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"The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018"

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Merry D'souza

"The company acquiring merger and acquisition are dependable upon its planning and strategies whether they will profitable or in losses. India has many cases through which they proved its not lagging in this aspect of merger and acquisition from worldwide. The concept of merger and acquisition can also be a risky process which has to be adopted, as it may bring various problems to the company in terms of the management, it working, etc., To bring out such extraordinary mergers and acquisitions that are making massive changes in the peoples’ lives, we have come up with this interesting issue titled, “The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018”

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December 2018 THE 10HIGHLY TRUSTED Merger & Acquisition CONSULTING FIRMS IN 2018 Editor’s Pick Mergers and Acquisitions: Where, One plus One Equals to Three Expert’s View How Legal Service Providers are transforming Corporate Legal Departments
Editorial erger and acquisition (M&A) a path business take to achieve Mexponential and not just linear growth and therefore continues to generate interest. “Flaming enthusiasm, backed by horse sense and persistence, is the quality that most frequently makes for success.” A quote that holds good for M&A in India, and a credo to which Indian companies seem to subscribe given their successes to date in completing acquisitions. There is little to stop Indian companies that desire to be global names for playing the merger and amalgamation game globally. With a plethora of financing options, this aspiration has become a reality for many business houses, who now boast of having the best in the industry under their wings. Both within and beyond the national frontiers the Indian companies have often surpassed their foreign counterparts in corporate restructuring. The legal framework for such corporate restructuring must be accessible and facilitative and not restrictive and mired in bureaucratic and regulatory hurdles. At a time when Indian business houses are continually looking at inorganic growth through acquisitions of other businesses, the M&A arena appears stronger than ever before now. Recently, much consolidation in the form of mergers, share acquisitions, and business acquisitions has been observed in telecom, cement, banking, power and insurance. Within a business, a merger or acquisition is often treated as a standalone project to manage, with individuals within the company consolidating financial records, analyzing human resources, and paving a new path forward. It requires significant attention to detail and cooperation from both sides, and in some cases, the deal falls through before everything is finalized. Many M&A dealings are based on the premise that it makes perfect logic to inorganically acquire key customers or key suppliers of the target enterprise as it gives the opportunity to add margins to the company with little incremental effort. Most of the time, one sees front-end companies obtaining their back-end suppliers with the reason that the margin that the back-end company is producing can be easily further added and increased as well as cut down when it becomes a captive unit. “We are made wise not by the recollection of our past, but by the responsibility for our future”, and the future of India is bright indeed. Mergers and Acquisitions Potent Indicators of a Robust and Growing Economy Shweta Priyadarshini Shweta Priyadarshini
SME-SMO Executives Swati, Manoj Circulation Manager Tanaji Digital Marketing Manager Prashant, Rahul Technical Specialist Amar, Pratiksha Business Development Manager Akansha Garewal Co-designer Sapana Shinde Marketing Manager Dhruv Apte Art & Picture Editor Rahul Kavnekar Art & Design Head Amol Kamble Associate Designer Poonam, Shweta Copyright © 2018 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success Media and Technology Pvt. Ltd. Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd. Corporate Ofces: Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com Insights Success Media and Technology Pvt. Ltd. th Off. No. 513 & 510, 5 Flr., Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in sales@insightssuccess.com December, 2018 Follow us on : www.facebook.com/insightssuccess/ https://twitter.com/insightssuccess Cover Price : RS. 150/- Editor-in-Chief Pooja M. Bansal Managing Editor Shweta Priyadarshini Contributor Editors Sneha, Rahul We are also available on : RNI NUMBER: MAHENG/2018/75953 Sales Executives Shraddha, Rutuja Technical Head Swapnil Patil
AZB & Partners Providing Reliable, Practical and Full-service Advice to Clients 28 INTERVIEWS WITH INSIGHTS SUCCESS ARTICLES Editor’s Pick Mergers and Acquisitions: Where, One plus One Equals to Three 22 Merger Talk Reshaping Startup India with M&A 36 CONTENTS Luthra & Luthra Law Ofces Leading Law Firm Offering Exceptional Legal Solutions 08
CXO Industry Outlook Challenges and Opportunities in Business Consulting 32 How Legal Service Providers are transforming Corporate Legal Departments 14 Expert’s View ANOVA Corporate Services Providing Strategic Solutions to Clients through Mergers & Acquisitions (M&As) 16 BIORx Venture Advisors Providing Highly Specialized Financial and Strategic Advisory Services 20 Oakcapita Advisory LLP Offering a Myriad Range of Swift and Seamless Services Globally 26 PDS Legal A New-Age Firm Building a Robust Legal Practice 40 Veritas Legal Imparting Specialized Solutions 42 ONGO Framework A Trailblazer in the Vertical of Enterprise Mobility and Digital Transformation 34
he basic purpose of merging the company is to achieve faster growth in the corporate world. Faster growth of Tthe company may be shelf through product improvement and other purpose for acquisitions. The company by the way of merging and acquisition can safeguard the sources of supplies of raw materials and to obtain economies of purchase in the form of discount, saving cost of transportation costs, overhead costs in buying department etc. When the company acquire merger and acquisition it depends upon its planning and strategies whether they will profitable or in losses. India has many cases through which they proved its not lagging in this aspect of merger and acquisition from worldwide. The concept of merger and acquisition can also be a risky process which has to be adopted, as it may bring various problems to the company in terms of the management, it working, etc., To bring out such extraordinary mergers and acquisitions that are making massive changes in the peoples’ lives, we have come up with this interesting issue titled, “The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018” In this issue, we have featured Oakcapita Advisory LLP is a boutique middle market M&A advisory firm headquartered in India. It strives to provide a broad spectrum of strategic M&A solutions in due diligence, capital raising, equity offerings, debt issuances, and derivatives. PDS Legal is a full service law firm with offices in Mumbai and New Delhi. Recognized for its industry focus, the firm has a strong presence across all the key industry sectors including financial institutions, energy, infrastructure, aviation, manufacturing, technology and innovation. Veritas Legal, a Mumbai based law firm has successfully carved a niche for itself. Established in 2015, the Firm is known for agile thinking, pro-activeness and commitment to clients. ONGO Framework a B2B IT and Digital solution provider that assists SMEs and start-ups with enterprise mobility and digital transformation. BIORx offers advisory services to a wide range of companies and is set to become the most preferred financial and strategic partner for the life-sciences industry of India. ANOVA is a fast-growing Chennai-based Investment Banking and Advisory company that specializes in Mergers and Acquisitions (M&A) activities such as Transaction Advisory, Buy-side or Sell-side Opportunities, Due Diligence, Business Valuation, Financial Modelling, Fundraising, Re-Financing and Re-Structuring. We have also taken an Interview with Insights Success; Rajiv K Luthra is the Founder and Managing Partner of L&L Partners highlighting the influences made by his company to take Luthra & Luthra Law Offices to a new level and AZB & Partners, providing reliable, practical and full-service sadvice to clients. The firm is considered an M&A powerhouse and a one-stop shop which provides clients, services across all major practice areas. The firm is considered one of the top 2 law firms in India. We have article How Legal Service Providers are transforming Corporate Legal Departments written by Jaspreet Kaur, Vice- President of Mind Merchant and Challenges and Opportunities in Business Consulting written by Lalit Khanna – Founder & Managing Director, SL Consultants Our in-house editors have also written article on Reshaping Startup India with M&A This issue being the break of our voyage towards unveiling many such phenomenal businesses, we have set sail on the tides of the business world to discover new horizons. Come relish the essence of Business with us. Merger and Acquisitions: The Path Businesses take to Achieve Exponential Growth 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
December 2018|08
LUTHRA & LUTHRA LAW OFFICES: Leading Law Firm Offering Exceptional Legal Solutions n an interview with Insights Success, Rajiv K Luthra is the Founder and IManaging Partner of L&L Partners gave some insightful answers highlighting the influences made by his company to take Luthra & Luthra Law Offices to a new level. 1.Brief us about your company and what kind of solutions/services/products does your company offer at par with the current industry standards? L&L Partners [formerly known as Luthra & Luthra Law Offices] is a leading full service law firm, with a team of over 350 Counsel, and offices at New Delhi, Mumbai, Bengaluru and Hyderabad. In keeping with the Firm’s legacy of offering exceptional legal solutions & client advice; teams at the Firm ensure that clients receive practical, innovative & cost-effective advice in a responsive manner, while upholding the highest ethical standards. Enormous amounts of knowledge, experience & commitment, successfully help close/ resolve complex & high value transactions & disputes, with practical & creative legal solutions. Consistently ranked and globally recognized as leaders in the field, we adopt a forward-looking approach towards the practice of law, combining both conventional practice areas & emerging sectors, setting benchmarks and the highest technical standards within the legal fraternity. Whilst handling clients across major industry practice areas & sectors, we provide legal guidance & assistance to a wide range of domestic & international clients as well as foreign firms, adding to a multitude of global clients. Since its inception in 1990 which coincides with India’s economic liberalization, L&L has assisted numerous multinational corporations to set up their presence in India, and navigate the complex Indian legal system. Offering precedent-setting solutions to complex legal issues, the Firm advises on transactions and matters involving Banking & Finance; Capital Markets; Competition & Anti-trust; Corporate Commercial and Mergers & Acquisitions; Rajiv K Luthra Founder & Managing Partner Interview with Insights success December 2018| 09
Dispute Resolution (Litigation & Arbitration); Anti-Corruption & Compliance; International Trade (WTO) Laws and Policy & Advisory; Project, Infrastructure & Energy; Tax (Direct & Indirect); Real Estate & Construction; Aerospace & Defence (Procurement & Production); Insurance & Re-Insurance; Intellectual Property - Patent & Trademark; Oil & Gas; Health & Pharmaceuticals; Private Equity & Venture Capital Investments. The Firm and its lawyers have been consistently ranked and recognised by leading legal publications across each of our practice areas. Our clients include many of the world’s leading corporations, funds, banks and financial institutions. 2. During the journey towards growth, what are the challenges the company has faced? The challenges we have faced as a Firm are far too many to enumerate. We have never perceived them as an impediment to our growth, but as lessons learnt over time enabling us to fine tune ourselves to nuances of different personalities. We, as a Firm have not had any difficulty in coming together collectively and acting as a cohesive unit working in perfect synchronization and harmony, during trying times. And in our experience, there is no tide which we are not able to sail through, when we stand united. 3. Share your point of view on the current scenario of the Industry and its future. It is our understanding that the legal profession is continuing to gain its due respect and recognition in the domestic space as well as on the global platform. Legal professionals in In-House roles are steadily becoming an important voice to ‘Promoters’, ‘Board of Directors’ and ‘Chief Executives’ alike. Legal advisory services are no longer looked upon as ‘support services’, but their importance has been acknowledged by many an industry leader, as their legal teams have helped them counter many risks and helped bring efficiencies in the organization’s overall operations, while continuing to follow the letter of Law. Statisticians from top analytics institutions around the world are very optimistic about the Indian economy, corporate sector and capital markets. We believe the growth of the Indian legal industry is pegged to India’s growth story, for which, we too have a very positive outlook. 4. Tell us something about the CEO/founder/MD of the company? Rajiv K Luthra is the Founder and Managing Partner of L&L Partners (former Luthra and Luthra Law Offices). He has over three decades of experience as a trusted advisor to the Indian government and top domestic and international corporations, and serves on numerous corporate boards. He has been awarded the ‘National Law Day Award’ by the Prime Minister of India, for his “… his singular contribution to the practice of corporate and commercial law in India and for being one of the country’s earliest pioneers in international transaction lawyering” and is the recipient of the ‘International Jurists Award’ by the Attorney-General and Chief Justice of the United Kingdom, for his unique contribution in the field of cross- border transactions and banking & finance law in India. At the Economic Times’ Asian Business Leaders Conclave in Kuala Lumpur, he was recognized as ‘The Most Promising Business Leader of Asia’. He has received the ‘Lifetime Achievement Award’ for his accomplishments & achievements in the International M&A sector at the 4th Annual International M&AAdvisor Awards in New York. He has also been inducted in the M&A Hall of Fame, New York and has been honored as a “Legend in Indian Corporate Law” and as an “Ace Legal Eagle for Indian corporate law, specializing in tax, regulatory & compliance laws” at the Asian Business Leadership Forum Excellence Awards in Dubai. December 2018|10
Most recently he has been appointed by the Hon’ble Minister for Corporate Affairs, on the High Level Committee on Corporate Social Responsibility, Ministry of Corporate Affairs, shortly before which, he was also appointed as a Member of a High Level Advisory Group in the Department of Commerce by the Hon’ble Minister of Commerce & Industry to make recommendations on pursuing opportunities, addressing challenges and finding a way forward amidst emergent issues in the contemporary global trade scenario. He is the only legal expert in this esteemed group. 5. What are the benefits and support your clients are getting from your company in this fastest growing competitive world? Our vision for our relationship with a client is not myopic or limited to one transaction/mandate/case. For us each interaction with our client is an opportunity for us to build on our relationship with them. We intend to be their trusted advisor in all legal and business issues they grapple with, to extent we can. We go the extra mile in suggesting other financial advisors/business consultants as the case may be, to help them attain their desired goals. What we have developed a reputation for with our clients over the past three decades, is that we are with them each step of their journey through, what is for them – unchartered territory. We only rest, when see them through the finish line, not a moment before that. 6. Kindly brief us about your strategies to tackle the competition in your sector. What steps are you taking to ensure that you continue to grow and develop? It may come as a surprise, but we are happy to report that we do not have any strategy in place, which targets or is centered around competition. It is our Founder’s and Senior Partners belief that we must strive to act in our clients best interest and help them with advise which brings about maximum benefit while striking a balance our client and the counterparty involved. This is because no case/matter can be seen in isolation; we want to ensure that a mutually beneficial agreement and conclusion is arrived at, because as legal professionals, to us, justice and fairness is paramount. This core belief can very well be considered our Firm’s purpose and mission. 7. Tell us something about your upcoming services/plans. As a full service law firm, our advisory spans across legal practice areas and industry sectors. We intend to lay emphasis and strengthen our effort to expand our scope of services by partnering with global law firms, and domestic law firms in other jurisdictions to be able to provide services to our clients, wherever they are present or have interest. 8. What are the future plans of your company? How are you/is your company contributing in making it better? We are investing in technology to ensure that we are aligned with the advancements in systems and processes that act as enablers for better service delivery and allow us to measure our performance in an organized and efficient manner. More importantly, we continue to invest in our human capital, which we value above all else. We do this by taking on budding legal professionals in our internship program, allowing both the individual and our firm to assess whether we are a natural fit. Young professionals are assigned a mentor to help them navigate through difficulties they may face in their path of growing to be full-rounded, accomplished professionals. For our existing family, i.e. counsels at the Firm, we do our best to help them grow in their individual path of professional ascension within the Firm's ranks. We wish to maintain cordial relations with those of our counsels who choose a different path for their career; we mean to formalize this by means of hosting events for our Alumnus, as a goodwill gesture. December 2018| 11
Read it FirstRead it First Subscribe today Global Subscription Address : Country :City : State : Zip : Date : CORPORATE OFFICE Name : Telephone : Email : Insights Success Media and Technology Pvt. Ltd. Off No. 513 & 510, 5th Flr, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017. Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85 USA: 302-319-9947 Email: info@insightssuccess.in Yes I would like to subscribe to Insights Success Magazine. Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.
