CBinsights發(fā)布上半年全球科技企業(yè)退出案例報(bào)告

THEH12021GLOBALTECHEXITSREPORTA

comprehensive,

data-driven

look

at

global

tech

exits,

including

M&A,

IPO

trends,

and

much

moreThe

technology

marketintelligence

platform.2CB

Insights

software

lets

you

predict,

discuss,

and

communicate

emerging

technology

trends

using

data

in

ways

that

are

beyond

human

cognition.Themostpubliclyreference-ablecustomersofanyoneintheindustry“WithCBInsightswecanquicklyandreliablyaggregatedataacrosstheinvestinglandscape,fromsectortrendstofinancingactivity.Theintuitiveuserinterfaceandrobustsetoffeatureshavemadeitago-toresourceforourteam,andthecustomersupportissecondtonone...〞KateBarrettDirector,NewEnterpriseAssociatesSeewhatothercustomershavetosayat://cbinsights/customer-love3A

FEW

OF

OUR

HAPPY

CUSTOMERSTABLE

OF

CONTENTS4#SECTION5Summary6Global

Trends13GeographicRecaps20VC-Backed

Trends32League

TablesSUMMARY

OF

FINDINGS5UNICORNEXITSEXCEEDUNICORNBIRTHSINQ2’16:Forthefirsttimeinthepast6quarters,thereweremoreVC-backedbilliondollarexitsthannewprivateVC-backedcompaniesvaluedat$1B+.SomenotableVC-backed$1B+exitsincludeNantHealthandSitecore,amongothers.H1’16EXITACTIVITYDOWN17%COMPAREDTOH1’15,BUTQ2’16WASUP:Thefirsthalfof2021saw1,591exits(1,564M&Adealsand27IPOs)comparedto1,910exits(1,864M&Adealsand46IPOs)inH1’15.AfterdroppinginQ4’15andQ1’16,exitactivitymadeaslightrecoveryinQ2’16,up6%quarter-over-quarter.H1’16VENTURE-BACKEDEXITACTIVITYDECLINEDCOMPAREDTOH1’15:Therewere338VC-backedexitsrecordedinthefirsthalfof2021,a3%declinecomparedtothefirsthalfof2021whichsaw350exits.MOSTTECHCOMPANIESAREEXITINGFORLESSTHAN$50M:AmongexitswithdisclosedvaluationsinH1’16,53%oftechnologycompaniesexitedfor<$50M,while4%exitedatover$1B+.TheseincludeJasperTechnologies,CruiseAutomation,andTwilio,amongothers.SVANGELLEADSALLVCsINTECHEXITS:SVAngelledallVCsfornumberoftechexitsinthefirsthalfof2021.However,whenanalyzingVCsinthetop100UStechexitssinceQ4’12,NEAandSequoialedallVCinvestorswiththe1stand2ndspots,respectively,whileIVPandAccelroundedoutthenexttwospots.IBMANDMICROSOFTWERETHEMOSTACTIVETECHACQUIRERSINFIRSTHALFOF2021:IBMmadeseverallargeacquisitionsduringH1'16includingthe$100MacquisitionofResilientSystems,whileMicrosoftmadeasplashbuyingXamarinfor$500M.J2GlobalandCiscorankedamongthetop5mostactiveacquirersaswell.INTELCAPITALCONTINUESTOLEADCVCsANDCORPORATESINEXITACTIVITY:Forthefourthstraightyear,IntelCapitalsawthemostexitsamongallcorporatesandcorporateventurearms.InH1’16,IntelCapitalsawexitsinNexmo,iControlNetworks,andRocketick,amongmanyothers.GoogleVenturestrailedattheNo.2spot,whileSalesforceVenturesroundedoutthetop3.IPOACTIVITYUPINQ2’16;H1’16STILLDOWN41%COMPAREDTOH1’15:Therewere16IPOsinQ2’16,a45%increaseoverQ1’16.AmongthoseIPOs,8wereVC-backedtechcompanies.June2021wasthetopmonthforglobalVC-backedIPOssinceJune2021.However,bothoverallandVC-backedIPOsweredownsignificantlyinH1’16whencomparedtothefirsthalfof2021.USEXITACTIVITYSLIGHTLYRECOVEREDINQ2’16:Therewere433exitsinQ2’16(429M&Adealsand4IPOs)comparedto430exitsinQ1’16(428M&Adealsand2IPOs).CaliforniaandNewYorkledallstatesinexitactivity,andTexasbeatoutMassachusettswith50exitstoroundoutthe3rdspotinH1’16.NOTE:REPORTONLYINCLUDESFIRSTEXITS.Thisreportonlyincludescompaniesthathaveexitedforthefirsttime.PayPal,forexample,isnotincluded,despiteasecondIPOinJuly2021,withinthetimeframeofthisreport.Forquestionsregardingthismethodology,reachouttoinfo@cbinsightsH1’16

