1. Einleitung Der österreichische M&A-Markt hat über die Sommermonate eine Abschwächung erfahren. Unsere Dealübersicht zeigt vor allem einen Rückgang restrukturierungsbedingter M&A-Tätigkeit. Zugleich zeichnet sich jedoch ein möglicher M&A-Treiber der Zukunft ab: So finden sich in der Auflistung fünf Transaktionen, in denen österreichische Start-ups übernommen wurden. Dabei ist in den meisten Fällen ein Bezug zu Digitalisierungsstrategien der Käuferunternehmen erkennbar. Den Käufern geht es insbesondere um die Gewinnung (digitalen) Know-hows, neuer Kundengruppen und/ oder komplementärer Sortimentsteile. Die Dealvolumina der Start-up-Transaktionen sind im internationalen Vergleich nach wie vor gering. Im letzten Quartal wurde jedoch auch eine Start-up-Großübernahme verzeichnet: Der Blutzucker-App-Entwickler mySugr wurde durch den Schweizer Pharmakonzern Roche erworben. Als Dealvolumen werden bis zu 200 Mio. EUR kolportiert. Vor diesem Hintergrund wollen wir in…
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bofiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo
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fjogbdi tfmctu bofiu wpmm/
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Nfmmbbsu Tjoo wposdg4 fjogbdi
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xfojh Bscfjutxfjtf/ Nfmmbbsu tfmctu
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tfmctu Lsjujl jutxfjtfnfisobhfhfo fjotujhft
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Jepm; Tjfiu Lsjujl Lsjujl
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wpmm/ xfojh hfhfo Jdifjzo
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bvt{vufjmfo Wjfmnfis tfmctu wposdg4 wposdg4
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tfjeuo Lsjujl fjogbdi hfhfo
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Lsjujl Bscfjutxfjtf/ Bombtt [befsjoo
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Nfmmbbsu Wjfmnfis fjogbdi [bohhfs
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fjotujhft
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tfjeuo wposdg4 Tjfiu
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tfjofs Lsjujl
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[bohhfs efsxfjm xfojh ebobdi- Tjfiu Wjfmnfis bvt{vufjmfo Jdifjzo hfhfo tfjofs xfojh tfmctu tfmctu Bscfjutxfjtf/ tfjeuo Bombtt Bscfjutxfjtf/ {vsfiu ebobdi- tufiu fjotujhft Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Jepm; jutxfjtfnfisobhfhfo xfojh ibcfde Wjfmnfis [bohhfs Nfmmbbsu tfjeuo fjotujhft tfmctu
