Acquired

Acquired kicks off our China tech mini-series by teaming up with the best in the business: Hans and Zara from GGV’s 996 Podcast! Together we cover the largest technology IPO in the world since fellow China tech giant Alibaba in 2014: Xiaomi, where Hans has been an investor and board member from the very beginning. This episode is chock full of history and insight on both Xiaomi and what’s happening in China tech more broadly, and why we all should be paying attention. No matter where you live, this is definitely not one to miss!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

Acquired kicks off Season 3 with a gangbuster two-hour extravaganza on America’s most successful automotive startup since The Ford Motor Company: Tesla. We cover everything, from founding to its 2010 IPO to all that’s happened since, including the question on the minds of superhero fans everywhere: who came first, Elon Musk or Tony Stark? (Spoiler: Elon)Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: The Dissect podcastDavid: Harry Potter and the Sacred Text podcast

Acquired wraps up Season 2 with our first “elusive” private-private merger: Rover.com and its 2017 combination with rival pet care marketplace DogVacay. We’re joined by Rover CEO Aaron Easterly to dive into the full history of how the crazy idea of “Airbnb for dogs” not only became a billion-dollar company, but also brought our heroes together for the first time and led to the founding of Acquired!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: The original Rover pitch from Startup Weekend

We’re live on the scene the day following the biggest announcement in the open source software world since well, open source software: Microsoft acquiring GitHub for $7.5B in stock. How did we get here? What does it mean for software developers going forward? And most importantly, why is there a creepy half-cat / half-octopus plastered all over everything? As always, Acquired has the answers.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: The Idea Maze by Chris DixonDavid: Invisible Asymptotes by Eugene Wei

If you thought the telecom business was boring, think again! Acquired brings you an episode packed with more drama than an entire season of Game of Thrones. Starting with a death in the family, we follow a tale of fortunes lost and rebuilt, bitter battles between rivals who once worked for each other, and at the center of it all, a lesson in the power of stable cashflow businesses. This is one call you don’t want to drop!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: Seattle Times’ infographic on Bellevue’s wireless company historyJohn Legere at CES 2013Carve Outs:Ben: Andrew Chen on the Intercom podcastDavid: The 996 Podcast from Zara & Hans at GGV Capital

Acquired returns with a classic, delving into Microsoft’s first acquisition ever: Forethought Inc, the makers of PowerPoint. Hate it or love it, you can’t deny the combined companies’ impact: by the early 90’s PowerPoint had transformed the way businesses, educators and governments communicate, ensuring job security for pointy-haired Dilbert bosses everywhere.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: Robert Gaskins’ definitive history of building PowerPoint: Sweating BulletsAbsolute Powerpoint by Ian Parker Carve Outs:Ben: Mindfulness in Plain English and discussion on Hacker NewsDavid: The Birds have landed…

Acquired wraps up a big few weeks of coverage with not an IPO or an M&A or a fundraising round, but what’s still the largest tech exit in recent memory: Spotify’s $30B direct public listing. We dive into what it all means and how we got here: from Napster to iTunes to Facebook (and even some Justin Timberlake thrown in for good measure). Acquired FM is on the scene and spinning all the hits from this new wave music industry titan! Note: We incorrectly described Spotify CEO Daniel Ek’s ownership stake in Spotify as 25%+; that is actually his voting control. His economic ownership is 9.3%, and cofounder Martin Lorentzon’s is 12.4%. We apologize for the error!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: Internet History Podcast on the Napster Story with Jordan Ritter Sean Parker’s email to Daniel EkCarve Outs:Ben: Black Panther (and soundtrack on Spotify!)David: “Silicon Ballet” panel at San Francisco Ballet on Saturday, April 28

Acquired is live on the scene following Dropbox’s public market debut. From playing a central role in the early days of Y Combinator, to having Steve Jobs famously label the company a “feature not a product”, to pivoting from consumers to enterprise to developers and back again, the silicon valley history runs deep with this one. What twists and turns lie ahead for Dropbox as a public company? We speculate!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks: Dropbox’s Y Combinator applicationOriginal Dropbox demo videoCarve Outs:Ben: Raytracing comes to DirectXDavid: Lazy Game Reviews

Acquired dives into the topic on the minds and lips of just about every VC and founder these days: SoftBank’s $93B+ Vision Fund, and its seemingly-overnight rewriting of the rules of venture capital and startup fundraising. Where did this new 800lbs gorilla come from, what are its goals, and what does it mean for the future of silicon valley and the global tech ecosystem? The answer, it turns out, starts with an acquisition, and unfolds into a story no one has yet told and few yet understand. Luckily our heroes are on the case!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks:Masayoshi Son on Charlie RoseCarve Outs:Ben: eBoys: The First Inside Account of Venture Capitalists at WorkDavid: Liu Cixin’s Remembrance of Earth’s Past trilogy (starting with The Three-Body Problem)Bonus: shout out to Brian McCullough’s new podcast the Ride Home, in partnership with TechMeme!

Acquired brings it all back home—to the smart home that is—with Google’s 2014 acquisition of Nest for $3.2B. From Nest cofounder Tony Fadell’s first job at General Magic (alongside future Android founder Andy Rubin) to his days as “father of the iPod” under Steve Jobs at Apple, the Silicon Valley history runs deep with this one. But did that make the acquisition a good move for Google in the coming battle with Amazon’s “Lady A” for control over consumers’ homes? We dive in!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinks:Tony Fadell in the Academy of AchievementSteve Jobs deleting Tony Fadell from his FavoritesCarve Outs:Ben: Do by Friday podcastDavid: A Kingdom from Dust By Mark Arax in The California Sunday Magazine

We launch mini-series on Acquired with a subject near & dear to our heroes’ hearts: startup fundraising! This has been one of our most-requested new topics, and we’re excited to kick things off with makers of the popular Rec Room social VR app, Against Gravity, which raised one of Seattle’s hottest venture rounds in recent history: a $4m seed led by Sequoia Capital in 2016. CEO Nick Fajt joins to tell the story from company inception to building and shipping the initial product, fundraising as a first-time CEO, what they’ve been able to accomplish with the capital and their vision for the future. We had a blast touching on many classic Acquired themes for the first time “in-action” with a young, growing company, and hope you all enjoy the discussion as much as we did. Let us know what you think in the Slack!Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: Ready Player OneDavid: Seveneves Nick: The Legend of Zelda: Breath of the Wild

Former Zappos Chairman & COO (and current Partner at Sequoia Capital) Alfred Lin joins our heroes to kick off Season 2 with a classic: Amazon’s 2009 acquisition of the internet’s quirkiest online retailer for $1.2B in stock. How did three Harvard undergrads go from delivering pizza to their dorm to delivering happiness to the world — and become in the process one of the few companies ever to compete successfully head-to-head against Amazon in commerce? Tune in to find out! Note: Unfortunately the quality of David and Alfred’s audio tracks in this episode were significantly impacted by a processor issue on David’s computer, which we didn’t discover until after recording. We’ve worked hard to fix in post-production, but it’s still far from perfect. Still, the content from Alfred is so good, we felt we had to put this episode out there even though the audio quality isn’t up to par. We hope you’ll give it a listen regardless, and we’re working on getting a transcript made ASAP as well. -Ben & DavidSponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: Andrew Mason on Recode Decode David: Justin O’Beirne on Google Maps’ MoatAlfred: Walter Isaacson’s biographies of Albert Einstein and Benjamin Franklin

