Smau Bologna 2016 - Silverpeak

Silverpeak IB is authorised and regulated by the Financial Conduct Authority2Silverpeak LLP is an authorised representative of Silverpeak Capital Ltd, which is authorised and regulated by the Financial Conduct Authority

An overview of the European tech market:

What does it take to close an international growth financing round?

Disclaimer

Neither this presentation nor any of its contents may be used without the prior written consent ofSilverpeak LLP, trading as ‘Silverpeak technology investment banking’ (“Silverpeak”).

The information in this presentation reflects prevailing conditions and our views as of this date, all of whichare subject to change. In preparing this presentation, Silverpeak has relied upon and assumed, withoutindependent verification, the accuracy and completeness of all information available to us or from publicsources or which was otherwise reviewed by us.

Agenda

1. Silverpeak overview 4

2. European venture environment: recent trends 11

3. Thoughts on the Italian market 23

4. Criteria and tips for international “growth” rounds 26

Silverpeak Overview

European venture environment

Italian market

Tips for international “growth” rounds1. 2. 3. 4.

page | June 2016 | prepared for4

We advise innovative, fast-growing technology companies on M&A and financing transactions

Investment bank focused on technology

M&A and financings advisory for growth companies

Vast network of relationships

Global reach and proven ability to reach key decision makers

Blue-chip investment banking service

overview

FACTSHEET

3 partners with 80+

years of experience

in tech investment

banking

150+ deals and

assignments

completed

15-strong team

Regulated by the

Financial Conduct

Authority

Optimum execution for technology companies


Silverpeak Overview


Italian market


$11.8m Growth Equity

MAY 2014

$19m Series C

JANUARY 2014

$6m Seed funding

JUNE 2012

Growth Equity and

Recapitalisation

JANUARY 2012

Strategic and

financial advisory

JANUARY 2012

€15m Series B

JULY 2013

has been acquired by

SEPTEMBER 2013

has sold its system

integration BU to

AUGUST 2013

$8m Series C

FEBRUARY 2014


OCTOBER 2014


JUNE 2015

Our presence in the technology sector

INTERNET & DIGITAL MEDIA ENTERPRISE SOFTWARE & SaaS ENABLING TECH. & SERVICES HEALTHTECH

eCommerce / Marketplaces

Digital Entertainment

Internet Infrastructure

Adtech

Fintech

ERP / CRM / HRM

Security

Databases & Content Management

Materials

Semiconductors / Components

Communication Infrastructure

Electronics / Robotics

Cleantech

Medical Devices

Digital Health

Genomics

Diagnostics / Imaging

Healthcare IT

SUB-SECTOR SPECIFIC EXPERTISE

RECENT TRANSACTION EXPERIENCE


NOVEMBER 2014

Focus Gestioni

Silverpeak has deep sector knowledge and extensive execution experience in the technology market

has acquired control

of

JULY 2015

$8m Series B

MAY 2015

has been sold to

AUGUST 2015

$7.3m Series B

JUNE 2014


Silverpeak Overview


Italian market


A wealth of relationships with key stakeholders in the technology ecosystem

Note: Selected logos shown for illustrative purposes


Silverpeak Overview


Italian market


We have access to global buyers and investors in our processesWe have extensive personal relationships and we leverage the global partner network of Globalscope

Locations with people on the ground

A selection of the international buyers with whom we have closed deals


Silverpeak Overview


Italian market


JANUARY 2014

Advisor to Seatwave

Selected Silverpeak completed mandates

Workflow software for B2B sales persons

MAY 2015

Venture debt and equity

financing

Advisor to Artesian

FEBRUARY 2014

$8m Series C

10 out of 12 of our last fundraising deals are international scale ups

JUNE 2014 MAY 2014

$11.8m Growth Equity

Advisor to Ticketscript

Rec

ent

Silv

erp

eak

fun

dra

isin

gs w

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h h

ave

sin

ce s

cale

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tern

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SEPTEMBER 2013 June 2012 FEBRUARY 2012 JANUARY 2012

Delivery through enthrocytes

JULY 2013

€15m Series-B financing

led by

Focus Gestioni

Advisor to EryDel

$7.3m Series-B financing led by:

Open source e-commerce software

Advisor to Commerce Guys

Cloud-based event ticketing and management software

Fabless semiconductors (manycoreprocessors)

