EAN: 9783110559170

TECHNOLOGY-FOCUSED ACQUISITIONS - JAN PAUL STEI...

Technology-focused acquisitions are an important complement to the firm's internal product
development efforts. There is considerable heterogeneity when comparing individual
technology-focused acquisitions - especially with respect to acquisition timing and the deal
value. To resolve some of this heterogeneity the author introduces the novel distinction
between performance- and functionality-focused acquisitions. He characterizes this distinction
based on a theoretical analysis  a qualitative study  and turns to a sample of acquisitions in
the field of artificial intelligence for the quantitative study. There are two key findings.
First  performance-focused acquisitions take place earlier in a target's life cycle than
functionality-focused ones. Second  the deal value is - at a comparable stage in a target's
life cycle - higher for performance-focused acquisitions. This thesis is relevant for
management scholars and managers alike: Scholars learn about the implications of the
distinction between performance- and functionality-focused acquisitions on markets for
technology. Managers gain insights into how this distinction may guide their strategic decision
making.

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