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Global Technology IPO Review Full-year and Q4 2016

Global Technology IPO Review Full-year and Q4 2016 1

Global tech IPOs in 2016 dropped to their lowest level in the decade amidst macroeconomic and geopolitical turmoil, but a stream of high-profile companies in the pipeline will likely create a resurgence in 2017*

Raman Chitkara Partner and Global Technology

Industry Leader

PricewaterhouseCoopers LLP

[email protected]

On the heels of two strong years, 2016 ended with the fewest global technology IPOs of any year in the decade, with only 53 tech

companies completing initial public offerings for total proceeds of US$8.7 billion. That’s a 42% decline in volume and a 68% decline in

proceeds from 2015. With 20 tech IPOs, Q3 was the best period of the year, but Q4 was the worst, with just nine tech IPOs. The market

rally following the US elections bodes well for a healthier global tech IPO market in 2017.

The year started slowly with only 24 IPOs and US$2.2 billion in proceeds in the first half of 2016, a result of the steep stock market sell-off

in January that froze out potential IPO companies. Volatility and uncertainty closed the US IPO window, and China posted just three tech

IPOs in the first quarter. The UK, historically one of the leading markets in Europe, saw no tech IPOs in 2016, a result of uncertainty over

the Brexit election that grew into concern about executing on the outcome. Although the UK was absent, Europe posted reasonable results

with 10 IPOs from eight countries, including three of the largest tech IPOs of the year. They included the largest, Net A/S, a digital

payments company in Denmark, at US$2.4 billion.

Given uncertainty associated with the US presidential election, most companies chose to remain on the sidelines in the fourth quarter.

Overall, tech IPOs rebounded in the second half of 2016, with an almost three-fold jump in proceeds. Even so, average proceeds only

equaled those in 2010 (US$165 million), the prior low for the decade. Big-ticket IPOs that were common in 2014 and 2015 were all but

non-existent in 2016.

With 80% of tech companies that debuted in 2014 or 2015 typically trading below their first-day closing prices during most of 2016,

valuations became a key concern.1 The combination of uncertain market conditions, high private valuations and ample cash caused many

companies to wait until public markets offer a more favorable environment, like we’re starting to see in early 2017.

Looking ahead, optimism for higher economic growth post US elections has spurred a market rally. With investors keeping a sharp focus

on profitability, not simply revenue growth, we expect the companies going public will likely have better earnings quality and less

aggressive valuations than in recent years. This should help to support and accelerate tech IPOs in 2017.

Sincerely,

1. https://www.bdo.nz/getattachment/Insights/Advisory/Newsletters/2016-Technology-Risk-Factor-Report/2016-Technology-RiskFactor-Report-Brochure-WEB.pdf.aspx?lang=en-NZ

*Issue size greater than US$40

million (includes overallotment)

and based on trade date;

See Methodology

mailto:[email protected]

https://www.bdo.nz/getattachment/Insights/Advisory/Newsletters/2016-Technology-Risk-Factor-Report/2016-Technology-RiskFactor-Report-Brochure-WEB.pdf.aspx?lang=en-NZ

https://www.bdo.nz/getattachment/Insights/Advisory/Newsletters/2016-Technology-Risk-Factor-Report/2016-Technology-RiskFactor-Report-Brochure-WEB.pdf.aspx?lang=en-NZ

Table of contents

1. Full-year 2016 global tech IPO summary 3 2. A close look at full-year 2016 technology IPOs 12

Geographic IPO trends – Full-year 2016 ...................................................................................................................................... 12

Europe and the UK .................................................................................................................................................................. 12

China ........................................................................................................................................................................................ 13

United States ........................................................................................................................................................................... 14

Full-year 2016 tech IPOs – Offering details ........................................................................................................................... 15

3. Q4 2016 Global tech IPO summary 19

Q4 2016 Top 5 technology listings ................................................................................................................................................ 20

Q4 2016 Geographic tech IPO trends ............................................................................................................................................ 21

United States .......................................................................................................................................................................... 22

China ....................................................................................................................................................................................... 24

Europe (excluding UK) ........................................................................................................................................................... 25

UK ........................................................................................................................................................................................... 26

Asia (Excluding China) ........................................................................................................................................................... 27

Average proceeds .......................................................................................................................................................................... 28

Age of company ............................................................................................................................................................................. 29

4. Q4 2016 Stock exchange distribution 30 5. Q4 2016 Subsector distribution 31 6. Key financials—Q4 2016 33

Q4 2016 Technology IPO listings: Valuation metric ................................................................................................................... 38

Top three subsectors in Q4 2016 ................................................................................................................................................... 40

7. Methodology 61 8. For more information 62


Full-year 2016 global tech IPO summary

The year with the fewest tech IPOs in the decade

As measured by numbers of IPOs and total proceeds, 2016

was the slowest year of the decade for global tech IPOs,

beating 2013 for this dubious distinction. It also matched

the previous low for average proceeds, US$165 million, in

2010. IPOs declined 42% in volume and 68% in total

proceeds from 2015 to 2016.

Figure 1: Global tech IPOs 2010-2016

Source: S&P Capital IQ with analysis by PwC

$17,952$15,857

$23,155

$11,446

$51,193

$27,103

$8,745

109

87 69

64

118

92

53

-

20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

No

. o

f IP

Os

US

$ m

illi

on

s

Total proceeds (US$mn) Total number of IPOs

“Several factors suggest the 2017 global tech IPO market will be much better: the postelection stock market rally,

the promise of US tax reform, general economic conditions, cyclicality of the tech IPO market and pent-up demand

for public offerings.”

