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Mergers and Acquisitions in the software industry - deutscher Vortrag

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Mergers and Acquisitions in the software industry - deutscher Vortrag

  1. 1. M&A IN DER SOFTWAREINDUSTRIE Vortrag von Dr. Karl Popp an der TU Darmstadt Copyright © 2014 Dr. Karl Popp
  2. 2. Agenda • Zu meiner Person • SAP Werbung • Mergers and Acquisitions – Einführung und Grundlagen – Annäherung an das Thema:Aktuelle Nachrichten, Zahlen – Zulieferung durch Akquisition • M&A Aktivitäten in der Software-Industrie – Ziele von Software-Herstellern für M&A – Chancen und Risiken – Komplexität von M&A Projekten Copyright © 2014 Dr. Karl Popp
  3. 3. Zur Person Dr. Karl Popp Software industry https://www.vizify.com/dr-karlmichael-popp/career Copyright © 2014 Dr. Karl Popp
  4. 4. Zur Person Dr. Karl Popp Academia • Member of ACM, IEEE, GI, Bundesverband M&A, Gesellschaft für Post Merger Integration e.V. • Program committee International conference on the software business ICSOB.org • Veranstalter European workshop on software ecosystems EWSECO.ORG, Mitglied im IP Management Summit am House of IT • Mehrere Bücher, zahlreiche Artikel • Mehr unter http://www.drkarlpopp.com Copyright © 2014 Dr. Karl Popp
  5. 5. SAP Werbung FAST FACTS ABOUT SAP © SAP AG 2009. All rights reserved. / Page 5 SAP SOLUTIONS: ENTER THE NEW SAP
  6. 6. SAP heute 66,000 SAP EMPLOYEES WORLDWIDE ANNUAL REVENUES EXCEED €14 BILLION OVER 251,000 COMPANIES IN OVER 120 COUNTRIES RUN SAP SOFTWARE © SAP AG 2009. All rights reserved. / Page 6
  7. 7. FAST FACTS ABOUT SAP
  8. 8. 74% of the world’s transaction revenue touches an SAP system. © SAP AG 2009. All rights reserved. / Page 8
  9. 9. SAP customers represent 86% of Global Fortune 500 companies. © SAP AG 2009. All rights reserved. / Page 9
  10. 10. 80% of our customers are small to mid-size businesses using SAP software to solve business challenges. © SAP AG 2009. All rights reserved. / Page 10
  11. 11. SAP customers represent 98% of the top 100 most valued brands in the world. © SAP AG 2009. All rights reserved. / Page 11
  12. 12. Our customers produce more than 79% of the world’s chocolate. © SAP AG 2009. All rights reserved. / Page 12
  13. 13. SAP provides solutions for 340 million NBA fans to get more fun out of every game Everyday life runs SAP © SAP AG 2009. All rights reserved. / Page 13
  14. 14. SAP helps reliably reach more than 97% of the world’s wireless subscribers via text messaging.
