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Q2 2012
JULY 2012
M&A SNAPSHOT
OVERVIEW COMMENTARY
Within the $25 million - $1 billion transaction value range, M&A activity in Q2 2012 was up by 39% from Q1 2012. Acquirers spent $14b in total, twice as much as the previous quarter. Median transaction size increased by 23% from $103mm last quarter to $127mm this quarter. As expected, following slowdowns in the previous two quarters, we are seeing an increase in M&A activity. In Q2 2012, Facebook IPOed and announced six acquisitions, leading as the most active acquirer, notably with its $1b purchase of Instagram as the marquee purchase of the quarter. Microsoft also made a second major M&A move with its $1.2b purchase of Yammer. After its absence last quarter, Google announced four tactical acquisitions this quarter. The transformation of marketing and commerce continues as a major M&A theme, accounting for 26% of the total transactions within the $25mm-$1b transaction value range. Strategic acquisitions were made by companies such as Intuit (acquisitions of AisleBuyer and Demandforce), Oracle (acquisitions of Vitrue and and Collective Intellect), Salesforce (acquisitions of Buddy Media and ChoicePass), Groupon (acquisitions of Ditto and Breadcrumb), Facebook (acquisition of TagTile) and Google (acquisitions of TxVia and Kikscore). Managing the challenging demands video places upon mobile networks also continues to be an important M&A theme. Citrix made a very strategic move in this vein to extend its business into the telecom service provider market via its $435mm acquisition of Byte Mobile. Allot Communications also acquired mobile video management capabilities with their acquisition of VC-backed Ortiva Wireless. This past quarter, Architect Partners has published its M&A Alert on ten of the most strategic transactions in the quarter.
FOLLOWING ANALYSIS
M&A DASHBOARD: NOTABLE ACQUIRERS: M&A TRANSACTIONS: OTHER NOTABLE TRANSACTIONS:
SUMMARY OF QUARTERLY ACTIVITY IN NUMBERS AND TONE ACTIVE INFLUENTIAL BUYER ACTIVITY SUMMARY OF TRANSACTIONS BETWEEN $25MM-$1B IN VALUE SUMMARY OF NOTABLE TRANSACTIONS WITHOUT ANNOUNCED VALUE OR ABOVE $1B.
COMING SOON
ANALYSIS OF VC-BACKED M&A EXITS
M&A DASHBOARD
COVERAGE
Architect Partners tracks M&A activity within the converging Internet | mobile | digital media sectors. The following assessment is focused on M&A transactions with announced values of between $25mm and $1B as these typically represent successful business-building endeavors. Q1
38
MARKET TONE
Good. Increased activity and healthy tone in the M&A market. Generally balanced buyer/seller dynamics. 2011 Q2 Q3
61 63
2010 Q2 Q3
68 40
2012 Q4
57 41
Q4
53
Q1
68
Q1
Q2
57
$14
$12
$14 $11 $9
$5 27 17 18 16 23 23
$7
19 12
12
16
$75
$90
NOTABLE ACQUIRERS
The following acquirers are generally active or inuential buyers within the Internet | mobile | digital media sectors. Below, we highlight announced acquisitions in the second quarter of 2012.
ACQUIRER
# 6 4 4 3 2 2 2 2 2 2 2 2
TARGET
TARGET
NON SERVICE PROVIDER TRANSACTIONS 1 04/09/2012 Facebook Instagram $1,000 Enables users to share photos with friends and family on Facebook, Twitter and Tumblr. !
04/09/2012
Cerberus Capital
53% stake in AT&T Advertising Solutions and AT&T Interactive Standard Microsystems
$950
AT&T Advertising publishes printed yellow pages directories and AT&T Interactive offers on-line, mobile and IPTV accessed local search, both seeking to connect local merchants with local customers Develops silicon-based integrated circuits that utilize analog and mixed-signal technologies.
