Selling out vs. Scaling up Software buyers findings & The 3 hats - - PowerPoint PPT Presentation
Selling out vs. Scaling up Software buyers findings & The 3 hats Paddy MccGwire, Managing Director E: pm@silverpeakib.com T: +44 (0) 20 7659 0310 London, 31 st January 2018 LONDON | PARIS | MILAN | HAMBURG | MUNICH | BERLIN Silverpeak
LONDON | PARIS | MILAN | HAMBURG | MUNICH | BERLIN
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Paddy MccGwire, Managing Director
E: pm@silverpeakib.com T: +44 (0) 20 7659 0310 London, 31st January 2018
LONDON | PARIS | MILAN | HAMBURG | MUNICH | BERLIN
69% 9% 6% 4% 3% 3% 2% 2% 1% 1%
USA China UK Canada Germany Israel France Japan New Zealand Switzerland
2
Note: based on HQ location, source: CapitalIQ
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LONDON | PARIS | MILAN | HAMBURG | MUNICH | BERLIN
3
20 40 60 80 100
Aggregate number of acquisitions per company since 2012
TIER 1 [50-100] TIER 2 [21-50] TIER 3 [11-20] TIER 4 [0-10]
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LONDON | PARIS | MILAN | HAMBURG | MUNICH | BERLIN 76 66 66 87 95 65 60 83 66 49 42 37 26 36 40 35 41 32 33 34 40 36 43 30 2012 2013 2014 2015 2016 2017 TIER 1 TIER 2 TIER 3 TIER 4
Aggregate number of acquisitions per company since 2012
Commentaries: ▪ 2017 has seen a decrease in the number of deals across all tiers of buyers ▪ More marked for Tier 1 buyers ▪ Tiers 3 and 4 are more stable and have similar levels ▪ 2015 and 2016 have seen very active Tier 1 buyers ▪ 2013 has seen a peak of activity for Tier 2 buyers
As of 11th December 2017, source: CapitalIQ, Silverpeak analysis
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▪ Of European software exits: ― 25% to US buyers ― 65% to European buyers ▪ Financial buyers completed c.10%
▪ Few strategic and financial acquirers are repeat-buyers of European software businesses
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▪ Dassault is the most acquisitive European large software company (Ranked #9) ▪ 9 of the 16 most active buyers
leaders
LONDON | PARIS | MILAN | HAMBURG | MUNICH | BERLIN
6 page | CONFIDENTIAL
Company Shareholder Management
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7 page | CONFIDENTIAL
Artificial Intelligence
sold to
IT consultancy
sold to
€20m growth capital €25m existing share sale