Paris MB Briefing: Top 10 Disruptive Tech Trends Driving M&A

MERGE BRIEFING
Paris MB: 28 March

2
Corum Speakers
 Founder & owner of 4 software companies
 Served on advisory boards for Microsoft, IBM,
DEC, Comdex and Apple, and as board
member/founding investor for Blue Coat,
Bright Star and Sabaki.
 Founder of the WTIA, the nation’s most active
regional technology trade association.
 Chosen as one of the 200 most influential
individuals in the IT community in Europe.
 A graduate with Distinction from Harvard
Business School, written 3 books on business
models for success
Bruce Milne
CEO
 20 years of international entrepreneurial and
business experience growing software and
business services companies
 CEO of The Seasam Group, digital marketing
and IoT company for intelligent transportation
systems and digital signage solutions
 Director level positions in Cisco leading
Nordic sales
 Investor and board member of a number of
startups and young companies in a diverse
range of sectors
 BBA in International Business and MBA in
Finance and Marketing, Swedish School of
Economics
Julius Telaranta
Vice President

4
Global Presence – 60% of transactions cross border

5
Research
Education
Valuation
World Tech M&A Leaders…

6
Unsurpassed Buyer Access
Corum Buyer
Knowledgebase
Engagements
Internal
Research
External
Research
Education
Outside
Events
Transactions
Outside
Advisors
(WTC)

7
Detailed, professional
process
Team approach
Most senior
dealmakers
World Technology
Council
Sold more software-related firms than anyone
Achieving an Optimal Outcome

8
Hong Kong /
Canada
Italy / Austria Ireland / Finland Australia / Australia
Japan / USDenmark /
Finland
UK / China
US / Germany
Recent Corum Transactions

9
Agenda
 Market Perspective
 Top 10 Disruptive Technology Trends
 M&A Activity & Valuations
 Factors Driving Tech M&A
 Achieving an Optimal Outcome
 Avoiding Deal Disasters
 Closing Thoughts

11
Leveraging Corum’s Unique Position
Top 10 Disruptive
Technology Trends
1000s of
Buyer
Interactions
(Deals)
1000s of
companies
(Education)
1000s of
industry
transactions
(Research)

12
Why worry about these trends?
1. Trends create change
2. Change drives strategic imperative
3. Strategic imperative drives acquisitions
4. Well-positioned companies get sold
Are you part of any of these trends?

13
Corum Top Ten Technology Trends 2017
AI Enablement IoT
Software
Visual
Intelligence
Systems
Digital Currency
Flow
Data Science
Monetization
Online
Exchanges
Omni-channel
Sales
Connected
Health
Focused IT
Services
Data
Security
CORECONTOUR

14
Putting AI to work by means of big data and feedback
#1: AI Enablement
 Nascent AIs and other
machine learning platforms
need data.
 Need tasks that provide
data, benefit from improving
expertise, then provide
feedback to improve the
platform.
 Business cases emerging
rapidly across all sectors.
 Significant stores of unique
data can short-circuit “build
vs. buy” debates in M&A.
Corum Top Ten Disruptive Technology Trends 2017

15
Emerging platforms, standards & analytics
#2: IoT Software
 Internet of Things (IoT)
growth brings us into its first
full software cycle.
 Each “Thing” needs
platforms, communication,
analytics, etc.
 Competing platforms and
associated ecosystems
beginning to coalesce.
 IoT software often, but not
always, inextricably
enmeshed with hardware.
 Compatibility-driven, as in
other cycles of disruption.

16
Intersection of AI, computer vision & analytics
#3: Visual Intelligence Systems
 Evolution of Positioning
Intelligence beyond GPS
required computer vision.
 Drones and self-driving cars
driving advanced vision tech
with even larger implications.
 Retail, security, energy,
agriculture, advertising are all
being impacted.
 Companies creating practical
solutions with this tech—
especially utilizing analytics—
are in high demand.

17
Decreasing friction in payments & exchange
#4: Digital Currency Flow
 Currency flow moving towards
fewer barriers, reduced regulation
and less friction on transactions
globally.
 Banks face competition from
nimbler mobile and web point
solutions.
 Includes alternative currencies—
from blockchain/bitcoin to in-
game currencies to Starbucks
payments.
 Software & systems that speed or
harness payment flow have
significant potential.