Acquired cozies up to the fire and looks back on the year in tech. How wildly off were we on last year’s predictions? What does the next year have in store? Most importantly, what price will Bitcoin be trading at in December 2018??? Pour yourself a glass of your favorite holiday beverage and kick back with us.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCLinksJosh Elman on shared experiencesPatrick McKenzie on distribution2017 Carve Outs of the Year:Books His Dark Materials trilogy by Philip Pullman Shoe Dog by Phil Knight Wooden on Leadership by John Wooden and Steve JamisonArticles “The Great AI Awakening” New York Times Magazine“Founder Friendly” AVC blogPodcasts “The Ezra Klein Show” featuring Yuval Noah Harari “The Bill Simmons Show” featuring Jimmy IovineMusic Bruce Springsteen and The E Street Band live at the Hammersmith Odeon London in 1975A Moment Apart by OdeszaMovies CreedBlade Runner 2049The Last JediApps YouTube HQ

Acquired crosses the half-century mark with an instant classic: Apple’s 2014 purchase of Beats, its largest acquisition ever. If you knew Beats as just another headphone company, think again—the history on this one will keep your heads ringin’.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs: * Ben: HQ * David: Wooden on Leadership

Ben and David dive into the most talked-about tech IPO of 4Q 2017: Stitch Fix. After downsizing the offering and pricing below the range, does this signal a warning that public markets won’t value high-flying silicon valley “disruptors” as high as VCs hope? Or is this a textbook example of a great return for a disciplined management team and well-run company? Most importantly, what happens next? Tune in for our heroes’ take.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: The iPhone XDavid: Coach Wooden and Me: Our 50-Year Friendship On and Off the Court

Ben & David cover the proposed largest tech M&A deal of all time, and in the process dive into the evolving dynamics of the industry that started everything in Silicon Valley—silicon. Just when VCs thought innovation was dead in semiconductors, a new wave of startups and large companies are redrawing the lines of competition in an industry dominated for a half-century by the “Wintel” duopoly of Intel and Microsoft.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:Innovation and disruption in the semiconductor industry over the past two years Intel’s acquisition of Nervana Graphcore and other ML-focused semiconductor startupsCDMA and the telephone network effect Qualcomm’s early cell phone handsets Vertical integration + commoditization in smartphone chipsets The Carve Out:Ben: The de-watering of Niagara FallsDavid: Big Daddy’s AntiquesBonus: The Mystery Show

Ben & David venture to the land down under (and reunite in-person!) to tell the story of the granddaddy of all bootstrapped tech success stories, collaboration software company Atlassian. How did two plucky college grads from Sydney, Australia go from just trying to escape working for the man to becoming two of the top 10 wealthiest people in the entire country, all without raising a dollar of venture capital? We dive in.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:How Atlassian founders Mike Cannon-Brookes and Scott Farquhar met in college at the University of New South Wales in Sydney, Australia, and their decision to bootstrap a startup as an alternative to finding a “real job” after graduationAtlassian’s “no sales” model, and the resultant efficiency of their sales & marketing spend relative to other SAAS companies Organic product growth and acquisitions over the years, starting with Jira and later adding Confluence, BitBucket, HipChat / Stride, Jira Service Desk and TrelloRapid revenue growth and the decision to continue as a bootstrapped company, only raising secondary capital prior to going publicThe IPO in November 2015 and subsequent stock performance (spoiler: it’s been good) The Carve Out:Ben: Phil Knight’s memoir, Shoe DogDavid: Bruce Springsteen memoir, Born to Run

Today our heroes cover a deal that might have more impact on life in Silicon Valley than AI, wearables and AR/VR combined… Nestle’s acquisition of Blue Bottle Coffee. Will hipster entrepreneurs and the VCs who love/need them continue to line up around the block for their minimalist coffee experience of choice, now that it’s owned by the Nesquik Bunny? Is this the beginning of Blue Bottle pod machines filling the empty counter space left by Juicero’s demise in VC offices throughout South Park? We investigate.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:The rise of “Third Wave” coffeeBlue Bottle founder James Freeman’s “classical” (music) influences Venture capital and the coffee business Achieving liquidity when companies and founders’ don’t want to go public, and don’t want to sell their stakes Nestle’s position in single-serve coffee market and potential brand impact of Blue Bottle The Carve Out: Ben: There Never Was a Real Tulip FeverDavid: iPhone SE

Acquired is back and live on the scene! After months of speculation, Google announces today their acquisition (err, "Cooperation Agreement”) of a large portion of HTC’s hardware division. What does this mean for the future of mobile? Can Google transform itself into a vertically integrated device company and compete directly with Apple? Most importantly, when will we see more Beats Android handsets??? (We hope never) Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include: The origins of HTC as a Taiwanese OEM, dating back to the Compaq iPAQ and Palm Treo 650!HTC’s long history with Google, starting as the manufacturer of the first Android phone, the HTC Dream / T-Mobile G1HTC’s ownership of Beats, for a hot minuteGoogle’s own winding history in hardware, with its Motorola acquisition in 2011 and divestiture in 2014Google & HTC’s joint work on the Pixel smartphones in 2016And much analysis and speculation on what this means for Google, Apple, Samsung, vertical vs horizontal business models and more! The Carve Out: Ben: Odesza’s new album A Moment ApartDavid: Bruce Springsteen on Fresh Air

On this extra-long episode of Acquired, Brian McCullough from the Internet History Podcast returns to discuss perhaps the most (in)famous merger of all time: AOL - Time Warner. Who doesn’t remember the soothing sounds of 56k modems and the timeless phrase, “You’ve Got Mail”? Join us all as we unpack how one of the biggest ISP’s of the 90’s tried to take over the world… and fell far short. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include: AOL’s status in the 90’s / early 00’sExplaining just what it is that AOL did at the height of their popularityHow AOL pioneered a number of internet paradigmsAOL’s persistent money troubles and bailouts from other companiesSteve Case foreseeing the coming era of broadband, inspiring AOL to pursue working with a cable companyEbay vs. Time Warner in a down-to-the-wire war for a merger with AOLWhy the money dried up for AOL after their merger with Time WarnerAOL and its value in the post-Time-Warner eraSpeculating about what would have happened had AOL and others stayed independent businessesAnd much discussion on how to grade this one… The Carve Out: Ben: Give and Take by Adam Grant David: Season of the Witch by David Talbot Brian: A Mind at Play: How Claude Shannon Invented the Information Age by Rob Goodman

