VENTURE-BACKED IPO EXIT ACTIVITY MORE THAN DOUBLES IN Q2'2013 WITH STRONGEST QUARTER FOR BIOTECH OFFERINGS SINCE 2000
(Thomson Reuters ONE) -
M&A Volume Declines to Lowest Quarterly Level Since 2009
New York, New York, July 1, 2013 - Twenty-one venture-backed initial public
offerings (IPOs) raised $2.2 billion during the second quarter of 2013, more
than double the volume and dollars compared to the first quarter of this year,
according to the Exit Poll report by Thomson Reuters and the National Venture
Capital Association (NVCA). This quarter also saw the highest number of
biotechnology venture-backed IPOs since the third quarter of 2000. For the
second quarter of 2013, 83 venture-backed M&A deals were reported, 14 which had
an aggregate deal value of $2.4 billion. This represents a 59 percent decrease
in volume from the second quarter of 2012.
"We have been predicting an IPO pickup in the second half of 2013 and it appears
as if this momentum has begun, driven by the strong biotechnology offerings,"
said Mark Heesen, president of the NVCA. "We are hopeful that this positive
trend will not be impacted by negative externalities in the second half of the
year, as has been the case over the last several years. While on the surface,
the low acquisitions volume thus far in 2013 could appear problematic, our
market intelligence is telling us that there is a great deal of in-bound
interest for venture backed targets, suggesting that these companies are holding
out for better pricing from strategic buyers. With an improving IPO market,
this situation will only improve for our companies."
+------------+-----+---------+-----------+--------+--------+--------+----------+
| | | M&A | *Total |*Average| | | Average |
| | | Deals | Disclosed | M&A | | Total | IPO |
| |Total| with | M&A | Deal |**Number| Offer | Offer |
| | M&A |Disclosed| Value | Size | of | Amount | Amount |
|Quarter/Year|Deals| Values | ($M) | ($M) | IPO's | ($M) | ($M) |
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2008 | 422| 134| 16,236.9| 121.2| 7| 765.0| 109.3|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2009-1 | 81| 19| 830.5| 43.7| 0| 0.0| 0.0|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2009-2 | 79| 15| 1,982.4| 132.2| 6| 909.6| 151.6|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2009-3 | 100| 30| 2,224.3| 74.1| 2| 522.5| 261.3|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2009-4 | 100| 45| 7,327.7| 162.8| 3| 327.7| 109.2|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2009 | 360| 109| 12,364.9| 113.4| 11| 1,759.8| 160.0|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2010-1 | 149| 36| 4,945.1| 137.4| 8| 921.9| 115.2|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2010-2 | 109| 30| 2,681.4| 89.4| 14| 1,264.1| 90.3|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2010-3 | 141| 36| 4,140.9| 115.0| 10| 962.8| 96.3|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2010-4 | 145| 47| 5,932.8| 126.2| 14| 1,592.5| 113.8|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2010 | 544| 149| 17,700.3| 118.8| 46| 4,741.3| 103.1|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2011-1 | 138| 51| 5,966.8| 117.0| 10| 905.9| 90.6|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2011-2 | 95| 37| 6,202.3| 167.6| 12| 2,396.5| 199.7|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2011-3 | 141| 43| 6,934.5| 161.3| 4| 301.9| 75.5|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2011-4 | 124| 38| 4,989.6| 131.3| 11| 2,803.2| 254.8|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2011 | 498| 169| 24,093.2| 142.6| 37| 6,407.5| 173.2|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2012-1 | 113| 28| 3,671.0| 131.1| 18| 1,611.3| 89.5|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2012-2 | 122| 34| 6,304.4| 185.4| 11|17,167.9| 1560.7|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2012-3 | 124| 37| 8,437.6| 228.0| 10| 1,140.7| 114.1|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2012-4 | 120| 29| 3,582.4| 123.5| 7| 1,314.3| 187.8|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2012 | 479| 128| 21,995.5| 171.8| 46|21,234.2| 461.6|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2013-1 | 86| 10| 984.3| 98.4| 8| 716.9| 89.6|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2013-2 | 83| 14| 2,396.5| 171.2| 21| 2,154.2| 102.6|
+------------+-----+---------+-----------+--------+--------+--------+----------+
|2013 | 169| 24| 3,380.8| 140.9| 29| 2,871.1| 192.2|
+------------+-----+---------+-----------+--------+--------+--------+----------+
Source: Thomson Reuters & National Venture Capital
Association
*Only accounts for deals with disclosed
values
**Includes all companies with at least one U.S. VC investor that trade on U.S.
exchanges, regardless of domicile.