18
Maximizing return with real-time analytics
#5: Data Science Monetization
 In a world of freemium, free-to-
play & declining ad effectiveness,
turning users or viewers into
dollars is a premium capability.
 Robust analytic tools are no
longer optional, especially for
consumer-facing companies.
 Gaming companies are leading
the way, deriving value from their
analytic capabilities as much as
entertainment.
 Video ads are close behind with
opportunities in e-commerce,
brick & mortar, B2B and beyond.

19
Connecting creators & consumers
#6: Online Exchanges
 Uber & others recharging the
concept that created online
commerce, putting unused
capacity to work.
 Not just connecting buyers &
sellers, but creating previously
non-existent opportunities on
both sides.
 Disruptive opportunities
include:
 Personalization
 Real-time commerce
 Financial disintermediation

20
Purchasing decisions anywhere, any platform
#7: Omni-Channel Sales
 Consumer platforms & devices
continually fragmenting.
 Marketing keeping pace – next
challenge is sales, both decision
points and actual purchase.
 Point at which money changes to
product must be immediately with
customer, moving closer by being
on their favorite device.
 Persuasion must move there as
well, taking new forms as it does.
 Consumer brands leading the
way, but enterprise is not far off.

21
Linking people to their health data & services
#8: Connected Health
 Technological, regulatory
and demographic changes
converging to create
significant opportunity.
 Leveraging new tech:
smartphones, trackers,
connected medical devices,
genomics, remote
monitoring.
 Improved self-care and
remote care/diagnosis.
 Makes healthcare more
patient-centric by enabling
healthcare consumerism.

22
Differentiation drives new value in a sleepy sector
#9: Focused IT Services
 New and more pervasive
technologies creating new
needs for maintenance,
extension and utilization.
 Teams that provide customer
value around a specific
technology, sector or problem
are seeing increased value.
 Buyers seeing more value in
purpose-built IP emerging out
of services firms.
 Services on the edge of key
trends seeing particular
interest.

23
Building barriers in an age of blurred lines
#10: Data Security
 New technologies creating
new risks from freer flowing
data.
 High impact breaches (DNC,
Yahoo, Dyn DNS, Oracle
Micros) drive broad
recognition of security needs.
 Key trends include security
analytics, rapid detection &
in-process threat response.
 Internet of Things opening a
new front in this fight – the
Dyn DDoS attach came from
infected IoT devices.

25
$3
Trillion
$1
Trillion
Cash Available for Acquisitions
Strategic Tech
Buyers
Private Equity

26
Corum Index
Market
Transactions
20162015
4307 3914
Mega Deals
59 80
Largest Deal $63B $39.2B
Pipeline
2015 2016
Private Equity Deals
232 320
VC Backed Exits
657648
Attributes
20162015
34%
Cross Border
Transactions 35%
Start-Up
Acquisitions 12%13%
15 yrs14 yrs
Average Life
of Target
38%
36%
7.7%
9.1%
2.9%
38%
1.4%
7.1%

27
24
21
20
15
14
13
12 12
11 11
10 10 10 10
Top Strategic Acquirers – 2016

28
39
21 21
19 19
16 16 15 14 13 13 12 11 11 11
Top Private Equity Acquirers – 2016

29
Vertical Application Software Market
Public Valuation Multiples
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA
Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x
EV/S 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x

30
Subsector Sales EBITDA Examples
A/E/C 5.72x 22.35x
Automotive 5.01x 20.05x
Energy &
Environment
4.78x 19.73x
Financial Services 5.08x 16.28x
Government 1.95x 13.06x
Healthcare 3.90x 19.81x
Real Estate 6.99x 23.93x
Vertical Other 4.48x 13.70x
Vertical Application Software Valuations

31
Horizontal Application Software Market
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
EV/SEV/EBITDA

32
Business
Intelligence
3.61x 18.85x
Marketing &
Ad Tech
1.84x 15.66x
CRM 1.61x 45.82x
ERP 4.21x 21.64x
Human Resources 6.29x 31.66x
SCM 5.68x 20.17x
Payments 3.83x 15.93x
Other 3.46x 16.62x
Horizontal Application Software Valuations