Raman Chitkara

Global Technology Industry Leader


After a slow start, global tech IPOs bounced back in the second half of 2016

The global technology IPO market gained momentum in Q3

after a slow first half. Twenty-nine technology IPOs were

listed in the second half versus 24 in the first half. The

second-half resurgence occurred in Q3 with 20 IPOS, as

most tech companies shied away from the IPO market

in Q4.

Only two Unicorns completed their IPOs in 2016, both

in Q3.

Figure 2: 2010-2016 1st half vs 2nd half tech IPOs


$8,699 $9,253 $8,710$7,147

$20,817

$2,338

$4,588

$6,858

$18,955

$32,237

$12,225

$14,878

$2,250

$6,495

55 54 53

34

19

50

27

37

66

52

59

33

24

29

-

10

20

30

40

50

60

70

1st Half2010

2ndHalf2010

1st Half2011

2ndHalf2011

1st Half2012

2ndHalf2012

1st Half2013

2ndHalf2013

1st Half2014

2ndHalf2014

1st Half2015

2ndHalf2015

1st Half2016

2ndHalf2016

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Total proceeds (US$mn) Number of IPOs

US

$m

illi

on

s

No

. o

f IP

Os


Number of offerings and proceeds declined for all regions except Europe (excluding UK)

China led with 18 tech IPOs in 2016, followed by the US with 16; aggregate proceeds were US$1.4 billion and US$1.8 billion, respectively. Europe, excluding the UK, had 10 IPOs, including the largest of the year, Nets A/S. Nets, a digital payment services company, raised US$2.4 billion, which was two-thirds of the total proceeds of US$3.7 billion from Europe’s IPOs. The UK had no tech IPOs this year compared to nine in 2015 and seven in 2014 owing to uncertainty over the Brexit vote and its aftermath. Asia, excluding China, saw a dip in proceeds due to fewer IPOs. Only Japan provided some support for the region. It had three tech IPOs and the fourth highest proceeds, led by the second largest IPO of the year, Line Corp. Line, a messaging app, raised US$1.1 billion in the year’s largest NYSE tech IPO. The US’s Nutanix was the largest VC-backed tech IPO listing on the NASDAQ in 2016, raising US$238 million.

Overall, the US IPO market declined, registering 16 tech

IPOs and raising US$1.8 billion compared with 23 tech

IPOs and US$8.4 billion in 2015.

While several large leveraged buyouts and high-profile

startups remain on the sidelines, there are signs of a

possible flurry of tech IPOs in the next 12 months.

Figure 3: 2014-2016 Geographic distribution—Number of IPOs


Figure 4: 2014-2016 Geographic distribution—Proceeds


8

19

7

45

37

11

17

9

30

23

10 9

0

18 16

Europe w/o UK Asia w/o China UK China US

0

10

20

30

40

50

No. of IPOs

2014 2015 2016

No

. o

f IP

Os

$3,570

$7,298

$3,277

$29,063

$7,850

$3,176 $3,381

$7,811

$4,074

$8,396

$3,674$1,833

$0$1,438 $1,800

Europe w/o UK Asia w/o China UK China US

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000Proceeds raised

2014 2015 2016

US

$ m

illi

on

s


Tech IPO activity in Europe remained brisk in 2016 despite challenges in other markets

Tech IPO activity in Europe, excluding the UK, remained

brisk in 2016 despite challenges elsewhere. There was

broad distribution across eight countries, including

Denmark, which had the largest tech IPO of the year.

Overall, Europe contributed three of the largest tech IPOs

of 2016.

Figure 5: Full-year 2016 European tech IPOs


"The European market proved to be notably strong in 2016, in spite of the migration crisis and the Brexit

referendum. The expansionary monetary policy in place led investors to look for alternatives to the low

interest rate environment. This was translated positively to the European capital market. With US$3,674

million in total proceeds, we experienced in Europe the largest volume of tech IPOs worldwide."

Werner Ballhaus

Technology, Media and Telecommunications Industry Leader, PwC Germany


Lack of big-ticket IPOs pushed average proceeds down to a seven-year low

It was not a year for high-flying tech IPOs, with only two US$1 billion-plus offerings. This reduced average proceeds to a level not seen since 2010. However, the majority of tech companies going public in 2016 were long-standing enterprises with histories of strong financial performances.

Figure 6: 2010-2016 Average proceeds


$165$182

$336

$179

$434

$295

$165

109

87

69

64

118

92

53

0

20

40

60

80

100

120

140

$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2010 2011 2012 2013 2014 2015 2016

Average proceeds No. of IPOsU

S$ m

illi

on

s

No

. o

f IP

Os


Internet Software & Services (IS&S) and Software subsectors remained the growth engine for tech IPOs, with 32 IPOs raising US$4.7 billion

The largest IPO of the year was an IT Consulting & Services company, Nets A/S of Denmark, which raised US$2.4 billion. But the pivotal subsectors for tech IPOs were Internet Software & Services and Software, with a combined 32 IPOs and proceeds of US$4.7 billion.

Figure 7: Full-year 2016 subsector distribution


$4,655

$517$41

$239

$3,000

$293

32

8

1 2

5 5

-

5

10

15

20

25

30

35

Internet Software& Services and

Software

Semiconductors ComputerStorage &

Peripherals

CommunicationsEquipment

IT Consulting &Services

Electronics

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Total proceeds (US$mn) Number of IPOsU

S$

mil

lio

ns

No

. o

f IP

Os


Compared to the previous six years the Internet Software & Services and Software subsectors experienced a pullback in 2016 with the second lowest proceeds and number of IPOs in the decade

Figure 8: 2010-2016 IPOs for the Internet Software & Services and Software subsectors


$3,369

$8,679

$20,172

$7,297

$40,620

$19,508

$4,655

22

38

34

42

82

56

32

-

10

20

30

40

50

60

70

80

90

2010 2011 2012 2013 2014 2015 2016

$-

$9,000

$18,000

$27,000

$36,000

$45,000

IS&S and Software - Total proceeds IS&S and Software - No. of IPOs

US

$m

illi

on

s

No

. o

f IP

Os


Broad participation across global exchanges

With volatility and uncertainty dominating the major

markets in China, the UK and the US, companies outside

these countries largely chose to list on their home

exchanges. Copenhagen’s OMX registered the biggest tech

IPO of the year, Nets A/S, raising US$2.4 billion.

