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© GlobalData 2019
Thematic Research: Technology GDTMT-TR-S216
Mergers & Acquisitions in TMT 24 June 2019
Inside Themes driving M&A Historical M&A activity Future M&A targets
Sectors covered HARDWARE Semiconductors Servers, storage &
networking equipment Consumer electronics Component makers Industrial automation
SOFTWARE Application software Security software Video games software
SERVICES Cloud services IT services
INTERNET & MEDIA Ecommerce Social media Advertising Music, film, & TV Publishing
TELECOMS Telecom operators Cable & satellite
operators
Report type Single theme Multi-theme Sector Scorecard
If you really want to understand the themes that drive an industry, just look at the list of recent mergers and acquisitions (M&A). In part 1 of this report, we explain how disruptive themes have been driving M&A activity over the last five years. In part 2, we select the most notable M&A deals announced in the technology, media and telecoms (TMT) sector over the last five years and identify their thematic drivers. Finally, in part 3, we highlight potential acquisition targets, explaining who is likely to acquire them and why.
The TMT sector dominates global M&A activity today In 2017, the largest M&A deal announced in the TMT sector was Disney’s $71bn bid for 21st Century Fox, driven by the disruptive threat of internet TV. In 2018, it was Broadcom’s $121bn bid for Qualcomm, driven by 5G and the Internet of Things (IoT) – though this deal was later aborted. So far in 2019, the largest announced deal is FIS’s $35bn acquisition of Worldpay, potentially kickstarting a string of fintech deals.
In 2018, the total transaction value of M&A deals announced in the global TMT sector reached $630bn, up 23% from 2017, according to GlobalData’s Deals Database. As the chart below illustrates, the value of M&A in the TMT sector dwarfed that of other markets in both 2017 and 2018.
Source: GlobalData
Which TMT companies are likely acquisition targets? Some of the companies we have identified as future bid targets include:
Hardware & software: AMS, Lumentum, Roku, iRobot, Cognex.
Internet & media: Asos, Ocado, Pinterest, Xing, NY Times.
Telecoms: US Cellular, Dish Network, Telecom Italia.
The main investment themes likely to drive these deals include artificial intelligence (AI), the IoT, autonomous vehicles, medtech, adtech, internet TV, virtual reality (VR), augmented reality (AR), robotics, cloud computing, and geopolitics, particularly the race between the US and China to dominate the next generation of advanced technologies.
reportstore@globaldata.com+44 (0) 161 359 5813
www.globaldata.com
0
150
300
450
600
750
TMT Power Oil & Gas Construction IndustrialGoods
Mining Real Estate Automotive Consumer Banking &Insurance
Retail Pharma
2017 2018
$bn
Top M&A sectors by transaction value, 2017-2018
GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019
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Contents
PART 1: M&A AND THE IMPORTANCE OF THEMES ............................................................................................................ 4
Companies who invest in the right themes become success stories .............................................................. 5
Themes drive M&A strategy ............................................................................................................................ 6
PART 2: M&A ACTIVITY OVER THE LAST FIVE YEARS....................................................................................................... 7
Hardware ............................................................................................................................................................ 7
Semiconductors ............................................................................................................................................... 7
Servers, storage, and networking equipment .................................................................................................. 8
Consumer electronics ...................................................................................................................................... 9
Component makers ....................................................................................................................................... 10
Industrial automation ..................................................................................................................................... 11
Software ............................................................................................................................................................ 12
Application software ...................................................................................................................................... 12
Security software ........................................................................................................................................... 13
Video games software ................................................................................................................................... 14
Services ............................................................................................................................................................ 15
Cloud services ............................................................................................................................................... 15
IT services ..................................................................................................................................................... 16
Internet & media ............................................................................................................................................... 17
Ecommerce ................................................................................................................................................... 17
Social media .................................................................................................................................................. 18
Advertising ..................................................................................................................................................... 19
Music, film & TV ............................................................................................................................................ 20
Publishing ...................................................................................................................................................... 21
Telecoms .......................................................................................................................................................... 22
Telecom operators ........................................................................................................................................ 22
Cable & satellite operators ............................................................................................................................ 23
PART 3: FUTURE ACQUISITION TARGETS ........................................................................................................................... 24
Hardware .......................................................................................................................................................... 24
Semiconductors ............................................................................................................................................. 24
Servers, storage & networking equipment .................................................................................................... 26
Consumer electronics .................................................................................................................................... 27
Component makers ....................................................................................................................................... 28
