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Trend Reports

2012 Mid Year

 
 

2012 l 1st Half l Trends Report l Online & Mobile Industry

Friday, July 06, 2012

1ST HALF 2012 KEY HIGHLIGHTS

  • The largest announced transaction for 1st Half 2012 was SAP America's acquisition of Ariba, Inc. for $4.40 billion.
  • The segment with the largest transaction volume for 1st Half 2012 was SaaS/ASP with 250 transactions.
  • There were 108 financially sponsored transactions with an aggregate value of $5.66 billion, representing 11 percent of the total volume and 17 percent of the total value, respectively.

1ST HALF 2012 KEY TRENDS

  • Total transaction volume in 1st Half 2012 increased by three percent over 2nd Half 2011, from 939 to 970.
  • Total transaction value in 1st Half 2012 increased by 20 percent over 2nd Half 2011, from $28.38 billion to $34.12 billion.
  • The median revenue multiple moved slightly from 2.5x in 2nd Half 2011 to 2.4x in 1st Half 2012. The median EBITDA multiple improved from 11.4x in 2nd Half 2011 to 12.7x in 1st Half 2012.
  • Two segments in 1st Half 2012 had median revenue multiples of at least 3.0x: Communications and SaaS/ASP.
  • The segment with the largest increase in volume in 1st Half 2012 over 2nd Half 2011 was E-Commerce with a 21 percent increase, from 169 to 205.

M&A Market Overview

Berkery Noyes tracked 4,151 transactions between 2010 and 1st Half 2012, of which 1,191 disclosed financial terms, and calculated the aggregate transaction value to be $113.55 billion. Based on known transaction values, we project values of 2,960 undisclosed transactions to be $39.88 billion, totaling $153.43 billion worth of transactions tracked over the past two and a half years.

The most active acquirer by volume over the past two and a half years, either directly or through a partner or affiliated business, was Google, Inc. with 49 transactions.

Disclosed median enterprise value multiples for all segments combined in this report were 12.0x EBITDA and 2.3x revenue.



 

Transaction Volume/Value & Multiples

Transactional Analysis

Strategic vs. Financial Comparison

Purchaser Analysis

Transaction By Volume Segment

Footnotes