Now more than ever, technology is influencing the way we do business, communicate, move through and around the world, access and manage our homes, receive and administer healthcare, make purchases, secure information, and protect our most valuable property. Morrison Foerster keeps pace with this rapidly evolving landscape across our internationally recognized corporate, finance, intellectual property, and litigation practices. MoFo Tech brings together our insights relating to fields such as blockchain and distributed ledger, cloud and as-a-service technologies, driverless cars, drones, fintech, computer hardware and software, the Internet of Things, semiconductors, and telecommunications. The MoFo Tech blog offers real-time, in-depth analyses of the trends and complex issues shaping the global technology industry.<h2>ABOUT MORRISON FOERSTER</h2>Morrison Foerster is a leading global law firm that transforms complexity into advantage for its clients. Our clients include some of the largest financial institutions, banks, consulting and accounting firms, and Fortune 100, technology, and life sciences companies. Highlighting the firm’s commitment to client service, leadership in market-changing deals and impact litigation, and values-based culture, Morrison Foerster has been repeatedly recognized as one of the top 10 firms on The American Lawyer’s A-List. Year after year, the firm receives significant recognition from Chambers and The Legal 500 across their various guides, including Global, USA, Asia‑Pacific, Europe, UK, Latin America, and FinTech Legal. Our lawyers passionately care about delivering legal excellence while living our values. Morrison Foerster has a long-standing commitment to creating a culture that respects and celebrates differences, while providing an inclusive environment. The firm has achieved Mansfield Certification Plus since 2018 as a result of successfully reaching at least 30 percent women, communities of color, and LGBTQ+ lawyer representation in a notable number of current leadership roles and committees. The firm also has a long history of commitment to the community and society through providing pro bono legal services, including litigating for civil rights and civil liberties, improving public education and fostering the wellbeing of children, advocating for veterans, promoting international human rights, enforcing the right to asylum, and safeguarding the environment.

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Scott Llewellyn’s practice focuses on complex litigation in federal and state courts around the country, with an emphasis on patent and trade secret disputes. Over the past decade, he has worked on some of the most significant, high–profile IP cases involving technology for televisions, smartphones, and self–driving cars, relying on 40 years of experience with computer hardware and software. Scott also has significant experience with business divorce cases before courts and arbitrators, involving a mix of trade secret, patent, tort, and contract claims relating to technology development and implementation.Scott also has successfully tried general commercial arbitration and agency matters, briefed and argued various appeals in federal appellate court, and tried more than 20 cases for the Denver City Attorney’s office, most of them jury trials.Scott also has an active pro bono practice, having worked on a variety of criminal and immigration appeals, and having represented Colorado criminal defense and mental health organizations in high–profile suits against the state of Colorado for violations of the constitutional rights of defendants.At MoFo, Scott serves on the board of the Morrison & Foerster Foundation. In the broader legal community, he serves on the boards of the Colorado Lawyers Committee and Drop in the Bucket (a charity that builds wells and sanitation systems in sub–Saharan Africa).After law school, Scott clerked for the Honorable Clarence A. Brimmer, District of Wyoming, and the Honorable Diarmuid F. O’Scannlain, Ninth Circuit. He was also previously an adjunct professor at the Georgetown University Law Center.

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Scott Llewellyn’s practice involves complex litigation before state and federal courts around the country, with an emphasis on patent and trade secret disputes for high-tech companies, to which he brings more than 35 years of experience with computer hardware and software, in particular relating to the processing and transmission of audio, video, voice, and other types of data. Mr. Llewellyn has also tried commercial arbitration and agency matters; briefed and argued various appeals in federal appellate court; and tried more than 20 cases for the Denver city attorney’s office, most of them jury trials.

Scott F. Llewellyn

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MoFo Tech brings together legal insights and in-depth analyses on trends and complex issues shaping the global technology industry, covering fields such as blockchain and distributed ledger, cloud and SaaS technologies, driverless cars, drones, FinTech, computer hardware and software, the IoT, semiconductors, and telecommunications.

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MoFo Tech brings together legal insights and in-depth analyses on trends and complex issues shaping the global technology industry, covering fields such as blockchain and distributed ledger, cloud and SaaS technologies, driverless cars, drones, FinTech, computer hardware and software, the IoT, semiconductors, and telecommunications.

