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BCCS_Toppan_Tech

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S P E C I A L R E P O R T
2016 Mid-Year
TECHNOLOGY M&A
REVIEW
14 Wall Street, New York, NY 10005
www.thedeal.com
Jeffrey Kanige Creative Director
212-313-9301 / jkanige@thedeal.com
Emi...
Microsoft and LinkedIn lead the M&A parade as the
U.S. market stays strong after a record-breaking 2015.
Technology compan...
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  1. 1. S P E C I A L R E P O R T 2016 Mid-Year TECHNOLOGY M&A REVIEW
  2. 2. 14 Wall Street, New York, NY 10005 www.thedeal.com Jeffrey Kanige Creative Director 212-313-9301 / jkanige@thedeal.com Emily Newman Managing Director 212-321-5565 / enewman@thedeal.com US: (888) 667-3325 / Outside USA: (212) 313-9251 CustomerService@TheDeal.com www.TheDeal.com All rights reserved. ©2016 TheStreet Inc. Published by 2016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T Table of Contents INTRODUCTION After a record-breaking year, a cooldown was expected. But deal- making actually held up well in the first half of 2016. Page 3 THE YEAR IN TECH SO FAR Microsoft and LinkedIn made the biggest news, China continued to make waves and valuations kept climbing. Page 4 TOP 10 U.S. TECHNOLOGY M&A DEALS Announced and not withdrawn during the First Half of 2016. Page 7 TOP 5 POTENTIAL M&A TARGETS The companies still available include prominent names in enterprise software, social media and music. Page 9 KEY DECISION-MAKERS AT THE TOP FIVE TARGETS Interested in acquiring one of these companies? Here are the key executives and independent direcctors you’ll need to contact. Page 10 WHERE ARE THEY NOW? Executive and director moves at select merger partners. Page 15 Presents Data by BoardEx is the relationship mapping tool that uses proprietary algorithms and a database of over 850,000 director and executive profiles to identify the best path into expanding business relationships quickly & easily. For more information about BoardEx, contact: US: (888) 257-6082 / UK: +44 (0) 20 7160 9610 Sales@BoardEx.com / www.BoardEx.com 2
  3. 3. Microsoft and LinkedIn lead the M&A parade as the U.S. market stays strong after a record-breaking 2015. Technology companies are among the largest and most important economic actors in the U.S., so the industry generally commands the attention of financial professionals and the general public. That attraction is never more powerful than when two tech giants hook up in a blockbuster merger. The first half of 2016 saw one of those major transactions when software behemoth Microsoft Corp. agreed to acquire LinkedIn Corp., the pioneering social media network for business people, in a transaction valued at $26.2 billion. Given the ubiquity of both merger partners, everyone reading this is likely just a click away from a product supplied by one of them. So the deal generated some of the biggest headlines we’ve seen so far this year. The deal seems even larger and more important given the continued strength of the M&A market. Big Names, Big-Ticket Deals and Big Countries Make Big Waves in Technology INTRODUCTION 32016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  4. 4. The Year in Tech M&A So Far After the feverish pace of transactions last year, many experts expected a letdown. And with the equity markets getting off to an uncertain start and political turmoil sapping confidence on both sides of the Atlantic, the falloff might have been dramatic. However, M&A activity has held up remarkably well. “Given some of the headwinds we’ve experienced — market volatility, Brexit, gridlock in Washington — the M&A market has been resilient,” says David Henkel, vice president and chief technology officer of Toppan Vite, a global leader in financial communication. “The U.S. technology industry in particular is producing some significant transactions. And we already have yet another transformative deal with Verizon acquiring Yahoo.” Over 1,900 transactions were announced in the first half of 2016, up from just over 1,400 for the same period a year ago, according to data from The Deal. In the technology space, nearly 460 deals were announced in the first half this year, compared to 285 last year. Of that total, 29 deals were valued at more than $1 billion, and five topped the $10 billion mark. While Microsoft-LinkedIn is the largest technology deal currently in the works, the biggest deal of the year won’t happen. In March, Honeywell International Inc. walked away from its proposed $91 billion acquisition of United Technologies Corp. The target resisted the unsolicited bid, suggesting that the combination would