Our principals work in a broad space that includes the Internet of Things (IoT), mobile applications, communications, and various services for internet and handheld use.

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Latest Trend Reports

Full Year 2017 Online & Mobile Industry Trends

2017 Key Highlights

  • The largest mobile-based transaction during the year was United Luck Consortium's $1 billion acquisition of Outfit7, a media franchise with various mobile applications, which have received more than 5 billion downloads.
  • Four of the industry's top ten largest deals in 2017 occurred in the E-Content segment: KKR's Internet Brands' announced acquisition of WebMD Corporation for $2.8 billion; The Walt Disney Company's announced acquisition of a majority stake in BAMTech for $1.58 billion; Red Ventures' announced acquisition of Bankrate for $1.44 billion; and Happigo's announced acquisition of Mango TV for $1.43 billion.
  • There were 496 financially sponsored transactions with an aggregate value of $31.41 billion, representing 17 percent of the total volume and 30 percent of the total value, respectively.
  • 2017 Key Trends

  • Total transaction volume in 2017 declined by two percent over 2016, from 2,915 to 2,870.
  • Strategic volume in 2017 decreased five percent over 2016, from 2,498 to 2,374. Private equity backed volume increased 19 percent during this timeframe, from 417 to 496.
  • Total transaction value in 2017 fell by 41 percent over 2016, from $178.88 billion to $104.67 billion. This followed a 13 percent rise from 2015 to 2016.
  • The median revenue multiple moved downward from 2.3x in 2016 to 2.0x in 2017. The median EBITDA shifted slightly from 11.4x in 2016 to 11.6x in 2017.
  • M&A Market Overview

    Berkery Noyes tracked 8,641 Online & Mobile transactions between 2015 and 2017, of which 1,885 disclosed financial terms, and calculated the aggregate value to be $326.76 billion. Based on known transaction values, we project values of 6,756 undisclosed transactions to be $115.94 billion, totaling $442.70 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Online & Mobile

    Q3 2017 Online & Mobile Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • The largest transaction in Q3 2017 was KKR's Internet Brands' announced acquisition of WebMD Corporation, an online health information provider, for $2.8 billion. Internet Brands also acquired DentalPlans.com, a dental and health savings online marketplace, during the quarter.
  • There were 365 financially sponsored transactions in the 1st 3 Quarters of 2017 with an aggregate value of $26.8 billion, representing 17 percent of the total volume and 31 percent of the total value, respectively.
  • Q3 2017 KEY TRENDS

  • Total transaction volume in Q3 2017 declined by nine percent over Q2 2017, from 710 to 644. Volume year-to-date decreased by four percent compared to the same timeframe in 2016.
  • Total transaction value in Q3 2017 remained nearly constant over Q2 2017 at $27.9 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2016 through the 1st 3 Quarters of 2017 fell by 14 percent, from 2.2x to 1.9x.
  • The median EBITDA multiple from 2016 through the 1st 3 Quarters of 2017 moved downward by nine percent, from 11.3x to 10.3x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen five new additions since our half year report, three of which occurred in the E-Content segment: the aforementioned acquisition of WebMD Corporation for $2.8 billion; The Walt Disney Company's announced acquisition of BAMTech for $1.6 billion; and Red Ventures' announced acquisition of Bankrate for $1.4 billion.

    Q3
    2017
    Online & Mobile

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