Below are articles and reports developed by Berkery, Noyes & Co., LLC that analyze various segments of the knowledge industry and attempt to forecast its future direction. Authored by members of our senior staff, these Trend Reports seek to provide our information industry clients with strategic perspectives that can help them grow their business.

We invite you to contact us with any comments or questions that may arise from your reading of these reports.

Disclaimer: the information contained herein is of a general nature and is not intended to address the circumstances of any particular company, individual, or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We perform our own research and also use third party research. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

1st Half 2018 Private Equity M&A Trends Report

1st Half 2018 Key Highlights

  • The largest sponsored transaction in the Software horizontal in 1st Half 2018 was KKR’s announced acquisition of BMC Software, which offers cloud and IT management solutions to enterprises, for $8.5 billion. Of note, BMC was acquired in 2013 by a private investor group led by Bain Capital and Golden Gate Capital for $6.69 billion.
  • As for the Finance vertical, the largest sponsored transaction in 1st Half 2018 was a Blackstone Group led consortium’s announced acquisition of a 55 percent stake in Thomson Reuters Financial & Risk division for $11 billion.
  • Regarding the Healthcare IT vertical, the largest sponsored transaction in 1st Half 2018 was Veritas Capital’s acquisition of the Value-Based Care Division from GE Healthcare for $1.05 billion.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 rose by five percent over 2nd Half 2017, from 406 to 427.
  • Total transaction value in 1st Half 2018 increased by 61 percent over 2nd Half 2017, from $28.93 billion to $46.48 billion.
  • The median revenue multiple declined from 2.7x in 2nd Half 2017 to 2.3x in 1st Half 2018, returning to its 1st Half 2017 level. The median EBITDA multiple remained constant on a half year basis at 14.1x.
  • M&A Market Overview

    Berkery Noyes tracked 1,919 private equity transactions between 2016 and 1st Half 2018, of which 316 disclosed financial terms, and calculated the aggregate transaction value to be $137.58 billion. Based on known transaction values, we project values of 1,603 undisclosed transactions to be $45.31 billion, totaling $182.90 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Private Equity

    1st Half 2018 Education Industry Trends

    1st Half 2018 Key Highlights

  • The largest Higher-Ed related transaction in 1st Half 2018 was staffing firm Adecco Group’s acquisition of General Assembly for $413 million. General Assembly, a coding bootcamp, offers full-time courses in subjects such as web development, user experience design, digital marketing, data science, and machine learning.
  • Four of the industry’s top five highest value deals year-to-date were completed by strategic acquirers.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 increased by seven percent over 2nd Half 2017, from 202 to 216.
  • Total transaction value in 1st Half 2018 declined by 34 percent over 2nd Half 2017, from $9.37 billion to $6.17 billion. This followed a 21 percent rise in the preceding half year period.
  • The median revenue multiple fell from 2.7x in 2nd Half 2017 to 1.8x in 1st Half 2018, returning to its 1st Half 2017 level.
  • In the tech-based sectors, the segment with the largest rise in volume in 1st Half 2018 over 2nd Half 2017 was K-12 Media and Tech with a 32 percent gain, from 37 to 49 transactions.
  • Deal activity in the Professional Training Services segment increased 37 percent in second half 2017 and ten percent in 1st Half 2018, the latter of which marked the sector’s peak volume level over the past 30 months.
  • M&A Market Overview

    Berkery Noyes tracked 999 Education transactions between 2016 and 1st Half 2018, of which 199 disclosed financial terms, and calculated the aggregate transaction value to be $21.89 billion. Based on known transaction values, we project the values of 800 undisclosed transactions to be $6.25 billion, totaling $28.14 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Education

    1st Half 2018 Healthcare Industry Trends

    1st Half 2018 Key Highlights

  • The industry’s largest sponsored transaction in 1st Half 2018 was Veritas Capital-backed Verscend’s announced acquisition of Cotiviti, a provider of payment accuracy and analytics driven solutions, for $4.82 billion. Veritas Capital also completed another deal in the top ten list during the half year period with the announced acquisition of the Value-Based Care Division from GE Healthcare for $1.05 billion.
  • Seven of the industry’s top ten largest deals year-to-date occurred in the Healthcare IT segment.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 declined by three percent over 2nd Half 2017, from 239 to 232.
  • Total transaction value in 1st Half 2018 rose by 54 percent over 2nd Half 2017, from $13.63 billion to $20.93 billion.
  • The median revenue multiple, after rising from 1.9x in 1st Half 2017 to 3.0x in 2nd Half 2017, declined to 2.3x in 1st Half 2018. During the last 30 months the median revenue multiple was 2.1x.
  • Both the Medical Education and Healthcare IT segments saw notable increases in volume during the half year period. Medical Education volume gained 77 percent, from 13 to 23 deals. Healthcare IT volume rose 23 percent, from 101 to 124 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,154 Healthcare/Pharma Information and Technology transactions between 2016 and 1st Half 2018, of which 244 disclosed financial terms, and calculated the aggregate transaction value to be $72.62 billion. Based on known transaction values, we project values of 910 undisclosed transactions to be $9.22 billion, totaling $81.83 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Healthcare

    1st Half 2018 Finance Industry Trends

    1st Half 2018 Key Highlights

  • The largest deal in 1st Half 2018 was a Blackstone Group led consortium’s announced acquisition of a 55 percent stake in Thomson Reuters Financial & Risk division for $11 billion.
  • Online payments giant PayPal completed two of the industry’s top ten highest value transactions year-to-date. Along these lines PayPal announced its acquisition of iZettle, a mobile payments company that offers small businesses with portable point-of-sale solutions, for $2.43 billion; and Hyperwallet, a digital payout provider aimed at the sharing and gig economies, for $400 million.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 increased by 15 percent over 2nd Half 2017, from 207 to 239.
  • Total transaction value in 1st Half 2018 rose by 34 percent over 2nd Half 2017, from $24.27 billion to $32.53 billion.
  • The median revenue multiple, after rising from 2.6x in 1st Half 2017 to 4.5x in 2nd Half 2017, declined to 1.8x in 1st Half 2018. During  the last 30 months the median revenue multiple was 2.3x.
  • The segment with the largest rise in volume in 1st Half 2018 over 2nd Half 2017 was Capital Markets with a 40 percent gain, from 63 to 88 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,129 Financial Technology and Information transactions between 2016 and 1st Half 2018, of which 258 disclosed financial terms, and calculated the aggregate transaction value to be $93.74 billion. Based on known transaction values, we project values of 871 undisclosed transactions to be $15.98 billion, totaling $109.73 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Finance

    1st Half 2018 Information Industry Trends

    1st Half 2018 Key Highlights

  • Eight of the Information Industry’s top ten highest value deals in 1st Half 2018 were completed by strategic acquirers. These eight acquisitions combined accounted for about one-third of the industry’s aggregate value year-to-date.
  • There were 425 financially sponsored transactions with an aggregate value of $55.58 billion, representing 20 percent of the total volume and 33 percent of the total value, respectively.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 declined by six percent over 2nd Half 2017, from 2,220 to 2,093.
  • As for the industry’s three horizontal markets, Software volume decreased by three percent; Online & Mobile deal volume moved downward by one percent; and Media & Marketing volume fell by ten percent.
  • Total transaction value in 1st Half 2018 lost three percent over 2nd Half 2017, from $173.96 billion to $168.42 billion.
  • The median revenue multiple shifted from 2.1x to 1.9x, while the median EBITDA multiple decreased from 11.7x to 9.6x.
  • M&A Market Overview

    Berkery Noyes tracked 11,187 Information Industry transactions between 2016 and 1st Half 2018, of which 2,312 disclosed financial terms, and calculated the aggregate transaction value to be $758.29 billion. Based on known transaction values, we project values of 8,873 undisclosed transactions to be $153.06 billion, totaling $911.35 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Information Industry

    1st Half 2018 Online & Mobile M&A Trends Report

    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

    1st Half 2018 Media & Marketing M&A Trends Report

    1st Half 2018 Key Highlights

  • The largest strategic deal in 1st Half 2018 was Informa’s announced takeover bid of UBM for $6.17 billion, which will create the world’s most extensive B2B events group. As a result of the merger, Informa’s shareholders will own 65.5 percent of the enlarged company with UBM’s shareholders owning the rest.
  • There were 122 financially sponsored transactions with an aggregate value of $20.18 billion, representing 15 percent of the total volume and 38 percent of the total value, respectively.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 declined by ten percent over 2nd Half 2017, from 892 to 803. Private equity volume increased nine percent whereas strategic volume fell 13 percent.
  • Total transaction value in 1st Half 2018 fell by 55 percent over 2nd Half 2017, from $117.14 billion to $53.11 billion. Of note, two of the industry’s top three largest deals in 2017 occurred during the 2nd Half of the year and accounted for almost one-half of overall 2017 value.
  • Aggregate value in 1st Half 2018 improved nine percent on a year-over-year basis.
  • The median revenue multiple saw an uptick from 1.2x in 2nd Half 2017 to 1.4x in 1st Half 2018. The median EBITDA multiple remained nearly constant during this timeframe at 10.0x.
  • M&A Market Overview

    Berkery Noyes tracked 4,490 Media & Marketing transactions between 2016 and 1st Half 2018, of which 972 disclosed financial terms, and calculated the aggregate transaction value to be $441.12 billion. Based on known transaction values, we project values of 3,518 undisclosed transactions to be $47.93 billion, totaling $489.05 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Media & Marketing

    1st Half 2018 Software M&A Trends Report

    1st Half 2018 Key Highlights

  • The largest deal in 1st Half 2018 was private equity firm KKR’s announced acquisition of BMC Software, which offers cloud and IT management solutions to enterprises, for $8.5 billion. Of note, BMC was acquired in 2013 by a private investor group led by Bain Capital and Golden Gate Capital for $6.69 billion.
  • There were 253 financially sponsored transactions with an aggregate value of $31.23 billion, representing 24 percent of the total volume and 37 percent of the total value, respectively.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 declined by three percent over 2nd Half 2017, from 1,084 to 1,056.
  • Total transaction value in 1st Half 2018 rose by 46 percent over 2nd Half 2017, from $57.88 billion to $84.43 billion.
  • The median revenue multiple shifted from 2.7x in 2nd Half 2017 to 2.5x in 1st Half 2018. The median EBITDA multiple moved downward during this timeframe, from 13.7x to 11.4x.
  • Both the Business and Infrastructure segments saw notable increases in volume during the half year period. Business volume gained 13 percent, from 201 to 228 transactions. Infrastructure volume rose 11 percent, from 143 to 159  transactions.
  • M&A Market Overview

    Berkery Noyes tracked 5,382 Software transactions between 2016 and 1st Half 2018, of which 1,099 disclosed financial terms, and calculated the aggregate transaction value to be $280.05 billion. Based on known transaction values, we project values of 4,283 undisclosed transactions to be $98.30 billion, totaling $378.35 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Software

    Full Year 2017 Private Equity Industry Trends

    2017 Key Highlights

  • Nine of the Education vertical's top ten highest value deals during the year were backed by financial sponsors. Four of these nine transactions occurred in the combined Professional Training Technology and Services segments.
  • The largest sponsored deal in the Finance vertical in 2017 was Vista Equity Partners' acquisition of DH Corporation, a provider of technology solutions to financial institutions, for $3.49 billion, which Vista plans to combine with its portfolio company Misys (note that Misys and DH will operate under the new brand name Finastra).
  • The largest sponsored deal in the Healthcare vertical in 2017 was KKR's Internet Brands' announced acquisition of WebMD Corporation, an online health information provider, for $2.80 billion.
  • 2017 Key Trends

  • Total transaction volume in 2017 increased by 20 percent over 2016, from 672 to 809.
  • Total transaction value in 2017 saw a slight uptick over 2016, from $64.54 billion to $65.58 billion.
  • The median revenue multiple rose from 2.0x in 2016 to 2.5x in 2017. The median EBITDA multiple improved from 11.1x in 2016 to 12.8x in 2017.
  • M&A Market Overview

    Berkery Noyes tracked 2,147 private equity transactions in the Information Industry between 2015 and 2017, of which 378 disclosed financial terms, and calculated the aggregate value to be $159.65 billion. Based on known transaction values, we project values of 1,769 undisclosed transactions to be $40.40 billion, totaling $200.05 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Private Equity

    Full Year 2017 Education Industry Trends

    2017 Key Highlights

  • Financial sponsors were responsible for nine of the top ten highest value transactions in 2017. The only strategic deal in the top ten list was Strayer Education's announced merger with Capella Education Company for $786 million.
  • The largest transaction in the Professional Training Services segment during the year was Blackstone Group and Canada Pension Plan Investment Board's announced acquisition of Ascend Learning, which offers educational content and online tools for students, educational institutions and employers, with a particular focus on healthcare and other licensure-driven occupations, for $2 billion.
  • 2017 Key Trends

  • Total transaction volume in 2017 remained almost constant over 2016, at 390.
  • Total transaction value in 2017 more than tripled over 2016, from $5.07 billion to $16.79 billion. This followed a 73 percent decline from 2015 to 2016. Of note, there were 24 deals in 2017 with disclosed values above $100 million, as opposed to seven deals in 2016 and 28 deals in 2015.
  • The median revenue multiple from 2016 to 2017 stayed the same at 2.1x. The median EBITDA multiple increased from 8.7x in 2016 to 10.2x in 2017.
  • The segment with the largest rise in volume in 2017 over 2016 was K-12 Institutions with an 53 percent increase, from 30 to 46 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,210 Education transactions between 2015 and 2017, of which 247 disclosed financial terms, and calculated the aggregate value to be $31.96 billion. Based on known transaction values, we project values of 963 undisclosed transactions to be $8.83 billion, totaling $40.79 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Education

    Full Year 2017 Healthcare Industry Trends

    2017 Key Highlights

  • Two of the industry's top three largest transactions in 2017 occurred in the Pharma Business Services segment: Pamplona Capital Management's announced acquisition of PAREXEL International Corporation, a global biopharmaceutical services provider, for $4.92 billion; and INC Research's announced merger with inVentiv Health for $4.55 billion, which will lead to the creation of the world's second largest biopharmaceutical outsourcing provider.
  • Financial sponsors represented 26 percent of total industry volume and 50 percent of value during the year.
  • 2017 Key Trends

  • Total transaction volume in 2017 remained almost constant over 2016, at 460.
  • Private equity backed volume increased 24 percent during this timeframe, from 96 to 119. Strategic volume in 2017 declined six percent over 2016, from 362 to 341.
  • Total transaction value in 2017 stayed nearly the same over 2016, at $30.72 billion.
  • The median revenue multiple improved from 1.9x in 2016 to 2.2x in 2017. The median EBITDA multiple rose from 9.5x to 12.5x, which was close to its 2015 level.
  • The combined Pharma IT, Pharma Business Services, and Pharma Information segments experienced a 16 percent increase in volume, from 80 to 93 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,370 Healthcare/Pharma Information and Technology transactions between 2015 and 2017, of which 287 disclosed financial terms, and calculated the aggregate value to be $65.55 billion. Based on known transaction values, we project values of 1,083 undisclosed transactions to be $13.09 billion, totaling $78.64 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Healthcare

    Full Year 2017 Finance Industry Trends

    2017 Key Highlights

  • Five of the top ten highest value deals during the year occurred in the Payments segment. Two of these acquisitions were completed by First Data Corporation: BluePay, a provider of technology-enabled payment processing for merchants, for $760 million; and CardConnect, which offers payment processing and technology solutions to SMBs and enterprises, for $750 million.
  • There were 105 financially sponsored transactions with an aggregate value of $13.23 billion, representing 24 percent of the total volume and 31 percent of the total value, respectively.
  • 2017 Key Trends

  • Total transaction volume in 2017 remained almost constant over 2016, at 442.
  • Total transaction value in 2017 rose by 26 percent over 2016, from $34.01 billion to $42.69 billion.
  • The median revenue multiple increased from 1.8x in 2016 to 2.8x in 2017. The median EBITDA multiple improved from 11.4x in 2016 to 15.8x in 2017.
  • The segment with the largest rise in volume in 2017 over 2016 was Banking with a 27 percent increase, from 81 to 103 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,316 Financial Technology and Information transactions between 2015 and 2017, of which 310 disclosed financial terms, and calculated the aggregate value to be $120.02 billion. Based on known transaction values, we project values of 1,005 undisclosed transactions to be $21.94 billion, totaling $141.96 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Finance

    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

    Full Year 2017 Media & Marketing Industry Trends

    2017 Key Highlights

  • The industry's largest deal in 2017 was The Walt Disney Company's announced acquisition of 21st Century Fox, which includes the Twentieth Century Fox Film and Television studios, along with cable and international TV businesses, for $66.1 billion.
  • There were 246 financially sponsored transactions with an aggregate value of $28.23 billion, representing 13 percent of the total volume and 17 percent of the total value, respectively.
  • 2017 Key Trends

  • Total transaction volume in 2017 saw a slight uptick over 2016, from 1,820 to 1,847.
  • Total transaction value in 2017 fell by 39 percent over 2016, from $270.89 billion to $166.04 billion. However, overall value more than doubled from 2015 to 2016.
  • The major rise in value during 2016 was due in large part to AT&T's announced acquisition of Time Warner for $105.27 billion. Also of note, there were two deals in 2017 with disclosed values above $10 billion, compared to four such deals in 2016 and none in 2015.
  • The median revenue multiple moved downward from 2.1x in 2016 to 1.5x in 2017. The median EBITDA multiple declined from 11.5x in 2016 to 9.8x in 2017.
  • The segment with the largest rise in volume in 2017 over 2016 was Broadcasting, which nearly tripled, from 44 to 122 transactions. This was close to the segment's volume level in 2015.
  • M&A Market Overview

    Berkery Noyes tracked 5,566 Media & Marketing transactions between 2015 and 2017, of which 1,208 disclosed financial terms, and calculated the aggregate value to be $470.78 billion. Based on known transaction values, we project values of 4,358 undisclosed transactions to be $69.81 billion, totaling $540.59 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Media & Marketing

    Full Year 2017 Software Industry Trends

    2017 Key Highlights

  • The Infrastructure segment's largest transaction in 2017 was Thales SA's announced merger with Gemalto, a digital security company that offers mobile connectivity, payment technology, and data protection solutions, for $6.51 billion.
  • Cisco Systems was responsible for two of the industry's top ten largest acquisitions in 2017: AppDynamics, an application performance management and IT analytics company, for $3.9 billion; and Broadsoft, which offers software and services that enable telecommunications service providers to deliver hosted cloud-based unified communications to enterprise customers, for $1.87 billion.
  • There were 487 financially sponsored transactions with an aggregate value of $56.13 billion, representing 22 percent of the total volume and 42 percent of the total value, respectively.
  • 2017 Key Trends

  • Total transaction volume in 2017 increased by four percent over 2016, from 2,100 to 2,191.
  • Strategic volume in 2017 remained about constant over 2016, at 1,704. Private equity backed volume improved 22 percent during this timeframe, from 399 to 487.
  • Total transaction value in 2017 declined by 16 percent over 2016, from $159.32 billion to $133.64 billion.
  • The median revenue multiple decreased from 2.7x in 2016 to 2.3x in 2017. The median EBITDA multiple saw a slight uptick from 12.7x in 2016 to 13.3x in 2017.
  • M&A Market Overview

    Berkery Noyes tracked 6,360 Software transactions between 2015 and 2017, of which 1,385 disclosed financial terms, and calculated the aggregate value to be $391.92 billion. Based on known transaction values, we project values of 4,975 undisclosed transactions to be $114.90 billion, totaling $506.81 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Software

    Q3 2017 Private Equity Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • In the Healthcare vertical, the most active acquirer through the 1st 3 Quarters of 2017, either directly or through an affiliated business, was Arsenal Capital Partners with six transactions. Three of these deals occurred in Q3 2017: Patient Genesis' ConsentNow eConsent technology, FDAnews, and MedApproved.
  • In the Education vertical, the most active acquirer through the 1st 3 Quarters of 2017, either directly or through an affiliated business, was Leeds Equity Partners with four transactions. Three of these deals occurred in Q3 2017: the CRM and Application Management product lines from Hobsons, Courseval, and iLawVentures.
  • Q3 2017 KEY TRENDS

  • Total transaction volume in the 1st 3 Quarters of 2017 increased by 20 percent over the 1st 3 Quarters of 2016, from 507 to 610.
  • Total transaction value in the 1st 3 Quarters of 2017 rose by 15 percent over the 1st 3 Quarters of 2016, from $51.7 billion to $59.6 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple on a year-over-year basis shifted from 2.3x to 2.4x.
  • The median EBITDA multiple on a year-over-year basis moved slightly from 11.1x to 11.9x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen four new additions since our half year report, two of which occurred in the Software horizontal: Partners Group Holding's announced acquisition of Civica for $1.4 billion and Centerbridge Capital Partners' acquisition of Syncsort for $1.3 billion.

    Q3
    2017
    Private Equity

    Q3 2017 Education Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • The most active acquirer through the 1st 3 Quarters of 2017, either directly or through an affiliated business, was Leeds Equity Partners with four transactions. Three of these deals occurred in Q3 2017.
  • Leeds Equity Partners during the quarter acquired the CRM and Application Management product lines from Hobsons; Courseval, a provider of online course evaluation software used by higher education institutions to assess faculty and course performance; and iLawVentures, which offers J.D., post-J.D. and international programs for law schools in the U.S.
  • Q3 2017 KEY TRENDS

  • Total transaction volume in Q3 2017 remained nearly constant over Q2 2017 at 102. This followed a 15 percent rise in Q1 2017.
  • Total transaction value in Q3 2017 declined 18 percent over Q2 2017, from $5.7 billion to $4.7 billion. However, aggregate value year-to-date more than tripled compared to the 1st 3 Quarters of 2016 and has already exceeded total value for all of 2016.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2016 through the 1st 3 Quarters of 2017 improved from 1.6x to 1.9x. The median EBITDA during the timeframe increased from 8.7x to 10.3x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen four new additions since our half year report, two of which reached the $1 billion threshold: Vista Equity Partners announced acquisition of The Advisory Board Company's education business, which includes Royall & Company, for $1.6 billion; and Thoma Bravo's acquisition of Frontline Education for an undisclosed sum.