Unicorns and ratchets and lawsuits, oh my! Our heroes dive into the history of Jack Dorsey’s famous “other” company, Square. Was the Square IPO a canary in the coal mine signaling doom & gloom for the so-called unicorn companies of the early 2010’s, or a mispriced and misunderstood diamond in the rough? Acquired weighs in.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:Square’s deep origins in the early 90’s in St. Louis, MO with the initial meeting of its co-founders, Jack Dorsey & Jim McKelveyMcKelvey’s side glass blowing business and the “inspiration” for Square that came much later in the late 2000’sThe complicated involvement of Washington University (in St. Louis) professor Robert Morley, who had worked for years developing payment card reading technologyThe company’s early meeting with Scott Forstall at Apple, and its “significant” impact on the its name and designThe real disruptive innovation of Square and its business model (hint: not just building a mobile card reader)Square’s massive payments deal with Starbucks in 2012 and its impact on the companyThe evolution of Square’s business from a simple card reader to cloud-based Point of Sale (PoS) system and entire suite of merchant tools & business management servicesThe drama leading up to Square’s IPO (including at Jack Dorsey’s “other” company, Twitter), dynamics and narratives affecting its pricing, the effect of IPO “ratchets”, and the company’s performance over the ~2 years since The Carve Out:David: Bob Iger on Nick Bilton’s Inside the Hive podcastBen: The World After Capital on GitBooks

Acquired dives into the legendary acquisition of Ben Horowitz & Marc Andreessen’s “second act” software company Opsware, from a perspective never before heard—HP’s side of the story! Our heroes are joined by Michel Feaster, who led both the acquisition for HP and then the Opsware product as part of the integrated company afterward under Ben Horowitz. Today the tables have turned: Michel is the Co-Founder and CEO of Seattle-based startup Usermind, and Ben Horowitz sits on her board on behalf of A16Z. This episode is not one to miss! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Opsware’s early history and origins as Loudcloud, the “second act” of internet wunderkind Marc Andreessen and Netscape product manager Ben HorowitzBen’s first person telling of the Loudcloud/Opsware history in The Hard Thing about Hard Things, as well as the great Wired "period piece” covering Loudcloud’s launch in August 2000The importance of timing, and Loudcloud’s too-early vision of—essentially—AWS before AWS (including eerie parallels between the metaphor Andreessen used to describe Loudcloud during the company’s first press briefing, and Jeff Bezos’s description of AWS at YC nearly a decade later)Creation of the “Opsware” tool inside of Loudcloud to automate deploying and configuring servers within Loudcloud’s data centersLoudcloud's meteoric rise, crash following the burst of the internet bubble, and hard pivot as a public company into Opsware—now an enterprise software company selling datacenter tools Michel’s role in HP’s evaluation of the company as an acquisition target, and process leading to its $1.6B acquisition in July 2007Integration of the company into HP’s culture and sales channelThe creation of Ben & Marc’s “third act”, the VC firm Andreessen Horowitz, and what it’s like for Michel now having Ben as an investor on her board at Usermind The Carve Out: Ben: StarStaX star trail photography softwareDavid: Jimmy Iovine on the Bill Simmons Podcast

Acquired trains its lens on the “second or third best acquisition of all-time”, Priceline’s 2005 purchase of Booking.com. Our heroes are joined by friend-of-the-show and former Jetsetter & Room 77 CEO Drew Patterson to help understand how this little-known startup from The Netherlands grew into the largest travel company in the world, with nearly $8B in annual revenue. Was this deal even better than Instagram??? We debate, hotly. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: The biggest startup you’ve never heard of (in the US), Booking.com, and its parent company Priceline (yes, the William Shatner Priceline)Booking’s founding in Amsterdam in late 1996: by recent college graduate Geert-Jan BruinsmaSkift.com’s Definitive Oral History of Online Travel The travel industry's GDS's (“Global Distribution Systems”) and the development of Sabre How Bruinsma raised the initial money for Booking: by emailing anyone he know who had an email address OTAs ("Online Travel Agencies”) and how they operate; the "merchant model" versus the “agency model"The role of search in online travel Bill Gurley on Conversion: The Most Important Internet Metric of AllExpedia’s early flirtation with Booking, and decision not to acquire the companyPriceline head of M&A Glenn Fogel’s vision for how powerful the agency model for OTAs could become in EuropePriceline and Glenn's 2004 acquisition of Active Hotels in the UK, followed by the 2005 acquisition of Booking for $133M and the combination of the two businesses into Booking.com Booking’s incredible growth in the decade since the acquisition, from less than 20M room-nights to over 500M, and $7.8B in revenue in 2016 The Carve Out: Ben: Scott Forstall talking about the original iPhone at the Computer History MuseumDavid: The Big SickDrew: Bloomberg’s Money Stuff by Matt Levine

Ben & David cover the creation of the gaming world’s equivalent of the 70’s rock supergroup: the 2008 merger of Blizzard and Activision. We tell the story from the Blizzard perspective, tracing the history of one of the most innovative companies in the business from humble beginnings at the hands of UCLA undergrads, to surviving multiple acquisition rollups (including at one point being owned by the French national water company), to joining ultimately with Activision to form the largest gaming company in the world, all while inventing multiple game genres that define the industry as we know it today. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Blizzard’s founding in 1991 as "Silicon & Synapse” by recent UCLA grads Allen Adham, Frank Pearce, and Mike MorhaimeThe team’s first projects making ports for other games, including Battle Chess on the Commodore 64Early success on the Super Nintendo with Rock & Roll Racing and The Lost VikingsOrigin of the Real-Time Strategy game genre (“RTS”) and Blizzard’s fist mega-hit, Warcraft Blizzard’s crazy corporate ownership changes over the yearsDevelopment of further legendary game franchises like Diablo and Starcraft, along with sequels to Warcraft and the rise of the rise of player moddingEmergence of the Multiplayer Online Battle Arena genre (“MOBA”) from the Warcraft III modding community, and its growth into one of the biggest sectors in the games and esports industries todayBlizzard’s role in developing the concept of online gaming, from early hacks to play against friends to World of Warcraft and Massively Multiplayer Online Role-Playing Games (“MMORPG’s”)The 2008 merger with storied gaming company Activision Growth and success since the merger, including the launch of new game franchises Hearthstone, Heroes of the Storm and Overwatch The Carve Out: Ben: Dick Costolo on Vanity Fair’s Inside the Hive podcastDavid: Nellie and Joe's 100% Natural Key Lime Juice (tip: buy in bulk from Walmart/Jet)

Ben and David are once again live on the scene, this time covering the biggest disruption in grocery since… well, sliced bread: Amazon’s $13.7B purchase of Whole Foods Market. We place this deal in context by diving deep into the long, intertwining history of grocery, tech and Amazon, from the infamous dotcom flameout Webvan (domain name now owned by Amazon) to its much more successful progeny Kiva Systems (acquired by Amazon in 2012) to current Silicon Valley unicorn Instacart (founded by former Amazon logistics engineer Apoorva Mehta). One thing is clear: for Amazon and Jeff Bezos, realizing the longterm vision of the Everything Store truly means building the everything store.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include:The origins of Whole Foods Market as “Saferway” in the late 70’s Austin, TX hippie scene, founded by CEO John Mackey (“the Steve Jobs of grocery stores”) and his then-girlfriend Renee Lawson HardyWhole Foods’ expansion through acquisition throughout the 80’s and 90’sThe company’s recent struggles with competition, leading to sales declines and attracting activist shareholder interest from Jana Partners Amazon’s acquisition of the company on June 16, 2017 for $13.7 billion, a 27 percent premium to the stock's previous day closing priceIn depth history and analysis of the four keys to understanding this deal: Webvan, Kiva Systems, AmazonFresh and InstacartFollowups: Walmart/Jet buys Bonobos for $310MThe Carve Out:Ben: Mark Zuckerberg’s 2005 CS50 guest lectureDavid: Exponent on Podcasting and Centralization

