Thematic Research: Technology GDTMT-TR-S216

Mergers & Acquisitions in TMT 24 June 2019

If you really want to understand the themes that drive an industry, just look at the list of recent mergers and acquisitions (M&A). In part 1 of this report, we Inside explain how disruptive themes have been driving M&A activity over the last . Themes driving M&A five years. In part 2, we select the most notable M&A deals announced in the . Historical M&A activity technology, media and telecoms (TMT) sector over the last five years and . Future M&A targets identify their thematic drivers. Finally, in part 3, we highlight potential acquisition targets, explaining who is likely to acquire them and why. The TMT sector dominates global M&A activity today Sectors covered In 2017, the largest M&A deal announced in the TMT sector was Disney’s HARDWARE $71bn bid for 21st Century Fox, driven by the disruptive threat of internet TV. . Semiconductors In 2018, it was Broadcom’s $121bn bid for Qualcomm, driven by 5G and the . Servers, storage & Internet of Things (IoT) – though this deal was later aborted. So far in 2019, networking equipment the largest announced deal is FIS’s $35bn acquisition of Worldpay, potentially . Consumer electronics kickstarting a string of fintech deals. . Component makers . Industrial automation In 2018, the total transaction value of M&A deals announced in the global TMT sector reached $630bn, up 23% from 2017, according to GlobalData’s Deals SOFTWARE Database. As the chart below illustrates, the value of M&A in the TMT sector . Application software dwarfed that of other markets in both 2017 and 2018. . Security software Top M&A sectors by transaction value, 2017-2018 . Video games software 750 SERVICES 600 2017 2018 . Cloud services 450 . IT services $bn 300

150 INTERNET & MEDIA . Ecommerce 0 TMT Power Oil & Gas Construction Industrial Mining Real Estate Automotive Consumer Banking & Retail Pharma . Social media Goods Insurance . Advertising . Music, film, & TV Source: GlobalData . Publishing Which TMT companies are likely acquisition targets? TELECOMS Some of the companies we have identified as future bid targets include: . Telecom operators . Hardware & software: AMS, Lumentum, Roku, iRobot, Cognex. . Cable & satellite operators . Internet & media: Asos, Ocado, Pinterest, Xing, NY Times. . Telecoms: US Cellular, Dish Network, Telecom Italia. The main investment themes likely to drive these deals include artificial Report type intelligence (AI), the IoT, autonomous vehicles, medtech, adtech, internet TV, . Single theme virtual reality (VR), augmented reality (AR), robotics, cloud computing, and . Multi-theme geopolitics, particularly the race between the US and China to dominate the . Sector Scorecard next generation of advanced technologies. [email protected] www.globaldata.com +44 (0) 161 359 5813

© GlobalData 2019 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Contents

PART 1: M&A AND THE IMPORTANCE OF THEMES ...... 4 Companies who invest in the right themes become success stories ...... 5 Themes drive M&A strategy ...... 6

PART 2: M&A ACTIVITY OVER THE LAST FIVE YEARS...... 7

Hardware ...... 7 Semiconductors ...... 7 Servers, storage, and networking equipment ...... 8 Consumer electronics ...... 9 Component makers ...... 10 Industrial automation ...... 11

Software ...... 12 Application software ...... 12 Security software ...... 13 Video games software ...... 14

Services ...... 15 Cloud services ...... 15 IT services ...... 16

Internet & media ...... 17 Ecommerce ...... 17 Social media ...... 18 Advertising ...... 19 Music, film & TV ...... 20 Publishing ...... 21

Telecoms ...... 22 Telecom operators ...... 22 Cable & satellite operators ...... 23

PART 3: FUTURE ACQUISITION TARGETS ...... 24

Hardware ...... 24 Semiconductors ...... 24 Servers, storage & networking equipment ...... 26 Consumer electronics ...... 27 Component makers ...... 28 Industrial Automation ...... 29

www.globaldata.com 2 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Software ...... 30 Application software ...... 30 Security software ...... 31 Video games software ...... 32

Services ...... 33 Cloud services ...... 33 IT services ...... 34

Internet & media ...... 35 Ecommerce ...... 35 Social media ...... 36 Advertising ...... 37 Music, film and TV ...... 38 Publishing ...... 39

Telecoms ...... 40 Telecom operators ...... 40 Cable & satellite operators ...... 40