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At the Intersection of Technology, Law, and Business

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Current State of the AI VC Financing Market

MoFo Tech Law Summit – Tech and Antitrust: Policy Shifts in the Second Trump Administration

MoFo Tech Law Summit – Responsible Tech: Policy Becomes Practice

AI Dynamics: Regulatory Landscape and Industry Insights

Introducing the MoFo Tech Law Summit – Innovation Under Regulation

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Morrison Foerster is pleased to share with our clients and friends the results of our 2024 Tech M&A Survey, published in conjunction with Mergermarket. Mergermarket surveyed 300 dealmakers from around the world in order to gain valuable insights into the future of technology-related M&A.According to the findings:<ul><li>54% of respondents expect deal volumes to increase over the next 12 months, including 57% of private equity (PE) firms and 51% of corporates</li><li>53% of respondents note cybersecurity as the top subsector for future dealmaking opportunities, marking the second year in a row that the sector has topped the list</li><li>47% of respondents believe AI/machine learning targets offer the greatest opportunities, with 45% citing increasingly strict regulation as a primary obstacle for the sector</li><li>80% of private equity respondents expect to explore minority investments over the next 12 months, while 78% of corporate buyers will use earnouts or contingent considerations</li></ul>The report is released against the backdrop of 2024 deal activity, which has seen aggregate deal value surge during the first nine months of the year by an impressive 39% to reach $483 billion, while deal volume has remained steady at 6,500 deals.<a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt6ff737f3762cd00e/241029-mofo-tech-ma-survey.pdf" target="_blank">Read the report</a> to learn more about these and other deal trends.

2024 Tech M&A Survey

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2024 Tech M&A Survey

Morrison Foerster is pleased to share with our clients and friends the results of our 2024 Tech M&A Survey, published in conjunction with Mergermarket. Mergermarket surveyed 300 dealmakers from around the world in order to gain valuable insights into the future of technology-related M&A.

Morrison Foerster is pleased to share with our clients and friends the results of our 2023 Tech M&A Survey, published in conjunction with Mergermarket. Mergermarket surveyed 300 dealmakers from around the world in order to gain valuable insights into the future of technology-related M&A.According to the findings:<ul><li>58% of private equity (PE) firms and 38% of corporates expect aggregate tech M&A deal volumes to increase over the next 12 months.</li><li>48% of PE firms and 53% of corporates expect the value of the average tech deal to rise over the coming year.</li><li>25% of respondents point to cybersecurity and 18% point to AI/machine learning as the tech subsectors that offer the best M&A opportunities over the next 12 months.</li><li>91% of PE firms and 61% of corporate respondents expect to make use of minority investments in their tech M&A plans over the next 12 months.</li><li>81% expect antitrust scrutiny of tech M&A to become either somewhat or significantly stricter over the next three years.</li></ul><a href="https://www2.mofo.com/e/323401/231101-mofo-tech-ma-survey-pdf/9c6z3/690241034/h/hTfmI6MGPv0YXKDsUQZq-yySoypdl_apt2yAcc4Hhdg" target="_blank">Read the report</a> to learn more about these and other deal trends.

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AI Trends For 2022 - AI Industry Poised for Successful 2022

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Morrison Foerster is pleased to share with our clients and friends the results of our 2023 Tech M&A Survey, published in conjunction with Mergermarket. Mergermarket surveyed 300 dealmakers from around the world in order to gain valuable insights into the future of technology-related M&A.

What's the Forecast for Tech M&A?

While the AI industry has continued to attract venture capital and produce exits in 2022, headwinds in the venture capital and broader capital markets have, as compared to 2021, resulted in a decrease in the number of venture capital financings and exits, as well as a decrease in the total amount raised by AI companies in such financings and achieved by AI companies in such exits. According to PitchBook, AI companies have raised only $59.3 billion year-to-date through Q3 2022 across 4,554 financings, representing a 13.1% decrease year over year, although the industry appears to be poised to exceed the total deal value and deal count numbers set in 2020 ($65 billion raised across 5,543 financing transactions). By contrast, in 2021, AI companies raised $118.9 billion across 7,078 financings.CBInsights reports similar trends on the financing side of the marketplace, with only $8.3 billion invested in AI companies in Q3 2022, the lowest quarterly amount raised since Q3 2020 and a 31% drop from Q2 2022 (mirroring a general trend in the venture industry), including a 39% quarter-over-quarter drop in mega-round funding and a 59% drop in Silicon Valley AI funding.With respect to exits (buyouts, acquisitions and public offerings), PitchBook reports that, in contrast to exits in 2021 which totaled nearly $250 billion, AI company exits through Q3 2022 total less than $50 billion, with only $1.9 billion in disclosed value in Q3 2022, down from $15 billion in Q2 2022. Increased costs in capital across the marketplace, as well as significant challenges in the IPO marketplace, have contributed to making both financings and exits more challenging for AI companies and technology companies in general, a trend that is expected to continue through the remainder of Q4 2022 and into 2023. This post is a part of a series on trends in the artificial intelligence space for 2023, authored by MoFo lawyers.