33
salesforce.comUltimate Software
Concur
EloquaOpenTable
athenahealth
Medidata
ExactTargetLivePerson
Kenexa
Informatica
DealerTrack Vocus
LogMeIn
Callidus Saba
Websense Constant Contact
0.00 x
1.00 x
2.00 x
3.00 x
4.00 x
5.00 x
6.00 x
7.00 x
8.00 x
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
TTM Revenue
Multiple
Revenue Growth YoY
High SaaS Growth Tracks Valuation

34
Consumer Application Software Market
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
5.00 x
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
19.00 x
EV/SEV/EBITDA
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17
EV/EBITDA 13.73 x 12.98 x 13.60 x 14.42 x 16.03 x 15.89 x 15.68 x 16.21 x 17.32 x 17.80 x 14.73 x 14.82 x 15.82 x 17.52 x
EV/S 1.83 x 1.88 x 1.83 x 1.76 x 2.05 x 1.96 x 2.15 x 2.09 x 2.31 x 2.16 x 2.12 x 2.04 x 2.27 x 2.18 x

35
Casual Gaming 3.47x 24.95x
Core Gaming 2.44x 10.99x
Other 1.65x N/A
Consumer Application Software Valuations

36
Internet Market
1.00 x
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
5.00 x
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
19.00 x
21.00 x
23.00 x
25.00 x
EV/SEV/EBITDA

37
Diversified
Internet
5.29x 19.48x
eCommerce 1.18x 30.12x
Social Network 4.14x 19.24x
Travel & Leisure 5.81x 21.11x
Internet Valuations

38
Infrastructure Software Market
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
3.00 x
3.20 x
3.40 x
3.60 x
3.80 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/EBITDA EV/S

39
Endpoint 3.64x 16.35x
IT Services
Management
4.63x 29.59x
Network
Management
2.76x 9.27x
Security 3.63x 18.42x
Storage & Hosting 2.71x 12.89x
Other 5.24x 13.50x
Infrastructure Software Market

40
IT Services – Developed Markets
0.40 x
0.60 x
0.80 x
1.00 x
1.20 x
1.40 x
1.60 x
5.00 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SEV/EBITDA

41
IT Services – Emerging Markets
0.40 x
0.90 x
1.40 x
1.90 x
2.40 x
2.90 x
3.40 x
3.90 x
5.00 x
7.00 x
9.00 x
11.00 x
13.00 x
15.00 x
17.00 x
19.00 x
EV/SEV/EBITDA

42
Developed 1.25x 11.03x
Emerging 2.95x 14.25x
IT Services Valuations

43
French Targets – Brief Overview
Last 12 months
 101 announced Tech Deals
 Deal size ranges from €0.6M - €250M;
Median is €61M
 Revenue multiples range from 0.4x - 5.6x for
disclosed amounts
 17% of Targets had VC funding
 Markets ranging from ERP & BI software, to Data
management, to Internet content & commerce,
to Mobility, to IT & Hosted Services.

44
Largest Deal
Enablon [France] acquired by Wolters Kluwer
Legal & Regulatory Solutions [Netherlands]
Risk & energy management software
 May 2016
 €250M Deal Value
• 5.6x Sales
 Top EHS provider Enablon will operate as a unit of
Wolters Kluwer’s division adding domain knowledge
for its customers.
 The acquisition is considered as one of the largest
European venture capital exits this year.

45
Deal Spotlight
Ketchapp Games [France] acquired by Ubisoft
Entertainment SA [dba Ubisoft] [France]
Mobile game development
 September 2016
 With the purchase of a small startup, Ubisoft
furthers a strategy to become the biggest game
publisher on the planet and tries to stay
independent from Vivendi which has already
approached them.
 Ubisoft also bought Racing videogames software
developer Ivory Tower in October 2015.

46
Deal Spotlight
OCTO Technology [France] acquired by
Accenture Ltd. [Ireland]
Technology consulting & SI
 September 2016
 With presence in 5 countries OCTO got access to
substantial resources by joining Accenture Digital
while Accenture penetrated digital marketing
sphere in French market to compete with giants:
IBM, Dell and Deloitte.

