Venture transaction multiples france 2016

Venture Transaction Multiples – France 2016 Edition © 2016 Avolta Partners // www.avoltapartners.com

Venture Transaction MultiplesFrance 2016 EditionHow Much Is Your Startup Worth ?

Venture Transaction Multiples – France 2016 Edition © 2016 Avolta Partners // www.avoltapartners.com 2

EditoStartup valuat ion: the secret sauce

is the median EV/Sales multiple observed in France in 2015, based on all the fundraisingtransactions in Venture Capital.

How much value is your startup worth? Every entrepreneur will be asking himself this question at least oncein his lifetime. Obviously, the answer is far from being simple.

In Venture Capital there is no « transparency » about startups valuation. Neither from startups nor funds. It's likebeing constantly in the haze. Only a few rumours and indiscretions sometimes feed the FrenchTech fantasies.Under such conditions, it is not easy for an entrepreneur to calmly consider one of the most complex stages ofhis adventure: fundraising.

Venture Capital is facing a total asymmetry concerning the available market information. On one hand, fundshold a substantial amount of information, inherited from their past experiences and their precise knowledge ofthe fundraising market; on the other hand startups have none.

In practice, the method ruling Venture Capital is the famous "2/3 1/3" method. 2/3 Pre-Money - 1/3 NewMoney. In other words, if you want to raise €1m, your fundraising valuation basis will be close to €2m, and yourdilution for this round will represent 33% of your capital. This theory is correlated to what we have observed inour study where we found a 27.9% median dilution in France in 2015.This method can be explained by the willof the Venture Capital funds to make minority but substantial enough investments to hold a controlling stake instartups they are investing in: that’s why we call it the "2/3 1/3" method.

Having this in mind and thanks to a data driven experience, Avolta Partners decided to reflect a little bit furtherupon the metrics that are underlying startups valuation. This is what we endeavoured to do in this study whichaims to allow each startup to get a better (and fair) idea of its own valuation, to know how much it may claim aspart of its fundraising adventure and to « fluidity » the relationship between Venture Capitalists andentrepreneurs.

6.38x


Companies belonging to the eCommerce, Hardware and Retail sectionshave a business based on stock management and margin betweensupplier prices and selling prices. Each of these 3 categories has its ownkey metrics, that’s the reason why we differentiated them. Performancemodel is built around the constitution of a recurring user community whileAudience one is based on traffic. Service business incomes come frommargin between labor cost and service invoice price.

Focusing on Transaction Multiples.

MethodologyData. Data. Data.

1000 startups. 650 investors. 497 deals in 2015.

We are continuously tracking over 1000 startups, 650 investors and we’vemonitored around 500 deals in 2015. We’ve built a method to categorisestartups according to their sector and business model and to estimatetheir transaction multiple. Here’s some insightsabout our approach.

The French startup landscape mapped into 11 main sectors.

We segmented the French startup landscape into 11 categoriesdepending on fields of application. The 9 first are directly related to thedisruptive tech environment while the 2 last gather non-tech companies.The AdTech and FinTech segments include respectively advertising andfinancial technology companies. The Digital Media section clusters media,social media and gaming-related companies. We put into the IoT segmentcompanies positioned on combined software/hardware solutions. Onlinesellers go into eCommerce. Business Services and Consumer Servicessections cover respectively B2B and C2C service technology startups.Companies focused on energy & environment on the one hand, and onmedical, pharmaceutical & biological on the other hand go respectivelyinto CleanTech and MedTech / BioTech groups. Eventually, we classifiednon-tech startups into Retail and Consulting according to their distributionor service-provider specialty.

9 business models to approach startup valuation.

To focus on companies’ core business, we mapped the French startupenvironment through 9 business models (BM). The subscription model isbased on recurring revenue (SaaS) or more traditional licensing. Thecommission model basically relies on a debit from the Gross MerchandiseVolume (GMV) flowing through the platform according to a definedcommission rate (such as a marketplace).

497 startup fundraisings monitored

286 fundraisings > to €1m

217 startups with legal information disclosed

171 Transaction Multiples

We tracked over 286 fundraising rounds superior

to €1m by extracting information from several

sources

We tracked legal information from BODACC to calculate

217 Equity Values

We mapped the ecosystem and consolidated data to

calculate 171 Transaction Multiples


Global Trends


Global Trends€1.8bn deals value. 497 startups.

