DIGITAL MEDIA M&A REPORT Insights and Best Practices for 2024
TABLE OF CONTENTS
Key Takeaways State of the Market Rebounding Market Activity PE Investment Outlook Strategic Investment Outlook VC Investment Outlook FE Digital Media Deals 2023 Digital Media M&A Valuations Ed-Tech on the Rise Digital Agencies Disrupting Digital Media In Summary FE International: Who We Are Meet the Digital Media M&A Team
2 3 4 5 7 8 9 10 15 18 20 22 24 25
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2024 Digital Media M&A Report
Key Takeaways
Digital Media M&A deal value is increasing again after a year of decline. It is up over 56% in the second half of 2023 compared to 2022.
Private Equity Dry Powder remains near record levels and it is expected to be deployed through 2024.
Public markets remain volatile but are recovering and Digital Media M&A multiples have now stabilized.
Generative AI's rise promises a fundamental restructuring in the digital media space. Dominant players are emerging in foundational hardware and model applications, driving increased M&A, technological add-ons, and downstream investment.
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State of the Market
In the face of previous concerns about an imminent recession in 2023, the economic outlook has taken a more optimistic turn. While the prospect of the Federal Reserve halting interest rate hikes, coupled with the potential for rate cuts in 2024, hinges on the trajectory of economic growth and inflation trends. Now, economists suggest that the economy could continue to surpass expectations, fueled by pent-up demand and potential growth in certain sectors. Digital Media is a relatively broad industry with multiple sub-categories. Specifically at FE International, we are seeing increased activity in the ed-tech, ad-tech and digital agency industries. In October of 2023, the US experienced a notable surge in M&A activity, with announced deals for publicly traded companies surpassing $139 billion. This surge represents a substantial increase compared to the same period last year and stands as the highest volume recorded in a single month since June 2019. Corporate leaders are actively pursuing major deals. US Public Company Acquisitions
$100B
$50B
$0B
2023
2019
2020
2021
2022
Source: Bloomberg
With the October surge seen as a positive sign for the short to medium term, the dealmaking environment remains conducive to robust M&A activity, driven by confidence in economic recovery and strategic imperatives.
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2024 Digital Media M&A Report
Rebounding Market Activity in AdTech
The chart below shows relative online ad rates by day with an index of 100 being the highest date in recorded history.
By sampling a statistically relevant set of global sites and aggregating their ad earnings, the index offers a real-time aggregate view. It serves as a baseline to describe the state of the online advertising marketplace, providing a daily index score on a scale of 1 to 100.
The Online Ad Revenue Index
Source: Newor Media et al.
Even as the Digital Media M&A market begins to rebound, there remain challenges ahead. The online advertising market has seen ad rates steadily decline since the start of 2022 as a focus on growth has shifted toward broad-based cost-cutting and increased focus on profitability. However, a notable turn of events at the end of 2023 has injected a ray of optimism into this landscape. The spikes in ad revenue surpassed levels seen in 2020, marking a significant resurgence and signaling a potential reversal of the previous decline. Similarly, uncertainty about the impact of AI is causing most Digital Media companies to reassess their business models and investment strategies. We'll delve more into this topic later on.
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2024 Digital Media M&A Report
PE Investment Outlook
The evolving regulatory landscape in Private Equity dealmaking, particularly the increased scrutiny on roll-up acquisitions, introduces complexity and strategic considerations. US antitrust authorities, with guidelines issued in July 2023, focus on cases where larger entities acquire smaller firms, prompting PE firms to reassess strategies considering deal size and cumulative market impact. While aimed at ensuring fair market practices, this scrutiny has encouraged PE dealmakers to conduct comprehensive due diligence upfront, turning regulatory challenges into opportunities for refining investment strategies.
Global Private Capital Dry Powder, by Fund Type ($T)
2022 vs 2017-21 avg.
