The attractiveness of an ecosystem is driven by the investors ability to achieve liquidity for their investments, and for stock owning employees to get a return on the risk of joining a startup. In the majority of the cases this is through M&A, and in some cases through going public in the form of IPOs, SPACs, or direct listings.
Source: pxhere.com
Here are the largest 2020 SaaS exits of German companies and for German investors.
- $1.5 billion: The valuation of Estonian based Pipedrive after Vista Equity Partners acquired a majority stake. Berlin based Paua Ventures was the Series A investor in this leading CRM provider.
- €700 million: transaction value of the Thinkproject acquisition by private equity firm EQT. Thinkproject is a Munich based provider of Construction Intelligence Software and was founded in 2000. TA Associates invested in a prior private equity round in 2017 and now sold a majority stake to EQT.
- $500 million: Instana was acquired by IBM in November for an estimated $400 million purchase price plus a $100 million earn out. Instana provides Application Performance Management with a special focus on observability. Instana was founded in Germany in 2015, and Target Partners was a Series A investor.
- $360 million: Avira was acquired by Norton Lifelock in December. Avira had just been acquired by Investcorp for $180 million in April. This provider of antivirus software is based in Tettnang, Germany.
- €200 million: Exasol, an analytics database provider based in Nuremberg, went public on the Frankfurt stock exchange in May. Mountain Partners was an early investor. More on Exasol here.
- €136.5 million: Ubimax, an AR solutions provider for wearables, was acquired by Teamviewer in July. Westcott LLC and Fielmann Ventures were the main investors.
There are several large IPO candidates in the pipeline for 2021: UiPath where Munich based Earlybird was the first investor, and Munich based Celonis where Accel and 83North were early investors.
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