The process of selling a company is a long and complex one, but it all boils down into the final contract between the seller and the buyer. June 11, join Corum dealmakers for a detailed look at what should go into a final M&A contract—and what should stay out of them. They’ll walk through the 10 Critical Terms in Any M&A Contract, plus the Top 6 M&A Contract Mistakes, with stories straight from Corum’s 30 years of selling technology companies. Don’t miss this in-depth look at the most important document of your company’s life – and possibly yours, as well. Plus the Corum Index, and key deals, trends and valuations in the Horizontal, Infrastructure and Consumer tech sectors.
2. 2
Nat joined Corum in 1996 and brings a diverse background in technology M&A and law. While with the
Enforcement Division of the U.S. Securities and Exchange Commission, Nat helped identify and build cases
against securities fraud schemes. With the Strategic Development Division of Morgan Stanley's M&A group, Nat
worked on cross-border acquisitions of U.S. and European companies by Japanese firms, and on financings by
large Japanese public companies. Nat moved to Morgan Stanley's Tokyo office, where he reported directly to
the President of Morgan Stanley, Japan Ltd. and focused exclusively on cross-border M&A.
After Morgan Stanley, Nat co-founded Postcard Software, a creator of advertiser-driven bilingual (English and
Japanese) Internet content. At Activision, Nat led the company's on-line business development.
Nat earned an undergraduate degree in Japanese literature from Yale College and a law degree from UCLA.
While in law school, Nat wrote articles for the International Forum at Yale, Tokyo Journal.
Nat Burgess
President
Corum Group Ltd.
Welcome
4. 4
10 Critical Terms in any M&A Contract
Ward Carter
Chairman
Corum Group Ltd.
#1:
Allocating
risk for seller
contract
assignments
5. 5
10 Critical Terms in any M&A Contract
Russ Riggins
Senior Director
Corum Group Ltd.
#2: Providing
accurate
financial reps
and
warranties
6. 6
10 Critical Terms in any M&A Contract
Jeff Brown
Vice President
Corum Group Ltd.
#3: Managing
balance
sheet
adjustments
7. 7
10 Critical Terms in any M&A Contract
Rob Schram
Senior Vice President
Corum Group Ltd.
#4: Securing
reasonable
escrow and
holdbacks
8. 8
10 Critical Terms in any M&A Contract
Dan Bernstein
Vice President
Corum Group Ltd.
#5: Ensuring
liquidity
when
receiving
publicly
traded stock
9. 9
10 Critical Terms in any M&A Contract
Jon Scott
Senior Vice President
Corum Group Ltd.
#6: Managing
potential
dissident
shareholders
10. 10
10 Critical Terms in any M&A Contract
Elon Gasper
Vice President, Director of Research
Corum Group Ltd.
#7: Avoiding
delays due to
disclosure
schedules
11. 11
10 Critical Terms in any M&A Contract
John Simpson
Vice President
Corum Group Ltd.
#8: Ensuring
seller control
to meet
earnouts
12. 12
10 Critical Terms in any M&A Contract
Mark Johnson
Director
Corum Group International, Ltd.
#9: Reducing
variables
between
signing and
closing
13. 13
10 Critical Terms in any M&A Contract
Jim Perkins
Regional Director, Digital Media
Specialist
Corum Group Ltd.
#10:
Motivating
the buyer to
close
14. 14
10 Critical Terms in any M&A Contract
1: Allocating risk for seller contract assignments
2: Providing accurate financial reps and warranties
3:Managing balance sheet adjustments
4: Securing reasonable escrow and holdbacks
5: Ensuring liquidity when receiving publicly traded stock
6: Managing potential dissident shareholders
7: Avoiding delays due to disclosure schedules
8: Ensuring seller control to meet earnouts
9: Reducing variables between signing and closing
10: Motivating the buyer to close
15. 15
Corum Research Report
Elon Gasper
Vice President,
Director of Research
Amber Stoner
Senior Analyst
Aaron King
Analyst
17. 17
Start End Years
Dotcom Bubble Oct. 11, 1990 Mar. 24, 2000 9.5
Postwar Boom Jun. 13, 1949 Aug. 2, 1956 7.1
Current Mar. 9, 2009 ? 6.3
*Since the Great Depression. Source: S&P Capital IQ, The Associated Press
Macro view: 3 Longest* Bull Market Runs
18. 18
May 2014 May 2015
# of Transactions 318 293
# of Mega Deals 2 4
Largest Deal $3.0B $4.4B
Private Equity Deals 13 15
# VC backed Exits 70 49
% Cross Border Transactions 34% 34%
% of Startup Acquisitions 9% 10%
Average Life of Target 15 15
Corum Index
Buyer Seller Price
Intel Alterea $16.7B
Verizon AOL Inc. $4.4B
Equinix TelecityGroup $3.6B
Unisplendour
Corp.
