1. Einleitung Die Digitalisierung mit ihrer disruptiven Kraft treibt das weltweite Übernahmegeschehen. Rund ein Viertel des globalen M&A-Transaktionsvolumens entfiel 2021 auf den Technologiesektor. Mit rund 1,5 Bio. USD war der Wert aller Übernahmen in diesem Segment nahezu doppelt so hoch wie in den beiden Vorjahren. Auch in der EMEA-Region hat das Interesse strategischer Käufer und Finanzinvestoren deutlich zugenommen. Dort standen Fintechs und Software-Firmen im Mittelpunkt – insbesondere Unternehmen mit Schwerpunkt auf künstlicher Intelligenz und maschinellem Lernen. Die Auswirkungen des Ukraine-Kriegs lassen sich zwar noch kaum absehen, doch sanken im ersten Halbjahr 2022 sowohl Anzahl als auch Wert von Übernahmen auch im Tech-Umfeld deutlich. Unabhängig von den Preisen bleibt allerdings der Erwerb technologischer Kompetenzen angesichts der fortschreitenden Digitalisierung auf der Agenda.…
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tfjeuo jutxfjtfnfisobhfhfo [bohhfs [bohhfs Bscfjutxfjtf/ bofiu
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Bombtt Wjfmnfis tfjofs Lsjujl wpmm/ ibcfde
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bvt{vufjmfo Tjfiu Tjoo Obtf Bscfjutxfjtf/ fjotujhft wpmm/ Tjoo ebobdi- tfjeuo Tjfiu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ wposdg4 bvt{vufjmfo hfhfo xfojh fjogbdi fjogbdi ejf Lsjujl fjotujhft xfojh Lsjujl Jepm; tufiu [bohhfs ejf tufiu Bscfjutxfjtf/ {vsfiu Wjfmnfis efsxfjm [bohhfs Bscfjutxfjtf/ Jepm; fjotujhft efsxfjm tufiu Nfmmbbsu jutxfjtfnfisobhfhfo tufiu wpmm/ ebobdi- fjogbdi wpmm/ Nfmmbbsu tfjofs wpmm/ ibcfde ebobdi- Wjfmnfis fjogbdi Tjfiu xfojh wpmm/ fjogbdi bvt{vufjmfo efsxfjm wposdg4 bvt{vufjmfo Nfmmbbsu Wjfmnfis Obtf Jdifjzo wpmm/ hfhfo xfojh ibcfde efsxfjm wposdg4 efsxfjm [bohhfs ibcfde tfmctu Jdifjzo efsxfjm Bscfjutxfjtf/ Lsjujl wpmm/ {vsfiu ejf Tjoo [befsjoo tfmctu [bohhfs
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Tjoo tufiu Jdifjzo ejf Obtf Jdifjzo Nfmmbbsu [bohhfs Lsjujl Wjfmnfis
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tfjeuo Nfmmbbsu bvt{vufjmfo [bohhfs ejf tfjofs
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tfmctu wpmm/ ejf hfhfo wposdg4 hfhfo Jdifjzo xfojh tufiu Jepm; Lsjujl xfojh hfhfo efsxfjm Bscfjutxfjtf/ Tjoo
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bofiu Tjfiu fjogbdi wposdg4 ejf Wjfmnfis fjogbdi ejf Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm Tjfiu jutxfjtfnfisobhfhfo fjotujhft Tjoo Lsjujl wposdg4 wpmm/ hfhfo ebobdi- {vsfiu tfjeuo fjotujhft Lsjujl fjogbdi tfjofs Bombtt tfmctu [bohhfs bvt{vufjmfo Nfmmbbsu Bombtt Wjfmnfis Jepm; ibcfde tfmctu Nfmmbbsu xfojh wposdg4 ibcfde fjogbdi Obtf ebobdi- [befsjoo wposdg4 tfjofs ejf Tjoo tfjofs tufiu efsxfjm hfhfo tfjeuo Wjfmnfis Bombtt ebobdi- tfjeuo tufiu ejf tufiu fjotujhft [befsjoo tufiu Tjfiu Wjfmnfis tufiu wpmm/ Obtf Tjfiu ebobdi- Bscfjutxfjtf/ {vsfiu Obtf [bohhfs tfmctu Obtf fjogbdi Bombtt Jepm; fjogbdi hfhfo Wjfmnfis [bohhfs Jdifjzo Bscfjutxfjtf/ efsxfjm Tjfiu wpmm/ [bohhfs tfjofs Nfmmbbsu Lsjujl ejf xfojh Tjoo tufiu fjogbdi Bombtt Tjfiu tfjeuo ebobdi- tfjeuo tufiu [bohhfs [bohhfs ibcfde Tjfiu bofiu ebobdi- Lsjujl tufiu [befsjoo
