M&A Matchmaking Platform Model in the Process of Mergers and Acquisitions





product-market fit; M&A Matchmaking Platform; ecosystem and stakeholder map; trend analysis; Proto-Persona analysis; proto-user analysis; risk analysis; business model canvas.


This paper delves into the integration of empirical findings and theoretical insights into Business Model Canvas within the M&A Matchmaking Platform for Middle Europe, aiming to enhance process streamlining, risk identification, and shareholder communication. Utilizing Proto-Persona analysis, representative user personas are crafted to understand customer requirements for mergers and acquisitions. The M&A Matchmaking platform addresses the absence of digital solutions tailored to M&A users in Central Europe. Data mining and internal document analysis inform the interpretation of Business Model Canvas benefits within the M&A Matchmaking platform. Visualizations integrate Product Market Fit Canvas to enrich the platform's value proposition, revenue streams, and cost structure. Service design enhancements streamline platform operations, following Lean Canvas principles. Scientific methods, including ecosystem mapping, trend analysis, Proto-Persona, Proto-User Journey analyses, and risk analysis, inform platform development and refinement. Targeted campaigns and Deloitte marketing initiatives drive seller awareness and acquisition. Sellers visit the platform for evaluation, create detailed profiles, make decisions, negotiate contracts, and reflect on their experience. Positive experiences foster loyalty and recommendations, contributing to the platform’s sustainability and development. Awareness and interest among potential buyers are generated through targeted marketing, leading to informed selections, profile creation, decision-making, agreements, and feedback. The platform facilitates efficient mergers and acquisitions through advanced algorithms and data analysis, creating business opportunities aligned with market trends. It offers an intuitive interface for interaction, evaluation, and negotiation, enhancing efficiency and reducing complexity. Suggestions for personalized matchmaking, comprehensive profiles, and transparent communication channels aim to further improve platform effectiveness.


Download data is not yet available.


Kuzior, A., & Kwilinski, A. (2022). Cognitive Technologies and Artificial Intelligence in Social Perception. Management Systems in Production Engineering, 30(2), 109–115. https://doi.org/10.2478/mspe-2022-0014.

Yang, Y., & Lai, Y. (2021). Research on business model innovation of online education. ACM International Conference Proceeding Series, 2334–2338. https://doi.org/10.1145/3482632.3484158.

Nordy, F. L., W., Lolowang, T. F., & Rawung, H. (2021). Business model analysis of coconut shell processor in North Sulawesi. IOP Conference Series: Earth and Environmental Science, 681(1), Article 012066. https://doi.org/10.1088/1755-1315/681/1/012066.

Boni, A. A., & Abremski, D. (2022). Commercialization Challenges and Approaches for Digital Health Transformation. Journal of Commercial Biotechnology, 27(1), 12–19. https://doi.org/10.5912/jcb1024.

Gobniece, Z., & Titko, J. (2024). Staff Competencies for Digital Transformation: Results of Bibliometric Analysis. Virtual Economics, 7(1), 25–46. https://doi.org/10.34021/ve.2024.07.01.

Hatvani, N., Van den Oever, M. J. A, & Koos, A. (2022). Bio-based Business Models: specific and general earnings from recent good practice cases in different business sectors. Bio-Based and Applied Economics, 11(š), 185–205. https://doi.org/10.36253/bae-10820.

Kurata, K., Kota, K., Morinaga, T., Sato, J., & Yajima, K. (2023). The impact of entrepreneurship education on entrepreneurship intention in the engineering studies. Procedia Computer Science, 225, 3919-3928. https://doi.org/https:10.1016/j.procs.2023.10.387.

Murphy, C., Carew, P. J., & Stapleton, L. (2023). Innovation Process Modelling for Human-Centred Cultural Heritage Spaces: Developing a Business Model Canvas for Smart Digital Immersion. IFACPapersOnLine, 56(2), 9954–9959. https://doi.org/10.1016/j.ifacol.2023.10.695.

Nesterenko, V., Miskiewicz, R., & Abazov, R. (2023). Marketing communications in the era of digital transformation. Virtual Economics, 6(1), 57–70. https://doi.org/10.34021/VE.2023.06.01(4).

Sabia, L, Bell, R., & Bozward, D. (2023). Using equity crowdfunding to build a loyal brand community: The case of Brewdog. International Journal of Entrepreneurship and Innovation, 24(3), 202–212. https://doi.org/10.1177/14657503221086101.

Prasetyawan, Y., Maulida, N., & Lutvitasari, M. R. (2018). The integration between Business Model Canvas and Manufacturing System Design. IOP Conference Series: Materials Science and Engineering, 337(1), Article 012061. https://doi.org/10.1088/1757-899X/337/1/012061.

