The extensive use of fossil fuels coupled with its decreasing availability has ignited many countries to enact policies on energy usage. Energy Services Companies (ESCOs) all over the world are implementing initiatives to save energy. The South African ESCO industry must still overcome many barriers for it to be as effective as other global ESCOs. One of the stakeholders of an energy-savings intervention is the measurement and verification (M&V) team. The M&V team aims to provide objective and independent quantification of energy savings realised during an intervention. Despite the importance of the M&V function, the M&V process was shown to be inefficient, lacking in standardisation and research. The focus of this dissertation is to identify opportunities for improvement within the M&V process and to determine methods for the easy management thereof. The first two research aims are met by evaluating the process and determining the requirements for improving the process with regard to the critical areas that were identified. It is realised that the management of the M&V process could be simplified by using an information management system. This leads to the design of an information management system for the M&V process using the knowledge obtained during the evaluation. A case study is performed on one of South Africa’s largest ESCOs. The findings of the case study underline improvements regarding certain performance indicators. Moreover, the findings suggest that an information management system can support all the desired process requirements. / MIng (Mechanical Engineering), North-West University, Potchefstroom Campus, 2014

The extensive use of fossil fuels coupled with its decreasing availability has ignited many countries to enact policies on energy usage. Energy Services Companies (ESCOs) all over the world are implementing initiatives to save energy. The South African ESCO industry must still overcome many barriers for it to be as effective as other global ESCOs. One of the stakeholders of an energy-savings intervention is the measurement and verification (M&V) team. The M&V team aims to provide objective and independent quantification of energy savings realised during an intervention. Despite the importance of the M&V function, the M&V process was shown to be inefficient, lacking in standardisation and research. The focus of this dissertation is to identify opportunities for improvement within the M&V process and to determine methods for the easy management thereof. The first two research aims are met by evaluating the process and determining the requirements for improving the process with regard to the critical areas that were identified. It is realised that the management of the M&V process could be simplified by using an information management system. This leads to the design of an information management system for the M&V process using the knowledge obtained during the evaluation. A case study is performed on one of South Africa’s largest ESCOs. The findings of the case study underline improvements regarding certain performance indicators. Moreover, the findings suggest that an information management system can support all the desired process requirements. / MIng (Mechanical Engineering), North-West University, Potchefstroom Campus, 2014

Acquisitions for a value of approximately $2 trillion are conducted globally every year with the motives of i.e., enhanced market power and increased shareholder value. Despite the interest in acquisitions the failure rate on acquisitions in 2011 was estimated to 70-90 %. Thus researchers have called for further examination on acquisitions and especially on the acquisition process, and strategic fit and organizational fit, which is believed to facilitate the outcome of the acquisitions. The acquisition process is described as a linear process con- sisting of two sub processes, pre-acquisition and post-acquisition, that acquiring organiza- tions progress through step-wise. The purpose of this study is to examine how the acquisition process and strategic fit and organizational fit can be handled to facilitate successful acquisitions. In order to get a deep and comprehensive understanding of the acquisitions process, the authors of this thesis have conducted a case study. The company, ITAB Shop Concept AB, has a background of 20 successful acquisitions, which have contributed to a steady growth in both turnover and share price. ITAB Shop Concept AB has been researched through in- depth interviews with key persons in the management, responsible for the acquisitions conducted. By adopting a dynamic approach to the acquisition process and taking an overall view of the strategic fit and organizational fit in each phase of the acquisition process, organiza- tions can understand and prevent the possible issues leading to failure. Furthermore organ- izations might benefit from having an acquisition process adapted for each acquisition tar- get. For example it is found that by conducting due-diligence in the post-acquisition pro- cess instead of the pre-acquisition process, and keeping the same persons in the acquisition team, more efficient use of resources and prior experience is facilitated.