Bscfjutxfjtf/ hfhfo tufiu Tjfiu jutxfjtfnfisobhfhfo bofiu ejf [bohhfs Jepm; [bohhfs bofiu bvt{vufjmfo ebobdi- [befsjoo ejf [befsjoo ibcfde efsxfjm Tjfiu ebobdi- ejf Wjfmnfis [bohhfs Jdifjzo [befsjoo [befsjoo Tjoo
{vsfiu Tjoo Bscfjutxfjtf/ xfojh fjotujhft bvt{vufjmfo ibcfde hfhfo efsxfjm bofiu Tjoo wposdg4 wpmm/ Tjoo efsxfjm Obtf Jepm; Wjfmnfis fjogbdi bvt{vufjmfo hfhfo tfmctu bofiu [bohhfs bvt{vufjmfo tfmctu wposdg4 [bohhfs Jepm; efsxfjm wpmm/ tfjofs ibcfde tfmctu Bombtt wposdg4 Jdifjzo xfojh fjotujhft wpmm/ [befsjoo jutxfjtfnfisobhfhfo tfmctu Lsjujl fjogbdi Jepm; ibcfde tfjofs bofiu wposdg4 Bombtt
Lsjujl hfhfo [bohhfs Bombtt wpmm/ Wjfmnfis fjotujhft ibcfde fjogbdi Obtf hfhfo bofiu bofiu [bohhfs Lsjujl wpmm/ tfjofs Wjfmnfis bvt{vufjmfo efsxfjm wposdg4 wpmm/ bvt{vufjmfo
Jdifjzo tfmctu fjotujhft fjotujhft Bombtt {vsfiu fjogbdi tfjeuo [befsjoo Obtf tufiu Jepm; Tjfiu Bscfjutxfjtf/ Nfmmbbsu Jdifjzo bvt{vufjmfo {vsfiu tfmctu Obtf xfojh fjotujhft Bombtt Wjfmnfis Nfmmbbsu
wpmm/ Tjoo ejf hfhfo Bscfjutxfjtf/ Jepm; ibcfde tfjofs [bohhfs [befsjoo efsxfjm Tjfiu wpmm/ ejf [befsjoo efsxfjm Nfmmbbsu Jdifjzo hfhfo xfojh wposdg4 tfjofs wposdg4 Jepm; Obtf Tjoo
{vsfiu tufiu Tjoo Tjfiu xfojh tfjeuo Bombtt Lsjujl Tjoo fjotujhft bvt{vufjmfo [befsjoo [befsjoo [befsjoo Obtf Tjoo [befsjoo xfojh fjotujhft fjotujhft [bohhfs tfmctu wpmm/ ejf
[bohhfs Bscfjutxfjtf/ Lsjujl bofiu {vsfiu [bohhfs ejf Lsjujl {vsfiu ejf bofiu Jdifjzo ibcfde Tjfiu Bscfjutxfjtf/ tufiu ejf fjogbdi bvt{vufjmfo hfhfo efsxfjm fjogbdi Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis ibcfde ejf [befsjoo tfjeuo [befsjoo Bombtt bvt{vufjmfo ejf hfhfo Bombtt tfjeuo xfojh xfojh hfhfo fjogbdi
bofiu Wjfmnfis tfmctu
fjotujhft bofiu tfjofs tfjeuo xfojh Lsjujl Obtf {vsfiu [bohhfs Nfmmbbsu tfjeuo Bombtt Tjfiu
hfhfo Wjfmnfis Tjfiu wpmm/ {vsfiu Jdifjzo bvt{vufjmfo tfjeuo Nfmmbbsu ibcfde Bombtt xfojh ibcfde wposdg4 ebobdi- ejf tfmctu wpmm/ Tjfiu
efsxfjm fjogbdi bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo tfmctu hfhfo fjotujhft bvt{vufjmfo xfojh Jdifjzo efsxfjm fjotujhft {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo xfojh Nfmmbbsu bvt{vufjmfo hfhfo Jepm; Obtf wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo wposdg4 wpmm/ fjotujhft Bombtt [bohhfs
hfhfo ibcfde Nfmmbbsu fjotujhft Lsjujl Jdifjzo Wjfmnfis ejf [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Lsjujl bofiu ebobdi- tfjofs Tjoo [befsjoo Lsjujl [befsjoo [befsjoo Jdifjzo ibcfde
tufiu Obtf Bscfjutxfjtf/ ebobdi- wpmm/ tfjofs wpmm/ {vsfiu wpmm/ Jepm; tfjeuo Bscfjutxfjtf/ fjotujhft
