach into an optimal outcome—and avoid the mistakes that can turn an approach into a disaster for your company.
Getting approached is a double edged sword - it means a buyer is interested, but it means they may also be interested in your competitors. We looked at the missteps sellers often make when they're first approached, best practices for dealing with that first inquiry, and the methods for leveraging a single buyer’s approach into an auction environment that will ultimately give you the maximum value and best structure.
Tech M&A Monthly: China - What's Really Happening?Corum Group
The tumultuous Chinese public markets have been in the news for all the wrong reasons over the last month. But even as the volatility captures the headlines, the increased cash, better access to Western markets and strategic imperatives have not gone away, and deals are still getting done. What's really happening, and what could it mean for your company? We'll turn to Corum's Chinese Advisory Board for their perspectives, and we'll also look at a deal we just closed with a Chinese buyer, selling gaming firm Digital Extremes to China's Leyou Technologies. Join us August 13 for all this, plus a look at the key deals, trends and valuations from the last month.
What does today’s combination of high valuations, turbulent public markets, disciplined buyers, disruptive technology and record megadeals mean for the value of your software company? What does the Tech M&A landscape look like as we head into the second half of 2018? How should technology company owners, investors and executives be thinking about M&A?
Join us July 12 for the Tech M&A Monthly Midyear Update, a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, an update on this year's Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Smart Logistics and Connected Health driven deals this year? What’s next? What do these complex, interrelated trends mean for your company's future?
Tech M&A Monthly: What Happens If You Don’t Sell?Corum Group
Not every company sells right away—deals fall apart, valuations don’t meet expectations, or the market just isn’t ready. What do you do now?
80% of self-managed M&A efforts initially end in failure. However, if you’ve run the process right, this may be a golden opportunity to actually increase the value you finally get for your company.
Tech M&A Monthly: 15 Ways to Find BuyersCorum Group
The more qualified buyers you can bring to the table, the better your chances for an optimal sale of your company. But how do you build the ideal buyers list, with the right combination of "A list and B list" buyers? What about Private Equity, non-tech buyers, or international firms? Join the November edition of Tech M&A Monthly for a look at how Corum Group builds buyers lists--our dealmakers will walk through 15 things you need to be able to do in order to identify potential acquirers for your company.
2014 Tech M&A Monthly - New World of BuyersCorum Group
The world of buyers for technology companies is very different than it was just a few years ago. The rise of Private Equity, a new generation of international buyers, disruptive change creating new tech giants and destabilizing old ones – today, your ultimate buyer may be someone you've never heard of, in a country you've never visited. In the August edition of the Tech M&A Monthly webcast, join Corum Group dealmakers and experts as they examine the new classes of buyers that you need to be aware of as you consider your company’s future. Plus the key deals trends and valuations of the last month, and a special report on M&A in the gaming sector.
We're in the midst of the best market to sell a software, Internet or related technology company in more than a decade. If you're considering taking advantage, you won't want to miss this in-depth conversation with a tech CEO who just sold the company he founded nearly 10 years ago. Kevin Linden just sold his firm Email Direct to j2 Global, one of the top buyers of software companies right now. Learn how he did it, what he learned, what surprised him and much more. Plus, a special report on the hot gaming M&A market.
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure SuccessCorum Group
Selling a technology company is a complex process. Where do you begin? The best place to start is with an intensive “launch meeting” with key stakeholders and the deal team from your advisor. During the May edition of Tech M&A Monthly, Corum Group draws back the curtain on their launch meeting process, built from the largest body of tech M&A in history. Who should be in the room? What needs to be covered? What should you leave out? How do you make sure to get the most value from this unique opportunity? Tune in Thursday, May 17, as Corum’s global team of senior dealmakers outlines the best way to kick off the most important transaction of your life.
Tech M&A Monthly: 10 Keys to a Valuable ValuationCorum Group
What is your company worth? When selling a software or related technology company, valuation is obviously a vital question. But how do you take all the effort, ingenuity and investment poured into your company, and come up with a dollar value? How do you even start?
