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Full Year 2010 Finance Industry Trends
2010 Key Highlights
- The largest transaction in 2010 was the acquisition of Interactive Data Corporation, a subsidiary of Pearson plc, by Warburg Pincus and Silver Lake Partners for $3.25 billion.
- Morningstar, Inc. was the most active financial technology industry acquirer by volume, with six acquisitions: The Annuity Intelligence Report from Advanced Sales & Marketing Corporation, Seeds Finance SA, Morningstar Denmark, Old Broad Street Research, Aegis Equities Research and Realpoint, LLC.
- There were 35 financially sponsored transactions in Full Year 2010, with an aggregate value of $12.32 billion, representing 14 percent of the total volume and 28 percent of the total value, respectively.
2010 Key Trends
- Total transaction volume increased by 30 percent from 183 in 2009 to 238 in 2010.
- Total transaction value in 2010 increased by 27 percent from $16.14 billion in 2009 to $20.52 billion in 2010.
- The median EBITDA multiple rose by 71 percent, from 8.4 in 2009 to 14.4 in 2010 and the median revenue multiple rose by 56 percent, from 1.6 to 2.5.
M&A Market Overview
Berkery Noyes tracked 918 transactions between 2007 and 2010 of which 392 disclosed financial terms, and calculated the aggregate transaction value to be $129.14 billion. Based on known transaction values, we project values of 526 undisclosed transactions to be $13.90 billion totaling $143.04 billion worth of transactions tracked over the past four years.
The largest transaction tracked by Berkery Noyes between 2007 and 2010 was Kohlberg Kravis Roberts & Co.’s acquisition of First Data Corporation for $26.30 billion.
Based on volume, the most active market segment that Berkery Noyes tracked between 2007 and 2010 was Capital Markets, with 352 transactions. Based on value, the most active market segment that Berkery Noyes tracked between 2007 and 2010 was Payments with $52.48 in aggregate transaction value.