Despite coronavirus lockdown measures, the past couple of weeks have seen a flurry of deal announcements in the procurement technology and solutions world (which represent the M&A “re-start” of about a dozen material transactions that you’ll be hearing about for the rest of the year).
Deal activity is not just financial engineering. It is form following function. And form in this case is the fact that procurement technology and solutions are still going strong in most cases inside companies and government. In other words, they’re still buying stuff, at least in many cases.
采购技术和解决方案的原因，即使在Covid-19的经济不确定性Maelstrom，与其他部门相比仍然很热：没有其他集合或技术可以直接捆绑到成本降低/摘要，风险缓解，工作capital improvement and process efficiency/automation (yeah, we know what that can sometimes be code for, but unfortunately it’s true — as labor economists would agree).
In short, even in the current mess, companies and the public sector are still active consumers of procurement technology and solutions. And on the transaction side, deals aren’t slowing down entirely either, even if the debt markets are still a challenge. Moreover, valuations aren’t taking the same hit as in other sectors (either in the private deals we’re seeing or in the capital markets). Coupa’s stock, in fact, just hitan all-time high上周，将公司估值近130亿美元，将公司置于超过30倍的收入落后。这很巨大。
尽管如此，交易角度仍然存在变化。并且我认为最近的三次交易统一地表明M＆A景观如何变化。
在这三部分的花费问题上，我将在班次上分享我自己的角度，无论是从企业开发镜头（我曾经做的）和私募股权镜头（今天为期伙伴领导的练习）。
其中一些班次是微妙的，其他人没有那么多。但有一件事是对我来说剧焦的焦点：如果他们很快就把正确的棋子放在棋盘上，更多的人会错过机会。
Deals covered in this series are Coupa-ConnXus, Apttus-Conga, and Bregal Sagemount’s recent $80 million investment in Corcentric.
对于每个人来说，这是我回答的问题：
- 交易的摘要是什么？
- 这笔交易的“Gotcha”（对我）是什么？
- 额外的因素使交易有趣？
- 明天的信号是什么信号（为什么它是前方道路的重要路标）？
- 对赞助商和战略买家的竞争/市场影响是什么？
- What other (related) providers are interesting to look at in the same or similar markets?
For this installment, let’s look at the Coupa-ConnXus deal.
Jason Busch正在管理Azul Partners'的合作伙伴Investor Advisory Group。He works with sponsors, CEOs and boards on data-driven due diligence, M&A and strategy. Jason is also the lead author of花很重要的nexus.那a private newsletter and subscription service.