M&A strategy when the obvious targets are gone
How companies can build a stronger acquisition radar by connecting portfolio logic, target intelligence and strategic fit before competition intensifies.
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M&A strategy
Shape M&A strategy from portfolio rationale and target priorities through diligence, value creation and integration.
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Articles
Due diligence for assets that are changing underneath the deal
Why commercial, operational and technology diligence must increasingly test future scenarios rather than validate historical performance.
Read articleFocus
Technology diligence tests whether digital capability supports the deal thesis
Architecture, systems, data, cyber exposure and technical debt can materially affect scalability, integration cost and future investment needs.
Integration strategy defines what must combine, what should not and in what order
The objective is to translate deal logic into choices about operating models, systems, people and governance after close.
Strategic challenges
When is ownership actually necessary to achieve the strategic objective?
The challenge is choosing the least restrictive route that still provides the capability, control and economics the business needs.
Does the deal remain strategically compelling after the assumptions are challenged?
The challenge is testing acquisition logic independently of valuation, process momentum and management enthusiasm.
POV
A forecast is not commercially credible because the spreadsheet balances
The revenue case should be supported by observable customer and market behavior, not by internal consistency alone.
A full acquisition pipeline is not evidence of an M&A strategy
Strategy exists when leadership knows what it wants to own, why ownership matters and when the right answer is not to transact.
Strategic impact
Commercial diligence makes the revenue thesis more explicit and testable
Independent evidence on customers, markets and competition helps buyers assess growth quality and downside exposure.
A clear deal thesis defines the economic and strategic logic before valuation dominates
Explicit assumptions make it easier to test fit, alternatives and the conditions required for the acquisition to create value.
What we observe
Target assessments often extrapolate recent growth without testing its underlying cause
Strong historical results can conceal customer concentration, weak differentiation or favorable conditions that may not persist.
Commercial diligence often validates forecasts without challenging the mechanisms behind them
A model can appear reasonable while customer retention, pricing power or market-share assumptions remain weakly evidenced.