likely sink under regulatory scrutiny. Honeywell Chairman and CEO Dave Cote continued to extol the virtues of the deal as he announced the end of discussions and the companies have held merger talks in the past. In addition, UTC’s stock price fell about 5% after Honeywell pulled out, leading some observers to speculate that the target might feel pressure to resurrect the potential deal. But many experts and shareholders share UTC’s regulatory fears, so the deal is unlikely to show up in the year-end totals. The Big Numbers First Half 1,900 Announced M&A transactions 1st half of 2016 460 (24%) Technology M&A transactions 29(6%) Valued at more than $1 billion 5(1%) Topped the $10 billion mark 42016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  5. 5. The Year in Tech M&A Continued Despite that high-profile collapse, the technology industry continues to draw attention, investment and takeover bids. And Microsoft and LinkedIn weren’t the only household names to make M&A news. For example, car hire service Uber Technologies Inc. in June received a $3.5 billion infusion from Saudi Arabia’s Public Investment Fund. The investment, and other recent fundraising efforts, reportedly valued Uber at more than $60 billion. Software was a particularly active sector for M&A in the first half, with the biggest deal being Thoma Bravo LLC’s $3 billion deal for QLik Technologies Inc. The biggest name, though, was customer relationship management specialist Salesforce.com Inc., which paid $2.8 billion for Demandware Inc., just missing the top 10. Other significant software deals included Vista Equity Partners LLC’s $1.8 billion buyout of Marketo Inc. and the $509 million acquisition of SciQuest Inc. by Accel-KKR LLC. Elsewhere, Rovi Corp, which provides guides that allow TV viewers to search and select programs, paid $1.1 billion in May for TiVo Inc., which makes devices that record and stream those TV shows. On the hardware front, printer maker Lexmark International Inc. agreed in April to be acquired by a Chinese group led by Apex Technology Co. Ltd. and PAG Asia Capital. The Lexmark acquisition highlights another characteristic of this M&A market: The enthusiastic participation of ambitious buyers from China. In February, Tianjin Tianhai Investment Co. Ltd. paid $6 billion for Irvine, Calif.-based Ingram Micro Inc., a distributor of IT products. In April, a group of investors led by Libin Sun offered to acquire chipmaker Integrated Device Technology Inc., of San Jose, Calif., for $4 billion. One word of caution: While the investors reportedly held a stake in the target, whether the bid is a genuine expression of interest remains unclear. Whether the IDT deal materializes, Chinese buyers will likely rank among the most active as consolidation continues in several technology sectors, including software and semiconductors. Software Rising Tech Sector $3.5B Investment Target Investor Uber Technologies Inc. Saudi Arabia’s Public Investment Fund. $3B Acquisition Target Buyer QLik Technologies Inc. Thoma Bravo LLC $2.8B Acquisition Target Buyer Demandware Inc. Salesforce.com Inc. $1.8B Acquisition Target Buyer Marketo Inc. Vista Equity Partners $1.1B Acquisition Target Buyer Tivo Inc. Rovi Corp. 52016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  6. 6. The Year in Tech M&A Continued “We shouldn’t underestimate the influence China will continue to exert on the global economy,” notes Henkel of Toppan Vite. “Companies there are pursuing growth as aggressively as their rivals around the world.” The list of potential targets also includes several household names, chief among them Twitter Inc. The social media and micro-blogging service has had difficulty convincing Wall Street that it can continue to add users and increase revenue, raising the question of whether it should find a larger, more well-heeled partner. That chatter became louder after the LinkedIn deal, as the transaction is seen as a model for Twitter. The talk grew louder still after Salesforce.com CEO Marc Benioff let it be known that he had considered an acquisition of Twitter before launching his bid for Demandware, a deal that closed in July. Other big names potentially on the block include chipmaker Xilinx Inc. — which could draw interest from larger rivals such as Qualcomm Inc. or Broadcom Ltd. — and International Game Technology, a Las Vegas- based casino game maker that is apparently hoping for a better deal than what might result from its discussions with Italy’s Gtech SpA. While it’s not clear which, if any, of those companies will end up as takeover targets, the M&A market should remain strong for the rest of the year. The next big headlines could come anytime and could certainly include several well-known companies. Stay tuned. “Barring some unforeseen event, the M&A market should solidify as some of the geopolitical clouds begin to clear in the second half,” says Toppan Vite’s David Henkel. “Risk and uncertainty won’t magically vanish, but executives should be better able to assess the landscape as new realities settle in.”  