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Strategic Alternatives


"USING M&A TO ACQUIRE TECH CAPABILITIES IS NOW CRITICAL TO EVERY GROWTH
STRATEGY"

Larry Grafstein, Deputy Chairman, Global Investment Banking

Many tech players remain cash rich and ready to transact. Meanwhile, well
capitalized corporates and private equity are also looking to M&A. Who will win
in today’s tough environment?

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By Vito Sperduto & Larry Grafstein
Published March 2, 2023 | 4 min read
Share This Article 

KEY POINTS

 * Despite widespread uncertainty caused by the war in Europe and raised
   interest rates, 2022 still saw strong M&A deal volumes across multiple
   industries.
 * Tech companies dominated M&A markets last year, and are primed to stay on top
   in terms of transactions. Meanwhile fintech deals continue to navigate the
   disparity between traditional incumbent firms and smaller disruptors. 
 * Heading into 2023, a big uptick in the M&A sector is expected as a result of
   many factors, including an increase in private capital and a lower spend in
   the second half of 2022.
 * The interaction between the challenged IPO market and the M&A market will be
   critical to the acceleration of M&A volumes going forward. 

Mergers and acquisitions are a central strategic alternative available to
companies looking to monetize, expand or diversify. But, making the right deal
at the right time remains paramount - and understanding the M&A landscape can
prove advantageous to companies and investors.

In this episode, we revisit the state of M&A markets and share perspectives on
the technology and fintech deal landscape in the year ahead with special guest
Jason Gurandiano, Head of US Technology Investment Banking and Global Head of
Fintech at RBC Capital Markets. 


M&A VOLUMES HELD DURING A VOLATILE 2022

“2022 was a tale of two halves,” says Vito Sperduto, Co-Head of Global M&A. “We
saw a very strong trend in the first couple of quarters, in terms of announced
deals. But certainly the second half tailed off dramatically as we started
facing some headwinds.”

These headwinds include the ongoing geopolitical and economic uncertainty
catalyzed by Russia’s invasion of Ukraine - alongside rising inflation and the
Federal Reserve’s continued interest rate hikes. While many are keen to
emphasize that comparisons to 2021 activity - a drastically bumper year for M&A
- leaves 2022 looking weak, the period still saw a strong deal volume overall.

“The second half of the year was down relative to 2021,” says Sperduto. “But if
we think about overall M&A activity relative to history, it was only off by
about 10 or 11% compared to the five years pre-COVID. It is just that 2021 was
such an outsized year.”

But what does 2022’s relative success against the odds reveal?

“It reinforces the notion that good deals will always get done, even in
difficult environments,” adds Larry Grafstein, Deputy Chairman, Global
Investment Banking. 

> “I think tech is set up for an outsized year from an M&A perspective.”
> 
> Jason Gurandiano, Head of US Technology Investment Banking and Global Head of
> Fintech, RBC Capital Markets
> 
> Share      


TECHNOLOGY DOMINATES THE MARKET

When it comes to M&A, technology continues to dominate larger deals. Private
equity has been extremely active in tech and fintech over the last 5-7 years and
a number of companies have seasoned within the portfolios of private equity
firms - reassuring M&A markets, which tend to thrive on confident valuations. In
2022, 37% of all M&A deals were technology related, and today transactions are
often tech focused.

“I think tech is set up for an outsized year from an M&A perspective,” says
Jason Gurandiano, Head of US Technology Investment Banking and Global Head of
Fintech. “There is an increasing certainty relating to the macro environment and
some of the concerns about the economy, and its impact on earnings are being
mitigated in the reporting we see, particularly from public companies.”

“We certainly see a lot of the tech players are very cash rich and ready to do
transactions,” adds Sperduto “It’s the sector most primed to stay at the top in
terms of deal making.”

Zooming in on the fintech sector specifically, the trend sticks as financial
services organizations continue to spend big on fintech, accelerating growth
across the industry. There is an interesting divide between companies in the
space, however, as larger fintech incumbents and today’s wave of nimble
disruptors are looking to make unusual but exciting new deals. 


SUBSCRIBE TO STRATEGIC ALTERNATIVES

Understand the opportunities and challenges ahead for M&A with insights from RBC
Capital Markets’ expert bankers on Strategic Alternatives, the RBC M&A podcast.



> “Good deals will always get done, even in difficult environments.”
> 
> Larry Grafstein, Deputy Chairman, Global Investment Banking
> 
> Share      


IN 2023, IS M&A THE MOST VIABLE ROUTE TO MONETIZATION?

When considering the challenges faced by the IPO market, and the fall off of
SPACs, there is an argument to suggest M&A volumes could see rapid growth. In
2022, the IPO market dried up, and there is pent up demand as a result.
Refinancing has also become less available to companies looking to raise capital
as a result of the current economic cycle. Has M&A become the most viable route
to monetization, expansion or diversification?

“There’s really only one track at the moment. It feels like anyone that wants to
do a deal in the next six to nine months can't count on the IPO market reliably
being there,” says Grafstein. “Fintech was a big beneficiary of the strong IPO
market over the last several years, so that is something to watch in 2023 –  the
interaction between the IPO market and the M&A market.”

> “We could see an uptick of 10%-15% this year, which would make it a top five
> M&A year.”
> 
> Vito Sperduto, Co-Head of Global M&A, RBC Capital Markets
> 
> Share      


LOOKING AT THE YEAR AHEAD

What else can we expect for M&A going forward? The slower start to the year is
likely to continue as economic uncertainty remains, but if the interest rate
hiking cycle finishes, there could be a strong increase in M&A activity and
opportunities in the second half of the year.

With a 21% increase in private capital, cash on balance sheets at all-time highs
from a percentile perspective, and lower spending towards the end of 2022,
dollars per transaction are should rise. There will also likely be further
divestment, with M&A deals focusing on smaller pieces of a company in a bid to
derisk transactions. 

“We could see an uptick of 10%-15% this year, which would make it a top five M&A
year,” says Sperduto.

“We don’t have the type of tailwinds that we had a couple of years ago,” adds
Grafstein. “But M&A remains an integral part of the strategic landscape, a key
capital allocation decision and one that has a forward motion even in the
toughest environments.”

View audio transcript


NEXT INSIGHT

Listen now

Beyond the Headlines

"Acquiring blockchain through M&A is an increasing focus of institutions"

Start ListeningRead Article

OUR EXPERTS

Vito Sperduto

Co-Head, Global M&A



Larry Grafstein

Deputy Chairman, Global Investment Banking



Jason Gurandiano

Head of US Technology Investment Banking and Global Fintech







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