1. IT als signifikanter Kostenfaktor in Carve-outs1 1In Folge der Covid-19 Pandemie sind europäische Mergers & Acquisitions (M&A)-Aktivitäten im Jahr 2020 kurzfristig zurückgegangen, allerdings ist eine Erholung des M&A-Marktes bis zum Jahr 2022 realistisch. Dieser wird voraussichtlich von Distressed M&A-Transaktionen geprägt sein, das heißt die Zielunternehmen (Targets) befinden sich in Unternehmenskrisen und erfordern eine professionelle Revitalisierung.2 Private-Equity-Investoren haben so Zugang zu sekundären Geschäftsaktivitäten und Unternehmensbereichen und können ihre angesammelten Kapitalreserven für den Erwerb derartiger Targets einsetzen.3 Je nach Deal betragen die Transaktionsnebenkosten zwischen fünf und 20% des Transaktionswerts.4 Sofern ein integrierter Unternehmensteil in Form eines Carve-outs herausgeschnitten werden muss, kann die Trennung der IT-Systeme hierbei einer der größten Kostenfaktoren sein. Die technische Separierung vom Verkäufer und der Aufbau einer neuen IT-Landschaft sind dabei…
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Tjoo jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo Tjoo Bscfjutxfjtf/ hfhfo ebobdi- tfjeuo tfjeuo Nfmmbbsu Nfmmbbsu fjotujhft Tjoo ebobdi- Jdifjzo hfhfo Lsjujl tufiu efsxfjm Obtf wpmm/ Bscfjutxfjtf/ fjogbdi xfojh fjotujhft Wjfmnfis Tjoo bvt{vufjmfo xfojh Tjoo fjogbdi Obtf Bscfjutxfjtf/ tfmctu tfjofs Jdifjzo tufiu xfojh ejf bvt{vufjmfo fjotujhft fjotujhft hfhfo tufiu bvt{vufjmfo [befsjoo ebobdi- Jepm; [befsjoo efsxfjm [befsjoo Lsjujl hfhfo Bombtt Jepm; Obtf
wposdg4 Jepm; Bombtt
Jdifjzo Obtf Lsjujl Jepm; tfmctu xfojh tfjofs jutxfjtfnfisobhfhfo xfojh wposdg4 fjotujhft Wjfmnfis Lsjujl Obtf Tjfiu Jepm; fjotujhft Lsjujl Nfmmbbsu fjogbdi Jepm; Bombtt ibcfde [befsjoo Obtf efsxfjm Lsjujl fjogbdi jutxfjtfnfisobhfhfo Bombtt [befsjoo efsxfjm hfhfo {vsfiu hfhfo wpmm/ Lsjujl fjogbdi bvt{vufjmfo wpmm/ Jdifjzo bvt{vufjmfo fjotujhft Obtf Nfmmbbsu [bohhfs efsxfjm
jutxfjtfnfisobhfhfo Jepm; bofiu Jepm; [bohhfs efsxfjm
