Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Concordia Capital
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Concordia Capital
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Concordia Capital
Concordia Capital
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Concordia Capital
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Concordia Capital
Concordia Capital
Concordia Capital
Concordia Capital
Our investment approach harmonizes quantitative research with fundamental analysis to achieve efficacious portfolio management.
Legal Disclaimer:
The materials on this website are for illustration and discussion purposes only and do not constitute an offering to buy any interest in any investment product sponsored or managed by Concordia Capital LLC or any of its affiliates. An offering may be made only by the delivery of a confidential offering memorandum or definitive documents relating to any such product to appropriate investors.
Concordia Capital LLC has not been endorsed or recommended by the U.S. Securities and Exchange Commission or by the securities regulatory authority of any state or non-U.S. jurisdiction.
Concordia Capital LLC has not reviewed any website that may be referenced herein and is not responsible for and does not endorse their content or policies. Concordia Capital LLC and its affiliates make no representations or warranties, express or implied, regarding the accuracy, reliability, completeness, suitability, or other characteristics of the information presented on this website, and they have no duty to update or correct any such information. Any content on this website is subject to change without notice.
This site and the information in it is not provided for distribution purposes. The information contained herein is proprietary and confidential to Concordia Capital LLC and may not be disclosed to third parties or duplicated or used for any purpose other than the purpose for which it has been provided.
The information in Concordia Capital LLC’s site and reports is not intended to contain or express exposure recommendations, guidelines. Statements made in this website and release may include forward-looking statements. Unless otherwise indicated, Performance Data is presented unaudited, and should not be relied upon as a precise reporting of gross or net performance, but rather a general indication of past performance.
Investing with Concordia Capital LLC can be speculative and involves varying degrees of risk. Concordia Capital LLC may recommend margin trading or other investing techniques that have various risk of investment loss. Past performance is no guarantee of future results.
This material is not intended to represent the rendering of accounting, tax, legal or regulatory advice. A change in the facts or circumstances of any transaction could materially affect the accounting, tax, legal or regulatory treatment for that transaction. The ultimate responsibility for the decision on the appropriate application of accounting, tax, legal and regulatory treatment rests with the investor and his or her accountants, tax and regulatory counsel.
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Check the background of our firm and investment professionals on FINRA's BrokerCheck:
Legal Disclaimer:
The materials on this website are for illustration and discussion purposes only and do not constitute an offering to buy any interest in any investment product sponsored or managed by Concordia Capital LLC or any of its affiliates. An offering may be made only by the delivery of a confidential offering memorandum or definitive documents relating to any such product to appropriate investors.
Concordia Capital LLC has not been endorsed or recommended by the U.S. Securities and Exchange Commission or by the securities regulatory authority of any state or non-U.S. jurisdiction.
Concordia Capital LLC has not reviewed any website that may be referenced herein and is not responsible for and does not endorse their content or policies. Concordia Capital LLC and its affiliates make no representations or warranties, express or implied, regarding the accuracy, reliability, completeness, suitability, or other characteristics of the information presented on this website, and they have no duty to update or correct any such information. Any content on this website is subject to change without notice.
This site and the information in it is not provided for distribution purposes. The information contained herein is proprietary and confidential to Concordia Capital LLC and may not be disclosed to third parties or duplicated or used for any purpose other than the purpose for which it has been provided.
The information in Concordia Capital LLC’s site and reports is not intended to contain or express exposure recommendations, guidelines. Statements made in this website and release may include forward-looking statements. Unless otherwise indicated, Performance Data is presented unaudited, and should not be relied upon as a precise reporting of gross or net performance, but rather a general indication of past performance.
Investing with Concordia Capital LLC can be speculative and involves varying degrees of risk. Concordia Capital LLC may recommend margin trading or other investing techniques that have various risk of investment loss. Past performance is no guarantee of future results.
This material is not intended to represent the rendering of accounting, tax, legal or regulatory advice. A change in the facts or circumstances of any transaction could materially affect the accounting, tax, legal or regulatory treatment for that transaction. The ultimate responsibility for the decision on the appropriate application of accounting, tax, legal and regulatory treatment rests with the investor and his or her accountants, tax and regulatory counsel.
