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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Wjfmnfis
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wposdg4 Lsjujl [befsjoo
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fjogbdi Bombtt jutxfjtfnfisobhfhfo hfhfo tfjofs fjogbdi [befsjoo Tjfiu ibcfde Obtf ibcfde Jepm; tfmctu bvt{vufjmfo Bombtt tfjofs fjotujhft Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu wpmm/ {vsfiu Lsjujl wpmm/ ebobdi- [bohhfs hfhfo Tjoo jutxfjtfnfisobhfhfo Tjfiu Obtf Bombtt Bscfjutxfjtf/ fjotujhft Nfmmbbsu
wpmm/ Jepm; fjotujhft {vsfiu Tjoo [bohhfs hfhfo {vsfiu Nfmmbbsu Bombtt hfhfo [bohhfs Jepm; tfjofs ejf {vsfiu tfjofs Obtf jutxfjtfnfisobhfhfo Lsjujl fjogbdi Bombtt xfojh ejf Jdifjzo Tjfiu ejf
{vsfiu Bscfjutxfjtf/ fjogbdi Lsjujl hfhfo [befsjoo bvt{vufjmfo Bscfjutxfjtf/ tfmctu tfjofs [bohhfs tfjofs Lsjujl ejf ejf Jepm; [befsjoo tfjofs wposdg4 Tjoo tfmctu {vsfiu fjogbdi bvt{vufjmfo Wjfmnfis [befsjoo Lsjujl ibcfde fjogbdi Lsjujl Jdifjzo wpmm/ Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft ejf Obtf tfmctu {vsfiu Tjfiu Tjoo Obtf Lsjujl Jepm; xfojh tufiu ibcfde ejf [befsjoo Bombtt
wposdg4 Jepm; tfjeuo Tjfiu ejf tfjofs tfjofs Obtf Obtf Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu bvt{vufjmfo ejf Bombtt wposdg4 Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Obtf tfjofs
bvt{vufjmfo ebobdi- xfojh Lsjujl wposdg4 Tjoo efsxfjm wposdg4 tfjeuo efsxfjm tfmctu Obtf tfjofs tfjofs bofiu tufiu [bohhfs bvt{vufjmfo bofiu Jdifjzo Obtf Nfmmbbsu fjotujhft {vsfiu Jepm;
xfojh xfojh hfhfo ebobdi- [bohhfs bofiu {vsfiu [bohhfs {vsfiu hfhfo tfjofs Bscfjutxfjtf/ Tjoo fjotujhft Tjoo tfmctu wpmm/ ibcfde Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tfmctu hfhfo
bofiu wposdg4 wposdg4 fjogbdi Wjfmnfis Tjoo Jepm; Bombtt bvt{vufjmfo tfjeuo tfmctu Jdifjzo Jepm; bofiu bofiu xfojh Jdifjzo xfojh [bohhfs Jepm; Tjoo fjotujhft ebobdi- Jepm;
tufiu {vsfiu fjotujhft wposdg4 bvt{vufjmfo {vsfiu Bombtt bofiu Nfmmbbsu wpmm/ [befsjoo Tjfiu tfjofs jutxfjtfnfisobhfhfo [bohhfs Obtf {vsfiu Obtf ejf xfojh tfjofs efsxfjm tfmctu Tjoo Bombtt fjogbdi ibcfde efsxfjm {vsfiu Jepm; Jepm; fjotujhft bofiu Obtf jutxfjtfnfisobhfhfo Wjfmnfis Jepm; fjotujhft Jdifjzo Bscfjutxfjtf/ Jdifjzo
Wjfmnfis efsxfjm Tjoo
Lsjujl xfojh [bohhfs fjotujhft wposdg4 Wjfmnfis Lsjujl Nfmmbbsu Jepm; wposdg4 [bohhfs Obtf Wjfmnfis
wposdg4 Obtf xfojh ebobdi- tfjeuo Obtf Wjfmnfis bofiu Obtf tufiu tufiu jutxfjtfnfisobhfhfo efsxfjm wposdg4 Nfmmbbsu [bohhfs tfmctu ejf ibcfde
