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Recently, <keyword id="23555" type="COMPANY" weightage="40" keywordseo="Globallogic">GlobalLogic</keyword>, an IT outsourcing firm that was started by 4 IIT graduates, was acquired by <keyword id="6406022" type="COMPANY" weightage="80" keywordseo="Apax">Apax</keyword> for a sum of $ 420 million. We had an exclusive chat with Tarun Updhyay, Co-Founder of Globallogic about the new deal and what is in store. Here is what he had to say: 
 
Why did you take the decision to go for a buyout deal instead of raising additional funding? 
It has been done from the perspective of long-term shareholder interest. It made more sense to go for a buyout. 
 
Is there any specific reason to bring in Apax as partners? Will GlobalLogic operate as a separate entity post acquisition or will it be a part of iGate? Along with the stellar reputation of Apax, they had two specific things going for them. One, they are not focused on a particular country but are a global fund. Two, they prefer long-term <keyword id="6362476" type="ORGANIZATION" weightage="40" keywordseo="investments">investments</keyword> with a growth focus. That made the Apax deal a great win-win for all parties involved. 
 
I expect GlobalLogic will continue to operate as a separate entity for the foreseeable future. 
 
Is it going to be one of the biggest exits for VC investors in <keyword id="3658" type="COUNTRY" weightage="40" keywordseo="India">India</keyword>? What’s you take on this? 
Indian entrepreneurs have finally started to get their share of large, successful exits. This trend is only going to grow. There are many small and large Indian-owned companies that are focused on global markets. So we should see many more large exits from India-based and Indian-owned companies. 
 
Three of GlobalLogic founders including me are now focusing on our new start-up hCentive, which is already valued upwards of $125 million. 
 
Why did you discard the IPO plan in the first place? 
The IPO market has its own complexities, especially for such a diverse and global operation as GlobalLogic. It made more sense to find one buyer at this stage, rather than go for the public markets. 
 
How will the acquisition benefit GlobalLogic? 
GlobalLogic will benefit from the global presence of Apax and their vast portfolio across various industries. We anticipate that the company will continue to grow. 
 
How do you view the global market for software development outsourcing? Does India still hold a key position in this space? 
Software development outsourcing industry in India will continue to grow, although the margins will come under more pressure. 
 
The large pool of trained and globally exposed IT professionals is finally leading to a sea of change in the industry mindset. Many more of the upcoming companies are now building interesting, innovative products that target the worldwide market. That is the real opportunity. 
 
The next worldwide software success may come from India! 
 
We are sure it is a bit early to ask, but has an Indian or global roadmap been decided? Can you shed some light on it? 
It is certainly too early for a new roadmap. It might take some time for things to evolve.

EXCLUSIVE – Tarun Upadhyay, Co-Founder Of GlobalLogic, Talks About Its Acquisition By Apax

