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M&A Snapshot Q4 2015
Web:architectpartners.com | Email:[email protected]
mailto:[email protected]7/25/2019 Q4 2015 Snapshot
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Average Consideration $235mm.Up 7% Year-OverYear
M&A SNAPSHOT20152013
Total M&A Exits (a)
2014
Proportion Premium Value (c)
2
Source: Architect Partners LLC, Capital IQ, company filings and public information
a) M&A exits within Mobile | Internet | Digital Media sectors
b) Core M&A exits are defined as transactions with announced or estimated values between $25 million and $1 billion in consideration, as these typically represent successful business-building endeavors
c) Premium value transactions are defined as greater than 5 times invested equity capital or 5 times estimated last twelve months revenue (LTM)
% of Total M&A Exits
% of Core M&A Exits
Core M&A Exits (b)
Consideration
Exchanged
$billions (b)
416 494 464 509 539
2% 3% 4% 4% 4%
32% 42% 17% 18% 29%
Q4 - 2015
Q3Q4 Q1 Q2 Q3 Q4
639
4%
27%
Core M&A exits up 49%year-over-year.
Up 18% from Q3.
Q1
3%
20%
785
Q2
604
3%
24%
Q4
630
3%
19%
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$2,892
M&A BY SECTOR
Core Transactions by Sector
$476 $868 $2,294 $2,964$576 $2,674$6,583 $670Total sector M&A value in $mm 3
Consumer Application
Enterprise Application
Analytics Application
Network InfrastructureApp Development
Security
Commerce
Digital Marketing
Media
Hardware
Service Provider
SECTORS
$2,091
Commerce Consumer
ApplicationAnalytics
Application
Enterprise
Application
Digital
MarketingHardware
NetworkInfrastructure
Security
Media
Service
Provider
Number of Dealsby Sector
Source: Architect Partners LLC, Capital IQ, company filings and public information
Q4 - 2015
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IProperty Group | REA Group
Ikuyu Corp | Yahoo Japan
Jameda GmbH | Burda Digital GmbH
Ticketfly | Pandora Media
MarketShare Partners | Neustar
OzForex Group | Western Union
0 1.5 3 4.5 6 7.5 9 10.5 12 13.5 15
PREMIUM VALUE DEALS
Target | Acquirer
Lancope | Cisco
Benaissance LLC | WEX Inc.
We Are Cloud SAS | Zendesk
Beijing Shandong Tech Co. | Beijing 263 Co.
DVTEL, Inc. | FLIR Systems
Vormetric | Thales e-Security
Elastica | Blue Coat Systems
Secure Islands | Microsoft
Silanis Technology | VASCO Data Security
Solidfire | Netapp
Smart Balloon | RNTS Media SA
Trustev | TransUnion*
0 1.5 3 4.5 6 7.5 9 10.5 12 13.5 15
x LTM Revenue
x Invested Capital
Premium Value is defined as greater than 5 times invested equity capital
or 5 times the estimated last 12 months revenue (LTM)
4
LTM revenue multiple of
the acquirer at the time
of acquisition
Source: Architect Partners LLC, Capital IQ, company filings and public information
Q4 - 2015
Target | Acquirer
LTM revenue multiple of
the target at the time of
acquisition
* purchase price dependent on meeting EBITDA goals
29x
18x
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(In terms of number of Acquisitions)
a) A number of transactions do not disclose acquisition price, so aggregate value of deals over the last twelve months is likely understated.
9.
Number of new deals in Q4/ total deals last 4 quarters | total spend last 4 quarters (a)
5
1. 2. 4.
6. 7. 8. 10.
MOST ACTIVE
ACQUIRERS LTM
Source: Architect Partners LLC, Capital IQ, company filings and public information
Secure Islands
Metanautix
Telekinesys Research
Mobile Data Labs
4 16 398mm
5.
2/ 10 | $320mm
BeBop Technology
Fly Labs
3/ 7 | $320mm
Perceptio
VocalIQ
FaceShift
4/ 12 | $3.0B
Clearleap
CleversafeThe Weather Company
Gravitant
3.
