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TALKINGPOINT:M&Ainthetechsector

FWmoderatesanonlinediscussiononM&AinthetechsectorbetweenNatBurgessatCorumGroup,
DavidR.YatesatHunton&WilliamsLLP,andJamesKleinatPenningtonsSolicitorsLLP.

FW:WhataresomeofthemajortrendsyouhavewitnessedintechnologyM&Aoverthelastyearor
so?Haveanyparticulardealscaughtyoureye?

Klein:GlobaltechnologyM&Avolumein2011increasedbyaround11percent.Privateequitydeal
volumegrowthwasstrongthroughout2011;theaggregatevalueofPEbackeddealsin2011grewat
nearlytwicetherateofcorporatedeals,withinvestorsbeingattractedbystrongbalancesheetsand
highergrowthrates.Sincethelastquarterof2011dealvolumeinthesectorhasdeclined,withthevalue
ofdiscloseddealsfallingsignificantly.During2011dealvolumeincreasedacrossthesectorexceptfor
generalsoftware,withthesametrendcontinuingintothefirstquarterof2012,althoughsoftwarestill
hasthehighestdealvolumeofanysector.Withinsoftware,videotechnology(especiallymobile)and
Softwareasaservice(SaaS)dealsincreasedandcontinuedtodoso.Socialmedia,ecommerce,
informationmanagement,cloudcomputingandITsecurityalsoflourished.IntheAmericas,PEinvestors
wereparticularlyfocusedoncloudcomputing/SaaSandhealthcaretechnologies.Thesecondhalfof
2011featuredanumberofsubstantialdeals,suchasHewlettPackardspurchaseofAutonomyCorpPLC
for$10bn,MicrosoftsacquisitionofSkypeandGooglesallcashbuyoutofMotorolafor$12.5bn.
GooglesacquisitionofMotorolaisevidenceofthetrendofusingM&Atogaincontrolofvaluable
patents.Indeed,Googlecompletednolessthan21acquisitionsin2011,inadditiontothe27companies
itacquiredin2010.TheUKtechnologysectorsawanumberofoverseasbuyersin2011inparticular
largeUStechnologycorporatesontheUKacquisitiontraillikeIBM,Google,Cisco,AmazonandTwitter
aswellasanumberofdelistings.Thebalancesheetofthetechnologysectorremainssolid.Thetop10
globaltechnologycompanieshavearound$300bnincashandarewellpositionedtofundM&Aactivity
withouttheneedtocallonbankfunding.

Burgess:Valuationsareup,buyersarehiringcorporatedevelopmentpersonnelandactivelyseeking
deals,andprivateequitybuyersaremorewillingtoleanforwardandcreditaggressiveEBITDAforecasts
towardcurrentvaluations.2012isreminiscentof2006,thelastbigrunuptoatechM&Apeak.

Yates:Wehaveseenmoreandmoredealsandactivityinanumberoftechnologysectorsthatare
becomingfurtherdefined,includingcloudcomputing,smartmobility(andparticularlymobilepayment
systems)andbigdataanalytics.Cloudcomputing,asithashitthemainstreamandisacceptedbyan
increasingnumberoflargeandsmallbusinessandhomeusers,presentsuniqueopportunitiesforlarge
strategicstoroundoutorexpandtheirserviceofferingsmanyofwhichwerecompletedin2011and
nowhavethefoundationinplaceandforfinancialstopursueindustryspecificmiddlemarkettech
playerstoexpandintocloudservicesinthatindustry.Meanwhile,thebigdataanalyticssectorhasseen
tremendousactivityasbettervalueisbeingderivedbytheenduserfromtheoutput.Sofarthisyear,
DellsacquisitionofAppAssureSoftwareisparticularlyinterestingsinceitisDellsfirstsoftware
acquisitionsinceitannounceditsnewsoftwaregroupinFebruary.ThemovehighlightsDellsdesireto
movequicklyonthesoftwaresidewithafocusonsystemmanagementandcloudservices.

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FW:Whatarethedriversofactivityintodaysmarket?Arethereanysegmentsorregionsthatseemto
beofferingawealthofM&Aopportunities?

