June 26, 2003

M&A: How to Achieve a Good Outcome in a Bad Environment
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Moderator:
Ron Lissak, Managing Partner, Catapult Advisors

Panelists:
Lou Ryan, CEO Entercept Security Technologies (recently acquired by Network Associates)
Greg Paulsen, VP, Corporate Development, Intuit Inc. (bought Blue Ocean, Eclipse, etc.)
Rob Townsend, Partner, Morrison & Foerster (Chair, Global Business Department)
Tim Miller, Former President, Webmergers (part of the 451 Group of companies)
Deepak Kamra, General Partner, Canaan Partners

It has been predicted that the technology industry will see unprecedented levels of merger and acquisition activity in the months and years to come. Today there is growing scarcity of investment capital and the increasing rarity of IPOs. Small and midsized companies are experiencing difficulty achieving a level of sales traction and scale that is vital to their ongoing success.These companies have become attractive and affordable acquisition targets for larger companies looking to gain instant entry into new markets and access to new customers.

The result is a fertile environment for deal making that is creating enormous opportunity for small and large companies alike.

This workshop will provide a 360-degree view of emerging M&A trends, from the perspective of each of the major participants in a transaction (i.e. target CEO, acquirer, VC, lawyer and investment banker). The panel will address many important issues in M&A deals today, including:

• Why M&A, rather than IPOs, will be the primary transaction driver for the next five years?
• Which large public companies will be driving tomorrow's acquisitions and why?
• Technology innovation as an ongoing driver of M&A activity.
• The profile of a typical target in the current environment.
• Key valuation drivers.
• How today's corporate investor can become tomorrow's strategic buyer.