Background: In year 2021 M&A deals accounted for 5.1 trillion US dollars which crushed the last record of 4.1 trillion US dollars. The strategy of creating shareholder value by acquiring, merging or through other restructuring activities is accelerating at an increasing pace. An already extensive research within M&A are supplemented by the day. Still, existing research has difficulty explaining in-depth why M&A deals tend to fail.   Purpose: The aim this thesis is to form an in-depth understanding of the M&A process with investigations and comparisons of motives for and success factors of mergers and acquisitions. The objective is also to describe the due diligence process and its impact on the integration phase with the ambition to provide additional aspects and differentiating explanations from the ones already established.   Method: By highlighting theorists view on motives, success factors, due diligence and importance of an integration strategy within M&A the question occurs, how does some of the companies active within M&A reason in this subject? The reasoning has been studied empirically through interviews with three respondents with significant positions at three different companies listed at the Swedish stock market and active within M&A. To contribute to an in-depth understanding of our research aim interviews were held to create discussions beyond only answering our research questions.   Empirical results and analysis: The empirical result received from our interviews has been compiled to present the thoughts and the discussions with our respondents. The analysis partly discusses the similarities and differences between the theorists and our respondents. Further the analysis wants to contribute to in-depth understanding of the company’s thoughts and opinions within our research aim.     Conclusion: The study indicates a variation of motives of acquiring another company. The empirical findings and the theoretical framework suggest a wider product range, personal benefits for managers, increased market power and improved economic performance as the most prominent motives. Asking theorists and our respondents of what different motives there are of acquiring other companies may consequently result in different responses. A significant factor determining whether a transaction has been successful or not are accomplishments of the financial objectives. The empirical results also indicate that synergy effects and integration goals could be considered relevant success factors as well. Theorists claim that the success factors vary greatly depending on who is being asked but agrees with the empirical findings of a repetitive success factor when asking a manager being increased revenue and profitability. Due diligence conducted by the acquirer prior to an acquisition also varies greatly depending on the reason for acquiring and the extent of the target company. However, the empirical investigation exhibits three aspects always being included which is an assessment of accounting, financial and legal aspects. Issues concerning the integration phase is incorporated in only one of the three studied company’s due diligence processes. This company allocates a separate team executing both the due diligence and the post- acquisition integration of the targeted company. Considering integrational aspects in the due diligence phase entails assessments of hiring conditions, IT infrastructure and financial reporting. The empirical findings are fragmented concerning considerations of integration already in the due diligence phase but is unanimous that a smooth integration is of utmost importance for the success of the transaction.

Purpose: The purpose of this study is to explore the role of IT specialists in systems integration during M&A processes including the issues faced during the process and provide suggestions based on experience from top management staff and IT specialists about improving the merger-IT integration process. Methods: In-depth interviews with open-ended questions were conducted on ten individuals belonging to the senior management of the companies under the study. The collected data were transcribed and analyzed and coded using qualitative thematic analysis to derive categories and themes. Results: The analysis resulted in 5 themes and 14 categories from a total of 39 codes. The analysis revealed the implications of "Underestimating the importance of IT" and analyzed the "Preferred IT integration approach" methods followed by the participants. The coded data also revealed the "Perception of management toward including IT and IT experts" and the “Issues faced in the M&A process due to the delay/non-involvement of IT experts". The results of the analysis conclude with the "Perceptions of managers toward the timing of IT integration" and suggestions from the participants based on their experiences. Conclusion: The five themes obtained from the qualitative thematic analysis from the interviews of ten participants suggest that IT and IT specialists were a necessary and core function of the M&A process. The analysis also recommends senior management responsible for the merger or acquisition engage IT, specialists, during the early stages of the process to enable better IT integration and follow a centralized approach towards merging the IT systems.

