SlideShare una empresa de Scribd logo
1 de 56
Global Tech M&A Monthly
December 2013
When You Are Approached

1
Moderator
Timothy Goddard
V.P. Marketing
Corum Group Ltd.

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.

2
Agenda
 Welcome
 International Event Report
 Selling – Your Personal Liability
 Research Report
 Special Report – Gartner Data Center Conference
 The Six Things to do After Being Approached

 Seller Report – Gavin Weigh
 Closing Thoughts
 Q&A
3
International Conference Report

Dougan Milne
VP, International Business Development
Corum Group Ltd.

Dougan is currently Vice President of International Business Development, based in Barcelona,
with the Corum Group International. Previously, he spent 3 years working out of Corum's
European headquarters in Zürich, Switzerland and 3 years running Corum's research division
from their Global HQ in Seattle. Prior to joining Corum's team in 2005, Dougan spent 3 years in
the banking industry with Bank of America, and Citigroup's Private Wealth business unit.
Before entering finance and investment banking, Dougan successfully founded two companies,
Billions and Modo Marketing. He earned his advanced degree – Diplôme de Métiers du Vin et
Management – in 2013 (France), and holds a BA in Business Economics from the University of
San Diego.

4
Selling – Your Personal Liability
Rob Schram
Director
Corum Group Ltd.

Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated
circuit testing, industrial process automation and control, communications software, security software, and
energy software and services.
Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of
Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development
professional with a proven reputation for targeting, negotiating and developing profitable ventures and a
demonstrated ability to successfully analyze an organization's critical business requirements, identify
deficiencies and opportunities, and develop innovative and cost-effective solutions for enhancing
competitiveness, increasing revenues, and improving customer relationships.

5
Selling – Your Personal Liability
 When approached, it’s tempting to pursue that
offer full-throttle

6
Selling – Your Personal Liability
 When approached, it’s tempting to pursue that
offer full-throttle
 Fiduciary responsibility to shareholders – not
calibrating value can leave money on the table

7
Selling – Your Personal Liability
 When approached, it’s tempting to pursue that
offer full-throttle
 Consider responsibility to shareholders – not
calibrating value can leave money on the table
 Courts have ruled that CEOs can be liable to
shareholders for that difference

8
Selling – Your Personal Liability
 When approached, it’s tempting to pursue that
offer full-throttle
 Consider responsibility to shareholders – not
calibrating value can leave money on the table
 Courts have ruled that CEOs can be liable to
shareholders for that difference
 A global buyer search also provides benefits
beyond the ultimate sale

9
5 Major Benefits of a Professional Process
1
Model
The
preparation
process will
help forge a
better
business
model for
your firm

10

10
5 Major Benefits of a Professional Process
1
Model

11

Research

The
preparation
process will
help forge a
better
business
model for
your firm

11

2

Your
strategic
position will
improve from
the research/
positioning
process
5 Major Benefits of a Professional Process
1

Research

Market
Feedback

The
preparation
process will
help forge a
better
business
model for
your firm

12

3

Model

12

2

Your
strategic
position will
improve from
the research/
positioning
process

Invaluable
data/insights
straight from
the top will
help improve
your value
5 Major Benefits of a Professional Process
1

4

Research

Market
Feedback

Relationships

The
preparation
process will
help forge a
better
business
model for
your firm

13

3

Model

13

2

Your
strategic
position will
improve from
the research/
positioning
process

Invaluable
data/insights
straight from
the top will
help improve
your value

70% of
parties that
go under
NDA may not
be able to
buy—but
could
partner,
adding value
5 Major Benefits of a Professional Process
1

4

5

Research

Market
Feedback

Relationships

Exit

The
preparation
process will
help forge a
better
business
model for
your firm

14

3

Model

14

2

Your
strategic
position will
improve from
the research/
positioning
process

Invaluable
data/insights
straight from
the top will
help improve
your value

70% of
parties that
go under
NDA may not
be able to
buy—but
could
partner,
adding value

The merger,
asset sale, or
financial
recap of your
company
Corum Research Report

Elon Gasper
Vice President,
Director of Research
Contact:
in/elongasper
elong@corumgroup.com

15

Alina Soltys
Senior Analyst
Contact:
in/soltysa
alina.soltys
alinas@corumgroup.com

Amber Stoner
Senior Analyst
Contact:
ambers@corumgroup.com

Jason Steblay
Research Analyst
Contact:
jasons@corumgroup.com
Public Markets
25%

Weekly Percentage Change
NASDAQ

20%
15%
10%
5%
0%

16

S&P TECH

Dow Jones
Corum Index
Buyer

Nov. 2013

# of Transactions

296

211

# of Mega Deals

3

4

$2.0B

$2.0B

Private Equity Deals

12

12

# VC backed Exits

65

33

% Cross Border Transactions

31%

38%

% of Startup Acquisitions*

14%

16%

14

15

Largest Deal

Average Life of Target
* 0 to 3 years

17

Price

Hellman &
Friedman

Scout24

$2.0B

Hellman &
Friedman/JMI

Nov. 2012

Seller

Applied
Systems

$1.8B

Advent
International

UNIT4

$1.6B

OpenText

GXS, Inc.

$1.2B
Corum Index
Deal Spotlight

Buyer

# of Transactions
# of Mega Deals
Largest Deal

296
Sold to

Nov. 2013

211

3

4

$2.0B

Price

Hellman &
Friedman

Scout24

$2.0B

Hellman &
Friedman/JMI

Nov. 2012

Seller

Applied
Systems

$1.8B

Advent
International

UNIT4

$1.6B

OpenText

GXS, Inc.

$1.2B

$2.0B

Sector: Infrastructure Management
Private Target:Deals Inc.
Equity GXS,
12
12
Acquirer: OpenText [Canada]
# VC backed Exits Value: $1.07 Billion, 2.4x revenue 33
65
Transaction

% Cross-Border Transactions
31%
38%
Strengthens the Information Exchange pillar with the addition of market
leading cloud-based B2B integration services.

% of Startup Acquisitions*

14%

16%

-

Expands the EIM buying centers and adds cloud-based Managed Services.

-

More than twice the size of the largest deal in OpenText's history.

Average Life of Target
* 0 to 3 years

18

14

15
Corum Index
Buyer

Nov. 2013

# of Transactions

296

211

# of Mega Deals

3

4

$2.0B

$2.0B

Private Equity Deals

12

12

# VC backed Exits

65

33

% Cross Border Transactions

31%

38%

% of Startup Acquisitions*

14%

16%

14

15

Largest Deal

Average Life of Target
* 0 to 3 years

19

Price

Hellman &
Friedman

Scout24

$2.0B

Hellman &
Friedman/JMI

Nov. 2012

Seller

Applied
Systems

$1.8B

Advent
International

UNIT4

$1.6B

OpenText

GXS, Inc.

$1.2B
Horizontal Application Software Market
Public Valuation Multiples
Since Q3

EV

Sales

EV
EBITDA

20

Nov. 2013

3.6x
18.8x

Corum Analysis

Persistent demand for
SaaS and ERP brings
the multiple up.