PART 4: DEAL SELECTION ...... 41

PART 5: GLOSSARY ...... 48

APPENDIX: OUR THEMATIC RESEARCH METHODOLOGY ...... 52

www.globaldata.com 3 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Part 1: M&A and the importance of themes Running any business today requires an understanding of all disruptive threats. Whatever industry you are in, technology now makes it easier for you to be disrupted. The companies lining up to disrupt you are likely to be smaller and nimbler. They do not compete on a level playing field with you. Take the fintech start-ups attacking banks today: they are less encumbered by regulation and have smaller balance sheets. Ant Financial is one of the world’s biggest banks – it is now around the same size as HSBC, in terms of its valuation at its last funding round – but doesn’t have any branches. How do you compete with that? Running any business today requires an understanding of all disruptive threats Most of these disruptive threats come from the technology sector

Source: GlobalData

Technology is evolving at a faster pace than ever before, with advances in areas including AI, robotics, blockchain, and cybersecurity making news every day. We are witnessing increasing technology adoption across industries as companies attempt to ride the wave of innovation and digital transformation that is transforming industries from agriculture, to healthcare, motor cars, defense, banking, insurance, construction, and energy. At the same time, consumer behavior is going through remarkable shifts, as Generation Z takes center stage. Demand for personalization, omni-channel experiences, and predictive customer care is increasing and forcing businesses to redefine every aspect of business to target changing consumption patterns and customer expectations. These are some of the key themes forcing businesses across industries to review their strategies and business models. Phrases like digital disruption have gained huge prominence as technology themes become more prevalent in the current market, leading to the emergence of new business models, ecosystems, products, services, and delivery models. As a result, companies today are under tremendous pressure to invest in the themes that are shaping their industry, not merely to gain competitive advantage, but to survive. Technology companies are leading the attack; Big Tech will continue its acquisition spree, with the aim of strengthening their skillsets in next generation technologies like AI, cloud computing, AR, blockchain, and the IoT.

www.globaldata.com 4 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Companies who invest in the right themes become success stories Our research indicates that companies who invest in the right themes become success stories, those who miss the big themes in their industry end up as failures. This is not just true some of the time. It is true ALL the time. With the benefit of hindsight, it is easy to see the themes that drove companies to success and others to failure. The table below shows a selection of companies across a range of industries and the themes that drove their respective businesses to success or failure over the last decade. Companies who invest in the right themes become success stories… ...and those who miss the big themes in their industry end up as failures. Always.

Market Value ($bn) Market Value ($bn) Industry Company Increase/ (decrease) Thematic Performance Drivers at 1 Jan 2010 at 1 Jan 2019

Ford 33 31 -6% Electric vehicles, connected car, autonomous driving Automobiles Tesla 2 57 2,750% Electric vehicles, connected car, autonomous driving

Tech, media & Nokia 52 31 41% Touchscreens, mobile internet, apps telecoms Apple 191 746 290% Touchscreens, mobile internet, apps

Thomas Cook 3.2 0.6 -81% Sharing economy, ecommerce Travel Airbnb 0.5 31 6,100% Sharing economy, ecommerce

General Electric 161 66 -59% Cloud, industrial internet, AI Industrials Rockwell Auto 6.6 18 172% Industrial internet, AI, robotics

Sears 10 0 -100% Ecommerce, Big Data, AI Retail Amazon 60 737 1,128% Ecommerce, Big Data, AI, cloud

MoneyGram Int. 0.2 0.1 -52% Online & mobile payments, AI Payments Ant Financial 5 150 2,900% Online & mobile payments, AI

Blockbuster 1 0 -100% Internet TV, AI Video rental Netflix 3 116 3,700% Internet TV, AI