    Q3
    2017
    Education

    Q3 2017 Information Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • The Advisory Board Company was involved in two of the Information Industry's top ten largest deals in Q3 2017. Vista Equity Partners announced its acquisition of The Advisory Board Company's education business, which includes Royall & Company, for $1.6 billion; and Optum announced its acquisition of The Advisory Board Company's healthcare business for $1.3 billion.
  • Q3 2017 KEY TRENDS

  • Total transaction volume in Q3 2017 declined by nine percent over Q2 2017, from 1,188 to 1,085. However, volume year-to-date improved by two percent compared to the same timeframe in 2016.
  • As for the industry's horizontal markets on a year-over year basis, Media & Marketing volume gained four percent; Software volume remained about constant; and Online & Mobile volume fell by four percent.
  • Total transaction value in Q3 2017 increased by five percent over Q2 2017, from $55.6 billion to $58.4 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2016 through the 1st 3 Quarters of 2017 decreased slightly, from 2.1x to 1.9x.
  • The median EBITDA multiple from 2016 through the 1st 3 Quarters of 2017 shifted downward, from 11.3x to 10.4x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen one new addition since our half year report: Discovery Communications' announced acquisition of Scripps Networks Interactive, a developer of lifestyle content for television and the Internet, for $11.9 billion. This acquisition represented about one-fifth of aggregate Q3 2017 transaction value.

    Q3
    2017
    Information Industry

    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

    Q3 2017 Media & Marketing Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • The largest transaction in Q3 2017 and year-to-date was Discovery Communications' announced acquisition of Scripps Networks Interactive, a developer of lifestyle content for television and the Internet, for $11.9 billion. Scripps Networks Interactive is well known for several of its brands including HGTV, Food Network, Cooking Channel, and Travel Channel.
  • There were 195 financially sponsored transactions in the 1st 3 Quarters of 2017 with an aggregate value of $25.6 billion, representing 14 percent of the total volume and 30 percent of the total value, respectively.
  • Q3 2017 Key Trends

  • Total transaction volume in Q3 2017 remained almost constant over Q2 2017, from 476 to 470. Volume year-to-date improved by four percent compared to the same timeframe in 2016.
  • Total transaction value in Q3 2017 increased by 30 percent over Q2 2017, from $27.5 billion to $35.7 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2016 through the 1st 3 Quarters of 2017 declined by 24 percent, from 2.1x to 1.6x.
  • The median EBITDA multiple from 2016 through the 1st 3 Quarters of 2017 decreased by 14 percent, from 11.5x to 9.9x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen three new additions since our half year report, including two that involved television networks. In addition to Scripps Networks Interactive, this consisted of video and ecommerce retailer QVC's announced acquisition of its competitor HSN for $1.8 billion.

    Q3
    2017
    Media & Marketing

    1st Half 2017 Private Equity Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • Blackstone Group and Thoma Bravo combined were responsible for five of the Information Industry's top ten highest value transactions year-to-date.
  • Along these lines, Blackstone announced its acquisition of Aon's technology-enabled and human resources platform for $4.3 billion; Blackstone joined forces with Canada Pension Plan Investment Board (CPPIB) to acquire Ascend Learning, which offers educational content and online tools for students, educational institutions and employers, with a particular focus on healthcare and other licensure-driven occupations, for $2 billion; Blackstone acquired SESAC, a music rights organization, for $1 billion; Thoma Bravo acquired Lexmark International's enterprise software business, which is comprised of Kofax, ReadSoft and Perceptive, for $1.35 billion; and Thoma Bravo acquired Planview, which develops project management and workforce collaboration tools, for 800 million.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 increased 24 percent over 2nd Half 2016, from 323 to 401.
  • Total transaction value in 1st Half 2017 declined by four percent over 2nd Half 2016, from $43.94 billion to $42.19 billion. Overall value gained 87 percent on a year-over-year basis.
  • The median revenue multiple improved from 1.7x in 2nd Half 2016 to 2.0x in 1st Half 2017. The median EBITDA multiple moved slightly from 11.4x in 2nd Half 2016 to 11.0x in 1st Half 2017.
  • M&A Market Overview

    Berkery Noyes tracked 1,736 private equity transactions between 2015 and 1st Half 2017, of which 311 disclosed financial terms, and calculated the aggregate transaction value to be $138.38 billion. Based on known transaction values, we project values of 1,425 undisclosed transactions to be $43.86 billion, totaling $182.23 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Private Equity

    1st Half 2017 Education Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • Each of the industry's five largest deals in 1st Half 2017 were completed by financial sponsors. These five transactions, with a combined value of $5.58 billion, represented 72 percent of aggregate value during the half year period.
  • Two of the industry's top three highest value acquisitions year-to-date occurred in the Professional Training Services segment. Along these lines were Blackstone and Canada Pension Plan Investment Board's announced acquisition of Ascend Learning, which offers educational content and online tools for students, educational institutions and employers, with a particular focus on healthcare and other licensure-driven occupations, for $2 billion; and CVC Capital Partners with the announced acquisition of QA, an IT education and skills business, for $886 million.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 decreased by eight percent over 2nd Half 2016, from 195 to 179.
  • Total transaction value in 1st Half 2017 increased about fivefold over 2nd Half 2016, from $1.54 billion to $7.74 billion.
  • Of note, there was only one deal with a disclosed value above $100 million in 2nd Half 2016, compared to 11 such deals in 1st Half 2017. There were also two transactions that reached the $2 billion threshold in first half 2017, as opposed to none for all of 2016.
  • The median revenue multiple moved upward from 1.2x in 2nd Half 2016 to 1.4x in 1st Half 2017. The median EBITDA multiple declined from 11.0x in 2nd Half 2016 to 10.3x in 1st Half 2017.
  • M&A Market Overview

    Berkery Noyes tracked 997 Education transactions between 2015 and 1st Half 2017, of which 199 disclosed financial terms, and calculated the aggregate transaction value to be $24.64 billion. Based on known transaction values, we project the values of 798 undisclosed transactions to be $6.73 billion, totaling $31.37 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Education

    1st Half 2017 Healthcare Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • Two of the top three and three of the top five highest value deals year-to-date occurred in the Pharma IT and Services segments. The largest of these was Pamplona Capital Management's announced acquisition of PAREXEL International Corporation, a global biopharmaceutical services provider, for $4.92 billion.
  • The industry's most active acquirer during the half year period was Bertelsmann SE & Co. KGaA with four transactions, each of which were completed through Relias Learning: WhiteCloud Analytics, a healthcare performance management technology company; Care Management Technologies, which offers evidence-based behavioral health analytics and decision support tools to payers and providers; Advanced Practice Strategies, an assessment, education, and analytics company that serves physicians and doctors; and Spm GmbH, which offers more than 300 courses for the acute and post-acute care sectors.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 decreased by four percent over 2nd Half 2016, from 221 to 213.
  • Total transaction value in 1st Half 2017 rose by 31 percent over 2nd Half 2016, from $12.66 billion to $16.53 billion.
  • The median revenue multiple improved from 1.5x in 2nd Half 2016 to 1.9x in 1st Half 2017.
  • The segment with the largest rise in volume in 1st Half 2017 over 2nd Half 2016 was Consumer Health, which almost doubled, from 10 to 19 transactions. Pharma IT was close behind with a 75 percent increase, from 16 to 28 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,122 Healthcare/Pharma Information and Technology transactions between 2015 and 1st Half 2017, of which 236 disclosed financial terms, and calculated the aggregate transaction value to be $54.11 billion. Based on known transaction values, we project values of 886 undisclosed transactions to be $9.28 billion, totaling $63.39 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Healthcare

    1st Half 2017 Finance Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • The highest value deal in 1st Half 2017 was Vista Equity Partners' announced acquisition of DH Corporation, a provider of technology solutions to financial institutions, for $3.49 billion, which Vista plans to combine with its portfolio company Misys. Misys and DH will operate under the new brand name Finastra.
  • The most active acquirer during the half year period was Accenture with four industry acquisitions.
  • Accenture acquired BeesPath's ClosingBridge platform, which facilitates secure communications and file exchange for real estate finance transactions; Genfour, an automation service provider that works with clients in a variety of sectors, including insurance and banking; Infusion Development Corporation, a global software engineering, design and digital strategy firm with expertise in financial services, insurance and capital markets; and InvestTech Systems Consulting, a systems integration and technology consulting company that supports asset managers and investment service providers.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 increased by 19 percent over 2nd Half 2016, from 193 to 229.
  • Total transaction value in 1st Half 2017 rose by 76 percent over 2nd Half 2016, from $10.66 billion to $18.76 billion.
  • The median revenue multiple improved from 1.9x in 2nd Half 2016 to 2.3x in 1st Half 2017.
  • M&A Market Overview

    Berkery Noyes tracked 1,103 Financial Technology and Information transactions between 2015 and 1st Half 2017, of which 260 disclosed financial terms, and calculated the aggregate transaction value to be $99.23 billion. Based on known transaction values, we project values of 843 undisclosed transactions to be $18.79 billion, totaling $118.01 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Finance

    1st Half 2017 Information Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • Seven of the Information Industry's top ten highest value deals in 1st Half 2017 were completed by strategic acquirers. These seven acquisitions combined accounted for 28 percent of the industry's aggregate value year-to-date.
  • There were 401 financially sponsored transactions with an aggregate value of $55.98 billion, representing 17 percent of the total volume and 37 percent of the total value, respectively.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 increased eight percent over 2nd Half 2016, from 2,141 to 2,317.
  • As for the industry's three horizontal markets, Software volume improved by 12 percent; Online & Mobile deal volume rose by five percent; and Media & Marketing volume moved upward by three percent.
  • Total transaction value in 1st Half 2017 fell by 51 percent over 2nd Half 2016, from $277.65 billion to $135.75 billion. However, aggregate value declined 14 percent on a year-over-year basis.
  • The median revenue multiple shifted from 2.0x to 1.9x, while the median EBITDA multiple declined slightly from 11.6x to 11.0x.
  • M&A Market Overview

    Berkery Noyes tracked 11,219 Information Industry transactions between 2015 and 1st Half 2017, of which 2,413 disclosed financial terms, and calculated the aggregate transaction value to be $738.35 billion. Based on known transaction values, we project values of 8,806 undisclosed transactions to be $174.19 billion, totaling $912.54 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Information Industry

    1st Half 2017 Online & Mobile Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • The largest E-Commerce deal in 1st Half 2017 was PetSmart's acquisition of Chewy, an online retailer for pet products, for $3.35 billion.
  • There were 242 financially sponsored transactions with an aggregate value of $17.74 billion, representing 17 percent of the total volume and 32 percent of the total value, respectively.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 increased by five percent over 2nd Half 2016, from 1,397 to 1,465. Of note, the number of private equity backed deals rose 21 percent, from 200 to 242.
  • Total transaction value in 1st Half 2017 fell 37 percent over 2nd Half 2016, from $83.25 billion to $52.62 billion.
  • The median revenue multiple moved slightly from 1.9x in 2nd Half 2016 to 1.8x in 1st Half 2017. The median EBITDA multiple declined from 11.7x in 2nd Half 2016 to 10.3x in 1st Half 2017.
  • Transactions in 1st Half 2017 with enterprise values above $160 million received a median revenue multiple of 2.0x, whereas those in the $10-$20 million range had a median revenue multiple of 3.6x.
  • The segment with the largest increase in volume in 1st Half 2017 over 2nd Half 2016 was Communications with a 15 percent rise, from 167 to 192 transactions. The E-Commerce segment was close behind with a 12 percent improvement, from 330 to 370 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 7,232 Online & Mobile transactions between 2015 and 1st Half 2017, of which 1,576 disclosed financial terms, and calculated the aggregate transaction value to be $292.36 billion. Based on known transaction values, we project values of 5,656 undisclosed transactions to be $99.07 billion, totaling $391.43 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Online & Mobile

    1st Half 2017 Media & Marketing Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • The industry's largest deal in 1st Half 2017 was Sinclair Broadcast Group's announced acquisition of Tribune Media Company for $6.55 billion. Tribune owns or operates 42 television stations in 33 markets, cable network WGN America, digital multicast network Antenna TV, minority stakes in the TV Food Network and CareerBuilder, and a variety of real estate assets.
  • There were 133 financially sponsored transactions with an aggregate value of $18.17 billion, representing 14 percent of the total volume and 34 percent of the total value, respectively.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 increased by three percent over 2nd Half 2016, from 893 to 919.
  • Total transaction value in 1st Half 2017 fell by 73 percent over 2nd Half 2016, from $176.03 billion to $47.22 billion.
  • Two of the industry's top three largest deals in 2016 occurred during the second half of the year and accounted for almost half of overall 2016 value. Aggregate value in 1st Half 2017 declined 50 percent on a year-over-year basis but rose 19 percent relative to 1st Half 2015.
  • The median revenue multiple decreased from 2.2x in 2nd Half 2016 to 1.6x in 1st Half 2017. The median EBITDA multiple moved downward from 12.8x in 2nd Half 2016 to 10.8x in 1st Half 2017, which was in line with its 1st Half 2016 level.
  • M&A Market Overview

    Berkery Noyes tracked 4,636 Media & Marketing transactions between 2015 and 1st Half 2017, of which 982 disclosed financial terms, and calculated the aggregate transaction value to be $358.58 billion. Based on known transaction values, we project values of 3,654 undisclosed transactions to be $65.04 billion, totaling $423.62 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Media & Marketing

    1st Half 2017 Software Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • The Niche segment, which is targeted to specific vertical markets, and the Infrastructure segment combined were responsible for eight of the industry's top ten highest value deals in 1st Half 2017.
  • There were 237 financially sponsored transactions with an aggregate value of $31.12 billion, representing 22 percent of the total volume and 38 percent of the total value, respectively.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 increased 12 percent over 2nd Half 2016, from 985 to 1,099.
  • Total transaction value in 1st Half 2017 declined by 18 percent over 2nd Half 2016, from $93.02 billion to $76.63 billion.
  • Seven of the industry's top ten largest deals in 2016 occurred during the second half of the year. Aggregate value in 1st Half 2017 rose 16 percent on a year-over-year basis.
  • The median revenue multiple moved slightly from 2.5x in 2nd Half 2016 to 2.3x in 1st Half 2017. The median EBITDA multiple remained constant during this timeframe at 13.3x.
  • Transactions in 1st Half 2017 with enterprise values above $160 million received a median revenue multiple of 3.9x, whereas those in the $10-$20 million range had a median revenue multiple of 2.2x.
  • The segment with the largest rise in volume in 1st Half 2017 over 2nd Half 2016 was Infrastructure Software with an 21 percent gain, from 132 to 160 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 5,259 Software transactions between 2015 and 1st Half 2017, of which 1,149 disclosed financial terms, and calculated the aggregate transaction value to be $352.76 billion.

    1st Half
    2017
    Software

    Full Year 2016 Private Equity Industry Trends

    2016 Key Highlights

  • The industry's two largest transactions in 2016 each occurred in the Entertainment vertical. This consisted of a Chinese consortium's announced acquisition of Playtika, a social and mobile games company based in Israel, for $4.4 billion; and IMG Worldwide's acquisition of Ultimate Fighting Championship, a professional mixed martial arts organization, for $4 billion.
  • Six of the overall Healthcare vertical's top ten highest value deals during the year were backed by financial sponsors. The largest private equity backed Healthcare IT deal in 2016 was GI Partners' acquisition of Netsmart Technologies, a provider of electronic health records, patient management, billing and other solutions, which was acquired in a joint venture with Allscripts, for $950 million.
  • 2016 Key Trends

  • Total transaction volume in 2016 saw a slight uptick over 2015, from 629 to 638.
  • Total transaction value in 2016 remained about constant over 2015, from $65.41 billion to $64.67 billion. Of note, each of the top five and eight of the top ten highest value deals in 2016 occurred during the second half of the year.
  • The median revenue multiple declined from 2.3x in 2015 to 2.0x in 2016. The median EBITDA multiple fell from 13.2x in 2015 to 10.9x in 2016.
  • M&A Market Overview

    Berkery Noyes tracked 1,820 private equity transactions in the Information Industry between 2014 and 2016, of which 338 disclosed financial terms, and calculated the aggregate value to be $139.15 billion. Based on known transaction values, we project values of 1,482 undisclosed transactions to be $44.20 billion, totaling $183.35 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Private Equity

    Full Year 2016 Education Industry Trends

    2016 Key Highlights

  • Transaction volume in the K-12 Media and Tech segment overtook both the Professional Training Services and Higher Ed Media and Tech segments, becoming the industry's most active sector in 2016.
  • The largest deal in 2016 was Apollo Education Group Inc.'s announced acquisition by a consortium of investors for $1.1 billion. This transaction, in which Apollo is being taken private, accounted for about one-fifth of the industry's total value in 2016.
  • 2016 Key Trends

  • Total transaction volume in 2016 decreased by 11 percent over 2015, from 426 to 378. This followed a 29 percent increase in from 2014 to 2015.
  • Strategic volume in 2016 moved downward by 15 percent over 2015, from 320 to 271. Private equity backed volume remained almost constant during this timeframe, from 106 to 107.
  • Total transaction value in 2016 fell by 70 percent over 2015, from $17.75 billion to $5.32 billion. This followed a 50 percent increase from 2014 to 2015. Of note, there were seven deals in 2016 with disclosed values above $100 million, as opposed to 19 such deals in 2015.
  • The median revenue multiple moved slightly from 1.9x in 2015 to 2.0x in 2016. The median EBITDA multiple saw a minor shift from 9.2x in 2015 to 8.7x in 2016.
  • M&A Market Overview

    Berkery Noyes tracked 1,135 Education transactions between 2014 and 2016, of which 234 disclosed financial terms, and calculated the aggregate value to be $27.99 billion. Based on known transaction values, we project values of 901 undisclosed transactions to be $6.86 billion, totaling $34.85 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Education

    Full Year 2016 Healthcare Industry Trends

    2016 Key Highlights

  • Three of the industry's top five and six of the top ten highest value acquisitions in 2016 were completed by financial sponsors.
  • The largest private equity backed deal during the year was Blackstone Group's announced acquisition of TeamHealth, a provider of outsourced physician staffing solutions for hospitals in the U.S., for $6.02 billion.
  • Strategic acquirers represented 80 percent of aggregate volume and 58 percent of value in 2016.
  • The Healthcare IT segment was responsible for five of the overall industry's top ten highest value deals in 2016.
  • 2016 Key Trends

  • Total transaction volume in 2016 remained constant over 2015, at 452. This represented a 16 percent rise relative to 2014.
  • Strategic volume in 2016 increased three percent over 2015, from 351 to 363. Private equity backed volume fell 12 percent during this timeframe, from 101 to 89.
  • Total transaction value in 2016 saw a gain of 75 percent over 2015, from $17.47 billion to $30.51 billion. Excluding IMS Health's merger with Quintiles Transnational Holdings, value increased 25 percent.
  • The median revenue multiple decreased from 3.0x in 2015 to 2.6x in 2016. The median EBITDA multiple moved slightly from 13.2x to 13.9x.
  • M&A Market Overview

    Berkery Noyes tracked 1,292 Healthcare/Pharma Information and Technology transactions between 2014 and 2016, of which 277 disclosed financial terms, and calculated the aggregate value to be $51.99 billion. Based on known transaction values, we project values of 1,015 undisclosed transactions to be $11.36 billion, totaling $63.34 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Healthcare

    Full Year 2016 Finance Industry Trends

    2016 Key Highlights

  • The most active acquirer in 2016, either directly or through an affiliated business, was Broadridge Financial Solutions, a provider of investor communications and technology-driven solutions, with six transactions: DST Systems' North American Customer Communications ("NACC") business for $410 million, technology assets from INVeSHARE for $135 million, M&O Systems, 4Sight Financial Software, Dojima and Anetics.
  • Four of the top five and seven of the top ten highest value deals during the year occurred in the Capital Markets segment.
  • 2016 Key Trends

  • Total transaction volume in 2016 remained nearly constant over 2015, from 433 to 434.
  • Total transaction value in 2016 decreased by 26 percent over 2015, from $65.29 billion to $48.41 billion.
  • There were five transactions above the $1 billion threshold in 2016, compared to 13 such deals in 2015.
  • The median revenue multiple declined from 3.2x in 2015 to 2.3x in 2016, which was in line with the median throughout the past three years. The median EBITDA multiple improved from 11.4x in 2015 to 13.1x in 2016.
  • The segment with the largest rise in volume in 2016 over 2015 was Insurance with a 21 percent increase, from 62 to 75 transactions. The Payments segment was close behind with an 18 percent gain, from 110 to 130 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,245 Financial Technology and Information transactions between 2014 and 2016, of which 310 disclosed financial terms, and calculated the aggregate value to be $119.30 billion. Based on known transaction values, we project values of 935 undisclosed transactions to be $22.49 billion, totaling $141.79 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Finance

    Full Year 2016 Information Industry Trends

    2016 Key Highlights

  • Each of the Information Industry's top three largest deals in 2016 occurred in the Media & Marketing horizontal. These three transactions, with a combined value of $153.9 billion, accounted for slightly more than one-third of the industry's aggregate value during the year.
  • Strategic acquisitions represented 86 percent of total volume and 83 percent of total value, respectively.
  • 2016 Key Trends

  • Total transaction volume in 2016 remained about constant over 2015, from 4,434 to 4,405.
  • As for notable market segments, E-Commerce volume in the Online & Mobile horizontal increased by 11 percent; Consumer Software volume in the Software horizontal improved by four percent; and Entertainment Content volume in the Media & Marketing horizontal rose by four percent.
  • Total transaction value in 2016 improved by 27 percent over 2015, from $340.44 billion to $433.89 billion.
  • The median revenue multiple from 2015 to 2016 stayed the same at 2.1x. The median EBITDA multiple moved slightly, from 10.9x in 2015 to 11.3x in 2016.
  • M&A Market Overview

    Berkery Noyes tracked 12,825 Information Industry transactions between 2014 and 2016, of which 2,780 disclosed financial terms, and calculated the aggregate value to be $798.56 billion. Based on known transaction values, we project values of 10,045 undisclosed transactions to be $208.47 billion, totaling $1.01 trillion worth of transactions tracked over the past three years.

