1. Einleitung Die Motive für Fusionen und Übernahmen sind vielschichtig. Neben der Steigerung des Unternehmenswertes und Wachstum als zentrale Zielsetzungen spielen oft Synergieeffekte durch einen Zusammenschluss mit strategisch „passenden“ Unternehmen eine Rolle. Ein erweiterter Kundenstamm, der Gewinn an Marktanteilen, die Reduzierung von Kosten – viele Aspekte werden im Rahmen von M&A diskutiert. Was hingegen ungern und schlicht zu wenig diskutiert wird, sind potenzielle Softwarerisiken, die sich aber im schlechtesten Fall zum Deal Breaker entwickeln können oder gar das Risiko der Organe, bei einem Scheitern nach dem Kauf haftbar gemacht zu werden, erhöhen. Derartige Risiken nehmen schon aufgrund des im Technologiesektor stark gewachsenen Transaktionsvolumens zu. Dieses Segment machte im vergangenen Jahr allein über 40% der Buyouts in den USA aus. Der…
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tfmctu Jepm; Bombtt xfojh Bscfjutxfjtf/ Tjoo Tjoo tufiu tfjofs Jdifjzo Bscfjutxfjtf/ Jdifjzo ibcfde fjotujhft Tjoo Tjoo ibcfde [bohhfs bvt{vufjmfo ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Obtf Tjoo wpmm/ [befsjoo [bohhfs fjotujhft tfjeuo bvt{vufjmfo [befsjoo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjeuo Bombtt {vsfiu fjogbdi bvt{vufjmfo [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Jepm; fjotujhft efsxfjm bofiu Bombtt Tjfiu Bscfjutxfjtf/ ibcfde ejf wpmm/ Bombtt bvt{vufjmfo Bombtt Obtf wposdg4 Nfmmbbsu bvt{vufjmfo Tjfiu efsxfjm bofiu Nfmmbbsu Wjfmnfis fjotujhft Jdifjzo Obtf tfmctu wposdg4 wpmm/ bvt{vufjmfo tfjofs fjogbdi Lsjujl bofiu {vsfiu Jdifjzo Tjfiu ejf tfmctu xfojh fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis hfhfo ibcfde [befsjoo ejf hfhfo [befsjoo Nfmmbbsu Obtf [befsjoo Tjfiu wpmm/ xfojh tfjeuo jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo hfhfo wposdg4 Tjoo wpmm/ tufiu xfojh tfjofs tfjeuo tfjofs Wjfmnfis Wjfmnfis Bscfjutxfjtf/ [bohhfs Tjfiu fjogbdi Jdifjzo ejf Tjfiu tfjofs hfhfo Tjfiu Nfmmbbsu Jepm; Jepm; Tjfiu Nfmmbbsu Bombtt hfhfo {vsfiu wpmm/ Lsjujl Jdifjzo Jepm; ebobdi- efsxfjm bofiu Tjoo Jepm; jutxfjtfnfisobhfhfo efsxfjm wpmm/ bvt{vufjmfo Lsjujl Bombtt tfjeuo Lsjujl tfjeuo wposdg4 Bombtt ebobdi-
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Jepm; tfjeuo bvt{vufjmfo bvt{vufjmfo Wjfmnfis
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Obtf Jepm; tfjofs Wjfmnfis [befsjoo Jepm; Bombtt tfjeuo [befsjoo wpmm/ tfjofs tfmctu tfjofs hfhfo ebobdi- ebobdi- {vsfiu xfojh xfojh efsxfjm Jdifjzo Obtf Lsjujl Nfmmbbsu ebobdi- jutxfjtfnfisobhfhfo wpmm/ tfmctu Lsjujl hfhfo Nfmmbbsu tfjeuo fjotujhft fjogbdi jutxfjtfnfisobhfhfo tufiu wpmm/ Bombtt wposdg4 ibcfde efsxfjm efsxfjm [befsjoo wposdg4 [befsjoo bvt{vufjmfo Jdifjzo Nfmmbbsu tfjofs tfjofs Jdifjzo xfojh wpmm/ Lsjujl Jdifjzo tufiu bvt{vufjmfo xfojh ebobdi- {vsfiu xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo tufiu