The Continued Growth of Venture Buyouts – an Updated Perspective

2021年1月21日
在博客中 经过 Kemper Ahl和Lindsay Sharma

Introduction

2018年末,Industr新万博苹果客户端下载y Ventures发布了white paper关于软件并购格局的演变,以及针对风险支持技术公司的一类新的小型、以技术为重点的并购基金的出现。我们的主要论断之一是,规模较小、垂直化的SAAS业务特别适合收购退出。

有鉴于此,我们预计,收购退出将在更广泛的风险支持技术公司中变得更为普遍,基于其增长、盈利能力和商业模式动态,越来越多的风险支持技术公司退出小型收购。

Over the last two years, we have seen these trends play out firsthand, as we launched a new strategy around this thesis and have been deploying capital against this large and growing opportunity set. Given the recent growth that we’ve seen in the small tech buyout landscape and the large number of relevant venture-backed buyout candidates, we wanted to share a few observations that we found particularly relevant, especially in the context of COVID-19’s impact on the venture capital ecosystem.

The Growing Venture Buyout Market

在过去的20年里,作为一家公司,我们见证了退出收购的风险投资支持公司的稳定和实质性增长,以及风险投资收购相对于整体收购不成比例的增长。这一趋势在最近几年特别明显,我们希望在这种动态环境中继续下去。

According to Pitchbook, “VC-to-PE buyouts not only account for a rising percentage of PE deals, but also of VC exits. Between 2000 and 2019, the number of VC-to-PE buyouts has grown at a CAGR of 18.1%, compared to overall buyouts at 9.5%. During that time, PE buyouts went from accounting for 2.4% of VC exits to 19.2%.”[1]

在我们看来,我们只看到这个市场的机会继续在未来几年继续规模。根据Preqin的说法,截至2019年第三季度,2,468个风险资金的未实现价值有94.8亿美元,截至2019年第三季度狗万买球下载[2]。This trapped value will require a release valve as LPs become less receptive to extensions in less certain economic environments. Through our leading secondary franchise, we have already seen many secondaries change hands in older funds — and in many cases participated in those deals — but those transactions only represent a small portion of this value, and we anticipate that many of the underlying companies will need to seek acquirers in the immediate future. Another trend that we have noticed through our secondary activities has been the disproportionate increase in the sale of companies in tail end funds to buyout relative to buyer exits in the broader venture ecosystem.

Furthermore, there are over 6,000 active venture-backed companies that haven’t raised a round in more than five years and haven’t exited, according to Pitchbook[3]。We anticipate that a large portion of these businesses have achieved profitability based on their operational lives, and many likely represent attractive opportunities for nimble buyout funds.

COVID-19 is Accelerating the Trend Toward Venture Buyouts

在2020年的前三个季度的前三个季度冒险流动性越来越大,在此期间,我们看到福利退出的累积价值下降了35%,截至2019年第三季度。冒险支持的IPO值 - 最大的风险流动性流动性过去10年 - 在同一时期内比例下降(38%)。与此同时,风险收购的价值下降了28%更为温和。[4]

When exit activity was at its lowest during Q2 2020, venture liquidity overall was down 76% by value, while the value of venture buyouts had declined by only 18%[4]. 尽管在2020年第4季度独角兽发行量激增的情况下,IPO市场无疑出现了大幅反弹,但事实证明,私募股权是风投支持业务在这场大流行期间更具弹性的退出途径,这主要是由私募股权支持战略公司的附加活动推动的。

我们在冒险中看到了Covid-19驱动的趋势,进一步提升了私募股权买家的风险投资支持软件公司的吸引力。特别是,许多这些企业都试图向他们的P&LS和资产负债表展示,以延长其跑道在某种资金环境中。在一个surveyof VC funds conducted by Industry Ventures in April, 92% of respondents reported seeing headcount reductions at their portfolio companies, with the majority weighing cuts between 11% and 30%.

According to Keybanc[5]此外,萨斯公司拥有超过500万美元的arr计划在许多案例中规划超过7%的7%,以牺牲增长的许多情况。与原始计划相比,同样的企业队伍减少了近50%的预测。该调查还发现,35%的人头减少驱动的储蓄举措是针对销售团队的目标。令人惊讶的是,这些企业在新预订中看到了有意义的放缓,这是从2019年开始的36%到2020年下降到14%。

与此同时,流失跨越整个行业仍然相当低,可能是由客户对效率创造萨瓦产品的需求来解决与大流行有关的挑战。较小的SaaS业务的轨迹本身通过Covid改变,增长较慢,但改善了利润率和粘性客户基础。

Naturally, many of the venture-backed businesses that have prioritized cash preservation over growth will fall off the growth curve required to achieve an outsized exit for their venture capital shareholders. Companies will still seek funding to drive expansion, but many are becoming less attractive to VCs looking for hyper-growth businesses. That said, we believe these companies are achieving profitability faster and with better margin profiles, rendering them more attractive to buyout funds.