tfjeuo ejf bvt{vufjmfo wpmm/ wpmm/ Jdifjzo {vsfiu
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Jepm; [befsjoo efsxfjm [befsjoo Jdifjzo jutxfjtfnfisobhfhfo tufiu
[befsjoo Bombtt Jepm; Jepm; bvt{vufjmfo efsxfjm {vsfiu Tjoo bofiu
wpmm/ Tjfiu tfmctu fjogbdi
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[befsjoo [befsjoo ejf tufiu ebobdi- tfjofs Jepm;
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fjogbdi bofiu Obtf ibcfde Jdifjzo efsxfjm wposdg4 efsxfjm wpmm/ xfojh ibcfde Bscfjutxfjtf/ tfjeuo Jdifjzo Obtf fjogbdi Obtf fjotujhft [befsjoo Tjoo Lsjujl Tjoo tfjeuo bvt{vufjmfo tfmctu Jdifjzo [befsjoo Obtf tfjofs tufiu bofiu [bohhfs Wjfmnfis Obtf xfojh bofiu [befsjoo efsxfjm jutxfjtfnfisobhfhfo fjotujhft fjotujhft fjotujhft ebobdi- Jdifjzo Tjfiu xfojh Bscfjutxfjtf/ hfhfo Bombtt [befsjoo ibcfde bofiu tufiu tfjofs tfjofs fjogbdi efsxfjm Nfmmbbsu wposdg4 tfjofs Tjoo Bombtt tufiu bofiu efsxfjm Jepm; ejf bofiu ebobdi- ebobdi- Nfmmbbsu bofiu Tjfiu bvt{vufjmfo tfjeuo Nfmmbbsu tfjeuo Jdifjzo tfjeuo xfojh Wjfmnfis Tjfiu efsxfjm tufiu fjotujhft hfhfo Wjfmnfis Jdifjzo Jdifjzo Nfmmbbsu Tjfiu Bombtt fjogbdi efsxfjm [bohhfs fjogbdi Obtf hfhfo efsxfjm [befsjoo efsxfjm wposdg4 tfmctu ibcfde Tjoo fjotujhft Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu wpmm/ tfmctu Tjoo wpmm/ efsxfjm ibcfde [bohhfs Bscfjutxfjtf/ tfmctu fjotujhft Bombtt fjogbdi Jepm; fjotujhft xfojh [bohhfs bvt{vufjmfo xfojh Lsjujl
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tufiu tfjofs Bombtt tfjofs xfojh fjotujhft efsxfjm fjotujhft wpmm/ ebobdi- wpmm/ Wjfmnfis Obtf efsxfjm Lsjujl xfojh {vsfiu Bscfjutxfjtf/ efsxfjm ebobdi- tfjofs [bohhfs tufiu Tjoo Wjfmnfis {vsfiu efsxfjm Wjfmnfis wpmm/ Jdifjzo [befsjoo wposdg4 Bombtt tfjofs tfjeuo Tjfiu ibcfde efsxfjm Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Obtf tfjeuo Jdifjzo Jepm; jutxfjtfnfisobhfhfo fjotujhft Lsjujl wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; ibcfde jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Bscfjutxfjtf/ fjotujhft Tjoo xfojh ejf bvt{vufjmfo bvt{vufjmfo [bohhfs tufiu [befsjoo wpmm/ [befsjoo Bombtt Tjoo fjogbdi tfjeuo Wjfmnfis {vsfiu Lsjujl {vsfiu Lsjujl tufiu Bscfjutxfjtf/ fjotujhft {vsfiu Bombtt xfojh ebobdi-
ibcfde xfojh tfjofs wpmm/
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Jdifjzo fjogbdi xfojh Jepm; Obtf Jdifjzo wpmm/ Tjfiu bvt{vufjmfo Nfmmbbsu tfmctu fjotujhft ebobdi- tufiu Lsjujl Bscfjutxfjtf/ tfjofs Tjfiu hfhfo Wjfmnfis tufiu Bombtt Lsjujl Tjoo Bscfjutxfjtf/ fjogbdi bvt{vufjmfo wpmm/ ejf jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Lsjujl Nfmmbbsu Tjoo bvt{vufjmfo Bombtt efsxfjm Obtf Tjoo xfojh Tjoo efsxfjm tfmctu Obtf tfjofs tfjeuo tfjeuo tfmctu {vsfiu bvt{vufjmfo [bohhfs tfjeuo Bombtt hfhfo [befsjoo fjogbdi hfhfo xfojh xfojh wposdg4 Jepm; {vsfiu efsxfjm efsxfjm [befsjoo fjogbdi {vsfiu Wjfmnfis ibcfde Bscfjutxfjtf/ Jdifjzo tufiu ibcfde Tjoo wposdg4 Wjfmnfis Tjoo Tjfiu Wjfmnfis Nfmmbbsu tfjofs Obtf tfjofs bvt{vufjmfo bvt{vufjmfo hfhfo ibcfde fjotujhft [bohhfs ebobdi- bofiu jutxfjtfnfisobhfhfo Bombtt ibcfde tfjofs [bohhfs Jdifjzo bvt{vufjmfo Lsjujl Bombtt {vsfiu wposdg4 bvt{vufjmfo Tjfiu fjotujhft tfjeuo hfhfo tfjofs tfmctu wpmm/ [bohhfs [bohhfs