French tech startups booming activity.

With more than€1.8bn raised in 497 transactions in 2015, investments have more than doubled compared to 2014 and reached a new milestone in France.€810m were raised during the first semester and €1.02bn during the second one. France remains at the 3rd place in Europe in terms of total amounts raisedbehind the United Kingdom and Germany.

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0

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600

Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

No. of dealsAmount (€m)


Global TrendsFrenchTech mapping

2622

117928657

286169

4310

35

1617

14115 74143116

5613

9321

6424

No. of dealsTotal amount raised

Paris. Toulouse. Grenoble. Montpellier. Lyon.

The FrenchTech initiative has promoted the creation of regional startup ecosystems. There are 14 different FrenchTech metropolis (Paris included). In 2015,almost 93.6% startups which raised funds (and 96.5% of total volume raised) were located within the French Tech metropolis network (Paris included). Parishegemony is tremendous: 58.2% of startups funded in 2015 (64.3% of volume raised) have their headquarter located in Paris area. PACA, Auvergne Rhône-Alpes and Occitanie are the next 3 main startup home places, weighting for 22.2% in total.


Global TrendsInside the VCs’ mind

Will the rich always get richer ?

VCs’ investment activity has more than doubled this year. But what about money allocation through the different funding stages ? Is there a real move towards abigger place for Seed Series ? Well yes, but there’s still room for improvement. Series A and B have seen their median ticket and global volume doubled butSeed tours - which concern almost half of the total 2015 deals - are still craving for more institutional financings. For now, alternative financing actors such ascrowd equity platforms,crowd lending platformsand businessangels remain the main source of fund inflows to Seed stages.

The « 2/3 pre-money, 1/3 new money » law, a reality ?

One of the VCs’ rules acting as a law when entering in startup’s capital is: 1/3 of the valuation is injected in new money. Even if the global dilution median is28%, we observed that almost 50% of Series A and 45% of Series B this year have been structured with a dilution below 25%. One constant metric is that VCshardly ever invest with a dilution above 35%.

< 15%15-25%25-35%> 35%

C

Seed

€157m

Series B

€539m

Series D €262mSeries C

€327m

Series A

€548mInjected money

0-50

+200

+50+100+150

No. of deals

Startup distribution by Series

19.1% 13.2%

26.2% 31.6%

28.6%

33.3% 28.9% 57.1%

21.4% 26.3%14.3%

0%

25%

50%

75%

100%

A Series B Series C Series

Startup dilution by Series

Dilution

Series A Series B Series C


Global TrendsThe long journey of an entrepreneur

Startup lifetime and average waiting period at each stage of funding story.

53 months is the average waiting period between creation date and the Series A. Once you’ve reached this point, the typical delay until Series B is about 26months. At this point, you can start thinking about quicker development and easier access to funds. But as you can see on the red curve, only few startupssurvive to this obstacle course.

0

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250

0

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25

30

0 20 40 60 80 100No. of months

53-months « no man’s land» before finding your first institutional VC

Just 26 more to see the light at the end of the tunnel

Med. amount raised (€m)No. of startup

Median time to reach Series A

Median time to reach Series B


Global TrendsThe French startup cosmos

11 Sectors. 9 Business Models.

Our vision of the French startup landscape is a dual one. On one side, we focus on fields of application – what we called sector – and on the other side, we thinkin terms of core earning model of the business – or business model. We spaced the 497 transactions over 11 sectors (11 verticals from AdTech to Consulting)and 9 business models (9 horizontals from Subscription to Research).

Deal size (€m)Logarithmic scale

AdTech FinTech Digital Media IoT eCommerce Business Services

Consumer Services CleanTech MedTech /

BioTech Retail Consulting

SubscriptionCommissionPerformance eCommerce

HardwareRetail

Audience

ResearchService

Business Model


Global TrendsFundraising opportunit ies split by sector

Are there sector investment patterns ?

