Financial Technology, Data, and Analytics

Dear Clients and Friends:

“Today the eyes of all people are truly upon us—and our governments, in every branch, at every level, national, State, and local, must be as a city upon a hill—constructed and inhabited by men aware of their grave trust and their great responsibilities.”— John F. Kennedy. January 9, 1961 – exactly 60 years ago today, as I write this…

Normally we begin these reports commenting on m&a values among mid-sized FinTech, Data and Analytics companies.  That report is HERE.  It shows that the market was strong in 2020.  A strong 2021 presumes continued economic strength and a return to political stability – and that’s where the eyes of all people are now turned.

We begin 2021 with cautious optimism – believing that the US is an innovative, resilient nation that can and will overcome the challenges of a global pandemic that has led to millions dead, shuttered businesses, unemployed millions, and overwhelmed healthcare systems; believing we can meet the challenges of global warming, international opportunism, domestic unrest, and an outgoing President that has denied election results certified by all 50 US states, repeated allegations of election fraud rejected by the US Departments of Justice and Homeland Security as well as scores of courts – and exhorted thousands of acolytes to march on the US Capitol to “…make Congress do the right thing“ – resulting in horrific acts that left five people dead, including a 35-year-old female Air Force veteran Trump supporter, and a U.S. Capitol Police officer. 

We start this New Year with the eyes of all people upon us – most believing that, with leadership, we will unite to overcome these challenges – and reclaim the mantle as “…a beacon of hope and a source of inspiration for people everywhere.” 

As you will see in our report, despite our challenges, m&a values among FinTech, Data and Analytics companies remain strong as we enter this New Year.  We believe that there is light at the end of this tunnel – and that our world and yours will emerge stronger than ever.  A few of the more interesting recent transactions over the past month include: 

• Our client, ClaimVantage, an InsurTech provider of automated, cloud-based life, health and absence claims management solutions to insurance carriers, third-party administrators (TPAs), and employers, has agreed to be acquired by Majesco (InsurTech)
• Salesforce.com Inc. confirmed a deal to buy Slack Technologies Inc. for $27.7bn (Digital Tech)
• Thoma Bravo has struck a deal to buy RealPage for $9.6bn (Real Estate Tech)
• Apollo Global Management and Hudson Executive Capital agreed to buy Cardtronics for $2.3bn. Cardtronics will be acquired for a cash consideration of $35 per share. This represents a 35% premium on Cardtronics’ closing share price on 12/08/2020 (Bank Tech)
• C3.ai raised $651mn in its IPO on NYSE under the ticker symbol of AI (Digital Tech)
• Affirm agreed to buy PayBright through a C$340mn ($264mn) deal (Payments Tech)

The eyes of all people are truly upon us.
 

Ken