The Carbon Economy

Bryan Garnier’s Energy Transition & Sustainability Research team today published a White Paper on “The Carbon Economy: How to address the greatest challenge humans have ever faced?”, where we present an in-depth assessment of the road ahead towards zero emissions. Recently, at COP27, governments debated how restoring trust and dialogue between the two hemispheres could accelerate progress on climate finance. In 2022, with around 1.15°C global average increase in temperature and extreme heat events occurring 3.1x more often per decade than in pre-industrial times, we might already be late for the 1.5°C target. Backed by regulation, a flourishing ecosystem of the carbon economy is emerging, with companies progressively understanding they have no choice but to adapt to this new environment.

We explore the technologies that have the potential to reduce GHG emissions, improve their measurement, accounting, monitoring and certification. We also look at future developments and discuss which specific needs are addressed in the context of mounting pressure from consumers, investors, and policymakers to fight climate change.

Emissions reduction can only work with functioning and trusted carbon markets in place, for regulatory compliance or voluntary. Such markets are increasingly supported by industries looking for ways to mitigate unavoidable emissions. They allow new business models to emerge for the creation and trading of credits.

Contact your Bryan Garnier representative for more information.


European cannabis

While the Americas have taken the lead in legalising cannabis for both medicinal and adult-use, the point of no return for global legalisation has passed and it is only a matter of time before other regions follow with progressive regulations. This is the case of Europe, where over the last two years, several initiatives have been taken to gradually legalise medical cannabis.

Specifically, these initiatives concern Germany, Switzerland, Spain, and France, while Israel is already on the forefront of medical cannabis research and access. Simultaneously, discussions concerning legalisation of adult-use cannabis seem to remove some of the stigma among physicians and patients. Indeed, several countries (the Netherlands, Switzerland, Malta, Luxembourg) are going a step further and are trialing adult-use regulations. However, Germany’s intent to deliver an adult-use cannabis market could be the trigger for legalisation in other European countries and deliver significant growth in the legal European cannabis industry. The way the German government has approached the international legality question is with an “interpretation declaration” to the other contracting parties. If the European Commission follows this German pathway, it would establish a blueprint for legalisation of cannabis in other European countries. Today, there is barely a legal European cannabis market to speak of, but the total market (99% illegal), is already EUR 65bn.  As legalisation is spreading across Europe, we expect the size of the legal European cannabis market to grow to EUR 16.8bn by 2027 from EUR 0.8bn in 2022.

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Bryan, Garnier & Co becomes a partner in the Euronext Tech Leaders initiative

Paris, 23 November 2022 - Bryan, Garnier & Co, the leading European investment bank specialised in the financing of innovative, disprutive and growth companies, commits to the Euronext Tech Leaders initiative. This new segment, led by stock-market operator Euronext and launched last June, was created to strengthen the offer focused on tech companies in Europe.

The key European initiative
for European tech companies

Tech Leaders is a new initiative dedicated to highlighting the visibility and attractiveness of high-growth and leading Tech companies towards international investors, together with a suite of services to support them along their listing journey. The initiative involves the creation of a specific market segment housing more than 100 European listed, high-growth tech companies, including 41 listed in Paris.

Bryan, Garnier & Co,
partner to Euronext Tech Leaders

Bryan, Garnier & Co is making a long-term commitment to this project to support European tech companies active in cutting-edge sectors: cleantech (hydrogen, circular economy, e-mobility), cybersecurity, foodtech, biotech and fintech.

The agreement is a means of participating in the momentum generated by the tech ecosystem in a changing backdrop. As a first milestone, Bryan, Garnier & Co took part in the inaugural edition of the Euronext Tech Leaders Campus held yesterday (Wednesday 23rd November). The event is the new benchmark forum for the Euronext Tech Leaders community and high-potential private European tech companies, providing a place for Tech players sharing a common vision focused on innovation and growth to exchange and meet.

“Bryan, Garnier & Co is strengthening its position a pioneer in the financing of tech companies by supporting the Euronext Tech Leaders initiative. Many of the companies picked by Euronext Tech Leaders are clients that we have assisted in the various stages of their financing including Abivax, Carbios, HDF, Inventiva, Lhyfe, Mcphy Energy, Valneva, Voltalia and Waga Energy, and with whom we have built long-term relations. It is therefore logical for Bryan, Garnier & Co to invest in a project that aims to maximise their visibility and their success”, stated Greg Revenu, Managing Partner of Bryan, Garnier & Co.


