The Venture Intelligence Blog

Shardul Amarchand Mangaldas and Bathiya Legal claim the No.2 & No.3 slots Cyril Amarchand Mangaldas (CAM) topped the Venture Intelligence League Table for Legal Advisor to M&A Transactions by value during Q1 2023 . The firm advised M&A deals worth $2.9 Billion (across 23 qualifying deals) during the period. Shardul Amarchand Mangaldas (SAM) took the second spot, having advised 8 M&A deals worth $2.5 Billion. Bathiya Legal ($2.1 Billion across 7 deals) and Shearman & Sterling ($1.2 Billion across 2 deals) took the third and fourth spots, respectively. AZB & Partners (AZB) ($1.1 Billion across 16 deals) completed the top five. The  Venture Intelligence League Tables , the first such initiative exclusively tracking transactions involving India-based companies, are based on the value of PE and M&A transactions advised by Financial and Legal Advisory firms. Among the largest M&A deals during Q1 2023, SAM advised GMR Airports Infrastructure on its $1....

Culturelytics-Venture Intelligence Survey Report Globally, mergers and acquisitions worth a total of more than $4 trillion take place every year. Studies show that more than 85% of these deals fail to create value, and in more than 30% of these, cultural misalignment is one of the key reasons cited. COVID-19 will almost certainly trigger a significant wave of consolidations and a big spike in M&A activity, as companies scramble to survive and win in a marketplace characterized by VUCA. These deals are likely to be more cross border control stake transactions. We already see China making big investments in Italy, and Japanese companies turning their attention away from China towards India. Culture has never been more important than now.  Key Findings: Great team vs Great Idea:                                                      ...

Private Equity AZB & Partners has retained its status – for the fourth consecutive year - as the Most Active Legal Advisor for Private Equity transactions during 2013. According to the Venture Intelligence League Tables, AZB finished the year with 166 points (across 42 qualifying deals). ALMT Legal and K Law vaulted to the second spot with 80 points (across 20 deals) each.   Amarchand & Mangaldas , Samvad Partners and NovoJuris finished joint third with 76 points each (across 19 deals). The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on volume of PE and M&A transactions (combined with credits based on fulfilment of criteria) advised by Transaction and Legal Advisory firms. AZB advised PE deals during the period included KKR’s acquisition of controlling stake in Alliance Tire Group and Baring Asia's $256 million investment in Lafarge India . Large transactio...

Ernst & Young retains Most Active Transaction Advisor status inclusive of due diligence, other services Unitus Capital and BMR Advisors made their entry into the top of the Venture Intelligence League Tables for the Most Active Transaction Advisors for Private Equity and Mergers & Acquisitions deals respectively in calendar 2013. The Venture Intelligence League Tables, the first such initiative exclusively tracking transactions involving India-based companies, are based on volume of PE and M&A transactions (combined with credits based on fulfilment of criteria) advised by Transaction and Legal Advisory firms. Private Equity Unitus Capital made its entry into the top of the Venture Intelligence League Table for Most Active Transaction Advisor (Private Equity) for calendar 2013 acting as financial advisor to 13 qualifying PE investments during the year (and notching up 50 points). Among the transactions advised by Unitus were the $57 million investment by Citi, Morga...

Cross-posting from the Venture Intelligence Entrevista series: Lessons from the Startup to Scale-up to Successful Sale of iMetrex Technologies, a building technologies and security venture catering to the Indian enterprise market - The Venture Intelligence Team Rajeev Mecheri, Managing Director, Mecheri Smart Capital ( Bio & LinkedIn ) Interview by Hari Krishnan of Venture Intelligence, followed by interaction with students at the Department of Management Studies IIT-Madras on November 9, 2011. Highlights: Please click on the links below to view corresponding video snippets: Importance of Customer Touch Point “What works for the company, works for you (the founder)” Founders should separate their lifestyle needs from that of the business Invest Appropriately - in infrastructure, etc. Decision to exit and the "strength of a brand" Decision to integrate vertically (getting into manufacturing) Following the Customers Innovative holding structure for acquiring a product co...

From The Economic Times profile Shanghvi has a conservative approach to doing business,with eyes firmly focused on cost and the bottom line. As bullish peers made ill-timed and expensive (in hindsight) acquisitions in western markets in the past decade, Shanghvi steered clear of bidding wars and oneupmanship. Instead he chose to buy distressed assets on the cheap with a view to turning them around. Taro,a financially mismanaged company whose shares were in the doldrums when Sun offered to buy control, is one such asset. Shanghvis perception of value is free of external stress factors, says the former CEO of a generics company. In nearly every major strategic decision it has made,Sun has parted ways with conventional wisdom. In the 1980s,while Indian companies were hawking antibiotics and other short-term treatments to general physicians, Shanghvi saw an opportunity in selling meds for chronic diseases to specialists such as psychiatrists and cardiologists. India has since ...

In the context of the recent acquisition of Capital Markets focused IT Services firm Headstrong by BPO giant Genpact, former Infy sales head Basab Pradhan, has an interesting post suggesting that the answer is yes. Genpact had to bulk up its IT Services business. IT Services offers both higher margin and higher growth. Both of which Genpact has not been able to deliver, at least to the satisfaction of investors whose expectations are benchmarked to the early days of the IT Services industry. ...A few months back I had written about Cognizant’s rumored interest in Genpact. Eventually, nothing came of it. But I thought that that would have been a very good combination. Sort of a dream team – the fastest growing services company and the best BPO company. ...This is a good time for bankers in the Offshore services industry. More transactions are to be expected. Watch this space. Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of data and analysis on ...

In the wake of IT Product companies like Xerox and Dell buying their way into the IT Services world through multi-billion dollar deals, Reuters - quoting industry analysts - has an article that lists significantly India-based companies like Cognizant, WNS, ExlServices among the list of "attractive acquisition candidates". (Other companies on the list include Sapient, CSC and Amdocs.) Possible acquirers could be tech giants such as IBM , Hewlett-Packard or Cisco, European players like BT or Deutsche Telekom and Asian companies like Hitachi , Fujitsu or NEC, analysts said. "There's definitely going to be some strategic acquisitions -- there's no doubt about that," Goldman Sachs analyst Julio Quinteros said. "It's just, how much are you willing to pay? And would you rather wait for the market to come back a little bit?" The recurring revenue stream that IT services firms have gives them more visibility and stability. ... One group of services fi...

In an article for Business Today, HBR Senior Editor Anand P. Raman says companies from China, Brazil, and Russia - which are cash-rich and less leveraged than Indian companies - will take the lead in future outbound M&A transactions. Chinese and Latin American companies will use M&A to internationalise rather than globalise. They will try to buy several businesses in the same country or in neighbouring countries instead of hankering after one company with worldwide operations...In 2008, Brazilian companies acquired 23 more enterprises to create pan-Latin American leaders, or multi-Latinas. Three, companies will acquire more small and midsize businesses overseas instead of acquiring giants. Indian companies may not have much of a choice; they’re busy digesting the big companies they took over before the financial crisis erupted and so will focus on small and strategic acquisitions. The shift has also become perceptible in China since global acquisitions left both TCL and Lenovo...