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Q3 2013 Finance Industry Trends
Q3 2013 KEY HIGHLIGHTS
- Davis + Henderson’s acquisition of Harland Financial Solutions, a provider of software and services to financial institutions, was the largest transaction in Q3 2013, with an acquisition price of $1.6 billion.
- The industry’s most active acquirer year-to-date was Thomson Reuters with nine transactions. Five of these occurred in Q3 2013: BondDesk Group LLC, Bisk CPE and CPA Test Prep Division from Bisk Education, Inc., Omnesys Technologies, SigmaGenix, and FOREX Options Business from TradeWeb Group LLC.
Q3 2013 KEY TRENDS
- Total transaction volume in Q3 2013 increased by 21 percent over Q2 2013, from 77 to 93.
- Total transaction value in Q3 2013 rose by 55 percent over Q2 2013, from $5.5 billion to $8.5 billion.
MULTIPLES & VALUE TRENDS
- The median revenue multiple from 2012 through the 1st 3 Quarters of 2013 declined by 14 percent, from 2.9x to 2.5x.
- The median EBITDA multiple from 2012 through the 1st 3 Quarters of 2013 moved slightly, from 11.6x to 12.0x.
TOP TEN DEALS THROUGH Q3 2013
The top ten deals by value have seen five new additions since our half year report, including two that were backed by financial sponsors: Thoma Bravo’s acquisition of Intuit Financial Services and TA Associates-backed Ion Trading’s acquisition of Triple Point Technology.
These five acquisitions, with an aggregate value of $5.0 billion, represented 25 percent of transaction value in the 1st 3 Quarters of 2013 and 59 percent of Q3 2013 transaction value.