Source: GlobalData

In the automotive sector, between 1 January 2010 and 1 January 2019, Ford’s market capitalization fell 6% from $33bn to $31bn. Meanwhile, during the same nine-year period, Tesla’s market capitalization rose 2,700% from $2bn to $57bn. Tesla had invested early in the electric vehicles and autonomous driving themes. Had Ford acquired Tesla back in 2010 when it was valued at only $2bn, Ford would have been worth $88bn at the start of 2019, rather than just $31bn. Ford dismissed these two critical automotive themes (until relatively recently). In the travel sector, back in 2010, Thomas Cook ignored themes like the sharing economy and ecommerce while Airbnb invested heavily in them. In January 2010, Thomas Cook was worth $3.2bn, large enough to have acquired Airbnb, valued at just $0.5bn back then. Had it done so, Thomas Cook would have been worth $31bn today. Instead, the British travel agent is on the verge of collapse. General Electric, a company that is renowned for the sheer scale of its M&A activity, insisted on acquiring traditional competitors in old technology – its $10bn acquisition of Alstom Power in 2014 is a case in point – rather than acquiring new technology, such as cloud computing, Industrial Internet, or AI. By 2018, GE had written off $23bn in its power business, despite being a market leader. Between January 2010 and January 2019, GE’s share price fell 59%. Go back two decades and it has fallen 80%. GE acquired the wrong companies, because it did not fully understand the themes impacting its industry. As the table above illustrates, other themes have had a similar impact in creating winners and losers across many other industries. In the industrials sector, GE missed the Industrial Internet, cloud computing, and AI themes. In retail, ecommerce, big data and AI destroyed traditional retailers like Sears, with the spoils going to Amazon and other internet-first companies. In payments, money transfer companies like MoneyGram International – and banks in general – are being displaced by the rise of fintech companies such as Ant Financial. In the entertainment industry, internet TV is causing mayhem, not just for yesterday’s video rental houses, such as Blockbuster, but for the music, film, and TV industry generally.

www.globaldata.com 5 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Themes drive M&A strategy Today’s largest companies, measured by market capitalization, are tech companies because today’s most important themes are tech themes. As the table below shows, regardless of sector, the biggest M&A deals in 2018 were all driven by themes and most of these themes involved disruptive technologies. Themes drive M&A deals Regardless of sector, many of the big deals in 2018 were driven by themes

Top 20 M&A Deals in 2018 by value, and thematic rationale Pharma: Takeda buys Shire (Niche diseases) Media: AT&T buys Time Warner (Internet TV) Media: Disney buys 21st Century Fox (Internet TV) Pharma: Cigna buys Express Scripts (Big data) Technology: T-Mobile US buys Sprint (5G) Power: E.ON buys Innogy (Electric vehicles, renewables) Construction: ACS, Hochtief and Atlantia buys Abertis Infraestructuras (Market share) Media: Comcast buys Sky (Internet TV) Oil & Gas: Marathon Petroleum buys Andeavour (Shale oil) Technology: IBM buys Red Hat (Cloud) Construction: Brookfield Property buys GGP (Ecommerce) Oil & Gas: China Three Gorges buys EDP (Geopolitics) Technology: Vodafone buys Unitymedia (Telecom convergence) Technology: Broadcom buys CA Technologies (IoT) Consumer: Keurig Green Mountain buys Dr Pepper Snapple (Millenials/Gen Z) Defense: Harris buys L3 Technologies (Cybersecurity, Geospatial tech) Retail: Walmart buys Flipkart (Rise of India, Ecommerce) Insurance: AXA buys XL Group (Regulation) Media: Discovery Comms buys Scripps Network Interactive (Internet TV)

- 20 40 60 80 100

$bn Source: GlobalData

In part 2 of this report, we identify the themes that drove the TMT M&A market over the last five years. In part 3, we predict which TMT companies are likely to become bid targets over the next five years. Our 2019 TMT theme map shown below sets out the themes that will drive M&A in the TMT sector over the next five years. Our 2019 TMT theme map shows the 60 biggest themes driving growth in the TMT sector It covers the big issues that keep senior industry executives awake at night Key: Telecom Data centers Net neutrality Purple convergence Software circles 5G defined E-commerce Gaming indicate networks Generation mega- Wearable Tech Cloud Hashtag themes; Industrial Connected car Internet TV Social media white circles Internet indicate Internet of Cybersecurity Digital media peripheral Things Automated Ambient themes Big data home commerce Regulation Machine Virtual & Smart cities learning Augmented reality Computer Artificial Drones vision intelligence M&A

Robotics Conversational Context platforms awareness Autonomous 3D printing AI chips vehicles India Robotic process MedTech automation China Mobile Quantum Blockchain Geopolitics payments computing Electric FinTech vehicles Sustainability Online Crowd funding banking Batteries Brexit Crypto- currencies

Source: GlobalData.