Corum Group is the world's leading expert on tech company valuations, with over three decades of experience. Benefit from that experience by tuning in to the December edition of Tech M&A Monthly as Corum's research and client services teams will walk you through - "10 Keys to a Valuable Valuation." We'll examine the valuation processes, methods, goals and strategies to help your company achieve an optimal outcome when the time comes for M&A.
Public markets are hitting records, valuations are at all-time highs, and buyers are hungry for companies with the disruptive technology they need to succeed in this era of rapid change. How should technology company owners, investors and executives be thinking about M&A in today's environment? How long will this boom last?
July 13, tune in to the Tech M&A Monthly Midyear Update, for a detailed analysis of the key deals, trends and valuation metrics across all six technology sectors and 30 subsectors. Plus, an update on this year's Top 10 Disruptive Technology Trends—how have trends like AI Enablement, Visual Intelligence Systems and Connected Health driven deals this year? What’s next? What do these complex, interrelated trends mean for your company's future? Join Corum’s research and deal teams for the 2017 Midyear Global Tech M&A Update.
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsCorum Group
How did the first quarter of 2017 go for Tech M&A? Did the megadeal mayhem of 2016 continue dominating deal flow? Are private equity deals still soaring? With the public markets hitting records, what do current valuation metrics for technology companies look like? Who are the new buyers making waves? Tune in Thursday, April 13 as Corum Group gives the most in-depth look available at Q1 of 2017 for mergers and acquisitions of software and related technology companies. We’ll look at the key deals, trends and valuations for all six technology sectors and 30 subsectors, with a special report on new buyer strategies. All of this comes with a special focus on what it all means for technology executives considering whether this is the right time to take their firms to market.
The process of presenting to potential acquirers of your company is riddled with landmines that can lead to deal disasters. As a business leader, you may have made investor and customer presentations, but a presentation to a potential acquisition partner is entirely different. You and your advisor have worked hard to craft your message and attract potential buyers. The journey is not over, and this is one of the hardest parts. It needs to be done right for a successful outcome. This presentation explores the “9 Presentation Mistakes that Will Cost You a Buyer”. This is hard-won knowledge that global CEOs and founders have built while driving towards a successful exit.
Tech M&A Monthly: Misconceptions Killing Deals TodayCorum Group
In today’s tech M&A market, it’s easy to find advice on how and when to sell a technology company. Unfortunately, a lot of it is wrong. And not simply wrong, but potentially damaging, both to your M&A prospects and potentially to your company’s future. In the May edition of Tech M&A Monthly, Corum’s global team of dealmakers will examine a multitude of misconceptions that can put your company’s value at risk, kill deals, and even destroy companies. Plus, news from the M&A trenches, plus key deals, trends and valuations from the last month.
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your CompanyCorum Group
The document provides an agenda and summaries for a monthly tech M&A meeting hosted by Bruce Milne of Corum Group Ltd. The agenda includes field reports on recent deals, conference reports from Singapore, Europe, and Hong Kong, and a research report. It will conclude with a discussion of 10 ways to increase company value. Speakers will provide summaries of M&A activity in various regions and sectors. Valuation multiples and notable deals are discussed, such as the $3.7 billion acquisition of Sapient Corporation by Publicis Groupe.
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity RoundtableCorum Group
Bruce Milne, CEO of Corum Group Ltd., welcomed attendees to a private equity roundtable discussion. The agenda included presentations on growth and exit strategies from Marc O'Brien of Corum, and a research report from Elon Gasper, Becky Hill, and Amber Stoner of Corum Research. The research report analyzed valuation multiples and M&A activity in the public and private technology markets in January 2018. Several mega-deals and other deals in software sectors such as internet, infrastructure, and horizontal applications were highlighted.
Whether just considering the M&A process or actively preparing your company for sale, you want to understand the process from the perspective of those who have been there before. In Part 3 of Corum’s Annual Tech M&A Report, hear from an international panel of founders, CEOs and owners who recently sold their tech firms. What surprised them? What did they learn? What would they do differently? How did they ensure that they achieved an optimal outcome through the process?