GLOBAL

M&A

&

IPO

TRENDS6H1’16

TECH

EXITS

DOWN,

BUT

SECOND

QUARTER

UPTherewere1,590+exitsinthefirsthalfof2021,a17%decreasecomparedtothesameperiodin2021.Onaquarterlybasis,totalexitsreached820inQ2’16,a6%increaseoverQ1’16.AfterananemicQ1’16,therewere16techIPOsinQ2’16,whichsawcompaniesincludingNantHealthandTwiliogoingpublic.Butwhileactivityistrendingup,exitactivityisstillsignificantlyofftheQ2’15peak.QuarterlyGlobalTechExitTrendQ1’14–Q2’16202120212021M&A

IPO734982128821681116804117602472723723426921867625644MORE

THAN

?

OF

TECH

COMPANIES

EXIT

BETWEEN

$50M

AND

$200MBased

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

and

26%

exit

between

$50M

and

$200M.Global

Tech

Exit

ValuationsH1’1653%<$50Exit

Valuation

($M)8$50

-

$10012%$100

-

$20014%$200

-

$3007%$300

-

$4005%$400

-

$5001%$500

-

$6002%$600

-

$7000%$700

-

$8001%$800

-

$9001%$900

-

$10000%$1000+4%MOST

EXITED

TECH

COMPANIES

DON’T

RAISE

VC,

PE,

OR

GROWTH

EQUITY72%oftechcompaniesdidn’traiseVC,PE,orGrowthEquityfinancingpriortoexitinH1’16.Thisisactuallylessthanin2021;75%ofexitedtechcompaniesthatyeardidnotraiseVC,PE,orGrowthEquityfinancing.FundingStatusOfTechCompaniesAtTimeOfExitH1’16Raised

Prior

Funding72%28%Didn't

Raise

Funding9US

LEADS

OVERALL

ACTIVITY,

UK

AND

INDIA

LEAD

INTERNATIONALLYUnsurprisingly,theUSledexitactivitywhileEuropeancountriesliketheUKandGermanyrankedinthetop5.Chinafellbelowthetop10afterplacingatthe7spotinouryear-end2021report.CountryRankByNumberOfTechExitsH1’1610RANKCOUNTRYRANKCOUNTRYRANKCOUNTRY1United

States15Ireland28Hong

Kong2United

Kingdom16Singapore28Malaysia3India17Denmark28Romania4Canada18Switzerland28Austria5Germany18Norway33Uganda6France20South

Africa33Belarus7Australia21Nigeria33Indonesia8Spain22New

Zealand33Hungary8Israel22Poland33Turkey10Sweden22Brazil33Estonia11China22Belgium33Czech

Republic11Netherlands26Thailand33Vietnam13Italy26FinlandPhilippines14Japan28MOBILE

EXITS

ACCOUNTED

FOR

15%+IN

INDIA,

CANADA,

AND

USEverycountryinthetop5hadexitsdominatedbytheinternetsector.BothIndiaandCanadasawmobileexitactivityaccountfor20%+inthefirsthalfof2021.SectorShareOfTechExitsByTop5CountriesH1’1659%55%59%15%11%6%10% 11%10%4%

1%6% 2%6%

3%14%18%13%5%

1%8%United

StatesUnited

KingdomGermanyInternetSoftware

(non-internet/mobile)ElectronicsMobile

&

Telecommunications

Computer

Hardware

&

Services

Consumer

Products

&

Services11Canada55%23%5%9%India63%28%MOBILE

EXITS

TRENDING

DOWNWARD

GLOBALLYIt’s

not

surprising

that

internet

exits

attracted

the

most

attention.