47
Deal Spotlight
StickyADS.tv [France] acquired by FreeWheel
Media Inc. [Comcast] [USA]
Online video ad exchange
 May 2016
 €100.8M Deal Value
 After StickyADS.tv joined FreeWheel’s “Preferred
Partners” Initiative the partnership resulted into the
deal and combined offering for a new ecosystem
of TV publishers.

48
Deal Spotlight
News Republic Inc. [France] acquired by
Cheetah Mobile Inc. [China]
News aggregation mobile application
 August 2016
 €50.8M Deal Value (Reported)
 News Republic will benefit of increasing traffic
while Cheetah will be able to target a different set
of users.
 The transaction followed Cheetah’s purchase of
French mobile advertising SaaS provider
MobPartner for €55M back in March 2015.

49
Deal Spotlight
Talentsoft SA [France] acquired by Goldman
Sachs [USA]
Workforce management SaaS
 October 2016
 Talentsoft teamed with Goldman Sachs continuing to
successfully compete with Oracle and SAP in the
talent management software market.
 The transaction is a breakthrough on the global
financial scene as Talentsoft is about to accelerate
R&D and gain scale geographically (Europe).

50
Deal Spotlight
Norskale France SAS [France] acquired by
Citrix Systems Inc. [USA]
Desktop & application virtualization SaaS
 September 2016
 Driven by demand for business mobility by end-
users Citrix filled the gap in the area by adding
Norskale with its excellent reputation in User
Environment Management industry.

51
Deal Spotlight
Nextperf [fka Next Performance] [France]
acquired by Rakuten Marketing [Rakuten] [USA]
AI-based marketing retargeting software
 July 2016
 With Nextperf’s programmatic technology being
provided throughout Europe, Brazil, North America
Rakuten will expand into its strategic market,
Europe.

52
Deal Spotlight
AlephD SA [France] acquired by AOL Inc.
[Verizon] [USA]
Advertising pricing optimization SaaS
 January 2016
 AlephD’s yield management tools will be build into
a unified publisher platform called ONE by AOL.

53
1. Disruptive trends – Strategic imperative to buy
2. Cash – Strategic & financial buyers
3. Low cost debt for leveraged buyouts
4. Many new buyers (IPOs, non-tech)
5. Strong financial markets
5 Reasons Tech M&A Will Remain Strong

54
1. Geopolitical Disruption
2. Currency Crisis
3. Inflation Increasing
4. Rising Interest Rates
5. Stock Market Adjustment
6. M&A Cycle Ends
6 Global M&A Concerns

55
1. Consolidation of Market Segment
2. Game-changing Tech Paradigm Shift
3. Personal/Partner/Management Health
4. Conflict – Founders/Investors/Personal
5. Litigation/Negligence/Criminal Acts
6. Death or Incapacitation
6 Personal/Company M&A Concerns

57
ACHIEVING AN
OPTIMAL OUTCOME

58
Buyer Seller
The Inherent Problem in M&A
Price
Structure
Liabilities
Taxes
Non Competes
You will be diametrically opposed on everything……while negotiating with your future boss

59
 More time - regulatory environment (SOX)
 More tasks than people realize
 Busy buyers – reviewing 100s of opportunities
 Tougher outside professionals
 More complex due diligence required
 Deal fatigue – Letter of Intent (LOI) to close
The M&A Process is Tougher…

60
Your Goal: an Optimal Outcome

62
62
Creating the best transaction
structure

63
Minimizing
personal liability/risk

64
Reducing tax
liability and holdbacks

65
Structuring ideal
employment/non-competes

66
Providing for
proper integration

67
1
8 Stages for an
Optimal Outcome
IntegrationClosing
Due
Diligence
NegotiationDiscoveryContactResearchPreparation

68
1
 Set tasks, timeline
 Allocate staff resources
 Conduct internal due diligence
 Compile business/marketing plan
 Ready financials/projections
 Ready presentation materials
 Begin collecting due diligence materials
Stage 1: Preparation
IntegrationClosing
Due
Diligence

