Steven Meeker

September 14 2024 – 5 Notable Articles To Read Article: Verizon’s $9.6B Bid for Frontier Expands Broadband Takeaway: Verizon is set to acquire a fiber competitor in a deal valued at $20B, including debt, to expand its high-speed internet services. Source: Bloomberg Link: https://lnkd.in/dYQ8_SZq Article: Morgan Stanley to debut first Pathway-branded ETFs Takeaway: Morgan Stanley intends to convert two of its flagship equity funds, with a combined $3B in assets, into its first-ever ETFs under the "Morgan Stanley Pathway" brand, according to a regulatory filing. Source: Financial Times Link: https://lnkd.in/dqhrFQyi Article: Romania’s 40% Stock Rally Makes It a Standout of Global Markets Takeaway: The BET index has been one of the world's top performers over the past 12 months, with optimism fueled by the economy and expectations of an upgrade to emerging market status boosting sentiment. Source: Bloomberg News Link: https://lnkd.in/dc6hbr3y Article: South Africa Lures BYD With Critical Minerals, Car Output Skills Takeaway: The trade minister views electric vehicles as key to Africa's industrialization efforts, while China has committed $10B in private sector investments on the continent. Source: Bloomberg Link: https://lnkd.in/dn9xJxj9 Article: European fund classification system expands Takeaway: The latest update introduces several new fund categories in response to recent market developments. The EFC now includes classifications for crypto asset funds, foreign exchange funds, and ultra-short bond funds. At its most detailed level, the system now comprises over 880 fund subcategories, offering classification that meets the evolving needs of the investment community. Source: Funds Europe Link: https://lnkd.in/dXdhrmWZ #news #research #business #investing

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T-12 days until National Multifamily Housing Council's #OpTech in DC! Venn is coming in strong with, you guessed it, 12 of our team. And we're all about community and getting to know you, so leading up to the conference, I'll be sharing fun facts about each of our attendees so you can get to know us Venners (trust me, I'm still working on getting Vennetians to stick 🤣 ). I'll go first... I studied abroad in Glasgow, Scotland during university. Somehow I managed to only have classes on Tuesdays and Wednesdays (even though it was across THREE different universities), so I had 5 day weekends to travel and made it to 13 different countries in the span of 8 months. Where do you think I went? Guess in the comments, or you can schedule some time with me at Optech and I'll tell you all about it (and if we have time, I'll show you the Venn platform, it is a tech conference after all 😜). My calendar link is in the comments! #optech2024 #multifamily #multifamilyrealestate #proptech #propertytech #community #vennvibes

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The Information and Martin Peers are out with an alarming report about something most people take for granted….#wirelessspectrum. According to the CTIA carriers will run out of available spectrum, at current growth rates by 2027. Before people go blaming the #wirelesscarriers the CTIA points the finger exactly where it belongs with the Federal Communications Commission failing to appoint a commissioner. Long story short reach out to your elected official since wireless capacity impacts everything from the trivial #socialmedia posts to more important things like #E911 calls, #alarmsignals, and even #telemedicine monitoring. The growth in data usage is breathtaking and unlocking more revenue will help finance the government. What do you think? #management #venturecapital #privateequity #wirelesscarriers #capitalmarkets #

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🚀 Exciting News! 🚀 We’re thrilled to announce new investment partnerships with Prospero Capital Ventures, BrightSol LLC, and S30Build, LLC  that will power NOTICENINJA’s next phase of growth and market expansion! This investment from Prospero and partners, with their deep expertise in the staffing industry, is a major boost for our mission to revolutionize tax automation and compliance management. Together, we’re set to transform notice management for companies, making compliance simpler, smarter, and more efficient. Read our latest press release for all the details! #NoticeNinja #Investment #Growth #TaxAutomation #FounderStories #ComplianceSolutions #ProsperoCapitalVentures

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Very similar and a complement to Independent Sponsor led transactions targeting $15 million to $100 million plus EV, search fund deals target acquiring companies for around $15 million EV, priced at approximately seven (7x) times EBITDA or less. Over the years, companies tracked by Stanford have shown annualized equity returns exceeding 30%! The target universe for search funds and Independent Sponsors is substantial, with nearly 200,000 businesses valued between $10 million and $100 million, according to NAICS Association data. Search funds often seek out companies with retiring family founders looking for liquidity. Middle and lower-middle market financial sponsors generally avoid targeting companies worth $15 million due to high overhead costs and the need to deploy significant amounts of capital. However, for individual entrepreneurs, these micro-sized deals are not only accessible but also offer attractive bargains. This has led to the emergence of specialized search PE funds alongside Independent Sponsor transactions. Great article by the FT. #privatecapital #privatemarkets #privateequity #buyouts #growthequity #independentsponsor #searchfund #middlemarket #smallbuyout #sme #institutionalinvestor #alpha #moic #irr #privatecredit #privatedebt #familybusiness #founderowned #fT

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Great time on the Embracing Erosion podcast w/Devon O'Rourke! We talked about: 🚀 How to scale a company from concept to 9-figure exit 🔄 How to break away from the traditional consulting model and apply product approaches ⏩ Why it’s important to iterate quickly and often with messaging 💸📈What signals are important to pay attention to when investing in startups and much more!