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group
April's edition of Tech M&A Monthly, featuring an in-depth look at M&A in Q1 2018 and an interview with 2017 Top Acquirer Constellation Software's COO and Volaris CEO, Mark Miller
Tech M&A Monthly: 10 Ways to Increase Your Company's ValueCorum Group
If you’re looking at taking advantage of today’s strong M&A market, what can you do to make sure you’re bringing the most valuable company possible to market? There’s no easy trick to building a valuable technology company, but there are specific things that owners and executives can do to maximize that value when preparing for an exit, whether this year or farther down the road. June 9, hear from Corum’s global team of dealmakers for their perspectives as both M&A advisors and CEOs themselves--what they’ve seen drive real value in actual transactions, and how companies like yours can put these best practices to use.
The document summarizes an event hosted by World Financial Symposiums (WFS) on growth and exit strategies for software and IT companies. WFS is an international organization that educates technology leaders through webcasts and conferences. The event featured presentations from industry experts on topics such as mobile advertising trends, mergers and acquisitions in the ad tech sector, and experiences from companies involved in M&A. Contact information is provided for those seeking more information on WFS and the presented materials.
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2. 2
Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Welcome
Timothy Goddard
EVP, Marketing
Corum Group Ltd.
3. 3
Agenda
Welcome
Event Report: Growth & Exit Strategies, New York City
Event Report: Growth & Exit Strategies, Sydney
Field Report: Tradetec
Research Report
Special Report: Valuations for an Optimal Outcome
Q&A
4. 4
Ivan Ruzic has had a successful 30+ year career in the software business that has included virtually every senior
executive role. His resume spans marquee companies such as BEA systems, Novell and Borland as well as multiple
startups including his own. His international experience is extensive and in addition to the United States has been
involved in mergers and acquisitions in Europe, Africa and Asia.
His success and extensive experience qualify him as an expert in building value and realizing wealth. Ivan joined
Corum Group, the world’s leading software M&A firm, with a specific focus on educating and helping prospective
sellers maximize the value of their technology companies.
Ivan Ruzic
Vice President
Corum Group
Event Report: World Financial Symposiums NYC
15. 15
Daniel Bernstein has worked in a number of roles over a twenty year career in high technology, most recently as the
founder and CEO of Sandlot Games Corporation, a leading casual games publisher and developer. Having sold
Sandlot Games to Digital Chocolate in 2011, Daniel started a small games studio and a consulting practice where he
advises larger companies such as RealNetworks and smaller high growth businesses on product development,
strategic initiatives, and M&A opportunities.
Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such as Wild Tangent and
Monolith. An accomplished composer, Daniel also writes music for most of the games he works on.
Daniel holds a BS in Computer Science and an MA in Music Composition from the University of Virginia.
Event Report: World Financial Symposiums Sydney
Daniel Bernstein
Senior Vice President
Corum Group
23. 23
Dave joined Corum in 2015 and has a diverse background in technology and life sciences. As an executive and
entrepreneur, Dave has been operating and investing in companies sitting at the convergence of commerce and
eCommerce as well as innovative life science businesses for over 25 years. Recently, Dave was CEO North America
for Gaxsys, an eCommerce and logistics company that is a leader in last mile logistics and fulfillment for eCommerce
marketplaces.
Dave has been on both sides of the mergers and acquisitions table, having sold a life science technology company,
facilitated sell side and buy side technology transactions and has also scaled multiple technology companies globally in
the eCommerce, life sciences and innovation intelligence markets.
Dave sits on boards of numerous public and private companies, including one that recently filed for an IPO.