H3C
Technologies
$2.3B
EMC Corp. Virtustream $1.2B
20. 20
$4.4B
$16.5B
$2.4B
$3.0B
$3.0B
$4.8B
$2.8B
Mega Deals – 2015 YTD
$1.0B $1.4B $4.0B
$1.5B$5.3B $3.6B
$2.3B
$16.7B
$1.2B
Sold to
Target: TelecityGroup [United Kingdom]
Acquirer: Equinix
Transaction Value: $3.6B
HORIZONTAL INTERNET IT SERVICES INFRASTRUCTURE
$6.3B $7.3B $9.9B $52.3B
$1.9B
$2.8B
$1.3B
$2.5B
VERTICAL
$6.6B
21. 21
Mega Deals – 2015 YTD
Sold to
Target: H3C Technologies [China]
Acquirer: Unisplendour [China]
Transaction Value: $2.3B
$4.4B
$16.5B
$2.4B
$3.0B
$3.0B
$4.8B
$2.8B
$1.0B $1.4B $4.0B
$1.5B$5.3B $3.6B
$2.3B
$16.7B
$1.2B
HORIZONTAL INTERNET IT SERVICES INFRASTRUCTURE
$6.3B $7.3B $9.9B $52.3B
$1.9B
$2.8B
$1.3B
$2.5B
VERTICAL
$6.6B
22. 22
Mega Deals – 2015 YTD
Sold to
Target: Altera
Acquirer: Intel
Transaction Value: $16.7B
$4.4B
$16.5B
$2.4B
$3.0B
$3.0B
$4.8B
$2.8B
$1.0B $1.4B $4.0B
$1.5B$5.3B $3.6B
$2.3B
$16.7B
$1.2B
HORIZONTAL INTERNET IT SERVICES INFRASTRUCTURE
$6.3B $7.3B $9.9B $52.3B
$1.9B
$2.8B
$1.3B
$2.5B
VERTICAL
$6.6B
23. 23
2015 Megadeals YTD value - $84.6B
Horizontal
8%
Vertical
8%
Internet
9%
IT Services
12%
Infrastructure
63%
Horizontal Vertical Internet IT Services Infrastructure
25. 25
Mega Deals – 2015 YTD
Sold to
Target: Virtustream
Acquirer: EMC Corporation
Transaction Value: $1.2B
$4.4B
$16.5B
$2.4B
$3.0B
$3.0B
$4.8B
$2.8B
$1.0B $1.4B $4.0B
$1.5B$5.3B $3.6B
$2.3B
$16.7B
$1.2B
HORIZONTAL INTERNET IT SERVICES INFRASTRUCTURE
$6.3B $7.3B $9.9B $52.3B
$1.9B
$2.8B
$1.3B
$2.5B
VERTICAL
$6.6B
26. 26
Infrastructure Software Market
4.1x
14.6x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Since Q1 May 2015
Drop in multiples as
Infrastructure
consolidation wave
continues…
…supported by rising
demand for
collaboration platforms
27. 27
Infrastructure Software Market
Deal Spotlight
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
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 15.02 x 14.90 x 14.20 x 14.61 x 15.50 x 16.48 x 16.10 x 16.22 x 16.96 x 17.03 x 15.71 x 15.84 x 16.08 x
EV/S 3.60 x 3.57 x 3.41 x 3.89 x 4.07 x 4.27 x 4.37 x 4.73 x 4.34 x 4.16 x 4.12 x 4.03 x 4.23 x
Sold to
Target: Rally Software Development Corp
Acquirer: CA Technologies
Transaction Value: $480M
EV/Sales: 5.5x
-Agile development software and services
-Complements CA’s offerings in the areas of DevOps and Management Cloud
28. 28
Infrastructure Software Market
Deal Spotlight
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
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 15.02 x 14.90 x 14.20 x 14.61 x 15.50 x 16.48 x 16.10 x 16.22 x 16.96 x 17.03 x 15.71 x 15.84 x 16.08 x
EV/S 3.60 x 3.57 x 3.41 x 3.89 x 4.07 x 4.27 x 4.37 x 4.73 x 4.34 x 4.16 x 4.12 x 4.03 x 4.23 x
Sold to
Target: Esna Technologies [Canada]
Acquirer: Avaya [USA]
-Real-time collaboration and communications software
-Enables Avaya to integrate multivendor communications capabilities into cloud-
based applications
29. 29
Infrastructure Software Market
Deal Spotlight
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
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 15.02 x 14.90 x 14.20 x 14.61 x 15.50 x 16.48 x 16.10 x 16.22 x 16.96 x 17.03 x 15.71 x 15.84 x 16.08 x
EV/S 3.60 x 3.57 x 3.41 x 3.89 x 4.07 x 4.27 x 4.37 x 4.73 x 4.34 x 4.16 x 4.12 x 4.03 x 4.23 x
Sold to
Target: Tropo [USA]
Acquirer: Cisco Systems [USA]
