http://bit.ly/GlobalTechIPOReview
Selon le « Global Technology IPO Review Q3 2014 » de PwC, un montant record de 24,8 milliards de dollars a été levé par les sociétés de technologie au 3ème trimestre 2014.
18 entreprises issues de 6 différents pays se sont introduites en bourse sur la période, soit une hausse de 50% en volume par rapport à l’année dernière.
Les fonds levés ce trimestre ont dépassé les 17,8 milliards de dollars levés au 2nd trimestre 2012, quand Facebook s’était introduit en bourse pour 16 milliards de dollars.
Even though the growth has been slow in 2018, startups leveraging new hardware capabilities are reviving new investment. Explore global trends in our hardware sector report here http://bit.ly/hrd_sector
China is the second-largest source of “unicorns” in the world. We expect most China unicorns to come from the Auto, FinTech, Internet, Healthcare and Tech Hard-ware sectors. Hong Kong and China exchanges are getting ready for the next big wave. Following the US, China is the second-largest source of “unicorns” (commonly defined as start-up companies with valuations of >US$1 bn).
Even though the growth has been slow in 2018, startups leveraging new hardware capabilities are reviving new investment. Explore global trends in our hardware sector report here http://bit.ly/hrd_sector
China is the second-largest source of “unicorns” in the world. We expect most China unicorns to come from the Auto, FinTech, Internet, Healthcare and Tech Hard-ware sectors. Hong Kong and China exchanges are getting ready for the next big wave. Following the US, China is the second-largest source of “unicorns” (commonly defined as start-up companies with valuations of >US$1 bn).
Middle East Artificial Intelligence Market (2019-2025)Nikhil Jat
Middle East Artificial Intelligence (AI) Market (2019-2025): Market Forecast By Offering (Hardware, Software, Services), By Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Image Processing), By End User (Media & Advertising, BFSI, IT & Telecom, Retail, Healthcare, Automotive & transportation and Others)
Online survey of companies → Goal: Understanding the role of
artificial intelligence (AI) and machine learning across countries
and industries
• Evaluation: Which companies are active leaders in adopting or
piloting AI
Thailand is already a significant market for industrial robots. In
2017, Thailand was the 3rd largest market in ASEAN and, by 2018, it was estimated to have become the 2nd largest. Recognizing the importance of automation and robotics, the Thai government has implemented various measures to promote the growth of these key industries. The use of industrial robots in the country is therefore expected to continue growing.
The Hong Kong government supports smart city operations and smart lamp post related actions. Smart lamp posts together with 5G can encompass various industries and thus can offer opportunities also for Finnish companies. Hong Kong aims to become a “world class smart city”. In ”Hong Kong Smart City Blueprint” smart lamp posts are mentioned as one action point and 50 smart lamp posts should be in use by the summer of 2019. The figure is set to rise to 400, and during 2019, a tender will likely be opened for the remaining 350 smart lamp posts. Smart lamp posts can serve several different functions and these are currently experimented in Science Park and the Smart City Pilot Area.
Top 100 des capitalisations boursières mondiales (2014)PwC France
http://bit.ly/GlobalTop100Companies
L’étude "Global Top 100 companies by market capitalisation", menée par l’IPO Centre de PwC, montre qu’entre 2009 et 2014, la capitalisation boursière totale des 100 plus grandes entreprises au monde a augmenté de plus de 6 000 milliards de dollars, soit une hausse moyenne de 60 milliards de dollars par société.
Étude Strategy& "Global Innovation 1000" (oct. 2014)PwC France
http://t.co/EWqyGpV1cl
Strategy& a identifié les 1000 entreprises cotées en bourse dont le budget R&D a été le plus important depuis le 30 juin 2014. Pour chacune de ces 1000 entreprises, Strategy& s’est référé aux tableaux de bord financiers de Bloomberg et de Capital IQ (ventes, chiffre d’affaires, marge brute, marge d’exploitation, marge nette, dépenses R&D et capitalisation boursière). Pour comprendre comment les efforts d’innovation ont changé dans les entreprises au cours des 10 dernières années et ce qu’il faut attendre de la prochaine décennie, Strategy& a interrogé 505 dirigeants R&D dans 467 entreprises dans le monde. Ces entreprises représentent 9 secteurs d’activité, 5 zones géographiques et un peu moins de 130 milliards de dépenses R&D soit 20% du total des dépenses des entreprises du « Global Innovation 1000 ».
Middle East Artificial Intelligence Market (2019-2025)Nikhil Jat
Middle East Artificial Intelligence (AI) Market (2019-2025): Market Forecast By Offering (Hardware, Software, Services), By Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Image Processing), By End User (Media & Advertising, BFSI, IT & Telecom, Retail, Healthcare, Automotive & transportation and Others)
Online survey of companies → Goal: Understanding the role of
artificial intelligence (AI) and machine learning across countries
and industries
• Evaluation: Which companies are active leaders in adopting or
piloting AI
Thailand is already a significant market for industrial robots. In
2017, Thailand was the 3rd largest market in ASEAN and, by 2018, it was estimated to have become the 2nd largest. Recognizing the importance of automation and robotics, the Thai government has implemented various measures to promote the growth of these key industries. The use of industrial robots in the country is therefore expected to continue growing.
The Hong Kong government supports smart city operations and smart lamp post related actions. Smart lamp posts together with 5G can encompass various industries and thus can offer opportunities also for Finnish companies. Hong Kong aims to become a “world class smart city”. In ”Hong Kong Smart City Blueprint” smart lamp posts are mentioned as one action point and 50 smart lamp posts should be in use by the summer of 2019. The figure is set to rise to 400, and during 2019, a tender will likely be opened for the remaining 350 smart lamp posts. Smart lamp posts can serve several different functions and these are currently experimented in Science Park and the Smart City Pilot Area.
Top 100 des capitalisations boursières mondiales (2014)PwC France
http://bit.ly/GlobalTop100Companies
L’étude "Global Top 100 companies by market capitalisation", menée par l’IPO Centre de PwC, montre qu’entre 2009 et 2014, la capitalisation boursière totale des 100 plus grandes entreprises au monde a augmenté de plus de 6 000 milliards de dollars, soit une hausse moyenne de 60 milliards de dollars par société.
Étude Strategy& "Global Innovation 1000" (oct. 2014)PwC France
http://t.co/EWqyGpV1cl
Strategy& a identifié les 1000 entreprises cotées en bourse dont le budget R&D a été le plus important depuis le 30 juin 2014. Pour chacune de ces 1000 entreprises, Strategy& s’est référé aux tableaux de bord financiers de Bloomberg et de Capital IQ (ventes, chiffre d’affaires, marge brute, marge d’exploitation, marge nette, dépenses R&D et capitalisation boursière). Pour comprendre comment les efforts d’innovation ont changé dans les entreprises au cours des 10 dernières années et ce qu’il faut attendre de la prochaine décennie, Strategy& a interrogé 505 dirigeants R&D dans 467 entreprises dans le monde. Ces entreprises représentent 9 secteurs d’activité, 5 zones géographiques et un peu moins de 130 milliards de dépenses R&D soit 20% du total des dépenses des entreprises du « Global Innovation 1000 ».
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci focus sur la zone euro, la Malaisie, et les difficultés des pays émergents - notamment des "Fragile 5".
Chemical compounds, fusions-acquistions dans le secteur de la chimie T2 2012PwC France
L’enquête de PwC regroupe toutes les fusions et acquisitions en cours entre le 1er janvier 2008 et le 30 juin 2012. Les chiffres, les transactions et les données financières ont été prélevées sur Thomson Reuters.
