Mergers & Acquisitions in TMT 24 June 2019

© 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.

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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

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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

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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






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






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






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






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


Energy efficiency

Advanced manufacturing (wafer fabrication)

IoT


AI

Mobile


IoT

Advanced manufacturing (chip packaging and testing)


Mobile

IoT, advanced manufacturing

Mobile, IoT

Energy efficiency

IoT

2019

2018

2017

2016

2015

2014

Related themes






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


Silicon photonics

Automated home, surveillance, internet TV

Data centers, big data, cloud

SDN

Silicon photonics, data centers


Mobile, cloud

Autonomous vehicles

Data centers

Data centers, cybersecurity

SDN

Medtech, cloud

Cybersecurity

SDN



High performance computing


Mobile

Silicon photonics








Cybersecurity, smart cities, AI



Data centers, big data

Mobile, big data


Mobile, workforce mobility, gig economy

High performance computing

Related themes

2019

2018

2017

2016

2015

2014






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


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


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






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


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


Industrial internet

Advanced manufacturing, silicon photonics

OLED displays

IoT

5G, electric vehicles


Connected car, smartphones

Autonomous vehicles

Human to machine interface

Computer vision

Quantum computing

CAD

Silicon photonics

IoT, smart audio

IoT, smart grid


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






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


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


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


Computer vision

Robotics

2019

2018

2016

2017

2015

Related themes




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Mergers & Acquisitions in TMT 24 June 2019