Highest valuation in
24 months supported
by maturity and
nextgen technology.
Horizontal Application Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

3.6x

Corum Analysis

Persistent demand on
SaaS and ERP
companies bring the
ratio up.

Sector: ERP
Target: UNIT4 [Holland]
Acquirer: Advent International
Transaction Value: $1.58 Billion

The highest valuation
for 24
- Provides ERP, HR and financial management software and SaaS for months
EV
businesses, education institutions and government agencies supported by maturity
globally.
and next gen
- Should enable UNIT4 to expand its SaaS business.
EBITDA
technology

18.8x

-

21

Values the company at 14.3x EBIDTA.
Horizontal Application Software Market
Deal Spotlights
Since Q3

Nov. 2013

Corum Analysis

Sold to

EV
Target: Vana Workforce [Canada]

Sales
Acquirer: FinancialForce.com
-

3.6x

Human Capital Management built on Force.com.

Sold to

EV
EBITDA Less Software, Inc.
Target:

18.8x

Acquirer: FinancialForce.com
-

22

Persistent demand on
SaaS and ERP
companies bring the
ratio up.

Supply Chain Management SaaS.

The highest valuation
for 24 months
supported by maturity
and next gen
technology
Vertical Application Software Market
Public Valuation Multiples
Since Q3

EV

Sales

EV
EBITDA

23

Nov. 2013

2.5x
13.2x

Corum Analysis

Slightly off from
long-term highs set
at the quarter.

Hit 12-month highs:
PEs are paying up.
Vertical Application Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

2.5x

Corum Analysis

Market is trying to
determine the
direction.

Sector: Financial
Target: Applied Systems, Inc.
Acquirer: Hellman & Friedman/ JMI Equity
Transaction Value: $1.8 billion
-

EV

Provides general ERP software, SaaS and services for insurance12-month
Hit brokers
and small, medium and large insurance businesses worldwide.

13.2x

highs:
PEs are paying up.

- Combines large user base with Applied Epic, fast-growing new agency
EBITDA
management system.
-

24

Sold by Bain Capital who bought Applied from Vista Equity Partners in 2006.
Vertical Application Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

2.5x

Corum Analysis

Market is trying to
determine the
direction.

Sector: Healthcare
Target: Passport Health Communications
Acquirer: Experian Group [Ireland]
Transaction Value: $850 million
-

EV

Hit 12-month highs:
Payment transaction management and processing software and SaaS for
medical sector customer billing, EDI, compliance, and data management.
PEs are paying up.

13.2x

- Will
EBITDA triple the size of Experian's healthcare business by adding an expected
$121m in 2013 revenue and expands footprint to 3,000 hospitals.

25
Internet Market
Public Valuation Multiples
Since Q3

EV

Sales

EV
EBITDA

26

Nov. 2013

Corum Analysis

2.3x

Valuations jumping
due to perceived
improvement in
monetization
scalability.

13.3x

Slight decrease in
multiples while
remaining high.
Internet Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

2.3x

Corum Analysis

Valuations jumped
high due to cash
excess in PE.

Sector: Internet Classifieds
Target: onTargetjobs
Acquirer: Dice Holdings
Transaction Value: $50 million

EV

-

Multiples hold the
high bar with a
Operates Internet job listings websites that serve defined vertical industries
slight decrease.
or job functions.

13.3x

EBITDA
- Gives Dice vertical recruiting services in healthcare and hospitality.

27
Internet Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

2.3x

Corum Analysis

Valuations jumped
high due to cash
excess in PE.

Sector: Internet Pure Play
Target: Scout24 AG [Germany]
Acquirer: Hellman & Friedman
Transaction Value: $2.03 billion

EV

-

Multiples hold the
high
Network of German real estate, automobile, dating and employment bar with a
classified, booking and price comparison sites.
slight decrease.

13.3x

EBITDA sale of 70% of Scout24 is a cornerstone transaction for the online
- The
investment strategy pursued by Deutsche Telekom over the past decade.

28
Internet Market
Deal Spotlights
Since Q3

Nov. 2013

Corum Analysis

Sold to

Valuations jumping
Target: Mergermarket Group [UK]
due to perceived
EV
Acquirer: BC Partners [UK]
improvement in
Sales
Transaction Value: $617.7 million
monetization
scalability.
Online financial reference and analysis content with information on M&A, corporate strategy

2.3x

and debt.

Sold to

EV
EBITDA Harris Interactive
Target:

13.3x

Acquirer: The Nielsen Company
Transaction Value: $116.6 million
29

Online market research content, services and survey services .

Slight decrease in
multiples while
remaining high.
Consumer Application Software Market
Public Valuation Multiples
Since Q3

EV

Sales

EV
EBITDA

30

Nov. 2013

Corum Analysis

1.8x

Value-to-sales ratio
remains stable as
mobile e-commerce
increases share of
holiday retail…

8.6x

…ramping value of
profitable models.
Consumer Application Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

1.8x

Corum Analysis

Value-to-sales ratio
remains to be
stable…

Sector: Mobile
Target: MapMyFitness
Acquirer: Under Armour, Inc.
Transaction Value: $150 million

EV

-

8.6x

and maximize
EBITDA
- Accelerates Under Armour’s capabilities in digital training space.
values.
-

31

…as mobile-social

Provides iOS, Android, Blackberry and Windows Phone mobile and online
bring the attention
fitness and nutrition tracking applications for consumers.

Helps Under Armour catch up to Nike and other competitors.
Consumer Application Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

1.8x

Corum Analysis

Value-to-sales ratio
remains to be
stable…

Sector: E-commerce
Target: TicketMonster [South Korea]
Acquirer: Groupon
Transaction Value: $260 million

…as mobile-social
bring the attention
EV
and maximize
- Will serve as cornerstone for Asia operations with addition of mobile
EBITDA
penetration and local, travel and product expertise.
values.
-

-

32

Operates an email-based daily deal coupon service in South Korea.

Groupon’s 12th and largest overseas transaction.

8.6x
Consumer Application Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

1.8x

Sector: Mobile
Target: TouristEye
Acquirer: Lonely Planet [Australia]
Transaction Value: Undisclosed

Corum Analysis

Value-to-sales ratio
remains to be
stable…

…as mobile-social
bring the attention
EV
- Android, iOS and Web-based travel guide and planning service that enables
and and
travelers to plan getaways, view crowd-sourced user reviews, take maximize
EBITDA
values.
organize photos and get hyper-local hospitality, merchant and restaurant

8.6x

recommendations and driving directions.

33
Infrastructure Software Market
Public Valuation Multiples
Since Q3

EV

Sales

EV
EBITDA

34

Nov. 2013

2.3x
13.6x

Corum Analysis

Demand for cloud
models keeps sales
multiples stable.

EBITDA multiples hit
25 month highs as
buyers insist on profits
and pay up for them.
Infrastructure Software Market
Deal Spotlights
Since Q3

Nov. 2013

Corum Analysis

Sold to

EV

Target: Velocius Networks
Acquirer: Akamai Technologies

Sales

2.3x

The cloud keeps
valuations stable

-

Akamai’s first transaction of 2013.

