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Unlock the Value of Digital Disruption

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Unlock the Value of Digital Disruption 14th German M&A Conference M&A in the New – Unlock the Value of Digital Disruption Munich, 15th November 2016 Guide Headline = 6,80 AGENDA Guide Subline = 5,60 Upper Guide Content = 4,70 1 INTRODUCTION 2 MARKET OVERVIEW & CONTEXT 3 SUCCESS FACTORS FOR M&A IN THE NEW FJORD CASE STUDY Vertical Center = 1,80 4 5 Q&A Lower Guide Content = 8,70 © Accenture 2 Guide Headline = 6,80 Guide Subline = 5,60 INTRODUCTION Upper Guide Content = 4,70 Sven Wahle Rainer Balensiefer Vertical Center = 1,80 . Managing Director, . Managing Director, Global M&A Group, Munich Accenture Digital and . Head of M&A in Germany, Accenture Interactive, Bonn Austria and Switzerland . More than 17 years in inter- . More than 19 years in inter- national strategy consulting national strategy consulting experience Lower Guide Content = 8,70 © Accenture 3 Accenture has a dedicated global M&A practice and functional Strategy practices Guide Headline = 6,80 that support clients across the globe Guide Subline = 5,60 ACCENTURE’S GLOBAL M&A PRACTICE Upper Guide Content = 4,70 London Nordics Chicago Paris Munich 12 Tokyo Madrid New York Shanghai Global M&A Hubs Singapore Sidney São Paolo Accenture’s M&A professionals have large-scale 150+ transformation experience and bring expertise across the Vertical Center = 1,80 Global M&A professionals whole investment life cycle. Our M&A specialists are spread around the globe and with 2,000+ proven functional know-how, which is constantly leveraged Professionals in functions + in dedicated workstream support within large scale Carve-out regions projects, for example. Accenture has worked on numerous large M&A deals 600+ across many industries, including the largest transactions Transactions in the in the chemicals, products, beverage, energy/utilities, last 5 years communication and high tech industries. Lower Guide Content = 8,70 © Accenture 4 Guide Headline = 6,80 AGENDA Guide Subline = 5,60 Upper Guide Content = 4,70 1 INTRODUCTION 2 MARKET OVERVIEW & CONTEXT 3 SUCCESS FACTORS FOR M&A IN THE NEW FJORD CASE STUDY Vertical Center = 1,80 4 5 Q&A Lower Guide Content = 8,70 © Accenture 5 Digital disruption, driven by exponential growth in computing power, big data and Guide Headline = 6,80 combinatory innovations hits all industries resulting in increased M&A activity Guide Subline = 5,60 DIGITAL DISRUPTION DRIVING M&A ACTIVITY Upper Guide Content = 4,70 M&A Market – Global1 Deal Counts Digital / Innovation Key Insights No. of Deals . Share on digital deals on total M&A deal number increased +5% 1.6% 1.6% since 2007 on average by +5% p.a. 1.4% 1.3% . Largest share of digital deals in Media & High Tech industries; 1.2% 1.2% 1.1% followed by Consumer Products, Telecomms. and Healthcare 1.0% 1.0% . Often, smaller and creative (“progressive”) companies set the Vertical Center = 1,80 tone of innovation in entire industries by developing new 724 773 technologies at high pace (e.g. Skype, Uber, Tesla, Airbnb) 541 558 527 550 566 443 452 . Larger corporates with standardized structures & processes cannot keep pace with this high speed of innovation . To stay on top of innovation and ahead of competition large corporates need to partner / acquire progressive companies 2007 2008 2009 2010 2011 2012 2013 2014 2015 Number of Digital Deals Share of Digital Deals on Total Deal Number CAGR Digital Deal Number Lower Guide Content = 8,70 Note: (1) M&A global deal numbers were analyzed for the key words "Digital“, "Innovation“ or “Innovative”; Source: Thomson Financial, Accenture Analysis © Accenture 6 Large corporates target progressive companies to improve their competitive Guide Headline = 6,80 position in a fast changing environment across industries Guide Subline = 5,60 M&A IN THE NEW – SELECTED TRANSACTIONS NON-EXHAUSTIVE Upper Guide Content = 4,70 Automotive Industrial Equipment Finance & Banking Consumer Goods Comms & High Tech Network banking agent Ride sharing Taxi Cloud Cyber Communication systems for app booking app Fitness app Vertical Center = 1,80 souring security service automobiles Personal finance service Bauer Optimierungstechnik High definition maps for Communication systems for autonomous vehicles Manufacturing execution system Fitness app automobiles Asset management software Camstar Car charging incl. stations and Airconditioning / mobile app ventilation control software Robot asset advisor Fitness app Diet mgmt. app Online dating platform Lower Guide Content = 8,70 © Accenture 7 Guide Headline = 6,80 AGENDA Guide Subline = 5,60 Upper Guide Content = 4,70 1 INTRODUCTION 2 MARKET OVERVIEW & CONTEXT 3 SUCCESS FACTORS FOR M&A IN THE NEW FJORD CASE STUDY Vertical Center = 1,80 4 5 Q&A Lower Guide Content = 8,70 © Accenture 8 Guide Headline = 6,80 Guide Subline = 5,60 SUCCESS FACTORS OVERVIEW Upper Guide Content = 4,70 1 Acquire and invest into progressive companies – or be disrupted 2 Go for agile deal making – or lose the battle for valuable targets Vertical Center = 1,80 3 Enable tailored integration – or miss the value Lower Guide Content = 8,70 Source: Accenture Analysis © Accenture 9 The only chance for larger corporates to keep pace with digital disruption and stay Guide Headline = 6,80 ahead of competition are dedicated M&A activities for progressive acquisitions Guide Subline = 5,60 1 ACQUIRE AND INVEST INTO PROGRESSIVE COMPANIES – OR BE DISRUPTED Upper Guide Content = 4,70 Observations of M&A with Progressive Companies Key Insights . 