Geração de valor pelo uso de TIinfluência do uso de TI na valorização de empresas para fusões e aquisições

Resumo

Companies have been expanding the use of information technology (IT) to carry out their activities. Companies’ mergers and acquisitions (M&A), for example, movement worldwide more than $ 2.8 trillion per year (2016 - 2018) and because its market is demanding more and more flexibility, M&A transactions are important responses to adaptations. With the increasing use of IT in companies, it becomes even more challenging to understand how to allocate the available resources so the best results can be generated. In this context, it is essential that the valuation processes recognize the opportunities and values delivered by IT. Through the Dimensions of Use of IT (DUTI) it is possible to understand that between business need and the expected business performance, there are investments in the IT portfolio and benefits, which associated with organizational resources produce the effect of generating value by use of IT (VUTI). Therefore, this paper aims to identify whether the use of IT influences the value attributed to companies amidst a M&A process. To this end, it was necessary to find out if the influence existed or not and how it occurs during evaluation processes. From literature reviews on the use of IT and M&A methods, three propositions were made: (1) one in which the direct relationship between the use of IT influences the valuation of the target companies, (2) in which the perception of the target companies valuation by their use of IT occurs through the benefits of using IT and business performance and last (3) in which the value of using IT influences the value of the company. As regarding the empirical analysis, two companies that provide M&A advisory services, operate in the middle market segment, and are relevant to the Brazilian market, were qualitatively analyzed. In order to collect, analyze, and categorize data for this study, semi-structured interviews were conducted. In the end, it was possible to notice that the influence of the use of IT occurs during the valuation process, either as a support or as a strategic differential, adding direct value to the target company. However, it was evident the need for greater clarity on the benefits of using IT, both for pricing and for allocating investments. By uniting the knowledge on the use of IT and M&A and by using appropriate channels to highlight the benefits of using IT when considering the valuation and definition of investments, this study hopes to contribute academically to the field. For future studies, it is suggested to include case studies with companies that work with startups, as it is expected a different behavior regarding the techniques of evaluation and perception of the value delivered by IT.

Ficha do documento

Tipo

Dissertação

Ano

2020

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/29630

Temas

Tecnologia

Palavras-chave

IT valueMergers and acquisitionsUse of ITValor de TIFusões e aquisiçõesUso de TIAdministração de empresasTecnologia da informaçãoEmpresas - Fusão e incorporaçãoEmpresas - Avaliação