Field Report: TradeTec
David Levine
Senior Vice President
Corum Group
24. 24
Corum Research Report
Amber Stoner
Director of Research
Elon Gasper
EVP, Research
Yasmin Khodamoradi
Director, Client Services
Alden Mendoza
Research Analyst
25. 25
Public Markets
2017 2018
Oct Nov Dec Jan Mar May Jun Aug Oct
All-time high
USA Oct 2018
S&P Tech -11%
NASDAQ -9%
Dow Jones -5%
Asia Oct 2018
HANG SENG -10%
SSE Composite -8%
Nikkei -9%
Europe Oct 2018
CAC 40 -7%
DAX -7%
FTSE 100 -5%
NovFeb Apr Jul Sep
29. 29
Megadeals H2 2018 to Date
$10B $63B
IT SERVICES INFRASTRUCTUREVERTICAL
$30B$21B
HORIZONTAL
$2.5B
$19B
$2.4B
$8.9B
CONSUMER
$2.0B
$3.4B
$1.5B
$1.8B
$1.8B
$2.1B
$34B
$3.2B
$4.4B
$1.3B $2.6B
$1.5B
$1.5B
$1.5B
$6.7B
$16B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$2.0B
$1.7B
$1.0B
$1.5B
Target: Red Hat [USA]
Acquirer: IBM [USA]
Transaction Value: $34B (10.8x EV/Sales)
- Enterprise open source solutions
- The largest software deal in history
Sold to
30. 30
Megadeals H2 2018 to Date
$10B $63B
IT SERVICES INFRASTRUCTUREVERTICAL
$30B$21B
HORIZONTAL
$2.5B
$19B
$2.4B
$8.9B
CONSUMER
$2.0B
$3.4B
$1.5B
$1.8B
$1.8B
$2.1B
$34B
$3.2B
$4.4B
$1.3B $2.6B
$1.5B
$1.5B
$1.5B
$6.7B
$16B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$2.0B
$1.7B
$1.0B
$1.5B
Target: FNZ Group [HIG Private Equity] [General Atlantic] [United Kingdom]
Acquirer: CDPQ / Generation Investment Management [Canada]
Transaction Value: $1.5B
- Wealth management SaaS
- One of the largest global FinTech transactions in 2018
Sold to
31. 31
Megadeals H2 2018 to Date
$10B $63B
IT SERVICES INFRASTRUCTUREVERTICAL
$30B$21B
HORIZONTAL
$2.5B
$19B
$2.4B
$8.9B
CONSUMER
$2.0B
$3.4B
$1.5B
$1.8B
$1.8B
$2.1B
$34B
$3.2B
$4.4B
$1.3B $2.6B
$1.5B
$1.5B
$1.5B
$6.7B
$16B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$2.0B
$1.7B
$1.0B
$1.5B
Target: L3 Technologies [USA]
Acquirer: Harris Corporation [USA]
Transaction Value: $16B
- Military communication and electronic systems
- Boosts Harris’ share in the military communications market
Sold to
32. 32
4.4x
18.1x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Knocked down to
2-year lows…
…with EBITDA ratios
holding up a bit
better – only a
1-year low.
Vertical Application Software Market
Since Q3 Oct. 2018
33. 33
Deal Spotlights: Healthcare
Vertical Application Software Market
Sold to
Sold to
Target: Noona Healthcare [Finland]
Acquirer: Varian Medical Systems [USA]
- Cloud-based mobile service for capturing patient-reported outcomes
Target: COMS Interactive [USA]
Acquirer: PointClickCare [Canada]
- Point-of-care clinical decision support SaaS
34. 34
Deal Spotlights: Healthcare
Vertical Application Software Market
Sold to
Sold to
Target: Rubixis [USA]
Acquirer: TransUnion [USA]
- Healthcare revenue cycle analytical platform
Target: goBalto [USA]
Acquirer: Oracle [USA]
- SaaS clinical research tool
35. 35
Deal Spotlights: Education
Vertical Application Software Market
Sold to
Sold to
Target: Cambium Learning Group [USA]
Acquirer: Veritas Capital [USA]
Transaction Value: $685.2M (4.7x EV/Sales and 18.6x EV/EBITDA)
- Educational support services and software
Target: Gradescope [USA]
Acquirer: Turnitin [Insight Venture Partners] [USA]
- Grading platform for schools and departments
36. 36
Sold to
Target: Bricsys [Belgium]
Acquirer: Hexagon [Sweden]
- Solutions for 2D drafting, 3D direct modeling, sheet metal design and BIM
Deal Spotlights: 3D Modelling
Vertical Application Software Market
Sold to
Target: Legion [United Kingdom]
Acquirer: Bentley Systems [USA]
- Simulation and modeling software for analyzing foot traffic
Sold to
Target: Agency9 [Sweden]
Acquirer: Bentley Systems [USA]
- Web and mobile based solutions for 3D visualization of geographic information and maps
37. 37
Deal Spotlight: Government
Vertical Application Software Market
Sold to
Target: Everyone Counts [USA]
Acquirer: Votem [USA]
- Secure electronic voting solutions
- Votem’s second acquisition since its launch in 2016
38. 38
IT Services Software Market
1.2x
11.0x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
…with EBITDA value
metrics dipping down
to early 2017
numbers.