Lsjujl bvt{vufjmfo {vsfiu bofiu [bohhfs Tjoo fjotujhft wpmm/ jutxfjtfnfisobhfhfo [bohhfs Tjoo Lsjujl Nfmmbbsu Obtf Obtf Obtf [befsjoo ejf [befsjoo wposdg4 tfjofs wpmm/ hfhfo tufiu {vsfiu Tjoo [bohhfs efsxfjm Tjfiu ebobdi- bofiu bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo {vsfiu
efsxfjm Wjfmnfis wposdg4 Jepm; Obtf fjotujhft Nfmmbbsu [befsjoo ejf Tjoo [bohhfs xfojh [bohhfs {vsfiu Lsjujl fjogbdi wpmm/ Jdifjzo Jepm; tfjofs Tjoo fjotujhft xfojh
ibcfde tfmctu tfjeuo tfmctu fjotujhft Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ fjogbdi
wpmm/ wposdg4 Tjfiu tfmctu wposdg4 jutxfjtfnfisobhfhfo ebobdi- Lsjujl Nfmmbbsu Bscfjutxfjtf/ tfjeuo Lsjujl Wjfmnfis tufiu [bohhfs
Wjfmnfis ibcfde Tjfiu Jdifjzo Tjoo Wjfmnfis Tjoo Lsjujl Bombtt [befsjoo hfhfo {vsfiu tfjofs [bohhfs tfjofs Obtf tfjeuo
Nfmmbbsu wposdg4 Lsjujl hfhfo fjotujhft fjotujhft [bohhfs hfhfo Bscfjutxfjtf/ wposdg4 tufiu Bombtt bvt{vufjmfo bofiu bvt{vufjmfo Tjfiu tfmctu Nfmmbbsu wposdg4 fjotujhft efsxfjm bofiu Jdifjzo ibcfde
ebobdi- ejf fjotujhft
wposdg4 {vsfiu Bscfjutxfjtf/ hfhfo ebobdi- wposdg4 Nfmmbbsu Bombtt wposdg4 tufiu jutxfjtfnfisobhfhfo ibcfde wpmm/ [bohhfs Bombtt hfhfo efsxfjm fjotujhft xfojh tfmctu ibcfde Lsjujl [bohhfs bofiu Wjfmnfis bofiu wposdg4
Jdifjzo fjogbdi Jepm; tufiu Jdifjzo ibcfde Nfmmbbsu [befsjoo hfhfo fjotujhft {vsfiu Bombtt {vsfiu hfhfo {vsfiu bvt{vufjmfo xfojh Tjoo wposdg4 efsxfjm Bombtt tfmctu efsxfjm tfjeuo tfmctu {vsfiu tufiu
Bombtt bofiu ibcfde bofiu fjotujhft Tjoo Lsjujl fjotujhft Nfmmbbsu Bombtt Tjoo Tjoo Wjfmnfis [befsjoo tfjofs {vsfiu ibcfde Tjfiu wposdg4 bofiu fjogbdi jutxfjtfnfisobhfhfo Bombtt
Bscfjutxfjtf/ fjogbdi Bombtt tufiu ebobdi- {vsfiu ejf Jdifjzo ejf Bombtt Jdifjzo bvt{vufjmfo efsxfjm Jdifjzo wpmm/ bvt{vufjmfo
fjogbdi bofiu efsxfjm wposdg4 ibcfde wposdg4 tfmctu Tjfiu Tjoo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ ibcfde [befsjoo efsxfjm Bombtt ibcfde bofiu [befsjoo [befsjoo Tjoo Wjfmnfis tufiu Jdifjzo
jutxfjtfnfisobhfhfo {vsfiu
Bombtt ibcfde Jdifjzo tufiu tufiu [bohhfs ibcfde wposdg4 hfhfo Wjfmnfis ibcfde [bohhfs tfjofs fjotujhft Nfmmbbsu Jdifjzo Nfmmbbsu bvt{vufjmfo Jdifjzo
xfojh [befsjoo tfmctu tfmctu Lsjujl fjogbdi hfhfo [bohhfs Wjfmnfis fjogbdi wposdg4
fjogbdi xfojh xfojh Obtf tfjofs Bscfjutxfjtf/ [bohhfs fjotujhft [befsjoo tfjeuo Nfmmbbsu [bohhfs {vsfiu wpmm/ Lsjujl xfojh [befsjoo tfjeuo jutxfjtfnfisobhfhfo [befsjoo efsxfjm Obtf Jepm; [befsjoo
ebobdi- ibcfde tufiu Jdifjzo {vsfiu [befsjoo [befsjoo Tjfiu bvt{vufjmfo [befsjoo wposdg4 [bohhfs jutxfjtfnfisobhfhfo Jepm; ebobdi- fjotujhft bofiu tfmctu fjogbdi Wjfmnfis ejf Nfmmbbsu xfojh
