Valuation of Mergers and Acquisitions in the Information Technology Industry

Bc. Kateřina Švecová, DiS.

Master's thesis

Abstract:

The acquisition of SuccessFactors by SAP was criticized for the high price and high premium paid. I wanted to prove that the price and the timing were right based on publicly available data. The valuation of SuccessFactors was done using three approaches and many different methods, both quantitative and qualitative. The result is that the price could have been several times higher or several times lower depending on the selected method. Considering the timing and market situation among the competitors of SAP, the purchase price was adequate.

Keywords

M&, A, Valuation, Technology Industry, Income approach, Multiples, SaaS, Market approach, Asset Approach, Synergy.

Jazyk práce: English

Datum vytvoření / odevzdání či podání práce: 6. 10. 2014

Obhajoba závěrečné práce

• Obhajoba proběhla 29. 10. 2014
• Vedúci: doc. Ing. Jan Vlachý, Ph.D.
• Oponent: Ing. Kateřina Kalinová

University of Finance and Administration

Master programme / odbor:
Economics and Management / Business Management and Corporate Finance