Brenon Daly oversees the financial analysis of the Market Insight and KnowledgeBase products at 451 Research, a part of S&P Global Market Intelligence, having covered more than a quarter-trillion dollars' worth of deal flow for both national publications and research firms.
Brenon began his career in 1991 as one of the initial reporters at Prognosis, the first English-language newspaper in the former Eastern Bloc. While there, he covered the Czech Republic's transition to a market economy, as well as larger financial stories across the region. Brenon moved to Vienna in 1995 to run the local bureau for United Press International. In addition to reporting extensively on Austrian politics and economics, he also coordinated and edited EuroBusiness stories from correspondents in Slovakia and Hungary. After UPI, Brenon moved to an analyst position with the Economist Group, where he researched and wrote reports for The Economist Intelligence Unit and the regional publication of The Economist.
Returning to the US in 1997, Brenon helped establish the editorial voice in the early days of financial news site CBS MarketWatch. During his time there, he helped launch OptionsWatch, covering options trading, and MarketPulse, a minute-by-minute report on stock activity licensed primarily to brokerages. Since 2000, Brenon has focused his reporting on M&A as a reporter for The Deal. During that time, he also sharpened his analytical skills, writing reports for TechDealmaker (since acquired by 451 Research) and the boutique research firm Intellectual Capital Associates.
Boosted by the largest tech deal in 12 months, spending on acquisitions around the globe in Q3 totaled nearly as much as the first two quarters of the year combined. The tech IPO market had a blockbuster offering of its own, too. But the problem is the top-heavy activity isn't necessarily pulling along the rest of the sector.
Sometimes it's a good idea to get in a bit of low-stakes practice before the main event. Like a marathoner warming up at a local 10K ahead of a big race. Or, in the case of Cisco Systems, a serial acquirer knocking down a few smaller deals to work out the M&A kinks before moving on to more a significant print.
Cisco Systems, which had largely sat out tech's record-shattering post-pandemic M&A spending spree, has turned back to dealmaking's golden era with its massive $26.46 billion reach for Splunk. And when it came to pricing this blockbuster, it's fair to say that patience paid off for the acquisitive giant.
Western Europe is a bustling bazaar for tech M&A right now, far busier than it was before the pandemic tabled deals around the globe. But activity isn't everything. On the more important measure of pricing, the continent's sluggish economic recovery has meant that tech valuations still have some ground to make up.
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