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://media.glassdoor.com/l/a6/68/71/54/paypal.jpg">Glassdoor</a>PayPal's COO is leaving the payments firm.</div></div></div><ul class="summary-list"><li>Keeping an eye on major hires and promotions is one of the best ways to understand a company's strategy. </li><li><a href="https://theorg.com/">The Org</a> tracks executive changes at companies big and small. </li><li>Here's a snapshot of the most important executive moves of the week across tech and media. </li></ul>Every week we bring you an overview of the most important executive changes from the past week.This week, PayPal announced the planned departure of Bill Ready who has served as the company's Chief Operating Officer for six years. Read more about this and other notable executive changes:PayPal's Chief Operating Officer is leaving the company<a href="https://theorg.com/org/paypal">PayPal</a>'s Chief Operating Officer <a href="https://theorg.com/org/paypal/team/9287">Bill Ready</a> is leaving the company at the end of the year to pursue "entrepreneurial" interests. Ready joined PayPal six years ago as CEO of Braintree and Venmo, which PayPal acquired for $800 million. As PayPal's Chief Operating Officer, he is responsible for product, technology and engineering at PayPal, as well as the end-to-end customer experiences for PayPal's consumer, merchant, Braintree, Venmo, Paydiant and Xoom businesses.Former CEO of General Electric joins Twilio's board of directors<a href="https://theorg.com/org/twilio">Twilio</a> announced that <a href="https://theorg.com/org/twilio/team/jeff-immelt">Jeff Immelt</a>, former chairman and CEO of General Electric and current venture partner at New Enterprise Associates, has joined the company's board of directors. During Immelt's 16-year tenure as CEO at GE, he led the company through several innovative changes, including leading GE's digital transformation and reshaping the company's global strategy and footprint to leverage innovative technologies.Okta adds former PepsiCo executive to its board of directors<a href="https://theorg.com/org/okta">Okta</a> has announced that <a href="https://theorg.com/org/okta/team/robert-l-dixon">Robert L. Dixon, Jr.</a>, former Global Chief Information Officer and Senior Vice President of <a href="https://theorg.com/org/pepsico">PepsiCo</a>, will join the company's board of directors. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. Dixon's experience as CIO of PepsiCo gives him first-hand experience of the challenges that big companies have with investing in digital transformation initiatives.Axiom hires Sidra Berman as Chief Marketing Officer<a href="https://theorg.com/org/axiom">Axiom</a> has announced the appointment of <a href="https://theorg.com/org/axiom/team/sidra-berman">Sidra Berman</a> as Chief Marketing Officer (CMO) and Executive Vice President. In her role as CMO, Berman will drive the overall marketing strategy and be responsible for all Axiom marketing activities including go-to-market strategy, brand building, lead generation, and talent attraction campaigns. GlobalLogic hires Silicon Valley veteran as Chief People Officer<a href="https://theorg.com/org/globallogic">GlobalLogic</a> announced that <a href="https://theorg.com/org/globallogic/team/amy-hanlon-rodemich">Amy Hanlon-Rodemich</a> has joined the company as Chief People Officer. Hanlon-Rodemich has help pivotal HR positions at some of the most well-known Silicon Valley brands. Prior to GlobalLogic, she was Vice President of Human Resources at <a href="https://theorg.com/org/synopsys">Synopsys</a> and before that she was responsible for key HR functions at Yahoo! including technical and leadership training, organizational development, and all global employee services.Christian Wylonis <a href="https://theorg.com/">is the co-founder and CEO of The Org</a>, where you can meet the people behind the world's most innovative companies, explore organizational charts, stay updated on team changes, and join your own company. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/goldman-marcus-executive-speaks-on-apple-card-2019-6">WATCH: A Goldman Sachs Marcus exec explains why Apple is the perfect partner for their new credit card</a></h3> <div> </div> </div>

Here are the latest executive power moves that help explain everything that's going on at PayPal, Twilio, and Okta

<a href="http://www.businessinsider.in/searchresult.cms?query=e-Commerce+">e-Commerce</a> companies <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> have invested around Rs 1.8 crore and funded the designer of board games MadRat for children. Sachin Bansal and <keyword id="6364080" type="PERSON" weightage="60" keywordseo="Binny-Bansal">Binny Bansal</keyword> of <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+">Flipkart</a> made their investment in November last year while Snapdeal's <keyword id="219793" type="PERSON" weightage="60" keywordseo="Kunal-Bahl">Kunal Bahl</keyword> and Rohit Bansal did that recently. 
 
"They (the other investors) started smiling when I told them both <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a> and Flipkart are participating. 'How did you manage that?' was their first question," <keyword id="2975978" type="UNKNOWN" weightage="100" keywordseo="MadRat-Games-Pvt-Ltd">MadRat Games Pvt Ltd</keyword> CEO Rajat Dhariwal told the Economic Times. 
 