Jaspreet Kaur heads global client engagement across all service lines warranting Mind Merchants’ commitment towards catering to latest and ever-growing legal technology solutions. As an in-house Counsel and Head of Operations, she has been instrumental in contributing and facilitating Mind Merchants growth with a focus on delivering best in class legal operation solutions. Jaspreet’s contribution in providing business analytical direction for specic product groups or business objectives in order to improve the total customer experience is pivotal to Mind Merchants. She works closely with the sales division to help dene opportunities and close large opportunities with the right solutions and mapping key value propositions to customers business. She has been efcaciously and effectively contributing as part of revenue generation group of the company. She brings in her decade long experience and has helped numerous GC’s undertake strategic reviews, efciency and process optimisations, and technology deployments and managed the successful integration of software. Jaspreet is a change-maker, and highly skilled in identifying and enacting practical solutions to complicated, multi-faceted issues. ABOUT THE AUTHOR HOW LEGAL SERVICE PROVIDERS ARE TRANSFORMING CORPORATE LEGAL DEPARTMENTS Jaspreet Kaur December 2018|14
n our interlinked world, business lifecycles are getting Ishorter and shorter. Organisations have anticipated changes in business models continuously every once in a while, but now many keep changing their strategies rapidly. There are times when the model continues meeting the organisational goals concerning revenue, competitiveness and cost differentiation and doesn’t require to be shifted right away. However, an organisation should be prepared to upgrade it whenever it is needed and should know when and how todoassuch. Corporate legal departments are better braced than ever to explore, analyse and redesign their vital activities. Driving this new flexibility of the business model is the underlying reality that changes in competitive action don’t adhere to yearly schedules. Change is being driven by what occurs in themarketandnotintheconferenceroom. SuccessfulGeneralCounselsaretheonesthatutiliseharddata to set up priorities for their organisations, to show results based on different scenarios and to design their business models while still depending on the existing plans. Like how phones nowadays can be swiftly updated with new software downloaded over the internet, business models should be tested and continuously evaluated to keep up with economic conditionsandtrends. Changes in technology and its related advancements allow for significant innovation in business models. The organisations in the future will amaze us with ground-breaking and unconventional plans of action. It is by definition hard to predict what will overwhelm us or what will prove to be creative. In any case, we can to some degree cast our look over the organisations that are currently rising- because the future beginstoday. The legal industry has always been identified as being conventional, unsusceptible to change, and led by precedent instead of innovation. Even though when compared to other sectors, the legal industry has lagged behind, the pace, reach and scope of technology in the legal industry, in the course of themostrecentyearsmadesignificantstrides. Powerful forces are reshaping the corporate legal market, including digitisation of data. Legal technology solutions can help legal departments thrive in this new period, only if they comprehend the tech scene and revaluate crucial critical componentsoftheirbusiness model. The legal industry is encountering an era of transformation globally.The changes are diverse and unmistakable. Software solutions are substituting paperwork; trans-national borders arelegallygettingnarrower;economicpowers are re-characterising law practices; in-house law departments are driving notable value creation; customer patterns have started todominatethelegalscene,togivesomeexamples. Furthermore, new jogs of progress in the legal business have developed: millennial lawyers are transforming the work culture; technologists are bringing in artificial intelligence, and General Counsels are functioning as entrepreneurs and not just lawyers. These and other revolutionary changes will be more articulated in the years to come. The changes in the industry are putting pressure on all the stakeholders- lawyers, in-house teams, law firms,consultancies- to react to the change(s)rapidly. While innovation gradually penetrated the legal industry, it has now started to affect the business models of legal services. Services which rely upon judgement and experience can’t be replaced by technology; however, everything else is “open to change”. Legal research and due diligence can be automated and outsourced through cutting-edge tools mobilising Artificial Intelligence (“AI”). The use of AI software can potentially enhance how all organisations contract – and it will do as such in three different ways: by changing the tools firms use to contract, impacting the content of contracts, and influencingtheproceduresbywhichfirms contract. Contract Lifecycle Management tools enable companies to access control over contracts across the company, letting them streamline contract creation, simplify the negotiation process and guarantee that best practices are observed all through the contract delivery process. An affiliated signature solution guarantees that each document gets signed as required, by all relevant parties. Digitization ensures contracts are stored in a centralised repository, data is secured with adaptable security controls, customized approval policies are set up, and that users canusetheplatformthroughtheirfavouredmedium. In an undeniably complicated and fast-paced business environment, companies need to evaluate and revisit their business model more often than before. They have to continually change and upgrade their models, particularly amid times of economic unrest and industry changes. Companies need to ensure their business models are lined up with client value (and regularly updated), are logical (they gain knowledge from evolved intelligence), and are versatile (theyareempoweredbyanadaptableworkingmodel). ” Exper’s View December 2018| 15
ANOVA Corporate Services Providing Strategic Solutions to Clients through Mergers & Acquisitions (M&As) process. ANOVA also assists with DD Preparedness for its Clients, with the aim of providing an end-to-end assistance for M&A / Fundraise Advisory for Corporates and Investors. ANOVA also offers Business Valuation services to provide independent advisory to corporate board of directors, helping them determine the right price to pay or accept for a business. It helps evaluate shareholder value for stakeholders by providing comparatives such as Sales, EBITDA and P/E multiples, to the extent possible, besides identifying the business synergies. Meet the Persona Chandrashekar Kupperi, Founder, ANOVA Corporate Services and an Angel Investor has two decades of experience in various multinationals with diversified sector experience – FMCG, Life Insurance, Audit & Assurance and Oil & Gas sectors. Shekar has been part of over 11 Acquisitions and 6 Divestments, including 100% divestment of Lornamead Group to Hong Kong-based consumer goods group Li & Fung for $190 million. He is a Chartered Accountant, Cost Accountant and a Company Secretary by qualification; a Rank Holder and Medalist in both ICAI and ICWAI. He is also a member of Institute of Management Accountants, US; Institute of Public Accountants, Australia and Chartered Institute for oday's business world is of growing economy and Tglobalization, so most of the companies are struggling to achieve the optimal market share possible in both – Domestic and International markets. Mergers and acquisitions (M&A) inorganically provides a business with a potentially bigger market share and it opens the business up to a more diversified market. The phrase mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity. ANOVA Corporate Services specializes in Mergers & Acquisitions and provides an end-to-end solution to its clients. Given the experience with domestic and cross border deal structures, ANOVA can arrive at possible effective options to maximize value creation for clients and provide strategic support on pre-transition and post- transition matters. It works closely with the clients during the process and also liaises with advisors on the buyer / seller side to ensure smooth closure and transition. Critical Elements of Transactions ANOVA provides DD & VDD (Vendor Due Diligence) services with the intent of maximizing value, minimizing disruption and avoiding late surprises through the disposal Chandrashekar Kupperi Founder December 2018|16
“We offer world class customized solutions to the clients, with SMART analytical, financial & commercial insights • Finding the right fit between investor, investee and creating a philosophy-value synergy by the right match. • Structuring the deal to ensure the right execution and transition during the said change. Ensuring Growth and Tackling Competition Since ANOVA works pre-dominantly with MSME companies, including early stage start-ups, their work philosophy does not just stop with creating synergies by making the right transactions but also by addressing the fact that it needs to journey through their maturity by mentoring, positioning, and bringing financial discipline through Strategic CFO advisory services. That’s where ANOVA has a differentiating approach from the competition. Along with acting right and responding according to the changing market dynamics, it is the achievement-oriented and customer-centric strategy that helps ANOVA to excel in every area of their operation. An aggressive plan is required to be the industry leaders, and this is what the organization is continuously doing. Such an approach is motivating their workforce, helping them get the best talent pool from the market and facilitating their growth story. Upcoming Services ANOVA plans to extend its corporate advisory services segment in order to support larger corporates including MNCs and help them mature in business process optimization and efficiency in financial information management and utilization by mentoring them and helping them build a system. Futuristic Approach ANOVA is constantly striving to reach beyond the horizons and in that pursuance, is looking to get involved in larger transactions and move towards creating many more cross border transactions. It believes the day of managing the own fund is not far away. Securities and Investments, UK. He holds a Master’s degree in Business Administration and has also completed a Senior Management certification programme from IIM-Calcutta. Assisting with Fundraise The company assists with Fundraising services required to support not only the initial capital requirements but also the growth strategies. The team interacts closely with PE, VC and HNI investors on an on-going basis and has a good understanding of their culture, functioning, investment philosophy and preferences which help facilitate the most appropriate investor–company fit, thus delivering the best value. On the debt side, they arrange funding including banking, asset-based lending, securitization, project debt, senior debt, mezzanine financing, raising debt to finance LBOs or MBOs, acquisition financing and recapitalizations. Value-Driven Approach ANOVA helps its clients make distinctive, lasting, and substantial improvements in their performance and supports them to achieve: • Assessment of the business position and future prospects. • Providing the right valuation opinion and expectation that bridges the gap between aspirations and practicality. “ December 2018| 17 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
BIORx Venture Advisors Providing Highly Specialized Financial and Strategic Advisory Services had worked with various Govt. agencies in conceptualization and implementation of the funding schemes. Some of marquee transactions he worked on includes financing of India’s largest Multi-Specialty single location hospital “Medanta Medicity” at NCR- Gurgaon. Vishal has authored/presented six Knowledge papersand, published few articles related to various facets of Healthcare, Pharmaceuticals and Medical Devices. Value-Based Offerings for BIORx The company strives to cater to its customer base according to the requirement in keeping with the best industry standards and below is a snippet of their offerings. • Private Equity Placement/ Venture Capital Placement • Mergers & Acquisitions Advisory & Financing Arrangement • Project feasibility studies • Joint venture partner search • Identification of buyers for sale • Technology Transfer, etc • Term Debt Syndication-Arrangement of INR Term Debt, Project Finance and External Commercial Borrowings • Arrangement and Management of working capital facilities • Structured Finance Smooth Seas do not make Skillful Sailors Vishal Gandhi says the challenges the company has faced has made them grew, bloomed and are six years older and counting. The company has never perceived them as an he wealth management industry is facing one of its Tgreatest challenges in decades as demographic and cultural shifts are simultaneously increasing the demand for investment services and thinning the ranks of qualified financial advisors. BIORx Venture Advisors Private Limited (BIORx) is committed to provide highly specialized financial and strategic advisory services. It has a proven track record of various transactional closures towards supporting superior investment growth opportunities and is committed to provide highly specialized financial and strategic advisory services. An Astute and a Fascinating Leader of the Organisation Vishal Gandhi, the Founder and CEO of BIORx Venture Advisors Pvt Ltd (BVA) leads an accomplished team of MBAs, Chartered Accountants and Life -Sciences Domain Experts. The focus of BVA has been on providing Mergers and Acquisitions (M&A) /J.V advisory services, Technology Transfer, Commercial and Technical due diligence and helping clients raise capital. He has provided opinions and reports on over 100 valuations in his career. Prior to starting his own company, Vishal had a 7 year stint with YES Bank, where he significantly developed the Life Sciences and Healthcare Vertical bringing in business from over 35 significant transactions in the area of M&A/Private Equity /Debt Space. He was extensively involved in financial, technical and commercial due diligence for Bank In -house clients and Vishal Gandhi Founder & CEO December 2018|20
“Committed to provide life science-focused specialized financial and strategic advisory services Learning from them, BIORx grew keeping relationship as their top most priority. The support/ benefits the clients get from BIORx side are:- • Less fees but global reach. • Better knowledge of the market to help connect relevant companies/investors. Training and Development Training presents a prime opportunity to expand the knowledge base of all employees. The company believes that the training will give the employee a greater understanding of their responsibilities within their role, and in turn build their confidence. Most employees will have some weaknesses in their workplace skills. A training program allows one to strengthen those skills that each employee needs to improve. A development program brings all employees to a higher level so they all have similar skills and knowledge. Funding- Fuel that powers BIORx BIORx plans to practice raising of money for working capital or capital expenditures by issuing debt to individuals or institutional investors. It plans to provide funding at lower rates than equity financing, especially in periods of historically low interest rates. Competitive Spirit to Tackle Competition It is always better to be Master of one than to be jack of all. The organisation understood this and chose to establish itself only in one sector that is healthcare and not to be in many. This is one of the way of that the company chooses to tackle the competition. The Director of the company has a good experience of more than a decade in same industry which helps to grow continuously. Advancing towards a Brighter Future To ensure that it is aligned with the advancements, BIORx have many plans for better future to flourish. Some of them are:- • Installation of CRM, which means more human time for other fruitful works. • Using Social Media and other digital platforms by hiring people from same background. impediment to our growth, but as lessons learnt over time enabling us to fine tune ourselves to nuances of different personalities. During the journey towards growth the challenges faced were:- • It was new to business with many established competitors. • No proven track record to lure customers. • Low working capital and income made it difficult to hire brighter minds. View on Current Situation Trust is tested in times of crisis, and advisers should be aware of whether their clients fear crisis and market volatility. The founder feels that the industry we operate in is full of new entrants. Anyone with some knowledge of finance tries to become a financial advisor. Free entry and exit supports them whereas the repetitive business models applying for fund makes it difficult to get financed and acquired. Talking about its future looking at the current scenario, he believes that the future belongs to old players. Customers at the Core of Business Creating relationships with customers before and after the business in order to drive repeat business, loyalty and profits delivers high-quality products. Vishal Gandhi further adds that we have seen many well- established companies fail, not because they were not technology enabled or they lacked capital to grow but because they were not client/customer centric. “ December 2018| 21 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
Mergers and Acquisitions ith evolving Wbusinesses, only the most nimble and pioneering is capable of survival. Therefore it is an essential strategic call for a company to decide for any arrangements of mergers and acquisitions (M&A). M&A is considered as a crucial part of a corporate finance world. Two distinct establishments together generate more value compared to being on a separate stand and hence M&A is brought into existence. Companies assess various opportunities in order to amplify their wealth through merger and acquisition. Mergers are the blend of two enterprises to form a single alliance, whereas an acquisition is taking over of one enterprise by the other. Many steps are involved in M&A; pre-acquisition review is the first step where self-assessment of acquiring enterprise with concerns to need for M&A and evaluation of growth plan is included. In the second step, searching and screening of potential targets to take over is performed. This December 2018|22
Editor’s Pick December 2018| 23
process is carried out to scan strategic fit for acquiring enterprise. The third step includes the detailed analysis of shortlisted target company also denoted to as due diligence. A negotiation to come to the agreement for a negotiated merger is started after the target company is selected. Agreement to the deal between the two companies is done at this step. The final step is post- merger integration, in this step formal announcement of the approval of the merger by both companies will be done if all the above steps work out well. A merger is distinguished in three forms, and is grounded on the competitive relations between the merging companies. In a vertical merger, a firm acquires either a supplier or customer, and in a horizontal merger, a firm acquires another firm that sells or produces the similar product. All acquisitions are encompassed by conglomerate mergers, where merging companies are not related to each other. M&A can take place by purchasing common shares, exchange of shares for assets, purchasing assets, and purchasing common shares. There are several motives for the formation of M&A which includes, strategic realignment, technological change, branching out for higher growth markets, financial collaboration for lower cost capital, upsurge market share, tax considerations, enhancing company's performance, and to speed up growth. For corporate M&A transactions, various M&A tools are available and are used by corporates. An important outcome from a study suggests benefits such as reduced timelines and cost reduction, both for post-deal integration and deal execution, are observed with the use of tools. Conflicts decrease during deals through deeper data analytics which helps strengthen assumptions and enhance findings when tools are used. The use of M&A technology tools supports in integrating and reporting. The reason behind the success of numerous deals is the tools which assist in reducing costs, conflicts, and time. With the advancements in technology all over the world, numerous businesses are thriving. The technology giants are competing for leading artificial intelligence technologies. According to a study, acquiring technology assets has turned out to be the leading driver of M&A pursuits. Besides earning technology, adding to product contributions and growing customer sources are the strategic imperatives of M&A sales. Digital strategy and talent acquisition are the following drivers for the deals. The converging industries are construction and manufacturing, energy and construction, retail and technology, and telecommunications and technology. Sectors which continue an ongoing move towards consolidation within their industries have the highest expectation for sector convergence. Example of which is merging of healthcare plans and healthcare providers. To manage share price through M&A and integration, some key aspects need to be taken into consideration. One must ensure that they have strong M&A experienced investor relation support in the pre-deal process. Market and competitive landscape should be apparent to the enterprise. One must beforehand prepare the market for their M&A strategy. The company should plan credibly and take care of deal leak pre- announcement. The rationale must be announced clearly in order to avoid further misunderstandings. Being prepared for the adverse reactions will help manage the situation. The quick wins must be delivered and appropriately publicized. The company must gain customer confidence and good will as it is the most critical aspect of the business. Predicting competitor and counter market reactions will help prepare for the adverse reactions. Deal benefits need to be delivered to the company, and one must demonstrate that they keep public promises. Mergers and acquisitions most of the time results in several social benefits. They yield economies of scope and scale that improve quality, reduce cost, and increase output. Better technical skills and management, to tolerate on less used assets can be brought by the mergers. So, with the assistance of M&A, we can expect our economy to achieve higher level. December 2018|24
