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| | | Blockchain's pivotal moment |
| | Will venture capital's bet on blockchain pay off? And for that matter, what's the prognosis for bitcoin's place as other more robust cryptocurrencies gain traction?
PitchBook's latest Fintech Analyst Report delves into not only the technology underlying bitcoin and blockchain but also current and future applications and potential market development, ranging from micropayments to smart contracts. In addition, this analyst report features a review of private investment and corporate M&A within the bitcoin/blockchain space. There's even more, such as select company profiles packed with PitchBook data. |
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| | | | | | | | | Median EV/EBITDA buyout multiples surge for sub-$25M enterprises |
| | | | | Click to read our analysis |
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Respondents to PitchBookâs most recent Deal Multiples survey reported a median EV-to-EBITDA multiple of 6.13x at the sub-$25 million EV range in 2Q. That figure is nearly a turn higher than what was recorded in the first quarter of the year.
One of the primary factors is clearly the pressure exerted on middle-market managers by contested auctions, which are helping prices overheat even in the lower ranges of the market. Another contributing factor is... |
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| | | | | | | | | | | “Everything from buying a car to a plane ticket is easier than this.” Why is the cost of college so mysterious? [The Atlantic]
After several well-known PE firms have come under scrutiny (and been penalized) by the SEC, private equity is trying to get back in the game by guarding its public image. [The Wall Street Journal]
Germany’s largest bank appears to be in danger, and fears that Europe isn’t capable of avoiding a financial crisis may have some truth to them. [The New York Times] |
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| Since yesterday the PitchBook Platform added... | | 103 Deals | 1427 People | 569 Companies | 1 Funds |
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| | | 2007 Vintage US Venture Funds ($250M - $500M) |
| | | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 0.74x Median DPI | 1.69x Median TVPI |
| | | | *IRR: net of fees | | 34 Funds in Benchmark » |
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| Deals in Play & Announcements |
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| | | Watson goes to Wall Street: IBM to acquire Promontory Financial Group |
| | | Consulting Services | Washington, DC | Corporate Acquisition |
| IBM (NYSE: IBM) has agreed to acquire Promontory Financial Group, a risk management and regulatory compliance consulting firm. The deal brings together Promontory's professionals and IBM's AI, Watson, which will learn to address the operational effort and manual cost of escalating regulation and risk management requirements by continuously ingesting information created through interaction with real-world applications. The acquisition is expected to close later this year. |
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| | | | | | | | | KKR, Venado partner on Eagle Ford Shale project |
| | | Energy Exploration | Austin, TX | Acquisition Financing |
| KKR and Venado Oil & Gas have partnered to consolidate proven assets in the Eagle Ford Shale of southern Texas. KKR has made more than 10 investments in the Eagle Ford Shale to date, according to a press statement, with the financing for this deal coming principally from the firm's Energy Income & Growth Fund I. |
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| | | PE-backed CafeMedia picks up AdThrive |
| | | Media Services | Powder Springs, GA | Add-on |
| Female-focused digital media company CafeMedia has acquired AdThrive, a lifestyle digital publishing and ad monetization network covering food, home, parenting and DIY. ABRY Partners provided an undisclosed amount of growth equity to finance the deal. |
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| | | Ardian sponsors RGI's Kapia purchase |
| | | Financial Services | Paris, France | Bolt-on |
| RGI, an Italian provider of software products and tech services to the insurance industry, has acquired Kapia Solutions, a French competitor focused on life insurance. Ardian has backed RGI since 2014, when it acquired a 72% stake in the company from a consortium including 21 Investimenti. |
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| | | | | | | | | Avast completes $1.4B acquisition of Czech tech rival AVG |
| | | Network Management Software | Amsterdam, Netherlands | Public-to-Private Buyout |
| Avast Software, a provider of cybersecurity products for both consumers and businesses, has completed the acquisition of Czech antivirus tech rival AVG Technologies (NYSE: AVG) at $25 a share in cash. According to Reuters, although AVG will be delisted, Avast has plans to offer its own shares through an IPO perhaps as soon as 2019. With the acquisition of AVG, Avast expands its SMB business and adds AVG’s reseller base, enabling it to support larger organizations. |
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| | | Yorktown-backed Extraction Oil & Gas IPO could fetch $550M |
| | | Energy Exploration | Denver, CO | IPO |
| Extraction Oil & Gas plans to list shares on the NASDAQ under the symbol XOG and price its IPO between $15 and $18. A midpoint pricing of its 33.3 million shares would raise $550 million for the Denver-Julesburg basin-based exploration company. Extraction Oil & Gas is backed by Yorktown Partners (36.3% pre-IPO stake) along with BlackRock (6%) and Neuberger Berman (5.7%). |
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| | | Varsity Healthcare sets sights on $250M for second fund |
| | | Varsity Healthcare Partners has set a target of $250 million for its second fund, according to an SEC filing. The firm, which typically invests in healthcare companies with $5 million to $15 million in EBITDA, reportedly closed its debut fund on $240 million in 2014. |
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| | | Carlyle hires Erica Frontiero |
| | | Washington, DC | PE/Buyout |
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