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iSPIRT:	
  Indian	
  Software	
  Product	
  Industry	
  Round	
  Table	
  
www.ispirt.in	
  
M&A	
  Connect	
  Action	
  Plan,	
  2013.	
  Version	
  2.0	
  
October	
  2013	
  
Background	
  
Indian	
  product	
  companies	
  punch	
  below	
  their	
  weight.	
  Despite	
  huge	
  innovation	
  and	
  
rising	
  entrepreneurship,	
  most	
  Indian	
  product	
  companies	
  are	
  invisible	
  on	
  the	
  global	
  
map.	
  The	
  reasons	
  are	
  many,	
  but	
  a	
  big	
  one	
  is	
  the	
  lack	
  of	
  meaningful	
  exits	
  for	
  companies	
  
that	
  actually	
  create	
  value	
  in	
  their	
  product	
  markets.	
  This	
  paper	
  focuses	
  on	
  a	
  plan	
  to	
  
address	
  that	
  gap.	
  	
  	
  This	
  second	
  version	
  of	
  the	
  plan	
  is	
  a	
  revision	
  to	
  the	
  one	
  published	
  in	
  
May	
  2013.	
  	
  
iSPIRT	
  M&A	
  Connect	
  Program	
  -­‐2013	
  
The	
  iSPIRT	
  position	
  paper	
  of	
  March	
  2013	
  identified	
  several	
  issues	
  that	
  need	
  to	
  be	
  
addressed	
  to	
  improve	
  M&A	
  activity	
  in	
  the	
  US-­‐India	
  corridor.	
  While	
  discussions	
  with	
  
the	
  Product	
  Nation	
  community	
  members	
  strengthened	
  the	
  propositions	
  made,	
  we	
  
needed	
  to	
  get	
  buyers’	
  perspectives	
  before	
  formulating	
  an	
  action	
  plan.	
  This	
  led	
  to	
  
several	
  Brainstorming	
  Sessions	
  with	
  Executives	
  at	
  prolific	
  technology	
  leaders	
  and	
  
acquirers	
  from	
  Silicon	
  Valley,	
  as	
  well	
  as	
  with	
  several	
  investment	
  bankers.	
  	
  
The	
  M&A	
  Connect	
  team	
  conducted	
  the	
  following	
  activities	
  in	
  2013:	
  	
  
a) An	
  Executive	
  Brainstorming	
  session	
  in	
  Palo	
  Alto,	
  CA	
  on	
  May	
  21,	
  2013.	
  	
  This	
  
event	
  was	
  attended	
  by	
  M&A	
  professionals	
  and	
  senior	
  executives	
  from	
  
Autodesk,	
  Cadence,	
  IBM,	
  Intel,	
  NTT	
  Docomo,	
  Facebook,	
  Paypal/Ebay,	
  VMware,	
  
and	
  Walmart	
  Labs.	
  The	
  session	
  started	
  off	
  with	
  the	
  case	
  study	
  of	
  Autodesk’s	
  
recent	
  acquisition	
  of	
  Qontext	
  (October	
  2012)	
  that	
  set	
  the	
  tone	
  for	
  the	
  reminder	
  
of	
  the	
  meeting.	
  Attending	
  executives	
  were	
  open	
  and	
  frank	
  with	
  their	
  
perspectives.	
  The	
  iSPIRT	
  team	
  also	
  had	
  a	
  private	
  meeting	
  with	
  the	
  head	
  of	
  
M&A	
  at	
  Oracle.	
  	
  
b) Meeting	
  on	
  May	
  22,	
  2013	
  with	
  the	
  CEOs	
  of	
  20	
  Indian	
  startups	
  in	
  the	
  Silicon	
  
Valley,	
  who	
  have	
  established	
  presence	
  there	
  to	
  gain	
  better	
  access	
  to	
  their	
  
markets	
  and	
  customers.	
  	
  
c) First	
  M&A	
  Connect	
  RoundTable	
  (RT),	
  a	
  face-­‐to-­‐face	
  interaction	
  with	
  about	
  15	
  
entrepreneurs	
  representing	
  a	
  broad	
  cross	
  section	
  of	
  startups	
  (stages	
  of	
  
evolution,	
  market	
  segments,	
  funding	
  status,	
  maturity	
  levels)	
  was	
  held	
  on	
  
August	
  1,	
  2013	
  in	
  Bengaluru.	
  
d) A	
  series	
  of	
  introductory	
  meetings	
  in	
  Sept	
  2013	
  in	
  the	
  Silicon	
  Valley	
  with	
  
corporate	
  M&A	
  executives	
  of	
  top	
  companies.	
  	
  	
  
e) A	
  series	
  of	
  one-­‐on-­‐one	
  interactions	
  with	
  8	
  company	
  executives	
  who	
  called	
  on	
  
M&A	
  Connect	
  team	
  with	
  interest	
  in	
  a	
  potential	
  deal.	
  
f) Interactions	
  with	
  about	
  half	
  dozen	
  Investment	
  bankers,	
  in	
  the	
  process	
  of	
  
partnering	
  with	
  iSPIRT.	
  