Oakcapita Advisory LLP Offering a Myriad Range of Swift and Seamless Services Globally industry. Binesh is an expert in the various areas, which includes M&A, private equity and venture capital deals, project finance. And also specializes in equity and debt syndication fund raising assignments, market entry strategies, JV's, strategic tie-ups and management consultancy specialized in GCC, Asian and European markets. He is closely associated with leading family offices, business groups, HNIs and private equity funds in the Middle East, Europe, the US and Asia. He juggles his work routine between countries of Middle East, Europe and India. Accomplishing the Clients Desires The main pursuit behind a merger, acquisition or restructure is to create operational strategic and financial value. In order to achieve the successful completion of these outcomes, it requires greater transparency, in-depth market and industry research, well-conceived strategies, planning, implementation and execution excellence. Oakcapita Advisory LLP has strategic partnerships with a number of advisory firms globally, giving its clients an easy access to foreign capital markets. The company has an exclusive network of international investors, which helps the clients achieve their strategic intent of growth, expansion, cash flow generation and profit maximization. The company is highly focused and committed to integrate effective measures for developing customized growth akcapita Advisory LLP is a specialist M&A Oadvisory firm diversified across sectors and geographies to reach out and serve clients seeking in-depth strategic, investing and financial expertise. The company consolidates its globally structured professional expertise to render seamless advisory and investment banking services to clients in major sectors including manufacturing, automobile, industrials, consumer product, real estate, retail, pharmaceutical and healthcare. It strives to provide a broad spectrum of strategic M&A solutions in due diligence, capital raising, equity offerings, debt issuances, and derivatives. Be it sell-side, buy-side or corporate restructuring, the company offers these solutions through all the phases of M&A. It functions from originating deals to post-deal execution and also help businesses to achieve their strategic goals and stand uniquely positioned on the global front. Oakcapita Advisory LLP has an inclination towards working with eminent firms having a reputed stature and it also keeps a track of all kinds of businesses be it seed funding, distressed, novel or promising. The Resourceful Leader A diligent personality, Binesh Balan is the Founder and CEO at Oakcapita Advisory LLP. He has a rich experience of over a decade working in the Investment Banking Binesh Balan Founder & CEO December 2018|26
“When a client finds a home with us, they have a home for life the right time can make a world of difference and position the company uniquely in a globalized world. It is striving to deliver its insights, expertise and experience to its clients through each phase of the merger and acquisition process. The company selects its deals after proper due diligence and prefers in quality over quantity. It is investing in developing a rich human capital to identify challenges and harness them to opportunities by using local and global knowledge to deliver customized strategies suited for each client in such a highly competitive landscape. The Present and Future Times of the Industry Currently, firms globally are realizing that inorganic growth is the way ahead. With a relatively high level of market concentration of business startups, corporates are downsizing or realigning their operations by spurring consolidations to focus on profitability, core business areas and operational efficiency rather than market share. The global economy has witnessed a gradual, but steady growth over the recent years in terms of value from global M&A transactions. Exploring the Road Ahead Embracing the digital revolution hands down is the way forward. Going digital, can improve global collaborations, deliver data-driven insights, reduce costs, time and streamline the processes in a detail lifecycle. Oakcapita Advisory LLP wants to create an era of giving back to the society by covering and creating opportunities of M&A with a shared purpose of social innovation and business growth. The company believes that greater commitment towards making a difference can often lead to greater returns on investment. Delivering scalable investment strategies by bringing together dynamic business leaders and forward thinking investors can generate economic returns with positive and measurable social outcomes. It is also planning tie-ups with various start-ups ecosystems globally, to serve its clients even better. strategies to help clients capitalize from complex challenges. Its agility, adaptability and creativity in an emerging business landscape will ensure success in spanning sectors such as corporate finance, debt advisory, capital-rising, corporate restructure and M&A transactions. Upcoming Services and Plans Oakcapita Advisory LLP plans to enter into Blockchain / Technology space, possibly even as investors. It is planning to incorporate its expertise with customized digital based solutions to handle deal complexities and ensure smoother deal implementation and execution. Embracing the advanced M&A technology solutions can reduce the cost and time and improve global collaborations and accelerate M&A deal making and transactions. Effectively Tackling Challenges The major challenge Oakcapita Advisory LLP faced initially was operating in the global context, where markets are more interconnected due to the increasing globalization of the M&A sector in general. Another challenge for the company was to surpass the competition by establishing itself as a brand to stand out from other boutique advisors and securing interesting deals. The company has faced numerous challenges till date and successfully overcome it. It believes that every challenge can be seen as an opportunity to rise in the longer run. Taking the right step at “ December 2018| 27 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
AZB & PARTNERS Providing Reliable, Practical and Full-service Advice to Clients Zia Mody Founder Ajay Bahl Partner Bahram N. Vakil Partner December 2018|28
1. Brief us about your company and what kind of solutions/services/products does your company offer at par with the current industry standards? AZB & Partners was founded in 2004 with a clear purpose to provide reliable, practical and full-service advice to clients, across all sectors. The Firm brought together the practices of CZB & Partners in Mumbai and Bangalore and Ajay Bahl & Company in Delhi. Having grown steadily since its inception, AZB & Partners now has offices across Mumbai, Delhi, Bangalore, and Pune. We have an accomplished and driven team of over 430 lawyers committed to delivering best-in-class legal solutions to help clients achieve their objectives. We are considered an M&A powerhouse and a one-stop shop which provides our clients, services across all major practice areas. Our firm is considered one of the top 2 law firms in India. Our greatest strength is an in-depth understanding of legal, regulatory and commercial environments, in India and elsewhere. This strength enables us to provide bespoke counsel to help our diverse clients negotiate any dynamic or volatile business environment. At AZB & Partners, collaboration is an everyday reality – we combine individual and mutual strengths to achieve collective growth. The legal services rendered by us cover the corporate, commercial, regulatory, financial and tax planning aspects of modern businesses. We have been involved in advising in the field of mergers, acquisitions, joint ventures and general corporate, regulatory practice and securities laws, private equity, capital markets, funds practice, banking and finance, compliance & investigation, anti-corruption, anti bribery, anti money laundering and corporate governance, microfinance, derivatives, infrastructure and project finance, real estate, media and entertainment, information technology and business process outsourcing, employment, insurance, intellectual property, pharmaceuticals and biotechnology, taxation, aviation, competition law, and litigation and arbitration. The Firm’s clients include an array of domestic and international companies. These range from privately owned to publicly listed companies, including Fortune 500 entities, multinational companies (MNCs), Investment Banks, Private Equity firms and more across the world. The Firm has also built, through its many professional engagements, strong relationships with specialists, regulatory authorities and several international law firms. 2. During the journey towards growth, what are the challenges the company has faced? Our growth has been fairly explosive. We started with 12 lawyers in the late 90s and we have grown as India has grown. The challenge is, as always, growing at an extremely fast pace trying to keep quality standards consistent and always trying to be best in class which required best lawyers, a rigorous training and a passion for letterhead. The task was to grow a scorching practice when training sometimes suffered. 3. Share your point of view on the current scenario of the Industry and its future. The legal profession and law firms are thriving. There is enough space for all. We believe that all law firms will continue to do well, especially the ones that have the quality to do so. Legal issues are becoming more and more nuanced and the client depends much more than before on his lawyers’assessment of risk and to judge his appetite for the relevant degree of risk. 4. Tell us something about the CEO/founder/MD of the company? Ms. Zia Mody was the founder of the 12-lawyer firm which has now grown. There are 3 founding partners of AZB & Partners viz. Mr. Ajay Bahl, Ms. Zia Mody and Mr. Bahram N. Vakil. Mr. Ajay Bahl: Widely recognised as one of India's foremost corporate attorneys, Ajay Bahl has been involved in complex and high profile legal and tax transactions. In addition to being a lawyer, he is a qualified chartered accountant, which strengthens his expertise in structuring, restructuring and transfer pricing related issues. His experience spans an array of sectors, including media and broadcasting, financial services, telecommunications and information technology. On behalf of the Indian Government, Ajay has served before the International Court of Justice, Hague, as an independent expert on accounting and tax issues. He also served as a member of the committee constituted by the Ministry of Finance in India, formed to simplify the provisions of the Income Tax Act. He is also a member of the Appellate Panel, formed by the Institute of Insolvency Professionals, set up to discipline insolvency professionals. Additionally, Ajay was a member of the Confederation of Indian Industry (CII) Economic Growth and Investments Council. He is also on the Board of Governors of the Indian Institute of Corporate Affairs (IICA), nominated by the Ministry of Corporate Affairs. Ajay was a member of the Committee to review the offences under the Companies Interview with Insights success December 2018| 29
2016 (IBC). Bahram is also a member of the Insolvency Law Amendment Committee, constituted by the Ministry of Corporate Affairs for recommending amendments to the IBC. As part of his restructuring and bankruptcy experience, Bahram has advised bidders, insolvency professionals, domestic and international banks, hedge funds and interim financiers under the IBC, including the large stressed accounts referred to insolvency resolution by the RBI. Bahram also served on the U.K. Sinha Committee – Working Group on Foreign Investment in India, Financial Sector Legislative Reforms Committee (FSLRC) – SEBI Advisory Group and SEBI Sub – Group on Regulatory Guidelines for Redeemable Non – Convertible Preference shares. 5. What are the benefits and support your clients is getting from your company in this fastest growing competitive world? We believe that our clients get highly sophisticated and nuanced in areas which are subject to regulatory scrutiny and intervention with a deep understanding of the issues in play. We also guide them in an extremely competitive world on the right type of behaviour and the absolute need for corporate governance. 6. Kindly brief us about your strategies to tackle the competition in your sector. What steps are you taking to ensure that you continue to grow and develop? Our strategy to tackle competition is simple – hire the best, train the best, retain the best and let your quality speak for itself. 7. Tell us something about your upcoming services/plans. We have plans to expand in relatively new practice areas such as Forensic, Competition, Tax litigation, etc. Our plan is to deepen bench strength in the Insolvency & Bankruptcy practice and focus even more on the forensic practice of the Firm. 8. What are the future plans of your company? How are you/is your company contributing in making it better? Our future plan is to grow and to outstrip competition in terms of the quality of lawyers and the advice we offer. The plans are to continue to be best in class and to create clear blue water between us and the rest of our brethren. It is our partners who will ensure that this whole position which we strive for is retained whilst retaining the very special DNA of the Firm. Act, 2013 constituted by the Ministry of Corporate Affairs, Government of India in July 2018. Ms. Zia Mody: Renowned for her contribution to the legal world at large, Zia Mody is amongst India’s most formidable corporate lawyers. Considered an authority on corporate law, mergers and acquisitions, securities law, private equity and project finance, she has advised clients across the world on marquee deals. Zia served as Vice President and member of the London Court of International Arbitration from 2009 through 2013. She was also a member of the World Bank Administrative Tribunal from 2008 through 2013. She continues to serve on several government committees on financial reforms and corporate governance. Zia has earned tremendous appreciation as a role model for women in business. In 2017, 2016 and 2015, she was ranked amongst Fortune India’s Top 5 Most Powerful Business Women in India and in 2018 she was ranked No. 1 in the same list. Likewise by Forbes India as one of India’s 10 Most Powerful Women from 2013 through 2016; and by Forbes Asia as one of Asia’s 50 Power Businesswomen in 2015. Her other achievements include her recognition as: • The Deputy Chairman and a Non-Executive Director of the HSBC Asia Pacific Board • Member of the Governing Board of the International Council for Commercial Arbitration (ICCA) • Foreign arbitrator on the Panel of Arbitrators of the China International Economic and Trade Arbitration Commission (CIETAC) • Member of the Godrej Committee on Corporate Governance constituted by the Ministry of Corporate Affairs in 2012 • Member of the “Committee on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments” formed by the Securities and Exchange Board of India in 2013, under the chairmanship of Shri K.M. Chandrashekar • Member of Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households (2014), chaired by Dr. Nachiket Mor, appointed by the Reserve Bank of India. Mr. Bahram N. Vakil: Regarded as a renowned restructuring, bankruptcy, infrastructure and project finance attorney, Bahram Vakil was appointed as a key member of the Bankruptcy Law Reforms Committee (BLRC), chaired by Dr. T K Viswanathan and constituted by the Ministry of Finance to draft the Insolvency and Bankruptcy Code, December 2018|30
CHALLENGES AND OPPORTUNITIES IN BUSINESS CONSULTING The business consulting market in India is growing at a rapid pace as it is projected to rise over $12 billion mark by the end of the year 2018. The management consulting segment contributes nearly $1.5 billion to the overall revenue of the business consulting industry. After maintaining a consistent growth rate of 6.75% for a couple of years, the industry is now at the onset of major disruption, which will make it one of the fast- pacing industries in India. The digitalization, emerging market trends, and market-liberalization schemes and policies introduced by the Government of India back in 2014 are still wheeling the industry. The organizations are opting for cutting-edge technologies like AI, Natural Language Processing, and IoT to digitally optimize their existing business operations as well as design and develop new innovative products. For this, the startups, as well as established firms, are seeking expert advice from external advisory firms armed with the tech-savvy workforce. With the simpler norms and procedures to enter into the market for MNCs, local advisory firms are leveraging the opportunity to assist international brands in positing themselves into the Indian market. However, the Indian market is full of ups and downs for which the consulting firm and its client have to stay prepared in advance: Digital Transformation and Automation The introduction of the latest advents in technology and digitization is leading to more tech-oriented consulting work for consulting firms. With the continual development of technology, the needs of businesses keep on changing. Be it healthcare or telecommunications, technology is greatly impacting how organizations work. Where startups are adopting digital technologies for bringing innovative services to its clientele, the well-established businesses are switching to AI, Robotics, and Machine-Learning technology for transforming their business culture and bring agility into their organizations. For serving the counseling organizations, the consultancy firms first have to adopt the disruptive change themselves and train their workforce enabling them to provide quick, profitable, and smart solutions to the clients. AI and automation significantly boost the productivity of the consultants and the customer experience. For example, with the Robotic Process Automation Devices, the consultants can keep the mundane admin activities like creating invoices, matching payments with the correct invoice, keeping daily records. With AI-powered systems, they can make better strategic and data-driven decisions and thus, propose result-oriented solutions. Usage of AI-like technologies can enhance the firm's business processes as well as bring innovation to the services promising them the higher growth. But, the budget, implementation, and training issues will be a great challenge for the consultancies. Lalit Khanna Founder & Managing Director December 2018|32
The revenue generation for the consulting firms depends on the strategies and services developed by the consultants in close interaction and collaboration with the clients. They might even require field-tests for which many on-demand or freelance employees are not ready. Also, the consulting firms have started going digital with intuitive platforms and software for which they have to pay a hefty subscription amount. Misuse or exploitation of such paid tools and software and the manipulation with data meant to be kept confidential is a threat for the consulting firms. Unlike traditional employees, the consulting firms have to face a tough time while grooming the flexible workforce and encouraging them to take a proactive approach to project completion. Performance-based Billing System Moreover, the consulting industry has also witnessed the emergence of fees based on outcomes or performance-based billing. In such a pricing system, the work hours of the consultant are not considered at the time of billing, instead, to which extent does the consultant achieve the objectives and targets given by the client matters. Not only such pricing style saves the client from paying extra bucks to the consulting firms based on the lengthy hours taken by the sluggish consultants, but also provides the consultant firms a benchmark to attain in order to prove their worth. However, the small-scale consulting firms lag behind when it comes to implementation of this performance-based billing system. Many a time, the client does not agree to change the tentative amount proposed to him earlier after the consultant achieves success. The effective implementation of the performance-based billing totally depends on the sophistication of both consulting firm and the clients entering into the contract. Moreover, one of the biggest nightmares the consulting firms have is by the time a consultant prepares a research report or any strategic plan for the client after collecting data, analyzing it, and pilot testing, those trends and issues become outdated and are replaced with the new emerging disruptive forces. Such vulnerabilities affect the revenues of small-scale consulting firms which do not have an easy access to Big Data, Data Analytics, Cloud, and other cognitive technologies. However, the consulting giants who are the early adopters of dynamic next-gen technology dominate the market leveraging the relevant insights, automation devices, and scalable data gathering. They are better able to advise clients on the seamless implementation of disruptive technology as they themselves harness the potential. Lalit Khanna – Founder & Managing Director, SL Consultants A dynamic leader with over 23 years of extensive cross-functional experience with some of the most trusted global brands such as SL Consultants, Max New York Life Insurance, Onida, Hindustan Unilever, Thomson, and Konka. Being the Founder and the Managing Director of SL Consultants, Khanna is responsible for all the core functionalities of the company worldwide. He holds P.G Diploma in Sales & Marketing from NIS (a division of NIIT) and a Certicate in Enterprise Management from Indian Institute of Technology (IIT), Delhi. During the past 23-years in the corporate world, he made splendid efforts for the growth and success of both the organizations and people with his exceptional leadership & managerial skills in Strategic Management, Human Resource Management, 360-degree Marketing, Resource Optimization, and Capacity Management. Gig Economy Gig economy or open talent economy reshapes the way how business works. Because on-demand talent costs cheaper than a traditional counterpart and is specifically hired for working on a specific project, the organizations, especially the consulting firms are embracing the system of gig economy. For consulting firms, it is one of the best ways to tap on the right talent specialized in a particular area bringing to their clients the much-needed skill set and experience. However, quality of work, immediate availability, the efficiency of the non-permanent staff is a concern for the HR managers. ABOUT THE AUTHOR Industry Outlook December 2018| 33
ONGO Framework A Trailblazer in the Vertical of Enterprise Mobility and Digital Transformation How ONGO Framework’s Services Benefitting an Organization? The company helps enterprises to digitally transform themselves in order to compete in a hyper-connected and technology-driven business landscape. It is making technology solutions feasible for businesses and start-ups to help realize their business dreams in a cost effective manner. ONGO enables businesses to build, integrate and deploy applications on web and mobile which can be hosted on cloud, private cloud, or any other infrastructure, thus significantly reducing the complexities as well as the time taken to develop and deploy an app. Further, ONGO Framework harnesses the power of latest technologies to serve clients across the globe and transform their operations with digital and technology models. Things that Makes itUnique among Contemporaries One can find many solutions in the market for the same set of problems but only few out of them fulfil the client’s actual needs. ONGO Framework’s solutions fulfil the clients’needs in achieving their business objectives with Zero Technical fuss. Its AI-based framework has self-learning capabilities which allows to mature with the time and build apps seamlessly without hiccups. It has identified 10,300 categories, out of which 432 categories are matured for rapid automationofappdevelopment.Thislow/no-code n this fierce competitive world, no business can Isurvive for long without leveraging the benefits of technology into their business operations. Every business deserves to be digitally equipped, but not all can afford the expenses of procuring leading-edge technology. Thus to empower businesses and start-ups with the power of cutting-edge IT solutions that too at unbelievable affordable price, Hyderabad-based ONGO Framework has born. Founded in 2009 in the cyber-city of Telangana (then part of Andhra Pradesh), this IT enterprise has witnessed a phenomenal grown within a decade and served countless organizations across the globe, famously include Chinese multinational conglomerate- Alibaba for its cloud solution. Recently it has acquired HockyStick Media, a reputed digital marketing firm founded by ex-Googlers. ONGO Framework is a B2B IT and Digital solution provider company that assists businesses and start-ups with enterprise mobility and digital transformation. Its proprietary framework is based on Application-Platform as a Service (A-PaaS) model helps in crafting and deploying- mobile and web based applications in very lucid and time-saving manner. Clients from across the verticals and industries such as retail, restaurants, insurance, healthcare, and enterprise mobility are attracted towards its unique solutions. Rama Krishna Kuppa Founder & CEO December 2018|34
