The three founders of Infobip have not just proven that global Software companies with thousands of employees can be built on the beautiful coastline of Croatia, but are a symbol for the resilient entrepreneur, as they have silently built a global powerhouse without any funding or help by the institutions which were intended to do so. Infobip’s founders have spotted the need for a Full-stack Communications Platform as a Service (CPaaS), as they describe their product, early on in 2006 when it was far from obvious that billions of SMS would have to be sent daily from Uber, Lyft, and other mobile Apps 14 years later. Today the company operates its direct communication SaaS globally with virtually every major telecom operator, offers a wide range of messaging services, and boasts clients with the likes of Uber, Burger King, and Strava.

The funding comes a bit surprising, as the founders intended to go public without prior fundraising.  In comparison Twilio (NYSE: TWLO), Infobip’s main competitor has raised $263 million from 24 investors, amongst those global leaders such as Salesforce, Fidelity, and T. Rowe Price since its inception 2009 when they first went through the Techstars Accelerator. Today Twilio has a market cap of $38.59 billion, the $1 billion Infobip is valued at seems small compared to its biggest rival, although it is their first-ever funding round and we expect more money to be drawn to the company.

The round’s only investor One Equity Partners, invested in Croatia for the first time, the middle-market private equity firm has $10 billion assets under management and was formed at Bank One in 2001, today it operates under the JP Morgan Chase umbrella after the latter was acquired by JPM. Interestingly One Equity Partners acquired a majority share in Ericsson media solutions in 2018, which is the media business of Ericsson composed of many previous acquisitions, yet a small part of Ericsson, which of course has its roots in the global telecom market, could pave the way for a symbiotic relationship between the two.

The future will show how this Croatian success story will unfold, we at VentureXchange are happy that Silvio Kutic, Roberto Kutic, Izabel Jelenic have shown the world that Croatia can produce Unicorns, and hope that many more will follow their path. Congratulations Infobip.

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Private equity investment in CEE reached €2.7 billion in 2018 to local talents, according to the Invest Europe Association. Furthermore, venture capital investment rose year-on-year by 32% to €160 million. By a number of companies backed in 2018, venture capital registered its second-best year on record.

In recent years, CEE startups in tech-led to huge traction of the market to venture capitals. About 10,000 emerging Eastern European businesses raise their first rounds of funding in the last five years. In the same period, the CEE market has seen more than ten unicorns emerged, with a total valuation of €30 billion.

CEE startups examples in tech

Lots of CEE startups tech companies achieved admirable results in tech space with a huge impact on a global scale. Grammarly Inc. is one of such tech company, founded in Ukraine. The company develops a digital writing tool using natural language processing (NLP) and artificial intelligence for effective writing of the English language. With more than 20 million active daily users, in 2019, the company was able to raise $90 million with a valuation of $1 billion.

We have Russia’s Miro, a digital whiteboard designed to allow distributed teams to work effectively together. The company raised a $50m Series B in April and has five million users worldwide.

Another example is a Lithuanian company, MailerLite that offers advanced automated email marketing campaigns. The company was recognized by SaaS Magazine as the 5th fastest growing SaaS business in the world.

DocPlanner, an emerging Warsaw-based online healthcare platform, is making it effortless for patients to book appointments with the right doctor. In May 2019, it announced raising an amount of $89.8 million series E funding in less than two years after it raised $16.8 million in venture capital.

Warsaw and Tallinn are currently leading the space as the largest tech hub in the CEE region by impressive numbers in venture rounds.

Poland startup ecosystem

Poland is the largest economy with 30% share of total GDP ($1.59T) in the CEE region. That said, polish technology companies are becoming more sophisticated and many have truly global potential

By invested venture capital, Poland ranks as a second-best in the CEE region. 2019 was record-breaking in terms of the amount of capital invested. As many as 269 transactions totalled over PLN 1.2 billion.

Although the pandemic situation has been trying to thwart our plans, we do believe that 2020 will have also ended with record-breaking results.– said Eliza Kruczkowska &Maciej Ćwikiewicz from Polish Development Fund Group (PFR)

However, the Polish tech startups are facing some challenges. Many great
ideas lie dormant in the universities’ drawers and laboratories. That may be solved with market professionalisation. That said, mature managers with a good track record will be able to find good projects and convince the originators that together they can achieve success.