Depending on average revenue and average deal size positioning, 4 main sector trends have been spotted. The first one covers startups generating low revenueand getting high deal size such as FinTech – highly VC attractive but mainly based on low commission revenue. VCs also strongly believe in disruptive hardwarecompanies. Demanding time and fund to validate their proof of concept and set up the production line, the IoT sector is consolidating and once revenues aregenerated, access to financing is significantly facilitated. eCommerce position in the matrix is rather indicative: based on non-recurring revenue and highmarketing expenses, the break-even point is rarely reached below €8m revenue. Reaching a critical size is compulsory to pretend to a VC-backed fundraising.We will analyse the impact on valuation further in the study.

AdTech

FinTech

Digital Media

IoTeCommerce

Business ServicesConsumer Services

CleanTech

MedTech / BioTech

Retail

Consulting

0,00

2,00

4,00

6,00

8,00

10,00

12,00

0 1 2 3 4 5 6 7 8 9 10

Avg. Revenues (€m)

Avg. deal size (€m)

€4.9m

€4.8m

Spray & Pray

Hedge the risk

All-In

Consolidate the monopoly

< 1010 - 25>25

No. deals

Based on 171 investments with available 2015 revenues and new money between €0.5m and €40m


Transaction Multiples


Transaction MultiplesThe secret sauce unveiled

Valuation(startup) = a{sector ; business_model} + b{team ; product ; competition ; equity_stor y}

with “a” based on revenue & ecosystem analysis (Transaction Multiple approach)with “b” based on other driver analysis (qualitative approach)

How do Venture Capitalists (VCs) valuate Tech companies?

That’s what we want to explain with the formula above. The ultimate way to drive startups valuation on a more rational way thanexisting VC methods. “Pre-Money = 2x New Money” as VC partners say for early stage startups is no longer a viable valuationmethod.

a = 80%. b = 20%. Our main postulate.

We assume 80% of the value is driven by revenues, i.e. that we can obtain a consistent range of transaction multiples by {Sector;BM}subgroup and then, when it comes to value a new venture, to leverage the startup revenue by the median multiple of its {Sector;BM}subgroup.

Other more qualitative considerations such as team expertise, product, competition, equity story or market opportunities could beused to improve the value and explain why startups outperform their {Sector;BM} median multiple.

Understand startup earnings. Map startup ecosystem. Modelise Transaction Multiples. Valuate.


Transaction MultiplesTech valuat ion snapshot

A splash of rational in the worldof startupvaluation.

At first sight, startup valuation seems to depend on both quantified and unquantified variables. Global momentum, market reaction, VCs’predictions and policies or management team profiles are all influencing startup perceived value. Getting a fair and objective view on thevaluation of a business might be a tricky task. But we did try to bring some rational into it and we strongly believe that each sector andrevenue generating model reveals its own trend. Here’s a snapshot of our study.

Subscription

Commission

Performance

eCommerce

Hardware

Audience

Research 7.95x

19.26x

26.58x

4.20x

12.20x

27.10x

8.72x

5.45

4.16x

6.39x

1.24x

4.44x

3.38x

2.32x

0,00x 10,00x 20,00x 30,00x

2015 EV/SALES by Business Models

1st quartile 3rd quartile

19.65x

10.06x

52.31x

8.54x

4.09x

23.08x

13.18x

28.68x

5.06x

3.93x

2.09x

6.56x

2.99x

1.26x

5.82x

3.29x

9.83x

2.16x

0,00x 10,00x 20,00x 30,00x 40,00x 50,00x

2015 EV/SALES by Sectors

AdTech

FinTech

Digital Media

IoT

eCommerce

Business Services

Consumer Services

CleanTech

MedTech / BioTech


Transaction MultiplesThe {Sector;BM} matrix convergence points

SubscriptionCommissionPerformanceeCommerceHardwareRetailAudience

ResearchService

Deal size (€m)Logarithmic scale

AdTech FinTech Digital Media IoT eCommerce Business Services

Consumer Services CleanTech MedTech /

BioTech Retail Consulting

AdTech X SubscriptionBusiness Services X Subscription95 startups€280m total funding

FinTech X CommissioneCommerce X Commission

Consumer Services X Commission77 startups

€360m total funding

IoT X HardwareCleanTech X HardwareMedTech / BioTech X Hardware76 startups€300m total funding

MedTech / BioTech X Research30 startups€175m total funding


Transaction MultiplesAdTech

0.0x 5.0x 10.0x

5.06x2.16xAdTech

Subscription

Performance6.55x2.55x

4.15x2.32x

Global SectorGlobal BMSector x BM

No. deals

Med. Amountraised

Share of prerevenue deals

Med. Revenue

Med. dillution23

€1.09m

33%

€4.97m

24.8%€2.5m

Med. gap1

Sector medianAll in all median

Reaching the critical mass.

