Third Quarter Key Highlights
- The most active acquirer through Q3 2011 was Google Inc. with 20 acquisitions, 7 of which occurred in the third quarter: DailyDeal, Zagat, Zave Networks, The DealMap, Pittsburgh Pattern Recognition, Fridge, and Punchd Labs Inc.
- The largest transaction in Q3 2011 and through the third quarter was HP’s acquisition of Autonomy Corporation plc for $10.28 billion.
Third Quarter Key Trends
- Total transaction volume in Q3 2011 increased by 6 percent over Q2 2010, from 726 to 768 transactions.
- Total transaction value in Q3 2011 decreased by 21 percent over Q2 2011, from $49.7 billion to $39.4 billion.
Multiples & Value Trends
- Median EBITDA multiples improved from 11.9 in Q2 2011 to 13.8 in Q3 2011, a 16 percent increase.
- Median revenue multiples over the last quarter went from 2.2 to 2.3, a 4.5 percent increase.
Top Ten Deals Through Q3 2011
- The top ten deals by value have changed since our half year report, with two acquisitions entering the list from Q3 2011: HP’s acquisition of Autonomy Corporation plc and Kohlberg Kravis Roberts & Co. and Silver Lake Partners’ acquisition of GoDaddy.com.
- These two acquisitions, with an aggregate value of $12.5 billion, represent 9.9 percent of transaction value in the 1st 3 Quarters of 2011, and 32 percent of Q3 2011 transaction value.