Q2 2015 Snapshot
The uptrend continues in Q2 2015 and China gets even hotter. Core M&A activity was up by 36% year over year with non-U.S.-based activity leading the growth. As we observed last quarter, China M&A has taken off in the past 18 months in terms of both number of transactions and size. Almost entirely comprised of Chinese acquirers acquiring Chinese-based targets, 22% of the core M&A transactions this quarter are Chinese deals. While U.S. activity is strong, activity levels are essentially flat over the past four quarters.
Content
M&A Snapshot Q2 2015
Web: architectpartners.com | Email: [email protected]
M&A SNAPSHOT
Q2 - 2015
The uptrend continues in Q2 2015
and China gets even hotter.
Core M&A activity was up by 36%
year over year with non-U.S.-based
activity leading the growth. As we
observed last quarter, China M&A has
taken off in the past 18 months in
terms of both number of transactions
and size. Almost entirely comprised
of Chinese acquirers acquiring
Chinese-based targets, 22% of the
core M&A transactions this quarter
are Chinese deals. While U.S. activity
is strong, activity levels are essentially
flat over the past four quarters. We
believe one factor inhibiting U.S. M&A
in the internet, mobile and digital
media sector is the wide open spigot
of the private financing market. Some
VC's and a variety of late-stage
private equity investors are offering
substantial capital at exceptionally
high valuations.
Many strategic
acquirers cannot or will not offer
compelling acquisition terms as an
alternative.
Q2
Q3
2015
2014
2013
Q4
Q1
Q2
Q3
Q4
Q1
Q2
327
406
416
494
464
509
785
Total M&A Exits (a)
466
387
Core M&A Exits (b)
33
41
Core M&A Exits Up 36%
Year-Over-Year
61
70
74
45
63
76
86
Total Consideration $B (b)
$18.5
$7.0
$8.1
$9.6
$9.4
$12.3
$20.0
$13.8
$13.5
Average Consideration $230mm.
Up 31% Year-Over-Year
Proportion Premium Value (c)
% of Total
M&A Exits
% of Core
M&A Exits
3%
32%
5%
42%
2%
17%
3%
18%
4%
29%
4%
27%
4%
20%
4%
26%
3%
16%
Source: Architect Partners LLC, Capital IQ, company filings and public information
a) M&A exits within Mobile | Internet | Digital Media sectors
b) Core M&A exits are defined as transactions with announced or estimated values between $25 million and $1 billion in consideration, as these typically represent successful businessbuilding endeavors
c) Premium value transactions are defined as greater than 5 times invested equity capital or 5 times estimated last twelve months revenue (LTM)
2
M&A BY SECTOR
Q2 - 2015
Service
App
Provider Development
Commerce
Consumer
7% 3%
Application
12%
9%
Media
Analytics
2%
Application
1%
Security
Enterprise Applications and Digital Marketing continue to lead by activity
levels and the most strategically interesting transactions this past quarter were
largely within those categories.
The acquisition of AOL by Verizon was the marquee transaction (our M&A Alert)
of the quarter by size and strategic importance. As we highlight in our M&A
Alert, Verizon has crossed two bright lines with this transaction 1) moving more
into the content business, and 2) using its customer data for ad targeting.
Twitter continued its thoughtful M&A strategy with the acquisition of TellApart,
designed to enhance their ad monetization by better understanding and
targeting their audience. Also of note, Uber has demonstrated an ambitious
intent to "own" its own maps and logistics capabilities via the acquisition of
Microsoft's map business this quarter which closely follows the acquisition of
deCarta's turn-by-turn navigation platform and its participation the auction for
Nokia's HERE business.
6%
Network
Infrastructure
7%
Enterprise
29% Application
6%
Hardware
17%
Number of
Deals by Sector
Digital
Marketing
Core Transactions by Sector
SECTORS
Consumer Application
Enterprise Application
Analytics Application
Network Infrastructure
App Development
Security
$2,183
$5,883
Total sector M&A value in $mm
$600 $1,062
$153 $1,000
$2,376
$2,675
$1,282 $1,494 $1,064
Source: Architect Partners LLC, Capital IQ, company filings and public information
Commerce
Digital Marketing
Media
Hardware
Service Provider
3
PREMIUM VALUE DEALS
Q2 - 2015
Premium Value is defined as greater than 5 times invested equity capital
or 5 times the estimated last 12 months revenue (LTM)
Target | Acquirer
x LTM Revenue
Treatwell | Recruit
Momo | Huatai Ruilian
Menulog | JUST EAT
wahanda.com | Recruit
Jiuzhi Tianxia | Hunan TV
Renren | CEO-Led Buyout
lynda.com | LinkedIn
CryptoLogic | NYX Gaming Group
Altera | Intel
Telecity | Equinix
Stucco | Market Tech
Qihoo 360 | CEO-Led Buyout
Cervalis | CyrusOne
Rally Software | CA
TellApart | Twitter
Bronto Software | NetSuite
148x
48x
33x
29x
LTM revenue multiple of
the target at the time of
acquisition
LTM revenue multiple of
the acquirer at the time
of acquisition, if available
37x
0
Target | Acquirer
2
4
6
8
10
12
14
16
18
20
x Invested Capital
TrustWave | Singapore Telecom
Clusterk | Amazon
TellApart | Twitter
Virtustream | EMC
lynda.com | LinkedIn
81x
42x
0
4
8
12
Source: Architect Partners LLC, Capital IQ, company filings and public information
16
20
24
28
32
36
40
4
MOST ACTIVE
ACQUIRERS LTM
(In terms of number of acquisitions)
1.
2.
3 / 14 | N/A
3 / 11 | $2.5B
Agawi
Timeful
Pulse.io
6.
3.
6 Wunderkinder GmbH
BlueStripe Software
Datazen Software
7.
2 / 5 | $1.7B
11.
Altera
Recon Instruments
12.