Mobile engagement for consumer-facing companies

$19m Series C

Telehealth software platform

Investment & Call option by:

Mobile music for the mass market

Seed Funding: $6m

Humanoid robots for consumer applications

Majority sale: $100m

Ultra-fast lasers

Growth Equity &

Recapitalisation: $42m


Silverpeak Overview


Italian market


Silverpeak is a sponsor of

10-15 companies pitch to raise €3m –

€15m to scale internationally

Two day event with panels, company

pitches, one-to-one meetings and

networking opportunities

Invitation only event limited to 120-150

selected participants

Lorenzo FranchiniFounding partner

www.scaleit.biz

Selected 2015 Companies


Showcase of the tech top Italian “Scale-ups” for international investors

Companies completing

a round following ScaleIT2015

http://www.scaleit.biz/

Agenda

Silverpeak Overview


Italian market







Key takeaways of the European venture market

The adjustments in unicorn valuations and other negative news which has been hitting the headlines in the last 6-9 months has not had an effect on European B and C-rounds… yet

‒ We expected a more pronounced slow down of the market, but it is possible that the cycle

of investing is longer than the observation period


Silverpeak Overview


Italian market


The environment for European B & C-rounds seems be healthy

In 2015 and Q1 2016 there have been 59 venture funds raised in Europe, for a total of €9.8bn

There is good volume of B & C rounds (€250m per month): Investments are skewed towards larger plays, with average round size increasing, more evidence of cross-border activity and an increasing number of participants outside of the traditional VC world, with capital from global investors

There are 29 EUnicorns and successful recent exits from European companies

75

80

85

90

95

100

105

110

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

Russell 2000 S&P500 Tech Nasdaq Tech

Recent public market sentiment on technology has been discouragingT

EC

HN

OLO

GY

MA

RK

ET

IND

ICES

IPO

“D

OW

N-R

OU

ND

S”

SELEC

TED

PU

BLIC

INV

EST

OR

WR

ITED

OW

NS

(10%)

(31%)

(17%)

(13%)

(25%)

Sources: Capital IQ, CB Insights, Press Articles.

No US technology IPOs in Q1 2016

(51%)

(44%)

(25%)

(20%)

(23%)

(17%)

Last private valuation: $2.4bn

IPO valuation: $1.7bn (29%)

Last private valuation: $450mn

IPO valuation: $448mn (0.5%)

Last private valuation: $6bn

IPO valuation: $2.9bn (52%)

Total amount raised: $106mn

IPO valuation: $74mn (30%)

(32%)

(27%)

(25%)


Silverpeak Overview


Italian market


13-Jun-16: Twilio announces to

IPO and raise up to $160m

(expected market cap of $1bn)

Tech IPOs in the US have not performed strongly

Source: Mattermark


Silverpeak Overview


Italian market


Stock price change relative to first day close

Other headwinds in tech

Unicorns Unicorpse Online food delivery market slowing down2

Rocket Internet Layoffs

20,000 new jobs created in 2015 by tech investment

>129,600 new jobs created in the tech industry in 2013 and 2014

(total 6.5m jobs)

HOWEVER:

Q1’16 had the fewest deals (by count and $ amount since Q4’14) In December 2015 there were c. 230 tech unicorns worldwide

(private companies with a valuation of >€1bn)1

2016 has however yielded several notable “unicorpses” or bad

stories:

$10

$20

$30

$40

$50

$60

Oct-

14

Nov-1

4

Dec-1

4

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-1

5

Jun-1

5

Jul-

15

Aug-1

5

Sep-1

5

Oct-

15

Nov-1

5

Dec-1

5

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-1

6

Jun-1

6

Rocket’s share price has steadily declined since its October 2014 IPO

1: Forbes

2: CBInsights

In administrationValuation plummeted following

allegations of inaccurate tests

Fired CEO following problems with

lending practices

CEO stepped down following

investigations from regulators

According to analyst predictions, there will be c. 260k tech layoffs in 2016

Notable examples include:

18k (15%)14k (20%)

85k (20%) 26k (20%)

231 (25%)

280 (50%)

PUBLIC PRIVATE


Silverpeak Overview


Italian market


Key: # layoffs (% total workforce)

CEO pledges to restore investor confidence:

− Rocket will not carry out any dilutive capital-raising in

the next 3 years

− It will list 1 of its proven winners within the next 18

months− 3 of its proven winners will break even by end of 2017

However, the European tech market carries on…


Silverpeak Overview


Italian market


Capital continues to flow into tech

€3,812mn

€6,455mn

€9,890mn

59

41

54

2014 2015 2016E

total value of European funds raised

# of European funds raised

Value and volume of European VC, GE & CVC funds raised 2014 – 2016YTD(total # of funds raised to date = 118)

(annualised)

(annualised)

YTD Value: €3,297mn

Source: PitchBook.

