5.7x 8.0x 8.7x
2.8x
9.3x ~10.0x
4.0x
23.8x
55.9x
23.5x
12.5x
50.6x ~50.0x
40.0x
Kayak Trivago Skyscanner Momondo Group Skyscanner 12% Skyscanner Trivago
Priceline Expedia Sequoia stake Great Hill Yahoo! Japan CTrip IPO
€1,276M €692M €589M €166M €1,478M €1,652M (indicative)
Nov '12 Dec '12 Oct '13 Oct '14 Jan '16 Nov '16 Dec '16
LTM Revenue LTM EBITDA
1
Skyscanner exit: Trivago multiples Skyscanner valuation multiples are close to Trivago’s back in
December 2012. Trivago grew at the time at 100% per year.
Skyscanner grew only 28% from 2014 to 2015. However,
Skyscanner’s gross bookings were still growing 49% and
possibly, Skyscanner’s revenues accelerated since then
Trivago is currently growing about 30% and expected to
achieve roughly a 4x revenue multiple in its upcoming IPO
(LTM EBITDA multiple is roughly 40x on a normalized basis)
Meta-search continues to be a strong segment. Flight meta-
search specifically is benefiting from regional fragmentation
of flight OTAs. Skyscanner is testing a direct distribution
model with airlines, thus becoming a quasi-OTA. An OTA’s
take-rate adds up to 5-10%, whereas for Skyscanner the CPA
is as low as 2%
Additionally CTrip undoubtedly sees opportunities for
revenue synergies (e.g. tapping into Asia growth), thus
justifying the seemingly high acquisition multiple
Trivago 100% LTM revenue growth
Skyscanner 28% revenue growth(but 49% gross
booking growth)
Kayak 30%+ LTM revenue growth
Trivago 31% LTM revenue growth
(normalised EBITDA)
€9,273M
€7,727M
€5,364M
€4,000M
€2,182M
€1,952M
€1,680M
€1,182M
€1,091M
€692M
€130M
€24M
€39M
€1M
€85M
€15M
€157M
€182M
€165M
€41M
Supercell
Skype
King.com
Playtika
FleetMatics
Cambridge Silicon Radio
Skyscanner
AVG
AVITO.ru
Trivago
Exit value Capital invested
2
Seventh largest VC backed Euro exit
71x
371x
137x
2933x
26x
133x
11x
7x
7x
17x
Very likely, much of the €157M+ raised by Skyscanner was not funding for the company but instead partial exit for some early investors.
Multiple of capital invested
3
European tech acquisitions > €1 billion42.8
28.8
9.3
8.6
7.7
5.4
4.8
4.5
4.5
4.0
3.9
3.2
3.1
3.0
2.8
2.5
2.4
2.3
2.2
2.1
2.0
2.0
1.9
1.7
1.7
1.5
1.5
1.4
1.3
1.3
1.2
1.2
1.2
1.1
1.1
1.1
– 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0
NXP Semiconductors
ARM Group
Supercell
E-Plus Gruppe
Skype
King.com
Informatica
Kuka
PokerStars
Playtika
Travelport
TelecityGroup
Net-a-Porter
Allegro
HERE
Wood Mackenzie / Woodmac
Skype
Mojang
FleetMatics
VKontakte / vk.ru
Trader Media Group
Cambridge Silicon Radio (CSR)
Pace
Skype
Skyscanner
Misys
Scout24 Holding
Supercell
Wood Mackenzie / Woodmac
Kuoni
TeamSystem
Hotelbeds Group
AVG
Argus Media
Skrill
AVITO.ru
Skyscanner ranks 25th in a list of 36 tech acquisitions in Europe above €1 billion
€ in billions
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8
2% 2% 2% 3% 3% 4%
5% 7%
10%
13% 15%
18%
16%
Before 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Distribution of Investable Tech Companies by Year
Data by Aggregation MethodType of Entities
281,400
29,152 10,650 2,532 6,376
Seed startup Early startup Late stage scaleup Corporates Agencies
Investable companies Other
486,657
27,552 5,721
AI Verified Claimed
Data composition
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European focus, global scope
USA170,500 companies
1,950 investors
7,000 rounds
LATIN AMERICA4,250 companies
80 investors
350 rounds
EUROPE & ISRAEL286,000 companies
4,500 investors
15,600 rounds
ASIA9,500 companies
500 investors
2,150 rounds
MENA800 companies
70 investors
110 rounds
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