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Google acquires the most, Apple hasn’t bought big (until now)

Tomasz Tunguz of Redpoint ventures posted this table as part of a long analysis of M&A by leading tech companies over the last 15 years. Here are the takeaways:

Google comes out as the most prolific acquirer by far, with almost twice the number of acquisitions per year as Facebook who sit behind them. [...]

Bubble watch: a comparison of 1999 and 2013

The markets are hotter now than they have been for a while and people are (once again) talking about bubbles. The data points below show that in terms of the IPO market at least the heat is nothing like what it was in 1999.

Median sales of company at time of IPO — $12m in [...]

Amazon the most aggressive acquirer in ecommerce – by far

Click on the chart below to get to an amazing interactive visualisation of 15 years M&A by Apple, Amazon, Google, Yahoo, and Facebook.

From our perspective as ecommerce investors the most interesting thing is confirmation that Amazon is the only volume acquirer in our market, and generally not at huge valuations. That makes it crucial [...]

Explaining why TMT M&A deals at highest level since 2006

Over the weekend the FT wrote that the value of TMT M&A deals in Q1 was $174bn, the highest level since 2006 and up 65% on the year ago period.

The market is hot right now. No doubt about it. The $174bn includes a bunch of cable deals that aren’t relevant for the startup [...]

The key to Whatsapp’s success? Focus on product

 

When I talk about our approach to investing I often say that the next generation of successful companies will be most notable for their amazing products. That contrasts with previous eras where great sales and marketing capabilities and great engineering were often more important than product (think about the great enterprise software [...]

Google has only made four $1bn+ acquisitions

Following Google’s acquisition of Nest last week Venturebeat published the following list of Google’s top ten acquisitions by value:

Motorola Mobility – $12.5 billion, 2012 Nest Labs – $3.2 billion, 2014 DoubleClick – $3.1 billion, 2007 YouTube – $1.7 billion, 2006 Waze – $966 million, 2013 AdMob – $750 million, 2009 ITA Software – $700 [...]

Some lessons on startup financing from Tren Griffin and Nassim Taleb

Nassim Taleb is one of the most visionary thinkers in modern finance. His books Black Swan and Fooled by Randomness are must reads for anyone in the investment business. Tren Griffin writes a good blog about investing, and this post is inspired by his article A dozen things I’ve learned from Nassim Taleb about optionality/investing. Thanks [...]

Non-tech companies are making more acquisitions

Techcrunch has an article up today about the increasing number of tech acquisitions by non-tech companies. Recent examples include:

Monsanto’s acquisition of Climate Corporation for $1.1bn United Health Group’s acquisition of Humedica for ‘hundreds of millions of dollars’ Under Armour’s acquisition of MapMyFitness for $150m Staples’ acquisition of Runa First Data’s acquisition of Clover [...]

Europe’s growing share of $1bn startups

Aileen Lee of early stage fund Cowboy ventures wrote a post for Techcrunch yesterday looking at the characteristics of 39 startups founded since 2003 that are worth over $1bn. She calls them ‘Unicorns’. There has been a lot of discussion since. Most notably Dave McLure who Tweeted that “The future of venture capital is [...]

Twitter’s sensible IPO strategy

NOTE: I wrote the post below a couple of weeks back but failed to hit the publish button. That was before Twitter filed their S1 with a valuation of c$15bn. Whilst that’s not an outrageous increase from $10.5bn from what we know of Twitter’s finances it seems pretty spicy from a multiples perspective – [...]