Professional Documents
Culture Documents
Q4 2012
FEBRUARY 2013
FOLLOWING ANALYSIS
SUMMARY OF VC-BACKED M&A EXITS: VC-BACKED M&A TRANSACTIONS:
SUMMARY OF QUARTERLY ACTIVITY IN NUMBERS AND TONE
LISTING OF TRANSACTIONS.
VC-BACKED
2. 3.
BT / Tikit Group Adobe / Behance Cisco / Meraki Expedia / Trivago j2 Global / Zi Davis Media
4.
(a) Note: Data pertains to 9 transactions in the quarter (out of a total of 12), where both acquisition price and total invested capital were disclosed between the $25mm - $1b range.
MARKET TONE
Average. Decrease in activity and consideration paid. Quality businesses with momentum will continue to attract strong interest. Strategic-driven transactions command premium exits.
Q4
20
Q1
2011 Q2 Q3
27
Q4
21
Q1
16
4
2012 Q2 Q3
25 20
Q4
15
3 17
4 27
4 18 16
2 23 23 19
5 3 15 12
12
12
16
$3.2
$3.4
$3.6 $2.3
$1.8
$3.7
$3.8 $3.1
$80
$95
75%
84%
73%
75%
TARGET
ACQUIRER
CAPITAL ($mm)
$1,488
INVESTED
$1,789
(a)
NA
$1,200
$80
15.0x
$871
(a)
NA
$650
$160
4.1x
$628
$55
11.4x
$250$350
$65
3.9x5.4x
$165
$20
8.3x
Note: a) Represents public company at time of acquisition. For purposes of this VC-backed M&A analysis, Architect Partners only includes recently public companies that have IPO dates within one year preceding the announcement of an M&A event. Source: Architect Partners, Capital IQ and Public Information
CAPITAL ($mm)
$7
INVESTED
$98
$1
98.0x
$77
$18
4.3x
$65
NA
NA
$57
NA
NA
$50
$23
2.2x
$45
$13
3.5x
Average Median
15.7x 4.7x
Note: a) Represents public company at time of acquisition. For purposes of this VC-backed M&A analysis, Architect Partners only includes recently public companies that have IPO dates within one year preceding the announcement of an M&A event. Source: Architect Partners, Capital IQ and Public Information