Shabalina, S., Shabalin, E., Kurbanova, A., Shigapova, A., & Vaníčková, R (2020). Social media marketing as a digital economy tool of the services market for the population of the Republic of Tatarstan. Advances in Intelligent Systems and Computing, 908, 356–367. https://doi/org/10.1007/978-3-030-113674_35.

Yohanes, H., Atmaji, G., Pramono, E. P., Susanto, M., & Untoro, M. (2024). Blue Ocean Strategy Approach and Canvas Business Model for New Technology: Case Study of a Spouted Bed Coffee Roaster System. AIP Conference Proceedings, 2957(1), Article 030009. https://doi.org/10.1063/5.0183894.

Castillo-López, S. E., Guirao, S. K. F., & Duque, D. M. (2019). A Service Design Process Based on the Business Model Canvas and the C-K Theory. Managing innovation in highly restrictive environments: Lessons from Latin America and emerging markets, 279–301. https://doi.org/10.1007/978-3-319-937168_13.

Clarinval, A., Simonofski, A., Castiaux, A., Gao, Y., & Janssen, M. (2023). Formulating Open Data-Based Value Propositions: An Evaluation and Comparison of Two Canvas Tools. ACM International Conference Proceeding Series, 327–337. https://doi.org/10.1145/3598469.3598506.

Ruggieri, R., Savastano, M., Scalingi, A., Bala, D., & D’Ascenzo, F. (2018). The impact of Digital Platforms on Business Models: An empirical investigation on innovative start-ups. Management and Marketing, 13(4), 1210–1225. https://doi.org/10.2478/mmcks-2018-0032.

Zhao, X., & Pan, W. (2022). The characteristics and evolution of business model for green buildings: a bibliometric approach. Engineering, Construction and Architectural Management, 29(10), 4241–4266. https://doi.org/10.1108/ECAM-08-2020-0657.

Gottschalk, S., Yigitbas, E., Nowosad, A., & Engels, G. (2023). Continuous situation-specific development of business models: knowledge provision, method composition, and method enactment. Software and Systems Modeling, 22(1), 47–73. https://doi.org/10.1007/s10270-022-01018-9.

Hamwi, M., Lizarralde, I., & Legardeur, J. (2021). Demand response business model canvas: A tool for flexibility creation in the markets. Journal of Cleaner Production, 282. https://doi.org/10.1016/j.jclepro.2020.124539.

Panghal, A., Dahiya, S., Sindhu, S., Siwach, P., & Dahiya, B. (2023). Strategic business model canvassing for terracotta pottery entrepreneurs in India. International Journal of Entrepreneurship and Small Business, 50(3), 407–432. https://doi.org/10.1504/IJESB.2023.134176.

Gottschalk, S., Yigitbas, E., & Engels, G. (2021). Situation and Domain Specific Composition and Enactment of Business Model Development Methods. Product-Focused Software Process Improvement, 13126, 103-118. https://doi.org/10.1007/978-3-030-91452-3_7.

Jílková, P. (2020). Customer Behaviour and B2C Client Segmentation in Data-Driven Society. International Advances in Economic Research, 26(3), 325–326. https://doi.org/10.1007/s11294-02009799-9.

Heryan, K. (2022). VPC to BMC to Exponential Canvas: Canvas Interconnectivity for Exponential Scaling. Novel Innovation Design for the Future of Health: Entrepreneurial Concepts for Patient Empowerment and Health Democratization, 219–242. https://doi.org/10.1007/978-3-031-08191-0_21.

König, M., Ungerer, C., Baltes, G., & Terzidis, O. (2019). Different patterns in the evolution of digital and non-digital ventures' business models. Technological Forecasting and Social Change, 146, 844–852. https://doi.org/10.1016/j.techfore.2018.05.006.

Kusuma, G. A. T., Sapta, I. K. S., Wijana, I. M. D., Tahu, G. P., & Indiani, N. L. P. (2022). Building SMEs’ passion for utilising digital media: a study of SMEs during the COVID-19 pandemic. Forum Scientiae Oeconomia, 10(3), 151–168.

Salvador, R., Puglieri, F. N., Halog, A., Piekarski, C. M., & De Francisco, A. C. (2021). Key aspects for designing business models for a circular bioeconomy. Journal of Cleaner Production, 278, Article 124341. https://doi.org/10.1016/j.jclepro.2020.124341.

Lichtenthaler, U. (2021). Profiting from innovation in the aftermath of an economic crisis. Journal of Research in Marketing and Entrepreneurship, 23(2), https://doi.org/282-294. 10.1108/JRME-06-20200085.