Mainly structured around subscription and performance models (CPC/CPM/CPA/etc.) linked to the advertising ecosystem, AdTech venturesare valued on relatively discounted multiples. VCs focus on mature startups (€5m median revenue) with a proven business model and anestablished network of publishers. Reaching a critical mass is crucial in view of AdTech ecosystem complexity and offers/technologiesfragmentation.

1Gap between amount disclose and amount effectively raised



Transaction MultiplesFinTech

20 €3.1m

14%

30.3%

No. deals


Med. Revenue

Med. dillution

Med. gap1

€0.55m€1.32m



FinTech

Commission25.63x10.02x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

28.68x9.83x

30.0x

A huge seductive power.

VCs’ craze for FinTech startups is real. While still fragmented and immature, potential booming and disruptive FinTech technology market iscurrently attracting financing from almost any kind of VC. Commission business model is prevailing and the average debit percentage is prettylow: close to 5%. Therefore, although the median revenue of FinTech startup is the lowest one, all bets are off and this trend pushes upEV/Sales multiples.

Med. Amountraised




Transaction MultiplesDigital Media

Digital Media

Audience

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

5.90x2.42x

13.18x3.29x


15 €3.1m

€2m

11%

€4.47m

28.1%

No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1


Concentration trend.

Few deals, but high ones. Digital Media sector is consolidating around big actors. Cross media, cross canal and cross audience: theperspectives are promising and VCs are valuing that on consistent transaction multiples basis. Mainly based on audience model, expectationsin terms of revenue and media exposure are high.




Transaction MultiplesIoT

IoT

Hardware4.12x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

21.65x

23.08x5.82x


29

€2.1m

€1m17%

€1.79m

32.3%

No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1


Take time to develop yourproduct, VCs are patient.

When investing in IoT, VCs generally expect startups to generate revenue (only 17% of pre revenue deals). Most of the time, average €2mticket size is to go for market distribution. Yet, as any CAPEX incentive models, prototyping and industrialisation are crucial financing steps andsome VCs size opportunities while hedging their risk with relatively high dilution.




Transaction MultipleseCommerce

eCommerce

Commission

eCommerce

0.0x 2.0x 4.0x 6.0x 8.0x

3.59x1.29x

6.09x3.51x

10.0x

1.26x 4.09x


19 €2.5m

€0.51m13%

€3.6m

27%

No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1


Critical size reaching is… highly critical.

eCommerce actors experience fierce competition from global players and suffer from low technological barrieres and a high level of OPEXexpenses. It explains that VCs’ expectations in terms of revenue and profitability are higher than in other sectors. Reaching a critical mass toprove the viability of the model is a must-have to access to Series A.




Transaction MultiplesBusiness Services

0.0x 4.0x 6.0x 8.0x 10.0x 12.0x

8.54x2.99xBusiness Services

Performance

2.0x

Subscription8.03x2.93x

7.93x6x


70

€2m

€0.95m13%€2.5m

24.8%

No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1


B2B reduces hazards and explains lowmultiplesdispersion.

Business services represent the biggest sector when considering the number and the volume of deals in French venture capital: fundraisingsof startup ventures from this subgroup are a benchmark to all others sectors since they give consistent medians to compare with. It is all themore interesting to notice differences between the sector’s medians and general trends, such as outstandingly low percentage of pre-revenuedeals. In the whole, the group is a dispersed investment market with relatively small deals for low-revenues startups and 25% market-practicedilution. Subscription is the classic business model, yet performance promises better valuation, which explains the rush to revenue-indexedSaaS plans.




