Software: debunking the myth of a valuation discount – Europe vs. the US
There is a common belief software vendors benefit from richer valuation multiples when they are listed in the US than when they are listed on a European stock exchange. This belief is fuelled by the stellar valuation multiples of many software-as-a-service (SaaS) players listed in the US, and the constant flow of software IPOs which has taken place on the Nasdaq (and the NYSE) over the last few years. The fact more than two-thirds of software companies listed in the US are SaaS players, while two-thirds of software firms listed in Europe still have a classic or a “hybrid” business model, adds up to the prejudice.
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Bryan, Garnier & Co continues aggressive growth story
US investment bank Brocair Partners combines with European growth investment bank Bryan, Garnier & Co
[Paris, New York] — 2 December 2019. Today, Bryan, Garnier & Co announces that Brocair Partners is joining forces with the bank.
Brocair Partners will operate under the Bryan, Garnier & Co brand with Managing Partner Gregg Blake joining Bryan, Garnier & Co as a partner focused on healthcare M&A and Brocair’s William Pay as a managing director focused on China and East Asia. Brocair’s team will be fully integrated with Bryan, Garnier & Co’s existing investment banking professionals across its New York, London, Paris, Munich, Stockholm, Oslo, Reykjavik and Palo Alto offices. With a 23 person-strong international healthcare team, Bryan, Garnier & Co’s unmatched European healthcare investment banking business will be augmented with a deeper presence globally.
Brocair has conducted cross-border healthcare M&A transactions in Switzerland, France, Ireland, the UK, Sweden, Germany, India and the US over the past 15 years, and is considered a thought leader in many healthcare subsectors. It recently advised Enköping, Sweden-based Lifco AB (OM:LIFCO B) on its acquisition of certain dental product assets of Physics Forceps, based in Detroit, and advised St. Louis-based Lee Biosolutions on its sale to Medix Biochemica, based in Espoo, Finland.
The combination provides a strong foothold for the firm to expand its leading European Life-Sciences practice in North America and Asia.
Olivier Garnier, Co-founder and Managing Partner of Bryan, Garnier & Co comments: “Bryan, Garnier & Co is an independent partnership that combines highly experienced, entrepreneur-minded investment banking professionals with the services and expertise of a top-tier investment bank. The deep healthcare expertise at Brocair will provide a strong driver to accelerate Bryan, Garnier & Co’s development in the sector.”
“We are very pleased to be teaming up with Bryan, Garnier & Co, to expand our collective footprint” says Gregg Blake, Managing Partner at Brocair Partners. “There are many synergies between our firms with deep coverage in Western Europe and the Nordics, as well as North America and Asia. Joining forces with Bryan, Garnier & Co’s robust healthcare and ECM platform will bring significantly more capabilities to bear for our clients worldwide.”
About Brocair Partners
Brocair Partners, founded in 2004, provides financial advice to businesses serving the healthcare, wellness, and pharmaceutical industries. Brocair provides mergers & acquisitions, corporate finance, and strategic advisory services to companies worldwide, and has deep expertise in cross-border transactions, with recent completed transactions in Sweden, Finland, Switzerland, France, the UK, Ireland, and India, as well as the United States.