2024下半年并购市场报告

M&A market report 2H 2024 DigitalCommerce M&A summary Mid 2024: The perfect data ambiguity Afteramarkeddeclineindealvolumein2H2023,ourlatestdatarevealsaslightuptickinactivityamidripeningmarketconditions and the re-opening of the IPOwindow.However,macroeconomicheadwindscontinuetohaveanimpact,withrevenuemultiplesremainingontheirdownwardtrajectoryandEBITDAmultiplesstayinglevel.Withcostsrisingandprofitabilityfalling,thelatterhasbecome the metric that counts,with buyersprioritizingstable EBITs over revenues as inflationarypressures,supplychainchallenges,increased competitionandgeopoliticalturbulenceinstilcaution.Atthesame time,the sector is being energized by keydriverssuch as AI and the sweeping customerengagementpossibilitiesprovidedbyAmazon’sadvertisingservices.AmazonDSP,whichprovidesfull-funnelexposure on sites like Twitch and IMDb,andAmazonMarketing Cloud,which allows clients toefficientlyperform analytics of their campaigns,arefundamentallyalteringhowcompanieswithinthesectoroperateandgrow. AIchangingthegamefore-commerceplayers Theseismic implications of generative AI on DigitalCommercearebecomingapparent,withmajorplayersleveragingAIsolutionstoimproveinventorymanagement,plan campaigns,streamline supply chainprocessesand engage with customers.ProminentexamplesincludeLazadaGroup’slaunchofLazzieChat,thefirstOpenAI-poweredchatbotforDigitalCommerceinSoutheastAsia,andAmazon’srolloutofofAI-generatedproductimagesandreviewsummaries,andtheAI-poweredshoppingassistantRufus. Indeed,AmazonhasplanteditsflagintheAI-spherebyopeningthe Amazon Web Services Generative AIInnovationCenter,withAWSinvesting$100millionindevelopingnew AI-focused products and services.Meanwhile,awiderecosystemofstartupsisflourishing,withfirms like Kua.aiand Copy.ai providingtools forsellerstocreateSEOsalescontentsuitedtoplatformssuchasInstagram,TikTokandAmazon.Thisecosystemisset to massively expand,with data by Market.USindicatingtheAIine-commercemarketwillexceed$50billionby2033. Top trends & largest transactions •Connecting with Gen Z through savvy leveraging ofsocial mediais allowing some brands to thrive in theface of macro volatility in the Digital Commercesector. Examples include Kim Kardashian’s multi-billion-dollar SKIMS shapewear brand, whichoriginally launched online, and the sportswear brandAloYoga, which enjoys cult-like popularity. LARGEST DISCLOSED NON-SPACDEALS OF 1H2024 Capital One, a financialservicesfirm, acquiresDiscover FinancialServices, Inc., Credit card &electronic payments services, at3.5x EV/revenue $35 billion19 Feb •Rapid development within social commerce makesforecasting a challenge–see the fact that TikTokhas launched a partnership with Amazon to allowin-app shopping, but has also paused its much-hyped plans to bring TikTok Shop to the Europeanmarket, due to concerns over regulatory scrutiny. Permira Holdings Limited, a privateequity investment firm, acquiresSquarespace Inc., Website design &development software, at 6.5xEV/revenue and 56.2x EV/EBITDA $6billion13 May •Amazon’s influence on the sector is going wellbeyond providing a marketplace for vendors, withAMC, DSP, Prime Video Ads and many other“tools” fundamentally altering how businesses rollout their customer engagement campaigns. AdventInternationalCorporatio,Caisse dedepotet placement duQubecandNovacapInvestmentsInc., private equity firms, acquireNuveiCorporation, Transactionprocessing services & SaaS, at 5.3xEV/revenue and 24.9 EV/EBITDA $4.7 billion1 Apr •The market for Amazon aggregators, which buy andconsolidate e-commerce vendors, continues toflatlineas the pandemic-era boom retreats furtherinto the distance. Funding rounds have diminished,while prominent playerThrasiohas radicallyrestructured and appointed a new CEO afteremerging from bankruptcy. $3.1billion28 Jun CinvenLimited, a private equityinvestment firm, acquiresidealistaSAU,Real estate classifiedwebsites •B2B commerce is following B2C’s lead in leveraginginfluencers,with an Ogilvy survey revealing that theuse of B2B influencers is reaching a “tipping point”.This is increasingly important in an era where, as perdata by the Harvard Business Review,75% of theworkforce will be digital natives by 2025. HgCapitalLLP, a private equityinvestment firm, acquiresAuditBoardInc,Audit, risk,compliance & ESG managementsoftware $3.0billion23 May Data breakdown–geography and subsector, past 30 months Agencies & Services ProvidersMobile & web marketing, e-mail marketing and measurement, campaign management services, web design & development. InternetServices&PortalsDigital commerce services, analysis & reference providers, online advertising, directories, search, exchanges, education. Digital Commerce SoftwareDigital marketing and e-commerce software, CRM, advertising enablement, marketing automation. Media, Social & GamingSocial networking, online games, e-sports, entertainment, online communities, video, blogs, music, news content. Online Retail E-commerce retailers, online marke