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How Synergies Differ in M&A

How Synergies Differ in M&A

An M&A Science Podcast

Hosted by Kison Patel

“You can’t force two cultures together.”

On this episode

Paul Tennola, CFO of Paynet and M&A corporate development professional of 29 years, share his knowledge on bolt-on transactions as compared to new platforms.

Tennola explains that with a bolt-on there is domain expertise, an understanding of the customer segment, language, technology, and user interface experience. Bolt-on is usually a faster and tighter process. With new platforms, Tennola explains how crucial it is to go in eyes wide open.

Tennola encourages asking three questions:

1. How full is my plate?

2. Do I have the expertise?

3. How long is this going to take?

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Show Notes

0:00-1:10 Paul’s experience with Paynet, TransUnion, Wolters Kluwer, and SunGard

1:10-7:00 Bolt-on transactions versus platform transactions

7:00-10:30 Synergies: Financial/revenue and operational

10:30-14:05 Cultural fit and workarounds

14:05-18:00 Negotiation and strategies

18:00-21:40 Top factors during diligence

21:40-28:10 Deals that fall apart and surprises during diligence

28:10-33:14 Post-closing surprises and PMI

33:14-37:33 International transactions

37:33-40:05 Biggest lessons learned and deciding on which people to bring in

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