05/02/2012
Microchip Technology
$877
04/17/2012
Toshiba
$842
IBM's Point-of-Sale Terminal Business comprises cash registers and related devices that collect store data including names of items sold along with the time and quantity purchased. Offers a social media marketing platform which enables brands and marketing agencies to connect and engage with their customers and measure their social marketing campaigns on Facebook, Google, LinkedIn, Twitter and YouTube Provides a suite of real-time voice and data communications services and applications for use in vehicles. !
06/04/2012
salesforce.com
Buddy Media
$745
06/01/2012
HUGHES Telematics
$695
04/09/2012
$498
Operates an online portal (www.gameabc.com) for casual games including card games, board games, mahjong and simple arcade games.
06/07/2012
Citrix
Bytemobile
$435
Provides wireless operators with hardware and software to improve the efficiency and quality of web and video traffic over their mobile networks.
04/27/2012
Intuit
Demandforce
$424
Develops a SaaS-based application that allows local small businesses to automate and manage their marketing and customer communications.
10
05/14/2012
DOCOMO
Buongiorno
$389
Develops and deliver mobile content (apps and services including games and music) for multiple mobile devices, operating systems, development languages, and platforms.
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
12
06/05/2012
Belden
Miranda Technologies
$356
13
05/01/2012
Open Text
EasyLink Services
$319
Provides cloud-based messaging services which enables enterprises to communicate with their customers, trading partners and other third parties. EasyLink manages the movement of data, information and documents. Provides cloud-based social marketing and commerce management software that enables businesses to effectively manage their presence on social networks. !
14
05/23/2012
Oracle
Vitrue
$300
15
05/01/2012
GREE
Funzio
$210
Develops mobile social role-playing cross-platform games for Android and iOS.
16
06/15/2012
Motorola
Psion PLC
$198
Provides enterprise mobile computing solutions, integration services, and product support and maintenance services.
17
05/01/2012
FleetCor Technologies
CTF Technologies
$192
Develops fleet control technology equipment which includes vehicle-sensing units that enable authorized and controlled vehicle refueling, vehicle performance reporting, maintenance scheduling and electronic messaging. PricaGrabber.com offers online shopping comparison services. ClassesUSA offers online degrees available from accredited online schools. LowerMyBills provides online service to compare plans and rates including mortgage, loan, insurance and phone and Internet. paysafecard.com provides prepaid payment solutions that enables customers to pay online without having to share credit card or bank account details.
18
05/10/2012
Ybrant Digital
$175
19
06/28/2012
Skrill Holdings
$174
20
05/24/2012
Bazaarvoice
PowerReviews
$152
Provides a customer review platform which enables retailers, brands and ecommerce sites to collect, organize and analyze customer ratings, comments and other user-generated content.
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
22
05/07/2012
Ixia
Anue Systems
$145
Provides testing solutions that enable telecommunication and cable service providers and corporations with large data centers and enterprise networks to monitor and test networks. Operates as a journalistic money Website that provides MoneySaving guides, tips, tools, and techniques.
23
06/01/2012
Moneysupermarket.com
MoneySavingExpert.com
$135
24
05/23/2012
Seagate Technology
LaCie
$127
Develops storage peripherals and monitors (including hard drives, network storage, BluRay and VDRW drives) for professionals and businesses.
25
05/03/2012
SlideShare
$119
Enables individuals and enterprises to share presentations, documents, podcasts, Webinars, PDFs, professional videos and Webmeetings. Users can interact with each other on blogs, Twitter, Facebook or LinkedIn. Offer online shopping guides, comparison Websites, shopping search engines and platforms for consumer ratings across multiple brands including leguide.com, dooyoo.com, mercamania.com and antag.com. Polycom's enterprise wireless voice solution business unit includes Wi-Fi and DECT handsets, related infrastructure and accessories.
26
05/07/2012
Lagardere Active
LeGuide.com
$118
27
05/10/2012
$110
28
04/25/2012
Ancestry.com
$100
29
04/10/2012
Intuit
AisleBuyer
$90
Develops a mobile commerce platform and shopping applications that allow retailers to offer consumers a better in-store experience while collecting valuable data on buying habits. SinglePlatform helps local businesses manage and maintain listing data about their businesses on multiple on-line sites including search engines, local review sites and travel guides such as the Yellow Pages, the New York Times, FourSquare and UrbanSpoon.
