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Blog

Nov 24, 2015

Why are the PE firms Winning? In a word, Patience.

In the News 0 Comments

Last week we discussed the fact that how more and more often we see PE firms winning auctions – buying companies that once we would have expected to see go to strategic buyers. You can see the post here. Now let’s talk about one of the big reasons WHY. Sure PE firms have raised tons of money that they can spend on buying businesses. Sure ample financing is available for these transactions, at low interest rates. Sure PE firms are really in the full time M&A business and may be willing to take more risk. One reason that few talk…

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Nov 20, 2015

The Square IPO, Unicorns and Vanity Pricing

In the News, Valuation 0 Comments

So the Square IPO priced “below the last round.” That’s what the news media reported. In fact, one media story was headlined “Square Flops.” So was yesterday really a bad day for Square? Nope. It was a very very good day – for everyone involved, and much of the news media missed it. The Square IPO was good for the company because they were able to raise $243 million of much needed cash to keep growing; it was a good thing for employees because the IPO made their shares and stock options liquid (once their lock-up expires); it was a…

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Nov 18, 2015

November 2015 Enterprise Data & Analytics Market Update

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Not long ago, Harvard Business Review heralded data scientists as the sexiest job of the 21st century – talk about revenge of the nerds! But is this still the case? The linked report focuses on our sense of m&a values and activities in the Enterprise Data & Analytics sector. It’s our third report focused on this arena. We hope you find it useful. It’s an intriguing world. Click here for the report With the proliferation of connected devices, widespread adoption of social media, and the ability to accurately interpret unstructured data, businesses are increasingly turning to these data scientists and…

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Nov 17, 2015

Are PE Buyers gaining on Strategics? Recent data says, yes.

In the News 0 Comments

For close to 20 years in M&A, I’ve heard the conventional wisdom that strategic buyers pay more than financial buyers. The logic of the synergies mantra has always seemed to make sense. In theory, strategic buyers can find concrete cost synergies (and also some revenue synergies) to justify paying a higher price. As an advisor on sell-side M&A transactions, I often hear clients, colleagues and prospects repeat this mantra in our go-to-market strategy sessions. Here’s the thing, over the last couple of years I’ve seen more than a few instances where PE players have done transactions in which the conventional…

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Nov 16, 2015

Will The Big B2B incumbents adapt & disrupt – or be Uberized?

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David Craig, who leads the FinTech business for Thomson Reuters has an interesting post out. You can read it here: http://tinyurl.com/qe7rl5l. Craig is a smart guy and he makes several quite valid points about the opportunity for someone to use technology to disrupt the B2B FinTech industry in ways similar to that of Uber and Airbnb. But, so far I haven’t seen any of the big vendors who are doing so. I’m not sure that any of them yet “get it.” Firms such as Uber and Lyft in the taxi industry, and Airbnb and others in the hotel industry are using technology not only to…

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