MarktoMarket

Join us on Thursday the 5th of September at 12pm for our next webinar with special guest Kirsty McGregor from The Corporate Finance Network. Douglas Lawson and Kirsty McGregor will be discussing our new collaborative whitepaper while also looking at how the confidence of the market has changed throughout the year. It is not one to be missed! You can sign up for free and join the webinar here: https://lnkd.in/eApP8Zx9

Secure your place before it is too late! Our next Regional Breakfast Seminar in London is filling up fast. Douglas Lawson and Simon Woodcock will be discussing PE and M&A activity, professional service firms vs challenger boutiques and other localised trends. 📅 Date: 18th September 2024 📍 Location: The Chesterfield Mayfair 🔗 Click the link below to read more and reserve your space: https://lnkd.in/eKuD656V

Fundraising by startups and scaleups. Our freshest report, covering the last quarter, is out and is encouraging. Some highlights: - big uplift in equity capital raised by startups and scaelups in the UK in H1 2024 versus H1 2023 (£5.9 billion v £4.6 billion), driven by a very strong Q2 - numbers boosted by monster rounds by the likes of Wayve, Octopus Energy and Monzo Bank - softest stage relative in H1 2024 v H1 2023 was "Seed", which we define as £1-3 million round sizes; both deal volumes and total capital raised falling in H1 '24 v H1 '23 - small uplift in valuations across our sample too Full report available to customers in the MarktoMarket library. Abbreviated report available from me or anyone else at MtM. With special thanks to Christopher Donnelly and Thanh Nguyen for the hard work and immaculate attention to detail. Enterprise Investment Scheme Association (EISA) #startup #scaleup #valuation #seis #eis #venturecapital #growthcapital Adam Baron Richard Harland Richard Hoskins Katrina Hutchinson-O'Neill Aidan MacMillan Oliver Gryce Mark Hogarth Paul Tselentis Cahal Dowds Myles Bax Jody Downes

Have you signed up for our upcoming Regional Corporate Finance Breakfast Seminar? Join Douglas Lawson and Simon Woodcock at 9am on the 18th of September at the Chesterfield Mayfair, London. Throughout the morning, Doug and Simon will be looking at trends emerging in London and the UK about PE and VC activity, M&A volumes and deal values, EOTs and more. The seminar is relevant to London and South East-based professionals, including corporate finance advisers, private equity and venture capital investors, accountants, lawyers, bankers and wealth managers. 🔗 Register and secure your seat here: https://lnkd.in/eKuD656V

Latest MarktoMarket monthly M&A barometer is out. - recovery in deal volumes after a soft June. - £24bn total deal value but, as ever, skewed by a couple of monster deals, namely Britvic plc takeover by Carlsberg Group (creating "probably the best orange squash in the world"?) for £4.1bn, and Evri acquisition by Apollo Global Management, Inc. for £2.7bn. - back in the real world was the acquisition of RMSpumptools by ChampionX for £90m (advice from Gleacher Shacklock and Peel Hunt); the £13m sale of BrightCloud Group to Gamma Communications (well done FRP Advisory); and the sale of a 51% stake in Hartswood Films to ITV for £26m (advised by Houlihan Lokey). Let me know if you'd like a copy. As ever, customers can access in the 'Library' section of the app (image below). #corporatefinance #mergersandacquisitions #sme #vauations #businessvaluation

Thank you Gravitate Accounting for giving us the opportunity to sponsor the 4Louis charity. We are proud to support the charity alongside so many other great companies Thrive, Martin Bouchier, Swoop, The Fitness Truck®, Allica Bank and We Do Workwear®.

MarktoMarket Event announcement! Tickets for our next MarktoMarket Regional Corporate Finance Breakfast Seminar are now live! This time, MarktoMarket is visiting London with guest speaker Simon Woodcock, Partner at LAVA Advisory Partners. Join the conversation as Douglas Lawson and Simon discuss current corporate finance trends, employee ownership trusts, PE buyers and more. Following, there will be a chance to put your questions forward and engage in an open floor discussion. 📢 Secure your tickets via the link below: https://lnkd.in/eKuD656V 📅 Wednesday 18th September 2024. 📍 The Chesterfield Mayfair Hotel, W1J 5EB We hope to see you there!

The latest (and most robust) guide to business valuation trends is out. (Usual hat doff to Simon Blake at Price Bailey for giving us the confidence to get started on these and all our customers for being good enough to submit data.) Customers can find the MarktoMarket H1 2024 Indices in the "Library" in your MtM app, along with all our other content. The TLDR is that multiples remained soft in H1 2024, more or less in line with 2023. The Nano Cap Index (sub-£2.5m deals) was flat. The other indices all show a small decline. It takes lots of work by our data team to bring these to fruition so thank you and well done to Thanh Nguyen for doing most of the heavy lifting and showing incredible attention to detail and perseverance. Big thank you also to Avril Bannister and Joshua Haselwood for the support in getting this over the line. We are about to publish our SME M&A Confidence Index which will give some indication of sentiment on a forward looking basis. #businessvaluation #corporatefinance #mergersandacquisitions #SME

As I develop an unhealthy obsession with Purchase Price Allocation (for the uninitiated, this is where you have to put a value on all the assets you have acquired in an M&A transaction, including intangibles), I have been doing more digging. A friend recently sold a video games publisher so I wondered, where is the value in video games businesses (literally)? The details of M&A deals involving companies in the games development/ publishing sector illustrate that, like software, most of the value sits in goodwill and other intangibles, as you would expect. Our sample of deals by Microsoft, Electronic Arts (EA), Take-Two Interactive, Sony and Tencent Games gives us a median goodwill value as a percentage of purchase price of 68%, with other intangibles coming in at 31% of equity value. The allocation of most of the value to intangibles in these physical asset-light companies is no surprise..... .....however, the mix of value attributed to identifiable intangibles in video games companies is completely different to the software industry (which I looked at for a recent post). Little to no value is credited to Customer Relationships in video games deals; in Software this category gets a median of 20% of deal value. Conversely, there is next to nothing attributed to Brand in software deals but a reasonable 8% in video games transactions. The deal in our sample with the greatest weighting of deal value to brand was Activision Blizzard, owner of instantly recognisable franchises such as Call of Duty. Hard to argue that Microsoft don't see this gory military game as a key pillar of value in the acquired business. It shows one of the issues with conflating everything (software, video games, tech hardware, IT services, etc) as "Tech" when appraising value. The chart below shows median Intangible Value splits in our samples - Video Games v SaaS. If you are involved in valuing intangible assets and want to learn more about our benchmarking data please message me directly. Ed Tahsin Mark Zyla John Durbin William Thomsen Business Valuation Institute UK (BVIUK) Dave Whitfield Mark Ellis, CFA Thayne Forbes Lake Falconer Fiona Hotston Moore Business Valuation and Non-Executive Director