What’s the widest merger spread out in the market currently? Believe it or not, it’s no longer the TWTR / Elon Musk deal I’ve been obsessed with. I believe (and I say this because it’s possible I’m missing one) the widest spread currently belongs to the IronSource (IS) / Unity (U) deal.
Good analysis. The other wild card is what APP does if U combines with IS. APP has more and better developer relationships than either U or IS. If a U competitor (Epic?) picked up APP then all of a sudden U is on the defensive with some real threats. U's rt 3d tech is fantastic but the vast majority of their revenue is driven by much more basic mobile development tools, where Unreal has closed the gap and perhaps even pulled ahead of them. It's interesting to imagine a world where access to dev tools is subsidized by the ad and analytics platforms.
I’m not sure the ebitda numbers make sense. You have the app/u combo doing 3 billion in ‘24. Let’s back out the synergies of 500 so that’s 2.5. For simplicity, let’s say half from u and half from app. So 1.2 each. Yet U/IS ebitda pre synergies for same year is 700. Implying iS detracts $500 million ebitda from the combo. Looks like there are a lot of apples and oranges.
Good analysis. The other wild card is what APP does if U combines with IS. APP has more and better developer relationships than either U or IS. If a U competitor (Epic?) picked up APP then all of a sudden U is on the defensive with some real threats. U's rt 3d tech is fantastic but the vast majority of their revenue is driven by much more basic mobile development tools, where Unreal has closed the gap and perhaps even pulled ahead of them. It's interesting to imagine a world where access to dev tools is subsidized by the ad and analytics platforms.
I’m not sure the ebitda numbers make sense. You have the app/u combo doing 3 billion in ‘24. Let’s back out the synergies of 500 so that’s 2.5. For simplicity, let’s say half from u and half from app. So 1.2 each. Yet U/IS ebitda pre synergies for same year is 700. Implying iS detracts $500 million ebitda from the combo. Looks like there are a lot of apples and oranges.