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NEWS & Insights

Future of Work M&A and Investment Activity - June 2020

7/6/2020

 
​Review of the June 2020 HR Tech M&A and fundraising activity, update on HR Tech valuations and peer benchmarking, job market activity by country, and key highlights from earnings reports other operational updates.

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Future of Work M&A and Investment Activity - April 2020

5/1/2020

 
This market update looks at the April 2020 HR Tech M&A and fundraising activity, presents the latest HR Tech public market valuations, reviews the impact of COVID-19 on the job market (new jobs posted by country in April vs. previous 12 months), and summarises 1Q 2020 earnings reports and updated outlook for selected Core HR, Payroll & Benefits firms, Learning & Development businesses, Talent Acquisition platforms and Recruitment firms (permanent as well as temporary).

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Key takeaways from Venero's 2019 HR Tech M&A and investment report

7/23/2019

 
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We are delighted to present our 2019 analysis of M&A and investment trends in the HR Tech sector. This is the second year in a row we release such a report, after the overwhelmingly positive reception of the inaugural publication. 

Similar to last year, in this report we share some of the insights and observations we have gathered from working with companies and investors in the Human Capital Management space over the last 12 months. We review the most prevalent M&A and investment themes, analyse notable transactions and highlight the factors that are likely to drive corporate finance activity for HR Tech businesses going forward.

Below are the key takeaways. You can request the full report here.


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Consolidation Fuelling Cybersecurity M&A

6/4/2019

 

Client Briefing Note: 

Cybersecurity is a sector flush with fragmented technologies. M&A deal flow is underpinned by robust structural growth, transition to the Cloud, government regulations and sophisticated cyber breaches. In this context, small players with niche technologies are acquired by larger peers who need to expand their capabilities and scale their product offerings. 
 
This briefing note looks at the main drivers of M&A activity in the cybersecurity space, reviews transaction volumes, the most active acquirers and trends such as vendor rationalization. It also explains the importance of an Advanced Security Operation Control as a driver for acquisitions and analyzes precedent transaction multiples and public trading valuations.

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Strong Tailwinds for ‘Cloud’ M&A

11/1/2018

 

Client Briefing Note:

IBM’s announced acquisition of Red Hat in a deal with an enterprise value of roughly $34 billion at a hefty premium triggered a recovery in cloud stocks. The reason this particular transaction acted as such powerful a trigger is because it reinforced a pattern that the market has come to expect: transformational deals, outsized tech valuations and continued anxiety among the majors to remain competitive and perhaps even relevant.

This briefing note looks at the recent trends in 'cloud' M&A, the impact on acquisition valuation multiples and the expectations for further consolidation among cloud software companies in 2019.

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Workday Announces Acquisition of Adaptive Insights

6/12/2018

 
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Highlights: 

  • Workday announced it is acquiring Adaptive Insights for $1.55bn, or 14.2x LTM sales. 
  • Adaptive had filed for an IPO last month and was set to go public in a few days. 
  • In FY18 Adaptive crossed the $100 million revenue threshold and had $100 million in annual recurring subscriptions under contract. 
  • This is Workday's third acquisition in 2018. 

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Learning Technologies Group acquires PeopleFluent

4/26/2018

 
Learning Technologies Group
PeopleFluent

Highlights

  • PeopleFluent to be acquired for $150 million
  • LTG will fund the acquisition through a private placing that raised £85m
  • Companies complement each other geographically: 63% of LTG’s revenue are from Europe/UK; 85% of PeopleFluent’s revenues are from North America
  • LTG will extend its product line with the addition of PeopleFluent’s recruiting, compensation, performance and succession offerings 
  • In 2017, PeopleFluent had sales of £83m and underlying profits of £9.2m
  • Recurring revenues at the enlarged group will rise to 68% of the total, with group underlying profits of £23.3m

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Venero Capital Advisors offers tailored and independent investment banking services to businesses operating in HR Tech and the Future of Work sector. Our client relationships are built and carefully maintained on trust, discretion and dedication. We combine in-depth industry expertise with market leading advisory skills – delivered within a highly confidential and unconflicted framework.

Venero Capital Advisors Ltd. is authorised and regulated by the Financial Conduct Authority (the "FCA"), appearing on the FCA register under firm reference number 795179.​ © Copyright 2021 Venero Capital Advisors Ltd.
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