  15. 15. SAP HANA can increase analysis speed by more than 10,000x, equal to walking from California to New York in 6 minutes. © SAP AG 2009. All rights reserved. / Page 15
  16. 16. SAP connects more than 1.2 million companies in 190 countries on the Ariba Network, the world’s largest business-to-business network. © SAP AG 2009. All rights reserved. / Page 16
  17. 17. The New SAP Innovation for a Better-Run World Oct 22,2013, v3.0 (Executive Version) Publi c
  18. 18. Our portfolio combines the best of nextgeneration technology to help your business innovate and grow Mobile Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device. Cloud Capture the power of the cloud – while fully integrating with on-premise investments. Empower your employees, engage customers, and collaborate with partners across business networks. Applications Analytics Explore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easyto-use tools on the devices of your choice. Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation. Database & Technology Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources. A real-time business platform, powered by SAP HANA Home Imagin e Purpose © SAP AG 2009. All rights reserved. / Page 18 Innovations Solutions Ecosystem People Result s Join Us
  19. 19. At the heart of our innovation is SAP HANA, your platform for real-time business Mobile Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device. Faster: 10,000x helps you process massive amounts of data, and deliver information at unprecedented speeds Cloud Capture the power of the cloud – while fully integrating with on-premise investments. Empower your employees, engage customers, and collaborate with partners across business networks. enables you to create Smarter: Entirely New Possibilities previously unimaginable applications, and to rethink and envision new ways to run your business Applications Analytics Explore Run your business Simpler: Dramatically Simplified IT and exploitin real an Deployable as data, find answers smarter, faster, and on-premise appliance or in the cloud, SAP HANA dramatically simplifies time, and make confident simpler, with an integrated decisions. Harness suite of applications powered complex and expensive IT architectures visually compelling, easyto-use tools on the devices of your choice. by SAP HANA – delivering long-term predictability and nondisruptive innovation. Database & Technology Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources. A real-time business platform, powered by SAP HANA Home Imagin e Purpose © SAP AG 2009. All rights reserved. / Page 19 Innovations Solutions Ecosystem People Result s Join Us
  20. 20. Combine it with the simplicity, speed and economics of cloud Mobile Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device. public cloud people customer money supplier Cloud Capture the power of the cloud – while fully integrating with on-premise investments. Empower your employees, engage customers, and collaborate with partners across business networks. managed cloud SAP Business Suite SAP HANA applications BW Applications powered by SAP HANA Own & 3rd party SAP HANA applications Analytics Explore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easyto-use tools on the devices of your choice. Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation. Database & Technology Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources. A real-time business platform, powered by SAP HANA Home Imagin e Purpose © SAP AG 2009. All rights reserved. / Page 20 Innovations Solutions Ecosystem People Result s Join Us
  21. 21. Win the new frontier of business innovation with mobile Mobile Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device. Cloud Capture the power of the cloud – while fully integrating with on-premise investments. Empower your employees, engage customers, and collaborate with partners across business networks. Applications Analytics Explore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easyto-use tools on the devices of your choice. Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation. Database & Technology Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources. A real-time business platform, powered by SAP HANA Home Imagin e Purpose © SAP AG 2009. All rights reserved. / Page 21 Innovations Solutions Ecosystem People Result s Join Us