    Full Year
    2016
    Information Industry

    Full Year 2016 Online & Mobile Industry Trends

    2016 Key Highlights

  • The industry's most active segment in 2016 was SaaS & Cloud with 794 deals. E-Commerce, with 708 deals, solidified its position over E-Marketing & Search as the second most active segment.
  • The largest mobile-based transaction during the year was Tencent Holdings Ltd.'s acquisition of Supercell, the Finnish maker of the "Clash of Clans" game, for $8.6 billion.
  • There were 392 financially sponsored transactions with an aggregate value of $28.61 billion, representing 14 percent of the total volume and 16 percent of the total value, respectively.
  • 2016 Key Trends

  • Total transaction volume in 2016 saw a one percent uptick over 2015, from 2,844 to 2,874.
  • Total transaction value in 2016 rose by 12 percent over 2015, from $157.99 billion to $177.35 billion.
  • The median revenue multiple moved slightly from 2.2x in 2015 to 2.1x in 2016. The median EBITDA multiple improved from 10.0x in 2015 to 11.3x in 2016.
  • The segment with the largest rise in volume in 2016 over 2015 was E-Commerce with an 11 percent increase, from 635 to 708 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 8,216 Online & Mobile transactions between 2014 and 2016, of which 1,756 disclosed financial terms, and calculated the aggregate value to be $346.55 billion. Based on known transaction values, we project values of 6,460 undisclosed transactions to be $120.61 billion, totaling $467.16 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Online & Mobile

    Full Year 2016 Media & Marketing Industry Trends

    2016 Key Highlights

  • The largest deal in 2016 was AT&T's announced acquisition of Time Warner for $105.27 billion, or $85.4 billion excluding net debt. This was the highest value acquisition ever tracked by Berkery Noyes in the Media & Marketing Industry. AT&T is planning to diversify its business beyond telecommunications with Time Warner's vast array of programming.
  • There were 208 financially sponsored transactions with an aggregate value of $27.10 billion, representing 12 percent of the total volume and 10 percent of the total value, respectively.
  • 2016 Key Trends

  • Total transaction volume in 2016 declined by five percent over 2015, from 1,900 to 1,796.
  • Total transaction value in 2016 more than doubled over 2015, from $105.67 billion to $272.17 billion. If the Time Warner deal is excluded, overall value increased 58 percent.
  • There were 18 acquisitions in 2016 with values above $2 billion, as opposed to nine such deals in 2015.
  • The median revenue multiple shifted slightly from 2.0x in 2015 to 2.1x in 2016. The median EBITDA multiple improved from 8.7x in 2015 to 11.2x in 2016, which was nearly the same as its 2014 level.
  • The segment with the largest rise in volume in 2016 over 2015 was Entertainment Content with a four percent increase, from 206 to 215 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 5,409 Media & Marketing transactions between 2014 and 2016, of which 1,154 disclosed financial terms, and calculated the aggregate value to be $390.93 billion. Based on known transaction values, we project values of 4,255 undisclosed transactions to be $84.54 billion, totaling $475.47 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Media & Marketing

    Full Year 2016 Software Industry Trends

    2016 Key Highlights

  • The industry's largest transaction in 2016 was Hewlett Packard Enterprise's (HPE) announced spinoff of its software business and the merger of those assets with Micro Focus International for $8.73 billion.
  • Eight of the top ten highest value transactions during the year were completed by strategic acquirers.
  • The only Infrastructure deal in the top ten list of highest value transactions was Symantec's acquisition of Blue Coat in the cyber-security sector for $4.72 billion. Symantec also completed another high profile security deal with the announced acquisition of LifeLock, a provider of identity theft protection products and services for consumers, for $2.36 billion, which just missed inclusion in the top ten list.
  • There were 369 financially sponsored transactions with an aggregate value of $50.43 billion, representing 18 percent of the total volume and 31 percent of the total value, respectively.
  • 2016 Key Trends

  • Total transaction volume in 2016 remained nearly constant over 2015, from 2,065 to 2,064.
  • Total transaction value in 2016 declined by 28 percent over 2015, from $214.01 billion to $153.28 billion. Excluding the Dell-EMC Corporation deal in 2015 for $67.48 billion, value decreased five percent.
  • The median revenue multiple increased from 2.4x in 2015 to 2.8x in 2016. The median EBITDA multiple moved downward from 13.3x in 2015 to 12.5x in 2016.
  • M&A Market Overview

    Berkery Noyes tracked 5,992 Software transactions between 2014 and 2016, of which 1,335 disclosed financial terms, and calculated the aggregate value to be $384.17 billion. Based on known transaction values, we project values of 4,657 undisclosed transactions to be $108.19 billion, totaling $492.36 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Software

    Q3 2016 Information Industry Trends

    Q3 2016 KEY HIGHLIGHTS

  • Strategic acquisitions represented 86 percent of the industry's total volume and 77 percent of total value in Q3 2016, respectively.
  • The highest value sponsored transaction in Q3 2016 and year-to-date was a Chinese consortium's announced acquisition of Playtika, a social and mobile games company based in Israel, for $4.4 billion. Among the consortium's acquirers was Yunfeng Capital, the private equity firm founded by Alibaba Group Chairman Jack Ma.
  • Q3 2016 KEY TRENDS

  • Total transaction volume in Q3 2016 declined by nine percent over Q2 2016, from 1,160 to 1,051.
  • As for the industry's horizontal markets, Online & Mobile volume fell by 11 percent; Software volume decreased by nine percent; and Media & Marketing volume moved downward by seven percent.
  • Total transaction value in Q3 2016 lost five percent over Q2 2016, from $94.6 billion to $89.4 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2015 through the 1st 3 Quarters of 2016 remained almost constant at 2.0x.
  • The median EBITDA multiple from 2015 through the 1st 3 Quarters of 2016 stayed nearly the same at 11.3x.
  • TOP TEN DEALS THROUGH Q3 2016

    The top ten deals by value have seen four new additions since our half year report. Oracle Corporation's announced acquisition of NetSuite for $9.3 billion was the second highest value deal ever completed by Oracle, slightly behind the company's acquisition of PeopleSoft for $10.3 billion in 2004.

    Q3
    2016
    Information Industry

    Q3 2016 Media & Marketing Industry Trends

    Q3 2016 KEY HIGHLIGHTS

  • The largest transaction in Q3 2016 was AOL Inc.'s announced acquisition of Yahoo's core operating business for $4.8 billion. This deal doesn't include Yahoo's shares in Alibaba Group Holdings or Yahoo Japan.
  • There were 149 financially sponsored transactions in the 1st 3 Quarters of 2016 with an aggregate value of $20.9 billion, representing 11 percent of the total volume and 17 percent of the total value, respectively.
  • Q3 2016 KEY TRENDS

  • Total transaction volume in Q3 2016 declined by seven percent over Q2 2016, from 456 to 423.
  • Total transaction value in Q3 2016 fell 47 percent over Q2 2016, from $56.6 billion to $30.1 billion. This followed a nearly 50 percent rise in Q2 2016, which was the industry's peak throughout the past seven quarters and mainly attributable to Microsoft's announced acquisition of LinkedIn for $25.9 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2015 through the 1st 3 Quarters of 2016 remained almost constant at 2.0x.
  • The median EBITDA multiple from 2015 through the 1st 3 Quarters of 2016 increased by 26 percent, from 8.7x to 11.0x.
  • TOP TEN DEALS THROUGH Q3 2016

    The top ten deals by value have seen three new additions since our half year report, including two in the Entertainment segment: a Chinese consortium's announced acquisition of Playtika for $4.4 billion and IMG Worldwide's acquisition of Ultimate Fighting Championship for $4 billion.

    Q3
    2016
    Media & Marketing

    1st Half 2016 Private Equity Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The largest deal in 1st Half 2016 was Thoma Bravo's announced acquisition of Qlik Technologies, Inc., a provider of business intelligence software and data visualization solutions, for $2.58 billion.
  • Vista Equity Partners was responsible for two of the industry's top three highest value transactions year-to-date. This consisted of Vista Equity's announced acquisition of Marketo, Inc., an automated marketing software company, for $1.62 billion; and Cvent, Inc., a cloud-based enterprise event management business, for $1.34 billion.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 increased ten percent over 2nd Half 2015, from 300 to 329.
  • Total transaction value in 1st Half 2016 declined by 46 percent over 2nd Half 2015, from $38.42 billion to $20.81 billion. Of note, seven of the industry's top ten largest deals last year occurred during the 2nd Half 2015.
  • The median revenue multiple improved from 1.7x in 2nd Half 2015 to 2.7x in 1st Half 2016. Median transaction value remained nearly constant during this timeframe.
  • M&A Market Overview

    Berkery Noyes tracked 1,508 private equity transactions between 2014 and 1st Half 2016, of which 268 disclosed financial terms, and calculated the aggregate transaction value to be $99.87 billion. Based on known transaction values, we project values of 1,240 undisclosed transactions to be $38.04 billion, totaling $137.91 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Private Equity

    1st Half 2016 Education Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The largest deal in 1st Half 2016 was Apollo Education Group Inc.'s announced acquisition by a consortium of investors for $1.1 billion.
  • The most active acquirer year-to-date, either purchased directly or through an affiliated business, was Vista Equity Partners with five industry transactions: HAIKU Learning Systems, Inc., TIENET, and Interactive Achievement, Inc. through PowerSchool Group in the K-12 Media and Tech segment; TeacherMatch through PeopleAdmin in the K-12 Media and Tech segment; and JumpForward through The Active Network in the Higher-Ed Media and Tech segment. Also of note, Vista Equity acquired PowerSchool Group for $350 million in 2015.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 decreased by 18 percent over 2nd Half 2015, from 230 to 188. Overall volume declined three percent on a year-over-year basis.
  • Strategic volume moved downward from 176 in 2nd Half 2015 to 138 in 1st Half 2016. Private equity backed volume remained fairly consistent during this timeframe, from 54 to 50.
  • Total transaction value in 1st Half 2016 fell by 65 percent over 2nd Half 2015, from $11.88 billion to $4.16 billion. Overall value decreased 38 percent on a year-over-year basis.
  • The median revenue multiple increased slightly from 1.9x in 2nd Half 2015 to 2.1x in 1st Half 2016.
  • The segment with the largest increase in volume in 1st Half 2016 over 2nd Half 2015 was K-12 Media and Tech with a 47 percent rise, from 32 to 47 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 942 Education transactions between 2014 and 1st Half 2016, of which 205 disclosed financial terms, and calculated the aggregate transaction value to be $26.65 billion. Based on known transaction values, we project the values of 737 undisclosed transactions to be $7.47 billion, totaling $34.12 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Education

    1st Half 2016 Healthcare Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The largest deal in 1st Half 2016 was healthcare information and technology services company IMS Health's announced merger with Quintiles Transnational Holdings, a provider of biopharmaceutical development and commercial outsourcing services, for $8.75 billion.
  • IMS Health was also the industry's most active acquirer during the half year period with four transactions. In addition to the Quintiles Transnational merger, this consisted of Privacy Analytics, Dimensions Healthcare, and AlphaImpactRx, Inc.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 increased by three percent over 2nd Half 2015, from 223 to 230.
  • Total transaction value in 1st Half 2016 rose by 72 percent over 2nd Half 2015, from $10.44 billion to $17.96 billion.
  • If the IMS-Quintiles Transnational merger is excluded, value declined 12 percent during the past three months but still gained 59 percent on a year-over-year basis.
  • The median revenue multiple decreased slightly from 3.2x in 2nd Half 2015 to 3.0x in 1st Half 2016. Median value moved downward from $42 million to $18 million.
  • The segment with the largest rise in volume in 1st Half 2016 over 2nd Half 2015 was Pharma IT, which more than tripled, from 9 to 31 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,066 Healthcare/Pharma Information and Technology transactions between 2014 and 1st Half 2016, of which 218 disclosed financial terms, and calculated the aggregate transaction value to be $40.40 billion. Based on known transaction values, we project values of 848 undisclosed transactions to be $9.18 billion, totaling $49.58 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Healthcare

    1st Half 2016 Finance Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The largest deal in 1st Half 2016 was Deutsche Börse Group's announced merger with London Stock Exchange Group plc for $14.68 billion. Deutsche Börse Group was involved in another notable transaction during this period with the announced sale of The International Securities Exchange to Nasdaq for $1.1 billion.
  • The Capital Markets segment represented three of the industry's top five highest value deals in 1st Half 2016.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 rose by 13 percent over 2nd Half 2015, from 219 to 247.
  • Total transaction value in 1st Half 2016 declined by 14 percent over 2nd Half 2015, from $43.75 billion to $37.49 billion. When examined on a year-over-year basis, value almost doubled.
  • The median revenue multiple decreased from 2.0x in 2nd Half 2015 to 1.7x in 1st Half 2016.
  • The segment with the largest rise in volume in 1st Half 2016 over 2nd Half 2015 was Insurance with a 47 percent gain, from 32 to 47 deals. Insurance also surpassed the Banking segment as the industry's third most active sector in 1st Half 2016.
  • Transaction volume in the Payments segment increased 34 percent, from 56 to 75 deals. Payments was nearly tied with Capital Markets as the industry's most active sector in 1st Half 2016.
  • M&A Market Overview

    Berkery Noyes tracked 1,056 Financial Technology and Information transactions between 2014 and 1st Half 2016, of which 259 disclosed financial terms, and calculated the aggregate transaction value to be $109.36 billion. Based on known transaction values, we project values of 797 undisclosed transactions to be $19.82 billion, totaling $129.18 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Finance

    1st Half 2016 Information Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • Each of the Information Industry's top ten highest value deals in 1st Half 2016 were completed by strategic acquirers. These ten acquisitions combined accounted for 46 percent of the industry's aggregate value year-to-date.
  • There were 328 financially sponsored transactions with an aggregate value of $25.39 billion, representing 15 percent of the total volume and 16 percent of the total value, respectively.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 saw a slight uptick over 2nd Half 2015, from 2,207 to 2,234.
  • As for the industry's horizontal markets, Online & Mobile deal volume rose by nine percent; Software volume improved by four percent; and Media & Marketing volume declined by seven percent.
  • Total transaction value in 1st Half 2016 fell by 29 percent over 2nd Half 2015, from $224.95 billion to $158.98 billion. However, aggregate value gained 38 percent on a year-over-year basis.
  • The median revenue multiple shifted from 2.0x to 2.1x, while the median EBITDA multiple declined from 12.3x to 11.3x.
  • M&A Market Overview

    Berkery Noyes tracked 10,638 Information Industry transactions between 2014 and 1st Half 2016, of which 2,299 disclosed financial terms, and calculated the aggregate transaction value to be $552.97 billion. Based on known transaction values, we project values of 8,339 undisclosed transactions to be $176.79 billion, totaling $729.76 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Information Industry

    1st Half 2016 Online & Mobile Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The largest deal in 1st Half 2016 was Microsoft Corporation's announced acquisition of LinkedIn, a business social networking site, for $25.93 billion. This was the highest value transaction ever completed by Microsoft.
  • There were 204 financially sponsored transactions with an aggregate value of $11.29 billion, representing 14 percent of the total volume and 12 percent of the total value, respectively.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 increased by nine percent over 2nd Half 2015, from 1,346 to 1,464.
  • The number of deals in the mobile application subsector rose by 18 percent, from 188 to 221 transactions.
  • Total transaction value in 1st Half 2016 gained 12 percent over 2nd Half 2015, from $85.88 billion to $96.14 billion.
  • The median revenue multiple experienced an uptick from 2.1x in 2nd Half 2015 to 2.3x in 1st Half 2016. The median EBITDA multiple remained nearly constant during this timeframe at 11.7x.
  • Transactions in 1st Half 2016 with enterprise values above $160 million received a median revenue multiple of 4.9x, whereas those in the $10-$20 million range had a median revenue multiple of 1.3x.
  • The segment with the largest increase in volume in 1st Half 2016 over 2nd Half 2015 was E-Commerce with a 16 percent rise, from 319 to 369 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 6,795 Online & Mobile transactions between 2014 and 1st Half 2016, of which 1,442 disclosed financial terms, and calculated the aggregate transaction value to be $281.94 billion. Based on known transaction values, we project values of 5,353 undisclosed transactions to be $102.47 billion, totaling $384.41 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Online & Mobile

    1st Half 2016 Media & Marketing Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • Six of the industry's top ten largest deals in 1st Half 2016 occurred in the Entertainment segment.
  • This consisted of Tencent Holdings Ltd.'s announced acquisition of Supercell (video game) for $8.6 billion; Lionsgate's announced acquisition of Starz, LLC (television network) for $4.4 billion; NBCUniversal, LLC.'s announced acquisition of DreamWorks Animation LLC (film studio) for $4.1 billion; Dalian Wanda Group Co., Ltd.'s acquisition of Legendary Entertainment (film studio) for $3.5 billion; Corus Entertainment, Inc.'s acquisition of Shaw Media Inc. (television network) for $1.87 billion; and Kakao's announced acquisition of LOEN Entertainment (music label) for $1.41 billion.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 decreased by seven percent over 2nd Half 2015, from 949 to 883.
  • Total transaction value in 1st Half 2016 rose by 49 percent over 2nd Half 2015, from $64.91 billion to $96.72 billion.
  • The industry's top ten largest deals accounted for 71 percent of aggregate value in 1st Half 2016, compared to 38 percent in 2nd Half 2015.
  • The median revenue multiple increased from 1.7x in 2nd Half 2015 to 2.0x in 1st Half 2016. The median EBITDA multiple improved from 8.8x in 2nd Half 2015 to 11.1x in 1st Half 2016.
  • M&A Market Overview

    Berkery Noyes tracked 4,491 Media & Marketing transactions between 2014 and 1st Half 2016, of which 961 disclosed financial terms, and calculated the aggregate transaction value to be $224.32 billion. Based on known transaction values, we project values of 3,530 undisclosed transactions to be $74.18 billion, totaling $296.52 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Media & Marketing

    1st Half 2016 Software Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The Infrastructure segment's largest deal in 1st Half 2016 was Symantec Corporation's announced acquisition of Blue Coat Systems in the cyber-security sector for $4.72 billion.
  • There were 196 financially sponsored transactions with an aggregate value of $25.44 billion, representing 18 percent of the total volume and 35 percent of the total value, respectively.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 increased four percent over 2nd Half 2015, from 1,028 to 1,068.
  • Total transaction value in 1st Half 2016 fell by 58 percent over 2nd Half 2015, from $156.21 billion to $65.85 billion.
  • Eight of the industry's top ten largest deals in 2015 occurred during the second half of the year. Aggregate value in 1st Half 2016 rose 17 percent on a year-over-year basis.
  • The median revenue multiple rose from 2.1x in 2nd Half 2015to 3.2x in 1st Half 2016. The median EBITDA multiple stayed almost constant during this timeframe at 13.1x.
  • Transactions in 1st Half 2016 with enterprise values above $160 million received a median revenue multiple of 4.2x,whereas those in the $10-$20 million range had a median revenue multiple of 2.5x.
  • The segment with the largest rise in volume in 1st Half 2016 over 2nd Half 2015 was Consumer Software with a 20 percent gain, from 99 to 119 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 4,984 Software transactions between 2014 and 1st Half 2016, of which 1,103 disclosed financial terms, and calculated the aggregate transaction value to be $313.96 billion. Based on known transaction values, we project values of 3,881 undisclosed transactions to be $89.56 billion, totaling $403.52 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Software

    Full Year 2015 Private Equity Industry Trends

    2015 Key Highlights

  • Three of the industry's top five largest transactions in 2015 occurred in the Infrastructure Software segment.
  • This consisted of The Carlyle Group's announced acquisition of Veritas Technologies Corporation, a storage and server management software solutions business, for $8 billion; Permira and CPP Investment Board's acquisition of Informatica, a provider of enterprise data integration software and services, for $4.77 billion; and Thoma Bravo and Silver Lake Partners' announced acquisition of SolarWinds, an IT management software and monitoring company, for $4.38 billion.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by 12 percent over 2014, from 552 to 619.
  • Total transaction value in 2015 gained by 23 percent over 2014, from $52.79 billion to $64.90 billion.
  • The median revenue multiple improved from 1.9x in 2014 to 2.3x in 2015. The median EBITDA multiple rose from 12.4x in 2014 to 15.2x in 2015.
  • In terms of secondary buyouts, or transactions completed between private equity firms, deal volume in 2015 remained about constant compared to 2014. However, this represented an improvement of 40 percent relative to 2013.
  • M&A Market Overview

    Berkery Noyes tracked 1,623 private equity transactions in the Information Industry between 2013 and 2015, of which 305 disclosed financial terms, and calculated the aggregate value to be $120.60 billion. Based on known transaction values, we project values of 1,318 undisclosed transactions to be $37.04 billion, totaling $157.64 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Private Equity

    Full Year 2015 Education Industry Trends

    2015 Key Highlights

  • The industry's most active strategic acquirer in 2015, either directly or through an affiliated business, was Bertelsmann SE & Co. KGaA with four transactions.
  • Bertelsmann SE & Co. KGaA acquired Redilearning, an online learning company that serves the senior care sector; Academy Medical, a provider of continuing education content for various healthcare providers; YoBoHo, a digital media company that specializes in creating original content for children; and Alliant International University, a network of five California-based professional schools.
  • The combined Professional Training Services and Technology segments accounted for nearly one-third of the industry's aggregate transaction volume. In addition, strategic acquirers represented 80 percent of deal flow in the Professional Training segments.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by 26 percent over 2014, from 329 to 415.
  • Total transaction value in 2015 rose by 52 percent over 2014, from $11.68 billion to $17.75 billion.
  • The median revenue multiple decreased from 2.4x in 2014 to 2.0x in 2015. The median EBITDA multiple declined from 11.5x in 2014 to 9.6x in 2015.
  • The segment with the largest rise in volume in 2015 over 2015 was Higher-Ed Media and Tech with a 68 percent gain, from 47 to 79 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,044 Education transactions between 2013 and 2015, of which 235 disclosed financial terms, and calculated the aggregate value to be $28.97 billion. Based on known transaction values, we project values of 809 undisclosed transactions to be $9.74 billion, totaling $38.70 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Education

    Full Year 2015 Healthcare Industry Trends

    2015 Key Highlights

  • The largest transaction in 2015 was Pamplona Capital Management LLP's announced acquisition of MedAssets Inc., a healthcare performance improvement company, for $2.77 billion. Pamplona is planning to combine MedAssets' revenue cycle management (RCM) business with Precyse, a health information management company that it acquired earlier in the year.
  • The most active acquirer during the year, either directly or through an affiliated business, was CompuGroup Medical AG with seven transactions.
  • Strategic acquirers represented 78 percent of volume and 57 percent of value in 2015.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by 15 percent over 2014, from 387 to 446.
  • Total transaction value in 2015 saw a gain of four percent over 2014, from $16.44 billion to $17.08 billion.
  • The median revenue multiple improved from 2.4x in 2014 to 2.7x in 2015. The median EBITDA multiple remained nearly constant at 13.8x, while the median value saw a significant increase.
  • The segment with the largest rise in volume in 2015 over 2014 was Medical Education which more than doubled, from 18 to 39 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,162 Healthcare/Pharma Information and Technology transactions between 2013 and 2015, of which 229 disclosed financial terms, and calculated the aggregate value to be $33.14 billion. Based on known transaction values, we project values of 933 undisclosed transactions to be $13.11 billion, totaling $46.25 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Healthcare

