I remember someone pretty savvy once rhetorically asking why companies are always doing M&A's that seem questionable from ground level. She said because it's mo

I remember someone pretty savvy once rhetorically asking why companies are always doing M&A's that seem questionable from ground level. She said because it's more fun to buy things than doing the real work of cleaning up your own company model and performance. There's some sobering truth to that explanation of corporate behavior. The illusion of growth and progress and the thrill of the acquisition can be a good short-term anesthetic. I tend to think IBM is a bit more deliberate than that, however.