Market Insight Update: Tender Offer in the Secondary Market

Company sponsored secondary transactions (tender offers) are a mechanism by which the company allows an approved investor to purchase shares at a given price / corresponding valuation. Early investors and employees can opt to participate if they want liquidity and are receptive to the purchase price.  Depending on the amount of demand from the approved investor, shareholders can opt to sell a portion or all of their holdings to spreadhead their liquidity efforts thereby realizing monetary returns.

Read More
Kirat Lall
Arctic Wolf acquired Revelstoke, a security automation platform.

Oct 23, 2023

  • Arctic Wolf acquired Revelstoke, a security automation platform.

  • Convoy went bankrupt.

  • Databricks acquired Arcion, a platform that replicates enterprise databases.

  • Loom was acquired by Atlassian for $975 million.

  • Next Insurance was raising more than $100 million at a $2.2 billion pre-money valuation.

  •  Stash raised $40 million in a convertible note.

Read More
Kirat Lall
Anduril was raising $400 million to $500 million in a convertible note.

Oct 09, 2023

Secondary Market Trend Highlight:

Due to the lowered pricing environment, companies are more regularly exercising their ROFR (Right of First Refusal). As a result, an artificial pricing floor has been created for buyers thereby causing them to increase their pricing to transact. In these instances, buyers can no longer rely on their underwriting or benchmark pricing heuristic and instead pay closer to market pricing to obtain access to these later stage investment opportunities.

Read More
Kirat Lall