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MTVX Companies are Increasingly Targets for M&A <br />Since the beginning of 2018, three MTVX <br />companies have been acquired at share prices <br />near or above their all-time highs. Despite a <br />turbulent year for stocks, these companies <br />managed to retain their value in the eyes of <br />acquirers. The composition of buyers also tells <br />an interesting story - Silver Lake and Thoma <br />Bravo are both World-renowned private equity <br />groups, and SAP is a global powerhouse <br />in the enterprise software industry. These <br />are highly experienced buyers and their <br />willingness to make purchases at significant <br />price premiums speaks volumes to the <br />quality of the companies in the Tri -Valley. <br />In 2018, three public <br />Tri -Valley companies <br />Were acquired at <br />significant premiums. <br />Notable MTVX M&A <br />Merger and acquisition (M&A) activity is on <br />the rise. Since the beginning of 2018 there <br />have been 43 change -of -control transactions. <br />Over the past several years, most M&A activity <br />has been driven by corporate strategics <br />with only 25% of acquisitions completed <br />by private equity firms, although half of the <br />deals in 2019 to date have been private <br />equity buyouts. The constant interest from <br />both groups says a lot about the quality of <br />companies in the region -the technologies <br />and products developed are valuable and <br />have potential for additional growth. <br />40 1 <br />30 <br />20 <br />10 <br />M&A and Private Equity Deals <br />2014 2015 2016 2017 2018 <br />M&A Activity a Private Equity Buyout <br />Jan, 2018 Blackhawk Network $3.5B Silver Lake $45.25 24% 2930% 1.4x <br />(Nasdaq: HAWK) Management <br />Jan, 2018 Caltidus Ctoud $214B SAP SE $3&00 10.10% 20.30% 8.gx <br />(Nasdaq: CALD) <br />Feb. 2019 Ellie Mae $3 7B Thoma Bravo $99.00 20 80% 37.20% 7.8x <br />(NYSE: ELLI) <br />IN <br />