www.globaldata.com 6 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Part 2: M&A activity over the last five years Hardware Semiconductors Over the last five years, the value of M&A deals in the semiconductor sector reached $337bn. The key themes driving these deals included the IoT, AI, data centers, and smartphones. A number of bids came from Chinese buyers interested in acquiring US chip technology, but were aborted because of tensions over national security between the world’s two foremost economic powers, contributing to a theme that is gaining increasing prominence in the TMT sector: geopolitics. M&A activity in the global semiconductor sector over the last five years Related themes

Infineon Tech acquires Cypress Connected car, power management 2019 NXP acquires Marvell Tech (Wi-Fi business) Mobile

Nvidia acquires Mellanox Data centers, silicon photonics

WingTech acquires Nexperia (76% stake) Smartphones Renesas acquires IDT IoT 2018 Microchip Tech acquires Microsemi IoT

Broadcom acquires Qualcomm (aborted) 5G, IoT Renesas Electronics acquires Maxim (aborted) Connected car, data centers, cloud, wearable tech

Marvell Tech acquires Cavium Data centers

Bain consortium acquires Toshiba (memory chip business) Smartphones, data centers, cloud

Sino IC acquires Xcerra (aborted) Advanced manufacturing (testing) 2017 Intel acquires Mobileye Autonomous vehicles Veeco Instruments acquires Ultratech Advanced manufacturing

TDK acquires InvenSense Industrial internet

Canyon Bridge acquires Lattice Semiconductor (aborted) IoT Qualcomm acquires NXP (aborted) IoT, autonomous vehicles, mobile payments 2016 Renesas Electronics acquires Intersil Energy efficiency

Analog Devices acquires Linear Tech IoT (power management)

SoftBank acquires ARM IoT

Microchip Tech acquires Atmel IoT Micron Tech acquires Inotera Memories (67% stake) Data centers, cloud, big data

China Resources, Hua Capital acquires Fairchild (aborted) Energy efficiency

Microsemi acquires PMC-Sierra Data centers, cloud, big data

ON Semiconductor acquires Fairchild Energy efficiency Lam Research acquires KLA-Tencor (aborted) Advanced manufacturing (wafer fabrication)

China Electronics acquires Atmel (aborted) IoT 2015 Tsinghua Unigroup acquires Micron (aborted) Data centers, cloud, big data Intel acquires Altera AI

Jianguang Asset acquires NXP (RF unit) Mobile

Avago acquires Broadcom Data centers, cloud, big data

NXP acquires Freescale IoT

Infineon acquires International Rectifier Energy efficiency Cypress acquires Spansion IoT JCET acquires STATS ChipPAC Advanced manufacturing (chip packaging and testing) 2014 Global Foundries acquires IBM (chip business) Advanced manufacturing Qualcomm acquires CSR Mobile

Orbotech acquires SPTS IoT, advanced manufacturing

TriQuint Semiconductor acquires RF Micro Devices Mobile, IoT

0 25 50 75 100 125

Acquisition value $bn

Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.

www.globaldata.com 7 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Servers, storage, and networking equipment Over the last five years, the value of M&A deals in the servers, storage and networking equipment sector reached $163bn. The key themes driving these deals included data centers, big data, cloud, and silicon photonics. In future, they are likely to be software defined networks (SDN); we are entering the era of software defined everything (SDE), in which the balance between hardware and software within corporate data networks will shift decisively towards software. M&A activity in the global servers, storage, and networking equipment sector over the last five years

Related themes

2019 HP Enterprise acquires Cray High performance computing II-VI acquires Finisar Silicon photonics

CommScope acquires ARRIS Automated home, surveillance, internet TV Cerberus acquires TE Connectivity (subsea comms BU) Data centers, big data, cloud 2018 Infinera acquires Coriant SDN

Lumentum acquires Oclaro Silicon photonics, data centers

Corning acquires 3M (comms markets division) Data centers, big data, cloud

TTM Technologies acquires Anaren Mobile, cloud Elliott Mgmt acquires Gigamon Data centers Francisco Partners acquires Sandvine Data centers, cybersecurity 2017 Michelin acquires Nextraq Autonomous vehicles

Cisco acquires Viptela SDN

AMETEK acquires Rauland-Borg Medtech, cloud Keysight Tech acquires Ixia Cybersecurity