Industrial Automation ..................................................................................................................................... 29
GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019
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Software ............................................................................................................................................................ 30
Application software ...................................................................................................................................... 30
Security software ........................................................................................................................................... 31
Video games software ................................................................................................................................... 32
Services ............................................................................................................................................................ 33
Cloud services ............................................................................................................................................... 33
IT services ..................................................................................................................................................... 34
Internet & media ............................................................................................................................................... 35
Ecommerce ................................................................................................................................................... 35
Social media .................................................................................................................................................. 36
Advertising ..................................................................................................................................................... 37
Music, film and TV ......................................................................................................................................... 38
Publishing ...................................................................................................................................................... 39
Telecoms .......................................................................................................................................................... 40
Telecom operators ........................................................................................................................................ 40
Cable & satellite operators ............................................................................................................................ 40
PART 4: DEAL SELECTION ........................................................................................................................................................ 41
PART 5: GLOSSARY ..................................................................................................................................................................... 48
APPENDIX: OUR THEMATIC RESEARCH METHODOLOGY .............................................................................................. 52
GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019
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Part 1: M&A and the importance of themes Running any business today requires an understanding of all disruptive threats. Whatever industry you are in, technology now makes it easier for you to be disrupted. The companies lining up to disrupt you are likely to be smaller and nimbler. They do not compete on a level playing field with you.
Take the fintech start-ups attacking banks today: they are less encumbered by regulation and have smaller balance sheets. Ant Financial is one of the world’s biggest banks – it is now around the same size as HSBC, in terms of its valuation at its last funding round – but doesn’t have any branches.
How do you compete with that?
Technology is evolving at a faster pace than ever before, with advances in areas including AI, robotics, blockchain, and cybersecurity making news every day. We are witnessing increasing technology adoption across industries as companies attempt to ride the wave of innovation and digital transformation that is transforming industries from agriculture, to healthcare, motor cars, defense, banking, insurance, construction, and energy.
At the same time, consumer behavior is going through remarkable shifts, as Generation Z takes center stage. Demand for personalization, omni-channel experiences, and predictive customer care is increasing and forcing businesses to redefine every aspect of business to target changing consumption patterns and customer expectations. These are some of the key themes forcing businesses across industries to review their strategies and business models.
Phrases like digital disruption have gained huge prominence as technology themes become more prevalent in the current market, leading to the emergence of new business models, ecosystems, products, services, and delivery models. As a result, companies today are under tremendous pressure to invest in the themes that are shaping their industry, not merely to gain competitive advantage, but to survive.
Technology companies are leading the attack; Big Tech will continue its acquisition spree, with the aim of strengthening their skillsets in next generation technologies like AI, cloud computing, AR, blockchain, and the IoT.
Running any business today requires an understanding of all disruptive threats Most of these disruptive threats come from the technology sector
Source: GlobalData
GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019
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Companies who invest in the right themes become success stories Our research indicates that companies who invest in the right themes become success stories, those who miss the big themes in their industry end up as failures. This is not just true some of the time. It is true ALL the time. With the benefit of hindsight, it is easy to see the themes that drove companies to success and others to failure.
The table below shows a selection of companies across a range of industries and the themes that drove their respective businesses to success or failure over the last decade.
In the automotive sector, between 1 January 2010 and 1 January 2019, Ford’s market capitalization fell 6% from $33bn to $31bn. Meanwhile, during the same nine-year period, Tesla’s market capitalization rose 2,700% from $2bn to $57bn. Tesla had invested early in the electric vehicles and autonomous driving themes. Had Ford acquired Tesla back in 2010 when it was valued at only $2bn, Ford would have been worth $88bn at the start of 2019, rather than just $31bn. Ford dismissed these two critical automotive themes (until relatively recently).
In the travel sector, back in 2010, Thomas Cook ignored themes like the sharing economy and ecommerce while Airbnb invested heavily in them. In January 2010, Thomas Cook was worth $3.2bn, large enough to have acquired Airbnb, valued at just $0.5bn back then. Had it done so, Thomas Cook would have been worth $31bn today. Instead, the British travel agent is on the verge of collapse.
General Electric, a company that is renowned for the sheer scale of its M&A activity, insisted on acquiring traditional competitors in old technology – its $10bn acquisition of Alstom Power in 2014 is a case in point – rather than acquiring new technology, such as cloud computing, Industrial Internet, or AI. By 2018, GE had written off $23bn in its power business, despite being a market leader. Between January 2010 and January 2019, GE’s share price fell 59%. Go back two decades and it has fallen 80%. GE acquired the wrong companies, because it did not fully understand the themes impacting its industry.