3 / 4 | $450mm
Accelyst Solutions
Letsgomo Labs
MartMobi
3 / 8 | $533mm
None
TellApart
tenXer
Whetlab
9.
ConteXtream
3 / 6 | N/A
Blue Box Group
Explorys
Phytel
10.
2 / 5 | N/A
1 / 5 | $1.4B
0 / 5 | $367mm
Coherent Navigation
Metaio
Voyagin
None
13.
1 / 4 | $2.6B
5.
0 / 10 | $648mm
8.
2 / 5 | $18.9B
lynda.com
Refresh
4.
14.
15.
1 / 4 | N/A
0 / 4 | N/A
0 / 4 | $500mm
SoThree
None
None
Number of new deals in Q1 / total deals last 4 quarters | total spend last 4 quarters (a)
a) A number of transactions do not have disclosed acquisition price, so aggregate value of deals over the last twelve months is likely understated.
Source: Architect Partners LLC, Capital IQ, company filings and public information
5
CORE TRANSACTIONS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
8x8 (Nasdaq:EGHT)
DXI
25
Cloud-based enterprise and contact centre communication solutions.
Based in London, United Kingdom.
Accton Technology
(TSEC:2345)
SMC Networks
26
Manufactures and sells network solutions, primarily hardwares, to
households and enterprises.
SimonsVoss Technologies
GmbH
235
Access control and biometry systems worldwide. Based in
Unterfoehring, Germany.
Shanghai Snowfish Tech
248
Mobile entertainment, primarily gaming. Based in Shanghai, China.
Yes
Amazon (Nasdaq:AMZN)
Clusterk
50
Amazon AWS cloud computing management.
Yes
Amdocs (Nasdaq:DOX)
Comverse, Business-Support
System
272
Billing and customer management systems for service providers.
Apax Partners
Zap Group
37
Operates various directory and information websites in Israel and
internationally. Based in Ramat Gan, Israel.
ASSA ABLOY AB
(OM:ASSA B)
Flexim Security Oy
39
Security and attendance monitoring products. Based in Espoo, Finland.
Automattic
Bubblestorm Management
30
Develops and offers a software plug-in that enables websites for
ecommerce. Based in Belville, South Africa.
AVG Technologies
(NYSE:AVG)
HideMyAss.com
60
Main product of Privax, a VPN encryption company.
BlackBerry (TSX:BB)
WatchDox
70
Enterprise file synchronization and sharing platforms.
Yes
BlueFocus
Communication (SZSE:
300058)
Domob Network Technology
109
Mobile and internet advertising platform. Based in Beijing, China.
Yes
Allegion Luxembourg
Holding and Financing
S.à r.l.
Allwin
Telecommunication
(SZSE:002231)
TARGET DESCRIPTION
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
Yes
Yes
6
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Brand Networks
SHIFT
50
Real-time collaboration platform for people from multiple parties to
work together on projects (ad campaign).
CA (Nasdaq:CA)
Rally Software (NYSE:RALY)
534
Management solutions for Agile software development worldwide.
Cathay Capital Private
Equity
SAS Smartadserver
40
Develops adserving technologies. Based in Paris, France.
CEO-Led Buyout
Kongzhong (Nasdaq:KZ)
353
Digital entertainment services, with emphasis on gaming, in China.
Based in Beijing, China.
CEO-Led Buyout
AirMedia Group
(Nasdaq:AMCN)
247
Digital media ad network (digital screens) in high-traffic locations
(airports, etc) in China. Based in Chaoyang, China.
CEO-Led Buyout
iDreamSky (Nasdaq:DSKY)
492
Licenses and operates mobile games, with multiple being globally
renowned in Apple App Store. Based in China.
CEO-Led Buyout
China Information
Technology (Nasdaq:CNIT)
157
Cloud-based data solutions to enterprises.
CEO-Led Buyout
Renren (NYSE:RENN)
990
Social networking internet platform in China. Based in Beijing, China.
CEO-Led Buyout
Vimicro (NasdaqGM:VIMC)
342
Develops semiconductor product with multimedia applications,
specifically video processing.
Charter Communications
(Nasdaq:CHTR)
ActiveVideo Networks
135
Develops cloud-based HTML5-powered video-streaming software
across platforms.
Cisco (Nasdaq:CSCO)
OpenDNS
635
Extends the Domain Name System by adding features such as phishing
protection and optional content filtering.
Ciena (NYSE:CIEN)
Cyan (NYSE:CYNI)
275
Major performance upgrade services for legacy network companies.
Compagnie Generale DES
Etablissements Michelin
SCA (ENXTPA:ML)
blackcircles.com
76
Online car tire retailer that offers automobile tires for consumers in the
United Kingdom. Based in Edinburgh, United Kingdom.
TARGET DESCRIPTION
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
Yes
7
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Comverse
(NasdaqGM:CNSI)
Acision Global
210
Messaging softwares for communication service providers and
enterprises. Based in Reading, United Kingdom.
Continental
Aktiengesellschaft
(DB:CON)
Elektrobit Automotive GmbH
668
Frontier embedded softwares for the automobiles. Based in Erlangen,
Germany.
CoStar Realty
Information
Network Communications
170
Publishes information for the real estate market in North America.
Crowd Mobile (ASX:CM8)
Track Concepts B.V.
30
Mobile payments solutions for telecommunication companies globally.
Based in Amsterdam, Netherlands.
ctrip.com
eLong (Nasdaq:LONG)
682
Online travel services in China. Based in Beijing, China.
Cypress Semiconductor
(Nasdaq:CY)
Integrated Silicon Solution
(Nasdaq:ISSI)
634
Fabless semiconductor company, that designs and markets integrated
circuits.
CyrusOne
Cervalis
400
Provides data center services.
Dean Drako, CEO of
Eagle Eye
Brivo Systems
50
Provides SaaS applications for security management.
Dun & Bradstreet
Dun & Bradstreet Credibility
350
Credit building and credibility solutions for businesses.