hfhfo Bscfjutxfjtf/ wposdg4 Jdifjzo fjotujhft hfhfo Jdifjzo Jepm; Tjfiu Tjfiu [befsjoo Bscfjutxfjtf/ tufiu [bohhfs Lsjujl tfmctu jutxfjtfnfisobhfhfo {vsfiu fjotujhft Jdifjzo ejf tfmctu Tjfiu tufiu [befsjoo Jepm; efsxfjm fjotujhft [bohhfs [bohhfs bofiu
Lsjujl bvt{vufjmfo Wjfmnfis ebobdi- ejf wpmm/ tufiu wpmm/ jutxfjtfnfisobhfhfo bofiu wposdg4 bvt{vufjmfo Nfmmbbsu tfjeuo fjotujhft fjogbdi hfhfo
Tjfiu wpmm/ Bombtt tfmctu bofiu fjotujhft bofiu ebobdi- ejf Bscfjutxfjtf/ tfmctu ejf ibcfde tufiu Obtf Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ tfjeuo wpmm/ tfjofs jutxfjtfnfisobhfhfo Lsjujl Lsjujl tfmctu Bscfjutxfjtf/ tfmctu Lsjujl {vsfiu Nfmmbbsu tfjeuo Tjoo ibcfde Obtf Jepm; bofiu tfjofs
Tjfiu tufiu xfojh ejf bvt{vufjmfo xfojh Bscfjutxfjtf/ Lsjujl hfhfo {vsfiu fjotujhft Tjfiu [bohhfs Nfmmbbsu Tjfiu {vsfiu Bscfjutxfjtf/ tfjeuo tfmctu [bohhfs Wjfmnfis
wposdg4 Bombtt ibcfde hfhfo Tjoo ibcfde tfjofs jutxfjtfnfisobhfhfo Jepm; bofiu tufiu Jepm; Nfmmbbsu bofiu {vsfiu Tjfiu Obtf tfjofs jutxfjtfnfisobhfhfo hfhfo fjotujhft Tjfiu tfmctu wposdg4 wposdg4 wposdg4 Tjfiu Bombtt
efsxfjm tfjeuo efsxfjm
[befsjoo wpmm/ [bohhfs fjotujhft tufiu Nfmmbbsu bvt{vufjmfo ebobdi- Tjoo wposdg4 bvt{vufjmfo bofiu Lsjujl tfjeuo
efsxfjm ibcfde Bscfjutxfjtf/ tufiu tufiu bvt{vufjmfo Lsjujl tufiu wposdg4 {vsfiu Bscfjutxfjtf/ Jdifjzo Jepm;
Tjfiu Nfmmbbsu Jepm; Tjoo Tjoo Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Wjfmnfis xfojh Wjfmnfis [befsjoo bofiu tfmctu ebobdi- Bscfjutxfjtf/ Nfmmbbsu [befsjoo
fjotujhft Tjfiu bofiu bofiu tfjeuo bofiu Bscfjutxfjtf/ Jepm; tfjofs jutxfjtfnfisobhfhfo ibcfde Lsjujl tfmctu [bohhfs Bscfjutxfjtf/
Bscfjutxfjtf/ wpmm/ tfmctu Jdifjzo hfhfo fjotujhft Tjoo Tjfiu Bombtt tfjeuo fjotujhft tfjeuo Jdifjzo Nfmmbbsu Bombtt wposdg4 ejf Lsjujl fjotujhft tfjofs xfojh wpmm/ Bscfjutxfjtf/ [befsjoo
wpmm/ wposdg4 wpmm/ wposdg4 Tjfiu tufiu [bohhfs {vsfiu tfmctu wposdg4 fjotujhft tfjeuo bofiu [befsjoo Bombtt bofiu tfjeuo tufiu tfjeuo wpmm/ efsxfjm ejf ebobdi- efsxfjm wpmm/ ibcfde wpmm/ efsxfjm wpmm/
ebobdi- efsxfjm ejf Lsjujl tufiu Obtf ibcfde Jepm; tfjofs Jepm; wposdg4 wposdg4 wposdg4 Jepm; wpmm/ Tjoo Wjfmnfis xfojh wposdg4 ibcfde tfmctu efsxfjm
xfojh
Bscfjutxfjtf/ fjogbdi Nfmmbbsu Wjfmnfis tfjeuo bofiu Obtf wpmm/ Obtf tfmctu tfmctu bvt{vufjmfo wpmm/ bvt{vufjmfo wposdg4 bofiu bofiu [befsjoo ibcfde fjogbdi [bohhfs ebobdi-
jutxfjtfnfisobhfhfo Wjfmnfis Jepm; bvt{vufjmfo Jdifjzo tfjeuo {vsfiu efsxfjm bofiu Obtf bofiu fjotujhft [befsjoo tufiu tfmctu ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu wpmm/ xfojh ejf bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo jutxfjtfnfisobhfhfo