China Geographic Hotspot $3.6B Acquisition Target Buyer Lexmark Interna- tional Inc. Apex Technology Co. Ltd. $6B Acquisition Target Buyer Ingram Micro Inc. Tianjin Tianhai Investment Co. Ltd. $4B Offer Target Potential Buyer Integrated Device Technology Inc. Libin Sun 62016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  7. 7. Source: BoardEx Top Ten U.S. Technology M&A Deals DATA HIGHLIGHTS Announced and not withdrawn during the First Half of 2016 01 LinkedIn Corp. Target $26.2 billion Deal Value Microsoft Corp. Buyer Internet Sector June 13 Date Sale touched off chatter about a possible deal for Twitter 02 ADT Corp. Target $12.32 billion Deal Value Apollo Global Management LLC. Buyer Internet Sector Feb 16 Date Deal continues a long-running consolidation process in home security; target will be com- bined with the buyer’s Protection 1 business 03 Hewlett Packard Enterprise Inc. (Servers, Storage business) Target $8.5 billion Deal Value Computer Sciences Corp. Buyer Hardware Sector May 24 Date Sale continues the transformation of a Silicon Valley icon 04 Ingram Micro Inc. Target $6 billion Deal Value Tianjin Tianhai Investment Co. Ltd. Buyer IT Products Sector Feb 17 Date Because the target is a distributor, the deal may not draw regulatory scrutiny 05 Leidos Holdings Inc. Target $5 billion Deal Value Lockheed Martin Corp. Buyer IT Services Sector Jan 26 Date Lockheed will combine its government IT ser- vices business with Leidos in a Reverse Morris Trust transaction 72016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  8. 8. Source: BoardEx Top Ten U.S. Technology M&A Deals DATA HIGHLIGHTS Announced and not withdrawn during the First Half of 2016 06 Blue Coat Systems Inc. Target $4.65 billion Deal Value Symantec Corp. Buyer Cybersecurity Sector June 13 Date Target had been planning an IPO; deal represents buyer’s largest purchase since its 2005 acquisition of Veritas Software 07 Integrated Device Technology Inc. Target $4.3 billion Deal Value Investor Group Led By Libin Sun Buyer Semiconduc- tors Sector Feb 16 Date Target released a statement casting doubt on the bid’s seriousness 08 Lexmark International Inc. Target $3.6 billion Deal Value Apex Technology Co. Ltd., PAG Asia Capital, Legend Capital Buyer Hardware/ Software Sector Apr 19 Date Deal is subject to a U.S. national security review 09 Perot Systems Corp. Target $3.1 billion Deal Value NTT Data Corp. Buyer IT Services Sector Mar 28 Date Target was part of EMC Corp., which was acquired by Dell Inc. in October 2015 10 Qlik Technologies Inc. Target $3 billion Deal Value Thoma Bravo LLC Buyer Software Sector June 2 Date Price represents a 40% premium to Qlik’s stock price before activist fund; Elliott Management disclosed a position in the company 82016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  9. 9. Source: BoardEx Top Five Potential M&A Targets DATA HIGHLIGHTS 01 Level 3 Communications Inc. Potential Target $20.5 billion Market Cap Telecom Sector Fiber optic network operator is attractive to bandwidth-hungry service provders like Google or Comcast 02 Workday Inc. Potential Target $15.7 billion Market Cap Software Sector Enterprise cloud software provider could be in play following the LinkedIn deal; SAP is a possible suitor 04 Pandora Media Inc. Potential Target $2.9 billion Market Cap Internet Sector Keith Meister’s Corvex Mangement holds 10% of the online radio company and sees “significant interest” from suitors, most recently from Liberty Media 03 Twitter Inc. Potential Target $12.8 billion Market Cap Internet Sector Another potential benficiary of Microsoft’s spending; some investors believe that unsuccessful LinkedIn suitors might look here 05 Aveva Group plc Potential Target $1.2 billion Market Cap Software Sector An agreed 2015 merger with Schneider Electric fell through; GE or Emerson Electric may be attracted Technology Sector 92016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  10. 