Copyright © 2014 Dr. Karl Popp
M&A IN DER SOFTWARE-INDUSTRIEVortrag von Dr. Karl Popp an der TU Darmstadt
Copyright © 2014 Dr. Karl Popp
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
Zur Person Dr. Karl PoppSoftware industry
https://www.vizify.com/dr-karl-michael-popp/career
Copyright © 2014 Dr. Karl Popp
Zur Person Dr. Karl PoppAcademia
• 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
© SAP AG 2009. All rights reserved. / Page 5
FAST FACTS ABOUT SAP
SAP SOLUTIONS:ENTER THE NEW SAP
SAP Werbung
© SAP AG 2009. All rights reserved. / Page 6
66,000 SAP EMPLOYEES WORLDWIDE
ANNUAL REVENUES EXCEED €14 BILLION
OVER 251,000 COMPANIES IN OVER 120 COUNTRIES RUN SAP SOFTWARE
SAP heute
FAST FACTS ABOUT SAP
© SAP AG 2009. All rights reserved. / Page 8
74% of the world’s transaction revenue touches an SAP system.
© SAP AG 2009. All rights reserved. / Page 9
SAP customers represent
86% of Global Fortune500 companies.
© SAP AG 2009. All rights reserved. / Page 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 11
SAP customers represent
98% of the top 100 most valued brands in the world.
© SAP AG 2009. All rights reserved. / Page 12
Our customers produce more than
79% of the world’s chocolate.
© SAP AG 2009. All rights reserved. / Page 13
Everyday life runs SAP
SAP provides solutions for
340 million NBA fans to get more fun out of every game
SAP helps reliably reach
more than 97% of the world’s wireless subscribers via text messaging.
© SAP AG 2009. All rights reserved. / Page 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 16
SAP connects more than
1.2 million companies in 190 countries on the Ariba Network, the world’s largest business-to-business network.
The New SAPInnovation for a Better-Run WorldOct 22,2013, v3.0 (Executive Version)
Public
© SAP AG 2009. All rights reserved. / Page 18
Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device.
Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation.
ApplicationsExplore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easy-to-use tools on the devices of your choice.
Analytics
Mobile
Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources.
Database & Technology
A real-time business platform, powered by SAP HANA
Our portfolio combines the best of next-generation technology to help your business innovate and grow
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.
Cloud
Solutions PeopleResult
sPurpose Innovations Ecosystem Join Us
Imagine
Home Innovations
© SAP AG 2009. All rights reserved. / Page 19
Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources.
Database & Technology
A real-time business platform, powered by SAP HANA
Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device.
Mobile
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.
Cloud
Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation.
ApplicationsExplore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easy-to-use tools on the devices of your choice.
Analytics
Faster: 10,000x helps you process massive amounts of data, and deliver information at unprecedented speeds
Smarter: Entirely New Possibilities enables you to create previously unimaginable applications, and to rethink and envision new ways to run your business
Simpler: Dramatically Simplified IT Deployable as an on-premise appliance or in the cloud, SAP HANA dramatically simplifies complex and expensive IT architectures
At the heart of our innovation is SAP HANA, your platform for real-time business
Solutions PeopleResult
sPurpose Innovations Ecosystem Join Us
Imagine
Home Innovations
© SAP AG 2009. All rights reserved. / Page 20
Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources.
Database & Technology
A real-time business platform, powered by SAP HANA
Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation.
ApplicationsExplore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easy-to-use tools on the devices of your choice.
Analytics
Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device.
Mobile
Combine it with the simplicity, speed and economics of cloud
public cloud people customer money supplier
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.
Cloud
managed cloudOwn & 3rd party
SAP HANA applications
BW SAP Business Suite
powered by SAP HANA
SAP HANA applications
Solutions PeopleResult
sPurpose Innovations Ecosystem Join Us
Imagine
Home Innovations
© SAP AG 2009. All rights reserved. / Page 21
Simplify your IT infrastructure dramatically and drive high-value innovation by exploiting across structured and unstructured data sources.
Database & Technology
A real-time business platform, powered by SAP HANA
Run your business smarter, faster, and simpler, with an integrated suite of applications powered by SAP HANA – delivering long-term predictability and nondisruptive innovation.
ApplicationsExplore and exploit data, find answers in real time, and make confident decisions. Harness visually compelling, easy-to-use tools on the devices of your choice.
Analytics
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.
Cloud
Unwire your business to deliver secure, real-time, business-critical information – anytime, anywhere, to anyone, on any mobile device.
Mobile
Win the new frontier of business innovation with mobile
Solutions PeopleResult
sPurpose Innovations Ecosystem Join Us
Imagine
Home Innovations
© SAP AG 2009. All rights reserved. / Page 22
Solutions PeopleResult
sPurpose Innovations Ecosystem Join Us
Imagine
Home Solutions
For 11 lines of business For millions of SMEsFor 25 Industries For consumers
Our solutions are uniquely prepackaged to reduce costswhile enabling rapid deployment without disruption.