Kunal Bahl and <a href="http://www.businessinsider.in/searchresult.cms?query=Rohit+Bansal">Rohit Bansal</a> didn't have any issues over their competitors investing in the firm, said Dhariwal, an alumnus of the <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+Institute+of+Technology-Bombay+">Indian Institute of Technology-Bombay</a> and <keyword id="6421753" type="ORGANIZATION" weightage="80" keywordseo="Carnegie-Mellon-University">Carnegie Mellon University</keyword>. 
 Participants in the funding round of about $1 million (about Rs 6.2 crore) included the founders of IT outsourcing firm <keyword id="23555" type="COMPANY" weightage="80" keywordseo="Globallogic">GlobalLogic</keyword> - Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay. Vikas Choudhury, promoter of <keyword id="2975485" type="UNKNOWN" weightage="60" keywordseo="Pivot-Ventures">Pivot Ventures</keyword>, investment banker Sandeep Bordia and equity crowd funding site Globevestor have also put money into the company. 
 
"Innovation is at the heart of MadRat Games," said Binny Bansal, the single largest investor in the round. The company has Ravi Vora, CEO of the strategic brands group at Flipkart, on its board. 
 
Snapdeal declined to comment on the personal investments of the founders. 
 
According to Dhariwal, investors see potential in MadRat. "Everyone is building brands in-house. In the children category, I think the two companies see us as a top brand," he said. 
 
The company, which will launch a crowd funding campaign on Kickstarter in August as part of efforts to go global, is looking to compete with the likes of global giants Hasbro and Mattel. 
 
 Before setting up MadRat in 2010, Dhariwal taught kids for four years at <keyword id="2975487" type="UNKNOWN" weightage="80" keywordseo="Rishi-Valley-School-in-Andhra-Pradesh">Rishi Valley School in Andhra Pradesh</keyword> along with co-founder Madhumita Halder. Their experience showed them that children learn best when lessons are not forced down their throats. 
 
For instance, a jigsaw puzzle is usually discarded after being solved a few times. MadRat has sought to build on this, adding card games based on the pictures in the jigsaw or getting players to hunt for tiny characters hidden in the puzzle with a magnifying glass. 
 
Rajul Garg said: "What we found promising in MadRat was the team's sharp focus on becoming 'the' brand known for providing wholesome entertainment for kids." 
 
The games are priced between Rs 500 and Rs 1,000 and are available in 400 stores in 10 cities — and on Flipkart and Snapdeal. The company said it has sold 60,000 units of the five games it launched in January. 
 
"Learning should be like osmosis. It should happen without them (kids) knowing about it," said Dhariwal. The market is large, with the Indian toy industry expected to expand to Rs 13,000 crore in 2015 from Rs 8,000 crore in 2013, according to a report by the Associated Chambers of Commerce and Industry of India (<a href="http://www.businessinsider.in/searchresult.cms?query=ASSOCHAM">ASSOCHAM</a>). 
 
(Image: Indiatimes)

Flipkart & Snapdeal in rat race! Both invest about Rs 1.8 crore in MadRat Games

<div type="image" msid="58128689" hostid="261"></div>

 
(Image: India Times) 
 Whether you are a foodie or not, the indomitable aroma of a plate of hot <keyword id="41887" type="UNKNOWN" weightage="20" keywordseo="biryani">biryani</keyword> is sure to make you drool. Quite popular among Indians and its diaspora, Biryani has earned the luxury of being a royal food. A simple hotch potch of rice, vegetables and meat with some authentic Indian spices has made biryani a love affair for gastronomers. 
 
