Live Blogging at EVCA, Barcelona
Javier Loizaga, EVCA Chairman inaugurated the conference this morning reminding everyone that a record amount had been raised by European VCs in ’05 – the highest ever if we ignore the “irrational” years of ’99-’00.Paul Deninger, Vice Chairman, Jefferies & Company, Inc. Chairman, Jefferies Broadview made a Presentation on current state of technology finance titled, Is this the European decade?” some salient points:
NASDAQ is still the foundation of how people “feel” about the technology market
- Amount of activity is not even close to IPO activity pre-bubble (on NASDAQ)
- By contrast, European markets showing strong activity (AIM as well as EuroNext)
- But in terms of “quality deals ” (raise > $20m), NASDAQ has sustained its lead over Europe
- Only one of the Top 10 Global IPOs last year was done in NY (compared to 4 of the top 10 in 2000 in US; of which 2 were non-US) – SOX to blame?
- Liquidity on AIM for market caps of £50-70m is comparable to NASDAQ (this is stunning news…)
- Tech M& A has been flat since 2001 in US but Europe is looking better (better than every year in fact except ’99 – 00 and in terms of amount/value better than every year except 2000)
- The mood in Europe is in the right direction
- Likely exit path for US backed companies has moved decisively in favour of M&A
