Flow Partners

We are a modern advisory firm providing independent corporate finance advice to companies and investors that shape the global digital ecosystem.

[Multiples.vc @multiples_vc]

Big moves in luxury fashion: despite tariffs uncertainty, @Prada bought @Versace for $1.4B, valuing a same-town rival at 1.4x revenue.

It's a hefty price tag but far from the largest M&As that happened in fashion over the last decade, like e.g. a mega merger that formed @EssiLux

[Multiples.vc @multiples_vc]

Plenty of fintech M&A activity in Q1 2025:

💰 Lending: @MrCooper acquired by @RocketOTD
📑 Neoinsurance: @nextInsurance1 acquired by @HDFCERGOGIC
💳 Payments: @GlobalBlueGroup acquired by @Shift4

... and many more - all data available at @multiples_vc

[Multiples.vc @multiples_vc]

New report: update on 📡 telecoms, including public comps and M&A activity across TSPs, data centers, IoT, satellites, networking equipment and more

There has never been more demand for data, driven by 5G commercialisation, AI and explosion in digital content

PDF in comments ⬇️

[Multiples.vc @multiples_vc]

🦄 LatAm fintech unicorn update: after $160M series A for @plata_card, there are now 27 fintech companies valued above $1B in Latin America. (1/4)

[Multiples.vc @multiples_vc]

Public markets value @CharlesSchwab and @RobinhoodApp the highest across all brokers (8.2x and 7.9x respective EV / NTM revenue)

[Multiples.vc @multiples_vc]

AI companies achieve staggering growth numbers with extremely lean teams. Across large model layer, @midjourney and @deepseek_ai are the most efficient ($4.1M and $1.6M ARR per employee respectively), followed by @Anthropic ($1.2M).

[Multiples.vc @multiples_vc]

@CoreWeave went public on Friday valued at $23B (EV of $30B) and we've benchmarked its valuation to the closest comps ⬇️

[Multiples.vc @multiples_vc]

(3/3) On the other side of the spectrum, healthcare (2.4x) and education (2.4x) reflect tough challenges: (very) long sales cycles, fragmented buying processes with multiple stakeholders, and persistent budgetary constraints.

[Multiples.vc @multiples_vc]

(1/3) 🏭 Industrial software commands the highest EV / NTM revenue valuation multiple (5.4x) among all vertical SaaS categories, followed by automotive (4.8x)

[Multiples.vc @multiples_vc]

🕹️ Big day in gaming M&A: @PokemonGoApp maker @NianticLabs has sold its video game division for $3.5B (3.5x revenue) to @scopely, a subsidiary of @SavvyGamesGroup, a major Saudi Arabian gaming group. (1/3)

[Multiples.vc @multiples_vc]

Real estate marketplaces M&A on fire (1/2)

🇺🇸 @RocketOTD acquired proptech broker @Redfin for $1.75B and 2.3x EV/Revenue (enterprise value of $2.4B)
🇱🇹 Baltic Classifieds Group (BCG) bought Lithuanian real estate valuation platform untu

[Multiples.vc @multiples_vc]

@Adevinta has sold its 50% stake in @willhaben, Austrian online marketplace , to JV between Styria Media Group AG and Sprints, valuing @willhaben at €500M.

Horizontal marketplaces sold at a lower median EV/Revenue (4.1x) than vertical ones (5.1x) over the past 3 years.

[Multiples.vc @multiples_vc]

(1/3) Despite recent stock crash, @Tesla is valued at 13.1x LTM revenue which is nearly five (!) times higher than the overall EV makers industry (2.8x).

[Multiples.vc @multiples_vc]

@Prosusgroup acquired @JustEatTakeaway for 0.8x revenue, which reinforces clear downward trend in M&A exit multiples for food delivery. (1/3)

[Multiples.vc @multiples_vc]

🛍️ Klarna is reportedly eyeing a $15 billion IPO, which would value the Swedish BNPL giant at 6x EV/Revenue.

[Multiples.vc @multiples_vc]

@elevenlabs is now valued at an estimated 37x ARR, after raising a $180M Series C last week.

[Multiples.vc @multiples_vc]

🚗 Big day in automotive tech - https://t.co/VW88gp2O9N acquires DealerClub for $25M (and potential earn-outs up to $88M), while Adevinta is gearing up for a 2026 IPO of its German auto marketplace unit https://t.co/EaVBcFZM3E, which could be worth as much as $10B.

[David Jiménez Maireles @davidjmaireles]

Despite having a record combined value of $14 trillion...
Many of the Magnificent Seven are valued at a slight discount to the market 📈

https://t.co/t5hiqdfR3a via @flow_partners

#BigTech #technology #talent #innovation #CX #data #leadership

[Flow Partners @flow_partners]

Mega opportunities are arising in applied AI. The Magnificent 7 are on the hunt for these opportunities, and AI is bringing them closer within reach. At the same time their home markets feel less defensible than before.

[Flow Partners @flow_partners]

https://t.co/h6U6q8mYDf

[Flow Partners @flow_partners]

Now, as the biggest-ever platform shift in tech unfolds, occurring only every ~20 years, everything is up for grabs again. This time, acquisitions are off the table due to regulatory scrutiny. They dominate era-defining VC deals instead, for now.