Eckoh (AIM:ECK)
Netcall (AIM:NET)
138
Communications, workforce, and business process management
software internationally. Based in Hemel Hempstead, the United
Kingdom.
Envestnet (NYSE:ENV)
Oltis Software
32
Customized financial planning and client management solutions for
financial industry.
Epiq Systems
Iris Data Services
134
Data and electronic discovery services, such as data collection and
forensics.
TARGET DESCRIPTION
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
Yes
8
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Fortinet (Nasdaq:FTNT)
Meru Networks
(NasdaqGM:MERU)
42
Virtualized wireless local area network (LAN) solutions.
Francisco Partners
Management
ClickSoftware
(Nasdaq:CKSW)
421
Software for workforce management worldwide. Based in Petach
Tikva, Israel.
Francisco Partners
Management
Procera Networks
238
Network performance solutions based on Deep Packet Inspection
(DPI) to network operators worldwide.
GigOptix (AMEX:GIG)
GSI Technology
(Nasdaq:GSIT)
152
Develops and markets high-performance memory products primarily
for the telecommunications industry.
Gosuncn Technology
Group
Guangzhou Goldmessage
Technology
40
Provides data security software and solutions. Based in Guangzhou
City, China.
Grupo Ezentis SA
(CATS:EZE)
Ability Tecnologia e Serviços
S/A
62
Operates fixed line telecommunication networks in Sao Paulo. Based in
São Paulo, Brazil.
Guangdong Sky Dragon
Printing Ink Group (SZSE:
300063)
Yutang Lianchuang
209
Hotspring Ventures
Treatwell Holding BV
38
Online reservation site for hair and beauty treatments. Based in
Amsterdam, the Netherlands.
Hunan TV & Broadcast
Intermediary (SZSE:
000917)
Jiuzhi Tianxia Technology
52
Operates an Android application store, a mobile game distribution
platform, and a mobile browser. Based in Shenzhen, China.
Infinera (Nasdaq:INFN)
Transmode AB (OM:TRMO)
346
Packet-optical networking solutions to manage the capacity needs in
video and data traffic. Based in Stockholm, Sweden.
Infosys (BSE:500209)
Skava
120
E-commerce platforms, including mobile websites and apps.
Jasper Infotech
Accelyst Solutions
450
Online mobile recharge services. Based in Mumbai, India.
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Yes
Internet and search engine media marketing services. Based in China.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Yes
Yes
9
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
JUST EAT (LSE:JE.)
Menulog Group
687
Online takeaway food and home delivery platform. Based in Sydney,
Australia.
Keysight Technologies
Netherlands B.V.
Anite (LSE:AIE)
584
Mobile device, infrastructure and network testing systems to the
wireless market worldwide. Based in Fleet, United Kingdom.
KION GROUP AG
(DB:KGX)
Egemin International NV,
Handling Automation
Division
81
Internal logistics automation solutions. Based in Belgium.
Yes
Knowles (NYSE:KN)
Audience (Nasdaq:ADNC)
131
Voice and audio hardware solutions for mobile devices worldwide.
Yes
M2 Group (ASX:MTU)
Call Plus & 2Talk
186
Broadband and fixed voice services. Based in New Zealand.
Market Tech (AIM:MKT)
Stucco Media
43
Data-driven e-commerce marketing platform. Based in Tel Aviv, Israel.
MasterCard (NYSE:MA)
Applied Predictive
Technologies
600
Cloud-based predictive analytics software solutions, with emphasis in
profit measurement.
Millicom International
Cellular SA
(OTCPK:MIIC.F)
Zanzibar Telecom
74
Fixed, mobile, and data communications services primarily in Africa.
Based in Zanzibar, Tanzania.
NameFind
Marchex, Domain Name
Portfolio Business
28
Domain name registration services.
Netia S.A. (WSE:NET)
Telekomunikacja Kolejowa
Spólka z o.o.
62
Public telecommunications carrier in Poland. Based in Warsaw, Poland.
NetSuite (NYSE:N)
Bronto Software
200
Novatel Wireless
(Nasdaq:MIFI)
DigiCore (JSE:DGC)
93
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Yes
Yes
Automated marketing platform for companies.
GPS/GSM fleet management and vehicle tracking solutions, primarily
in South Africa. Based in Centurion, South Africa.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
10
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
NYX Gaming Group
(TSXV:NYX)
CryptoLogic
119
Gaming applications and entertainment content in North America and
Europe. Based in Dublin, Ireland.
Orient Securities
China Mobile Games and
Entertainment
(NasdaqGM:CMGE)
703
Develops and operates mobile games primarily in China. Based in
Guangzhou, China.
Orient Securities
Taomee (NYSE:TAOM)
99
Operates as a children’s entertainment, media and products company
in China. Based in Beijing, China.
Perfect Commerce
Hubwoo (ENXTPA:HBW)
29
Spend management and collaborative business process automation.
Based in Paris, France.
Pitney Bowes (NYSE:PBI)
Borderfree (Nasdaq:BRDR)
465
Cross-border ecommerce solutions.
Qiwi (Nasdaq:QIWI)
SAER
167
Electronic payment services. Based in Moscow, Russia.
Quality Technology
Services
Carpathia Hosting
326
Cloud services and managed hosting for enterprises worldwide.
Yes
Recruit Holdings (TSE:
6098)
Hotspring Ventures
170
Beauty treatment website. Based in London, United Kingdom.
Yes
Red Ventures Holdco
Imagitas
310
Online and offline direct marketing solutions for advertisers.
Yes
Redknee Solutions
(TSX:RKN)
Orga Systems GmbH
43
Real-time charging and adminstration software for mobile
telecommunication industry. Based in Paderborn, Germany.
Rogers Communications
(TSX:RCI.B)
Data & Audio-Visual
Enterprises Holdings
355
Wireless telecommunication services in Canada. Based in Vaughan,
Canada.
