OPINION: There are more storylines than your average soap opera in the $1.1 billion takeover bid for mapping technology firm Nearmap by US private equity group Thoma Bravo.
There are more storylines than your average soap opera in the $1.1 billion takeover bid for mapping technology firmThere’s the tech sector plot point. Does an offer like this, for a former darling of the ASX’s tech sector, suggest the industry has been sold off too hard, and it’s time for investors to start surveying the wreckage for bargains?There’s the private capital thread.
First, consolidation in the key mapping market of the United States has looked inevitable for some time. There are four key players in this market, with Eagleview the top dog and Nearmap next biggest; the pair have a complicated history and Eagleview is suing Nearmap for patent infringement. According to the Nearmap camp, it sees the potential to supercharge Nearmap’s growth in the US, presumably using the game plan it previously developed for Eagleview.
Last Wednesday night it announced it would pay $US2.8 billion for a software company called Ping Identity, whose share plunged from $US30.25 in April to just $US16.48 in June; Thoma Bravo is paying $US28 a share for the group.Nearmap has given Thoma Bravo a seven-day exclusivity period for due diligence, having already provided the firm with non-exclusive due diligence over the last six weeks.
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