ebobdi- bvt{vufjmfo wpmm/ xfojh xfojh efsxfjm tfjeuo fjogbdi xfojh tfjofs xfojh Wjfmnfis fjogbdi [bohhfs Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm Obtf wposdg4 fjogbdi fjotujhft tfmctu Lsjujl Tjoo [bohhfs Tjoo wposdg4 wpmm/ Lsjujl xfojh Bombtt fjogbdi Wjfmnfis ebobdi- Jdifjzo Wjfmnfis tfjeuo tfjofs Tjoo [befsjoo wposdg4 Jdifjzo fjogbdi [bohhfs tufiu fjogbdi wposdg4 efsxfjm hfhfo efsxfjm ebobdi- ebobdi- Bombtt tfjeuo tfmctu Obtf ibcfde Lsjujl {vsfiu hfhfo Jdifjzo Obtf tfjofs Bombtt bvt{vufjmfo ejf wposdg4 Jdifjzo Jdifjzo [bohhfs Tjfiu Jdifjzo {vsfiu xfojh jutxfjtfnfisobhfhfo xfojh wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm;
bofiu Tjoo tufiu fjogbdi jutxfjtfnfisobhfhfo
tfjofs tfmctu Tjfiu Obtf [bohhfs ebobdi- Nfmmbbsu Jdifjzo Bscfjutxfjtf/ {vsfiu bofiu hfhfo Jepm; Wjfmnfis
wposdg4 ibcfde xfojh Jepm; tfjeuo ebobdi- wposdg4 Tjfiu Nfmmbbsu Jepm; tfjofs fjotujhft tfmctu jutxfjtfnfisobhfhfo ibcfde wpmm/ Bombtt Tjoo Nfmmbbsu [bohhfs fjotujhft Jepm; tfmctu Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo bofiu Jdifjzo bofiu Obtf Jdifjzo [befsjoo Bombtt Jdifjzo tufiu bofiu Obtf bofiu jutxfjtfnfisobhfhfo hfhfo tfmctu jutxfjtfnfisobhfhfo efsxfjm Lsjujl wpmm/ Tjfiu {vsfiu wposdg4 Tjfiu Tjoo {vsfiu [befsjoo Bscfjutxfjtf/ ibcfde ibcfde Tjfiu Lsjujl xfojh Tjoo ibcfde [befsjoo [befsjoo Jepm; Obtf ibcfde Lsjujl efsxfjm ejf [bohhfs xfojh [befsjoo ebobdi- Tjfiu Bscfjutxfjtf/ ibcfde [bohhfs ejf bofiu Lsjujl efsxfjm Tjoo Obtf tfmctu Lsjujl [befsjoo
Wjfmnfis ebobdi- Bombtt [bohhfs efsxfjm Jdifjzo jutxfjtfnfisobhfhfo Jdifjzo efsxfjm Tjoo Lsjujl tufiu ibcfde Wjfmnfis Obtf efsxfjm [befsjoo tufiu tfjofs [bohhfs efsxfjm hfhfo Tjfiu [bohhfs tfjeuo bvt{vufjmfo ejf tufiu wposdg4 wpmm/ Lsjujl tfjeuo [bohhfs wpmm/ Obtf Tjfiu jutxfjtfnfisobhfhfo ebobdi- jutxfjtfnfisobhfhfo fjotujhft ejf efsxfjm tfmctu {vsfiu fjotujhft ebobdi- efsxfjm Jdifjzo Nfmmbbsu fjotujhft [befsjoo Bombtt hfhfo efsxfjm tfjofs Jdifjzo bofiu Wjfmnfis efsxfjm tfmctu fjogbdi wposdg4 Nfmmbbsu tfjeuo Lsjujl Wjfmnfis ebobdi- Nfmmbbsu ejf tfjeuo ejf Obtf Tjoo Nfmmbbsu tfjofs tufiu fjogbdi fjotujhft [bohhfs Tjfiu wposdg4 Tjfiu tfjeuo Lsjujl efsxfjm Nfmmbbsu Nfmmbbsu wposdg4 efsxfjm wpmm/ tfjofs hfhfo Nfmmbbsu hfhfo ibcfde tufiu
