When Unicorns Go Shopping, M&A Is A Domestic Affair

When Unicorns Go Shopping, M&A Is A Domestic Affair

  • We also found a trend that suggests more recently founded unicorns are acquiring smaller startups earlier on in their own venture’s lifecycle, as compared to older unicorns.
  • We’ll look at whether unicorns are more likely to acquire companies domestically (e.g. from the same country) or internationally (e.g. companies headquartered in a different country).
  • The data indicates that unicorns outside the U.S. tend to follow the same general pattern: most of the companies they acquire are headquartered in the same country.
  • However, while biased in favor of buying domestic, international unicorns are comparatively more likely to acquire abroad.
  • At A Time International expansion makes sense when the market at home becomes saturated, or in a highly competitive market where an advantage is conferred to the first mover.


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