Newsletter Corporate Finance | May 2016
Technology
Deal Activity 05
This monthly letter highlights M&A transactions and equity fund raisings
announced in May 2016 in the Technology Sector in France
Technology deals
Prisma Media
30 May 2016
SII
26 May 2016
Ingenico
19 May 2016
Prisma Media, the French Media
Group (revenues of €375m in FY15),
and a subsidiary of Gruner + Jahr, has
acquired Groupe Cerise, a French
online media company specialized in
brand-publishing and online video
content management (revenues of
€8m in FY15). The acquisition of
Groupe Cerise should enable the
company to leverage Prisma’s
international presence in over 50
countries.
SII, the French listed IT services
provider specialized in technology
consulting and systems integration
(revenues of €317m in FY15), has
entered into negotiations to acquire
Feel Europe, a French IT services
provider (revenues of €59m in FY15).
The transaction should enable SII to
expand into banking, insurance and
energy sectors. The transaction is
subject to customary regulatory
approval and is expected to close in
the third quarter of 2016. KPMG
Corporate Finance advised Feel
Europe on this transaction.
Ingenico, the French listed payment
solutions provider (revenues of €2.2bn
in FY15), has acquired Nera Payment
Solutions, a Singapore-based payment
solutions company specialized in
terminal distribution and software
development (annual revenues of c.
€31m) for a consideration of €58m.
This transaction should enable Ingenico
to leverage Nera’s payment distribution
and services network to further
penetrate
the
Southeast
Asian
markets. The transaction is expected to
close in the third quarter of 2016.
One point
30 May 2016
Onepoint, a French IT services
provider (revenues of €150m in FY15),
has
acquired
Editique
Medias
Services (EMS), a French document
management services provider. The
transaction should enable Onepoint to
develop a Customer Communications
Management product offering and
address the financial industry. EMS
generated revenues of c. €1.3m in
FY15.
Mediapost
20 May 2016
Mediapost, a provider of advertising
solutions and subsidiary of the French
state-owned company Groupe La
Poste, has acquired ProbaYes, a
French analytics company specialized
in machine learning and optimization
technics. The transaction should
enable Mediapost to accelerate its
digital transformation and expand into
new digital services. Groupe La Poste
generated revenues of €23bn in FY15.
Docapost
12 May 2016
Docapost, a provider of document
management services and subsidiary of
the French state owned company
Groupe La Poste, has acquired
Applicam, a French e-money solutions
vendor (revenues of c. €14m in FY14).
The acquisition of Applicam should
enable Docapost to develop its digital
transformation
offering
on
an
international level. Docapost generated
revenues of c. €450m in FY15.
Newsletter technology Deal Activity 05 - 1
Newsletter Corporate Finance | May 2016
Fundraising
Sylob
11 May 2016
Dashlane
25 May 2016
Evaneos
12 May 2016
Forterro, a US Enterprise Software
vendor has acquired Sylob, a French
Small to Medium Enterprise Software
vendor. The acquisition of Sylob
should enable the company to
develop
its
offering
in
the
manufacturing industry vertical.
Dashlane, the Franco-American startup operating a platform dedicated to
password
and
online
identity
management, raised €20m from a
pool of investors led by TransUnion,
the Canadian IT solutions provider
alongside its historical shareholders
Rho Ventures, FirstMark Capital and
Bessemer Venture Partners. This third
round of financing should enable
Dashlane to further integrate new
services and enhance its distribution
internationally.
Evaneos, a French online platform
allowing to design, budget and book
tailored holiday travel, raised €18m
from a pool of investors led by Serena
Capital, the French PE fund, alongside
the French state investment arm
Bpifrance as well as its historical
shareholders ISAI and XAnge. This
third round of financing should enable
the company to enhance its product
development
and
boost
its
international expansion, including a
planned US launch.
GoJob
24 May 2016
Bnbsitter
2 May 2016
GoJob, a French start-up operating a
platform dedicated to recruitment
intermediation, raised €1.4m from a
pool of investors led by Bregal Capital,
the UK PE fund alongside Kois Invest.
