Internet DealBook

First quarter global M&A and

investment activity
1 January - 31 March 2018

Internet DealBook is published by Right Click Capital

Disclaimer
The information contained herein is of a general nature and comes from
independent sources. It is not intended to address the circumstances of
any particular individual or entity. Although we endeavour to provide
accurate and timely information, there can be no guarantee that such
information is accurate as of the date it is received or that it will continue
to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of
the particular situation. Accordingly Internet DealBook and all its related
entities hereby excludes any liability to any person in consequence of
his
purported reliance upon information contained herein or omitted here
from (whether express or implied) or otherwise furnished in connection
herewith. Any requests for information in connection with this
document
should be addressed directly to Internet DealBook and to no other party.
All amounts in USD unless stated otherwise.
Informational Sources
All information contained in this presentation was sourced using
Internet. DealBook’s database. All additional information used to create
the IDB indices, was sourced from InternetWorldStats.com on April 2018.
Internet DealBook collects and compiles all their data from publicly
available sources. Average deal values are calculated using only deals
where the value has been disclosed. Visit Internet Dealbook for more
information on the methodology used for tracking and collating deals.
Copyright Notice
This report is compiled and published by Internet DealBook and is
covered by copyright. All rights reserved. No part of the publication
may
be published, reproduced (see exception below), stored in a retrieval
system, translated, or transmitted in any form or by any means now or
hereafter known, electronic or mechanical, without correct attribution
and a link back to Internet DealBook according to the guidelines below.
The copyright owner consents that copies of articles may be made for
personal or internal use, or for the personal or internal use of the
company, individual or organisation who requested the creation of this
document from Internet DealBook. Should a party wish to syndicate or
reproduce the content contained herein, they must provide a link back
to Internet DealBook and properly reference/cite Internet DealBook
within the article/document/site or medium/place of reproduction.
Internet DealBook wishes to be informed of the reproduction via email
at info@internetdealbook.com. If you have any questions regarding our
rights and permissions policies, or if you have a special request not
covered by these guidelines, please contact Internet DealBook.
Overview – sectors and regions

Sectors Regions
§ Ecommerce § Asia & Pacific
§ Games § Europe
§ Hardware & § Middle East
Infrastructure § North America
§ Marketing § Rest of World
§ Media § South America
§ Mobile & Apps
§ Software & Services
§ Transactions
Global summary

2,372 deals tracked from public sources in Q1 $5.9m recorded in median investment
2018, an increase from 2,098 in Q1 2017 deal value in Q1 2018. This is an increase from
$5.0m in Q1 2017. Average deal value reached
$46.1bn of deals tracked in Q1 2018, a $22.5m in Q1 2018, a decrease from $45.2m
recorded in Q1 2017
28.1% decrease from $64.1bn in Q1 2017

$24.5m recorded in median acquisition deal 1,036 transactions recorded in the

Software & Services sector, making this the
value in Q1 2018. This is a decrease from $70.0m most active out of all sectors
in Q1 2017. Average deal value is down to
$131.0m in Q1 2018 from $283.0m in Q1 2017,
where large acquisitions took place in the
Software & Services, Hardware & Infrastructure,
and Transactions sectors
Geographic overview
Number and spread of deals by region

574

24.2%

Asia/Pac
49.8% and
Europe 23.7%
Middle
North
1,182 America
East
562

Africa

South
18 America

1.5%
<1%
36
 Top 10 Countries
Country Deal value ($bn) ADV ($m) Deal number

US 19.14 17.48 1,095

China 8.96 60.53 148

UK 2.67 14.29 187

India 1.55 10.01 155

Indonesia 1.51 137.50 11

Germany 1.10 18.34 60

Brazil 1.01 91.60 11

Canada 0.85 9.80 87

South Korea 0.62 36.35 17

France 0.59 6.91 86

Note: ADV = average deal value

 Geographic overview
ADV
Deal value by region ($bn) 2017 - 184.76m
2018 - 45.33m
35.00
32.52
ADV
2017 - 45.78m
30.00
2018 - 28.56m

25.55
25.00

19.91
20.00
Billions

16.41

15.00
ADV
2017 - 17.53m
2018 - 20.49m
10.00
ADV ADV 7.93
ADV 2017 - 36.23m 2017 - 30.05m
2017 - 9.48m 2018 - 12.36m 2018 - 113.88m 4.56
5.00 2018 - 17.52m

