Technology was one of the few sectors that saw deal volume increase in 2015 as global M&A activity fell. With values soaring to almost double that of 2014, tech became
Technology was one of the few sectors that saw deal volume increase in 2015 as global M&A activity fell. With values soaring to almost double that of 2014, tech became a fundamental part of businesses across multiple industries.
Yet despite this, concerns remain over high valuations, the viability of firms in the sector, and how regulators can keep up with an industry that is constantly evolving. The big question is, therefore, what’s next?
Join Mergermarket and leading technology experts as we discuss what 2016 holds for the most disruptive business sector in the world.
Join the conversation on Twitter with #Tech2016.
2:00 Registration and refreshment
2:30 Opening remarks
3:00 Tech M&A in 2016: A year of big or small deals?
- After 2015’s record-breaker, how will 2016 do?
- What factors will drive M&A activity? Healthcare IT? The Internet of Things? The death of traditional media?
- The semiconductor and telecommunication sectors saw much consolidation in 2015 – what will be hot in 2016?
- Dell’s acquisition of EMC, was a high-water mark for private equity. What PE opportunities exist going forward?
- Valuation metrics: for how long can strategic buyers offer higher multiples than private equity?
- Technology convergence– in which other, more traditional industries will technology M&A have an increasing presence?
4:00 Coffee break
4:15 Shareholder Activism: tech’s new normal?
- The activist asset class ballooned to USD 112bn in 2015 – up tenfold from 2013. Why has it mushroomed in such a short period?
- What are activists pushing for? Do they want all companies to sell?
- What other forms of ‘shareholder value’ are activists pushing for?
- Much activism targets smaller cap companies. Is it worth the effort?
- Are executives savvy enough to deal with activists?
- What is the likely outcome for companies like Autodesk, PTC, Symantec, Shutterfly?
- Phantom activist – are more shareholders quietly pushing for change behind the scenes?
- How important is liquidity in the high yield market for activist to push for change?
5:15 Unicorn funding and financing
- What are the biggest stumbling blocks to raising more money? A company’s technology? Management? Unwillingness of earlier stage investors to take write downs? Business models?
- Alternatively, which companies/sectors are successfully raising private capital? Why?
- The IPO landscape has been barren – what does 2016 hold?
- Are mutual funds, such as Fidelity, still participating in pre-IPO funds?
- What has changed in the way venture investors value tech companies?
- How are venture capital firms reacting to the contraction in their portfolio valuations?
- Can the venture capital market support the funding needs of these companies or will they need to tap the public markets?
6:15 Cocktail reception
(Tuesday) 14:00 - 18:15
Hyatt Regency San Francisco
5 Embarcadero Center, San Francisco, California, USA, 94111