Given the sheer richness and diversity of Indian cuisine thanks to the bountiful cultural heritage, almost every region has its own version of the biryani. The biryani of Hyderabad, Kolkata, Kashmir, Lucknow, and Kerala are the prominent delicacies in the country. 
 And To offer home cooked style fresh biryani to customers across India and worldwide, an Indian start up has just come up with variety of aromatic and flavorsome meal, with right combination of Carbohydrates(Rice) &amp; proteins(Meat/vegetables). <keyword id="4405228" type="UNKNOWN" weightage="20" keywordseo="Biryani-By-Kilo">Biryani By Kilo</keyword> (BBK) has already taken the <keyword id="674224" type="COMPANY" weightage="20" keywordseo="Delhi-NCR">Delhi NCR</keyword> foodies’ market by storm. 
 
So why is BBK so unique while there are so many restaurants serving the same? 
In an exclusive interview with Business Insider, Kaushik Roy, the founder of BBK claims, the uniqueness lies in the fact that Biryani is made fresh only after the customer order is placed, and delivered in the same handi that it is prepared. 
 Along with co-founder Vishal Jindal, who is a diehard foodie with vast entrepreneurial/PE and scaling up expertise, across different businesses and geographies- the founder duo want to make Biryani By Kilo a pan Indian &amp; worldwide brand. 
Innovation 
However one just can’t stop asking what actually made the duo kickstart a venture, the market of which is quite saturated. 
 
Standardized Process and Systems, best Kitchen Technologies and ERP, going back to traditional and lost recipes of Biryanis/Kebabs/Kormas, New Packing and Delivery methods to ensure freshness are the major innovations BBK has already done in the segment. 
 

	<div type="image" msid="58128734" hostid="261"></div>

 
Here's how BBK delivers 
 
Funding 
BBK received funds from investors, including Chandigarh Angels Network, ex-Evalueserve Chief operating officer Ashish Gupta, GlobalLogic's Sunil Singh, highly successful US IT entrepreneur Alok Bhatia, and some senior executives from leading Financial &amp; Legal Firms. Rohit Chand and his son Ashish Chand also participated in BBK investment round, through their family fund Yukti Securities, which makes angel investments in the food and IT sectors. 
 
Revenue model 
BBK is currently generating an annual sales run rate of around Rs 7-10 cr. And targeting annual sales run rate of Rs 15-20cr by Mar 2018. BBK has currently 4 delivery outlets in NCR (Gurgaon, Dwarka, Noida, South Delhi- Shahpurjat). BBK plans to launch in other major cities like Pune &amp; Bangalore after Mar 2018.

A well funded start up is nowdelivering freshly cooked biryani at your doorstep. Have you tried it yet?