​
Check the background of our firm and investment professionals on FINRA's BrokerCheck:
RETURNS: January 31st, 2021 - February 28, 2021
Median account performance: +2.25%
Range: [+1.19% - +2.84%]
S&P 500: +2.61%
Disclaimer: Concordia Capital caters to clients with diverse risk tolerances. For a more meaningful interpretation of returns, please refer to your monthly account performance email.
RETURNS: January 31st, 2021 - February 28, 2021
Median account performance: +2.25%
Range: [+1.19% - +2.84%]
S&P 500: +2.61%
Disclaimer: Concordia Capital caters to clients with diverse risk tolerances. For a more meaningful interpretation of returns, please refer to your monthly account performance email.
RETURNS: January 31st, 2021 - February 28, 2021
Median account performance: +2.25%
Range: [+1.19% - +2.84%]
S&P 500: +2.61%
Disclaimer: Concordia Capital caters to clients with diverse risk tolerances. For a more meaningful interpretation of returns, please refer to your monthly account performance email.
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INSIGHT
2023 Technology M&A Recap
The software and tech sectors experienced a notable shift in merger and acquisition (M&A) dynamics in 2023. After the buoyant years of 2021 and 2022, last year (2023) marked a return to cautious pragmatism. Below, our team dives into the factors influencing this transition, offering a nuanced understanding of the market’s current state and future directions.
M&A Volume
The total deal count in 2023 stood at 1,930, marking a discernible decrease from previous years. This reduction reflects a broader trend of strategic caution, influenced by economic volatilities and a more stringent regulatory framework. The drop from 2,042 deals in 2022 and 2,968 in 2021 not only quantifies the market's restraint but also underscores a shift towards quality over quantity in investment decisions.
Valuation Trends
A pivotal trend in 2023 was the recalibration of valuations. The average Enterprise Value (EV) to revenue multiple contracted to 5.2x, moving away from the speculative heights of prior years towards valuations grounded in more solid fundamentals. This adjustment signifies a market in transition, cautiously navigating through economic uncertainties and reassessing the intrinsic value of tech enterprises.
Notable Transactions
Despite the overall slowdown, key transactions illuminated the strategic priorities within the sector:
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Cisco's Acquisition of Splunk: At $28 billion, this deal underscored the escalating value placed on cloud security solutions, reflecting the sector's response to the flourishing demand for robust cybersecurity frameworks.
Broadcom and VMware: This drawn out 59-week negotiation, culminating in a $69 billion agreement, exemplified the complexities attributed to regulatory scrutiny in significant tech transactions. -
Silver Lake and CPP Investments' Purchase of Qualtrics: This Q1 2023 transaction highlighted the growing importance of Experience Management (XM) software, indicating a strategic pivot towards customer-centric technologies.
Microsoft’s Acquisition of Activision Blizzard: Finalized in October 2023 after a 19-month ordeal filled with regulatory challenges, this landmark transaction highlighted the escalating value of the gaming industry and marked a pivotal expansion for the tech giant.
Regulatory Dynamics
This year was also marked by heightened regulations, particularly in the US and Europe. High-profile transactions faced rigorous examinations, resulting in drawn-out deal timelines and introducing new complexities into M&A strategies. The intricate review processes encountered by Broadcom for its VMware acquisition and Microsoft’s deal with Activision Blizzard illustrates the evolving regulatory landscape that tech M&As must navigate.
2024 Outlook
Looking ahead, the focus is expected to shift towards smaller, strategically aligned acquisitions. The spotlight will be on AI and next-gen technologies, emphasizing deals that offer clear technological synergies and align with the tightening regulatory frameworks. With substantial dry powder still at play, the pressure on entities to engage in M&A activities will likely intensify, although with a more discerning approach to deal-making.
Last year (2023) marked a period of recalibration for software and tech M&As, characterized by a deliberate emphasis on strategic selectivity amidst increasing. As the industry progresses, the ability to adapt, align strategically, and navigate regulatory channels will be crucial in seizing M&A opportunities. While the volume of transactions has moderated, the potential for impactful, smaller-scale deals remains significant, pointing towards a dynamic and evolving M&A landscape.
NEWS/ INSIGHTS
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