As the table above illustrates, other themes have had a similar impact in creating winners and losers across many other industries. In the industrials sector, GE missed the Industrial Internet, cloud computing, and AI themes. In retail, ecommerce, big data and AI destroyed traditional retailers like Sears, with the spoils going to Amazon and other internet-first companies. In payments, money transfer companies like MoneyGram International – and banks in general – are being displaced by the rise of fintech companies such as Ant Financial. In the entertainment industry, internet TV is causing mayhem, not just for yesterday’s video rental houses, such as Blockbuster, but for the music, film, and TV industry generally.
Companies who invest in the right themes become success stories… ...and those who miss the big themes in their industry end up as failures. Always.
Source: GlobalData
Industry Company Market Value ($bn)at 1 Jan 2010
Market Value ($bn)at 1 Jan 2019 Increase/ (decrease) Thematic Performance Drivers
AutomobilesFord 33 31 -6% Electric vehicles, connected car, autonomous driving
Tesla 2 57 2,750% Electric vehicles, connected car, autonomous driving
Tech, media & telecoms
Nokia 52 31 41% Touchscreens, mobile internet, apps
Apple 191 746 290% Touchscreens, mobile internet, apps
Travel Thomas Cook 3.2 0.6 -81% Sharing economy, ecommerce
Airbnb 0.5 31 6,100% Sharing economy, ecommerce
IndustrialsGeneral Electric 161 66 -59% Cloud, industrial internet, AI
Rockwell Auto 6.6 18 172% Industrial internet, AI, robotics
RetailSears 10 0 -100% Ecommerce, Big Data, AI
Amazon 60 737 1,128% Ecommerce, Big Data, AI, cloud
PaymentsMoneyGram Int. 0.2 0.1 -52% Online & mobile payments, AI
Ant Financial 5 150 2,900% Online & mobile payments, AI
Video rentalBlockbuster 1 0 -100% Internet TV, AI
Netflix 3 116 3,700% Internet TV, AI
GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019
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Themes drive M&A strategy Today’s largest companies, measured by market capitalization, are tech companies because today’s most important themes are tech themes. As the table below shows, regardless of sector, the biggest M&A deals in 2018 were all driven by themes and most of these themes involved disruptive technologies.
In part 2 of this report, we identify the themes that drove the TMT M&A market over the last five years. In part 3, we predict which TMT companies are likely to become bid targets over the next five years. Our 2019 TMT theme map shown below sets out the themes that will drive M&A in the TMT sector over the next five years.
Themes drive M&A deals Regardless of sector, many of the big deals in 2018 were driven by themes
Source: GlobalData
Our 2019 TMT theme map shows the 60 biggest themes driving growth in the TMT sector It covers the big issues that keep senior industry executives awake at night
Key: Purple circles indicate mega-themes; white circles indicate peripheral themes
Source: GlobalData.
- 20 40 60 80 100
Media: Discovery Comms buys Scripps Network Interactive (Internet TV)Insurance: AXA buys XL Group (Regulation)
Retail: Walmart buys Flipkart (Rise of India, Ecommerce)Defense: Harris buys L3 Technologies (Cybersecurity, Geospatial tech)
Consumer: Keurig Green Mountain buys Dr Pepper Snapple (Millenials/Gen Z)Technology: Broadcom buys CA Technologies (IoT)
Technology: Vodafone buys Unitymedia (Telecom convergence)Oil & Gas: China Three Gorges buys EDP (Geopolitics)
Construction: Brookfield Property buys GGP (Ecommerce)Technology: IBM buys Red Hat (Cloud)
Oil & Gas: Marathon Petroleum buys Andeavour (Shale oil)Media: Comcast buys Sky (Internet TV)
Construction: ACS, Hochtief and Atlantia buys Abertis Infraestructuras (Market share)Power: E.ON buys Innogy (Electric vehicles, renewables)
Technology: T-Mobile US buys Sprint (5G)Pharma: Cigna buys Express Scripts (Big data)
Media: Disney buys 21st Century Fox (Internet TV)Media: AT&T buys Time Warner (Internet TV)
Pharma: Takeda buys Shire (Niche diseases)
$bn
Top 20 M&A Deals in 2018 by value, and thematic rationale
Internet of Things
FinTech
MedTechRobotic process
automation
Virtual & Augmented
reality
Geopolitics
Automated home
Social media
Machine learning
Conversational platforms
Net neutrality
Big data
Crypto-currencies
Blockchain
Connected car
Crowd funding
Digital media
Wearable Tech
Online banking
Artificial intelligence
Mobile payments
Industrial Internet
Ambient commerce
Generation Hashtag
3D printing
Regulation
Cloud
Cybersecurity
Software defined
networks
Data centers
Internet TV
Electric vehicles
Autonomous vehicles
Robotics
E-commerce5G
Telecom convergence
China
Gaming
India
Smart cities
AI chips
Quantum computing
Context awareness
Drones M&A
Brexit
Computer vision
Batteries
Sustainability
GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019
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Part 2: M&A activity over the last five years Hardware Semiconductors Over the last five years, the value of M&A deals in the semiconductor sector reached $337bn. The key themes driving these deals included the IoT, AI, data centers, and smartphones. A number of bids came from Chinese buyers interested in acquiring US chip technology, but were aborted because of tensions over national security between the world’s two foremost economic powers, contributing to a theme that is gaining increasing prominence in the TMT sector: geopolitics.