    Full Year 2015 Finance Industry Trends

    2015 Key Highlights

  • The most active acquirer in 2015, either directly or through an affiliated business, was Vista Equity Partners with six transactions: International Document Services, Inc., Coretrac, Inc., Solera Holdings, Inc., Eagleview Technology Corporation, AutoStar Solutions and Cougar Software. The largest of these was the announced acquisition of Solera Holdings in the property and casualty (P&C) sector for $6.25 billion.
  • There were 83 financially sponsored transactions with an aggregate value of $11.79 billion, representing 19 percent of the total volume and 18 percent of the total value, respectively.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by 14 percent over 2014, from 376 to 427.
  • Total transaction value in 2015 more than doubled over 2014, from $27.81 billion to $63.78 billion.
  • There were seven transactions above the $2 billion threshold in 2015, compared to two in 2014.
  • The median revenue multiple saw an uptick from 3.0x in 2014 to 3.2x in 2015. The median EBITDA multiple declined from 13.3x in 2014 to 10.5x in 2015.
  • The segment with the largest rise in volume in 2015 over 2014 was Capital Markets with a 42 percent increase, from 106 to 150 transactions. The Banking segment was close behind with a 39 percent gain, from 62 to 86 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,149 Financial Technology and Information transactions between 2013 and 2015, of which 300 disclosed financial terms, and calculated the aggregate value to be $98.93 billion. Based on known transaction values, we project values of 849 undisclosed transactions to be $19.16 billion, totaling $118.09 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Finance

    Full Year 2015 Online & Mobile Industry Trends

    2015 Key Highlights

  • Five of the top ten largest transactions in 2015 occurred during the fourth quarter. These five deals, with a combined value of $22.79 billion, accounted for 15 percent of the industry's aggregate value.
  • There were 374 financially sponsored transactions with an aggregate value of $28.33 billion, representing 13 percent of the total volume and 17 percent of the total value, respectively.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by 12 percent over 2014, from 2,493 to 2,798.
  • Total transaction value in 2015 rose by 19 percent over 2014, from $131.16 billion to $156.49 billion.
  • The median revenue multiple decreased from 2.4x in 2014 to 2.2x in 2015. The median EBITDA multiple declined from 13.1x in 2014 to 10.0x in 2015. However, the median value continued its upward trajectory.
  • The segment with the largest rise in volume in 2015 over 2014 was SaaS & Cloud with a 21 percent increase, from 658 to 798 transactions.
  • In terms of value, the E-Commerce segment's largest acquirer in 2015 was online travel company Expedia with a combined total of $4.94 billion paid in transaction value. This consisted of HomeAway, Inc. for $3.24 billion, Orbitz Worldwide for $1.42 billion, and Travelocity.com Inc. for $280 million.
  • M&A Market Overview

    Berkery Noyes tracked 7,500 Online & Mobile transactions between 2013 and 2015, of which 1,601 disclosed financial terms, and calculated the aggregate value to be $248.69 billion. Based on known transaction values, we project values of 5,899 undisclosed transactions to be $103.40 billion, totaling $352.09 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Online & Mobile

    Full Year 2015 Media & Marketing Industry Trends

    2015 Key Highlights

  • The largest transaction in 2015 was Intercontinental Exchange, Inc.'s acquisition of Interactive Data Corporation, a provider of financial market data and analytics, for $7.45 billion.
  • The most active acquirer in the Exhibitions and Conferences segment during the year, either directly or through an affiliated business, was Providence Equity Partners Inc. with six deals: Imago Techmedia Ltd., Urban Expositions, Border Security Expo, BB Promotion, Internet Retailing Expo and Clarion Events, Ltd.
  • There were 233 financially sponsored transactions with an aggregate value of $16.41 billion, representing 13 percent of the total volume and 15 percent of the total value, respectively.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by eight percent over 2014, from 1,712 to 1,857.
  • Total transaction value in 2015 rose by 12 percent over 2014, from $97.07 billion to $109.01 billion.
  • The median revenue multiple moved slightly from 2.0x in 2014 to 1.9x in 2015. The median EBITDA multiple decreased from 11.0x in 2014 to 8.7x in 2015.
  • Based on value, the segment with the largest increase in 2015 over 2014 was B2B Publishing and Information, which more than doubled from $9.38 billion to $23.01 billion. B2B was also the best represented segment with five of the industry's top ten highest value deals in 2015.
  • M&A Market Overview

    Berkery Noyes tracked 5,267 Media & Marketing transactions between 2013 and 2015, of which 1,164 disclosed financial terms, and calculated the aggregate value to be $204.41 billion. Based on known transaction values, we project values of 4,103 undisclosed transactions to be $75.36 billion, totaling $279.77 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Media & Marketing

    Full Year 2015 Software Industry Trends

    2015 Key Highlights

  • The largest transaction in 2015 was Dell, Inc.'s announced acquisition of EMC Corporation, a provider of cloud computing, data storage and other infrastructure technologies, for $67.48 billion. This was the highest value deal ever recorded in the industry.
  • Five of the top ten largest transactions in 2015 were completed by financial sponsors. The highest value private equity backed deal during the year was The Carlyle Group's announced acquisition of Veritas Technologies Corporation, a storage and server management software solutions company, for $8 billion.
  • The most active acquirer in the Infrastructure Software segment in 2015 was IBM with six transactions: Gravitant, CleverSafe, StrongLoop, Appcore, Blue Box Group, and AlchemyAPI, Inc.
  • There were 327 financially sponsored transactions with an aggregate value of $57.83 billion, representing 16 percent of the total volume and 26 percent of the total value, respectively.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by nine percent over 2014, from 1,860 to 2,028.
  • Total transaction value in 2015 rose by 72 percent over 2014, from $123.74 billion to $213.20 billion. Excluding the EMC Corporation deal, aggregate value gained 18 percent.
  • The median revenue multiple declined from 2.7x in 2014 to 2.4x in 2015. The median EBITDA multiple improved from 12.0x in 2014 to 13.8x in 2015.
  • M&A Market Overview

    Berkery Noyes tracked 5,509 Software transactions between 2013 and 2015, of which 1,314 disclosed financial terms, and calculated the aggregate value to be $337.89 billion. Based on known transaction values, we project values of 4,195 undisclosed transactions to be $85.23 billion, totaling $423.12 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Software

    Q3 2015 Private Equity Industry Trends

    Q3 2015 KEY HIGHLIGHTS

  • The largest transaction in Q3 2015 and year-to-date was The Carlyle Group's announced acquisition of Veritas Technologies Corporation, a provider of storage and server management software solutions, for $8 billion. This deal represented almost one-third of the industry's aggregate value during the quarter.
  • Q3 2015 KEY TRENDS

  • Total transaction volume in Q3 2015 declined by 17 percent over Q2 2015, from 159 to 136. However, volume year-to-date increased six percent compared to the corresponding timeframe in 2014.
  • Total transaction value in Q3 2015 gained 22 percent over Q2 2015, from $20 billion to $24.4 billion. Moreover, aggregate value nearly quadrupled when compared to Q1 2015.
  • Sponsored volume in the industry's Education vertical in Q3 2015 improved by 24 percent over Q2 2015, from 25 to 31.
  • The number of secondary buyouts year-to-date rose by 12 percent compared to the same period in 2014, from 51 to 57.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2014 through Q3 2015 increased by 21 percent, from 1.9x to 2.3x. The median EBITDA multiple moved upward by 11 percent, from 12.4x to 13.7x.
  • TOP TEN DEALS THROUGH Q3 2015

    The top ten deals by value have seen seven new additions since our half year report. Of note, Vista Equity Partners' acquisition of Solera Holdings, a provider of risk management software in the automotive and property marketplace, which includes the property and casualty (P&C) sector, was the largest deal ever completed by the private equity firm.

    Q3
    2015
    Private Equity

    Q3 2015 Media & Marketing Industry Trends

    Q3 2015 KEY HIGHLIGHTS

  • The largest transaction in Q3 2015 was Media General's announced acquisition of Meredith Corporation, a television broadcasting, magazine publishing and marketing company, for $3.1 billion. Shortly afterwards Nexstar Broadcasting Group made an unsolicited offer to acquire Media General for $4.1 billion (including debt), which is under consideration by Media General's board of directors.
  • There were 160 financially sponsored transactions in the 1st 3 Quarters of 2015 with an aggregate value of $15.4 billion, representing 12 percent of the total volume and 25 percent of the total value, respectively.
  • Q3 2015 KEY TRENDS

  • Total transaction volume in Q3 2015 declined by six percent over Q2 2015, from 457 to 430. However, volume year-to-date increased four percent compared to the same timeframe in 2014.
  • Total transaction value in Q3 2015 rose 15 percent over Q2 2015, from $20.8 billion to $24.0 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2014 through the 1st 3 Quarters of 2015 moved downward by 15 percent, from 2.0x to 1.7x.
  • The median EBITDA multiple from 2014 through the 1st 3 Quarters of 2015 decreased by 18 percent, from 11.0x to 9.0x.
  • TOP TEN DEALS THROUGH Q3 2015

    The top ten deals by value have seen five new additions since our half year report, including one in the Consumer Publishing segment: Nikkei Inc.'s acquisition of The Financial Times Ltd for $1.3 billion. This was also the segment's largest transaction year-to-date.

    Q3
    2015
    Media & Marketing

    1st Half 2015 Private Equity Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2015 was Permira and CPP Investment Board's acquisition of Informatica Corp., a provider of enterprise data integration software and services, for $4.77 billion.
  • The most active acquirers year-to-date in the Education vertical, either purchased directly or through an affiliated business, were The Riverside Company and Providence Equity Partners with three transactions each.
  • The most active acquirers year-to-date in the Finance vertical, either purchased directly or through an affiliated business, were BlackFin Capital Partners and Genstar Capital with three transactions each.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 increased by 12 percent over 2nd Half 2014, from 274 to 308.
  • Total transaction value in 1st Half 2015 rose by six percent over 2nd Half 2014, from $23.49 billion to $24.99 billion.
  • The peak for deal volume over the last 30 months occurred in 1st Half 2015, whereas value reached its zenith in 1st Half 2014.
  • The median revenue multiple improved from 1.8x in 2nd Half 2014 to 2.5x in 1st Half 2015. The median EBITDA multiple declined from 16.8x in 2nd Half 2014 to 14.5x in 1st Half 2015.
  • M&A Market Overview

    Berkery Noyes tracked 1,316 private equity transactions between 2013 and 1st Half 2015, of which 245 disclosed financial terms, and calculated the aggregate transaction value to be $88.83 billion. Based on known transaction values, we project values of 1,071 undisclosed transactions to be $22.18 billion, totaling $111.02 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Private Equity

    1st Half 2015 Education Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • The largest transaction year-to-date was LinkedIn Corporation's acquisition of Lynda.com, an online learning company that provides video tutorials and courses covering business, software, creative, and other areas, for $1.5 billion.
  • The most active acquirers in 1st Half 2015, either purchased directly or through an affiliated business, were The Riverside Company and Providence Equity Partners with three industry deals each. Riverside acquired Health and Safety Institute; C-Learning through Learning Seat Pty Ltd; and Digital Ignite through YourMembership.com. Providence acquired Remote-Learner UK and Schoolwires, Inc. through Blackboard Inc; and Endeavour College of Natural Health through Study Group International.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 increased by nine percent over 2nd Half 2014, from 162 to 177.
  • Total transaction value in 1st Half 2015 rose by 29 percent over 2nd Half 2014, from $4.75 billion to $6.11 billion.
  • The number of private equity backed deals in 1st Half 2015 improved by 38 percent over 2nd Half 2014, from 37 to 51 transactions.
  • The median revenue multiple declined from 3.5x in 2nd Half 2014 to 2.0x in 1st Half 2015. This marked a near return to its median throughout the last 30 months.
  • The segment with the largest increase in volume in 1st Half 2015 over 2nd Half 2014 was Higher-Ed Media and Tech with an 81 percent rise, from 21 to 38 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 806 Education transactions between 2013 and 1st Half 2015, of which 171 disclosed financial terms, and calculated the aggregate transaction value to be $20.78 billion. Based on known transaction values, we project the values of 635 undisclosed transactions to be $5.94 billion, totaling $26.72 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Education

    1st Half 2015 Healthcare Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2015 was MEDNAX, Inc.'s acquisition of vRad, an outsourced radiology physician services and telemedicine company, for $500 million.
  • The most active acquirer year-to-date was CompuGroup Medical AG with four deals: Stock Informatik Gmbh & Co KG, Zorgverband, Compufit Bvba and Medical EDI Services.
  • Strategic acquirers accounted for 80 transactions and 79 percent of total volume in the Healthcare IT segment.
  • 1ST HALF 2015 KEY TRENDS
  • Total transaction volume in 1st Half 2015 increased by 16 percent over 2nd Half 2014, from 190 to 220.
  • Total transaction value in 1st Half 2015 fell by 43 percent over 2nd Half 2014, from $10.70 billion to $6.06 billion. However, total value gained 24 percent on a year-over-year basis. Also of note, seven of the industry's top ten largest deals last year occurred in 2nd Half 2014.
  • The median revenue multiple decreased from 3.0x in 2nd Half 2014 to 2.7x in 1st Half 2015. This remained slightly above its median throughout the last 30 months. Moreover, median value continued its upward trajectory.
  • The segment with the largest rise in volume in 1st Half 2015 over 2nd Half 2014 was Medical Education, which more than doubled, from 9 to 20 transactions. Healthcare Business Services increased 53 percent, from 34 to 52 transactions.
  • M&A Market Overview Berkery Noyes tracked 936 Healthcare/Pharma Information and Technology transactions between 2013 and 1st Half 2015, of which 178 disclosed financial terms, and calculated the aggregate transaction value to be $24.76 billion. Based on known transaction values, we project values of 758 undisclosed transactions to be $8.53 billion, totaling $33.29 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Healthcare

    1st Half 2015 Finance Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • Six of the top ten largest deals in 1st Half 2015 were in the Payments segment. These six transactions, with a combined value of $10.46 billion, accounted for 55 percent of aggregate value year-to-date.
  • The most active financial sponsors in 1st Half 2015 were BlackFin Capital Partners and Genstar Capital, each of which completed three industry deals. Five of these six acquisitions occurred in the Capital Markets segment.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 decreased by seven percent over 2nd Half 2014, from 206 to 192.
  • Total transaction value in 1st Half 2015 rose by 17 percent over 2nd Half 2014, from $16.21 billion to $18.90 billion.
  • When compared to 1st Half 2014, volume improved by 14 percent and value gained 63 percent in 1st Half 2015.
  • The median revenue multiple increased from 2.8x in 2nd Half 2014 to 4.5x in 1st Half 2015.
  • The segment with the largest rise in volume in 1st Half 2015 over 2nd Half 2014 was Capital Markets with a 31 percent rise, from 58 to 76 transactions. Also of note, Capital Markets reclaimed the top position over Payments as the most active sector.
  • M&A Market Overview

    Berkery Noyes tracked 913 Financial Technology and Information transactions between 2013 and 1st Half 2015, of which 228 disclosed financial terms, and calculated the aggregate transaction value to be $59.31 billion. Based on known transaction values, we project values of 685 undisclosed transactions to be $14.19 billion, totaling $73.50 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Finance

    1st Half 2015 Information Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • Eight of the Information Industry's top ten highest value deals in 1st Half 2015 were completed by strategic acquirers. These eight acquisitions accounted for nearly one-fifth of the industry's aggregate value year-to-date.
  • There were 311 financially sponsored transactions with an aggregate value of $38.16 billion, representing 15 percent of the total volume and 31 percent of the total value, respectively.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 increased by five percent over 2nd Half 2014, from 1,963 to 2,063.
  • As for the industry's horizontal markets, Online & Mobile volume rose by 12 percent; Software volume improved by three percent; and Media & Marketing volume moved upward by two percent.
  • Total transaction value in 1st Half 2015 was nearly flat over 2nd Half 2014, from $113.64 billion to $112.84 billion.
  • Both the median revenue and median EBITDA multiple remained about constant at 2.3x and 11.6x, respectively. However, median value saw an increase during this timeframe.
  • M&A Market Overview

    Berkery Noyes tracked 9,703 Information Industry transactions between 2013 and 1st Half 2015, of which 2,100 disclosed financial terms, and calculated the aggregate transaction value to be $357.77 billion. Based on known transaction values, we project values of 7,603 undisclosed transactions to be $141.45 billion, totaling $499.22 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Information Industry

    1st Half 2015 Media & Marketing Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • The most active acquirer year-to-date was Dentsu Inc. with nine deals: eCommera Ltd., Flexmedia Co., Ltd., John Brown Media, abaGada Internet Ltd., Forbes Consulting Group, Mindworks, Soap Creative, Belgiovane Williams Mackay and WATConsult.
  • The highest value transaction in 1st Half 2015 was Verizon Communications' acquisition of AOL, Inc. for $4.13 billion.
  • There were 111 financially sponsored transactions with an aggregate value of $12.28 billion, representing 13 percent of the total volume and 30 percent of the total value, respectively.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 saw a three percent uptick over 2nd Half 2014, from 841 to 863.
  • Total transaction value in 1st Half 2015 fell by 31 percent over 2nd Half 2014, from $52.72 billion to $36.48 billion.
  • 11 of the industry's top ten highest value deals in 2nd Half 2014 reached the $1 billion threshold, as opposed to five in 1st Half 2015.
  • The median revenue multiple decreased from 2.1x in 2nd Half 2014 to 1.9x in 1st Half 2015. The median EBITDA multiple declined from 12.0x in 2nd Half 2014 to 8.7x in 1st Half 2015.
  • The segment with the largest rise in volume in 1st Half 2015 over 2nd Half 2014 was Internet Media with a 25 percent gain, from 208 to 259 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 4,273 Media & Marketing transactions between 2013 and 1st Half 2015, of which 920 disclosed financial terms, and calculated the aggregate transaction value to be $150.67 billion. Based on known transaction values, we project values of 3,353 undisclosed transactions to be $57.21 billion, totaling $207.88 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Media & Marketing

    1st Half 2015 Online & Mobile Industry Trends

    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.

    1st Half
    2015
    Online & Mobile

    1st Half 2015 Software Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2015 was Permira and CPP Investment Board's acquisition of Informatica Corp., a provider of enterprise data integration software and services, for $4.77 billion.
  • The most active strategic acquirer was Microsoft Corporation with seven transactions: BlueStripe Software, 6Wunderkinder, Datazen, LiveLoop, Sunrise Atelier, Inc, Revolution Analytics and Equivio.
  • There were 170 financially sponsored transactions with an aggregate value of $27.22 billion, representing 18 percent of the total volume and 42 percent of the total value, respectively.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 increased by three percent over 2nd Half 2014, from 936 to 965.
  • Total transaction value in 1st Half 2015 fell by nine percent over 2nd Half 2014, from $60.92 billion to $55.65 billion.
  • The median revenue multiple declined from 3.0x in 2nd Half 2014 to 2.8x in 1st Half 2015. The median EBITDA multiple increased from 13.7x in 2nd Half 2014 to 20.7x in 1st Half 2015.
  • Transactions in 1st Half 2015 with enterprise values above $160 million received a median revenue multiple of 3.8x and median EBITDA multiple of 25.1x, whereas those in the $10-$20 million range had a median revenue multiple of 2.4x and median EBITDA multiple of 13.4x.
  • M&A Market Overview

    Berkery Noyes tracked 4,449 Software transactions between 2013 and 1st Half 2015, of which 1,016 disclosed financial terms, and calculated the aggregate transaction value to be $196.26 billion. Based on known transaction values, we project values of 3,433 undisclosed transactions to be $67.82 billion, totaling $264.08 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Software

    Full Year 2014 Private Equity Industry Trends

    2014 Key Highlights

  • The most active financial sponsor in 2014 was Vista Equity Partners with 29 transactions. Vista was also responsible for two of the top ten highest value deals during the year: TIBCO Software Inc. for $4.11 billion and Advanced Computer Software Group plc for $1.11 billion.
  • Two of the top three highest value private equity deals in 2014 occurred in the Marketing horizontal: Leonard Green & Partners, L.P. and CVC Capital Partners' acquisition of Advantage Sales and Marketing for $4.2 billion and Berkshire Partners LLC's acquisition of Catalina for $2.5 billion. Both of these acquired companies serve the consumer packaged goods (CPG) marketplace.
  • 2014 Key Trends

  • Total transaction volume in 2014 increased by 22 percent over 2013, from 454 to 554.
  • Total transaction value in 2014 rose by 20 percent over 2013, from $42.94 billion to $51.50 billion.
  • The median revenue multiple remained constant at 2.1x. The median EBITDA multiple improved from 12.0x in 2013 to 13.7x in 2014.
  • In terms of secondary buyouts, or transactions completed between private equity firms, deal volume in 2014 increased by 39 percent over 2013. This marked a return to its 2012 level.
  • M&A Market Overview

    Berkery Noyes tracked 1,519 private equity transactions in the Information Industry between 2012 and 2014, of which 341 disclosed financial terms, and calculated the aggregate value to be $109.40 billion. Based on known transaction values, we project values of 1,178 undisclosed transactions to be $27.88 billion, totaling $137.28 billion worth of transactions tracked over the past three years.Disclosed median enterprise value multiples for all segments combined in this report during the last 36 months were 2.1x revenue and 10.9x EBITDA.

    Full Year
    2014
    Private Equity

    Full Year 2014 Education Industry Trends

    2014 Key Highlights

  • The largest transaction in 2014 was Charterhouse Capital Partners' acquisition of SkillSoft Limited, a provider of cloud-based learning solutions for enterprises and governments, for $2.3 billion.
  • Providence Equity Partners was the industry's most active acquirer in 2014 with 11 transactions. This consisted of VectorLearning, ParentLink, CardSmith, Premier Training International, PerceptIS, LLC, VitalSmarts, SIDEARM Sports Inc., Licensing Resource Group, AchieveGlobal, IPS Learning, LLC and MyEdu.
  • The combined tech-based segments accounted for 47 percent of the aggregate industry's transaction volume. In addition, strategic acquirers represented 70 percent of deal flow in the tech-based segments.
  • 2014 Key Trends

  • Total transaction volume in 2014 increased by nine percent over 2013, from 298 to 325.
  • Total transaction value in 2014 rose by 25 percent over 2013, from $9.12 billion to $11.40 billion.
  • The median revenue multiple increased from 1.5x in 2013 to 2.4x in 2014. The median EBITDA multiple remained nearly constant at 11.1x.
  • M&A Market Overview

    Berkery Noyes tracked 898 Education transactions between 2012 and 2014, of which 217 disclosed financial terms, and calculated the aggregate value to be $22.13 billion. Based on known transaction values, we project values of 681 undisclosed transactions to be $5.97 billion, totaling $28.10 billion worth of transactions tracked over the past three years.