  	
   	
  
iSPIRT:	
  Indian	
  Software	
  Product	
  Industry	
  Round	
  Table	
  
www.ispirt.in	
  
g) Conversations	
  with	
  those	
  who	
  fund	
  startup	
  companies,	
  who	
  were	
  open	
  with	
  
suggestions	
  on	
  making	
  the	
  M&A	
  Connect	
  program	
  work	
  for	
  their	
  investee	
  
companies.	
  
	
  
Overall	
  Inputs	
  from	
  the	
  above	
  meetings	
  have	
  been	
  included	
  below:	
  
The	
  notion	
  that	
  more	
  Indian	
  tech	
  startups	
  should	
  be	
  visible	
  and	
  available	
  for	
  
acquisition	
  by	
  US	
  based	
  corporations	
  is	
  very	
  well	
  received	
  by	
  senior	
  executives	
  at	
  the	
  
major	
  acquirers.	
  	
  There	
  is	
  general	
  agreement	
  that	
  the	
  current	
  deal	
  volume	
  does	
  not	
  
reflect	
  the	
  underlying	
  potential	
  for	
  Indian-­‐grown	
  tech	
  companies	
  and	
  that	
  this	
  could	
  
be	
  improved.	
  A	
  telling	
  example	
  was	
  IBM’s	
  acquisitions	
  in	
  the	
  last	
  year	
  that	
  added	
  up	
  
to	
  more	
  than	
  $5	
  billion,	
  but	
  did	
  not	
  include	
  a	
  single	
  Indian	
  company!	
  
The	
  meeting	
  with	
  the	
  group	
  of	
  CEOs	
  further	
  stressed	
  the	
  need	
  for	
  improving	
  M&A	
  
exits	
  for	
  startups,	
  particularly	
  for	
  those	
  that	
  lack	
  strong	
  US	
  VC	
  backing.	
  There	
  was	
  
unanimous	
  agreement	
  within	
  this	
  CEO	
  group	
  that	
  improving	
  company	
  readiness,	
  
visibility	
  and	
  access	
  to	
  potential	
  acquirers	
  would	
  go	
  a	
  long	
  way	
  in	
  planning	
  successful	
  
exits.	
  
Here’s	
  a	
  brief	
  summary	
  of	
  key	
  points:	
  
	
  (1)	
  Companies	
  look	
  at	
  doing	
  acquisitions	
  for	
  strategic	
  reasons	
  such	
  as	
  filling	
  a	
  key	
  
product	
  gap,	
  acquiring	
  new	
  capabilities,	
  or	
  gaining	
  access	
  to	
  new	
  customers.	
  	
  Most	
  
companies	
  are	
  location	
  agnostic	
  when	
  it	
  comes	
  to	
  acquisition.	
  Not	
  many	
  deals	
  happen	
  
with	
  Indian	
  companies	
  primarily	
  because	
  they	
  do	
  not	
  show	
  up	
  in	
  any	
  acquisition	
  
radar,	
  rather	
  than	
  for	
  any	
  other	
  particular	
  geographic	
  reason.	
  
	
  (2)	
  The	
  top	
  priorities	
  in	
  acquisitions	
  include	
  clear	
  and	
  relevant	
  IP	
  and	
  a	
  strong	
  team	
  
that	
  can	
  re-­‐purposed	
  and	
  integrated.	
  Talent	
  flight	
  in	
  the	
  US	
  is	
  a	
  concern;	
  one	
  of	
  the	
  
acquiring	
  companies	
  mentioned	
  that	
  they	
  would	
  love	
  to	
  have	
  quality	
  talent	
  resident	
  in	
  
India	
  that	
  can	
  do	
  good	
  product	
  work.	
  	
  
(3)	
  Most	
  often,	
  acquirers	
  have	
  an	
  existing	
  business	
  engagement	
  with	
  a	
  company	
  and	
  
decide	
  to	
  acquire	
  them	
  for	
  strategic	
  purposes.	
  Most	
  buyers	
  would	
  like	
  to	
  sniff-­‐test	
  or	
  
partner	
  with	
  a	
  potential	
  target,	
  before	
  they	
  commit.	
  The	
  problem	
  here	
  is	
  lack	
  of	
  
visibility	
  (“issue	
  of	
  discovery”)	
  that	
  could	
  be	
  addressed	
  with	
  a	
  common	
  vehicle,	
  like	
  a	
  
clearinghouse.	
  
(4)	
  Acquirers	
  don’t	
  actively	
  scout	
  for	
  candidates.	
  Candidate	
  companies	
  usually	
  
approach	
  them	
  directly,	
  or	
  are	
  discovered	
  through	
  media	
  coverage	
  or	
  customer	
  
engagements.	
  Indian	
  companies	
  typically	
  don’t	
  appear	
  on	
  any	
  radar.	
  Increasing	
  
networking	
  and	
  media	
  coverage	
  would	
  help.	
  
