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Friday 14 September 2018

Summer sees deeper dip in European TMT M&A

chartThe usual summer slow-down in European TMT M&A activity was much more evident this year with a 36% drop in the number of deals announced during August. According to latest data from corporate finance firm Regent Partners, the aggregate deal value was correspondingly lower. Valuation multiples were slightly lower with the aggregate Price/Sales ratio down from 1.7x in July to 1.6x in August and the Price/EBITDA ratio fell from 10.9x in July to 9.6x in August.

The top deal involving a UK company during the month was the announcement by HP of plans to acquire Apogee Corporation, a UK-based office equipment dealer and Europe’s largest independent provider of print, outsourced services, and document and process technology. The transaction values Apogee at £380m.

UK-based, Intertek Group, a total quality assurance solutions provider to a range of industries worldwide, announced the acquisition of US-based, Alchemy Systems, a leading provider of SaaS-based People Assurance solutions for the food industry, for $480m.

Other more modestly sized UK deals included Shearwater Group's £30m acquisition of secure networking and cyber security solutions firm, Brookcourt (see here) and West Sussex-based multifaceted tech services firm OCSL's acquisition by Germany-listed IT player, CANCOM. OCSL was chaired by former HP Enterprise Services Vice President, Martin Hess.

All of our commentary on the UK tech M&A scene is available to TechMarketView Foundation Service clients and subscribers to our new UKHotViews Premium service can search on the keyword 'acquisition' in the UKHotViews archive.

Posted by HotViews Editor at '09:10' - Tagged: acquisition  

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