Mergermarket Technology Forum 2016
MAY 10, 2016 | HYATT REGENCY, SAN FRANCISCO
Technology was one of the few sectors that saw deal volume increase in 2015 as global M&A activity fell. With values soaring to almost double that of 2014, tech became a fundamental part of businesses across multiple industries.
Yet despite this, concerns remain over high valuations, the viability of firms in the sector, and how regulators can keep up with an industry that is constantly evolving. The big question is, therefore, what’s next?
Join Mergermarket and leading technology experts as we discuss what 2016 holds for the most disruptive business sector in the world.
Registration and refreshments
Opening remarksJohn A. Bernhardt
Vice President of Venue Sales & Business Development , Donnelley Financial Solutions (moderator)
John Bernhardt is the Director of Venue Sales and Business Development for the Western and Central regions. He has spent his entire 20 year career in the Global Capital Markets business with Donnelley Financial Solutions. Over this time, John has been a part of several product initiatives servicing the M&A, IPO and compliance markets.
Tech M&A in 2016: A year of big or small deals?
- After a record-breaking year, how will 2016 do?
- What factors will drive M&A activity? Healthcare IT? The Internet of Things? The death of traditional media?
- The semiconductor and telecommunication sectors saw much consolidation in 2015 – what will be hot in 2016?
- Dell’s acquisition of EMC was a high-water mark for private equity. What PE opportunities exist going forward?
- Valuation metrics: for how long can strategic buyers offer higher multiples than private equity?
- Technology convergence– in which other, more traditional industries will technology M&A have an increasing presence?
Principal, Bain Capital Private Equity
Darren Abrahamson is a Principal at Bain Capital Private Equity, a leading global private investment firm with
approximately $75 billion in assets under management. Since joining the firm in 2005, Mr. Abrahamson has been
actively involved in a wide spectrum of prominent TMT companies in which Bain Capital Private Equity has made
investments. These businesses include Applied Systems, Inc., a leading provider of software that powers the
business of insurance; BMC Software, a global leader in software solutions; Skillsoft, a provider of online learning
and elearning solutions for global enterprises; Vertafore, the leader in modern insurance technology; and Viewpoint
Construction Software, a leading provider of innovative software solutions and services to the construction industry.David Locala
Managing Director and Head of Global Technology M&A, Citi
David Locala is Head of Citigroup’s Global Technology M&A business, based in San Francisco. He has over 25
years of investment banking experience. Prior to Citigroup, he was Co-Head of the Technology M&A group at
Deutsche Bank, where he had worked as a Managing Director for 10 years. He previously held M&A positions at
Lazard and Morgan Stanley. David has completed over $200 billion of M&A and financing transactions for clients
in the technology, media and telecommunications sectors, and has transaction experience in all sub-verticals
within the technology industry. He holds an MBA from Harvard Business School and a Bachelor of Science in
Commerce from the University of Virginia.Scott Twibell
Co-head Technology & Media Group, Lincoln International
Scott Twibell is Co-Head of Lincoln International’s Technology & Media Group and a member of the firm’s U.S.
Operating Committee. Scott has over 13 years of M&A advisory experience across numerous sectors, including
software, information services, e-commerce and media. He has represented public companies, leading private
equity firms and privately-held businesses. Scott’s notable transactions while at Lincoln include the sale of Inventus
to RPX Corporation, Boxer to VMware and LawLogix to Hyland Software. Scott was also the founder and CEO of Aspora.
com, a cloud-based data management company. Scott holds an MBA from Columbia Business School and a BS
in Information Management Systems from NYU.Paul Scrivano
Chair of the M&A Practice, O’Melveny & Myers (moderator)
Paul Scrivano is the Global Head of O’Melveny’s Mergers & Acquisitions and Private Equity Practice. He has led
more than 100 public company M&A transactions—many of them multibillion-dollar, cross-border deals—and
regularly advises corporate boards on proxy contests and contested matters, high-profile corporate governance
matters, and takeover defense strategies. Paul was recently named “California Lawyer of the Year” by California
Lawyer, “California M&A Lawyer of the Year” by ACQ Global Awards, and one of America’s Top 50 M&A Lawyers
by M&A Atlas Awards.
Shareholder Activism: Tech’s new normal?