-

Application performance optimization, monitoring, anomaly detection and reporting
software for enterprise networks.

Sold to

EV
EBITDA Prolexic Technologies
Target:

13.6x

Acquirer: Akamai Technologies
Transaction Value: $370 million
35

Cloud-based DDoS managed security software and services.

Hit 25 month highs Buyers insist on
profits and pay up for
them.
Infrastructure Software Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

2.3x

Corum Analysis

The cloud keeps
valuations stable

Sector: Systems Management
Target: Tier 3, Inc.
Acquirer: CenturyLink
Transaction Value: Estimated $150 million
-

EV

Hit 25 month highs Buyers insist
Provides cloud hosting, platform as a service and infrastructure as a service on
and server provisioning and cloud management software.
profits and pay up for
them.
Accelerates offering of cloud services white-label and resale within

EBITDA

13.6x

CenturyLink’s wholesale channel.

-

36

Tier 3 CEO, Matthew Schiltz, to speak at Seattle WFS Conference Jan 29.
IT Services Market
Public Valuation Multiples
Since Q3

EV

Sales

EV
EBITDA

37

Nov. 2013

0.6x
10.0x

Corum Analysis

Steady after 20%
increase from
2012.

Improvement of 0.5
each of last three
months as buyers
increasingly value
profits.
IT Services Market
Deal Spotlight
Since Q3

Nov. 2013

Sold to

EV

Sales

0.6x

Corum Analysis

Buyers does not
show willing to
pay more for
revenue.

Target: InTechnology Managed Services [UK]
Acquirer: Redcentric [UK]
Transaction Value: $104.3 million
-

EV

Managed services assets of InTechnology: enterprise Internet access and
International
colocation; firewall and security; backup, archiving and storage; messaging
buyers continue
and VOIP.
boost growth.

EBITDA
-

38

10.0x

Will double revenues and increase recurring revenues to more than 80%.

to
IT Services Market
Deal Spotlights
Since Q3

Oct. 2013

Corum Analysis

Sold to

EV

Target: PLIX [Poland]
Acquirer: TelecityGroup [UK]

Sales

-

0.6x

Market sustaining
12-month highs
achieved in
July…

Brings Telecity the seventh-largest Internet exchange in Europe plus premier datacenter
space in Warsaw, gateway for network traffic throughout Poland and Eastern Europe.

Sold to

EV
EBITDA 3DC [Bulgaria]
Target:

9.5x

…driving
international M&A

Acquirer: TelecityGroup [UK]
-

39

Brings exposure to a growing Bulgarian market, as well as Balkans and Middle
East, complementing May acquisition of Istanbul-based SadeceHosting.com.
Corum Research Report

Elon Gasper
Vice President,
Director of Research
Contact:
in/elongasper
elong@corumgroup.com

40

Alina Soltys
Senior Analyst
Contact:
in/soltysa
alina.soltys
alinas@corumgroup.com

Amber Stoner
Senior Analyst
Contact:
ambers@corumgroup.com

Jason Steblay
Research Analyst
Contact:
jasons@corumgroup.com
Gartner Data Center Conference 2013
December 9-12 - Las Vegas, NV

It’s time for the data center to get smarter!
41
Moving Beyond a Siloed Data Center

42
Large Players + Urgency

= Exit Opportunities in the Data Center

43
Global Tech M&A Annual Report
January 16, 2014
10:00AM (San Francisco)

1:00PM (New York)
6:00PM (London)

Dan Shapiro
Google/Robot Turtles

44

Reese Jones
Singularity University

Peter Coffee
Salesforce
The Six Most Important Things to do
After Being Approached
Jon Scott
Senior Vice President
Corum Group International, Ltd.

Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to
30 years experience serving high technology companies with the last 20 mainly in chief operating and chief
executive roles. During this time Jon has become known for his ability to successfully integrate strategies and
tactics into well executed operating plans, building strong teams and achieving excellent results.

Jon has served as President and CEO of The PowerTech Group, a security and compliance software company
sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which
was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a
leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president
roles in sales, marketing and business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a
business administration degree from San Francisco State University.
45
The Six Most Important Things to do
After Being Approached
1. Protect your company
Get an NDA & nonsolicitation agreement

46
The Six Most Important Things to do
After Being Approached
1. Protect your company
Get an NDA & nonsolicitation agreement
2. Qualify the buyer
Can they do the deal?

47
The Six Most Important Things to do
After Being Approached
1. Protect your company
Get an NDA & nonsolicitation agreement
2. Qualify the buyer
Can they do the deal?
3. Get a due-diligence checklist
Can you do the deal?

48
The Six Most Important Things to do
After Being Approached
4. Get an independent valuation
Buys time, and you need it anyway

49
The Six Most Important Things to do
After Being Approached
4. Get an independent valuation
Buys time, and you need it anyway
5. Talk to other potential suitors
Prepare to make high level overtures

50
The Six Most Important Things to do
After Being Approached
4. Get an independent valuation
Buys time, and you need it anyway
5. Talk to other potential suitors
Prepare to make high level overtures
6. Build three year projections
Required for valuations & final approval

51
Seller Introduction
Nat Burgess
President
Corum Group Ltd.

Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the
Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases
against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat
worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by
large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the
President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A.
After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and
Japanese) Internet content. At Activision, Nat led the company's on-line business development.
Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA.
While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal.

52
Special Guest
Gavin Weigh
CEO & Co-Founder
RapidBlue

Mr. Weigh’s expertise on consumer movement and behavior helped drive
the development of RapidBlue’s shopper analytics solution.
Prior to founding RapidBlue he was a Capability Officer at BAE Systems.
Bsc, BBA, Economics, International Business, Northumbria University.

53
Closing Thoughts
Nat Burgess
President
Corum Group Ltd.

Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the
Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases
against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat
worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by
large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the
President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A.
After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and
Japanese) Internet content. At Activision, Nat led the company's on-line business development.
Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA.
While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal.

54
Upcoming Conference Schedule
Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position,
research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
event ever – participants have done over $1 trillion in transaction value.
Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends,
valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.”

Dec. 20: Wilmington – MB

Feb. 6: Portland – MB

Jan. 14: Hamburg – MB

Feb. 6: New York – MB

Jan. 15: Munich – SUSO

Feb. 10: Kansas City – SUSO

Jan. 16: Annual Report

Feb. 11: St. Louis – MB

Jan. 21: Dublin – MB

Feb. 12: Indianapolis – MB

Jan. 21: Rio de Janeiro – MB

Feb. 14: Amsterdam – MB

Jan. 23: Sao Paulo – MB

Feb. 18: Berlin – MB

Jan. 27: Columbus – MB

Feb. 20: Seattle – MB

Jan. 28: Cincinnati – SUSO

Feb. 28: Barcelona – MB

www.CorumGroup.com/Events
55
www.corumgroup.com

56

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Tech M&A Monthly: 12 Negotiation Tips from the Pros
Tech M&A Monthly: 12 Negotiation Tips from the ProsTech M&A Monthly: 12 Negotiation Tips from the Pros
Tech M&A Monthly: 12 Negotiation Tips from the Pros
 
Top 5 'plays' to drive market growth for CMOs
Top 5 'plays' to drive market growth for CMOsTop 5 'plays' to drive market growth for CMOs
Top 5 'plays' to drive market growth for CMOs
 
Enterprise Digital Transformation Survey report 2015
Enterprise Digital Transformation Survey report 2015Enterprise Digital Transformation Survey report 2015
Enterprise Digital Transformation Survey report 2015
 
Measure for measure - the difficult art of quantifying return on digital inve...
Measure for measure - the difficult art of quantifying return on digital inve...Measure for measure - the difficult art of quantifying return on digital inve...
Measure for measure - the difficult art of quantifying return on digital inve...
 
