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Total M&A Exits (a) 785 604 630 688 792 797 730 837 779
Core M&A exits up 13%
year-over-year.
113 116
103 102
86 94 91
80 79
Core M&A Exits (b)
$25.9 $25.1
$22.1
$20.5 $21.0 $21.2 $21.2
$20.0
Consideration
$14.8
Exchanged
$billions (b)
Average Consideration
$216mm.
Proportion Premium Value (c) Up 6%Year-OverYear
Media
9%
Security 4% Enterprise
32%
Application
6%
Network
Core Transactions by Sector Infrastructure 11%
Hardware
11%
Number of Deals
Digital by Sector
Marketing
SECTORS
Consumer Application
Enterprise Application
Analytics Application
Network Infrastructure
Security
Ecommerce
Digital Marketing
Media
App Development
Hardware
$2,792 $6,541 $388 $1,752 $474 $2,816 $4,265 $1,717 $2,158 $2,615 $2,380 Service Provider
Total sector M&A value in $mm Source: Architect Partners LLC, Capital IQ, company filings and public information 3
PREMIUM VALUE DEALS Premium Value is defined as greater than 5 times invested equity capital
Q2 - 2017 or 5 times the estimated last 12 months revenue (LTM)
1. 2. 3. 4. 5.
1 / 14 | $737mm 6 / 10 | $160mm 2 / 7 | $220mm 1 / 7 | $10.3B 0 / 7 | $1.4B
Owlchemy Labs Cloudyn Beddit StraightPath None
Deis SensoMotoric Communications
Heighten Software
Hexadite
Intentional Software
Open Build Service
6. 7. 8. 9. 10.
0 / 7 | $1.1B 3 / 6 | $4.8B 3 / 6 | $593mm 1 / 6 | $14.B 2 / 5 | $9.9B
None MindMeld Cntrl Me Robotics Whole Foods Moat
Saggezza Placed Wercker B.V.
Vitela Zenly
Number of new deals in Q2 / total deals last 4 quarters | total spend last 4 quarters (a)
a) A number of transactions do not disclose acquisition price, so aggregate value of deals over the last twelve months is likely understated.
Source: Architect Partners LLC, Capital IQ, company filings and public information 5
CORE TRANSACTIONS
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Oers online education and training courses in accounting, marketing,
Get Educated International
2U South Africa 123 project management, and tourism management. Founded in 2008, based in
Proprietary Ltd
Cape City, South Africa.
Provides in-store audio, visual, mobile, voice, drive thru, commercial TV,
Apollo Global Management;
social, and scent marketing solutions to specialist retailers, department
GSO Capital Partners; Mood Media Corporation 647
stores, supermarkets, financial institutions and fitness clubs, hotels, car
Arbiter Partners Capital
dealerships, and restaurants. Founded in 2006, based in Austin, TX.
Marvell Technology Group Ltd., LTE thin-modem business of Marvell Technology Group Ltd. comprises the
ASR Microelectronics Co. 45
LTE Thin-Modem Business business unit that develops LTE thin-modems.
Develops payroll, tax, and HR software for the payroll service bureau market
Asure Software, Inc. iSystems, LLC 59 and other financial services providers in the United States. Founded in 1996,
based in Colchester, VT.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 6
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Axel Springer Digital Publishes magazines on real estate news and operates a real estate news
Concept Multimedia S.A. 115
Classifieds France SAS website. Founded in 1994, based in Aix-en-Provence, France.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 7
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Provides fiber optic and data center infrastructure solutions to businesses,
Crown Castle International
Wilcon Holdings LLC 600 wireless carriers, and other communications service providers in Southern
Corp.
California. Founded in 1998, based in Los Angeles, CA.
Owns and operates an online travel agency for flights. Founded in 2002,
CVC Capital Partners eTRAVELi Holding 565
based in Uppsala, Sweden.
80% of Peanuts Worldwide LLC Operates Peanuts comic strip, DVDs, and TV shows. Strawberry Shortcake
DHX Media Ltd. &100% of Strawberry Shortcake 345 produces cartoon shows. Peanuts Worldwide LLC and Strawberry Shortcake
brand brand are based in the United States.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 8
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Elektrophoenix Gesellschaft Designs and manufactures fiber optic Ethernet products and Ethernet
EtherWAN Systems, Inc. 33
Mit Beschrnkter Haftung equipment for harsh environments. Founded in 1996, based in Anaheim, CA.
Provides ticketing, marketing, and analytics tools that help event promoters
and venues to book talent, streamline operations, sell tickets, increase
Eventbrite, Inc. Ticketfly, Inc. 200
revenue, and reward loyal fans. Founded in 2008, based in San Francisco,
CA.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 9
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Fondi Italiani per le
Provides telecommunications and data center services for enterprises and
Infrastrutture SGR SpA; Infracom Italia S.p.A. 143
telco operators. Founded in 1999, based in Verona, Italy.
Marguerite Adviser SA
The Yield Book Inc. provides tools to aid in bond investment strategy for
The Yield Book Inc. and investors; Citigroup Index LLC develops and oers a fixed income analytics
FTSE International Ltd 685
Citigroup Index LLC platform. The Yield Book Inc. and Citigroup Index LLC are based in the
United States.