The future of cybersecurity: TempoCap and Bryan Garnier lead the discussion on market trends and business concerns in 2023

By Sanjin Goglia, Managing Director, Bryan, Garnier & Co
and Damien Henault, Partner, TempoCap

Cybersecurity
is a constantly evolving sector

Ongoing digital transformation and the ever-changing threat landscape mean that recent years have seen the potential for threats proliferate and the need for robust solutions become more pressing. As a result, while the markets may be volatile, cybersecurity investment continues to weather the storm and retain strong demand and growth.

The global cybersecurity market, based on Gartner research, was valued at $140B in 2021 and is forecast to grow from $156B in 2022 to $376B by 2029 (a 13.4% CAGR). The increasing professionalisation of cybercriminals, aggressive ransomware attacks, and nation-state threat actors will all continue to compound cyber threats in 2022 and beyond.

As the leading cybersecurity investor in Europe, TempoCap has been at the forefront of investigating the market trends and concerns that corporates and institutions face. In 2022, a detailed research report we conducted in conjunction with prominent technology investment Bank Bryan, Garnier &Co exposed several pressing issues for businesses.

We are faced with a challenging macro environment and see many potential recession indicators, but the cybersecurity market outlook shows no sign of slowdown. The drivers for growth remain intact, including the continued digitalization of businesses, which creates pressure to invest in security technology, and increased regulatory pressure for corporates and public sector entities to put in place adequate cybersecurity strategies.

Our research has shown that CIOs are driving cybersecurity spend in 2022 and 2023 by making their top priority areas responding to an evolving and heightened threat environment, refreshing and upgrading existing technology and responding to the rapid attack surface expansion.

The latest Alphawise 2Q22 VAR (Value Added Reseller) and CIO surveys highlight this appetite for increased and continued cybersecurity spending:

VAR survey shows that 2022 Security Software growth expectations has sustained at 13% YoY for the past two Quarters
CIO survey shows Overall Security software spend growth expectations sustained at 9.4% in 2Q22 vs 4Q21, and remains well ahead of broader Software spend growth at 4.1%
Security software subsequently remains the most defensive area of IT spend, with Q1 and Q2 22 reports maintaining that these projects are least likely to see spending cuts

Our research has additionally uncovered how ransomware was a notable and continuing concern, with 27 percent of respondents mentioning it as the most significant cyberthreat currently impacting their industries and customers, followed by 18 percent of respondents identifying digital supply chain risk and attack surface expansion as the most pressing issues respectively. Geopolitical events, such as the Russian invasion of Ukraine, were also identified as a potential signifier of future cyber threats, while third party risks such as software chain supply were considered the most underestimated and overlooked security threat to businesses in 2022.

On the whole, businesses reported increasing cybersecurity budgets in response to possible vulnerabilities, but they also expressed concern in attracting and retaining talent, reflecting the post-pandemic “talent drain” many have been reporting in early 2022. In order to allow this hard-won talent to work effectively, those surveyed also expressed new desires for the efficiency of cybersecurity software, including measuring the accuracy of threat detection, the ability to seamlessly integrate with other solutions, and the reduction of false positives, rather than just the number of threats detected.

The respondents are right to be concerned about the efficacy of cyber security solutions, as the consequences of a breach are costly. IBM’s 2021 Data Breach Report found that 2021 had the highest average cost of a cyber-attack in 17 years – rising from $3.86 million in 2020 to $4.24 million. Average costs were also $1.07 million higher owing partly to the risks introduced by increase in remote working.

The appetite for robust solutions is clearly consistent and was a sentiment that was also reflected during TempoCap and Bryan, Garnier & Co’s inaugural Cyber Security Conference 2022. From global leaders to pioneering early-stage companies, this event highlighted the intricacies of the cybersecurity ecosystem and the crucial role these innovative companies play in protecting businesses in this age of insecurity. In addition to hiring talent and integrating effective software, speakers discussed how incorporating cybersecurity into employee training could enable businesses to keep digital best practices and monitoring at the top of the agenda. These new approaches to security awareness and training for broad employees population within companies could help to integrate security into the business culture, and ultimately cyber tech companies could help to facilitate this shift in mindset.

Maintaining agility emerged as an important theme and panellists discussed how best to enhance security whilst keeping your business running. A number of Chief Information Security Officers (CISOs) from large companies participated in the conference, sharing helpful advice with smaller companies, such as ensuring that their innovations can be integrated into wider platforms with minimal risk. Cybersecurity pioneers need to ensure that their solutions can be seamlessly adopted if they want exposure to big companies.

Equally, the Conference and the profitable legacy of TempoCap’s investments have shown that while the increased threat landscape continues to present challenges, it is also fuelling investment interest and creating a unique opportunity for deal making.

In 2021, the cybersecurity transactions market built on a strong performance as the total transaction value for M&A reached $78bn, while financing deals reached $29bn, with particular investment interest in endpoint safety, cloud technologies, identity and access management, messaging and network security and infrastructure security.

