| | | Snowflake, JFrog kick off blockbuster week for tech IPOs | | Amid growing investor enthusiasm, cloud data company Snowflake priced its IPO at $120 per share, raising some $3.4 billion and pushing its initial market value to nearly $33.3 billion. That's almost triple the $12.4 billion valuation private investors gave Snowflake earlier this year. The San Mateo, Calif.-based company's shares are expected to begin trading on the NYSE on Wednesday.
Snowflake had already increased the expected price range of its offering to between $100 and $110 per share, up from $75 to $85 previously. Berkshire Hathaway and Salesforce Ventures have each agreed to purchase $250 million worth of stock at the IPO price.
Meanwhile, another Silicon Valley unicorn is making its public market push, with JFrog reportedly pricing its IPO at $44 per share, above an expected range of $39 to $41 per share and raising $352 million. At that IPO price, JFrog would command an initial market capitalization of almost $4 billion, more than three times the $1.2 billion valuation it received in 2018, according to PitchBook data. | | | | | | | | | | Opendoor to go public in merger with Social Capital SPAC | |  | | (Image courtesy of Opendoor) | | | Opendoor has agreed to merge with Chamath Palihapitiya's special-purpose acquisition company, Social Capital Hedosophia Holdings Corp. II, in a deal that gives the real estate tech business an enterprise value of $4.8 billion. Opendoor was valued at $3.8 billion last year, according to PitchBook data.
The merger will provide the San Francisco-based company with around $1 billion in cash, including a $600 million PIPE investment from new investors BlackRock and the Healthcare of Ontario Pension Plan, as well as existing Opendoor shareholders. The company's existing investors, which include NEA, GGV Capital and Norwest Venture Partners, will roll their equity stakes into the new entity.
Opendoor operates a digital platform that streamlines the process for buying and selling homes. The company expects revenue to fall 48% to $2.5 billion this year, down from $4.7 billion in 2019, according to an investor presentation. It also has plans to expand operations from 21 US real estate markets to at least 100 markets across the nation.
The SPAC deal marks a change of fortune for Opendoor, which reportedly laid off 35% of its staff in mid-April. The business paused new home purchases in March due to the pandemic and resumed with modified operations in May. | | | | | | | | | | | | Preparing for the post-pandemic era | | The COVID-19 pandemic is not over, but it will cease at some point. Many companies are looking ahead to the post-COVID environment, assessing what preparations could help them position for what is set to be one of the more dynamic business environments in years. In the latest edition of the Road to Next series, Deloitte examines how a critical component of the global ecosystem—expansion-stage companies that matured throughout the 2010s—are adapting to new economic realities.
Key themes include: - How much private capital is still flowing to these businesses and associated implications
- The four key themes defining companies' preparations: antifragility, consolidation, diversification and opportunism
- Insights from Deloitte partners on specific tactics, from new approaches to onboarding fresh, remote talent to investment in automation of processes and tasks that call for lower thresholds of judgment
Access the full report | | | | | | | | | | Flywheel to shut down as COVID-19 continues to upend fitness industry | |  | | Flywheel Sports is set to close all its locations after filing for bankruptcy during the pandemic. (Vivien Killilea/Getty Images) | | | Flywheel Sports, a New York-based operator of boutique spin studios that received prior backing from L Catterton and others, has filed for Chapter 7 bankruptcy and will permanently close all its locations, according to reports, the latest sign of how the pandemic has changed the fates of companies across the fitness industry.
The news comes seven months after Flywheel settled a patent lawsuit brought by Peloton, which resulted in Flywheel admitting it had copied some of its would-be rival's technology and shutting down its own in-home bike offering. In the months since, the pandemic has provided a tailwind for many in-home fitness companies. Peloton's stock price has roughly quadrupled. Mirror lined up a $500 million sale to Lululemon. And on Tuesday, Apple announced the launch of Fitness+, a subscription platform geared toward at-home fitness.
Many brick-and-mortar fitness companies, meanwhile, have struggled with shutdowns and store closures. Both Gold's Gym and 24-Hour Fitness have filed for bankruptcy amid the pandemic.
In January, shortly before Flywheel settled its Peloton suit, owner Kennedy Lewis Investment Management agreed to sell the company to fellow New York-based fitness studio chain Town Sports for $25 million. But Town Sports canceled the deal in April as the effects of the pandemic kicked in; earlier this week, the company filed for Chapter 11 bankruptcy protection. As that deal crumbled, Flywheel found other means to stay afloat, taking out a Paycheck Protection Program loan of between $1 million and $2 million in April. | | | | | | | | | | How the pandemic is accelerating digital transformation and DevOps adoption | | The coronavirus outbreak and subsequent shelter-in-place restrictions are increasing the pressure to continuously develop digital products and services, as developed societies place more value on the ability to work, learn and communicate remotely.