Futaihua Precision
ShanXi Yuding Precision Manufactures and sells computer, component and consumer electronics (3C)
Electronics (Zhengzhou) 162
Technology CO.,LTD. electronic products. Founded in 1982, based in China.
Co., Ltd.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 10
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Develops and provides electronic payment-processing and merchant
solutions. The company oers debit and credit card processing, gift and
GTCR, LLC Sage Payment Solutions, Inc. 260
loyalty, and electronic check and automated clearing house (ACH) payment
solutions. Founded in 1993, based in Reston, VA.
Operates an automated platform that enables users to buy and sell access
GTT Americas, LLC GC Pivotal LLC 160
network solutions. Founded in 2000, based in Chicago, IL.
Hongfujin Precision Zhengzhou Fulianwang Zhengzhou Fulianwang electronic technology Co. is a semiconductor and
363
Electronics Co.. Electronic Technology Co. electronic parts manufacturer. Founded in 1988, based in Zhengzhou, China.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 11
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Operates a financial news place and provides current market information for
International World News Capital Nine News 92
the general market place. Founded in 2005, based in Singapore.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 12
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Provides various payment and digital marketing solutions for Website
Natixis S.A. Dalenys 95 publishers, media groups, online retailers, and stores in France and
internationally. Founded in 2002, based in Brussels, Belgium.
Network For Electronic Banking Computer Services Ltd Both companies provide electronic payment services to customers in
27
Transfers Pte and BCS Information System Ltd Singapore. The companies are based in Singapore.
Develops a mobile application for the fantasy sports and sports betting
Paddy Power Betfair StarStreet, Inc. 48 x
market. Founded in 2009, based in New York, NY.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 13
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Engages in developing semiconductor processing technology in designing
Powertech Technology
Micron Akita, Inc. 51 DRAM circuits, developing advanced processing technology, and achieving
Japan LLC
better productivity. Founded in 2006, based in Akita, Japan.
Sector Telecom Georgia Oers mobile communication services. Founded in 1995 and is based in The
ITC Cellular, LLC 72
LLC United States. Operates as a subsidiary of MIG LLC.
Sekisui Chemical Co., Ltd.; Manufactures and sells electronics parts for automobiles and mobile
PT Cayman Limited 180
Inabata & Co.,Ltd. terminals. Founded in 2006, based in Japan.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 14
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Manufactures chipsets for AV/KVM signal extension, matrix switching,
Semtech Corp. AptoVision Technologies Inc. 75 Internet protocol (IP)-based switching, video-wall, and multi-view
applications. Founded in 2011, based in Saint-Laurent, Canada.
Shanghai Qi Cheng Develops and sells hotel searching and booking software. Founded in 2002,
Hubs1 Interactive Co. 80 x
Network Technology Co. based in Shanghai, China.
Shanghai Wuniu Network China Netcom Technology Oers online lottery system management services, as well as operates
32
Technology Co. Holdings lottery sales halls services. Founded in 1996, based in Hong Kong.
Develops and operates a real time location sharing mobile application that
Snap Inc Zenly 250-350 enables users to keep in contact with friends. Founded in 2010, based in x
Paris, France.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 15
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Develops Internet-based free-to-play mobile and tablet games. Founded in
Supercell Oy Space Ape, Inc. 56 x
2012, based in Waltham, MA.
Marvell International Ltd., Marvell Technology, Multimedia Solutions Business provides precise audio
Synaptics Inc. 95
Multimedia Solutions Business technology for video games.
Owns and operates television stations Net5, SBS6, and Veronica. The
Talpa Holding N.V. SBS Broadcasting B.V. 251 company also publishes television listings magazines. Founded in 2008,
based in Amsterdam, the Netherlands.
Telecommunications
Provides Internet and telecommunication services throughout Trinidad &
Services of Trinidad and Massy Communications Ltd. 38
Tobago. Founded in 2006, based in San Juan, Trinidad & Tobago.
Tobago Ltd.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 16
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Acquisition includes Experians suite of cross-channel and email products,
Experian's Email/Cross-Channel including the Experian Marketing Suite, CheetahMail, and Mail Publisher, as
Vector Capital 300
Marketing Business well as its full portfolio of professional and strategic services. Acquired 75%
of the business.
Xinyu Zhongyu Gaopeng Manufactures radio-frequency and mixed signal system chips. Founded in
Telink Semiconductor Co, Ltd 270 x
Xiangyun LP 2010, based in Shanghai, China.
Oers residential property market insights and analytics through its online
Zoopla Property Group Hometrack.co.uk Ltd 182
platform. Founded in 2000, based in London, UK.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 17
OTHER NOTABLE DEALS
Q2 - 2017 Premium Value M&A
TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Mettle's Skybox Suite, a business unit of Mettle, provides the editing tools
Adobe Systems Inc. Mettle - for building transitions, titles and eects in VR applications and 360-degree
videos.
Advanced Micro Devices, Develops high-powered and sophisticated chips that power virtual reality
Nitero, Inc. - x
Inc. (VR) headsets. Founded in 2009, based in Austin, TX.
Provides a visual perception software module for robot, HMD, and drone
Baidu, Inc. xPerception Technology Inc. -
applications. Founded in 2016, based in Mountain View, CA.
Builds open source software that helps developers and operators build,
Microsoft Deis - deploy, manage, and scale their applications on top of Kubernetes. Founded x
in 2015, based in San Francisco, CA.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 18
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