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451 Research - Biography

Brenon Daly
Research Director, M&A

Brenon oversees the financial analysis of 451 Research's Market Insight Service 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

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.
salesforce.com bets the farm on marketing automation with $2.5bn ExactTarget buy
TDM Deal Analysis - June, 2013
With the pickup of ExactTarget, salesforce.com has paid a high price to bolster its marketing automation credentials, and is now committed to making it work. It's a crowded and potentially overhyped market – salesforce.com has its work cut out for it.
PE-backed Blue Coat continues its consolidation, acquires Solera Networks
TDM Deal Analysis - May, 2013
Just 18 months after going private, Blue Coat has inked back-to-back deals, adding Netronome and Solera in May alone. The old-line vendor now has a new marketing message and a fistful of technologies to back it up.
Box scores tactical technology with Crocodoc buy
TDM Deal Analysis - May, 2013
The heavily funded startup has reached for Crocodoc to expand its technology for document display and annotation. The deal is part of Box's larger shift toward becoming an enterprise platform, a transition it has done largely without M&A.
Dell buys Enstratius to accelerate time to hybrid cloud management
TDM Deal Analysis - May, 2013
Enstratius made a big bet in 2011 when it landed a $3.5m series A funding round and upgraded its executive team with a number of cloud industry mavens to supercharge its activity. The bet seems to have paid off handsomely.
BMC agrees to be acquired by private equity consortium for $6.9bn
TDM Deal Analysis - May, 2013
After months of speculation about its future, BMC Software has agreed to sell itself for $6.9bn to a group of PE firms led by Bain Capital and Golden Gate Capital.
Survey: Growth concerns keep tech M&A activity in check
TDM Others - April, 2013
In the third installment of our semiannual survey, tech dealmakers were slightly more likely than not to say they have been busy recently. But they also say the increasing concerns about the US economic growth rate are weighing on M&A.
After an early feast, lean pickings for tech M&A to start 2013
TDM Others - April, 2013
Except for a pair of mega-transactions, tech M&A hasn't been particularly healthy so far this year. Both deal valuations and volume have dropped sharply, even as US equity markets have hit new highs.
Packet Design lands in a PE shop with networking know-how
TDM Deal Analysis - March, 2013
Ten years – and about $65m in backing – after its founding, Packet Design has been picked up by a private equity shop with a fair amount of networking know-how. What do we expect the new owners to do differently with the networking analytics vendor?
Tripwire looks to close the compliance loop with nCircle acquisition
TDM Deal Analysis - March, 2013
Almost two years into its PE ownership, Tripwire makes a big play by reaching for vulnerability management specialist nCircle. The deal will boost the company's top line by about one-third and significantly expand its technology portfolio.
Indelibly on the market for 25 years, Dell looks to go private in mega-LBO
TDM Deal Analysis - February, 2013
The company rode the PC boom to a market cap of $100bn, but now plans to exit the market at just one-quarter that valuation. The planned LBO caps several years of refocusing and repositioning at Dell, which still hasn't been able to find growth.
Oracle connects with Acme Packet in $2bn network multimedia deal
TDM Deal Analysis - February, 2013
The expanding amount of multimedia traffic on enterprise and mobile networks is driving changes in both networking equipment and the applications that generate it. Oracle is looking to Acme Packet to get it bolted on to network infrastructure.
2013 M&A Outlook – Enterprise mobility
TDM Others - January, 2013
As part of our end-of-year series of M&A analysis, we look at the deals that mattered in 2012 and assess the prospects for the next 12 months in the enterprise mobility sector. Where will we see acquisitions, and who might be involved?
Violin Memory makes second caching play as it picks up GridIron
TDM Deal Analysis - January, 2013
GridIron's SAN acceleration technologies are a good complement to the NAS caching technologies that Violin obtained in its acquisition of Gear6. Will Violin's caching capabilities give the vendor a means of serenading enterprise SAN customers?
2013 M&A Outlook – Introduction