- Web-based collaboration API Platform-as-a-Service
- Extends Cisco’s collaboration technologies and enables it to reach out more
than 200,000 developers
30. 30
2.4x
13.3x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Since Q1 May 2015
Consumer Technology Market
Bouncing back after
nine month slide…
...starting to match
established upward
EBITDA trend seen
since last summer
31. 31
Consumer Application Software Market
Deal Spotlight
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
2.60 x
2.80 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
13.00 x
14.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 10.82 x 7.99 x 7.42 x 9.70 x 9.44 x 10.37 x 11.60 x 12.33 x 11.64 x 12.26 x 12.19 x 12.47 x 12.76 x
EV/S 2.47 x 2.23 x 2.24 x 2.62 x 2.57 x 2.65 x 2.41 x 2.31 x 2.32 x 2.31 x 2.21 x 2.18 x 2.16 x
Sold to
Target: Timeful
Acquirer: Google
- Mobile scheduling application
- Timeful’s iOS technology can be applied to Android to bring smart scheduling to
Google Apps
32. 32
Consumer Application Software Market
Deal Spotlight
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
2.60 x
2.80 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
13.00 x
14.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 10.82 x 7.99 x 7.42 x 9.70 x 9.44 x 10.37 x 11.60 x 12.33 x 11.64 x 12.26 x 12.19 x 12.47 x 12.76 x
EV/S 2.47 x 2.23 x 2.24 x 2.62 x 2.57 x 2.65 x 2.41 x 2.31 x 2.32 x 2.31 x 2.21 x 2.18 x 2.16 x
Sold to
Target: Wunderlist [Germany]
Acquirer: Microsoft
Transaction Value: $100-200 million
- Mobile task planning application
- 5th mobile acquisition in past half-year, complements the purchase of Sunrise
and Acompli
33. 33
Consumer Application Software Market
Deal Spotlight
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
2.60 x
2.80 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
13.00 x
14.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 10.82 x 7.99 x 7.42 x 9.70 x 9.44 x 10.37 x 11.60 x 12.33 x 11.64 x 12.26 x 12.19 x 12.47 x 12.76 x
EV/S 2.47 x 2.23 x 2.24 x 2.62 x 2.57 x 2.65 x 2.41 x 2.31 x 2.32 x 2.31 x 2.21 x 2.18 x 2.16 x
Sold to
Target: Tempo.ai
Acquirer: Salesforce
- Mobile artificial intelligence and calendar integration app will be shut down
- Salesforce bought mobile authentication startup Toopher earlier this year
34. 34
Horizontal Application Software Market
3.6x
19.5x
Public Valuation Multiples
EV
Sales
Since Q1 Corum Analysis
EV
EBITDA
May 2015
Remains at spring
levels with ongoing
themes of HCM &
Data Analytics
Still near 12-month
highs as market
appreciates profits
35. 35
Horizontal Application Software Market
Deal Spotlight
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 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
22.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 18.35 x 17.93 x 18.49 x 18.38 x 17.32 x 17.52 x 17.21 x 19.04 x 18.44 x 18.78 x 17.51 x 17.58 x 19.79 x
EV/S 3.71 x 3.57 x 3.57 x 3.96 x 3.57 x 3.66 x 3.33 x 3.33 x 3.31 x 3.43 x 3.57 x 3.57 x 3.67 x
Sold to
Target: Borderfree
Acquirer: Pitney Bowes
Transaction Value: $448M
- Cross-border e-commerce shipping SaaS
- Provides retailers to transact with consumers globally
36. 36
Horizontal Application Software Market
Deal Spotlight
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 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