    Full Year
    2014
    Education

    Full Year 2014 Healthcare Industry Trends

    2014 Key Highlights

  • The Healthcare IT segment accounted for almost half of the industry's aggregate deal volume. Strategic acquirers comprised 70 percent of the Healthcare IT segment's volume.
  • The industry's most active private equity acquirers in 2014 were Thoma Bravo, LLC and Blackstone Group LP with four transactions each.
  • The largest Pharma IT deal in 2014 was Dassault Systemes SA's acquisition of Accelrys, Inc., a provider of scientific lifecycle management software for chemistry, biology, and materials research, for $652 million.
  • 2014 Key Trends

  • Total transaction volume in 2014 increased by 17 percent over 2013, from 328 to 385. This marked a return to its 2012 level.
  • Total transaction value in 2014 rose by 26 percent over 2013, from $11.88 billion to $15.02 billion.
  • The industry's median enterprise value multiples remained nearly constant. However, median transaction value continued its upward trajectory, improving from $21 million in 2013 to $25 million in 2014.
  • The segment with the largest rise in volume in 2014 over 2013 was Consumer Health with a 43 percent increase, from 23 to 33 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,101 Healthcare/Pharma Information and Technology transactions between 2012 and 2014, of which 222 disclosed financial terms, and calculated the aggregate value to be $30.83 billion. Based on known transaction values, we project values of 879 undisclosed transactions to be $7.53 billion, totaling $38.37 billion worth of transactions tracked over the past three years.

    Full Year
    2014
    Healthcare

    Full Year 2014 Media & Marketing Industry Trends

    2014 Key Highlights

  • The largest transaction in the Consumer Publishing segment in 2014 was Apax Partners' acquisition of Trader Media Group for $1.93 billion.
  • The most active acquirer in the Entertainment segment in 2014 was Bertelsmann SE & Co. KGaA with eight deals.
  • There were 211 financially sponsored transactions with an aggregate value of $25.47 billion, representing 12 percent of the total volume and 28 percent of the total value, respectively.
  • 2014 Key Trends

  • Total transaction volume in 2014 remained nearly constant over 2013, from 1,697 to 1,696.
  • Total transaction value in 2014 increased by 22 percent over 2013, from $75.22 billion to $91.45 billion.
  • The median revenue multiple stayed the same at 2.0x. The median EBITDA multiple improved from 9.7x in 2013 to 10.9x in 2014.
  • Based on volume, the segment with the largest increase in 2014 over 2013 was Exhibitions, Conferences, and Seminars with a 16 percent rise, from 74 to 86 transactions. Based on value, the segment with the largest increase was Marketing, which more than tripled from $7.44 billion to $24.10 billion.
  • M&A Market Overview

    Berkery Noyes tracked 5,065 Media & Marketing transactions between 2012 and 2014, of which 1,183 disclosed financial terms, and calculated the aggregate value to be $182.05 billion. Based on known transaction values, we project values of 3,882 undisclosed transactions to be $58.04 billion, totaling $240.09 billion worth of transactions tracked over the past three years.

    Full Year
    2014
    Media & Marketing

    Full Year 2014 Software Industry Trends

    2014 Key Highlights

  • Four of the top ten highest value deals in 2014 occurred in the Business Software segment, which consists of software designed for general business practices and not specific industry markets, making it the best represented segment in the top ten list.
  • The largest deal in the Niche Software segment, which is targeted to specific industry markets, was Oracle's acquisition of MICROS Systems, Inc. The provider of point-of-sale (POS) software and other integrated solutions for the hospitality and retail sectors was acquired for $4.6 billion.
  • There were 305 financially sponsored transactions with an aggregate value of $33.35 billion, representing 17 percent of the total volume and 27 percent of the total value, respectively.
  • 2014 Key Trends

  • Total transaction volume in 2014 increased by 14 percent over 2013, from 1,621 to 1,840.
  • Total transaction value in 2014 rose by 36 percent over 2013, from $88.32 billion to $120.18 billion.
  • The median revenue multiple saw an uptick from 2.3x in 2013 to 2.6x in 2014. The median EBITDA multiple moved slightly from 11.7x in 2013 to 12.0x in 2014.
  • M&A Market Overview

    Berkery Noyes tracked 5,026 Software transactions between 2012 and 2014, of which 1,307 disclosed financial terms, and calculated the aggregate value to be $209.43 billion. Based on known transaction values, we project values of 3,719 undisclosed transactions to be $63.52 billion, totaling $272.95 billion worth of transactions tracked over the past three years.

    Full Year
    2014
    Software

    Q3 2014 Private Equity Industry Trends

    Q3 2014 KEY HIGHLIGHTS

  • The industry's most active acquirer year-to-date was Vista Equity Partners with 27 transactions, ten of which occurred in Q3 2014.
  • Vista was also responsible for the largest transaction in Q3 2014 and year-to-date with the acquisition of TIBCO Software, a provider of infrastructure and business intelligence software, for $4.0 billion.
  • Q3 2014 KEY TRENDS

  • Total transaction volume in Q3 2014 declined by eight percent over Q2 2014, from 150 to 138. However, volume year-to-date increased 24 percent compared to the corresponding timeframe in 2013.
  • Total transaction value in Q3 2014 remained nearly constant over Q2 2014, from $12.2 billion to $12.0 billion.
  • Transaction volume in the industry's Healthcare vertical in Q3 2014 improved by 35 percent over Q2 2014.
  • The number of secondary buyouts year-to-date rose by 50 percent compared to the same period in 2013, from 34 to 51.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2013 through Q3 2014 saw an uptick, from 2.1x to 2.4x. The median EBITDA multiple from 2013 through Q3 2014 moved slightly, from 12.0x to 12.4x.
  • TOP TEN DEALS THROUGH Q3 2014

    The top ten deals by value have seen two new additions since our half year report. Of note, five of the industry's top ten highest value deals year-to-date occurred in Q1 2014, two of which occurred in the vertical Education market: Charterhouse Capital Partners' acquisition of SkillSoft Limited and Hellman & Friedman LLC's acquisition of Renaissance Learning, Inc.

    Q3
    2014
    Private Equity

    Q3 2014 Software Industry Trends

    Q3 2014 KEY HIGHLIGHTS

  • The largest transaction in Q3 2014 was SAP's acquisition of Concur Technologies, a provider of travel and expense management solutions, for $7.6 billion.
  • Cisco Systems, Inc., one of the major players in the Infrastructure Software segment, was the most active acquirer in that sector year-to-date with four transactions. The largest of these deals was Cisco's acquisition of Tail-f Systems, a configuration management and network automation software company, for $175 million.
  • Q3 2014 KEY TRENDS

  • Total transaction volume in Q3 2014 declined by 12 percent over Q2 2014, from 496 to 437. This followed a 16 percent increase in Q2 2014 over Q1 2014, which represented the industry's peak for volume throughout the past seven quarters.
  • Total transaction value in Q3 2014 nearly doubled over Q2 2014, from $19.7 billion to $38.8 billion.
  • MULTIPLES & VALUE TRENDS

  • Both the median revenue and EBITDA multiple saw a slight uptick from 2013 through the 1st 3 Quarters of 2014.
  • The median revenue multiple rose from 2.3x to 2.6x, while the median EBITDA multiple improved from 11.7x to 12.2x.
  • TOP TEN DEALS THROUGH Q3 2014

    The top ten deals by value have seen six new additions since our half year report. This included three deals in the Business Software segment, which consists of software designed for general business practices and not specific vertical industries. Business Software was also the most represented segment in the list year-to-date with four transactions.

    Q3
    2014
    Software

    1st Half 2014 Private Equity Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2014 was Leonard Green & Partners, L.P. and CVC Capital Partners' acquisition of Advantage Sales and Marketing for $4.2 billion.
  • The most active acquirer year-to-date in the Education vertical was Providence Equity Partners with five transactions: PerceptIS, LLC, SIDEARM Sports Inc., Licensing Resource Group, AchieveGlobal, and MyEdu.
  • The most active acquirers year-to-date in the Healthcare vertical were Thomas H. Lee Partners, L.P., Symphony Technology Group, and Vestar Capital Partners with three transactions each.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 increased by 18 percent over 2nd Half 2013, from 235 to 278.
  • Total transaction value in 1st Half 2014 rose by 20 percent over 2nd Half 2013, from $23.35 billion to $28.10 billion.
  • The peak for deal volume and value over the past two and a half years occurred in 1st Half 2014.
  • The median revenue multiple declined from 3.0x to 2.5x. The median EBITDA multiple improved slightly 9.7x to 10.8x.
  • Eight of the industry's top ten highest value deals in 1st Half 2014 were secondary buyouts.
  • M&A Market Overview

    Berkery Noyes tracked 1,243 private equity transactions between 2012 and 1st Half 2014, of which 287 disclosed financial terms, and calculated the aggregate transaction value to be $92.90 billion. Based on known transaction values, we project values of 956 undisclosed transactions to be $21.49 billion, totaling $114.39 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Private Equity

    1st Half 2014 Education Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The most active acquirer year-to-date was Providence Equity Partners with five industry transactions: PerceptIS, LLC, SIDEARM Sports Inc., Licensing Resource Group, AchieveGlobal, and MyEdu.
  • Two transactions reached the $1 billion threshold in 1st Half 2014, both of which were backed by private equity firms: Charterhouse Capital Partners' $2.3 billion acquisition of SkillSoft and Hellman & Friedman's $1.1 billion acquisition of Renaissance Learning.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 increased by nine percent over 2nd Half 2013, from 147 to 160.
  • Total transaction value in 1st Half 2014 rose by 45 percent over 2nd Half 2013, from $4.08 billion to $5.90 billion.
  • The peak for deal volume and value over the past two and a half years occurred in 1st Half 2014.
  • The median revenue multiple in 1st Half 2014 remained constant at 2.2x. However, median value saw a significant gain.
  • The segment with the largest increase in volume in 1st Half 2014 over 2nd Half 2013 was K-12 Media and Tech with a 50 percent rise, from 22 to 33 transactions. Professional Training Services, the industry's second most active segment, was another growth area with a 19 percent improvement, from 27 to 32 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 731 Education transactions between 2012 and 1st Half 2014, of which 183 disclosed financial terms, and calculated the aggregate transaction value to be $18.41 billion. Based on known transaction values, we project the values of 548 undisclosed transactions to be $2.19 billion, totaling $20.60 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Education

    1st Half 2014 Healthcare Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • Dassault Systemes SA's acquisition of Accelrys, Inc. for $652 million was the largest transaction in 1st Half 2014.
  • The most active strategic acquirer year-to-date was Merck & Co., Inc. with three transactions. This consisted of MedHelp and Tomorrow Networks, LLC through Physicians Interactive, in which Merck owns a controlling stake; and C3i, Inc. through Merck's subsidiary Telerx.
  • The most active financial sponsors in 1st Half 2014 were Thomas H. Lee Partners, L.P., Symphony Technology Group, and Vestar Capital Partners with three transactions each.
  • Strategic acquirers accounted for 51 transactions and 68 percent of total volume in the Healthcare IT segment.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 increased by 18 percent over 2nd Half 2013, from 169 to 199.
  • Total transaction value in 1st Half 2014 rose by 46 percent over 2nd Half 2013, from $3.73 billion to $5.45 billion.
  • The median revenue multiple decreased from 2.5x in 2nd Half 2013 to 2.0x in 1st Half 2014. The median EBTDA multiple declined from 9.7x in 2nd Half 2013 to 8.5x in 1st Half 2014.
  • The segment with the largest rise in volume in 1st Half 2014 over 2nd Half 2013 was Pharma IT with a 60 percent increase, from 15 to 24 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 916 Healthcare/Pharma Information and Technology transactions between 2012 and 1st Half 2014, of which 181 disclosed financial terms, and calculated the aggregate transaction value to be $23.13 billion. Based on known transaction values, we project values of 735 undisclosed transactions to be $5.66 billion, totaling $28.78 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Healthcare

    1st Half 2014 Finance Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The most active acquirers in 1st Half 2014 were MasterCard Incorporated, Rubik Financial Limited, and Charge Payment, LLC with three transactions each.
  • The highest value transaction year-to-date was Bain Capital, Advent International, and ATP Private Equity Partners' acquisition of Nets Holding A/S, a provider of payments, information, and digital identity solutions, for $3.14 billion. Advent International was also involved in the industry's second largest deal through its backing of Vantiv, which acquired Mercury Payment Systems for $1.65 billion.
  • The industry's most active market segment in 1st Half 2014 was Payments with 56 deals.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 decreased by 11 percent over 2nd Half 2013, from 187 to 166.
  • Total transaction value in 1st Half 2014 fell by 27 percent over 2nd Half 2013, from $15.15 billion to $11.07 billion.
  • The median revenue multiple increased from 2.5x in 2nd Half 2013 to 3.5x in 1st Half 2014. The median EBITDA multiple remained nearly constant at 15.5x.
  • M&A Market Overview

    Berkery Noyes tracked 819 Financial Technology and Information transactions between 2012 and 1st Half 2014, of which 239 disclosed financial terms, and calculated the aggregate transaction value to be $60.76 billion. Based on known transaction values, we project values of 580 undisclosed transactions to be $6.29 billion, totaling $67.04 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Finance

    1st Half 2014 Information Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2014 was Facebook's acquisition of WhatsApp for $16 billion. This deal accounted for 14 percent of the industry's aggregate transaction value year-to-date.
  • There were 280 financially sponsored transactions with an aggregate value of $33.91 billion, representing 14 percent of the total volume and 29 percent of the total value, respectively.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 rose by four percent over 2nd Half 2013, from 1,923 to 1,998.
  • As for the industry's horizontal markets, Online & Mobile volume increased by seven percent; Software volume improved by six percent; and Media & Marketing volume fell by four percent.
  • Total transaction value in 1st Half 2014 increased by 23 percent over 2nd Half 2013, from $94.80 billion to $116.92 billion.
  • Both the median revenue and median EBITDA multiple remained nearly constant at 2.0x and 9.3x, respectively. However, median value saw a significant increase during this timeframe.
  • M&A Market Overview

    Berkery Noyes tracked 9,190 Information Industry transactions between 2012 and 1st Half 2014, of which 2,210 disclosed financial terms, and calculated the aggregate transaction value to be $324.76 billion. Based on known transaction values, we project values of 6,980 undisclosed transactions to be $106.69 billion, totaling $431.45 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Information Industry

    1st Half 2014 Online & Mobile Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The most active segment year-to-date was E-Marketing & Search with 336 transactions. This was the first time that E-Marketing & Search deal volume surpassed all of the industry's other segments throughout the past two and a half years.
  • There were 160 financially sponsored transactions with an aggregate value of $17.91 billion, representing 13 percent of the total volume and 28 percent of the total value, respectively.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 increased by seven percent over 2nd Half 2013, from 1,146 to 1,227.
  • Total transaction value in 1st Half 2014 rose by 57 percent over 2nd Half 2013, from $40.82 billion to $63.97 billion.
  • The median revenue multiple remained constant at 2.3x. The median EBITDA multiple increased from 9.5x in 2nd Half 2013 to 12.5x in 1st Half 2014.
  • The segment with the largest rise in volume in 1st Half 2014 over 2nd Half 2013 was Communications with a 27 percent increase, from 96 to 122 transactions. Two of the segment's three largest deals were located in the consumer mobile application subsector: Facebook's acquisition of WhatsApp for $16 billion and Rakuten Inc.'s acquisition of Viber for $900 million.
  • M&A Market Overview

    Berkery Noyes tracked 5,462 Online & Mobile transactions between 2012 and 1st Half 2014, of which 1,206 disclosed financial terms, and calculated the aggregate transaction value to be $139.72 billion. Based on known transaction values, we project values of 4,256 undisclosed transactions to be $58.91 billion, totaling $198.63 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Online & Mobile

    1st Half 2014 Media & Marketing Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The largest transaction during 1st Half 2014 was Leonard Green & Partners, L.P. and CVC Capital Partners' acquisition of Advantage Sales and Marketing for $4.2 billion.
  • There were 99 financially sponsored transactions with an aggregate value of $18.92 billion, representing 12 percent of the total volume and 38 percent of the total value, respectively.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 decreased by three percent over 2nd Half 2013, from 879 to 850.
  • Total transaction value in 1st Half 2014 increased by nine percent over 2nd Half 2013, from $45.80 billion to $49.78 billion.
  • The median revenue multiple declined from 2.0x in 2nd Half 2013 to 1.4x in 1st Half 2014. The median EBITDA multiple moved slightly from 8.9x in 2nd Half 2013 to 8.3x in 1st Half 2014.
  • The segment with the largest rise in volume in 1st Half 2014over 2nd Half 2013 was Marketing with a seven percent increase, from 284 to 305 transactions.
  • Six of the top ten highest value transactions in 1st Half 2014 reached the $1 billion threshold.
  • The Internet Media segment saw a 41 percent rise in deal value, from $5.61 billion to $7.93 billion.
  • M&A Market Overview

    Berkery Noyes tracked 4,214 Media & Marketing transactions between 2012 and 1st Half 2014, of which 987 disclosed financial terms, and calculated the aggregate transaction value to be $151.62 billion. Based on known transaction values, we project values of 3,227 undisclosed transactions to be $46.12 billion, totaling $197.74 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Media & Marketing

    1st Half 2014 Software Industry Trends

    1ST HALF 2014 KEY HIGHLIGHTS

  • The most active strategic acquirer year-to-date was Google Inc. with 11 industry transactions: Appurify, mDialog, Divide, Quest Visual, Inc., StackDriver, Adometry, Inc., Spider.io, SlickLogin, DeepMind, Impermium and BitSpin.
  • There were 153 financially sponsored transactions with an aggregate value of $10.95 billion, representing 17 percent of the total volume and 19 percent of the total value, respectively.
  • 1ST HALF 2014 KEY TRENDS

  • Total transaction volume in 1st Half 2014 increased by six percent over 2nd Half 2013, from 862 to 914.
  • Total transaction value in 1st Half 2014 rose by five percent over 2nd Half 2013, from $54.90 billion to $57.61 billion.
  • The median revenue multiple remained nearly constant at 2.4x.The median EBITDA multiple declined from 10.9x in 2nd Half 2013 to 9.2x in 1st Half 2014.
  • The segment with the largest rise in volume in 1st Half 2014over 2nd Half 2013 was Niche Software, which is targeted to specific vertical industries. Niche Software saw a 13 percent increase, from 408 to 460 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 4,099 Software transactions between 2012 and 1st Half 2014, of which 1,082 disclosed financial terms, and calculated the aggregate transaction value to be $162.91 billion. Based on known transaction values, we project values of 3,017 undisclosed transactions to be $48.51 billion, totaling $211.42 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2014
    Software

    Full Year 2013 Private Equity Industry Trends

    2013 Key Highlights

  • The most active financial sponsor was Vista Equity Partners with eighteen transactions in 2013. This included four deals with disclosed values over $500 million.
  • Four of the top ten highest value private equity deals in 2013 occurred in the Finance segment. The largest of these was Hellman & Friedman's acquisition of Applied Systems from Bain Capital for $1.8 billion in the Insurance subsector.
  • TPG Capital was the most active private equity firm in the Health segment with eight transactions in 2013.
  • 2013 Key Trends

  • Total transaction volume in 2013 decreased by twelve percent over 2012, from 512 to 453. However, when compared to 2011, volume in 2013 underwent a four percent increase.
  • Total transaction value in 2013 declined by six percent over 2012, from $43.71 billion to $41.13 billion.
  • The median revenue multiple increased from 1.8x in 2012 to 2.3x in 2013. The median EBITDA multiple improved from 9.8x in 2012 to 11.5x in 2013.
  • In terms of secondary buyouts, or transactions completed between private equity firms, deal volume in 2013 decreased by 27 percent over 2012. This followed a 34 percent increase from 2011 to 2012.
  • M&A Market Overview

    Berkery Noyes tracked 1,399 private equity transactions in the Information Industry between 2011 and 2013, of which 364 disclosed financial terms, and calculated the aggregate value to be $104.05 billion. Based on known transaction values, we project values of 1,035 undisclosed transactions to be $20.46 billion, totaling $124.51 billion worth of transactions tracked over the past three years.

    Full Year
    2013
    Private Equity

    Full Year 2013 Education Industry Trends

    2013 Key Highlights

  • The most active acquirer in 2013 was Pearson plc with six transactions. The largest of these deals was Pearson plc's acquisition of Grupo Multi Holding, an English language training company headquartered in Brazil, for $829 million.
  • Nine of the top ten highest value transactions in 2013 were based outside of the United States.
  • There were 65 financially sponsored transactions with an aggregate value of $5.51 billion, representing 22 percent of the total volume and 54 percent of the total value, respectively.
  • 2013 Key Trends

  • Total transaction volume in 2013 increased by eight percent over 2012, from 274 to 295.
  • Total transaction value in 2013 rose by 27 percent over 2012, from $8.04 billion to $10.20 billion.
  • The median revenue multiple remained constant at 1.5x. The median EBITDA multiple declined from 13.5x in 2012 to 11.0x in 2013, which marked a return to the industry's 2011 EBITDA valuation.
  • The segment with the largest increase in volume in 2013 over 2012 was Professional Training Technology with a 19 percent increase, from 31 to 37 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 849 Education transactions between 2011 and 2013, of which 255 disclosed financial terms, and calculated the aggregate value to be $21.77 billion. Based on known transaction values, we project values of 594 undisclosed transactions to be $5.86 billion, totaling $27.63 billion worth of transactions tracked over the past three years.