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Co-Chair of Emerging Companies + Venture Capital Practice

Jim has extensive experience representing private and public companies and investors in significant business transactions from formation through liquidity. His practice focuses on mergers and acquisitions, venture capital financings, and emerging company counseling. His clients span a broad range of industries, with a concentration in life science and technology companies.

Jim Krenn

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Of Counsel

Andrew Dixon is a corporate Of Counsel in the firm's San Diego office.

Andrew P Dixon

Andrew Dixon

AI Trends for 2023 - AI Industry Faces Continued Headwinds In 2023

AI Trends For 2022 - Export Control/CFIUS

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While the AI industry has continued to attract venture capital and produce exits in 2022, headwinds in the venture capital and broader capital markets have, as compared to 2021, resulted in a decrease in the number of venture capital financings and exits, as well as a decrease in the total amount raised by AI companies in such financings and achieved by AI companies in such exits. 


AI Trends for 2023 - AI Industry Faces Continued Headwinds In 2023

The AI industry continues to mature as venture investment increased significantly in 2021 and exit values for venture-backed AI companies significantly outpaced venture investment in AI companies in 2021.  According to PitchBook, AI companies have produced over $166 billion in value through IPOs and M&A through the end of Q3 2021, more than tripling 2020’s disclosed deal value and far exceeding the $83.7 billion raised by AI companies this year in venture financings (which, in itself, represents an over 100% increase in the amount raised versus 2020).  This sum also exceeds aggregate venture investment in AI companies from 2018 to 2020.  While most of that exit activity by count has been through M&A, the lion’s share by value has been through IPOs.  Much of that value is concentrated in deals with a value of over $1 billion, as there were over 26 such deals in that period that accounted for over $153 billion in value.  Given the continued interest across industries and verticals in this space, the sector is positioned for a strong 2022 in both investment and exit activity.<p style="box-sizing: inherit;margin-top: 0px;margin-right: 0px;margin-bottom: 1.25rem;margin-left: 0px;padding-top: 0px;padding-right: 0px;padding-bottom: 0px;padding-left: 0px;font-size: 1.0625rem;line-height: 1.6;text-rendering: optimizelegibility;font-variant-numeric: normal;font-variant-east-asian: normal;color: rgb(82, 83, 87);hyphens: manual;overflow-wrap: normal;">This post is a part of a series on trends in the artificial intelligence space for 2022, authored by MoFo lawyers.<div> </div>

AI Trends For 2022 - AI Industry Poised for Successful 2022

The AI industry continues to mature as venture investment increased significantly in 2021 and exit values for venture-backed AI companies significantly outpaced

In the first of a four-part podcast series on tech M&A in partnership with MergerMarket, Corporate Department Co-Chair Eric McCrath sat down with host Julie-Anna Needham to discuss cross-border M&A, accelerated digitalization due to COVID-19, and trends in U.S. acquisitions into Europe.<a target="_blank" href="https://members.mergermarket.com/podcasts?wchannelid=akudzqwqhj&wmediaid=cduo4r4u0s" style="box-sizing: border-box;color: rgb(3, 65, 147);text-decoration-line: none;background-color: transparent;transition-duration: 0.2s;transition-timing-function: ease-in-out;transition-delay: 0s;transition-property: color;">Listen to the podcast.</a>

SoftBank Corporation

onsemi

Uber Technologies

Unity

Divvy

BlackBerry

Autodesk

ShowingTime

Gemini Trust

eBay

Kahoot!

Astroscale

IDIQ

Iovation

NerdWallet

Unilever

Visa

Vontier

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Chair

Eric T. McCrath is the Chair of Morrison Foerster. Eric has been a trusted advisor on hundreds of public and private M&A, private equity, and financing transactions over the course of his career.

Eric T. McCrath

Eric has been a trusted advisor on hundreds of public and private M&A, private equity, and financing transactions over the course of his career. He counsels strategic acquirers and targets in a variety of industries, including technology (semiconductors, software, and Internet), healthcare, consumer products, financial institutions, media, and transportation.