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The cloud-based SportsGrid Out-of-Home Content Solution will enhance the fan experience by delivering a 24/7 real-time on-screen L-Bar overlay featuring breaking news, scores, injury reports, odds and more to fans watching the game in public spaces. We're pleased to be launching the SportsGrid OOH Content Solution in partnership with Barvanna Network, a sports & entertainment TV network specifically designed to entertain out-of-home viewers. The Barvanna Network is available to more than 3.5 million screens in the US and 36,000 internationally. Located in sports bars, restaurants, health clubs, offices and hotels including major brands like Applebee's Neighborhood Grill + Bar, Buffalo Wild Wings, Hooters of America, Dave & Buster's Inc., Twin Peaks Restaurants, Yard House Restaurants, Mellow Mushroom, TGI Fridays, Islands Fine Burgers & Drinks, Tilted Kilt Pub & Eatery, Pizza Hut, Carrabba's Italian Grill, Olive Garden, Denny's, Buca di Beppo and Hyatt Place. The SportsGrid content solution presents OOH publishers with an untapped programming resource to connect sponsors with their engaged sports audiences. The new syndication platform serves as the sports betting content source to integrate publishers and the massive sports gaming audience unlocking an entirely incremental revenue stream. Put simply its a big win for SportsGrid and our partners! Read more here: https://lnkd.in/e435fXp3 Charles Theiss Jeremy Stein Louis M. Maione Jason Sukhraj Gregg Sussman Michael Cardano Carl Cutforth Alex Levine Rebecca Harrelson #sportsbetting #sportsmedia #OOH #Streaming

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Great article on page 74 about Josh Allen - one of OnCore's great shareholders and ambassadors!

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In a new op-ed I penned for Institutional Investor, I discuss the changing strategic buyer landscape for enterprise software companies. With software continuing to grow well in excess of GDP, and digital transformation at the top of C-suites’ agendas, the trend of multi-billion dollar software companies being acquired by non-traditional buyers should continue to accelerate. As always, all comments are welcome!

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▶ 𝗧𝗛𝗘 𝗙𝗔𝗖𝗧 On this exact day, August 8, 1995, in Mountain View, California, Netscape Communications Corporation went public, marking one of the most significant moments in the history of the internet and the stock market. ▶ 𝗪𝗛𝗬 𝗜𝗧 𝗠𝗔𝗧𝗧𝗘𝗥𝗦 The Netscape IPO is widely regarded as a key event that triggered the dot-com boom of the late 1990s. It was a turning point that demonstrated the immense potential and value of internet-based companies, sparking a wave of investment in tech startups. This event also highlighted the rapid growth of the internet and its profound impact on businesses, communication, and society as a whole. ▶ 𝗠𝗬 𝗧𝗛𝗢𝗨𝗚𝗛𝗧𝗦 𝗢𝗡 𝗜𝗧 The Netscape IPO symbolizes the beginning of a new era in technology and finance. It shows how quickly innovation can change the landscape of an entire industry. While it led to the rise of many successful tech companies, it also served as a cautionary tale, as the resulting dot-com bubble eventually burst. This case also comes with a lesser-known situation: Marc Andreessen had previously developed the Mosaic browser but didn’t reach an agreement with the University of Illinois regarding IP issues and commercialization. He then decided to leave and move to California, where he started Netscape. The message is clear: having an environment, including the institutions, processes, and regulatory frameworks, conducive to innovation—specifically turning new solutions into commercial applications and entities—is essential to nurture entrepreneurship and advance the economy. Inventing or creating something does not suffice by itself. Fast forward, Andreessen Horowitz is now a leading venture capital firm and has backed many of today’s fast-growing tech startups. A curiosity: the company is now piling up GPUs, which it will make available for AI startups it invests in. A lot has happened since 1995. #Netscape #IPO #Technology #Tech

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If you enjoyed our first blog on the metrics that matter for Verticalized SaaS then don't miss on the Part II of the series where my colleagues Devraj Hom Roy and Matt Schaar discuss the strategic and operational choices to improve these operational indicators. https://lnkd.in/g5QkCrcH

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iPad sales will get a nice boost in June and September. That tailwind will likely fade in 2025. Separately, Apple is moving faster to get new silicon in the market, a competitive advantage in AI. https://lnkd.in/g3mfdzMt