Skill development has always been crucial, but recent technological advancements have r<keyword id="6355999" type="General" weightage="20" keywordseo="ai" source="Orion">ai</keyword>sed the stakes. We are currently in the midst of the fourth industrial revolution, where automation and breakthroughs in artificial intelligence (AI) are revolutionising the workplace. In this era of quick change and short half-life of skills, upskilling shouldn't be an afterthought. Instead, reskilling and upskilling have to evolve into requirements for effective professional development. To understand the significance of upskilling for your career trajectory, it is important to recognise the ever-evolving nature of technology and the rapid pace of digital transformation. Business Insider India has been exploring how businesses and thought leaders are driving innovation by educating their staff on the technologies and skills that will shape the future. In a panel discussion, <keyword id="17585437" type="General" weightage="80" keywordseo="merlyn-mathew" source="Orion">Merlyn Mathew</keyword>, Head of Delivery Excellence and Talent Supply Chain at <keyword id="119815" type="General" weightage="50" keywordseo="persistent-systems" source="Orion">Persistent Systems</keyword> highlighted the changing dynamics of the industry when it came to leveraging upskilling to support their operations. She said, "The industry has changed in the last two and a half decades. When I first started working, it was all about technology, programming languages, and getting the job done offshore with little exposure to the client's end users. Employee roles were thus constrained, but digital transformation brought about the necessity for employees to improve themselves on a regular basis and adapt to different duties under the canopy of one position. A product development role today includes end-to-end product ownership, which involves client management and defining the end customer outcomes, which is now part of the complete product development lifecycle. And the training must be conducted accordingly." <cmsannotation type="cmsannotation" annotationid="The disruptive impact of technology" comment="subhead" text="The disruptive impact of technology">The disruptive impact of technology</cmsannotation> The job economy is being radically disrupted by evolving technologies. Keeping up with the pace of digital change poses a big employee training challenge for every organisation, as technology not only generates great business opportunities, but also obstacles and skill gaps for today's workforce. "The pace of change in technology has accelerated like never before," says <keyword id="17886785" type="General" weightage="80" keywordseo="manoj-shikharkhane" source="Orion">Manoj Shikharkhane</keyword>, Chief HRO, LTIMindtree, "so much so that the hype-cycle time of certain technologies has become shorter as opposed to the linear progression of technology two decades ago." He added that skilling, cross-skilling, upskilling, and reskilling have become imperative for staying relevant in today’s workforce. <cmsannotation type="cmsannotation" annotationid="The role of AI in upskilling" comment="subhead" text="The role of AI in upskilling">The role of AI in upskilling</cmsannotation> Rapid advances in artificial intelligence raises important questions on whether and how new technology impacts the need for employees to gain additional skills or retrain to succeed in an economy of the future. An increasing number of companies are pursuing such upskilling and reskilling initiatives, highlighting the importance of advancing knowledge in this area. "AI has a way of suggesting more hands-on ways to acquire knowledge based on a learner's specific needs. If the student is more visual, AI can recommend video lessons and infographics," says <keyword id="11146112" type="General" weightage="80" keywordseo="rajiv-naithani" source="Orion">Rajiv Naithani</keyword>, Chief People Officer, Infogain. Rajesh Rai, VP, People Team and Head HR, GlobalLogic chimed in that AI’s ability to provide data-backed suggestions for learning paths is a significant advantage that was not accessible earlier. He added, "AI can greatly assist employees in determining what type of learning they require now and in the future. Given the importance of technology in today's workforce, this becomes crucial. The world has progressed from being static and manual to automatic and tech-driven to the point where AI can recommend what type of learning is best for a learner." <cmsannotation type="cmsannotation" annotationid="The challenges and returns" comment="subhead" text="The challenges and returns">The challenges and returns</cmsannotation> During the panel discussion, two key questions were raised. First, whether AI can predict individual retention of an upskilling course. And second, whether it is feasible to calculate a return on investments (RoI) for upskilling initiatives. Merlyn Mathew explains that, "If AI can keep the learner involved and provide a course that helps grow his/her knowledge and curiosity, that is what will entice them to stay and complete a course. The ROI can be calculated based on the quality of deliverables provided to your customers.” "A learner does not start from zero in an organisation," says <keyword id="17886786" type="General" weightage="80" keywordseo="arushee-aggarwal" source="Orion">Arushee Aggarwal</keyword>, Head of Coursera for Business in India. She further explains, "Coursera uses AI to administer a pre-examination so that a learner does not have to start training from the beginning but may pick up where they left off in terms of knowledge. As a result, if they fall into the intermediate level, Coursera will suggest training at that level." By addressing the challenges and measuring RoI, organisations can ensure that upskilling programmes provide tangible benefits for both the employees and customers. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