HPE acquires SimpliVity SDN

Broadcom acquires Brocade Data centers, cloud, big data

Asia-IO, Redview Capital acquires Source Photonics Silicon photonics Shandong Zhongji acquires InnoLight Data centers, big data, cloud 2016 HPE acquires SGI High performance computing Cavium acquires QLogic Data centers, big data, cloud

Brocade acquires Ruckus Wireless Mobile

NetApp acquires SolidFire Data centers, big data, cloud Western Digital acquires SanDisk Data centers, big data, cloud Dell acquires EMC Data centers, big data, cloud

2015 IBM acquires Cleversafe Data centers, big data, cloud Seagate Tech acquires Dot Hill Data centers, big data, cloud Nokia acquires Alcatel-Lucent Data centers, big data, cloud

Western Digital acquires Amplidata Data centers, big data, cloud

HP acquires Aruba Networks Cybersecurity, smart cities, AI

Avago acquires Emulex Data centers, big data, cloud

Koch Optics acquires Oplink (83% stake) Data centers, big data, cloud SanDisk acquires Fusion-io Data centers, big data 2014 Zebra Tech acquires Motorola (enterprise business) Mobile, big data

Lenovo acquires IBM (x86 server business) Data centers, cloud, big data VMware acquires AirWatch Mobile, workforce mobility, gig economy

0 20 40 60 80

Acquisition value $bn

Source: GlobalData. Note: Deals listed in chronological order, based on announcement date

www.globaldata.com 8 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Consumer electronics Over the last five years, the value of M&A deals in the consumer electronics sector reached $83bn. The key themes driving these deals included the IoT (including the automated home and the connected car), office automation, music streaming, and surveillance. M&A activity in the global consumer electronics sector over the last five years

Related themes

SnapAV acquires Control4 Automated home

2019 Siris Capital acquires EFI Office automation

Bridgestone acquires TomTom (telematics unit) Connected car

Francisco acquires Verifone Online payments

Plantronics acquires Polycom Office automation, collaboration

Foxconn acquires Belkin Office automation 2018 Motorola acquires Avigilon IoT, surveillance

Amazon acquires Ring Automated home

Fujifilm acquires Xerox (aborted) Office automation

Geely acquires Terrafugia Flying cars

Google acquires HTC (design team) Smartphones 2017 Samsung acquires Arcam Music

EagleTree acquires Corsair (majority stake) Video gaming

Samsung acquires Harman Connected car

HP acquires Samsung (printing business) Office automation

Xylem acquires Sensus Industrial internet

LeEco acquires VIZIO (aborted) Internet TV

Melrose acquires Nortek Automated home

2016 Tesla acquires Solar City Sustainability

Medtronic acquires HeartWare Medtech

Apex Technology acquires Lexmark Office automation

Foxconn acquires Sharp (66% stake) LCD displays

GM acquires Cruise Autonomous vehicles

Haier acquires GE Appliances Automated home

Panasonic acquires Hussmann Automated home

ARRIS acquires Pace Internet TV 2015 Brother Industries acquires Domino Printing Office automation

Canon acquires Axis Comms IoT, surveillance

Everi acquires Multimedia Games Video gaming

Aristocrat acquires VGT Video gaming

Google acquires Dropcam Automated home

Apple acquires Beats Electronics, Beats Music Music streaming 2014 Facebook acquires Oculus VR VR

Lenovo acquires Motorola Mobility Mobile

Alphabet acquires Nest Automated home

0 2 4 6 8 10

Acquisition value $bn

Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.

www.globaldata.com 9 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Component makers Over the last five years, the value of M&A deals in the component maker sector reached $43bn. The key themes driving these deals included the IoT, autonomous vehicles, data centers, silicon photonics, and computer vision. M&A activity in the global component makers sector over the last five years Related themes

Amphenol acquires SSI Controls Technologies Industrial internet 2019 MKS Instruments acquires ESI Advanced manufacturing, silicon photonics

Celestica acquires Impakt OLED displays

Aptiv acquires Winchester Interconnect IoT

Yageo acquires Pulse Electronics 5G, electric vehicles 2018 KLA-Tencor acquires Orbotech Advanced manufacturing

Advent acquires Laird Connected car, smartphones

Delphi acquires nuTonomy Autonomous vehicles

Idec acquires Apem Human to machine interface

Teledyne acquires e2v Computer vision 2017 Samsung acquires QD Vision Quantum computing