Yes
Singapore
Telecommunications
(SGX:Z74)
TrustWave Holdings
810
Provides data security and compliance management solutions to
businesses.
Yes
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
11
CORE TRANSACTIONS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
SolarWinds (NYSE:SWI)
Papertrail
41
Hosted log management.
Talkweb Information
System (SZSE:002261)
Shandong Changzheng
Education Technology
117
Software for pre-school education. Based in Zibo, China.
Tieto Oyj (HLSE:TIE1V)
Software Innovation ASA
78
Enterprise content and information management software. Based in
Fornebu, Norway.
Yes
Twitter (NYSE:TWTR)
TellApart
533
Online marketing applications for e-commerce retailers worldwide.
Yes
Valid USA
Marketing Software Company
41
Vista Equity Partners
Pearson Education, Student
Information Systems
Businesses
350
Web-based information systems for schools.
Visteon Technical And
Services Centre
Visteon Automotive Systems
India, EPG Business
50
Electronic program guides (EPG) software for automobiles. Based in
India.
Wowo
(NasdaqGM:WOWO)
Join Me Group
524
B2B procurement platform for the foodservice industry in China. Based
in Hong Kong
Yes
Yellow Pages (TSX:Y)
ComFree/DuProprio Network
38
A flat-fee real-estate discovery and buying platform. Based in Canada.
Yes
Youzu Interactive (SZSE:
002174)
Guangzhou Zhangtao
Network Technology
87
Various big-data services in the mobile internet field. Based in China.
Zhejiang New Jialian
Electronics (SZSE:
002188)
Bus Online
272
TV network on buses in China. Based in Shanghai, China.
Zoopla Property Group
(LSE:ZPLA)
Ulysses
292
Comparison website for internet-associated consumer products and
services, such as laptops and broadband. Based in London, United
Kingdom.
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Integrated database marketing services.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Yes
12
OTHER NOTABLE DEALS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Adobe (Nasdaq:ADBE)
Tumri
-
Advertising platform for highly-targeted messages to consumers.
Adobe (Nasdaq:ADBE)
Mixamo
-
3D computer graphics technology company, focusing on automated
animation.
Yes
App Annie
Mobidia
-
Tracks actual usage of millions of IOS and Android apps.
Yes
Apple (Nasdaq:APPL)
Metaio
-
Augmented reality software technology and solutions.
Yes
Avago (Nasdaq:AVGO)
Broadcom (Nasdaq:BRCM)
36,698
CEO-Led Buyout
Momo (Nasdaq:MOMO)
1,863
A social-network company, focusing on expanding social circle based
on location and interest. Based in Beijing, China.
CEO-Led Buyout
Qihoo 360 (NYSE:QIHU)
9,913
Provides internet services in China and mainly offers various security
products. Based in Beijing, China.
Charter Communications
(Nasdaq:CHTR)
Time Warner Cable
(NYSE:TWC)
78,428
Cisco (Nasdaq:CSCO)
Tropo
-
Cox Automotive
Dealertrack (Nasdaq:TRAK)
4,547
Provides web-based software solutions and services to the automotive
retail industry in the United States and Canada.
EMC Corporation
(NYSE:EMC)
Virtustream
1,200
Provides enterprise-class cloud software and services worldwide.
Equinix (Nasdaq:EQIX)
Telecity Group (LON:TCY)
4,064
Offer co-location and related services in multiple European countries.
Based in London, United Kingdom.
Google (Nasdaq:GOOG)
Timeful
-
Time management app to increase productivity, with data-driven
approach.
Yes
Google (Nasdaq:GOOG)
Agawi
-
Platform allowing people to access apps on their phones without
downloading them.
Yes
Google (Nasdaq:GOOG)
Pulse.io
-
Mobile apps performance monitering platform.
Yes
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Provides semiconductor solutions for wired and wireless
communications.
Provides video, high-speed data, and voice services in the United
States.
Platform enabling web developers to write communication
applications in various programming languages.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration in excess of $1 billion.
Yes
13
OTHER NOTABLE DEALS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Hewlett-Packard
(NYSE:HP)
ConteXtream
-
Develops software-defined networking (SDN) and network-function
virtualization (NFV) software.
Hua Capital Led
Acquisition
OmniVision (Nasdaq:OVTI)
1,900
Designs, develops, manufactures and markets semiconductor imagesensor devices worldwide.
Intel (Nasdaq: INTC)
Recon Instruments
-
Smartglasses and heads-up display solutions, delivering information
like activity metrics and maps to user’s eyes.
Intel (Nasdaq: INTC)
Altera (Nasdaq:ALTR)
18,220
A semiconductor company that designs and sells customized
integrated circuits.
Iron Mountain
(NYSE:IRM)
Recall (ASE:REC)
2,594
Provides information management solutions worldwide. Based in
Alexandria, Australia.
LinkedIn (NYSE:LNKD)
Refresh
-
Data-driven social networking company, providing insight about
relationships between contacts.
Yes
LinkedIn (NYSE:LNKD)
lynda.com
1,500
Provides instructional videos and courses to enterprises and
individuals.
Yes
Nokia (NYSE:NOK)
Alcatel-Lucent (NYSE:ALU)
22,390
Provides broadband access worldwide. Based in Boulogne-Billancourt,
France.
Permira Advisers &
Canada Pension Plan
Investment
Informatica (Nasdaq:INFA)
5,321
Provides enterprise data integration software and services worldwide.
SalesForce (NYSE:CRM)
Toopher
-
Enterprise multifactor authentication platform.
Rakuten (TYO:4755)
Voyagin
-
Online traveling platform. Based in Tokyo, Japan.
Telenet (EBR:TNET)
BASE Company nv
1,425
Uber
Microsoft, Bing Map Division
-
Verizon (NYSE:VZ)
AOL (NYSE:AOL)
4,759
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Yes
Yes
Yes
Provides mobile telephony, TV, internet, and fixed telephony solutions.
Based in Brussels, Belgium.
