Moreover, the rapid pace of technological change the industry is facing provides strong growth opportunities. Should TeamSystem be proactive and take a leading role in the adoption of new technologies, they can steal market share from slower competitors. That they need to do an overhaul on many of their programs to bring them to modern platforms seems like a great time to move directly into a leadership position - the money will be spent anyway.
There are strong opportunities for exit. If TeamSystem can capitalize on opportunities for growth, they can position themselves for either a sale or an IPO. In terms of an IPO, TeamSystem is expected to show steady growth. The market is kept relatively closed by the complexity of the Italian taxation system. Furthermore, the company has a strong leader.
The opportunity for a sale might be even better. Two factors are at work - the Internet and barriers to entering the Italian market. The Internet is increasing the pace of technological change in the tax software industry. This is going to increase R&D costs, meaning that economies of scale will become more important. Also, we are seeing at this time that other industries are leveraging the Internet to take their operations global, as physical barriers become less relevant, particularly in a service-based industry such as this. Put the two together and you have large firms looking to take their operations global to improve their economies of scale. The best way for such a firm to enter the Italian market would be to purchase an existing operation, and with few non-family firms to choose from, TeamSystem would be a natural acquisition target.
These considerations aside, there are risks. The biggest risk at present is the management team. Aside from the CEO, this team is considered to be weak. Yet, to achieve the growth objectives and goal of technological leadership, a strong team will be needed. If Palamon makes...
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