Digital transformation-survey-report
Digital transformation-survey-reportDigital transformation-survey-report
Digital transformation-survey-report
 
Tech M&A Monthly: 12 Steps to a Successful Valuation
Tech M&A Monthly: 12 Steps to a Successful ValuationTech M&A Monthly: 12 Steps to a Successful Valuation
Tech M&A Monthly: 12 Steps to a Successful Valuation
 
Leading from-the-front-ceo-research
Leading from-the-front-ceo-researchLeading from-the-front-ceo-research
Leading from-the-front-ceo-research
 
BUBBLES OR BANYAN TREES – THE ASSET MANAGEMENT DILEMMA
BUBBLES OR BANYAN TREES – THE ASSET MANAGEMENT DILEMMA BUBBLES OR BANYAN TREES – THE ASSET MANAGEMENT DILEMMA
BUBBLES OR BANYAN TREES – THE ASSET MANAGEMENT DILEMMA
 
Client case studies: Where will your company find top talent? Look to the cloud
Client case studies: Where will your company find top talent? Look to the cloudClient case studies: Where will your company find top talent? Look to the cloud
Client case studies: Where will your company find top talent? Look to the cloud
 
The Global Chief Procurement Officer Survey 2018
The Global Chief Procurement Officer Survey 2018The Global Chief Procurement Officer Survey 2018
The Global Chief Procurement Officer Survey 2018
 
The difficult art of quantifying return on digital investments
The difficult art of quantifying return on digital investmentsThe difficult art of quantifying return on digital investments
The difficult art of quantifying return on digital investments
 
Digital Transformation Review No. 6
Digital Transformation Review No. 6Digital Transformation Review No. 6
Digital Transformation Review No. 6
 
Being digital engaging the organization to accelerate digital transformatio...
Being digital   engaging the organization to accelerate digital transformatio...Being digital   engaging the organization to accelerate digital transformatio...
Being digital engaging the organization to accelerate digital transformatio...
 
Let the games begin - using game mechanics to drive digital transformation - ...
Let the games begin - using game mechanics to drive digital transformation - ...Let the games begin - using game mechanics to drive digital transformation - ...
Let the games begin - using game mechanics to drive digital transformation - ...
 
Embracing digital technology a new strategic imperative - capgemini consult...
Embracing digital technology   a new strategic imperative - capgemini consult...Embracing digital technology   a new strategic imperative - capgemini consult...
Embracing digital technology a new strategic imperative - capgemini consult...
 
Report 4 design to disrupt devops eng - D2d Design 2 Disrupt
Report 4 design to disrupt devops eng - D2d Design 2 DisruptReport 4 design to disrupt devops eng - D2d Design 2 Disrupt
Report 4 design to disrupt devops eng - D2d Design 2 Disrupt
 
Strategy presentation - University of Geneva
Strategy presentation - University of GenevaStrategy presentation - University of Geneva
Strategy presentation - University of Geneva
 
2012 Global Services Compendium - GS100
2012 Global Services Compendium - GS1002012 Global Services Compendium - GS100
2012 Global Services Compendium - GS100
 
White paper expert economy-2018 july-aaa
White paper expert economy-2018 july-aaaWhite paper expert economy-2018 july-aaa
White paper expert economy-2018 july-aaa
 
Tutorial
TutorialTutorial
Tutorial
 

Similar a Tech M&A Monthly - What To Do When You're Approached - December 2013

151 Advisors - IoT Overview
151 Advisors - IoT Overview151 Advisors - IoT Overview
151 Advisors - IoT Overview
Steve Brumer
 
OMMA DDM Conference 2013-07-24
OMMA DDM Conference 2013-07-24OMMA DDM Conference 2013-07-24
OMMA DDM Conference 2013-07-24
SiemerAssoc
 

Similar a Tech M&A Monthly - What To Do When You're Approached - December 2013 (20)

Global Tech M&A Monthly: Mid-Year Report - July 2013
Global Tech M&A Monthly: Mid-Year Report - July 2013Global Tech M&A Monthly: Mid-Year Report - July 2013
Global Tech M&A Monthly: Mid-Year Report - July 2013
 
2014 Tech M&A Monthly - Deal Structures Today
2014 Tech M&A Monthly - Deal Structures Today2014 Tech M&A Monthly - Deal Structures Today
2014 Tech M&A Monthly - Deal Structures Today
 
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
2014 Tech M&A Monthly - 10 Ways to Increase the Value of Your Company
 
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
Tech M&A Monthly: Megadebt and Hypervaluations - June 2013
 
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking GlassHow Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking Glass
 
Tech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
Tech M&A Monthly: Q1 Report 2017 – New Buyers and ValuationsTech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
Tech M&A Monthly: Q1 Report 2017 – New Buyers and Valuations
 
151 Advisors - IoT Overview
151 Advisors - IoT Overview151 Advisors - IoT Overview
151 Advisors - IoT Overview
 
[NEW RESEARCH] Crafting A Digital Strategy
[NEW RESEARCH] Crafting A Digital Strategy[NEW RESEARCH] Crafting A Digital Strategy
[NEW RESEARCH] Crafting A Digital Strategy
 
2014 Tech M&A Monthly - Annual Seller's Panel
2014 Tech M&A Monthly - Annual Seller's Panel2014 Tech M&A Monthly - Annual Seller's Panel
2014 Tech M&A Monthly - Annual Seller's Panel
 
OMMA DDM Conference 2013-07-24
OMMA DDM Conference 2013-07-24OMMA DDM Conference 2013-07-24
OMMA DDM Conference 2013-07-24
 
3DHoudini Q&A
3DHoudini Q&A3DHoudini Q&A
3DHoudini Q&A
 
Digital disruption – dive in to thrive
Digital disruption – dive in to thriveDigital disruption – dive in to thrive
Digital disruption – dive in to thrive
 
3DHoudini Q&A
3DHoudini Q&A3DHoudini Q&A
3DHoudini Q&A
 
Doniel Wilson Presents: Surviving the Shift. Agile and its Impact to your Fut...
Doniel Wilson Presents: Surviving the Shift. Agile and its Impact to your Fut...Doniel Wilson Presents: Surviving the Shift. Agile and its Impact to your Fut...
Doniel Wilson Presents: Surviving the Shift. Agile and its Impact to your Fut...
 