(5)	
  Some	
  areas	
  fare	
  better.	
  Semiconductor	
  deals	
  are	
  more	
  common.	
  Indian	
  
semiconductor	
  companies	
  routinely	
  troll	
  Silicon	
  Valley	
  for	
  business	
  and	
  get	
  noticed.	
  
(6)	
  Acqui-­‐hires	
  (Acquisitions	
  with	
  the	
  sole	
  intent	
  of	
  acquiring	
  engineering	
  talent)	
  are	
  
becoming	
  very	
  common	
  in	
  the	
  Silicon	
  Valley.	
  	
  Certain	
  acquirers	
  constantly	
  look	
  for	
  
smaller	
  talent	
  shops	
  and	
  move	
  quickly	
  with	
  $5M	
  to	
  $20M	
  acquisitions.	
  
  	
   	
  
iSPIRT:	
  Indian	
  Software	
  Product	
  Industry	
  Round	
  Table	
  
www.ispirt.in	
  
(7)	
  Innovations	
  that	
  address	
  non-­‐US	
  market	
  issues	
  (e.g.	
  looking	
  to	
  improve	
  Facebook	
  
experience	
  in	
  low-­‐bandwidth	
  areas)	
  are	
  particularly	
  interesting	
  for	
  acquisition.	
  
(8)	
  Target	
  companies	
  must	
  have	
  a	
  clear	
  articulation	
  of	
  the	
  value	
  they	
  drive;	
  this	
  often	
  
comes	
  down	
  to	
  a	
  case	
  for	
  better	
  and	
  tight	
  communication.	
  
(9)	
  Companies	
  must	
  build	
  credibility	
  by	
  clearly	
  understanding	
  the	
  needs	
  of	
  their	
  
business	
  users.	
  They	
  must	
  also	
  understand	
  how	
  they	
  support	
  the	
  business	
  objectives	
  
of	
  potential	
  acquirers.	
  
(10)	
  Larger	
  acquirers	
  rely	
  on	
  investment	
  bankers	
  to	
  uncover	
  companies	
  that	
  fill	
  a	
  
technology	
  gap,	
  or	
  address	
  a	
  specific	
  vertical.	
  	
  
(11)	
  Some	
  kind	
  of	
  vetting	
  process	
  would	
  be	
  helpful,	
  especially	
  in	
  the	
  early	
  stages	
  of	
  
low	
  deal	
  flow.	
  Having	
  a	
  representative	
  firm	
  or	
  a	
  country	
  forum	
  would	
  help.	
  
(12)	
  It	
  is	
  sometimes	
  shocking	
  to	
  find	
  Indian	
  firms	
  without	
  any	
  legal	
  representation.	
  
This	
  shows	
  a	
  need	
  to	
  improve	
  understanding	
  of	
  engagement	
  processes	
  and	
  build	
  an	
  
ecosystem	
  that	
  can	
  benefit	
  many.	
  
(13)	
  Process	
  clarity	
  is	
  also	
  important	
  in	
  the	
  context	
  of	
  challenging	
  regulatory	
  issues.	
  
Playbooks,	
  case	
  studies,	
  and	
  similar	
  materials	
  would	
  be	
  helpful	
  in	
  building	
  
understanding	
  and	
  confidence.	
  Some	
  deals	
  get	
  done	
  in	
  days	
  and	
  not	
  months;	
  
readiness	
  and	
  speed	
  will	
  be	
  essential.	
  
(14)	
  Presenting	
  a	
  set	
  of	
  companies	
  that	
  could	
  fit	
  a	
  specific	
  business	
  area	
  for	
  acquirers	
  
would	
  be	
  helpful.	
  A	
  Portfolio	
  Day	
  (e.g.	
  20	
  cloud	
  technology	
  companies	
  visiting	
  
together	
  and	
  pitching)	
  would	
  work.	
  
	
  
	
  
Action	
  Plan	
  2013-­‐14	
  
Based	
  on	
  the	
  inputs	
  from	
  both	
  the	
  potential	
  acquirers	
  and	
  the	
  Indian	
  startup	
  
community,	
  iSPIRT	
  believes	
  there	
  are	
  four	
  key	
  “Areas	
  for	
  Action”:	
  	
  
1. Facilitate	
  Discovery.	
  	
  iSPIRT	
  will	
  examine	
  some	
  of	
  these	
  ideas	
  to	
  aid	
  the	
  
discovery	
  process:	
  
a. Through	
  Customers.	
  Acquirers	
  often	
  identify	
  acquisition	
  targets	
  
through	
  regular	
  customer	
  &	
  partner	
  engagements.	
  iSPIRT	
  will	
  
encourage	
  Indian	
  startups	
  to	
  increase	
  their	
  customer	
  acquisition	
  and	
  
business	
  development	
  activity	
  in	
  US,	
  through	
  direct	
  or	
  indirect	
  presence	
  
in	
  Silicon	
  Valley.	
  	
  
b. Through	
  Investment	
  banks.	
  iSPIRT	
  will	
  work	
  with	
  one	
  or	
  more	
  
investment	
  bankers	
  to	
  represent	
  a	
  basket	
  of	
  acquisition	
  targets.	
  This	
  
gives	
  companies	
  access	
  to	
  a	
  larger	
  audience,	
  while	
  making	
  it	
  
worthwhile	
  for	
  a	
  bank	
  to	
  make	
  a	
  larger	
  investment	
  in	
  the	
  Indian	
  
market.	
  