Still historically high
despite market
decline…
Since Q3 Oct. 2018
39. 39
IT Services
Deal Spotlights: Azure SI
Sold to
Sold to
Target: Mexia Consulting [Australia]
Acquirer: Deloitte [USA]
- Azure IT consulting services
Target: ISI Expert [France]
Acquirer: SoftwareONE AG [Switzerland]
- Azure digital transformation services
Sold to
Target: Corporate Network Integration [Australia]
Acquirer: Logicalis Group [Datatec] [United Kingdom]
- Managed information technology services
40. 40
IT Services
Deal Spotlight: AI-Enabled Automation Services
Sold to
Target: Symphony Ventures [United Kingdom]
Acquirer: Sykes Enterprises [USA]
Transaction Value: $67.5M
- AI-enabled repetitive task automation services
- Provides Sykes with automation-led customer engagement expertise
41. 41
IT Services
Deal Spotlights: Security and Cybersecurity Services
Sold to
Sold to
Target: FusionStorm [USA]
Acquirer: Computacenter [United Kingdom]
Transaction Value: $70M
- IT consulting, cloud/managed and security services
Target: Sygnia [Israel]
Acquirer: Temasek Holdings Private [Singapore]
Transaction Value: $250M
- Cyber technology consulting and incident response services
42. 42
IT Services
Deal Spotlight: Government SI
Sold to
Target: General Dynamics Information Technology (citizen-engagement
centers assets) [USA]
Acquirer: MAXIMUS [USA]
Transaction Value: $400M
- GD’s IT citizen engagement centers in the U.S. federal civilian market
- Strengthens MAXIMUS’ position in managing federal government programs
Citizen-engagement centers assets
43. 43
Infrastructure Software Market
4.4x
17.8x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Decline cushioned by
growing importance and
value of security.
Profitable, foundational
technology companies
retaining value amidst
decline.
Since Q3 Oct. 2018
44. 44
Megadeals H2 2018 to Date
$10B $63B
IT SERVICES INFRASTRUCTUREVERTICAL
$30B$21B
HORIZONTAL
$2.5B
$19B
$2.4B
$8.9B
CONSUMER
$2.0B
$3.4B
$1.5B
$1.8B
$1.8B
$2.1B
$34B
$3.2B
$4.4B
$1.3B $2.6B
$1.5B
$1.5B
$1.5B
$6.7B
$16B
$2.3B
$1.3B
$2.0B
$5.4B
$1.2B
$4.8B
$2.0B
$1.7B
$1.0B
$1.5B
Target: Rocket Software [Court Square Capital Partners] [USA]
Acquirer: Bain Capital Private Equity [USA]
Transaction Value: $2B
- Enterprise infrastructure software
Sold to
45. 45
Security Dominates Infrastructure Volume
Application
Monitoring
IoT
Cloud
Payments
Processing
Management
IT Systems
Management
Web
Development/
Testing
Security-related
Security
46. 46
Sold to
Target: Layered Insight [USA]
Acquirer: Qualys [USA]
Transaction Value: $12M
- Software for visibility and control of containerized applications
- Underscores Qualys’ steady shift toward container runtime security
Deal Spotlight: Container-based application security
Infrastructure Software Market
47. 47
Deal Spotlights: Cloud Infrastructure Security
Since Q1
Target: Dome9 Security [Israel]
Acquirer: Check Point Software Technologies [Israel]
Transaction Value: $175M
- SaaS to deliver security and compliance across public cloud infrastructure environments
Target: RedLock [USA]
Acquirer: Palo Alto Networks [USA]
Transaction Value: $173M
- Internet security software
Sold to
Sold to
Sold to
Target: FittedCloud [USA]
Acquirer: Apptio [USA]
- Machine learning-based cloud optimization software
Infrastructure Software Market