Retrouvez nos publications : http://www.pwc.com/publications
Etude PwC sur les entreprises familiales (2012)PwC France
http://pwc.to/Uj3NmI
Selon l’étude mondiale de PwC Family Business Survey 2012, les entreprises familiales ont prospéré en 2011. 81% d’entre elles prévoient d’ailleurs une stratégie de croissance ambitieuse au cours des cinq prochaines années. Cependant, elles font face à des défis très spécifiques à leur structure : la recherche de la taille critique, la gestion des talents, et les questions de succession notamment.
Etude PwC "Cities of Opportunity" (2014)PwC France
www.pwc.com/cities
Avec un recul de 2 places, Paris quitte le peloton des 5 premières villes mondiales (avec Stockholm). Elle demeure néanmoins parmi les 10 meilleures pour 7 de nos 10 indicateurs, avec une amélioration dans les domaines de la santé et de la sécurité.
Etude PwC sur la norme de paiement européenne SEPA (2013)PwC France
http://pwc.to/189l5up
Cette étude, conduite par PwC en janvier 2013, analyse les réponses de 293 entreprises présentes dans 22 pays sur la maturité de leurs organisations face à la mise en œuvre de cette transition au SEPA.
Etude PwC Transport et logistique en Afrique (2013)PwC France
http://pwc.to/IH7PGb
L'étude PwC "Africa gearing up" analyse pour la première fois les perspectives de développement pour les acteurs du Transport et de la Logistique dans dix pays africains, l’Afrique du Sud, l’Algérie, l’Angola, l’Égypte, le Ghana, le Kenya, le Mozambique, le Nigéria, la République Démocratique du Congo, et la Tanzanie. Ces pays ont été choisis soit pour leur rayonnement économique, leurs projections de croissance supérieures à la moyenne ou leur capacité à devenir une plateforme de transport et de logistique.
Etude mondiale de PwC sur les priorités des dirigeants d'entreprises pour 2013 PwC France
http://pwc.to/1aR0bpr
La 16ème édition de l’étude mondiale de PwC sur les priorités des chefs d’entreprise montre que, contrairement à l’année dernière, les dirigeants reprennent très légèrement confiance dans l’économie mondiale. Ils se montrent en revanche moins optimistes quant à la croissance de leur propre entreprise. Cette érosion de la confiance touche également les pays émergents.
Etude PwC/ULI Emerging Trends in Real Estate® Europe 2014PwC France
Le secteur de l'immobilier de l'Europe attend plus et mieux en 2014. Il est plus confiant sur ses perspectives et sa capacité à améliorer les profits.
Découvrez le classement des 27 premières villes en Europe.
Enquête mondiale conduite par l’Economist Intelligence Unit (EIU) pour PwC sur l'adoption généralisée de la technologie mobile dans le domaine de la santé, ou m-Santé.
Retrouvez toutes nos publications : http://www.pwc.fr/publications
Etude PwC sur les émissions de carbone et le rechauffement climatique (2012)PwC France
http://www.pwc.fr/too-late-for-two-degrees.html
Selon l’étude Low Carbon Economy Index de PwC, aux taux de croissance actuels des émissions de carbone, le réchauffement climatique pourrait atteindre au moins 6°C d’ici la fin du siècle. En effet, le taux annuel de réduction des émissions de carbone par unité de PIB nécessaire pour limiter à 2oC le réchauffement climatique a franchi un seuil critique. Le taux de réduction désormais requis n’a jamais été aussi significatif : il faudrait désormais réduire l’intensité carbone mondiale à 5,1 % par an en moyenne, un niveau jamais atteint depuis 1950.
L’étude de PwC mesure la progression des économies développées et émergentes dans le domaine de la réduction des émissions de carbone liées à la production économique. D’après cette étude, si l’augmentation de l’intensité des émissions observée en 2010 s’est inversée, la réduction mondiale de seulement 0,7 % en 2011 ne représente qu’une fraction de ce qui est prévu par les engagements internationaux visant à limiter à 2°C le réchauffement climatique mondial.
Etude PwC "Crime Survey 2014" sur la fraude dans le secteur pharmaceutique (o...PwC France
http://bit.ly/FraudePharmaCP
La 7ème édition de l’étude mondiale de PwC sur la fraude en entreprise, la “Global Economic Crime Survey 2014 », a été réalisée auprès de 5,128 dirigeants d’entreprises issus de 99 pays. 259 de ces répondants sont des dirigeants du secteur pharmaceutique et des sciences de la vie.
Since last year ended on such a strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of 2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in proceeds from their IPOs. That’s the second highest first quarter proceeds in the past five years and impressive given the increased US market volatility and consistent with the high pre-IPO valuations we’ve seen recently. Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, it’s a promising start for 2015. Learn more at www.pwc.com/globaltechipo
*Deal size greater than US$40 million
PwC объявила о выходе в свет «Обзора сделок на мировом рынке IPO в секторе высоких технологий за 2-й квартал 2013 года». В этом обзоре, основанном на данных по сделкам компании Dealogic, представлен анализ сделок на мировом рынке IPO в секторе высоких технологий за период с 1 апреля 2013 г. по 30 июня 2013 г. В отчете описываются основные тенденции на мировом рынке IPO в секторе высоких технологий, включая географию сделок; перечисляются крупнейшие сделки на этом рынке, заключенные во 2-м квартале; указывается распределение сделок по фондовым биржам, где состоялись сделки, и по секторам; раскрываются основные финансовые и оценочные показатели.
New startup funding in the finance sector witnessed a decline in Q1 2019 while early-stage startups form the biggest chunk. Discover the global trends in our latest Insights Report here http://bit.ly/fi_sector
Insight Report: Global Enterprise Solution SectorOddup
What do the past year's global funding trends showcase for the enterprise solutions sector? And where is the sector heading next? Find out more with Oddup's report http://bit.ly/es_sector
E-commerce sector new startup funding has witnessed a gradual slowdown in Q1 2019, compared to 2018. Explore global e-commerce trends in our Insights Report here http://bit.ly/ec_sector
As a nation, the UK has a tendancy to embrace the latest tech trends, which permeate into all aspects of our personal and professional lives. The UK tech industry creates employment for over 1.2 million people, however skills shortages are affecting the sector in a similar way to its counterparts in the US and Asia.
In this whitepaper, we take a look at the state of play for the UK Tech industry as we reach this year's midway point. The paper highlights the key trends which all suggest that the UK is seeing a resurgence in growth as one of the most technologically advanced nations in the world.
2019 southeast asia internet trends report a primer english finalChris Tran
Our 2019 report follows in Mary Meeker's esteem tradition what is going on in the Tech & Internet scene for Southeast Asia. We are delighted in our first education to share a comprehensive coverage of 1) key trends for the region, 2) new rules re business strategy 3) sector and company overview with a run down on who the top investors are and a country by country analysis, please enjoy.
After a muted growth in late 2018, adoption of new technologies is driving a revival of investor interest in the transportation and logistics sector. Explore global trends in our Insights Report here http://bit.ly/trn_sector
While new investment in the social media sector has been relatively low in early 2019, the highest number of startups is in the Seed category. Explore global trends here http://bit.ly/sm_sector
Indian Unicorns will continue to strengthen through acquisitions in Mobile, M...ProductNation/iSPIRT
With Mergers and Acquisitions (M&A) totaling $2.27bn since Jan 2011, technology majors as well as large Indian ‘Unicorns’ are likely to continue acquiring Indian Technology product startups to fill technology gaps as well as talent requirements. This was among the key trends to emerge from the Think Next Roundtable Report - 2015 India technology Product M&A Industry Monitor Report released by iSPIRT, India’s software products think tank, technology focused M&A advisory boutique Signal Hill and Microsoft Ventures.
