In today’s tech M&A market, it’s easy to find advice on how and when to sell a technology company. Unfortunately, a lot of it is wrong. And not simply wrong, but potentially damaging, both to your M&A prospects and potentially to your company’s future. In the May edition of Tech M&A Monthly, Corum’s global team of dealmakers will examine a multitude of misconceptions that can put your company’s value at risk, kill deals, and even destroy companies. Plus, news from the M&A trenches, plus key deals, trends and valuations from the last month.
2. 2
Timothy joined Corum in 2011, and oversees the company’s marketing efforts globally from the headquarters near
Seattle. Chief among these is Corum's extensive conference schedule, “Selling Up, Selling Out,” the Merge Briefing,
the Tech M&A Monthly webcast and Corum's platinum sponsorship of the World Financial Symposiums' live events
and Market Spotlight series. Through these events, Corum Group serves as the world’s leading educator in
technology mergers and acquisitions.
Prior to joining Corum, Timothy served as marketing and product manager for GIS software startup Depiction, Inc.,
and previously worked in marketing for VizX Labs, a pioneering SaaS startup delivering DNA analysis tools. In
addition to marketing for software startups, Tim has worked for a US Senate campaign and taught science in Rio de
Janeiro.
Timothy graduated Magna Cum Laude from Bethel University in St. Paul, Minnesota, with degrees in History and
Biology.
Welcome
Timothy Goddard
SVP, Marketing
Corum Group Ltd.
3. 3
Agenda
Welcome
Upcoming: WFS New York 2017
Field Reports
May 2017 Research Report
Misconceptions Killing Deals Today
Q&A
4. 4
WFS New York 2017
Thursday, June 1, 2017
Register at:
https://www.wfs.com/ny-2017
5. 5
Field Report: AI Enablement
Allan Wilson
Vice President
Corum Group Ltd.
Allan has over 30 years of executive and entrepreneurial experience and has built and sold several
software companies in sectors including, manufacturing, supply chain, big data, predictive analytics
and social networks. He has deep understanding of Aerospace, Automotive, High Tech, Healthcare,
Consumer Products and Military Contracting operating models.
Allan has extensive international experience and lived in Germany for a time working for SAP, following
the sale of his company to them in 2009.
6. 6
Field Report: Online Exchanges
Entertainment software entrepreneur Jim Perkins is directly responsible for publishing some of the industry’s biggest
franchises, including Unreal, Duke Nukem, Wolfenstein, Doom, Hunting Unlimited, and Driver. A well-known senior
executive with a 22-year track record of publishing such bestselling hits, he founded and grew two highly successful
software publishing companies (FormGen and ARUSH) from start-ups to multi-million dollar enterprises.
Jim also launched Radar Group, the first Transmedia Incubation Company to monetize entertainment franchises across
all media, including film and television. His success and extensive experience in software production, marketing and
public relations, packaging, online and retail distribution and software M&A, uniquely qualify him as an expert in building
value and realizing wealth. Jim joined Corum Group, the world’s leading software M&A firm, with a specific focus on
educating and helping prospective sellers maximize the value of their digital media companies.
Jim Perkins
Executive Vice President
Corum Group, Ltd.
