Kuhn Capital's M&A Roundup presents
ongoing commentary on late-breaking developments in IT and business
services M&A. If you’d like to receive your own copy, subscribe here. And if
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Dispatches from the
The Media at War
The remarkable politicization and
polarization of American media into liberal and conservative camps is
having an effect on competitor’s market shares, particularly in television
and radio. We suspect the Iraq war and its aftermath represent a tipping
point in American media audience loyalty, and therefore an opportunity to
establish long-lasting market share advantage.
Tech Services: The New Schizophrenia
are splitting the tech services vendor into two distinctly different, but
related, businesses. Managing them both will require a new level of
Wolters Kluwer Buys Skolar
Wolters Kluwer, the $3.4 billion
information powerhouse based in The Netherlands, announced in late March
its purchase of Skolar, an online
provider of medical clinical data and distance learning.
Network Associates Locks Up Two More
network security firm Network
Associates is on an M&A tear, announcing this week the acquisitions of
server intrusion protection specialists Entercept and Intruvert for a combined $220 million.
Both companies provide software aimed at keeping hackers out of critical
systems and both, coincidentally, are based in San Jose, CA.
Mezzanine Slice Gets More Respect
recent report by private investment bank Mayfair Associates concludes that
as regulated lenders and financiers lose their appetite for risk and
approach financial forecasts more skeptically, more middle market
companies are turning to mezzanine level debt for funding.
What Are VC's Doing for a Living?
VentureWire released its quarterly
VC investment statistics a few days ago and the news was… even further
declines in portfolio company funding. For 2003Q1, VC’s put to work $3.4
billion versus $6.2 billion during this quarter last year. The trend is
also well down from 2002Q1’s $4.9 billion. The pace of deal closings have
now reached mid-1990 levels and “… there are many fewer active venture
capitalists,” according to VentureWire’s Ken Anderson.
Financial announced today its purchase of Elite Information Services -- a financial
and legal services management applications provider – for $122
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