Map applications, and map APIs.
Provides various digital brands and products to consumers worldwide.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration in excess of $1 billion.
14
Web: architectpartners.com | Email: [email protected]
Web: architectpartners.com | Email: [email protected]
M&A SNAPSHOT
Q2 - 2015
The uptrend continues in Q2 2015
and China gets even hotter.
Core M&A activity was up by 36%
year over year with non-U.S.-based
activity leading the growth. As we
observed last quarter, China M&A has
taken off in the past 18 months in
terms of both number of transactions
and size. Almost entirely comprised
of Chinese acquirers acquiring
Chinese-based targets, 22% of the
core M&A transactions this quarter
are Chinese deals. While U.S. activity
is strong, activity levels are essentially
flat over the past four quarters. We
believe one factor inhibiting U.S. M&A
in the internet, mobile and digital
media sector is the wide open spigot
of the private financing market. Some
VC's and a variety of late-stage
private equity investors are offering
substantial capital at exceptionally
high valuations.
Many strategic
acquirers cannot or will not offer
compelling acquisition terms as an
alternative.
Q2
Q3
2015
2014
2013
Q4
Q1
Q2
Q3
Q4
Q1
Q2
327
406
416
494
464
509
785
Total M&A Exits (a)
466
387
Core M&A Exits (b)
33
41
Core M&A Exits Up 36%
Year-Over-Year
61
70
74
45
63
76
86
Total Consideration $B (b)
$18.5
$7.0
$8.1
$9.6
$9.4
$12.3
$20.0
$13.8
$13.5
Average Consideration $230mm.
Up 31% Year-Over-Year
Proportion Premium Value (c)
% of Total
M&A Exits
% of Core
M&A Exits
3%
32%
5%
42%
2%
17%
3%
18%
4%
29%
4%
27%
4%
20%
4%
26%
3%
16%
Source: Architect Partners LLC, Capital IQ, company filings and public information
a) M&A exits within Mobile | Internet | Digital Media sectors
b) Core M&A exits are defined as transactions with announced or estimated values between $25 million and $1 billion in consideration, as these typically represent successful businessbuilding endeavors
c) Premium value transactions are defined as greater than 5 times invested equity capital or 5 times estimated last twelve months revenue (LTM)
2
M&A BY SECTOR
Q2 - 2015
Service
App
Provider Development
Commerce
Consumer
7% 3%
Application
12%
9%
Media
Analytics
2%
Application
1%
Security
Enterprise Applications and Digital Marketing continue to lead by activity
levels and the most strategically interesting transactions this past quarter were
largely within those categories.
The acquisition of AOL by Verizon was the marquee transaction (our M&A Alert)
of the quarter by size and strategic importance. As we highlight in our M&A
Alert, Verizon has crossed two bright lines with this transaction 1) moving more
into the content business, and 2) using its customer data for ad targeting.
Twitter continued its thoughtful M&A strategy with the acquisition of TellApart,
designed to enhance their ad monetization by better understanding and
targeting their audience. Also of note, Uber has demonstrated an ambitious
intent to "own" its own maps and logistics capabilities via the acquisition of
Microsoft's map business this quarter which closely follows the acquisition of
deCarta's turn-by-turn navigation platform and its participation the auction for
Nokia's HERE business.
6%
Network
Infrastructure
7%
Enterprise
29% Application
6%
Hardware
17%
Number of
Deals by Sector
Digital
Marketing
Core Transactions by Sector
SECTORS
Consumer Application
Enterprise Application
Analytics Application
Network Infrastructure
App Development
Security
$2,183
$5,883
Total sector M&A value in $mm
$600 $1,062
$153 $1,000
$2,376
$2,675
$1,282 $1,494 $1,064
Source: Architect Partners LLC, Capital IQ, company filings and public information
Commerce
Digital Marketing
Media
Hardware
Service Provider
3
PREMIUM VALUE DEALS
Q2 - 2015
Premium Value is defined as greater than 5 times invested equity capital
or 5 times the estimated last 12 months revenue (LTM)
Target | Acquirer
x LTM Revenue
Treatwell | Recruit
Momo | Huatai Ruilian
Menulog | JUST EAT
wahanda.com | Recruit
Jiuzhi Tianxia | Hunan TV
Renren | CEO-Led Buyout
lynda.com | LinkedIn
CryptoLogic | NYX Gaming Group
Altera | Intel
Telecity | Equinix
Stucco | Market Tech
Qihoo 360 | CEO-Led Buyout
Cervalis | CyrusOne
Rally Software | CA
TellApart | Twitter
Bronto Software | NetSuite
148x
48x
33x
29x
LTM revenue multiple of
the target at the time of
acquisition
LTM revenue multiple of
the acquirer at the time
of acquisition, if available
37x
0
Target | Acquirer
2
4
6
8
10
12
14
16
18
20
x Invested Capital
TrustWave | Singapore Telecom
Clusterk | Amazon
TellApart | Twitter
Virtustream | EMC
lynda.com | LinkedIn
81x
42x
0
4
8
12
Source: Architect Partners LLC, Capital IQ, company filings and public information
16
20
24
28
32
36
40
4
MOST ACTIVE
ACQUIRERS LTM
(In terms of number of acquisitions)
1.
2.
3 / 14 | N/A
3 / 11 | $2.5B
Agawi
Timeful
Pulse.io
6.
3.
6 Wunderkinder GmbH
BlueStripe Software
Datazen Software
7.
2 / 5 | $1.7B
11.
Altera
Recon Instruments
12.
3 / 4 | $450mm
Accelyst Solutions
Letsgomo Labs
MartMobi
3 / 8 | $533mm
None
TellApart
tenXer
Whetlab
9.
ConteXtream
3 / 6 | N/A
Blue Box Group
Explorys
Phytel
10.
2 / 5 | N/A
1 / 5 | $1.4B
0 / 5 | $367mm
Coherent Navigation
Metaio
Voyagin
None
13.
