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Jan Paul Stein

Technology-focused Acquisitions


Performance and Functionality as Differentiators
2017. XXII, 206 S. 240 mm
Verlag/Jahr: DE GRUYTER 2017
ISBN: 3-11-055917-X (311055917X)
Neue ISBN: 978-3-11-055917-0 (9783110559170)

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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.
Jan Paul Stein, München