The Tokyo SE registered a total of US$111 million with two

offerings and India’s BSE and NSE exchanges registered a

total of three tech IPOs with US$318 million in proceeds.

Australia listed three companies with proceeds of US$283

million, one of which is domiciled in Ireland. The OMX in

Stockholm listed four companies with proceeds of US$320

million, one of which is domiciled in Malta.

Figure 9: 2016 Full-year stock exchange distribution


$1,669

$1,983

$782

$311

$186$283

$369

$42$111 $134 $185

$2,371

$3204

17

10

5

1 3

1

1 2 2

1

1 4

-

6

12

18

24

30

36

$0

$500

$1,000

$1,500

$2,000

$2,500


US

$m

illi

on

s

No

. o

f IP

Os


Cross-border IPO activity has not changed much despite the pullback in IPOs

Cross-border IPOs, as a percentage of the total, were within the 15%-to-17% range, which was mostly consistent with recent years.

Figure 10: 2010-2016 Cross-border tech IPO activity


19 13 16 11 18 11 8

90

74 53

53

100

81

45

17%

15%

23%

17%

15%

12%

15%

-

20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016

0%

5%

10%

15%

20%

25%

US

$ m

illi

on

sCross-border IPOs Domestic IPOs % of Cross-border IPOs

No

. o

f IP

Os


A close look at full-year 2016 technology IPOs

Geographic IPO trends – Full-year 2016

Europe and the UK

Europe, excluding the UK, posted strong performance, while the UK languished with no IPOs this year

Europe, excluding the UK, was the best performing region

in 2016, registering 10 IPOs with total proceeds of US$3.7

billion, a 16% increase over 2015.

Europe had the biggest IPO listing of the year (US$2.4

billion), Nets A/S, which provides digital payment services

and related technology solutions. Other tech IPOs from

Europe included Takeaway.com, a food delivery app from

the Netherlands, with proceeds of US$369 million; Global

Dominion Access, S.A., an IT and consulting services

company from Spain, raising US$185 million; Talend SA, a

software-based platform provider from France, raising

US$95 million; German Internet software and services

company Trivago NV, raising US$287 million; Catena

Media PLC, an Internet software and services company

from Malta, raising US$101 million; Oneview Healthcare

PLC, an Irish company, with US$47 million; and three

companies from Sweden all listing on the Nordic Exchange

in Stockholm, LeoVegas AB (US$111 million), Paradox

Interactive AB (US$65 million), and THQ Nordic AB

(US$43 million).

Figure 11: 2010-2016 Europe (excluding UK) tech IPOs

Figure 12: 2010-2016 UK tech IPOs


$2,777

$1,846

$352

$754

$3,571

$3,176

$3,674

3

6

3 4

8

11

10

-

12

2010 2011 2012 2013 2014 2015 2016

$-

$1,000

$2,000

$3,000

$4,000


US

$m

illi

on

s

No

. o

f IP

Os

$843 $0 $0$730

$3,277

$7,811

$0

2

- -

4

7

9

- -

2

4

6

8

10

12

2010 2011 2012 2013 2014 2015 2016

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000


US

$m

illi

on

s

No

. o

f IP

Os


China

Chinese tech IPO results were adversely affected by the decline in China’s economic growth, increased volatility on Chinese exchanges and regulatory actions

China reported 18 IPOs, but the proceeds raised were

relatively low (US$1.4 billion) with an average of US$80

million. The number of Chinese tech IPOs dropped 40%

and proceeds fell 65% from 2015 to 2016.

China’s economic slowdown continued, with GDP growth

declining from 7.4% in 2014 to 6.9% in 2015. Chinese stock

exchange regulators stalled IPOs twice in the last two years

for various regulatory reasons. New IPO regulations likely

contributed to a more cautious atmosphere for Chinese tech

IPOs. The Chinese market is expected to improve this year.

Figure 13: 2010-2016 China tech IPOs


$9,249$7,415

$2,439$1,026

$29,063

$4,074

$1,438

70

50

33

8

45

30

18

-

10

20

30

40

50

60

70

80

2010 2011 2012 2013 2014 2015 2016

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000


S$

mil

lio

ns

No

. o

f IP

Os

“After a one-year adjustment, China’s capital market gradually returned to its normal rhythm during the

second half of 2016, although the proceeds of each IPO was generally small. In November 2016 the Chinese

Regulatory Commission (CSRC) sped up the approval of IPOs, setting the stage for acceleration in the number

of 2017 IPOs for Hong Kong and domestic markets.”

Jianbin Gao

Technology Industry Leader, PwC China


United States

Historical cyclicality combined with a high level of uncertainty about the US presidential election led most US technology companies to remain on the sidelines in 2016

The US tech IPO market exhibited subdued performance in

2016. US tech IPOs slid by almost 79% in proceeds to

US$1.8 billion and 30% by number of listings to 16 IPOs.

The average deal size was a US$113 million.

Market volatility, geopolitical actions in Europe and the US

presidential election left investors uncertain and uneasy

and high-profile startups choosing not to test the public

markets.

