Professional Documents
Culture Documents
www.corumgroup.com
Monthly M&A Flash Report
Bruce Milne
CEO Mark Reed
Corum Group Ltd. Executive Vice President
Corum Group Ltd.
Bruce Milne, CEO and founder of Corum, has overseen more M&A transactions than anyone in the world
over the past 25 years, generating over $6 Billion in wealth for clients in 24 countries.
He has founded or owned four software companies, including AMI, the world’s largest vertical market
software firm, and was a founding investor in some of the most innovative firms in their field, including
Dougan Milne
Blue Coat, Bright Star and Sabaki. Director of Research
Corum Group Ltd.
A recognized industry expert, he has served as a personal advisor to Bill Gates on operating systems,
Apple on the development of the Mac, and as one of top 10 industry advisors to IBM. He has served on
the board of Washington Technology Center at the University of Washington, and is the founder of the
WTIA, the nation’s leading regional technology trade association.
Outside the U.S. he worked with the Canadian government to found SoftWorld, and he was recently
chosen as one of the 200 most influential individuals in the IT community in Europe. He is also the only
juror from North America for the Tornado 100 Awards in Europe’s. Charles Rim
Corporate Developer
A Deans List graduate in International Business from the UW, and a graduate “With Distinction” from Google
Harvard Business School, Mr. Milne has written three book, including “Power Planning, How To Structure
Your Software Company For Success”.
Dougan Milne
Director of Research
Corum Group Ltd.
Dougan is the head of Corum’s research team serving as the Director of Research. During
his time with Corum, Dougan spent three years working with Corum's international group
headquartered in Zürich, Switzerland. Prior to joining Corum's team in 2005, Dougan spent
three years working in the banking industry with Bank of America, and Citigroup's Private
Wealth business unit. Before entering finance and investment banking, Dougan founded the
successful garment distribution business, Billions Apparel and the advertising firm, Modo
Marketing. Dougan has a Bachelors degree in Business Economics from the University of
San Diego.
110.00
100.00
90.00
80.00
70.00
60.00
50.00
40.00
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
286
225
311
October
329
2005
2004
Oct-08 Oct-09
# of Transactions 254 286
# of Mega Deals >$1B 3 4
Largest Deal $1,000 $3,000
Average Deal Value $235 $230
Median Seller Revenue $30 $63
# VC backed Exits 19 36
% Terms Undisclosed 61% 72%
All Cash (announced) 53% 46%
% Targets Public 18% 18%
% Buyers Public 51% 46%
$ values in millions
Comments:
Several online consumer sites
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
Broadened portfolio and customer
base
EV/EBITDA 2.40 x 2.74 x 3.81 x 2.83 x 4.47 x 4.57 x 4.27 x 5.88 x 5.23 x
Now operating in seven
EV/S 0.58 x 0.64 x 0.69 x 0.50 x 0.53 x 0.53 x 0.59 x 0.83 x 0.60 x
high-interest consumer categories
Comments:
Multi-interest consumer strategy
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
Market leading brands
EV/EBITDA 6.05 x 7.54 x 9.80 x 11.78 x 11.81 x 13.32 x 13.02 x 15.80 x 11.81 x Interactive marketing abilities
EV/S 1.36 x 1.60 x 2.11 x 2.26 x 2.30 x 2.48 x 2.60 x 2.70 x 2.19 x
Why Now?
Great Timing
Who’s In?
Everyone: Small – Large firms
What For?
Cash Cow / Discontinued Tech.
Focus / Re-focus
Streamlining / Fat Cutting
Cash & Growth
Prepare for Exit
Charles Rim
Corporate Development
Google
Charles Rim is currently Principal in the Corporate Development Team at Google, Inc.
heading Asia coverage. CorpDev is responsible for all forms of strategic investments and
acquisitions at Google. Previously, Mr. Rim was a Director at Yahoo!Korea in charge of
Strategy& Corporate Development, and prior to that stint was the VP/CFO of Korea Thrunet
(formerly NASDAQ-listed, now merged with Hanaro Telecom), Korea's first broadband
carrier.
In addition to his corporate career in finance and investments, Mr. Rim was an investment
banker briefly with Citigroup and with Credit Agricole (W.I.Carr Securities) in Asia, with
postings in HK, Jakarta and Singapore. As an investment banker, the main focus of
activities was in M&A, IPO advisory and equity capital markets financing. Previous to his
banking career, Mr. Rim was a practicing attorney (again, focused on securities and M&A)
both in the USA and Korea.
Jenny Rosberg Frank Boenke Andrew Tsao Pelle Hjortblad Kristof de Spiegeleer
NASDAQ Wellington Partners Silicon Valley Bank ProjectPlace SUN (Q-Layer)
Ashley Ward Anil Hansjee Bernard Dalle Mike Peplow Gustavo Garcia
European Leadership Google Index Ventures Banctec BuyVIP
Programme