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

Oracle makes a massive SaaS play with $9.3bn pickup of midmarket ERP vendor NetSuite
TDM Deal Analysis - July, 2016
Announcing the largest-ever SaaS transaction, Oracle says it will pay $9.3bn in cash for cloud ERP vendor NetSuite. The acquisition not only strengthens Oracle's cloud position in ERP and e-commerce, but also immediately helps with its midmarket strategy.
Citrix's GoTo snags LogMeIn, creating a business productivity SaaS behemoth
TDM Deal Analysis - July, 2016
Eight months after announcing its intention to spin off its GoTo family of products, Citrix has announced plans to consolidate rival LogMeIn. Essentially, the deal transfers GoTo into LogMeIn's portfolio of collaboration and support services.
Avast! AVG's ship and crew are enlisted in the battle for endpoint security
TDM Deal Analysis - July, 2016
Amid the second great wave of endpoint security consolidation, two vendors best known for disrupting the market by introducing freemium products into the consumer antivirus segment have joined forces as Avast shells out $1.3bn for AVG Technologies.
IoT security M&A, Part 2: Larger vendors could nab startups as they focus on key verticals
TDM Sector IQ - July, 2016
With production deployments growing in number, the top concern for organizations employing Internet of Things projects has shifted from organizational capabilities to the security of new deployments. This has resulted in an uptick of investment in IoT security vendors, a growing number of startups and established technology firms 'planting their flag' in the IoT security market, and larger organizations developing partner ecosystems to outsource specific vertical opportunities.
IoT security M&A, Part 1: Startups tackle early IoT security challenges in key markets
TDM Sector IQ - July, 2016
The Internet of Things market is transitioning from early (over) hype to production deployments, causing problems with operational security. This has raised the visibility of an increasing number of IoT startups, ranging from legacy operational technology security vendors that have been 'IoT washed' to IT security providers and pure plays.
Shell-shocked dealmakers: Brexit breaks Q2 rebound in tech M&A
TDM Others - July, 2016
Overall, tech M&A spending in the just-completed Q2 jumped 50% from the first three months of the year. That surge was led by robust dealmaking in June, which saw the highest monthly spending since last fall. However, virtually all of that spending (96%, to be exact) got done before the UK's fateful vote to leave the EU.
Slimming down to bulk up: Dell offloads software group to buyout group
TDM Deal Analysis - June, 2016
Francisco Partners and Elliott Management are taking Dell's Software Group off of Michael Dell's hands in a sizable divestiture - but at a notable discount. Still, every little bit helps when your company is looking to pay for the largest-ever tech transaction.
Marriage of Microsoft & LinkedIn: fusion of data, intelligent automation and applications
MIS Spotlight - June, 2016
With several potential revenue synergies between LinkedIn and Microsoft, there are three key themes that can be leveraged for future differentiation: data in the cloud; embedded machine learning for intelligent automation; and a platform, not just a destination, for differentiated business applications.
Tangled up in Blue Coat: Symantec buys its way into cloud and network security
TDM Deal Analysis - June, 2016
With the the $4.7bn pickup of Blue Coat, Symantec has plugged two notable holes: network and cloud security. Clearly, the two companies - along with their financial backers - are hoping that the combination of blue and yellow will add up to lots of green.
Fortinet broadens its footprint with pickup of AccelOps' cloud-based SIEM and analytics
TDM Deal Analysis - June, 2016
Fortinet has spent less than $30m to acquire a range of new and complementary capabilities from AccelOps. The move will do more than expand Fortinet's end-to-end portfolio with enhanced insight: AccelOps blends IT operational visibility with security monitoring to help give IT the visibility required to remediate risks and ensure a more secure posture.
No longer a faded garment, Blue Coat looks to hang out again on Wall Street
TDM Debut IQ - June, 2016
More than four years after going private, Blue Coat is set to make a return to the public market. But the company that put in its IPO paperwork is very different from the one that beat a hasty retreat from Wall Street. The resurrected Blue Coat is cleaner, more stable and generates more cash. And, most dramatically, it's growing at a healthy mid-teens percentage rate, while the old version was shrinking.
Survey: After years of big plans and big buys, tech acquirers signal a slowdown
TDM Others - April, 2016
In our latest survey of some of the largest tech acquirers and their advisers, a record number of respondents indicated that they will be stepping out of the market in 2016. In fact, almost as many dealmakers said they would be slowing their M&A activity as said they would be accelerating. That's a significant deterioration from past surveys, where four times as many respondents have projected an increase than a decrease.