* Government funds

Top 3 largest funds: Top 3 largest funds: Top 3 largest funds:

1. €640mn

2. €630mn

3. €450mn

1. €1,544mn

2. €650mn

3. €400mn

1. €500mn

2. €400mn

3. €305mn

# of funds: 18

Selected Italian Funds

€76m (2013) €95m (2015)€42m (2013) €65m (2016) +

€200m target;

ongoing

* *UniCredit Evo


Silverpeak Overview


Italian market


1

0

2

4

6

8

10

12

14

16

18

0

100

200

300

400

500

600

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16

To

tal D

eals

Per

Mo

nth

(#)

To

tal A

mo

un

t R

ais

ed

(€m

n)

Large HTI Series B & C Total Financing Amounts (€mn) and Deal Count by Month, 2015 - 2016YTD

B Rounds C Rounds Total Deal Count

Tech companies continue to raise scale-up rounds (B and C)

Source: Go4Venture HTI Database.


Silverpeak Overview


Italian market


2

Last 12 months

Median B-round: €15m

Median C-round: €25m

From a wide variety of investors

Total Volume of 2015 Landmark HTI (≥€20mn) Investments by Lead Investor Category

Source: Go4Venture HTI Database.

12

77

13

22

9

21

Large VCs

Corporates

Growth Equity

Institutionals, Family

Offices & State Funds

Private Equity

Undisclosed

20

97

2015

2


“EUnicorns” are growing (1 of 2)

UK (9)

FR (2)

LU (1)

SE (3)

NL (2)

RU (1)

FI (1)

DE (5)

IL (5)

COMMENTARY

• 29 EUnicorns total

• The UK and Germany

have 14 unicorns

combined – almost

half of Europe’s total

• Israel has the next

most with 5

• Several notable

European countries

have yet to produce

a unicorn, including:

Spain, Switzerland,

Portugal and Italy

SE, 3, 10%

UK, 9, 31%

NL, 2, 7%

FR, 2, 7%

FI, 1, 4%

RU, 1, 4%

DE, 5, 17%

LU, 1, 3%

IL, 5, 17%

EUNICORNS,

BY COUNTRY

Sources: Silverpeak analysis

European private tech companies with a valuation of > $1bn


Silverpeak Overview


Italian market


3

COMMENTARY

• The sector with the

most unicorns (8) is

SaaS

• The ecommerce

and Fintech sectors

have 6 and 5

unicorns,

respectively

FINTECH (6) ECOMMERCE (5)

B2C APP (3)

SAAS (8)

MARKETPLACE (2)OTHER (5)

B2C App,

3, 11%

Ecommerce,5, 17%

Fintech, 5, 17%

Marketplaces, 3, 10%

Other, 5, 17%

SaaS, 8, 28%

EUNICORNS,

BY SECTOR

European private tech companies with a valuation of > $1bn

“EUnicorns” are growing (2 of 2)


Silverpeak Overview


Italian market


3

With some notable exits of European companies (Nov-15-2016YTD)

$90m1.3x

$250m>250x

$170m $700m40x

c. $180mc. 22x-45x

$73.6m2.7x

$30m3.0x

$32m

Source: Cobalt/ S&P Capital IQ

Note: Sectors ordered with parent sector first, then subsectors

BU

YER

TAR

GET

BU

YER

TAR

GET

UK Rest of Europe

Sectors: internet services /

marketplace / hospitality

Sectors: software / video

conferencing / cloud

Sectors: software / online games Sectors: software / ticketing

Sectors: software / security Sectors: software / SaaS / cloudSectors: software / B2C app Sectors: hardware / lasers


Silverpeak Overview


Italian market


4

Agenda





Silverpeak Overview


Italian market



There are relatively few scale-up rounds in Italy, even fewer from

international investors

Digital platform to help consumers to save money when shopping via offers and leaflets