M&A activity in the global semiconductor sector over the last five years
Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.
0 25 50 75 100 125
TriQuint Semiconductor acquires RF Micro Devices
Orbotech acquires SPTS
Qualcomm acquires CSR
Global Foundries acquires IBM (chip business)
JCET acquires STATS ChipPAC
Cypress acquires Spansion
Infineon acquires International Rectifier
NXP acquires Freescale
Avago acquires Broadcom
Jianguang Asset acquires NXP (RF unit)
Intel acquires Altera
Tsinghua Unigroup acquires Micron (aborted)
China Electronics acquires Atmel (aborted)
Lam Research acquires KLA-Tencor (aborted)
ON Semiconductor acquires Fairchild
Microsemi acquires PMC-Sierra
China Resources, Hua Capital acquires Fairchild (aborted)
Micron Tech acquires Inotera Memories (67% stake)
Microchip Tech acquires Atmel
SoftBank acquires ARM
Analog Devices acquires Linear Tech
Renesas Electronics acquires Intersil
Qualcomm acquires NXP (aborted)
Canyon Bridge acquires Lattice Semiconductor (aborted)
TDK acquires InvenSense
Veeco Instruments acquires Ultratech
Intel acquires Mobileye
Sino IC acquires Xcerra (aborted)
Bain consortium acquires Toshiba (memory chip business)
Marvell Tech acquires Cavium
Renesas Electronics acquires Maxim (aborted)
Broadcom acquires Qualcomm (aborted)
Microchip Tech acquires Microsemi
Renesas acquires IDT
WingTech acquires Nexperia (76% stake)
Nvidia acquires Mellanox
NXP acquires Marvell Tech (Wi-Fi business)
Infineon Tech acquires Cypress
Acquisition value $bn
Connected car, power management
Mobile
Data centers, silicon photonics
Smartphones
Autonomous vehicles
Advanced manufacturing (testing)
Smartphones, data centers, cloud
Connected car, data centers, cloud, wearable tech
5G, IoT
IoT
IoT
Data centers
Advanced manufacturing
Energy efficiency
Data centers, cloud, big data
IoT
IoT
IoT (power management)
IoT, autonomous vehicles, mobile payments
Energy efficiency
IoT
Industrial internet
Data centers, cloud, big data
Energy efficiency
Advanced manufacturing (wafer fabrication)
IoT
Data centers, cloud, big data
AI
Mobile
Data centers, cloud, big data
IoT
Advanced manufacturing (chip packaging and testing)
Advanced manufacturing
Mobile
IoT, advanced manufacturing
Mobile, IoT
Energy efficiency
IoT
2019
2018
2017
2016
2015
2014
Related themes
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Servers, storage, and networking equipment Over the last five years, the value of M&A deals in the servers, storage and networking equipment sector reached $163bn. The key themes driving these deals included data centers, big data, cloud, and silicon photonics. In future, they are likely to be software defined networks (SDN); we are entering the era of software defined everything (SDE), in which the balance between hardware and software within corporate data networks will shift decisively towards software.