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Is A Crisis Looming in Private Equity: What Happens When the Economy Turns? This Bloomberg article portrays the private equity (PE) industry as teetering on the brink, grappling with few exit opportunities, but buries the lead in my opinion. While it understandably highlights the debt layering PE funds are engaging in -- fund-level NAV loans, company-level PIK loans, and floating debt loans -- much of the article is dedicated to worry that regulators aren't getting the full picture. Meanwhile, it glosses over some really disturbing quotes. First of all, there is a throw-away line that multiples for companies with junk debt have been cut in half. Well, if that's the case, I can tell the regulators what the equity value is for free. This should be the article; broadly speaking, how much have multiples come in, and if you run that through the average debt ratio of private equity overall each vintage year, what does that look like for equity? How much 'operational improvement' does the sponsor need to deliver to get back to even? Then there's a calming quote from Mattis Poetter, "PE firms have gone through very tough environments...they're quite good at managing difficult periods." I agree, firms with capital have weathered past economic downturns well. But the economy is allegedly strong. What if, in this weakened state, a PE industry with layered leverage faces an actual economic downturn? I don't need to fire up Excel to conclude leverage on leverage on assets purchased at peak valuations is problematic in a downturn. Key Questions to Consider: • How will PE firms manage the mountain of distressed debt if economic conditions worsen? • What are the potential systemic risks to a PE collapse? (I'm thinking of pensions here) • Can the PE industry return to its 'roots' of operational improvement to navigate this crisis? (And let's be honest, we could have a whole discussion around if those really are the roots) #PrivateEquity #EconomicDownturn #InvestmentRisk #MarketAnalysis #FinancialCrisis #OperationalExcellence

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john waller Jeff Bocan - this might be a new podcast y'all might really enjoy! Summary coverage from the most recent 3 shows: In recent episodes of the BG2Pod podcast, hosts Bill Gurley and Brad Gerstner explore the evolving landscape of tech investments and innovation. They discuss the changing dynamics of the pre-IPO market, with larger funds and increased capital affecting company behavior and IPO timelines. The hosts analyze the impact of AI advancements, including OpenAI's ChatGPT-4 and Google's Astra, on various industries and debate the potential for AI to disrupt or enhance existing software companies. They also examine the challenges faced by private unicorn companies in achieving liquidity events and the factors contributing to the current dearth of IPOs. Additionally, the podcast touches on broader themes such as the role of capitalism and immigration in driving innovation, the debate around AI regulation, and the implications of recent tech earnings and market conditions. CC Kim Burgaard #podcasts #ai #investing #vc

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Get ready for one of the biggest IPOs since COVID. Lineage is expected to raise $3.85 billion this month. As Bloomberg put it, "Aside from a handful in 2020 and 2021 when the pandemic disrupted travel, only three companies in the past decade raised more than $1 billion on US exchanges in July." This is big news for the largest and fastest-growing consolidator in cold chain logistics. Kudos to Greg Lehmkuhl, Kevin Marchetti, Adam Forste and all involved! #logistics #supplychain #coldchain #IPO https://lnkd.in/eKj3UjvY

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The podcasting landscape has shifted dramatically, with YouTube surpassing Apple Podcasts as the leading platform. Even the best can lose their market share if they dont focus on it as a core business: - YouTube now dominates, accounting for 31% of U.S. podcast listening, driven by its superior discovery tools and video integration. - Apple's focus on audio-only content and lack of monetization tools has led to a decline in market share. - Video podcasts, supported by platforms like YouTube and TikTok, are becoming the new norm, transforming how users engage with content. #Podcasting #YouTubePodcasts #ApplePodcasts #DigitalMedia #ContentCreation #TechTrends #VideoPodcasts #CreatorEconomy https://lnkd.in/d_jQ3D8e

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Surprising to see two mega mergers getting past antitrust: - The $53B Chevron-Hess merger - The DirecTV-Dish merger where AT&T is selling its stake in DirecTV for $7.6B to TPG and DirecTV buying Dish for $1 and taking on its $10B in debt What does it mean for consumers? And what does it mean for the M&A market? These approvals may signal a shift in antitrust policy. Looks like they're prioritizing global competitiveness over strict market share considerations. This might invite additional scrutiny on how these mergers impact innovation in bigtech. These mega mergers usually tend to have a strong impact on consumer choice and pricing. The industry dynamics will be closely watched by regulators and investors.

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The words Private Equity have been distorted with the passage of time. The truth is PE done well is not only a value creation platform but also a force for good. We back good businesses, good teams, and together we build. More on Traub Capital Partners in this short video.

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Today we announced an unprecedented series of transactions that will disrupt the wireless and pay-TV industries – and drive tremendous benefit and value to investors, our employees, and most importantly, to wireless and video consumers. These transactions represent one of the largest and most comprehensive simultaneous out-of-court M&A and balance sheet restructurings to date. We have announced our intent to sell our pay-TV business to DIRECTV, secured financing to meet our November debt maturity, and announced an agreement with a group of our convertible notes holders who own about $5 billion in debt, due in 2025 and 2026. Upon approval, this transaction will decrease our total principal owed and extend payment terms by six years. It will also provide approximately $5.5 billion dollars in additional financing. With this enhanced financial flexibility, we will further enhance and deploy our state-of-the-art nationwide 5G ORAN network and advance our mission. These transactions will also create a stronger, healthier, and more focused EchoStar Corporation providing more choices and better service for U.S. wireless consumers. I am proud to lead this incredible organization and talented team members, and I am excited about the opportunities ahead. You can learn more here: https://lnkd.in/gxv5atpr #EchoStar #DIRECTV #Innovation #5G #ORAN

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