7. 7
Corum Research Report
Elon Gasper
EVP, Research
Amber Stoner
Director of Research
Amanda Tallman
Senior Analyst
11. 11
$2.4B
INTERNET
$7.7B
$1.9B
$3.4B
2017 Mega Deals – YTD
IT SERVICES
$9.7B
$2.6B
$4.3B
$2.8B
HR BPO assets
INFRASTRUCTURE
$7.5B
$3.7B
$1.6B
$1.1B
$1.1B
VERTICAL
$20B
$1.1B
$2.0B
$15.3B
$2.3B
Target: Hitachi Kokusai Electric [Japan] strategic carve-outs
Acquirer: KKR [USA], others
Transaction Value: $2.3B
- Comm & chip production systems conglomerate founded in 1949
- Complex deal re-sorting parts among Hitachi Group entities and PEs
- Video and Communications Solutions business: face recognition, video
compression, other info search & systems buried in old-line industrial org
Visual Intelligence
Systems
Sold to
12. 12
Corum Top Ten Technology Trends 2017
AI Enablement IoT
Software
Visual
Intelligence
Systems
Digital Currency
Flow
Data Science
Monetization
Online
Exchanges
Omni-channel
Sales
Connected
Health
Focused IT
Services
Data
Security
CORECONTOUR
13. 13
Horizontal Application Software Market
3.9x
19.5x
Public Valuation Multiples
EV
Sales
Since Q1 Corum Analysis
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
April 2017
14. 14
Horizontal Application Software Market
Deal Spotlights: Omni-channel Sales
3.9x
19.5x
EV
Sales
Since Q1
EV
EBITDA
April 2017 Corum Analysis
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
Target: ToutApp [USA]
Acquirer: Marketo [Vista Equity Partners] [USA]
- Sales productivity and email marketing SaaS
- Bridges the gap between Marketo’s marketing inventory and ToutApp’s sales tech
Sold to
Target: Moat [USA]
Acquirer: Oracle [USA]
Transaction Value: $600M (13.3x EV/Sales)
- Advertising analytics SaaS
- Moat remains an independent platform within Oracle Data Cloud
Sold to
15. 15
Corum AnalysisApril 2017Since Q1
19.5x
Highest level since
Q1 2015.
Near historic highs,
as tech leads the
markets.
EV
EBITDA
EV
Sales 3.9x
Horizontal Application Software Market
Deal Spotlights: Marketing
Target: Experian (cross-channel marketing division) [Ireland]
Acquirer: Vector Capital [USA]
Transaction Value: $300M
- Cross-channel marketing automation and email advertising SaaS
Sold to
Target: Turnstyle Analytics [Canada]
Acquirer: Yelp [USA]
Transaction Value: $20M
- Customer analytics and marketing automation SaaS
Sold to
16. 16
Since Q1 Corum AnalysisApril 2017
3.9x
EV
Sales
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
19.5x
Horizontal Application Software Market
Deal Spotlight: Digital Currency Flow
Sold to
Sold to
Target: 2Checkout.com [USA]
Acquirer: Avangate [Netherlands]
- Payment processing and mobile payment services for hosted checkout
Target: RatePay [Germany]
Acquirer: Advent International/Bain Capital [USA]
- Online payment, installment payment and invoicing SaaS
17. 17
Since Q1 Corum AnalysisApril 2017
3.9x
EV
Sales
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
19.5x
Horizontal Application Software Market
Deal Spotlight: Omni-channel Sales
Target: Shopial [Israel]
Acquirer: Magento [USA]
- Allows online merchants to advertise on social media sites
- Forms core of Magento Social
Sold to
18. 18
Since Q1 Corum AnalysisApril 2017
3.9x
EV
Sales
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
19.5x
Horizontal Application Software Market
Deal Spotlight: AI Enablement
Sold to
Target: 360pi [Canada]
Acquirer: Market Track [Aurora Capital Group] [USA]
- Price intelligence SaaS for retailers
- 360pi expands MarketTrack’s eCommerce offerings
19. 19
3.9x
19.5x
EV
Sales
Since Q1 Corum Analysis
EV
EBITDA
Near historic highs,
as tech leads the
markets.
Highest level since
Q1 2015.