Mobile

exits

have

sloweddown,

reaching

a

5-quarter

low

to

account

for

15%

of

global

tech

exits

in

Q2’16.Share

Of

Tech

Exits

By

SectorQ2’15

–

Q2’1658%60%57%58%60%21%19%18%16%15%12%3%10%6%13%9%11%8%13%8%4%4%3%5%5%2%1% 1%1%1%Q2'15

Q3'15InternetSoftware

(non-internet/mobile)

ElectronicsQ4'15

Q1'16Mobile

&

Telecommunications

ComputerHardware

&

Services

Consumer

Products

&

Services12Q2'16GEOGRAPHIC

RECAPSEUROPEAN

EXIT

ACTIVITY

UP

IN

Q2’16Quarterly

Tech

Exit

Volume:

EuropeQ2’15

–

Q2’1623518918018120851633Q2'15Q3'15Q4'15Q1'16Q2'16M&A

IPOEuropean

M&A

recovered

nicelyin

Q2’16

with

208

acquisitions

and

3

IPOs.Select

Exits$350M

//

M&A$250M

//

M&A$150M

//

M&A

Top

Countries

United

Kingdom135

M&A

//

1

IPO63

M&A

//

1

IPOFrance38

M&AASIANEXITSUPINSECONDQUARTEROF2021Asian

exits

increased

slightly

in

Q2’16

with

90

acquisitions

and

4

IPOs.

Activity

is

still

down

from

Q2’15

highs,

but

is

onan

upward

trendoverthe

last

two

quarters.

India

outpacedChina

in

overall

exit

activity.Quarterly

Tech

Exit

Volume:

AsiaQ2’15

–

Q2’16Select

Exits$373.7M

//

IPO$257.5M

//

M&ATop

CountriesIndia86

M&A

//

2

IPOChina15

M&A

//

4

IPO135101838390116434Q2'15Q3'15Q4'15Q1'16Q2'16M&AIPOAUSTRALIA

IPO

ACTIVITY

PICKS

UP

IN

LAST

3

QUARTERSQuarterly

Tech

Exit

Volume:

AustraliaQ2’15

–

Q2’16Australia

had

32

M&A

exits

and

6

IPOsin

H1’16;

2

IPOs

were

venture–backed

including

The

Search

Party

and

Redbubble.Select

Exits$727.5M

//

IPO$211.5M

//

IPO$50M

//

M&A

Top

Cities

Sydney4

M&AMelbourne3

M&A

//

3

IPO25201215172315Q2'15M&A

IPOQ3'15Q4'15Q1'16Q2'16US

EXIT

ACTIVITY

SHOWING

SIGNS

OF

IMPROVEMENTQuarterly

Tech

Exit

Volume:

USAQ2’15

–

Q2’16After

dropping

to

5-quarter

lowin

Q4’15,

US

exits

are

on

a

slight

upward

trend

the

last

two

quarters

with

Q2’16

notching

429

M&A

exits

and

4

IPOs.Select

Exits$1.69B

//

IPO$1.4B

//

M&A$1.2B

//

IPO

Top

State

California254

M&A

//

3

IPONew

York77

M&ATexas50

M&A5184454004284291661024Q2'15Q3'15Q4'15Q1'16Q2'16M&A

IPOTEXAS

OUTPACED

MASSACHUSETTS

FOR

TOTAL

TECH

EXITSCaliforniaandNewYorkledexitactivityinH1’16followedbyTexasandMassachusetts.Thetop10stateseachrealizedmorethan20+techexitsinthefirsthalfof2021.USStateRankByNumberOfTechExitsH1’16RANKSTATERANKSTATERANKSTATE1California15Utah31Idaho2New

York15Minnesota31DC3Texas18Maryland31Oklahoma4Massachusetts18Arizona34Iowa5Florida20Missouri34Kentucky5Illinois21Oregon34Indiana7Pennsylvania21New

