M&A Value Hits $5.1 billion for Strongest Quarter This Year
(Thomson Reuters ONE) -
CONTACTS
Ben Veghte
NVCA
1.202.864.5923
bveghte(at)nvca.org
Ilya Hemlin
Thomson Reuters
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ilya.hemlin(at)thomsonreuters.com
Market Volatility Drags Down Venture-Backed IPO Activity in Third Quarter
New York, New York, October 1, 2015 - Ninety venture-backed M&A deals were
reported in the third quarter, 20 of which had an aggregate deal value of $5.1
billion, increasing 39 percent compared to the second quarter and marking the
strongest quarter for M&A exits with disclosed value this year, according to the
Exit Poll Report by Thomson Reuters and the National Venture Capital Association
(NVCA). Thirteen venture-backed initial public offerings (IPOs) raised $1.7
billion during the third quarter of 2015, a 55 percent decrease, by number of
offerings, from the second quarter of this year and 54 percent decline in total
amount of dollars raised during the previous three-month period.
"While the number of companies making a public offering during the third quarter
was down as a result of market volatility, M&A activity was robust, marking the
strongest quarter by disclosed deal value this year. Of the thirteen companies
that did make an IPO, more than two-thirds are currently trading above their
offering price in the middle of a choppy market, a strong indicator of the
quality of venture-backed IPOs," said Bobby Franklin, President and CEO of
NVCA. "In addition to market volatility weighing down IPOs, another recent and
important trend that has impacted the venture-backed IPO market is the increased
activity of both VCs and non-traditional investors making late-stage investments
into private companies that might otherwise file for an IPO. While these so-
called 'private IPOs' are weighing down the current IPO market, it also means
the venture-backed IPO pipeline is deep and we are hopeful exit activity picks
up steam in future quarters."
+------------+-------+----------+----------+---------+--------+--------+-------+
| | | | | | | |Average|
| | |M&A Deals | *Total | | | Total | IPO |
| |Total | with |Disclosed |*Average | | Offer | Offer |
| | M&A |Disclosed |M&A Value |M&A Deal |**Number| Amount |Amount |
|Quarter/Year| Deals | Values | ($M) |Size ($M)|of IPO's| ($M) | ($M) |
+------------+-------+----------+----------+---------+--------+--------+-------+
|2010 | 545 | 152 | 17,733.5| 116.7| 67 | 8,069.6| 120.4|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2011-1 | 138 | 51 | 5,966.8| 117.0| 14 | 1,526.9| 109.1|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2011-2 | 97 | 38 | 6,306.3| 166.0| 20 | 5,635.1| 281.8|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2011-3 | 142 | 43 | 6,934.5| 161.3| 5 | 475.9| 95.2|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2011-4 | 125 | 38 | 4,989.6| 131.3| 11 | 2,803.2| 254.8|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2011 | 502 | 170 | 24,197.2| 142.3| 50 |10,441.1| 208.8|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2012-1 | 115 | 28 | 3,671.0| 131.1| 19 | 1,682.8| 88.6|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2012-2 | 124 | 34 | 6,304.4| 185.4| 12 |17,227.9|1,435.7|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2012-3 | 124 | 38 | 8,687.6| 228.6| 10 | 1,140.7| 114.1|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2012-4 | 129 | 32 | 4,031.1| 126.0| 8 | 1,408.4| 176.1|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2012 | 492 | 132 | 22,694.2| 171.9| 49 |21,459.9| 438.0|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2013-1 | 85 | 11 | 1,019.3| 92.7| 8 | 716.9| 89.6|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2013-2 | 98 | 20 | 4,371.3| 218.6| 22 | 2,249.9| 102.3|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2013-3 | 116 | 30 | 4,856.7| 161.9| 27 | 2,781.4| 103.0|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2013-4 | 95 | 34 | 6,662.5| 196.0| 24 | 5,320.1| 221.7|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2013 | 394 | 95 | 16,909.8| 178.0| 81 |11,068.2| 136.6|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2014-1 | 116 | 31 | 7,620.0| 245.8| 37 | 3,404.5| 92.0|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2014-2 | 120 | 39 | 4,142.5| 106.2| 29 | 5,039.9| 173.8|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2014-3 | 136 | 36 | 8,590.2| 238.6| 24 | 2,704.3| 112.7|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2014-4 | 111 | 34 | 27,787.3| 817.3| 27 | 4,363.4| 161.6|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2014 | 483 | 140 | 48,139.9| 343.9| 117 |15,512.1| 132.6|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2015-1 | 94 | 18 | 2,181.7| 121.2| 17 | 1,437.2| 84.5|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2015-2 | 74 | 14 | 3,654.9| 261.1| 29 | 3,787.7| 130.6|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2015-3 | 90 | 20 | 5,091.9| 254.6| 13 | 1,748.7| 134.5|
+------------+-------+----------+----------+---------+--------+--------+-------+
|2015 | 258 | 52 | 10,928.5| 210.2| 59 | 6,973.6| 118.2|
+------------+-------+----------+----------+---------+--------+--------+-------+
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 13 venture-backed IPOs valued at $1.7 billion in the third quarter of
2015. By number of deals, quarterly volume decreased 55 percent from the second
quarter of this year and registered a 54 percent decrease, by dollars, compared
to the previous quarter.