One of the key challenges is a clear equity financing gap for later and growth-stage companies who are raising B or C rounds. Additionally, the Polish tech companies should improve managerial capabilities in the area of international business.

Key takeaways

What should we expect from the CEE region in the future? The diversified workforce has great potential. Moreover, the region includes about one million developers (50% in Poland, Romania and the Czech Republic), offering highly-skilled and educated tech workers. As mentioned in the article, Poland in 2019 is having the breaking record in venture capital investments. CEE startups certainly don’t lack innovation and highly-skilled and educated tech workers. Finally, the CEE region will likely gain more attention from investors outside of Europe.

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The number of people in Central and Eastern Europe (CEE) who have accessed at least one online service has risen by 15 per cent. According to the new Covid-19 Digital Sentiment Insights survey by McKinsey & Company. Analysis suggests that the 2019 digital economy in CEE is reaching a value of EUR 94 billion.

Business environment in CEE has changed drastically due to the COVID-19, and a sudden change is a digitalization. Furthermore, the number of services in different sectors accessed digitally by CEE consumers has almost doubled since the start of the pandemic.

Digital Challenges in CEE

A survey by McKinsey reveals rapid digital adoption by all age groups and geographies. That goes not just for traditional “early adopters” – young professionals living in large cities. The digital adoption rate also grew significantly during lockdown for consumers aged over 65. This age group showed the strongest growth across the region, with the number of users increasing by 40 per cent.

The most popular online services are banking (accessed by 59% of consumers) and telecommunications (45%).

This is not surprising news, as these two sectors have been investing heavily for the past few years in the digitisation. The number of consumers accessing government services online has more than doubled, but these services received the lowest satisfaction ratings from users.

Even after the COVID-19 crisis passes, policymakers should focus on adding new e-government services. Moreover, with improved existing applications, the business environment in CEE would see a significant improvement for the digital ecosystem.

That said, the public sector should make fewer changes to provide digitisation in CEE. Those include providing telemedicine services to online education and e-government services. In light of the rapid migration of consumers to digital technologies driven by the COVID-19 pandemic, the CEE region has an opportunity to capture the momentum for future growth.

Opportunities for the public sector

Countries across CEE have launched innovative solutions to help tackle the crisis, including COVID-19 tracing apps. They often developed these solutions by cooperating with the private sector. This was the case, for example, with the Croatian Financial Agency’s so-called “COVID score”. That digital scoring mechanism determines, by linking multiple government databases, how vulnerable a company is to the effects of COVID-19.

Many people have started using online channels for services for the first time, and 70 per cent plan to use them to the same degree or more after the pandemic. This is clear proof that the changes brought about by the pandemic are structural and here to stay.

Opportunities for businesses

The COVID-19 has shown the biggest example of the change in customer demand for digital channels witnessed in the last six months is unprecedented.

The ability of businesses and the public sector to envision new ways of operating will be crucial to ensuring long-term sustainability and growth in the next normal.

Some companies innovated, expanding their business models and making strategic decisions at a pace hard to imagine before COVID-19.  A good example is a Poland-based company Booksy – application for finding, scheduling, and managing appointments.

Before the pandemic, the company was focused mostly on the beauty sector. The impact of the lockdowns led to a 90 per cent drop in activity on the application. Within a few weeks, however, the company managed to expand its business model by forming partnerships with numerous banks, an electronics chain, and other businesses. That enabled users to make appointments with them without the need to physically wait in line. This business model was helpful during the pandemic.

Furthermore, the business environment in CEE shows a great opportunity for businesses to focus on these strategic areas. Businesses should accelerate the adoption of digital solutions, especially in light of increased customer expectations.

Business environment in CEE has changed drastically due to the COVID-19, and a sudden change is a digitalization. Furthermore, the number of services in different sectors accessed digitally by CEE consumers has almost doubled since the start of the pandemic.

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Croatia

The European Commission recently approved the proposed acquisition of Slovenian retailer Mercator by Croatia’s Fortenova Group, the successor to the collapsed food-to-retail concern Agrokor. The Commission said in a statement that the transaction will not harm competition in the European Economic Area. Fortenova and Mercator are both active in the supply of daily consumer goods, with the former currently active in Croatia and Slovenia, and the latter primarily located in Slovenia, with a significant presence at the retail level where Fortenova is not active.