“Our Low/No code framework empowers businesses and start-ups with the power of cutting-edge IT solutions at an unbelievable affordable price Framework in the capacity of Founder and CEO. Since its inception, Rama has helped the firm pivot from being a software solutions provider to offering full-stack product development services to diverse clients from multiple industries. With a Master’s degree in Information Systems, he started his career working with Mindtree in R & D division and identified himself as an innovator. Later, Rama worked for Motorola as a seasoned developer followed by Hitachi (Sierra Atlantic). In 2009, he founded his first entrepreneurial venture- CreativeXperts Consulting. In 2011, Rama helped in productizing ONGO Framework to rapidly develop and deploy solutions across industries. Although, he has a versatile personality and manage all aspects of business but his interest lies mostly in building the company’s roadmap that includes initiating alliances and partnerships and helming the technology end of the business. Expanding Business Footprint is on Top Radar The company is uninterruptedly moving on an up-ward trajectory since its inception and is committed and confident to continue on the same path in the near future. There are many business expansion plans which are on the priority list of its management. Besides India, ONGO Framework is also focusing on expanding its reach to USA. Moreover, the company has identified its channel partners and customers in the rapidly emerging and much promising territory of Middle East and North Africa (MENA) region. The top management of ONGO Framework is very optimistic about company’s expansion plans and is working hard to facilitate the digitisation of 5 million businesses by 2021 to make them globally competitive in this hypercompetitive entrepreneurial race. Rama’s vision at ONGO Framework is to be a catalyst in the end-to-end digital transformation of millions of businesses that are yet untouched by the digital ecosystem. On recounting his mission, Rama asserted, “My mission is to simplify digitisation and mobility for enterprises and facilitate last-mile connectivity between businesses and customers.” framework ultimately decreases the time taken for the development by 60-95 percent. Additionally, the development teams at ONGO Framework integrate intuitive technologies such as Artificial Intelligence (Cognitive Computing and Machine Learning) with industry- specific solutions to create robust platforms for businesses to grow. Having pioneered the fast delivery of digital solutions with less code, ONGO provides end-to-end IT solutions with complete customisation to help clients meet specific business goals. The company provides holistic digital solutions that enable enterprises to integrate various functionalities pertaining to customer lifecycle management, into their applications. It has deployed countless mobile applications for various businesses across several verticals. ONGO’s enterprise- focused solutions are customized according to the business requirements, with standardised solutions for various business categories that are distributed through its vast reseller network comprising web-service providers, discovery providers, listing providers, digital marketing agencies,etc. The Leading Light of ONGO An ace technocrat, who also has flair of sharp business acumen-Rama Krishna Kuppa, is leading ONGO “ December 2018| 35 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
RESHAPING STARTUP IndiaWITH M&A The startup ecosystem in India is blooming and we all know it. What we are not fully aware is the number that actually flourishes and the number that sinks without a trace. Entrepreneurship is a tough job. Some make it big, while some run out of spirit. When a startup isn’t working out the way it was planned to do, there are two options with the entrepreneur- shut-down or look for buyers. Looking for buyers will make a startup go through the process of mergers and acquisitions (M&A) essentially that refers to its consolidation through various types of financial transactions. M&A comprises a number of different December 2018|36
dealings such as mergers, acquisitions, consolidations, tender offers, purchase of assets and management acquisitions. In all cases, two companies, the startup (seller) and the buying company (acquirer) are involved. While the merger is the combination of two companies into a single entity, the acquisition is startup being taken over by the buyer. Why Consider M&A The M&A activity in startups in India has seen a sharp rise in the past few years. While some M&A were massive and public, many were small and of mid-tier startups having a little market share. While the first and foremost reason remains the financial and operation cost being not met by the startups, there are many other reasons and benefits for both the parties. Buy out is certainly better than being shut down. The small startups see getting acquired by other startups or significant players as the better option when they find it hard to find the required funds. The financial issue is a big determiner for a startup to look for M&A and save its day. Merger Talk December 2018| 37
Cutting out competition is another main reason. Many a time’s two mid-scale competitors merge to avoid eating into each other’s profits and acquire a larger share of market. Coming from the same platform means that they take care of each other’s customers in a better manner and expand. A better job opportunity by the acquirer is another good reason. If a startup thinks it is unable to handle its human resource and also wants a better growth, they will certainly look to be acquired by a bigger player for a better opportunity. For the acquirer taking over a startup can provide a good platform for diversification. If a big company thinks about diversifying or providing support to its current operations, it can acquire a specialized startup of small scale. The acquiring company gets a ready team for its work. A small startup generally has like-minded and ambitious individuals who have been working as a team for a good time, getting them on-board all together saves out their training and human resource management time. Acquiring a company will mean getting new technology, new products, and new customers together with a dedicated team managing them all which sure sounds like a good deal for the acquirer. Publicity always accompanies M&A which generally serves good for both the parties. It generates interest in both the companies and their products or services. Taking the Call M&A should be viewed as just a step forward for the startup and not the end of it. Going by the current trend it sure seems that startups are sharing this view. If a startup and buyer are thinking about M&A there must be a strong business reason behind it. The process involves a lot of rounds of talks and some more talks. The best way is to first communicate within the company and let only representatives sit down and talk together so that everyone is on the same page. With future at stake, anxiety is common which should be handled deftly by the entrepreneur. Apart from the legal matters, the entrepreneur also needs to keep in my mind the best of both party’s interests. A clear guideline should be set up as to who will be the next leader. Also, an exit policy should be drafted that suits both the parties and benefits all. All matters including financial, infrastructural, human resource management, rules and regulations, current products and services, data security and privacy, and customers should be taken care of. The legal process of M&A, in India is a bit challenging. Though efforts are being made to ease and regularize the process. As per the current law, investors can exit either through an Initial Public Offer (IPO) or a number of private sales to new investors, but considering the complex IPO regime, it is more of a challenge than being an easy way out. The Insolvency and Bankruptcy Code (IBC) has been introduced and is being utilized to make the system quick and streamlined. A number of cases have been referred under the IBC to decide on revival or liquidation of companies. It lets potential buyers take a look at startups on the brink of shutting down and decide if they would like to buy them out. The code aims at protecting the interests of small investors and making the process of doing business less cumbersome. M&A is a part of a dynamic economy. With so much happening in the startup eco-system in India, the M&A trend is here to stay. Startups will always look for methods to fund themselves and grow. Getting competitors on board or having bigger players backing them can be a big boost. Deciding on the future of one's startup can be a daunting task financially as well as emotionally. Being stagnant does no good. Similarly, for acquirers, getting startups and molding them to fit their current setup can be an upheaval task. But if the price, product, and services are worth it, investment shouldn’t be ruled out. Being realistic about a business’ values and its future helps every company decide on the best way forward. December 2018|38
PDS Legal A New-Age Firm Building a Robust Legal Practice comprehensive and pragmatic solutions which lead to an enhanced level of corporate governance. Additionally, clients appreciate the round the clock digital support the firm provides. The Firm’s take on Current Scenario The political scenario has been conducive to economic development. Factors such as increased technology penetration and disruptions caused due to new entrants have forced companies to think along the lines of consolidation. All of this has resulted in increased activity in the mergers and acquisitions space, which is poised to grow in the near future. To cope with such disruptions, PDS Legal is assisting clients in restructuring their businesses to achieve value maximization. During its initial days, the firm was largely dependent on relationships with promoters and their families. With the evolving framework of corporate governance in consonance with international best practices in India, decision-making has now shifted to a structured and researched process, and companies are increasingly dependent on law firms to understand the impact of such decisions. Further, liberalization and privatization witnessed creation of sector-specific regulators such as the Insurance Regulatory and Development Authority of India, the Real Estate Regulatory Authority, the Competition Commission of India et al, to cater to the needs of the sectors with their domain expertise and technical regulations. Consequently, DS Legal is a full service law firm providing legal Pservices to large corporations, financial institutions, and other clients. With offices in Mumbai and New Delhi, the firm has a dedicated team of lawyers providing a full range of legal services on matters relating to corporate and commercial laws, mergers and acquisitions, private equity investments, real estate, infrastructure, project financing, leveraged buyouts, restructuring, antitrust law, tax (direct and indirect), and dispute resolution. Since inception, the firm has been providing its clients with legal services operating across a broad spectrum of industries. Its research oriented and industry specific approach has consistently resulted in significant value additions and pragmatic solutions for its clients which include, amongst others, the Vicat Group, the Hyundai Group, the LG Group, Monsanto, GlaxoSmithKline, Deutsche Bank Asset Management, Tata Capital, Go Air, Air France and the B.K. Modi Group. The firm is led by global business principles of quality, unity, and efficiency which drive its strategy and make it distinctive. In short, effectively delivering high-quality services in a timely manner is what describes PDS Legal the best. Recognized for its industry focus, the firm has a strong presence across all the key industry sectors including financial institutions, energy, infrastructure, aviation, manufacturing, technology and innovation. While working on a transaction, PDS Legal takes into consideration factors that involve more than just pure law and provides Probal Bhaduri Law Leader & Heads Vihang Virkar Heads December 2018|40
“ The M&A Practice With over two decades of experience in advising clients in corporate and commercial matters, Probal Bhaduri is the Law Leader and heads the New Delhi Practice. He has acquired the memberships of the New York State Bar Association and Bar Council of Delhi. His core areas of focus include advising domestic and foreign clients on mergers, acquisitions, private equity investments, cross-border deals, JVs and real estate transactions. He has led teams in a large number of domestic deals, including, mergers, demergers, acquisitions, and has built a notable general corporate advisory practice. In the last few years, he has also been actively involved in providing strategic advice in matters of shareholder and commercial disputes, as well as in the area of economic offences. Recognized as a notable aviation and corporate law practitioner, Vihang Virkar heads the Mumbai Practice. He has advised clients on a variety of domestic and transnational transactions which involved aspects ranging from commercial laws, securities laws, mergers and acquisitions, anti-trust regulations, asset and business purchases, private equity funding and security sales and purchases. Recently, Vihang and Probal have been acknowledged in the list of ranked lawyers for India in Aviation; and M&A and Corporate Law respectively, in the 2019 edition of the ‘Chambers and Partners rankings’. They have also been recognized as leading lawyers and the firm’s corporate, and mergers and acquisitions practice has been recognized as notable in the ‘Asia law profiles ranking’. The Path Ahead Already having taken great strides in the development of its practice, PDS Legal believes that there is still much to accomplish, including the continued investment in the growth of the firm – geographically, by industry and by legal expertise. The firm is committed to a growth strategy across all its regions with an aim to deliver this growth rapidly and effectively, in alignment with their nationwide plan in the near future. The firm is adding practices to its existing suite and the next few years are about reinforcing the brand, continuing to provide top-quality advice to clients, and ensuring PDS Legal is where clients need it. In the meanwhile, the firm will continue to harness opportunities to grow organically and inorganically. timelines for completion of deals have to take into account the processes involved to obtain approvals from such sector specific regulators. Why Choose PDS Legal? The firm believes that the emerging technology-based economy requires tech-savvy, business-savvy, and network-savvy lawyers. The firm incorporates these skill-sets in its lawyers through continuous knowledge training programs. Its processes and work-culture are unique – non-hierarchical, open, and collaborative. The firm also believes that the early adoption of technology can be a game changer. As such, it is constantly aligning its existing processes and investing in technology to automate manual processes. This enables the firm’s lawyers to accord more time for client interaction. At PDS legal, the lawyers take utmost efforts to understand the intricacies of the client’s business and consistently leverage its research and knowledge-based approach to deliver premium and high-quality services tailored to the specific needs of the client. The M&A teams are led by senior and experienced lawyers such as Monika Deshmukh, Neil Hildreth, Ayesha Rai, Anirudh Mukherjee, and Nidhi Arora. The team at PDS Legal consists of several dual qualified lawyers including lawyers with degrees from prestigious international universities, and also includes lawyers who have worked internationally across jurisdictions. Their in-depth knowledge of the regions and markets, and capability to advice on transactions has helped the firm's clients to grow significantly. “ The firm has a strong presence across all the key industry sectors including financial institutions, energy, infrastructure, aviation, manufacturing, technology and innovation December 2018| 41 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
Veritas Legal Imparting Specialized Solutions The Firm’s Services Veritas’ areas of expertise include Mergers & Acquisitions, Private Equity, Anti-trust Law, Dispute Resolution, Regulatory & Compliance, Real Estate, Retail & Franchise, Private Client Practice, Banking & Finance, Restructuring & Insolvency and Data Protection & Privacy. Its clients benefit from its unparalleled skills blended with its culture, personal attention and streamlined advice that it provides. It believes in offering experienced/senior hands for every transaction and not pushing down the matter to junior levels. This hopefully results in advice that is more solution-oriented and the ability to understand the issue from 360°. The firm does not believe that it should mean everything to everyone but instead should mean everything to a few. The company has grown in strength having completed over 75 transactions in M&A and private equity and has been involved in significant litigations with over 400 filings in various judicial forums across the country. From Fighting Odds to Gaining Recognitions Challenges have been and continue to be a part of Veritas’ story. But it is equipped to the best of its abilities to face the unknown in the coming years, remaining true to its belief. The challenges that it faces are probably no different from those faced by any new venture. What added to their struggle was the fact that a large firm in the industry had split in the middle and the market was extremely disruptive. n average human being tries to gather knowledge Aabout every possible field. The learning method can be theoretical or hands-on. But some fields are better left to those who have a flair for it and go through the entire and correct learning procedure. Law and Legislation or legal matters are one such field. A good citizen is always concerned about being a law-abiding citizen and avoids being on the other side of the law. Legal matters concern not just regular citizens but the corporate too. An enterprise has to consider many legal points for its daily working, human resources policies, market matters and mergers and acquisitions. Legal matters have been always considered complex, arduous, time-consuming and costly and firms are always in search of people and companies who can simplify the legal processes for them and their functioning. In the highly competitive legal market in India, Veritas Legal, a Mumbai based law firm has successfully carved a niche for itself. Established in 2015, the Firm is known for agile thinking, pro-activeness and commitment to clients. The Founding & Managing Partner of Veritas Legal is Abhijit Joshi, one of country’s leading Corporate and M&A lawyers with a noteworthy career spanning 25 years. At age 46, when others start planning their retirement, he took the plunge to start a new venture. His extraordinarily bold decision has been well supported by the team and the market. Abhijit Joshi Founding & Managing Partner December 2018|42
“Providing incisive client-focused legal solutions based on an in-depth knowledge of the legal, regulatory and commercial environment in India The tangible is implicit in terms of knowledge, training, remuneration etc..The ultimate winner, for Veritas is the culture which nurtures and preserves talent and talent is what creates a firm. So at the core, strategies are very simple to give an endearing culture and provide transparency at all levels. The company believes that the client is increasingly looking for solution-oriented advice. Specialization, the ability to see the problem holistically, thinking through matters from every angle and anticipate issues, are important aspects of service provision. This skill set and specialization are what it believes it is able to provide and therefore grow in a competitive world. Caring for the Industry Veritas Legal holds a special program called the Pro Bono program, about which, it is very passionate. This Program was started to ensure access to justice, promote the rule of law, and provide legal services to those unable to afford a lawyer and assist clients to achieve their Corporate Social Responsibility objectives. Everyone at the Firm plays an active role in the Program and our lawyers contribute voluntarily whenever he or she can in terms of time which is the most precious commodity that anyone can contribute to a cause and make a difference. Lawyers are allowed to work on identified projects during office hours, by using the office infrastructure at the expense of the firm. The lawyers have together voluntarily agreed to contribute over 3000 hours a year for this program. The program has been an integral part of the Firm’s culture and is the backbone of its value system. On the future prospects, Abhijit sees India poised to grow and along with it, the legal industry will also grow exponentially. Veritas plans to grow deeper into its specializations. It has added senior resources in the Bankruptcy practice and continues to bolster its Real Estate practice. He says,” We will grow, but in a calibrated fashion, deeper as opposed to wider whilst continuing to remain true to our values. The rest will follow.” Since its four years of existence, Veritas has tackled its challenges and made its presence felt and heard in the market. The firm has been consistently mentioned in the leading tables for India and other global rankings. The firm and its members have been recognized in the RSG India Report in the top 40 India ranking, Chambers and Partners, IFLR, IBLJ, Asia Legal Business, Asia Law & Benchmark Litigation. Abhijit has been recognized in top listings by leading financial publications, recognized as a “Highly Regarded” lawyer by IFLR1000 for M&A and recommended by International Who’s Who Legal for Mergers & Acquisitions, Private Client Practice and Corporate Governance. He has procured the Financial Times Innovation Award (Asia-Pacific) for a complex merger transaction. On Growth and Competition Speaking about the current industry situation, Abhijit says that it is operating in a fairly insulated manner in the absence of any competition from foreign firms and growing with a presumption that it will not go down. This is a wrong notion. As per Abhijit, ”To my mind, this is a fallacy, when the best in class, knock at the door and they will eventually. Only centres of quality will survive. Those with a better culture have a more sustainable future.” For Veritas’ own growth and competition, the company relies on tangible and intangible strategies to stay ahead. “ December 2018| 43 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
"The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018"
"The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018"
"The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018"

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"The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018"

  • 1. December 2018 THE 10HIGHLY TRUSTED Merger & Acquisition CONSULTING FIRMS IN 2018 Editor’s Pick Mergers and Acquisitions: Where, One plus One Equals to Three Expert’s View How Legal Service Providers are transforming Corporate Legal Departments
  • 2.
