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Author:Lindén, Fredrik
Title:Analysis of a merger in the software industry, case Nordic Solutions and Ravensoft
Publication type:Master's thesis
Publication year:2014
Pages:vi + 44      Language:   eng
Department/School:Perustieteiden korkeakoulu
Main subject:The Industrial Enterprise of the Future   (TU3006)
Supervisor:Hämäläinen, Matti
Instructor:Voutilainen, Marko
Electronic version URL: http://urn.fi/URN:NBN:fi:aalto-201412033087
OEVS:
Electronic archive copy is available via Aalto Thesis Database.
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Location:P1 Ark Aalto  2447   | Archive
Keywords:merger
acquisition
M&A
software industry
private company
samgående
förvärv
fusion
mjukvaruindustri
privata bolag
Abstract (eng):Mergers and acquisitions have been studied extensively, the reasons for them and how well they perform, but the studies have often focused on large public companies.
The goal of this study was to find out if the reasons for mergers are the same for small companies in the software industry, as they are for large companies, and how well these mergers perform.
To answer these questions I studied a merger between two small, privately owned Finnish software companies.
This study was conducted as a case study, for which I collected data from semi-structured interviews, various presentations, annual reports and surveys.
The interviews were done with the management and board members of the companies, which were also the largest shareholders, and all interviews were recorded and transcribed.

I found that the reasons for mergers are largely the same for small companies as for larger ones, with the notable difference that small, privately owned companies do not take part in mergers due to management hubris or empire building, as the management is typically the largest shareholders, and as such, do not want to work against the best interest of the shareholders.

In this particular case, the merger was ultimately a success, due to the careful selection of the target by the acquirer, although a portion of the merger potential was lost due to unsufficient merger execution planning.
Abstract (swe):Det har forskats mycket kring företagsförvärv och fusioner, både om vad orsakerna är för företag att fusioneras, och hur bra resultat fusionerna ger.
Största delen av undersökningarna har dock fokuserat enbart på stora publika aktiebolag.
Syftet med detta arbete var att undersöka ifall orsakerna för fusioner är de samma för små företag i mjukvaruindustrin, som för stora företag, samt hur bra resultat dessa fusioner ger.
För att få svar på dessa frågor har jag studerat en fusion mellan två privatägda små mjukvaruföretag i Finland.
Jag genomförde studien som en fallstudie där jag samlade in information genom semi-strukturerade intervjuer, olika presentationsdokument, bokslut samt frågeformulär.
Intervjuerna gjordes med ledningen och styrelsen för de båda företagen, dessa utgjorde tillika de största aktieägarna.
Alla intervjuer spelades in och transkriberades för analys.

Det visade sig att orsakerna till fusion är till stora delar de samma för små företag som för stora, med den skillnaden att små privatägda företag inte deltar i fusioner på grund av ledningens hybris eller för att företagsledningen vill öka sin egen makt.
Detta beror på att ledningen vanligen också är de största aktieägarna och därmed inte vill verka mot aktieägarnas intressen.

I detta fall lyckades fusionen, till stor del på grund av att valet av förvärvsobjekt var lyckat.
En del av potentialen i fusionen förlorades dock i och med att utförandet av fusionen inte var tillräckligt bra planerad.
ED:2014-12-21
INSSI record number: 50173
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