€10,000,000

Series C

September 2015

Fastest growing sport social network

$5,000,000

Series A

March 2016

Online platform for activities, tours,

museums, shows and art events

€5,000,000

Series A

March 2015

End-to-end management of online

video

€8,000,000

Series B

May 2016

Roboadvisor

€16,000,000

Series A

November 2015

Italian biotech startup

€10,000,000

Series A

March 2015

Field audits in crowdsourcing

€6,500,000

Series B

May 2016

Biomedical devices for stem cell applications

€8,700,000

Venture

May 2016

Biotech company

€12,000,000

Series A

May 2016

Biotech

Provider of a cloud Wi-Fi platform

$8,000,000

Series B

March 2016

Provider of online games

$15,000,000

Series A

January 2016

page | June 2016 | prepared for 24

Silverpeak Overview


Italian market


Note: ordered reverse chronologically

IPO

Announcement: May 2016

Amount raised: £12.8m

Market Cap: £33.2m

Sold to

Announcement: 2015

Value: Undisclosed

Sold to

Announcement: Feb 2015

Value: Undisclosed

Sold to


Value: Undisclosed

Sold to

Announcement: Sep 2014

Value: €133m (estimated)

Sold to

Announcement: Jul 2015

Value: $30m

Sold to

Announcement: Feb 2015

Value: $55m

Sold to


Value: Undisclosed

However, there are notable Italian M&A exits to foreign buyers

Sources: CapitalIQ, Mergermarket, company filings

Note: ordered reverse chronologically

(Rocket Internet)


Silverpeak Overview


Italian market


Sold to

Announcement: June 2016

Value: €100-150m

Agenda





Silverpeak Overview


Italian market



Date Company

Description,Amount raised Investors Date Company

Description, Amount raised Investors

Apr-16• Vacation rentals meta-search

• $20m Series B May-16• Travel agents marketplace

• $21m Series C

Apr-16• European P2P lending platform

• $13.5m Series B Mar-16• Direct debit

• $13m Series C

Mar-16

• Student loans

• Series B: £19m +

£100m Debt financing

Apr-16

• Roboadvisor

• €7m Series A

Nov-15• Roboadvisor

• €16m Series A Apr-16• Background checking

• $25m Series B

Mar-16• Shift planner

• $14m Series B Mar-16• Document management

• €33m Series B

May-16

• End-to-end management of online video

campaigns

• €8m Series B

Nov-15• Student accommodation

• $24m Series A

Apr-16• Field audits in crowdsourcing

• €6.5m Series A Sep-15• Money-saving digital shopping platform

• €10m Series C

May-16• DIY & Gardening ecommerce

• €13m Series B Mar-16• Recipes & ingredients delivery

• $17m Series B

Mar-16• Fastest growing sport social network

• $5m Series A Mar-16• Wi-Fi engagement platform

• $8m Series B

Selected international scale up rounds

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Silverpeak Overview


Italian market


Undisclosed investors

Other

Undisclosed investors

Comparison of selected scale up rounds - size

Size

Scale-up rounds come at different stages of companies’ growth (A-C rounds)

Customer/user base is of a meaningful size

− Indicatively 50+ customers in B2B or 100k-1m+ users in B2C or B2B2C

Revenues in the millions, often > €10m

Sizeable team, often larger than 50

Some internal presence already established


Silverpeak Overview


Italian market


TAK

EAW

AYS

Travel Software / SaaS Fintech E-commerce / Food Marketplace Other

Evaneos

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Founded 2009 2014 2004 2009 1987 2014 2011 2011 2013 2012 2014 2012 2014 2011 2011 2010 2014 2012

HQ FR DE UK IT FI DE UK IT UK UK FR FR DE IT PO IT IT IT

Stage / size C / $21m B / $20m B / $14m B / €8m B / €33m A2 / €7m C / $13m A / €16m B / £19m B / $25m B / $13.5m B / €13m B / $17m A / €6.5mA2 /

$24mC / €10m B / $8m A / $5m

Date May-16 Apr-16 Mar-16 May-16 Mar-16 Apr-16 Mar-16 Nov-15 Mar-16 Apr-16 Apr-16 Mar-16 Mar-16 May-16 Nov-15 Sep-15 Mar-16 Mar-16