3.7
Other
25% 55% 62% 57% 45% 13%
3.2
Secondaries Distressed PE Direct Lending Infrastructure
3.1
2.5
2.3
Growth
Real Estate
9%
2.0
Venture Capital
105%
1.7
Buyout
20% 39%
1.5
Total
1.4 1.4
1.2
1.2
1.1
1.1
1.1
1.1
0.9
0.6
2005 2006 2007 2008 2009 2010 44 44 43 42 41 40
2011
2012
2013
2014 2015 2016 2017 2018 2019
2020 2021 2022 33 29 29
Buyout's Share of Total (%)
37
35 34 35 36 35 36 36 35
Source: Preqin
Despite the regulatory changes, the PE industry remains with near-record-high capital, approaching $4 trillion ready to be deployed. Within this financial strength, there's a notable $17 billion reservoir in FE's active investor network, reflecting a strong appetite for strategic investments.
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2024 Digital Media M&A Report
PE Investment Outlook The prevalence of private capital funds in the sub-$500 million size bucket is notably advantageous due to their agility and adaptability. Smaller funds can promptly respond to market changes, identify emerging opportunities, and adjust their investment strategies without the bureaucratic hurdles that larger funds often face. This flexibility contributes to a dynamic investment landscape, fostering innovation and responsiveness. In the specific context of 2023, the trend of targeting acquisitions within the sub-$500 million range remains robust - an M&A segment where FE holds a leading position for Digital Media businesses. As of September 2023, almost three-quarters of all private capital funds fall within this size range, reflecting the continued focus on the sub-$500 million acquisition range.
The substantial activity in this segment is a trend that we predict will continue well into 2024.
Private Capital Fund Count by Size Bucket
100%
75%
50%
25%
0%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2013 2012 2011 2008 2009 2010 2023* $5B+ $1B-$5B $500M-$1B $250M-$500M $100M-$250M <$100M
Source: Pitchbook *as of September 2023
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2024 Digital Media M&A Report
There has been widespread talk of a potential economic downturn on the horizon ever since the yield on 2-year US Treasury notes overtook the yields on 10-year Treasury notes (a phenomenon known as a yield curve inversion). While this may serve as a warning sign for retail investors, it can also be interpreted as a signal for corporates and strategics to increase their M&A activity. As this chart illustrates, active acquirers consistently outperformed bystanders during the 2008 economic downturn. Strategic Investment Outlook
Prerecession M&A activity 2007
No acquisitions
One or more acquisitions
M&A activity during recession 2008-2009
One or more acquisitions
No acquisitions
One or more acquisitions
No acquisitions
Average total shareholder returns based on M&A activity (compound annual growth rate 2007-2017)
One or more acquisitions between 2007 and 2009
One or more acquisitions only in 2007
One or more acquisitions only in 2008-2009
No acquisitions between 2007 and 2009
5.5%
6.1%
3.8%
5.0%
Source: Bain & Company
FE has seen inorganic growth through acquisition continue to be a prevalent strategy since the beginning of 2022, with nearly 37% of our closed deals going to strategic and corporate acquirers in that time. We expect that this strong demand will continue into 2024 as companies are becoming more aware that statistically they are most likely to continue growing if they make acquisitions consistently – not just as a one off or ignoring it entirely. In- house business development teams have also continued to look at smaller and smaller deals A decade ago, public companies would not buy $50M market-cap companies. Now, it is common.
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VC Investment Outlook
When looking at VC capital ready to be deployed a similar picture emerges. Dry powder remains at an all time high as can be seen in the graph below.
Total Value of Dry Powder with VC ($B)
$700
Total
$600
2023**
2022
$500
2021
$400
2020
Overhang by Vintage
2019
$300
2018
$200
2017
$100
2016
Cumulative Overhang
$0
**
Source: Pitchbook ** As of March 2023
The large amounts of capital raised in 2021 and 2022 that remains to be deployed suggests that the tighter restraints on capital deployment seen in the last year was not due to any kind of difficulty in fundraising but was instead in anticipation of a better climate for investment coming over the horizon. We expect that investments will pick back up through the remainder of 2023 and may accelerate in 2024 if monetary conditions begin to loosen again.