The AI upskilling imperative to build a future-ready workforce

Union Square AdvisorsWayne Kawarabayashi, Partner and Head of M&amp;A, Union Square AdvisorsIn light of the current state of the global economy, capital market conditions and political climate, many are wondering what lies ahead for this year's technology M&amp;A market. In the U.S., we are closely watching the Trump administration as it pursues its agenda to tighten immigration and the U.S. borders, renegotiate trade agreements, replace Obamacare, and enhance defense and infrastructure spending. Against this backdrop, the economy continues to improve and we are entering the eighth year of a bull market. Further, the technology sector is growing, has abundant access to equity and debt capital and remains very active in M&amp;A, as evidenced by strong 2016 M&amp;A volume and several notable transactions thus far in 2017. In short, we are expecting technology M&amp;A to continue to be active for the rest of this year.<h2>Drivers of Technology M&amp;A </h2>We believe there are many positive drivers that will continue to support M&amp;A and investment activity in the technology sector this year. The equity markets continue to trade at record highs following the 2016 U.S. election, boosting investor and corporate confidence. Corporate earnings continue to improve and companies are looking to take advantage of this administration's plans to lower tax rates, effect a tax holiday on foreign cash repatriation, loosen regulations (e.g., HSR, Dodd-Frank) and enhance federal infrastructure spending by $1 trillion. At the same time, inflation seems to be in check and interest rates remain historically low, despite the Federal Reserve's two rate hikes since the election. Companies have large cash war chests for investments both domestically and overseas (the top five technology companies have an estimated $1.7 trillion in cash with $500 billion of it overseas) and there are large pools of capital in private equity, venture capital, pension funds and lending institutions waiting to be deployed as well. <a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ0E65656&amp;SMLS=1&amp;RW=1588&amp;RH=896#/SearchResult&amp;VBID=2C0BXZ0E65656&amp;SMLS=1&amp;RW=1588&amp;RH=896&amp;POPUPPN=6&amp;POPUPIID=2C0BF189X2KW">REUTERS/Lucas Jackson</a>Lastly, if companies are reticent to act, hedge fund activists may continue to demand board seats, return of capital and evaluation of strategic alternatives to catalyze M&amp;A activity as they have done successfully over the past few years (e.g., Elliott Management's recent activist campaigns with Cognizant for board seats and with The Advisory Board to consider strategic alternatives). <h2>Technology M&amp;A Off to a Solid Start</h2>Year to date, we've seen solid activity with large technology corporates becoming more active with M&amp;A, even plucking them before they go public, as evidenced by Cisco's $3.7 billion acquisition of AppDynamics. We've also seen several publicly-traded companies agree to sell themselves despite the overall strength in equity markets such as Mobileye's $15.3 billion sale to Intel, CEB's $2.6 billion sale to Gartner, Ixia's $1.6 billion sale to KeySight and Nimble Storage's $1.1 billion sale to HP Enterprise. Some strategics have become even more aggressive including Virtu Financial's $1.3 billion unsolicited offer for rival, KCG Holdings. Lastly, almost every week there appears to be a new company rumored to be for sale. Non-technology companies' pursuit of technology will likely continue as well following last year's activity including Walmart's $3.3 billion acquisition of Jet.com, General Motor's more than $1 billion acquisition of Cruise Automation, Unilever's $1 billion acquisition of Dollarshave.com and General Electric's $915 million acquisition of ServiceMax. This activity will be driven by the pervasiveness of technology throughout other industry sectors as more physical devices become technology-enabled, more information needs to be collected and analyzed, and more activity shifts to the Internet and cloud.<a href="https://www.youtube.com/watch?v=tMs3ZUThyhQ">YouTube/Dollar Shave Club</a>According to our compilation of market data, we experienced another strong M&amp;A year in technology, media and telecommunications with $583 billion of M&amp;A volume in 2016, a modest decline (six percent) from 2015's record $621 billion of volume. In addition, we saw more M&amp;A transactions in the sector at $1 billion or above in 2016, although dollar volume was lower (107 deals for a total of $497 billion) versus 2015 (79 deals for a total of $528 billion). While sector M&amp;A volume has been on the upswing over the past two years, we've also seen the level of technology IPO and private placement volumes rapidly decline over the same period (21 technology IPOs in 2016 vs. 34 in 2015, according to our compilation of