Uloga fondova rizičnog kapitala u procesima spajanja i preuzimanja

master's thesis

• Title (english): The role of private equity funds in the process of mergers and acquisitions
• Author: Kristina Ivančić
• Mentor: Jakša Krišto (mentor)
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Branka Tuškan Sjauš (član povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2023-09-29, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

U ovom radu analizira se uloga i značenje fondova rizičnog kapitala u kontekstu spajanja i preuzimanja (engl. Mergers and Acquisitions) te njihov utjecaj na poduzeće koje preuzimaju. Iako su investicije temeljene na rizičnom kapitalu prisutne u zemlji već od kraja devedesetih godina prošlog stoljeća, Hrvatska tek počinje koristiti potencijal ovog oblika financiranja za poticanje gospodarskog razvoja. Cilj ovog istraživanja je dublja analiza uloge i važnosti fondova rizičnog kapitala u kontekstu procesa spajanja i preuzimanja, s posebnim naglaskom na kritički pregled odabrane transakcije i evolucije poslovanja ciljanog poduzeća prije i nakon samog preuzimanja. Ovim istraživanjem istražuju se specifični aspekti utjecaja na strategiju i uspjeh poduzeća te naglašava da fondovi rizičnog kapitala nisu samo financijski investitori, već da aktivno sudjeluju u podršci poslovne ekspanzije i daljnjoj transformaciji poduzeća. Sveukupno, rad doprinosi boljem razumijevanju rizičnog kapitala i njegovoj ključnoj ulozi u procesima M&A kroz detaljnu analizu na primjeru preuzimanja Društva IN2 od strane Constellation Software-a. Osim toga, ovaj rad također prikazuje različite faze M&A procesa, sudionike u transakcijama i relevantne trendove tržišta. To sve je važno za kvalietetnije razumijevanje dinamike ovih složenih operacija. Pri izradi analize poslovanja poduzeća IN2 prije i nakon preuzimanja korištene su vertikalna i horizontalna analiza financijskih izvještaja uz samostalni izračun pojedinih financijskih pokazatelja. Provedeno je istraživanje kroz metode analize, metode kompilacije, deskripcije, sinteze, komparacije, klasifikacije i dedukcije.

Abstract (english)

This paper analyses the role and meaning of private equity funds in the context of mergers and acquisitions (M&A) and their impact on the companies they take over. Although investments based on risk capital have been present in the country since the end of the nineties, Croatia is just starting to use the potential of this form of financing to stimulate economic development. The goal of this research is a deeper analysis of the role and importance of private equity funds in the context of the merger and acquisition process, with special emphasis on a critical review of the selected transaction and the evolution of the target company's operations before and after the takeover itself. This research investigates specific aspects of the influence on the strategy and success of the company and emphasizes that private equity funds are not only financial investors, but that they actively participate in supporting business expansion and further transformation of the company. Overall, the paper contributes to a better understanding of the role of private equity and their key role in M&A processes through a detailed analysis on the example of the takeover of the IN2 by Constellation Software. In addition, this paper also presents the different stages of the M&A process, the participants in the transactions and the relevant market trends. All this is important for a better understanding of the dynamics of these complex operations. When analyzing the business of IN2 before and after the takeover, a vertical and horizontal analysis of financial statements were used along with the independent calculation of individual financial indicators. The research was carried out through the methods of analysis, compilation, description, synthesis, comparison, classification and deduction.

• Keywords: spajanja; preuzimanja; fondovi rizičnog kapitala; IN2; Constellation Software
• Keywords (english): mergers; acquisitions; private equity funds; IN2; Constellation Software
• Language: croatian
• URN:NBN: urn:nbn:hr:148:256230
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2023-10-09 21:10:33