  	
   	
  
iSPIRT:	
  Indian	
  Software	
  Product	
  Industry	
  Round	
  Table	
  
www.ispirt.in	
  
c. Through	
  Analysts.	
  Engage	
  with	
  leading	
  analysts	
  like	
  Gartner	
  or	
  
Forrester	
  to	
  research	
  mid-­‐market	
  Indian	
  companies.	
  Facilitate	
  the	
  
discovery	
  and	
  research	
  process	
  to	
  make	
  this	
  easier	
  for	
  them.	
  One	
  idea	
  is	
  
to	
  develop	
  an	
  iSPIRT	
  "India	
  Cool	
  Vendor	
  List”	
  for	
  the	
  mid-­‐market	
  
segment	
  as	
  this	
  is	
  underserved	
  by	
  Gartner	
  type	
  analysts.	
  
d. Through	
  Trade	
  Shows	
  and	
  Conferences.	
  iSPIRT	
  will	
  participate	
  in	
  a	
  few	
  
key	
  shows	
  and	
  conferences	
  (such	
  as	
  DisruptSF,	
  Mobile	
  World	
  Congress,	
  
Consumer	
  Electronics	
  Show	
  etc)	
  to	
  collectively	
  represent	
  the	
  Indian	
  
startup	
  community,	
  like	
  an	
  “India	
  Pavilion”.	
  
e. Through	
  Tech	
  Media.	
  	
  Engage	
  newer	
  media	
  publications	
  focused	
  on	
  the	
  
tech	
  industry,	
  like	
  TechCrunch,	
  GigaOm	
  through	
  content	
  syndication	
  
and	
  other	
  ideas.	
  This	
  provides	
  much-­‐needed	
  coverage	
  for	
  Indian	
  
startups,	
  while	
  extending	
  the	
  reach	
  and	
  readership	
  for	
  these	
  
publications.	
  
2. Reduce	
  Friction.	
  Legal	
  surprises,	
  regulatory	
  impediments,	
  and	
  other	
  
unanticipated	
  issues	
  add	
  friction	
  to	
  any	
  acquisition	
  process.	
  Here	
  are	
  some	
  areas	
  that	
  
iSPIRT	
  will	
  look	
  at:	
  
a. Publish	
  a	
  "Playbook"	
  that	
  outlines	
  various	
  processes,	
  explains	
  special	
  
requirements	
  in	
  India,	
  potential	
  resolutions	
  and	
  workarounds,	
  with	
  
examples.	
  
b. Gain	
  acceptance	
  for	
  the	
  Playbook	
  with	
  select	
  Silicon	
  Valley	
  and	
  NYC	
  law	
  
firms.	
  
c. Work	
  with	
  individual	
  firms,	
  like	
  Fenwick	
  and	
  WSGR,	
  to	
  facilitate	
  
working	
  relationships	
  with	
  Indian	
  law	
  firms.	
  
3. Promote	
  Readiness.	
  iSPIRT	
  plans	
  to	
  do	
  the	
  following	
  to	
  improve	
  acquisition	
  
readiness	
  of	
  Indian	
  startups:	
  
a. 	
  Organize	
  periodic	
  and	
  regional	
  “roundtables"	
  around	
  key	
  topics	
  of	
  M&A	
  
(and	
  other	
  Playbook	
  topics).	
  
b. Provide	
  a	
  "hotline"	
  for	
  Indian	
  startups	
  so	
  that	
  they	
  get	
  unbiased	
  and	
  
free	
  advice	
  when	
  they	
  are	
  in	
  a	
  negotiating	
  crunch	
  
c. Assist	
  companies	
  in	
  connecting	
  with	
  cross-­‐border	
  advisors	
  who	
  could	
  
help	
  establish	
  relationships	
  with	
  potential	
  acquirers.	
  