Ben & David revisit the birth of the digital music revolution and Steve Jobs' "digital hub" strategy, with Apple's 2000 acquisition of the Mac music player SoundJam MP, which would go on to become iTunes. We relive the 90's with brushed metal interfaces, music visualizers and of course, software sold in (physical) boxes.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

Ben and David continue Acquired’s “tech and sports” mini-series with Disney’s 2016 acquisition of a minority stake (with the right to purchase a majority stake at a later date) in BAMTech, the internet streaming company originally founded as part of Major League Baseball in the early 2000’s. However the importance of this story goes deeper than just sports, with major ramifications for nearly every major technology company from Amazon to YouTube. Even if you’re not not sure if baseball’s played on a diamond or a gridiron, tune in as we swing for the fences in predicting the future of TV! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: What is BAMTech, and why is it, according to The Verge, "the future of television”?BAMTech’s origins as part of Major League Baseball's Advanced Media division ("MLBAM)”)MLBAM’s founding CEO Bob Bowman’s decidedly “non-tech” background, and growth into one of the most important tech leaders of the past 15 yearsInitial technology struggles and learnings from early streaming efforts (including a botched audio package of Ichiro Suzuki’s games with the Mariners for fans in Japan)Landing on a streaming model that works with the launch of MLB.tv in 2002/2003—three years before YouTube is founded! Improvement of the MLB.tv service and MLBAM’s streaming expertise over the next ten years through the rise of mobile, and simultaneous growth of MLBAM’s revenues to over $1B annuallyMLBAM’s initial deals to expand its streaming services beyond baseball, starting with ESPN in 2010, then WWE, the PGA, HBO and the NHLThe importance of media rights, and MLBAM’s transition from a simple tech/infrastructure provider to a full-fledged media company The decision to initiate a spin-off process for BAMTech from MLB in August 2015, and Disney’s $1B investment into the newly created spin-out company in August 2016Disney’s subsequent announcement that they’ll be working with BAMTech to create a direct-to-consumer ESPN streaming serviceBAMTech’s $300M deal with Riot Games in December 2016 for the media rights to League of Legends eSports content Bob Bowman’s announcement in February 2017 that he’ll be stepping back to from a day to day role, and hiring of former Amazon VP of Video Michael Paull as BAMTech’s new CEO Followups & Hot Takes: Facebook’s struggles with Instant Articles Microsoft killing Wunderlist (David is VERY sad) Instagram continues its torrid growth, passes 700M MAU Amazon’s new Look The Cloudera IPOConfirmation the ride sharing wars are far from over: Didi raises $5.5B in the largest private funding round ever The Carve Out: Ben: NYT’s 4th Down BotDavid: Wait But Why on Elon Musk’s “Wizard Hat"

In honor of start of NBA playoffs, Ben & David venture off the beaten path to explore one of Steve Ballmer’s most famous acquisitions, his 2014 purchase of the Los Angeles Clippers NBA franchise. Was this landmark purchase a steal or a turnover for the former Microsoft CEO? We speculate wildly! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: The Clippers’ founding in 1970 as the NBA expansion team the Buffalo BravesEarly ownership changes and the move west to San Diego in 1981Acquisition in 1981 by LA lawyer and real estate developer Donald Sterling for $12.5MSterling's relocation of the Clippers to LA in 1984 against NBA rulesStruggles over the next 25 years as the "worst franchise in professional sports” according to ESPN Turnaround beginning in early 2010s led by Blake Griffin, DeAndre Jordan, and Chris PaulThe bombshell in April 2014, reported by TMZ, of a taped conversation between Sterling and his mistress where Sterling makes hugely offensive and racist comments, directed in particular toward former Lakers point guard Magic JohnsonFallout from the comments, resulting in a lifetime ban from NBA for Sterling, and a forced sale of the team to former Microsoft CEO, Steve Ballmer for $2BImpact of the landmark sale price on NBA and other sports franchise valuations Clippers performance post-sale, and prospects for the future The opportunity for technology and business model innovation in the NBA, and professional sports in general Followups: Instagram Stories passes 200 million users per day (including correction on the definition of DAU) The Last Jedi trailer!Clarifying Starbucks’ same store sales performance post-IPO The Carve Out: Ben: Bill Gurley on This Week in StartupsDavid: Pop, Race & the '60s podcast and Just Around Midnight by Jack Hamilton

Ben & David transcend the barriers of “real” reality, and dive into Facebook and Mark Zuckerberg’s geek-eutpoia vision of the future of gaming, social, and maybe even the entire internet: strapping goofy-looking goggles to your face. Is VR for real this time or are we living through another Virtual Boy moment? Tune in to find out! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Oculus’s origins in 2010 as a twinkle in the eye of the then-17 year old VR wunderkind, Palmer Luckey, who started by prototyping VR headsets in his parents’ garage in Southern California Palmer’s time interning at USC's Institute for Creative Technologies, and chronicling of his own VR efforts in the Meant to be Seen 3D internet forumsLegendary game developer John Carmack’s own interest in virtual reality, his intersection with Palmer on the MTBS3D forums, and how he acquired and popularized one of Palmer's first early prototypes of the Oculus Rift (which was literally held together with duct tape!) by demonstrating it onstage at E3 2012 How former Scaleform cofounders Brendan Iribe and Michael Antonov teamed up with Palmer after E3 to create the company Oculus VRThe newly-formed Oculus’s wildly successful August 2012 Kickstarter campaign, including video endorsements from both Carmack and Valve founder Gabe NewellOculus’s subsequent venture capital fundraisings, and catching the attention of Facebook and Mark Zuckerberg Facebook’s acquisition of the company in March 2014 for $2.3BThe Zenimax lawsuit filed against Oculus and Facebook following the acquisition Valve (home of the most incredible company handbook of all-time) and Gabe Newell’s subsequent pivot from supporting Oculus to launching their own competing VR efforts with the Vive Team changes at Oculus post-acquisition Followups: SNAP: still a public company Hot Takes: Intel’s $15B acquisition of Mobileye (with reference to Ben Thompson’s analysis of the deal and Smiling Curves) The Carve Out: Ben: Kara Swisher interviews the Pod Save America team at SXSWDavid: Adam Gopnik asks Are Liberals on the Wrong Side of History?

