Recurring revenue counts in industries far beyond software
The recurring revenue (“RR”) business model gets a lot of attention in software M&A and growth investment, and for good reason. Most growing subscription/ software-as-a-service (SaaS)-based software companies trade in the public markets for north of 6x revenue and many of those fortunate few with annual revenue growth over 40% trade for over 10x revenue. […]
Three perspectives on M&A value: what you pay, what you get, and what you give.
Warren Buffett is fond of quoting Ben Graham’s adage: price is what you pay; value is what you get. Mr. Buffett is a renowned investor and acquirer of companies, but what does this adage mean when it comes to selling? For the seller, price is what you get. What do you give? In M&A, […]
Healthcare M&A: Big deals getting all the attention
2014 has to go down as the year of the big announcement (it may also be remembered as the year of the failed Pfizer bid for AstraZeneca). One might think these mega deals are crowding out middle market activity. But that’s only true in the newspapers. In fact, there have been over 1,000 healthcare deals […]
US manufacturing continues to bloom in May
US industrial production increased in May for the third time in four months, rising a seasonally adjusted 0.6% from April, according to the Federal Reserve. Capacity utilization climbed to 79.1% in May, continuing to provide support for manufacturing expansion in 2014. US manufacturers were generally impaired by the harsh winter, and the performance in recent […]
Made in Massachusetts – the Advanced Manufacturing Collaborative
Mirus recently sponsored the Advanced Manufacturing Summit in Worcester, which attracted hundreds of executives, local and state political leaders, and academics interested in the manufacturing industry. Governor Deval Patrick spoke about the important role advanced manufacturing plays in the local economy and multiple speakers discussed how their businesses, and the manufacturing sector, have changed over […]
M&A: One question you don’t want to be asking yourself at the closing table
Success! After months of negotiation and diligence, your deal is ready to close. Documents are ready for signing. And you ask yourself, “how do I know this is the deal I should be doing?” Or perhaps, “how much did I leave on the table?” For sellers and their boards / special committees who engage in […]
Over $150 Billion – Record Levels of Healthcare M&A
US M&A levels are up across the board. According to Thomson Reuters, 2,777 deals representing $476 billion in value have been announced so far this year (up 78% from the same period last year), with $153.5 billion coming from healthcare. Approximately 71% of that volume is in the pharmaceutical sector, followed by health care equipment […]
Spring comes to manufacturing – 3 pieces of good news
Industrial production rose more than forecast in March 2014 after a big February gain, indicating U.S. factories are recovering after a tough, weather-depressed start to the year. Orders for new manufacturing technology orders were up over 40% for the first two months of the year in the Northeast, as compared with last year. Capacity utilization […]
Recent Comments