TDM Others - January, 2013
This report leads off our sector-by-sector analysis of M&A in 2012 and looks ahead to the forecasts for activity in the various sectors of the IT industry covered by 451 Research analysts.
A chilly forecast for tech banking in 2013
TDM Others - December, 2012
From M&A activity to valuations to the business itself, tech bankers put forward an uncharacteristically bearish view for the coming year. For instance, they say their pipelines are the driest they have been since the end of the recent recession.
Corporate shoppers pull back their forecast for tech M&A in 2013
TDM Others - December, 2012
The percentage of corporate buyers that expect to pick up their M&A pace in the coming year has sunk to the lowest level since we started our survey six years ago.
Cisco buys Meraki for $1.2bn to anchor its new cloud networking group
TDM Deal Analysis - November, 2012
Christmas comes early to Meraki with a richly valued exit. For Cisco, the acquisition represents a new software-oriented revenue model that could offset investors' concerns about SDN vulnerabilities.
Dell expands converged management automation portfolio with Gale Technologies buy
TDM Deal Analysis - November, 2012
Just one day after Cisco's acquisition announcement of Cloupia, Dell has disclosed that it has bought rival Gale Technolgies for its GaleForce cloud automation and orchestration platform, which will be integrated with Active System Manager.
NetApp makes 'immortal' storage move as it buys acceleration specialist CacheIQ
TDM Deal Analysis - November, 2012
The storage specialist has made its first purchase in the emerging flash arena, acquiring small NAS-acceleration startup CacheIQ. NetApp won't be continuing the target's products, but plans to embed the technology into its own clustered ONTAP platform.
Ditching defense: SafeNet sheds its Government Solutions unit
TDM Deal Analysis - November, 2012
Its government-specific security products will go to an undisclosed buyer, leaving SafeNet to concentrate on its commercial data-protection and rights management technology.
Riverbed to acquire OPNET for its application performance management
TDM Deal Analysis - October, 2012
The $1bn acquisition is by far Riverbed's largest, and it will offer the company the ability to optimize end users' individual application performance. However, the acquisition comes with numerous risks and concerns.
Survey: More economic uncertainty makes for less M&A shopping
TDM Others - October, 2012
Results from the semiannual survey from 451 Research/Morrison & Forrester clearly point to a slowdown in recent M&A activity, as well as the outlook. The main reason? The unclear economic picture here in the US, which trumped even valuation concerns.
Good Technology acquires AppCentral to address enterprise mobile app invasion
TDM Deal Analysis - October, 2012
We detail the deal and its drivers. Is this the start of things to come in the mobile application management space?
Despite economy and stock market, tech M&A looks like it's slipping into a double-dip
TDM Others - October, 2012
While neither the economy nor the stock market are sinking to the levels they plumbed in the recession, M&A spending so far this year has slumped to the same rate as 2009. What's behind the disconnect?
VMware covers more management and analytics terrain with Log Insight purchase
TDM Deal Analysis - August, 2012
Any very large operation needs ops analytics, particularly in the wide world of virtualization. VMware has added to its Cetas purchase with more technology from Pattern Insight, bringing in-house what was formerly the purview of numerous other vendors.
OpenFlow and SDN get a rich endorsement with VMware's $1.25bn takeout of Nicira
TDM Deal Analysis - July, 2012
Driven by OpenFlow's automation potential, the SDN market received a serious vote of confidence with the large deal.
Gigamon looks to 'tap' public market in $100m offering
TDM Debut IQ - July, 2012
The startup's planned IPO comes as a number of its rivals have already been snapped up by larger vendors. Still, Gigamon has been able to put up solid – and accelerating – growth, while also netting a lot of money.
The 'contagion effect' knocks M&A spending down 40% in Q2
TDM Others - July, 2012
The concerns about European stability have spread across the globe, eroding the confidence that dealmakers need to do their work. At the current pace, 2012 M&A spending will basically match the level of the recession year of 2009.

 

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