Ben & David "pour over" the 1992 IPO of the legendary Seattle coffee company with the help of Dan Levitan, who served as lead investment banker on the IPO and who would later co-found the venture capital firm Maveron with Starbucks’ CEO Howard Schultz.Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include:The original Starbucks’ founding as a coffee bean roaster, started by three disciples of the legendary coffee roaster Alfred PeetHoward Schultz’s introduction to Starbucks, his joining the team as director of marketing, and inspiration behind his “third place” coffee shop visionHoward’s departure from the original Starbucks, founding of Il Giornale, and subsequent of acquisition the Seattle Starbucks storesStarbucks’ incredible growth following the acquisition and expansion beyond SeattleThe state of raising private capital in the 1980’s/90’s, and the decision to go public (link to the S-1)Howard’s ambitious goals for the roadshow and investor participation, and subsequent stock performance after the IPOThe narrative and evolution of Starbucks as a technology company, or a consumer company that leverages technology very effectively The Carve Out:Ben: Dan Primack’s new daily newsletter, Pro RataDavid: The Wizard and the Bruiser podcast Dan: The Man in the Glass

Episode 33: Overture (with the Internet History Podcast!) Ben & David dive deep into the early days of internet search, with the help of the best in the internet history business: Brian McCullough from the Internet History Podcast! We are huge fans of IHP at Acquired, so this was a real treat to collaborate with Brian and the great work he does over there. In this episode we cover the story of how a small incubator in Southern California spawned perhaps the greatest tech business model of all-time, Yahoo!’s fumbling of that golden opportunity, and Google’s recovery of that fumble to cross into the end zone of tech history behind the biggest moat ever constructed on the internet. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Overture’s origins as part of the Idealab incubator run by famed early internet entrepreneur Bill GrossInvention of the paid search business model… initially by returning ADS ONLY in response to search queriesThe eventual marrying of Overture’s paid search (ads) with organic search results via syndication on other properties like Yahoo!Revenue from Overture’s ad partnership saving Yahoo!’s business after the internet bubble burst Yahoo!’s eventual acquisition of Overture for $1.4B in 2003 But… the really interesting story here: Overture’s 'inspiration' of Google’s business model and the creation of "the greatest advertising machine in the history of the world"The original (pre-Overture) Google business model: selling a box! Google’s differentiation vs Overture: focusing on the long tail, ad quality scores, and an advertiser-friendly auction structureGoogle’s first major search syndication victory over Overture: AOLYahoo!’s failed attempt to buy Google for $3B in 2002, leading it to settle for acquiring Overture instead the following year“Project Panama” at Yahoo!, and its impact on the tech and internet historyOverture's (and later Yahoo!’s) lawsuit against Google for stealing the paid search business model— "the O.G. version of Snapchat and Instagram”Paul Graham’s take on "What Happened to Yahoo?”Perhaps the most important technology to come out of this whole episode: HadoopThe power of incentive alignment in marketplaces— and creating the widest and deepest moats on the internet The Carve Out: Ben: The famous University of Washington's “Love Lab” Dr. John Gottman: “The Secret to Love is Just Kindness”David: BerlinBrian: The Dark Valley: A Panorama of the 1930s

Snap! Acquired is live on the scene reporting from the "Super Bowl" of 2017 tech events: Snap Inc's hugely anticipated (and just plain huge) IPO. What does the future hold for this plucky “camera company”? Will Snap's IPO endure as tech's most important picture-frame since the 2012 debut of Facebook, or is it destined to fade as just another snapshot? We debate! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Reference to our previous Acquired episode on Snap covering Facebook’s failed attempt to acquire the company in 2013, which goes deep on Snap’s origins and early historySnap’s busy years since: launching Discover, Lenses, Geofilters, new Chat, Memories, an ads API, acquiring Bitmoji, and, of course, debuting SpectaclesThe incredible document that is Snap's S-1 filing (read starting from the “BUSINESS” section on p.93)Snap Inc’s “unique” voting structureEvan Spiegel’s “CEO Award” bonus for successfully completing an IPO: an extra 3.0% of the company worth more than $600MSnap’s IPO pricing, first day of trading “pop”, and momentum carried into day two Introducing a new show section (for IPOs): Narratives! Snap is a “camera company"Snap's opportunity is winning television ad dollarsSnap is a cult of the “product genius”Snap has a growth problem… and its name is Instagram (Stories)Snap has a cost problem: the (first?) gross margin negative IPOWall Street to Evan: “we trust you… for now"Chris Sacca’s biggest email fail of 2012…And of course all the classics from the Acquired canon: waves, moats, flywheels, network effects, starting small and more! The Carve Out: Ben: The Bill Simmons Podcast with Ben ThompsonDavid: The Art of War, also Evan Spiegel’s Carve Out for 2013 :)

Topics covered include:The global surge in 2012 of entrepreneurs starting ridesharing companies, nowhere moreso than China Didi CEO Cheng Wei and investor Wang Gang’s backgrounds at Alibaba, first entrepreneurial effort in Momo, and Momo’s pivot to Didi DacheThe culling of the ridesharing herd in China down to Didi Dache and Kuaidi Dache through brutal competition and involvement of the “big three” Chinese internet companies Rise of the Chinese messaging apps and associated mobile payments, and their impact on ridesharingThe 2015 merger between Didi and Kuaidi, brokered in part by Russian VC Yuri MilnerUber’s decision to enter the Chinese market, and early success with investment and support from BaiduThe first meeting between Uber CEO Travis Kalanick and Cheng Wei in 2015—which does not go wellSubsequent “scorched earth” competition between Didi and Uber throughout 2015-16Negotiating an armistice: Uber’s agreement to sell its Chinese operations to Didi in late 2016End of the war, or just the beginning? January 2017: Didi invests $100M in Brazilian Uber competitor 99Sustainable growth, and building moats versus scorching earthSponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 Followups: Stay tuned for real-time coverage of the Snap IPO coming here on Acquired! The Carve Out: Ben: Taming the Mammoth on Wait But WhyDavid: Conversations with Tyler Podcast by Tyler Cowen, co-author of the Marginal Revolution blogBrad: Yuval Noah Harari (author of Sapiens)’s new book, Homo Deus: A Brief History of TomorrowMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

Topics covered include: P.A. Semi’s original moniker ("Palo Alto Semiconductor”) and its celebrity founder (in the semiconductor world) Dan DobberpuhlHistory of the back and forth tradeoffs between Intel’s powerful x86 chips and low power alternatives like ARM processors Dobberpuhl’s technology breakthroughs throughout his career that enabled true low-power + high-performance chipsThe initial target markets for P.A. Semi’s chips (surprise: NOT mobile phones)P.A. Semi’s first foray into a potential deal with Apple, dashed by Cupertino’s surprise switch to Intel processors in 2005The rise of mobile finally creating the huge market need for low-power / high-performance, Apple’s acquisition of P.A., and launch of the first Apple-designed chip, the “A4”, with the original iPad in 2010Geekbench: the single-core performance of Apple’s latest generation of smartphone processors (A10 Fusion) has basically caught up with Intel’s laptop CPUsAuthenTec’s beginnings in the late 90’s as a spinoff from the defense contractor Harris Corporation (named by Wired Magazine as the #2 threat to internet privacy in the US), based in Melbourne, Florida Early versions of the technology that became TouchID, the sensors for which were many times larger than today’s iPhones themselves!AuthenTec “not very Apple-like” website on Archive.org (and screenshot)AuthenTec’s deal that almost was to put their technology and sensors into Samsung’s flagship phones Apple’s acquisition of AuthenTec for $356 million in July 2012, and the rapid introduction of TouchID in the iPhone 5S one year later in September 2013Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 Followups: Merging of Alaska & Virgin America loyalty programs (woo!) Walmart announces major reorg following the Jet acquisitionSnap Inc. IPO drama is mounting! (we can’t wait to cover this one) The Carve Out: Ben: Rands in Repose: The SituationDavid: Daily Rituals: How Artists WorkMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