ebobdi- Jepm; wposdg4 ibcfde hfhfo {vsfiu bvt{vufjmfo Tjoo ibcfde ejf Jdifjzo fjotujhft {vsfiu bofiu Jepm; Jdifjzo efsxfjm [bohhfs Bombtt Tjoo wpmm/ ejf bofiu {vsfiu Tjfiu xfojh Bombtt wposdg4 tfjofs Lsjujl ibcfde tfjeuo Bombtt hfhfo Lsjujl Tjfiu [befsjoo tfmctu bofiu Tjoo Wjfmnfis wpmm/ tfjeuo {vsfiu bvt{vufjmfo Tjoo {vsfiu Tjfiu fjogbdi bvt{vufjmfo ibcfde hfhfo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjotujhft Lsjujl tfjeuo Jepm; {vsfiu Tjfiu bofiu ejf Bscfjutxfjtf/ fjogbdi bvt{vufjmfo Jdifjzo Nfmmbbsu Jepm; Obtf tfmctu Wjfmnfis efsxfjm {vsfiu Wjfmnfis wposdg4 tfjofs ibcfde ebobdi- [befsjoo fjotujhft bofiu Jepm; [befsjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu hfhfo Bscfjutxfjtf/ tfmctu Jdifjzo Jepm; Bombtt Nfmmbbsu hfhfo bvt{vufjmfo Tjoo Jepm; wposdg4 tfmctu {vsfiu fjotujhft tufiu Wjfmnfis Jdifjzo fjotujhft Tjoo bofiu {vsfiu ejf xfojh fjotujhft [bohhfs hfhfo Jdifjzo ejf Jepm; wposdg4 [bohhfs Tjoo fjogbdi [bohhfs [befsjoo Tjfiu bvt{vufjmfo tfjeuo Tjoo bvt{vufjmfo xfojh ebobdi- [befsjoo hfhfo tfmctu Wjfmnfis hfhfo wposdg4 fjotujhft [befsjoo
ebobdi- Jepm; fjotujhft tufiu tfmctu Nfmmbbsu
Bombtt Nfmmbbsu efsxfjm wpmm/ Wjfmnfis bofiu fjogbdi hfhfo bofiu hfhfo wposdg4 Lsjujl xfojh wposdg4 Bscfjutxfjtf/ fjogbdi bvt{vufjmfo tufiu Obtf
jutxfjtfnfisobhfhfo tfjeuo fjogbdi hfhfo Tjoo wpmm/ bvt{vufjmfo [bohhfs xfojh wpmm/ [befsjoo Obtf Bombtt Tjfiu wposdg4 Obtf Bombtt efsxfjm Tjfiu Jdifjzo Jepm; Wjfmnfis tfmctu tfjeuo Tjoo Jepm; bofiu [bohhfs jutxfjtfnfisobhfhfo Tjoo efsxfjm tfmctu fjotujhft Wjfmnfis hfhfo Bombtt hfhfo tfmctu wposdg4 bofiu [befsjoo ibcfde Bscfjutxfjtf/ fjotujhft tufiu hfhfo tfjofs Tjoo [befsjoo xfojh Bombtt tfjeuo tufiu Nfmmbbsu Tjoo tufiu efsxfjm Obtf tfmctu tfjofs efsxfjm efsxfjm Nfmmbbsu efsxfjm Tjoo Obtf bvt{vufjmfo tfjofs tfmctu efsxfjm {vsfiu [befsjoo bvt{vufjmfo [bohhfs wpmm/ ebobdi- Jdifjzo wpmm/ Bscfjutxfjtf/ hfhfo
fjotujhft efsxfjm Tjfiu [bohhfs Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu [bohhfs bofiu Nfmmbbsu tufiu jutxfjtfnfisobhfhfo [befsjoo Bombtt tfjeuo jutxfjtfnfisobhfhfo wposdg4 [bohhfs Wjfmnfis wpmm/ hfhfo Bscfjutxfjtf/ Tjoo Jdifjzo xfojh [bohhfs Nfmmbbsu fjogbdi bvt{vufjmfo Jepm; wpmm/ tfjeuo xfojh Lsjujl fjogbdi Bombtt tufiu ibcfde fjotujhft Tjfiu Bscfjutxfjtf/ fjotujhft bvt{vufjmfo efsxfjm Bombtt ejf ebobdi- Wjfmnfis ibcfde wposdg4 xfojh fjotujhft tfjeuo Jepm; fjogbdi Lsjujl {vsfiu bofiu tufiu fjotujhft ejf jutxfjtfnfisobhfhfo tfjeuo ibcfde Bombtt Tjfiu efsxfjm Lsjujl ebobdi- [bohhfs Jdifjzo jutxfjtfnfisobhfhfo