48. 48
Sold to
Target: Total Defense [USA]
Acquirer: Marlin Equity Partners [USA]
- Subscription-based endpoint security software
- Aimed to strengthen cyber-defense capabilities of Total Defense
Deal Spotlight: Endpoint Security
Infrastructure Software Market
49. 49
Deal Spotlights: Network Security
Target: Versive [USA]
Acquirer: eSentire [Canada]
- First ever acquisition by eSentire
Sold to
Sold to
Target: RedSocks Security [Netherlands]
Acquirer: Bitdefender [Romania]
- Solutions to detect suspicious network behaviour and combatting cybercrime
Infrastructure Software Market
50. 50
Deal Spotlights: Identity Authentication
Infrastructure Software Market
Sold to
Sold to
Sold to
Target: Vix Verify Global [Australia]
Acquirer: GB Group [United Kingdom]
Transaction Value: $27.3M
- Identity verification and location intelligence software
Target: Acuant [USA]
Acquirer: Audax Private Equity [USA]
- Software for images and text extracting from ID documents
Target: Akamai Technologies (identity services division) [USA]
Acquirer: Verimatrix [USA]
- Akamai’s self-service authentication SaaS for content providers and video service operators
Identity Services
51. 51
Sold to
Target: CorreLog [USA]
Acquirer: BMC Software [KKR] [USA]
- IT security log management and event correlation software
- Brings security management into BMC’s roster of mainframe solutions
Deal Spotlight: Security Event Management
Infrastructure Software Market
53. 53
Corum Research Report
Amber Stoner
Director of Research
Elon Gasper
EVP, Research
Yasmin Khodamoradi
Director, Client Services
Alden Mendoza
Research Analyst
55. 55
Valuations for an Optimal Outcome: Tips
Stephen King
Vice President
Corum Group
Software
Companies are
Valued Differently
56. 56
Software Companies Differences
Traditional Family Firm Software Company
Avg. Age of Company 30+ years 8 years
Avg. Age of CEO 60+ years 38
Reasons for Selling No Proper Heir, Retiring Liquidity, Timing
Value Tangible Assets Intangible Assets
Margins Low High
Sales Regional Nat’l/Int’l
Technology Changes Slow Rapid
Competition Well Known Diverse
Entry Barriers High Low
57. 57
Traditional Family Firm Software Company
Avg. Employee Age 40+ 30
Co. Growth Rate Minimal Rapid
Credit
Bank Lines on Assets,
Invent., A/R
Credit Card
Mgmt. Experience High Minimal
Primary Advertising Yellow Pages, Local Papers Constantly Evolving
Revenue Stream Predictable Volatile
Valuation Methods **Traditional *Innovative
Software Companies Differences
58. 58
Traditional Enterprise Vs. Software
Typical Traditional Business-
Costs rise with revenue
Typical Software Company-
No Variable Costs
VARIABLE COSTS
Software companies are more valuable
59. 59
Valuations for an Optimal Outcome: Tips
Martin Lowrie
Vice President
Corum Group
Understand the
Purpose of
Your Valuation
60. 60
Valuations for an Optimal Outcome: Tips
Marc O’Brien
Vice President
Corum Group
The Top 10
Valuation
Methods
61. 61
10 Ways to Value a Company
Sales multiple – Public peer group
Earnings multiple – Public peer group
Comparable M&A transaction analysis
Discounted cash flow (DCF)
Replacement cost analysis
Dollars per R&D Developer
Internal rate of return (IRR)
Liquidation value
Book value
Internal Transaction Price
62. 62
Valuations for an Optimal Outcome: Tips
