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451 Research - Biography

Brenon Daly
Research Director, Financials

Brenon oversees the financial analysis of 451 Research's Market Insight and KnowledgeBase products, 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. Expanding on that, 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 CBS MarketWatch, the most popular online financial news site. 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.

Reports by this Analyst

Lexmark's $1bn pickup of Kofax doubles its software business
TDM Deal Analysis - March, 2015
Lexmark's highly acquisitive Perceptive division has added Kofax to its ever-bulging portfolio. This is the most significant acquisition to date for the firm, doubling not only the size of its software business but also its M&A spending.
2015 M&A Outlook: Overview
TDM Others - January, 2015
Coming out of a year that saw the highest level of tech M&A spending since the dot-com collapse, 2015 appears likely to continue the dealmaking momentum. But what is going to be driving deals in the coming year? To get a sense, we asked 451 Research analysts for their forecasts for M&A in their markets. The 451 Research M&A Outlook represents our view on where the deals will be getting done in the coming year.
2015 M&A Outlook: Introduction
TDM Others - January, 2015
This report represents our comprehensive analysis of M&A activity for the record-breaking year of 2014 and looks ahead to 2015. We base our data on The 451 M&A KnowledgeBase. The outlook and specific predictions come primarily from ongoing and extensive research by our analysts, with additional information coming from our annual 451 Tech Banking Outlook Survey and our annual 451 Corporate Development Outlook Survey.
Bankers say their pipelines are still full, even after 2014's record run
TDM Others - January, 2015
Apparently, the record spending on tech M&A in 2014 didn't entirely dry up deal flow. In our annual survey of senior investment bankers, slightly more than three-quarters of them say there's more work in their pipeline now than there was a year ago. That's the most bullish call from bankers in four years.
Corporate acquirers forecast even higher highs for tech M&A in 2015
TDM Others - January, 2015
In the eighth edition of our survey of the main buyers in the tech marketplace, more than half of the corporate development executives told us they plan to accelerate the pace of their acquisitions in 2015. That is almost 10 times the percentage that forecast a slowdown. Keep in mind, too, the outlook is coming after tech M&A spending set an all-time record in 2014.
Optimize this: Thoma Bravo reaches for Riverbed in $3.6bn deal
TDM Deal Analysis - December, 2014
After a year of agitation by a hedge fund, Riverbed is heading private in a $3.6bn buyout by Thoma Bravo. The deal, which is the largest networking transaction in seven years, comes as Riverbed's growth has slowed dramatically amid changes in the WAN optimization market.
Belden announces a deal for a wire it doesn't make: a Tripwire
TDM Deal Analysis - December, 2014
In a move many didn't see coming, Belden has scooped up Tripwire at a fairly rich valuation. Belden, which started life as a manufacturer of cables and wires, will look to take the target's enterprise security products into the notoriously porous industrial and manufacturing markets.
After an initial nibble, Accel-KKR gobbles up WCM vendor Ektron
TDM Deal Analysis - December, 2014
Previously a family-founded and -run firm, Ektron is now fully owned by a buyout shop. It's a move that illustrates well the challenges of the Web content management sector. The price Accel-KKR paid is in line with other WCM deals over the past couple of years.
New Relic is the first new-generation APM vendor to file for an IPO
TDM Debut IQ - November, 2014
The application performance management and analytics SaaS startup has filed its paperwork for an IPO. Though no date or valuation for the offering has been announced, we expect that investors will like what they see.
Survey: No slowdown seen in tech M&A's record run
TDM Others - October, 2014
In our semiannual survey with Morrison & Foerster, five out of six respondents anticipate that dealmaking will either hold its recent record pace or accelerate. Assuming that's true, 2014 would set a new high-water mark for M&A spending. Less bullish, however, is the outlook for startup valuations.
Symantec splits to grow security and data management businesses
MIS Impact Report - October, 2014
We detail the drivers, mechanics and impact of Symantec's split into two independent public companies in order to take on the security and data management markets.