1.23 1.02
0.11 0.28 0.56 0.12
0.00
Rest of World Middle East South America Europe Asia/Pac North America
2017 2018

Note: ADV = average deal value

Sector overview
ADV
Deal value by sector ($bn) 2017 - 376.34m
2018 - 106.86m ADV
25.00 2017 - 48.02m
22.96 2018 - 22.29m

21.22 ADV
2017 - 31.14m
20.00 2018 - 31.99m

16.22

15.00 14.13
Billions

10.00 ADV
8.85
2017 - 104.85m
ADV 2018 - 59.37m 7.05
2017 - 33.87m ADV
ADV ADV 2018 - 47.89m 2017 - 22.55m 5.03
5.00 2017 - 39.64m 2017 - 21.53m 2018 - 17.79m
2018 - 14.18m 3.05 3.62
2018 - 23.15m
1.96
1.27 1.16 1.29 0.88
0.83 0.67
0.00
Games Marketing Mobile & Apps Ecommerce Media Hardware & Software & Transactions
Infrastructure Services
Note: ADV = average deal value
2017 2018
Investments – geographic overview
Number and spread of investments by region

416

24.6%

Asia/Pac
45.0% and
Europe 28.4%
Middle
North
759 America
East
480

Africa

South
10 America
1.4%
<1%
23
 Investments – sector overview
Investment value by sector ($bn) ADV
2017 - 381.10m
25.00 2018 - 42.69m
22.87

20.00
ADV
2017 – 24.71m
2018 – 28.09m
15.00 ADV
13.57
2017 – 15.89m
Billions

2018 – 15.77m

10.00 ADV 9.12

2017 - 103.01m
2018 - 55.54m
ADV 6.50 6.75
ADV
2017 - 20.46m ADV ADV 2017 - 18.00m
2018 - 15.68m 2017 - 17.64m 2017 - 12.16m 4.64
5.00 2018 - 16.28m
2018 - 23.94m 2018 - 9.45m 2.94
2.43
1.72 1.73
0.39 0.30 0.67 0.63 0.71 0.59
0.00
Mobile & Apps Games Marketing Ecommerce Hardware & Media Software & Transactions
Infrastructure Services

2017 2018

Note: ADV = average deal value

Investments – top 10 deals
Company Sector Raised ($bn)

Transactions 1.50

Media 1.00

Transactions 0.87

Media 0.63

Transactions 0.62

Transactions 0.56

Games 0.48

Transactions 0.47

Media 0.46

Hardware & Infrastructure 0.46

Acquisitions – geographic overview
Number and spread of acquisitions by region

158

23.1%

Asia/Pac
61.8% Europe and 12.0%
North Middle East
423 America 82

Africa

South
8 America

1.9%
1.1%
13
Acquisitions – sector overview
ADV
Acquisition value by sector ($bn) 2017 - 446.23m
2018 - 89.52m
16.00
14.73

14.00

12.00

10.00
Billions

8.00 ADV
2017 - 91.00m
2018 - 513.21m
6.00 ADV
2017 - 190.76m 5.01
ADV 2018 - 110.54m 4.62

4.00 ADV ADV ADV ADV 2017 - 221.58m

2017 - 133.14m 2017 - 47.57m 2017 - 91.18m 2017 - 132.43m 2018 - 450.45m
2.65
2018 - 1.00m 2018 - 57.80m 2018 - 64.86m 2018 - 84.77m 2.10
2.00 1.33
0.638 0.68 0.90
0.53 0.29 0.45 0.40
0.001 0.23 0.09
0.00
Games Ecommerce Marketing Media Mobile & Apps Transactions Hardware & Software &
Infrastructure Services
Note: ADV = average deal value
2017 2018
Acquisitions – top 10 deals
Company Acquirer Sector Value ($bn)

Hardware & Infrastructure 2.30

Hardware & Infrastructure 1.00

Transactions 0.90

Hardware & Infrastructure 0.87

Software & Services 0.82

Mobile & Apps 0.60

Software & Services 0.55

Software & Services 0.46

Transactions 0.45

Transactions 0.40
 Australia summary

48 deals tracked from public sources in Q1 $234.0m recorded in total investment

2018, a 6% increase from Q1 2017 deal value in Q1 2018. This is an increase from
$149.8m in Q1 2017. Average deal value
$277.4m of investments and reached $7.5m in Q1 2018, an increase from
acquisitions recorded in Q1 2018, a 73% $7.1m in Q1 2017
increase from Q1 2017
20 transactions recorded in the Software &
$43.4m recorded in total acquisition deal Services sector, making this the highest activity
out of all sectors
value in Q1 2018. This is an increase from
$10.6m recorded in Q1 2017. Average deal
value for acquisitions also increased, from
$5.3m in Q1 2017 to $8.7m in Q1 2018