    Full Year
    2013
    Education

    Full Year 2013 Finance Industry Trends

    2013 Key Highlights

  • Six of the industry's top ten highest value deals during 2013 occurred in the Banking segment.
  • The Insurance segment's two largest deals were both completed by private equity firms. This consisted of Hellman & Friedman's acquisition of Applied Systems for $1.8 billion and Kohlberg Kravis Roberts & Co.'s acquisition of Mitchell International for $1 billion.
  • There were 62 financially sponsored transactions with an aggregate value of $12.01 billion, representing 18 percent of the total volume and 40 percent of the total value, respectively.
  • 2013 Key Trends

  • Total transaction volume in 2013 increased by ten percent over 2012, from 309 to 341.
  • Total transaction value in 2013 decreased by eight percent over 2012, from $32.49 billion to $30.03 billion.
  • The median revenue multiple declined from 2.9x in 2012 to 2.2x in 2013. The median EBITDA multiple remained nearly constant at 11.7x.
  • The segment with the largest increase in volume in 2013 over 2012 was Capital Markets with a 19 percent increase, from 99 to 118 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 936 Financial Technology and Information transactions between 2011 and 2013, of which 314 disclosed financial terms, and calculated the aggregate value to be $67.31 billion. Based on known transaction values, we project values of 622 undisclosed transactions to be $16.13 billion, totaling $83.44 billion worth of transactions tracked over the past three years.

    Full Year
    2013
    Finance

    Full Year 2013 Online & Mobile Industry Trends

    2013 Key Highlights

  • Yahoo! Inc. was the industry's most active acquirer with 27 transactions during 2013. The largest of these deals was the acquisition of Tumblr, Inc. for $1.10 billion.
  • There were 262 financially sponsored transactions with an aggregate value of $15.52 billion, representing 12 percent of the total volume and 23 percent of the total value, respectively.
  • 2013 Key Trends

  • Total transaction volume in 2013 increased by eight percent over 2012, from 2,029 to 2,187.
  • Total transaction value in 2013 decreased by six percent over 2012, from $70.98 billion to $66.59 billion.
  • The median revenue multiple moved slightly from 2.3x in 2012 to 2.2x in 2013. The median EBITDA multiple improved from 10.0x in 2012 to 12.2x in 2013.
  • Both the SaaS & Cloud and E-Marketing & Search segments saw volume rise by 12 percent. These two segments were also tied for the largest increase in deal activity in 2013 over 2012.
  • Transaction volume in the consumer mobile application subsector increased by 31 percent, from 168 to 220 transactions. One of the highest value mobile-based deals in 2013 was Google's acquisition of waze Mobile for $966 million.
  • M&A Market Overview

    Berkery Noyes tracked 6,124 Online & Mobile transactions between 2011 and 2013, of which 1,559 disclosed financial terms, and calculated the aggregate value to be $157.17 billion. Based on known transaction values, we project values of 4,565 undisclosed transactions to be $59.46 billion, totaling $216.63 billion worth of transactions tracked over the past three years.

    Full Year
    2013
    Online & Mobile

    Full Year 2013 Media & Marketing Industry Trends

    2013 Key Highlights

  • Reed Elsevier was the most active B2B Publishing & Information acquirer with nine transactions in this specific segment during 2013.
  • There were 156 financially sponsored transactions with an aggregate value of $21.22 billion, representing nine percent of the total volume and 22 percent of the total value, respectively.
  • 2013 Key Trends

  • Total transaction volume in 2013 remained nearly constant over 2012, from 1,667 to 1,673.
  • Total transaction value in 2013 increased by 28 percent over 2012, from $75.81 billion to $97.30 billion. The proposed merger of Publicis Groupe SA and Omnicom Group Inc. accounted for 21 percent of the industry's aggregate deal value in 2013.
  • The median revenue multiple rose from 1.4x in 2012 to 2.0x in 2013. The median EBITDA multiple improved from 8.0x in 2012 to 9.7x in 2013. In both instances, this marked a return to valuations that were seen in 2011.
  • Based on volume, the segment with the largest increase in 2013 over 2012 was Consumer Publishing with a 16 percent rise, from 167 to 193 transactions. Based on value, the segment with the largest increase was Broadcasting, which more than tripled from $3.95 billion to $13.34 billion.
  • M&A Market Overview

    Berkery Noyes tracked 4,922 Media & Marketing transactions between 2011 and 2013, of which 1,311 disclosed financial terms, and calculated the aggregate value to be $191.21 billion. Based on known transaction values, we project values of 3,611 undisclosed transactions to be $45.55 billion, totaling $236.77 billion worth of transactions tracked over the past three years.

    Full Year
    2013
    Media & Marketing

    Full Year 2013 Software Industry Trends

    2013 Key Highlights

  • Five of the top ten highest value deals occurred in the Niche Software segment, which consists of software designed for use in specific industry markets. Four of these five transactions were located in the finance vertical.
  • The most active acquirers in the Infrastructure Software segment during 2013 were EMC Corporation and Intel Corporation with six transactions each.
  • There were 255 financially sponsored transactions with an aggregate value of $29.05 billion, representing 16 percent of the total volume and 32 percent of the total value, respectively.
  • 2013 Key Trends

  • Total transaction volume in 2013 experienced a two percent uptick over 2012, from 1,561 to 1,598.
  • Total transaction value in 2013 rose by 31 percent over 2012, from $67.23 billion to $88.22 billion.
  • The median revenue multiple increased from 2.1x in 2012 to 2.4x in 2013. The median EBITDA multiple moved slightly from 11.3x in 2012 to 11.5x in 2013.
  • The segment with the largest rise in volume in 2013 over 2012 was Consumer Software with a ten percent increase, from 251 to 276 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 4,685 Software transactions between 2011 and 2013, of which 1,435 disclosed financial terms, and calculated the aggregate value to be $188.80 billion. Based on known transaction values, we project values of 3,250 undisclosed transactions to be $48.41 billion, totaling $237.21 billion worth of transactions tracked over the past three years.

    Full Year
    2013
    Software

    Q3 2013 Information Industry Trends

    Q3 2013 KEY HIGHLIGHTS

  • Publicis Groupe SA's announced merger with Omnicom Group Inc. was the largest transaction both in Q3 2013 and year-to-date, with an acquisition price of $20.5 billion. This number represents the value of the new stock distributed to Omnicom's shareholders and Omnicom's net debt assumed by the new company. The combined equity market capitalization of the transaction was $35.1 billion.
  • There were 333 financially sponsored transactions in the 1st 3 Quarters of 2013 with an aggregate value of 31.6 billion, representing 13 percent of the total volume and 23 percent of the total value, respectively.
  • Q3 2013 KEY TRENDS

  • Total transaction volume in Q3 2013 increased by six percent over Q2 2013, from 877 to 930.
  • Due to the Publicis-Omnicom merger, total value in Q3 2013 rose by 41 percent over Q2 2013, from $50.6 billion to $71.2 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2012 through the 1st 3 Quarters of 2013 experienced an uptick, from 1.9x to 2.1x.
  • The median EBITDA multiple from 2012 through the 1st 3 Quarters of 2013 moved slightly, from 9.9x to 10.2x.
  • TOP TEN DEALS THROUGH Q3 2013

    The top ten deals by value have seen five new additions since our half year report, including three in the horizontal software market: the announced management buyout of Activision Blizzard, Schneider Electric SA's acquisition of Invensys Inc., and Cisco Systems, Inc.'s acquisition of Sourcefire, Inc.

    Q3
    2013
    Information Industry

    Q3 2013 Media & Marketing Industry Trends

    Q3 2013 KEY HIGHLIGHTS

  • The most active acquirer in the B2B Publishing and Information segment year-to-date was Reed Elsevier with eight transactions, including four in Q3 2013.
  • Publicis Groupe SA's announced merger with Omnicom Group Inc. was the largest transaction both in Q3 2013 and year-to-date, with an acquisition price of $20.5 billion. This number represents the value of the new stock distributed to Omnicom's shareholders and Omnicom's net debt assumed by the new company. The combined equity market capitalization of the transaction was $35.1 billion.
  • Q3 2013 KEY TRENDS

  • Total transaction volume in Q3 2013 improved by six percent over Q2 2013, from 395 to 420.
  • Total transaction value in Q3 2013 rose by 98 percent over Q2 2013, from $22.3 billion to $44.1 billion. However, aggregate value would have increased only six percent without the proposed Publicis-Omnicom merger.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2012 through the 1st 3 Quarters of 2013 improved by 40 percent, from 1.5x to 2.1x.
  • The median EBITDA multiple from 2012 through the 1st 3 Quarters of 2013 increased by 23 percent, from 8.0x to 9.8x.
  • TOP TEN DEALS THROUGH Q3 2013

    The top ten deals by value have seen four new additions since our half year report, including two in the Broadcasting segment: Tribune Company's acquisition of Local TV LLC and Sinclair Broadcast Group's acquisition of eight television stations from Allbritton Communications Company.

    Q3
    2013
    Media & Marketing

    Q3 2013 Software Industry Trends

    Q3 2013 KEY HIGHLIGHTS

  • The most active financial sponsor year-to-date was Vista Equity Partners with 11 industry transactions, six of which occurred in Q3 2013. In terms of purchase price, Vista Equity Partners completed several notable deals during the quarter, such as the acquisition of Active Network, Inc. for $904 million, the acquisition of Omnitracs for $800 million, and the acquisition of Greenway Medical Technologies, Inc. for $644 million.
  • The overall industry's largest transaction both in Q3 2013 and year-to-date was the announced management buyout of Activision Blizzard, a video game developer, for $8.2 billion.
  • Q3 2013 KEY TRENDS

  • Total transaction volume in Q3 2013 improved by four percent over Q2 2013, from 386 to 401.
  • Total transaction value in Q3 2013 increased by 17 percent over Q2 2013, from $26.2 billion to $30.6 billion.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2012 through the 1st 3 Quarters of 2013 experienced an uptick, from 2.1x to 2.3x.
  • The median EBITDA multiple from 2012 through the 1st 3 Quarters of 2013 moved slightly, from 11.3x to 10.8x.
  • TOP TEN DEALS THROUGH Q3 2013

    The top ten deals by value have seen five new additions since our half year report, including one in the Infrastructure Software segment: Cisco Systems, Inc.'s acquisition of Sourcefire, Inc. This was also the highest value transaction in the cyber-security subset since 2010, when Intel Corporation acquired McAfee, Inc. for $7.5 billion.

    Q3
    2013
    Software

    1st Half 2013 Private Equity Industry Trends

    1ST HALF 2013 KEY HIGHLIGHTS

  • The largest transaction in 1st Half 2013 was the announced acquisition of BMC Software by a private investor group, led by Bain Capital and Golden Gate Capital, for $6.81 billion.
  • The most active acquirer year-to-date was Vista Equity Partners with seven transactions: SuccessEHS, ISS Group Ltd., Websense, Inc., Care2Learn.com, Lanyon, Inc., Expesite, Inc., and MED-PASS, Inc. The largest of these seven deals was the acquisition of Websense, Inc. for $942 million.
  • 1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 decreased by 15 percent over 2nd Half 2012, from 234 to 198.
  • Total transaction value in 1st Half 2013 fell by 22 percent over 2nd Half 2012, from $24.45 billion to $18.99 billion. Although aggregate value declined, the two largest financially sponsored transactions in the Information Industry during the past two and a half years occurred in 1st Half 2013.
  • The median revenue multiple moved slightly from 1.9x in 2nd Half 2012 to 2.0x in 1st Half 2013. The median EBITDA multiple increased from 9.9x in 2nd Half 2012 to 11.2x in 1st Half 2013.
  • The number of secondary buyouts in 1st Half 2013 decreased by 55 percent over 2nd Half 2012. This came in the aftermath of a 26 percent increase between 2011 and 2012.
  • M&A Market Overview

    Berkery Noyes tracked 1,093 transactions between 2011 and 1st Half 2013, of which 290 disclosed financial terms, and calculated the aggregate transaction value to be $84.88 billion. Based on known transaction values, we project values of 803 undisclosed transactions to be $13.64 billion, totaling $98.51 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2013
    Private Equity

    1st Half 2013 Education Industry Trends

    1ST HALF 2013 KEY HIGHLIGHTS

  • Capita plc, a UK based provider of business process outsourcing (BPO) and professional support services, was the most active acquirer in 1st Half 2013 with four industry transactions: Creating Careers, KnowledgePool, Inc., Blue Sky Performance Improvement, and Micro Librarian Systems.
  • Pearson plc was also an active acquirer in 1st Half 2013 with three transactions: Learning Catalytics LLC, IndiaCan Education Pvt Ltd and Exam Design, Inc.
  • There were 33 financially sponsored transactions in 1st Half 2013, with an aggregate value of $836 million, representing 24 percent of the total volume and 20 percent of the total value, respectively.
  • 1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 increased by five percent over 2nd Half 2012, from 128 to 135
  • Total transaction value in 1st Half 2013 decreased by 16 percent over 2nd Half 2012, from $4.57 billion to $3.84 billion.
  • The median revenue multiple declined from 1.4x in 2nd Half 2012 to 1.0x in 1st Half 2013. Median value remained nearly constant during this timeframe.
  • Deal volume in the K-12 Media and Tech segment increased 38 percent over the last six months, from 21 to 29 transactions, giving it a slight edge over Professional Training Institutions as the industry's largest market segment year-to-date.
  • M&A Market Overview

    Berkery Noyes tracked 678 transactions between 2011 and 1st Half 2013, of which 213 disclosed financial terms, and calculated the aggregate transaction value to be $20.66 billion. Based on known transaction values, we project the values of 465 undisclosed transactions to be $2.70 billion, totaling $23.37 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2013
    Education

    1st Half 2013 Healthcare Industry Trends

    1ST HALF 2013 KEY HIGHLIGHTS

  • The most active strategic acquirer year-to-date was Constellation Software with four industry transactions: QuadraMed Corporation, Quantitative Medical Systems, Inc., Club Solutions from Fiserv, Inc. and LRS Health Pty Ltd.
  • The most active financial sponsor in 1st Half 2013 was TPG Capital with four industry transactions: Incential Software, Inc., 360 Vantage, Semantelli and Appature. TPG Capital had five such deals for all of 2012.
  • Healthcare IT remained the most active market segment, accounting for 63 transactions or 40 percent of the industry's aggregate volume in 1st Half 2013.
  • 1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 decreased by 16 percent over 2nd Half 2012, from 188 to 157. This was on par with average volume for 2011 when examined on an historical half year basis.
  • Total transaction value in 1st Half 2013 increased by 58 percent over 2nd Half 2012, from $5.08 billion to $8.03 billion. Deal value would have declined 29 percent without BC Partners' announced acquisition of Springer Science & Business Media, a scientific, technical, and medical (STM) publisher, for $4.42 billion.
  • The median revenue multiple declined from 2.2x in 2nd Half 2012 to 1.9x in 1st Half 2013. The median EBITDA multiple moved slightly from 9.8x in 2nd Half 2012 to 10.2x in 1st Half 2013.
  • M&A Market Overview

    Berkery Noyes tracked 860 transactions between 2011 and 1st Half 2013, of which 217 disclosed financial terms, and calculated the aggregate transaction value to be $25.33 billion. Based on known transaction values, we project values of 643 undisclosed transactions to be $4.78 billion, totaling $30.12 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2013
    Healthcare

    1st Half 2013 Information Industry Trends

    1ST HALF 2013 KEY HIGHLIGHTS

  • Yahoo! was the Information Industry's most active acquirer year-to-date with 13 transactions. The company's highest value deal was the acquisition of Tumblr for $1.10 billion.
  • The largest transaction for 1st Half 2013 was the announced acquisition of BMC Software by a private investor group, led by Bain Capital and Golden Gate Capital, for $6.81 billion.
  • The segment with the highest disclosed median revenue multiple was Health & Pharmaceutics at 3.6x revenue.
  • 1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 decreased by less than one percent over 2nd Half 2012, from 1,695 to 1,683.
  • Total transaction value in 1st Half 2013 declined by 27 percent over 2nd Half 2012, from $89.20 billion to $64.71 billion.
  • The median revenue multiple moved slightly from 1.9x in 2nd Half 2012 to 2.0x in 1st Half 2013. The median EBITDA multiple increased from 9.9x in 2nd Half 2012 to 11.2x in 1st Half 2013.
  • The segment with the largest increase in volume in 1st Half 2013 over 2nd Half 2012 was Education with a 47 percent increase, from 58 to 85 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 8,579 transactions between 2011 and 1st Half 2013, of which 2,409 disclosed financial terms, and calculated the aggregate transaction value to be $311.02 billion. Based on known transaction values, we project values of 6,170 undisclosed transactions to be $84.64 billion, totaling $395.66 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2013
    Information Industry

    1st Half 2013 Online & Mobile Industry Trends

    1ST HALF 2013 KEY HIGHLIGHTS

  • The largest transaction for 1st Half 2013 was Salesforce.com's announced acquisition of ExactTarget for $2.25 billion.
  • The most active acquirer was Yahoo! Inc. with 13 transactions in the Online & Mobile Industry: Xobni Corporation, GhostBird Software, Rondee, PlayerScale, Tumblr, Inc., Loki Studios, MileWise, Inc., GoPollGo, Astrid, Summly, Jybe, Alike and Snip.it. Yahoo!'s highest value transaction year-to-date was its acquisition of Tumblr, Inc. for $1.10 billion.
  • There were 110 financially sponsored transactions with an aggregate value of $4.23 billion, representing 11 percent of the total volume and 18 percent of the total value, respectively.
  • 1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 increased by seven percent over 2nd Half 2012, from 953 to 1,015.
  • Total transaction value in 1st Half 2013 decreased by 29 percent over 2nd Half 2012, from $32.54 billion to $23.16 billion.
  • The median revenue multiple moved from 2.3x in 2nd Half 2012 to 2.1x in 1st Half 2013. The median EBITDA multiple increased from 10.0x in 2nd Half 2012 to 16.0x in 1st Half 2013.
  • The segment with the largest rise in volume in 1st Half 2013 over 2nd Half 2012 was Communications with an increase of 22 percent, from 69 to 84 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 4,851 transactions between 2011 and 1st Half 2013, of which 1,238 disclosed financial terms, and calculated the aggregate transaction value to be $123.12 billion. Based on known transaction values, we project values of 3,613 undisclosed transactions to be $47.55 billion, totaling $170.67 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2013
    Online & Mobile

    1st Half 2013 Media & Marketing Industry Trends

    1ST HALF 2013 KEY HIGHLIGHTS

  • The largest transaction for 1st Half 2013 was BC Partners' announced acquisition of Springer Science & Business Media for $4.42 billion.
  • The most active acquirer in the Media & Marketing Industry year-to-date was WPP Group, plc with nine transactions. Other active acquirers during 1st Half 2013 were Dentsu Inc. with eight transactions and Reed Elsevier Group plc with seven transactions.
  • There were 67 financially sponsored transactions with an aggregate value of $9.13 billion, representing eight percent of the total volume and 30 percent of the total value, respectively.
  • 1ST HALF 2013 KEY TRENDS

  • Total transaction volume in 1st Half 2013 decreased by less than one percent over 2nd Half 2012, from 800 to 794.
  • Total transaction value in 1st Half 2013 fell by 37 percent over 2nd Half 2012, from $47.37 billion to $29.45 billion.
  • There were six transactions above the $1 billion threshold in both 1st Half 2013 and 1st Half 2012, compared to 11 such deals in 2nd Half 2012.
  • The median revenue multiple increased from 1.6x in 2nd Half 2012 to 2.1x in 1st Half 2013. The median EBITDA multiple remained constant at 8.3x.
  • The segment with the largest rise in volume in 1st Half 2013 over 2nd Half 2012 was Consumer Publishing with an increase of 21 percent, from 73 transactions in 2nd Half 2012 to 88 transactions in 1st Half 2013.
  • M&A Market Overview

    Berkery Noyes tracked 4,044 transactions between 2011 and 1st Half 2013, of which 1,077 disclosed financial terms, and calculated the aggregate transaction value to be $136.37 billion. Based on known transaction values, we project values of 2,967 undisclosed transactions to be $36.41 billion, totaling $172.78 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2013
    Media & Marketing

    Full Year 2012 Private Equity Industry Trends

    2012 Key Highlights

  • The most active financial sponsor in the Information Industry in 2012 was Vista Equity Partners with 12 transactions. Vista's largest industry transaction during the year was its acquisition of Misys plc for $2.02 billion.
  • The top ten highest value deals in 2012 accounted for 51 percent of aggregate transaction value. The Carlyle Group was involved in two of the industry's three largest private equity transactions, representing 15 percent of deal value in 2012.
  • There were 68 transactions in the Health & Pharmaceutics segment of the Information Industry in 2012. Two of these deals reached the $1 billion threshold: Veritas Capital Partners' acquisition of Thomson Reuters' Healthcare Business for $1.25 billion and One Equity Partners' acquisition of M*Modal for $1.06 billion.
  • 2012 Key Trends

  • Total transaction volume in 2012 increased by 13 percent over 2011, from 413 to 465.
  • Total transaction value in 2012 rose by 11 percent over 2011, from $36.74 billion to $40.79 billion.
  • The median revenue multiple declined from 1.8x in 2011 to 1.4x in 2012. Meanwhile, the median EBITDA multiple improved from 9.1x to 9.7x.
  • M&A Market Overview

    Berkery Noyes tracked 1,224 transactions between 2010 and 2012, of which 358 disclosed financial terms, and calculated the aggregate transaction value to be $84.17 billion. Based on known transaction values, we project values of 866 undisclosed transactions to be $15.51 billion, totaling $99.68 billion worth of transactions tracked over the past three years.

    Full Year
    2012
    Private Equity

    Full Year 2012 Education Industry Trends

    2012 Key Highlights

  • Apollo Global Management, LLC's announced acquisition of McGraw-Hill Education was the largest industry transaction in 2012, with an acquisition price of $2.62 billion.
  • With six transactions, Pearson was the industry's most active acquirer in 2012. Pearson's largest transaction during the year was its acquisition of EmbanetCompass for $650 million.
  • The combined Professional Training Institutions and Technology segments accounted for 31 percent of the overall industry's transaction volume. In addition, strategic buyers represented 71 percent of this sector's deal flow.
  • There were 74 financially sponsored transactions with an aggregate value of $4.33 billion, representing 30 percent of the total volume and 63 percent of the total value, respectively.
  • 2012 Key Trends

  • Total transaction volume in 2012 stayed nearly the same compared to 2011, from 251 to 250.
  • Total transaction value in 2012 decreased by 44 percent over 2011, from $11.93 billion to $6.66 billion.
  • The median revenue multiple between 2011 and 2012 remained constant at 1.6x. The median EBITDA multiple declined from 12.0x in 2011 to 10.3x in 2012.
  • M&A Market Overview

    Berkery Noyes tracked 729 transactions between 2010 and 2012, of which 243 disclosed financial terms, and calculated the aggregate transaction value to be $24.43 billion. Based on known transaction values, we project values of 486 undisclosed transactions to be $2.01 billion, totaling $26.44 billion worth of transactions tracked over the past three years.