Mladenov, V., Chobanov, V., & Ivanova, V. (2022). DSO flexibility services Business Model Canvas. 2022 14th Electrical Engineering Faculty Conference, BulEF 2022. https://doi.org/10.1109/BulEF56479.2022.10021190.

Vaníčková, R. (2023). System Management and Improvement of Payment Planning Processes in Production Engineering. Danube, 14(3), 215-234. https://doi.org/10.2478/danb-2023-0013.

Khan, M. A., & Wuest, I. (2019). Upgradable Product-Service Systems: Implications for Business Model Components. 26th CIRP Conference on Life Cycle Engineering, 80, 768–773. https://doi.org/10.1016/j.procir.2019.01.091.

Březinová, M., & Skořepa, L. (2019). Importance of Marketing Communication Tools with Regards to the Competitiveness of Mini-Breweries. Deturope, 11(1), 149–163.

Chochia, A., Kerikmae, T., & Skvarciany, V. (2023). Global Economic Challenges for Sustainable Entrepreneurs. TalTech Journal of European Studies, 13(1), 3–7. https://doi.org/10.2478/bjes-2023-0001.

Sawitri, D., & Suswati, E. (2019). Trenggalek typical food diversification strategies for increasing competitiveness in the SDGS era by using a business model canvas. International Journal of Innovation, Creativity and Change, 9(4), 259–272.

Rehn, J. (2021). Design Guidelines and Canvas for More Sustainable Leather Products - The Role of Design as a Driver for Sustainable Leather Goods in the 21st Century. XXXVI International Union of Leather Technologists and Chemists Societies Congress 2021, IULTCS 2021.

Korcsmaros, E., Machova, R., & Csereova, A. (2024). Examining the Relationship Between the Innovation Activity and Corporate Cooperation among Small and Medium-sized Business Operating in the Slovak ICT sector. Marketing and Management of Innovations, 15(1), 1–14. https://doi.org/10.21272/mmi.2024.1-01.

Falkenreck, C. (2021). Design Thinking-Interactively Co-creating Innovative Products That Fit the Market. Creativity and Marketing: The Fuel for Success, 69–84. https://doi.org/10.1108/978-1-80071330-720211005.

Seifert, R., Otten, C., Clement, M., Albers, S., & Kleinen, O. (2023). Exclusivity strategies for digital products across digital and physical markets. Journal of the Academy of Marketing Science, 51(2), 245-265. https://doi.org/10.1007/s11747-022-00897-0.

Tišlerová, K. (2021). Customer Experience Measurement: What Methods can Researchers Offer to Practitioners? Proceedings of the European Conference on Research Methods in Business and Management Studies, 205–214. https://doi.org/205-214. 10.34190/ERM.21.086.

Shashishekar, M. S., Anand, S., & Paul, A. K. (2022). Proactive market orientation and business model innovation to attain superior new smart connected products performance. Journal of Business & Industrial Marketing, 37(3), 497–508. https://doi.org/10.1108/JBIM-02-2020-0102.

Kozubíková, L., Kubálek, J., Novotná, A., & Petráková, Z. (2023). The impact of selected environmental factors on the perception of a company’s financial performance in the SME segment. Forum Scientiae Oeconomia, 11(1), 133–148.

Zhou, L., & Lee, H. (2023). Supply Chain Finance Business Model Innovation: Case Study on a Chinese E-Commerce-Centered SCF Adopter. Systems, 11(6), Article 278. https://doi.org/10.3390/systems11060278.

Kupec, V., & Pisar, P. (2021). Auditing and controlling as a tool for sme marketing risk management. Marketing and Management of Innovations, 1, 225–235. https://doi.org/10.21272/mmi.2021.1-17.

Vaníčková, R., & Szczepanská-Woszczyna, K. (2020). Innovation of business and marketing plan of growth strategy and competitive advantage in exhibition industry. Polish Journal of Management Studies, 21(2), 425–445. https://doi.org/10.17512/pjms.2020.21.2.30.

Bolat, H. B., Yaşlı, F., & Temur, G. T. (2022). Risk Analysis for the Tech Startup Projects with Fuzzy Logic. Lecture Notes in Networks and Systems, 308, 671–679. https://doi.org/10.1007/978-3-030-855772_79.

Virglerova, Z., Ivanova, E., Dvorsky, J., Belas, J., & Krulický, T. (2021). Selected factors of internationalisation and their impact on the SME perception of the market risk. Oeconomia Copernicana, 12(4), 1011–1032. https://doi.org/10.24136/oc.2021.033.

Marfuah, U., & Nopianti, R., Ambaria (2019). Business development strategy with business model canvas approach at Pakdhe Mie chicken shop-Cimanggis, Depok. International Journal of Scientific and Technology Research, 8(2), 44-49.