Led by the biotechnology sectors, ten of the 12 offerings during the quarter
were life sciences IPOs, representing more than three-quarters of the total
listings in the third quarter.
By location, 11 of the quarter's 12 IPOs were from U.S.-based companies. In the
only non-U.S. offering of the quarter, Austria-based Nabriva Therapeutics AG
(NBRV) raised $92.3 million on the NASDAQ stock exchange on September 17(th).
In the largest IPO of the quarter, Sunrun Inc (RUN), a San Francisco,
California-based provider of solar energy, raised $250.6 million and began
trading on the NASDAQ stock exchange on August 4(th). The company is currently
trading 26 percent below its $14 offering price.
+---------------------------------------------+--------------------------------+
| | Q3 2015 |
+---------------------------------------------+----------------+---------------+
| | *Number of | |
| | Venture-Backed |Total Venture- |
| | IPO's in the |Backed Offering|
| Industry | U.S. | Size ($M) |
+-------------------+-------------------------+----------------+---------------+
| |Computer Software and | 1 | 118.7 |
| |Services | | |
| Information +-------------------------+----------------+---------------+
| Technology |Communications and Media | 1 | 65.0 |
| +-------------------------+----------------+---------------+
| | | 2 | 183.7 |
+-------------------+-------------------------+----------------+---------------+
| |Biotechnology | 7 | 1,045.3 |
| +-------------------------+----------------+---------------+
| Life Sciences |Medical/Health | 3 | 269.1 |
| +-------------------------+----------------+---------------+
| | | 10 | 1,314.4 |
+-------------------+-------------------------+----------------+---------------+
| |Industrial/Energy | 1 | 250.6 |
|Non-High Technology+-------------------------+----------------+---------------+
| | | 1 | 250.6 |
+-------------------+-------------------------+----------------+---------------+
| TOTAL| 13 | 1,748.7 |
+---------------------------------------------+----------------+---------------+
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
Eleven companies listed on the NASDAQ stock exchange during the third quarter,
while two listed on the New York Stock Exchange.
Nine of the 13 companies brought to market this quarter are currently trading at
or above their offering price. There are 50 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 September 30(th), 90 venture-backed M&A deals were reported for the third
quarter of 2015, 20 of which had an aggregate deal value of $5.1 billion, a 42
percent uptick compared to the overall number of deals reported during the
second quarter of this year, and a 39 percent increase, by disclosed deal value.
The information technology sector led the venture-backed M&A landscape with 69
of the 90 deals of the quarter and had a disclosed total dollar value of $3.4
billion. Within this sector, Computer Software and Services and Internet
Specific deals accounted for the bulk of the targets with 47 and 17
transactions, respectively, across these sector subsets.
+----------------------------------------+-------------------------------------+
| | Q3 2015 |
+----------------------------------------+-----------+------------+------------+
| | | Number of | |
| | | Venture- | Total |
| | Number of |Backed M&A | Disclosed |
| | Venture- |deals with a| Venture- |
| |Backed M&A | disclosed |Backed Deal|
| Industry | deals | value | Value ($M) |
+---------------+------------------------+-----------+------------+------------+
| |Computer Software and | 45 | 6 | 2,102.5|
| |Services | | | |
| +------------------------+-----------+------------+------------+
| |Internet Specific | 17 | 1 | 1,200.0|
| +------------------------+-----------+------------+------------+
| |Communications and Media| 4 | 1 | 65.0|
| +------------------------+-----------+------------+------------+
| |Semiconductors/Other | 3 | 1 | 39.0|
| |Elect. | | | |
| +------------------------+-----------+------------+------------+
| |Computer Hardware | 2 | 0 | 0.0|
| Information +------------------------+-----------+------------+------------+
| Technology | | 71 | 9 | 3,407|
+---------------+------------------------+-----------+------------+------------+
| |Medical/Health | 8 | 6 | 912.5|
| +------------------------+-----------+------------+------------+
| |Biotechnology | 6 | 4 | 735.4|
| +------------------------+-----------+------------+------------+
| Life Sciences | | 14 | 10 | 1,647.9|
+---------------+------------------------+-----------+------------+------------+
| |Industrial/Energy | 3 | 1 | 37.5|
| +------------------------+-----------+------------+------------+
| |Other Products | 2 | 0 | 0.0|
| Non-High +------------------------+-----------+------------+------------+
| Technology | | 5 | 1 | 37.5|
+---------------+------------------------+-----------+------------+------------+
| TOTAL| 90 | 20 | 5,091.9|
+----------------------------------------+-----------+------------+------------+
Source: Thomson Reuters & National Venture Capital Association
The largest venture-backed M&A transaction during the third quarter was EMC
Corp's $1.2 billion million purchase of Virtustream, a Bethesda, Maryland-based
provider of enterprise cloud solutions. Infor Inc's $675 million acquisition of
Oakland, California-based Gt Nexus Inc ranked as the second largest venture-
backed M&A deal during the quarter.
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members through a full range of professional services. For more information
about the NVCA, please visit www.nvca.org.
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