There have been more new acquisitions in Croatia. A Digital Realty Company and a leading European provider of carrier- and cloud-neutral colocation data centre solutions, has acquired Altus IT, the leading carrier-neutral data centre provider in Croatia, offering a gateway for interconnection and peering with a number of prominent service providers in South-East Europe.

Romania

Resolution Property and Zeus Capital Management have recently acquired Floreasca Park, a ca. 40,000 sqm office campus in the heart of Bucharest. The property was sold to the joint venture by a fund managed by GLL Real Estate Partners.

“We are very pleased to conclude the acquisition of a landmark prime office building and progress with our investment program in Central East and South East Europe. This is the fifth transaction of our investment platform that is focused on prime commercial real estate properties in the region. We are confident that this market-leading asset in Bucharest’s promising office market will perform exceptionally well for our investors. ”Stelios Zavvos, Chairman and CEO at Zeus Capital Management for Warsaw Business Journal

Bulgaria

Cyprus-based company Potamiro has completed the acquisition of the owner of Bulgarian hotel operator Sofia Hotel Balkan. The transaction, in which Potamiro acquired indirect sole control of Sofia Hotel Balkan – the company running the five-star hotel of the same name in central Sofia, was concluded on September 3. Following the transaction, Potamiro now controls 100% of Naranjilla Company, which holds 87.49% interest in Sofia Hotel Balkan through its wholly-owned subsidiary Bandola Properties.

Austria’s Energy Development has completed the acquisition of Bulgaria-based ACWA Power CF Karad PV Park, the owner of Karadzhalovo solar power plant, and plant operator NOMAC Bulgaria from Saudi-based ACWA Power. According to SEE News, ACWA Power, a developer, investor and operator of power generation and desalinated water plants, was the end-owner of the Bulgarian companies through two of its subsidiaries – Malta-registered ACF Renewable Energy Ltd, which controlled ACWA Power CF Karad PV Park and Saudi-based NOMAC Ltd., which was the owner of NOMAC Bulgaria.

Slovenia

Italy-based investment company META Ventures said it acquired the remaining 49% stake in Slovenian fund manager META Ingenium from Slovenia’s sovereign holding company, SDH. The acquisition is a result of a public tender opened by SDH at the end of February, META Ventures said in a statement earlier this month. META Ventures was established in Italy more than 27 years ago, specialising in early-stage equity financing, advisory and academic activities. It has so far invested more than 100 million euro ($116 million) in over 100 high-growth startups across Europe.

For more information on M&A deals in South-East Europe and news, please visit SEE News and Emerging Europe.

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PitchBook’s European Venture Report Q1 2020 states VCs poured an impressive €8.2 billion into European companies during the first quarter of 2020. The report states that COVID-19 could threaten the flow of US capital into startups in Europe. European startups brought in a total of €8.58 billion across 40 deals of €100 million or more in 2019. The number of VC-backed transactions, however, has been on the decline—sliding from 5,929 deals in 2018 to 5,017 last year—showing that the ever-increasing pool of money is being distributed across fewer transactions.

Attracting and retaining talent is indeed challenging — both for companies in Europe and elsewhere — but hiring is typically cheaper outside the US. This, of course, is a double-edged sword in that European tech is at risk of brain drain — the mass exodus of talented, and experienced, individuals seeking higher salaries on the other side of the Atlantic. Even though European tech has overcome challenges before the pandemic, there’s very little doubt that it still lags behind the US and parts of Asia.

European Unicorns Analysis

While Europe generates 36 per cent of all formally funded start-ups, it creates only 14 per cent of the world’s unicorns. Adjusted for population and GDP, the number of seed-stage start-ups that Europe generates is only 40 per cent of that generated by the United States, reports McKinsey.

Europe’s ecosystem has been less effective than that of the United States at turning start-ups into late-stage successes.

To analyze the steps between the seed stage and success, McKinsey looks at start-ups that received seed or angel funding between 2009 and 2014. For example, European start-ups were 30 per cent less likely to progress from seed to a successful outcome, as compared to start-ups that raised seed funding during that time in the United States.

The analysis also showed that most European unicorns have had to expand not just beyond their individual countries but beyond Europe as well, whereas only half of US unicorns have expanded outside the continental United States. That said, European start-ups have to focus on wider internationalization earlier in their journey than do US start-ups.