Stage / size B / $6m A / €6m A / $3.8m Seed /

€0.7m A / €6m A1 / €4m B / $7m

Seed /

€3mA / $26.5m A / $4.5m A / €3.2m

Seed /

€2m

A2 /

$3.5m Seed / €2m

A1 /

$3.5m B / $5.2m A / $4m

Angel /

$0.8m

Date Jan-14 Jul-15 May-14 Jun-13 Apr-13 Apr-15 Jan-14 Jan-14 Mar-14 Feb-15 Mar-15 Sep-14 Apr-15 May-14 Oct-14 Dec-14 Mar-14 Jun-14

Users / Customers (#)120k

(since day 1)100k 1,000

250k eyes/

customers

20k

rooms13m users 8m users

Revenue €14m

(2012)

€ 0.4m

(2014)

$15m

(2014)

€ 32m

(2014)

€5m

(2014)

Team Size (#) 88 70 80 80 226 35 69 36 38 96 31 63 89 58 136 120 70 11

Supply side /

other indicators

650 agents

150 countries

6m

properties

250 partners

800m

user-reach

450

partners

33 UK

universities10m checks

International Presence P P P P P P P P P P P P P P

User growth 100%20% (per

month)

300% loan

growth

40% (per

month)300% 1500%

Rev. growth >100% 220% 180%

Months since last round 28 9 22 36 36 12 26 22 24 14 13 18 11 24 13 9 24 21

Strategic Partners P P P P

Board / team Profile P P P P P P P P P

Siz

e

1000%

1000% in

booking

value

Late

st

round

600%

3rd

Part

y

Vali

dati

on

Pri

or

round

Tra

cti

on

Comparison of selected scale up rounds - traction


Silverpeak Overview


Italian market


Traction

Users/revenue growth of 50-100%+

− Growth acceleration comes also from initial internationalisation

Growth pattern lasting typically for more than 3 years

Typically not yet profitable: investment for growth

TAK

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Founded 2009 2014 2004 2009 1987 2014 2011 2011 2013 2012 2014 2012 2014 2011 2011 2010 2014 2012



$24mC / €10m B / $8m A / $5m



€0.7m A / €6m A1 / €4m B / $7m

Seed /

€3mA / $26.5m A / $4.5m A / €3.2m

Seed /

€2m

A2 /

$3.5m Seed / €2m

A1 /

$3.5m B / $5.2m A / $4m

Angel /

$0.8m



(since day 1)100k 1,000

250k eyes/

customers

20k


Revenue €14m

(2012)

€ 0.4m

(2014)

$15m

(2014)

€ 32m

(2014)

€5m

(2014)

Team Size (#) 88 70 80 80 226 35 69 36 38 96 31 63 89 58 136 120 70 11

Supply side /

other indicators

650 agents

150 countries

6m

properties

250 partners

800m

user-reach

450

partners

33 UK




month)

300% loan

growth

40% (per

month)300% 1500%

Rev. growth >100% 220% 180%




Siz

e

1000%

1000% in

booking

value

Late

st

round

600%

3rd

Part

y

Vali

dati

on

Pri

or

round

Tra

cti

on

Comparison of selected scale up rounds – third party validation


Silverpeak Overview


Italian market


3rd party validation

Blue chip brand name association: customers, strategic partners, board member

Visibility: PR, awards, testimonials, analysts coverage, events and conferences

Traction from previous round and quality of existing investors

TAK

EAW

AYS


Evaneos

Hom

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Founded 2009 2014 2004 2009 1987 2014 2011 2011 2013 2012 2014 2012 2014 2011 2011 2010 2014 2012



$24mC / €10m B / $8m A / $5m



€0.7m A / €6m A1 / €4m B / $7m

Seed /

€3mA / $26.5m A / $4.5m A / €3.2m

Seed /

€2m

A2 /

$3.5m Seed / €2m

A1 /

$3.5m B / $5.2m A / $4m

Angel /

$0.8m



(since day 1)100k 1,000

250k eyes/

customers

20k


Revenue €14m

(2012)

€ 0.4m

(2014)

$15m

(2014)

€ 32m

(2014)

€5m

(2014)

Team Size (#) 88 70 80 80 226 35 69 36 38 96 31 63 89 58 136 120 70 11

Supply side /

other indicators

650 agents

150 countries

6m

properties

250 partners

800m

user-reach

450

partners

33 UK




month)