  • 3.
  • 4. Editorial erger and acquisition (M&A) a path business take to achieve Mexponential and not just linear growth and therefore continues to generate interest. “Flaming enthusiasm, backed by horse sense and persistence, is the quality that most frequently makes for success.” A quote that holds good for M&A in India, and a credo to which Indian companies seem to subscribe given their successes to date in completing acquisitions. There is little to stop Indian companies that desire to be global names for playing the merger and amalgamation game globally. With a plethora of financing options, this aspiration has become a reality for many business houses, who now boast of having the best in the industry under their wings. Both within and beyond the national frontiers the Indian companies have often surpassed their foreign counterparts in corporate restructuring. The legal framework for such corporate restructuring must be accessible and facilitative and not restrictive and mired in bureaucratic and regulatory hurdles. At a time when Indian business houses are continually looking at inorganic growth through acquisitions of other businesses, the M&A arena appears stronger than ever before now. Recently, much consolidation in the form of mergers, share acquisitions, and business acquisitions has been observed in telecom, cement, banking, power and insurance. Within a business, a merger or acquisition is often treated as a standalone project to manage, with individuals within the company consolidating financial records, analyzing human resources, and paving a new path forward. It requires significant attention to detail and cooperation from both sides, and in some cases, the deal falls through before everything is finalized. Many M&A dealings are based on the premise that it makes perfect logic to inorganically acquire key customers or key suppliers of the target enterprise as it gives the opportunity to add margins to the company with little incremental effort. Most of the time, one sees front-end companies obtaining their back-end suppliers with the reason that the margin that the back-end company is producing can be easily further added and increased as well as cut down when it becomes a captive unit. “We are made wise not by the recollection of our past, but by the responsibility for our future”, and the future of India is bright indeed. Mergers and Acquisitions Potent Indicators of a Robust and Growing Economy Shweta Priyadarshini Shweta Priyadarshini
  • 5. SME-SMO Executives Swati, Manoj Circulation Manager Tanaji Digital Marketing Manager Prashant, Rahul Technical Specialist Amar, Pratiksha Business Development Manager Akansha Garewal Co-designer Sapana Shinde Marketing Manager Dhruv Apte Art & Picture Editor Rahul Kavnekar Art & Design Head Amol Kamble Associate Designer Poonam, Shweta Copyright © 2018 Insights Success Media and Technology Pvt. Ltd., All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success Media and Technology Pvt. Ltd. Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd. Corporate Ofces: Insights Success Media Tech LLC 555 Metro Place North, Suite 100, Dublin, OH 43017, United States Phone - (614)-602-1754 Email: info@insightssuccess.com For Subscription: www.insightssuccess.com Insights Success Media and Technology Pvt. Ltd. th Off. No. 513 & 510, 5 Flr., Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017 Phone - India: +91 7410079881/ 82/ 83/ 84/ 85 Email: info@insightssuccess.in For Subscription: www.insightssuccess.in sales@insightssuccess.com December, 2018 Follow us on : www.facebook.com/insightssuccess/ https://twitter.com/insightssuccess Cover Price : RS. 150/- Editor-in-Chief Pooja M. Bansal Managing Editor Shweta Priyadarshini Contributor Editors Sneha, Rahul We are also available on : RNI NUMBER: MAHENG/2018/75953 Sales Executives Shraddha, Rutuja Technical Head Swapnil Patil
  • 6. AZB & Partners Providing Reliable, Practical and Full-service Advice to Clients 28 INTERVIEWS WITH INSIGHTS SUCCESS ARTICLES Editor’s Pick Mergers and Acquisitions: Where, One plus One Equals to Three 22 Merger Talk Reshaping Startup India with M&A 36 CONTENTS Luthra & Luthra Law Ofces Leading Law Firm Offering Exceptional Legal Solutions 08
  • 7. CXO Industry Outlook Challenges and Opportunities in Business Consulting 32 How Legal Service Providers are transforming Corporate Legal Departments 14 Expert’s View ANOVA Corporate Services Providing Strategic Solutions to Clients through Mergers & Acquisitions (M&As) 16 BIORx Venture Advisors Providing Highly Specialized Financial and Strategic Advisory Services 20 Oakcapita Advisory LLP Offering a Myriad Range of Swift and Seamless Services Globally 26 PDS Legal A New-Age Firm Building a Robust Legal Practice 40 Veritas Legal Imparting Specialized Solutions 42 ONGO Framework A Trailblazer in the Vertical of Enterprise Mobility and Digital Transformation 34
  • 8. he basic purpose of merging the company is to achieve faster growth in the corporate world. Faster growth of Tthe company may be shelf through product improvement and other purpose for acquisitions. The company by the way of merging and acquisition can safeguard the sources of supplies of raw materials and to obtain economies of purchase in the form of discount, saving cost of transportation costs, overhead costs in buying department etc. When the company acquire merger and acquisition it depends upon its planning and strategies whether they will profitable or in losses. India has many cases through which they proved its not lagging in this aspect of merger and acquisition from worldwide. The concept of merger and acquisition can also be a risky process which has to be adopted, as it may bring various problems to the company in terms of the management, it working, etc., To bring out such extraordinary mergers and acquisitions that are making massive changes in the peoples’ lives, we have come up with this interesting issue titled, “The 10 Highly Trusted Merger & Acquisition Consulting Firms in 2018” In this issue, we have featured Oakcapita Advisory LLP is a boutique middle market M&A advisory firm headquartered in India. It strives to provide a broad spectrum of strategic M&A solutions in due diligence, capital raising, equity offerings, debt issuances, and derivatives. PDS Legal is a full service law firm with offices in Mumbai and New Delhi. Recognized for its industry focus, the firm has a strong presence across all the key industry sectors including financial institutions, energy, infrastructure, aviation, manufacturing, technology and innovation. Veritas Legal, a Mumbai based law firm has successfully carved a niche for itself. Established in 2015, the Firm is known for agile thinking, pro-activeness and commitment to clients. ONGO Framework a B2B IT and Digital solution provider that assists SMEs and start-ups with enterprise mobility and digital transformation. BIORx offers advisory services to a wide range of companies and is set to become the most preferred financial and strategic partner for the life-sciences industry of India. ANOVA is a fast-growing Chennai-based Investment Banking and Advisory company that specializes in Mergers and Acquisitions (M&A) activities such as Transaction Advisory, Buy-side or Sell-side Opportunities, Due Diligence, Business Valuation, Financial Modelling, Fundraising, Re-Financing and Re-Structuring. We have also taken an Interview with Insights Success; Rajiv K Luthra is the Founder and Managing Partner of L&L Partners highlighting the influences made by his company to take Luthra & Luthra Law Offices to a new level and AZB & Partners, providing reliable, practical and full-service sadvice to clients. The firm is considered an M&A powerhouse and a one-stop shop which provides clients, services across all major practice areas. The firm is considered one of the top 2 law firms in India. We have article How Legal Service Providers are transforming Corporate Legal Departments written by Jaspreet Kaur, Vice- President of Mind Merchant and Challenges and Opportunities in Business Consulting written by Lalit Khanna – Founder & Managing Director, SL Consultants Our in-house editors have also written article on Reshaping Startup India with M&A This issue being the break of our voyage towards unveiling many such phenomenal businesses, we have set sail on the tides of the business world to discover new horizons. Come relish the essence of Business with us. Merger and Acquisitions: The Path Businesses take to Achieve Exponential Growth 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
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  • 11. LUTHRA & LUTHRA LAW OFFICES: Leading Law Firm Offering Exceptional Legal Solutions n an interview with Insights Success, Rajiv K Luthra is the Founder and IManaging Partner of L&L Partners gave some insightful answers highlighting the influences made by his company to take Luthra & Luthra Law Offices to a new level. 1.Brief us about your company and what kind of solutions/services/products does your company offer at par with the current industry standards? L&L Partners [formerly known as Luthra & Luthra Law Offices] is a leading full service law firm, with a team of over 350 Counsel, and offices at New Delhi, Mumbai, Bengaluru and Hyderabad. In keeping with the Firm’s legacy of offering exceptional legal solutions & client advice; teams at the Firm ensure that clients receive practical, innovative & cost-effective advice in a responsive manner, while upholding the highest ethical standards. Enormous amounts of knowledge, experience & commitment, successfully help close/ resolve complex & high value transactions & disputes, with practical & creative legal solutions. Consistently ranked and globally recognized as leaders in the field, we adopt a forward-looking approach towards the practice of law, combining both conventional practice areas & emerging sectors, setting benchmarks and the highest technical standards within the legal fraternity. Whilst handling clients across major industry practice areas & sectors, we provide legal guidance & assistance to a wide range of domestic & international clients as well as foreign firms, adding to a multitude of global clients. Since its inception in 1990 which coincides with India’s economic liberalization, L&L has assisted numerous multinational corporations to set up their presence in India, and navigate the complex Indian legal system. Offering precedent-setting solutions to complex legal issues, the Firm advises on transactions and matters involving Banking & Finance; Capital Markets; Competition & Anti-trust; Corporate Commercial and Mergers & Acquisitions; Rajiv K Luthra Founder & Managing Partner Interview with Insights success December 2018| 09
  • 12. Dispute Resolution (Litigation & Arbitration); Anti-Corruption & Compliance; International Trade (WTO) Laws and Policy & Advisory; Project, Infrastructure & Energy; Tax (Direct & Indirect); Real Estate & Construction; Aerospace & Defence (Procurement & Production); Insurance & Re-Insurance; Intellectual Property - Patent & Trademark; Oil & Gas; Health & Pharmaceuticals; Private Equity & Venture Capital Investments. The Firm and its lawyers have been consistently ranked and recognised by leading legal publications across each of our practice areas. Our clients include many of the world’s leading corporations, funds, banks and financial institutions. 2. During the journey towards growth, what are the challenges the company has faced? The challenges we have faced as a Firm are far too many to enumerate. We have never perceived them as an impediment to our growth, but as lessons learnt over time enabling us to fine tune ourselves to nuances of different personalities. We, as a Firm have not had any difficulty in coming together collectively and acting as a cohesive unit working in perfect synchronization and harmony, during trying times. And in our experience, there is no tide which we are not able to sail through, when we stand united. 3. Share your point of view on the current scenario of the Industry and its future. It is our understanding that the legal profession is continuing to gain its due respect and recognition in the domestic space as well as on the global platform. Legal professionals in In-House roles are steadily becoming an important voice to ‘Promoters’, ‘Board of Directors’ and ‘Chief Executives’ alike. Legal advisory services are no longer looked upon as ‘support services’, but their importance has been acknowledged by many an industry leader, as their legal teams have helped them counter many risks and helped bring efficiencies in the organization’s overall operations, while continuing to follow the letter of Law. Statisticians from top analytics institutions around the world are very optimistic about the Indian economy, corporate sector and capital markets. We believe the growth of the Indian legal industry is pegged to India’s growth story, for which, we too have a very positive outlook. 4. Tell us something about the CEO/founder/MD of the company? Rajiv K Luthra is the Founder and Managing Partner of L&L Partners (former Luthra and Luthra Law Offices). He has over three decades of experience as a trusted advisor to the Indian government and top domestic and international corporations, and serves on numerous corporate boards. He has been awarded the ‘National Law Day Award’ by the Prime Minister of India, for his “… his singular contribution to the practice of corporate and commercial law in India and for being one of the country’s earliest pioneers in international transaction lawyering” and is the recipient of the ‘International Jurists Award’ by the Attorney-General and Chief Justice of the United Kingdom, for his unique contribution in the field of cross- border transactions and banking & finance law in India. At the Economic Times’ Asian Business Leaders Conclave in Kuala Lumpur, he was recognized as ‘The Most Promising Business Leader of Asia’. He has received the ‘Lifetime Achievement Award’ for his accomplishments & achievements in the International M&A sector at the 4th Annual International M&AAdvisor Awards in New York. He has also been inducted in the M&A Hall of Fame, New York and has been honored as a “Legend in Indian Corporate Law” and as an “Ace Legal Eagle for Indian corporate law, specializing in tax, regulatory & compliance laws” at the Asian Business Leadership Forum Excellence Awards in Dubai. December 2018|10
  • 13. Most recently he has been appointed by the Hon’ble Minister for Corporate Affairs, on the High Level Committee on Corporate Social Responsibility, Ministry of Corporate Affairs, shortly before which, he was also appointed as a Member of a High Level Advisory Group in the Department of Commerce by the Hon’ble Minister of Commerce & Industry to make recommendations on pursuing opportunities, addressing challenges and finding a way forward amidst emergent issues in the contemporary global trade scenario. He is the only legal expert in this esteemed group. 5. What are the benefits and support your clients are getting from your company in this fastest growing competitive world? Our vision for our relationship with a client is not myopic or limited to one transaction/mandate/case. For us each interaction with our client is an opportunity for us to build on our relationship with them. We intend to be their trusted advisor in all legal and business issues they grapple with, to extent we can. We go the extra mile in suggesting other financial advisors/business consultants as the case may be, to help them attain their desired goals. What we have developed a reputation for with our clients over the past three decades, is that we are with them each step of their journey through, what is for them – unchartered territory. We only rest, when see them through the finish line, not a moment before that. 6. Kindly brief us about your strategies to tackle the competition in your sector. What steps are you taking to ensure that you continue to grow and develop? It may come as a surprise, but we are happy to report that we do not have any strategy in place, which targets or is centered around competition. It is our Founder’s and Senior Partners belief that we must strive to act in our clients best interest and help them with advise which brings about maximum benefit while striking a balance our client and the counterparty involved. This is because no case/matter can be seen in isolation; we want to ensure that a mutually beneficial agreement and conclusion is arrived at, because as legal professionals, to us, justice and fairness is paramount. This core belief can very well be considered our Firm’s purpose and mission. 7. Tell us something about your upcoming services/plans. As a full service law firm, our advisory spans across legal practice areas and industry sectors. We intend to lay emphasis and strengthen our effort to expand our scope of services by partnering with global law firms, and domestic law firms in other jurisdictions to be able to provide services to our clients, wherever they are present or have interest. 8. What are the future plans of your company? How are you/is your company contributing in making it better? We are investing in technology to ensure that we are aligned with the advancements in systems and processes that act as enablers for better service delivery and allow us to measure our performance in an organized and efficient manner. More importantly, we continue to invest in our human capital, which we value above all else. We do this by taking on budding legal professionals in our internship program, allowing both the individual and our firm to assess whether we are a natural fit. Young professionals are assigned a mentor to help them navigate through difficulties they may face in their path of growing to be full-rounded, accomplished professionals. For our existing family, i.e. counsels at the Firm, we do our best to help them grow in their individual path of professional ascension within the Firm's ranks. We wish to maintain cordial relations with those of our counsels who choose a different path for their career; we mean to formalize this by means of hosting events for our Alumnus, as a goodwill gesture. December 2018| 11
  • 14. Read it FirstRead it First Subscribe today Global Subscription Address : Country :City : State : Zip : Date : CORPORATE OFFICE Name : Telephone : Email : Insights Success Media and Technology Pvt. Ltd. Off No. 513 & 510, 5th Flr, Rainbow Plaza, Shivar Chowk, Pimple Saudagar, Pune, Maharashtra 411017. Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85 USA: 302-319-9947 Email: info@insightssuccess.in Yes I would like to subscribe to Insights Success Magazine. Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.
