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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Tech companies look for deals as values fall Fri May 22, 2009 1:03pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Anupreeta Das NEW YORK (Reuters) - Cheap valuations and glimmers of economic recovery are tempting cash-rich technology companies to seek acquisitions, and the second half of 2009 could see some steady dealmaking. Having assessed the damage to their balance sheets -- at least for now -- from the recession, tech companies from behemoths like IBM to niche players like NetSuite Inc are turning their attention to new growth opportunities. Already this year, Oracle Corp scooped up Sun Microsystems Inc for $7.1 billion. Chipmaker Broadcom Corp is in a hostile pursuit of Emulex Corp for $764 million. And NetApp Inc announced a deal this week to buy Data Domain Inc for $1.5 billion. The pace of acquisitions is going to quicken in coming months but most deals will be small to medium-sized, top U.S. technology executives said at the Reuters Global Technology Summit in New York this week. They agreed that potential targets on their shopping lists were cheaper now than even a few months ago. But they were divided on whether valuations have hit rock bottom or if they could fall further, since the feeble signs of improvement in the economy could be temporary. "Valuations could go lower," said Sybase Inc Chief Executive John Chen. "Somehow everybody thinks things are on the rebound. I think we're going to stay low for a while." Sybase is on the lookout for acquisitions to help expand its mobile enterprise business. Chen said he frequently gets calls from venture capitalists and private equity firms wanting to sell him their start-up companies. "Some of the start-ups are under the gun a little bit ... But we're cautious. There is no hurry," Chen said. PATIENCE Symantec Corp Chief Executive Enrique Salem also said he is patient about dealmaking because he expects valuations to fall further in the next few months. "We have $2 billion in cash, very little debt, high recurring revenue, so we have the opportunity to do M&A," Salem said. He added that Symantec wants to buy companies to pad up its core security, storage and systems management businesses. But "private companies' valuations need to be reset. I don't think private companies at this point have realized that there's been a change in the economy," Salem said. Other executives felt that valuations are low enough to go on buying sprees. Yahoo Inc Chief Technology Officer Ari Balogh said it was "amazing" how much lower valuations are compared to a few months ago. "It's a good time to be buying now," Balogh said, as Yahoo adds more social networking features to its properties as part of a renewed turnaround focus. I can guarantee you there will be some acquisitions." Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Pope on Facebook in attempt to woo young believers Reuters Global Technology Summit Who will come out on top? Technology companies are drawing attention from investors and consumers alike as everyone tries to predict the market bottom and what new inventions might drive a recovery. Full Coverage More Technology News Pope on Facebook in attempt to woo young believers Facebook and Twitter hunt for revenue U.S. federal judge weighs DVD copying case Gates sees tech helping U.S. out of recession Tokyo park plays high-pitch tone to teen vandals More Technology News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video UPDATE 2-"American Idol" ends on low, questions over future Egyptian billionaire sentenced to death for murder | Video Filmmaker Michael Moore targeting economic crisis UPDATE 3-Dark horse Kris Allen wins "American Idol" GM talks likely to June 1, not past: Obama adviser Bankruptcy surgery revives Chrysler after all Google Almost Bought a Paper Suspects in NY synagogue plot to be held in jail | Video "Terminator Salvation" opens strong Suu Kyi pleads not guilty in U.S. intruder case | Video Most Popular Articles RSS Feed Video Baby monkey makes zoo debut Biden hailed in Kosovo; Serbs wary Malawi president wins re-election Death for killers of pop star Cheney vs. Obama New York bomb plot foiled Japan sees spike in swine flu cases NY bomb suspects in court Mexico prison break 'inside job' Deadly battles in Somali capital Most Popular Videos RSS Feed the great debate Facebook, shmacebook: What’s the next great thing? Facebook is the 800-pound gorilla in the social media space, with some 200 million members, a valuation of perhaps $5 billion and a base that has expanded well beyond its early roots as a private hangout for bored Ivy League students. Commentary We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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