Nokia Growth Partners ventures deeper into IoT with new $350m investment fund
MIS Impact Report - April, 2016
NGP has formed a fourth investment fund of $350m targeted at investments in startups in the Internet of Things (IoT) arena, specifically, connected enterprises, cars, digital health and consumer solutions.
After peaking in 2015, tech M&A begins to slide back down in Q1
TDM Others - April, 2016
After hitting a high-water mark last year, tech M&A activity has started 2016 by receding to a more normal level. Total spending on deals in the just-completed Q1 dropped to only slightly more than half of last year's average quarterly level, but was roughly in line with the quarterly average from the two years leading up to the boom. When it comes to pricing many of the big transactions, however, buyers have been getting discounts.
What's Charles Darwin doing at this year's RSA Conference?
TDM Others - February, 2016
With IT budget dollars flowing and venture funding readily at hand, the information security business had all of the environmental conditions for a thriving ecosystem. As the organisms have reproduced and evolved, however, life in that market has gotten a little too crowded. And now, with the deterioration of the life-sustaining conditions, the infosec ecosystem is about to enter a Darwinian phase of 'natural selection.' It won't be pretty.
2016 M&A Outlook summary - Multi-tenant datacenter, hosting and managed services
MIS Spotlight - February, 2016
There has been lots of M&A in the MTDC, hosting and managed services sector, and the activity will continue, driven by the maturation of the industry and the need to achieve either scale or specialization.
2016 M&A Outlook summary - Storage
MIS Spotlight - February, 2016
Consolidation in the storage space was rampant in 2015, and the activity is likely to slow down this year. The remaining players will have to make investments and acquisitions in disruptive areas such as all-flash arrays, hyperconverged infrastructure and object storage to stay competitive.
2016 M&A Outlook summary - Overview
TDM Others - February, 2016
Coming out of a year that saw the highest level of tech M&A spending since the dot-com collapse, 2016 is nonetheless looking much more like a so-so year than another go-go year. What happened to the dealmaking environment that so suddenly and sharply clipped spending from its record pace – and how are acquirers planning to do business in the new, slower-growth world? To get a sense, we asked 451 Research analysts for their forecasts for M&A in the key markets they cover.
2016 M&A Outlook - Introduction
TDM Others - January, 2016
This report represents our comprehensive analysis of M&A activity for the record-breaking year of 2015 and looks ahead to 2016. All acquisition data comes from 451 Research's M&A KnowledgeBase. The outlook and specific predictions come primarily from extensive research and forecasts from our analysts, with additional information coming from our annual 451 Tech Banking Outlook Survey and our annual 451 Corporate Development Outlook Survey.
Survey: With pipelines still stuffed, bankers forecast robust 2016 for tech M&A
TDM Others - January, 2016
Even after record activity levels in 2015, the number of tech investment bankers who say their pipelines are still full of deals is among the highest we've had in a decade of our survey. That's the case even as about half of the bankers indicate that the current M&A cycle is nearing its end.
Survey: Corporate acquirers plan to step back this year after stepping up in 2015
TDM Others - January, 2016
After buying everything that wasn't nailed down last year, acquirers at tech companies swung to the opposite end in their forecast for 2016. An unprecedented number of respondents to our survey said they will be stepping out of the M&A market this year. And when they do shop, they will be seeking bargains.
Quantcast leverages publisher data into multiple new ad products
MIS Impact Report - December, 2015
The company has built a substantial digital advertising business on the back of proprietary audience data. Now it is aggressively building out new products to capitalize on that advantage.
It's no stretch: Elastica tries on a Blue Coat, and likes the fit
TDM Deal Analysis - November, 2015
In the latest and largest deal in a string of SaaS security-related M&A, Blue Coat has shelled out $280m for Elastica. Combined with its earlier purchase of Perspecsys, Blue Coat is now the biggest buyer in the nascent cloud application control market.
Survey: Tech acquirers plan to catch their breath after record run
TDM Others - October, 2015
In our semiannual survey of the leading tech acquirers and their bankers, the number of bulls has never been lower while the number of bears has never been higher. Is this just a blip in the M&A market or has the current cycle run its course?
Dell-EMC pairing fills storage gaps while juggling midrange overlaps
TDM Post-Merger IQ - October, 2015
Storage systems and software are areas where EMC and Dell have gone from being partners to adversaries over the years. Will the upcoming combination solve more storage-related problems than it causes?
Can Dell safeguard the VMware 'crown jewel' in its record-breaking purchase of EMC?
TDM Post-Merger IQ - October, 2015
Within the EMC federation that Dell is acquiring, some businesses are more valuable than others. But none is more valuable than VMware. However, to fully realize that value, Dell is going to have to overcome a distinctly bearish view of its pending ownership of the virtualization kingpin.