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2024 Digital Media M&A Report
FE Digital Media Deals 2023
FE is a leader in the digital media space and is an advisor on more transactions than any other firm. What we’ve seen so far this year is a trend matching the larger market: stabilizing multiples and increasing deal volume.
Digital Media Aggregate Deal Value
800%
56%
700%
600%
500%
400%
300%
200%
100%
0%
2022 H1
2022 H2
2023 H1
2023 H2
The aggregate transaction value of completed Digital Media transactions by FE has increased by nearly 56% compared to the same period in 2022. At the same time, FE has persistently moved up market expanding its view into a larger portion of the media landscape.
Average Deal Size
145%
140%
135%
130%
125%
120%
115%
110%
105%
100%
2021
2022
2023
The average expected deal size of FE listings has increased steadily even as the broader market saw setbacks in 2022. We expect this to continue into 2024 as market activity continues to rebound across the board.
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Digital Media Valuations
Public Market Valuations
In the ever-evolving landscape of the digital media industry, a notable transformation is underway—a move away from the once-dominant strategy of consolidation to a renewed focus on core strengths and differentiation. This shift is prompted by challenges such as the staggering decline in BuzzFeed shares, unsuccessful sales processes at Vice, the collapse of SPACs, and unpredictable fluctuations in the advertising market. This strategic pivot is occurring against the backdrop of broader economic changes that began over a year ago. In the face of seismic shifts, including rapid inflation and the Federal Reserve's response, the broader economy has proven unexpectedly resilient. Notably, inflation has proven more pliant than anticipated, indicated by a recent pause in rate hikes from the Federal Reserve. The labor market remains robust, with ongoing wage growth and unemployment hovering near historic lows in the US.
Average Multiples by Category
10x
8x
6x
4x
2x
0x
Advertising Broadcasting Cable and Satallite
Interactive Media and Services
Publishing
Source: Crunchbase
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Public Market Valuations
Shifting Investor Sentiment
75%
50%
25%
0%
-25%
1/2/23
2/2/23
3/2/23
4/2/23
5/2/23
6/2/23
7/2/23
8/2/23
9/2/23 10/2/23 11/2/23
S&P Media & Entertainment Index
Nasdaq Index Percent Change
Dow Jones Percent Change
S&P Index Percent Change
In the context of these economic shifts, US markets experienced a downturn toward the end of 2022 but have since rebounded steadily. This aggregate performance, however, conceals significant pricing adjustments, particularly the shift from growth to value and a renewed emphasis on the fundamentals of profitability and cash flow. In tandem with these market dynamics, digital media companies are reevaluating their strategies. Instead of pursuing scale through M&A, they are opting for more concentrated investments, prioritizing innovation, efficiency, and stronger organizational structures. This recalibration is not only a response to industry- specific challenges but is also reflective of a broader trend in businesses adjusting to new market expectations. As the cost of capital rises and the value of future cash flow falls, businesses are shifting away from investment in growth at any cost. Instead, there is a focus on boosting margins through significant rightsizing of workforces and retrenchment in investment. This strategic shift has allowed healthy firms to improve performance and outlook, showcasing the economy's resilience and contributing to the market's optimistic outlook. The digital media industry's transition from consolidation to a focus on core strengths and differentiation is intertwined with broader economic changes. The unexpected resilience of the economy, coupled with strategic shifts in response to market dynamics, underscores the adaptive nature of businesses in navigating challenges and seizing opportunities for growth and relevance.
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Where Are Digital Media Valuations Now?
We are starting to see more institutional investors enter the content sector, providing healthy competition to strategics. These types of investors include midmarket private equity funds backing operators, lower mid-market private equity funds, strategics and ultra-high net worth investors—typically deploying $10-25 million per acquisition. These investors are highly data-driven and long-term in their analysis, so most business owners find success in exit planning through FE ahead of time (3-12 months in most cases). Data indicated that companies that go through 6-12 months of exit planning sell for at an average 14% higher multiple than those that do not.
