Venture Briefing: June 28, 2017 Venture Briefing: June 28, 2017

Venture Briefing: June 28, 2017

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Number of Late-Stage Private Tech Firms Reaches 471, Worth $490B
The number and value of late-stage private tech companies has soared in recent years, transforming the group into its own new asset class. There are now 471 such companies, up from 171 in 2014, and their total value is $490 billion, reports Peter Christiansen, the research director at Scenic Advisement, a private Silicon Valley investment bank.
(Source: Quartz, 2017-06-26) Read the full article
New SEC Chair Seeks to Increase Number of Firms Going Public
The new U.S. Securities and Exchange Commission chairman wants to reverse the steep decline in initial public offerings and give individual investors more access to smaller, successful companies, according to a speech he is scheduled to deliver. Chairman Jay Clayton wants to look into why fewer companies are going public, according to his prepared remarks to an industry board which advises the agency on investors.
(Source: Reuters, 2017-06-22) Read the full article
Crowdfunding Firm First Under Regulation A+ to List on NYSE
Myomo, a commercial-stage medical robotics maker, has become the first company to get listed in a National Securities Exchange through a crowdsourced IPO — or Regulation A+ Offering compliant with the Jumpstart Our Business Startups (JOBS) Act. “The Myomo offering was pioneering and sets the stage for small-cap issuers to access the capital markets in the modern age of U.S. capital formation,” said TriPoint and Banq CEO Mark Elenowitz.
(Source: Benzinga, 2017-06-12) Read the full article
Buyout Firms Showing Interest in Mega Tech Deals Again
Four years after Blackstone Group and Silver Lake Management battled to take Dell private, buyout firms are back in the market for big leveraged technology deals. Private equity firms' appetite for big deals has been tempered in recent years, but buyout firms are testing the waters again.
(Source: Bloomberg, 2017-06-20) Read the full article
Fed Survey Outlines Small Business Credit Opportunities
The Federal Reserve published its 2016 Small Business Credit Survey examining the current small business conditions and credit environment. The Fed found that although big banks are still the major lenders, small business owners are having trouble accessing credit and are therefore looking elsewhere. But while many small businesses are turning towards online lenders, SBA loans are largely underutilized.
(Source: Forbes.com, 2017-06-22) Read the full article
Company 'Hurdle Rates' Remain High, Even as Capital Drops
The "hurdle rates" of return that U.S. companies use to decide whether to invest in a project have remained stubbornly high, even as the cost of capital has fallen significantly, according to results from the second quarter Duke University/CFO Global Business Outlook Survey. The median hurdle rate U.S. companies use to evaluate investment projects is 12, based on the 306 finance executives responding to the survey, the mean 13.6. Respondents' median weighted average cost of capital is 9.80, with the mean 10.6.
(Source: CFO.com, 2017-06-15) Read the full article
Study Claims Easy Readability Important in Earnings Reports
It turns out investors really do value and reward plain-English disclosures. An academic study, soon to be published in the American Accounting Association’s professional journal, says companies that provide less readable disclosures leave investors less comfortable in their assessment or evaluation of the company as a prospective investment.
(Source: Compliance Week, 2017-06-14) Read the full article
V.C.s Putting Lots of Cash into AI, Machine Learning Technology
Venture capitalists are pushing a lot of cash into artificial intelligence and machine learning technologies, more than doubling the investment into virtual reality technologies in 2016, according to PitchBook data via the National Venture Capital Association. AI technologies have also captured the mindshare of the biggest tech companies such as Google, Facebook and Amazon who are investing a lot of research and development resources into machine learning, deep learning and neural networks.
(Source: Axios, 2017-06-23) Read the full article
CFOs Putting Business Expansion on Hold Amid Uncertainty
The second-quarter Duke University/CFO Magazine Global Business Outlook survey found that uncertainty about U.S. regulatory and trade policies is putting some business expansion on hold. More than one-third of U.S. survey respondents (36 percent) report that the level of uncertainty their companies face is currently higher than normal.
(Source: CFO.com, 2017-06-13) Read the full article
Medical Expenses Account for Over Half of Crowdfunding
Crowdfunding platforms such as GoFundMe and YouCaring have turned sympathy for Americans drowning in medical expenses into a cottage industry. Now Republican efforts in Congress to repeal and replace Obamacare could swell the ranks of the uninsured and spur the business of helping people raise donations online to pay for healthcare.
(Source: Bloomberg, 2017-06-12) Read the full article
 
 
 
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Join Us For Our Upcoming Webinar: Decoding the Internet of Things (IoT)

 

George Gasper Judy Okenfuss Stephen Reynolds

The Indiana Manufacturers Association has teamed up with Ice Miller LLP and DATTUS to present a half-day workshop to assist manufacturers in gaining insight into the IoT and how it affects business. Join us on Tuesday, July 25, from 10:00 AM - 2:00 PM at the IMA Conference Center at 101 West Washington Street, Suite 1050 East, Indianapolis, IN 46204. For more information and/or to register click here.

 

By The Numbers

For the first half of 2017, the benchmark S&P 500 is on track to advance about 9 percent, with some analysts suggesting that the second half will likely be positive as well.
Source: MarketWatch - Dow halts 4-session skid, but Nasdaq slumps as technology stocks tumble

 

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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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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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