In massive play for storage and more, Dell bets $63.1bn on EMC to reshape IT landscape
TDM Deal Analysis - October, 2015
Even as rival IT vendors are slimming down, Dell has bulked up with the massive $63.1bn purchase of EMC – the largest pure 'tech' deal of the past 15 years. The combination will create a behemoth, with multibillion-dollar businesses selling infrastructure and services even as many IT buyers are shifting their spending to the cloud.
As black swans darken summer sky, Q3 tech M&A gets grounded
TDM Others - September, 2015
After M&A spending in both Q1 and Q2 soared 50% year over year, the value for tech deals in the just-completed July-September quarter dropped 21%. The uncertainty that routed the equity markets around the world also hit acquirers. Still, the recent slowdown isn't enough to knock 2015 off its record run.
Microsoft acquires Adallom in second consecutive pickup of an Israeli security firm
TDM Deal Analysis - September, 2015
Closely following Blue Coat's acquisition of cloud encryption gateway vendor Perspecsys, Microsoft has nabbed cloud application control provider Adallom to fill in further SaaS/IAM security gaps in its Azure and Office 365 offerings.
Big deals keep getting bigger as Q2 shatters M&A spending record
TDM Others - July, 2015
Following on an exceptionally strong open to 2015, M&A activity not only held the momentum in the just-completed second quarter, it accelerated dramatically. Spending on TMT deals in Q2 hit nearly $200bn, roughly one-third more than we've seen in any three-month period since 2000. In fact, the value of transactions announced in the past three months alone actually eclipsed some recent full-year totals.
Cisco queries for threat-protection capabilities and resolves to acquire OpenDNS
TDM Deal Analysis - June, 2015
Cisco will pay $635m for OpenDNS in its third-largest IT security purchase. With the deal, Cisco has augmented its post-Sourcefire security portfolio with powerful DNS-based threat-protection capabilities.
Microsoft nabs APM partner BlueStripe to bolster Azure management
TDM Deal Analysis - June, 2015
Microsoft has acquired APM startup BlueStripe and will integrate the target's technology into its existing management software offerings. The deal could limit Azure opportunities for other APM vendors but shouldn't have a significant impact on the market at large.
CA fine-tunes IAM stack with purchase of identity governance partner IdMlogic
TDM Deal Analysis - June, 2015
CA Technologies has announced another IAM tuck-in, picking up identity governance firm IdMlogic. Like its recent acquisition of IDaaS vendor SCUID, CA is obtaining some solid technology on the cheap, along with some hard-to-find IAM expertise.
Intel spends $16.7bn on Altera for its programmable accelerators
TDM Deal Analysis - June, 2015
In a tacit admission that general-purpose CPUs now need help from specialist accelerators for new workloads, Intel has agreed to pay $16.7bn in cash and stock for FPGA veteran Altera. The deal follows an intense negotiating process over the past few months.
Ciena colors its world with Cyan buy
TDM Deal Analysis - May, 2015
Ciena has snagged optical supplier Cyan for $400m. While there is overlap on the hardware side, the deal hinges on synergies in SDN and NFV as well as a mutual commitment to open networking and a multivendor operator ecosystem.
Survey: Activity keeps accelerating as M&A community forecasts record activity for 2015
TDM Others - April, 2015
In our semiannual survey of the leading tech acquirers and their bankers, the overwhelming expectation calls for more deals getting done over the next half-year. The outlook comes as 2015 is tracking to the highest level of M&A spending in 15 years.
SolarWinds looks to the cloud again with pickup of Papertrail
TDM Deal Analysis - April, 2015
SolarWinds has made its third straight cloud acquisition, buying log management SaaS startup Papertrail. The target focuses primarily on the performance of Web-based applications, allowing SolarWinds to check off another box in IT performance management.
Informatica maintains state of independence with $5.3bn LBO
TDM Deal Analysis - April, 2015
The company's purchase by private equity shop Permira and Canada Pension Plan Investment Board should enable it to maintain the independence that is integral to its data integration and management business.
Life's a beach: InfoVista acquires Ipanema
TDM Deal Analysis - April, 2015
The acquisition of Ipanema provides InfoVista with a ramp into the enterprise segment without affecting its existing channel. Integration should be painless, with minimal overlap and an Ipanema product line that already uses InfoVista for its centralized reporting function.
Acquirers without borders: Trustwave gets picked up by APAC telco Singtel
TDM Deal Analysis - April, 2015
Lest we forget that security is a global market, telco giant Singtel has reminded us by buying well-known US-based MSSP Trustwave. With demand for security products and services growing in APAC, Trustwave gives Singtel a broad product portfolio as well as R&D capabilities.