M&A of stagnant businesses, yes. Cisco, Oracle, and private equity are acquirers to worry about. They buy after growth has stalled and milk users that have high

M&A of stagnant businesses, yes. Cisco, Oracle, and private equity are acquirers to worry about. They buy after growth has stalled and milk users that have high switching costs. Acquirers of growing businesses generally want that growth to continue and can "optimize" by hiring less.