4. Construct	
  an	
  Ecosystem.	
  Improving	
  the	
  ecosystem	
  will	
  go	
  a	
  long	
  way	
  in	
  
increasing	
  the	
  deal	
  flow	
  and	
  here	
  are	
  some	
  items	
  in	
  the	
  iSPIRT	
  plan:	
  
a. Conduct	
  events	
  with	
  bankers,	
  law	
  firms,	
  investors,	
  M&A	
  advisory	
  firms	
  
and	
  others	
  forming	
  part	
  of	
  the	
  ecosystem	
  to	
  improve	
  awareness	
  about	
  
Indian	
  startups.	
  
b. Provide	
  a	
  mandate	
  to	
  select	
  bankers	
  and	
  advisory	
  firms,	
  and	
  pre-­‐
negotiate	
  contract	
  terms.	
  These	
  firms	
  can	
  then	
  be	
  engaged	
  by	
  Indian	
  
startups.	
  
  	
   	
  
iSPIRT:	
  Indian	
  Software	
  Product	
  Industry	
  Round	
  Table	
  
www.ispirt.in	
  
c. Provide	
  an	
  online	
  contacts	
  database	
  of	
  relevant	
  parties.	
  
d. Publicize	
  success	
  stories	
  of	
  transactions.	
  
Specific	
  Next	
  Steps	
  towards	
  the	
  Action	
  Plan	
  
(1) Corporate	
  Membership.	
  There	
  is	
  substantial	
  interest	
  among	
  corporate	
  
buyers,	
  about	
  being	
  involved	
  in	
  the	
  M&A	
  Connect	
  program.	
  Such	
  partnership	
  
could	
  be	
  at	
  two	
  levels;	
  starting	
  with	
  basic	
  affiliation	
  and	
  eventually	
  leading	
  to	
  
full-­‐fledged	
  membership	
  where	
  they	
  get	
  to	
  benefit	
  from	
  iSPIRT	
  curation.	
  The	
  
actual	
  details	
  of	
  the	
  program	
  are	
  being	
  worked	
  out.	
  
(2) Business	
  assistance	
  leading	
  to	
  M&A.	
  This	
  view	
  was	
  substantiated	
  from	
  
several	
  angles	
  –	
  Buyers	
  wanting	
  to	
  find	
  opportunities	
  where	
  they	
  get	
  to	
  see	
  the	
  
product	
  play	
  out	
  with	
  customers	
  and	
  VC-­‐led	
  companies	
  wanting	
  any	
  iSPIRT-­‐
led	
  activity	
  that	
  leads	
  to	
  potential	
  business	
  relationships.	
  M&A	
  Connect	
  will	
  
plan	
  to	
  target	
  potentially	
  useful	
  business	
  relationships	
  as	
  a	
  first	
  step,	
  and	
  will	
  
then	
  move	
  to	
  starting	
  acquisition-­‐oriented	
  conversations.	
  Many	
  startups	
  and	
  
VC	
  who	
  may	
  have	
  had	
  reservations	
  about	
  an	
  M&A	
  conversation	
  during	
  early	
  
stages	
  of	
  their	
  business	
  would	
  then	
  be	
  open	
  to	
  an	
  engagement.	
  
(3)Investment	
  banker	
  partnering.	
  We	
  discover	
  that	
  Investment	
  bankers	
  have	
  
practice	
  areas,	
  stronger	
  teams,	
  and	
  better	
  connections	
  in	
  certain	
  fields.	
  No	
  
single	
  one	
  would	
  suit	
  an	
  industry	
  in	
  general	
  with	
  varied	
  set	
  of	
  offerings	
  and	
  
deal	
  sizes.	
  While,	
  certain	
  firms	
  have	
  comparatively	
  larger	
  deal	
  portfolio,	
  others	
  
may	
  have	
  an	
  India	
  operation.	
  iSPIRT	
  M&A	
  Connect	
  will	
  establish	
  partnership	
  
with	
  carefully	
  chosen,	
  small	
  set	
  of	
  partnership	
  with	
  I-­‐bankers	
  that	
  could	
  
together	
  give	
  a	
  broad	
  spectrum	
  of	
  coverage	
  and	
  bring	
  value	
  to	
  iSPIRT	
  
companies.	
  
Conclusion	
  
Lack	
  of	
  clear	
  and	
  value-­‐rewarding	
  exits	
  hampers	
  growth	
  and	
  talent	
  acquisition	
  for	
  
Indian	
  technology	
  companies.	
  An	
  M&A	
  market	
  would	
  greatly	
  facilitate	
  the	
  virtuous	
  
cycle	
  of	
  innovation,	
  value	
  creation,	
  and	
  individual	
  success.	
  Rewarding	
  exits	
  pave	
  the	
  
road	
  for	
  the	
  next	
  generation	
  of	
  Indian	
  entrepreneurs.	
  iSPIRT	
  is	
  committed	
  to	
  building	
  
up	
  a	
  stronger	
  M&A	
  deal	
  flow	
  in	
  the	
  coming	
  years	
  by	
  implementing	
  the	
  multi-­‐year	
  
Action	
  Plan.	
  	
  
The	
  M&A	
  Connect	
  team	
  is	
  thankful	
  to	
  all	
  those	
  who	
  provided	
  valuable	
  inputs	
  in	
  
structuring	
  this	
  action	
  plan.	
  
