european and italian tech investments · 7 outlier deal €458m may 2017 10.7 12.0 14.9 9.5 21.8...

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technology investment banking

European and Italian

Tech Investments

silverpeakib.com

© Silverpeak LLP 2018

London | Paris | Milan | Hamburg | Munich | Berlin

Silverpeak LLP is an authorised representative of Silverpeak Capital Ltd, which is authorised and regulated by the Financial Conduct Authority

A close look at B-rounds

Prepared for

3

A COMPANY SNAPSHOT

Silverpeak advises innovative, fast-growing technology

companies on M&A and financing transactions

© Silverpeak LLP 2018

Giving us in-depth knowledge and access to counterparties across the globe

London | Paris | Milan | Hamburg | Munich | Berlin

partners with close to 150

years of experience in tech

investment banking

deals and assignments completed

strong global team office locations

Regulated by the Financial Conduct Authority

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RECENT TRANSACTIONS

© Silverpeak LLP 2018 London | Paris | Milan | Hamburg | Munich | Berlin

France / France

May 2018

Investment by

M2M cybersecurity for the

industrial internet

US / France

March 2018

Investment by

Software for multi public

cloud data management

US / Luxembourg

January 2018

Investment in

Social media analytics& monitoring software

Germany / Germany

July 2018

Sale

SaaS knowledge

management solutions

Germany / Germany

October 2017

Sale

(majority stake)

SaaS business e-commerce

middleware platform

Germany / Germany

October 2017

Sale

(majority stake)

POS payment specialist

UK / US

October 2017

Sale

Mobile payment &

analytics platform

Germany / Germany

September 2017

Sale

(majority stake)

Data management software

UK / UK

September 2018

Investment by

Autonomous vehicle

software

UK / UK

October 2018

Investment by

Smart electronic

ticketing technology

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EUROPEAN TECH B-ROUNDS

2018 looks on track to reach new highs for B-rounds


Series B Total Financing Amounts (€m) and Deal Count by Half-Year, 2015-2018H1

Source: Pitchbook

€ 479m€ 613m

€ 702m

€ 486m

€ 1,223m

€ 842m

€ 1,606m

45

51

47

51

56

50

83

H1'15 H2'15 H1'16 H2'16 H1'17 H2'17 H1'18

Total Financing Amounts Deal Count

As at September 20th 2018

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Shift towards larger deals


Breakdown of Series B funding rounds by size range between 2015 and 2018YTD

Source: PitchbookAs at September 20th 2018

42%

27% 24%

11%

18%

29%

21%

20%

28%28%

33%

38%

11%15%

17%

25%

1% 1%

5% 6%

2015 2016 2017 2018 YTD

> €50m

€20-50m

€10-20m

€5-10m

< €5m


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OUTLIER DEAL

€458mMay 2017

10.7

12.0

14.9

9.5

21.8

16.8

19.418.3

7.4

10.0

11.9

7.3

11.5 12.0

14.615.4

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018

Average size Median size

The Median size of B-round deals doubled since 2015


Median and Average size (in €m) of Series B rounds by Half-Year, 2015-2018YTD



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Europe is generating more mega-rounds


Top 5 largest Series B funding rounds in 2017-2018YTD


2

34

5 1

1

2

3

4

5

€458mUnited Kingdom

€140mAustria

€102mNetherlands




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EUROPEAN TECH VENTURE ENVIRONMENT

Software sector accounts for more than half of B & C

rounds in both volume and value


Number and value of funding raised by software companies


40% 40% 54% 57%

2015 2016 2017 2018

45% 38% 62% 60%

60 6088 80

€889m €885m €1,953m €1,828m

IN

VOLUME

IN

VALUE

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UK and DE combined make up c. 50% of the European

market in 2015-2018YTD, but losing market share in 2018


# of Series B Rounds by country

Source: Pitchbook

(2015-2018YTD)

Value of Series B Rounds by country(2015-2018YTD)

32%

18%

14%

6%

4%

143

81

61

28

18 =

39%

15%

15%

5%

5%

€2.5bn

€972m

€937m

€350m

€294m

Trend in 2018YTD compared to the 2015-2018YTD period | As at September 20th 2018


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Only a small number are repeat B-round investors


Investors who participated in more than two Series B funding rounds in 2017-2018YTD

Source: Pitchbook

3 4 5 6 7 8 9 12

2517

7

4

22

11

==

NEW

NEW

NEW

Trend in 2017-2018YTD compared to the 2015-2016 period | As at September 20th 2018NEW


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Only 27 investors led more than one round since last year


Investors who led more than one Series B funding round in 2017-2018YTD

Source: Pitchbook

2 3 4 5

NEW

=

=

NEW

NEW

NEW

Trend in 2017-2018YTD compared to the 2015-2016 period | As at September 20th 2018


13© Silverpeak LLP 2018 London | Paris | Milan | Hamburg | Munich | Berlin

ITALIAN TECH FINANCING ENVIRONMENT

€120mFUND SIZE

FOCUS

Italian startups - B2C and B2B sector

€150mFUND SIZE

FOCUS

Early stage and Series A

€150mFUND SIZE

FOCUS

Growth stage

€250mFUND SIZE

FOCUS

Late stage

2017 2018

Selected VC funds raised in Italy in 2017-2018YTD

As at October 10th 2018 | Fund size refers to total target Source: Pitchbook

FII Tech Growth


ITALIAN TECH FINANCING ENVIRONMENT

€26.5mLATER STAGE

€10mPE GROWTH

€8.5mSERIES A

€46mSERIES B

€16.9mPE GROWTH

€13mSERIES B

Selected Italian funding rounds in 2018YTD

€n.a.PE GROWTH

€15mSERIES B

€10mSERIES A

€16.4mSERIES B

€20mSERIES A

€100mPE GROWTH

As at October 10th 2018 Source: Pitchbook


ITALIAN TECH M&A ENVIRONMENT

2017

€n.a.

€184mvia

€n.a.

€80m

€n.a.

€n.a.via

2018

€n.a.via

€46.3m

€300m

Buyers / Investors

Target / Acquired

Selected M&A transactions

involving an Italian target

company in 2017-2018YTD

As at October 10th 2018 Source: Pitchbook

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silverpeakib.com


Disclaimer

Neither this presentation nor any of its contents may be used without the prior written consent of Silverpeak LLP, trading as ‘Silverpeak technology investment

banking’ (“Silverpeak”).

The information in this presentation reflects prevailing conditions and our views as of this date, all of which are subject to change. In preparing this

presentation, Silverpeak has relied upon and assumed, without independent verification, the accuracy and completeness of all information available to us or

from public sources or which was otherwise reviewed by us.

Pietro Strada

Managing Partner

M +44 (0) 7798 603784

T +44 (0) 20 7529 5402

E [email protected]

Matteo Pozzi

Director

M +44 (0) 7825 840785

T +44 (0) 20 7529 5403

E [email protected]

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Thank you from Silverpeak LLP

european and italian tech investments · 7 outlier deal €458m may 2017 10.7 12.0 14.9 9.5 21.8...

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