Venture Briefing: October 19, 2016 Venture Briefing: October 19, 2016

Venture Briefing: October 19, 2016

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Research Finds Executives Positive on M&A Activity Over Next Year
A survey from Ernst & Young, called the Global Capital Confidence Barometer, focuses primarily on dealmaking, and found that 75 percent of the respondents said their company was likely to do some deal over the next year. That was the highest percentage that EY has ever gotten on the regular survey, which the professional services firm launched in 2008, and was up from 57 percent earlier this year.
(Source: Fortune, 2016-10-17) Read the full article
V.C. Investments Down 32% in Third Quarter, But Expected to Rise
Venture capital firms again invested less in the third quarter but still pledged more than $10 billion for the 11th consecutive quarter. Overall, the venture capital companies invested $10.6 billion on 891 deals in the third quarter, down 32 percent from the $15.6 billion invested in the second quarter, according to a MoneyTree report from PricewaterhouseCoopers.
(Source: Minneapolis Star Tribune, 2016-10-14) Read the full article
Third Quarter P.E. Fundraising Market Declined to $62 Billion
Preqin's Q3 Fundraising Update finds that the private equity fundraising market retreated in Q3, as 170 funds secured an aggregate $62 billion. Although Preqin expects these figures to rise by 10-15 percent as new information becomes available, it marks a decline from Q2, when fundraising reached $111 billion.
(Source: Finalternatives, 2016-10-04) Read the full article
Number of Micro Venture Capital Firms Continues to Increase
The number of micro venture capital firms -- companies providing funds that raise money from limited partners to invest small amounts of money in many very early stage companies -- have grown dramatically, from fewer than 50 in 2011 to about 250 today. This rapid growth has occurred because micro VCs fill an important gap in the market for financing early stage companies.
(Source: Small Business Trends, 2016-10-10) Read the full article
Mid-Sized Companies Look Promising to Private Equity Buyers
Mid-sized companies are becoming more open to selling themselves to private equity buyers, according to a report. Buyout firms were named as the preferred buyer by 38 percent more respondents than last year, according to a survey of 500 middle-market executives by boutique investment bank Harris Williams & Co. and Inc.
(Source: Bloomberg, 2016-10-13) Read the full article
SEC Enforcement Actions Reached Highest on Record in 2016
It's been a busy year for the SEC -- in fact, one of the busiest on record. The Securities and Exchange Commission announced its enforcement results for fiscal year 2016, posting record numbers for actions filed and money forfeited.
(Source: CFO.com, 2016-10-13) Read the full article
SEC Could Use Yahoo Hack as Test Case for Disclosure Guidelines
Yahoo's disclosure that hackers stole user data from at least 500 million accounts in 2014 has highlighted shortcomings in U.S. rules on when cyber attacks must be revealed and their enforcement. The Yahoo hack could become a test case of the SEC's guidelines, said Jacob Olcott, former Senate Commerce Committee counsel who helped develop them, due to the size of the breach, intense public scrutiny and uncertainty over the timing of Yahoo's discovery.
(Source: Reuters, 2016-09-30) Read the full article
Survey Finds 80% of Companies Have Bought Cybersecurity Policies
A September survey by the Risk and Insurance Management Society found that 80 percent of the companies participating bought a stand-alone cybersecurity policy in 2016. The takeaway: Policies covering exclusively cyber exposures are now the norm for many large companies.
(Source: CFO.com, 2016-10-13) Read the full article
Survey Finds Board Members Favor Non-GAAP, But Question Use
Board members at public companies largely favor the use of non-GAAP measures but differ on disclosures of how they're being used, according to a new survey. When they were asked if regulators should provide additional guidance on the use of non-GAAP measures in financial statements, the directors appeared to be evenly split, with 51 percent for the guidance and 49 percent against it.
(Source: Accounting Today, 2016-10-11) Read the full article
New Global Investment Fund Aims to Pump $100B into Tech Firms
Saudi Arabia is planning to pump tens of billions of dollars into tech companies around the world. The oil-rich kingdom is joining forces with Japanese telecom firm Softbank to form a tech investment fund worth as much as $100 billion, making it one of the largest on the planet.
(Source: CNNMoney.com, 2016-10-14) Read the full article
 
 
 
Headlines
Connect With Our Dealmakers at Opus Connect's New York City Chapter Event
Thomas Kesoglou Christopher Bordoni Chase Stuart

Ice Miller is proud to host the New York City Chapter of Opus Connect. This month's topic will be: Finding Deals in a Frothy Market - Opportunities in Special Situations. We would be delighted for you to join us. Register here.

 

Taxes: Another Consideration of Data Breaches
Matt Ehinger Stephen Reynolds Jaren Hagler

With the ever increasing threat of data breaches, companies have been forced to adjust their cyber security policies to defend against potential costly intrusions. Similarly, the Internal Revenue Service (the “IRS”) and tax practitioners have also been forced to address the appropriate tax treatment of certain costs/expenses related to the ever-increasing risk of data breach. Read full article online.

 

By The Numbers

US funding for ophthalmology companies was $1.9bn in the decade from 2006 to 2015, trade body Biotechnology Innovation Organisation reports. That was 5 per cent of total US venture investment in biotech.
Source: Financial Times - Start-ups and venture capital supports fight against blindness
 

 

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Ice Miller has been one of the most active law firms in the private equity industry over the last decade, representing both entrepreneurs building great companies and the private equity firms and individuals that invest in them.  We have extensive experience with all types of funds (formations and operations); mezzanine and senior secured financing; leveraged buyouts, roll-ups, build-ups, and consolidations; divestitures and exits; and complex litigation on behalf of investors and privately financed companies.  In addition, over the past 10 years, Ice Miller has represented hundreds of emerging growth businesses in various industries on such matters as entity formation, capitalization, capital raising, alternative financing, intellectual property rights and protection, growth and exit strategies, corporate governance, tax matters, and many other legal issues that are critical to the growth and success of an emerging company.

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Anthony Aaron
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Richard Barnhart
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This publication is intended for general information purposes only and does not and is not intended to constitute legal advice.  The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.

 
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