M&A activity in the global servers, storage, and networking equipment sector over the last five years
Source: GlobalData. Note: Deals listed in chronological order, based on announcement date
0 20 40 60 80
VMware acquires AirWatch
Lenovo acquires IBM (x86 server business)
Zebra Tech acquires Motorola (enterprise business)
SanDisk acquires Fusion-io
Koch Optics acquires Oplink (83% stake)
Avago acquires Emulex
HP acquires Aruba Networks
Western Digital acquires Amplidata
Nokia acquires Alcatel-Lucent
Seagate Tech acquires Dot Hill
IBM acquires Cleversafe
Dell acquires EMC
Western Digital acquires SanDisk
NetApp acquires SolidFire
Brocade acquires Ruckus Wireless
Cavium acquires QLogic
HPE acquires SGI
Shandong Zhongji acquires InnoLight
Asia-IO, Redview Capital acquires Source Photonics
Broadcom acquires Brocade
HPE acquires SimpliVity
Keysight Tech acquires Ixia
AMETEK acquires Rauland-Borg
Cisco acquires Viptela
Michelin acquires Nextraq
Francisco Partners acquires Sandvine
Elliott Mgmt acquires Gigamon
TTM Technologies acquires Anaren
Corning acquires 3M (comms markets division)
Lumentum acquires Oclaro
Infinera acquires Coriant
Cerberus acquires TE Connectivity (subsea comms BU)
CommScope acquires ARRIS
II-VI acquires Finisar
HP Enterprise acquires Cray
Acquisition value $bn
Silicon photonics
Automated home, surveillance, internet TV
Data centers, big data, cloud
SDN
Silicon photonics, data centers
Data centers, big data, cloud
Mobile, cloud
Autonomous vehicles
Data centers
Data centers, cybersecurity
SDN
Medtech, cloud
Cybersecurity
SDN
Data centers, cloud, big data
Data centers, big data, cloud
High performance computing
Data centers, big data, cloud
Mobile
Silicon photonics
Data centers, big data, cloud
Data centers, big data, cloud
Data centers, big data, cloud
Data centers, big data, cloud
Data centers, big data, cloud
Data centers, big data, cloud
Data centers, big data, cloud
Cybersecurity, smart cities, AI
Data centers, big data, cloud
Data centers, big data, cloud
Data centers, big data
Mobile, big data
Data centers, cloud, big data
Mobile, workforce mobility, gig economy
High performance computing
Related themes
2019
2018
2017
2016
2015
2014
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Consumer electronics Over the last five years, the value of M&A deals in the consumer electronics sector reached $83bn. The key themes driving these deals included the IoT (including the automated home and the connected car), office automation, music streaming, and surveillance.
M&A activity in the global consumer electronics sector over the last five years
Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.
0 2 4 6 8 10
Alphabet acquires Nest
Lenovo acquires Motorola Mobility
Facebook acquires Oculus VR
Apple acquires Beats Electronics, Beats Music
Google acquires Dropcam
Aristocrat acquires VGT
Everi acquires Multimedia Games
Canon acquires Axis Comms
Brother Industries acquires Domino Printing
ARRIS acquires Pace
Panasonic acquires Hussmann
Haier acquires GE Appliances
GM acquires Cruise
Foxconn acquires Sharp (66% stake)
Apex Technology acquires Lexmark
Medtronic acquires HeartWare
Tesla acquires Solar City
Melrose acquires Nortek
LeEco acquires VIZIO (aborted)
Xylem acquires Sensus
HP acquires Samsung (printing business)
Samsung acquires Harman
EagleTree acquires Corsair (majority stake)
Samsung acquires Arcam
Google acquires HTC (design team)
Geely acquires Terrafugia
Fujifilm acquires Xerox (aborted)
Amazon acquires Ring
Motorola acquires Avigilon
Foxconn acquires Belkin
Plantronics acquires Polycom
Francisco acquires Verifone
Bridgestone acquires TomTom (telematics unit)
Siris Capital acquires EFI
SnapAV acquires Control4
Acquisition value $bn
Office automation
Connected car
Online payments
Office automation, collaboration
Office automation
IoT, surveillance
Automated home
Office automation
Flying cars
Smartphones
Music
Video gaming
Connected car
Office automation
Industrial internet
Internet TV
Automated home
Sustainability
Medtech
Office automation
LCD displays
Autonomous vehicles
Automated home
Automated home
Internet TV
Office automation
Video gaming
Video gaming
Automated home
VR
Mobile
Automated home
Music streaming
IoT, surveillance
Automated home
Related themes
2019
2018
2017
2016
2015
2014
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Component makers Over the last five years, the value of M&A deals in the component maker sector reached $43bn. The key themes driving these deals included the IoT, autonomous vehicles, data centers, silicon photonics, and computer vision.