IPO Activity Overview
There were 21 venture-backed IPOs valued at $2.2 billion in the second quarter
of 2013. By number of deals, quarterly volume more than doubled from the first
quarter of this year and registered a 90 percent increase compared to the number
of deals listed during the second quarter of 2012.
Led by the biotechnology sector, 13 of the 21 offerings during the quarter were
Life Sciences IPOs representing 62 percent of the total issues for the quarter.
With 11 biotechnology offerings in the second quarter, this marks the strongest
quarter for listings in the sector since the third quarter of 2000, when 13
companies went public.
By location, 20 of the quarter's 21 IPOs were from U.S.-based companies.
Prosensa BV, a Netherlands-based biopharmaceutical company, raised $78 million
on the NASDAQ stock exchange on June 28(th).
In the largest IPO of the quarter, Tableau Software LLC (DATA), a Seattle,
Washington-based provider of analytics and data visualization software, raised
$292 million and began trading on the New York Stock Exchange on May 16(th).
The company is currently trading nearly 80 percent above its $31 offering
price.
+-----------------------------------------------------+-----------------------+
| | Q2 2013 |
+-----------------------------------------------------+--------------+--------+
| | | Total |
| | *Number |Venture-|
| | of | Backed |
| |Venture-Backed|Offering|
| | IPO's in | Size |
| Industry | the U.S. | ($M) |
+----------------------+------------------------------+--------------+--------+
| |Computer Software and Services| 3 | 479.5|
| +------------------------------+--------------+--------+
| |Communications and Media | 3 | 432.4|
| +------------------------------+--------------+--------+
| |Internet Specific | 2 | 167.6|
| +------------------------------+--------------+--------+
|Information Technology| | 8 | 1,079.5|
+----------------------+------------------------------+--------------+--------+
| |Biotechnology | 11 | 1,003.8|
| +------------------------------+--------------+--------+
| Life Sciences |Medical/Health | 2 | 70.9|
| +------------------------------+--------------+--------+
| | | 13 | 1,074.7|
+----------------------+------------------------------+--------------+--------+
| TOTAL| 21 | 2,154.2|
+-----------------------------------------------------+--------------+--------+
Source: Thomson Reuters & National Venture Capital Association
*Includes all companies with at least one U.S. VC investor that trade on U.S.
exchanges, regardless of domicile
During the second quarter of 2013, 14 companies listed on the NASDAQ stock
exchange and six companies listed on the New York Stock Exchange. One company
listed over-the-counter. All of this quarter's biotechnology IPOs listed on the
NASDAQ, while all of this quarter's internet specific IPOs listed on the New
York Stock Exchange.
Fifteen of the 21 companies brought to market this quarter are currently trading
above their offering price. There are 39 venture-backed companies currently
filed publicly for IPO with the SEC. This figure does not include confidential
registrations filed under the JOBS Act, where many observers believe the
majority of venture-backed companies now file.
Mergers and Acquisitions Overview
As of June 28(th), 83 venture-backed M&A deals were reported for the second
quarter of 2013, 14 which had an aggregate deal value of $2.4 billion. The
average disclosed deal value was $171.2 million, a 74 percent increase compared
to the first quarter of 2013.
The information technology sector led the venture-backed M&A landscape with 69
of the 83 deals of the quarter and had a disclosed total dollar value of $1.9
billion. Within this sector, Computer Software and Services and Internet
Specific deals accounted for the bulk of the targets with 35 and 20
transactions, respectively, across these sector subsets.