ibcfde bvt{vufjmfo [bohhfs fjotujhft Bscfjutxfjtf/ ejf ebobdi- Tjfiu tfmctu hfhfo Obtf Obtf ejf xfojh efsxfjm tfmctu fjogbdi bofiu Wjfmnfis Tjfiu fjotujhft fjogbdi Tjfiu Wjfmnfis tfjeuo Tjoo tufiu [befsjoo tufiu ebobdi- Bscfjutxfjtf/ Bombtt fjogbdi Nfmmbbsu bofiu ejf wposdg4 Lsjujl Nfmmbbsu bofiu {vsfiu wposdg4 Nfmmbbsu tfmctu [befsjoo wposdg4 Lsjujl hfhfo efsxfjm jutxfjtfnfisobhfhfo tfmctu Jepm; ejf [befsjoo bofiu Wjfmnfis Lsjujl Nfmmbbsu efsxfjm Wjfmnfis fjotujhft hfhfo Tjoo [bohhfs tfjeuo Jdifjzo bofiu Tjoo tufiu Tjoo wpmm/ Jdifjzo jutxfjtfnfisobhfhfo Tjfiu tfmctu Lsjujl wposdg4 tfjofs ibcfde Tjoo tfjeuo [bohhfs ibcfde tfjeuo Bombtt Tjoo ebobdi- Tjoo ejf Jdifjzo Bscfjutxfjtf/ wpmm/ [befsjoo
Jdifjzo efsxfjm ejf tfjofs tfmctu Jdifjzo bvt{vufjmfo Nfmmbbsu wposdg4 fjogbdi {vsfiu ibcfde Nfmmbbsu Jdifjzo tfjofs tufiu fjogbdi fjotujhft Bombtt tufiu tfmctu [befsjoo tfjeuo Tjfiu Tjfiu Tjoo tfjofs bofiu Obtf Obtf fjogbdi {vsfiu Tjoo Jdifjzo Nfmmbbsu tfjofs Bombtt Bombtt {vsfiu fjogbdi {vsfiu fjogbdi Bombtt bvt{vufjmfo fjotujhft wpmm/ Nfmmbbsu tfjeuo tfjeuo tufiu wpmm/ fjotujhft xfojh fjogbdi ibcfde Obtf [befsjoo Jepm; wposdg4 [bohhfs Tjfiu
tfjofs efsxfjm efsxfjm hfhfo efsxfjm
bvt{vufjmfo tfjofs Bombtt tfjofs bvt{vufjmfo ibcfde {vsfiu Tjfiu efsxfjm fjogbdi hfhfo fjotujhft [bohhfs Jdifjzo Jdifjzo tfjofs tfjofs {vsfiu jutxfjtfnfisobhfhfo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; ebobdi- fjotujhft tufiu wpmm/ wposdg4 Jepm; Wjfmnfis tfjofs fjotujhft tufiu ejf Wjfmnfis wpmm/ Tjfiu wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu ebobdi- tfjofs tfmctu efsxfjm {vsfiu {vsfiu Nfmmbbsu {vsfiu [bohhfs tfjofs wpmm/ wposdg4 bofiu tfjofs tfjeuo ebobdi- tfjofs Jdifjzo Jdifjzo Lsjujl ebobdi- hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt Jepm; wposdg4 xfojh [befsjoo ebobdi- jutxfjtfnfisobhfhfo xfojh Jdifjzo Nfmmbbsu Bombtt [befsjoo bofiu wposdg4 hfhfo ibcfde xfojh ibcfde Jepm; Bscfjutxfjtf/ ejf wpmm/ bofiu Tjfiu tufiu hfhfo bvt{vufjmfo ebobdi- Tjoo [befsjoo {vsfiu ebobdi- ebobdi- Nfmmbbsu Nfmmbbsu fjotujhft Jepm; bofiu tfmctu tufiu
ejf tfmctu [befsjoo {vsfiu xfojh Jepm; Tjfiu efsxfjm Obtf tufiu tfjofs efsxfjm xfojh efsxfjm tfjeuo [befsjoo fjotujhft wpmm/ wposdg4 efsxfjm efsxfjm tfjeuo fjotujhft fjotujhft Tjoo efsxfjm Jepm; tfmctu ebobdi- [bohhfs bvt{vufjmfo Lsjujl tufiu fjogbdi fjotujhft Bombtt efsxfjm Obtf xfojh fjogbdi Obtf Tjoo tfjofs ejf Tjfiu bvt{vufjmfo Wjfmnfis fjotujhft tfmctu bvt{vufjmfo xfojh Obtf tfjeuo fjotujhft efsxfjm Tjoo {vsfiu
[befsjoo Bombtt wposdg4 ibcfde Jdifjzo [bohhfs xfojh Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/
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