Figure 14: 2010-2016 US tech IPOs


$2,150

$4,926

$20,316

$7,591 $7,850$8,396

$1,800

19

24

32 35

37

23

16

-

8

16

24

32

40

2010 2011 2012 2013 2014 2015 2016

$-

$5,000

$10,000

$15,000

$20,000

$25,000


US

$m

illi

on

s

No

. o

f IP

Os

“After a slow start to 2016, there was some rebound in both the number of tech IPOs and returns to investors,

despite ongoing uncertainty about the economy and election. We anticipate improvement in market

conditions given positive equity market returns. This momentum creates a window for tech companies to

pursue a potential IPO. Buy-side investors will demand a path to profitability, not simply revenue growth, to

bring these companies to market in 2017.”

Alan Jones

Technology Deals Partner, PwC US


Full-year 2016 tech IPOs – Offering details

Table 1: 2016 tech IPOs – By issue date

Issue date Company Subsector Proceeds (US$mn) Primary exchange Domicile nation

Q1

3/17/2016 LeoVegas AB (publ) Internet Software & Services

110.7 Nordic Exchange Stockholm

Sweden

2/11/2016 Catena Media Plc Internet Software & Services

101.3 Nordic Exchange Stockholm

Malta

2/18/2016 Quick Heal Technologies Limited IT Consulting & Services

65.9 Mumbai Stock Exchange India

3/3/2016 Eoptolink Technology Inc Ltd Electronics 63.9 Shenzhen Stock Exchange

China

3/17/2016 Akatsuki Inc Software 56.5 Tokyo Stock Exchange Japan

3/15/2016 UMC Electronics Co Ltd Semiconductors 54.4 Tokyo Stock Exchange Japan

3/21/2016 Tongyu Commun Inc Communications Equipment

132.1 ShenzSME China

3/15/2016 Changsha Jingjia Micro Co Ltd Semiconductors 70.5 ShenzChNxt China

3/28/2016 Infibeam Inc Ltd Internet Software & Services

67.6 Mumbai Stock Exchange India

3/16/2016 Oneview Healthcare Plc Software 46.5 Australian Securities Exchange

Ireland

Q2

04/11/2016 Wisetech Global Limited Internet Software & Services

125.8 Australian Securities Exchange

Australia

04/21/2016 SecureWorks Corp Software 112.0 NASDAQ Global Select United States

04/24/2016 Nanjing Doron Technology Co Ltd

Software 75.2 Shanghai Stock Exchange China

04/26/2016 Global Dominion Access SA IT Consulting & Services

185.5 Bolsas y Mercados Espanoles

Spain





05/12/2016 Acacia Communications Inc Semiconductors 103.5 NASDAQ Global Select United States

05/16/2016 Hubei Jiuzhiyang Infrared System Co Ltd

Electronics 100.9 Shenzhen Stock Exchange

China

05/25/2016 Cotiviti Holdings Inc Software 237.5 New York Stock Exchange

United States

05/26/2016 Paradox Interactive AB (publ) Software 65.0 Nordic Exchange Stockholm

Sweden

06/02/2016 NantHealth LLC Software 91.0 New York Stock Exchange

United States

06/09/2016 China Online Education Group Internet Software & Services

65.6 New York Stock Exchange

China

06/20/2016 HAESUNG DS Co Ltd Semiconductors 41.5 Korea Stock Exchange South Korea

06/22/2016 Twilio Inc Internet Software & Services

1500 New York Stock Exchange

United States

06/22/2016 Wuxi New Hongtai Electrical Technology Co Ltd

Electronics 47.8 Shanghai Stock Exchange China

06/23/2016 Shenzhen Shengxunda Technology Co Ltd

Software 78.9 Shenzhen Stock Exchange

China





Q3

07/11/2016 LINE Corporation Software 1,125.2 New York Stock Exchange

Japan

07/14/2016 Larsen & Toubro Infotech Limited

IT Consulting & Services

184.8 National Stock Exchange of India

India

07/20/2016 Impinj Inc Semiconductors 67.2 NASDAQ Global Select United States

07/25/2016 Beijing Global Safety Technology Co Ltd


China

07/28/2016 Talend SA Software 94.5 NASDAQ Global Market France

08/08/2016 Shenzhen Urovo Technology Co Ltd

Electronics 40.1 Shenzhen Stock Exchange

China

08/09/2016 GigaDevice Semiconductor (Beijing) Inc

Semiconductors 87.3 Shanghai Stock Exchange China

08/17/2016 Shenzhen Bingchuan Network Co Ltd


China

09/13/2016 Beijing Advanced Digital Technology Co Ltd


China

09/13/2016 Shenzhen Emperor Technology Co Ltd

Computers & Peripherals 40.8 Shenzhen Stock Exchange

China

09/14/2016 Shanghai Wondertek Software Co Ltd

Software 60.0 Shanghai Stock Exchange China

09/15/2016 Everbridge Inc Software 90.0 NASDAQ Global Market United States

09/20/2016 The Trade Desk Inc Internet Software & Services

84.0 NASDAQ Global Market United States

09/23/2016 Nets A/S IT Consulting & Services 2,371.3 Nordic Exchange Copenhagen

Denmark





09/23/2016 Apptio Inc Internet Software & Services

96.0 NASDAQ Global Market United States

09/23/2016 Gridsum Holding Inc Software 87.1 NASDAQ Global Market/NGS

China

09/28/2016 Hubei TKD Crystal Electronic Science & Technology Co Ltd

Electronics 40.3 Shanghai Stock Exchange China

09/29/2016 Takeaway.com Holding BV Internet Software & Services

369.1 Euronext Amsterdam Netherlands

09/29/2016 Tabula Rasa HealthCare Inc Software 51.6 NASDAQ United States

09/30/2016 Nutanix Inc Software 237.9 NASDAQ United States

Q4

10/05/2016 Coupa Software Incorporated Software 133.2 NASDAQ Global Select United States

10/07/2016 Everspin Technologies Inc Semiconductors 40.0 NASDAQ Global Market United States

