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Axial Radar: The Numbers Behind TMT’s Win Streak

Axial Radar

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Happy Friday and welcome to another edition of Axial Radar!

The data from Q3 is in and the numbers tell a story of a major M&A comeback after what was frankly a scary drought in deal activity through the first half of the year. Leading the way was the technology, media, and telecom (TMT) sector, which unsurprisingly showed resilience in the face of an ongoing global pandemic.

Now, nobody likes a pessimist, but the charts pointing up and to the right need some further analysis. It’s true that deal value in the TMT space more than doubled in Q3 this year compared to Q3 last year. Volume, however, dropped 23%. Strip out the mega deals from the quarter and how impressive is TMT’s rally really? Head down to this week’s featured Industry Trends article of Radar to access an interactive dashboard that helps contextualize TMT’s prolonged, and yes, impressive win streak that is poised to continue for years to come.

​​​​​​Our featured buy-side members this week include a UK-based tech investor, a growth equity investment firm, and an acquisitive delivery service business. On the sell-side we’ll introduce you to a North Carolina-based investment bank and an M&A advisory firm led by operators with over 25+ years of combined experience.

Click here to follow Axial on LinkedIn and stay up to date on the latest trends in the world of Lower Middle Market deal making.


Featured Members

HIG Capital

GTO Partners
​​​​​Private Equity Firm

GTO Partners is a UK-based technology focused private equity firm. The team at GTO Partners is comprised of experienced technology operators who pursue a partnership style approach to management teams, with the goal of building and implementing best in class solutions for each investment they make. The firm focuses on making investments of €20-100m in B2B technology in Europe and North America.
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Kainos Capital

Dunning Capital LLC
Investment Bank

Dunning Capital provides investment banking and financial consulting services to emerging and middle-market companies. The firm manages acquisition and divesture transactions, raises private capital, provides strategic advice for corporate development, and strives to ensure the successful planning and implementation of future transactions. Dunning Capital is managed by seasoned investment banking professionals David Swintosky and Paul Steinke.
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Full In Partners
Private Equity Firm

Full In Partners is a growth equity firm that focuses primarily on software, mobile, and online marketplace investments. The firm evaluates companies globally but has a sweet spot for the US, European, and Israeli markets. The Full In team, led by Elodie Dupuy, Jessica Davis, and Eric Tonkyn, has significant experience in growth equity investing, previously working at prestigious firms Insight Partners and Bridgewater Associates.
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FTI Consulting

Premara Group
​​​​​​M&A Advisory Firm

Premara Group is an M&A Advisory firm with a mission to help business owners maximize their outcome during a liquidity event. As operators with a combined 25+ years of experience running all sizes of businesses, Premara is uniquely positioned to help business owners with sales and financial operations early in the process all the way through to the closing of a transaction.
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FTI Consulting

Dropoff, Inc.

Dropoff was founded in 2014 in Austin, Texas to fill a void in the same-day, local courier space. While there are many small courier companies in the area, none offer the level of technology, reliability or professionalism businesses need to meet their customer expectations.
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This week from
Middle Market Review

Top 20 Lower Middle Market Investment Banks [Q3 2020]
​​​​​Read More

The Fastest Way to Earn Your Earnout
​​​​Read More

Creating Favorable Deal Structures in Times of Uncertainty
Read More

Reinventing Patient Care in the Dermatology Industry (Virtual Q&A)
Read More


Industry Trends

Source: White & Case

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