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Berkery Noyes sums up 2009 software industry M&A trends |
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Berkery Noyes, an investment bank that focuses on mergers and acquisitions in both printed and electronic information sectors, has said that software industry M&A activity experienced a significant half-to-half gain as exhibited by the 83% increase in the median enterprise value (EV) or revenue multiple from 1.2 in first half of 2009 to 2.2 in second half, in the process bringing the median EV/revenue multiple back to its 2007 level. The private investment bank clarifies that for evaluating aggregate transaction values, value represents total consideration paid by acquirer, and that for multiples it uses enterprise values that normalize values where less than 100% of a company is being acquired or has net debt. The second half of 2009 is said to have exhibited a moderate increase in both aggregate volume and aggregate value, as against the first half of they year. Half-to-half, aggregate value increased by 17% from approximately $18 billion to $21 billion while aggregate volume increased by 5% from 341 deals to 358. Year-to-year 2009 exhibited negative growth in both aggregate value and aggregate volume of transactions, with total transaction volume dipping by 16% from 837 deals in 2008 to 699 in 2009. Aggregate value declined by 16% as well, from $45.43 billion in 2008 to $38.30 in 2009. Financially sponsored acquisitions took a decreased market share of deal activity, as measured by aggregate value, having had 23% in 2008 and 14% in 2009, a decrease of 37%. The largest transaction in the software industry in 2009 was Oracle's proposed acquisition of Sun Microsystems, which was announced on April 19, for $7.1 billion. This makes it 2.4 time the size of the next largest transaction, that of Fidelity National Information Services' acquiring Metavante for $2.9 billion, which closed on October 1. 2009 software M&A highlights
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