1 / 4 | $2.6B
5.
0 / 10 | $648mm
8.
2 / 5 | $18.9B
lynda.com
Refresh
4.
14.
15.
1 / 4 | N/A
0 / 4 | N/A
0 / 4 | $500mm
SoThree
None
None
Number of new deals in Q1 / total deals last 4 quarters | total spend last 4 quarters (a)
a) A number of transactions do not have disclosed acquisition price, so aggregate value of deals over the last twelve months is likely understated.
Source: Architect Partners LLC, Capital IQ, company filings and public information
5
CORE TRANSACTIONS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
8x8 (Nasdaq:EGHT)
DXI
25
Cloud-based enterprise and contact centre communication solutions.
Based in London, United Kingdom.
Accton Technology
(TSEC:2345)
SMC Networks
26
Manufactures and sells network solutions, primarily hardwares, to
households and enterprises.
SimonsVoss Technologies
GmbH
235
Access control and biometry systems worldwide. Based in
Unterfoehring, Germany.
Shanghai Snowfish Tech
248
Mobile entertainment, primarily gaming. Based in Shanghai, China.
Yes
Amazon (Nasdaq:AMZN)
Clusterk
50
Amazon AWS cloud computing management.
Yes
Amdocs (Nasdaq:DOX)
Comverse, Business-Support
System
272
Billing and customer management systems for service providers.
Apax Partners
Zap Group
37
Operates various directory and information websites in Israel and
internationally. Based in Ramat Gan, Israel.
ASSA ABLOY AB
(OM:ASSA B)
Flexim Security Oy
39
Security and attendance monitoring products. Based in Espoo, Finland.
Automattic
Bubblestorm Management
30
Develops and offers a software plug-in that enables websites for
ecommerce. Based in Belville, South Africa.
AVG Technologies
(NYSE:AVG)
HideMyAss.com
60
Main product of Privax, a VPN encryption company.
BlackBerry (TSX:BB)
WatchDox
70
Enterprise file synchronization and sharing platforms.
Yes
BlueFocus
Communication (SZSE:
300058)
Domob Network Technology
109
Mobile and internet advertising platform. Based in Beijing, China.
Yes
Allegion Luxembourg
Holding and Financing
S.à r.l.
Allwin
Telecommunication
(SZSE:002231)
TARGET DESCRIPTION
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
Yes
Yes
6
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Brand Networks
SHIFT
50
Real-time collaboration platform for people from multiple parties to
work together on projects (ad campaign).
CA (Nasdaq:CA)
Rally Software (NYSE:RALY)
534
Management solutions for Agile software development worldwide.
Cathay Capital Private
Equity
SAS Smartadserver
40
Develops adserving technologies. Based in Paris, France.
CEO-Led Buyout
Kongzhong (Nasdaq:KZ)
353
Digital entertainment services, with emphasis on gaming, in China.
Based in Beijing, China.
CEO-Led Buyout
AirMedia Group
(Nasdaq:AMCN)
247
Digital media ad network (digital screens) in high-traffic locations
(airports, etc) in China. Based in Chaoyang, China.
CEO-Led Buyout
iDreamSky (Nasdaq:DSKY)
492
Licenses and operates mobile games, with multiple being globally
renowned in Apple App Store. Based in China.
CEO-Led Buyout
China Information
Technology (Nasdaq:CNIT)
157
Cloud-based data solutions to enterprises.
CEO-Led Buyout
Renren (NYSE:RENN)
990
Social networking internet platform in China. Based in Beijing, China.
CEO-Led Buyout
Vimicro (NasdaqGM:VIMC)
342
Develops semiconductor product with multimedia applications,
specifically video processing.
Charter Communications
(Nasdaq:CHTR)
ActiveVideo Networks
135
Develops cloud-based HTML5-powered video-streaming software
across platforms.
Cisco (Nasdaq:CSCO)
OpenDNS
635
Extends the Domain Name System by adding features such as phishing
protection and optional content filtering.
Ciena (NYSE:CIEN)
Cyan (NYSE:CYNI)
275
Major performance upgrade services for legacy network companies.
Compagnie Generale DES
Etablissements Michelin
SCA (ENXTPA:ML)
blackcircles.com
76
Online car tire retailer that offers automobile tires for consumers in the
United Kingdom. Based in Edinburgh, United Kingdom.
TARGET DESCRIPTION
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
Yes
7
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Comverse
(NasdaqGM:CNSI)
Acision Global
210
Messaging softwares for communication service providers and
enterprises. Based in Reading, United Kingdom.
Continental
Aktiengesellschaft
(DB:CON)
Elektrobit Automotive GmbH
668
Frontier embedded softwares for the automobiles. Based in Erlangen,
Germany.
CoStar Realty
Information
Network Communications
170
Publishes information for the real estate market in North America.
Crowd Mobile (ASX:CM8)
Track Concepts B.V.
30
Mobile payments solutions for telecommunication companies globally.
Based in Amsterdam, Netherlands.
ctrip.com
eLong (Nasdaq:LONG)
682
Online travel services in China. Based in Beijing, China.
Cypress Semiconductor
(Nasdaq:CY)
Integrated Silicon Solution
(Nasdaq:ISSI)
634
Fabless semiconductor company, that designs and markets integrated
circuits.
CyrusOne
Cervalis
400
Provides data center services.
Dean Drako, CEO of
Eagle Eye
Brivo Systems
50
Provides SaaS applications for security management.
Dun & Bradstreet
Dun & Bradstreet Credibility
350
Credit building and credibility solutions for businesses.
Eckoh (AIM:ECK)
Netcall (AIM:NET)
138
Communications, workforce, and business process management
software internationally. Based in Hemel Hempstead, the United
Kingdom.
Envestnet (NYSE:ENV)
Oltis Software
32
Customized financial planning and client management solutions for
financial industry.
Epiq Systems
Iris Data Services
134
Data and electronic discovery services, such as data collection and
forensics.