2014 Tech M&A Monthly - 10 M&A Mistakes You Don't Know You're MakingCorum Group
Decisions you make today will affect the ultimate value of your company. But pitfalls at every stage of the process can hurt your value and affect the ultimate outcome. November 13, join Corum Group’s panel of senior dealmakers for a look at the mistakes you may be making today—in every stage through company formation to preparation to negotiation—that may kill tomorrow’s deal. Plus, reports on global M&A conferences, a healthcare/3D printing deal, and a look at key deals, trends and valuations from the last month.
F-Prime Capital prepared a market analysis for 2018's year-end discussion. We are sharing it with our broader community in the hope that someone will find in informative, interesting or at least entertaining.
Etude PwC "20ème édition de la CEO Survey" - Janvier 2017PwC France
Quelles sont les préoccupations des dirigeants en 2017 ?
Cette année, plus de 1300 dirigeants du monde entier ont témoigné de leur confiance en l’avenir, leur priorités stratégiques.
Recherche de talents et des futurs leaders de demain, stratégies de développement, poids de la technologie et son impact sur la confiance en l’entreprise, dynamiques opposées de mondialisation et de nationalismes impactent le quotidien des dirigeants. Quel regard portent-ils sur leur environnement ?
http://pwc.to/2k0a12Q
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For the last two decades, PwC has asked business leaders everywhere about the trends reshaping business and society. As we mark the 20th year of our annual CEO survey, we’ve observed just how much the world has changed.
Le cabinet d’audit et de conseil PwC a mené son étude « Carbon Factor » auprès des 20 principaux producteurs d’électricité européens pour la 14ème année consécutive.
Le facteur carbone (exprimé en kg CO2/MWh) se définit comme le rapport entre les émissions de CO2 générées et la production d’électricité correspondante. En 2014, il s’établit à 313 kg CO2/MWh, soit une baisse de 5,8% par rapport à 2013, pour atteindre son plus faible niveau depuis 2001.
Etude PwC : La transition énergétique pour la croissance verte (nov 2015)PwC France
Quels sont les impacts attendus et les tendances du marché français de la Transition Energétique ?
La loi sur la transition énergétique fixe des objectifs ambitieux, définissant la trajectoire énergétique de la France à moyen et long terme
Etude PwC "Total Retail 2015" Sur quoi miser aujourd’hui pour réenchanter la ...PwC France
Dans sa 5ème étude mondiale sur les consommateurs connectés - menée dans 25 pays auprès de 22 600 web-acheteurs, le cabinet d’audit et de conseil PwC révèle que la France a recruté 17% de nouveaux web-acheteurs en 2015, un chiffre en hausse par rapport à 2014.
GEMO 2016 : un digital de plus en plus cannibale ?PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
La publicité sur internet devrait y porter la croissance du secteur, et le numérique en général continue de bouleverser le business model de l’ensemble des segments, qu’il s’agisse de l’édition, de la musique, de la presse, des jeux vidéo ou bien encore de la télévision.
Infographie PwC GEMO 2016 sur l'industrie Médias et Loisirs (juin 2015)PwC France
Dans la 16ème édition de l’étude annuelle « Global Entertainment & Media Outlook », sur les perspectives de l’industrie des médias et des loisirs, PwC prévoit que le marché mondial va croître de 5,1 % en moyenne par an entre 2014 et 2019.
Cette étude, réalisée dans 54 pays, montre qu’avec 3,2% de croissance moyenne annuelle d’ici 2019, la France tire son épingle du jeu parmi les pays matures.
Etude PwC Low Carbon Economy Index (oct. 2015)PwC France
L'année 2014 a marqué un tournant en matière de réduction des émissions de carbone dans les économies du G20. C’est ce que révèle le cabinet d’audit et de conseil PwC dans la 7ème édition de son étude annuelle « Low carbon Economy index », qui modélise l'intensité carbone des grandes économies – à savoir les émissions des gaz à effet de serre liées à la consommation d'énergie par million de dollars de PIB. En effet, l'intensité carbone a chuté de 2,7% en 2014, soit sa plus forte baisse depuis 2000.
La France fait office d’exemple : elle a réduit son intensité carbone de plus de 9% en 2014, ce qui représente la 2ème plus forte réduction des pays du G20, juste derrière le Royaume-Uni (- 10,9%).
Etude FCD, ESSEC et PwC sur la distribution responsable (août 2015)PwC France
Les enseignes de la Fédération du Commerce et
de la Distribution (FCD) se mobilisent depuis de
nombreuses années en faveur du développement
durable. Elles mènent des actions volontaristes
pour réduire l’impact environnemental de leur
activité, mais aussi, conformément aux exigences
de la RSE, en matière de consommation
durable, de gestion responsable des ressources
humaines et d’engagement sociétal.
Les introductions en bourse européennes affichent une forte activité au 2e trimestre grâce aux spin-off,
mais entrent de plus en plus en concurrence avec les processus de ventes.
Etude PwC CEO Survey Talent "People Strategy for the Digital Age" (juillet 2015)PwC France
Dans son étude « People strategy for the digital age : A new take on talent » menée à l’échelle mondiale, le cabinet d’audit et de conseil PwC constate que, dans un contexte de concurrence mondiale accrue, les entreprises ont désormais besoin de compétences plus diversifiées pour rester compétitives : 73% des dirigeants voient la pénurie des compétences comme une menace sérieuse à la poursuite de leur activité (contre seulement 46% en 2009).
Une des réponses consiste à mettre en place une stratégie de diversification des talents. Pour aller plus loin, les entreprises doivent également se tourner vers l’exploitation et l’analyse des données qu’elles collectent.
Dans sa dernière étude « PwC Golden Age Index : how well are OECD economies adapting to an older workforce ? », le cabinet d’audit et de conseil PwC compare l’emploi des seniors (travailleurs âgés de plus de 55 ans) dans 34 pays de l’OCDE.
Etude PwC Global Economy Watch (juin 2015)PwC France
Dans leur dernière étude « Global Economy Watch », les économistes du cabinet d’audit et de conseil PwC ont analysé les performances économiques des cinq premiers pays d’Afrique du Nord – Egypte, Algérie, Maroc, Soudan et Tunisie, près de cinq ans après les débuts du « Printemps arabe » qui a entraîné de grands bouleversements dans toute la région. Cette étude révèle les défis et les opportunités qui attendent les entreprises et les dirigeants politiques en Afrique du Nord.
Etude PwC et Essec "Grande consommation 1985 - 2015 - 2045"PwC France
A l’occasion du 30ème anniversaire de la Chaire Grande Consommation de l’ESSEC, les experts du cabinet d’audit et de conseil PwC ont imaginé les grandes évolutions du secteur de la distribution et des biens de consommation au cours des trente prochaines années.
Etude PwC sur le Top 100 des entreprises les mieux valorisées au monde en 201...PwC France
La dernière étude du cabinet d’audit et de conseil PwC « Global Top 100 Companies by market capitalisation » révèle que plus de la moitié (53) des 100 entreprises les mieux valorisées au monde sont américaines, contre seulement 4 entreprises françaises. Apple reste en tête du classement établi par PwC, avec une capitalisation boursière de 725 milliards de dollars, en hausse de 54% (+256 milliards de dollars) par rapport à 2014.
Etude PwC "Bridging the gap" sur les investisseurs institutionnels (mai 2015)PwC France
Selon la dernière étude du cabinet d’audit et de conseil PwC, intitulée « Bridging the gap », sept investisseurs institutionnels sur dix (70 %) – parmi les 60 qui ont été interrogés par PwC au plan mondial – affirment qu’ils refuseraient de participer à une levée de fonds de private equity ou à un co-investissement si ceux-ci présentaient un risque environnemental, social ou de gouvernance.
