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Thursday 12 April 2018

European tech buyers paying less for profit!

chartThe number of European TMT deals increased slightly in March, according to latest data from corporate finance firm Regent Partners, but remained below the longer term monthly average of 300. The total value of deals remained steady at about $27b. Valuation multiples diverged again with the aggregate Price/Sales ratio up from 1.4x to 1.6x but the Price/EBITDA ratio fell again, from 7.6x in February to 6.7x in March, the sixth consecutive monthly decline, suggesting that European tech buyers increasingly value growth over profit.

There was much M&A activity in the private equity-backed UK tech mid-market in March, including two acquisitions by Vista-backed Advanced, the first being the £16m acquisition of SaaS-based eprocurement company Science Warehouse, and the second of Canadian Information Balance; and TE Associates-backed (and now Hg-backed) Access Technology's acquisition of online procurement solution Procure Wizard.

Appetite for UK fintechs was proven again and again with the £275m acquisition of London-based Clearscore by credit rating agency and data provider Experian, the £53m acquisition of SaaS accounting developer FreeAgent by RBS, and American Express' acquisition of UK Fintech Cake Technologies, but for a more modest £10m.

And there's much more. Subscribers to the TechMarketView Foundation Service can read our regular quarterly summaries of corporate activity in the UK software and IT services sector in IndustryViews Corporate Activity, or just search on ‘acquisition’ in the UKHotViews archive.

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Posted by HotViews Editor at '13:50' - Tagged: acquisition  

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