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.
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.
The M&A markets are in a tough situation. Transactions are harder to get done, and exits are just not happening. To sort out where this is all going, Scott Denne and Brenon Daly return to the podcast with host Eric Hanselman.
A pair of recent transactions — Coreweave's debut on the Nasdaq and Braze's $325 million acquisition of OfferFit — suggest that exit opportunities for artificial intelligence startups are moving up the stack, away from infrastructure and toward business applications.
Private equity firms are printing fewer tech transactions lately. And in the deals that are getting done, they've shown a marked preference for troubled targets. With consumer confidence falling, an ambiguous set of tariffs looming and stocks skidding, sponsors seem a bit more comfortable buying into known challenges.
The biggest software companies spend most of their M&A dollars buying growth. But those that don't already have it are far less inclined to pay for it. And there are far fewer high-growth software vendors trading on US markets these days.
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