인도 IT서비스 산업의 인수합병(M&A)에 관한 연구

Over the past decade, the Indian IT Service sector has become the country’s premier growth engine, crossing significant milestones in terms of revenue growth, employment generation and value creation, in addition to becoming the global brand ambassador for India. The source of the competitive advantage of Indian companies is found in (1) the accumulation of technology and know-how by way of an in-house completion type delivery structure, (2) organizational capabilities to carry out projects based on standardized processes, and (3) a global delivery model with Indian offshore centers at its core. These three elements enhance such strategies as high value-added services, diversification to boost earnings and spread risk, and increasing offshore ratios in order to maintain healthy profit ratios. The aim of this study is to examine the case of the M&A in the Indian IT services industry. Specifically, we will examine the strategic alliance as it relates to the following: ① global trends in strategic alliances in the IT industry, ② analysis of Indian IT services companies, ③ Indian government and corporate level strategies for improving competitiveness. This study will summarize these corporate M&A strategies from a more detailed viewpoint and weigh their attributes. Based on sales amount, employee numbers and market standing, Indian IT services firms can be categorized as either leaders or challengers. For example, Leaders would be TCS and Infosys and Challengers would be Satyam and Patni. According to a 1999-2009 survey of four companies by M&A, Tata has made 8 acquisitions while taking stakes in 3 companies. Tata has 0 divestiture during this period. Infosys has made 4 acquisitions while taking stakes in 2 companies. Infosys has 4 divestitures during this period. Satyam has made 5 acquisitions while taking stakes in 5 companies. Satyam has 9 divestitures during this period. Patni has made 5 acquisitions while taking stakes in 0 companies. Patni has 3 divestitures during this period. Major results of this study can be condensed into two. First, let’s look into M&A strategies of leader firms. TCS and Infosys have already developed their businesses in European markets to the extent of establishing themselves as semi-major class firms. In North America and the UK, they already have an established customer base, but because of a lack of medium-sized blue-chip firms worthy of being targeted for acquisition, one can predict that these leader firms will carry out organic growth-based takeovers that focus on the acquisition of software package solutions for specific industries and IP such as SaaS. Second, we analyzed M&A the strategies of challenger firms. The types of businesses that challenger firms engage in are similar to that of leaders and in many cases, Satyam and Patni compete with leader firms in various markets. In particular, while maintaining a customer base, it is likely that both parties can enjoy the benefits of an M&A when a challenger firm acquires another country's medium-sized firm that is lagging in terms of overseas operations and offshore initiatives. Here are the implications associated with strengthening Korea's IT services industry that can be drawn from the above. Korean companies must review competition within their groups both domestically and overseas, as witnessed already by some firms, and strengthen their offshore center-based seamless support services structure. IT services firms themselves must do their best to boost their global competitiveness, but in light of the fact that India's rapid growth can be explained by government support measures, one feels that the time has come for the Korean government to also consider concrete support measures by selecting and focusing on certain areas needing to be strengthened.