Student Theses and Projects: M&A Software Due Diligence in the Digital World (Cooperation with Siemens AG)


Thesis (MA) - Reference number 2019-201

Advisor(s): Dr. Markus Böhm 


Today’s business environment is characterized by a clear trend towards digitalization. The amount of companies, where Software is generating the key value, is rising strongly. Corporates like Siemens are part of these new environment (digital world) and contribute with own products and R&D to it. Next to contributing with own products, Siemens is also engaging in M&A activities, acquiring relevant targets with a clear technology leadership especially in the area of digitalization. Before acquiring a company, the opportunities and risks must be accessed in a structured approach – the so-called Due Diligence. Siemens has gained strong experience over the past decades in performing Due Diligence on technology companies. These companies mainly were technology leaders in hardware-based environments. The changed environment of a digital software-based world rises new challenges during the due diligence that must be addressed with new approaches. Therefore, an initiative called Software Due Diligence in the Digital World was initialized to systematically approach Software during the Due Diligence. The overall goal of this framework is to define the key factors that generate the value of a Software and define how these factors can be measured and analyzed during a Due Diligence. Example factors are Open Source Usage, Software Architecture & Quality, Technology Readiness and Cyber Security. Aim of this thesis is to contribute to the Software Due Diligence framework by analyzing potential value factors of software and defining how they can be measured during the Due Diligence.


  • Analyze the value factors of Software and bring them in the context of a acquisition project
  • Define relevant and measurable KPIs for the different value factors
  • Empirical study regarding the different factors and their relevance
  • Market analysis regarding available Software analysis providers and tools


  • Excellent analytical skills
  • High interest in linking technical topics with economic considerations
  • Profound knowledge about Software (Development, Architecture, …)
  • High degree of autonomy and individual responsibility
  • Very good grades and a good command of English language are beneficial

Further Information

The detailed scope of this thesis will be aligned with Siemens AG. There is the possibility to focus on a specific area in detail or to work on a conceptual level. Possibility to combine thesis with job as a student trainee (Werkstudent) existing.

Please send your application including your CV, grade report and application form to