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

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.
For tech M&A, 2015 picks up where 2014's record level left off
TDM Others - March, 2015
Coming out of a year that saw spending on TMT acquisitions surge to a 14-year high, dealmakers said they planned to continue to shop in 2015. And although January started slowly, the past two months have been among the biggest we've seen since the recession ended. Overall, we're on track for another banner year for M&A.
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.