Tech M&A Monthly: Seller's Panel - August 2013
Tech M&A Monthly: Seller's Panel - August 2013Tech M&A Monthly: Seller's Panel - August 2013
Tech M&A Monthly: Seller's Panel - August 2013
 
JFN Capital & Co Patent/Technology Commercialization Approach
JFN Capital & Co Patent/Technology Commercialization ApproachJFN Capital & Co Patent/Technology Commercialization Approach
JFN Capital & Co Patent/Technology Commercialization Approach
 
Golden Rules [Best Practices] to tame the MDM/CDI Beast - A White Paper
Golden Rules [Best Practices] to tame the MDM/CDI Beast - A White PaperGolden Rules [Best Practices] to tame the MDM/CDI Beast - A White Paper
Golden Rules [Best Practices] to tame the MDM/CDI Beast - A White Paper
 
Conversant seven myths that senior marketers need to stop believing
Conversant   seven myths that senior marketers need to stop believingConversant   seven myths that senior marketers need to stop believing
Conversant seven myths that senior marketers need to stop believing
 
Stephen Allott Growing Profitable Businesses in the Second Machine Age BoS2016
Stephen Allott Growing Profitable Businesses in the Second Machine Age BoS2016Stephen Allott Growing Profitable Businesses in the Second Machine Age BoS2016
Stephen Allott Growing Profitable Businesses in the Second Machine Age BoS2016
 
How to Turn Raw Data into Product Revenue by Retrofit PM
How to Turn Raw Data into Product Revenue by Retrofit PMHow to Turn Raw Data into Product Revenue by Retrofit PM
How to Turn Raw Data into Product Revenue by Retrofit PM
 

Más de Corum Group

Más de Corum Group (20)

Q1:2019 Tech M&A Report
Q1:2019 Tech M&A ReportQ1:2019 Tech M&A Report
Q1:2019 Tech M&A Report
 
2019 Tech M&A Annual Report
2019 Tech M&A Annual Report2019 Tech M&A Annual Report
2019 Tech M&A Annual Report
 
Tech M&A Monthly: Valuations for an Optimal Outcome
Tech M&A Monthly: Valuations for an Optimal OutcomeTech M&A Monthly: Valuations for an Optimal Outcome
Tech M&A Monthly: Valuations for an Optimal Outcome
 
Tech M&A Monthly: 6 Merger Myth and Misconceptions
Tech M&A Monthly: 6 Merger Myth and MisconceptionsTech M&A Monthly: 6 Merger Myth and Misconceptions
Tech M&A Monthly: 6 Merger Myth and Misconceptions
 
Tech M&A Monthly: When You are Approached
Tech M&A Monthly: When You are ApproachedTech M&A Monthly: When You are Approached
Tech M&A Monthly: When You are Approached
 
Tech M&A Monthly: Definitive Agreements
Tech M&A Monthly: Definitive AgreementsTech M&A Monthly: Definitive Agreements
Tech M&A Monthly: Definitive Agreements
 
Corum Tech M&A Midyear Report
Corum Tech M&A Midyear ReportCorum Tech M&A Midyear Report
Corum Tech M&A Midyear Report
 
Tech M&A Monthly: What Happens If You Don’t Sell?
Tech M&A Monthly: What Happens If You Don’t Sell?Tech M&A Monthly: What Happens If You Don’t Sell?
Tech M&A Monthly: What Happens If You Don’t Sell?
 
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
#CorumReport, May 2018: M&A Launch - 10 Tips to Ensure Success
 
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer Profile
 
Tech M&A Monthly: 2018 Seller's Panel
Tech M&A Monthly: 2018 Seller's PanelTech M&A Monthly: 2018 Seller's Panel
Tech M&A Monthly: 2018 Seller's Panel
 
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
Tech M&A Monthly: Forecast 2018 Global Tech M&A Report - Part 1
 
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity RoundtableTech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
Tech M&A Monthly: Forecast 2018 Pt. II - Private Equity Roundtable
 
Tech M&A Monthly: 10 Keys to a Valuable Valuation
Tech M&A Monthly: 10 Keys to a Valuable ValuationTech M&A Monthly: 10 Keys to a Valuable Valuation
Tech M&A Monthly: 10 Keys to a Valuable Valuation
 
Tech M&A Monthly: 15 Ways to Find Buyers
Tech M&A Monthly: 15 Ways to Find BuyersTech M&A Monthly: 15 Ways to Find Buyers
Tech M&A Monthly: 15 Ways to Find Buyers
 
Tech M&A Monthly: Q3 2017 Report
Tech M&A Monthly: Q3 2017 ReportTech M&A Monthly: Q3 2017 Report
Tech M&A Monthly: Q3 2017 Report
 
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That SellsTech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
Tech M&A Monthly: 10 Rules for Writing an Executive Summary That Sells
 
Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
Tech M&A Monthly: 9 Practical Tips for Presenting to AcquirerTech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
Tech M&A Monthly: 9 Practical Tips for Presenting to Acquirer
 
Tech M&A Monthly: 2017 Midyear Report
Tech M&A Monthly: 2017 Midyear ReportTech M&A Monthly: 2017 Midyear Report
Tech M&A Monthly: 2017 Midyear Report
 
Tech M&A Monthly: Misconceptions Killing Deals Today
Tech M&A Monthly: Misconceptions Killing Deals TodayTech M&A Monthly: Misconceptions Killing Deals Today
Tech M&A Monthly: Misconceptions Killing Deals Today
 

Último

Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
dlhescort
 
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
amitlee9823
 
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabiunwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
Abortion pills in Kuwait Cytotec pills in Kuwait
 
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
amitlee9823
 
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
lizamodels9
 
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
amitlee9823
 

Último (20)

Call Girls Ludhiana Just Call 98765-12871 Top Class Call Girl Service Available
Call Girls Ludhiana Just Call 98765-12871 Top Class Call Girl Service AvailableCall Girls Ludhiana Just Call 98765-12871 Top Class Call Girl Service Available
Call Girls Ludhiana Just Call 98765-12871 Top Class Call Girl Service Available
 
👉Chandigarh Call Girls 👉9878799926👉Just Call👉Chandigarh Call Girl In Chandiga...
👉Chandigarh Call Girls 👉9878799926👉Just Call👉Chandigarh Call Girl In Chandiga...👉Chandigarh Call Girls 👉9878799926👉Just Call👉Chandigarh Call Girl In Chandiga...
👉Chandigarh Call Girls 👉9878799926👉Just Call👉Chandigarh Call Girl In Chandiga...
 
Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
Call Girls Service In Old Town Dubai ((0551707352)) Old Town Dubai Call Girl ...
 