There is also a cultural difference taken into the account as the reason why European startups should perform faster in early stage than the US startups. Cultural differences and language barriers keep Europe behind the US startups that grow on a much faster pace. However, an increasing number of recent European success stories, such as Delivery Hero, Auto1, or N26, that focused on hypergrowth at the expense of short-term profitability, has shifted cultural differences.

Meanwhile, the startup ecosystem in Southeast Europe (SEE) has startups, supporting institutions, interesting technology, and founders with an ambitious mindset. Globally successful companies can be created even in this part of Europe. That being said, unicorns potential exists in South East Europe as well. Outfit7, a family-entertainment company with Slovenian founders and pioneer in the field of digital entertainment, has been sold for 1 billion USD to a Chinese investor in January, thus becoming the first unicorn in the region.

Overcoming challenges

Europe could look at how to support the culture and capital needed to further grow its start-up ecosystem. Entrepreneurs could take advantage of the improving conditions for startups in Europe and aim for global leadership. Governments could further this through more risk-willing capital, and considering allocating more semi-public funds toward growing the ecosystem, as well as fostering collaboration between ventures, academia, and industry.

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The report Digital Challengers in the next normal in Central and Eastern Europe has revealed the ten CEE countries analyzed —Bulgaria, Croatia, the Czech Republic, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia—increased per capita GDP by 115 per cent in the period 2004–2019. With the digital economy reaching €94 billion in 2019, it is clear that CEE exceeded the “business as usual” scenario from the year before.

The engines driving the digital economy in the CEE

The lockdown has drastically transformed the way people interact, travel, spend their leisure time, and use public services. As the McKinsey COVID-19 Digital Sentiment Insights survey shows, almost 12 million new users of online services appeared in CEE—more than the population of Slovakia, Croatia, and Slovenia put together.

Given the data from the McKinsey report, consumers are getting used to new digital channels and therefore drive digital economy change. Although consumers habits are changing now, they may stay changes for good as the COVID-19 safety measures will not disappear anytime soon.

The situation has changed for SMEs, and the pressure is becoming more severe as organizations lag behind digital adoption.

Many CEE startups tech companies achieved admirable results in tech space with a huge impact on a global scale. CEE’s unicorns are worth around €30 billion according to Dealroom. In recent years, CEE startups in tech-led to huge traction of the market to venture capitals. About 10,000 emerging Eastern European businesses raise their first rounds of funding in the last five years. In the same period, the CEE market has seen more than ten unicorns emerged, with a total valuation of €30 billion.

To move the engines for the digital economy in CEE, the action is required by all stakeholders in Digital Challenger countries. Restrictions imposed during the pandemic are an incentive for digital transformation. That said, the restrictions have made the solution all the more important. Now, businesses need an e-commerce website, online customer service and cloud and automation technologies in order to survive.

Lastly, CEE markets need to move with more dynamism. Today Big Tech must provide commanding benefits to consumers and other users while looking to other mechanisms, such as advertising, to support good margins. The digital economy usually reflects innovation and dynamic efficiency. In CEE markets, organizations will have to embrace the change and explore new business opportunities through digital transformation.

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According to the latest report from OECD, FDI could play an important role in supporting economies during and after the crisis. The FDI help could include financial support to their affiliates, assisting governments in addressing the pandemic, and through linkages with local firms.

Public health measures have caused economic disruptions that impact the foreign direct investment decision of firms. We learned from the past crisis that small and medium-sized enterprises show greater resilience due to their linkages with the financial resources of their parent companies.

According to the OECD Investment Policy Response, FDI is expected to decline sharply as a consequence of the pandemic and the resulting supply disruptions, demand contractions, and pessimistic outlook of economic actors.

In addressing the medical supply shortage, governments should leverage investor networks and investment promotion agencies. Some governments have already embraced imports of essential good, while some businesses have started producing medical essentials such as medical masks etc.

Moving forward, cross-border partnerships and collaborations between companies can facilitate finding long-term business solutions, such as ways to resume production while protecting workers’ health.

Foreign Direct Investment flows is expected to face major drops as the supply chains are facing disruption. Meanwhile, capital inflows will be impacted as companies put some mergers and acquisitions (M&As) on hold.