10/27/2016 BlackLine Inc Software 146.2 NASDAQ Global Select United States

10/27/2016 Quantenna Communications Inc Communications Equipment

107.2 NASDAQ Global Select United States

11/01/2016 GDS Holdings Limited IT Consulting & Services

192.5 NASDAQ Global Market China

11/16/2016 Bravura Solutions Limited Software 110.7 Australian Securities Exchange

Australia

11/21/2016 THQ Nordic AB Software 43.3 Nordic Exchange Stockholm

Sweden

12/08/2016 Ichor Holdings Ltd Semiconductors 52.9 NASDAQ Global Select United States

12/16/2016 Trivago NV Internet Software & Services

287.2 NASDAQ Global Select Germany



Q4 2016 Global tech IPO summary

Global IPO activity contracted in Q4 2016, but the tech IPO pipeline remains robust

Q4 2016 was one of the slowest quarters on record with just nine tech IPOs raising US$1.1 billion. The number of tech IPOs declined by 55% sequentially from 20 IPOs in Q3. Proceeds declined 79% from US$ 5.4 billion in Q3.

Figure 15: Q4 2015-Q4 2016 Global technology IPO trends


$10,785

$769$1,480

$5,382

$1,113

22

10

14

20

9

$-

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

0

7

14

21

28

35

42


US

$m

illi

on

s

No

. o

f IP

Os


Q4 2016 Top 5 technology listings

Nine tech IPOs were listed in Q4 2016. The Internet Software & Services subsector registered the highest proceeds with German Internet software and services company Trivago NV raising US$287 million with a NASDAQ listing.

The Software subsector dominated with three of the five top grossing IPOs. The US had two high-grossing tech IPOs in Q4 2016; China, Germany and Australia registered one each. As for stock exchanges, the US was a clear favorite with four of the five top tech IPOs listing on NASDAQ.

Table 2: IPO summary – Top 5 listings

Issue date Company Subsector Proceeds (US$ mn)

Primary exchange Domicile nation



11/01/2016 GDS Holdings Limited IT Consulting & Services

192.5 NASDAQ Global Market China



11/16/2016 Bravura Solutions Limited Software 110.7 Australian Securities Exchange Australia



Q4 2016 Geographic tech IPO trends

US led Q4 tech IPO activity with five of the nine listings

Compared to the first three quarters of the year, geographic

distribution was low, with only five countries participating

in Q4. Proceeds were also down. The US had the most—five

IPOs—with total proceeds of US$480 million, but the

largest IPO of Q4 was Trivago NV, of Germany, which

raised US$287 million.

Figure 16: Q4 2016 Geographic distribution


$480

$287

$193

$111

$43

5

1 1

1

1

-

1

2

3

4

5

6

United States Germany China Australia Sweden

$0

$100

$200

$300

$400

$500

$600


US

$m

illi

on

s

No

. o

f IP

Os


United States

The US had five tech IPOs with average proceeds of only

US$96 million. Proceeds were in line with the prior three

quarters, but were disappointing due to the overall

uncertainty of the impending presidential election.

Figure 17: Q4 2016 US tech IPOs


$4,041

$0

$694 $627$480

6

-

5

6

5

-

1

2

3

4

5

6

7

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500


US

$m

illi

on

s

No

. o

f IP

Os


China

China had one IPO raising US$193 million in Q4 2016, however, the number of small-sized IPOs, with issue size below US$40 million, is increasing. With the move in November 2016 by the China Securities Regulatory Commission (CSRC) to speed up the approval of IPOs, it is expected there will be a higher number of tech IPOs approved and listed in 2017.

Figure 18: Q4 2016 China tech IPOs


$551

$267

$368

$611

$193

6

3

5

9

1

$0

$100

$200

$300

$400

$500

$600

$700

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

-

1

2

3

4

5

6

7

8

9

10


US

$m

illi

on

s

No

. o

f IP

Os


Europe (excluding UK)

Europe had two IPOs, one each from Germany and Sweden.

Trivago NV from Germany was the biggest IPO for the

quarter, raising US$287 million and THQ Nordic AB

from Sweden raised US$43 million. The companies

belonged to the Internet Software & Services and Software

subsectors respectively.

Figure 19: Q4 2016 European tech IPOs (Excluding UK)


$307 $258 $250

$3,020

$331

2

3

2

4

2

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

-

1

2

3

4

5


US

$m

illi

on

s

No

. o

f IP

Os


UK

UK markets are still languishing under the impact of Brexit.

Lack of clarity on the regulatory impact continued to

impact capital markets in Q4.

Figure 20: Q4 2016 UK tech IPOs


$4,768

$0 $0 $0 $0

5

- - - -$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

-

1

2

3

4

5


S$

mil

lio

ns

No

. o

f IP

Os


Asia (Excluding China)

The participation of Asian countries other than China

decreased significantly in Q4. One tech IPO outside China

was listed by an Australian company, with proceeds of

US$111 million.

Figure 21: Q4 2016 Asia tech IPOs (excluding China)


$656

$244$167

$1,310

$111

2

4

2 2

1

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

-

1

2

3

4

5


US

$m

illi

on

s

No

. o

f IP

Os


Average proceeds

Number of IPOs and average proceeds remained below historical norms

Figure 22: Q4 2016 Average proceeds


$372

$490

$77$106

$269

$124

11

22

10

14

20

9

-

5

10

15

20

25

Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

$-

$100

$200

$300

$400

$500

$600

Average proceeds Number of IPOs

US

$m

illi

on

s

No

. o

f IP

Os


Age of company

Mature companies with proven track records listed in Q4

Of the nine IPOs in the last quarter of 2016, 67% (six) of the

companies are more than ten years old. Two companies are

eight years old while only one company, Ichor Holdings,

Ltd was less than five years old.

