Serial Acquisitions in Tech

We document novel empirical patterns in technology-sector serial acquisitions from 2010 to 2023. Using a granular S&P taxonomy, we show that serial acquisitions—sequences of transactions by the same acquirer within the same or adjacent market categories—constitute approximately one-quarter to one-third of majority-control mergers and acquisitions. Follow on targets tend to be larger and older than initial targets, and publicly-traded non-private equity acquirers account for over half of these transactions, challenging the prevailing view that serial acquisitions primarily represent small-scale private equity roll-ups. We further examine a cumulative screening framework wherein regulatory review is triggered by the aggregate value of sequential transactions rather than individual deal thresholds. This approach typically maintains existing review timing or advances it moderately, though in extended acquisition series it can accelerate scrutiny by several transactions or multiple years. For GAFAM (Google/Alphabet, Apple, Facebook/Meta, Amazon, and Microsoft) and other top technology acquirers, the cumulative approach primarily expands coverage to transactions below traditional thresholds and those with incomplete valuation data, rather than accelerating reviews of already-reportable acquisitions. An algorithmic screening tool implementing such a framework could enable antitrust agencies to monitor consolidation patterns in real time and complement traditional transaction-by-transaction merger reviews.