4/ 10 | $1.9B
Lancope
1 Mainstream Inc.ParStream GmbH
Acano Limited
2/ 6 | $18.2B
Saffron Technology
RealityCap
1/ 6 | $533mm
Fastlane
3 8 1.1B
Aderant Holdings
Clinisys Technologies
Atlas Medical Software
1/ 4 | $360mm
SteelBrick
0 6 1.4B
None
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CORE TRANSACTIONS
BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED
ACI Worldwide PAY.ON AG 196Develops online payment and risk management solutions. Based inMunich, Germany.
x
All Web Leads, Inc. Insurancequotes, Inc. 165Operates a platform that acts as an insurance comparison shoppingsite for consumers. Based in Denver, Colorado.
x
Atos SE Unify, Inc. 427A global communications software and services companies for Fortune500 clients. Based in Boca Raton, Florida.
x
B. Riley & Co. United Online 171
Delivers social networking as well as loyalty marketing through its
websites StayFriends.com and MyPoints.com. Based in Woodland Hills,California.
Beijing 263 Beijing Shandong Tech. 54Develops cloud-based mobile applications for streaming media formedia organizations in China. Based in Beijing, China.
x
Beijing SevenstarElectronics Co.
Beijing NorthMicroelectronics
144Develops and manufactures high-density semiconductor equipment.Based in Beijing, China.
x
Benchmark ElectronicsSecure Communications
Systems, Inc.230
Designs and manufactures tactical mission computing products. Basedin Santa Ana, California
Blue Coat Systems Elastica, Inc. 280
Offers CloudSOC, a platform that enables transaction level security for
applications by combining data science and machine learning. Basedin San Jose, California
x
Bruker SciencesCompany
Jordan ValleySemiconductors
53Provides X-ray metrology solutions for front-end and back-endapplications in the global semiconductors industry. Based in Austin,Texas.
x
Burda Digital GmbH jameda GmbH 50Helps doctors, medical practitioners and other healthcare specialistspublish their services through their online portal. Based in Munich,Germany.
x
Cellcom Israel, Ltd. Golan Telecom Ltd. 301 Operates a mobile network in Israel. Based in Tel Aviv, Israel.
Premium Value M&A
6Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
7
Q4 - 2015
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED
Cisco Systems Acano Limited 700Provides Acano, a web-based collaboration platform for sales teams.Based in Uxbridge, United Kingdom
Cisco Systems Lancope 453Develops network visibility and security intelligence solutions. Based inAlpharetta, Georgia.
x
Cision, Inc. PR Newswire Association 841Provides news and information used by global media organizations.Based in New York, New York.
Computer Programs &
Systems, Inc. Healthland, Inc. 250
Offers healthcare information technology solutions including EHRs to
help hospitals are patient information across care settings. Based inMinneapolis, Minnesota x
Comtech Te lecom Corp. TeleCommunicat ion Systems 457Develops and delivers wireless communication technologyinternationally. Based in Annapolis, Maryland.
CoreLogic, Inc. FNC, inc. 475Develops real estate collateral information software for compliancewith government regulations. Based in Oxford, Mississippi.
Cubic Corporation GATR Technologies 233Manufactures inflatable satellite communication antennas andterminals for high-bandwidth comunnications. Based in Huntsville,Alabama.
x
CyberArk Software Viewfinity, Inc. 31Provides generation application control and privilege managementsolutions for securing desktop and server environments in enterprises.Based in Waltham Massachusetts.
x
Deluxe Corp. Datamyx, LLC. 160Provides risk-based data-driven marketing solutions to improve directmarketing return on investment. Based in Boca Raton, Florida.
x
Direct Energy, LP Panoramic Power Ltd. 60Provides a cloud-hosted energy management system to helpenterprises reduce energy expenses. Based in Kfar Sava, Israel.
x
Electra Private Equity PhotoBox Limited 619Allows users to turn digital photos into prints, photo books, calendarsand other products through its website. Based in London, UnitedKingdom. Previously acquired by Photoways in 2011.
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CORE TRANSACTIONS (CONTINUED)
BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED
Industrial & FinancialSystems IFS AB
EQT Partners AB 664Supplies component-based enterprise applications, developed usingopen standards and service-oriented architecture. Based in Sweden.
FEI Company DCG Systems, Inc. 160Develops electronic connectors and semiconductor characterizationsolutions for the semiconductor industry. Based in Fremont, California.
x
Flight Centre TravelGroup
Travelonomy Ltd. 28An online t ravel company that provides travel deals and discounts forstudents, faculty and youth. Based in Waltham, Massachusetts.
FLIR Systems, Inc. DVTEL, Inc. 92Develops and manufactures high-definition video surveillancesolutions. Based in Ridgefield Park, New Jersey. x
FusionTelecommunications, Inc.
Fidelity Access Networks,LLC
30Provides cloud storage for off-site backup, universal access, filesharing and folder synchronization. Based in Beachwood, Ohio.