BlackLine Inc is the oldest and was founded in 2001.

During volatile and uncertain markets, those companies

with longevity and proven track records are in a better

position to obtain a fair valuation while those with limited

earnings history are at risk of poor market reception.

Figure 23: Q4 2016 Age of company


11

10

15

10

12

10

4

8 8

10 10 10 10

0

2

4

6

8

10

12

14

16

Age of company Average age

Ag

e i

n y

ears


Q4 2016 Stock exchange distribution

US NASDAQ exchange led Q4 listings

With five of the nine Q4 tech IPOs being US companies, it

is not surprising that NASDAQ led listings (seven) with

proceeds of US$959 million. Two of the seven listings,

including the largest IPO of the quarter, Trivago NV from

Germany, occurred after the US presidential election when

markets began to rally.

Figure 24: Q4 2016 Stock exchange distribution


$43$111

$959

1 1

7

-

1

2

3

4

5

6

7

8

OMX Nordic ExchangeStockholm (OM)

Australia Stock Exchange NASDAQ

$-

$200

$400

$600

$800

$1,000

$1,200


US

$m

illi

on

s

No

. o

f IP

Os


Q4 2016 Subsector distribution

Software subsector eclipses Internet Software & Services in Q4

It is not often that Internet Software & Services has only one IPO, but that was it for Q4: Trivago raising US$287 million. In Q4 2016 the Software subsector led in numbers of IPOs (four) and in proceeds (US$433 million). Most of the big-ticket Internet Software & Services subsector companies chose not to test public markets in 2016.

Figure 25: Q4 2016 Subsector distribution

S&P Capital IQ with analysis by PwC

$287

$433

$93

$193

$107

1

4

2

1 1

-

1

1

2

2

3

3

4

4

5

Internet Software &Services

Software Semiconductors IT Consulting &Services


$-

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500


US

$m

illi

on

s

No

. o

f IP

Os


Table 3: Q4 2016 tech IPOs

Issue date Company Subsector Proceeds (US$ mn) Primary exchange

Domicile nation



11/01/2016 GDS Holdings Limited IT Consulting & Services 192.5 NASDAQ Global Market China



11/16/2016 Bravura Solutions Limited Software 110.7 Australian Securities Exchange Australia

10/27/2016 Quantenna Communications Inc Communications Equipment

107.2 NASDAQ Global Select United States

12/08/2016 Ichor Holdings Ltd Semiconductors 52.9 NASDAQ Global Select United States

11/21/2016 THQ Nordic AB (publ) Software 43.3 Nordic Exchange Stockholm Sweden

10/07/2016 Everspin Technologies Inc Semiconductors 40.0 NASDAQ Global Market United States



Key financials—Q4 2016 The average last twelve months’ (LTM) earnings for Q4

2016 was a net loss of US$20million, with only 22% of the

companies reporting net income. Of the nine tech IPOs in

the last quarter of 2016, only two companies, THQ Nordic

AB of Sweden and Ichor Holdings, Ltd of the US reported

net income. THQ Nordic AB in the Software subsector had

the highest net income of US$6.8 million.

For the full year, the percentage of companies with net

income was noticeably higher, at 58%, compared to Q4

2016. Larsen & Toubro Infotech Limited, an Indian IT

Consulting & Services company, had the highest LTM net

income in 2016, at US$147 million, while Acacia

Communications, Inc, an American semiconductor

company had the second highest LTM net income at US$51

million. Nutanix Inc of Japan and NantHealth LLC of the

US incurred the highest net losses at US$169 million and

US$91 million, respectively.

Software companies were partially responsible for pulling

down the average LTM net income with three (43%) of the

seven loss-incurring companies from that subsector. In

2016, 42% companies reported LTM net losses compared to

37% of 2015.

The only company that went public in the Internet Software

& Services subsector, Trivago NV, recorded the highest

average revenue overall at US$717 million, which also made

it the subsector with the highest average revenue.

The Semiconductor subsector reported the second highest

average revenue—US$183 million—from two listings, while

the IT Consulting & Services subsector posted average revenue of US$138 million from one listing. The Software

subsector reported the lowest average revenue, of US$100 million, from four listings in Q4 2016.

Figure 26: Full-year and Q4 2016 technology IPOs – Net income


22%

78%

Q4 2016

Positive net income Net loss

58%

42%

Full-year 2016

Positive net income Net loss


Figure 27: Q4 2016—Average LTM revenue

Figure 28: Q4 2016—Average LTM EBITDA


$117

$717

$138$183

$100

$251

1

1

12

4

9

0

2

4

6

8

10

12

$-

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0



IT Consulting & Services Semiconductors Software All sectors

No

. o

f IP

Os

LTM revenue No. of IPOs

In U

S$ m

illi

on

s

$1

($29)

$23

$4

($7)($2)

11

1 2

4

9

0

2

4

6

8

10

12

-$40

-$30

-$20

-$10

$0

$10

$20

$30



IT Consulting & Services Semiconductors Software All Sectors

No

. o

f IP

Os

LTM EBITDA No. of IPOs

In U

S$ m

illi

on

s


Figure 29: Q4 2016—Average LTM net income


($2)

($55)

($34)

($8)

($18)

($23)

1 1 1

2

4

9

0

2

4

6

8

10

12

$(60.0)

$(50.0)

$(40.0)

$(30.0)

$(20.0)

$(10.0)

$-




No

. o

f IP

Os

LTM Net income No. of IPOs

In U

S$ m

illi

on

s


Figure 30: Q4 2016—Average total debt


$6

$28

$362

$35 $30

$92

1 1 1

2

4

9

0

2

4

6

8

10

$-

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0




No

. o

f IP

Os

LTM debt No. of IPOs

In U

S$ m

illi

on

s


Figure 31: Q4 2016—Average Enterprise Value


$817

$2,857

$1,630

$342

$756

$1,280

1 1 1

2

4

9

0

2

4

6

8

10

$-

$500.0

$1,000.0

$1,500.0

$2,000.0

$2,500.0

$3,000.0




No

. o

f IP

Os

Enterprise value No. of IPOs

In U

S$ m

illi

on

s


Q4 2016 Technology IPO listings: Valuation metrics

The overall valuation of technology IPOs marginally

increased in Q4 2016 compared to Q4 2015. IT Consulting

& Services and Software led the valuation metrics with an

average with 12x and 8x, respectively.