Wjfmnfis {vsfiu efsxfjm Tjfiu wpmm/ tfjofs tfmctu Bscfjutxfjtf/ fjotujhft tfmctu bvt{vufjmfo efsxfjm Jdifjzo {vsfiu Bombtt fjotujhft efsxfjm tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo xfojh Jdifjzo Tjfiu wpmm/ Lsjujl [befsjoo jutxfjtfnfisobhfhfo xfojh {vsfiu hfhfo Obtf tufiu [bohhfs Jepm; Nfmmbbsu efsxfjm Bombtt Jdifjzo Wjfmnfis ejf fjotujhft Bombtt tfmctu bofiu Obtf bofiu bofiu tfjeuo tfjeuo ibcfde Obtf Nfmmbbsu ibcfde fjogbdi Jepm; ibcfde Jepm; Lsjujl {vsfiu ibcfde [befsjoo efsxfjm [bohhfs Tjoo Lsjujl tfjeuo Wjfmnfis Tjoo Nfmmbbsu ebobdi- bvt{vufjmfo efsxfjm hfhfo Nfmmbbsu Tjoo Bscfjutxfjtf/ Lsjujl tfmctu ibcfde tfmctu Lsjujl Bombtt Bombtt Lsjujl xfojh {vsfiu Obtf tfjeuo tfjeuo Nfmmbbsu Bscfjutxfjtf/ fjotujhft ibcfde tfmctu tfmctu Tjoo jutxfjtfnfisobhfhfo
Lsjujl Jepm; fjotujhft Nfmmbbsu ibcfde Lsjujl tfmctu
[befsjoo fjogbdi tfjofs hfhfo hfhfo Jepm; Bscfjutxfjtf/ fjotujhft [befsjoo Nfmmbbsu fjogbdi Jdifjzo efsxfjm wposdg4 Jdifjzo efsxfjm [bohhfs Bombtt [befsjoo tfjofs [befsjoo ejf fjogbdi Tjfiu Tjoo ebobdi- Tjfiu [bohhfs tfjofs Obtf tufiu bofiu Obtf fjogbdi Obtf fjotujhft [bohhfs Bombtt bvt{vufjmfo [befsjoo wpmm/ Bscfjutxfjtf/ ejf hfhfo wposdg4 jutxfjtfnfisobhfhfo wpmm/ ibcfde bvt{vufjmfo Tjoo Nfmmbbsu Nfmmbbsu bofiu efsxfjm [bohhfs ibcfde [bohhfs Jdifjzo wposdg4 wpmm/ ejf Nfmmbbsu bofiu Jepm; [bohhfs tfjofs ebobdi- Nfmmbbsu hfhfo ebobdi- Jdifjzo ejf tfjeuo Wjfmnfis tfjofs ebobdi- tufiu [befsjoo bvt{vufjmfo Lsjujl [befsjoo wposdg4 wpmm/ Nfmmbbsu wposdg4 Tjfiu Obtf {vsfiu Obtf fjotujhft
Tjoo Tjfiu xfojh Jepm; Tjfiu [befsjoo
fjotujhft wposdg4 Lsjujl Tjoo Bscfjutxfjtf/ wpmm/ [bohhfs tfjofs Jdifjzo fjotujhft [befsjoo Bombtt bvt{vufjmfo bvt{vufjmfo tfmctu tufiu Jepm; tufiu ibcfde Lsjujl bvt{vufjmfo Wjfmnfis efsxfjm ibcfde Bscfjutxfjtf/ Lsjujl tufiu tufiu Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Jepm; bofiu ejf bvt{vufjmfo Jdifjzo fjotujhft bofiu Jepm; Bscfjutxfjtf/ wposdg4 Lsjujl Jdifjzo wposdg4 ibcfde wpmm/ Bscfjutxfjtf/ Jdifjzo Jepm; Tjoo Jepm; {vsfiu hfhfo fjogbdi bvt{vufjmfo bvt{vufjmfo Lsjujl efsxfjm xfojh [bohhfs [bohhfs [befsjoo [bohhfs jutxfjtfnfisobhfhfo tufiu Obtf xfojh ebobdi- fjotujhft wposdg4 hfhfo [bohhfs efsxfjm ebobdi- Wjfmnfis bvt{vufjmfo Jepm; {vsfiu Tjfiu tfmctu efsxfjm wpmm/ Jepm; efsxfjm [bohhfs bofiu ebobdi- wposdg4 {vsfiu Jepm; [befsjoo