The deal tape
A precedent transactions set answers one question: what did somebody actually pay for a company like this one. Every row here is a US public target that filed a merger proxy or a going-private statement since 2020, with the offer per share, the premium to the unaffected price and the enterprise value multiples read from the filing itself rather than bought from a feed. Choose a sector, an industry code and a size band, and the quartiles above the list are the answer for that cut.
What it is not. Private-company deals, non-US targets and any transaction where no proxy was required leave nothing to read, so none of them are here. Neither are minority stakes or asset sales. Where a cross-check failed, the row still appears and says why, and it is held out of every median and quartile so one bad reading cannot move a number you would quote.
471 deals in this cut, 305 of them safe to take a multiple from and 461 safe to take a premium from. Enterprise value is stated where a balance sheet and a share count could be read at the period end before announcement.
What this cut was bought at
Each measure counts the readings that survive its own cross-checks. Fewer than 4 is a coincidence, not a market.
| Measure | Deals | 25th | Median | 75th |
|---|---|---|---|---|
| EV / LTM EBITDA | 157 | 10.3x | 15.4x | 27.3x |
| EV / LTM revenue | 248 | 0.9x | 2.2x | 4.1x |
| Premium to unaffected price | 263 | 20% | 32% | 50% |
| Premium to 30-day VWAP | 53 | 15% | 28% | 46% |
Read the EBITDA multiple against the revenue multiple before you use either. Where they disagree sharply the target was priced on growth rather than earnings, and the EBITDA line is the one that will not survive a second question.
| Target | Acquirer | Industry | EV | EV / EBITDA | EV / revenue | Premium | Filing |
|---|---|---|---|---|---|---|---|
BigBear.ai Holdings, Inc. 2021-06-04 · Public merger · $11.50 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | BBAI Ultimate Holdings Strategic | Technology | $626m | n.a. | n.a. | n.a. | DEFM14A Includes stock |
Cloudera, Inc. 2021-06-01 · Public merger · $16.00 a share | Sky Parent Inc. Unclassified | Technology | $4.6bn | n.a. | 5.3x | n.a. | DEFM14A All cash |
Proofpoint Inc 2021-04-25 · Public merger · $176.00 a share Held out of the multiples: EV / LTM EBITDA 9214.6x outside 1x to 75x | Project Kafka Parent, LLC Unclassified | Technology | $9.2bn | 9214.6x | 8.5x | 34% | DEFM14A All cash |
Nuance Communications, Inc. 2021-04-11 · Public merger · $56.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Microsoft Corporation Strategic | Technology | $17bn | n.a. | 12.4x | n.a. | DEFM14A Includes stock |
Leaf Group Ltd. 2021-04-03 · Public merger · $8.50 a share | Graham Holdings Company Strategic | Technology | $264m | n.a. | 1.1x | 21% | DEFM14A All cash |
Support.com, Inc. 2021-03-19 · Public merger · $1.85 a share | Not named in the filing Unclassified | Technology | $6m | 16.0x | 0.1x | n.a. | DEFM14A All cash |
China Customer Relations Centers, Inc. 2021-03-12 · Take-private · $6.50 a share Board book on file → | Harford Equity LTD Strategic | Business Services | $77m | 2.8x | 0.3x | 38% | SC 13E3 All cash |
Nic Inc 2021-02-09 · Public merger · $34.00 a share | Tyler Technologies, Inc. Strategic | Business Services | $2.0bn | n.a. | 4.4x | n.a. | DEFM14A All cash |
Glu Mobile Inc 2021-02-08 · Public merger · $12.50 a share | Electronic Arts Inc. Strategic | Technology | $1.8bn | 68.9x | 3.3x | 36% | DEFM14A All cash |
Corelogic, Inc. 2021-02-04 · Public merger · $80.00 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Pacific Time. Strategic | Technology | $7.9bn | 19.0x | 4.8x | n.a. | DEFM14A Includes stock |
Perspecta Inc. 2021-01-27 · Take-private · $29.35 a share Board book on file → | Fund Management, L.L.C. Financial sponsor | Technology | $6.7bn | n.a. | 1.5x | 50% | SC 13E3 All cash |
Cardtronics plc 2021-01-07 (filed) · Take-private · $35.00 a share Board book on file → | Apollo Global Management, Inc. Financial sponsor | Business Services | $2.2bn | 9.9x | 2.0x | 35% 60% to VWAP | SC 13E3 All cash |
Change Healthcare Inc. 2021-01-05 · Public merger · $25.75 a share Held out of the multiples: EV / LTM revenue 63.6x above 60x | UnitedHealth Group Strategic | Technology | $13bn | n.a. | 63.6x | 41% | DEFM14A All cash |
Helix Technologies, Inc. 2020-12-30 · Public merger · $0.90 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Forian Inc. Strategic | Business Services | $113m | n.a. | 8.6x | n.a. | DEFM14A Includes stock |