	
  

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iSPIRT M&A Connect Action Plan 2013 version 2

  • 1.       iSPIRT:  Indian  Software  Product  Industry  Round  Table   www.ispirt.in   M&A  Connect  Action  Plan,  2013.  Version  2.0   October  2013   Background   Indian  product  companies  punch  below  their  weight.  Despite  huge  innovation  and   rising  entrepreneurship,  most  Indian  product  companies  are  invisible  on  the  global   map.  The  reasons  are  many,  but  a  big  one  is  the  lack  of  meaningful  exits  for  companies   that  actually  create  value  in  their  product  markets.  This  paper  focuses  on  a  plan  to   address  that  gap.      This  second  version  of  the  plan  is  a  revision  to  the  one  published  in   May  2013.     iSPIRT  M&A  Connect  Program  -­‐2013   The  iSPIRT  position  paper  of  March  2013  identified  several  issues  that  need  to  be   addressed  to  improve  M&A  activity  in  the  US-­‐India  corridor.  While  discussions  with   the  Product  Nation  community  members  strengthened  the  propositions  made,  we   needed  to  get  buyers’  perspectives  before  formulating  an  action  plan.  This  led  to   several  Brainstorming  Sessions  with  Executives  at  prolific  technology  leaders  and   acquirers  from  Silicon  Valley,  as  well  as  with  several  investment  bankers.     The  M&A  Connect  team  conducted  the  following  activities  in  2013:     a) An  Executive  Brainstorming  session  in  Palo  Alto,  CA  on  May  21,  2013.    This   event  was  attended  by  M&A  professionals  and  senior  executives  from   Autodesk,  Cadence,  IBM,  Intel,  NTT  Docomo,  Facebook,  Paypal/Ebay,  VMware,   and  Walmart  Labs.  The  session  started  off  with  the  case  study  of  Autodesk’s   recent  acquisition  of  Qontext  (October  2012)  that  set  the  tone  for  the  reminder   of  the  meeting.  Attending  executives  were  open  and  frank  with  their   perspectives.  The  iSPIRT  team  also  had  a  private  meeting  with  the  head  of   M&A  at  Oracle.     b) Meeting  on  May  22,  2013  with  the  CEOs  of  20  Indian  startups  in  the  Silicon   Valley,  who  have  established  presence  there  to  gain  better  access  to  their   markets  and  customers.     c) First  M&A  Connect  RoundTable  (RT),  a  face-­‐to-­‐face  interaction  with  about  15   entrepreneurs  representing  a  broad  cross  section  of  startups  (stages  of   evolution,  market  segments,  funding  status,  maturity  levels)  was  held  on   August  1,  2013  in  Bengaluru.   d) A  series  of  introductory  meetings  in  Sept  2013  in  the  Silicon  Valley  with   corporate  M&A  executives  of  top  companies.       e) A  series  of  one-­‐on-­‐one  interactions  with  8  company  executives  who  called  on   M&A  Connect  team  with  interest  in  a  potential  deal.   f) Interactions  with  about  half  dozen  Investment  bankers,  in  the  process  of   partnering  with  iSPIRT.  
  • 2.       iSPIRT:  Indian  Software  Product  Industry  Round  Table   www.ispirt.in   g) Conversations  with  those  who  fund  startup  companies,  who  were  open  with   suggestions  on  making  the  M&A  Connect  program  work  for  their  investee   companies.     Overall  Inputs  from  the  above  meetings  have  been  included  below:   The  notion  that  more  Indian  tech  startups  should  be  visible  and  available  for   acquisition  by  US  based  corporations  is  very  well  received  by  senior  executives  at  the   major  acquirers.    There  is  general  agreement  that  the  current  deal  volume  does  not   reflect  the  underlying  potential  for  Indian-­‐grown  tech  companies  and  that  this  could   be  improved.  A  telling  example  was  IBM’s  acquisitions  in  the  last  year  that  added  up   to  more  than  $5  billion,  but  did  not  include  a  single  Indian  company!   The  meeting  with  the  group  of  CEOs  further  stressed  the  need  for  improving  M&A   exits  for  startups,  particularly  for  those  that  lack  strong  US  VC  backing.  There  was   unanimous  agreement  within  this  CEO  group  that  improving  company  readiness,   visibility  and  access  to  potential  acquirers  would  go  a  long  way  in  planning  successful   exits.   Here’s  a  brief  summary  of  key  points:    (1)  Companies  look  at  doing  acquisitions  for  strategic  reasons  such  as  filling  a  key   product  gap,  acquiring  new  capabilities,  or  gaining  access  to  new  customers.    Most   companies  are  location  agnostic  when  it  comes  to  acquisition.  Not  many  deals  happen   with  Indian  companies  primarily  because  they  do  not  show  up  in  any  acquisition   radar,  rather  than  for  any  other  particular  geographic  reason.    (2)  The  top  priorities  in  acquisitions  include  clear  and  relevant  IP  and  a  strong  team   that  can  re-­‐purposed  and  integrated.  Talent  flight  in  the  US  is  a  concern;  one  of  the   acquiring  companies  mentioned  that  they  would  love  to  have  quality  talent  resident  in   India  that  can  do  good  product  work.     (3)  Most  often,  acquirers  have  an  existing  business  engagement  with  a  company  and   decide  to  acquire  them  for  strategic  purposes.  Most  buyers  would  like  to  sniff-­‐test  or   partner  with  a  potential  target,  before  they  commit.  The  problem  here  is  lack  of   visibility  (“issue  of  discovery”)  that  could  be  addressed  with  a  common  vehicle,  like  a   clearinghouse.   (4)  Acquirers  don’t  actively  scout  for  candidates.  Candidate  companies  usually   approach  them  directly,  or  are  discovered  through  media  coverage  or  customer   engagements.  Indian  companies  typically  don’t  appear  on  any  radar.  Increasing   networking  and  media  coverage  would  help.   (5)  Some  areas  fare  better.  Semiconductor  deals  are  more  common.  Indian   semiconductor  companies  routinely  troll  Silicon  Valley  for  business  and  get  noticed.   (6)  Acqui-­‐hires  (Acquisitions  with  the  sole  intent  of  acquiring  engineering  talent)  are   becoming  very  common  in  the  Silicon  Valley.    Certain  acquirers  constantly  look  for   smaller  talent  shops  and  move  quickly  with  $5M  to  $20M  acquisitions.  
  • 3.       iSPIRT:  Indian  Software  Product  Industry  Round  Table   www.ispirt.in   (7)  Innovations  that  address  non-­‐US  market  issues  (e.g.  looking  to  improve  Facebook   experience  in  low-­‐bandwidth  areas)  are  particularly  interesting  for  acquisition.   (8)  Target  companies  must  have  a  clear  articulation  of  the  value  they  drive;  this  often   comes  down  to  a  case  for  better  and  tight  communication.   (9)  Companies  must  build  credibility  by  clearly  understanding  the  needs  of  their   business  users.  They  must  also  understand  how  they  support  the  business  objectives   of  potential  acquirers.   (10)  Larger  acquirers  rely  on  investment  bankers  to  uncover  companies  that  fill  a   technology  gap,  or  address  a  specific  vertical.     (11)  Some  kind  of  vetting  process  would  be  helpful,  especially  in  the  early  stages  of   low  deal  flow.  Having  a  representative  firm  or  a  country  forum  would  help.   (12)  It  is  sometimes  shocking  to  find  Indian  firms  without  any  legal  representation.   This  shows  a  need  to  improve  understanding  of  engagement  processes  and  build  an   ecosystem  that  can  benefit  many.   (13)  Process  clarity  is  also  important  in  the  context  of  challenging  regulatory  issues.   Playbooks,  case  studies,  and  similar  materials  would  be  helpful  in  building   understanding  and  confidence.  Some  deals  get  done  in  days  and  not  months;   readiness  and  speed  will  be  essential.   (14)  Presenting  a  set  of  companies  that  could  fit  a  specific  business  area  for  acquirers   would  be  helpful.  A  Portfolio  Day  (e.g.  20  cloud  technology  companies  visiting   together  and  pitching)  would  work.       Action  Plan  2013-­‐14   Based  on  the  inputs  from  both  the  potential  acquirers  and  the  Indian  startup   community,  iSPIRT  believes  there  are  four  key  “Areas  for  Action”:     1. Facilitate  Discovery.    iSPIRT  will  examine  some  of  these  ideas  to  aid  the   discovery  process:   a. Through  Customers.  Acquirers  often  identify  acquisition  targets   through  regular  customer  &  partner  engagements.  iSPIRT  will   encourage  Indian  startups  to  increase  their  customer  acquisition  and   business  development  activity  in  US,  through  direct  or  indirect  presence   in  Silicon  Valley.     b. Through  Investment  banks.  iSPIRT  will  work  with  one  or  more   investment  bankers  to  represent  a  basket  of  acquisition  targets.  This   gives  companies  access  to  a  larger  audience,  while  making  it   worthwhile  for  a  bank  to  make  a  larger  investment  in  the  Indian   market.  
