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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1st Half Online & Mobile Industry Trends

1st Half 2018 Key Highlights

  • The largest deal in 1st Half 2018 was Walmart’s announced acquisition of a majority stake in Flipkart Online Services, an e-commerce marketplace based in India, for $16 billion.
  • Five of the industry’s top ten highest value acquisitions year-to-date occurred in the E-Commerce segment.
  • There were 276 financially sponsored transactions with an aggregate value of $28.65 billion, representing 20 percent of the total volume and 27 percent of the total value, respectively.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 declined by one percent over 2nd Half 2017, from 1,394 to 1,377.
  • Total transaction value in 1st Half 2018 more than doubled over 2nd Half 2017, from $50.83 billion to $106.10 billion. Of note, there were four transactions in 1st Half 2018 above the $5 billion threshold, compared to none in all of 2017. There were also 25 deals with disclosed values that reached the $1 billion threshold in 1st Half 2018, as opposed to eight such transactions in 2nd Half 2017.
  • The median revenue multiple saw an uptick from 2.2x in 2nd Half 2017 to 2.4x in 1st Half 2018. The median EBITDA multiple moved downward from 12.1x in 2nd Half 2017 to 10.3x in 1st Half 2018.
  • The segment with the largest increase in volume in 1st Half 2018 over 2nd Half 2017 was E-Content with a 15 percent rise, from 193 to 221 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 7,195 Online & Mobile transactions between 2016 and 1st Half 2018, of which 1,505 disclosed financial terms, and calculated the aggregate transaction value to be $298.37 billion. Based on known transaction values, we project values of 5,690 undisclosed transactions to be $90.61 billion, totaling $388.98 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Online & Mobile

    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

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