TARGET DESCRIPTION
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
Yes
8
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Fortinet (Nasdaq:FTNT)
Meru Networks
(NasdaqGM:MERU)
42
Virtualized wireless local area network (LAN) solutions.
Francisco Partners
Management
ClickSoftware
(Nasdaq:CKSW)
421
Software for workforce management worldwide. Based in Petach
Tikva, Israel.
Francisco Partners
Management
Procera Networks
238
Network performance solutions based on Deep Packet Inspection
(DPI) to network operators worldwide.
GigOptix (AMEX:GIG)
GSI Technology
(Nasdaq:GSIT)
152
Develops and markets high-performance memory products primarily
for the telecommunications industry.
Gosuncn Technology
Group
Guangzhou Goldmessage
Technology
40
Provides data security software and solutions. Based in Guangzhou
City, China.
Grupo Ezentis SA
(CATS:EZE)
Ability Tecnologia e Serviços
S/A
62
Operates fixed line telecommunication networks in Sao Paulo. Based in
São Paulo, Brazil.
Guangdong Sky Dragon
Printing Ink Group (SZSE:
300063)
Yutang Lianchuang
209
Hotspring Ventures
Treatwell Holding BV
38
Online reservation site for hair and beauty treatments. Based in
Amsterdam, the Netherlands.
Hunan TV & Broadcast
Intermediary (SZSE:
000917)
Jiuzhi Tianxia Technology
52
Operates an Android application store, a mobile game distribution
platform, and a mobile browser. Based in Shenzhen, China.
Infinera (Nasdaq:INFN)
Transmode AB (OM:TRMO)
346
Packet-optical networking solutions to manage the capacity needs in
video and data traffic. Based in Stockholm, Sweden.
Infosys (BSE:500209)
Skava
120
E-commerce platforms, including mobile websites and apps.
Jasper Infotech
Accelyst Solutions
450
Online mobile recharge services. Based in Mumbai, India.
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Yes
Internet and search engine media marketing services. Based in China.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Yes
Yes
9
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
JUST EAT (LSE:JE.)
Menulog Group
687
Online takeaway food and home delivery platform. Based in Sydney,
Australia.
Keysight Technologies
Netherlands B.V.
Anite (LSE:AIE)
584
Mobile device, infrastructure and network testing systems to the
wireless market worldwide. Based in Fleet, United Kingdom.
KION GROUP AG
(DB:KGX)
Egemin International NV,
Handling Automation
Division
81
Internal logistics automation solutions. Based in Belgium.
Yes
Knowles (NYSE:KN)
Audience (Nasdaq:ADNC)
131
Voice and audio hardware solutions for mobile devices worldwide.
Yes
M2 Group (ASX:MTU)
Call Plus & 2Talk
186
Broadband and fixed voice services. Based in New Zealand.
Market Tech (AIM:MKT)
Stucco Media
43
Data-driven e-commerce marketing platform. Based in Tel Aviv, Israel.
MasterCard (NYSE:MA)
Applied Predictive
Technologies
600
Cloud-based predictive analytics software solutions, with emphasis in
profit measurement.
Millicom International
Cellular SA
(OTCPK:MIIC.F)
Zanzibar Telecom
74
Fixed, mobile, and data communications services primarily in Africa.
Based in Zanzibar, Tanzania.
NameFind
Marchex, Domain Name
Portfolio Business
28
Domain name registration services.
Netia S.A. (WSE:NET)
Telekomunikacja Kolejowa
Spólka z o.o.
62
Public telecommunications carrier in Poland. Based in Warsaw, Poland.
NetSuite (NYSE:N)
Bronto Software
200
Novatel Wireless
(Nasdaq:MIFI)
DigiCore (JSE:DGC)
93
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Yes
Yes
Automated marketing platform for companies.
GPS/GSM fleet management and vehicle tracking solutions, primarily
in South Africa. Based in Centurion, South Africa.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
10
CORE TRANSACTIONS
(CONTINUED)
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
NYX Gaming Group
(TSXV:NYX)
CryptoLogic
119
Gaming applications and entertainment content in North America and
Europe. Based in Dublin, Ireland.
Orient Securities
China Mobile Games and
Entertainment
(NasdaqGM:CMGE)
703
Develops and operates mobile games primarily in China. Based in
Guangzhou, China.
Orient Securities
Taomee (NYSE:TAOM)
99
Operates as a children’s entertainment, media and products company
in China. Based in Beijing, China.
Perfect Commerce
Hubwoo (ENXTPA:HBW)
29
Spend management and collaborative business process automation.
Based in Paris, France.
Pitney Bowes (NYSE:PBI)
Borderfree (Nasdaq:BRDR)
465
Cross-border ecommerce solutions.
Qiwi (Nasdaq:QIWI)
SAER
167
Electronic payment services. Based in Moscow, Russia.
Quality Technology
Services
Carpathia Hosting
326
Cloud services and managed hosting for enterprises worldwide.
Yes
Recruit Holdings (TSE:
6098)
Hotspring Ventures
170
Beauty treatment website. Based in London, United Kingdom.
Yes
Red Ventures Holdco
Imagitas
310
Online and offline direct marketing solutions for advertisers.
Yes
Redknee Solutions
(TSX:RKN)
Orga Systems GmbH
43
Real-time charging and adminstration software for mobile
telecommunication industry. Based in Paderborn, Germany.
Rogers Communications
(TSX:RCI.B)
Data & Audio-Visual
Enterprises Holdings
355
Wireless telecommunication services in Canada. Based in Vaughan,
Canada.
Yes
Singapore
Telecommunications
(SGX:Z74)
TrustWave Holdings
810
Provides data security and compliance management solutions to
businesses.
Yes
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
AP M&A
ALERT
VC-BACKED
11
CORE TRANSACTIONS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
SolarWinds (NYSE:SWI)
Papertrail
41
Hosted log management.