69
1
Stage 2: Research
 Prepare buyers list (A&B level, financial, non tech)
 Perform strategic analysis on each buyer
 Prepare preliminary valuation
 Determine proper contact (Execs, EA’s, advisors)
 Outside advisor/board/investor influencers
 Prepare position statement for each buyer
IntegrationClosing
Due
Diligence

70
1
Stage 3: Contact
 Create introductory correspondence
 Draft/customize executive summary
 Execute NDAs and non-solicitations
 Screen initial interest, valuation expectations
 Establish log on all communications
 Refine position/process based on feedback
IntegrationClosing
Due
Diligence

71
1
Stage 4: Discovery
 Coordinate conference calls, site visits, and meetings
 Establish technology review process
 Prepare formal valuation report
 Develop synergy and contribution analysis
 Set up NDA with customers, contractors, etc.
 Finish due diligence on buyer
IntegrationClosing
Due
Diligence

72
1
Stage 5: Negotiation
 Organize and host final visits
 Provide structure & valuation guidance
 Create an auction environment
 Negotiate with top bidder(s)
 Sign Letter of Intent (L.O.I.)
 Inform other bidders of No Shop
IntegrationClosing
Due
Diligence

73
1
Stage 6: Due Diligence
 Verification of financial statements/projections
 Determine if outside advisors/opinions needed
 Establish confidential data room
 Technical/Legal/Ownership due diligence
 Written explanation of business model/methodologies
 Complete definitive agreement/ attachments
IntegrationClosing
Due
Diligence

74
1
Stage 7: Closing
 Final reps & warranties
 Determine escrow hold-backs
 Final opinion(s)
 Sign contracts
 Arrange payment/distribution
 Regulatory filings
 Disclosure schedules
IntegrationClosing
Due
Diligence

75
1
Stage 8: Integration
 Advanced planning – during negotiation
 Determine synergies
 Best practices analysis
 Interim transition team
 Employee retention plan
 Set up monitoring/reporting
IntegrationClosing
Due
Diligence

76
1 to 5+
offers1 to 5+
20 to 200
global buyer
candidates
20 to 200
3 to 8
qualified
parties
5 to 15
NDAs
Optimal Outcome by the numbers
700 to 1000
communications
of various kinds
700 to 1000
10 to 30
expressions
of interest
10 to 30
5 to 15 3 to 8

77
With a Professional Global Search
9 – 12 months
required to complete because of workload,
Sarbanes-Oxley (SOX) and buyer due
diligence (DD) considerations
…you can generate interest very quickly, but buyers
are constrained in how fast they can move.

78
Resell/License
Do you want to buy
my company?
J.V./Alliance
M&A Uniquely Allows Entry to Top Execs
CEO
MKTFIN MANF
DIVDIV DIVDIVDIV
DIVDIVDIVDIV
The only time you can go straight to the top

79
5 Major Benefits of a Professional Process
Model
The
preparation
process will
help forge a
better
business
model for
your firm
1
Research
Your
strategic
position will
improve from
the research/
positioning
process
2
Market
Feedback
Buyer
contact will
provide
invaluable
data/insights
to help
improve your
value
3
Relation-
ships
Not everyone
is a buyer,
but you open
many doors
which will
yield
business
4
Exit
The merger,
asset sale, or
financial
recap of your
company
5
79
Any of these benefits will
justify the time and expense
of a global partner search.

81
Sold again in 2 years for $100 million (6x)

82
Sold for $56M (.6x) – missed the windowMarket consolidated—Company A bought Company B!

83
AVOIDING THE
DEAL DISASTERS

84
Lessons From Experience
This M&A process workload and pitfall analysis is based
on data supplied by the World Technology Council
(WTC), Corum’s 500-member advisory board of past
sellers, industry experts, buyers and investors.
Top 60 Documents and Projects
Top 6 Value Destroyers
Sellers’ Single Biggest Mistake
Top 10 Deal Killers

85
• Corporate Preparation
• Business Plan
• Marketing Plan
• Org Chart
• Staff Bios
• NDA
• Non Solicitation
• Executive Summary
• Introduction Letter
• Financials (3 years)
• Recast Financials
• Financial Package
• 3 Year Projections
• Pipeline Analysis
• Lead Process
• Pricing Analysis
• Market Research
• Competitive Research
• Buyer Research
• Ind. Buyer Strategy
Top 60 Documents & Projects (1-20)
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors

86
• Corporate Presentation
• Comparable Transactions
• Industry Comps
• DCF Analysis
• Replacement Cost
• Terminal Value
• Valuation Report
• All Agreements
• All Litigation – Threats
• Shareholder Qualification
• HR Needs
• Audit
• Activity Log
• Terms Sheet(s)
• Synergy Analysis
• Dilution Analysis
• Tax Analysis
• Taxable Assets
• Negotiation
• LOI

87
• Stand Still Prep.
• Outside Opinions
• DD Checklist
• DD Timeline
• Merger Agreement
• Asset Schedule
• Fairness Opinion
• Employ. Agreement
• Non Competes
• Patent Analysis
• Customer Overview
• Client Sign-off
• Bulk Sale
• Sovereign Approval
• Proxies
• Security Agreements
• Registration
• Shareholder Exp. Distr.
• Announcements
• Integration Process

88
1. Confidentiality—internal/external
2. Theft of technology
3. Loss of staff (non-solicitation)
4. Wear on CEO/management
5. Business drop-off—lack of focus
6. Going to market too late
Top 6 Value Destroyers

89
They are trying to lock you up
Often demand exclusive negotiations
Don’t want you talking to others
Want to pay less than true value
Remember your fiduciary obligation!
Seller’s biggest single mistake…
…dealing with only one buyer

90
Top 10 Deal Killers
1. Dealing with only one buyer
2. Misalignment: shareholders/empl/mgmt
3. Contact at the wrong level
4. Improper research of potential buyers
5. Misunderstanding buyer process/models

91
Top 10 Deal Killers
6. Inability to portray value properly
7. Improper due diligence preparation
8. Not qualifying buyers properly
9. Not orchestrating all buyers properly
10.Ego – Greed – Arrogance

92
THE MOST IMPORTANT TRANSACTION OF YOUR LIFE
CLOSING THOUGHTS

93
This seller
is serious.
Leverage using a Professional Intermediary
I may not
be the only
bidder.
Potential
Acquirer
Seller Intermediary
Wonderful
if I buy you,
terrible if I
don’t.

94
The most in-depth buyer information in the world
Optimal Outcome – The Corum Buyer
Knowledgebase
 Approx. $25M investment
 Developed over 30 years
 Nearly 16 million entries
 Proprietary client activity
reporting technology
 Supplemented by every major
research organization
 Data updated with world’s
largest educational program

95
Corum Proprietary Buyer Knowledgebase –
Advantages
Helps to ensure that you get to the right people
Insider strategic knowledge improves getting attention
Proprietary knowledge of buyer valuation metrics
Gives advanced notice of due diligence required
Includes library of buyer contracts, NDAs, etc.
Invaluable aid in negotiation process

96
Tech M&A Guideline Percentages
 Buyer solicitations that result in transaction
 Average improvement from first offer with an
auction process
 How often another firm is willing to pay more
than the initial bidder
 Deals involving only one bidder that are
suboptimal
 Failure rate in “self-managed” tech M&A

97
After the Deal – Celebration

98
Contact Information
Visit our website at: www.corumgroup.com
Julius Telaranta, Vice
President
Berlin Office
Email: juliust@corumgroup.com
Mobile: + 49 172-971-9898
Office: +1 425-460-6250
Corum Group International
S.à.r.l.
Buechenstr. 9
8185 Winkel
Switzerland
+41 43 888 7590
Corum Group Ltd.
19805 North Creek Parkway
Suite 300
Bothell, WA 98011 USA
+1 425-455-8281

Paris MB Briefing: Top 10 Disruptive Tech Trends Driving M&A

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Viewers also liked

Viewers also liked (20)

Similar to Paris MB Briefing: Top 10 Disruptive Tech Trends Driving M&A

Similar to Paris MB Briefing: Top 10 Disruptive Tech Trends Driving M&A (20)

More from Youssef Rahoui

More from Youssef Rahoui (20)

Recently uploaded

Recently uploaded (20)

Paris MB Briefing: Top 10 Disruptive Tech Trends Driving M&A