Gaas Labs, LLC Anadigics, Inc. 35Designs and manufactures radio frequency semiconductor solutionsfor mobile communication markets. Based in Warren, New Jersey.
Gannett Co., Inc. Journal Media Group, LLC 302Operates as a media company with print and digital publishingactivities in the United States. Based in Milwaukee, Wisconsin.
Goldenmax Int.Technology
Shenzhen PCTX TechDevelopment
341 Design and sells wireless communications terminal devices. Based inShenzhen, China.
Grovepoint Capital LLP Payzone UK Limited 52Operates a consumer payments acceptance network in the UnitedKingdom. Based in Northwich, United Kingdom.
x
Hancom Inc. iText Group NV 29Provides programmable PDF software for PDF creation, editing andinspection for finance and governmental companies. Based in Ghent,Belgium.
HCL Technologies Ltd. PowerTeam, Inc. 46Provides customer relationship management solutions for real-timesupport, education and marketing solutions. Based in Minneapolis,Minnesota.
Premium Value M&A
8Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
9Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED
Huayi Brothers MediaCorp.
Zhejiang Dongyang MeilaMedia
165Engages in television and film script creation and film investment andproduction. Based in Zhejiang, China.
Hunan Changgao VoltageSwitchgear Group
Zhengzhou Jinhui ComputerSystem Engineering
276Develops Green Dam Youth Escort software that restricts childrenfrom access to censored material on the internet. Based inZhengzhou, China.
IDI, Inc. Fluent, Inc. 255Provides integrated performance marketing solutions for digitalmarketers. Based in New York, New York.
IHS, Inc. CarProof, Inc. 468 Provides vehicle history reports in Canada and the United States.Based in London, Canada.
x
Inflexion Private EquityPartners LLP
Alcumus Holdings Ltd. 141Provides compliance and certification services through its companyssoftware throughout the UK. Based in Aylesbury, United Kingdom.
x
Integrated DeviceTechnology Bermuda
Zentrum MikroelektronikDresden AG
310Design and manufactures mixed analog-digital, application-specificcircuits and standard semiconductor products. Based in Dresden,Germany.
x
IntercontinentalExchange
Trayport Limited 857Provides electronic trading systems for broking, exchange and tradingmarkets in the United Kingdom and internationally. Based in London.
ITV Broadcasting Limited UTV Ltd. 155Offers television broadcasting services. Based in Belfast, UnitedKingdom.
Kapsch TrafficCom AG Telvent Trafico Y Transporte 39Develops Advanced Traffic Management Software (ATMS) solutionsfor tolling and transit uses. Based in Madrid, Spain.
Laird PLC novero GmbH 70Manufactures vehicle communication and mobile device integrationsolutions. Based in Dusseldorf, Germany.
x
Lookingglass CyberSolutions
Cyveillance, Inc. 35Provides online threat intelligence solutions to protect networks,customers, employees, information and physical assets. Based inReston, Virginia. Previously acquired by QinetiQ in 2009.
x
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
10Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED
LoveWorld, inc. Jiayuan.com International 235Operates an online dating platform in the Peoples Republic of China.Based in Beijing, China.
M/A-Com TechnologySolutions Holdings
FiBest Limited 60Develops optical transmission and receiving devices for manufacturesbuilding optical networks in metro access networks. Based in Tokyo,Japan.
x
Matomy Media Group Optmatic Media, inc. 25Operates a video advertising platform managing the advertisingneeds for publishers. Based in New York, New York.
Meisheng Cultural &Creative Corp.
Hangzhou Joyreach NetworkTechnology 147
Owns and develops mobile role playing games (RPG) in China. Basedin Hangzhou, China.
Microsoft Secure Islands Technologies 78Provides information and control solutions for data immunization.Based in Beit Dagan, Israel.
x
National InstrumentsCorporation
Micropross SAS 108Develops and supplies test and personalization solutions for RFID,smartcard and NFC industries. Based in Paris, France.
x
NCC Group Limited Fox-IT Group BV 141Develops products and custom solutions that prevent, solve andmitigate cyber threats, data breaches and fraud. Based in Deift,Netherlands.
x
Nemetschek AG Solibri, Inc. 49 Develops and markets software tools that analyze BIM for integrity,quality and physical security. Based in Helsinki, Finland. x
NetApp, Inc. SolidFire Inc. 870Provides a scale-out all-flash storage platform for various applicationworkloads. Based in Boulder, Colorado.
x
Neustar, Inc. MarketShare Partners 450Provides a marketing analytics platform that gives CMOs insights intowhere to effectively allocate marketing budgets. Based in LosAngeles, California.
x
New Sports GroupLimited
Wuxi Xinyou NetworkTechnology
143Develops and markets first person shooter games in China. Based inWuxi, China.