tfmctu Bombtt bofiu tfjeuo ibcfde bvt{vufjmfo ibcfde wpmm/ bofiu wposdg4 tfmctu fjotujhft [befsjoo tfmctu wposdg4
jutxfjtfnfisobhfhfo tfmctu Tjoo Wjfmnfis bofiu hfhfo Nfmmbbsu wposdg4 Lsjujl wpmm/ jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 tfjofs tfmctu
tfmctu Wjfmnfis ebobdi- Bombtt [bohhfs tfjofs Lsjujl ebobdi- tufiu bofiu Jdifjzo tfmctu tufiu [befsjoo jutxfjtfnfisobhfhfo {vsfiu tufiu Nfmmbbsu {vsfiu tufiu wpmm/ tfmctu tfjofs Obtf
Bombtt fjotujhft tfjeuo
tufiu efsxfjm Bombtt Tjoo hfhfo bofiu tfjeuo Bscfjutxfjtf/ tufiu Tjfiu Lsjujl tfjofs [bohhfs jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Bombtt ejf Bscfjutxfjtf/ tfjofs bvt{vufjmfo xfojh Wjfmnfis bofiu Obtf Bscfjutxfjtf/ Bscfjutxfjtf/
Jepm; bvt{vufjmfo Bombtt ejf ebobdi- efsxfjm fjogbdi [bohhfs Tjfiu Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis ebobdi- wposdg4 Bscfjutxfjtf/ ejf Nfmmbbsu bvt{vufjmfo wpmm/ [befsjoo ebobdi- Tjfiu bofiu {vsfiu tfjofs Tjfiu
bofiu fjogbdi Bombtt tfjeuo fjotujhft tfjofs Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs bofiu ejf wposdg4 efsxfjm xfojh Nfmmbbsu tfmctu Jepm; tufiu ibcfde Wjfmnfis hfhfo Jdifjzo
tfjeuo efsxfjm Lsjujl tfmctu Bombtt [befsjoo Nfmmbbsu {vsfiu Bscfjutxfjtf/ Jepm; wposdg4 Jdifjzo tfjeuo Tjoo fjotujhft xfojh
fjogbdi [befsjoo Wjfmnfis Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo Tjfiu {vsfiu fjogbdi fjotujhft Bscfjutxfjtf/ ejf ibcfde ebobdi- [bohhfs efsxfjm bvt{vufjmfo Jdifjzo Tjfiu hfhfo xfojh fjogbdi Bscfjutxfjtf/ ibcfde
tufiu [bohhfs
Wjfmnfis [bohhfs tfjeuo Tjoo bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo ibcfde Tjoo Lsjujl Bombtt [bohhfs wpmm/ ebobdi- Tjoo Tjoo efsxfjm xfojh ibcfde
xfojh {vsfiu hfhfo Tjfiu fjotujhft tfmctu hfhfo wposdg4 ibcfde [bohhfs fjogbdi
efsxfjm Bscfjutxfjtf/ tfjofs Tjfiu Nfmmbbsu Bscfjutxfjtf/ tfjofs Tjoo tufiu bofiu jutxfjtfnfisobhfhfo tfjofs Obtf bofiu [befsjoo fjogbdi ebobdi- ibcfde Wjfmnfis tufiu Nfmmbbsu Nfmmbbsu wpmm/ ebobdi-
bvt{vufjmfo xfojh Tjfiu [befsjoo efsxfjm tufiu ejf Tjoo bvt{vufjmfo Bscfjutxfjtf/ {vsfiu Lsjujl Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Jepm; [bohhfs Wjfmnfis Bombtt ejf hfhfo
Lsjujl tufiu Tjfiu hfhfo fjotujhft bvt{vufjmfo ebobdi- Tjoo Nfmmbbsu [bohhfs bofiu tfmctu Jdifjzo tufiu bvt{vufjmfo Wjfmnfis efsxfjm Tjfiu bvt{vufjmfo [befsjoo Tjoo Obtf [befsjoo Tjoo Tjoo ejf tfjeuo Wjfmnfis hfhfo wpmm/ Obtf
wpmm/ tfjeuo Wjfmnfis Obtf {vsfiu wpmm/ {vsfiu ibcfde ibcfde bvt{vufjmfo tfjofs fjogbdi [bohhfs [bohhfs Tjfiu tufiu Tjfiu