market data). In part, the increase in M&amp;A has been supported by lower activity in capital raising. <h2>Private Equity </h2>We expect private equity and other investment management organizations to remain active this year. While they will continue to evaluate acquisitions of go-privates and private-to-private transactions, they will also evaluate alternative structures as demonstrated by CPPIB's 48 percent investment in Apax-owned GlobalLogic (valued at $1.5 billion); Apollo and HGM's $2.8 billion merger of SourceHOV, Novitex and Quinpario; and Veritas' $690 million carve-out acquisition of Harris' government IT services business. We also anticipate that private equity will continue to make PIPE investments into public companies such as last year's $500 million investment by Silver Lake in Symantec which helped support Symantec's acquisitions of BlueCoat for $4.7 billion and LifeLock for $2.3 billion. On a related note, private equity firms are increasingly acquiring platforms for the purpose of effecting further consolidation. Therefore, in addition to the aforementioned Silver Lake/Symantec's consolidation of companies, last year, Permira and Hellman &amp; Friedman's Genesys acquired its publicly-traded competitor Interactive Intelligence for $1.4 billion, and this year, Vista acquired DH Corp for $3.6 billion to combine it with its portfolio company, Misys. <h2>Technology IPO Market Ramping Up</h2>AppDynamics, which was swept up by Cisco, was supposed to lead off the technology IPO market in 2017. Instead, messaging app company Snap earned those honors. In early March, Snap raised $3.4 billion, priced above its offering range, and traded up 44 percent on its first day of trading. Several other IPOs followed Snap and performed above their IPO prices including enterprise software developer Mulesoft, data analytics provider Alteryx, security company Okta, and software firm Yext, which ended up 46 percent, 11 percent, 38 percent and 22 percent, respectively, higher on the first day of trading. <a href="http://business.nasdaq.com/discover/market-bell-ceremonies/detail.html#!/!?ceremonyId=7563">NASDAQ</a>While IT services provider, Presidio, priced below its offering range and traded only a modest 1.9 percent above its IPO price on the first day of trading; and Brazilian online retailer, Netshoes, priced at the low end of its range and traded down 11 percent on its first day. Still, others are looking to come to market in the first half of 2017 including Carvana and Cloudera.While the IPO market for technology is beginning to open, it is always difficult to predict how long the window will remain open. We've seen equity market volatility in March despite the launches of these recent IPOs. Dual track processes, whereby a company uses its IPO filing as a marketing opportunity to simultaneously explore a sale, will continue to be an option for IPO candidates as they seek to hedge their bets and try to maximize value in a sale versus going public. In 2016, KKR bought Optiv for $1.9 billion and Symantec bought Blue Coat for $4.7 billion, while in 2017, Cisco bought AppDynamics after all three companies filed to go public. While some private technology companies will be able to access the public equity market, many more private technology companies and their investors will proactively consider alternative monetization options including raising additional capital for growth while valuations still remain relatively attractive as well as seeking exits to strategic and growth-oriented private equity firms. This year, we've seen two large venture-backed companies exit via a sale to strategics including SimpliVity's $650 million sale to HP Enterprise and Veracode's $614 million sale to CA. <h2>Thomson ReutersThe logo of India's largest online marketplace Flipkart is seen on a building in BengaluruCapital Raises and Unicorns</h2>The private capital markets also remain active with sizeable investments. This year, there have been several large private capital raises including Koubei's $1.1 billion raise with Silver Lake, CDH Investments, Yunfeng Capital and Primavera Capital consortium of investors; FlipKart's $1 billion raise with eBay, Microsoft and Tencent; WeWork's $300 million investment from SoftBank; Magento's $250 million investment from Hillhouse Capital; and Tricentis' $165 million investment from Insight Venture Partners.It will be interesting to see what the large private technology unicorns will do in 2017. After enjoying several rounds of large capital raises at high valuations in recent years, these unicorns are now finding it difficult to continue to justify these higher valuations with each successive capital raise. Investors in private technology companies typically enter at different time periods and at various pre-money valuations, therefore each investor has different expectations for value and time to exit. We are