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2015 Mid Year

 
 

2015 l 1st Half l Trends Report l Online Industry

Wednesday, July 08, 2015

1ST HALF 2015 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2015 was Cox Automotive, Inc.'s acquisition of Dealertrack Technologies, a provider of web-based software solutions and services for automotive retailers, for $4.36 billion.
  • The most active segment year-to-date was Saas & Cloud with 406 transactions. This was the segment's third consecutive half year increase and its peak over the previous five half year periods.
  • There were 195 financially sponsored transactions with an aggregate value of $12.21 billion, representing 14 percent of the total volume and 17 percent of the total value, respectively.

1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 increased by 12 percent over 2nd Half 2014, from 1,252 to 1,406. This was its fourth consecutive gain on a half year basis.
  • Total transaction value in 1st Half 2015 rose by nine percent over 2nd Half 2014, from $64.55 billion to $70.27 billion.
  • The median revenue multiple decreased from 2.6x in 2nd Half 2014 to 2.3x in 1st Half 2015. The median EBITDA multiple declined from 13.7x in 2nd Half 2014 to 10.3x in 1st Half 2015.
  • The segment with the largest rise in volume in 1st Half 2015 over 2nd Half 2014 was E-Content with a 20 percent increase, from 221 to 266 transactions.

M&A Market Overview

Berkery Noyes tracked 6,111 Online & Mobile transactions between 2013 and 1st Half 2015, of which 1,235 disclosed financial terms, and calculated the aggregate transaction value to be $180.8 billion. Based on known transaction values, we project values of 4,876 undisclosed transactions to be $83.11 billion, totaling $263.92 billion worth of transactions tracked over the past two and a half years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 30 months were 2.3x revenue and 12.0x EBITDA.



 

Transaction Volume/Value & Multiples

Transactional Analysis

Strategic vs. Financial Comparison

Purchaser Analysis

Transaction By Volume Segment

Footnotes