Méthodologie :
Pour réaliser cette étude, PwC a mené des entretiens individuels avec 60 commanditaires de 14 pays, totalisant quelque 500 milliards USD d’allocation aux gérants ou general partners (GP) de fonds de private equity. Les participants à l’enquête ont répondu sur la base du volontariat, d’où une surreprésentation probable des investisseurs relativement avancés dans leur approche de l’investissement responsable. Le panel était composé à 30 % de fonds de pension, à 20 % de gestionnaires d’actifs et à 7 % de fonds souverains ou publics. Parmi les répondants figuraient de grands fonds de pension du monde entier, comme le CalSTRS (caisse de retraite de l’enseignement public de Californie), l’USS (caisse de retraite de l’enseignement supérieur britannique), la caisse de retraite de BT, le West Midlands Pension Fund, le Wellcome Trust, un fonds de pension suédois et des fonds confessionnels aux États-Unis et en Finlande. Parmi les principaux gestionnaires d’actifs figuraient les sociétés Aberdeen, Hermes GPE, F&C et BlackRock. 7 investisseurs français ont aussi participé à cette étude comme par exemple BPI France, Ardian ou OFI Asset Management (devenu depuis SWEN Capital Partners).
Etude PwC, AFDEL et SNJV sur "Les 100 digital"PwC France
PwC, l’AFDEL et le SNJV dévoilent l’édition 2015 du GSL 100, classements des principales entreprises de l’édition de logiciels, des services Internet et du jeu vidéo français, dans le cadre de l’étude « Les 100 digital » qui décrypte les tendances et les progressions des entreprises de la French tech.
Etude PwC Global Economy Watch (mai 2015)PwC France
Selon la dernière étude « Global Economy Watch » du cabinet d’audit et de conseil PwC, les créances libellées en dollars américains, émises hors des Etats-Unis, ont fortement augmenté au cours de ces dernières années, passant de 6 000 milliards de dollars avant l’instauration des premières mesures d’assouplissement quantitatif en novembre 2008 à environ 9 000 milliards en 2014.
Etude PwC sur l'économie collaborative (mai 2015)PwC France
En dix ans, le concept d'économie collaborative est devenu un véritable marché impliquant de nombreuses startups comme des grandes entreprises internationales. Alors que ce marché représente aujourd’hui 15 milliards de dollars, le cabinet d’audit et de conseil PwC estime qu’il atteindra 335 milliards de dollars d’ici à 2025.
Source
Les données relatives aux consommations collaboratives des Américains sont issues de l’étude « Consumer Intelligence Series: The Sharing Economy » publiée par PwC en avril 2015. Pour cette étude, 1 000 consommateurs américains, âgés de plus de 18 ans, ont été sondés en ligne entre les 17 et 22 décembre 2014.
Etude PwC sur l'intérêt des investisseurs pour l’Afrique (avril 2015)PwC France
L’intérêt des investisseurs pour l’Afrique continue de progresser, le continent étant perçu comme un marché à fort potentiel de croissance, susceptible d’offrir des opportunités de retour sur investissement très intéressantes. L’Afrique sub-saharienne s’affirme comme la région la plus attractive. En effet, le Ghana, le Nigéria et la Tanzanie forment le Top 3 des pays de choix pour les analystes et investisseurs que le cabinet d’audit et de conseil PwC a interrogés dans la 7ème édition de l’étude « Valuation methodology survey », qui inclut pour la première fois les réponses des investisseurs en Afrique francophone.
A tale of scale & speed: How the US Navy is enabling software delivery from l...sonjaschweigert1
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CI/CD with in UiPath
End-to-end overview of CI/CD pipeline with Azure devops
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4. Demo
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2. 2 Global Technology IPO Review Q3 2014
Global technology IPOs set new record of
US$24.8 billion*
Raman Chitkara
Partner and Global Technology
Industry Leader
PricewaterhouseCoopers LLP
raman.chitkara@us.pwc.com
Welcome to the third quarter 2014 issue of PwC’s Global Technology IPO Review. Led by
Alibaba’s unprecedented September 2014 IPO of US$21.8 billion, a record US$24.8
billion was raised by technology companies in the third quarter of 2014, surpassing the
previous quarterly record of US$17.8 billion raised in the second quarter of 2012 when
Facebook completed its IPO of US$16.0 billion. Eighteen technology companies from six
different countries across the globe completed their IPOs in the third quarter of 2014,
reflecting a 50% year-over-year increase in volume.
Consistent with prior years, sequentially, the number of global technology IPOs priced in
the third quarter of 2014 declined from 40 in the second quarter to 18. Historically the
third quarter is a slower IPO period due to the summer months in the Northern
Hemisphere.
China and Chinese exchanges made a strong showing in the third quarter. Ten Chinese
technology companies completed their IPOs with eight listing on Chinese exchanges; this
represented 80% of the Chinese domiciled IPOs versus 38% in the second quarter of
2014. Cross-border activity remained healthy at 33%. As a result of cross-border activity,
US exchanges maintained a strong position with 39% of the IPOs.
The Internet Software & Services and Software subsectors have seen a steady rise from
44% of the technology IPOs in 2011 to 67% of the IPOs in the third quarter this year. As a
result of the Alibaba IPO, the Internet Software & Services subsector garnered 92% of
total proceeds this quarter.
Looking forward, a recent uptick in market volatility has the potential to disrupt the IPO
market for the remainder of 2014.
Please review the detail that follows for a full picture of third quarter results. I encourage
you to reach out to me or any member of our global technology team listed at the back of
this document if you would like to discuss these findings and how they may impact your
business.
Sincerely,
Raman Chitkara
Global Technology Industry Leader
*Issue size greater than US$40mn (includes overallotment) and based on trade date
3. 3 Global Technology IPO Review Q3 2014
“Record IPO proceeds in the
third quarter reflect the
continued economic recovery
and underlying optimism
prevailing around the world.
While the final quarter of the
year has started with rising
market volatility, investor faith
in the future of the technology
sector remains strong, meeting
and even exceeding historical
norms.”
– Raman Chitkara
Global Technology Industry
Leader, PwC
Executive summary
Global technology IPOs set a new record at US$24.8bn in proceeds during Q3’14,
increasing 105% from the prior quarter as a result of Alibaba, the largest IPO on record.
Third-quarter IPO activity is typically slow due to the summer months which contributed
to a sequential decline in technology IPOs from 40 in Q2’14 to 18 in Q3’14. On a year-
over-year basis, Q3’14 IPO volume increased by 50%. Geographically, China dominated
the technology IPO market with 10 IPOs. Europe1 had four and the US had just two IPOs.
Market volatility (VIX) remained relatively low throughout most of Q3’14, but beginning
in mid-September the markets witnessed steadily increasing volatility and the Dow Jones
Industrial Average began to experience greater intra-day volatility as well . The increase
in VIX is usually inversely related to the number of IPOs as companies prefer stable and
positive market conditions.
Figure 1: Global technology IPO trends
Source: Dealogic with analysis by PwC
US technology IPOs decline significantly, yet cross-border IPOs
support US stock exchanges
Fewer US-based companies went public in Q3’14 (2) compared to Q2’14 (14). With five
cross-border deals, a total of seven technology IPOs listed on the NYSE and NASDAQ,
raising US$23.4bn (compared to twenty-four in Q2’14 and nine in Q3’13); US-domiciled
IPOs raised US$524mn. Cross-border deals originated from China (2), Israel (2) and
Luxembourg (1). Alibaba’s IPO, the largest IPO on record, contributed 93% of proceeds.