85% of corporates see the existing need to acquire 15% progressive companies with innovative skills and Existing need to acquire innovative knowledge, skills technology expertise to stay competitive & technology to keep pace 85% with digital disruption . 96% of companies say that investments in progressive companies are a central part of their corporate strategy A central part of corporate 4% Vertical Center = 1,80 strategy are acquisitions . 86% of executives realize that specific capabilities and and investments in progressive companies standardized processes are required for successful 96% acquisitions with progressive companies 14% Existing need to standardize researching process as well as evaluating and acquiring 86% progressive companies Agree Disagree Lower Guide Content = 8,70 Source: Accenture Executive Survey (n=242) © Accenture 10 M&A strategies’ objectives for acquiring progressive companies are significantly Guide Headline = 6,80 different from traditional deal rationales Guide Subline = 5,60 2 GO FOR AGILE DEAL MAKING – OR LOOSE THE BATTLE FOR VALUABLE TARGETS (1/3) Upper Guide Content = 4,70 M&A Objectives to Go for Progressive Companies Key Insights . Investments in progressive companies mainly target development of new products / enhancement of Creating 69% existing products and services new products & services . Transforming the own corporate culture towards more Enhancing 64% existing products & services innovation is seen as a main objective, while traditional M&A focusses on economies of scale or market share Vertical Center = 1,80 Entering new markets 62% . Take Away: In order to realize the full value of such objectives, corporates need to act with high agility and Transforming with deep technology expertise in the background company culture 59% towards more innovation Realizing cost synergies 46% % of respondents ranking objective among top 3 Lower Guide Content = 8,70 Source: Accenture Executive Survey (n=242) © Accenture 11 The identification of valuable targets confronts large corporates with challenges; Guide Headline = 6,80 new approaches of target identification are required Guide Subline = 5,60 2 GO FOR AGILE DEAL MAKING – OR LOOSE THE BATTLE FOR VALUABLE TARGETS (2/3) Upper Guide Content = 4,70 Screening of Progressive Companies Key Insights . For most companies alternative screening approaches like startup networks, through VC funds or accelerators 74% are essential to find most valuable targets 61% 56% Approach . Still, over 50% of corporates identify progressive Start-up VC fund Start-up targets opportunistically, without a structured approach Network (Own / accelerators Screening Cooperation) (Own / Cooperation) Vertical Center = 1,80 . Around 70% consider the identification of relevant % of respondents ranking among top 3 methods technologies and the fast changing universe of potential targets as key challenges in target screening Identification of 69% relevant technologies . Take Away: To win the race for successful progressive Fast universe of 67% companies, take quick and well informed decisions Challenges changing companies Link between strategy 64% and search criteria % of respondents ranking among top 3 challenges Lower Guide Content = 8,70 Source: Accenture Executive Survey (n=242) © Accenture 12 Due Diligence processes in acquisitions of progressive companies are Guide Headline = 6,80 technology focused and require specific capabilities to succeed Guide Subline = 5,60 2 GO FOR AGILE DEAL MAKING – OR LOOSE THE BATTLE FOR VALUABLE TARGETS (3/3) Upper Guide Content = 4,70 Due Diligence of Progressive Companies Key Insights . Key focus areas in Due Diligence is Technology; even Technology 56% before Financial Performance Focus Financial Performance 53% Areas Innovation / . The main challenge is seen in the high expectations on R&D pipeline 49% transaction speed; then new technology assessment Demanding . Deal teams with deep technology expertise and 71% Vertical Center = 1,80 transaction speed assessment skills for target screening & due diligence Assessment of Challenges new technologies 69% help corporates significantly in closing valuable
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