2022 KEY HIGHLIGHTS
The highest value deal in the SaaS & Cloud segment during 2022 was Broadcom Limited’s announced acquisition of VMware Inc., a cloud computing and virtualization technology company, for $70.36 billion.
There were 673 financially sponsored transactions with an aggregate value of $142.32 billion, representing 23 percent of the total volume and 39 percent of the total value, respectively.
2022 KEY TRENDS
Total transaction volume in 2022 decreased by eight percent over 2021, from 3,508 to 3,225.
Total transaction value in 2022 saw a two percent uptick over 2021, from $359.01 billion to $364.93 billion.
The median revenue multiple declined from 4.1x in 2021 to 2.9x in 2022. The median EBITDA multiple moved downward from 13.4x in 2021 to 11.0x in 2022.
The segment with the largest increase in value in 2022 over 2021 was Communications, which increased from $79.98 billion to $167.98 billion.
M&A MARKET OVERVIEW
Berkery Noyes tracked 9,713 Online & Mobile transactions between 2020 and 2022, of which 1,876 disclosed financial terms, and calculated the aggregate value to be $768.17 billion. Based on known transaction values, we project values of 7,837 undisclosed transactions to be $202.63 billion, totaling $970.80 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 3.0x revenue and 11.9x EBITDA.
Over the past three years, deals in the $10-$20 million range received a median enterprise value multiple of 2.2x revenue, compared to 5.8x revenue for those in the $160 million and above range.