Greetings!
For a Friday, with summer approaching, deals are humming. You don’t have to look further than consumer technology, an area somewhat overshadowed last year by the high prices fetched by enterprise software companies.
Recent deals show a tale of two markets, however. In one, later-stage consumer tech companies are finding buyers, just not at the prices investors had hoped. Facebook said Friday it was buying Giphy. The deal was priced at close to half of the $600 million value that investors had placed on the GIF search engine four years ago. The acquisition follows news that Apple has bought virtual reality startup NextVR for roughly $100 million, less than the total amount of money investors had put into the 11-year-old company.