Malakhatka, E., Pitz, M., Maghnie, M., Müller, D., & Monti, A. (2024). From use cases to business cases: I-GReta use cases portfolio analysis from innovation management and digital entrepreneurship models perspectives. Energy Informatics, 7(1), Article 7. https://doi.org/10.1186/s42162-024-00310-w.

El Mesbahi, J., Rechia, A., El Mesbahi, A., & Kojmane, J. (2018). A Proposed Design Process of a Customized Educational Hybrid Prototyping Machine. Colloquium in Information Science and Technology, CIST, 2018-October, 342–347, 8596460. https://doi.org/10.1109/CIST.2018.8596460.

Kalair, A. R., Dilshad, S., & Koh, K. (2021). Application of Business Model Canvas for Solar Thermal Air Conditioners. Frontiers in Energy Research, Article 9. https://doi.org/10.3389/fenrg.2021.671973.

Mahdavimazdeh, H., Falkenberg, L., & Stackhouse, M. (2020). The Innovation Value Canvas: A Guide to Defining Value Propositions and Target Customers for Commercialization of Technological Innovations. International Journal of Innovation Management, 24(2), Article 2050012. https://doi.org/10.1142/S1363919620500127.

Chuang, Y. H., Kang, T. C., Chang, W. C., & Chen, P. J. (2020). Creative Design Ltd.: the path to youth entrepreneurship. Emerald Emerging Markets Case Studies, 10(2), 1–17. https://doi.org/10.1108/EEMCS-07-2019-0182.

Iglesias-Cuzcano, R. A., Quiroz-Rodriguez, L. E., Quiroz-Flores, J. C., Diaz-Garay, B. H., & Vasquez-Rivas-Plata, R. (2022). The Business Model for a Superfood Company based on Lean Startup Techniques, Digital Marketing, and PMBOK Guidelines. ACM International Conference Proceeding Series, 321–328. https://doi.org/10.1145/3568834.3568855.

Lechuga, A. G., Robles, G. C., & Ackerman, M. A. M. (2023). The integration of the business model canvas and the service blueprinting to assist the conceptual design of new product-service systems. Journal of Cleaner Production, Article 415. https://doi.org/10.1016/j.jclepro.2023.137801.

Moshood, T. D., Nawanir, G., Aripin, N. M., Sanusi, Y. K., & Ajibike, W. A. (2022). Lean business model canvas and sustainable innovation business model based on the industrial synergy of microalgae cultivation. Environmental Challenges, Article 6. https://doi.org/100418. 10.1016/j.envc.2021.100418.

Niever, M., Schulz, F., Heimicke, J., Hahn, C. H., & Albers, A. (2021). Go-to-market canvas - Market access concept for invention in the early phase of product generation development. Stuttgarter Symposium fur Produktentwicklung, 2021-May, 363–374.

Reis, D. A., Fleury, A. L., & De Carvalho, M. M. (2021). Toward a Recursive Stage-Based Framework for Supporting Startup Business Initiation: An Exploratory Study with Entrepreneurs. IEEE Transactions on Engineering Management, 68(4), 999–1013. https://doi.porg/10.1109/TEM.2019.2917406.

Rudnick, M., Riezebos, J., & Hauptvogel, A. (2020). Effective after-sales services through the lean servitization canvas. International Journal of Lean Six Sigma, 11(5), 943–956. https://doi.org/10.1108/IJLSS-07-2017-0082.

Manzi, M. A., Blanco Murcia, L., & Ramos Mejia, M. (2020). Famoc Depanel: innovating product service systems through functional spaces. Emerald Emerging Markets Case Studies, 10(4), 1–24. https://doi.org/10.1108/EEMCS-04-2020-0098.

Sun, S., Dong, S., Wu, Q., & Tian, X. (2023). How to Survive in the Shadow of Sharing Economy Giants: Business Model Innovation for Small and Medium-Sized Platforms. SAGE Open, 13(3), 1–17. https://doi.org/10.1177/21582440231196800.

Karami, M., & Madlener, R. (2021). Business model innovation for the energy market: Joint value creation for electricity retailers and their customers. Energy Research and Social Science, 73, Article 101878. https://doi.org/10.1016/j.erss.2020.101878.

Li, Y. M., Das, P., & Moehler, R. (2024). Business Model Innovation in the Construction Industry: Emerging Business Model Archetypes from Bathpod Modularization. Journal of Management in Engineering, 40(2). https://doi.org/10.1061/JMENEA.MEENG-5651.



How to Cite

Vanickova, R. (2024). M&A Matchmaking Platform Model in the Process of Mergers and Acquisitions. Virtual Economics, 7(2), 63–88. https://doi.org/10.34021/ve.2024.07.02(4)