As an example of earning in 2020 of large MNEs are expected to fall. According to the latest statistics data gathered from Refinitiv, there will be large year-over-year drops in earnings in the energy, consumer discretionary sector, industrials, and materials sectors. On the other hand, it is expected that there will be year-over-year increases in earnings in the health care, technology, and communications sectors.

The latest data from Refinitis M&A database shows a significant drop in completed M&A deals in the first quarter. However, there is no evidence on the deals withdrawn. That leads to the conclusion that investors are focused on closing deals rather than withholding from it. In the short term, equity capital flows will fall due to so many deals being put on hold, but it could mean that there will be an increase in the future as these deals are completed as the economy recovers.

To read the full report and in-dept insight into FDI investments, please visit the OECD official website.

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Meanwhile, a Pharmaceutical company Zentiva Group completed the acquisition of Alvogen’s CEE business in Romania, Bulgaria, Croatia and several other countries.

Private-equity (PE) investors own companies but are not like those that raise money by selling their shares in stock exchanges. There is a big difference. Public companies are those that shareholders list on publicly available registers. Secondly, listed companies make regular announcements. If they’re backed by private equity, there’s no need to do so: it’s all private. Therefore, Private Equity backed companies tend to value that freedom.

Private equity investments in CEE companies

Private equity and venture capital investment into companies in Central and Eastern Europe (CEE) reached a record €3.5 billion in 2017, according to data from Invest Europe.

From the Invest Europe, 2018 Report, 3,750 European companies exited in 2018, a 3% decrease on the previous year. By the amount of former equity investment (divestment at cost), the total value was €32bn, a year-on-year decrease of 28%. The most prominent exit routes by the amount at cost were trade sale (32%), sale to another private equity firm (31%) and public offering (10%).

Buyout funds in the region raised a total of €1.1 billion, whilst CEE venture capital funds attracted over €500 million of investor cash for the second year in a row.

The number of private equity and venture capital-backed exits in CEE reached an all-time high with a total of 128 companies divested in 2018. With an exit value of €575 million, Poland accounted for nearly half of all exit activity. The biotech and healthcare sector took the lion’s share of CEE private equity investment, making up just over 30% of the total value for the year. Consumer goods and services companies also fared well, receiving 27% of the overall funding.

What is private equity looking for in 2020?

According to online media, private equity markets are looking for technology companies where covid-19 is not worthy of mention.

It will be some time yet before the bargain hunters are searching for opportunities in manufacturing industries with complex, international supply chains. Meanwhile, creditors will be more focused on a conservative business plan for the underlying companies.

Overall we maintain a positive outlook for the performance of new commitments to private equity in 2020. Investors’ emphasis on ESG will increase further in 2020. That also aligns well with private equity’s long timeframes and higher engagement. This is becoming especially important for private equity in CEE; Central and Eastern Europe.

As we mentioned in the previous article on ESG growth, heightened awareness of climate change are important drivers of change. Nevertheless, the European Commission’s Sustainable Finance initiative is as well, highly important driver.

According to Pitchbook, private equity is on a long-term growth trend, and there seems to be little that will stop it. Private equity has long been an important contributor to value creation in the real economy and for investors’ portfolios alike.

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In the latest Economic Outlook chapter, economic experts describe a baseline scenario. In the scenario the pandemic fades in the second half of 2020 and containment efforts will slowly loose. Moreover, the global economy could show growth by 5.8 % in 2021 as economic activity normalizes, helped by policy support.

When looking at the latest chart from the IMF Economic Outlook, a high rise in GDP is expected for the countries with advanced economies. With this in mind, companies can incorporate the latest data related to covid-19 into their equation. With coronavirus, the acquired or merged-in firm’s revenue stream may not be as predictable as in the past. The quality of the firm is not the question. Moreover, a firm’s value can drop if the incoming firm’s client revenue shrinks.

What are the remaining challenges in the M&A?

No matter the covid-19, the selling factor remains the same. In M&A challenges, there is an ongoing concern of whether or not the team can bring in sales. Partners do not want to risk payout on a team with no record of selling.

Here’s how to look at the firm value in any CPA M&A deal, pre- or post-pandemic. Value has been, and will always be, what the buyer/acquirer feels it is worth.

Make sure that there is no risk of revenue loss. In that case, the seller or upward-merger firm should not be worried about getting paid in full.

