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  • We are witnessing the age of transformation. Technology is having a huge influence on traditional

  • industrial companies which have traditionally grown through

  • increasing their global footprint, larger workforces;

  • very much focussed on infrastructure. Now they're needing to transform and change

  • themselves and engage in acquiring technology

  • that they have not been able to build internally.

  • Technology is affecting everyone. Every company is trying to make their businesses

  • more efficient. In a sense, everybody's changing their business

  • models. Therefore, traditional businesses may no longer

  • exist.

  • So, the manufacturing industry has evolved. Part of the nature of how you evolve is you

  • adopt the latest technologies. The traditional manufacturing industry is

  • still the traditional manufacturing industry, in that it's making widgets but it's using

  • software to make those widgets more efficient.

  • M&A is a very important part of Emerson and our culture.

  • It's always much faster to acquire the company because that company brings the expertise

  • of that particular technology.

  • A lot of the industrial companies are very much focussed

  • on how do they acquire technology to either add into their own existing infrastructure

  • and therefore increase potential market share or they're buying technology so that it can

  • be a disruptor in the market.

  • I think the US is still the biggest source of disruptors.

  • Some ideas are coming out of places like Europe, Germany or Japan

  • but not in the magnitude we've been seeing in the US.

  • We're seeing two types of deals. On the one extreme you've got the mega deals,

  • the billion-dollar plus deals. On the other end of the spectrum we're seeing

  • much smaller, more technology-play deals where

  • industrials are requiring a small piece of technology,

  • an IP, a software, or they are buying a workforce so they're buying the people, the innovators.

  • That's resulted very much in a slowdown I think in the mid-market.

  • Finding those good middle-market companies are really an

  • advantageous method to grow and improve your customer solutions

  • and your financial contributions.

  • They're more impacted by what's going on in the economy,

  • and the ambiguity of the markets because they're more hesitant

  • I think, to put themselves up for sale than the smaller companies who may need the

  • cash, like the start-ups. There may be a view that middle market companies

  • are losing out but I think there are great opportunities for

  • M&A.

  • The pace of due diligence and hence the pace of M&A

  • has increased very, very significantly. There may be significant risk going forward

  • in terms of M&A business.

  • What we will see if a longer time period for deals to get done

  • and an increased focus on how you navigate the complexity of regulation.

  • But I still think, M&A, tech, industrials, that's where my money's at.

We are witnessing the age of transformation. Technology is having a huge influence on traditional

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Paid Post - テクノロジーが従来のM&Aの最大のディスラプターである理由|FT Big Deal (Paid Post - Why technology is the biggest disruptor of traditional M&A | FT Big Deal)

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    林宜悉 に公開 2021 年 01 月 14 日
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