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Friday 11 August 2017

European TMT acquisition valuations dip in July

chartThe number of European TMT sector M&A deals announced in July remained at around 300, according to latest data from corporate finance firm Regent Partners. There was an increase in the aggregate value from $17b in June to almost $18b in July. However, valuation multiples were lower in the month with the aggregate Price/Sales ratio down from 1.6x in June to 1.2x and the Price/EBITDA ratio down from 10.6x to 9.9x.

The headline deal in the UK was Sage’s $850m purchase of California-based Intacct, a cloud-based provider of financial management systems, its biggest acquisition ever. Intacct had revenues of $88m and will boost Sage’s US revenues by 15%. Intacct’s losses were running at around $20m. Sage sees opportunities for Intacct sales in other English-speaking markets and other cross-selling, particularly of Sage People solutions acquired in the Fairsail deal.

July also saw UK-headquartered software and services firm Civica achieve ‘unicorn’ status, in a buyout by Swiss private markets investment manager Partners Group, valuing the company at just over £1b. Previous owner, OMERS Private Equity, the private equity investment arm of Canada’s OMERS pension plan, acquired Civica from 3i in 2013 at a £390m valuation. A fantastic result for Civica chairman Simon Downing and CEO Wayne Story and proof positive that with smart management and supportive investors, British unicorns are far from just being the stuff of fairy tales.

There’s more besides, and subscribers to the TechMarketView Foundation Service can read our regular quarterly summaries of corporate activity in the UK software and IT services sector in IndustryViews Corporate Activity.

Posted by HotViews Editor at '00:36' - Tagged: acquisition  

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