Jersey34Mississippi8Washington21Nevada38South

Dakota9Virginia21Kansas38Hawaii10Georgia21New

Hampshire38Maine11Colorado21Connecticut38Alabama12Ohio27Wisconsin38North

Dakota12Michigan27South

Carolina38Louisiana14North

Carolina27Nebraska38New

Mexico15Tennessee30Rhode

IslandSTATE

OF

VC-BACKED

EXITS:M&A

AND

IPO

TRENDS

GLOBALLY20VENTURE-BACKED

IPO

ACTIVITY

PICKS

UP

SLIGHTLY

IN

MAY

AND

JUNEThefirstfourmonthsof2021sawjust4totalIPOs.However,IPOactivitysawslightrejuvenationinMayandJunewith7IPOstotal,includingcompanieslikeTwilioandAcaciaCommunications.Onamonth-by-monthbasis,JunewasthetopmonthforglobalVC-backedIPOssinceJune2021.MonthlyGlobalVC-BackedTechExitTrendH1’16506551584063111134JanuaryM&A

IPO21FebruaryMarchAprilMayJuneMORE

THAN

HALF

OF

VC-BACKED

EXITS

WERE

SEED-STAGE

STARTUPSInthefirsthalfof2021,52%ofventure-backedtechexitswereseed-stagestartups,upfrom25%forthefullyearof2021.Almost1/5oftechexitscameatthemid-stagewithcompanieslikeTapad($360M)andTradeKing($275M)lastraisingSeriesBroundsbeforeexit.LastRoundRaisedBeforeExitByVC-BackedTechCompaniesH1’1652%16%12%7%1%1%2%2%2%3%Seed

/

AngelSeries

A

Series

B

Series

C

Series

D

Series

E+

DebtGrowth

EquityPrivate

EquityConvertible

Note22H1’16:338

VC-BACKED

TECH

EXITSOverall,

VC-backedexit

activity

saw

a

slight

increase

in

Q2’16,

with

161

M&A

deals

and

8

IPOs.

The

last

3quarters

have

trended

upwards.

However,

when

looking

at

the

historical

trend,

we

see

that

Q2’16

still

falls

below

exit

activity

in

Q2’15

(179)

and

Q2’14

(174).Quarterly

VC-Backed

Tech

Exit

TrendQ1’14

–

Q2’16151149169142166165137147166161142571651441238Q1'14Q1'15Q1'16M&A

IPO235%

OF

COMPANIES

RAISED

$100M+

BEFORE

EXITTherewere18companiesthatraised$100M+beforeexitinginthefirsthalfof2021.Whilesomeofthosecompaniessawsuccessfulexits(Twilio,Lytx,PingIdentityetc),therewereanumberofcompaniesthatsoldforlessthantheirtotalfundingraised.Forexample,OneKingsLaneraised$229Mandsoldfor$30MwhileGiltGrouperaised$284Mandsoldfor$250M.AmountRaisedByVC-BackedTechCompaniesBeforeExitH1’16Total

Amount

Raised

($M)24<$1061%$10

-

$2012%$20

-

$307%$30

-

$405%$40

-

$503%$50

-$602%$60

-

$702%$70

-

$801%$80

-

$901%$90

-

$1001%$100+5%INTERNET

AND

MOBILE

DOMINATEDespite

accounting

for

the

largest

portion

of

tech

exits,internet

exits

fell

to

a

5

-quarter

lowin

Q2’16,

at

59%.

Conversely,

software

exits

increased

from3%

in

Q2’15,

to

10%

in

Q1’16.Share

Of

VC-Backed

Tech

Exits

By

SectorQ2’15

-

Q2’1662%62%65%63%59%25%25%19%20%27%3%3%6% 10%7%6%6%4%4%4%2%2%5%2%2%2%2% 1% 1%Q2'15

Q3'15InternetSoftware

(non-internet/mobile)ElectronicsQ4'15Q1'16

Q2'16Mobile

&

Telecommunications

Computer

Hardware

&

Services

Consumer

Products

&

Services25ADVERTISING,

SALES,

AND

MARKETING

LEADS

EXIT

ACTIVITY

IN

H1’16Inthefirsthalfof2021,therewere30VC-backedadvertising,sales,andmarketingexits.AmongthemwereadtechcompaniesStickyADS.tvandInnerActivewhichexitedfor$100Mand$72M,respectively.TopSub-IndustriesForVC-BackedTechExitsH1’1630261717121110101087777Advertising,