Companies with sophisticated IT capabilities are thriving in this new environment, but legacy non-technology businesses face significant risks for disruption, according to our Q2 Emerging Tech Research report on Cloudtech and DevOps. Other highlights include: - VCs poured $1.1 billion into Cloudtech and DevOps deals in Q2, bringing 2020's total to $2.1 billion through June 30 and keeping the year on pace with 2019
- Venture investment in collaboration tools is accelerating, with several new unicorns minted in the space
- While 2020 is likely to cause IT budgets to tighten in the near-term, the industry's strong tailwinds will keep dealmaking steady
- Exit value through Q2 was subdued compared with 2019, which saw a record of nearly $50 billion in exit value due to several notable IPOs
If you have any questions or feedback about the research, we'd love to hear from you: analystresearch@pitchbook.com | | | | | | | | | | As seas continue to rise and storms continue to strengthen, millions around the world will confront an impossible question: When is it time to abandon a place to climate change? [Harper's]
Nvidia's $40 billion acquisition of Arm is the latest parry in the chipmaker's against Intel. It's a deal that, two years ago, the company's CEO couldn't have dreamed up. [The Wall Street Journal]
As the sway of day-trading retail investors grows, Wall Street professionals are paying a growing amount of attention to online discussions of the amateurs' latest bets. [Bloomberg] | | | | | | | | | Since yesterday, the PitchBook Platform added: | | 316 Deals | 1591 People | 460 Companies | 17 Funds | | | | | | | | | | | | | | | | | | Piramal's $1B glass auction nears conclusion | | | Blackstone and Partners Group have emerged as the final bidders pursuing a majority stake in Piramal Glass, a deal that could value the subsidiary of Indian conglomerate Piramal Enterprises at $1 billion, according to Bloomberg. A buyer could be chosen by next month. The Carlyle Group agreed in June to pay about $490 million for a 20% stake in Piramal Pharma, another Piramal subsidiary, resulting in an enterprise valuation of about $2.8 billion. | | | | | | | | GI Partners to take HVAC stake | | | GI Partners has agreed to acquire a majority interest in American Residential Services, a Memphis-based provider of residential heating, ventilation, air conditioning and plumbing services that Charlesbank Capital Partners has owned since 2014. Charlesbank and company management will make new investments alongside GI Partners as part of the secondary buyout. | | | | | | | | Peak Rock purchases Paragon Healthcare | | | An affiliate of Peak Rock Capital has partnered with company management to acquire Paragon Healthcare, a provider of ambulatory infusion centers, home infusion pharmacies and other related services for patients with chronic health conditions and those needing post-acute care. Based in Dallas, Paragon also serves patients and physicians in Oklahoma, Tennessee, Georgia, Louisiana, Colorado, Alabama, Washington and Oregon. | | | | | | | | Novacap nabs deal with GroupAssur | | | Novacap has agreed to acquire a controlling stake in GroupAssur, a provider of property and casualty insurance and other insurance products for customers in Canada. The company was founded in 1993 and is based in Montreal. | | | | | | | | | | UBS, Credit Suisse said to talk mega-merger | | | Swiss banking giants UBS and Credit Suisse have engaged in discussions about a potential mega-merger, as first reported by Swiss website Inside Paradeplatz. UBS chairman Axel Weber reportedly initiated the informal talks, which come about seven months after Credit Suisse removed CEO Tidjane Thiam in the wake of a spying scandal that involved a top deputy leaving for UBS. Credit Suisse chairman Urs Rohner is due to end his time at the bank next May. | | | | | | | | Merck does almost $4.5B worth of deals with Seattle Genetics | | | New Jersey-based pharmaceutical giant Merck has agreed to invest up to $4.2 billion in Seattle Genetics to develop and commercialize a potential new treatment for breast cancer and other solid tumors. Merck will make a $600 million upfront payment and purchase $1 billion in Seattle Genetics stock, with the potential for up to $2.6 billion in future additional milestone payments. Separately, Merck has agreed to buy the commercialization license for a different Seattle Genetics cancer treatment in Asia, the Middle East, Latin America and other regions in a deal that could be worth up to $275 million. | | | | | | | | Kraft Heinz lines up $3.2B divestiture | | | Kraft Heinz has agreed to sell several of its cheese businesses to French dairy company Groupe Lactalis for $3.2 billion. The deal will include Kraft Heinz's natural, grated, cultured and specialty cheese businesses in the US, its grated cheese business in Canada and the entirety of its international cheese operations. The company will retain the rights to some of its most well-known brands, including Philadelphia Cream Cheese, Kraft Singles, Velveeta and Cheez Whiz. | | | | | | | | | "The median late-stage VC deal size for biotech & pharma startups in 2019 was $15.0 million, which is a 50% premium when compared to the $10.0 million median from non-biotech late-stage VC deals. Late-stage VC rounds—Series C and beyond—provide startups with the capital needed to scale up production and manufacturing to meet the demands of clinical trials with larger patient enrollment numbers."
Source: PitchBook analyst note on biotech & pharma startups | | | | | | | | | Who's in the newsletter today? | | People | | | | Investors | | | | Companies | | | | Service Providers | | | | | | | | | |
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