22.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 18.35 x 17.93 x 18.49 x 18.38 x 17.32 x 17.52 x 17.21 x 19.04 x 18.44 x 18.78 x 17.51 x 17.58 x 19.79 x
EV/S 3.71 x 3.57 x 3.57 x 3.96 x 3.57 x 3.66 x 3.33 x 3.33 x 3.31 x 3.43 x 3.57 x 3.57 x 3.67 x
Sold to
Target: Nexternal
Acquirer: HighJump
- Omni-channel e-commerce & marketing SaaS
- Builds up its supply chain solutions
37. 37
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 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
22.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 18.35 x 17.93 x 18.49 x 18.38 x 17.32 x 17.52 x 17.21 x 19.04 x 18.44 x 18.78 x 17.51 x 17.58 x 19.79 x
EV/S 3.71 x 3.57 x 3.57 x 3.96 x 3.57 x 3.66 x 3.33 x 3.33 x 3.31 x 3.43 x 3.57 x 3.57 x 3.67 x
Horizontal Application Software Market
Deal Spotlights
Sold to
Target: Acclaris
Acquirer: Towers Watson
Transaction Value: $140M
- Employee health benefits administration SaaS
- Follow the acquisition of Saville for $64M in April
Sold to
Target: ACE Payroll [New Zealand]
Acquirer: MYOB [Australia]
Transaction Value: $10.2M
- Benefit & payroll management software
38. 38
Mega Deals – 2015 YTD
Sold to
Target: Informatica
Acquirer: Permira
Transaction Value: $5.3B
$4.4B
$16.5B
$2.4B
$3.0B
$3.0B
$4.8B
$2.8B
$1.0B $1.4B $4.0B
$1.5B$5.3B $3.6B
$2.3B
$16.7B
$1.2B
HORIZONTAL INTERNET IT SERVICES INFRASTRUCTURE
$6.3B $7.3B $9.9B $52.3B
$1.9B
$2.8B
$1.3B
$2.5B
VERTICAL
$6.6B
39. 39
Horizontal Application Software Market
Deal Spotlight
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 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
22.00 x
EV/SEV/EBITDA
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
EV/EBITDA 18.35 x 17.93 x 18.49 x 18.38 x 17.32 x 17.52 x 17.21 x 19.04 x 18.44 x 18.78 x 17.51 x 17.58 x 19.79 x
EV/S 3.71 x 3.57 x 3.57 x 3.96 x 3.57 x 3.66 x 3.33 x 3.33 x 3.31 x 3.43 x 3.57 x 3.57 x 3.67 x
Sold to
Target: ColdLight
Acquirer: PTC
Transaction Value: $100M + $5M potential earnout
- Big data machine learning and predictive analytics provider
- Reinforces its position in the IoT market
40. 40
Corum Research Report
Elon Gasper
Vice President,
Director of Research
Amber Stoner
Senior Analyst
Aaron King
Analyst
42. 42
Top 6 M&A Contract Mistakes
1. Hiring an inexperienced lawyer
43. 43
Top 6 M&A Contract Mistakes
1. Hiring an inexperienced lawyer
2. Drafting heavily in your own favor
44. 44
Top 6 M&A Contract Mistakes
1. Hiring an inexperienced lawyer
2. Drafting heavily in your own favor
3. Avoiding confrontation on key issues
45. 45
Top 6 M&A Contract Mistakes
1. Hiring an inexperienced lawyer
2. Drafting heavily in your own favor
3. Avoiding confrontation on key issues
4. Letting issues die with the lawyers
46. 46
Top 6 M&A Contract Mistakes
1. Hiring an inexperienced lawyer
2. Drafting heavily in your own favor
3. Avoiding confrontation on key issues
4. Letting issues die with the lawyers
5. Not leveraging diligence for preparation
of disclosure schedules
47. 47
Top 6 M&A Contract Mistakes
1. Hiring an inexperienced lawyer
2. Drafting heavily in your own favor
3. Avoiding confrontation on key issues
4. Letting issues die with the lawyers
5. Not leveraging diligence for preparation
of disclosure schedules
6. Leaving contingencies to closing
48. 48
Q&A
We welcome your questions!