How do you increase the value of your firm? To maximize value, you need to understand the market value of your firm in today’s environment and the drivers that increase or decrease firm value.

Software industry changes in the M&A

In the software industry, private equity-backed providers are helping in subtle ways. They are offering their products and services to government agencies to help them respond to the pandemic or track its spread.

The world of private equity ownership often provides for higher authority over a company’s strategic management. That said, businesses can promptly shift direction to respond to market challenges. Moreover, the technology sector shows that a lot of companies are constantly producing innovative technological solutions.

A recent example of the tech company is digital assistant Andrija, developed in Croatia to help fight against coronavirus. This “virtual doctor”, powered by artificial intelligence, has been developed by Croatian IT companies in cooperation with epidemiologists.

The idea of ​​the assistant is to assist healthcare professionals, doctors and epidemiologists in controlling the development of the Covid-19 epidemic. In addition to that, users are able to determine if they are covid-19 positive.

In short, many software companies are looking for new ways to thrive after the crisis. The post-pandemic situation will bring some economic difficulties for many companies. Meanwhile, tech giant Facebook is already working with health researchers and nonprofits. Facebook will provide anonymized and aggregated statistics about people’s movements. The project is called desease-prevention maps.

Changes in the M&A: Investors still on the hunt

With 170 deals completed in the first three months of 2020, deal volumes are significantly down. If we compare with the previous quarter, deal volumes are the lowest since early 2014.

Moreover, covid-19 crisis has significantly disrupted the normal flow of M&A deals. With the global economy change in mind, companies are more likely to prioritize short-term actions over long-term initiatives. However, those that are able to stay on the course, will more likely establish foundation for continued success once the crisis ends.

Although M&A activity as a whole is expected to be down this year, the deals that get done are expected to involve the same technology disrupters that make attractive targets in scope acquisitions. In the survey, company Baker McKenzie predicted global M&A drop 25% this year, from $2.8 trillion to $2.1 trillion. However, the deals that will get done will involve technology of disrupters. In the repor, data shows that across all sectors, companies will seek to acquire the advanced digital technology.

To sum up, technology sector will continue to receive increase in interest from financial buyers. Moreover, the changes in the M&A will result in fewer acquisitions. In addition to fewer M&A acquisitions, the buyers will take companies in a new directions.

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Reports by Pricewaterhouse Coopers and Kaufman Hall showed a decline in mergers and acquisitions, but still reported sustained interest from buyers. Healthcare M&A Deals in 2020 note a minor decrease in mergers and acquisitions in the first half of 2020, however, some major deals and acquisitions were closed.

Laborie Medical Technologies’ $525 Million Acquisition of Clinical Innovations

LABORIE Medical Technologies executed the definitive agreement to acquire Clinical Innovations for an enterprise value of $525 million. The transaction is subject to customary approvals and is expected to close in early 2020. Clinical Innovations is expanding its global presence while directly researching and developing state-of-the-art technologies and innovative medical devices that fulfill its mission of improving the lives of mothers and their babies throughout the world.

Align Technology’s acquisition of Exocad — $420 million

Align Technology announced it has agreed to acquire dental software company Exocad for approximately $420 million in cash. The move will add Exocad’s experience in restorative dentistry, implantology, guided surgery, and design to Align’s technology portfolio, which includes Invisalign clear-aligner orthodontic and iTero digital solutions. Exocad will also bring nearly 200 digital dentistry partners and more than 35,000 licenses installed worldwide to the deal, according to San Jose, Calif.-based Align.

Baxter International’s acquisition of Sepra Products business of Sanofi — $350 million

According to Reuters, Medical supply company Baxter International Inc, said to buy Safoni’s Seprafilm unit, which makes specialist surgical products, for $350 million in cash.

According to PWC’s research, in Q2 2020 deal values versus Q1 2020, three sub-sectors saw increases: Behavioral Care (900%), Hospitals (11%), and Physician Medical Groups (6%).

Moreover, due to the pandemic, there are a few interesting healthcare asset types that seem more attractive. That is; accelerated growth of remote work, virtual healthcare, home health, and behavioral health. In terms of consumer needs, health services companies must deploy technology that enhances experiences while improving efficiency.

Moreover, there are yet more opportunities for healthcare environment deals to shine. These were major Healthcare M&A Deals in 2020.

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