The average EV/LTM revenue for listed IPOs in Q4 2016

was 5.1x, higher than 4.8x in Q4 2015. The IT Consulting &

Services subsector had only one listing with an enterprise

value of US$1,630 million and revenue of US$137.5 million,

thus making the EV/LTM revenue 11.9x.

Software companies posted an average revenue multiple of

7.5x, followed by Communications Equipment at 7.0x. The

Semiconductors subsector came last at 1.9x.

The Communications Equipment subsector led with the

highest average EV/LTM EBITDA multiple of 1634.6x,

followed by the Semiconductors subsector at 77.7x and IT

Consulting & Services subsector at 72.1x.

Figure 32: Q4 2016 EV/LTM revenue


7.0x

4.0x

11.9x

1.9x

7.5x

5.1x

1 1 1

2

4

9

0

2

4

6

8

10

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x


InternetSoftware &Services

IT Consulting &Services

Semiconductors Software All sectors

No

. o

f IP

Os

EV/LTM revenue No. of IPOs

In m

ult

iple

s


Figure 33: Q4 2016 EV/LTM EBITDA


1634.6x

NM72.1x

77.7x

NM NM

1 1 1

2

4

9

0

2

4

6

8

10

0.0x

200.0x

400.0x

600.0x

800.0x

1,000.0x

1,200.0x

1,400.0x

1,600.0x

1,800.0x




No

. o

f IP

Os

EV/ LTM EBITDA No. of IPOs

In m

ult

iple

s


Top three subsectors in Q4 2016

Software

The Software subsector registered four IPO listings in Q4 2016, with total proceeds of US$433 million and an average LTM revenue of US$100 million. The subsector witnessed negative growth year to year (down 55%) and quarter to quarter (down 60%). Bravura Solutions Limited of Australia grossed the highest proceeds with US$134 million. Average LTM EBITDA for Q4 2016 was US$7 million compared to US$31 million in Q4 2015. Average net income was actually a loss of US$18 million, which has been a persistent trend from the previous quarter as well as since Q2 2015. Average debt declined 54% compared to Q3 2016. EV/LTM revenue decreased from 12x in Q4 2015 and 9.8x in Q3 2016 to 7.5x in Q4 2016. EV/LTM EBITDA declined from a positive 85.3x to a negative 105.7x year on year.

Figure 34: Software – LTM revenue


$223

$21

$199

$253

$100

4 2

6

10

4

0

2

4

6

8

10

12

$0

$50

$100

$150

$200

$250

$300

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 35: Software – LTM EBITDA


$31

($11)

$21

$4

($7)

4

2

6

10

4

0

2

4

6

8

10

12

($15)

($10)

($5)

$0

$5

$10

$15

$20

$25

$30

$35

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 36: Software – LTM net income


($4) ($4)

($11)

($19)($18)

4

2

6

10

4

0

2

4

6

8

10

12

($20)

($18)

($16)

($14)

($12)

($10)

($8)

($6)

($4)

($2)

$0

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 37: Software – EV


$2,675

$320

$1,627

$2,468

$7564 2

6

10

4

0

2

4

6

8

10

12

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 38: Software – Total debt


$0 $2

$178

$65

$30

4

2

6

10

4

0

2

4

6

8

10

12

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os

Total debt No. of IPOs

In U

S$ m

illi

on

s


Figure 39: Software – EV/LTM revenue


12.0x

15.2x

8.2x

9.8x

7.5x

4

2

6

10

4

0

2

4

6

8

10

12

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In m

ult

iple

s


Figure 40: Software – EV/LTM EBITDA


85.3x

NM

77.6x

587.6x

NM

4 2

6

10

4

0

2

4

6

8

10

12

0.0x

100.0x

200.0x

300.0x

400.0x

500.0x

600.0x

700.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os

EV/LTM EBITDA No. of IPOs

In m

ult

iple

s


Semiconductors

The average revenue for semiconductors companies was

US$183 million in Q4 2016, an increase of 24% on a

quarter-to-quarter basis.

Average LTM EBITDA declined by 70% quarter to quarter,

from US$15 million to US$4 million in Q4 2016.

Semiconductor EV decreased 80% quarter to quarter, from

US$1.7 billion in Q3 2016 to US$342 million in Q4 2016.

LTM net income declined from US$13 million in Q3 2016

to a net loss of US$8 million in Q4 2016.

Total debt for Q4 2016 increased by 260%, from US$10

million in Q3 to US$35 million in Q4.

In Q4, the subsector’s valuation multiple of EV/LTM

revenue declined to 1.9x from the 11.5x of Q3 2016.

EV/LTM EBITDA also sequentially declined to 77.7x in Q4

2016 from 113.4x in Q3 2016.