- The activist asset class ballooned to USD $112bn in 2015 – up tenfold from 2013. Why has it mushroomed in such a short period?
- What are activists pushing for? Do they want all companies to sell?
- What other forms of ‘shareholder value’ are activists driving?
- Much activism targets smaller cap companies. Is it worth the effort?
- Are executives savvy enough to deal with activists?
- What is the likely outcome for companies like Autodesk, PTC, Symantec, Shutterfly?
- Phantom activist – are more shareholders quietly pushing for change behind the scenes?
- How important is liquidity in the high yield market for activists to push for change?
Senior Managing Director and Global Head of Strategic Shareholder Advisory, , Evercore
Bill Anderson is a Senior Managing Director at Evercore. Prior to joining Evercore, Bill was partner in the M&A group
at Goldman, Sachs & Co., was an M&A attorney at Simpson Thacher & Bartlett, clerked on the United States Court
of Appeals, Second Circuit, was a certified public accountant for Coopers & Lybrand and served as a Captain in the
U.S. Army Reserves. He has advised over 250 companies on activism and raid defense, special committees, crossborder
deals and complicated M&A situations.Kenton King
Partner, Skadden, Arps, Slate, Meagher & Flom LLP
Kenton J. King is the partner in charge of Skadden’s Palo Alto office. He regularly handles complex, cross-border
M&A transactions and advises companies and boards on shareholder activism and corporate governance matters,
with a focus on the technology, semiconductor and biotech sectors. In 2015, Law360 recognized him as one of
three “Technology MVPs” in the country. He was the leader of the deal team recognized by the Daily Journal with
a 2016 “California Lawyer Attorneys of the Year” award for innovative work on behalf of Broadcom Corporation in
its acquisition by Avago Technologies. He received a BA from Stanford University, and his JD from the University of
California at Berkeley.Gavin Slader
Managing Director , JMP Securities
Gavin Slader is a Managing Director in JMP Securities’ investment banking group and serves on the firm’s
investment banking management committee. Prior to JMP, he was a senior banker in the technology, media and
telecommunications investment banking group at UBS Investment Bank, sharing oversight of the west coast
technology mergers and acquisitions practice. Gavin previously held investment banking roles at Credit Suisse First
Boston and its predecessor, Donaldson, Lufkin & Jenrette, concentrating on technology M&A throughout. He began
his Wall Street career at Deutsche Bank. Gavin holds a BA from Claremont McKenna College, graduating with dual
degrees in economics and accounting.Yumi Narita
Vice President- Investment Stewardship, BlackRock
Yumi Narita is a Vice President on BlackRock’s Investment Stewardship team. She is responsible for engaging with
companies on ESG issues, contributing to corporate governance policy development, analyzing proxy statements
and voting shareholder meetings, and supporting BlackRock’s global proxy voting operations. She is also active in
BlackRock’s ESG integration efforts. Her service with the firm dates back to 2004, including her years with Barclays
Global Investors (BGI), which merged with BlackRock in 2009. Ms. Narita is part of the ICGN Shareholder Rights
Committee, the Sustainable Stock Exchanges Initiative and Associação de Investidores no Mercado de Capitais (AMEC).Ed Mullane
US Editor, Activistmonitor (moderator)
Ed Mullane is the US editor of the Mergermarket Group’s Activistmonitor news service which was launch in the spring of 2016. Activistmonitor provides predictive intelligence and behavioral data on shareholder activism to the advisory and investment community. Ed is also the editor of the technology, media and telecom sectors for the Mergermarket product. He has been reporting for this news service since 2006, covering M&A, activism and regulatory matters. Ed has been writing about business and technology since 1986, both as a journalist and as an analyst.
Unicorn funding and financing
- What are the biggest stumbling blocks to raising more money?
- A company’s technology? Management? Unwillingness of earlier stage investors to take write downs? Business models?
- Alternatively, which companies/sectors are successfully raising private capital? Why?
- The IPO landscape has been barren – what does 2016 hold?
- Are mutual funds, such as Fidelity, still participating in pre-IPO funds?
- What has changed in the way venture investors value tech companies?
- How are venture capital firms reacting to the contraction in their portfolio valuations?