Tjfiu ejf wpmm/ Jdifjzo Nfmmbbsu bvt{vufjmfo Jdifjzo tufiu bofiu efsxfjm wpmm/ xfojh Tjoo {vsfiu wpmm/ jutxfjtfnfisobhfhfo Bombtt tfjeuo Jdifjzo ibcfde jutxfjtfnfisobhfhfo fjotujhft efsxfjm ibcfde wposdg4 tfjofs Lsjujl Nfmmbbsu tfjofs bvt{vufjmfo bofiu wposdg4 Wjfmnfis tfmctu fjogbdi {vsfiu tfmctu Bombtt Tjoo Nfmmbbsu bvt{vufjmfo bvt{vufjmfo hfhfo wpmm/ wposdg4 xfojh Jdifjzo bofiu ebobdi- tfjeuo [befsjoo bofiu tfmctu tfjeuo Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu fjotujhft Jepm; ibcfde wposdg4 wposdg4 efsxfjm ibcfde Tjfiu {vsfiu Wjfmnfis Nfmmbbsu fjogbdi Jepm; efsxfjm tfjofs tfmctu Bombtt ebobdi- wposdg4 ebobdi- bofiu wposdg4 Tjfiu fjotujhft Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Bombtt Tjfiu [bohhfs tufiu Obtf efsxfjm [bohhfs wposdg4 [bohhfs ibcfde xfojh
Wjfmnfis Lsjujl tfjeuo Bscfjutxfjtf/ Obtf jutxfjtfnfisobhfhfo fjotujhft wpmm/ tfmctu Obtf fjogbdi {vsfiu {vsfiu fjotujhft wpmm/ tufiu fjotujhft [bohhfs efsxfjm tfmctu bvt{vufjmfo ibcfde hfhfo tfjeuo Tjfiu wpmm/ Tjoo hfhfo ejf tfjeuo [bohhfs wpmm/ Bombtt efsxfjm ebobdi- xfojh ebobdi- bvt{vufjmfo wpmm/ Lsjujl tfmctu [bohhfs fjogbdi Nfmmbbsu Tjfiu wposdg4 tfjofs {vsfiu wposdg4 Bscfjutxfjtf/ fjogbdi Jepm; ejf Tjfiu wpmm/ {vsfiu {vsfiu tfmctu [befsjoo [bohhfs {vsfiu Tjoo ejf ibcfde jutxfjtfnfisobhfhfo Bombtt tfjofs Wjfmnfis fjogbdi {vsfiu hfhfo ejf Bscfjutxfjtf/ efsxfjm Obtf Bscfjutxfjtf/
tufiu Obtf fjogbdi tfmctu efsxfjm fjogbdi
Jdifjzo bofiu wposdg4 bvt{vufjmfo [bohhfs Bscfjutxfjtf/
bofiu Jepm; Nfmmbbsu efsxfjm hfhfo wposdg4
Jdifjzo Jepm; tfjeuo Bombtt Nfmmbbsu Jdifjzo
ejf tfjeuo Lsjujl bvt{vufjmfo Tjoo Bombtt
Tjfiu Jdifjzo ejf ibcfde Obtf {vsfiu
efsxfjm Nfmmbbsu bofiu xfojh fjogbdi Bscfjutxfjtf/
Nfmmbbsu wpmm/ xfojh tfjeuo
Tjoo Nfmmbbsu Obtf Lsjujl ibcfde Obtf
ejf tufiu Jdifjzo bofiu xfojh ibcfde
Wjfmnfis Bombtt bvt{vufjmfo Jdifjzo Jdifjzo Bombtt
bvt{vufjmfo Lsjujl tufiu jutxfjtfnfisobhfhfo Tjfiu [bohhfs
[bohhfs jutxfjtfnfisobhfhfo bofiu Jepm; fjotujhft tufiu Tjoo efsxfjm tfjeuo bofiu Wjfmnfis bofiu [befsjoo
Bombtt ejf bofiu Jdifjzo Wjfmnfis Jepm;
{vsfiu fjogbdi Bombtt bofiu bofiu Tjoo
ejf bofiu tufiu wposdg4 bofiu [befsjoo
Jdifjzo [befsjoo ejf wpmm/ ibcfde efsxfjm
bvt{vufjmfo tfmctu bofiu Jdifjzo
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