Unlocking value for millions of people.
Read the stories Learn
More
Our innovations are combined into powerful solutions to help solve the most challenging business issues while unlocking value for millions of people
© SAP AG 2009. All rights reserved. / Page 23
Solutions PeopleResult
sPurpose Innovations Ecosystem Join Us
Imagine
Home Ecosystem
SAP HANA Partners
1,000+ startup partners
TechnologyCo-
Innovation31 technology
partners
Specialized Solutions38 solution
partners
Sales and Services
2,900+ channel partners
Deployment Services
1,700 services partners
+2 million members on SAP Community Network
Learn More
We co-innovate with our customers and partners withdesign thinking at the core
© SAP AG 2009. All rights reserved. / Page 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: Cloud-Subskriptionen 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 %
Copyright © 2014 Dr. Karl Popp
M&A EINFÜHRUNG UND GRUNDLAGEN
Copyright © 2014 Dr. Karl Popp
Relevanz von M&A Global in 2013
Quelle: Pagemill Partners 09/13
Copyright © 2014 Dr. Karl Popp
Relevanz von M&A in Deutschland in 2013
Quelle: Pagemill Partners 09/13
Copyright © 2014 Dr. Karl Popp
Market trends in 2013
Quelle: Pagemill Partners 09/13
Copyright © 2014 Dr. Karl Popp
Chancen in M&A
• Produktvorteile– Komplettierung, Erweiterung des
Produktportfolios– Aktualisierung des Produktportfolios
• Zeitvorteile:– Höhere Entwicklungsgeschwindigkeit– Steigerung der Innovationsfähigkeit
• Erlössteigerung:– Erschließung neuer Absatzquellen:
neue Produkte oder neue Technologie– Erschliessung neuer Kunden, neuer
Kundengruppen, neuer Käufergruppen bei existierenden Kunden
• Kostenreduktion:– Entwicklungskosten– Reduktion des Kapitalbedarfs wenn
Akquisition billiger als make
• Know-How Vorteile:– Zugang zu Produkttechnologien
• Risiko- und Lastenteilung:– Verkürzung der Amortisationsdauer– Verringerung des Risikos, mit der
Eigenentwicklung zu scheitern
• Qualitätsvorteile:– qualitativ bessere Leistung und
Leistungserstellung
• Systemkompetenz:– 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
Copyright © 2014 Dr. Karl Popp
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
M&A IN DER SOFTWARE-INDUSTRIE
Copyright © 2014 Dr. Karl Popp
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
Ziele von Software-Herstellern für M&A
– 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
• Umsatz- und Kostenziele
• Kundenbezogene Ziele
• Produktbezogene Ziele
• Marktbezogene Ziele
© SAP AG 2009. All rights reserved. / Page 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 35
Acquisitions are key enablers of SAP’s growth strategy
Source: IDC, CMI, strategy reviews with consulting firms, team analysis; * Asset purchases, where not necessarily all assets had been acquired
Mobile
Database & Technology
Cloud
Analytics
Applications
BI/Analytics
Middleware
Core ERP + Suite
2010 2015
SAP has completed 21 acquisitions since 2010 worth over $14Bn, opening up new areas of growth for SAP
*
*
© SAP AG 2009. All rights reserved. / Page 36
SAP Akquisitionen in Cloud and Mobile 2013
Quelle: Pagemill Partners 09/13
Copyright © 2014 Dr. Karl Popp
Chancen und Risiken klassischer Business Modelle in der Software Industrie
Business Modell für geistiges Eigentum
Chancen Risiken
Erfinder Verwertung des geistigen Eigentums
Probleme bei der Verteidigung
Lizenzgeber Wachstum der Lizenzumsätze
Nichterreichen von Skaleneffekten
Dienstleister (Wartung, Support, Betrieb)
Wachstum der Serviceumsätze
Kostenexplosion, Qualitätsmängel
Copyright © 2014 Dr. Karl Popp
Management von Risiken bei Akquisitionen in der Software Industrie
Business Modell
Risiken Gegenmaßnahmen
Erfinder Probleme bei der Verteidigung
Sicherung und Prüfung des geistigen Eigentums
Lizenzgeber Nichterreichen von Skaleneffekten
Frühe, detaillierte und verbindliche Vertriebsplanung
Dienstleister (Wartung, Support, Betrieb)
Kostenexplosion, Qualitätsmängel
Detaillierte Analyse, frühe Übernahme in skalierbares Modell
Copyright © 2014 Dr. Karl Popp
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
http://www.mergerduediligence.com
Background information
Copyright © 2014 Dr. Karl Popp
Background information
Business Models in the software industry
http://www.drkarlpopp.com/BusinessModelsintheSoftwareindustry.html
Profit from Software EcosystemsISBN-13: 978-3842300514Business Models, partnership models and ecosystems in the software industryExamples from over 50 software companies
click here to order
Copyright © 2014 Dr. Karl Popp
Buchempfehlungen
• Der beste Ratgeber für Akquisitionen: Deals from hellMan 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
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