M&A activity in the global component makers sector over the last five years
Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.
0 1 2 3 4 5
Thales acquires LiveTV
Harman acquires AMX
Analog Devices acquires Hittite Microwave
ON Semiconductor acquires Aptina Imaging
Synaptics acquires Renesas SP Drivers
Vodafone acquires Cobra Automotive
3D Systems acquires Simbionix
Amphenol acquires Casco Automotive
Google acquires Lumedyne Technologies
Deltronics acquires Eltek
CommScope acquires TE Connectivity (broadband BU)
Hua Capital and consortium acquires OmniVision
Tsinghua Unigroup acquires H3C (51% stake)
Intel acquires Recon Instruments
Amphenol acquires FCI Asia
Wuxi Boton Technology acquires Efun (24.2% stake)
Ams acquires CMOSIS
CalAmp acquires LoJack
Coherent acquires ROFIN-SINAR
Corning acquires Alliance Fiber Optic Products
ASML acquires Hermes Microvision
Centrica acquires FlowGem
Tessera acquires DTS
ams acquires Heptagon
Siemens acquires Mentor Graphics
Samsung acquires QD Vision
Teledyne acquires e2v
Idec acquires Apem
Delphi acquires nuTonomy
Advent acquires Laird
KLA-Tencor acquires Orbotech
Yageo acquires Pulse Electronics
Aptiv acquires Winchester Interconnect
Celestica acquires Impakt
MKS Instruments acquires ESI
Amphenol acquires SSI Controls Technologies
Acquisition value $bn
Industrial internet
Advanced manufacturing, silicon photonics
OLED displays
IoT
5G, electric vehicles
Advanced manufacturing
Connected car, smartphones
Autonomous vehicles
Human to machine interface
Computer vision
Quantum computing
CAD
Silicon photonics
IoT, smart audio
IoT, smart grid
Advanced manufacturing
Data centers
Advanced manufacturing, silicon photonics
Connected car
Computer vision
LCD displays
Data centers
AR
Data centers
Digital imaging sensors
Office automation and data centers
Data centers
IoT
Connected car
VR, medtech
Touchscreens
Computer vision
IoT
Connected car, autonomous vehicles
Audio / video
Inflight entertainment
2019
2018
2017
2016
2015
2014
Related themes
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Industrial automation Over the last five years, the value of M&A deals in the industrial automation sector reached $36bn. We have focused only on the disruptive technology deals within the industrial sector rather than all industrial M&A deals. The key themes driving these deals included robotics, warehouse automation, medtech, 3D printing, and autonomous vehicles.
M&A activity in the global industrial automation sector over the last five years
Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.
0 1 2 3 4
Teradyne acquires Universal Robots
Ametek acquires Cognex (SISD)
ChemChina acquires KraussMaffei
Wanfeng Tech acquires Paslin
Auris Surgical acquires Hansen Medical
Kion acquires Dematic
Honeywell acquires Intelligrated
Zimmer Biomet acquires Medtech
Uber acquires Otto
Denso acquires Fujitsu Ten (41% stake)
GE Aviation acquires SLM (aborted)
GE acquires Concept Laser (75% stake)
Teledyne acquires e2v
TDK acquires InvenSense
Midea acquires Kuka (25.1% stake)
Aveva acquires Schneider (industrial soft BU)
GE acquires Arcam (95% stake)
Rockwell acquires PTC (8.4% stake)
Thermo Fisher acquires Gatan (aborted)
Siemens acquires Mendix
Barnes acquires Gimatic
Medtronic acquires Mazor Robotics
Honeywell acquires Transnorm
EnerSys acquires Alpha Tech
SAP acquires Contextor
J&J acquires Auris Health
Amazon acquires Canvas Technology
Hitachi acquires JR Automation
Acquisition value $bn
Undisclosed
Robotics
Robotics
Medtech, robotics
Robotic process automation
Energy storage
Warehouse automation
Medtech, robotics, workflow management
Robotics
Cloud
Medtech
CAD, 3D printing, VR, AR
3D printing
Factory of the future, industrial internet
Robotics
Industrial internet
Computer vision
3D printing
3D printing
Autonomous vehicles
Autonomous vehicles
Medtech, robotics
Robotics, warehouse automation
Industrial internet, autonomous vehicles, ecommerce
Medtech, robotics
Robotics
Advanced manufacturing
Computer vision
Robotics
2019
2018
2016
2017
2015
Related themes
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