2011年全球并购分析报告2011 Tech Mamp;A analysis report.pdf

M A R K E T A N A L Y S I S 2 0 1 1 T e c h M A A n a l y s i s R e p o r t Dan Yachin Oren Raviv Daniella Muallem Efrat Drori I DC O P I N I O N 2011 was a roller-coaster year for the information and communication technology (ICT) industry. After showing healthy signs of recovery in the first quarters of the year, m o the downgrade of U.S. credit rating and Europ s debt crisis hav led to renewed c . c economic uncertainty and raised concerns about global recession. The changes in d i . w economic climate were reflected in 2011s ICT MA activity. After a relatively slow w w start, with 607 deals in 1Q11 — more or less along the lines of previous quarters — 5 deal volumes surged to levels not s n in the past few years, reaching 899 and 957 1 0 4. in 2Q11 and 3Q11, respectively. Economic uncertainty has started to impact on MA 5 3 levels in the last quarter of 2011, falling back to 878 d als. At the same time, the IPO 9 . 8 0 market, which showed signs of recovery at the beginning of the y ar, has stagnated 5 . F again in the second half of the year. However, the year-end IPOs of prominent 0 Internet companies Groupon and Zynga along with the expected IPO of Facebook, 0 2 8. due in 2012, are positive signs for 2012. On a year-to-year comparison, MA activity 2 7 has increased across all technology sectors. The largest increase was in the IT 8