- Can the venture capital market support the funding needs of these companies or will they need to tap the public markets?
Founder and General Partner, Benhamou Global Ventures
Eric Benhamou founded Benhamou Global Ventures in 2003 where he served as Managing Director and made
active investments in early stage information technology Silicon Valley firms focused on global enterprise and
telecommunications markets. He has served on 25 corporate boards, including 10 publicly traded companies.
Prior to Benhamou Global Ventures, Eric served as CEO of both Palm and 3Com, and was a founder of Bridge
Communications. Eric has an MS from Stanford University’s School of Engineering, a Diplôme d’Ingénieur and
a Doctorate from Ecole Nationale Supérieure d’Arts et Métiers, Paris. He also holds several honorary doctorates
and international awards.Doug Chu
Co-Head of Listings and Global Head of Technology IPOs, New York Stock Exchange
Doug Chu is Co-Head of Listings and Global Head of Technology IPOs at the NYSE. He’s responsible for advising
and managing relationships with IPO prospects as well as the VC, investment banking, private equity and legal
communities. Prior to NYSE, Doug’s experience as a technology investment banker included 10 years with CSFB
Technology Group advising on over $15 billion of capital raising and M&A transactions. Doug received his BS
in Aerospace Engineering from the Massachusetts Institute of Technology, his MS in Mechanical & Aerospace
Engineering from Princeton University, and his MBA from U.C. Berkeley.John Collmer
Head of West Coast Private Capital Markets, J.P. Morgan
John Collmer runs J.P. Morgan’s West Coast Private Capital Markets team and is involved in all phases of private
finance including origination, structuring, pricing and distribution. Prior to joining J.P. Morgan in 2006, he served as the
Head of Global Equities in Boston whereby he was responsible for developing and executing the Firm’s strategy in
the region. In addition to his leadership responsibilities, John also served as the senior account manager on Fidelity,
Wellington, MFS and Putnam. Prior to J.P. Morgan, he earned his CPA while a member of Ernst & Young’s Advisory
Service Group. He received his BA in Accounting from the University of Massachusetts at Amherst.Sean Giese
Principal, Technology Crossover Ventures
Sean Sean Giese joined TCV in 2007 and focuses on investments including companies addressing mobile/ wireless,
communications, data center infrastructure, storage, networking, security, video, telematics/ M2M and consumer
electronics. Sean is actively involved in TCV’s investments in Actifio, ExtraHop, GoDaddy, and Fuze. He also helped
manage past investments including 2Wire (acquired by Pace), Continuous Computing (acquired by Radisys), Fiberlink
(acquired by IBM), Motricity (NASDAQ: MOTR), and XRS Corp (acquired by Omnitracs).Prior to joining TCV, Sean
worked at Deutsche Bank in the Technology Mergers and Acquisitions group. He received a Bachelor of Science
in Aerospace Engineering from the University of California, Los Angeles.David Makarechian
Partner, O’Melveny & Myers
David Makarechian is the Head of O’Melveny’s Northern California Transactions Practice and a boardroom-level
corporate lawyer with more than 20 years of experience helping entrepreneurs, executives, and investors support
the growth of innovative technology companies. He is recognized for providing clients with experienced guidance
and practical solutions—Chambers and Partners calls him a “professional and detail-oriented” lawyer who is “very
cool and pragmatic,” and Legal 500 cites clients who praise him as “responsive, diligent, and thorough.” From
2006 to 2008, David served as Vice President and General Counsel of a Sequoia Capital-backed technology-enabled
services company.Daniel Perez
Director of Business Strategy, Venue Virtual Data Room, RR Donnelley (moderator)
Daniel Perez is Director of Business Strategy for RR Donnelley’s Venue Virtual Data Room platform, with responsibility
for the strategic marketing and branding direction for Venue globally. Daniel has been with RR Donnelley four
years, and prior to joining RRD, he worked at both NBC Universal and BBC America in the digital media and
marketing divisions in New York. Prior to moving to New York, Daniel worked both in an agency and held in-house
marketing roles in Las Vegas, as well as executive producing a television series for the City of Las Vegas. Daniel
holds a Bachelors Degree in Business and Psychology from Pepperdine University and a MBA from the Gabelli
School of Business at Fordham University.