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
 
How to Get Started in Social Media for Art League City
How to Get Started in Social Media for Art League CityHow to Get Started in Social Media for Art League City
How to Get Started in Social Media for Art League City
 
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
Call Girls in Delhi, Escort Service Available 24x7 in Delhi 959961-/-3876
 
Famous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st CenturyFamous Olympic Siblings from the 21st Century
Famous Olympic Siblings from the 21st Century
 
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
Call Girls Electronic City Just Call 👗 7737669865 👗 Top Class Call Girl Servi...
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
 
It will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 MayIt will be International Nurses' Day on 12 May
It will be International Nurses' Day on 12 May
 
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabiunwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
unwanted pregnancy Kit [+918133066128] Abortion Pills IN Dubai UAE Abudhabi
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
 
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
 
Monthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptxMonthly Social Media Update April 2024 pptx.pptx
Monthly Social Media Update April 2024 pptx.pptx
 
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
Call Girls Jp Nagar Just Call 👗 7737669865 👗 Top Class Call Girl Service Bang...
 
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
Russian Call Girls In Gurgaon ❤️8448577510 ⊹Best Escorts Service In 24/7 Delh...
 
Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...Ensure the security of your HCL environment by applying the Zero Trust princi...
Ensure the security of your HCL environment by applying the Zero Trust princi...
 
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
 
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
Call Girls Kengeri Satellite Town Just Call 👗 7737669865 👗 Top Class Call Gir...
 
Business Model Canvas (BMC)- A new venture concept
Business Model Canvas (BMC)-  A new venture conceptBusiness Model Canvas (BMC)-  A new venture concept
Business Model Canvas (BMC)- A new venture concept
 