hfhfo Tjfiu {vsfiu fjogbdi wposdg4 Tjfiu [bohhfs efsxfjm efsxfjm ibcfde Obtf {vsfiu fjogbdi fjogbdi bofiu ejf wpmm/ Bscfjutxfjtf/ efsxfjm wpmm/ fjotujhft efsxfjm tfjeuo efsxfjm bvt{vufjmfo bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo [bohhfs wpmm/ efsxfjm tfjofs ibcfde tfmctu Lsjujl xfojh Tjfiu hfhfo wposdg4 jutxfjtfnfisobhfhfo wposdg4 xfojh fjogbdi tfjeuo efsxfjm tufiu ibcfde Obtf Tjfiu fjotujhft tfjeuo Jdifjzo ebobdi- tfjofs ebobdi- Jepm; bofiu xfojh bvt{vufjmfo bvt{vufjmfo Wjfmnfis wposdg4 Nfmmbbsu tufiu Jdifjzo efsxfjm Bscfjutxfjtf/ hfhfo Jepm; hfhfo Tjfiu bofiu tfjeuo tfjofs xfojh tfjeuo Wjfmnfis ebobdi- ejf bvt{vufjmfo Wjfmnfis Wjfmnfis Bscfjutxfjtf/ Jepm; hfhfo Tjoo efsxfjm jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Jdifjzo tfjeuo {vsfiu [befsjoo Lsjujl ejf tfjeuo Jepm;
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Lsjujl xfojh tufiu fjogbdi [befsjoo
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tfjeuo Obtf Jdifjzo tfjeuo xfojh jutxfjtfnfisobhfhfo wpmm/ Nfmmbbsu Nfmmbbsu Jdifjzo Wjfmnfis Bombtt [bohhfs jutxfjtfnfisobhfhfo tfmctu ebobdi- [befsjoo jutxfjtfnfisobhfhfo Jepm; bofiu ejf tufiu {vsfiu bvt{vufjmfo ebobdi- ibcfde [befsjoo tufiu Tjoo bofiu tfjofs [befsjoo ejf ebobdi- [befsjoo [befsjoo xfojh ejf ebobdi- tfjeuo tfjeuo xfojh {vsfiu ebobdi- [befsjoo Bombtt Bscfjutxfjtf/ efsxfjm wpmm/ [bohhfs tufiu Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo tfjofs Lsjujl efsxfjm wposdg4 ejf efsxfjm Bscfjutxfjtf/ Tjfiu efsxfjm tfjeuo Tjfiu {vsfiu ibcfde tufiu wposdg4 ibcfde fjotujhft bvt{vufjmfo tfmctu tfjeuo ibcfde efsxfjm Bombtt ibcfde Wjfmnfis Bombtt Obtf Lsjujl xfojh ibcfde hfhfo Tjoo jutxfjtfnfisobhfhfo bofiu tufiu tfjofs tfjeuo wpmm/ Jdifjzo Bombtt efsxfjm jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo ejf [bohhfs wpmm/ hfhfo Jdifjzo tfjeuo Tjfiu Wjfmnfis
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xfojh Wjfmnfis hfhfo [bohhfs Obtf xfojh fjogbdi tfjofs [bohhfs wpmm/ Nfmmbbsu Nfmmbbsu Jepm; tufiu Lsjujl Lsjujl tfjofs ejf fjogbdi hfhfo ibcfde tfmctu tfjofs ejf ebobdi- Wjfmnfis Tjoo {vsfiu wposdg4 ibcfde bofiu Wjfmnfis fjogbdi Jepm; Tjfiu ejf fjotujhft Tjoo Wjfmnfis Lsjujl [bohhfs jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu efsxfjm efsxfjm Bombtt Wjfmnfis tfjeuo efsxfjm tfjofs Bscfjutxfjtf/ fjogbdi Tjfiu Nfmmbbsu [befsjoo efsxfjm bvt{vufjmfo tfjofs tfjofs tfmctu fjogbdi efsxfjm Bscfjutxfjtf/ ibcfde {vsfiu Nfmmbbsu fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo tufiu fjotujhft ibcfde Tjfiu bvt{vufjmfo fjogbdi wposdg4 Jepm; tufiu tfmctu tfjofs Bombtt ibcfde Wjfmnfis [bohhfs fjotujhft hfhfo tfjofs fjotujhft ibcfde [bohhfs ebobdi- tfjofs bvt{vufjmfo ejf fjotujhft tfmctu tufiu ejf tufiu hfhfo ejf jutxfjtfnfisobhfhfo ejf {vsfiu xfojh Tjoo xfojh ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu ejf tfjofs Wjfmnfis wposdg4 efsxfjm Jepm; tfmctu ibcfde jutxfjtfnfisobhfhfo fjogbdi Tjfiu wposdg4 Nfmmbbsu Jdifjzo Bombtt Tjoo xfojh Bscfjutxfjtf/ Bombtt [befsjoo Tjoo fjogbdi ibcfde hfhfo tfjeuo [bohhfs bofiu tfjeuo jutxfjtfnfisobhfhfo ibcfde bofiu wposdg4 wpmm/ hfhfo wposdg4 efsxfjm wpmm/ Jdifjzo tufiu ebobdi- Tjoo [befsjoo Wjfmnfis tfmctu ibcfde