Sales

&

MarketingMarketplace

Business

Intelligence,

Analytics

&…Customer

Relationship

ManagementApparel

&

Accessories

Monitoring

&

SecuritySocialHealthcare

PaymentsHR

&

Workforce

ManagementTravel

(internet)Education

&

TrainingVideoUNICORN

EXITS

EXCEED

UNICORN

BIRTHS

IN

Q2’16Therewere5billion-dollarexitscomparedto4unicornbirthsinthesecondquarterof2021.UnicornbirthshavebeenonadownwardtrendsinceQ4’15,andreacheda6-quarterlowinQ2’16.NewVC-BackedTechUnicornsvs.VC-Backed$1B+TechExitsQ1’15-Q2’161605525142223134Q1'15$1B+

ExitsQ2'15New

Unicorns27Q3'15Q4'15Q1'16Q2'16TOP

14

VC-BACKED

TECH

EXITS

OF

H1’16The

7

largest

VC-backed

exits

were

$1B+,including

digital

health

company

Nanthealth

as

well

as

IoT

company

Jasper

Networks.

The

top

tech

exits

range

from

sectors

like

e-commerce

to

auto

tech.$1.5

billionCorporate

Majority

(Alibaba

Group)$1.4

billionCorporate

Majority

(SES)$1.4

billionAcquisition

(Cisco

Systems)$1.2

billionIPO$1.1

billionAcquisition

(EQT

Partners)$1.69

billionIPO$1

billionAcquisition

(GM)28LazadaTOP

14

VC-BACKED

TECH

EXITS

OF

H1’16Anecdotally,

there

has

been

chatter

around

the

increase

in

financial

buyers

entering

the

tech

ecosystem.Using

CB

Insights

da

ta,

we

see

thatsome

of

the

largest

exits

were

M&A

deals

completed

by

private

equity

firms

including

the

acquisitions

of

Sitecore

by

EQTPartners,

Ping

Identity

by

Vista

Equity

Partners,

and

Lytx

by

GTCR.$820

millionIPO$800

millionAcquisition(ResMed)$600

million$560

millionAcquisition

(Vente

Privee)$500

millionAcquisition

(GTCR)Xamarin$500

millionAcquisition

(Microsoft)29$500

millionAcquisition

(Oracle)Acquisition

(Vista

Equity

Partners)THE

TOP

26

VC-BACKED

TECH

EXITSSix

of

the

top

26

exits

were

IPOs,

including

NantHealth,Twilio,and

Acacia

Communications.Top

26

Tech

ExitsH1’1630RANKCOMPANYVALUATION EXIT

TYPERANKCOMPANYVALUATION

EXIT

TYPE1NantHealth$1.69BIPO12Xamarin$500MM&A2Lazada$1.5BM&A15Tapad$379MM&A3O3B

Networks$1.42BM&A16China

Online

Education

Group$373.7MIPO4Jasper

Technologies$1.4BM&A17CSID$360MM&A5Twilio$1.2BIPO18CardConnect$350MIPO6Sitecore$1.1BM&A19Yodle$342MM&A7Cruise

Automation$1BM&A20PapayaMobile$337MIPO8Acacia

Communications$820MIPO21Leaba

Semiconductor$320MM&A9Brightree$800MM&A22Complex

Media$300MM&A10Ping

Identity$600MM&A23CloudLock$293MM&A11Privalia$560MM&A24Enablon$275MM&A12Lytx$500MM&A24TradeKing$275MM&A12Ravello

Systems$500MM&A26CliQr

Technologies$260MM&AH1’16

M&A

AND

IPO

LEAGUE

TABLES32SV

ANGEL

LEADS

VC

INVESTORS

IN

MOST

TECH

EXITS

IN

H1’16SVAngelandLererHippeauVenturesroundoutthe1stand2ndspotsformosttechexitsinthefirsthalfof2021.BessemerVenturePartnersand500StartupstiedattheNo.3spotonourlistofinvestors.TopVCInvestorsInExitedTechCompaniesH1’1633RANKINVESTORRANKINVESTOR1SVAngel11Foundry

Group2Lerer

Hippeau

Ventures11Battery

Ventures3Bessemer

Venture

Partners11BoxGroup3500

Startups17Sequoia

Capital5Slow

Ventures17Norwest

Venture

Partners5Andreessen

Horowitz17Lowercase

Capital5Founder

Collective17NexusVenture

Partners5FundersClub17Matrix

Partners5Accel

Partners17New

Enterprise

Associates5Draper

FisherJurvetson17First

Round

Capital11Plug

and

Play

Ventures17Floodgate11Kleine