Talkweb Information
System (SZSE:002261)
Shandong Changzheng
Education Technology
117
Software for pre-school education. Based in Zibo, China.
Tieto Oyj (HLSE:TIE1V)
Software Innovation ASA
78
Enterprise content and information management software. Based in
Fornebu, Norway.
Yes
Twitter (NYSE:TWTR)
TellApart
533
Online marketing applications for e-commerce retailers worldwide.
Yes
Valid USA
Marketing Software Company
41
Vista Equity Partners
Pearson Education, Student
Information Systems
Businesses
350
Web-based information systems for schools.
Visteon Technical And
Services Centre
Visteon Automotive Systems
India, EPG Business
50
Electronic program guides (EPG) software for automobiles. Based in
India.
Wowo
(NasdaqGM:WOWO)
Join Me Group
524
B2B procurement platform for the foodservice industry in China. Based
in Hong Kong
Yes
Yellow Pages (TSX:Y)
ComFree/DuProprio Network
38
A flat-fee real-estate discovery and buying platform. Based in Canada.
Yes
Youzu Interactive (SZSE:
002174)
Guangzhou Zhangtao
Network Technology
87
Various big-data services in the mobile internet field. Based in China.
Zhejiang New Jialian
Electronics (SZSE:
002188)
Bus Online
272
TV network on buses in China. Based in Shanghai, China.
Zoopla Property Group
(LSE:ZPLA)
Ulysses
292
Comparison website for internet-associated consumer products and
services, such as laptops and broadband. Based in London, United
Kingdom.
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Integrated database marketing services.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Yes
12
OTHER NOTABLE DEALS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Adobe (Nasdaq:ADBE)
Tumri
-
Advertising platform for highly-targeted messages to consumers.
Adobe (Nasdaq:ADBE)
Mixamo
-
3D computer graphics technology company, focusing on automated
animation.
Yes
App Annie
Mobidia
-
Tracks actual usage of millions of IOS and Android apps.
Yes
Apple (Nasdaq:APPL)
Metaio
-
Augmented reality software technology and solutions.
Yes
Avago (Nasdaq:AVGO)
Broadcom (Nasdaq:BRCM)
36,698
CEO-Led Buyout
Momo (Nasdaq:MOMO)
1,863
A social-network company, focusing on expanding social circle based
on location and interest. Based in Beijing, China.
CEO-Led Buyout
Qihoo 360 (NYSE:QIHU)
9,913
Provides internet services in China and mainly offers various security
products. Based in Beijing, China.
Charter Communications
(Nasdaq:CHTR)
Time Warner Cable
(NYSE:TWC)
78,428
Cisco (Nasdaq:CSCO)
Tropo
-
Cox Automotive
Dealertrack (Nasdaq:TRAK)
4,547
Provides web-based software solutions and services to the automotive
retail industry in the United States and Canada.
EMC Corporation
(NYSE:EMC)
Virtustream
1,200
Provides enterprise-class cloud software and services worldwide.
Equinix (Nasdaq:EQIX)
Telecity Group (LON:TCY)
4,064
Offer co-location and related services in multiple European countries.
Based in London, United Kingdom.
Google (Nasdaq:GOOG)
Timeful
-
Time management app to increase productivity, with data-driven
approach.
Yes
Google (Nasdaq:GOOG)
Agawi
-
Platform allowing people to access apps on their phones without
downloading them.
Yes
Google (Nasdaq:GOOG)
Pulse.io
-
Mobile apps performance monitering platform.
Yes
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Provides semiconductor solutions for wired and wireless
communications.
Provides video, high-speed data, and voice services in the United
States.
Platform enabling web developers to write communication
applications in various programming languages.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration in excess of $1 billion.
Yes
13
OTHER NOTABLE DEALS
Q2 - 2015
Premium Value M&A
BUYER
TARGET
TRANSACTION
VALUE ($MM)
Hewlett-Packard
(NYSE:HP)
ConteXtream
-
Develops software-defined networking (SDN) and network-function
virtualization (NFV) software.
Hua Capital Led
Acquisition
OmniVision (Nasdaq:OVTI)
1,900
Designs, develops, manufactures and markets semiconductor imagesensor devices worldwide.
Intel (Nasdaq: INTC)
Recon Instruments
-
Smartglasses and heads-up display solutions, delivering information
like activity metrics and maps to user’s eyes.
Intel (Nasdaq: INTC)
Altera (Nasdaq:ALTR)
18,220
A semiconductor company that designs and sells customized
integrated circuits.
Iron Mountain
(NYSE:IRM)
Recall (ASE:REC)
2,594
Provides information management solutions worldwide. Based in
Alexandria, Australia.
LinkedIn (NYSE:LNKD)
Refresh
-
Data-driven social networking company, providing insight about
relationships between contacts.
Yes
LinkedIn (NYSE:LNKD)
lynda.com
1,500
Provides instructional videos and courses to enterprises and
individuals.
Yes
Nokia (NYSE:NOK)
Alcatel-Lucent (NYSE:ALU)
22,390
Provides broadband access worldwide. Based in Boulogne-Billancourt,
France.
Permira Advisers &
Canada Pension Plan
Investment
Informatica (Nasdaq:INFA)
5,321
Provides enterprise data integration software and services worldwide.
SalesForce (NYSE:CRM)
Toopher
-
Enterprise multifactor authentication platform.
Rakuten (TYO:4755)
Voyagin
-
Online traveling platform. Based in Tokyo, Japan.
Telenet (EBR:TNET)
BASE Company nv
1,425
Uber
Microsoft, Bing Map Division
-
Verizon (NYSE:VZ)
AOL (NYSE:AOL)
4,759
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Yes
Yes
Yes
Provides mobile telephony, TV, internet, and fixed telephony solutions.
Based in Brussels, Belgium.
Map applications, and map APIs.
Provides various digital brands and products to consumers worldwide.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration in excess of $1 billion.
14
Web: architectpartners.com | Email: [email protected]