    Full Year
    2012
    Education

    Full Year 2012 Finance Industry Trends

    2012 Key Highlights

  • IntercontinentalExchange's announced acquisition of NYSE Euronext for $10.19 billion was the largest industry transaction during 2012.
  • There were 47 financially sponsored transactions with an aggregate value of $4.86 billion, representing 16 percent of the total volume and 16 percent of the total value, respectively.
  • 2012 Key Trends

  • Total transaction volume in 2012 increased by seven percent over 2011, from 282 to 302.
  • Total transaction value in 2012 increased by 52 percent over 2011, from $19.84 billion to $30.23 billion. This was primarily due to IntercontinentalExchange's announced acquisition of NYSE Euronext in 2012. Deutsche Börse Group had originally planned to merge with NYSE Euronext back in 2011.
  • The median revenue multiple improved from 2.6x in 2011 to 2.9x in 2012. The median EBITDA multiple rose from 11.5x to 11.9x.
  • The segment with the largest increase in volume in 2012 over 2011 was Payments with a 47 percent increase, from 66 to 97 transactions. Payments represented 32 percent of the industry's aggregate transaction volume in 2012, compared to 23 percent in 2011.
  • M&A Market Overview

    Berkery Noyes tracked 865 transactions between 2010 and 2012, of which 338 disclosed financial terms, and calculated the aggregate transaction value to be $61.03 billion. Based on known transaction values, we project values of 527 undisclosed transactions to be $10.42 billion, totaling $71.45 billion worth of transactions tracked over the past three years.

    Full Year
    2012
    Finance

    Full Year 2012 Healthcare Industry Trends

    2012 Key Highlights

  • The most active acquirer in 2012 was McKesson Corporation with six transactions. TPG Capital, with five transactions, was the industry's most active financial sponsor during the year.
  • Private equity acquirers were responsible for four of the industry's top ten highest value deals in 2012.
  • Health Information Technology ("HIT") deals continued to dominate in terms of transaction volume, accounting for 41 percent of the industry's aggregate deal flow. Strategic buyers represented 76 percent of the HIT segment's volume.
  • There were 93 financially sponsored transactions in 2012 with an aggregate value of $7.72 billion, representing 24 percent of the total volume and 54 percent of the total value, respectively.
  • 2012 Key Trends

  • Total transaction volume in 2012 increased by 21 percent over 2011, from 315 to 380.
  • Total transaction value in 2012 rose by five percent over 2011, from $11.36 billion to $11.96 billion.
  • The median revenue multiple improved from 1.5x in 2011 to 2.3x in 2012. The median EBITDA multiple increased from 9.0x in 2011 to 9.8x in 2012.
  • M&A Market Overview

    Berkery Noyes tracked 963 transactions between 2010 and 2012, of which 276 disclosed financial terms, and calculated the aggregate transaction value to be $27.17 billion. Based on known transaction values, we project values of 687 undisclosed transactions to be $8.83 billion, totaling $36.01 billion worth of transactions tracked over the past three years.

    Full Year
    2012
    Healthcare

    Full Year 2012 Media & Marketing Industry Trends

    2012 Key Highlights

  • The largest announced transaction in the Entertainment segment of the Media and Marketing Industry in 2012 was The Walt Disney Company's acquisition of Lucasfilm Ltd for $4.10 billion.
  • The segment with the largest disclosed median revenue multiple in 2012 was Exhibitions, Conferences, and Seminars at 2.3x revenue.
  • There were 211 financially sponsored transactions with an aggregate value of $28.37 billion, representing 13 percent of the total volume and 36 percent of the total value, respectively.
  • 2012 Key Trends

  • Total transaction volume in 2012 increased by three percent over 2011, from 1,570 to 1,611.
  • Total transaction value in 2012 increased by 17 percent over 2011, from $65.41 billion to $76.23 billion.
  • The median revenue multiple declined from 1.8x in 2011 to 1.3x in 2012. The median EBITDA multiple fell from 9.8x in 2011 to 7.5x in 2012.
  • In the Internet Media segment, there were four transactions that reached the $1 billion threshold in 2012, compared to one such acquisition in 2011. This contributed to an 81 percent rise in the segment's transaction value from 2011 to 2012.
  • M&A Market Overview

    Berkery Noyes tracked 4,500 transactions between 2010 and 2012, of which 1,328 disclosed financial terms, and calculated the aggregate transaction value to be $143.50 billion. Based on known transaction values, we project values of 3,172 undisclosed transactions to be $35.68 billion, totaling $179.19 billion worth of transactions tracked over the past three years.

    Full Year
    2012
    Media & Marketing

    1st Half 2012 Education Industry Trends

    1ST HALF 2012 KEY HIGHLIGHTS

  • Montagu Private Equity's acquisition of The College of Law of England and Wales was the largest transaction for 1st Half 2012, with an acquisition price of $316 million.
  • The most active acquirer in the Education Industry was Providence Equity Partners Inc. with three transactions: Moodlerooms, Inc., NetSpot Pty Ltd and E*Value. The acquisitions of Moodlerooms, Inc. and NetSpot Pty Ltd were completed by Blackboard Inc, which became a portfolio company of Providence Equity Partners in 2011.
  • There were 39 financially sponsored transactions in 1st Half 2012, with an aggregate value of and $847 million, representing 31 percent of the total volume and 53 percent of the total value, respectively.
  • 1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by three percent over 2nd Half 2011, from 122 to 126.
  • Total transaction value in 1st Half 2012 decreased by 74 percent over 2nd Half 2011, from $6.23 billion to $1.65 billion. Deal value in second half 2011 was skewed by a few large acquisitions, mainly those of SunGard Higher Education and Blackboard.
  • The median revenue multiple declined from 1.9x in 2nd Half 2011 to 1.6x in 1st Half 2012. The median EBITDA multiple decreased from 14.0x to 13.6x.
  • M&A Market Overview

    Berkery Noyes tracked 597 transactions between 2010 and 2012, of which 189 disclosed financial terms, and calculated the aggregate transaction value to be $19.91 billion. Based on known transaction values, we project values of 408 undisclosed transactions to be $835 million, totaling $20.74 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2012
    Education

    1st Half 2012 Healthcare Industry Trends

    1ST HALF 2012 KEY HIGHLIGHTS

  • Veritas Capital Partners' acquisition of Thomson Reuters' Healthcare Business, a subsidiary of Thomson Reuters, was the largest transaction for 1st Half 2012, with an acquisition price of $1.25 billion.
  • The most active strategic acquirers were Medical Transcription Billing Corp., T-System Technologies, Ltd., and Sharecare, Inc. with three acquisitions each.
  • The most active financial acquirers in the industry, including acquisitions made by their portfolio companies, were Apax Partners, Thomas H. Lee Partners, L.P., and TPG Capital with three acquisitions each.
  • 1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by 28 percent over 2nd Half 2011, from 153 to 196.
  • Total transaction value in 1st Half 2012 decreased by 14 percent over 2nd Half 2011, from $5.92 billion to $5.07 billion.
  • The median revenue multiple remained constant at 2.2x, rising from 1.5x in 1st Half 2011. The median EBITDA multiple fell from 13.7x in 2nd Half 2011 to 12.2x in 1st Half 2012. However, the median value rose significantly over the last six months.
  • M&A Market Overview

    Berkery Noyes tracked 774 transactions between 2010 and 1st Half 2012, of which 228 disclosed financial terms, and calculated the aggregate transaction value to be $23.34 billion. Based on known transaction values, we project values of 546 undisclosed transactions to be $3.48 billion, totaling $26.55 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2012
    Healthcare

    1st Half 2012 Online & Mobile Industry Trends

    1ST HALF 2012 KEY HIGHLIGHTS

  • The largest announced transaction for 1st Half 2012 was SAP America's acquisition of Ariba, Inc. for $4.40 billion.
  • The segment with the largest transaction volume for 1st Half 2012 was SaaS/ASP with 250 transactions.
  • There were 108 financially sponsored transactions with an aggregate value of $5.66 billion, representing 11 percent of the total volume and 17 percent of the total value, respectively.
  • 1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by three percent over 2nd Half 2011, from 939 to 970.
  • Total transaction value in 1st Half 2012 increased by 20 percent over 2nd Half 2011, from $28.38 billion to $34.12 billion.
  • The median revenue multiple moved slightly from 2.5x in 2nd Half 2011 to 2.4x in 1st Half 2012. The median EBITDA multiple improved from 11.4x in 2nd Half 2011 to 12.7x in 1st Half 2012.
  • Two segments in 1st Half 2012 had median revenue multiples of at least 3.0x: Communications and SaaS/ASP.
  • The segment with the largest increase in volume in 1st Half 2012 over 2nd Half 2011 was E-Commerce with a 21 percent increase, from 169 to 205.
  • M&A Market Overview

    Berkery Noyes tracked 4,151 transactions between 2010 and 1st Half 2012, of which 1,191 disclosed financial terms, and calculated the aggregate transaction value to be $113.55 billion. Based on known transaction values, we project values of 2,960 undisclosed transactions to be $39.88 billion, totaling $153.43 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2012
    Online & Mobile

    1st Half 2012 Software Industry Trends

    1ST HALF 2012 KEY HIGHLIGHTS

  • The largest announced transaction for 1st Half 2012 was Cisco Systems, Inc.'s acquisition of NDS Group, a subsidiary of Permira, for $4.96 billion.
  • The most active acquirer, either directly or through a partner or affiliated business, was Constellation Software, Inc. with nine acquisitions.
  • There were 119 financially sponsored transactions with an aggregate value of $8.49 billion, representing 15 percent of the total volume and 22 percent of the total value, respectively.
  • 1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by six percent over 2nd Half 2011, from 742 to 785.
  • Total transaction value in 1st Half 2012 fell by five percent over 2nd Half 2011, from $40.45 billion to $38.49 billion.
  • The median revenue multiple decreased from 2.5x in 2nd Half 2011 to 2.1x in 1st Half 2012. The median EBITDA multiple moved slightly from 13.3x to 13.2x.
  • The segment with the largest increase in volume in 1st Half 2012 over 2nd Half 2011 was Consumer Software with a 29 percent increase from 109 transactions in 2nd Half 2011 to 141 transactions in 1st Half 2012.
  • M&A Market Overview

    Berkery Noyes tracked 3,596 transactions between 2010 and 1st Half 2012, of which 1,207 disclosed financial terms, and calculated the aggregate transaction value to be $151.99 billion. Based on known transaction values, we project values of 2,389 undisclosed transactions to be $37.21 billion, totaling $189.20 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2012
    Software

    1st Half 2012 Media & Marketing Industry Trends

    1ST HALF 2012 KEY HIGHLIGHTS

  • The largest announced transaction for 1st Half 2012 was BCE, Inc.'s acquisition of Astral Media for $3.34 billion.
  • The most active acquirer in the Media & Marketing Industry was WPP Group, plc with 20 transactions.
  • There were 96 financially sponsored transactions with an aggregate value of $10.67 billion, representing 12 percent of the total volume and 33 percent of the total value, respectively.
  • 1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by six percent over 2nd Half 2011, from 784 to 834.
  • Total transaction value in 1st Half 2012 increased by 27 percent over 2nd Half 2011, from $24.88 billion to $31.51 billion.
  • The median revenue multiple declined from 1.8x in 2nd Half 2011 to 1.2x in 1st Half 2012. The median EBITDA multiple fell from 10.0x in 2nd Half 2011 to 7.8x in 1st Half 2012.
  • However, three segments had median revenue multiples of at least 2.0x in 1st Half 2012: B2B Publishing, Broadcasting, and Exhibitions, Conferences, and Seminars.
  • The segment with the largest increase in volume in 1st Half 2012 over 2nd Half 2011 was Exhibitions, Conferences, and Seminars with an 85 percent increase from 20 transactions in 2nd Half 2011 to 37 transactions in 1st Half 2012.
  • M&A Market Overview

    Berkery Noyes tracked 3,683 transactions between 2010 and 1st Half 2012, of which 1,039 disclosed financial terms, and calculated the aggregate transaction value to be $106.53 billion. Based on known transaction values, we project values of 2,644 undisclosed transactions to be $30.20 billion, totaling $136.73 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2012
    Media & Marketing

    Full Year 2011 Private Equity Industry Trends

    2011 Key Highlights

  • Kohlberg Kravis Roberts & Co., Technology Crossover Ventures and Silver Lake Partners' announced acquisition of GoDaddy. com was the largest transaction for 2011, with an acquisition price of $2.25 billion.
  • The most active acquirer was Vista Equity Partners with 19 acquisitions: VaultWare, 360Facility, Beyond Compliance Inc., AngelPoints, Inc., Mitratech, Inc., Emerging Information Systems, Inc., Rainmaker Software, LLC, Bostonpost Technology, PowerPath from Elekta AB, Trade and Risk Management Business from Thomson Reuters, Sage Healthcare, CompuLaw LLC, Client Profiles, Inc., CyberShift, Inc., Workspeed Management, LLC, WellPoint Systems, Inc., EXPLORER Software Solutions Ltd., Siterra Corporation and GeoLearning, Inc.
  • 2011 Key Trends

  • Total transaction volume in 2011 increased by 16 percent over 2010, from 336 in 2010 to 389 in 2011.
  • Total transaction value in 2011 increased by 28 percent over 2010, from $28.69 billion in 2010 to $36.75 billion in 2011.
  • The median revenue multiple remained nearly the same, going from 1.7x in 2010 to 1.8x in 2011, while the median EBITDA multiple decreased from 10.2x to 9.1x.
  • M&A Market Overview

    Berkery Noyes tracked 1,002 transactions between 2009 and 2011, of which 302 disclosed financial terms, and calculated the aggregate transaction value to be $65.31 billion. Based on known transaction values, we project values of 700 undisclosed transactions to be $16.73 billion, totaling $82.04 billion worth of transactions tracked over the past three years.

    Full Year
    2011
    Private Equity

    Full Year 2011 Education Industry Trends

    2011 Key Highlights

  • The largest announced transaction for 2011 was Hellman & Friedman LLC's acquisition of SunGard Higher Education Inc. from SunGard Data Systems Inc. for $1.78 billion. This will result in a merger under a new holding company with Datatel Inc.
  • Overall, Pearson plc was the most active acquirer in 2011 with eight acquisitions: Global Education & Technology Group Limited, TQ Ltd., Connections Education LLC, Stark Verlag, Education Development International plc, SchoolNet, Inc., Smarthinking, Inc. and TutorVista.
  • The most active financial buyer in 2011 was Providence Equity Partners Inc. with six acquisitions: Istituto Marangoni, CerBibo Corporation, Edline LLC, PrepMe, Blackboard Inc. and TH(i)NQ Ed.
  • 2011 Key Trends

  • Total transaction volume in 2011 increased by 10 percent over 2010, from 208 in 2010 to 229 this year.
  • Total transaction value in 2011 stayed almost constant compared to 2010, moving from $10.16 billion in 2010 to $10.01 billion this year.
  • The median revenue multiple remained nearly the same, moving from 1.9x in 2010 to 1.8x in 2011. Meanwhile, the median EBITDA multiple increased from 9.7x to 11.1x.
  • M&A Market Overview

    Berkery Noyes tracked 656 transactions between 2009 and 2011, of which 215 disclosed financial terms, and calculated the aggregate transaction value to be $19.45 billion. Based on known transaction values, we project values of 441 undisclosed transactions to be $5.57 billion, totaling $25.02 billion worth of transactions tracked over the past three years.

    Full Year
    2011
    Education

    Full Year 2011 Healthcare Industry Trends

    2011 Key Highlights

  • Blackstone Group LP's acquisition of Emdeon, Inc., was the largest transaction for 2011, with an acquisition price of $3.03 billion.
  • Thomas H. Lee Partners, L.P. was the most active acquirer with five transactions: Haas & Healthcare Partner Public Relations, SanCom Creative Communication Solutions, Comprehensive Medical Billing Solutions, Inc., FleetEyes, LLC. and i3 Clinical Development Businesses from Ingenix, Inc.
  • There were 63 financially sponsored transactions with an aggregate value of $4.65 billion, representing 22 percent of the total volume and 45 percent of the total value, respectively.
  • 2011 Key Trends

  • Total transaction volume in 2011 increased by 15 percent over 2010, from 255 in 2010 to 292 this year.
  • Total transaction value in 2011 decreased by 9 percent over 2010, from $11.42 billion in 2010 to $10.38 billion this year.
  • The median revenue multiple declined from 2.0x in 2010 to 1.6x in 2011, while the median EBITDA multiple decreased from 11.6x to 9.0x.
  • The segment with the largest increase in volume in 2011 over 2010 was Medical Information with a 31 percent increase from 16 transactions in 2010 to 21 transactions in 2011.
  • M&A Market Overview

    Berkery Noyes tracked 789 transactions between 2009 and 2011, of which 273 disclosed financial terms, and calculated the aggregate transaction value to be $29.15 billion. Based on known transaction values, we project values of 516 undisclosed transactions to be $3.75 billion, totaling $32.90 billion worth of transactions tracked over the past three years.

    Full Year
    2011
    Healthcare

    Full Year 2011 Online & Mobile Industry Trends

    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.

    Full Year
    2011
    Online & Mobile

    Full Year 2011 Software Industry Trends

    2011 Key Highlights

  • The largest transaction for 2011 was HP's acquisition of Autonomy Corporation for $10.28 billion.
  • Vista Equity Partners and 8 of its portfolio companies: Accruent, Inc., Aderant Holdings, Inc., MicroEdge, LLC, MRI Software LLC, P 2 Energy Solutions, Inc., SumTotal Systems, Inc., Sunquest Information Systems, and Zywave, Inc., combined to be the largest Software Industry acquirer by volume for 2011, with 19 transactions.
  • There were 199 financially sponsored transactions with an aggregate value of $22.40 billion, representing 14 percent of the total volume and 26 percent of the total value, respectively.
  • 2011 Key Trends

  • Total transaction volume in 2011 increased by 10 percent over 2010, from 1313 in 2010 to 1450 this year.
  • Total transaction value in 2011 increased by 6 percent over 2010, from $76.42 billion in 2010 to $80.75 billion this year.
  • The median revenue multiple rose from 1.8x in 2010 to 2.2x in 2011. The median EBITDA multiple increased from 11.2x to 13.3x.
  • The segment with the largest increase in value, Consumer Software, was primarily due to Microsoft Corporation's acquisition of Skype Technologies SA for $9.08 billion.
  • M&A Market Overview

    Berkery Noyes tracked 3795 transactions between 2009 and 2011, of which 1315 disclosed financial terms, and calculated the aggregate transaction value to be $166 billion. Based on known transaction values, we project the value of the 2484 undisclosed transactions to be $34.30 billion, totaling $200.30 billion worth of transactions tracked over the past three years.

    Full Year
    2011
    Software

    Full Year 2011 Media & Marketing Industry Trends

    2011 Key Highlights

  • The largest announced transaction for 2011 was West Australian Newspapers' acquisition of Seven Media Group, a portfolio company of Kohlberg Kravis Roberts & Co., for $4.15 billion.
  • The segments with the largest disclosed median enterprise value multiples for 2011 were Broadcasting with 3.6x revenue and Internet Media at 17.5x EBITDA.
  • There were 175 fi nancially sponsored transactions with an aggregate value of $13.60 billion, representing 12 percent of the total volume and 23 percent of the total value, respectively .
  • 2011 Key Trends

  • Total transaction volume in 2011 increased by 17 percent over 2010, from 1225 in 2010 to 1435 this year.
  • Total transaction value in 2011 increased by 47 percent over 2010, from $38.51 billion in 2010 to $56.70 billion this year .
  • The median revenue multiple rose from 1.5x in 2010 to 1.9x in 2011. The median EBITDA multiple moved slightly from 10.4x to 10.6x.
  • The segment with the largest increase in volume in 2011 over 2010 was Marketing with a 31 percent increase from 332 transactions in 2010 to 435 transactions in 2011.
  • M&A Market Overview

    Berkery Noyes tracked 3596 transactions between 2009 and 2011, of which 1029 disclosed financial terms, and calculated the aggregate transaction value to be $121.70 billion. Based on known transaction values, we project the value of the 2567 undisclosed transactions to be $25.23 billion, totaling $146.93 billion worth of transactions tracked over the past three years.