April 2017
Horizontal Application Software Market
Deal Spotlights: Workforce Management
Sold to
Target: Vertex Solutions Group [USA]
Acquirer: TCC Software Solutions [USA]
- Employee training and workforce management software
Sold to
Target: PRO Unlimited [Investcorp/Mumtalakat] [USA]
Acquirer: Harvest Partners [USA]
- E-procurement and contingent labor management SaaS
Sold to
Target: ShiftHound [USA]
Acquirer: ABILITY Network [USA]
- Workforce and revenue cycle management SaaS
20. 20
Internet Market
Public Valuation Multiples
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
21. 21
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Travel-Ticker.com [United Arab Emirates]
Acquirer: HotelPlanner.com [USA]
- Online travel reservation service and blog
- About one out of every 20 group bookings in the U.S. goes through HotelPlanner
Sold to
Target: Vacaleo [includes FeWo] [Germany]
Acquirer: AirBnB [USA]
- Online vacation rental search and price comparison service
Sold to
22. 22
Deal Spotlights: Travel
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Sold to
Sold to
Target: Availpro [France]
Acquirer: Accor [dba AccorHotels] [France]
- Hotel reservation management and related marketing automation SaaS
Target: VeryChic [France]
Acquirer: Accor [dba AccorHotels] [France]
- Online service that allows finding deals on various hotels
23. 23
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: TopTix [Israel]
Acquirer: SeatGeek [USA]
Transaction Value: $56M
- Event ticketing SaaS for entertainment and sports
- Will be integrated into SeatGeek Open, allowing artists and teams to
sell directly within other apps and websites
Sold to
24. 24
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Sold to
Target: Beautyst [France]
Acquirer: Feelunique [United Kingdom]
- Online marketplace, community and blog for makeup and skincare products
Sold to
Target: eBay India [India]
Acquirer: Flipkart [India]
- Online product auction services for consumers and businesses in India
25. 25
Deal Spotlights: Pets
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Just4MyPet [USA]
Acquirer: MailPix [USA]
- Online retailer of personalized pet products
Sold to
Target: Kampo [USA]
Acquirer: Petco [USA]
- Online service and app enabling pet-owners to connect with veterinarians
Sold to
26. 26
$2.4B
INTERNET
$7.7B
$1.9B
$3.4B
2017 Mega Deals – YTD
IT SERVICES
$9.7B
$2.6B
$4.3B
$2.8B
HR BPO assets
INFRASTRUCTURE
$7.5B
$3.7B
$1.6B
$1.1B
$1.1B
VERTICAL
$20B
$1.1B
$2.0B
$15.3B
$2.3B
Sold to
Target: Chewy.com [USA]
Acquirer: PetSmart [USA]
Transaction Value: $3.4B (reported)
- Online pet products marketplace
27. 27
Deal Spotlights: Online Exchanges
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Sold to
Target: CreativeBug [USA]
Acquirer: Jo-Ann Stores [USA]
- Online video craft instruction
Target: Decorist [USA]
Acquirer: Bed Bath & Beyond [USA]
- Online interior design services
Sold to
28. 28
Deal Spotlight: Digital Currency Flow
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Flattr [Sweden]
Acquirer: Eyeo [Germany]
- Online service enabling donations to content creators
- Both companies partnered before to launch Flattr Plus, which allows users
to contribute cash in exchange for content they consume online
Sold to
29. 29
Deal Spotlight: Blockchain
Internet Market
4.2x
26.4x
EV
Sales
Corum Analysis
EV
EBITDA
Small increase along
with other markets…
…with EBITDA
metric spiking to
multi-year highs.
April 2017Since Q1
Target: Mediachain Labs [USA]
Acquirer: Spotify [Sweden]
- Web-based peer-to-peer blockchain digital rights management service
- Mediachain plans to turn over its tech stack to the open source community
Sold to
30. 30
Infrastructure Software Market
3.5x
16.6x
Public Valuation Multiples
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
31. 31
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
Infrastructure Software Market
Deal Spotlights: Security
Sold to
Target: TeleSign [USA]
Acquirer: BICS [Proximus Group]
Transaction Value: $230M (2.3x EV/Sales and 23x EBITDA)
- Cloud-based APIs and SDKs for authentication & anti-fraud
Sold to
Target: SecurEnvoy [United Kingdom]
Acquirer: Shearwater Group [United Kingdom]
Transaction Value: $25.3M (6.2x EV/Sales and 9.1x EBITDA)
- SMS and email authentication software and SaaS
Sold to
Target: Little Flocker [USA]
Acquirer: F-Secure [Finland]
- Anti-malware and ransomware software for Macs
32. 32
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
Infrastructure Software Market
Deal Spotlights: Data Security
Target: MXForce [USA]
Acquirer: J2 Global [USA]
- Web-based email security software
Sold to
Target: Send Technology [MXForce] [USA]
Acquirer: J2 Global [USA]
- Email encryption software integrating into Web
Sold to
33. 33
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
Since Q1 April 2017
Sold to
Target: Viptela [USA]
Acquirer: Cisco [USA]
Transaction Value: $610M (24.4x EV/Sales)
- Wide Area Network visualization SaaS
- Comes on heels of Cisco’s acquisition of business provider AppDynamics
Infrastructure Software Market
Deal Spotlight: Virtualization
34. 34
3.5x
16.6x
EV
Sales
Corum Analysis
EV
EBITDA
Holding level from Q1’s
highs…
…as EBITDA multiples
continue to closely track
Sales metrics.