10. Source: BoardEx Key Decision-Makers at the Top Five Targets DATA HIGHLIGHTS Technology Sector 01 Level 3 Communications Inc. Jeff Storey CEO Independent Directors Kevin (Chili) Patrick Chilton Retired Air Force Generalt Steven (Terry) Terrell Clontz Former CEO, Starhub Ltd. James O. Ellis Jr. (Independent Chairman) Retired U.S. Navy Admiral Irene M. Esteves Former CFO, Time Warner Cable Kevin W. Mooney EVP, Blackbaud Inc. Lim (Peter) Huat Seah Former CEO, Singaore Technologies Peter H. Van Oppen Managing Partner, Trilogy Equity Partners Michael (Mike) Mahoney Former CEO Commonwealth Telephone Enterprises Spencer Hays Former SVP/GC Time Warner Inc. 01 Level 3 Communications Inc. Jeff Storey CEO Independent Directors Kevin (Chili) Patrick Chilton Retired Air Force General Steven (Terry) Terrell Clontz Former CEO, Starhub Ltd. James O. Ellis Jr. (Independent Chairman) Retired U.S. Navy Admiral Irene M. Esteves Former CFO, Time Warner Cable Kevin W. Mooney EVP, Blackbaud Inc. Lim (Peter) Huat Seah Former CEO, Singapore Technologies Peter H. Van Oppen Managing Partner, Trilogy Equity Partners Michael (Mike) Mahoney Former CEO, Commonwealth Telephone Enterprises Spencer Hays Former SVP/GC, Time Warner Inc. 102016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  11. 11. Source: BoardEx Key Decision-Makers at the Top Five Targets DATA HIGHLIGHTS Technology Sector 02 Workday Inc. Aneel Bhusri CEO Independent Directors George J. Still Jr. (Lead) Partner Emeritus, Norwest Venture Partners Albert (Skip) George Battle Former CEO, Ask Jeeves Christa Davies CFO, Aon plc Michael (Mike) McNamara Former COO, Flextronics International Jerry Yang Co-Founder, Yahoo! 112016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  12. 12. Source: BoardEx Key Decision-Makers at the Top Five Targets DATA HIGHLIGHTS Technology Sector 03 Twitter Inc. Jack Dorsey CEO Independent Directors Dame Marjorie Scardino (Lead) Former CEO, The Economist Peter H. Fenton General Partner, Benchmark Capital Hugh Johnston CFO, Pepsico Inc. Baroness (Martha) Lane-Fox of Soho Co-Founder, LastMinute.com Debra L. Lee CEO, BET Networks David S. Rosenblatt CEO, 1stdibs.com Inc. Evan Williams CEO, Obvious Corp. 122016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  13. 13. Source: BoardEx Key Decision-Makers at the Top Five Targets DATA HIGHLIGHTS Technology Sector 04 Pandora Media Inc. Tim Westergren CEO Independent Directors James M.P. Feuille (Independent Chairman) General Partner, Crosslink Capital Peter Chernin CEO, Chernin Group Peter Gotcher (Lead) Former Partner, Redpoint Ventures Roger Faxon Former CEO, EMI Group Anthony Vinciquerra Former CEO, Fox Networks Elizabeth (Betsey) Nelson Former CFO, Macromedia Mickie Rosen Former SVP, Yahoo! 132016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  14. 14. Source: BoardEx Key Decision-Makers at the Top Five Targets DATA HIGHLIGHTS Technology Sector 05 Aveva Group plc Richard Longdon CEO Independent Directors Philip (Phil) Aiken (Chairman) Former Group President, BHP Billiton Jennifer Allerton Former CIO Unilever NV Jonathan Brooks Former CFO, ARM Holdings plc Philip Dayer Former Head of Corporate Finance, Barclays Capital Research Christopher (Chris) Humphrey Former Group CEO, Anite plc 142016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  15. 15. Where are they now? Executive and Director Moves at Select Merger Partners Jahangir Mohammad, General Manager (CEO) Scott Barkley, Division Head (Vice President - Product) Macario Namie, Division Head (Vice President - Strategy) Cindy Patterson, Division Head (Chief Customer Officer) Julian Karl Ong, Executive (Chief Legal Officer) Daniel Rabinovitsj, Division COO (COO) Georges Antoun Barton Burstein Gaurav Garg Stewart Grierson Mohanbir Singh Gyani Richard Lynch Steven (Terry) Clontz Jasper Technologies (Cisco Systems) Ruckus Wireless (Brocade Communciations) Executives joining combined entity (Old Title) Executives joining combined entity (Old Title) Target (Buyer) Target (Buyer) Departing directorsDeparting directors Departing directors 152016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
  16. 16. Where are they now? Executive and Director Moves at Select Merger Partners Daniel Bresingham, Chief of Staff (EVP/CFO) P. Gray Finney, SVP/Chief Legal Officer (SVP/General Counsel) Timothy Whall, President/CEO (CEO) Donald Young, SVP/COO/CIO (SVP/COO/CIO) Jamie Haenggi, SVP/Chief Marketing Officer (SVP/Chief Marketing Officer) Naren Gursahaney (President/CEO) Daniel Bresingham P. Gray Finney Timothy Whall ADT (Temasek/Protection One) Executives joining combined entity (Old Title) Directors joining combined entityTarget (Buyer) Departing executives Departing directors Thomas Colligan Richard Daley Timothy Donahue Robert Dutkowsky Bruce Gordon Naren Gursahaney Bridgette Heller Kathleen Hyle Christopher Hylen 162016 Mid-Year TECHNOLOGY M&A REVIEW S P E C I A L R E P O R T
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