Eric McCrath

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MergerMarket Dealcast Presents: Trends in Tech M&A

MergerMarket Dealcast Presents: Trends in Tech M&A

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In the first of a four-part podcast series on tech M&A in partnership with MergerMarket, Corporate Department Co-Chair Eric McCrath sat down with host Julie-Ann

Dario de Martino authored the chapter, "<a href="https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/14-blockchain-manda-the-next-link-in-the-chain" target="_blank">Blockchain M&A: The next link in the chain</a>," in GLI's Blockchain & Cryptocurrency Regulation guide for 2021.In this chapter, Dario discusses how blockchain market participants have remained steadfast and are continuing to ride the wave of M&A, despite having experienced the “crypto winter” and being in the middle of a rare combination of public health, political, social, and economic uncertainties plaguing the global business landscape.

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Blockchain M&A: The Next Link in the Chain

Understanding Blockchain - Blockchain and Securities Law - Part 4

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Dario de Martino authored the chapter, "Blockchain M&A: The next link in the chain," in GLI's Blockchain & Cryptocurrency Regulation guide for 2021.
In this cha

Blockchain M&A: The Next Link in the Chain

History in the Making Morrison & Foerster would like to congratulate our clients Sprint and SoftBank on closing the blockbuster deal between Sprint and T-Mobile, creating the “New T-Mobile” - a transaction that significantly reshapes the future of the telecom industry.  Announced in 2018 and closed as of April 1, 2020, the landmark deal is valued at $59 billion, with the aggregate for the combined company in the all-stock transaction valued at approximately $146 billion, making it one of the largest telecommunications deals in history. We were honored to serve as lead counsel to Sprint and SoftBank Group, the controlling shareholder of Sprint, on this historic transaction. More than six years in the making, the transaction required sophisticated navigation of numerous legal complexities concerning governance issues, regulatory approvals, and cross-border matters, as the deal involved four publicly traded companies and foreign controlling shareholders on each side. The MoFo team was led by MoFo M&A partner Brandon C. Parris and antitrust partner Jeff Jaeckel, and included hundreds of MoFo lawyers across practice areas in offices around the globe. Read more about the <a href="https://protect-us.mimecast.com/s/u0L_C0RXEMi5XZWpcDA04F?domain=www2.mofo.com">transaction.</a> Dealmaker of the Year  We are also proud to celebrate San Francisco M&A partner Brandon Parris, who was named by The American Lawyer as a 2020 Dealmaker of the Year for his role in Sprint’s blockbuster $59 billion merger with T-Mobile and the company’s corresponding $5 billion divestiture of assets to DISH. This award follows a year of recognitions, including being named a Law360 MVP of the Year for M&A, as well as a Top 100 Leading Lawyer by the Daily Journal. As part of the recognition, Brandon was interviewed by The American Lawyer, which can be found on its <a href="https://protect-us.mimecast.com/s/c9c3CgJQ8yHR1pWDc2qFxg?domain=www2.mofo.com" target="_blank">website</a>. Congratulations, Brandon!

LendingClub

Elevate Credit

Southwest Gas

MobileIron

Breedon Group

Palo Alto Networks

Sprint and SoftBank Group

VMware

McKesson Corporation

Santen Pharmaceutical/InnFocus

Affinity Gaming

Boyd Gaming Corporation

SoftBank

DreamWorks Animation

Shutterfly

Westcorp/Wachovia

Novellus Systems

USANA Health Sciences

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Global Co-Chair of M&A Practice

Brandon Parris is a corporate partner and serves as co-chair of the firm's global Mergers & Acquisitions Group.

Brandon C. Parris

Brandon Parris

SoftBank/Clearwire Corporation

Fujisawa Pharmaceutical Co./Yamanouchi Pharmaceutical Co.

SoftBank/Sprint  Nextel

Elpida Memory

International  Air Cargo Cartel Investigation

International  Freight Forwarding Cartel Investigation &amp; Litigation

AirTran  Baggage Fee Antitrust Investigation &amp; Litigation

U.S.  Department of Justice Investigation of Major International Transportation  Company

Semiconductor  Industry Cartel Investigation

Astellas  Pharma Inc.

Vice Chair

Jeff Jaeckel

Congratulations to Sprint and SoftBank on the Closing of the Blockbuster $59 Billion Deal with T-Mobile