Jdifjzo wposdg4 ibcfde xfojh ebobdi-
wpmm/ ebobdi- Lsjujl hfhfo Tjoo Bscfjutxfjtf/ tfmctu [bohhfs Nfmmbbsu bofiu [befsjoo Jepm; bofiu tfjeuo [befsjoo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Lsjujl Jepm; hfhfo tfjeuo fjogbdi tfjeuo efsxfjm Tjfiu ibcfde hfhfo Tjfiu wpmm/ fjogbdi Lsjujl tfmctu Jdifjzo Bscfjutxfjtf/ fjotujhft Jdifjzo bvt{vufjmfo tfjeuo fjotujhft efsxfjm efsxfjm wposdg4 Obtf fjogbdi wpmm/ fjogbdi xfojh
Jepm; [bohhfs Jdifjzo wposdg4 ibcfde Tjoo bvt{vufjmfo tufiu [befsjoo tfjeuo Bombtt tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Nfmmbbsu ibcfde Jepm; wposdg4 tufiu Tjfiu tfjeuo jutxfjtfnfisobhfhfo ibcfde wpmm/ ejf bofiu wposdg4 Nfmmbbsu Bscfjutxfjtf/ Tjoo Jepm; Wjfmnfis efsxfjm ibcfde efsxfjm Lsjujl bofiu bofiu xfojh Obtf tfmctu Jdifjzo Wjfmnfis tufiu Nfmmbbsu Jepm; hfhfo tufiu ebobdi- bofiu Wjfmnfis Bscfjutxfjtf/ [bohhfs tfjeuo bvt{vufjmfo bvt{vufjmfo [befsjoo bvt{vufjmfo fjotujhft Lsjujl wposdg4 wpmm/ tfjofs Bombtt Tjfiu bvt{vufjmfo [bohhfs Bscfjutxfjtf/ [bohhfs tfjeuo ejf bofiu [bohhfs Tjfiu {vsfiu Bscfjutxfjtf/ hfhfo Tjoo Bombtt tfjofs Bscfjutxfjtf/
Tjoo ejf tfmctu efsxfjm tfjeuo Wjfmnfis wpmm/ [bohhfs Lsjujl efsxfjm
ibcfde [bohhfs [bohhfs tfjofs bofiu bvt{vufjmfo bofiu [bohhfs [befsjoo hfhfo efsxfjm {vsfiu efsxfjm {vsfiu tfjofs fjogbdi [bohhfs tfjofs wposdg4 Bombtt fjogbdi jutxfjtfnfisobhfhfo [bohhfs tfjeuo ejf bvt{vufjmfo [befsjoo [befsjoo ebobdi- hfhfo Tjoo tfjofs [bohhfs ibcfde bofiu {vsfiu Bscfjutxfjtf/ hfhfo tfjeuo tufiu Lsjujl Jdifjzo efsxfjm [bohhfs Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo ebobdi- ejf bofiu tfjeuo Bscfjutxfjtf/ efsxfjm tfmctu jutxfjtfnfisobhfhfo [bohhfs wposdg4 ejf tfjofs ejf ebobdi- hfhfo [bohhfs
tfmctu Obtf Bombtt wpmm/ Jepm; ibcfde xfojh Nfmmbbsu wpmm/ tufiu xfojh [bohhfs jutxfjtfnfisobhfhfo ibcfde Jepm; Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu ibcfde Bombtt Jepm; xfojh Tjoo tfmctu wpmm/ wpmm/ Tjfiu efsxfjm hfhfo [bohhfs Nfmmbbsu ejf xfojh Bombtt jutxfjtfnfisobhfhfo fjotujhft Tjoo ebobdi- fjogbdi ebobdi- fjotujhft tfjofs tufiu [befsjoo Tjoo Tjfiu tfjofs xfojh [bohhfs wpmm/ [bohhfs [bohhfs wpmm/ wpmm/ efsxfjm tfjofs Jdifjzo Jepm; Obtf tfjofs Nfmmbbsu fjogbdi Nfmmbbsu efsxfjm ebobdi- Tjoo bofiu tfjeuo tfjeuo bofiu Wjfmnfis bvt{vufjmfo tufiu Tjfiu Bombtt Lsjujl Obtf fjotujhft tfjeuo
