Revolutionizing Australian M&A: The Importance of Speed, Strategy and Innovation

With nearly two decades in M&A across investment banking and corporate roles, Guy Fisher has unique insights into how the M&A industry is evolving. From the challenges facing Australia’s M&A landscape to the role of technology in M&A execution, Guy shares his perspective on executing deals efficiently, adapting to changing regulatory demands as well as integrating artificial intelligence (AI) and digital tools into the mergers and acquisitions (M&A) execution process.

Guy’s career in M&A spans close to 20 years, with half of his experience in investment banking at Macquarie and Lazard, and the other half running M&A at Suncorp Group. Now at DLA Piper, Guy leads Integrated M&A, a management consulting service designed to help clients streamline and execute M&A deals efficiently and effectively—from early-stage M&A strategy to post-deal value realization (i.e. integration and separation).

“Think of us as an outsourced corporate development and transformation team,” he explains, clarifying that these services differ from investment banking services in that it offers corporates, and investment banks, end-to-end execution support throughout the M&A lifecycle.

Building sophisticated M&A teams down under

When discussing Australia’s M&A environment, Guy observes that while specialist corporate development roles are increasingly valued, more broadly and relative to the larger Europe and U.S. markets, the function itself has yet to mature fully. According to him, many capable corporate development executives use M&A as a stepping stone to senior leadership roles, often without sufficient succession planning or fully documenting processes. This can dilute organizational M&A execution expertise. He believes that while there are great corporate development teams in the Australian market, overall, there is some distance to go before this capability reaches the sophistication and effectiveness of the corporate development teams in the larger corporate markets like the U.S.

While the U.S. and European corporates and high-growth businesses generally have sophisticated corporate development capabilities, he sees Australia progressing steadily, especially in the venture capital and technology sectors. “Australia’s venture capital sector has become far more sophisticated and mature,” Guy points out, describing how these smaller, nimble companies drive innovation that ultimately influence the strategy of larger ASX-listed firms. He highlights the rising importance of agility and risk management, especially in smaller companies where the expectation is to “double the size of your business every second year.”

Key drivers in Australia’s M&A market

Guy identifies several critical trends driving M&A activity in Australia, notably in digital infrastructure and venture-backed innovation. He references landmark deals, such as the AirTrunk sale to Blackstone, to illustrate how the need for advanced data infrastructure is creating exciting new opportunities. “The amount of data now that needs to be consumed and the speed at which that consumption is taking place...the mix of innovation and speed is really exciting,” Guy explains.

In addition to digital infrastructure, he emphasizes how private capital’s growing and broader presence in Australia is increasing the pool of available capital, allowing more entrepreneurs and companies to pursue M&A opportunities. However, he points out that the broader economic environment will play a role in stabilizing investor confidence as geopolitical tensions, interest rates and inflation remain factors to monitor closely. Guy is optimistic about the capital markets’ ability to support new investment opportunities, noting that “there’s a lot of interesting capital being deployed across very interesting projects.”

How tech is helping deal teams realize synergies faster

Guy is candid about the slow adoption of digital tools in Australia’s M&A execution community, noting that while platforms such as data rooms are well established and have improved document sharing, security and execution efficiency, most M&A execution and M&A project management processes still rely on traditional methods and tools like Excel, PowerPoint and Word. He advocates for project management software that could streamline the entire M&A process, from information sharing and project execution to execution governance and oversight including real-time updates on deal progress.

In discussing the potential of AI, Guy shares several exciting use cases, including AI-driven redaction in document review and contract analysis. These tools allow M&A teams to efficiently review large volumes of information, facilitating more efficient due diligence and document processing. Guy believes that AI could play a significant role in identifying risks, streamlining Q&A in data rooms, and even assessing customer and employee engagement through sentiment and satisfaction analysis. “Being able to rely on AI as a process to cut through volume, time and effort...would be really beneficial,” he says, envisioning AI as a game-changer for due diligence efficiency and risk management.

Guy also sees the potential for AI to help M&A professionals gauge cultural fit and workforce engagement when assessing a target company, offering more than just a surface-level review of operational risks. As he describes, “It’s always been really hard to quickly get a view on engagement, culture, and the like,” and AI-powered analytics could provide an objective assessment of these intangible factors by collating and assessing data from various digital sources.

Overcoming the adoption gap

Guy recognizes that integrating new technology into M&A has its challenges, particularly around liability and compliance. The cautious approach is warranted, he notes, given that leaders and practitioners are ultimately responsible for due diligence outcomes. He envisions an M&A platform that would combine real-time activity tracking, transparent reporting, and document security, offering a “single view of the end-to-end M&A process” that would be particularly useful in deals because they involve cross-functional capabilities (i.e. legal, financial, technology, people and operational leaders and teams).

Reflecting on the challenges of managing M&A programs without such technology, Guy describes how cumbersome it can be to keep stakeholders informed through manually updating status reports and activity tracking through spreadsheets. With a comprehensive digital platform, M&A professionals could “cut down valuable time spent on lower-value activity like formatting certain reports and maintaining tracking spreadsheets.” This, he believes, would free up time for teams to focus on higher-value work, such as assessing due diligence outcomes (the "so what") and value realization (i.e. integration) planning.

Final thoughts on M&A in Australia

To close the conversation, Guy addresses the changing regulatory landscape in Australia, including stricter requirements from the Australian Competition & Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB). Compliance with ESG [environmental, social and corporate governance] standards, as well as other regulations, is demanding greater attention through due diligence. According to Guy, these complexities require M&A teams to perform thorough due diligence on a broader suite of issues ranging from fraud and cybersecurity to culture and sustainability practices.

For Guy, the M&A landscape in Australia is both challenging and full of opportunity. He underscores the importance of efficient and effective execution, supported by digital tools and a clear understanding of emerging risks. As he explains, “Great execution requires M&A experience, leadership, oversight, and transparency,” and the role of technology will only grow as dealmakers seek more efficient, secure, and insightful ways to get transactions across the finish line.