www.harriswilliams.com Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. EUROPEAN TECHNOLOGY INDUSTRY UPDATE │ JULY 2015
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www.harriswilliams.com
Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.
Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
EUROPEAN TECHNOLOGY
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INDUSTRY UPDATE │ JULY 2015
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www.harriswilliams.comwww.harriswilliams.de
RECENT DEVELOPMENTS
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COMPANY SPECIFIC NEWS
888 has agreed to acquire bwin.party digital entertainment, the UK-based provider of gaming entertainment services, valuing the business at £787m
PayPal has agreed to acquire Xoom, the US-based provider of online money transfer services, valuing the business at $890m
Amadeus IT Group has agreed to acquire Navitaire, the US-based provider of technology solutions to the airline industry, from Accenture, valuing the business at $830m
Deutsche Boerse has agreed to acquire 360 Treasury Systems, the Germany-based provider of multi-bank and multi-product trading platforms for foreign exchange, money market and interest rate derivative instruments, from Summit Partners, valuing the business at €725m
Schneider Electric has agreed to acquire a 51% stake in Aveva, the UK-based provider of engineering IT solutions and services to the process and power industries, for c.£550m
Cisco Systems has agreed to acquire OpenDNS, the US-based provider of advanced online threat protection solutions, valuing the business at $635m
Tele Columbus has agreed to acquire PrimaCom, the Germany-based cable operator and provider of broadband services, from Avenue Capital Group, valuing the business at €711m
Technicolor has agreed to acquire Customer Premises Equipment business of Cisco Systems, valuing the business at €550m
The Match Group has agreed to acquire PlentyOfFish Media, the Canada-based online dating website, from Markus Frind, valuing the business at $575m
Vivendi has acquired an 80% stake in Dailymotion, the France-based provider of web video portal services, from Orange, valuing the business at €265m
Allegion has agreed to acquire SimonsVoss Technologies, the Germany-based provider of wireless digital locking and access control systems, from HgCapital, valuing the business at €210m
Carlyle Europe Technology Partners along with the management team have agreed to acquire Cap Vert Finance, the provider of maintenance and repair services for networking equipment, IT storage and servers, from Eurazeo, valuing the business at €137m
1&1 Internet has agreed to acquire home.pl, the Poland-based provider of hosting and internet services, from Value4Capital, valuing the business at €155m
Modern Times Group has agreed to acquire a 74% stake in Turtle Entertainment, the Germany-based esports company operating under the ESL brand, from OmnesCapital, valuing the business at €105m
ITV has acquired a 75% stake in Twofour Group, the UK-based provider of broadcast programming and communications content for distribution on multimedia platforms, from LDC, valuing the business at £73m
TradeFX has agreed to acquire Ava Trade, the Ireland-based provider of an online forex trading platform, valuing the business at $105m
UPC Communications has agreed to acquire Tv3 Television Network, an Ireland-based provider of television broadcasting services, from Doughty Hanson, valuing the business at €80m with an additional €7m contingent payment
Tieto has acquired Software Innovation, the Norway-based provider of enterprise content management and information management software, from Atlantis Vest, valuing the business at NOK 623m
Travelport Worldwide has acquired Mobile Travel Technologies, the Ireland-based provider of mobile applications for the travel industry, from DFJ Esprit LLP, valuing the business at €55m
Capita has agreed to acquire Vertex Mortgage Services, the UK-based provider of mortgage software and servicing solutions, from Vertex Group, valuing the business at £35m
MindTree has agreed to acquire Bluefin Solutions, the UK-based provider of SAP HANA consulting services and digital and real-time-analytics, valuing the business at c.£34m
EUROPEAN TECHNOLOGY
INDUSTRY UPDATE │ JULY 2015
CONTENTS
RECENT DEVELOPMENTS
PUBLIC MARKET TRADING
SOFTWARE
IT SERVICES
COMMUNICATIONS
INTERNET AND DIGITAL MEDIA
TMT GROUP OVERVIEW
Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.
New data from Juniper Research has shown that mobile and online messaging traffic will reach 160tr per annum by 2019, up from 94tr this year – equating to c.438bn messages sent and received by users on a daily basis by 2019
Smartphone penetration is rising in Western Europe, with eMarketer estimating that 218m people in the region will have a smartphone this year, representing more than 65% of all mobile phone users. By 2019 this figure is expected to reach over 280m
According to IDC, public cloud computing spend will reach almost $70 billion in 2015 worldwide, with the top 5 verticals (discrete manufacturing, banking, professional services, process manufacturing and retail) accounting for c.45% of the total market spend
Global enterprise IT spending across all industry markets is forecast to decline 3.5% in 2015 to $2.7bn, but is forecast to reach $2.9bn in 2019, representing a CAGR of 1.7%, according to Gartner. Retail, banking and healthcare will be the fastest-growing industries for both the short-term and long-term
According to IDC, vendors shipped 337.2m smartphones worldwide in Q2 2015, up 11.6% from the 302.1 million units in Q2 14. The Q2 15 shipment volume represents the second highest quarterly total on record
Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries
Capital IQ as of 25th July 2015, broker reports and various industry news outlets
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SOURCES
EUROPEAN TECHNOLOGY
INDUSTRY UPDATE │ JULY 2015
Harris Williams & Co. (www.harriswilliams.com and www.harriswilliams.de) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze, authorised and regulated by the Financial Conduct Authority.
Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.
THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT +44 (0) 20 7518 8900.
The information and views contained in this report were prepared by Harris Williams & Co. Ltd (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information.
Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.