Use Q&A window on left side
Submit to queue at any time
Ask “all panelists” – see “ask” option above text-entry box
49. 49
Toronto
Growth & Exit Strategies for Software & IT Companies
Thursday, June 18, 2015
Trump Hotel, Toronto, Ontario
50. 50
Upcoming Conference Schedule
Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position,
research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
event ever – participants have done over $1 trillion in transaction value.
Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends,
valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.”
www.CorumGroup.com/Events
Jun. 11: Manchester – MB
Jun. 16: Boston – SUSO
Jun. 25: San Diego – MB
Jun. 25: Istanbul – MB
Jun. 30: Cincinnati – SUSO
Jul. 7: Silicon Valley – MB
Jul. 7: San Francisco – MB
Jul. 9: Orange County – MB
Jul. 9: Los Angeles – MB
Jul. 17: Berlin – MB
Oct 17, 2014 – June 5, 2015
In May Nasdaq and S&P Tech showed modest gains, while Dow experienced a slight pullback due to international influence and, specifically, Greek debt concerns. Nevertheless, interest rates remain low and US remain to be in favorable conditions. The increase in Americans wages should lead to the increase of consumer spending.
Cloud management and IT and security compliance monitoring PaaS and IaaS
Adds managed cloud offering both on and off-premise to EMC’s portfolio
Cloud management and IT and security compliance monitoring PaaS and IaaS
Adds managed cloud offering both on and off-premise to EMC’s portfolio
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Rally has shaped its products to work in agile development environments, in which teams of developers closely collaborate to build applications quickly. More than two-thirds of companies said that they plan to implement, or have already implemented, agile programming methodologies, according to a recent Forrester survey of 560 IT decision makers.
Sources: http://www.computerworld.com/article/2927654/enterprise-applications/ca-gets-agile-with-480m-purchase-of-rally.html
http://www.ca.com/us/news/press-releases/na/2015/ca-technologies-agrees-to-acquire-rally-software.aspx
CA is looking to capitalise on this trend, particularly as Gartner expects around $2.3bn to be spent on DevOps tools and technologies in 2015.
Source: http://www.computerweekly.com/news/4500247091/CA-Technologies-to-buy-agile-software-development-firm-Rally-for-480m
This announcement is one of several this month that indicate how UC providers are extending their focus from multimodal communications to integration platform.
Source: http://www.nojitter.com/post/240170046/avaya-acquires-esna
Esna had aligned itself closely with Cisco, an Avaya rival in the UC market, said Nemertes analyst Irwin Lazar. The partnership provided integration capabilities to Cisco UC products, such as WebEx, Jabber and telepresence systems.
"Cisco might be in a bind now because they just lost their means of integrating their telephony platform with Office 365," he said.
Source: http://bit.ly/1KNmE7I
“Tropo’s robust APIs and its 200K+-strong developer network gives Cisco the ability to extend the power of its collaboration technologies to third-party applications and end-points” he [Cisco’s Head of Corporate Development Hilton Romanski] added before nothing that in particular the buy will benefit Service Providers, Global Enterprises and the Developer Community.
Source: http://siliconangle.com/blog/2015/05/07/cisco-acquires-cloud-comms-platform-provider-tropo/
From Enterprise to Service Providers, Cisco is hands down the most well respected brand in voice and video; and with their recent introduction ofSpark, they are gearing up to put ultra high-quality video and collaboration tools into the pockets of every remote team, class room, space station and home office.
Source: https://www.tropo.com/2015/05/tropo-joins-cisco-to-power-next-gen-collaboration-apis/
Twilio is probably the best known of the communications APIs, but buying Tropo gives Cisco immediate access to a community of more than 200,000 developers (according to numbersprovided by Cisco). Tropo offers its product for free to developers, and then makes money from each communication made via the Tropo platform. It’s unclear if Cisco will continue to use the same pricing model.
Source: http://techcrunch.com/2015/05/07/cisco-snags-tropo-communications-development-platform/
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Cloud management and IT and security compliance monitoring PaaS and IaaS
Adds managed cloud offering both on and off-premise to EMC’s portfolio
We’ve reached the end. The celebration part.
Selling software, IT and related technology companies is very satisfying. You become close to your clients after such an intense process. Unfortunately, the closings are often very anti-climactic. Ending with a whimper with some government filing, a wire transfer, the parties scattered across the globe. That why once a year we take our clients who successfully sold to Langara in the gulf of Alaska – we’ve been doing this for 23 years. You can more about these trips, and comments from those company owners like you who have attended.
So, I’ll close by simply inviting you to go fishing with us.
Thank you for your time today.