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
11Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
BUYER TARGET TRANSACTIONVALUE ($MM) TARGET DESCRIPTION AP M&AALERT VC-BACKED
Nexstar BroadcastingGroup, Inc.
West Virginia Media Holdings 130Comprises four television broadcasting stations throughout WestVirginia.
Pandora Media Ticketfly 480Provides a cloud-based integrated social marketing and ticketingplatforming for music events. Based in San Francisco, California.
x
Pandora Media Rdio, Inc. 75Provides online and offline streaming music services through itsplatform. Based in San Francisco, California.
x
Premier Healthcare
Solutions, Inc. InflowHealth LLC 35
Develops a SaaS-based software that improves operational and
financial performance of physician practices. Based in Aliso Viejo,California
Progressive Digital MediaGroup
GlobalData Ltd. 104Provides integrated online research platforms and reports for energyand healthcare industries in the UK and internationally. Based inLondon, United Kingdom.
PTC Inc. Kepware Technologies 118Develops communication and interoperability software solutions forthe automotive industry. Based in Portland, Maine.
Rapid7, Inc. RevelOps, Inc. 71Provides real-time elastic log management and analytics servicesthrough its online platform. Based in Boston, Massachusetts.
REA Group Limited iProperty Group Limited 420 Develops and operates internet-based real estate property portalsunder iProperty.com. Based in Malaysia.
Reliance CommunicationsLtd.
Sistema Shyam TeleServicesLimited
805Operates as a telecom company that provides data services in India.Based in Gurgaon, India. Previous acquired by Sistema JSFC in 2008.
RNTS Media SA Smart Balloon, Inc. 45Hosts tools, mobile advertisement formats and backend technologyto help publishers maximize revenue and acquire quality users. Basedin San Francisco, California.
x
Roper Technologies Aderant Holdings, Inc. 675Develops and offers business management software for law and otherprofessional services firms. Based in Atlanta, Georgia.
x
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
11Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
BUYER TARGETTRANSACTIONVALUE ($MM) TARGET DESCRIPTION
AP M&AALERT VC-BACKED
Roper Technologies Atlas Medical Software 48Provides cloud-based clinical connectivity and process integrationsolutions worldwide. Based in Calabasas, California.
Roper Technologies CliniSys Solutions Limited 261Designs and develops clinical laboratory information managementsolutions. Based in Chertsey, United Kingdom.
x
RPX Corporation Inventus, LLC 232Offers electronic data discovery solutions to global law firms, Fortune1000 companies and government agencies. Based in Dallas, Texas.
x
Salesforce SteelBrick Holdings 360 Provides Configure Price Quote applications for Salesforce customers.Based in Palo Alto, California.
x
Shanghai BEI Capital Co.Shanghai Meining Computer
Software Co.31
Owns the financial portal stockstar.com. Previously owned by ChinaFinance Online Co. Based in Beijing, China.
Shenzhen ClouElectronics
Bainian Jinhai Technology Co. 61Develops automation software for government agencies in China.Based in Jinhai, China.
Shenzhen KingdomTechnology
China M-World Co. 84Develops and provides mobile making and mobile payment solutions.Based in Beijing, China.
x
Shenzhen Liantronics Co. Shenzhen Limart Network 125Provides an Internet search engine optimization platform formarketers. Based in Shenzhen, China.
x
Sichuan Huiyan OpticalCommunication Corp.
Guangdong XunTongTechnology Co.
239Manufactures and supplies video surveillance products. Based inGuangzhou, China.
Sophos Group SurfRight BV 32Develops online security software for Windows computers. Based inHengelo, Netherlands.
Speedcast International NewCom International 33Provides unified voice, video, data and content solutions worldwide.Based in Miami, Florida.
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
11Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
BUYER TARGETTRANSACTIONVALUE ($MM) TARGET DESCRIPTION
AP M&AALERT VC-BACKED
Stroer Venture GmbH Statista GmbH 62Operates a website that provides statistics of various industriesinternationally. Based in Hamburg, Germany.
x
Tangel Publishing YouAi, Inc. 250 Develops mobile arcade games in China. Based in Shanghai, China.
TDK CorporationMicronas Semiconductor
Holding AG221
Provides sensor-based solutions for automotive and industrialelectronics worldwide. Based in Zurich, Switzerland.