Tech M&A's record run continues in Q3, as big-ticket deal flow broadens
TDM Others - September, 2014
Even without a single blockbuster transaction, which has driven spending in the first two quarters to record levels, Q3 activity still set a post-recession record. That's true for both the number of transactions and the spending attached to them. Dealmakers dropped more than $1bn in two dozen deals announced in the just-completed quarter.
As growth stalls, TIBCO looks to step off the Nasdaq in $4.3bn LBO with Vista
TDM Deal Analysis - September, 2014
After a decade and a half as a public company, TIBCO is set to be erased from the Nasdaq in a $4.3bn LBO sponsored by Vista. The take-private comes as the middleware and analytics vendor has been struggling to find any growth, even as rivals continue to grow.
Another quarter, another record as telco consolidation drives M&A spending
TDM Others - July, 2014
Spending on TMT transactions actually accelerated from the fast pace we saw at the start of the year. With big companies doing big deals, the value of Q2 M&A set a post-recession record, roughly three times higher than a typical quarter. For full-year 2014, dealmakers are on pace to spend more than an astonishing half-trillion dollars on M&A.
Rackspace may be a seller – but who's a buyer?
TDM Target IQ - May, 2014
Rackspace has hired Morgan Stanley to evaluate an unspecified number of inbound acquisition and partnership proposals. We take a look at Rackspace's opportunities and challenges as it considers a potential transaction.
Survey: the bulls are back in tech M&A, looking to stampede to new levels
TDM Others - May, 2014
Survey respondents have never been more ready to shop than they are now. A record three-quarters of them expect to do more acquisitions in 2014. The forecast for the broader tech M&A market is also bullish, even after its record start to the year.
TIBCO plugs embedded BI and reporting gap with $185m pickup of Jaspersoft
TDM Deal Analysis - April, 2014
Having entered the visual analysis sector by reaching for Spotfire in 2007, the software veteran has now added embedded business intelligence and reporting to its arsenal by snagging Jaspersoft in a similarly sized deal.
Intralinks buys docTrackr, fires a shot across the Box bow
TDM Deal Analysis - April, 2014
Although the company has been around since 1996 and publicly trades on the NYSE, it only recently stepped into the M&A market. Now it is buying key Box partner docTrackr to give its products DRM capabilities.
IBM finishes what it started with the acquisition of Silverpop
TDM Deal Analysis - April, 2014
Having lit the M&A fire in marketing automation with its purchase of Unica in 2010, IBM has now snapped up the last remaining independent first-generation vendor. The market has been a hot one over the past few years, with a number of other large deals.
M&A spending sprints to Q1 record, tracking to half-trillion-dollar run rate for 2014
TDM Others - April, 2014
Big prints, an active midmarket and uninhibited dealmaking from young companies pushed Q1 M&A spending to a record level for the start of any year since 2000. That puts 2014 on track for an eye-popping half-trillion dollars worth of deals.
Sophos broadens its technology and reach with Cyberoam acquisition
TDM Post-Merger IQ - February, 2014
Sophos recently bought India-based network security vendor Cyberoam. From a technological perspective, the company might not have obtained anything beyond its own capabilities, but it does gain immediate, deeper access to Asia and the Middle East.
Synopsys covets code quality, security with $375m Coverity acquisition
TDM Deal Analysis - February, 2014
In another case of 'know your code,' EDA and semiconductor design player Synopsys reaches for software testing and quality vendor Coverity.
2014 M&A Outlook – Introduction
TDM Others - January, 2014
This report leads off our sector-by-sector analysis of M&A in 2013 and looks ahead to the forecasts for activity in the various sectors of the IT industry covered by 451 Research analysts.
FireEye finds the Mandiant of its dreams, and ties the knot
TDM Deal Analysis - January, 2014
In the eighth-largest information-security acquisition ever, FireEye leverages its newly acquired IPO riches to add incident-response expert Mandiant as a subsidiary.
A bounce off the bottom for tech banking in 2014
TDM Others - December, 2013
After a fairly bearish outlook last year, senior investment bankers are back feeling optimistic. They were four times more likely to say their pipelines have filled up than dried up over the past year. The outlook for IPOs is particularly bullish.