Whether these business valuations are forward-looking, and based mostly on revenue or EBITDA depends on a number of variables. Our team can put together a more detailed and accurate valuation for you. While the general valuation drivers above are a key consideration, it’s important to note that every business is unique, and each has its own priorities in terms of metrics. As the valuation process goes deeper, more business model-specific factors come into play when determining a final multiple.
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2024 Digital Media M&A Report
Where Are Digital Media Valuations Now?
In the realm of Digital Media businesses, the pursuit of higher valuation involves a nuanced understanding of key statistical factors. So, which metrics should entrepreneurs prioritize to attain the desired valuation for their businesses across diverse industries? Firstly, the relationship between EBITDA margins and valuation multiples is a compelling focal point. As evidenced by empirical data, businesses boasting higher EBITDA margins often find themselves rewarded with elevated valuations. This correlation underscores the significance of operational efficiency and profitability, as a higher margin reflects a company's ability to generate substantial earnings relative to its overall revenue.
EBITDA Margins
12x
10x
8x
6x
4x
2x
0x
20%
5%
15%
10%
0%
-2x
EBITDA Margin%
The role of revenue growth also emerges as a pivotal factor in determining the valuation of digital media businesses. The correlation between Annual Revenue Growth and business valuation underscores the significance of scalable operations. A consistent trajectory of revenue growth demonstrates the company's ability to capture market share, respond adeptly to evolving customer needs, and effectively leverage its market positioning.
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2024 Digital Media M&A Report
Where Are Digital Media Valuations Now?
Investors are naturally drawn to businesses that exhibit not only current revenue strength but also the potential for sustained growth, making this factor a compelling driver of valuation.
Annual Revenue Growth
5x
4x
3x
2x
1x
0x
< 0%
1%-10%
> 10%
Revenue Growth (3-Year CAGR)
Lastly, a higher CAGR over a three-year period signifies consistent, sustained growth, providing investors with confidence in the company's ability to weather market fluctuations.
3-Year Revenue CAGR
5x
4x
3x
2x
1x
0x
< 0%
1%-10%
> 10%
Revenue Growth (3-Year CAGR)
In essence, these three factors collectively fortify the operational foundation of digital media businesses, allowing them to carve a path toward realizing a higher and more favorable valuation.
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Ed-Tech on the Rise
The educational technology sector is currently experiencing a substantial boom, catalyzed by the transformative impact of the COVID-19 pandemic. Traditional education businesses, as well as schools and colleges, were compelled to pivot to online delivery during the pandemic, fundamentally altering the in- class experience. Despite the lifting of COVID-19 restrictions, technology's broader application has permanently reshaped the educational landscape, contributing to the surge in the ed- tech space.
PE Ed-Tech Investments
17000
200
180
14700
160
12400
140
120
9200
100
6900
80
60
4600
40
2300
20
0
0
2014
2015
2016
2017 2018
2019 2020
2021
2022
PE Capital Raised
PE Deals Completed
This flourishing industry has garnered significant attention from PE and VC firms. Capital raised for deployment in the ed- tech space has reached unprecedented levels. Many businesses, previously reliant on ad revenue, have undergone substantial transformations. Our data indicates that earnings in the space have been slow to recover, prompting businesses to pivot towards ensuring their success by selling proprietary courses or training programs.
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2024 Digital Media M&A Report
Ed-Tech on the Rise
The demand for education businesses remains robust, driving continued M&A activity within the sector. This surge is fueled by various factors, including a growing labor force participation, increased demand for educated and skilled workers, and the escalating use of technology in education. The Global U.S. Education Market, valued at USD 1.04 Trillion in 2022, is projected to reach USD 1.45 Trillion by 2030, exhibiting a CAGR of 4.20% over the forecast period. Within this thriving landscape, FE International emerges as an active player in the education space, boasting key relationships with both private equity and strategic investors actively seeking acquisition opportunities. FE International's extensive track record includes over 10 completed acquisitions in the education sector, with an average deal value approaching $50 million. As the Ed-Tech sector continues to evolve, FE International remains strategically positioned to navigate and capitalize on the dynamic opportunities within this rapidly growing market.
