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Mergers and Acquisitions in the software industry - deutscher Vortrag
Der Vortrag von Dr. Karl Popp an der TU Darmstadt behandelt die Grundlagen von Mergers and Acquisitions (M&A) in der Softwareindustrie, einschließlich der Ziele, Chancen und Risiken solcher Aktivitäten. Besonders betont wird die Bedeutung von geistigem Eigentum und die spezifischen Trends und Herausforderungen, die M&A-Transaktionen in diesem Sektor mit sich bringen. Dr. Popp argumentiert, dass eine professionelle Durchführung von M&A-Prozessen entscheidend für den Erfolg in der dynamischen Softwarelandschaft ist.
Mergers and Acquisitions in the software industry - deutscher Vortrag
- 1. M&A IN DERSOFTWAREINDUSTRIE Vortrag von Dr. Karl Popp an der TU Darmstadt Copyright © 2014 Dr. Karl Popp
- 2. Agenda • Zu meinerPerson • 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. Zur Person Dr.Karl Popp Software industry https://www.vizify.com/dr-karlmichael-popp/career Copyright © 2014 Dr. Karl Popp
- 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. SAP Werbung FAST FACTS ABOUTSAP © SAP AG 2009. All rights reserved. / Page 5 SAP SOLUTIONS: ENTER THE NEW SAP
- 6. SAP heute 66,000 SAPEMPLOYEES 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
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- 8. 74% of theworld’s transaction revenue touches an SAP system. © SAP AG 2009. All rights reserved. / Page 8
- 9. SAP customers represent 86%of Global Fortune 500 companies. © SAP AG 2009. All rights reserved. / Page 9
- 10. 80% of ourcustomers are small to mid-size businesses using SAP software to solve business challenges. © SAP AG 2009. All rights reserved. / Page 10
- 11. SAP customers represent 98%of the top 100 most valued brands in the world. © SAP AG 2009. All rights reserved. / Page 11
- 12. Our customers produce morethan 79% of the world’s chocolate. © SAP AG 2009. All rights reserved. / Page 12
- 13. SAP provides solutionsfor 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. SAP helps reliablyreach more than 97% of the world’s wireless subscribers via text messaging.
- 15. SAP HANA canincrease 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. SAP connects morethan 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. The New SAP Innovationfor a Better-Run World Oct 22,2013, v3.0 (Executive Version) Publi c
- 18. Our portfolio combinesthe 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. At the heartof 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. Combine it withthe 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. Win the newfrontier 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. Our innovations arecombined 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. We co-innovate withour 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. SAP Q4 2013Results 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. M&A EINFÜHRUNG UND GRUNDLAGEN Copyright© 2014 Dr. Karl Popp
- 26. Relevanz von M&AGlobal in 2013 Quelle: Pagemill Partners 09/13 Copyright © 2014 Dr. Karl Popp
- 27. Relevanz von M&Ain Deutschland in 2013 Quelle: Pagemill Partners 09/13 Copyright © 2014 Dr. Karl Popp
- 28. Market trends in2013 Quelle: Pagemill Partners 09/13 Copyright © 2014 Dr. Karl Popp
- 29. Chancen in M&A • Produktvorteile – – • • Erlössteigerung: – – • Erschließungneuer 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. Ausgewählte Risiken inM&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. M&A IN DERSOFTWAREINDUSTRIE Copyright © 2014 Dr. Karl Popp
- 32. Besonderheiten der Software-Industrie • Softwareals 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. Ziele von Software-Herstellernfür 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. SAP Has Becomea 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. Acquisitions are keyenablers 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. SAP Akquisitionen inCloud and Mobile 2013 Quelle: Pagemill Partners 09/13 © SAP AG 2009. All rights reserved. / Page 36
- 37. Chancen und Risikenklassischer 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. Management von Risikenbei 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. Ausblick • M&A Trendsvon 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. Background information http://www.mergerduediligence.com Copyright ©2014 Dr. Karl Popp
- 41. Background information Business Models in thesoftware 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. Buchempfehlungen • Der besteRatgeber 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. Buchempfehlungen • Akquisitionen besserdurchführen 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
Hinweis der Redaktion
- #3 Overall, SAP’s reach and breadth make us a a leader in our industry.Employee Figures as of September 30, 2009SAP AG in 2008 revenues
- #19 KEY POINTS: Our business and technology strategy is designed for a better-run world. We are changing perceptions – we have evolved to be a company run on business innovation that can help your business thrive now and in the future, not just an ERP vendor that provides core software to large enterprises.We are now investing in five market categories simultaneously, all powered by SAP HANA, a real-time business platform. Applications (SAP Business Suite) that we’re known for (mission-critical processes, resource planning, “systems of record”) Analytics to empower people in your company – “systems of engagement” for making informed decisionsMobile to increase your reach inside and outside your business; the next frontier of employee and customer engagementCloud to deliver economies of scale and efficiencies of cloud across all the categories (applications, analytics, mobile)Database and Technology to transform the way organizations store, manage, and access data It is the combination of our investments in these five market categories together with SAP HANA that delivers a robust, open platform for real-time business. Only together do you get the multiplication effect of 1+1>3. Products in these five categories are brought together into easily consumable solutions.SUGGESTED SOUND BITES Applications. SAP now has twice the market share of our nearest applications competitor. We are revamping the entire user experience of the SAP Business Suite, starting with a new user interface. Analytics. Businesses thrive when they have both insight and foresight. Our analytic solutions allow companies to deliver – and end users to discover real-time insights, using immersive visualizations, on any device. Speed and performance are a given with SAP HANA.Mobile. With the acquisition of Sybase, we now have three critical assets for enterprise mobility: SAP Afaria mobile device management and security; SAP Mobile Platform(including Sybase Unwired Platform); and messaging/B2C infrastructure (Sybase 365). Partners to develop their own applications for their employees and consumersusing SAP Mobile Platform.Cloud. Our cloud-based solutions include B2B, social collaboration, and people-centric applications, integrated into a consistent architecture that takes advantage of the inherently scalable nature of the on-demand model. Database and Technology. By combining the power of in-memory computing and database technologies across SAP HANA and Sybase assets, we can address the unique challenges of departmental data marts, large data warehousing, real-time replication, data quality management, and master data management. We can help accelerate transactional processing in financial services, and enhance traditional cost and profitability analysis.