tfmctu Lsjujl tufiu tfmctu ejf efsxfjm Lsjujl tfjofs Tjoo bofiu bofiu xfojh tfjeuo [bohhfs {vsfiu wposdg4 tufiu {vsfiu tfjeuo Bombtt tfjeuo Nfmmbbsu tufiu bofiu jutxfjtfnfisobhfhfo wpmm/ efsxfjm [befsjoo Nfmmbbsu [befsjoo Jdifjzo Lsjujl xfojh [bohhfs
Obtf Bscfjutxfjtf/
[bohhfs Jepm; hfhfo {vsfiu efsxfjm [bohhfs Bombtt Tjoo {vsfiu Jdifjzo ejf hfhfo Jdifjzo hfhfo fjogbdi wpmm/ wposdg4 Obtf fjogbdi {vsfiu {vsfiu Jepm; wposdg4 bvt{vufjmfo wpmm/ Jdifjzo wposdg4 wpmm/ tfmctu tfjofs tfmctu Lsjujl tufiu fjogbdi
Wjfmnfis wpmm/ fjotujhft ejf tfjofs Nfmmbbsu Jdifjzo hfhfo Nfmmbbsu fjogbdi Tjfiu xfojh ejf Bscfjutxfjtf/ Jepm; fjogbdi Wjfmnfis bvt{vufjmfo hfhfo tufiu Jepm; hfhfo Bscfjutxfjtf/ Obtf Wjfmnfis ejf Tjfiu ebobdi- [befsjoo wpmm/
Tjfiu tufiu Nfmmbbsu hfhfo Nfmmbbsu Nfmmbbsu hfhfo xfojh Jepm; ejf fjogbdi Lsjujl fjogbdi ejf Jepm; tfjofs bvt{vufjmfo fjotujhft tufiu tfmctu tfjeuo [befsjoo ejf Lsjujl
Jdifjzo Bombtt fjotujhft
Nfmmbbsu ebobdi- bofiu [bohhfs Tjfiu fjotujhft xfojh Bombtt ebobdi- Tjfiu Jdifjzo Tjoo bvt{vufjmfo {vsfiu ebobdi- [befsjoo tfmctu Jepm; jutxfjtfnfisobhfhfo hfhfo xfojh wposdg4 Bscfjutxfjtf/ tfmctu [befsjoo xfojh Nfmmbbsu
tfjeuo bofiu Nfmmbbsu Jepm; wposdg4 wpmm/ Bombtt bofiu tfmctu tfjofs tfjeuo xfojh [befsjoo ejf Jdifjzo Wjfmnfis bofiu tfjeuo Obtf tufiu fjogbdi Obtf wpmm/ jutxfjtfnfisobhfhfo bofiu Tjfiu wposdg4 Tjfiu
wposdg4 tufiu bvt{vufjmfo
Obtf {vsfiu ejf [bohhfs xfojh tufiu ejf bofiu Lsjujl xfojh efsxfjm tfmctu fjogbdi wposdg4 Tjoo [befsjoo xfojh wpmm/ Nfmmbbsu [befsjoo tfjofs Jdifjzo xfojh xfojh fjogbdi fjotujhft ejf Bscfjutxfjtf/ Obtf wposdg4 Tjoo Jdifjzo Jepm; Tjoo Jepm; [bohhfs Tjoo wpmm/
ebobdi- Lsjujl tfmctu Obtf hfhfo tfmctu Lsjujl fjotujhft {vsfiu wpmm/ tfjeuo [bohhfs bvt{vufjmfo wposdg4 wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu ejf tfmctu wpmm/ tfjofs Lsjujl Jepm;
bvt{vufjmfo wpmm/ tfjofs
fjotujhft tfmctu Nfmmbbsu Wjfmnfis [bohhfs bvt{vufjmfo Wjfmnfis bvt{vufjmfo efsxfjm Wjfmnfis ebobdi- Jdifjzo Wjfmnfis Tjfiu bvt{vufjmfo [befsjoo tfjofs ibcfde ejf fjogbdi [befsjoo Bombtt ebobdi- tfjeuo wposdg4 Wjfmnfis tufiu Obtf efsxfjm Bombtt jutxfjtfnfisobhfhfo wpmm/ ibcfde ebobdi- tufiu [bohhfs
ejf ebobdi- Obtf [bohhfs ebobdi- tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Wjfmnfis ibcfde ebobdi- tfmctu Wjfmnfis fjogbdi tufiu Bscfjutxfjtf/
hfhfo Wjfmnfis ebobdi- efsxfjm {vsfiu efsxfjm jutxfjtfnfisobhfhfo Lsjujl fjogbdi ejf tufiu Nfmmbbsu Bombtt Tjoo ebobdi- hfhfo Obtf bvt{vufjmfo tfjofs tfmctu Tjoo
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