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1、,THE H1 2016 GLOBAL TECH EXITS REPORT,A comprehensive, data-driven look at global tech exits, including M&A, IPO trends, and much more,The technology marketintelligence platform.,,2,CB Insights software lets you predict, discuss, and communicate emerging technology trends using data in ways that are
2、 beyond human cognition.,The most publicly reference-able customers of anyone in the industry“With CB Insights we can quickly and reliably aggregate data across the investing landscape, from sector trends to financing activity. The intuitive user interface and robust set of features have made it a g
3、o-to resource for our team, and the customer support is second to none.”Kate BarrettDirector, New Enterprise Associates,See what other customers have to say at http:/ FEW OF OUR HAPPY CUSTOMERS,TABLE OF CONTENTS,,4,SUMMARY OF FINDINGS,,5,UNICORN EXITS EXCEED UNICORN BIRTHS IN Q216: Forthe first time
4、 in the past 6 quarters, there were more VC-backed billion dollar exits than new private VC-backed companies valued at $1B+. Some notable VC-backed $1B+ exits include NantHealth and Sitecore, among others.H116 EXIT ACTIVITY DOWN 17% COMPAREDTO H115, BUT Q216 WAS UP: The first half of 2016 saw 1,591
5、exits (1,564 M&A deals and 27 IPOs) compared to 1,910 exits (1,864 M&A deals and 46 IPOs) in H115. After dropping in Q415 and Q116, exit activity made a slight recovery in Q216, up 6% quarter-over-quarter.H116 VENTURE-BACKED EXIT ACTIVITYDECLINED COMPARED TO H115: There were 338 VC-backed exits reco
6、rded in the first half of 2016, a 3% decline compared to the first half of 2015 which saw 350 exits.MOST TECH COMPANIES ARE EXITING FOR LESSTHAN $50M: Among exits with disclosed valuations in H116, 53% of technology companies exited for $50M, while 4% exited at over $1B+. These include Jasper Techno
7、logies, Cruise Automation, and Twilio, among others.SV ANGEL LEADS ALL VCs IN TECH EXITS: SV Angel led all VCsfor number of tech exits in the first half of 2016. However, when analyzing VCs in the top 100 US tech exits since Q412, NEA and Sequoia led all VC investors with the 1st and 2nd spots, resp
8、ectively, while IVP and Accelrounded out the next two spots.,IBM AND MICROSOFT WERE THE MOST ACTIVE TECHACQUIRERS IN FIRST HALF OF 2016: IBM made several large acquisitions during H116 including the $100M acquisition of Resilient Systems, while Microsoft made a splash buying Xamarin for $500M. J2 Gl
9、obal and Cisco ranked among the top 5 most active acquirers as well.INTEL CAPITAL CONTINUES TO LEAD CVCs ANDCORPORATES IN EXIT ACTIVITY: For the fourth straight year, Intel Capital saw the most exits among all corporates and corporate venture arms. In H116, Intel Capital saw exits in Nexmo, iControl
10、 Networks, and Rocketick, among many others. Google Ventures trailed at the No. 2 spot, while Salesforce Ventures rounded out the top 3.IPO ACTIVITY UP IN Q216; H116 STILL DOWN 41%COMPARED TO H115: There were 16 IPOs in Q216, a 45% increase over Q116. Among those IPOs, 8 were VC-backed tech companie
11、s. June 2016 was the top month for global VC-backed IPOs since June 2015. However, both overall and VC-backed IPOs were down significantly in H116 when compared to the first half of 2015.US EXIT ACTIVITY SLIGHTLY RECOVERED IN Q216: There were433 exits in Q216 (429 M&A deals and 4 IPOs) compared to 4
12、30 exits in Q116 (428 M&A deals and 2 IPOs). California and New York led all states in exit activity, and Texas beat out Massachusetts with 50 exits to round out the 3rd spot in H116.NOTE: REPORT ONLY INCLUDES FIRST EXITS. This report onlyincludes companies that have exited for the first time. PayPa
13、l, for example, is not included, despite a second IPO in July 2015, within the time frame of this report. Forquestions regarding this methodology, reach out to ,H116 GLOBAL M&A & IPO TRENDS,,6,H116 TECH EXITS DOWN, BUT SECOND QUARTER UP,There were 1,590+ exits in the first half of 2016, a 17% decrea
14、se compared to the same period in 2015. On a quarterly basis, total exits reached 820 in Q216, a 6% increase over Q116. After an anemic Q116, there were 16 tech IPOs in Q216, which saw companies including NantHealth and Twilio going public. But while activity is trending up, exit activity is still s
15、ignificantly off the Q215 peak.Quarterly Global Tech Exit TrendQ114 Q216,2014,2015,2016,M&AIPO,,7,MORE THAN OF TECH COMPANIES EXIT BETWEEN $50M AND $200M,Based on disclosed valuations, 4% of tech companies exit at $1B+, i.e. were unicorn exits. Meanwhile, more than 50% of tech c ompanies exit$50M an
16、d 26% exit between $50M and $200M.Global Tech Exit ValuationsH116,53%,$50,Exit Valuation ($M),,8,MOST EXITED TECH COMPANIES DONT RAISE VC, PE, OR GROWTH EQUITY,72% of tech companies didnt raise VC, PE, or Growth Equity financing prior to exit in H116. This is actually less than in 2015; 75% of exited tech companies that year did not raise VC, PE, or Growth Equity financing.Funding Status Of Tech Companies At Time Of ExitH116,