Siemens acquires Mentor Graphics CAD

ams acquires Heptagon Silicon photonics

Tessera acquires DTS IoT, smart audio

Centrica acquires FlowGem IoT, smart grid 2016 ASML acquires Hermes Microvision Advanced manufacturing

Corning acquires Alliance Fiber Optic Products Data centers

Coherent acquires ROFIN-SINAR Advanced manufacturing, silicon photonics

CalAmp acquires LoJack Connected car

Ams acquires CMOSIS Computer vision

Wuxi Boton Technology acquires Efun (24.2% stake) LCD displays

Amphenol acquires FCI Asia Data centers

Intel acquires Recon Instruments AR Tsinghua Unigroup acquires H3C (51% stake) Data centers

Hua Capital and consortium acquires OmniVision Digital imaging sensors

2015 CommScope acquires TE Connectivity (broadband BU) Office automation and data centers

Deltronics acquires Eltek Data centers

Google acquires Lumedyne Technologies IoT

Amphenol acquires Casco Automotive Connected car

3D Systems acquires Simbionix VR, medtech

Vodafone acquires Cobra Automotive Connected car, autonomous vehicles

Synaptics acquires Renesas SP Drivers Touchscreens

ON Semiconductor acquires Aptina Imaging Computer vision 2014 Analog Devices acquires Hittite Microwave IoT Harman acquires AMX Audio / video Thales acquires LiveTV Inflight entertainment

0 1 2 3 4 5

Acquisition value $bn

Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.

www.globaldata.com 10 GDTMT-TR-S216 Mergers & Acquisitions in TMT 24 June 2019

Industrial automation Over the last five years, the value of M&A deals in the industrial automation sector reached $36bn. We have focused only on the disruptive technology deals within the industrial sector rather than all industrial M&A deals. The key themes driving these deals included robotics, warehouse automation, medtech, 3D printing, and autonomous vehicles. M&A activity in the global industrial automation sector over the last five years

Related themes

Hitachi acquires JR Automation Robotics 2019 Amazon acquires Canvas Technology Robotics J&J acquires Auris Health Medtech, robotics SAP acquires Contextor Undisclosed Robotic process automation EnerSys acquires Alpha Tech Energy storage Honeywell acquires Transnorm Warehouse automation 2018 Medtronic acquires Mazor Robotics Medtech, robotics, workflow management Barnes acquires Gimatic Robotics Siemens acquires Mendix Cloud Thermo Fisher acquires Gatan (aborted) Medtech Rockwell acquires PTC (8.4% stake) CAD, 3D printing, VR, AR GE acquires Arcam (95% stake) 3D printing 2017 Aveva acquires Schneider (industrial soft BU) Factory of the future, industrial internet Midea acquires Kuka (25.1% stake) Robotics TDK acquires InvenSense Industrial internet Teledyne acquires e2v Computer vision GE acquires Concept Laser (75% stake) 3D printing GE Aviation acquires SLM (aborted) 3D printing Denso acquires Fujitsu Ten (41% stake) Autonomous vehicles Uber acquires Otto Autonomous vehicles Zimmer Biomet acquires Medtech Medtech, robotics 2016 Honeywell acquires Intelligrated Robotics, warehouse automation Kion acquires Dematic Industrial internet, autonomous vehicles, ecommerce Auris Surgical acquires Hansen Medical Medtech, robotics Wanfeng Tech acquires Paslin Robotics ChemChina acquires KraussMaffei Advanced manufacturing

2015 Ametek acquires Cognex (SISD) Computer vision Teradyne acquires Universal Robots Robotics

0 1 2 3 4

Acquisition value $bn

Source: GlobalData. Note: Deals listed in chronological order, based on announcement date.

www.globaldata.com 11 Thank you for downloading and reading the first 10 pages of this thematic report. We hope you enjoyed the content and found it useful! To access the full report, you can purchase it through our Report Store by clicking the link here

This is one of a series of thematic reports by GlobalData. By exploring the subject matter as a theme, our reports provide a unique perspective for the reader. They allow professionals from all industries to benefit from unique insights, driving better business decision making. To take a look at the other thematic reports we offer, click here

If you would like to purchase this report on our store, you can use the unique code GDTMT1920

to receive 20% off.

Please feel free to get in touch via email or telephone to learn more about the reports we provide. Our contact details are below:

Email: [email protected]

Telephone: +44 (0) 161 359 5813

Report Store: https://www.globaldata.com/store/