Corporate shoppers see a split running through tech M&A in 2014
TDM Others - December, 2013
The tech M&A market is increasingly divided between haves and have-nots, according to our annual survey of corporate development executives. The polarized outlook showed up in forecasts for what they planned to buy and even what they planned to pay.
IBM acquires Fiberlink to manage all aspects of mobility
TDM Deal Analysis - November, 2013
We detail the latest deal in the mobile enterprise space, and estimate its value. We also explore the synergies that Big Blue will gain from the transaction.
Ixia expands network visibility footprint with Net Optics acquisition
TDM Deal Analysis - October, 2013
Independent private vendors in the network visibility space have just become even rarer as Ixia reaches for Net Optics.
Survey: A cyclical slowdown for tech M&A, or something more?
TDM Others - October, 2013
Senior executives and advisers appear to be settling into a new reality for tech dealmaking, according to the latest M&A Leaders' Survey from 451 Research and Morrison & Foerster. The outlook: Fewer deals and more measured valuations in the market.
Big, cheap and playing not to lose, the graybeards of tech drive Q3 M&A to record levels
TDM Others - October, 2013
Last summer's prints weren't particularly pretty, with a lot of low-multiple transactions and defensive moves. But the spending did pile up, with the value of Q3 deals coming in just shy of a record for recent quarters.
Fairfax Financial intends to take BlackBerry private
TDM Deal Analysis - September, 2013
We discuss the details of BlackBerry's interest in going private and evaluate what options are still available for the device vendor.
Cisco splashes into storage with $415m bid for WHIPTAIL
TDM Deal Analysis - September, 2013
The company is a major server vendor, as well as the dominant supplier of enterprise networking. With its plan to buy WHIPTAIL, it is about to add storage to its portfolio, but insists that this is no threat to current storage partners EMC and NetApp.
Microsoft buys Nokia's device business to secure the future of Windows Phone
TDM Deal Analysis - September, 2013
We dive into the deal, and discuss the impact that the acquisition of Nokia will have on Microsoft's vision of a singular computing experience across devices. Is it too late?
Violin Memory finally pulls the trigger on its IPO
TDM Debut IQ - August, 2013
Violin has filed to go public. The move was expected, and even though the company is a hot supplier operating in the hot flash storage space, Wall Street's reaction to the debut is likely to be on the cool side.
With $175m planned offering, FireEye looks to be infosec's next red-hot IPO
TDM Debut IQ - August, 2013
Whether FireEye's description of its product as 'next-generation threat protection' is mostly marketing or not, the offering is a hit. Putting up $100m in sales in just three years is a pretty good bit of business, one that Wall Street will reward.
In blockbuster convergence play, Cisco pays $2.7bn for security vendor Sourcefire
TDM Deal Analysis - July, 2013
Although Cisco has been an active acquirer of information security firms, Sourcefire represents a significant gamble. Most other bets by tech giants on infosec haven't really paid off. And Sourcefire's platinum valuation only raises the stakes for Cisco.
Tech M&A spending normalizes but Q2 activity is anything but normal, as buyers disappear
TDM Others - July, 2013
Without the mega-transactions that had boosted spending in the two previous quarters, the value of Q2 deals settled back into the post-recession average. However, buyers weren't very busy, as deal volume hit its lowest level in years.
Adobe further rounds out its Marketing Cloud with Neolane acquisition
TDM Deal Analysis - June, 2013
Adobe's shopping spree for its marketing business continues with the $600m acquisition of marketing automation vendor Neolane. The deal brings true multichannel campaign management to Adobe's Marketing Cloud, which had been missing from its portfolio.
Thoma Bravo to take Keynote private in $395m deal
TDM Deal Analysis - June, 2013
Internet performance management pioneer Keynote Systems has agreed to be acquired by private equity firm Thoma Bravo for $395m.
Progress suddenly sells its flagship Apama CEP platform to Software AG
TDM Deal Analysis - June, 2013
In an abrupt move, Progress Software and Software AG strike a deal for the Apama event-processing platform, which originally was thought to be a core part of Progress' new product strategy.


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