Wednesday, January 11, 2012
2011 Key Highlights
Microsoft Corporation’s acquisition of Skype Technologies SA, a portfolio of Silver Lake Partners, was the largest transaction for 2011, with an acquisition price of $9.08 billion.
The most active acquirer in the Online & Mobile Industry was Google Inc. with 21 transactions (not including the acquisition of Motorola Mobility).
There were 192 financially sponsored transactions with an aggregate value of $11.93 billion, representing 11 percent of the total volume and 16 percent of the total value, respectively.
2011 Key Trends
Total transaction volume in 2011 increased by 33 percent over 2010, from 1299 in 2010 to 1723 this year.
Total transaction value in 2011 increased by 55 percent over 2010, from $46.34 billion in 2010 to $71.95 billion this year.
The median revenue multiple rose from 1.9x in 2010 to 2.4x in 2011. The median EBITDA multiple increased from 11.4x to 12.5x.
The segment with the largest increase in volume in 2011 over 2010 was E-Marketing & Search with a 53 percent increase from 263 in 2010 to 403 in 2011.
M&A Market Overview
Berkery Noyes tracked 3951 transactions between 2009 and 2011, of which 1183 disclosed financial terms, and calculated the aggregate transaction value to be $109.57 billion. Based on known transaction values, we project values of 2768 undisclosed transactions to be $34.21 billion, totaling $143.78 billion worth of transactions tracked over the past three years.
Based on volume, the most active market segment that Berkery Noyes tracked between 2009 and 2011 was SaaS/ASP with 1100 transactions.
Based on value, the largest segment that Berkery Noyes tracked during this time period was E-Commerce with $39.60 billion worth of transactions.