- #21 We wanted to make these innovations easy to consume, so we combined them with the simplicity, speed and economics of the cloud. We offer several options in the cloud to ensure that you can deploy cloud YOUR way. Public Cloud – Success Factors appsPrivate Cloud – SAP HEC, run entire Suite, BW, plus Amazon Services ( low cost, like a utility)
- #22 Finally we exposed everthing to mobile, as we recognize this as the new desktop. We’re using this strategy to completely rethink UX and in fact all next gen UI from SAP will be based on Mobile first principles.
- #23 KEY POINTS: Our unique strength is the way we combine our investments into tailored solutions for each line of business across 25 industries, including our latest solutions for sports and entertainment.Our investments in five market categories are brought to life through solutions tailored to our customers’ industries and lines of business (LoBs). We are not only the right partner for the largest enterprises. We’re bringing innovations and solutions to millions of small and midsize enterprises, and in a few cases, even directly to consumers.What’s more, businesses of all sizes can quickly deploy our solutions in any way they choose, including on demand, on premise, and on device. Our solutions are built on a platform that is open, adaptable, and extensible. This helps our customers run existing systems more efficiently, while easily embracing new technologiesand minimizing disruption.SUGGESTED SOUND BITES Industry and lines of businessThe most important aspect of our strategy is to bring our five-market innovations to life in the context of industry and LoBs. We do so by assembling different elements from each of our five market into solutions that can serve the unique needs of our customers in a specific function within the context of a specific industry, across 11 lines of businesses and 25 industries. By layering on LoB and industry relevance, you can exploit new opportunities quickly and expand easily beyond industry boundaries by engaging in multi-industry commerce. Small and midsize enterprisesHistorically, SAP has been known as a big ERP company that can solve complex business process problems for large enterprises. In the last five years, we have transformed into a company that provides solutions for millions of SME companies, not just Fortune 500 businesses.Today, ~90% of our customers are SMEs and we are the largest enterprise application vendor in the SME space globally.ConsumersWith our new development platform s for mobile, analytics, and cloud, we are broadening our reach to offer innovative applications for consumers. Recently released consumer mobile apps, from product recall to charity donation, are gaining rapid traction among consumers.
- #24 KEY POINTS: We are not going it alone – we believe in an open platform which invites others to innovate. We’ll transform into a business platform company. By teaming up with our partners to co-innovate on an open platform, we bring more business value and choice to customers faster. SUGGESTED SOUND BITESPartners and ecosystem have long been an integral part of our strategy. That’s why we team up with thousands of partners and millions of community members to bring unrivaled value to our 200,000 customers around the world10,000 partnersOur open ecosystem of 10,000 partners is primarily comprised of three broad categories of partners: Technology and solution partners that we co-innovate with or that extend our solutions Services and system integrators that implement our solutions and provide business value to our customers Channel partners and OEM partners that resell our solutions to customers, primarily SME customers2 million community membersBeyond partners, one of the greatest reasons new customers choose SAP is our extensive community of knowledgeable SAP customers.Today, more than two million SAP community members actively participate in sharing experiences and skills on SAP Developer Network.3 million developersImagine you were an airline with the most advanced planes but could not find pilots to fly them – your software is only as good as the people who know how to use it, run it, and maintain it.SAP proudly boasts one of largest community of three million skilled developers and IT professionals. As a customer, wherever you might be, you will never need to worry about finding the right skills to help you manage your SAP software.Moving forward, we will focus even more on accelerating co-innovation for all platforms and market categories as a “platform company,” expanding and specializing our routes to market, and providing high-quality services capacity for all the markets in which we operate.