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  • 16. Jaspreet Kaur heads global client engagement across all service lines warranting Mind Merchants’ commitment towards catering to latest and ever-growing legal technology solutions. As an in-house Counsel and Head of Operations, she has been instrumental in contributing and facilitating Mind Merchants growth with a focus on delivering best in class legal operation solutions. Jaspreet’s contribution in providing business analytical direction for specic product groups or business objectives in order to improve the total customer experience is pivotal to Mind Merchants. She works closely with the sales division to help dene opportunities and close large opportunities with the right solutions and mapping key value propositions to customers business. She has been efcaciously and effectively contributing as part of revenue generation group of the company. She brings in her decade long experience and has helped numerous GC’s undertake strategic reviews, efciency and process optimisations, and technology deployments and managed the successful integration of software. Jaspreet is a change-maker, and highly skilled in identifying and enacting practical solutions to complicated, multi-faceted issues. ABOUT THE AUTHOR HOW LEGAL SERVICE PROVIDERS ARE TRANSFORMING CORPORATE LEGAL DEPARTMENTS Jaspreet Kaur December 2018|14
  • 17. n our interlinked world, business lifecycles are getting Ishorter and shorter. Organisations have anticipated changes in business models continuously every once in a while, but now many keep changing their strategies rapidly. There are times when the model continues meeting the organisational goals concerning revenue, competitiveness and cost differentiation and doesn’t require to be shifted right away. However, an organisation should be prepared to upgrade it whenever it is needed and should know when and how todoassuch. Corporate legal departments are better braced than ever to explore, analyse and redesign their vital activities. Driving this new flexibility of the business model is the underlying reality that changes in competitive action don’t adhere to yearly schedules. Change is being driven by what occurs in themarketandnotintheconferenceroom. SuccessfulGeneralCounselsaretheonesthatutiliseharddata to set up priorities for their organisations, to show results based on different scenarios and to design their business models while still depending on the existing plans. Like how phones nowadays can be swiftly updated with new software downloaded over the internet, business models should be tested and continuously evaluated to keep up with economic conditionsandtrends. Changes in technology and its related advancements allow for significant innovation in business models. The organisations in the future will amaze us with ground-breaking and unconventional plans of action. It is by definition hard to predict what will overwhelm us or what will prove to be creative. In any case, we can to some degree cast our look over the organisations that are currently rising- because the future beginstoday. The legal industry has always been identified as being conventional, unsusceptible to change, and led by precedent instead of innovation. Even though when compared to other sectors, the legal industry has lagged behind, the pace, reach and scope of technology in the legal industry, in the course of themostrecentyearsmadesignificantstrides. Powerful forces are reshaping the corporate legal market, including digitisation of data. Legal technology solutions can help legal departments thrive in this new period, only if they comprehend the tech scene and revaluate crucial critical componentsoftheirbusiness model. The legal industry is encountering an era of transformation globally.The changes are diverse and unmistakable. Software solutions are substituting paperwork; trans-national borders arelegallygettingnarrower;economicpowers are re-characterising law practices; in-house law departments are driving notable value creation; customer patterns have started todominatethelegalscene,togivesomeexamples. Furthermore, new jogs of progress in the legal business have developed: millennial lawyers are transforming the work culture; technologists are bringing in artificial intelligence, and General Counsels are functioning as entrepreneurs and not just lawyers. These and other revolutionary changes will be more articulated in the years to come. The changes in the industry are putting pressure on all the stakeholders- lawyers, in-house teams, law firms,consultancies- to react to the change(s)rapidly. While innovation gradually penetrated the legal industry, it has now started to affect the business models of legal services. Services which rely upon judgement and experience can’t be replaced by technology; however, everything else is “open to change”. Legal research and due diligence can be automated and outsourced through cutting-edge tools mobilising Artificial Intelligence (“AI”). The use of AI software can potentially enhance how all organisations contract – and it will do as such in three different ways: by changing the tools firms use to contract, impacting the content of contracts, and influencingtheproceduresbywhichfirms contract. Contract Lifecycle Management tools enable companies to access control over contracts across the company, letting them streamline contract creation, simplify the negotiation process and guarantee that best practices are observed all through the contract delivery process. An affiliated signature solution guarantees that each document gets signed as required, by all relevant parties. Digitization ensures contracts are stored in a centralised repository, data is secured with adaptable security controls, customized approval policies are set up, and that users canusetheplatformthroughtheirfavouredmedium. In an undeniably complicated and fast-paced business environment, companies need to evaluate and revisit their business model more often than before. They have to continually change and upgrade their models, particularly amid times of economic unrest and industry changes. Companies need to ensure their business models are lined up with client value (and regularly updated), are logical (they gain knowledge from evolved intelligence), and are versatile (theyareempoweredbyanadaptableworkingmodel). ” Exper’s View December 2018| 15
  • 18. ANOVA Corporate Services Providing Strategic Solutions to Clients through Mergers & Acquisitions (M&As) process. ANOVA also assists with DD Preparedness for its Clients, with the aim of providing an end-to-end assistance for M&A / Fundraise Advisory for Corporates and Investors. ANOVA also offers Business Valuation services to provide independent advisory to corporate board of directors, helping them determine the right price to pay or accept for a business. It helps evaluate shareholder value for stakeholders by providing comparatives such as Sales, EBITDA and P/E multiples, to the extent possible, besides identifying the business synergies. Meet the Persona Chandrashekar Kupperi, Founder, ANOVA Corporate Services and an Angel Investor has two decades of experience in various multinationals with diversified sector experience – FMCG, Life Insurance, Audit & Assurance and Oil & Gas sectors. Shekar has been part of over 11 Acquisitions and 6 Divestments, including 100% divestment of Lornamead Group to Hong Kong-based consumer goods group Li & Fung for $190 million. He is a Chartered Accountant, Cost Accountant and a Company Secretary by qualification; a Rank Holder and Medalist in both ICAI and ICWAI. He is also a member of Institute of Management Accountants, US; Institute of Public Accountants, Australia and Chartered Institute for oday's business world is of growing economy and Tglobalization, so most of the companies are struggling to achieve the optimal market share possible in both – Domestic and International markets. Mergers and acquisitions (M&A) inorganically provides a business with a potentially bigger market share and it opens the business up to a more diversified market. The phrase mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity. ANOVA Corporate Services specializes in Mergers & Acquisitions and provides an end-to-end solution to its clients. Given the experience with domestic and cross border deal structures, ANOVA can arrive at possible effective options to maximize value creation for clients and provide strategic support on pre-transition and post- transition matters. It works closely with the clients during the process and also liaises with advisors on the buyer / seller side to ensure smooth closure and transition. Critical Elements of Transactions ANOVA provides DD & VDD (Vendor Due Diligence) services with the intent of maximizing value, minimizing disruption and avoiding late surprises through the disposal Chandrashekar Kupperi Founder December 2018|16
  • 19. “We offer world class customized solutions to the clients, with SMART analytical, financial & commercial insights • Finding the right fit between investor, investee and creating a philosophy-value synergy by the right match. • Structuring the deal to ensure the right execution and transition during the said change. Ensuring Growth and Tackling Competition Since ANOVA works pre-dominantly with MSME companies, including early stage start-ups, their work philosophy does not just stop with creating synergies by making the right transactions but also by addressing the fact that it needs to journey through their maturity by mentoring, positioning, and bringing financial discipline through Strategic CFO advisory services. That’s where ANOVA has a differentiating approach from the competition. Along with acting right and responding according to the changing market dynamics, it is the achievement-oriented and customer-centric strategy that helps ANOVA to excel in every area of their operation. An aggressive plan is required to be the industry leaders, and this is what the organization is continuously doing. Such an approach is motivating their workforce, helping them get the best talent pool from the market and facilitating their growth story. Upcoming Services ANOVA plans to extend its corporate advisory services segment in order to support larger corporates including MNCs and help them mature in business process optimization and efficiency in financial information management and utilization by mentoring them and helping them build a system. Futuristic Approach ANOVA is constantly striving to reach beyond the horizons and in that pursuance, is looking to get involved in larger transactions and move towards creating many more cross border transactions. It believes the day of managing the own fund is not far away. Securities and Investments, UK. He holds a Master’s degree in Business Administration and has also completed a Senior Management certification programme from IIM-Calcutta. Assisting with Fundraise The company assists with Fundraising services required to support not only the initial capital requirements but also the growth strategies. The team interacts closely with PE, VC and HNI investors on an on-going basis and has a good understanding of their culture, functioning, investment philosophy and preferences which help facilitate the most appropriate investor–company fit, thus delivering the best value. On the debt side, they arrange funding including banking, asset-based lending, securitization, project debt, senior debt, mezzanine financing, raising debt to finance LBOs or MBOs, acquisition financing and recapitalizations. Value-Driven Approach ANOVA helps its clients make distinctive, lasting, and substantial improvements in their performance and supports them to achieve: • Assessment of the business position and future prospects. • Providing the right valuation opinion and expectation that bridges the gap between aspirations and practicality. “ December 2018| 17 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
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  • 22. BIORx Venture Advisors Providing Highly Specialized Financial and Strategic Advisory Services had worked with various Govt. agencies in conceptualization and implementation of the funding schemes. Some of marquee transactions he worked on includes financing of India’s largest Multi-Specialty single location hospital “Medanta Medicity” at NCR- Gurgaon. Vishal has authored/presented six Knowledge papersand, published few articles related to various facets of Healthcare, Pharmaceuticals and Medical Devices. Value-Based Offerings for BIORx The company strives to cater to its customer base according to the requirement in keeping with the best industry standards and below is a snippet of their offerings. • Private Equity Placement/ Venture Capital Placement • Mergers & Acquisitions Advisory & Financing Arrangement • Project feasibility studies • Joint venture partner search • Identification of buyers for sale • Technology Transfer, etc • Term Debt Syndication-Arrangement of INR Term Debt, Project Finance and External Commercial Borrowings • Arrangement and Management of working capital facilities • Structured Finance Smooth Seas do not make Skillful Sailors Vishal Gandhi says the challenges the company has faced has made them grew, bloomed and are six years older and counting. The company has never perceived them as an he wealth management industry is facing one of its Tgreatest challenges in decades as demographic and cultural shifts are simultaneously increasing the demand for investment services and thinning the ranks of qualified financial advisors. BIORx Venture Advisors Private Limited (BIORx) is committed to provide highly specialized financial and strategic advisory services. It has a proven track record of various transactional closures towards supporting superior investment growth opportunities and is committed to provide highly specialized financial and strategic advisory services. An Astute and a Fascinating Leader of the Organisation Vishal Gandhi, the Founder and CEO of BIORx Venture Advisors Pvt Ltd (BVA) leads an accomplished team of MBAs, Chartered Accountants and Life -Sciences Domain Experts. The focus of BVA has been on providing Mergers and Acquisitions (M&A) /J.V advisory services, Technology Transfer, Commercial and Technical due diligence and helping clients raise capital. He has provided opinions and reports on over 100 valuations in his career. Prior to starting his own company, Vishal had a 7 year stint with YES Bank, where he significantly developed the Life Sciences and Healthcare Vertical bringing in business from over 35 significant transactions in the area of M&A/Private Equity /Debt Space. He was extensively involved in financial, technical and commercial due diligence for Bank In -house clients and Vishal Gandhi Founder & CEO December 2018|20
  • 23. “Committed to provide life science-focused specialized financial and strategic advisory services Learning from them, BIORx grew keeping relationship as their top most priority. The support/ benefits the clients get from BIORx side are:- • Less fees but global reach. • Better knowledge of the market to help connect relevant companies/investors. Training and Development Training presents a prime opportunity to expand the knowledge base of all employees. The company believes that the training will give the employee a greater understanding of their responsibilities within their role, and in turn build their confidence. Most employees will have some weaknesses in their workplace skills. A training program allows one to strengthen those skills that each employee needs to improve. A development program brings all employees to a higher level so they all have similar skills and knowledge. Funding- Fuel that powers BIORx BIORx plans to practice raising of money for working capital or capital expenditures by issuing debt to individuals or institutional investors. It plans to provide funding at lower rates than equity financing, especially in periods of historically low interest rates. Competitive Spirit to Tackle Competition It is always better to be Master of one than to be jack of all. The organisation understood this and chose to establish itself only in one sector that is healthcare and not to be in many. This is one of the way of that the company chooses to tackle the competition. The Director of the company has a good experience of more than a decade in same industry which helps to grow continuously. Advancing towards a Brighter Future To ensure that it is aligned with the advancements, BIORx have many plans for better future to flourish. Some of them are:- • Installation of CRM, which means more human time for other fruitful works. • Using Social Media and other digital platforms by hiring people from same background. impediment to our growth, but as lessons learnt over time enabling us to fine tune ourselves to nuances of different personalities. During the journey towards growth the challenges faced were:- • It was new to business with many established competitors. • No proven track record to lure customers. • Low working capital and income made it difficult to hire brighter minds. View on Current Situation Trust is tested in times of crisis, and advisers should be aware of whether their clients fear crisis and market volatility. The founder feels that the industry we operate in is full of new entrants. Anyone with some knowledge of finance tries to become a financial advisor. Free entry and exit supports them whereas the repetitive business models applying for fund makes it difficult to get financed and acquired. Talking about its future looking at the current scenario, he believes that the future belongs to old players. Customers at the Core of Business Creating relationships with customers before and after the business in order to drive repeat business, loyalty and profits delivers high-quality products. Vishal Gandhi further adds that we have seen many well- established companies fail, not because they were not technology enabled or they lacked capital to grow but because they were not client/customer centric. “ December 2018| 21 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
  • 24. Mergers and Acquisitions ith evolving Wbusinesses, only the most nimble and pioneering is capable of survival. Therefore it is an essential strategic call for a company to decide for any arrangements of mergers and acquisitions (M&A). M&A is considered as a crucial part of a corporate finance world. Two distinct establishments together generate more value compared to being on a separate stand and hence M&A is brought into existence. Companies assess various opportunities in order to amplify their wealth through merger and acquisition. Mergers are the blend of two enterprises to form a single alliance, whereas an acquisition is taking over of one enterprise by the other. Many steps are involved in M&A; pre-acquisition review is the first step where self-assessment of acquiring enterprise with concerns to need for M&A and evaluation of growth plan is included. In the second step, searching and screening of potential targets to take over is performed. This December 2018|22
  • 26. process is carried out to scan strategic fit for acquiring enterprise. The third step includes the detailed analysis of shortlisted target company also denoted to as due diligence. A negotiation to come to the agreement for a negotiated merger is started after the target company is selected. Agreement to the deal between the two companies is done at this step. The final step is post- merger integration, in this step formal announcement of the approval of the merger by both companies will be done if all the above steps work out well. A merger is distinguished in three forms, and is grounded on the competitive relations between the merging companies. In a vertical merger, a firm acquires either a supplier or customer, and in a horizontal merger, a firm acquires another firm that sells or produces the similar product. All acquisitions are encompassed by conglomerate mergers, where merging companies are not related to each other. M&A can take place by purchasing common shares, exchange of shares for assets, purchasing assets, and purchasing common shares. There are several motives for the formation of M&A which includes, strategic realignment, technological change, branching out for higher growth markets, financial collaboration for lower cost capital, upsurge market share, tax considerations, enhancing company's performance, and to speed up growth. For corporate M&A transactions, various M&A tools are available and are used by corporates. An important outcome from a study suggests benefits such as reduced timelines and cost reduction, both for post-deal integration and deal execution, are observed with the use of tools. Conflicts decrease during deals through deeper data analytics which helps strengthen assumptions and enhance findings when tools are used. The use of M&A technology tools supports in integrating and reporting. The reason behind the success of numerous deals is the tools which assist in reducing costs, conflicts, and time. With the advancements in technology all over the world, numerous businesses are thriving. The technology giants are competing for leading artificial intelligence technologies. According to a study, acquiring technology assets has turned out to be the leading driver of M&A pursuits. Besides earning technology, adding to product contributions and growing customer sources are the strategic imperatives of M&A sales. Digital strategy and talent acquisition are the following drivers for the deals. The converging industries are construction and manufacturing, energy and construction, retail and technology, and telecommunications and technology. Sectors which continue an ongoing move towards consolidation within their industries have the highest expectation for sector convergence. Example of which is merging of healthcare plans and healthcare providers. To manage share price through M&A and integration, some key aspects need to be taken into consideration. One must ensure that they have strong M&A experienced investor relation support in the pre-deal process. Market and competitive landscape should be apparent to the enterprise. One must beforehand prepare the market for their M&A strategy. The company should plan credibly and take care of deal leak pre- announcement. The rationale must be announced clearly in order to avoid further misunderstandings. Being prepared for the adverse reactions will help manage the situation. The quick wins must be delivered and appropriately publicized. The company must gain customer confidence and good will as it is the most critical aspect of the business. Predicting competitor and counter market reactions will help prepare for the adverse reactions. Deal benefits need to be delivered to the company, and one must demonstrate that they keep public promises. Mergers and acquisitions most of the time results in several social benefits. They yield economies of scope and scale that improve quality, reduce cost, and increase output. Better technical skills and management, to tolerate on less used assets can be brought by the mergers. So, with the assistance of M&A, we can expect our economy to achieve higher level. December 2018|24