Mergers and acquisitions (M&As) are not only becoming more common globally, but they are also increasing in size and value in Sweden. The pace of this trend has not even slowed down due to the eruption of the global pandemic, there is rather a tendency showing the opposite. In solitude may this have its reasonable causes but when delving deeper into the matter may the effects of a M&A be alarming, especially for the individual. Scholars are often stressing their concerns that M&As often ends in failure or being devastating in terms of their performance. While some have argued that cultural aspects play a crucial part for the realization of a deal- transaction, have the findings either been inconclusive or inconsistent.  This thesis is therefore exploring the notion of culture and the role it plays in the M&A-process, particularly the pre-deal phase in order to shed light on the matter. By doing so have a theoretical framework been developed that connects the phases of the M&A-process with social identity theory and the modes of acculturation which the seller and buyer may desire prior to entering a deal. Thus, by investigating the actions taken by both an acquirer, “Alfa”, and a targeted firm, “Bravo”, from an acquisition in 2021, have a case study been developed for a later thematic analysis. While the former is a publicly listed company in the central regions of Sweden, is the latter a privately held company in the northern parts. Both companies operate within the construction industry which may limit the transferability to other settings. However, the methodological and qualitative design choices of this study make it possible to favor interpretations and inductive reasoning of the semi-structured interviews through which the data has been collected.  It has been found that there is no one best way for companies who are entering a M&A-deal to make sure that they will be culturally congruent with one another and that various acculturation modes might be simultaneously occurring. From the case has the modes of integration and separation been found to be present which have caused acculturation stress to transpire during the post-deal phase. Having a decentralized structure in tandem with clear communication and sharing information to those individuals being affected by the M&A has been found to be vital factors for mitigating acculturation stress, making parties more congruent, and creating favorable conditions in which implementation can be successful.

The utilization of mergers and acquisitions has over the years become a central part of expanding and growing an organization. To acquire or merge with another firm is often described as a way to facilitate better and faster organizational development, in ways that organic growth cannot. In conjunction with the increase in popularity of mergers and acquisitions, the academic attention towards this area has also grown subsequently. According to scholars, due diligence can be used as a tool to ensure that the acquiring firm and the target firm are a good match, as well as ensuring that any seller statements are consistent with reality. The academic attention towards due diligence is, however, described as surprisingly limited. Previous researchers are calling for an increased and deeper understanding of due diligence in general. Therefore, the purpose of this study is to further develop theoretical knowledge and expand the understanding of due diligence. More exactly, we have targeted Swedish small and medium-sized firms that have acquired another firm recently by asking the following research questions; What are the drivers and challenges of pre-acquisition due diligence for Swedish SMEs? and; How is the pre-acquisition due diligence process managed by Swedish SMEs? and; How are the results of the pre-acquisition due diligence applied? Semi-structured interviews with CEOs, founders, managers, and heads of M&As from seven Swedish SMEs were conducted, based on both scholarly suggested evaluation procedures and a literature review within the field of due diligence. All interviews were conducted and recorded through an online tool which facilitated the process of transcribing, analyzing, and producing the empirical findings. By using qualitative thematic analysis the respondents’ answers, thoughts, and insights were accordingly categorized into one of four main themes and subsequent sub-themes. The findings showed that due diligence brings overall value and that it is a necessity in the process of acquiring, even though it is a rather expensive and time-consuming process that can interrupt the everyday agenda at the acquiring firm. Furthermore, the findings also showed that the management of the due diligence process and the utilization of the results differed considerably between the investigated firms. Lastly, the findings indicate a need for future technological development in the field of due diligence, to achieve a more cost- and time-effective process.

Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2017-02-23T14:57:58Z No. of bitstreams: 1 Mateo Diaz.pdf: 3502647 bytes, checksum: 19648edcb9982335125316c718b7fe21 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-02-23T20:45:37Z (GMT) No. of bitstreams: 1 Mateo Diaz.pdf: 3502647 bytes, checksum: 19648edcb9982335125316c718b7fe21 (MD5) / Made available in DSpace on 2017-03-03T14:34:25Z (GMT). No. of bitstreams: 1 Mateo Diaz.pdf: 3502647 bytes, checksum: 19648edcb9982335125316c718b7fe21 (MD5) Previous issue date: 2016-11-11 / The M&A phenomenon has been study for over three decades, yet over this period, there was been modest improvements in M&A success rate. Many scholars estimate that more than 50% of all M&A deals fail to achieve success and many had cited successful integration as key to avoiding the risk of failure. Why so many M&As fail? What are criteria behind achieving a successful integration? Answering those questions encouraged this investigation. The following is an exploratory study of the positive and negative effects of the integration phase on European logistic firms in Belgium, Poland, and The United Kingdom. The study reveals the importance of having a dedicated M&A integration team that can deal with the most common integration issues such as: effective communication, issues with IT platform and its processes, cultural differences, and dealing with the speed of the integration phase.