Tech M&A Monthly - What To Do When You're Approached - December 2013

  • 1. Global Tech M&A Monthly December 2013 When You Are Approached 1
  • 2. Moderator Timothy Goddard V.P. Marketing Corum Group Ltd. 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. 2
  • 3. Agenda  Welcome  International Event Report  Selling – Your Personal Liability  Research Report  Special Report – Gartner Data Center Conference  The Six Things to do After Being Approached  Seller Report – Gavin Weigh  Closing Thoughts  Q&A 3
  • 4. International Conference Report Dougan Milne VP, International Business Development Corum Group Ltd. Dougan is currently Vice President of International Business Development, based in Barcelona, with the Corum Group International. Previously, he spent 3 years working out of Corum's European headquarters in Zürich, Switzerland and 3 years running Corum's research division from their Global HQ in Seattle. Prior to joining Corum's team in 2005, Dougan spent 3 years in the banking industry with Bank of America, and Citigroup's Private Wealth business unit. Before entering finance and investment banking, Dougan successfully founded two companies, Billions and Modo Marketing. He earned his advanced degree – Diplôme de Métiers du Vin et Management – in 2013 (France), and holds a BA in Business Economics from the University of San Diego. 4
  • 5. Selling – Your Personal Liability Rob Schram Director Corum Group Ltd. Rob has over 30 years of executive and entrepreneurial experience in multiple technologies: Integrated circuit testing, industrial process automation and control, communications software, security software, and energy software and services. Rob has founded and sold several companies and engaged in two IPOs. He was most recently CEO of Evergreen Fuel Technologies, Inc. in the energy sector. Rob is a broadly skilled strategic development professional with a proven reputation for targeting, negotiating and developing profitable ventures and a demonstrated ability to successfully analyze an organization's critical business requirements, identify deficiencies and opportunities, and develop innovative and cost-effective solutions for enhancing competitiveness, increasing revenues, and improving customer relationships. 5
  • 6. Selling – Your Personal Liability  When approached, it’s tempting to pursue that offer full-throttle 6
  • 7. Selling – Your Personal Liability  When approached, it’s tempting to pursue that offer full-throttle  Fiduciary responsibility to shareholders – not calibrating value can leave money on the table 7
  • 8. Selling – Your Personal Liability  When approached, it’s tempting to pursue that offer full-throttle  Consider responsibility to shareholders – not calibrating value can leave money on the table  Courts have ruled that CEOs can be liable to shareholders for that difference 8
  • 9. Selling – Your Personal Liability  When approached, it’s tempting to pursue that offer full-throttle  Consider responsibility to shareholders – not calibrating value can leave money on the table  Courts have ruled that CEOs can be liable to shareholders for that difference  A global buyer search also provides benefits beyond the ultimate sale 9
  • 10. 5 Major Benefits of a Professional Process 1 Model The preparation process will help forge a better business model for your firm 10 10
  • 11. 5 Major Benefits of a Professional Process 1 Model 11 Research The preparation process will help forge a better business model for your firm 11 2 Your strategic position will improve from the research/ positioning process
  • 12. 5 Major Benefits of a Professional Process 1 Research Market Feedback The preparation process will help forge a better business model for your firm 12 3 Model 12 2 Your strategic position will improve from the research/ positioning process Invaluable data/insights straight from the top will help improve your value
  • 13. 5 Major Benefits of a Professional Process 1 4 Research Market Feedback Relationships The preparation process will help forge a better business model for your firm 13 3 Model 13 2 Your strategic position will improve from the research/ positioning process Invaluable data/insights straight from the top will help improve your value 70% of parties that go under NDA may not be able to buy—but could partner, adding value
  • 14. 5 Major Benefits of a Professional Process 1 4 5 Research Market Feedback Relationships Exit The preparation process will help forge a better business model for your firm 14 3 Model 14 2 Your strategic position will improve from the research/ positioning process Invaluable data/insights straight from the top will help improve your value 70% of parties that go under NDA may not be able to buy—but could partner, adding value The merger, asset sale, or financial recap of your company
  • 15. Corum Research Report Elon Gasper Vice President, Director of Research Contact: in/elongasper elong@corumgroup.com 15 Alina Soltys Senior Analyst Contact: in/soltysa alina.soltys alinas@corumgroup.com Amber Stoner Senior Analyst Contact: ambers@corumgroup.com Jason Steblay Research Analyst Contact: jasons@corumgroup.com
  • 16. Public Markets 25% Weekly Percentage Change NASDAQ 20% 15% 10% 5% 0% 16 S&P TECH Dow Jones
  • 17. Corum Index Buyer Nov. 2013 # of Transactions 296 211 # of Mega Deals 3 4 $2.0B $2.0B Private Equity Deals 12 12 # VC backed Exits 65 33 % Cross Border Transactions 31% 38% % of Startup Acquisitions* 14% 16% 14 15 Largest Deal Average Life of Target * 0 to 3 years 17 Price Hellman & Friedman Scout24 $2.0B Hellman & Friedman/JMI Nov. 2012 Seller Applied Systems $1.8B Advent International UNIT4 $1.6B OpenText GXS, Inc. $1.2B
  • 18. Corum Index Deal Spotlight Buyer # of Transactions # of Mega Deals Largest Deal 296 Sold to Nov. 2013 211 3 4 $2.0B Price Hellman & Friedman Scout24 $2.0B Hellman & Friedman/JMI Nov. 2012 Seller Applied Systems $1.8B Advent International UNIT4 $1.6B OpenText GXS, Inc. $1.2B $2.0B Sector: Infrastructure Management Private Target:Deals Inc. Equity GXS, 12 12 Acquirer: OpenText [Canada] # VC backed Exits Value: $1.07 Billion, 2.4x revenue 33 65 Transaction % Cross-Border Transactions 31% 38% Strengthens the Information Exchange pillar with the addition of market leading cloud-based B2B integration services. % of Startup Acquisitions* 14% 16% - Expands the EIM buying centers and adds cloud-based Managed Services. - More than twice the size of the largest deal in OpenText's history. Average Life of Target * 0 to 3 years 18 14 15
  • 19. Corum Index Buyer Nov. 2013 # of Transactions 296 211 # of Mega Deals 3 4 $2.0B $2.0B Private Equity Deals 12 12 # VC backed Exits 65 33 % Cross Border Transactions 31% 38% % of Startup Acquisitions* 14% 16% 14 15 Largest Deal Average Life of Target * 0 to 3 years 19 Price Hellman & Friedman Scout24 $2.0B Hellman & Friedman/JMI Nov. 2012 Seller Applied Systems $1.8B Advent International UNIT4 $1.6B OpenText GXS, Inc. $1.2B
  • 20. Horizontal Application Software Market Public Valuation Multiples Since Q3 EV Sales EV EBITDA 20 Nov. 2013 3.6x 18.8x Corum Analysis Persistent demand for SaaS and ERP brings the multiple up. Highest valuation in 24 months supported by maturity and nextgen technology.
  • 21. Horizontal Application Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 3.6x Corum Analysis Persistent demand on SaaS and ERP companies bring the ratio up. Sector: ERP Target: UNIT4 [Holland] Acquirer: Advent International Transaction Value: $1.58 Billion The highest valuation for 24 - Provides ERP, HR and financial management software and SaaS for months EV businesses, education institutions and government agencies supported by maturity globally. and next gen - Should enable UNIT4 to expand its SaaS business. EBITDA technology 18.8x - 21 Values the company at 14.3x EBIDTA.
  • 22. Horizontal Application Software Market Deal Spotlights Since Q3 Nov. 2013 Corum Analysis Sold to EV Target: Vana Workforce [Canada] Sales Acquirer: FinancialForce.com - 3.6x Human Capital Management built on Force.com. Sold to EV EBITDA Less Software, Inc. Target: 18.8x Acquirer: FinancialForce.com - 22 Persistent demand on SaaS and ERP companies bring the ratio up. Supply Chain Management SaaS. The highest valuation for 24 months supported by maturity and next gen technology
  • 23. Vertical Application Software Market Public Valuation Multiples Since Q3 EV Sales EV EBITDA 23 Nov. 2013 2.5x 13.2x Corum Analysis Slightly off from long-term highs set at the quarter. Hit 12-month highs: PEs are paying up.
  • 24. Vertical Application Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 2.5x Corum Analysis Market is trying to determine the direction. Sector: Financial Target: Applied Systems, Inc. Acquirer: Hellman & Friedman/ JMI Equity Transaction Value: $1.8 billion - EV Provides general ERP software, SaaS and services for insurance12-month Hit brokers and small, medium and large insurance businesses worldwide. 13.2x highs: PEs are paying up. - Combines large user base with Applied Epic, fast-growing new agency EBITDA management system. - 24 Sold by Bain Capital who bought Applied from Vista Equity Partners in 2006.
  • 25. Vertical Application Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 2.5x Corum Analysis Market is trying to determine the direction. Sector: Healthcare Target: Passport Health Communications Acquirer: Experian Group [Ireland] Transaction Value: $850 million - EV Hit 12-month highs: Payment transaction management and processing software and SaaS for medical sector customer billing, EDI, compliance, and data management. PEs are paying up. 13.2x - Will EBITDA triple the size of Experian's healthcare business by adding an expected $121m in 2013 revenue and expands footprint to 3,000 hospitals. 25
  • 26. Internet Market Public Valuation Multiples Since Q3 EV Sales EV EBITDA 26 Nov. 2013 Corum Analysis 2.3x Valuations jumping due to perceived improvement in monetization scalability. 13.3x Slight decrease in multiples while remaining high.
  • 27. Internet Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 2.3x Corum Analysis Valuations jumped high due to cash excess in PE. Sector: Internet Classifieds Target: onTargetjobs Acquirer: Dice Holdings Transaction Value: $50 million EV - Multiples hold the high bar with a Operates Internet job listings websites that serve defined vertical industries slight decrease. or job functions. 13.3x EBITDA - Gives Dice vertical recruiting services in healthcare and hospitality. 27