Burgess:ThepremiumtechM&Adealsoverthepast12monthshavebeendrivenbycrossborder
dynamics,diversification,andtheexplosivegrowthofcertainkeymarkets.UScompanieshavebillionsin
cashoverseas,wheretheycanputittoworkonM&A,ratherthanrepatriatingitandfacingstifftaxes.
Allofthemajorbuyerswetalkto,fromMicrosoftondown,arerefiningtheirstrategiesforbuying
qualitycompaniesoffshore.InthelastfourmonthswehavesoldaFrenchcompanytoANSYS,aKorean
companytoIntel,andhavereceivedotheroffersandindicationsfromUScompanieslookingtoput
offshorecapitaltowork.Diversificationisalsoastrongdriver.Bigtechcompaniesareseekingthe
growththattheycantachieveintheirlegacymarkets.Theyareplacingbetsinnewareas.Thesegments
thataredrawingthemostattentionarecloudanddatacentre,mobile,collaboration,andcustomer
engagement.

Yates:Financingandeconomicconsiderationsaredrivingmuchoftheactivityinthetechsector.The
biggestdriversarethelowcostofborrowing,cashonhandbytoptechnologycompanies,available
capitalofprivateequityfundsandanticipatedtaxincreasesin2013forincomeandcapital
gains/dividendsintheUS.Interestrateshaveneverbeenlower,andwehaveseenthereturnofnear
covenantliteloansfortherightdeals.However,lendersarerequiringmoreequitywhichhasnotbeen
anissueforstrategicorfinancialbuyers.Asforthecoffersofthetop20UStechnologycompanies,they
arefilledwithover$300bnofcashandmarketableinvestments,accordingtoPwCsMarch2012report.
Similarly,privateequityissittingonbillionsofdollarsofdrypowderyearningtobeinvested.Finally,US
sellershaveanundeniableincentivetosellbefore2013totakeadvantageoflowercapital
gains/dividendstaxratesbeforethe2013increasegointoeffect.Inordertoachievethis,manyofthose
dealsarelikelyinprocessalready.EvenbeforetheUSSupremeCourtsdecisiontoupholdtheAffordable
CareAct,thehealthcareindustrywasakeyfocusinthetechsector.TheimplicationsoftheAffordable
CareActonthetechsectorareundeniable,andwillchannelmorefocusandactivityonthetechsector
toserveandsolveissuesinthehealthcareindustrypresentedbytheAffordableCareAct.

Klein:TechnologyM&Aisgenerallybeingdrivenbysmartmobility,wireless,cloudcomputing,social
networking,andbusinessintelligence/analytics.Anumberofourrecent,andlarger,crossborderdeals
havebeeninthesesubsectors.KeyregionsforM&Aopportunitiesincludecloudcomputing,business
intelligenceandanalytics,ecommerce,socialmedia,informationmanagement,managedservices,SaaS,
ITsecurity,onlinegamingandinternetandmobilevideotechnology.RecentdealsbythelikesofZynga,
suchasitspurchaseofOMGPOPInc.,andGrouponInc.suggestanevolvingmobilecommercestrategy
towardssmallervaluedeals.PEdealmakersappeartobereadyforincreasedgrowthinthesectorin
2012.Theyarefocusedonstrategicacquisitions,drivenbytheopportunitytogainaccesstonew
technologyandproducts,particularlywithinthecommunicationandnetworkingsoftwaresectors.The
EconomisthasestimatedthatPEinvestorsaresittingon$370bnindrypowder.USbuyershavebeen
particularlyinterestedincompaniesinEurope,theMiddleEastandAfrica(EMEA)andalthoughthe
valueofEMEAdealsfellinQ12012,thenumberofEMEAdealsannouncedinQ12012hasincreased.
AlthoughthecurrentaggregatevalueofEMEAdealsisdown,thetrendistowardsoutofregion
companiesbuyingEMEAcompaniesthreeofglobaltop10dealsinQ12012bydollarvalueinvolvedUS
corporateorPEbuyersandUKtargets.TheexpectationisthatEuropeanmarketsarereadytoimprove
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through2012.

FW:WhatissuesneedtobeconsideredwhenassessingbusinessreadinessfortechM&Atransactions?