  22. 22. Our innovations are combined into powerful solutions to help solve the most challenging business issues while unlocking value for millions of people For 25 Industries For 11 lines of business For millions of SMEs For consumers Our solutions are uniquely prepackaged to reduce costs while enabling rapid deployment without disruption. Unlocking value for millions of people. Read the stories Home Imagin e Purpose © SAP AG 2009. All rights reserved. / Page 22 Innovations Learn More Solutions Ecosystem People Result s Join Us
  23. 23. We co-innovate with our customers and partners with design thinking at the core SAP HANA Partners 1,000+ startup partners Sales and Services 2,900+ channel partners Technology CoInnovation 31 technology partners Deployment Services Specialized Solutions 1,700 services partners 38 solution partners +2 million members on SAP Community Network Learn More Home Imagin e Purpose © SAP AG 2009. All rights reserved. / Page 23 Innovations Solutions Ecosystem People Result s Join Us
  24. 24. SAP Q4 2013 Results Ziel für SSRS-Erlöse erreicht, 4. Jahr in Folge mit zweistelligem Wachstum: Software- und softwarebezogene Serviceerlöse (Non-IFRS) stiegen im Gesamtjahr 2013 währungsbereinigt um 11 % (um 6 % auf 14,03 Mrd. € zu aktuellen Kursen) Ziel für Cloud-Subskriptionen und -Supporterlöse übertroffen: CloudSubskriptionen und -Supporterlöse (Non-IFRS) stiegen im Gesamtjahr 2013 währungsbereinigt um 130 % (um 121 % auf 758 Mio. € zu aktuellen Kursen) Starke HANA-Entwicklung: HANA Softwareerlöse sind währungsbereinigt im Gesamtjahr 2013 um 69 % auf 664 Mio. € gestiegen Ziel für das Betriebsergebnis erreicht: Das Betriebsergebnis (Non-IFRS) stieg im Gesamtjahr 2013 währungsbereinigt um 13 % auf rund 5,9 Mrd. € ; Dies entspricht einer Ausweitung der währungsbereinigten operativen Marge (Non-IFRS) auf 33,4 % © SAP AG 2009. All rights reserved. / Page 24
  25. 25. M&A EINFÜHRUNG UND GRUNDLAGEN Copyright © 2014 Dr. Karl Popp
  26. 26. Relevanz von M&A Global in 2013 Quelle: Pagemill Partners 09/13 Copyright © 2014 Dr. Karl Popp
  27. 27. Relevanz von M&A in Deutschland in 2013 Quelle: Pagemill Partners 09/13 Copyright © 2014 Dr. Karl Popp
  28. 28. Market trends in 2013 Quelle: Pagemill Partners 09/13 Copyright © 2014 Dr. Karl Popp
  29. 29. Chancen in M&A • Produktvorteile – – • • Erlössteigerung: – – • Erschließung neuer Absatzquellen: neue Produkte oder neue Technologie Erschliessung neuer Kunden, neuer Kundengruppen, neuer Käufergruppen bei existierenden Kunden Kostenreduktion: – – • Höhere Entwicklungsgeschwindigkeit Steigerung der Innovationsfähigkeit Entwicklungskosten Reduktion des Kapitalbedarfs wenn Akquisition billiger als make Know-How Vorteile: – Zugang zu Produkttechnologien Copyright © 2014 Dr. Karl Popp Risiko- und Lastenteilung: – – Komplettierung, Erweiterung des Produktportfolios Aktualisierung des Produktportfolios Zeitvorteile: – – • • Qualitätsvorteile: – • qualitativ bessere Leistung und Leistungserstellung Systemkompetenz: – • Verkürzung der Amortisationsdauer Verringerung des Risikos, mit der Eigenentwicklung zu scheitern Steigerung des Mehrwerts von Produkten durch Hinzufügung komplementärer Güter Wettbewerbsbeeinflussung: – – – – Marktkonsolidierung, Reduzierung der Wettbewerbsintensität Erhöhung der Markteintrittsbarrieren Gleichziehen mit dem Wettbewerb Aushebeln des Marktes durch neue, hybride Geschäftsmodelle
  30. 30. Ausgewählte Risiken in M&A – Deals from hell Strategy failure – Technology: In fast moving markets: wrong technology acquired – Ecosystem: Impact of acquisition on ecosystem Management failure: – Due to inexperienced management and missing standardisation in M&A processes Operations failure Financial failure: – Due to fantasy in due diligence (never fall in love with an acquisition) – Exaggerated revenue numbers – Underestimated cost, Litigation People failure: people are not committed or are frustrated and leave – Wrong communication – No joint vision, mission and explanation what the acquisition means for each employee Copyright © 2014 Dr. Karl Popp
  31. 31. M&A IN DER SOFTWAREINDUSTRIE Copyright © 2014 Dr. Karl Popp
  32. 32. Besonderheiten der Software-Industrie • Software als digitales Gut - Grenzkosten der Produktion sehr niedrig, aber auch hohe sunk cost • Geistiges Eigentum steht im Zentrum aller Überlegungen • Typische, hybride Business Modelle • Internationale Ausrichtung, auch bei Kleinstunternehmen • Hohe switching cost bei Kunden Copyright © 2014 Dr. Karl Popp