Transaction MultiplesConsumer Services

24 €1.7m

€0.47m

19%

€1.25m

21.9%

No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1



Consumer Services

Commission

0.0x 10.0x 20.0x 30.0x 40.0x 50.0x

52.31x6.56x

185.94x2.93x

Money does not make « Winner-Takes-All » markets.

The observed median deal size in consumer services is relatively low. It appears conterintuitive in regards to the journalistic “Winner-Takes-All”speech but investors’ reality is that B2C venture capital is a dispersed market formed by startups with outstanding small revenues of which19% are considered pre-revenue. Investments are hazardous with high dispersion in valuation multiple: venture capitalists commit smallamounts of money and wait for product-market fit and growth before massively injecting cash in later rounds. It is worth noticing thatconsumer services outperform global commission business model multiples thanks to high margins (around 20%).




Transaction MultiplesCleanTech

CleanTech

Hardware

Subscription

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

12.23x2.99x

21.87x6.61x

2.14x1.93x


25 €2.5m

€1.5m

36%

€3.31m

27%

No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1


Investors in cleantech focus on revenue growth.

The median deal size in cleantech is relatively high and the median operation rather dilutive. It is not surprising when considering that hardwareis the most common business model of the subgroup. Cleantech ventures need high investments to develop their products and investorshedge technology uncertainties, industrial risks and operational delays by heavily acquiring preferred equity stocks. Yet, the median revenue ofVC-backed ventures is +€3.3m and this tells an other counterintuitive story: venture capitalists expect cleantech startups to commercialiseand earn money quickly after their series A otherwise they won’t participate in the next round.




Transaction MultiplesMedTech / BioTech

MedTech / BioTech

Research

Hardware

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x

7.95x5.45x

19.65x3.93x

8.38x 24.2x


No. deals

Med. Amountraised


Med. Revenue

Med. dillution

Med. gap1

37

€2.5m

€1m

59%

€1.01m

30%


7 years before commercialisation.

Medtech/biotech startups have €1m median revenue and 59% are considered pre-revenue. Ventures in this sector are financially hazardoussince the main business model is research. Yet, investors cannot hedge their risks by committing small tickets and diversifying becauseMedtech/Biotech may need +3 rounds of financing before generating revenues. So venture capitalists ask for high dilutions and valueintangible assets such as patents for guarantee. Nonetheless, when a startup starts earning revenues, its market monopolistic position explainx7 median revenue multiple with low range dispersion.




Bonus


BonusSaaS model insights

R² = 0,45993

R² = 0,66017

2,00x

3,00x

4,00x

5,00x

6,00x

7,00x

8,00x

9,00x

10,00x

-20% 30% 80% 130% 180% 230%

EV/Sales

EV/ARR

Sales 2015

EV/Sales and EV/ARR vs. growth rate

EV/ARR, the true multiple for SaaS model valuation.

SaaS models from Subscription sub model are based on same financial characteristics: Recurring revenues. In most of time, annual Sales are not relevant to appreciate the recurrence of the flows and an other indicator EV/ARR* has to be determined to improve the fairness of the valuation. As we say below on the Transaction Multiples part, subscription models are not linked to pre-revenue models and SaaS Transaction Multiples are substantially linked to growth rate.

In our statistical analysis, we note that linear regression on EV/ARR vs. Growth Rate is higher than on Sales basis to prove the better correlation with recurring valuation approach. VCs are in mind some critical MRR (Monthly Recurring Revenues) size determining the ability of the startup to access type of Series. €80k to be comfortable at A Series level. €400k to go at B+ Series level.

ARR (Annual Recurr ing Revenue) = MRR (Monthly Recurr ing Revenue) x 12

-1,00

4,00

9,00

14,00

19,00

0,00 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00

-1,001,003,005,007,009,00

11,00

0,00 50,00 100,00 150,00

Critical size: €50k-€100k

MRRSeed & Series ASeries BSales 2015General trendMedian

Monthly Recurring Revenue (MRR) vs. amount raised


BonusWhat about pre-revenue Tech companies valuat ion?