At the end of September 2022, the NASADAQ Cybersecurity CTA Index was down 26% from the beginning of the year but cybersecurity strategic activity demonstrated sustained volume, notably in M&A. $YTD Q3-2022, $16.5 bn has been invested across 799 cybersecuriyty financing transactions. M&A activity continues to be very significant from both strategic buyers and financial sponsors. During the first nine months of 2022, the total cybersecurity M&A volume was $111.5 bn across 206 transactions, a 138% year-on-year growth with 8x landmark $1bn+ M&A deals including Google’s $5.3B acquisition of Mandiant, Broadcom’s $69.2B acquisition of Vmware, and what appears to be a major roll-up in IAM space by Thoma Bravo with their $6.9B acquisition of SailPoint (at 31.6% trading price premium), $2.8B acquisition of Ping Identity (at 62% trading price premium) and most recent $2.3B acquisition of ForgeRock (at 53% trading price premium) . Further announced in October was the $4.6B acquisition of KnowBe4 by Vista Equity (less than two years after its IPO) – that illustrates the continued strength of Cybersecurity M&A.

Bryan, Garnier & co, as one the most active European investment banks in PE and growth tech/software deals with dedicated cybersecurity practice, has completed several high-visibility transactions in the space during 2022: MailInBlack acquisition by Apax Partners, EUR 28m investment round in Vade Secure, EUR 139m investment by Bridgepoint in CAST and acquisition of Sword GRC by Riskonnect (TA Associated backed company).

And among the TempoCap portfolio, companies such as Onfido, CybelAngel, EfficientIP and Systancia are going from strength to strength in designing secure solutions for developing cybersecurity issues.

As we ultimately continue to adapt to changing working methods and an increased reliance on technology to foster connectivity and to retain crucial data, the cybersecurity sector will face unique challenges.

Ahead of the forthcoming TempoCap and Bryan, Garnier & co 2023 Cyber Security Conference, our role in bringing key players together to discuss ideas and share advice has shown that organisations will keep searching for innovative solutions to meet these concerning obstacles, while targeted investment will ultimately push the needle forwards on change that is lasting and effective. The current environment represents a huge opportunity for cybersecurity companies and their investors to grow, develop and become global champions. Watch this space.


Digital Assets Service Providers: A new era for capital markets

Bryan, Garnier & Co technology equity research team is pleased to release the white paper Digital Assets Service Providers: A new era for capital markets which takes a deep dive in the EUR29bn market opportunity harboured in digital assets and tokenisation.

Our latest white paper reviews the market opportunities in the digitalassets services sector, as well as technological disruptions and challenges for the industry. Read this report to learn about the key technological and competitive trends that will shape the digital asset services market, and understand why we consider that technology providers could emerge as the major beneficiaries.

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KOL call: Idefirix for Kidney Transplantation

bethsabee gresse

Our guest

Autolus
BioNTech
Cellectis
Evotec
Galapagos

Date: Nov 22th from 2:00pm CET

Join our chat with a European KOL to learn more about the use, adoption, and potential of Idefirix as a desensitization agent in patients undergoing kidney transplantation.

Kidney transplantation is not an option for candidates with high concentrations of donor specific IgG antibodies (DSA). Their only shot at a transplant may be to eliminate DSAs via desensitization. Imlifidase trials showed that, for the first time, a desensitization agent led to rapid and complete antibody depletion, regardless of their initial strength or number. Imlifidase has been approved in Europe (Idefirix).

Idefirix provides a dramatic improvement to desensitization, should ultimately become a mainstay in high-sensitized transplantation, and will not be easily replaced.


Business people interacting to each other.

Bryan, Garnier & Co Expands Software and Fintech Investment Banking team with new Managing Director Jean-Malo Dupart

Jean-Malo Dupart

Investment Banking

PARIS – 6th October 2022:

Bryan, Garnier & Co, the leading investment bank for European healthcare and technology-related companies, has announced that Jean-Malo Dupart has joined the firm as a Managing Director. Based in Paris, Jean-Malo joins Bryan Garnier’s software investment banking team where he will play a key role in continuing the bank’s leadership in the sector, particularly within fintech.

 

Jean-Malo has deep financial services experience, having worked at large institutions in both New York and in Paris across capital markets, structured credit and lending. He joins from Société Générale where he was part of the Corporate Development and Strategy team. At Société Générale, Jean-Malo spearheaded the bank’s M&A transactions and strategic investments in startups and fintech companies. Jean-Malo has completed numerous cross-border deals and projects across the fintech sector including within payments, digital lending, banking-as-a-service, crypto and digital assets, insurtech and e-banking.

