What does the data tell us about the evolution of Big Tech’s acquisition strategies over the last decade?
In this article for Concurrences, economist David Bottan, alongside Professor Axel Gautier, examine the key trends of Big Tech’s appetite for start-ups, as well as the industry mix of their targets, and the outcome of these acquisitions in terms of (dis)continuation of the acquired products.
The views and opinions expressed in this paper are those of the author and do not necessarily reflect the views of Econic Partners or its clients.
Abstract
In this paper, we use detailed data to analyse how the acquisition strategies of Alphabet, Amazon, Apple, Meta, and Microsoft (AAAMM) evolved between 2015 and 2025. We provide information on the age, size, and industry of acquired companies, showing that the acquisition of small targets has become less frequent. We find that software is consistently the main sector for acquisitions, but we observe a growing focus on artificial intelligence and information technology in recent years, with a corresponding drop in mobile and internet-related acquisitions. We also show that most acquired AI products are discontinued, suggesting these deals are often motivated by technology and talent acquisition rather than product continuation.
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This article was first published in Concurrences Review, N° 12-2026 www.concurrences.com