seeing that some companies aren't able to continue to drive higher pre-money valuations with each capital raise, as some of the air has been let out of the unicorn phenomena. As a result, some of these companies are proactively exploring exits to strategics, seeking alternative sources of capital including debt and hybrid securities, and replacing one set of investors for another in secondary buyouts. The large unicorns, including Airbnb, Dropbox, Uber and Pinterest, will continue to watch to see when they might best tap the IPO market. <h2>Headwinds to Watch</h2>While there continues to be positive drivers that support an active M&amp;A year in technology, there are several headwinds to watch. First, as strategics and private equity firms continue to evaluate target companies to buy, there is a growing sentiment amongst these buyers that valuations, propelled by the strength of the equity markets, low cost of debt and an increased buyer universe, are getting expensive. There is also concern amongst the PE players that the high EBITDA multiple that one has to pay today might contract if the bull market subsides over the coming years, thereby lowering the multiple at exit and impacting IRR returns. Further, if tax law is enacted to eliminate tax-deductibility of interest expense, this could also dampen returns, although it would likely be partially offset by a reduction in corporate tax rates and full expensing of capital expenditures. Thomson ReutersNFL: Super Bowl LI Champions-New England Patriots White House VisitSecond, there is the potential that the new administration's "America First" view towards foreign relations could dampen or at the very least increase scrutiny for cross-border M&amp;A activity, especially for U.S. technology assets that are of national importance (e.g., CFIUS review). While we've seen CFIUS and past administrations intervene on a number of Chinese acquisitions of U.S. companies, the recent decision to block Germany's Infineon Technologies acquisition of Wolfspeed begs the question of whether the CFIUS mandate has been broadened to include European allies as well; albeit this is only one example. Further, changes in immigration and international trade policies could also impact the organic growth of U.S.-based technology companies making buyers and targets more susceptible to revenue, earnings and foreign exchange rate volatility, thereby increasing reluctance to make big technology M&amp;A bets.Third, the recent withdrawal of the American Health Care Reform Act of 2017 by the Republicans in Congress has increased market volatility as investors wonder about the Republicans' ability to push through tax reform, infrastructure spending and other economic and market enhancing policies. Lastly, the growing tensions in Syria and North Korea, as well as the outcome of the French elections and Brexit could continue to enhance market volatility and weigh on the minds of investors, tech buyers and sellers.<h2>Final Thoughts</h2>Despite some potential headwinds, we think the market dynamics will support another strong year for technology M&amp;A in 2017. We will continue to see acquisition and investment activity in the following areas: cloud transformation, cybersecurity and network visibility, big data/data analytics, vertical and horizontal as-a-service offerings, converged IT solutions, mobility, advertising technology/marketing technology, e-commerce, mobility solutions, healthcare IT, fintech, Internet of Things, Internet of Humans, machine learning/artificial intelligence/intelligent applications, and augmented/virtual reality. While some technology companies will see exits via IPOs, the vast majority will continue to tap the private placement market and find growth equity and private equity buyers who are flush with cash as well as seek full exits to large and mid-sized strategic buyers. The technology sector remains robust and developments in innovation and the convergence of technology will drive companies to make offensive and defensive moves to stay ahead of the game.Kawarabayashi is head of M&amp;A at Union Square Advisors, is a leading technology-focused investment bank that offers strategic mergers &amp; acquisitions advice and execution as well as agented private capital financing services. Founded in 2007, with offices in San Francisco and New York, Union Square Advisors works with leading public and private technology companies, private equity and venture capital firms across the technology landscape with a primary focus on Software, Software-Enabled Services, IT Infrastructure and Internet/Digital Media. <h3>NOW WATCH: <a href="http://www.businessinsider.com/pepsi-pulled-controversial-ad-kendall-jenner-2017-4">'Clearly we missed the mark': Pepsi just pulled this controversial ad</a></h3> Please enable Javascript to watch this video

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