Figure 41: Semiconductors – LTM revenue


$529

$276

$147$183

2 2 2 2

-

1

2

3

4

$0

$100

$200

$300

$400

$500

$600

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 42: Semiconductors – LTM EBITDA


$17

$57

$15

$40

2 2 2 2

-

1

2

3

4

$0

$10

$20

$30

$40

$50

$60

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 43: Semiconductors – LTM net income


$14

$51

$13

($8)0

2 2 2 2

-

1

2

3

4

($20)

($10)

$0

$10

$20

$30

$40

$50

$60

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 44: Semiconductors – EV


$345

$1,279

$1,689

$342

0

2 2 2 2

-

1

2

3

4

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 45: Semiconductors – Total debt


$109

$3$10

$35

0

2 2 2 2

-

1

2

3

4

$0

$20

$40

$60

$80

$100

$120

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 46: Semiconductors – EV/LTM revenue


0.7x

4.6x

11.5x

1.9x

0

2 2 2 2

-

1

2

3

4

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In m

ult

iple

s


Figure 47: Semiconductors – EV/LTM EBITDA


20.8x 22.6x

113.4x

77.7x

0

2 2 2 2

-

1

2

3

4

0.0x

20.0x

40.0x

60.0x

80.0x

100.0x

120.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In m

ult

iple

s


Internet Software & Services

The Internet Software & Services subsector registered only

one listing with proceeds of US$717 million in Q4 2016.

That one IPO led to average revenue growth of 446%

quarter to quarter, from US$131 million in Q3 to US$717

million in Q4. However, the year-to-year average LTM

revenue declined 34%.

Average LTM EBITDA for Q4 2016 was a net loss of US$29

million compared to net income of US$309 million in Q4

2015. The average for Q4 2016 was a net loss of US$55

million, compared to an average net loss of US$26 million

in Q4 2015.

EV/LTM revenue (4x) declined both quarter on quarter

(5.2x) as well as year on year (4.9x). EV/LTM EBITDA

declined drastically to a negative 97.8x from 1,083.7x of

Q3 2016.

Figure 48: Internet Software & Services – LTM revenue


$1,082

$52$96

$131

$717

13

3 3 3

1

0

3

6

9

12

15

$0

$200

$400

$600

$800

$1,000

$1,200

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 49: Internet Software & Services – LTM EBITDA


$309

$4

($24)

$1

($29)

13

3 3 3

1

0

3

6

9

12

15

($50)

$0

$50

$100

$150

$200

$250

$300

$350

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 50: Internet Software & Services – LTM net income


($26)

$4

($28)

($14)

($55)

13

3 3 3

1

0

3

6

9

12

15

($60)

($50)

($40)

($30)

($20)

($10)

$0

$10

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 51: Internet Software & Services – Enterprise value


$5,286

$351

$1,526

$686

$2,857

13

3 3

3

1

0

3

6

9

12

15

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 52: Internet Software & Services – Total debt


$2,390

$1$8 $18 $28

13

3 3 3

1

0

3

6

9

12

15

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In U

S$ m

illi

on

s


Figure 53: Internet Software & Services – EV/LTM revenue


4.9x

6.8x

15.8x

5.2x

4.0x

13

3 3

3 1

0

3

6

9

12

15

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

Os


In m

ult

iple

s


Figure 54: Internet Software & Services – EV/LTM EBITDA


17.1x85.5x

NM

1083.7x

NM

13

3 3 3

1

0

3

6

9

12

15

0.0x

200.0x

400.0x

600.0x

800.0x

1000.0x

1200.0x

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

No

. o

f IP

O's


In M

ult

iple

s


Methodology The Global Technology IPO Review for Q4 and full-year 2016 is based on PwC’s analysis of transaction data extracted from S&P Capital IQ. The analysis considers IPOs across all

countries worldwide during the period 1 October 2016 to 31 December 2016 (Q4), 1 January 2016 to 31 December 2016 (full-year) and from 2010-2016. Financial data was also

obtained from S&P Capital IQ.

The definition of the Technology sector is based on the S&P Capital IQ database industry classifications and includes the following subsectors:

Internet Software & Services

IT Consulting & Services

Professional Services (e.g., Application Software, Software Solutions)

Semiconductors

Software

Computers & Peripherals

– Computers, Computers Peripheral Equipment

– Computers, Storage Device Manufacturing

Electronic Computers Manufacturing (“Electronics”)

Communications Equipment

Only IPOs with issue size greater than US$40 million were included in the analysis.

All monetary amounts are in US dollars unless otherwise indicated.

LTM – Last 12 months

Most figures are rounded to one decimal.


For more information

If you would like to discuss how these findings might impact your business or your future strategy, please reach out to any of our technology industry leaders listed below.

Raman Chitkara

Global Technology Leader

Phone: 1 408 817 3746

Email: [email protected]

Rod Dring – Australia

Phone: 61 2 8266 7865


Estela Vieira – Brazil

Phone: 55 1 3674 3802


Christopher Dulny – Canada

Phone: 1 416 869 2355


Jianbin Gao – China

Phone: 86 21 2323 3362


Pierre Marty – France

Phone: 33 1 5657 58 15


Werner Ballhaus – Germany

Phone: 49 211 981 5848


Sandeep Ladda – India

Phone: 91 22 6689 1444


Masahiro Ozaki – Japan

Phone: 81 3 5326 9090


Hoonsoo Yoon – Korea

Phone: 82 2 709 0201


Ilja Linnemeijer – The Netherlands

Phone: 31 88 792 4956


Yury Pukha – Russia

Phone: 7 495 223 5177


Mark Jansen – Singapore

Phone: 65 6236 7388


Jass Sarai – UK

Phone: 44 0 1895 52 2206


Pierre-Alain Sur – US

Phone: 1 646 471 6973


Alan Jones – US (Deals partner)

Phone: 1 415 498 7398















About PwC’s technology institute

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that offers both fact-based analysis and experience-based perspectives. Technology Institute insights and viewpoints originate from active collaboration between our professionals

across the globe and their first-hand experiences working in and with the technology industry.

About PwC

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This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors.

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