This second round of financing should
enable the company to deploy its
offering in several new French cities.
Bnbsitter, a French start-up operating
a platform for on-demand concierge
rental services, raised €1.9m from a
pool of investors led by CapDecisif
Management, a French venture
capital firm and various business
angels. This second round of
financing should enable Bnbsitter to
expand in the US and Latin American
markets.
StickyADS.tv
9 May 2016
FreeWheel, a US solutions vendor
specialized
in
Digital
Asset
Management for the premium video
industry, and subsidiary of the US
media group Comcast, has acquired
StickyADS.tv, a French real-time
bidding solutions provider for video
advertising. The transaction should
enable FreeWheel to expand its endto-end automated ad technology
platform.
Voyage Privé
2 May 2016
Voyage Privé, a French e-commerce
platform operator dedicated to luxury
travel deals and packages has
acquired its Spanish counterpart,
Splendia. The transaction should
enable Voyage Privé to extend its
offering to hotels and luxury villas and
acquire a CMS technology and
connectivity to further develop
relations with hotels. Voyage Privé
generated revenues of €500m in
FY15.
Shift Technology
19 May 2016
Shift Technology, a French IT
solutions vendor specialized in big
data, cloud computing and insurance
fraud detection solutions, raised
€8.9m from a pool of investors led by
Accel Partners, the US PE fund,
alongside its historical shareholders
Iris Capital and Elaia Partners. This
second round of financing should
enable Shift Technology to expand its
workforce and improve its product
offering.
Newsletter technology Deal Activity 05 - 2
Newsletter Corporate Finance | May 2016
Market Multiples
Company
Software vendors
Dassault Systèmes
Axway Software
Cegedim
Cegid Group
Pharmagest Interactive
Linedata Services
Esker
Sidetrade
Average
Median
Country
Market
cap.
(€m)
EV
(€m)
EV / Net Sales
EV / EBITDA
EV / EBIT
EBITDA %
EBIT %
2015A 2016E 2017E 2015A 2016E 2017E 2015A 2016E 2017E 2015A 2016E 2015A 2016E
France
France
France
France
France
France
France
France
18 164
423
361
561
367
293
168
39
16 719
400
539
645
315
318
160
32
5,9x
1,4x
1,3x
2,3x
2,8x
1,8x
2,6x
2,0x
2,5x
2,1x
5,5x
1,3x
1,2x
2,1x
2,6x
1,8x
2,4x
1,8x
2,3x
1,9x
5,1x
1,2x
1,2x
2,0x
2,5x
1,8x
2,1x
1,4x
2,2x
1,9x
21,6x
8,5x
n/a
57,7x
11,1x
7,8x
23,0x
15,3x
20,7x
15,3x
15,6x
8,3x
n/a
12,1x
10,3x
7,2x
13,6x
n/a
11,2x
11,2x
14,4x
7,4x
n/a
10,7x
10,0x
6,9x
11,6x
n/a
10,2x
10,4x
25,9x
10,6x
n/a
18,3x
11,6x
8,3x
20,9x
16,9x
16,1x
16,9x
17,7x
8,9x
n/a
14,9x
10,8x
8,7x
16,9x
n/a
13,0x
12,8x
16,0x
7,8x
n/a
13,5x
10,2x
8,4x
14,1x
n/a
11,7x
11,9x
27%
17%
11%
4%
25%
24%
11%
13%
16%
15%
35%
16%
15%
17%
25%
25%
18%
14%
21%
17%
23%
13%
9%
12%
24%
22%
12%
12%
16%
13%
31%
15%
8%
14%
24%
21%
14%
9%
17%
14%
France
France
France
France
France
France
France
France
14 564
8 618
2 329
559
467
285
166
124
17 553
9 335