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  • 28. Oakcapita Advisory LLP Offering a Myriad Range of Swift and Seamless Services Globally industry. Binesh is an expert in the various areas, which includes M&A, private equity and venture capital deals, project finance. And also specializes in equity and debt syndication fund raising assignments, market entry strategies, JV's, strategic tie-ups and management consultancy specialized in GCC, Asian and European markets. He is closely associated with leading family offices, business groups, HNIs and private equity funds in the Middle East, Europe, the US and Asia. He juggles his work routine between countries of Middle East, Europe and India. Accomplishing the Clients Desires The main pursuit behind a merger, acquisition or restructure is to create operational strategic and financial value. In order to achieve the successful completion of these outcomes, it requires greater transparency, in-depth market and industry research, well-conceived strategies, planning, implementation and execution excellence. Oakcapita Advisory LLP has strategic partnerships with a number of advisory firms globally, giving its clients an easy access to foreign capital markets. The company has an exclusive network of international investors, which helps the clients achieve their strategic intent of growth, expansion, cash flow generation and profit maximization. The company is highly focused and committed to integrate effective measures for developing customized growth akcapita Advisory LLP is a specialist M&A Oadvisory firm diversified across sectors and geographies to reach out and serve clients seeking in-depth strategic, investing and financial expertise. The company consolidates its globally structured professional expertise to render seamless advisory and investment banking services to clients in major sectors including manufacturing, automobile, industrials, consumer product, real estate, retail, pharmaceutical and healthcare. It strives to provide a broad spectrum of strategic M&A solutions in due diligence, capital raising, equity offerings, debt issuances, and derivatives. Be it sell-side, buy-side or corporate restructuring, the company offers these solutions through all the phases of M&A. It functions from originating deals to post-deal execution and also help businesses to achieve their strategic goals and stand uniquely positioned on the global front. Oakcapita Advisory LLP has an inclination towards working with eminent firms having a reputed stature and it also keeps a track of all kinds of businesses be it seed funding, distressed, novel or promising. The Resourceful Leader A diligent personality, Binesh Balan is the Founder and CEO at Oakcapita Advisory LLP. He has a rich experience of over a decade working in the Investment Banking Binesh Balan Founder & CEO December 2018|26
  • 29. “When a client finds a home with us, they have a home for life the right time can make a world of difference and position the company uniquely in a globalized world. It is striving to deliver its insights, expertise and experience to its clients through each phase of the merger and acquisition process. The company selects its deals after proper due diligence and prefers in quality over quantity. It is investing in developing a rich human capital to identify challenges and harness them to opportunities by using local and global knowledge to deliver customized strategies suited for each client in such a highly competitive landscape. The Present and Future Times of the Industry Currently, firms globally are realizing that inorganic growth is the way ahead. With a relatively high level of market concentration of business startups, corporates are downsizing or realigning their operations by spurring consolidations to focus on profitability, core business areas and operational efficiency rather than market share. The global economy has witnessed a gradual, but steady growth over the recent years in terms of value from global M&A transactions. Exploring the Road Ahead Embracing the digital revolution hands down is the way forward. Going digital, can improve global collaborations, deliver data-driven insights, reduce costs, time and streamline the processes in a detail lifecycle. Oakcapita Advisory LLP wants to create an era of giving back to the society by covering and creating opportunities of M&A with a shared purpose of social innovation and business growth. The company believes that greater commitment towards making a difference can often lead to greater returns on investment. Delivering scalable investment strategies by bringing together dynamic business leaders and forward thinking investors can generate economic returns with positive and measurable social outcomes. It is also planning tie-ups with various start-ups ecosystems globally, to serve its clients even better. strategies to help clients capitalize from complex challenges. Its agility, adaptability and creativity in an emerging business landscape will ensure success in spanning sectors such as corporate finance, debt advisory, capital-rising, corporate restructure and M&A transactions. Upcoming Services and Plans Oakcapita Advisory LLP plans to enter into Blockchain / Technology space, possibly even as investors. It is planning to incorporate its expertise with customized digital based solutions to handle deal complexities and ensure smoother deal implementation and execution. Embracing the advanced M&A technology solutions can reduce the cost and time and improve global collaborations and accelerate M&A deal making and transactions. Effectively Tackling Challenges The major challenge Oakcapita Advisory LLP faced initially was operating in the global context, where markets are more interconnected due to the increasing globalization of the M&A sector in general. Another challenge for the company was to surpass the competition by establishing itself as a brand to stand out from other boutique advisors and securing interesting deals. The company has faced numerous challenges till date and successfully overcome it. It believes that every challenge can be seen as an opportunity to rise in the longer run. Taking the right step at “ December 2018| 27 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
  • 30. AZB & PARTNERS Providing Reliable, Practical and Full-service Advice to Clients Zia Mody Founder Ajay Bahl Partner Bahram N. Vakil Partner December 2018|28
  • 31. 1. Brief us about your company and what kind of solutions/services/products does your company offer at par with the current industry standards? AZB & Partners was founded in 2004 with a clear purpose to provide reliable, practical and full-service advice to clients, across all sectors. The Firm brought together the practices of CZB & Partners in Mumbai and Bangalore and Ajay Bahl & Company in Delhi. Having grown steadily since its inception, AZB & Partners now has offices across Mumbai, Delhi, Bangalore, and Pune. We have an accomplished and driven team of over 430 lawyers committed to delivering best-in-class legal solutions to help clients achieve their objectives. We are considered an M&A powerhouse and a one-stop shop which provides our clients, services across all major practice areas. Our firm is considered one of the top 2 law firms in India. Our greatest strength is an in-depth understanding of legal, regulatory and commercial environments, in India and elsewhere. This strength enables us to provide bespoke counsel to help our diverse clients negotiate any dynamic or volatile business environment. At AZB & Partners, collaboration is an everyday reality – we combine individual and mutual strengths to achieve collective growth. The legal services rendered by us cover the corporate, commercial, regulatory, financial and tax planning aspects of modern businesses. We have been involved in advising in the field of mergers, acquisitions, joint ventures and general corporate, regulatory practice and securities laws, private equity, capital markets, funds practice, banking and finance, compliance & investigation, anti-corruption, anti bribery, anti money laundering and corporate governance, microfinance, derivatives, infrastructure and project finance, real estate, media and entertainment, information technology and business process outsourcing, employment, insurance, intellectual property, pharmaceuticals and biotechnology, taxation, aviation, competition law, and litigation and arbitration. The Firm’s clients include an array of domestic and international companies. These range from privately owned to publicly listed companies, including Fortune 500 entities, multinational companies (MNCs), Investment Banks, Private Equity firms and more across the world. The Firm has also built, through its many professional engagements, strong relationships with specialists, regulatory authorities and several international law firms. 2. During the journey towards growth, what are the challenges the company has faced? Our growth has been fairly explosive. We started with 12 lawyers in the late 90s and we have grown as India has grown. The challenge is, as always, growing at an extremely fast pace trying to keep quality standards consistent and always trying to be best in class which required best lawyers, a rigorous training and a passion for letterhead. The task was to grow a scorching practice when training sometimes suffered. 3. Share your point of view on the current scenario of the Industry and its future. The legal profession and law firms are thriving. There is enough space for all. We believe that all law firms will continue to do well, especially the ones that have the quality to do so. Legal issues are becoming more and more nuanced and the client depends much more than before on his lawyers’assessment of risk and to judge his appetite for the relevant degree of risk. 4. Tell us something about the CEO/founder/MD of the company? Ms. Zia Mody was the founder of the 12-lawyer firm which has now grown. There are 3 founding partners of AZB & Partners viz. Mr. Ajay Bahl, Ms. Zia Mody and Mr. Bahram N. Vakil. Mr. Ajay Bahl: Widely recognised as one of India's foremost corporate attorneys, Ajay Bahl has been involved in complex and high profile legal and tax transactions. In addition to being a lawyer, he is a qualified chartered accountant, which strengthens his expertise in structuring, restructuring and transfer pricing related issues. His experience spans an array of sectors, including media and broadcasting, financial services, telecommunications and information technology. On behalf of the Indian Government, Ajay has served before the International Court of Justice, Hague, as an independent expert on accounting and tax issues. He also served as a member of the committee constituted by the Ministry of Finance in India, formed to simplify the provisions of the Income Tax Act. He is also a member of the Appellate Panel, formed by the Institute of Insolvency Professionals, set up to discipline insolvency professionals. Additionally, Ajay was a member of the Confederation of Indian Industry (CII) Economic Growth and Investments Council. He is also on the Board of Governors of the Indian Institute of Corporate Affairs (IICA), nominated by the Ministry of Corporate Affairs. Ajay was a member of the Committee to review the offences under the Companies Interview with Insights success December 2018| 29
  • 32. 2016 (IBC). Bahram is also a member of the Insolvency Law Amendment Committee, constituted by the Ministry of Corporate Affairs for recommending amendments to the IBC. As part of his restructuring and bankruptcy experience, Bahram has advised bidders, insolvency professionals, domestic and international banks, hedge funds and interim financiers under the IBC, including the large stressed accounts referred to insolvency resolution by the RBI. Bahram also served on the U.K. Sinha Committee – Working Group on Foreign Investment in India, Financial Sector Legislative Reforms Committee (FSLRC) – SEBI Advisory Group and SEBI Sub – Group on Regulatory Guidelines for Redeemable Non – Convertible Preference shares. 5. What are the benefits and support your clients is getting from your company in this fastest growing competitive world? We believe that our clients get highly sophisticated and nuanced in areas which are subject to regulatory scrutiny and intervention with a deep understanding of the issues in play. We also guide them in an extremely competitive world on the right type of behaviour and the absolute need for corporate governance. 6. Kindly brief us about your strategies to tackle the competition in your sector. What steps are you taking to ensure that you continue to grow and develop? Our strategy to tackle competition is simple – hire the best, train the best, retain the best and let your quality speak for itself. 7. Tell us something about your upcoming services/plans. We have plans to expand in relatively new practice areas such as Forensic, Competition, Tax litigation, etc. Our plan is to deepen bench strength in the Insolvency & Bankruptcy practice and focus even more on the forensic practice of the Firm. 8. What are the future plans of your company? How are you/is your company contributing in making it better? Our future plan is to grow and to outstrip competition in terms of the quality of lawyers and the advice we offer. The plans are to continue to be best in class and to create clear blue water between us and the rest of our brethren. It is our partners who will ensure that this whole position which we strive for is retained whilst retaining the very special DNA of the Firm. Act, 2013 constituted by the Ministry of Corporate Affairs, Government of India in July 2018. Ms. Zia Mody: Renowned for her contribution to the legal world at large, Zia Mody is amongst India’s most formidable corporate lawyers. Considered an authority on corporate law, mergers and acquisitions, securities law, private equity and project finance, she has advised clients across the world on marquee deals. Zia served as Vice President and member of the London Court of International Arbitration from 2009 through 2013. She was also a member of the World Bank Administrative Tribunal from 2008 through 2013. She continues to serve on several government committees on financial reforms and corporate governance. Zia has earned tremendous appreciation as a role model for women in business. In 2017, 2016 and 2015, she was ranked amongst Fortune India’s Top 5 Most Powerful Business Women in India and in 2018 she was ranked No. 1 in the same list. Likewise by Forbes India as one of India’s 10 Most Powerful Women from 2013 through 2016; and by Forbes Asia as one of Asia’s 50 Power Businesswomen in 2015. Her other achievements include her recognition as: • The Deputy Chairman and a Non-Executive Director of the HSBC Asia Pacific Board • Member of the Governing Board of the International Council for Commercial Arbitration (ICCA) • Foreign arbitrator on the Panel of Arbitrators of the China International Economic and Trade Arbitration Commission (CIETAC) • Member of the Godrej Committee on Corporate Governance constituted by the Ministry of Corporate Affairs in 2012 • Member of the “Committee on Rationalisation of Investment Routes and Monitoring of Foreign Portfolio Investments” formed by the Securities and Exchange Board of India in 2013, under the chairmanship of Shri K.M. Chandrashekar • Member of Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households (2014), chaired by Dr. Nachiket Mor, appointed by the Reserve Bank of India. Mr. Bahram N. Vakil: Regarded as a renowned restructuring, bankruptcy, infrastructure and project finance attorney, Bahram Vakil was appointed as a key member of the Bankruptcy Law Reforms Committee (BLRC), chaired by Dr. T K Viswanathan and constituted by the Ministry of Finance to draft the Insolvency and Bankruptcy Code, December 2018|30
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  • 34. CHALLENGES AND OPPORTUNITIES IN BUSINESS CONSULTING The business consulting market in India is growing at a rapid pace as it is projected to rise over $12 billion mark by the end of the year 2018. The management consulting segment contributes nearly $1.5 billion to the overall revenue of the business consulting industry. After maintaining a consistent growth rate of 6.75% for a couple of years, the industry is now at the onset of major disruption, which will make it one of the fast- pacing industries in India. The digitalization, emerging market trends, and market-liberalization schemes and policies introduced by the Government of India back in 2014 are still wheeling the industry. The organizations are opting for cutting-edge technologies like AI, Natural Language Processing, and IoT to digitally optimize their existing business operations as well as design and develop new innovative products. For this, the startups, as well as established firms, are seeking expert advice from external advisory firms armed with the tech-savvy workforce. With the simpler norms and procedures to enter into the market for MNCs, local advisory firms are leveraging the opportunity to assist international brands in positing themselves into the Indian market. However, the Indian market is full of ups and downs for which the consulting firm and its client have to stay prepared in advance: Digital Transformation and Automation The introduction of the latest advents in technology and digitization is leading to more tech-oriented consulting work for consulting firms. With the continual development of technology, the needs of businesses keep on changing. Be it healthcare or telecommunications, technology is greatly impacting how organizations work. Where startups are adopting digital technologies for bringing innovative services to its clientele, the well-established businesses are switching to AI, Robotics, and Machine-Learning technology for transforming their business culture and bring agility into their organizations. For serving the counseling organizations, the consultancy firms first have to adopt the disruptive change themselves and train their workforce enabling them to provide quick, profitable, and smart solutions to the clients. AI and automation significantly boost the productivity of the consultants and the customer experience. For example, with the Robotic Process Automation Devices, the consultants can keep the mundane admin activities like creating invoices, matching payments with the correct invoice, keeping daily records. With AI-powered systems, they can make better strategic and data-driven decisions and thus, propose result-oriented solutions. Usage of AI-like technologies can enhance the firm's business processes as well as bring innovation to the services promising them the higher growth. But, the budget, implementation, and training issues will be a great challenge for the consultancies. Lalit Khanna Founder & Managing Director December 2018|32
  • 35. The revenue generation for the consulting firms depends on the strategies and services developed by the consultants in close interaction and collaboration with the clients. They might even require field-tests for which many on-demand or freelance employees are not ready. Also, the consulting firms have started going digital with intuitive platforms and software for which they have to pay a hefty subscription amount. Misuse or exploitation of such paid tools and software and the manipulation with data meant to be kept confidential is a threat for the consulting firms. Unlike traditional employees, the consulting firms have to face a tough time while grooming the flexible workforce and encouraging them to take a proactive approach to project completion. Performance-based Billing System Moreover, the consulting industry has also witnessed the emergence of fees based on outcomes or performance-based billing. In such a pricing system, the work hours of the consultant are not considered at the time of billing, instead, to which extent does the consultant achieve the objectives and targets given by the client matters. Not only such pricing style saves the client from paying extra bucks to the consulting firms based on the lengthy hours taken by the sluggish consultants, but also provides the consultant firms a benchmark to attain in order to prove their worth. However, the small-scale consulting firms lag behind when it comes to implementation of this performance-based billing system. Many a time, the client does not agree to change the tentative amount proposed to him earlier after the consultant achieves success. The effective implementation of the performance-based billing totally depends on the sophistication of both consulting firm and the clients entering into the contract. Moreover, one of the biggest nightmares the consulting firms have is by the time a consultant prepares a research report or any strategic plan for the client after collecting data, analyzing it, and pilot testing, those trends and issues become outdated and are replaced with the new emerging disruptive forces. Such vulnerabilities affect the revenues of small-scale consulting firms which do not have an easy access to Big Data, Data Analytics, Cloud, and other cognitive technologies. However, the consulting giants who are the early adopters of dynamic next-gen technology dominate the market leveraging the relevant insights, automation devices, and scalable data gathering. They are better able to advise clients on the seamless implementation of disruptive technology as they themselves harness the potential. Lalit Khanna – Founder & Managing Director, SL Consultants A dynamic leader with over 23 years of extensive cross-functional experience with some of the most trusted global brands such as SL Consultants, Max New York Life Insurance, Onida, Hindustan Unilever, Thomson, and Konka. Being the Founder and the Managing Director of SL Consultants, Khanna is responsible for all the core functionalities of the company worldwide. He holds P.G Diploma in Sales & Marketing from NIS (a division of NIIT) and a Certicate in Enterprise Management from Indian Institute of Technology (IIT), Delhi. During the past 23-years in the corporate world, he made splendid efforts for the growth and success of both the organizations and people with his exceptional leadership & managerial skills in Strategic Management, Human Resource Management, 360-degree Marketing, Resource Optimization, and Capacity Management. Gig Economy Gig economy or open talent economy reshapes the way how business works. Because on-demand talent costs cheaper than a traditional counterpart and is specifically hired for working on a specific project, the organizations, especially the consulting firms are embracing the system of gig economy. For consulting firms, it is one of the best ways to tap on the right talent specialized in a particular area bringing to their clients the much-needed skill set and experience. However, quality of work, immediate availability, the efficiency of the non-permanent staff is a concern for the HR managers. ABOUT THE AUTHOR Industry Outlook December 2018| 33
  • 36. ONGO Framework A Trailblazer in the Vertical of Enterprise Mobility and Digital Transformation How ONGO Framework’s Services Benefitting an Organization? The company helps enterprises to digitally transform themselves in order to compete in a hyper-connected and technology-driven business landscape. It is making technology solutions feasible for businesses and start-ups to help realize their business dreams in a cost effective manner. ONGO enables businesses to build, integrate and deploy applications on web and mobile which can be hosted on cloud, private cloud, or any other infrastructure, thus significantly reducing the complexities as well as the time taken to develop and deploy an app. Further, ONGO Framework harnesses the power of latest technologies to serve clients across the globe and transform their operations with digital and technology models. Things that Makes itUnique among Contemporaries One can find many solutions in the market for the same set of problems but only few out of them fulfil the client’s actual needs. ONGO Framework’s solutions fulfil the clients’needs in achieving their business objectives with Zero Technical fuss. Its AI-based framework has self-learning capabilities which allows to mature with the time and build apps seamlessly without hiccups. It has identified 10,300 categories, out of which 432 categories are matured for rapid automationofappdevelopment.Thislow/no-code n this fierce competitive world, no business can Isurvive for long without leveraging the benefits of technology into their business operations. Every business deserves to be digitally equipped, but not all can afford the expenses of procuring leading-edge technology. Thus to empower businesses and start-ups with the power of cutting-edge IT solutions that too at unbelievable affordable price, Hyderabad-based ONGO Framework has born. Founded in 2009 in the cyber-city of Telangana (then part of Andhra Pradesh), this IT enterprise has witnessed a phenomenal grown within a decade and served countless organizations across the globe, famously include Chinese multinational conglomerate- Alibaba for its cloud solution. Recently it has acquired HockyStick Media, a reputed digital marketing firm founded by ex-Googlers. ONGO Framework is a B2B IT and Digital solution provider company that assists businesses and start-ups with enterprise mobility and digital transformation. Its proprietary framework is based on Application-Platform as a Service (A-PaaS) model helps in crafting and deploying- mobile and web based applications in very lucid and time-saving manner. Clients from across the verticals and industries such as retail, restaurants, insurance, healthcare, and enterprise mobility are attracted towards its unique solutions. Rama Krishna Kuppa Founder & CEO December 2018|34