Excluding Alibaba, the US exchanges raised US$1.7bn, still more than Q3’13 proceeds of
US$1.1bn.
1 Including Middle East and Africa
$1,270
$5,588
$6,839
$12,116
$24,785
12
25 26
40
18
0
7
14
21
28
35
42
49
0
5,000
10,000
15,000
20,000
25,000
30,000
Q3 2013 Q4 2013 Q1 2013 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
4. 4 Global Technology IPO Review Q3 2014
Chinese exchanges are back on track, only two listings outside China
Ten Chinese companies went public in Q3’14 and eight of them listed on Chinese exchanges:
Shanghai (2), Shenzhen (4) and Hong Kong (2). Two Chinese companies listed outside China
on US exchanges, Alibaba on the NYSE and iDreamsky Technology on NASDAQ. Proceeds
from Chinese exchanges rose 41% from US$767mn in Q2’14 to US$1,085mn in Q3’14.
It is anticipated that China’s domestic A Share listings will maintain the current pace as the
550+ companies in the pipeline list on Chinese exchanges. But in terms of cross-border deals,
Alibaba has set the stage for a continued healthy flow of Chinese companies going public on
US exchanges.
Figure 2: Chinese technology IPOs on Hong Kong, Shenzhen and Shanghai
exchanges
Source: Dealogic with analysis by PwC
European IPO activity quiets
In a reversal from Q2’14, Euronext did not witness any technology listings above US$40mn in
the third quarter. The geo-political uncertainty in the Ukraine and Middle East, coupled with
the Scottish Referendum and continued declines in the economic conditions in Europe,
caused big ticket technology IPOs on the European exchanges to take a backseat in the third
quarter. Including the Middle East and Africa, there were four technology IPOs in Europe:
Globant SA from Luxembourg listed on the NYSE and raised US$59mn, Mobileye NV,
CyberArk Software and Crossrider Plc, all from Israel2, raised US$890mn, US$86mn and
US$75mn, respectively. Of these four, just one company listed on a European exchange,
Crossrider Plc on the London Stock Exchange’s Alternative Investment Market (AIM). The
other three companies listed on the NYSE and NASDAQ. Compared to Q3’13 (one IPO with
US$42mn), Q3’14 proceeds from European IPOs increased to US$1.1bn.
2 Crossrider Plc was registered in Isle of Man
"The successful Alibaba IPO
breaks a number of
historical records for
technology companies in
China making cross-border
listings. Following this
milestone, the pipeline for
both domestic A share
listings and cross-border
listings is very strong. The
China stock market is
steadily processing the large
volume of applicants in the
pipeline. In addition, the
potential amendment
relaxing the profit
requirement rule for
internet/mobile internet
companies could encourage
even more technology
companies to list on the
Chinese exchanges in the
medium term."
– Jianbin Gao,
Technology Industry
Leader, PwC China
$56
$333
$997
$767
$1,085
1
2
11
5
8
0
2
4
6
8
10
12
0
200
400
600
800
1,000
1,200
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
5. 5 Global Technology IPO Review Q3 2014
Cross-border technology IPOs remain stable
Cross-border IPOs have been stable with 33% of the total number of deals being cross-border
in Q3’14 compared to 28% in Q2’14. Of the six cross-border IPOs, two were from China and
listed on the NYSE and NASDAQ, three were from Israel listing on the NYSE, NASDAQ and
London AIM, and one was from Luxembourg listing on the NYSE.
Figure 3: Cross-border technology IPOs Q3’14 versus Q4’13, Q1’14 and Q2’14
Source: Dealogic with analysis by PwC
Global participation
In the third quarter, technology IPO activity spanned six countries. This compares to 10
countries in Q2’14. China and the US contributed 95% of the proceeds (US$23.5bn). The
largest IPO was Alibaba Group from China raising US$21.8bn and contributing 88% of total
proceeds. The remaining countries—Australia, Israel, Luxembourg and New Zealand—
contributed US$1.3bn in Q3’14.
Internet Software & Services and Software again rank as the most active
subsectors
Internet technology and software needs are rapidly increasing globally with the emergence of
internet-connected wearables, devices, and “things” across virtually all industries.
Internet Software & Services had six IPOs and raised US$22.8bn in Q3’14 compared to 20
IPOs and US$5.1bn in proceeds in Q2’14 and six IPOs with US$0.6bn in Q3’13. Alibaba’s
US$21.8bn IPO dominated the sector in Q3.
The Software sector also had six IPOs and raised US$1.3bn compared to 11 IPOs and
US$3.1bn in proceeds in Q2’14 and three IPOs with US$411mn in Q3’13. The largest IPO in
this sector was Mobileye NV (US$890mn).
Together, these two subsectors comprised 67% (12 IPOs) of the total number of IPOs and 97%
(US$24.0bn) of the total funds raised.
15
25 29
6
10
1
11
12
0
9
18
27
36
45
Q4 2013 Q1 2014 Q2 2014 Q3 2014
Cross-border deals Domestic deals
6. 6 Global Technology IPO Review Q3 2014
Global technology IPO trends
Third-quarter IPO activity generally slows down because of the summer months. Despite
the slow third quarter, the first nine months of 2014, with 84 deals and total proceeds of
US$43.7bn, easily surpassed volume and proceeds of each 2011, 2012 and 2013. The
significant rise in proceeds was due to Alibaba’s mega IPO of US$21.8bn.
Figure 4: Q3 2014 global technology IPO trends
Source: Dealogic with analysis by PwC
$17,952
$15,857
$23,152
$11,446
$43,740109
87
69 64
84
0
20
40
60
80
100
120
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
2010 2011 2012 2013 9 months 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
7. 7 Global Technology IPO Review Q3 2014
Top 10 technology deals
The top 10 deals raised a total of US$24.3bn, 98% of total proceeds (US$24.8bn).
Comparatively, the top 10 deals of Q2’14 raised a total of US$8.5bn, 70% of total proceeds
(US$12.1bn). Alibaba Group represented 90% of total proceeds of the top 10 deals in Q3.
The Internet Software & Services subsector dominated the top 10 technology deals,
accounting for 94% (US$22.7mn) of the total proceeds and 50% (5) of the top 10 IPOs in
Q3’14. Software and Semiconductors had two IPOs each, while Computers & Peripherals
had only one deal.
Seven of the top 10 deals were from China, with Alibaba raising US$21.8bn on the
NYSE—the highest proceeds ever by any IPO. The remaining nine deals raised US$2.5bn.
Distribution of the deals across exchanges was 40% on US exchanges, 50% on Chinese
exchanges and 10% (or one) on the Australian exchange.
Table 1: Q3 2014 IPO summary – Top 10 deals
Company Subsector Proceeds
(in US$mn)
Primary
exchange
Alibaba Group Holding Ltd Internet Software & Services 21,767 NYSE
Mobileye NV Software 890 NYSE
Travelport Worldwide Internet Software & Services 480 NYSE
Hangzhou First PV Material Co., Ltd Semiconductors 265 SHSE
Tian Ge Interactive Holdings Limited Internet Software & Services 207 SEHK
Cogobuy Group Internet Software & Services 177 SEHK
Hollyland (China) Electronics Technology
Corporation Limited (SZSE:002729)
Semiconductors 129 SHSE
XiAn Tian He Defense Technology Co Ltd Computers & Peripherals 117 SZSE
iDreamSky Technology Limited Software 116 NASDAQ
Smartgroup Corporation Ltd Internet Software & Services 106 ASX
Source: Dealogic with analysis by PwC
8. 8 Global Technology IPO Review Q3 2014
Geographic IPO trends
The geographic distribution of technology IPOs in Q3’14 was spread across six nations.