    Full Year
    2011
    Media & Marketing

    1st Half 2011 Information Industry Trends

    1st Half 2011 Key Highlights

  • The largest transaction in 1st Half 2011 was Microsoft Corporation’s announced acquisition of Skype Technologies SA, from an investor group lead by Silver Lake Partners, for $9.08 billion.
  • Google, Inc. was the most active Software Industry acquirer by volume, with 13 acquisitions: SageTV, Zynamics, AdMeld Inc., PostRank Inc., Sparkbuy Inc., TalkBin, PushLife Inc., Green Parrot Pictures, BeatThatQuote.com Ltd., Next New Networks, Inc., FFlick, SayNow and eBook Technologies Inc.
  • There were 171 financially sponsored transactions in 1st Half 2011, with an aggregate value of $15.62 billion, representing 13 percent of the total volume and 19 percent of the total value, respectively.
  • 1st Half 2011 Key Trends

  • Total transaction volume increased by 10 percent in1st Half 2011from 2nd Half 2010, with 1283 transactions in 2nd Half 2010 and 1413 in 1st Half 2011.
  • Total transaction value in 1st Half 2011 increased by 28 percent over 2nd Half 2010 from $63.5 billion in 2nd Half 2010 to $81.1 billion in 1st Half 2011.
  • M&A Market Overview

    Berkery Noyes tracked 5590 transactions between 2009 and 1st Half 2011, of which 1711 disclosed financial terms, and calculated the aggregate transaction value to be $239.5 billion. Based on known transaction values, we project values of 3879 undisclosed transactions to be $51.6 billion, totaling $291.1 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2011
    Information Industry

    1st Half 2011 Media & Marketing Industry Trends

    1st Half 2011 Key Highlights

  • The largest transaction in 1st Half 2011 was West Australian Newspapers Limited’s acquisition of Seven Media Group from an investor group including Kolhberg Kravis Roberts, for $4.1 billion.
  • Publicis Groupe SA was the most active acquirer in 1st Half 2011, with 12 purchases: Genedigi Group, Rosetta Marketing Group, LLC, Dreams Communication, Tailor Made, GP7, Watermelon Healthcare Communications, Airlock, Kitcatt Nohr Alexander Shaw Ltd, Interactive Communications Ltd, Holler Digital Ltd., Chemistry Communications Group plc and Klapp Media AS.
  • There were 75 financially sponsored transactions with a projected aggregate value of $7.87 billion, representing 12 percent of the total volume and 25 percent of the total value, respectively.
  • 1st Half 2011 Key Trends

  • Total transaction volume in 1st Half 2011 increased by 14 percent over 2nd Half 2010, from 563 in 2nd Half 2010 to 644 this year.
  • Total transaction value in 1st Half 2011 increased by 67 percent over 2nd Half 2010, from $17.3 billion in 2nd Half 2010 to $28.9 billion this year.
  • The segment with the largest increase in volume in 1st Half 2011 over 2nd Half 2010 was Internet Media with a 37 percent increase, from 182 to 250 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 2518 transactions between 2009 and 1st Half 2011, of which 640 disclosed financial terms, and calculated the aggregate transaction value to be $95.8 billion. Based on known transaction values, we project the value of the 1878 undisclosed transactions to be $20.3 billion, totalling $116.1 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2011
    Media & Marketing

    1st Half 2011 Software Industry Trends

    1st Half 2011 Key Highlights

  • The largest transaction in 1st Half 2011 was Microsoft Corporation's announced acquisition of Skype Technologies SA, from an investor group lead by Silver Lake Partners, for $9.08 billion.
  • Google, Inc. was the most active Software Industry acquirer by volume, with nine acquisitions: SageTV, Zynamics, AdMeld Inc., PostRank Inc., Sparkbuy Inc., TalkBin, PushLife Inc., Green Parrot Pictures and SayNow.
  • There were 84 financially sponsored transactions in 1st Half 2011, with an aggregate value of $8.1 billion, representing 13 percent of the total volume and 15 percent of the total value, respectively.
  • 1st Half 2011 Key Trends

  • Total transaction volume remained largely unchanged in1st Half 2011from 2nd Half 2010, with 651 transactions in 2nd Half 2010 and 655 in 1st Half 2011.
  • Total transaction value in 1st Half 2011 decreased by three percent over 2nd Half 2010 from $41.3 billion in 2nd Half 2010 to $40.1 billion in 1st Half 2011.
  • Median multiples increased in 1st Half 2011 from 2nd Half 2010. Median revenue multiples rose 16 percent from 1.8 to 2.1, and median EBITDA multiples rose 13 percent from 12.2 to 13.8, which represents the fourth consecutive increase in median EBITDA multiples. Median transaction value has made a similar increase.
  • M&A Market Overview

    Berkery Noyes tracked 2727 transactions between 2009 and 1st Half 2011, of which 929 disclosed financial terms, and calculated the aggregate transaction value to be $120.7 billion. Based on known transaction values, we project values of 1796 undisclosed transactions to be $28.2 billion, totaling $148.8 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2011
    Software

    Full Year 2010 Information Industry Trends

    2010 Key Highlights

  • The largest transaction in 2010 was Intel Corporation's announced acquisition of McAfee, Inc., for $7.55 billion.
  • Google, Inc. was the most active information industry acquirer by volume, with 25 acquisitions: Widevine Technologies, Inc., Phonetic Arts, BlindType Inc., Plannr, Quiksee, SocialDeck Inc., Ångströ Inc., Like.com, Jambool, Inc., Slide, Inc., Development Tools For Java & Ajax from Instantiations, Inc., Metaweb Technologies, Inc., ITA Software, Invite Media, Inc., Ruba, Inc., SimplifyMedia, Global IP Solutions, Bump Technologies Inc., LabPixies, Plink, Episodic Inc., DocVerse, reMail, Picnik, Inc. and Aardvark.
  • There were 277 financially sponsored transactions with an aggregate value of $26.06 billion, representing 14 percent of the total volume and 28 percent of the total value, respectively.
  • 2010 Key Trends

  • Total transaction volume increased by 36 percent from 1505 in 2009 to 2046 in 2010.
  • Total transaction value in 2010 increased by 36 percent from $82.30 billion in 2009 to $112.09 billion in 2010.
  • The median EBITDA multiple, revenue multiple, and deal value have all made marked gains in 2010. The EBITDA median multiple rose 29 percent from 2009 to 2010.
  • M&A Market Overview

    Berkery Noyes tracked 7265 transactions between 2007 and 2010 of which 2644 disclosed financial terms, and calculated the aggregate transaction value to be $458.61 billion. Based on known transaction values, we project values of 4621 undisclosed transactions to be $82.40 billion totaling $541.01 billion worth of transactions tracked over the past four years.

    Full Year
    2010
    Information Industry

    Full Year 2010 Online & Mobile Industry Trends

    2010 Key Highlights

  • The largest transaction in 2010 was KKR's announced acquisition of Visma ASA, a subsidiary of HgCapital, for $1.90 billion.
  • Google, Inc. was the most active online industry acquirer by volume, with 22 acquisitions: Widevine Technologies, Inc., Phonetic Arts, BlindType Inc., Plannr, SocialDeck Inc., Ångströ Inc., Like.com, Jambool, Inc., Slide, Inc., Metaweb Technologies, Inc., ITA Software, Invite Media, Inc., Ruba, Inc., SimplifyMedia, Global IP Solutions, LabPixies, Plink, Episodic Inc., DocVerse, reMail, Picnik, Inc. and Aardvark.
  • There were 132 financially sponsored transactions with an aggregate value of $12.67 billion, representing 12 percent of the total volume and 21 percent of the total value, respectively.
  • 2010 Key Trends

  • Total transaction volume increased by 63 percent from 679 in 2009 to 1108 in 2010.
  • Total transaction value in 2010 increased by 72 percent from $25.95 billion in 2009 to $44.61 billion in 2010.
  • The segment with the largest increase in total transaction value in 2010 was SaaS/ASP with a 209 percent increase from $4.75 billion in 2009 to $14.71 billion in 2010.
  • M&A Market Overview

    Berkery Noyes tracked 3340 transactions between 2007 and 2010 of which 1128 disclosed financial terms, and calculated the aggregate transaction value to be $127.94 billion. Based on known transaction values, we project values of 2212 undisclosed transactions to be $36.85 billion totaling $164.80 billion worth of transactions tracked over the past four years.

    Full Year
    2010
    Online & Mobile

    Full Year 2010 Software Industry Trends

    2010 Key Highlights

  • The largest transaction in 2010 was Intel Corporation's announced acquisition of McAfee, Inc. for $7.55 billion.
  • Google, Inc. was the most active software industry acquirer by volume, with 23 acquisitions: Widevine Technologies, Inc., Phonetic Arts, BlindType Inc., Plannr, Quiksee, SocialDeck Inc., Ångströ Inc., Like.com, Jambool, Inc., Slide, Inc., Development Tools For Java & Ajax from Instantiations, Inc., Metaweb Technologies, Inc., ITA Software, Invite Media, Inc., SimplifyMedia, Global IP Solutions, Bump Technologies Inc., LabPixies, Plink, Episodic Inc., DocVerse, reMail and Picnik, Inc.
  • There were 136 financially sponsored transactions with an aggregate value of $13.84 billion, representing 13 percent of the total volume and 17 percent of the total value, respectively.
  • 2010 Key Trends

  • Total transaction volume increased by 37 percent from 819 in 2009 to 1121 in 2010.
  • Total transaction value in 2010 increased by 103 percent from $38.29 billion in 2009 to $77.61 billion in 2010.
  • The median transaction value increased from $9.97 million to $19 million from 2009 to 2010, a 90 percent increase.
  • Consumer Software increased by 93 percent in volume from 74 transactions in 2009 to 143 in 2010.
  • M&A Market Overview

    Berkery Noyes tracked 3813 transactions between 2007 and 2010, of which 1391 disclosed financial terms, and calculated the aggregate transaction value to be $198.28 billion. Based on known transaction values, we project values of 2422 undisclosed transactions to be $45.19 billion totaling $243.47 billion worth of transactions tracked over the past four years.

    Full Year
    2010
    Software

    Full Year 2010 Media & Marketing Industry Trends

    2010 Key Highlights

  • The largest transaction for 2010 was Warburg Pincus and Silver Lake Partners' acquisition of Interactive Data Corporation, which is majority owned by Pearson plc, for $3.25 billion.
  • Internet Media was the largest segment by transaction volume this year, with 239 transactions.
  • There were 108 financially sponsored transactions with an aggregate value of $8.30 billion, representing 16 percent of the total volume and 38 percent of the total value, respectively.
  • 2010 Key Trends

  • Total transaction volume in 2010 increased by 27 percent over 2009, from 542 in 2009 to 687 this year.
  • Total transaction value in 2010 decreased by 35 percent over 2009, from $36.94 billion in 2009 to $24 billion this year.
  • The median revenue multiple rose from 1.4 in 2009 to 1.8 in 2010.
  • The segment with the largest increase in volume in 2010 over 2009 was Entertainment Content with an 80 percent increase from 54 transactions in 2009 to 97 transactions in 2010. This increase can be attributed in part to the recent influx of mobile and social video game studio transactions.
  • M&A Market Overview

    Berkery Noyes tracked 2765 transactions between 2007 and 2010, of which 1005 disclosed financial terms, and calculated the aggregate transaction value to be $214.64 billion. Based on known transaction values, we project the value of the 1760 undisclosed transactions to be $27.77 billion, totalling $242.40 billion worth of transactions tracked over the past four years.

    Full Year
    2010
    Media & Marketing

    1st Half 2010 Healthcare Industry Trends

    1st Half 2010 Key Highlights

  • The largest transaction by value was the announced acquisition of Allscripts- Misys Healthcare Solutions, Inc. by Eclipsys Corporation for $1.27 billion.
  • The largest segment by transaction volume was Healthcare IT, with 50 transactions.
  • Of the top ten transactions by value, three were financially sponsored transactions: Thomas H. Lee Partners, L.P.’s pending acquisition of inVentiv Health, Inc., for $909 million, Providence Equity Partners’ pending acquisition of Virtual Radiologic Corporation for $282 million, and OMERS Private Equity’s pending acquisition of Logibec Groupe Informatique Ltd. for $225 million.
  • 1st Half 2010 Key Trends

  • Total transaction volume in 1st Half 2010 increased by 6 percent over 2nd Half 2009 from 108 in 2009 to 115 in 2010.
  • Total transaction value in 1st Half 2010 increased by 32 percent over 2nd Half 2009, from $5.34 billion in 2009 to $7.07 billion in 2010.
  • Revenue multiples in the industry experienced a 29% half-to-half increase from 1.4 in 2nd Half 2009 to 1.8 in 1st Half 2010. This is a 64% increase from the low of 1.1 in 1st Half 2009.
  • M&A Market Overview

    Berkery Noyes tracked 521 transactions between 2008 and 1st Half 2010, of which 179 disclosed financial terms, and calculated the aggregate transaction value to be $17.43 billion. Based on known transaction values, we project the value of the 342 undisclosed transactions to be $4.75 billion for a combined total transaction value of $22.18 billion within the industry over the past 30 months.

    1st Half
    2010
    Healthcare

    1st Half 2010 Finance Industry Trends

    1st Half 2010 Key Highlights

  • The largest transaction by value was Warburg Pincus’ and Silver Lake Partners’ announced acquisiton of Interactive Data Corporation, majority owned by Pearson plc, for $3.25 billion.
  • The most active buyer in the Finance Industry was InComm, with its acqusitions of E-Payment Services from Coinstar, Inc., Group Cards, Qpay, Inc., and Zeevex.
  • The top ten transactions by value accounted for 82 percent of the total aggregate value of all transactions.
  • 1st Half 2010 Key Trends

  • Total transaction volume in 1st Half 2010 increased by 31 percent over 2nd Half 2009 from 94 in 2009 to 123 in 2010.
  • Total transaction value in 1st Half 2010 increased by 248 percent over 2nd Half 2009, from $4.15 billion in 2009 to $14.45 billion in 2010.
  • The segment with the largest increase in volume was Payments with a 173 percent increase from 11 transactions in 2nd Half 2009 to 30 in 1st Half 2010.
  • Revenue multiples in the industry experienced a 210% half-to-half increase from 2.1 in 2nd Half 2009 to 3.8 in 1st Half 2010.
  • M&A Market Overview

    Out of 525 transactions tracked by Berkery Noyes between 2008 and 1st Half of 2010 we determined the aggregate transaction values paid for transactions, where the values of 231 were disclosed, to be $40.32 billion. Based on known transaction values, using a histogram on a logarithmic scale, we project values of 294 undisclosed transactions to be $6.05 billion for a combined total of $46.37 billion worth of transactions tracked over the past three and half years.

    1st Half
    2010
    Finance

    1st Half 2010 Private Equity, Information Industry Trends

    1st Half 2010 Key Highlights

  • The largest transaction for First Half 2010 was Warburg Pincus and Silver Lake Partners’ pending acquisition of Interactive Data Corporation, which is majority owned by Pearson plc, for $3.25 billion.
  • Lifestyle & Entertainment was the largest segment by transaction volume, with 25 transactions.
  • The top 10 deals by transaction value accounted for 69 percent of the total aggregate value.
  • 1st Half 2010 Key Trends

  • Total transaction volume increased by 22 percent from 117 in Second Half 2009 to 143 in First Half 2010.
  • Total transaction volume increased by 22 percent from 117 in Second Half 2009 to 143 in First Half 2010.
  • Financial Services & Accounting saw the largest increase in total transaction value from $313 million in Second Half 2009 to $8.19 billion in First Half 2010.
  • The top three acquisitions by value in 1st Half 2010 all orginated within the Financial Services & Accounting segment: the aforementioned acquisition of Interactive Data Corporation, TPG Capital’s announced acquisiton of Vertafore, Inc. for $1.40 billion, and MSCI, Inc.’s announced acquisition of RiskMetrics Group, Inc. for $1.39 billion.
  • M&A Market Overview

    Berkery Noyes tracked 585 financially sponsored transactions between 2008 and June 2010, of which 187 disclosed financial terms, and calculated the aggregate transaction value to be $40.08 billion. Based on known transaction values, we project the value of the 398 undisclosed transactions to be $11.09 billion, totalling $51.18 billion worth of transactions tracked over the past 30 months.

    1st Half
    2010
    Private Equity Information Industry

    1st Half 2010 Information Industry Trends

    1st Half 2010 Key Highlights

  • Google, Inc. was the most active buyer, with 11 acquisitions.
  • Lifestyle & Entertainment was the largest segment by volume, with 184 transactions.
  • Strategic acquisitions represented 85 percent of the total volume and 74 percent of the total value, respectively.
  • 1st Half 2010 Key Trends

  • Revenue multiples increased 38 percent to 2.2 in First Half 2010, from 1.6 in Second Half 2009.
  • Of the top ten acquisitions by value, four occurred within the Financial Services & Accounting segment.
  • Total transaction volume in First Half 2010 increased by 21 percent over Second Half 2009 from 795 in Second Half 2009 to 963 in First Half 2010.
  • Total transaction value decreased by 10 percent from $56.62 billion in Second Half 2009 to $51.23 billion in First Half 2010. The decline in value is due in large part to two large transactions, Comcast Corporation’s pending acquisition of NBC Universal, a subsidiary of General Electric Company, for $13.75 billion and IMS Health’s announced acquisition by TPG Capital, L.P. and CPP Investment Board for $4.01 billion, in the final quarter of 2009.
  • M&A Market Overview

    Berkery Noyes tracked 4166 transactions between 2008 and June 2010, of which 1449 disclosed financial terms, and calculated the aggregate transaction value to be $175.55 billion. Based on known transaction values, we project the value of the 2717 undisclosed transactions to be $37.14 billion, totalling $212.69 billion worth of transactions tracked over the past 30 months.

    1st Half
    2010
    Information Industry

    1st Half 2010 Media & Marketing Industry Trends

    1st Half 2010 Key Highlights

  • The largest transaction for First Half 2010 was Warburg Pincus and Silver Lake Partners’ pending acquisition of Interactive Data Corporation, which is majority owned by Pearson plc, for $3.25 billion.
  • Internet Media was the largest segment by transaction volume, with 104 transactions.
  • There were 63 financially sponsored transactions with an aggregate value of $5.92 billion, representing 20 percent of the total volume and 50 percent of the total value, respectively.
  • Of the top ten transactions tracked by Berkery Noyes in this sector, three were financial sponsored transactions which accounted for 42 percent of the total aggregate value of all transactions and 59 percent of the Top 9 aggregate value.
  • 1st Half 2010 Key Trends

  • Total transaction volume in First Half 2010 increased by 21 percent over Second Half 2009 from 309 in First Half 2010 to 255 in Second Half 2009.
  • Total transaction value in First Half 2010 decreased by 64 percent over Second Half 2009 from $11.50 billion in First Half 2010 to $31.68 billion in Second Half 2009. The decline in value is due in large part to two large transactions, Comcast Corporation’s pending acquisition of NBC Universal, a subsidiary of General Electric Company, for $13.75 billion and IMS Health’s announced acquisition by TPG Capital, L.P. and CPP Investment Board for $4.01 billion, in the final quarter of 2009.
  • M&A Market Overview

    Berkery Noyes tracked 1493 transactions between 2008 and June 2010, of which 493 disclosed financial terms, and calculated the aggregate transaction value to be $67.80 billion. Based on known transaction values, we project the value of the 1000 undisclosed transactions to be $11.11 billion, totalling $78.91 billion worth of transactions tracked over the past 30 months.

    1st Half
    2010
    Media & Marketing

    Full Year 2009 Finance Industry Trends

    2009 Key Highlights

  • The largest transaction for 2009 was Fidelity National Information Services Inc. a subsidiary of Fidelity National Financial, Inc. who acquired Metavante Technologies, Inc. for $2.89 billion.
  • The most active buyer in Financial Technology & Information in terms of volume of transactions either purchased direct or through partner or affiliated business announced for 2009 with 4 transactions to their credit was The Carlyle Group.
  • Financially sponsored transactions represented 26 transactions which equates to 15 percent of the total volume and $1.84 billion, 18 percent of the value for 2009.
  • 2009 vs. 2008 Key Trends

  • Total transaction volume in 2009 decreased by 28 percent over 2008 from 243 in 2008 to 174 in 2009.
  • Total transaction value in 2009 decreased by 59 percent over 2008, from $25.29 billion in 2008 to $10.30 billion in 2009.
  • The segment with largest increase in value in 2009 over 2008 was Payments with a 98 percent increase from $2.87 billion in 2008 to $5.68 billion in 2009.
  • 2004-2009 Market Overview

    Out of 691 transactions tracked by Berkery Noyes between 2007 and 2009 we determined the aggregate transaction values paid for transactions, where the values of 287 were disclosed (known), to be $109.00 billion. Based on known transaction values, using a histogram on a logarithmic scale, we project values of 404 undisclosed (unknown) transactions to be $11.90 billion for a combined total of $120.90 billion worth of transactions tracked over the past three years.

    Full Year
    2009
    Finance

    Full Year 2009 Healthcare Industry Trends

    2009 Key Highlights

  • The largest transaction for 2009 was TPG Capital and CPP Investment Board who will acquire IMS Health Incorporated for $4.01 billion.
  • The most active buyers in the Healthcare Information & Technology Industry by way of volume of transactions either purchased direct or through partner or affiliated business announced for 2009 each with 3 transactions to their credit were Veronis Suhler Stevenson, UnitedHealth Group, General Atlantic, LLC, Francisco Partners and Phase Forward.
  • 2009 vs. 2008 Key Trends

  • Total transaction volume in 2009 decreased by 12 percent over 2008 from 209 in 2008 to 184 in 2009.
  • Total transaction value in 2009 decreased by 16 percent over 2008, from $9.43 billion in 2008 to $7.89 billion in 2009.
  • The segment with the largest decrease in volume in 2009 over 2008 was Medical Education with a 27 percent decrease from 15 transactions in 2008 to 11 transactions in 2009.
  • Financially sponsored transactions represented 24 percent of the volume and 65 percent of the value for 2009 as opposed to 26 percent of the volume and 31 percent of the value for 2008. This is a decrease of 9 percent in market share volume and an increase of 107 percent in market share value from 2008 to 2009. Financially backed transactions are increasing in size, but there are fewer deals than last year.
  • 2007-2009 Market Overview

    Out of 581 transactions tracked by Berkery Noyes between 2007 and 2009 we determined the aggregate transaction values paid for transactions, where the values of 210 were disclosed (known), to be $21.10 billion. Based on known transaction values, using a histogram on a logarithmic scale, we project values of 371 undisclosed (unknown) transactions to be $5.83 billion for a combined total of $26.93 billion worth of transactions tracked over the past three years.

    Full Year
    2009
    Healthcare

    Full Year 2009 Education Industry Trends

    2009 Key Highlights

  • Transaction value in the Education industry was $4.69 billion, on 159 announced transactions. Financially sponsored transactions accounted for 47 percent of the value, or $2.31 billion, of closed deals.
  • The Postsecondary sector – including institutions, publishing, technology, and services businesses – saw the most volume, with 57 transactions.
  • Aggregate transaction value increased 3-fold during the second half of the year relative to the first half, even with deal volume down more than 23 percent.
  • The Postsecondary sector accounted for 8 out of 10 of the largest transactions, led by Datatel’s acquisition by Hellman & Friedman and JMI Equity from fellow financial sponsor, Thoma Bravo. Six of the top 10 deals were Postsecondary institutions, led by Apollo Group’s acquisition of U.K.-based BPP Holdings.
  • Publicly listed Nobel Learning Communities was the most active acquirer, announcing the acquisition of four businesses between April and September.
  • 2009 vs. 2008 Key Trends

  • Total transaction volume decreased 31 percent last year, with 159 announced transactions in 2009, down from 232 deals in 2008.
  • Total transaction value was down even more precipitously, declining 50 percent year-over-year from $9.36 billion in 2008 to $4.69 billion in 2009.
  • The Postsecondary sector experienced only a slight decline in transaction volume in 2009, down 3 percent from 2008. The Postsecondary services market bucked prevailing M&A trends, more than doubling its transaction volume year-over-year.
  • The PreK-12 Sector saw the greatest decline in activity, down 42% from 87 transactions in 2008 to 45 deals in 2009; the K-12 Schools segment saw the greatest absolute volume decline with 17 announced transactions, down from 38 in 2008.
  • Market Overview 2006-2009

    Berkery Noyes tracked 771 closed transactions in the global education industry between 2006 and 2009. Of this universe, 279 transactions had disclosed enterprise values, representing $49.71 billion in aggregate value. Based on the known enterprise values and using a logarithmic scale, we project the value of the 492 undisclosed transactions to be $7.02 billion, for a total aggregate enterprise value of education transactions of $56.7 billion from 2006 to 2009.

    Full Year
    2009
    Education