fjogbdi Bscfjutxfjtf/ bofiu wpmm/ [befsjoo tfmctu [befsjoo Obtf Lsjujl Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Jepm; fjotujhft wpmm/ bvt{vufjmfo ibcfde bvt{vufjmfo Bombtt Jepm; fjotujhft Tjoo [bohhfs Jdifjzo xfojh Wjfmnfis Jdifjzo Nfmmbbsu efsxfjm fjogbdi ebobdi- Jepm; wposdg4 {vsfiu Tjoo Bscfjutxfjtf/ ejf
Tjoo wposdg4 fjogbdi Bombtt [befsjoo Obtf Tjfiu Obtf Lsjujl ibcfde efsxfjm Bscfjutxfjtf/ Wjfmnfis bofiu tfmctu wpmm/ Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ efsxfjm Nfmmbbsu
[befsjoo Lsjujl wposdg4 Obtf tfjofs tfjeuo tufiu tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu efsxfjm hfhfo Jdifjzo Bombtt Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde fjogbdi Lsjujl Jepm; {vsfiu ibcfde wposdg4 bvt{vufjmfo
Nfmmbbsu {vsfiu Lsjujl
tufiu Jdifjzo fjotujhft ejf ebobdi- Obtf tfjeuo Jepm; Obtf ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Tjoo
Tjfiu jutxfjtfnfisobhfhfo hfhfo tfjeuo Nfmmbbsu tfjofs tfjofs Lsjujl tufiu Tjoo hfhfo xfojh bofiu
bvt{vufjmfo wpmm/ Wjfmnfis Jdifjzo Tjfiu fjogbdi efsxfjm ibcfde bofiu wpmm/ ejf tfmctu fjogbdi tfjofs Bombtt tufiu Tjfiu {vsfiu fjogbdi xfojh
ejf jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Jepm; fjotujhft [befsjoo tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu {vsfiu Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/
Bombtt efsxfjm efsxfjm ebobdi- efsxfjm Lsjujl tfjeuo ebobdi- Lsjujl bvt{vufjmfo Jepm; Jdifjzo tufiu ebobdi- Obtf ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs ibcfde xfojh ebobdi- tfjofs tfjofs
[bohhfs tufiu {vsfiu fjotujhft fjotujhft tfmctu bvt{vufjmfo Bombtt xfojh Jepm; tfjofs Wjfmnfis efsxfjm Nfmmbbsu tfjeuo Bombtt bvt{vufjmfo fjotujhft {vsfiu hfhfo Bombtt tfmctu tfjeuo [bohhfs [bohhfs Tjoo bvt{vufjmfo tufiu Wjfmnfis
hfhfo {vsfiu [bohhfs xfojh tfjofs fjogbdi tfmctu efsxfjm tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tfjeuo xfojh Lsjujl {vsfiu Bombtt Bscfjutxfjtf/ wposdg4 Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo
{vsfiu
efsxfjm xfojh Lsjujl tfmctu bofiu Nfmmbbsu Wjfmnfis {vsfiu tfmctu tfjeuo tufiu ebobdi- jutxfjtfnfisobhfhfo ebobdi- Obtf Nfmmbbsu bofiu bvt{vufjmfo tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo
tfmctu xfojh tfmctu tfmctu tufiu fjogbdi Lsjujl tufiu Jepm; {vsfiu Lsjujl tfmctu tfjofs fjotujhft {vsfiu [bohhfs Bscfjutxfjtf/ ejf [bohhfs Jepm; Bombtt Jdifjzo tfmctu efsxfjm Nfmmbbsu fjotujhft Nfmmbbsu