  • 28. Internet Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 2.3x Corum Analysis Valuations jumped high due to cash excess in PE. Sector: Internet Pure Play Target: Scout24 AG [Germany] Acquirer: Hellman & Friedman Transaction Value: $2.03 billion EV - Multiples hold the high Network of German real estate, automobile, dating and employment bar with a classified, booking and price comparison sites. slight decrease. 13.3x EBITDA sale of 70% of Scout24 is a cornerstone transaction for the online - The investment strategy pursued by Deutsche Telekom over the past decade. 28
  • 29. Internet Market Deal Spotlights Since Q3 Nov. 2013 Corum Analysis Sold to Valuations jumping Target: Mergermarket Group [UK] due to perceived EV Acquirer: BC Partners [UK] improvement in Sales Transaction Value: $617.7 million monetization scalability. Online financial reference and analysis content with information on M&A, corporate strategy 2.3x and debt. Sold to EV EBITDA Harris Interactive Target: 13.3x Acquirer: The Nielsen Company Transaction Value: $116.6 million 29 Online market research content, services and survey services . Slight decrease in multiples while remaining high.
  • 30. Consumer Application Software Market Public Valuation Multiples Since Q3 EV Sales EV EBITDA 30 Nov. 2013 Corum Analysis 1.8x Value-to-sales ratio remains stable as mobile e-commerce increases share of holiday retail… 8.6x …ramping value of profitable models.
  • 31. Consumer Application Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 1.8x Corum Analysis Value-to-sales ratio remains to be stable… Sector: Mobile Target: MapMyFitness Acquirer: Under Armour, Inc. Transaction Value: $150 million EV - 8.6x and maximize EBITDA - Accelerates Under Armour’s capabilities in digital training space. values. - 31 …as mobile-social Provides iOS, Android, Blackberry and Windows Phone mobile and online bring the attention fitness and nutrition tracking applications for consumers. Helps Under Armour catch up to Nike and other competitors.
  • 32. Consumer Application Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 1.8x Corum Analysis Value-to-sales ratio remains to be stable… Sector: E-commerce Target: TicketMonster [South Korea] Acquirer: Groupon Transaction Value: $260 million …as mobile-social bring the attention EV and maximize - Will serve as cornerstone for Asia operations with addition of mobile EBITDA penetration and local, travel and product expertise. values. - - 32 Operates an email-based daily deal coupon service in South Korea. Groupon’s 12th and largest overseas transaction. 8.6x
  • 33. Consumer Application Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 1.8x Sector: Mobile Target: TouristEye Acquirer: Lonely Planet [Australia] Transaction Value: Undisclosed Corum Analysis Value-to-sales ratio remains to be stable… …as mobile-social bring the attention EV - Android, iOS and Web-based travel guide and planning service that enables and and travelers to plan getaways, view crowd-sourced user reviews, take maximize EBITDA values. organize photos and get hyper-local hospitality, merchant and restaurant 8.6x recommendations and driving directions. 33
  • 34. Infrastructure Software Market Public Valuation Multiples Since Q3 EV Sales EV EBITDA 34 Nov. 2013 2.3x 13.6x Corum Analysis Demand for cloud models keeps sales multiples stable. EBITDA multiples hit 25 month highs as buyers insist on profits and pay up for them.
  • 35. Infrastructure Software Market Deal Spotlights Since Q3 Nov. 2013 Corum Analysis Sold to EV Target: Velocius Networks Acquirer: Akamai Technologies Sales 2.3x The cloud keeps valuations stable - Akamai’s first transaction of 2013. - Application performance optimization, monitoring, anomaly detection and reporting software for enterprise networks. Sold to EV EBITDA Prolexic Technologies Target: 13.6x Acquirer: Akamai Technologies Transaction Value: $370 million 35 Cloud-based DDoS managed security software and services. Hit 25 month highs Buyers insist on profits and pay up for them.
  • 36. Infrastructure Software Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 2.3x Corum Analysis The cloud keeps valuations stable Sector: Systems Management Target: Tier 3, Inc. Acquirer: CenturyLink Transaction Value: Estimated $150 million - EV Hit 25 month highs Buyers insist Provides cloud hosting, platform as a service and infrastructure as a service on and server provisioning and cloud management software. profits and pay up for them. Accelerates offering of cloud services white-label and resale within EBITDA 13.6x CenturyLink’s wholesale channel. - 36 Tier 3 CEO, Matthew Schiltz, to speak at Seattle WFS Conference Jan 29.
  • 37. IT Services Market Public Valuation Multiples Since Q3 EV Sales EV EBITDA 37 Nov. 2013 0.6x 10.0x Corum Analysis Steady after 20% increase from 2012. Improvement of 0.5 each of last three months as buyers increasingly value profits.
  • 38. IT Services Market Deal Spotlight Since Q3 Nov. 2013 Sold to EV Sales 0.6x Corum Analysis Buyers does not show willing to pay more for revenue. Target: InTechnology Managed Services [UK] Acquirer: Redcentric [UK] Transaction Value: $104.3 million - EV Managed services assets of InTechnology: enterprise Internet access and International colocation; firewall and security; backup, archiving and storage; messaging buyers continue and VOIP. boost growth. EBITDA - 38 10.0x Will double revenues and increase recurring revenues to more than 80%. to
  • 39. IT Services Market Deal Spotlights Since Q3 Oct. 2013 Corum Analysis Sold to EV Target: PLIX [Poland] Acquirer: TelecityGroup [UK] Sales - 0.6x Market sustaining 12-month highs achieved in July… Brings Telecity the seventh-largest Internet exchange in Europe plus premier datacenter space in Warsaw, gateway for network traffic throughout Poland and Eastern Europe. Sold to EV EBITDA 3DC [Bulgaria] Target: 9.5x …driving international M&A Acquirer: TelecityGroup [UK] - 39 Brings exposure to a growing Bulgarian market, as well as Balkans and Middle East, complementing May acquisition of Istanbul-based SadeceHosting.com.
  • 40. Corum Research Report Elon Gasper Vice President, Director of Research Contact: in/elongasper elong@corumgroup.com 40 Alina Soltys Senior Analyst Contact: in/soltysa alina.soltys alinas@corumgroup.com Amber Stoner Senior Analyst Contact: ambers@corumgroup.com Jason Steblay Research Analyst Contact: jasons@corumgroup.com
  • 41. Gartner Data Center Conference 2013 December 9-12 - Las Vegas, NV It’s time for the data center to get smarter! 41
  • 42. Moving Beyond a Siloed Data Center 42
  • 43. Large Players + Urgency = Exit Opportunities in the Data Center 43
  • 44. Global Tech M&A Annual Report January 16, 2014 10:00AM (San Francisco) 1:00PM (New York) 6:00PM (London) Dan Shapiro Google/Robot Turtles 44 Reese Jones Singularity University Peter Coffee Salesforce
  • 45. The Six Most Important Things to do After Being Approached Jon Scott Senior Vice President Corum Group International, Ltd. Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to 30 years experience serving high technology companies with the last 20 mainly in chief operating and chief executive roles. During this time Jon has become known for his ability to successfully integrate strategies and tactics into well executed operating plans, building strong teams and achieving excellent results. Jon has served as President and CEO of The PowerTech Group, a security and compliance software company sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president roles in sales, marketing and business development for technology companies. Jon has taught in the software product management program at the University of Washington and holds a business administration degree from San Francisco State University. 45
  • 46. The Six Most Important Things to do After Being Approached 1. Protect your company Get an NDA & nonsolicitation agreement 46
  • 47. The Six Most Important Things to do After Being Approached 1. Protect your company Get an NDA & nonsolicitation agreement 2. Qualify the buyer Can they do the deal? 47
  • 48. The Six Most Important Things to do After Being Approached 1. Protect your company Get an NDA & nonsolicitation agreement 2. Qualify the buyer Can they do the deal? 3. Get a due-diligence checklist Can you do the deal? 48
  • 49. The Six Most Important Things to do After Being Approached 4. Get an independent valuation Buys time, and you need it anyway 49
  • 50. The Six Most Important Things to do After Being Approached 4. Get an independent valuation Buys time, and you need it anyway 5. Talk to other potential suitors Prepare to make high level overtures 50
  • 51. The Six Most Important Things to do After Being Approached 4. Get an independent valuation Buys time, and you need it anyway 5. Talk to other potential suitors Prepare to make high level overtures 6. Build three year projections Required for valuations & final approval 51
  • 52. Seller Introduction Nat Burgess President Corum Group Ltd. Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A. After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and Japanese) Internet content. At Activision, Nat led the company's on-line business development. Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA. While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal. 52
  • 53. Special Guest Gavin Weigh CEO & Co-Founder RapidBlue Mr. Weigh’s expertise on consumer movement and behavior helped drive the development of RapidBlue’s shopper analytics solution. Prior to founding RapidBlue he was a Capability Officer at BAE Systems. Bsc, BBA, Economics, International Business, Northumbria University. 53
  • 54. Closing Thoughts Nat Burgess President Corum Group Ltd. Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A. After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and Japanese) Internet content. At Activision, Nat led the company's on-line business development. Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA. While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal. 54
  • 55. Upcoming Conference Schedule Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position, research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A event ever – participants have done over $1 trillion in transaction value. Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends, valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.” Dec. 20: Wilmington – MB Feb. 6: Portland – MB Jan. 14: Hamburg – MB Feb. 6: New York – MB Jan. 15: Munich – SUSO Feb. 10: Kansas City – SUSO Jan. 16: Annual Report Feb. 11: St. Louis – MB Jan. 21: Dublin – MB Feb. 12: Indianapolis – MB Jan. 21: Rio de Janeiro – MB Feb. 14: Amsterdam – MB Jan. 23: Sao Paulo – MB Feb. 18: Berlin – MB Jan. 27: Columbus – MB Feb. 20: Seattle – MB Jan. 28: Cincinnati – SUSO Feb. 28: Barcelona – MB www.CorumGroup.com/Events 55