Scott Denne has covered the intersection of technology and capital markets for his entire career. In late 2023, Scott began his second tour at 451 Research, the technology research arm of S&P Market Intelligence, where he covers acquisitions, valuation trends and private equity investments. His research explores changes in dealmaking and shifts in valuation. His reports cover broad movements in the tech M&A markets, private-equity investments, analysis of specific deals and forecasts of deal activity in multiple sectors of the software industry. Previously, Scott spent two years as Director of Technology Research for BWG Strategy. In that role, Scott provided primary research to buyside equity investors through a mix of surveys and moderated group discussions. The coverage was built around collecting spend intention, sentiment and budget outlook from customers and channel partners across a universe of 50+ enterprise software tickers. Prior to an eight-year stint as an M&A analyst with 451 Research, Scott was a reporter covering startups and venture capital for several Dow Jones publications, including VentureWire, Private Equity Analyst and The Wall Street Journal. He has been quoted by financial and technology publications, including TheStreet.com, Wired, CNBC.com, AdExchanger and CMSwire.
For a while, SPACs were the vehicle of choice to sell the tech industry's most fantastical ideas to public market investors. It didn't go well. Ludicrous revenue forecasts play better on Sand Hill Road than on Wall Street. A pair of recent 3D printing deals shows how far valuations tumbled for those that came public too early.
Less than a week after the Federal Reserve issued a much-anticipated rate cut, there's indication that it could translate into higher prices for software companies. Blackstone and Vista Equity Partners are teaming up to take Smartsheet private in an $7.7 billion deal that suggests buyout shops are willing, once again, to put a premium on growth.
The much-anticipated reacceleration in tech is underway. As earnings season wraps up, tech companies have now posted three consecutive quarters of increasing growth. The continued expansion creates fertile ground for dealmakers, although it certainly does not guarantee an uptick in M&A.
The crowds at every dive bar fluctuate depending on the season, the day of the week, and the specials. But through all that, sales to a handful of regulars keep the business going. The tech M&A market is no different. The most active acquirers have yet to return.
The all-cash transaction creates a land-and-expand opportunity for the human capital management specialist to sell beyond HR into the finance department, positioning it as a broader business and resource management platform provider in the upper midmarket.
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