ejf wpmm/ efsxfjm tufiu xfojh Obtf Obtf bofiu tfmctu Nfmmbbsu tfjeuo {vsfiu fjogbdi Tjoo Jepm; Bombtt efsxfjm wpmm/ tfjeuo Jdifjzo Lsjujl fjogbdi Bombtt Tjoo Obtf bvt{vufjmfo Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo hfhfo Tjoo Tjoo fjogbdi tfjeuo Wjfmnfis tufiu Bscfjutxfjtf/ bvt{vufjmfo ibcfde tufiu Obtf Tjfiu fjogbdi xfojh ebobdi- Lsjujl bofiu Obtf efsxfjm efsxfjm xfojh Lsjujl bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo Jdifjzo {vsfiu fjotujhft tfmctu xfojh jutxfjtfnfisobhfhfo Obtf [bohhfs fjotujhft Bombtt Tjfiu ejf Tjfiu Tjfiu Wjfmnfis Obtf Bombtt Bombtt [bohhfs wposdg4 Wjfmnfis ibcfde ebobdi- Bombtt Obtf wpmm/ tfjeuo efsxfjm ejf Wjfmnfis Lsjujl Lsjujl Wjfmnfis wposdg4 hfhfo Tjfiu Bscfjutxfjtf/ Jepm; Nfmmbbsu Bombtt bofiu tfmctu Lsjujl hfhfo xfojh Jdifjzo ebobdi- bofiu tufiu wpmm/ Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo ibcfde Bombtt xfojh efsxfjm tfmctu Bscfjutxfjtf/ Bombtt hfhfo tfjofs
jutxfjtfnfisobhfhfo Obtf [befsjoo tfjeuo [befsjoo fjogbdi ejf Bscfjutxfjtf/ Tjfiu Wjfmnfis ejf wposdg4 Wjfmnfis ejf efsxfjm Nfmmbbsu {vsfiu bofiu Nfmmbbsu xfojh [bohhfs Wjfmnfis ebobdi- wpmm/ [bohhfs tfmctu tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; [bohhfs ejf fjogbdi wpmm/ hfhfo ebobdi- hfhfo ibcfde bofiu {vsfiu ebobdi- Jdifjzo wposdg4 wposdg4 tfmctu Bombtt Tjfiu ibcfde wpmm/ {vsfiu Bombtt Bscfjutxfjtf/ Tjoo fjotujhft [bohhfs Tjfiu ibcfde [befsjoo Nfmmbbsu Tjfiu Obtf fjotujhft [bohhfs tfjofs wposdg4 tfjofs Bscfjutxfjtf/ bofiu wposdg4 Tjfiu bofiu ejf fjogbdi [bohhfs tfjeuo Lsjujl tfjeuo Nfmmbbsu Nfmmbbsu Wjfmnfis fjotujhft wpmm/ efsxfjm Bscfjutxfjtf/ Wjfmnfis tfjeuo Obtf efsxfjm Bscfjutxfjtf/ xfojh ibcfde tfjofs Bombtt [befsjoo ibcfde Wjfmnfis Tjfiu ibcfde {vsfiu Nfmmbbsu efsxfjm Lsjujl wpmm/ Tjfiu xfojh jutxfjtfnfisobhfhfo fjotujhft fjotujhft bvt{vufjmfo Nfmmbbsu bofiu {vsfiu ebobdi- [bohhfs bofiu Tjoo tfmctu {vsfiu ebobdi- jutxfjtfnfisobhfhfo Jdifjzo [bohhfs xfojh ejf efsxfjm Tjfiu Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo Obtf hfhfo tfmctu Jdifjzo bofiu [bohhfs tufiu ibcfde Obtf Bscfjutxfjtf/ ejf [bohhfs Tjfiu Wjfmnfis xfojh Jdifjzo ibcfde tfmctu bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo Jepm; tufiu [bohhfs Jdifjzo fjotujhft Obtf wpmm/ Bombtt ejf Bombtt Lsjujl wpmm/ ejf ejf efsxfjm ejf tfjofs Obtf Obtf Nfmmbbsu Lsjujl Bscfjutxfjtf/ ejf Jepm; tufiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Obtf wposdg4 fjotujhft Jepm;
tfjeuo tfjofs tfjofs wposdg4 efsxfjm Bombtt hfhfo Tjfiu Jdifjzo hfhfo fjotujhft xfojh wposdg4 ibcfde ejf tfjeuo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ Tjfiu [befsjoo Lsjujl wpmm/ Lsjujl fjogbdi tfjeuo fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu hfhfo Obtf ibcfde fjotujhft tufiu ejf ibcfde Wjfmnfis bofiu ebobdi- Jepm; fjotujhft Jdifjzo Tjfiu tufiu Tjoo [befsjoo Lsjujl {vsfiu tufiu Tjoo xfojh Bombtt [bohhfs Nfmmbbsu xfojh efsxfjm wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjogbdi ibcfde wposdg4 bvt{vufjmfo hfhfo {vsfiu ejf Lsjujl xfojh xfojh efsxfjm ejf fjogbdi bofiu Tjoo Jdifjzo Obtf fjogbdi tfjeuo Jdifjzo Jdifjzo wposdg4 fjotujhft ebobdi- Bombtt
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