Thales e-Security Vormetric, Inc. 400Provides data security solutions that protect data-at-rest in physicaland virtual cloud environments for businesses. Based in San Jose,California.
x
The Descartes Group Oz Development, Inc. 30Develops cloud integration solutions that streamline e-commerce,warehouse and shipping processes. Based in Westborough,Massachusetts.
The Western UnionCompany
OzForex Group Limited 628Provides international payments and foreign exchange solutions tobusiness and individuals. Based in Sydney, Australia.
TierPoint Windstream Hosted Solutions 575Provides infrastructure-as-a-service solutions including enterprisestorage and database management services. Based in Little Rock,Arkansas. Subsidiary of Windstream Hodlings.
x
TransUnion Trustev 21-44Provides a user verification platform for real-time online and mobiledecision on transactions to prevent fraud. Based in Cork, Ireland.
x
Trend Micro TippingPoint Technologies 300Designs network-based intrusion prevention systems and appliances.Previously acquired by 3com in 2005. Based in Austin, Texas.
Tyco International ShopperTrak RCT 175Provides shopper insights and traffic analytics through its web-basedreporting tool. Based in Chicago, Illinois.
Vasco Data Security Silanis Technology 85Offers an electronic signature platform that provides e-signatureprocess management for the web. Based in Montreal, Canada.
x
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CORE TRANSACTIONS (CONTINUED)Premium Value M&A
11Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2015
BUYER TARGETTRANSACTIONVALUE ($MM) TARGET DESCRIPTION
AP M&AALERT VC-BACKED
ViaWest, Inc. iNetU, Inc. 163Offers gated community cloud, private cloud and cloud computingsolutions with HIPAA compliance. Based in Allentown, Pennsylvania.
x
WEX, Inc. Benaissance LLC 80Provides a SaaS financial management systems for health benefitsadministration in the United States.
x
Worldline SA PaySquare SE 79Provides payment processing services for customers in EasternEurope. Based out of Utrecht, Netherlands.
Yahoo Japan Corporation Ikyu Corporation 822Operates various sites that provide reservation services for hotels andrestaurants. Based in Tokyo, Japan.
Zayo Group Holdings Allstream Corporation 465Provides data networks, managed network services, hosting servicesand internet access. Based in Toronto, Canada.
x
Zendesk We Are Cloud SAS 45Designs and develops BIME analytics, a cloud-based software for dataanalysis. Based in Montpellier, France.
x
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OTHER NOTABLE DEALS
BUYER TARGETTRANSACTIONVALUE ($MM) TARGET DESCRIPTION
AP M&AALERT VC-BACKED
Act ivision Blizzard, Inc. King Digital Entertainment 5,680Develops online mobile video games, including Candy Crush. Based inDublin, Ireland.
Alibaba Group Holding Youku Todou, Inc. 4,335Offers an Internet television platform enables users to search, view,and share video content across various devices. Based in Beijing,China
Apple, Inc. Faceshift AG -Develops motion capture software solution for facial expressionrecognition. Based in Zurich, Switzerland.
x
Cisco Systems, Inc. ParStream GmbH -
Offers ParStream, a big data analytics platform that enables
interactive business analysis on dynamic big data. Based in Cologne,Germany
x
Dell, Inc. EMC Corporation 75,667Develops and supports information infrastructure and virtualinfrastructure technologies, solutions, and services. Based inHopkinton, Massachusetts.
Endurance International Constant Contact, Inc. 1,112Provides online marketing tools that are designed for smallbusinesses, nonprofits, and associations worldwide. Based inWaltham, Massachusetts.
Expedia, Inc. HomeAway, Inc. 4,006Operates an online vacation rental property marketplace than enablesproperty owners and rentals to find vacation homes. Based in Austin,
Texas.
Global Payments, Inc. Heartland Payments, Inc. 4,449Offers payment processing services in the United States. Based inPrinceton, New Jersey.
Microsoft, Inc. Mentanautix -Engages in building big data analytics systems that help enterprisesto realize the potential of their data using standard SQL. Based in PaloAlto, California
x
Naspers Limited OOO KEH eCommerce 1,200Owns and operates an onl ine advertising website. Based in Moscow,Russia.
x
Oracle Corporation StackEngine, Inc. -Operates a platform that allows organizations to deploy, manage, and
scale resilient Docker applications. Based in Austin, Texas.
x
12M&A transactions with consideration in excess of $1B or with unannounced transaction values
Premium Value M&AQ4 - 2015
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mailto:[email protected]