利用风险投资于市场上的较小结束 - 投资于2500万美元的VC资金回合的美元相对于2019年,2020年投资10%,其美元增长14%的投资于2500万美元[4]-我们预计,许多正在优化盈利能力(而非增长)的企业,将找到拥有较小收购基金的房子。

在某些情况下,选择风险投资支持的企业也受益于与扇区相关的Covid Tailwinds,他们对已经开始倾向于某些Covid-Winning主题,行业和垂直的私募股权买家的吸引力。随着大流行发挥出来的,我们已经看到了在某些行业的兴趣中显着增加,包括金融气和数字付款,在线教育,电子商务和网络安全,其中包括长期尾风,如下所示。


收购的范围继续扩大

随着收购基金在风险投资生态系统中的收购能力不断增强,几乎肯定会有更多的买家出现,以应对这一不断扩大的机会。随着科技并购格局的不断变化,我们已经开始看到越来越多的新兴小型科技并购基金。

事实上,“三大”科技并购基金——Vista Equity、Thoma Bravo和Silver Lake的融资额占科技型基金整体融资总额的比例已经开始下降,如下图所示。这源于这样一个事实:多面手现在正在募集专注于技术的基金,中层技术专家正在继续扩大规模,进入这一领域的小型收购基金数量继续增长。

This consistent increase in the incumbent tech buyout investors’ fund sizes has driven many to launch smaller strategies to address the lower end of the market. In some cases, those new strategies have begun to graduate from the lower end of the market themselves as their fund sizes scale. In more recent years, we have seen teams spin out of the larger firms to address the opportunity set within small tech buyout. Below we have compiled some data looking at the fund size progression at larger tech-focused firms, along with some of their lower market-focused strategies, and recent spinouts:

由Covid-19行动或加速的趋势进一步加快了新专业技术资金的出现,其策略在某种环境中吸引了更多的资本。科技部门继续加入大幅度LP兴趣,技术买断资金占2020年所有PE资本闭合的22.5%,该资本闭合于2020年,该资本闭幕性明显高于五年平均值14.1%。[6]Below is a sample of some of these smaller specialist investors who are filling the void at the lower end of the market:

这些更小、更专业化的高科技为主的基金have been a more dominant force in 2020 than in the past decade. While this trend has been accelerated by a unique and unprecedented set of circumstances, it is nevertheless one we believe will continue well into the future. Looking ahead, we expect the burgeoning cadre of small, specialist tech investors with fresh dry powder at their disposal to drive increased venture buyout activity for many years to come.


请联系Lindsay Sharma(Lindsay@Industryventures.com)或kemper ahl(kemper@industryventures.com),任何问题或您想收到本文的硬拷贝。

1. Pitchbook 2019 Annual Report
2资料来源:2019年先秦数据
三。Pitchbook数据,2020年7月
42020年第4季度PitchBook NVCA Venture Monitor
5. Keybanc 2020 Private Saas Company Survey, August, 2020
6.投票手册:PE Tech Funds II,2020年10月


本文所述观点仅为作者的观点,不一定反映行业风险投资的观点。所表达的信息和观点是一般性的,不是出售要约或征求购买任何投资或服务权益的要约。本条中包含的某些信息可能构成“前瞻性陈述”。本条中包含的任何预测或其新万博苹果客户端下载他估计,包括对回报或业绩的估计,均为“前瞻性陈述”,并基于某些可能发生变化的假设。由于各种风险和不确定性,实际事件或结果可能与此类前瞻性声明中反映或预期的事件或结果存在重大差manbext最新万家博官网异。无法保证本文所作的前瞻性陈述将被证明是准确的,并且发布此类前瞻性陈述不应被视为行业风险投资公司或任何其他人对行业风险投资公司的目标和计划将实现的陈述。本文所作的所有前瞻性陈述均基于目前可供行业风险投资管理层使用的信息,行业风险投资不承诺随时更新由行业风险投资或代表行业风险投资所作的任何前瞻性陈述。

这种材料不构成财务,投资,税务或法律咨询(或提供此类咨询服务的提议),不应被视为咨询或建议(或提供咨询服务)。

本文中包含的某些信息(包括某些前瞻性陈述和信息)已经从公布的来源和/或由其他缔约方编制的,在某些情况下尚未通过此处的日期更新。虽然这些来源被认为是可靠的,但行业企业和任何与行业企业的任何普通伙伴或其各自的董事,员工,雇员,合作伙伴,会员,新万博苹果客户端下载股东或其关联公司或任何其他人都不承担任何责任此类信息的准确性或完整性。

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