30
06/13/2012
Constant Contact
SinglePlatform
$85
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
32
06/18/2012
Sonus Networks
$76
33
06/10/2012
Micronetics
$72
Develops radio frequency (RF) and microwave components and sub-assemblies for defense and commercial customers.
34
05/21/2012
ALC Press
$68
35
06/21/2012
brandsExclusive
$67
36
05/22/2012
EDGAR Online
$65
37
06/18/2012
Sierra Wireless
$56
Sagemcom SAS, M2M Business offers GPRS, EDGE and 3G modules for automotive, smart metering, payment terminals, and alarm and security applications. Operates a network personal computer game platform (www.cga.com.cn) which allows users to find and connect with other players.
38
04/09/2012
Shanghai Haofang Online Information Technology Openwave's Mediation and Messaging Product Businesses Worldwide Group
$56
39
04/16/2012
$55
Provides network control and content management capabilities to network administrators and services providers.
40
04/13/2012
$44
Provides audio-conferencing solutions with a focus on voice services and data connectivity to business customers.
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
42
04/20/2012
Spirent Communications
MU Dynamics
$40
43
04/16/2012
A&N Media
Jobrapido
$39
44
05/23/2012
ValueFirst Messaging
Way2Online Interactive
$36
45
04/10/2012
Gaintech
Coresonic
$35
Develops digital signal processor (DSP) technology for use in baseband applications.
46
04/24/2012
Tsavo Media
$33
Online content publisher with a large array of websites designed around subjects popular with consumers.
47
05/31/2012
Enghouse Systems
Zeacom
$31
Provides contact center and unified messaging solutions to small and medium size organizations.
48
05/16/2012
Yell Group
Moonfruit
$29
Provides easy to use software that allows small businesses to build a website, create a Facebook store and establish a mobile presence.
49
05/21/2012
Avail-TVN
On Demand Group
$27
Provides Video-On-Demand management services including content acquisition and aggregation, marketing and programming, content processing, software services and on screen promotion. Provides mobile payment technology solutions.
50
06/08/2012
Nationz Technologies
Shenzhen Angelshine
$26
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
10
06/26/2012
$585
05/07/2012
$342
06/04/2012
Grupa Onet
$272
04/16/2012
M2 Telecommunications Group
Primus Telecom
$210
04/24/2012
Eros International
$72
05/13/2012
Skycable
Destiny Cable
$56
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
11
# 1
BUYER Microsoft
TARGET Yammer
TARGET DESCRIPTION Provides enterprise social networking including microblogging, profile and group creation, document sharing, messaging, and content tagging services.
06/14/2012
Nokia
Scalado
Provides imaging technologies, applications and engineering services for camera phones.
06/05/2012
Quickoffice
Provides mobile office software solutions for mobile phones/smartphones and tablets.
06/04/2012
Meebo
Offers a Web-based instant messaging. Offers an embeddable IM Window that allows users to chat with site visitors from its Website.
06/01/2012
KikScore
Evaluates the websites and reputations of businesses based on various information that shoppers use when deciding the trustworthiness of online sources. Offers real-time data analysis and reporting software for network-driven businesses. !
05/03/2012
Cisco
Truviso
05/02/2012
IBM
TeaLeaf Technology
Provides online customer experience management solutions. Enables businesses to detect, quantify, and resolve issues and sources of customer struggles; and understand visitor interactions, discover ongoing behavior patterns. Provides video optimization solutions for mobile network operators (MNOs) and managed service providers (MSPs).
05/01/2012
Allot
Ortiva Wireless
04/16/2012
Hotspots.io
10
04/12/2012
Tagtile
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
12
12
04/10/2012
SAP
Syclo
13
04/02/2012
TxVia
Note: Transaction values within a range are presented as a mid-point value. Source: Architect Partners, Capital IQ, company lings and public information
13