China took the top spot with 10 IPOs (56%). Israel followed with three IPOs, the US
posted two, and Australia, New Zealand and Luxembourg each had one. China also raised
the highest proceeds at US$23.0bn (93%), followed by Israel with US$1.1bn (4%), and the
US with US$524mn (2%).
In terms of Q3’14 average proceeds, China with US$2.3bn (skewed by Alibaba) was
considerably higher than the US with average deal size of US$262mn. However,
excluding Alibaba, average issue size was US$133mn in China. Israel raised US$350mn
on average, followed by the remaining countries with one deal each raising an average of
US$81mn in proceeds: Australia, New Zealand and Luxembourg.
Figure 5: Q3 2014 IPO geographic distribution
Source: Dealogic with analysis by PwC
“In recent years, Israeli
technology companies were
staying away from the capital
markets. The large majority of
investors and companies chose
instead to be acquired as the
primary exit strategy.
However, since the end of 2013,
there have been 12 IPOs of
Israeli technology companies in
the US and UK mainly as a
result of a combination of
strong capital markets and the
maturity of more Israeli
technology companies, who
have become global market
leaders in their respective
sectors and industries. The
pipeline for Israeli tech IPOs
remains strong and unless the
overall market shifts, we expect
a continued stream of such
IPOs in the upcoming year.”
– Rubi Suliman,
Technology Industry
Leader, PwC Israel
$524
$22,968
$1,051 $244
2
10
3 3
0
2
4
6
8
10
12
14
16
18
$-
$5,000
$10,000
$15,000
$20,000
$25,000
US China Israel RoW NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
9. 9 Global Technology IPO Review Q3 2014
"While total proceeds
increased, overall US
technology IPO market volume
decelerated during the third
quarter of 2014. The traditional
August market slowdown was
the primary driver of the lower
IPO volume. We also observed
several US private technology
companies raising large late-
stage financing transactions,
further delaying their
requirement to enter the public
markets."
– Alan Jones,
Deals Partner, PwC US
United States
Technology IPO activity slowed in the US during the third quarter, decreasing by 86% in
volume and 87% in proceeds compared to Q2’14; year over year, volume declined by 78%
and proceeds declined by 52%. Average issue size declined by 9% sequentially, but
increased 114% on a year-over-year basis to US$262mn.
US company Travelport Worldwide listed on the NYSE and raised US$480mn, while
TubeMogul Inc raised US$44mn on NASDAQ.
Figure 6: United States
Source: Dealogic with analysis by PwC
$1,102
$3,395
$1,562
$4,048
$524
9
8
12
14
2
0
2
4
6
8
10
12
14
16
18
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
10. 10 Global Technology IPO Review Q3 2014
China
Chinese technology companies continued their comeback in Q3’14 with 10 IPOs and
proceeds of US$23.0bn, a 525% increase in terms of proceeds but a 23% decline in the
number of IPOs quarter over quarter. In contrast to Q2’14, China’s streamlining of the
IPO process resulted in more Chinese deals raising money on Chinese exchanges.
Shenzhen and Shanghai exchanges raised US$700mn with six IPOs while US$384mn was
raised in Hong Kong with two IPOs. Two Chinese IPOs were listed in the US, raising
US$21.9bn, one each on the NYSE and NASDAQ.
Figure 7: Chinese IPO trends
Source: Dealogic with analysis by PwC
$71
$899 $987
$3,673
$22,968
6
11
13
10
0
2
4
6
8
10
12
14
16
0
5,000
10,000
15,000
20,000
25,000
Q3 2013 Q4 2013 Q1 2014 Q2 2014
NumberofIPOs
InUS$mn
Issue size Number of IPOs (Right axis)
11. 11 Global Technology IPO Review Q3 2014
Stock exchange distribution
Due to five cross-border deals, US exchanges posted 39% of the global technology IPO
activity with seven IPOs and US$23.4bn in proceeds (94%). The increase in deal value is
attributed to Alibaba’s major cross-border IPO from China (US$21.8bn). The NYSE
squeaked past NASDAQ with four versus three deals, and raised significantly more funds
due to listing of the Alibaba IPO.
The Hong Kong stock exchange listed two IPOs with proceeds of US$384mn. Shanghai
raised US$394mn from two IPOs while Shenzhen raised US$306mn from four listings.
The Australian, New Zealand and London exchanges raised US$106mn, US$79mn and
US$75mn, respectively, with one IPO each.
Figure 8: Q3 2014 Stock exchange distribution
Source: Dealogic with analysis by PwC
$23,195
$245 $395 $306 $384
$106.0 $79 $75
4
3
2
4
2
1 1 1
0
3
6
9
12
15
18
0
5,000
10,000
15,000
20,000
25,000
NYSE NASDAQ SHSE SZSE SEHK ASX NZSE AIM
NumberofIPOs
InUS$mn
Issue size Number of IPOs
12. 12 Global Technology IPO Review Q3 2014
Table 2: Q3 2014 IPOs by region – North America (NASDAQ, NYSE)*
Company Subsector Proceeds
(in US$mn)
Primary
exchange
Nation
Alibaba Group Holding Ltd Internet Software & Services 21,767 NYSE China
Mobileye NV Software 890 NYSE Israel
Travelport Worldwide Internet Software & Services 480 NYSE United States
iDreamSky Technology Limited Software 116 NASDAQ China
CyberArk Software Software 86 NASDAQ Israel
Globant SA Software 59 NYSE Luxembourg
TubeMogul, Inc Software 44 NASDAQ United States
Source: Dealogic with analysis by PwC
Table 3: Q3 2014 IPOs by region – Asia (Shenzhen, Shanghai, Hong Kong, New Zealand and Australia)
Company Subsector Proceeds
(in US$mn)
Primary
exchange
Nation
Hangzhou First PV Material Co., Ltd Semiconductors 265 SHSE China
Tian Ge Interactive Holdings Limited Internet Software & Services 207 SEHK China
Cogobuy Group Internet Software & Services 177 SEHK China
Hollyland (China) Electronics Technology
Corporation Limited
Semiconductors 129 SHSE China
XiAn Tian He Defense Technology Co Ltd Computers & Peripherals 117 SZSE China
Smartgroup Corporation Ltd Internet Software & Services 106 ASX Australia
Jolywood (Suzhou) Sunwatt Co., Ltd Semiconductors 80 SZSE China
Vista Group International Limited Software 79 NZSE New Zealand
Shenzhen Absen Optoelectronic Co. Ltd Semiconductors 59 SZSE China
Hubei Feilihua Quartz Glass Co Ltd Computers & Peripherals 50 SZSE China
Source: Dealogic with analysis by PwC
Table 4: Q3 2014 IPOs by region – Europe (AIM)*
Company Subsector Proceeds
(in US$mn)
Primary
exchange
Nation
Crossrider Plc Internet Software & Services 74.6 AIM Israel
Source: Dealogic with analysis by PwC
* Deals have been classified based on the exchange where capital was raised
13. 13 Global Technology IPO Review Q3 2014
Subsector distribution
In the third quarter the Internet Software & Services and the Software subsectors
garnered the most IPOs with six each, and proceeds of US$22.8bn and US$1.3bn,
respectively. Excluding Alibaba’s US$21.8bn IPO (96% of the sector proceeds), the
Internet Software & Services subsector raisedUS$1.0bn. These sectors remain at the
forefront of investment activity as increased consumer demand in the developing
economies along with increasing internet penetration is resulting in the emergence of
innovative new internet and software dependent services.