  33. 33. Ziele von Software-Herstellern für M&A • Umsatz- und Kostenziele • Kundenbezogene Ziele • Produktbezogene Ziele • Marktbezogene Ziele Copyright © 2014 Dr. Karl Popp – Umsatz erzielen (durch Verkauf des akquirierten Produkts oder durch Einbau des akquirierten Produktes in eigene Produkte) – Kosten der Innovation sparen – Neue Kunden gewinnen – Neue Käufergruppen bei Kunden ansprechen – Mehr Lizenzen von vorhandenen und akquirierten Produkten verkaufen – – – – Produktangebot erweitern, verbessern Innovate and co-innovate solutions Faster Time to market Besitz an geistigem Eigentum vergrössern – Marktkonsolidierung – Erhöhung von Marktanteilen
  34. 34. SAP Has Become a Major Global Player in M&A • Nearly 50 acquisitions across North America, Europe and Asia since 2004 • 21 acquisitions since 2010 valued at ~$14bn USD, including four large public deals = examples of HQ locations of acquired companies © SAP AG 2009. All rights reserved. / Page 34
  35. 35. Acquisitions are key enablers of SAP’s growth strategy SAP has completed 21 acquisitions since 2010 worth over $14Bn, opening up new areas of growth for SAP Cloud * Database & Technology Mobile BI/Analytics Analytics * Middleware Core ERP + Suite Applications 2010 2015 Source: IDC, CMI, strategy reviews with consulting firms, team analysis; * Asset purchases, where not necessarily all assets had been acquired © SAP AG 2009. All rights reserved. / Page 35
  36. 36. SAP Akquisitionen in Cloud and Mobile 2013 Quelle: Pagemill Partners 09/13 © SAP AG 2009. All rights reserved. / Page 36
  37. 37. Chancen und Risiken klassischer Business Modelle in der Software Industrie Business Modell Chancen für geistiges Eigentum Risiken Erfinder Verwertung des geistigen Eigentums Wachstum der Lizenzumsätze Probleme bei der Verteidigung Dienstleister Wachstum der (Wartung, Support, Serviceumsätze Betrieb) Kostenexplosion, Qualitätsmängel Lizenzgeber Copyright © 2014 Dr. Karl Popp Nichterreichen von Skaleneffekten
  38. 38. Management von Risiken bei Akquisitionen in der Software Industrie Business Modell Erfinder Risiken Gegenmaßnahmen Probleme bei der Verteidigung Sicherung und Prüfung des geistigen Eigentums Lizenzgeber Nichterreichen von Skaleneffekten Frühe, detaillierte und verbindliche Vertriebsplanung Dienstleister (Wartung, Support, Betrieb) Kostenexplosion, Detaillierte Analyse, Qualitätsmängel frühe Übernahme in skalierbares Modell Copyright © 2014 Dr. Karl Popp
  39. 39. Ausblick • M&A Trends von 2013 werden sich fortsetzen in 2014 • Weitere Professionalisierung der M&A-Durchführung • Weitere wissenschaftliche Arbeiten im Bereich M&A in der Software-Industrie sind notwendig, wie z. B. – – – – • • • • Auswahl des richtigen Integrationsmodelles Spezifische Risiken und Erfolgsfaktoren Metamodelle von Akquisitionen Capability Maturity Models Mehr Informationen im internet http://www.drkarlpopp.com http://www.mergerduediligence.com http://www.opensourcebestpractices.net Copyright © 2014 Dr. Karl Popp
  40. 40. Background information http://www.mergerduediligence.com Copyright © 2014 Dr. Karl Popp
  41. 41. Background information Business Models in the software industry Profit from Software Ecosystems ISBN-13: 978-3842300514 Business Models, partnership models and ecosystems in the software industry Examples from over 50 software companies click here to order http://www.drkarlpopp.com/BusinessModelsintheSoft wareindustry.html Copyright © 2014 Dr. Karl Popp
  42. 42. Buchempfehlungen • Der beste Ratgeber für Akquisitionen: Deals from hell Man kann natürlich nur die Fettnäpfchen umgehen, die man kennt und die man erkennt. Wer dieser Argumentation folgen kann und sich mit dem Thema Mergers and Acquisitions beschäftigt, wird dieses Buch schätzen. click here to order Copyright © 2014 Dr. Karl Popp
  43. 43. Buchempfehlungen • Akquisitionen besser durchführen als andere? Hier steht wie es geht – Warum akquirieren bestimmte Firmen erfolgreicher als andere? In diesem Buch wird es im Detail untersucht. Die Ergebnisse sind überraschend und lassen sich in der Praxis leicht umsetzen. click here to order Copyright © 2014 Dr. Karl Popp

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