US Education Market Size, 2022 - 2030 (USD Trillion)
CAGR: 4.2%
1.45
1.23
1.18
1.04
2024
2027
2022
2023
2025
2026
2028
2029
2030
Source: Vantage Market Research
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Project Synapse The Deal
FE Deal Data
$3,765
September 2022
Revenue (TTM)
Listed Date
EBITDA (TTM)
Under Offer Date
$2,765
November 2022
Psychology & Professional Training
February 2023
Sector
Completion Date
Medical Practitioners
98 Days
End Markets
Time in Due Dilligence
International
171 Days
Geography
Listed to Deal Closed
FE professionals presented a private equity firm with a proposed merger, representing one of the entities in the transaction, and achieving an eight-figure offer that exceeded the seller's valuation expectations by 20%. Project Synapse has quickly grown to become a reliable and affordable provider of American Psychological Association (APA) accredited training courses and resources to its customers. The business attracts over 25 million visitors annually due to its strong reputation within the sector. Given its strong presence and deal activity in the education sector, FE was able to leverage its relationships and knowledge of potential transactions to present an acquisition opportunity in the form of a larger overarching merger, which would be accretive to shareholder value.
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2024 Digital Media M&A Report
Digital Agencies
Rebounding in Popularity
Digital Agency M&A has seen one of the biggest surges in interest across all FE International business models. Unlike many businesses in the digital media sector, agencies are perhaps the least affected by fluctuations in rankings by Google, AI and other externalities. Good agencies are primarily reputation-driven – clients are attracted by referrals in the long term and these businesses are less likely to be hurt by outside factors particularly if they have recurring contracts with clients. At FE International we speak with tens of thousands of buyers per year. We have seen a 59% increase in the number of buyers telling us they are interested in agency businesses vs. 2020 suggesting that 2024 is a great time to be building and considering selling a service-based agency business. In today's rapidly evolving business landscape, establishing a robust online presence has become more crucial than ever before. As consumer behavior continues to shift towards digital channels, businesses are recognizing the need to adapt and engage with their target audience virtually. By harnessing the potential of digital marketing, businesses can enhance brand awareness, drive customer acquisition, and ultimately achieve sustainable growth in today's highly competitive market. These dynamics are the primary driver behind why the global market for Digital Advertising and Marketing is projected to grow from $531 Billion to a size of $1.5 Trillion by 2030. Given these positive headwinds, FE International anticipates continued and robust demand for digital agencies.
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Project Index The Deal
FE Deal Data
$5,527
April 2023
Revenue (TTM)
Listed Date
EBITDA (TTM)
Under Offer Date
$2,567
July 2023
Marketing SEO
September 2023
Sector
Completion Date
B2B Clients Agencies
85 Days
End Markets
Time in Due Dilligence
International
151 Days
Geography
Listed to Deal Closed
FE International served as the exclusive M&A advisor on the sale of Project Index.
Since its founding, Project Index quickly became a trusted entity in the SEO and link-building sector. The business operates on a subscription agency model, with 79 clients as of March 2023, boasting many well-known, high-ticket, and longstanding relationships. A highly authoritative name in the SEO space, the business is frequently recommended by SEO thought leaders due to the tailored approach it brings to each of its clients in implementing SEO best practices. After identifying a number of potential acquirers, FE International secured a lucrative 7-figure offering from a leading strategic buyer looking to bolster its marketing capabilities and expand its suite of digital marketing brands.
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Disrupting Digital Media
There has also been substantial market excitement about the impact of generative AI in many industries, but Digital Media stands to be impacted much more than most. The impacts of these new rising technologies will be disparate with those who are able to wield the new technology effectively benefiting greatly while those directly competing with these offerings will likely see sharply negative impacts to future outlook. The primary impact of these technologies on the Digital Media landscape will be seen in a fundamental restructuring of the value chain. The likely outcome is similar to that forged by Microsoft and Intel in the 1990s and 2000s. We’ve seen a significant investment in the creation and optimization of foundation models over the last few years and the capital directed toward the space has soared. Below we can see the dramatic increase in VC funding in the space in 2021 and 2022.
