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.
By any current measure, Haveli Investments is paying a premium price in its $1.4 billion take-private of Couchbase. Yet today's premium could become tomorrow's bargain as multiple expansion on public software stocks continues to push up prices for leveraged buyout targets.
Handing over $175 million for the AI retail media platform specialist should accelerate DoorDash's efforts to give platform brands more capabilities when it comes to their onboard advertising experience within the US's leading delivery application.
After sitting out most of the post-ZIRP era, DoorDash is back to buying. With its top-line growth holding up well into the double digits, the company is printing deals to expand its share in food delivery and accelerate revenue by acquiring software companies, including this week's purchase of Symbiosys. Growth buying more growth, however, makes DoorDash an anomaly.
Buying Informatica gives Salesforce a stronger story in agentic AI — the current shiny object in enterprise software. But that's not the only reason why Salesforce, a longtime investor in the target, has converted its minority stake into full ownership. Informatica's dwindling valuation made the purchase less expensive.
An erratic trade policy and a possible recession have many of us buying used these days. Private equity firms are no exception. Other than purchasing prior acquisition targets from public companies, almost all buyout activity has stalled.
The stablecoin company's upcoming IPO will be the ultimate test case for the public market's appetite for innovation stories in the face of a downturn for tech stocks. The narrative Circle is pushing in its prospectus — that it is part of a disruptive rewrite of the global financial system — doesn't stand up to scrutiny.
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