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Mergers & Acquisitions  in the Web Hosting Industry Joe Bardenheier Endurance International Group, Inc. Hillary Stiff Cheval Capital, Inc.
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Cheval Capital, Inc. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Market Conditions - Multiples 2.5x – 7.0x 1.0x – 2.5x Multiple of  Annual Revenue 2x – 4x 0.5x-1.2x x DN
Market Conditions – Future Multiples  Hosting Transaction Multiples 1999 2006 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],10x 1x
Market Conditions – Deal Volume ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Market Conditions – Buyer Types ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Price  vs. Profits & Risk ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Asset vs. Stock Deals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
How do buyers pay? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
When do buyers pay? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Valuation I ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Valuation II ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Valuation III – Other Factors ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Valuation IV - Financials ,[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Endurance International -  Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Example Brands
Endurance’s Acquisition Criteria ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Hillary Stiff - HostingCon July 2006, "Mergers & Acquisitions in the Web Hosting Industry."

  • 1. Mergers & Acquisitions in the Web Hosting Industry Joe Bardenheier Endurance International Group, Inc. Hillary Stiff Cheval Capital, Inc.
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