Ben & David wrap up 2016 with a review of the top tech themes we discussed on the show this year, and look forward to which themes we think will be relevant in the coming year. Can our hosts predict the future? Tune-in in 2018 to find out! Note: we apologize for the less-than-amazing audio quality on this one. We’re still working on tuning our remote recording setup! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Our top tech themes of 2016, including the first annual Acquired "Theme of the Year”: Aggregation Theory (surprise, surprise)Themes we think will be most relevant as we head into 2017Extended Carve Outs! The Carve Out(s): Books: Ben: On Writing WellDavid: The Creative Habit and the Asimov Robot/Empire/Foundation seriesArticle: Ben: Wait But Why: Religion for the NonreligiousDavid: The New York Times: The Perfect Weapon: How Russian Cyberpower Invaded the U.S.Podcasts: Both: The Ezra Klein ShowMusic: Ben: Justin BieberDavid: Stevie NicksTV/Movies: Ben: WestworldDavid: Rouge OneApps: Ben: ReachNowDavid: Amazon Music

Ben & David welcome very special guest Tom Alberg, board member and first lead investor in Amazon.com, to cover the IPO of "earth’s most customer-centric company". From longterm thinking to flywheels to riding big waves, this episode is chock full of lessons and stories from the journey of building one of tech’s most iconic franchises. We hope you enjoy listening as much as we did recording it! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Tom’s “prolific” bio from the Amazon S-1Jeff Bezos’s journey from a Vice President at the New York hedge fund D. E. Shaw to founding Amazon in a Bellevue, WA garage in the summer of 1994Jeff’s longterm thinking as evident in the early days of Amazon, and his approach that "failure is ok, but not trying things is not ok” Raising the seed money for Amazon before product launch, how Tom met Jeff and decided to invest despite the “high” valuationTom's (and Jeff’s) focus on the power of targeting large and growing markets Amazon’s actual overnight success after launching the website: according to Tom at the time, "By the second or third week… It was clear there was a trend here.”How Amazon’s venture round, led by John Doerr of Kleiner Perkins, came together in the spring of 1996 Amazon’s torrid growth through 1996, Jeff’s mantra of “get big fast” to win the land grab of online book selling, and the board’s decision to prepare for a public offering in the spring of 1997 How Frank Quattrone and Bill Gurley, then of Deutsche Bank, won the lead position for the Amazon IPO, beating out more storied firms such as Goldman Sachs and Morgan Stanley Development of the flywheel concept within Amazon, as an outgrowth of maniacal focus on creating superior customer experienceAmazon's public offering on May 15, 1997 at $18 per share (effectively $1.50 relative to today’s stock price after splits), raising $54M at a market capitalization of $438M — and subsequently trading down during the first few months following the IPO Amazon and Jeff’s management of investor perceptions of the company, and ability to sell the longterm vision over short term profits — “you get the investors you ask for” The creation of the first annual letter to Amazon shareholders included in the company’s 1997 annual report (and republished every year since), and then-CFO Joy Covey’s role and contributions to it Raising convertible debt just before the peak of the dotcom bubble and subsequent ability to survive the burst, and the impact of the downturn on Amazon culture The Carve Out: Ben: the band The Album LeafDavid: Cormac McCarthy (author of All the Pretty Horses, No Country for Old Men, etc)’s contribution to W. Brian Arthur’s landmark paper about the economics of the internet, “Increasing Returns and the New World of Business”Tom: Michael Lewis’s latest book The Undoing Project, chronicling the Nobel Prize winning partnership between Daniel Kahneman & Amos Tversky in developing the field of behavioral economics

Topics covered include: Brian’s history working across “both sides of the aisle” as both a startup founder and corporate development leader at a big company, how perspective from each informs the other, and the importance of learning “customer empathy” How Microsoft approaches M&A from an organizational perspective, and the importance of fit with the company’s product roadmap How Brian approaches strategic investments at Microsoft, and the evolution over time of the Microsoft (and large technology companies as a whole) perspective on investing in other companiesBalancing the tension between partnering and investing, and what criteria Brian thinks about when evaluating companies Microsoft’s investment in Facebook in 2007 (at a then-crazy-seeming $15B valuation), and more recently Foursquare, Mesosphere, CloudFlare and othersThe current state of the tech M&A landscape, and the emergence of private equity as tech company acquirers Potentially changing corporate and foreign tax structures and how they impact acquirers’ thinking around deals (or not!) How Microsoft tracks and evaluates success of acquisitions over time, and lessons learned from successes and failures The increasing number of operating companies (technology and otherwise) looking to invest in startups, and how that landscape has evolved over time Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 Followups: Snap Inc.’s rumored IPO filing — and bonus discussion of how VC’s and other investors think about “exiting” their investments in companies that have gone publicHot Takes: Amazon Go! The Carve Out: Ben: OK Go - The One Moment David: UC Berkeley Oral History with Sequoia Capital founder Don ValentineBrian: Om Malik’s recent piece in the New Yorker: Silicon Valley Has an Empathy VacuumMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

Topics covered include: Marvel’s corporate origins as "Timely Publications”, created in 1939 by pulp magazine publisher Martin Goodman in NYC, with the publication of Marvel Comics #1Creation of enduring characters such as Captain America, the Fantastic 4, Spider Man, The X-Men, Iron Man, Thor, The Hulk and moreAdoption in 1961 of the "Marvel Comics” brand, and writer-editor Stan Lee’s transition of the company towards focusing on edgier characters and stories targeted at older audiences Marvel’s first sale in 1968 to the Perfect Film and Chemical Corporation (later Cadence Industries)The company’s “turbulent” corporate history through the 1980’s and associated mergers, acquisitions and lawsuitsMarvel’s reinvention as a film-focused media company in the late 1990’s and early 2000’s with the launch of Marvel StudiosDisney’s ultimate acquisition of the company for $4.2 billion in August 2009, during the depth of the great recession Marvel's—and in particular Marvel Studios’—performance since the acquisition Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25Followups: People like Spectacles! Hot Takes: Shoutout to Hightower & VTS merging The Carve Out: Ben: WestworldDavid: OverdriveMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLC

Hey Acquired listeners. A note about this show: we recorded this episode the night before the 2016 Election Day in the US. At the time, the biggest change we saw coming was adding a new type of content to Acquired in analyzing IPO’s, which we introduce in this episode. Two days later, we woke up to a very different world than the one we were expecting. Reflecting on what’s happened, and the past few months of our show, we wanted to say two things:First, we want to apologize for our cavalier attitude toward this election cycle, and our glossing over the clearly very real problems and deep divide in America that it represented. In the Skype episode, David pretty glibly compared the AT&T - Time Warner merger to "Make America Great Again", arguing that any reactionary force is “on the wrong side of history” and cannot be relevant in a changing world. That was wrong, the sentiment behind it was wrong, and it was insensitive to the very real pain a lot of people are feeling out there on both sides.Second, looking back on this particular episode about the Facebook IPO, we think it actually might present a relevant parable for our country right now and--we hope--some important lessons for the technology industry going forward. For all the wonderful aspects of the tech industry that we celebrate on this show, there is no doubt that it also bears a great deal of responsibility for the current divide in America, and especially in its contribution to wealth inequality. Likewise, for all the wonderful aspects to the Facebook IPO story, as told in this episode, there is a very dark side as well: Facebook shareholders, investment banks and institutional investors raked in billions of dollars at the expense of individual retail investors who lost their shirts.At the same time, Facebook’s perseverance through their “broken IPO", and their determination in overcoming with incredible speed the massive, existential challenge to their business model posed by mobile, is something we think *can be* an inspiration to us all on how to move forward even when that seems hard. We hope you’ll listen to this episode with that in mind and think about how you, we, and the technology industry as a whole can do better in serving everyone in this country and in the world.Thanks for being on this journey with us. We’re sorry for our shortcomings, and we’re going to keep working hard to do better. -Ben & DavidSponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include:Introducing a new content vertical for Acquired: analyzing IPO’s! Facebook turning down early acquisition offers, including including the famous $1B overture from Yahoo in 2006 The Wikipedia entry on the Facebook IPO referencing it as a “cultural touchstone”Trading of pre-IPO Facebook stock on SecondMarket and SharesPost The infamous 2011 Facebook - Goldman Sachs deal attempting to circumvent then-active SEC regulations on number of permissible shareholders in a private company, and Goldman’s eventual loss of “lead left” status to Morgan Stanley for the ultimate Facebook IPO Facebook’s S-1 filing on February 1, 2012The company’s "small problem" at the time (read: gaping chest wound) with mobileAcquiring Instagram for $1B while on file to go public in April 2012Facebook’s $16B IPO finally taking place on Friday May 18, 2012, priced at $38 per share giving FB an initial market cap of $104BNASDAQ’s “technical glitch” (read: egregious f*&# up) preventing the stock from trading when it supposed to and resulting in $500M of investor lossesFacebook’s stock tanking following a flat first day of trading, losing 25% of its value during the first month and over 50% 4 months later, leading some to label it “The Biggest IPO Flop Ever"Later revelations that Facebook had unprecedentedly lowered revenue guidance during its IPO roadshow due to continuing challenges with mobile, resulting in an information asymmetry between its underwriting investment banks and their institutional investor clients versus the investing public at large How, from the ashes of its “broken IPO”, Facebook amazingly rose to fix its mobile problem at lighting speed, going from mobile comprising zero percent of ad revenue to 23% in one quarter, and over 50% one year laterZuckerberg's belief that the difficult IPO process and "terrible first year” as a public company "made our company a lot stronger”… and silicon valley’s bizarre, antithetical and counter-productive take away to “stay private longer” Followups: The scoop on Microsoft’s use of foreign cash to buy Skype, thanks to longtime listener and friend Nick Seguin Hot Takes:Twitter shutting down (or selling?) Vine The Carve Out:Ben: Amazon employee #1 Shel Kaphan on the great I

An acquisition so wild and crazy, they had to do it again. And again. Ben & David cover tech’s perhaps most-traded asset, Skype (which also happens to be a fantastic business). How do we even know which deal to grade? Tune in to find out… Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Community spotlight: Slack community member Swyx’s financial data research startup Sentieo! Skype founders Niklas Zennström and Janus Friis’s meeting in the 1990’s at Swedish telecom company Tele2Zennström & Friis’s introduction to talented Estonian developers Jaan Tallinn, Ahti Heinla, and Priit Kasesalu as part of Tele2’s efforts to jump into the dot com “portal mania” Skype’s origins in the technology powering Zennström, Friis and the Estonians’ first startup endeavor together: the peer-to-peer file sharing platform KazaaThe “complicated” legal, technological and ownership situation for Kazaa and Skype Skype’s “unique” corporate culture, including a swimming pool in the board room and shots for initiating new employees The first Skype acquisition: eBay’s 2005 deal to acquire the company for $2.6B, just two years after launchCulture clash between eBay and Skype management, and further legal drama regarding Skype technology ownership post-acquisitionThe second Skype acquisition: eBay’s 2009 decision to spin the company out to a private investor consortium including Silver Lake and the newly-formed Andreessen Horowitz The third (and final?) Skype acquisition: Microsoft’s $8.5B purchase of the company in 2011Skype as a “crossover” product with viable market opportunities both in consumer and enterpriseBill Gurley’s “Keys to the 10X Revenue Club” and the power of Skype’s organic customer acquisition model Followups: The Google iPhone… err, Pixel! Hot Takes: AT&T’s $85B mega-acquisition of Time Warner… making America great again, or rebuilding the T-1000? The New York Times acquiring The Wirecutter The Carve Out: Ben: Sam Altman’s Manifest DestinyDavid: SOMA the Musical starring our very own Acquired listener, the brilliant and talented Jake Saper!

Ben & David broadcast live from the 2016 GeekWire Summit covering one of the all-time greats, Apple’s 1996 acquisition of NeXT. This episode has it all: the Steve Jobs hero story, Apple, I.M. Pei, Ross Perot, Aaron Sorkin, Nobel Laureates and… Gil Amelio? Does NeXT rank atop the best acquisitions ever? Our own heroes cast their votes. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: 1980’s era Apple, entering the age of the “workstation”, with John Sculley as CEO and Steve Jobs leading the newly formed SuperMicro division working on building the “BigMac" Jobs’ exile to "Siberia”, and chance meeting with Nobel Laureate Paul Berg that sowed the seeds of NeXTJobs’ resignation from Apple on September 13, 1985 to start NeXT, taking with him SuperMicro division employees Joanna Hoffman, Bud Tribble, George Crow, Rich Page, Susan Barnes, Susan Kare, and Dan'l LewinApple’s subsequent lawsuit against Jobs and, Steve’s classic quote in response: "It is hard to think that a $2 billion company with 4,300-plus people couldn't compete with six people in blue jeans."NeXT’s “anti lean startup” approach, spending $100k on brand identity and moving into I.M. Pei designed offices Ross Perot’s $20M investment in NeXTThe first NeXT computer (fun unboxing video) product launch, dubbed "The NeXT Introduction” on October 12, 1988 (one of the three scenes in the Aaron Sorkin Steve Jobs movie)The NeXTSTEP operating system as the first “modern” OS (including Object-oriented programming), and like the Mac equally descended from Xerox PARCMajor technologies developed on NeXT computers, including the first web browser and Doom NeXT’s exit from the hardware business and transition to a software-only model with OPENSTEPApple’s failed internal projects to develop a modern OS, culminating in the acquisition of NeXT in December 1996Steve Jobs’ return to Apple, public lack of faith in the then-current board and management, and maneuvering to return to the CEO roleThe transformation of NeXTSTEP/OPENSTEP into OS X, and ultimately iOS, watchOS, tvOS, etc. The Carve Out: Ben: Stewart Butterfield (Cofounder/CEO of Slack) on the The Ezra Klein ShowDavid: DJI and the Rise of the Robomasters