Serge Jonnaert
Vice President
Corum Group
Present Your
Valuation in
Context
63. 63
Valuations for an Optimal Outcome: Tips
Jeff Brown
Senior Vice President
Corum Group
Pro Forma
Earnings Should
Be Cautious and
Supportable
65. 65
Valuations for an Optimal Outcome: Tips
Lonnie Schilling
Vice President
Corum Group
Start with
Analysis of a
Public Peer Group
66. 66
Example Public Valuation Comparables
Trailing 12-Month Multiples Forward Multiples
Ticker Company Sales Earnings Sales Earnings
BMC BMC 3.72 x 11.36 x 3.41 x 14.96
CA CA Technologies 2.61 x 7.12 x 2.46 x 12.05
CVG Convergys 0.66 x 12.18 x 0.78 x 11.59
EGAN eGain Communications 0.95 x 5.86 x N/A N/A
ININ Interactive Intelligence 2.89 x 18.90 x 2.30 x 29.23
NICE NICE Systems 2.79 x 18.72 x 2.43 x 17.52
PEGA Pegasystems 3.97 x 41.23 x 2.98 x 28.35
RNOW RightNow Technologies 4.08 x 42.95 x 3.34 x 41.97
SPRT Support.com 6.25 x nm 3.56 x nm
SYMC Symantec 2.32 x 7.97 x 2.16 x 11.29
VRNT Verint Systems Inc 2.40 x 20.38 x 2.21 x 13.43
Median Multiple 2.79 x 15.45 x 2.44 x 14.96 x
After 25% Liquidity Discount 2.10 x 11.59 x 1.83 x 11.22 x
Applied Financial Metric $4,300,000 $900,000 $7,500,000 $1,742,000
Implied Value $9,000,000 $10,400,000 $13,725,000 $19,550,000
*nm (not meaningful) for multiples over 50x or negative
(in $millions)
67. 67
Valuations for an Optimal Outcome: Tips
Mattias Borg
Vice President
Corum Group
Comparative
Analysis is
Perishable
68. 68
Example Private M&A Comparables
Seller Buyer Deal Value
Target's
Revenue
Buyer Seller
Date
Announced
Purchase
Price
Seller Revenue
TTM
EV/S
Multiple
Consona Corp. [fka Made2Manage Systems] SupportSoft Inc. (Enterprise business)
Apr-17
$20.0 $42.1 0.48 x
SupportSoft's enterprise business, which provides enterprise technical support software and services to digital service
providers, corporate IT departments and managed service providers globally.
Alcatel-Lucent Motive Communications, Inc. Jun-18 $67.8 $64.4 1.05 x
Provides Interent and IP-based cable television service management software to telecommunications service providers.
Oracle Corporation Art Technology Group, Inc.
Nov-16 $1,000.0 $193.9 5.16 xProvides a broad range of e-commerce software and software as a service (SaaS) for businesses globally. Software
provides features for online payments, merchandising, email marketing, business analytics, content management and
customer service automation.
Pitney Bowes Inc. Portrait Software Jun-16 $64.1 $23.3 2.75 x
Provides customer interaction management, analytics and optimization software for businesses globally.
Pegasystems Inc. Chordiant Software, Inc.
Mar-16 $161.5 $76.3 2.12 x
Provides customer experience management (CEM) software for the telecom, healthcare, insurance and financial services
sectors.
Enghouse Systems Limited Mettoni Group Ltd
Apr-18 $22.6 $25.7 0.88 xProvides, through its subsidiaries, call center management and customer care software and telecommunications expense
management software as a service (SaaS) for businesses globally. Software is compatible with Cisco, Nortel and Avaya
systems.
Support.com [fka SupportSoft Inc.] YourTechOnline.com Inc.
May-17 $2.7 $2.3 1.17 x
Provides technology support and repair services to customers in North America. Services are delivered remotely over the
Internet.