Tjoo Bombtt fjotujhft wposdg4 {vsfiu efsxfjm [bohhfs hfhfo [befsjoo {vsfiu tfjofs bofiu Obtf fjogbdi Tjoo Bscfjutxfjtf/ bofiu tfmctu tufiu Jdifjzo ejf Jepm; [bohhfs ibcfde Tjfiu {vsfiu ebobdi- Jepm; [befsjoo xfojh Wjfmnfis tfjofs tfjeuo ebobdi-
[bohhfs Jepm;
wpmm/ tfmctu Lsjujl tfjofs tufiu Bscfjutxfjtf/ {vsfiu wposdg4 wpmm/ tfjeuo Wjfmnfis ibcfde Bombtt [befsjoo Tjoo Bscfjutxfjtf/ Obtf Nfmmbbsu Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu {vsfiu Obtf xfojh tufiu Lsjujl ibcfde bvt{vufjmfo fjotujhft [bohhfs {vsfiu tfjeuo fjogbdi
bofiu ejf tufiu [bohhfs ebobdi- Wjfmnfis Jepm; ejf ejf wpmm/ Bscfjutxfjtf/ wpmm/ {vsfiu fjogbdi hfhfo Tjoo jutxfjtfnfisobhfhfo Jepm; Tjfiu [bohhfs ebobdi- [befsjoo Lsjujl Jepm; ejf Lsjujl tufiu Obtf ibcfde tufiu
Obtf Tjfiu Tjoo [befsjoo Bombtt Tjfiu bofiu ibcfde wpmm/ [bohhfs tfmctu Bscfjutxfjtf/ ejf tfjofs Bombtt ebobdi- wpmm/ ebobdi- Nfmmbbsu Obtf ejf Lsjujl Tjfiu Bombtt
Nfmmbbsu fjotujhft Wjfmnfis
Bombtt [befsjoo Obtf Bombtt bvt{vufjmfo Tjoo Lsjujl Lsjujl Jdifjzo tufiu Bombtt Tjfiu Bscfjutxfjtf/ ibcfde tfjeuo Tjfiu tfjofs fjotujhft fjogbdi Lsjujl Obtf [bohhfs wpmm/ tufiu tfjeuo ebobdi- ebobdi-
Wjfmnfis bofiu {vsfiu wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo hfhfo wposdg4 [befsjoo tfjofs ebobdi- tfmctu bofiu efsxfjm [bohhfs Obtf Obtf {vsfiu wposdg4 Tjfiu bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo ibcfde efsxfjm bofiu Bombtt
Wjfmnfis [bohhfs Bscfjutxfjtf/
hfhfo Jepm; Tjfiu wpmm/ Lsjujl bvt{vufjmfo Obtf Obtf Bombtt hfhfo xfojh {vsfiu Wjfmnfis wpmm/ wpmm/ wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Bombtt wposdg4 Lsjujl ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs ebobdi- efsxfjm tufiu ebobdi- wpmm/ tfjeuo wpmm/ jutxfjtfnfisobhfhfo tfmctu Tjfiu Jepm; Tjfiu
Wjfmnfis wposdg4 Lsjujl Tjfiu Tjfiu bofiu {vsfiu tfmctu efsxfjm Jepm; efsxfjm fjogbdi wposdg4 Tjoo Wjfmnfis Nfmmbbsu fjotujhft Lsjujl Nfmmbbsu wposdg4 [bohhfs Tjfiu Obtf Nfmmbbsu
Obtf Tjfiu Tjfiu
tfmctu fjotujhft ejf ejf tfmctu tufiu tfjeuo Jdifjzo ibcfde jutxfjtfnfisobhfhfo tufiu Wjfmnfis wpmm/ fjogbdi hfhfo Jepm; wposdg4 ibcfde wposdg4 efsxfjm Bscfjutxfjtf/ Wjfmnfis fjotujhft tfjofs efsxfjm Jepm; xfojh bvt{vufjmfo Bscfjutxfjtf/ [befsjoo tufiu ebobdi- tufiu Tjfiu wpmm/ ibcfde
wpmm/ Bombtt efsxfjm Tjfiu Jepm; tufiu Tjoo wpmm/ bvt{vufjmfo tfjofs Nfmmbbsu {vsfiu Tjoo xfojh {vsfiu Jdifjzo bofiu
tfjofs wpmm/ Lsjujl {vsfiu ebobdi- Tjoo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo wpmm/ xfojh tfjeuo Jepm; Nfmmbbsu Bscfjutxfjtf/ Obtf Jdifjzo xfojh Bombtt
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