.
Since Q1 April 2017
Infrastructure Software Market
Deal Spotlight: Telecom Expense Management
Sold to
Target: Tangoe [USA]
Acquirer: Marlin Equity Partners [USA]
Transaction Value: $305M
- Telecom management software and SaaS
- Combines Tangoe with Asentinel to support its commitment to TEM market
37. 37
A leader in the software industry, Bruce has founded or owned four software companies, including the largest vertical
market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related company in the
world.
He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding
investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past advisor to
two governors and a senator, a board member of the Washington Technology Center, and founder of the WTIA, the
nation’s most active regional technology trade association.
He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200 most
influential individuals in the IT community in Europe. He was also the only American juror for the recent Tornado 100
Awards given to Europe’s top technology firms
A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for
success, including Power Planning. He is a frequent lecturer and author.
17 Misconceptions Killing Deals Today
Bruce Milne
CEO
Corum Group Ltd.
39. 39
17 Misconceptions Killing Deals Today
Ivan Ruzic, Ph.D.
Vice President
Corum Group Ltd.
We can’t sell –
we’re not profitable
40. 40
17 Misconceptions Killing Deals Today
We have conflict
to resolve first
Rob Griggs
Vice President
Corum Group Ltd.
41. 41
17 Misconceptions Killing Deals Today
Andy Hill
Regional Advisor
Corum Group Ltd.
I’ll launch my next
version, then sell
42. 42
17 Misconceptions Killing Deals Today
Steve Jones
Vice President
Corum Group Ltd.
We’ll get locked
into a bad deal
43. 43
17 Misconceptions Killing Deals Today
Jeff Brown
Senior Vice President
Corum Group Ltd.
We’ve lost key
people, can’t sell now
44. 44
17 Misconceptions Killing Deals Today
Dan Bernstein
Vice President
Corum Group Ltd.
We’re going to work
it out with our
inbound buyer
45. 45
17 Misconceptions Killing Deals Today
David Levine
Vice President
Corum Group Ltd.
We’ll raise another
round, then sell
46. 46
17 Misconceptions Killing Deals Today
Nina Seghatoleslami
Vice President, Client Services
Corum Group Intl.
Preparation starts
when you decide to sell
47. 47
17 Misconceptions Killing Deals Today
Rob Schram
Senior Vice President
Corum Group Ltd.
We have too much
debt to sell
48. 48
17 Misconceptions Killing Deals Today
Allan Wilson
Vice President
Corum Group Ltd.
Buyers don’t want an
exclusive intermediary
49. 49
17 Misconceptions Killing Deals Today
Jeff Riley
Vice President
Corum Group Ltd.
We’re not SaaS, so
buyers won’t bite
50. 50
17 Misconceptions Killing Deals Today
Julius Telaranta
Vice President
Corum Group Intl.
I need an audit
before selling
51. 51
17 Misconceptions Killing Deals Today
Jim Perkins
Executive Vice President
Corum Group Ltd.
I already know
my buyer
52. 52
17 Misconceptions Killing Deals Today
Jon Scott
Managing Director
Corum Group Intl.
We want to buy
first, then sell
53. 53
17 Misconceptions Killing Deals Today
Peter Prince
Vice President
Corum Group Intl.
Buyers won’t want
our legacy tech
54. 54
17 Misconceptions Killing Deals Today
Joel Espelien
Vice President, Client Services
Corum Group Ltd.
I don’t want to go
to market too early
55. 55
Upcoming Conference Schedule
Selling Up Selling Out (SUSO) - Ready to go to market? During this half-day workshop, learn to prepare, position,
research, value, negotiate, and execute due diligence for maximum price and structure. This is the most attended Tech M&A
event ever – participants have done over $1 trillion in transaction value.