Rising demand for wearables, smart devices and mobile solutions is also increasing the
demand for specialized semiconductor components. The Semiconductor subsector had
four Chinese IPOs which raised US$533mn compared to US$418mn in Q2’14, a 28%
increase in proceeds quarter over quarter with the same number of deals. On a year-
over-year basis, semiconductor deals increased 300% (one in Q3’13) and proceeds
advanced 651% (US$71mn in Q3’13). All four semiconductor IPOs were Chinese
companies, two listing on the Shanghai exchange and two listing on the Shenzhen
exchange.
The Computers & Peripherals subsector had two IPOs, compared to one in Q2’14 and one
in Q3’13, and raised US$167mn compared to US$782mn and US$162mn, respectively.
Figure 9: Q3 2014 IPO subsector distribution
Source: Dealogic with analysis by PwC
$167
$22,813
$533
$1,272
2
6
4
6
0
4
8
12
16
20
24
$-
$5,000
$10,000
$15,000
$20,000
$25,000
Computers & Peripherals Internet Software & Services Semiconductors Software
NumberofIPOs
InUS$mn
14. 14 Global Technology IPO Review Q3 2014
Key financials
Figure 10: Net income status in Q3’14 technology IPO universe (15)*
*(Net income data not available for 3 of the 18 companies)
Source: Dealogic with analysis by PwC
The average Last Twelve Months (LTM) net income was US$336mn with 60% of the
companies reporting a positive LTM net income. Out of the top three subsectors, the
Internet Software & Services sector had the largest number of companies with LTM net
losses (4). Software had two companies with LTM net losses.
Semiconductor companies had positive LTM net income which is unusual for companies
with capex-intensive business models.
Alibaba Group had the highest net income of US$5.1bn and Travelport Worldwide Ltd
reported the lowest net income of US$102mn.
60%
40%
Positive net income Negative net income
15. 15 Global Technology IPO Review Q3 2014
Revenues
All subsectors
Overall, the number of IPOs dropped significantly from last quarter, consistent with
historical patterns, but the average revenue for all Q3’14 technology IPOs was US$878mn
compared to last quarter’s US$741mn. The highest revenue reported in Q3’14 was by
Alibaba Group at US$9.4bn. Compared to last quarter’s average, revenue was up by 24%.
The average EBITDA level was US$391mn, much higher than the Q2’14 average of
US$51mn. Alibaba Group and Travelport Worldwide contributed to the spike in average
revenue for Q3’14. All subsector average net income was also sharply increased by the two
major IPOs in Q3’14 to US$336mn, compared to Q2’14 net loss of US$10.3mn and last
year’s net loss of US$261.2mn.
The average debt level of US$986mn was much higher than last quarter’s US$268mn.
EV/Revenue and EV/EBITDA multiples were 21.0x and 47.2x. Mobileye NV and Alibaba
Group had an EV of US$12bn and US$217bn, respectively. This led to the sharp uptick in
trading multiples.
Top three subsectors in Q3 2014
Internet Software & Services
The Internet Software & Services subsector reported average revenue of US$2.1bn with
six IPOs in Q3’14. In terms of number of deals, it was much lower than the 20 deals that
were reported last quarter, but the average revenue was significantly higher (139%) than
last quarter’s average revenue of US$866mn and more than 1,000% higher year over
year, led by Alibaba’s record-setting IPO listing which reported revenue of US$9.4bn.
Average EBITDA of US$896mn for the sector was also due to these two companies. It is
much higher than the (US$18mn) reported last quarter. The average net income was
US$828mn compared to an average net losses of US$34mn in Q2’14 and US$14mn
Q3’13.
Enterprise value of US$217bn for Alibaba Group Holding Limited has pushed up the
average significantly to US$44.9bn. In terms of trading multiples, EV/Revenue and
EV/EBITDA of 21.7x and 50.1x, respectively, were much higher than the last five quarters
except for Q4’13 which had a higher EV/EBITDA multiple (72.0x) led by many big ticket
IPOs including Twitter and a positive market sentiment leading to very high EV for even
companies with a net loss.
16. 16 Global Technology IPO Review Q3 2014
Figure 11: Internet Software & Services – LTM revenue
Source: Dealogic with analysis by PwC
Figure 12: Internet Software & Services – LTM EBITDA
Source: Dealogic with analysis by PwC
$260
$118
$468 $383
$866
$2,066
5
6
12
11
20
6
0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM revenue Total number of IPOs
$18 ($8)
$77 $66
($18)
$896
5
6
12
11
20
6
0
4
8
12
16
20
24
(200)
0
200
400
600
800
1,000
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM EBITDA Total number of IPOs
17. 17 Global Technology IPO Review Q3 2014
Figure 13: Internet Software & Services – LTM net income
Source: Dealogic with analysis by PwC
Figure 14: Internet Software & Services – Enterprise value
Source: Dealogic with analysis by PwC
$3 ($14)
$13
$39
($34)
$828
5
6
12
11
20
6
0
5
10
15
20
25
(100)
0
100
200
300
400
500
600
700
800
900
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM net income Total number of IPOs
$616 $1,058
$5,516
$1,406
$3,457
$44,873
5
6
12
11
20
6
0
5
10
15
20
25
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Enterprise value Total number of IPOs
18. 18 Global Technology IPO Review Q3 2014
Figure 15: Internet Software & Services – Total debt
Source: Dealogic with analysis by PwC
Figure 16: Internet Software & Services – EV/LTM revenue
Source: Dealogic with analysis by PwC
$12 $9
$127 $78 $38
$2,296
5
6
12
11
20
6
0
5
10
15
20
25
0
500
1,000
1,500
2,000
2,500
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Total debt Total number of IPOs
2.4 x
8.9 x
11.8 x
3.7 x 4.0 x
21.7 x
5
6
12
11
20
6
0
5
10
15
20
25
0
5
10
15
20
25
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
EV/LTM revenue Total number of IPOs
19. 19 Global Technology IPO Review Q3 2014
Figure 17: Internet Software & Services – EV/LTM EBITDA
Source: Dealogic with analysis by PwC
2.4 x
8.9 x
11.8 x
3.7 x 4.0 x
21.7 x
5
6
12
11
20
6
0
5
10
15
20
25
0
5
10
15
20
25
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
EV/LTM EBITDA Total number of IPOs
20. 20 Global Technology IPO Review Q3 2014
Software
The Software subsector reported average revenue of US$92mn with six IPOs. This was
83% lower than the last quarter, but 17% higher year over year. Average revenue in Q2’14
was driven by Sabre Corp and Game Digital, whereas the Software subsector in Q3’14 did
not have any major big ticket IPOs.
In terms of VC-backed technology IPOs, TubeMogul was the only US Software IPO in
Q3’14.
The subsector average EBITDA and net income were US$9mn and US$5mn, respectively.
They were higher than the negative EBITDA and net income average of US$25mn and
US$36mn, respectively, in Q3’13.
Average enterprise value of US$2.4bn was in line with both Q2’14 and Q3’13. EV of the
Software subsector was driven by Mobileye NV, which had an EV of US$11.6bn.
Software company valuations are generally in the higher range and average trading
multiples were 25.5x (EV/Revenue) and 258.0x (EV/EBITDA.)