Convergys Corporation Intervoice, Inc. [Intervoice-Brite, Inc.] Jul-18 $335.0 $206.2 1.62 x
Provides interactive voice response and call center automation software to enterprises and telecommunications markets.
salesforce.com InStranet
Aug-16 $31.5 $15.0 2.10 xProvides contact center and sales content management software to businesses. Applications automate the dispersal of
customer service-focused information.Customers include 3M, AXA, BNP Paribas, France Telecom, Orange, SFR Cegetel,
Wanadoo and Zurich North
Art Technology Group, Inc. InstantService, Inc. Jan-16 $17.0 $5.5 3.09 x
Provides chat and email-based customer service automation and analytics software as a service (SaaS) for businesses.
OpSource, Inc. LeCayla Technologies Limited Feb-15 $1.0 $0.2 5.00 x
Provides customer metering, on-boarding and billing software for software as a service (SaaS) and web based
applications software providers. Software records and reports software usage allowing providers to offer SaaS on a pay
per use and metered basis.
Median Sales Multiple 2.10x
Implied Value $9,000,000
69. 69
Valuations for an Optimal Outcome: Tips
Allan Wilson
Senior Vice President
Corum Group
DCF is the Most
Commonly Used
Method Across
Sectors
71. 71
Valuations for an Optimal Outcome: Tips
Bruce Lazenby
Vice President
Corum Group
Build vs Buy is
the Foundation of
Replacement
Cost Valuations
72. 72
Valuations for an Optimal Outcome: Tips
Jaber Tannay
Vice President
Corum Group
Weighted
Averages Should
Support Strategy
& Market Dynamics
73. 73
Weighted Valuations
Comparable Public Company Analysis
Financial
Metric
Applied
Multiple
Implied Value Weight Weighted Value
Trailing Multiples
Enterprise Value/TTM Revenue 4,300,000 2.10 x 9,000,000 8.3% 750,000
Trailing P/E 900,000 11.59 x 10,400,000 8.3% 870,000
Forward Multiples
Enterprise Value/FY Revenue 7,500,000 1.83 x 13,725,000 8.3% 1,100,000
Forward P/E - FY Earnings 1,742,000 11.22 x 19,550,000 8.3% 1,600,000
Total
Weighting of
Method
33.3% 4,320,000
Comparable Transaction Analysis 4,300,000 2.1 x 9,000,000 33.3% 3,000,000
Discounted Cash Flow Analysis 21,750,000 33.3% 7,200,000
Assumptions/Definitions:
EV = Enterprise Value (Market Capitalization + Debt - Cash)
Total Weighted Fair Market Value $14,500,000
74. 74
Joel Espelien has worked in a number of roles over a twenty year career in the technology industry. Most recently Joel
served as Senior Advisor to Karmel Capital, where he advised on corporate spin-offs and M&A transactions, including
the private-equity backed purchase of DivX LLC from Rovi Corporation and subsequent sale to Neulion, Inc, as well as
the successful spin-off of Snaptracs, Inc. and its Tagg wireless pet tracking product from Qualcomm and the eventual
two-stage sale to Whistle Labs and Mars Petcare. Joel has also served on the boards of multiple venture-backed
companies resulting in successful exits, including AI startup IQ Engines (acquired by Yahoo) and IoT-for-AgTech
pioneer 640 Labs (acquired by Monsanto/Climate Corporation). Joel has also written extensively on the future of video
in his capacity as Senior Analyst for the Diffusion Group where he published 14 industry research reports as well as a
widely recognized weekly blog.
Previously, Joel was the Chief Business Officer, SVP of Strategy and General Counsel of PacketVideo, a pioneer in the
mobile video market. While at PacketVideo, Joel led corporate development activities, including multiple buy-side
acquisitions in the US and Europe, a groundbreaking technology partnership with Google that helped launch Android, a
private-equity backed MBO and ultimately the sale of the company to NTT DoCoMo (Japan).
Joel Espelien
President
Corum Group
Bonus Tip: When to Present Your Valuation
75. 75
8 Stages for an
Optimal Outcome
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
76. 76
1
Stage 5: Negotiation
Organize and host final visits
Provide structure & valuation guidance
Create an auction environment
Negotiate with top bidder(s)
Sign Letter of Intent (L.O.I.)
Inform other bidders of No Shop
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation
77. 77
Upcoming Conference Schedule
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research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
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