Merge Briefing (MB) - The Merge Briefing is a 90-minute executive briefing providing a current M&A market update (trends,
valuations, etc.), as well as a brief overview of the Tech M&A process: “8 Steps To An Optimal Outcome.”
www.CorumGroup.com/Events
May 17: Singapore – SUSO
May 23: Sydney – MB
May 23: Lisbon – MB
May 23: Akron – MB
May 24: Madrid – MB
May 24: Cleveland – MB
May 24: Brisbane – SUSO
May 25: Melbourne – MB
May 25: Columbus – MB
May 29: Auckland – MB
May 30: Dublin – SUSO
May 31: London– SUSO
Key Message: Tech M&A for 2016 YTD remains strong, just like 2015, a very strong year
We can see from the Corum Index how strong 2015 was for tech M&A. Here we see a snapshot the activity from Feb 2015 compared to the same for Feb 2016. In the broader market, the number of deals is down but only slightly for the month. This month to month fluctuation is normal while mega deals are up. The pipeline indices are down while financial buyers and investors catch their breath. Remember though the amount of dry powder (unspent cash) that remains to be invested. The Attributes remain steady, little notable change.
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
Key Message: Align your company with one or more of these trends to maximize your opportunity
Let's look at the Top Ten disruptive technology trends that are creating the acquisition activity across the technology landscape.
At Corum, we have compiled our list of Top Ten disruptive technologies creating this extraordinary M&A opportunity. We’ve comprised our list from our perspective of what’s driving M&A deals, what is creating the strongest valuations, wealth and liquidity for our clients. As you think about your position within your technology arena, what’s important to know is this:
That your company is not being made obsolete by any of these disruptive forces. Generally, if you are not aligned with one or two disruptive technologies then you are at risk of becoming obsolete by someone who is.
That you are making your company, products, services relevant by seizing the opportunity within the disruption driven by one or more of these trends. Don’t become the casualty of disruption.
That you are riding the wave of one or more disruptive trends. Be sure to position your company and tell your story within this disruptive context.
These disruptive forces will be evident in your markets in varying degrees, some more than others. If they are not so obvious yet, that doesn’t mean they are not bubbling below the surface and will become critical with some unexpected trigger or a black swan event. Be aware, understand their impact and take advantage. Position your business around one or more. They are driving the fastest change, the greatest opportunity, the most rapid adoption, the differentiation and sustained competitive advantage. Most importantly the value creation.
I won’t spend a lot of time on each of these. We cover them in detail in our monthly webinars. They break down into 2 segments – Technologies that CONNECT and those that are used to CREATE.
While multiples in the Internet market experienced a slight dip since last month, activity in its pure play subsector remained steady and saw some interesting transaction sets in advertising and online recruitment space….
Now, let’s turn to the Corum Index on deals – valuations, volume, structures, …etc..
This report is done monthly for six major sectors and quarterly for all 26 markets. It’s presented at our online M&A Monthlies which are broadcast to 36 countries the second Thursday at 10 a.m. Pacific Mountain Time.
How many of you have attended one of these monthly or quarterly events? (See a show of hands – usually not more than 20%.)
Well, if you’re serious about selling in the next year or two, I would urge you to tune in to these broadcasts. They have all the latest information on valuations, deal structures, who’s selling, plus special market reports, and insider presentations on trends that you need to know to best position for optimal value. Further, we have guest speakers – recent headliners, buyers, or CEOs who have just sold and give you the lowdown on what it’s like in the M&A trenches right now.
Here’s the latest Corum Index. [NEW COPY NEEDED]
By the way, an example of the full 26 market report is in the annual report. (Have them pull that back up)
Everyone open up to the market sections to see more detail. There are also special reports by Corum Staff – considered world experts in the major trends.
We’ve reached the end. The celebration part.
Selling software, IT and related technology companies is very satisfying. You become close to your clients after such an intense process. Unfortunately, the closings are often very anti-climactic. Ending with a whimper with some government filing, a wire transfer, the parties scattered across the globe. That why once a year we take our clients who successfully sold to Langara in the gulf of Alaska – we’ve been doing this for 23 years. You can more about these trips, and comments from those company owners like you who have attended.
So, I’ll close by simply inviting you to go fishing with us.
Thank you for your time today.