40%

9%13%

13%

9%

9%6%1%

Research30%

Hardware

32%

Critical Mass38%

MedTech / BioTechIoTClean TechConsumer Services

Business ServicesFinTechDigital MediaAdTech

0

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30

40

50

60

70

80ResearchHardwareCritical size

Seed A Series B+ Series

Amount raised by pre revenue startups (€m)

VCs’ appetite for pre-revenue Tech companies is substantially linked to sector combining with business model.

There are 3 reasons VCs invest in startups who have not yet generated revenue. Either it is research-focus, in its hardware proof of concept period, or on itsway to reach a critical size.

Research category gathers exclusively MedTech / BioTech sector companies. VCs have no specific commercial considerations and are present at each fundingstage from seed to B+ series. Hardware companies (in MedTech, IoT and CleanTech) have to make viable prototype to test the market before consolidate astructured revenue, that is the reason why they are VC backed mainly until the A Series round. After that stage, commercial VC’s expectations are gettingserious. Same logic with a even higher expectation level for startups who have to make investment to build a first viable audience to access a market on aprofitable way.


BonusNew Money Bullshit Gap

21%

17%

18%

23%

5%

20%

15%

17%

32%

0% 5% 10% 15% 20% 25% 30% 35%

AdTech

FinTech

Digital Media

IoT

eCommerce

Business Services

Consumer Services

CleanTech

MedTech / BioTech

New money amount announced / Equity really raised

Median

20% Bullshit gap between the amounts announced in the press and real equity raised.

This gap can be partly explained by the leverage some startups use on top of the equity they raise: Convertible bonds, BPI loans, etc. Moreover, theamounts announced in the press sometimes includes cash in + cash out witch is not disclosed into BODACC Legal information. Nevertheless, we note thateven if we take leverage and cash out apart amounts announced are still inflated due to the positive impact it has on the market. Everyone wants to investon the biggest.


BonusTop Tech companies valuat ion by sector

AdTech FinTech Digital Media IoT eCommerce Business Services Consumer Services CleanTech MedTech / BioTech

#1 Holimetrix 6.55x Lendix 109.24x Happn 21.21x Sigfox 47.97x La ruche qui dit oui 17.88x Videodesk 72.30x GuestToGuest 247.94x SunPartner Technologies 54.06x Theraclion 42.79x

#2 AdotMob 5.00x Finsquare 25.63x Amplement 13.26x Actility 47.18x Sculpteo 6.32x Hopwork 56.87x Zenpark 114.40x Enertime 21.87x Poietis 34.50x

#3 Netwave 4.57x Compte-‐Nickel 21.03x Kudoz 12.94x Multix 29.88x 1001pharmacies.com 6.09x Doctolib 24.37x Blablacar 62.67x APR2 10.26x Defymed 24.22x

Med. 3.36x 18.18x 9.42x 8.56x 3.28x 6.03x 22.74x 4.25x 8.38x


Disclaimer

The information conta ined in this report has been produced by Avolta Partners, based on Diane+ data,BODACC legal data and third party information. While Avolta Partners has made every effort to ensure thereliability of the data included in this report, Avolta Partners cannot guarantee the accuracy of the informationcollected and presented. Therefore, the Avolta Partners cannot accept responsibility for any decision made oraction taken based upon this report or the information provided herein.This presentation is for the exclusive use of the people to whom it is addressed and is intended for generalinformation purposes only. It is not intended to constitute legal or other professional advice and should not betreated as such.Appropriate legal advice must be sought before making any decision, taking any action or refraining fromtaking any action in reliance on the information conta ined in this presentation. does not assume anyresponsibility for any person’s reliance upon the information contained herein.

© Copyright Avolta Partners September 2016

Avolta Partners

With more than 30 deals closed in 3 years, Avolta Partners has proven to be one of the most active M&Aboutique in Europe in the Tech Industry. As a result, our team of 11 people has learned how to maximise thevalue of a deal – both valuation and legal conditions – thanks to a proven methodology and hard-nosednegotiations.

Dedicated team to Valuation Transaction Multiples – France 2016 Edition

FOR MORE INFORMATION EMAIL US AT [email protected]

VISIT US AT WWW.AVOLTAPARTNERS.COM

Arthur PorréManaging [email protected]

Pascal [email protected]

Claire [email protected]

Thomas [email protected]

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