Figure 18: Software – LTM revenue
Source: Dealogic with analysis by PwC
$86
$79
$290
$65
$554
$92
7
2
5
5
11
6
0
2
4
6
8
10
12
0
100
200
300
400
500
600
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM revenue Total number of IPOs
21. 21 Global Technology IPO Review Q3 2014
Figure 19: Software – LTM EBITDA
Source: Dealogic with analysis by PwC
Figure 20: Software – LTM net income
Source: Dealogic with analysis by PwC
(11)
(25)
80
8
96
9
7
2
5 5
11
6
0
2
4
6
8
10
12
(40)
(20)
0
20
40
60
80
100
120
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM EBITDA Total number of IPOs
(15)
(36)
(21)
6
0
5
7
2
5 5
11
6
0
2
4
6
8
10
12
(40)
(35)
(30)
(25)
(20)
(15)
(10)
(5)
0
5
10
15
20
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM net income Total number of IPOs
22. 22 Global Technology IPO Review Q3 2014
Figure 21: Software – Enterprise value
Source: Dealogic with analysis by PwC
Figure 22: Software – Total debt
Source: Dealogic with analysis by PwC
$1,251
$2,500
$3,391
$509
$2,158
$2,3527
2
5 5
11
6
0
2
4
6
8
10
12
0
800
1,600
2,400
3,200
4,000
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Enterprise value Total number of IPOs
$7
$17
$169
$5
$374
$3
7
2
5 5
11
6
0
2
4
6
8
10
12
0
50
100
150
200
250
300
350
400
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Total debt Total number of IPOs
23. 23 Global Technology IPO Review Q3 2014
Figure 23: Software – EV/LTM revenue
Source: Dealogic with analysis by PwC
Figure 24: Software – EV/LTM EBITDA
Source: Dealogic with analysis by PwC
14.5 x
31.7 x
11.7 x
7.8 x
3.9 x
25.5 x
7
2
5 5
11
6
0
2
4
6
8
10
12
0
5
10
15
20
25
30
35
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
EV/LTM revenue Total number of IPOs
42.3 x
62.1 x
22.5 x
258.0 x
7
2
5 5
11
6
0
2
4
6
8
10
12
0
50
100
150
200
250
300
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
EV/LTM EBITDA Total number of IPOs
24. 24 Global Technology IPO Review Q3 2014
Semiconductor
All four Semiconductor IPOs were from China. The Semiconductor subsector reported
average revenue of US$86.5mn. It was in line with Q3’13, but quarter over quarter it
dropped by 87%.
The Semiconductor subsector reported an EBITDA and net income of US$26mn and
US$15mn, which is relatively flat year over year (US$22mn and US$19mn in Q3’13).
Average enterprise value of US$682mn indicates a phase of stability in the Chinese
markets where valuation multiples are in the mid-range.
The trading multiples of EV/Revenue and EV/EBITDA were 7.9x and 25.8x, respectively,
higher than Q2’14 multiples.
Note: There were no Semiconductor IPOs in Q2’13.
(Financials for Hangzhou First
PV Material Co., Ltd and
Jolywood (Suzhou) Sunwatt
Co., Ltd were not available and
hence excluded from average
calculations)
Figure 25: Semiconductor – LTM revenue
Source: Dealogic with analysis by PwC
$90
$1,561
$67
$655
$87
1
2 2
2
4
0
1
2
3
4
5
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM revenue Total number of IPOs
25. 25 Global Technology IPO Review Q3 2014
Figure 26: Semiconductor – LTM EBITDA
Source: Dealogic with analysis by PwC
Figure 27: Semiconductor – LTM net income
Source: Dealogic with analysis by PwC
$22
($195)
$25
$68
$26
1
2 2
2
4
0
1
2
3
4
5
(250)
(200)
(150)
(100)
(50)
0
50
100
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM EBITDA Total number of IPOs
$19
($447)
$19
($7)
$15
1
2 2
2
4
0
1
2
3
4
5
(500)
(400)
(300)
(200)
(100)
0
100
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
LTM net income Total number of IPOs
26. 26 Global Technology IPO Review Q3 2014
Figure 28: Semiconductor – Enterprise value
Source: Dealogic with analysis by PwC
Figure 29: Semiconductor – Total debt
Source: Dealogic with analysis by PwC
$382
$2,991
$859 $799
$682
1
2 2
2
4
0
1
2
3
4
5
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Enterprise value Total number of IPOs
$0
$1,827
$6 $6 $0
1
2 2
2
4
0
1
2
3
4
5
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
Total debt Total number of IPOs
27. 27 Global Technology IPO Review Q3 2014
Figure 30: Semiconductor – EV/LTM revenue
Source: Dealogic with analysis by PwC
Figure 31: Semiconductor – EV/LTM EBITDA
Source: Dealogic with analysis by PwC
4.3 x
1.9 x
12.8 x
1.2 x
7.9 x
1
2 2
2
4
0
1
2
3
4
5
0
2
4
6
8
10
12
14
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
EV/LTM revenue Total number of IPOs
17.1 x
35.0 x
11.7 x
25.8 x
1
2 2
2
4
0
1
2
3
4
5
0
5
10
15
20
25
30
35
40
Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
NumberofIPOs
InUS$mn
EV/LTM EBITDA Total number of IPOs
28. 28 Global Technology IPO Review Q3 2014
Methodology
The Global Technology IPO Review for Q3 2014 is based on PwC’s analysis of transaction
data extracted from Dealogic. The analysis considers IPOs across all countries worldwide
during the period 1 July 2014 to 30 September 2014 (Q3) based on trade date. Financial
data was also obtained from Dealogic.
The definitions of the Technology sector are based on the Dealogic database industry
classifications and include the following subsectors:
Internet Software & Services
IT Consulting & Services
Professional Services (e.g., Application Software, Software Solutions)
Semiconductors
Software
Computer Storage & Peripherals
– Computer, Computer Peripheral Equipment
– Computer Storage Device Manufacturing
Electronic Computer Manufacturing
Communications Equipment
Only IPOs with issue size greater than US$40mn were included in the analysis.
All monetary amounts are in US dollars unless otherwise indicated.
LTM – Last twelve months
29. 29 Global Technology IPO Review Q3 2014
For more information
If you would like to discuss how these findings might impact your business or your
future strategy, please reach out to any of our technology industry leaders listed below.
Raman Chitkara
Global Technology Leader
Phone: 1 408 817 3746
Email: raman.chitkara@us.pwc.com
Rod Dring – Australia
Phone: 61 2 8266 7865
Email: rod.dring@au.pwc.com
Estela Vieira – Brazil
Phone: 55 1 3674 3802
Email: estela.vieira@br.pwc.com
Christopher Dulny – Canada
Phone: 1 416 869 2355
Email: christopher.dulny@ca.pwc.com
Jianbin Gao – China
Phone: 86 21 2323 3362
Email: gao.jianbin@cn.pwc.com
Pierre Marty – France
Phone: 33 1 5657 58 15
Email: pierre.marty@fr.pwc.com
Werner Ballhaus – Germany
Phone: 49 211 981 5848
Email: werner.ballhaus@de.pwc.com
Sandeep Ladda – India
Phone: 91 22 6689 1444
Email: sandeep.ladda@in.pwc.com
Masahiro Ozaki – Japan
Phone: 81 3 5326 9090
Email: masahiro.ozaki@jp.pwc.com
Hoonsoo Yoon – Korea
Phone: 82 2 709 0201
Email: hoonsoo.yoon@kr.pwc.com
Ilja Linnemeijer – The Netherlands
Phone: 31 88 792 4956
Email: ilja.linnemeijer@nl.pwc.com
Yury Pukha – Russia
Phone: 7 495 223 5177
Email: yury.pukha@ru.pwc.com
Greg Unsworth – Singapore
Phone: 65 6236 3738
Email: greg.unsworth@sg.pwc.com
Philip Shepherd – UAE
Phone: 97 1 43043501
Email: philip.shepherd@ae.pwc.com
Jass Sarai – UK
Phone: 44 0 1895 52 2206
Email: jass.sarai@uk.pwc.com
Tom Archer – US
Phone: 1 408 817 3836
Email: thomas.archer@us.pwc.com
Alan Jones - US (Deals Partner)
Phone: 1 415 498 7398
Email: alan.jones@us.pwc.com