+-------------------------------------------------+----------------------------+
| | Q2 |
+-------------------------------------------------+--------+---------+---------+
| | |Number of| |
| | |Venture- | Total |
| | Number | Backed |Disclosed|
| | of | M&A |Venture- |
| |Venture-| deals | Backed |
| | Backed | with a | Deal |
| | M&A |disclosed| Value |
| Industry | deals | value | ($M) |
+--------------------+----------------------------+--------+---------+---------+
| |Computer Software and | | | |
| |Services | 35 | 2 | 195.0|
| +----------------------------+--------+---------+---------+
| |Internet Specific | 20 | 2 | 1,108.5|
| +----------------------------+--------+---------+---------+
| |Communications and Media | 4 | 1 | 30.0|
| +----------------------------+--------+---------+---------+
| |Computer Hardware | 2 | 2 | 136.7|
| +----------------------------+--------+---------+---------+
| |Semiconductors/Other Elect. | 8 | 3 | 416.8|
| Information +----------------------------+--------+---------+---------+
| Technology | | 69 | 10 | 1,887.0|
+--------------------+----------------------------+--------+---------+---------+
| |Medical/Health | 6 | 1 | 23.6|
| +----------------------------+--------+---------+---------+
| |Biotechnology | 4 | 3 | 485.0|
| +----------------------------+--------+---------+---------+
| Life Sciences | | 10 | 4 | 508.6|
+--------------------+----------------------------+--------+---------+---------+
| |Other Products | 1 | 0 | 0.0|
| +----------------------------+--------+---------+---------+
| |Consumer Related | 2 | 0 | 0.0|
| +----------------------------+--------+---------+---------+
| |Industrial/Energy | 1 | 0 | 0.0|
| +----------------------------+--------+---------+---------+
|Non-High Technology | | 4 | 0 | 0.0|
+--------------------+----------------------------+--------+---------+---------+
| TOTAL| 83 | 14 | 2,395.6|
+-------------------------------------------------+--------+---------+---------+
Source: Thomson Reuters & National Venture Capital Association
The largest venture-backed M&A transaction during the second quarter was in the
Internet specific sector, with Yahoo! Inc's $1.1 billion purchase of Tumblr,
Inc, a New York-based social networking publishing platform. The Tumblr
acquisition was Yahoo! Inc's fourth acquisition of a U.S. venture-backed company
this year. Cadence Design System Inc's $380 million acquisition of Santa Clara,
California-based Tensilica, Inc, a developer of application-specific
microprocessor solutions ranked as the second largest venture-backed M&A deal
during the quarter.
Deals bringing in the top returns, those with disclosed values greater than four
times the venture investment, accounted for 43 percent of the total disclosed
transactions during second quarter of 2013, a marked increase compared to the
first quarter of this year. Venture-backed M&A deals returning less than the
amount invested accounted for 21 percent of the quarterly total.
Analysis of Transaction Values versus Amount Invested
+------------------------------------------------------+-----------------+-----+
| | Q1 13 |Q2 13|
|Relationship between transaction value and investment| M&A** |M&A**|
+------------------------------------------------------+-----------------+-----+
|Deals where transaction value is less than total | | |
|venture investment | 1 | 3 |
+------------------------------------------------------+-----------------+-----+
|Deals where transaction value is 1-4x total venture | | |
|investment | 9 | 5 |
+------------------------------------------------------+-----------------+-----+
|Deals where transaction value is 4x-10x total venture | | |
|investment | 0 | 6 |
+------------------------------------------------------+-----------------+-----+
|Deals where transaction value is greater than 10x | | |
|venture investment | 0 | 0 |
+------------------------------------------------------+-----------------+-----+
|Total Disclosed Deals | 10 | 14 |
+------------------------------------------------------+-----------------+-----+
Source: Thomson Reuters & National Venture Capital
Association
** Disclosed deals that do not have a disclosed total investment amount
are not included
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About National Venture Capital Association
Venture capitalists are committed to funding America's most innovative
entrepreneurs, working closely with them to transform breakthrough ideas into
emerging growth companies that drive U.S. job creation and economic growth. As
the voice of the U.S. venture capital community, the National Venture Capital
Association (NVCA) empowers its members and the entrepreneurs they fund by
advocating for policies that encourage innovation and reward long-term
investment. As the venture community's preeminent trade association, NVCA serves
as the definitive resource for venture capital data and unites its nearly 400
members through a full range of professional services. For more information
about the NVCA, please visit www.nvca.org.
CONTACTS
Laura Cruz
Tenor Communications for NVCA
1.917.406.7517
laura(at)tenorcom.com
Lauren Herman
Thomson Reuters
1.646.223.5985
lauren.herman(at)thomsonreuters.com
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Datum: 01.07.2013 - 14:00 Uhr
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