TempoCap Liquidity Indices

At TempoCap, we’ve closely monitored the largest exits for European VC-backed technology companies over the past few years.

As such, we are pleased to launch three indices highlighting activity in this area – one for all cash acquisitions, one for cash and stock acquisitions, and one for companies that have gone public. There is a ton of interesting information to dissect here, and below, we provide some initial analysis of these tables.

Critically, a key takeaway from our analysis is that European venture capital has supported the development of some fascinating and innovative businesses over the last five years.

A few notable trends from the data include:

• On all cash exits: A limited number of these were above $1 billion in Europe over the last nearly five years – we count only five. Out of the top 15 cash exits, six were companies from the U.K., four from Germany, three from France, and two from Scandinavia – including the largest, Tink.  14 out of the top 15 exits were to strategics (with only one PE buyer), and 60% of buyers were U.S. companies. The average time to exit from the founding date was ten years.
• On exits for cash and shares: There have been a limited number of these above $1 billion in Europe over the last circa five years, too —we count only four. The U.K. had five companies out of the top 15, and interestingly, two each came from Poland and Germany, while the largest, Wolt, is Finnish. Again, 60% of buyers were from the U.S. The average time to exit from the founding date is nine years.
• On public listings: Here, all 15 listings were above $1 billion—but some didn’t stay above that level post-IPO, and three are no more! Out of the top 15, seven (or nearly half) came from the U.K., three came from Germany, and the largest, UI Path, came from Romania. The average time to IPO from the founding date was 11 years.

We have researched various sources to ensure we have the most accurate information possible, but if you’ve spotted something that needs to be corrected or a company that needs to be added, please let us know at harrie@tempocap.com.