  • 37. “Our Low/No code framework empowers businesses and start-ups with the power of cutting-edge IT solutions at an unbelievable affordable price Framework in the capacity of Founder and CEO. Since its inception, Rama has helped the firm pivot from being a software solutions provider to offering full-stack product development services to diverse clients from multiple industries. With a Master’s degree in Information Systems, he started his career working with Mindtree in R & D division and identified himself as an innovator. Later, Rama worked for Motorola as a seasoned developer followed by Hitachi (Sierra Atlantic). In 2009, he founded his first entrepreneurial venture- CreativeXperts Consulting. In 2011, Rama helped in productizing ONGO Framework to rapidly develop and deploy solutions across industries. Although, he has a versatile personality and manage all aspects of business but his interest lies mostly in building the company’s roadmap that includes initiating alliances and partnerships and helming the technology end of the business. Expanding Business Footprint is on Top Radar The company is uninterruptedly moving on an up-ward trajectory since its inception and is committed and confident to continue on the same path in the near future. There are many business expansion plans which are on the priority list of its management. Besides India, ONGO Framework is also focusing on expanding its reach to USA. Moreover, the company has identified its channel partners and customers in the rapidly emerging and much promising territory of Middle East and North Africa (MENA) region. The top management of ONGO Framework is very optimistic about company’s expansion plans and is working hard to facilitate the digitisation of 5 million businesses by 2021 to make them globally competitive in this hypercompetitive entrepreneurial race. Rama’s vision at ONGO Framework is to be a catalyst in the end-to-end digital transformation of millions of businesses that are yet untouched by the digital ecosystem. On recounting his mission, Rama asserted, “My mission is to simplify digitisation and mobility for enterprises and facilitate last-mile connectivity between businesses and customers.” framework ultimately decreases the time taken for the development by 60-95 percent. Additionally, the development teams at ONGO Framework integrate intuitive technologies such as Artificial Intelligence (Cognitive Computing and Machine Learning) with industry- specific solutions to create robust platforms for businesses to grow. Having pioneered the fast delivery of digital solutions with less code, ONGO provides end-to-end IT solutions with complete customisation to help clients meet specific business goals. The company provides holistic digital solutions that enable enterprises to integrate various functionalities pertaining to customer lifecycle management, into their applications. It has deployed countless mobile applications for various businesses across several verticals. ONGO’s enterprise- focused solutions are customized according to the business requirements, with standardised solutions for various business categories that are distributed through its vast reseller network comprising web-service providers, discovery providers, listing providers, digital marketing agencies,etc. The Leading Light of ONGO An ace technocrat, who also has flair of sharp business acumen-Rama Krishna Kuppa, is leading ONGO “ December 2018| 35 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
  • 38. RESHAPING STARTUP IndiaWITH M&A The startup ecosystem in India is blooming and we all know it. What we are not fully aware is the number that actually flourishes and the number that sinks without a trace. Entrepreneurship is a tough job. Some make it big, while some run out of spirit. When a startup isn’t working out the way it was planned to do, there are two options with the entrepreneur- shut-down or look for buyers. Looking for buyers will make a startup go through the process of mergers and acquisitions (M&A) essentially that refers to its consolidation through various types of financial transactions. M&A comprises a number of different December 2018|36
  • 39. dealings such as mergers, acquisitions, consolidations, tender offers, purchase of assets and management acquisitions. In all cases, two companies, the startup (seller) and the buying company (acquirer) are involved. While the merger is the combination of two companies into a single entity, the acquisition is startup being taken over by the buyer. Why Consider M&A The M&A activity in startups in India has seen a sharp rise in the past few years. While some M&A were massive and public, many were small and of mid-tier startups having a little market share. While the first and foremost reason remains the financial and operation cost being not met by the startups, there are many other reasons and benefits for both the parties. Buy out is certainly better than being shut down. The small startups see getting acquired by other startups or significant players as the better option when they find it hard to find the required funds. The financial issue is a big determiner for a startup to look for M&A and save its day. Merger Talk December 2018| 37
  • 40. Cutting out competition is another main reason. Many a time’s two mid-scale competitors merge to avoid eating into each other’s profits and acquire a larger share of market. Coming from the same platform means that they take care of each other’s customers in a better manner and expand. A better job opportunity by the acquirer is another good reason. If a startup thinks it is unable to handle its human resource and also wants a better growth, they will certainly look to be acquired by a bigger player for a better opportunity. For the acquirer taking over a startup can provide a good platform for diversification. If a big company thinks about diversifying or providing support to its current operations, it can acquire a specialized startup of small scale. The acquiring company gets a ready team for its work. A small startup generally has like-minded and ambitious individuals who have been working as a team for a good time, getting them on-board all together saves out their training and human resource management time. Acquiring a company will mean getting new technology, new products, and new customers together with a dedicated team managing them all which sure sounds like a good deal for the acquirer. Publicity always accompanies M&A which generally serves good for both the parties. It generates interest in both the companies and their products or services. Taking the Call M&A should be viewed as just a step forward for the startup and not the end of it. Going by the current trend it sure seems that startups are sharing this view. If a startup and buyer are thinking about M&A there must be a strong business reason behind it. The process involves a lot of rounds of talks and some more talks. The best way is to first communicate within the company and let only representatives sit down and talk together so that everyone is on the same page. With future at stake, anxiety is common which should be handled deftly by the entrepreneur. Apart from the legal matters, the entrepreneur also needs to keep in my mind the best of both party’s interests. A clear guideline should be set up as to who will be the next leader. Also, an exit policy should be drafted that suits both the parties and benefits all. All matters including financial, infrastructural, human resource management, rules and regulations, current products and services, data security and privacy, and customers should be taken care of. The legal process of M&A, in India is a bit challenging. Though efforts are being made to ease and regularize the process. As per the current law, investors can exit either through an Initial Public Offer (IPO) or a number of private sales to new investors, but considering the complex IPO regime, it is more of a challenge than being an easy way out. The Insolvency and Bankruptcy Code (IBC) has been introduced and is being utilized to make the system quick and streamlined. A number of cases have been referred under the IBC to decide on revival or liquidation of companies. It lets potential buyers take a look at startups on the brink of shutting down and decide if they would like to buy them out. The code aims at protecting the interests of small investors and making the process of doing business less cumbersome. M&A is a part of a dynamic economy. With so much happening in the startup eco-system in India, the M&A trend is here to stay. Startups will always look for methods to fund themselves and grow. Getting competitors on board or having bigger players backing them can be a big boost. Deciding on the future of one's startup can be a daunting task financially as well as emotionally. Being stagnant does no good. Similarly, for acquirers, getting startups and molding them to fit their current setup can be an upheaval task. But if the price, product, and services are worth it, investment shouldn’t be ruled out. Being realistic about a business’ values and its future helps every company decide on the best way forward. December 2018|38
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  • 42. PDS Legal A New-Age Firm Building a Robust Legal Practice comprehensive and pragmatic solutions which lead to an enhanced level of corporate governance. Additionally, clients appreciate the round the clock digital support the firm provides. The Firm’s take on Current Scenario The political scenario has been conducive to economic development. Factors such as increased technology penetration and disruptions caused due to new entrants have forced companies to think along the lines of consolidation. All of this has resulted in increased activity in the mergers and acquisitions space, which is poised to grow in the near future. To cope with such disruptions, PDS Legal is assisting clients in restructuring their businesses to achieve value maximization. During its initial days, the firm was largely dependent on relationships with promoters and their families. With the evolving framework of corporate governance in consonance with international best practices in India, decision-making has now shifted to a structured and researched process, and companies are increasingly dependent on law firms to understand the impact of such decisions. Further, liberalization and privatization witnessed creation of sector-specific regulators such as the Insurance Regulatory and Development Authority of India, the Real Estate Regulatory Authority, the Competition Commission of India et al, to cater to the needs of the sectors with their domain expertise and technical regulations. Consequently, DS Legal is a full service law firm providing legal Pservices to large corporations, financial institutions, and other clients. With offices in Mumbai and New Delhi, the firm has a dedicated team of lawyers providing a full range of legal services on matters relating to corporate and commercial laws, mergers and acquisitions, private equity investments, real estate, infrastructure, project financing, leveraged buyouts, restructuring, antitrust law, tax (direct and indirect), and dispute resolution. Since inception, the firm has been providing its clients with legal services operating across a broad spectrum of industries. Its research oriented and industry specific approach has consistently resulted in significant value additions and pragmatic solutions for its clients which include, amongst others, the Vicat Group, the Hyundai Group, the LG Group, Monsanto, GlaxoSmithKline, Deutsche Bank Asset Management, Tata Capital, Go Air, Air France and the B.K. Modi Group. The firm is led by global business principles of quality, unity, and efficiency which drive its strategy and make it distinctive. In short, effectively delivering high-quality services in a timely manner is what describes PDS Legal the best. Recognized for its industry focus, the firm has a strong presence across all the key industry sectors including financial institutions, energy, infrastructure, aviation, manufacturing, technology and innovation. While working on a transaction, PDS Legal takes into consideration factors that involve more than just pure law and provides Probal Bhaduri Law Leader & Heads Vihang Virkar Heads December 2018|40
  • 43. “ The M&A Practice With over two decades of experience in advising clients in corporate and commercial matters, Probal Bhaduri is the Law Leader and heads the New Delhi Practice. He has acquired the memberships of the New York State Bar Association and Bar Council of Delhi. His core areas of focus include advising domestic and foreign clients on mergers, acquisitions, private equity investments, cross-border deals, JVs and real estate transactions. He has led teams in a large number of domestic deals, including, mergers, demergers, acquisitions, and has built a notable general corporate advisory practice. In the last few years, he has also been actively involved in providing strategic advice in matters of shareholder and commercial disputes, as well as in the area of economic offences. Recognized as a notable aviation and corporate law practitioner, Vihang Virkar heads the Mumbai Practice. He has advised clients on a variety of domestic and transnational transactions which involved aspects ranging from commercial laws, securities laws, mergers and acquisitions, anti-trust regulations, asset and business purchases, private equity funding and security sales and purchases. Recently, Vihang and Probal have been acknowledged in the list of ranked lawyers for India in Aviation; and M&A and Corporate Law respectively, in the 2019 edition of the ‘Chambers and Partners rankings’. They have also been recognized as leading lawyers and the firm’s corporate, and mergers and acquisitions practice has been recognized as notable in the ‘Asia law profiles ranking’. The Path Ahead Already having taken great strides in the development of its practice, PDS Legal believes that there is still much to accomplish, including the continued investment in the growth of the firm – geographically, by industry and by legal expertise. The firm is committed to a growth strategy across all its regions with an aim to deliver this growth rapidly and effectively, in alignment with their nationwide plan in the near future. The firm is adding practices to its existing suite and the next few years are about reinforcing the brand, continuing to provide top-quality advice to clients, and ensuring PDS Legal is where clients need it. In the meanwhile, the firm will continue to harness opportunities to grow organically and inorganically. timelines for completion of deals have to take into account the processes involved to obtain approvals from such sector specific regulators. Why Choose PDS Legal? The firm believes that the emerging technology-based economy requires tech-savvy, business-savvy, and network-savvy lawyers. The firm incorporates these skill-sets in its lawyers through continuous knowledge training programs. Its processes and work-culture are unique – non-hierarchical, open, and collaborative. The firm also believes that the early adoption of technology can be a game changer. As such, it is constantly aligning its existing processes and investing in technology to automate manual processes. This enables the firm’s lawyers to accord more time for client interaction. At PDS legal, the lawyers take utmost efforts to understand the intricacies of the client’s business and consistently leverage its research and knowledge-based approach to deliver premium and high-quality services tailored to the specific needs of the client. The M&A teams are led by senior and experienced lawyers such as Monika Deshmukh, Neil Hildreth, Ayesha Rai, Anirudh Mukherjee, and Nidhi Arora. The team at PDS Legal consists of several dual qualified lawyers including lawyers with degrees from prestigious international universities, and also includes lawyers who have worked internationally across jurisdictions. Their in-depth knowledge of the regions and markets, and capability to advice on transactions has helped the firm's clients to grow significantly. “ The firm has a strong presence across all the key industry sectors including financial institutions, energy, infrastructure, aviation, manufacturing, technology and innovation December 2018| 41 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018
  • 44. Veritas Legal Imparting Specialized Solutions The Firm’s Services Veritas’ areas of expertise include Mergers & Acquisitions, Private Equity, Anti-trust Law, Dispute Resolution, Regulatory & Compliance, Real Estate, Retail & Franchise, Private Client Practice, Banking & Finance, Restructuring & Insolvency and Data Protection & Privacy. Its clients benefit from its unparalleled skills blended with its culture, personal attention and streamlined advice that it provides. It believes in offering experienced/senior hands for every transaction and not pushing down the matter to junior levels. This hopefully results in advice that is more solution-oriented and the ability to understand the issue from 360°. The firm does not believe that it should mean everything to everyone but instead should mean everything to a few. The company has grown in strength having completed over 75 transactions in M&A and private equity and has been involved in significant litigations with over 400 filings in various judicial forums across the country. From Fighting Odds to Gaining Recognitions Challenges have been and continue to be a part of Veritas’ story. But it is equipped to the best of its abilities to face the unknown in the coming years, remaining true to its belief. The challenges that it faces are probably no different from those faced by any new venture. What added to their struggle was the fact that a large firm in the industry had split in the middle and the market was extremely disruptive. n average human being tries to gather knowledge Aabout every possible field. The learning method can be theoretical or hands-on. But some fields are better left to those who have a flair for it and go through the entire and correct learning procedure. Law and Legislation or legal matters are one such field. A good citizen is always concerned about being a law-abiding citizen and avoids being on the other side of the law. Legal matters concern not just regular citizens but the corporate too. An enterprise has to consider many legal points for its daily working, human resources policies, market matters and mergers and acquisitions. Legal matters have been always considered complex, arduous, time-consuming and costly and firms are always in search of people and companies who can simplify the legal processes for them and their functioning. In the highly competitive legal market in India, Veritas Legal, a Mumbai based law firm has successfully carved a niche for itself. Established in 2015, the Firm is known for agile thinking, pro-activeness and commitment to clients. The Founding & Managing Partner of Veritas Legal is Abhijit Joshi, one of country’s leading Corporate and M&A lawyers with a noteworthy career spanning 25 years. At age 46, when others start planning their retirement, he took the plunge to start a new venture. His extraordinarily bold decision has been well supported by the team and the market. Abhijit Joshi Founding & Managing Partner December 2018|42
  • 45. “Providing incisive client-focused legal solutions based on an in-depth knowledge of the legal, regulatory and commercial environment in India The tangible is implicit in terms of knowledge, training, remuneration etc..The ultimate winner, for Veritas is the culture which nurtures and preserves talent and talent is what creates a firm. So at the core, strategies are very simple to give an endearing culture and provide transparency at all levels. The company believes that the client is increasingly looking for solution-oriented advice. Specialization, the ability to see the problem holistically, thinking through matters from every angle and anticipate issues, are important aspects of service provision. This skill set and specialization are what it believes it is able to provide and therefore grow in a competitive world. Caring for the Industry Veritas Legal holds a special program called the Pro Bono program, about which, it is very passionate. This Program was started to ensure access to justice, promote the rule of law, and provide legal services to those unable to afford a lawyer and assist clients to achieve their Corporate Social Responsibility objectives. Everyone at the Firm plays an active role in the Program and our lawyers contribute voluntarily whenever he or she can in terms of time which is the most precious commodity that anyone can contribute to a cause and make a difference. Lawyers are allowed to work on identified projects during office hours, by using the office infrastructure at the expense of the firm. The lawyers have together voluntarily agreed to contribute over 3000 hours a year for this program. The program has been an integral part of the Firm’s culture and is the backbone of its value system. On the future prospects, Abhijit sees India poised to grow and along with it, the legal industry will also grow exponentially. Veritas plans to grow deeper into its specializations. It has added senior resources in the Bankruptcy practice and continues to bolster its Real Estate practice. He says,” We will grow, but in a calibrated fashion, deeper as opposed to wider whilst continuing to remain true to our values. The rest will follow.” Since its four years of existence, Veritas has tackled its challenges and made its presence felt and heard in the market. The firm has been consistently mentioned in the leading tables for India and other global rankings. The firm and its members have been recognized in the RSG India Report in the top 40 India ranking, Chambers and Partners, IFLR, IBLJ, Asia Legal Business, Asia Law & Benchmark Litigation. Abhijit has been recognized in top listings by leading financial publications, recognized as a “Highly Regarded” lawyer by IFLR1000 for M&A and recommended by International Who’s Who Legal for Mergers & Acquisitions, Private Client Practice and Corporate Governance. He has procured the Financial Times Innovation Award (Asia-Pacific) for a complex merger transaction. On Growth and Competition Speaking about the current industry situation, Abhijit says that it is operating in a fairly insulated manner in the absence of any competition from foreign firms and growing with a presumption that it will not go down. This is a wrong notion. As per Abhijit, ”To my mind, this is a fallacy, when the best in class, knock at the door and they will eventually. Only centres of quality will survive. Those with a better culture have a more sustainable future.” For Veritas’ own growth and competition, the company relies on tangible and intangible strategies to stay ahead. “ December 2018| 43 10T H E HIGHLY TRUSTED MERGER & ACQUISITION CONSULTING FIRMS IN 2018