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| Corporate VC firms buck 'tourist' reputation with pandemic dealmaking | |  | | (gruizza/Getty Images) | | | As the economy faltered, tourist investors opted for a staycation.
Corporate venture capital firms—a class of nontraditional investors often labeled "tourists"—have participated in more than a quarter of all venture capital deals this year, outpacing a recent high set in 2018.
CVC leaders attribute much of this activity to the particulars of the current economic downturn, which has largely spared their tech-heavy portfolios, and the maturation of corporate venture capital as a whole: | | | | | | | | | | IPO frenzy just getting started | |  | | Palantir co-founder Peter Thiel (Stephanie Keith/Getty Images) | | | It's go-go time for the IPO market, a signal of the new reality shaking up the transition from private to public.
- This week is set to see a pair of closely watched venture-backed companies make their debuts on the New York Stock Exchange. Data-mining specialist Palantir Technologies and project management platform Asana are both testing out the still-novel direct-listing process.
- It's tempting to zero in on these two deals as big tests of the viability of B2B software companies doing a direct listing, or even as bellwether gauges of the broader health of the IPO market.
- Those topics deserve attention, but a larger story is unfolding here at the close of one of the hottest quarters on record for new stocks. Deals like Asana and Palantir speak to a whole new set of rules and characters driving all the heat and light surrounding the IPO market:
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| A message from Silicon Valley Bank | | |
| Helping founders find what's next | | Silicon Valley Bank (SVB) has supported innovators, enterprises and investors that invent the future for more than 35 years. That experience, along with financial solutions, helps founders around the world navigate "What's next?" unlike any other bank.
From healthcare to hardware, software to infrastructure, Silicon Valley Bank works with companies across the innovation landscape at all stages of the journey—anticipating their needs before they do. And by providing access to insights and in-depth reports, SVB can help companies make more informed decisions, and assist in turning a great idea into a great business. It's no wonder why half of all US-based, venture-backed tech and life science companies and 69% of US venture capital-backed companies with an IPO in 2019 banked with SVB.
Learn more at svb.com. | | | | | | | |
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| US TikTok ban blocked by judge | | A federal court judge Sunday temporarily halted a US attempt to ban TikTok, just hours before it was set to go into effect, according to reports. The decision now gives ByteDance, the video app's parent company, more time to finalize a pending stake sale in TikTok's US business to Oracle and Walmart.
The US Commerce Department has plans for a full ban of TikTok on Nov. 12 if the deal isn't completed by then.
The Trump administration ordered the app prohibited in the US in early August unless ByteDance found a domestic buyer for TikTok's US business. The ban would have effectively prevented users of Apple and Google's app stores from downloading TikTok. Those already using the app would be restricted from getting updates, rendering it useless over time. The administration has cited national security concerns over China's potential access to TikTok's US user data.
On Friday, the US Department of Justice reportedly filed a sealed motion opposing TikTok's efforts after it faced a deadline to delay the ban or respond to TikTok's preliminary injunction. The motion was sealed because it contained confidential business information that the social media company's owner, ByteDance, shared with the US Commerce Department, according to reports. | | | | | | | | | | On July 15, Twitter was hit with its biggest hack yet. Here's the inside story of what came next. [Wired]
The fact that "disruption" is a Silicon Valley cliché has since become its own Silicon Valley cliché. But what does tech's favorite buzzword really mean? [The Guardian]
First, the confluence of finance and social media gave us FinTwit. Now, there's FinTok. [Institutional Investor] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 65 Deals | 294 People | 81 Companies | | | | | | |
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| PitchBook Webinar: The ins and outs of fund terms and fees | | Join us Sept. 30 for a conversation around fund terms and fees—a topic that's always relevant and always shifting. During the discussion, PitchBook analysts will explore: - How and why fund terms and fees are constantly changing around their edges
- The myriad ways that a management fee can be calculated
- Why the hurdle rate might be doomed
Register to secure your spot | | | | | | | |
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| Apollo approaches bookmaker William Hill | | | Gambling group William Hill has received separate takeover proposals from Apollo Global Management and Caesars Entertainment. The UK-based company has a market cap of over £3 billion (about $3.8 billion). Last month, it announced a 32% year-over-year decrease in revenue for H1 2020 and said it would permanently close 119 locations due to the pandemic. | | | | | | | | Sycamore circles Ann Taylor, other labels | | | Sycamore Partners has made a preliminary offer to purchase the Ann Taylor, Loft and Lane Bryant apparel brands from Ascena Retail Group, according to Bloomberg. Ascena filed for Chapter 11 bankruptcy protection in July, with plans to reduce its debt load by some $1 billion, close roughly 1,600 stores and hand over ownership to lenders including Bain Capital and Monarch Alternative Capital. | | | | | | | | PE-backed Orion wraps up merger with Brinker Capital | | | | | | |
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| Spectrio buys digital signage company Industry Weapon | | | Marketing company Spectrio has purchased Industry Weapon, a digital signage company based in Pittsburgh. The deal will add to Spectrio's suite of digital tools. Industry Weapon had raised funds from Pittsburgh Equity Partners, according to PitchBook data. | | | | | |
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