300% loan

growth

40% (per

month)300% 1500%

Rev. growth >100% 220% 180%




Siz

e

1000%

1000% in

booking

value

Late

st

round

600%

3rd

Part

y

Vali

dati

on

Pri

or

round

Tra

cti

on

Recurring themes on growth rounds

The characteristics of EU companies successful in raising growth rounds vary significantly, also due different sectors and

business models

Some themes can be drawn by combining business insight with data-based evidence

Clear and “investible” equity story

Strong value proposition

Proven revenue model

Sustainable business model and cost structure

Operational leverage

Referenceable customers

Organisational scalability

Global businesses (not country champions) with geographical expansion plan

Market sizing: bottom-up and top-down

Customer segmentation

Customer-based forecasting

Competitive analysis

Unit Economics

─ Customer acquisition costs

─ Sales cycle

Pricing structure

Attractive business fundamentals

Ability to articulate the value proposition


Silverpeak Overview


Italian market


Final negotiationsGo-to-marketPreparation phaseBefore the fundraising

Raise the company visibility and profile- Board that includes high-

profile independent industry

figures

- Attract senior talent, possibly

from non-domestic markets

- PR and industry analysts

coverage

Financial support from existing investors (finance the business to sustain process)

Establish early relationships with potential investors in “non-suspect times”

Defining and sizing the target market, linking into commercial pipeline, revenues and market share

Correct positioning of the business (incl. competitive landscape)

Business model based on unit economics that can be verified in due diligence

Preparing and rehearsing the management presentation

Involve the first-line reports to the CEO, as appropriate

Balance time/resources between time with investors versus running the business

Identify and speak to the “A-list” investors: relevant experience, available funds, fitting criteria

Phase the approaches: first B-list, then A-list

Clear answers backed up by spreadsheets or documents

Process that makes the investors feel “special”

Use competitive deal dynamics appropriately

Staged supply of info

Meeting or exceeding the forecasts over the fund raising period

Involve the Board to support the CEO in the negotiations

Be well informed of current market terms (financial and non-financial)

What needs to happen for a successful B-round fund raising


Silverpeak Overview


Italian market


Wrong timing

- Starting the process without sufficient financing

- Starting too late increasing the risk of running out of money

- Starting too early without sufficient demonstration points

- Overplaying the cycle: rushing for fund raising when not ready

Weak story

- Go-to-market story too high level

- Business plan dependent on new revenue streams that have not been

demonstrated

- Limited or no exposure to strongest competitors or global players

- Lack of exit planning

Wrong process

- “Polluting” the market ahead of the process

- Selling to investors like selling to clients

- Missing the numbers during the process

- Speak about valuation and pricing too early when there is not enough

interest

- Not enough managers involved; too many employees involved

- Provide too much or too little information

• Fund raising usually takes

longer than expected

• Companies often think

that they already have

good presentation

materials: they rarely do

• Process requires careful

thinking: small things can

make the difference

Typical mistakes on B-rounds


Silverpeak Overview


Italian market


• Advisors become an

extension to the company

and the Board

• A “fresh pair eyes”

• Enhance the equity story

and the company

positioning in its

marketplace

• Hiring advisors indicates

that the fund raising is

serious

• Advisors provide

perspective and get

management ready:

− Early in the process, “force” management to think about their own business in the way investors will

Time leverage

CEO and management focus on the business

Communicate the feeling of management’s “time preciousness”

Investors selection and pre-qualification

Knowledge of the investment community and identification of suitable investors

Documentation and analysis

Marketing materials preparation: cover email, teaser, presentation

Financial modelling

Help the company with the analyses that investors will ask for

Marketing and process management

Investors’ introductions and follow-ups

Ability to identify the market feedback and address it

Control of information flow

Creating competitive tension

Expertise to negotiate and defend valuations

Valuation analysis

Experience on precedent valuations and current market trends

Execution

Management of multiple parties

Data room management

Negotiation of closing documents

A

B

C

D

E

F

The role of advisors


Silverpeak Overview


Italian market


Silverpeak IB is authorised and regulated by the Financial Conduct Authority

Thank you.

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London W1S 1JB

United Kingdom

www.silverpeakib.com

Smau Bologna 2016 - Silverpeak

Business

Transcript of Smau Bologna 2016 - Silverpeak