Note: all amounts in AUD

 Australia sector overview

Sector Q1 2017 total deal value ($m) Q1 2018 total deal value ($m)

Software & Services 89.5 137.8

Transactions 48.9 101.3

Hardware & Infrastructure 6.0 24.4

Marketing 1.3 5.9

Ecommerce 0.0 5.8

Media 0.0 2.3

Games 0.0 0.0

Mobile & Apps 14.6 0.0

Note: all amounts in AUD

 Australia – top 10 deals

Company Buyer/investor Deal type Sector Raised ($m)

Consortium Investment Software & Services 50.9

Investment Transactions 25.0

Acquisition Software & Services 24.7

Consortium Investment Transactions 24.0

Hardware &
Consortium Investment 19.4
Infrastructure
Acquisition Software & Services 11.2

Consortium Investment Software & Services 10.0

Investment Transactions 9.0

Consortium Investment Software & Services 8.8

Consortium Investment Software & Services 8.0

Note: all amounts in AUD

Investments – sector overview
Number of investments by sector
0% 0%

3% 3%
6% Transactions = 16
Software & Services = 11
9%
Ecommerce = 3
Hardware & Infrastructure = 2
47%
Marketing = 1
Media = 1
Mobile & Apps = 0
Games = 0
32%
Acquisitions – sector overview
Number of acquisitions by sector
0% 0% 0%

7%

7% Software & Services = 9

Transactions = 2
Marketing = 1
7%
Media = 1
Mobile & Apps = 1
Hardware & Infrastructure = 0
14%
Ecommerce = 0
65% Games = 0
Southeast Asia summary

64 deals tracked from public sources in Q1 $1.8bn recorded in total investment deal
2018, a 7% increase from Q1 2017 value in Q1 2018. This is a increase from $1.1bn
in Q1 2017. Average deal value reached $48.9m
$1.9bn of investments and acquisitions in Q1 2018, an increase from $31.0m in Q1 2017
recorded in Q1 2018, a 78% increase from Q1
2017 31deals recorded in the Transactions sector,
making this the highest activity out of all
$70.0m recorded in total acquisition deal sectors
value in Q1 2018. This is a huge increase from
$2.2m recorded in Q1 2017. Average deal value
for acquisitions also increased, from $2.2m in
Q1 2017 to $23.3m in Q1 2018
 Southeast Asia sector overview

Sector Q1 2017 total deal value ($m) Q1 2018 total deal value ($m)

Transactions 81.9 1,681.9

Software & Services 446.0 111.7

Hardware & Infrastructure 0.0 49.0

Ecommerce 5.0 22.6

Marketing 2.0 13.5

Media 115.5 1.0

Mobile & Apps 404.6 0.0

Games 1.0 0.0

Note: all amounts in USD

 Southeast Asia – top 10 deals
Company Buyer/investor Deal type Sector Raised ($m)

Consortium Investment Transactions 1,500.0

Investment Transactions 85.0

Investment Software & Services 80.0

Hardware &
Acquisition 43.9
Infrastructure
Investment Transactions 25.0

Acquisition Software & Services 24.4

Consortium Investment Transactions 19.0

Investment Ecommerce 13.0

Consortium Investment Marketing 12.5

Consortium Investment Transactions 11.0

Note: all amounts in USD

Investments – sector overview
Number of investments by sector
2%
2% 2% 0%

4%
Transactions = 29
Ecommerce = 9
12% Software & Services = 6
Marketing = 2
Media = 1
Games = 1
59% Hardware & Infrastructure = 1
19%
Mobile & Apps = 0
Acquisitions – sector overview
Number of acquisitions by sector
0%
7%
7% Software & Services = 5
Ecommerce = 3
7% 33% Marketing = 2
Transactions = 2
Hardware & Infrastructure = 1
13% Mobile & Apps = 1
Media = 1
Games = 0

13%
20%
For lists of deals, investments, and acquisitions, by
geography and sector, visit InternetDealBook.com
and join the newsletter for regular updates
Internet DealBook
InternetDealBook.com

Internet DealBook is published by Right Click Capital