3 079
638
351
286
154
125
1,5x
0,9x
0,9x
0,7x
0,9x
1,0x
0,5x
0,7x
0,9x
0,9x
1,4x
0,8x
0,8x
0,7x
0,8x
0,9x
0,5x
0,7x
0,8x
0,8x
1,3x
0,8x
0,8x
0,7x
0,7x
0,8x
0,5x
0,6x
0,8x
0,8x
12,4x
7,0x
11,1x
9,5x
8,3x
10,6x
8,1x
10,4x
9,7x
10,0x
10,6x
6,6x
9,0x
8,5x
8,1x
9,0x
7,1x
8,0x
8,4x
8,3x
9,8x
6,3x
8,0x
8,4x
NA
8,4x
6,3x
7,3x
7,8x
8,0x
15,2x
10,9x
14,5x
11,7x
9,4x
11,0x
8,9x
11,5x
11,7x
11,3x
12,7x
9,3x
11,4x
10,0x
8,3x
9,7x
7,7x
8,7x
9,7x
9,5x
11,7x
8,7x
9,8x
9,6x
7,5x
8,9x
6,8x
7,9x
8,9x
8,8x
12%
12%
8%
8%
11%
10%
7%
7%
9%
9%
13%
12%
9%
8%
10%
10%
7%
8%
10%
9%
10%
8%
6%
6%
9%
10%
6%
6%
8%
7%
11%
9%
7%
7%
9%
9%
7%
8%
8%
8%
Technology consulting services & Engineering
Altran
France
2 310
2 481 1,3x
Alten
France
1 930
1 925 1,2x
Akka Technologies
France
629
763 0,8x
Assystem
France
518
343 0,4x
Ausy
France
250
349 0,9x
SII
France
248
233 0,7x
Average
0,9x
Median
0,8x
1,2x
1,1x
0,7x
0,4x
0,7x
0,7x
0,8x
0,7x
1,1x
1,1x
0,7x
0,3x
0,7x
n/a
0,8x
0,7x
12,6x
11,9x
9,9x
5,4x
11,3x
9,5x
10,1x
10,6x
10,6x
10,4x
8,0x
4,7x
7,9x
8,2x
8,3x
8,1x
9,8x
9,8x
7,1x
4,3x
7,4x
n/a
7,7x
7,4x
13,7x
12,7x
12,6x
6,0x
12,6x
11,7x
11,5x
12,6x
12,0x
11,2x
10,1x
5,3x
8,4x
10,2x
9,5x
10,1x
10,7x
10,6x
8,7x
5,1x
7,8x
n/a
8,6x
8,7x
10%
11%
8%
7%
8%
8%
8%
8%
11%
11%
9%
8%
9%
8%
9%
9%
9%
10%
6%
6%
7%
6%
7%
7%
10%
10%
7%
7%
9%
6%
8%
8%
IT Services
Cap Gemini
Atos
Sopra Steria Group
GFI Informatique
Neurones
Aubay
Groupe Open
SQLi
Average
Median
16,0x
Median EV / EBIT
14,0x
12,0x
10,0x
8,0x
6,0x
4,0x
Software vendors
IT Services
Technology consulting services & Engineering
Source: Capital IQ, KPMG Corporate Finance, and company filings
Notes: Market Capitalization amounts are in millions, based on closing Share Prices as of May 31th 2016 - Enterprise Value (EV) equals Market Capitalization plus Debt, Preferred Equity,
and Minority Interest, minus Cash and Cash Equivalents - EBITDA equals Earnings before Interest, Taxes, Depreciation, and Amortization (which can include R&D Capex based on
accounting methods).
Newsletter technology Deal Activity 05 - 3
Newsletter Corporate Finance | May 2016
Your local correspondants
Your Tech M&A Team
Mark Wyatt
Eric Lefebvre
Henry d’Auzay
Daniel Jautzy
Partner
Corporate Finance
Paris
Partner
LOB TMT Audit
Paris
Corporate Finance
Paris
Corporate Finance
Paris
+33 1 55 68 93 00
+33 1 55 68 74 55
+33 1 55 68 88 51
+33 1 55 68 93 33
+33 6 15 65 24 69
+33 6 14 77 80 70
+33 6 29 10 34 34
+33 7 78 11 49 91
[email protected]
[email protected]
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[email protected]
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
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
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on 384 deals in 2014 (source Thomson Reuters SDC).
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Managing Director
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Newsletter technology Deal Activity 05 - 4