Yates:InpreparingforanyM&Atransaction,apartyisseekingtoputitselfinthebestpositionpossible.
Thatincludesgettingitsbooksandrecordsinorderandconductinganinternalassessmenttoidentify
issues,andresolvethoseissuesbeforegoingtomarket,beforeothersdo.Sobeyondthestrategicand
economicviabilityassessment,oneofthekeyissuesoftenoverlookedistechnologycompatibilityacross
systems.Asoutsidesystemsareconstantlyevolving,keepingyoursystemuptodateandcompatible
requirescontinuousassessmentsaswellasinvestmentsinyoursystems.Succeedingonthisfrontwould
suggestthatacompanyisproactiveandisflexibleenoughtoadapttodifferentenvironmentswhich
bodewellformaximisingvalue.

Klein:Techcompaniespreparingthemselvesforsaleshouldhavethefollowingcharacteristics.Enhanced
profileinrelevantandappropriatemarkets.Existingpartnershipstobuildcompatibleplatformsand
servicesforacquirers.Earningspredictabilityandthestabilityofearningsforecasts.Maturityof
operationalandfinancialcontrolsimportantly,PEfirmscanofteninvestinmoreimmaturecompanies
andhelpthemtoreachmaturity,whichmakesthemmoreattractivetocorporatebuyers.Attractiveness
ofthecompetitivepositionandstrengthofcompetitivebarrierswhichthetargetcompanyhasinplace.
Stabilityandloyaltyofthekeycustomerbaseandabilityofthebusinesstoswitchtodifferentvendors
andsuppliers.Abilityofthebusinesstoextendthecustomerbaseovertime.

Burgess:Duediligenceistougherthanever.Eurozoneregulatorsaremoreprotectionistthanever,
lookingforanyexcusetoavoidlosinghighqualitycompaniestoforeignbuyers.Thereisheavyscrutiny
onrevenuerecognitionandlongtermdeferredrevenue.Companiesinterestedinsellingneedgood
advicetomanagetheseareas,andtopresentthemproperlyandinatimelyfashion.

FW:IPassetsareoneoftheprimarymotivationsforundertakingM&Ainthetechsector.Howcan
companiesidentifyandunlockvalueandprotecttheirIP?

Klein:AkeystepforcompaniesinunlockingvalueistofirstidentifyallIP.AninternalIPaudittoidentify
whatIPacompanyhasorislikelytoacquireisrecommended.ThisshouldidentifybothIPthatisowned
bythecompanyandIPwhichthecompanyusesunderlicence.Attentionistypicallyfocusedon
registeredorregistrableIPrights,suchaspatents,trademarksordesigns.Inthetechsector,
unregisteredIPisjustas,ifnotmore,important.AfullIPauditshouldidentifypatents,(including
applications),trademarksandtradingnames,designs(registeredandunregistered),copyright,domain
names,software,databasesandkeyknowhowandtradesecrets.Copyrightanddatabaserightsare
commonlygiveninsufficientattention.Copyrightcanexistinsoftware,softwarespecificationsand
releasenotes,operatingandtechnicalmanuals,marketingliteratureandwebsitecontent.Most
companieshavedatabases,forexamplecontaininginformationoncustomersandtargets,inwhichIP
rightsmaywellreside.ProtectionofIPinvolveshavingaclearIPstrategy.ThevalueofIPmaybe
underminedbyinfringementbythirdparties.CompaniesshouldproactivelymonitorandprotecttheirIP.
Withtrademarksitisadvisabletosubscribetowatchingserviceswhichidentifypotentiallyconflicting
marksthatarefiledbythirdpartiessothatthecompanycantakeactionatanyearlystage.Watching
servicesarearelativelylowcost,butextremelyprudent,measure.Takingthesestepscanhelp
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demonstrateandunlockvalueinIP,andwillalsomakeanacquisitionprocessmuchsmoother.

Burgess:IPcutsbothways.Acompanywithastrongpatentportfoliocanhelpabuyerdefendacritical
area,butalsoopensthemtosignificantriskintheM&Aprocess.Forexample,certainbuyerswhoare
undersiegefrompatenttrollswillopendiscussionswithanNDAthatincludesanoenforcement
provisionforpatents.Thisstallsdiscussionsbeforetheycanevengetstarted.Wehavetochoreographa
delicatedancetogetthebusinessunitsinterested,whileavoidingstallingoutinlegal.Werecentlysold
twoemergingtechcompanieswithover50patentsintheirrespectiveportfolios.Thepatentsdrove
value,buthadtobemanagedverycarefully.