RealPage, Inc. 2020-12-20 · Public merger · $88.75 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Mirasol Parent, LLC Unclassified | Technology | $9.0bn | 69.7x | 8.1x | 31% | DEFM14A Includes stock |
Pluralsight, Inc. 2020-12-11 · Public merger · $20.26 a share | Lake Holdings, LP Strategic | Technology | $357m | n.a. | 0.9x | n.a. 25% to VWAP | DEFM14A All cash |
Counterpath Corp 2020-12-06 · Public merger · $3.49 a share | Alianza, Inc. Strategic | Technology | $20m | 18.1x | 1.4x | n.a. | DEFM14A All cash |
Golden Nugget Online Gaming, Inc. 2020-12-02 (filed) · Public merger · $1.50 a share | Not named in the filing Unclassified | Technology | $58m | n.a. | 1.1x | n.a. | DEFM14A All cash |
Slack Technologies, Inc. 2020-12-01 · Public merger · $26.79 a share Held out of the multiples: consideration includes stock: the cash figure is not the price | Skyline Strategies I Inc. Strategic | Technology | $544m | n.a. | 0.7x | 55% | DEFM14A Includes stock |
Endurance International Group Holdings, Inc. 2020-11-01 · Public merger · $9.50 a share | Razorback Technology Intermediate Holdings, Inc. Strategic | Technology | $2.8bn | 12.6x | 2.6x | 79% | DEFM14A All cash |
Medical Information Technology, Inc. 2020-10-01 (filed) · Take-private · $45.00 a share Held out of the multiples: equity value 1,674 vs fee-table value 75 | Not named in the filing Unclassified | Technology | $1.6bn | 16.0x | 3.2x | n.a. | SC 13E3 All cash |
Gridsum Holding Inc. 2020-09-30 · Take-private · $2.00 a share Held out of the premiums: premium of 217%: distressed or misread Board book on file → | Fairy Spirit LTD Strategic | Technology | $13m | n.a. | 0.3x | 217% | SC 13E3 All cash |
Sogou Inc. 2020-09-29 · Take-private · $9.00 a share Board book on file → | Sohu.com (Search) LTD Strategic | Technology | $2.4bn | 18.3x | 2.0x | 56% 83% to VWAP | SC 13E3 All cash |
Sina Corp 2020-09-28 · Take-private · $43.30 a share Held out of the multiples: EV / LTM EBITDA 0.6x outside 1x to 75x Board book on file → | New Wave Holdings LTD Strategic | Technology | $234m | 0.6x | 0.1x | 18% | SC 13E3 All cash |
Mobileiron, Inc. 2020-09-26 · Public merger · $7.05 a share | Ivanti, Inc. Strategic | Technology | $736m | n.a. | 3.4x | 42% | DEFM14A All cash |
How to use a set like this
Cut to the narrowest set that still holds eight or ten deals, then quote the range rather than the median. An interviewer who asks where software takes out will accept a spread and press on a single number, because the single number implies a precision the set does not have. Say which deals sit at each end and why: the top of a range is usually a contested auction or a strategic buyer with synergies, the bottom a controlling holder buying in the minority.
Premiums move with the reference price, not only with the deal. A bidder quotes the period that flatters the offer, so read the premium to the unaffected close beside the premium to the thirty-day average and notice when they diverge.
What each column means
- Enterprise value.
- Offer per share times shares outstanding, plus net debt at the last balance sheet before the merger agreement. It is blank where either piece was missing, and those rows are in the “not computed” band rather than in a size they never earned.
- Premium.
- The offer against the unaffected price, which is the last close before the deal became known. Where the filing states a premium to the thirty-day volume-weighted average, that is shown next to it.
- Deal type.
- A take-private is bought by an affiliate, which is what triggers the Schedule 13E-3 and the fuller disclosure that comes with it. A public merger is an arm’s-length buyer, disclosed through the merger proxy.
- In doubt.
- A cross-check the reading could not satisfy: an equity value far from the fee-table figure, a multiple outside any sane band, or consideration that is partly stock so the per-share cash figure is not the price. The row stays visible, and it is set aside only for the measures the doubt reaches. A cash-and-stock deal cannot price a multiple and still states a premium the filing itself computed, so it counts in one and not the other.
Company names, tickers and logos are the trademarks of their respective owners and appear here to identify the company whose public figures are being used. L3VLUP is not affiliated with, sponsored by or endorsed by any company shown, and nothing here is a statement by or about that company. More