2023 Q1


In the last SektorReport TMT, the focus was on the connection between M&A and AI. Artificial intelligence (AI) has changed the business landscape and this trend is likely to increase in the years to come. M&A in AI has been on the rise in recent years and there are no signs of this trend slowing down. The debate was triggered by the market entry of ChatGPT, which puts the competing tech giants under enormous competitive pressure. It will therefore remain exciting to see which AI application will ultimately prevail in which areas, or whether Meta's other open AI project, which makes algorithms available to all users free of charge, will ultimately prevail.

In our current SektorReport TMT 2023 Q1 we want to deal with the area of ​​IT hardware, which we believe is currently under a lot of pressure and has been influenced by several negative market movements.

A significant transaction in Q1 2023 was the public takeover bid for GK Software SE by Fujitsu Solutions AG. GK Software SE is the world's leading software partner for retailers in terms of technology. The company offers comprehensive solutions for handling all business-critical processes in retail outlets and company headquarters.

The valuation trends in the TMT sector increased slightly in Q1 2023 compared to the previous quarter Q4 2022. However, they are lower than in the comparable quarter of the previous year Q1 2022. In general, it can be said that the market mood remains subdued, even if the EV/EBITDA multiple has improved slightly to 14.9x.

Our SektorReports are available in German language. If you have further questions regarding this topic, feel free to get in touch.