Yates:IntechM&Atransactions,nothingismoreimportantthanconductingindepthduediligenceon
theunderlyingIPassets.AbuyermustensurethattheselleractuallyownsorhasvalidrightstotheIP
assetssothatthebuyerwillenjoythebenefitofthoseassetsgoingforward.Aprudentbuyerwillensure
thatIPassignmentshavebeenobtainedfromallapplicableemployeesandcontractorsattheoutsetof
theiremploymentorengagement,oraddressconsiderationissuesifsuchassignmentsareenteredinto
afterwardsorinconnectionwiththetransaction.Also,abuyermustaddressissuesarisingfromany
opensourcecodethatmaybepresentinapplicablesoftwarecoding.Abuyercanprotectitselfinthe
purchaseagreementthroughrepresentations,warrantiesandindemnificationrelatingtotheIPassets.
However,inanidealsituation,theremediesinthepurchaseagreementshouldserveasabackstop,and
theduediligenceshouldidentifyissuesanddetermineifthedealshouldproceed.Whilemostevery
partybelievesthattheirIPisuniqueandamarketchanger,abuyershouldalsoconductalandscape
reviewofthesellersindustryandcompetitorstoensurethattheIPassetsareinfactasuniqueand
valuableasthepartiesbelievetheyare.Additionally,alandscapereviewwillprovideabuyerwitha
betterideaofpossibleinfringementissuesandpotentialclaims.Ofcourse,thisissomethingthataseller
shoulddoaswellinadvancesothatitisneithermischaracterisingitselftobuyersnorsurprisedbyany
resultsthatabuyerwoulddiscoverinitslandscapereview.

FW:Howcancompaniesovercometransactionalchallengessuchascybersecurity,privacyanddata
protection?

Burgess:TherearesomegreatconsumergradefilesharingplatformssuchasDropboxandLivedrive.
TheydontbelongintheM&Aprocess.Weknowofatleastoneprocessthatwascompromisedwhen
buyerandsellertriedtouseaconsumerplatformtomanagethedataroomithasrecentlybeen
reportedthatDropboxwascompromisedonalargescale.Forongoingoperations,emergingcompanies
needtomodeltheirprivacyanddataprotectionpoliciesandinfrastructuresafterthepracticesofthe
large,entrenchedplayers,ortheywillcreaterisksthatthebuyersarentwillingtobear.

Yates:Weareseeingsignificantinvestmentbycompaniesgoingintosecurityanddevelopmentand
implementationofpoliciesandprocedurestomaintainprivacyandprotectclientdataandother
information.Theoldadageremainstruetoday:anounceofpreventionisthebestmedicine.Compliance
withUSandEUprivacylawsaswellasdatabreachnotificationlawswhichcanvarybyStateintheUS
requiresasignificantcommitmentbyacompany.Failuretomaintainmaterialcompliancewiththese
lawsandregulationsisrarelyincidentalandisoftenasignoflarger,systematicissues.Notonlyforsake
oftheongoingbusinessofthecompanybutparticularlyinadvanceofgoingtomarketonatransaction,
acompanymustassessitssystemsandimplementnecessarychangesasthecostforfailurein
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connectionwithatransactioncanliterallybemultiplesofanydamagesornotificationexpenses.

Klein:InanM&Atransactiondocumentsareoftensharedbetweenasellerandapurchaserusingan
electronicdataroom.Itisimportantforbothpartiesthatareputabledataroomproviderisused,
providingclearlevelsofsecurityanddataencryption.Partiesshouldretaincontrolovertheirdocuments
bylimitingaccesstospecifiedmembersoftheotherpartysteam,includingadvisers.Partiescanalso
considerrestrictingtheabilityofdataroomuserstomakecopiesofthedocuments.Partiesshouldbe
awarethatinthecontextofanM&AtransactiontheymustcomplywiththeDataProtectionAct1998
(DPA)foranydatasharing.Finesofupto500,000canbeimposedforseriousbreachesoftheDPA.
OftenintheM&Acontext,theprospectivepurchaserwillwantinformationaboutthetargetcompanys
employees,includingpaymentinformationandbenefits.TheInformationCommissionersOffice(ICO)
hasprovidedsomeguidanceinitsEmploymentPracticesCodetoassistemployerstocomplywiththe
DPAinthisscenario.Businesstoconsumerbusinessesshouldmakeitclearintheirprivacypoliciesthat
customerinformationcouldbesharedifthecompanyoritsbusinessisacquired,andthesellerand
purchasershouldworktogethertoagreeonthebestwaytocommunicatecompletionofthedealtothe
customer.

