Global Technology Scorecard: Q1 2014

This quarterly global snapshot of activity in the technology sector highlights trends, business challenges and opportunities. In this edition we review the first calendar quarter of 2014.

Though performance was mixed, the overall stability of the global equity markets led to the top 25 global technology businesses’ average enterprise-value-to-EBITDA multiples remaining constant at 10.0x.

Full-year outlook remains positive as economic sentiment in the US continues to rise, but uncertainty remains abroad in both the Eurozone and China. However, the Eurozone, now several years into recovery, is viewed as an important source of potential future growth for technology companies.

Software witnessed average growth of 4% year over year, while hardware experienced the greatest disruption with global PC shipments declining 1.7%. Companies from a broad set of industries are using software and cloud services to improve product offerings, a trend that is accelerating. As the overall device market starts to saturate, and standardization and commoditization advance, the increasing pressure on margins will continue for hardware.

Continuing the momentum from Q4’13, 26 technology companies went public and raised US$6.8bn in Q1, a significantly higher opening compared to Q1’13. In addition, the US saw 57 technology M&A deals closed in the first quarter, up 36% year over year, for a total value of US$22.6bn, up by 113%.

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