M&A activity for technical startups seems to start when the company brings in "professional management" (that is, non-technically skilled managers) and transiti

M&A activity for technical startups seems to start when the company brings in "professional management" (that is, non-technically skilled managers) and transitions to being a "real" company. The new management needs something to do, finds the company's technology outside of their comfort zone, and likes the business social experience of M&A. Sometimes M&A works but mostly it does not. The industry is littered with acquisitions that did not work.