  • 4.       iSPIRT:  Indian  Software  Product  Industry  Round  Table   www.ispirt.in   c. Through  Analysts.  Engage  with  leading  analysts  like  Gartner  or   Forrester  to  research  mid-­‐market  Indian  companies.  Facilitate  the   discovery  and  research  process  to  make  this  easier  for  them.  One  idea  is   to  develop  an  iSPIRT  "India  Cool  Vendor  List”  for  the  mid-­‐market   segment  as  this  is  underserved  by  Gartner  type  analysts.   d. Through  Trade  Shows  and  Conferences.  iSPIRT  will  participate  in  a  few   key  shows  and  conferences  (such  as  DisruptSF,  Mobile  World  Congress,   Consumer  Electronics  Show  etc)  to  collectively  represent  the  Indian   startup  community,  like  an  “India  Pavilion”.   e. Through  Tech  Media.    Engage  newer  media  publications  focused  on  the   tech  industry,  like  TechCrunch,  GigaOm  through  content  syndication   and  other  ideas.  This  provides  much-­‐needed  coverage  for  Indian   startups,  while  extending  the  reach  and  readership  for  these   publications.   2. Reduce  Friction.  Legal  surprises,  regulatory  impediments,  and  other   unanticipated  issues  add  friction  to  any  acquisition  process.  Here  are  some  areas  that   iSPIRT  will  look  at:   a. Publish  a  "Playbook"  that  outlines  various  processes,  explains  special   requirements  in  India,  potential  resolutions  and  workarounds,  with   examples.   b. Gain  acceptance  for  the  Playbook  with  select  Silicon  Valley  and  NYC  law   firms.   c. Work  with  individual  firms,  like  Fenwick  and  WSGR,  to  facilitate   working  relationships  with  Indian  law  firms.   3. Promote  Readiness.  iSPIRT  plans  to  do  the  following  to  improve  acquisition   readiness  of  Indian  startups:   a.  Organize  periodic  and  regional  “roundtables"  around  key  topics  of  M&A   (and  other  Playbook  topics).   b. Provide  a  "hotline"  for  Indian  startups  so  that  they  get  unbiased  and   free  advice  when  they  are  in  a  negotiating  crunch   c. Assist  companies  in  connecting  with  cross-­‐border  advisors  who  could   help  establish  relationships  with  potential  acquirers.   4. Construct  an  Ecosystem.  Improving  the  ecosystem  will  go  a  long  way  in   increasing  the  deal  flow  and  here  are  some  items  in  the  iSPIRT  plan:   a. Conduct  events  with  bankers,  law  firms,  investors,  M&A  advisory  firms   and  others  forming  part  of  the  ecosystem  to  improve  awareness  about   Indian  startups.   b. Provide  a  mandate  to  select  bankers  and  advisory  firms,  and  pre-­‐ negotiate  contract  terms.  These  firms  can  then  be  engaged  by  Indian   startups.  
  • 5.       iSPIRT:  Indian  Software  Product  Industry  Round  Table   www.ispirt.in   c. Provide  an  online  contacts  database  of  relevant  parties.   d. Publicize  success  stories  of  transactions.   Specific  Next  Steps  towards  the  Action  Plan   (1) Corporate  Membership.  There  is  substantial  interest  among  corporate   buyers,  about  being  involved  in  the  M&A  Connect  program.  Such  partnership   could  be  at  two  levels;  starting  with  basic  affiliation  and  eventually  leading  to   full-­‐fledged  membership  where  they  get  to  benefit  from  iSPIRT  curation.  The   actual  details  of  the  program  are  being  worked  out.   (2) Business  assistance  leading  to  M&A.  This  view  was  substantiated  from   several  angles  –  Buyers  wanting  to  find  opportunities  where  they  get  to  see  the   product  play  out  with  customers  and  VC-­‐led  companies  wanting  any  iSPIRT-­‐ led  activity  that  leads  to  potential  business  relationships.  M&A  Connect  will   plan  to  target  potentially  useful  business  relationships  as  a  first  step,  and  will   then  move  to  starting  acquisition-­‐oriented  conversations.  Many  startups  and   VC  who  may  have  had  reservations  about  an  M&A  conversation  during  early   stages  of  their  business  would  then  be  open  to  an  engagement.   (3)Investment  banker  partnering.  We  discover  that  Investment  bankers  have   practice  areas,  stronger  teams,  and  better  connections  in  certain  fields.  No   single  one  would  suit  an  industry  in  general  with  varied  set  of  offerings  and   deal  sizes.  While,  certain  firms  have  comparatively  larger  deal  portfolio,  others   may  have  an  India  operation.  iSPIRT  M&A  Connect  will  establish  partnership   with  carefully  chosen,  small  set  of  partnership  with  I-­‐bankers  that  could   together  give  a  broad  spectrum  of  coverage  and  bring  value  to  iSPIRT   companies.   Conclusion   Lack  of  clear  and  value-­‐rewarding  exits  hampers  growth  and  talent  acquisition  for   Indian  technology  companies.  An  M&A  market  would  greatly  facilitate  the  virtuous   cycle  of  innovation,  value  creation,  and  individual  success.  Rewarding  exits  pave  the   road  for  the  next  generation  of  Indian  entrepreneurs.  iSPIRT  is  committed  to  building   up  a  stronger  M&A  deal  flow  in  the  coming  years  by  implementing  the  multi-­‐year   Action  Plan.     The  M&A  Connect  team  is  thankful  to  all  those  who  provided  valuable  inputs  in   structuring  this  action  plan.