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Learning From High-Tech Deals
Mergers and acquisitions, especially in the high-tech sector, are a favorite target of business pundits and academics, since many studies show that up to three-quarters of these deals destroy value. But if they are so unproductive, why are the most successful high-tech companies the most prolific deal makers? A study of 485 companies shows that high performers pursue their transactions as part of a disciplined and ongoing program, link their transactions to clear strategic goals, and are organized for fast decision making and effective implementation.
The take-away: For most companies, acquisitions and other transactions are occasional, major events. For the top performers in high tech, deal making is an ongoing business process. In an industry that virtually requires companies to do deals, that kind of proficiency is a huge competitive advantage.
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© 1992-2003 McKinsey & Company, Inc
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