VC Funding in Foundation Models ($B)
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
2017
2018
2019
2020
2021
2022*
Early-stage VC
Angel and seed
Late-stage VC
Venture growth
At the same time that there is substantial growth in start-ups, market consolidation is beginning. At the top of the market, the tech titans Microsoft and Google have a commanding position in terms of data and investible capital.
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Disrupting Digital Media
As foundation models have grown larger, the expense associated with training them has risen even faster. ChatGPT-4 alone cost OpenAI approximately $100M to train. Because of this, we expect to see increased dominance at the top of this market. Nvidia is increasingly filling a similar role as Intel did in the 1990s as it provides the bulk of the foundational hardware in the space. A couple of market leaders are likely to dominate the model portion of the market which is very similar to an operating system akin to Windows which allowed Microsoft such control over the computer market in a prior era. We expect significant M&A activity over the next few years as these dominant players consolidate their grip and invest in technological add-ons to maintain the edge of their offerings, but the aspect of this market which will be more relevant to Digital Media is the application layer. While the foundation models, as with an operating system, will define what can be done and how it can be done, businesses and the public will largely interact with these models' specific applications which will offer narrower tailored functionality. As Windows allowed for the development of Photoshop and the iPhone allowed for the development of Uber, there are likely to be many novel and yet unthought-of applications for this revolutionary technology. We expect that companies like OpenAI will continue to allow their models to be built upon and that significant investment will begin to funnel downstream. VC and M&A activity will increase dramatically in this application layer over the next three years. What we are seeing from our position involved in many transactions in this space is that while these new businesses form, many legacy businesses are facing a mix of opportunities and threats. Some segments are likely to face dramatic and rapid challenges. As we saw with the impact on Chegg, a tutoring and homework help company, when its stock fell by half in May due to a shift by students using ChatGPT-4, the ramifications can be sudden. Still, the potential of this technology to reduce costs in content production is staggering. News outlets, textbook publishers, and even software development agencies are likely to remake their business models in the coming years as they adapt to a technology likely to be as disruptive to their industries as the internet was.
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2024 Digital Media M&A Report
In Summary
As fears of an impending recession subside, the digital media market rebounding, and M&A activity on the rise, there are opportunities for digital media entrepreneurs to benefit from favorable exit conditions and realize the gains from their hard work. The availability of near-record levels of capital ready to be deployed indicates a positive outlook, and as concerns of a recession fade , activity in the market is expected to accelerate once again. Business owners are strategically prioritizing cost control and profitability, garnering investor approval and enhancing the overall robustness and health of the industry. While a cautious approach is recommended for strategic adjustments, including potential cost-cutting measures, striking a balance is crucial to ensure preparedness for the opportunities presented by the market rebound without compromising long-term sustainability. Simultaneously, the digital media landscape is undergoing a strategic recalibration. Instead of pursuing scale through M&A, companies are opting for more concentrated investments, prioritizing innovation, efficiency, and the fortification of organizational structures. This strategic shift is not only a response to industry-specific challenges but also reflective of a broader trend where businesses are adjusting to new market expectations.
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As the cost of capital rises and the value of distant future cash flow diminishes, businesses are steering away from investments in unchecked growth. Instead, there is a concerted effort to boost margins through significant rightsizing of workforces and a measured approach to investment. This strategic shift has enabled healthy firms to enhance their performance and outlook, contributing to an overall optimistic market outlook for 2024.
For those who are still making these adjustments, it is important to be very calculated in the kinds of priorities being set.