Thibaut De Smedt and Stanislas de Gmeline, Partners within Bryan Garnier’s software team said: “We are delighted to welcome Jean-Malo to Bryan Garnier. He brings with him a wealth of experience, technical expertise in a variety of fintech segments and an extensive network of investors across key technology growth markets in Europe that will ensure our clients continue to benefit from sector-specific advice and flawless deal execution. His addition to the team will support our strategic ambitions and ensure we continue to build on our strong track record in software and fintech.”

 

Jean-Malo Dupart said: “Having been a client and a partner of Bryan Garnier in the past, I have always been impressed by the firm’s highly committed team, brilliant execution capabilities and relentless focus on understanding and supporting their clients to achieve their strategic objectives. With an excellent reputation in the technology market, a successful track record of supporting growth companies and their shareholders at all stages of their development and a global network of investors, the firm is well positioned to expand its presence in the fastest growing segments of the fintech industry in Europe and I look forward to playing a key role in the Firm’s continued growth in this sector.”

 

Bryan Garnier has advised on a number of fintech deals to date, including a private placement in Qred, Sweden’s fastest growing fintech company by Nordic Capital in September 2021 and a €25m investment in digital banking company Skaleet by US private equity firm Long Arc in December 2020. Bryan Garnier also advised Société Générale on its acquisition of French neo-bank Shine in June 2020, leading software investor Hg on its investment in smartTrade in February 2020 and Groupe Crédit Agricole on its acquisition of payments firm Linxo Group in January 2020.

 

Alongside Software, Bryan Garnier’s core sectors include Energy Transition and Sustainability, Healthcare, Industrial Tech, NextGen Consumer and Business and Tech-Enabled Services. Bryan Garnier’s mission of investment banking for a better future continues to drive the firm as it backs disruptive companies and their investors that are providing solutions to some of the world’s most important challenges.

MEDIA CONTACTS

Desiree Maghoo, Questor Consulting
dmaghoo@questorconsulting.com
07772255740

Sophie Mills, Questor Consulting
smills@questorconsulting.com
07971406258


Cell therapy Innovation: CAR T

bethsabee gresse

Our guest

Autolus
BioNTech
Cellectis
Evotec
Galapagos

Date: Nov 14th from 2:00pm - 5:30 pm CET

Join our analysts on fireside chats about the present and future of CAR T therapies in oncology. These conversations are a unique opportunity to get a comprehensive update and learn more from the European companies leading innovation in the field.


Hidden value in consumer healthcare

The consumer healthcare market has reached an inflection point, with abounding opportunities for global players to emerge in a highly fragmented market.

Bryan Garnier’s latest White Paper “Hidden Value in Consumer Healthcare” showcases trends in this rapidly evolving market. Opportunities for investors emerge in a still fragmented sector due to increasing consumer demand. The array of recent consumer health and OTC business spin-offs from large pharma companies epitomize the renewed interest in capital allocation towards this growing industry.

Following widespread research in the consumer healthcare space, we identify 5 key success factors based on current trends and key success stories that will mold the next generation of leaders. We expect winners in this sector to be ones that break free from the pharma mindset into a consumer-centric approach. Today’s eco-conscious self-care consumers increasingly desire natural products, while omni-channel strategies for distribution tie-up with Gen Z and millennials’ mindsets. To emerge as a leader, companies furthermore need to think strategically about opportunities for M&A.

Request this whitepaper to see the key success factors that will shape future leaders in this increasingly hot market, which is set to grow to a size of USD 450bn by 2030.

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Opportunities in the fast-growing EV charging market

In the next 10 years, demand for EV charging points is likely to grow by 40% to more than 35 million units in Europe alone.

EV charging plays a crucial role in the transition towards cleaner transportation. Although adoption of EVs is increasing, the lack of charging infrastructure and range anxiety remain a major headwind to the growth of this market, requiring significant investment in the years ahead. European and domestic regulators have implemented different measures to accelerate the transition to e-mobility, notably subsidies and deadlines for the phasing out of internal combustion engines (ICEs). The availability and accessibility of charging infrastructure across private and public spheres is a fundamental pre-requisite.

Following widespread research, including contact with companies across the EV ecosystem this whitepaper focuses on the three main segments of EV charging: original equipment manufacturers (OEMs), charging point operators (CPOs) and e-Mobility service providers (e-MSPs). This paper also identifies what we consider to be the next technological disruptions in the EV charging market: smart charging, data aggregators and next-gen batteries. These innovations will allow new business models to develop, such as vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging.

Download this whitepaper to find out more about this exciting growth sector that is accelerating the adoption of EVs and the shift to cleaner transportation.

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