The second half of 2019 was a dynamic period for M&A activity in the Commercial & Consumer Technology (CCT) sectors tracked by Intrepid. Facing pressure to grow, strategic buyers turned to M&A to expand product offerings, enter new markets domestically and internationally, and expand their distribution and technological capabilities. Financial buyers, meanwhile, continued to invest in industry leaders and foster industry consolidation. 
In the consumer electronics sector, Google grabbed headlines through its $2.1 billion acquisition of Fitbit, positioning it to challenge Apple for supremacy in the wearable device category. Gaming continued to be a highly competitive M&A environment, with several major gaming technology players announcing acquisitions in the second half of 2019.
The residential technology/CEDIA market is continuing to consolidate at the manufacturing and distribution level, and is seeing dealer consolidation akin to what is occuring on the Pro A/V side. SnapAV continued to expand its physical distribution footprint with the acquisition of Custom Plus Distributing; our client Sonance acquired James Loudspeaker; and Presidio Investors invested $75 million to merge 15 independent CEDIA dealers, creating Bravas. We expect the pace of M&A activity in the market to continue as manufacturers, distributors, and dealers continue to scale to meet growing demand and deliver more sophisticated solutions.