In preparation for a sale, FE works closely with its clients to set priorities and focus on optimizing those metrics that will drive the most value. During the sale, FE will work closely with you to articulate all the ins and outs of any decisions and changes made throughout the history of the business and will speak to investors on your behalf, allowing us to do the majority of the leg work and letting you focus on what is most important – continuing to grow your business. FE International, a leader in the digital media M&A space, has consistently outperformed the market over the past decade . The value of completed deals in the digital media sector has increased year on year, and 2023 is projected to continue this trend with a projected increase of over 22% in the value of deals taken to market.
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FE International is an award-winning global M&A advisor of SaaS, e-commerce and digital media businesses. It has completed acquisitions for thousands of founders, owners and acquirers and is the preeminent valuation thought leader in the industry. Founded in 2010, FE is known for its extensive network of pre-qualified international investors. With headquarters in New York and regional offices in Miami, San Francisco and London, FE is an international company serving clients worldwide. It was named one of The Americas’ Fastest Growing Companies from 2020-2023 by The Financial Times and is also a five-time Inc. 5000 company.
It complements this formal experience with unique and innovative approaches to valuation, deal marketing and structuring. Additionally, it prides itself on exceptional quality of service and the ability to consistently deliver safe, secure and successful deal-making for entrepreneurs and investors alike. FE has served over 1,200 clients and businesses in SaaS, e-commerce and digital media acquisitions and boasts a 94.1% success rate. With an investor network of over 80,000 high net worth individuals, private equity firms, funds and strategics, FE continues to lead the way in midmarket online and technology business sales. Over the past decade, FE has achieved industry-wide recognition, winning multiple awards from accredited sources and advising on several notable acquisitions.
The FE team includes experts in exit planning, valuation, accounting, legal and more.
2023
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Our team of creative and strategic thinkers blends together formal experience with innovative approaches to valuation, deal marketing and structuring. Here are just a few leaders of our award-winning team:
THOMAS SMALE - CEO
Thomas originally founded FE in 2010, with the aim of helping entrepreneurs running self-funded and profitable businesses exit. Since then, Thomas has built FE into the industry-leading M&A advisor for $1- 100M technology businesses. With experience dating back to the early 2000s, Smale offers invaluable technical, diligence and negotiation advice to early-stage and seasoned business owners alike, which has resulted in over 1,200 successful exits.
Randal is a seasoned M&A expert with over 25 years of experience in mergers & acquisitions advisory and debt and equity capital raising. A Harvard MBA and attorney licensed in New York, Randal has led international deal teams and managed investment banking platforms at several Wall Street firms. He has held senior investment banking positions at Merrill Lynch, Jefferies, CIT Group, and Duff & Phelps, and has closed over 230 transactions valued at $43 billion across 22 countries RANDAL STEPHENSON - HEAD OF INVESTMENT BANKING
Alon is responsible for FE's digital media vertical, supporting clients and investors across affiliate marketing, display advertising, and digital product businesses. He spent several years working in Investment Banking with a focus on M&A in the middle market sub-segment. Alon also has experience working in Asset Management for ScotiaBank, one of Canada’s largest financial institutions. ALON SHEINBERG – VICE PRESIDENT OF DIGITAL MEDIA M&A
Ashley is a Senior Associate on the M&A team at FE. She provides crucial advisory services across digital media and other areas. Prior to joining the FE team, Ashley worked in public accounting servicing companies with gross revenues ranging from six- to ten- figures within the technology industry. Ashley is a Certified Public Accountant in New York State. ASHLEY BOHN - SENIOR M&A ASSOCIATE
Kishan is a Vice President in FE’s Audit Team and joined FE International in September 2019, having qualified as a Chartered Accountant (CA), a Tax Professional (ITP) and graduating from Cass Business School, City University of London with a Bachelor of Science (BSc) in Banking and International Finance. Prior to joining FE, Kishan spent three and a half years at KPMG in their Deal Advisory, M&A Tax team as an associate working on pre/post deal structuring, buy-side and sell-side due diligence and IPOs. KISHAN PATEL – VICE PRESIDENT OF AUDIT
Whether you are an individual selling your online business, or an investor looking to build on an established portfolio, FE International has the expertise to help.
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