FW:Lookingahead,howdoyouexpecttechM&Aactivitytounfoldfortheremainderof2012andinto
2013?

Yates:M&Ainthetechsectorshouldremainstrong.Whileitoutpacedmanysectorsoverthelastfew
yearsandmanyforecastedthatthesectorwasduetoslowsomewhatthisyear,theeconomic(low
borrowingcostsandavailablecash)andtax(increasedtaxratesin2013)driversshouldcontinuetopush
dealsinthetechsector.Dealvolumeinthemiddlemarketshouldcontinuetobestrong,butdont
expecttoomanymegadealsinthesecondhalfof2012asthatwillkeeptheoveralldealvalueincheck.

Klein:Therearetentativebutoptimisticsignsofgrowth.ContinuedcautioninEuropeduetoconcerns
aboutthestabilityoftheeuromayinhibitactivity,howeverthelowcostofborrowingandanticipated
2013capitalgains/dividendstaxincreasesforUSsellersmeansthatweshouldseethemdivest
themselvesofbusinessesbefore2013.ThedrypowderbeingheldbyPEfirmsmaydriveincreased
technologyprivateequityM&Ain2012/13.Alsofactorintothisanticipatedchangestotaxationregimes
forcorporategainstaxintheUKin2012/13,whichmayencouragefurtherinvestmentin2012.Further,
expectenhancedinformationsecuritysolutionsinvestmenttodevelopalongsidethegrowthofthe
socialmobilecloud.Thiswillinvolvepossiblysmallervaluedeals,ratherthanbigticketdeals.Cloud
computing,socialnetworking,mobileappsandbigdatawillcontinuetobekeytargets.

Burgess:2012and2013willlookalotlikethelastM&Apeakin2006and2007.Therewillbean
acceleratingwaveofconsolidationintheconsumerandenterprisemarkets,butitwillpeak.Itisonlya
questionofwhen.

NatBurgessispresidentofCorumGroup.HejoinedCorumin1996andbringsadiversebackgroundin
technologyM&Aandlaw.WhilewiththeEnforcementDivisionoftheUSSecuritiesandExchange
Commission,MrBurgesshelpedidentifyandbuildcasesagainstsecuritiesfraudschemes.Withthe
StrategicDevelopmentDivisionofMorganStanleysM&Agroup,heworkedoncrossborderacquisitions
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ofUSandEuropeancompaniesbyJapanesefirms,andonfinancingsbylargeJapanesepubliccompanies.
MrBurgessmovedtoMorganStanleysTokyooffice,wherehereporteddirectlytothePresidentof
MorganStanley,JapanLtd.andfocusedexclusivelyoncrossborderM&A.Hecanbecontactedon+1
(425)4558281x206orbyemail:nburgess@corumgroup.com.

DavidR.YatesisapartneratHunton&WilliamsLLP.Hispracticefocusesoninternationalanddomestic
publicandprivatemergersandacquisitions,divestitures,investmentsandstrategictransactions.Mr
Yatesalsoadvisesprivateequityfundsandtheirportfoliocompaniesinalltypesofprivateequity
transactions.HisclientsincludeabroadrangeofpubliclyownedandprivatelyheldUSandforeign
companies.Hecanbecontactedon+1(404)8884238orbyemail:dyates@hunton.com.

JamesKleinleadsthecorporateteaminPenningtonsLondonoffice.Hejoinedthefirmasapartnerin
2011,havingpreviouslybeenapartnerwithatop20lawfirm.Hehasstrongexpertiseinthetechnology
sectorandcoheadsPenningtonstechnologyteamwhichhasastronginternationaloffering(in
particulartheUSandIndia).JamesregularlyvisitstheUSandhasveryrecentlyreturnedfromseparate
visitstoSiliconValleyandNewYork.Heactsforadiverserangeoftechnologycorporates,fromOMBs
andSMEsthroughtocompanieslistedonAIMandtheFTSEindex.Jamesalsohasastrongtrackrecord
advisingonprivateequitytransactions,havingactedformanagementteamsandmanyinstitutional
housesonnumerousmidmarketprivateequitydeals.Hecanbecontactedon+44(0)2074573207orby
email:james.klein@penningtons.co.uk.

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