CFO of Zillow Group Kathleen Philips joins Ben and David to cover the show’s first true “merger” versus “acquisition" (only took 22 episodes!), Zillow’s 2015 combination with Trulia to form Zillow Group. Note: our audio glitches unfortunately continued on this episode, and quality is rough. We recommend listening on speakers vs headphones if you’re able. We apologize and will be back to normal quality next time! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Zillow and Trulia’s beginnings during the “Web 2.0” era in the mid-2000’s Zillow, Trulia and other online players’ place within the massive US real estate marketThe lengthy “dance" between Zillow and Trulia and earlier aborted merger talks between the twoThe difficulty of "true mergers” among private companies and why the path is easier for public companies Public company shareholders’ influence and role in M&A transactions Details of the blazingly fast negotiations (27 days start to finish!) per disclosures in the SEC filings (scroll down to "Background of the Mergers”)Structuring the deal and incentivizing Trulia and Zillow mangers to stay and continue growing as separate brandsTrulia cofounder Sami Inkinen’s whereabouts during the merger negotiations The experience going through a lengthy FTC review of the merger, and defining what the relevant “market” is the FTC should be consideringIntroducing our new acquisition category: a “timeline acquisition” ;) (h/t Kathleen)Zillow Group’s overall approach to acquisitions, folding into its broader HR strategy Zillow founder Rich Barton’s startup thesis of searching for "What piece of marketplace information do people crave and don’t have?" Followups: Snap Inc. Spectacles! Hot Takes: Twitter-Disney rumors, according to “people familiar with matter”! AppLovin’s journey from bootstrapped startup to $1.4B exit The Carve Out: Ben: The Marvel Symphonic UniverseDavid: Shoe Dog by Phil KnightKathleen: The Struts

Ben and David go inside the M&A press with Bloomberg’s technology M&A reporter and host of the Deal of the Week Podcast, Alex Sherman. If you’ve ever wondered how stories about big deals get broken or what “according to people familiar with the matter” really means, tune in for the behind-the-scenes scoop! Note: A technical glitch with our recording setup created occasional short silences between Alex’s comments and Ben & David’s. It shouldn’t impact listenability, but we apologize for the awkward pauses! Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Bloomberg’s own fascinating “history & facts” and origins following the acquisition of storied Wall Street firm Salomon Brothers Bloomberg’s core as a highly profitable technology business (selling terminals to Wall Street firms), with a large media empire built on top of itThe tradable value of breaking M&A news & information to Bloomberg’s terminal customers, and competing on speedHow “sources" work — and industry standard that sources be directly within the companies involved in a dealThe coded language of M&A reporting and gleaning where information is coming from based on a story’s structure and phrasingThe lifecycle of a story—steps from sourcing to writing to release, and reasons (or lack thereof) for why stories run when they doInternal & external PR resources companies use for M&A How Alex prioritizes his time researching and creating stories, and who he’s meeting with to hear about what deals are in the works The difference between ‘news' and ‘analysis', and why news dominates the majority of stories versus deeper analysisMedia and social media business models, their evolution in the messenger world, and speculation on Twitter’s futureHow entrepreneurs can think about interacting with the press and building relationships with the right reporters for their stage and spaceApple’s ‘unique’ approach to press relations Followups: Instagram announces 500k+ active advertisers, up from 200k in February 2016 Amazon stock price surpasses $800/share Hot Takes: Ford acquires Chariot The Yahoo! data breach and potential impact on their acquisition by Verizon The Carve Out: Ben: Phil of Drones’ Burning Man 2016 recap videoDavid: Algorithms to Live By by Brian Christian & Tom Griffiths Alex: Clinton’s Samantha Bee Problem, by Ross Douthat in the NYT Opinion Pages

Ben & David examine Google’s 2005 purchase of Android for a rumored $50M, undeniably one of the best technology acquisitions of all time. But will it top the list of these tough graders? Tune in to find out. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Welcome new listeners! We quickly review the show format for newbies. Community spotlight: Patagonia on a Budget from community member Matt Morgante (@mattm on Slack)Andy Rubin’s career trajectory and what made him “born to start Android"The undeniable “cool factor” of the Danger Sidekick in the early/mid-2000’s, including fans such as Larry Page, Sergey Brin and… Turtle from Entourage Android’s original ambition to build an operating system for… digital camerasWebTV founder Steve Perlman is pretty much the best friend ever Google’s own perspective on Android as their “best deal ever"The Android team’s reaction to Steve Jobs unveiling the iPhone in January 2007, and redesigning the initial launch hardware Announcing Android and—equally importantly—the Open Handset Alliance (“OHA”)The much-talked-about "mobile holy wars", between Android’s “open” platform and Apple’s “closed” platform The less-talked-about US carrier wars with the iPhone + AT&T in one camp, and everyone else in the Google / OHA camp (including “Droid Does”)A quirk of history: HTC at one point acquires a majority share in Beats, resulting a short-lived period of Beats-branded Android phones (still available on Amazon!)The real battleground for Google in the mobile platform wars: the economics of “default search” (briefly known thanks to the Oracle/Java lawsuit against Google) Google’s detour into smartphone hardware with the acquisition (and subsequent divestiture) of Motorola The “fork-ability” of Android via the Android Open Source Project (versus “Google Android”), and the rise of Xiaomi, Cyanogen, Kindle Fire and other platformsThe ecosystem economics of the Android business for Google “Defensive” versus “offensive” acquisitions, and protecting Google’s core search business Could (or would) Google have built an Android-like platform without acquiring Android the company (or having Andy Rubin)?Framing the technology world’s shift to mobile within (surprise) Ben Thompson’s Aggregation TheoryThe current “moving up the stack” of the competitive playing field as the mobile landscape matures Grading: Android versus Instagram? Followups: Waze launches Carpool in the Bay Area. Much consternation ensues on the Uber board. Hot Takes: The iPhone 7 (and AirPods) announcement The Carve Out: Ben: Business Adventures by John Brooks, Bill Gates’ favorite business bookDavid: Ezra Edelman's fantastic 5-part ESPN documentary on O.J. Simpson, O.J.: Made in AmericaNone this week… coverage of Instagram Stories to come next time!

Ben & David break down Jet.com’s meteoric rise, culminating in Walmart’s blockbuster $3B+ acquisition of the company just two years after its founding. Will we look back on this deal as an ‘Instagram-like’ bargain or a ‘Pets.com'-sized blunder? And most importantly, can *anyone* compete with Amazon going forward? We speculate wildly. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: Community spotlight: Nowdue, a super fast invoicing platform for teams on Slack. Invoice like it’s the future! This looks very cool. Jet’s deep origins in Founder & CEO Marc Lore’s first two companies, The Pit and Quidsi (aka, diapers.com) Lore’s chance run-in with Jeff Bezos at a school picnic in Seattle in the early 2000’sAmazon's dramatic acquisition of Quidsi in 2010, including Bezos’ admonition to Amazon corp dev to keep Quidsi from being bought by Walmart under any circumstances (covered well in The Everything Store)Lore’s less-than-favorable opinion of Amazon's culture Lore's vision of Jet as an ‘online Costco’ that can directly with Amazon on price by selling goods to a “huge middle-class of people" at effectively zero margin, and make profit on membership feesJet’s huge, pre-launch fundraising rounds, and subsequent massively promoted public launch in July 2015Jet’s pivot in October 2015 to drop the membership model (their only profit engine), and subsequent massive growth (but also accompanying massive losses) 'Admitting defeat” to Amazon in July 2016? Immediately followed by the blockbuster $3B+ Walmart acquisition announcementIs e-commerce really a winner-take-all business and will Amazon just take over the world? Featuring liberal citations (again) of Ben Thompson's Aggregation Theory and the importance of customer experience. Is there any path for Walmart & Jet to compete effectively with Amazon? Is Marc Lore Walmart’s only hope?Fantastic interview with Tim Cook discussing (among other things) the massive amount of growth still left in the internet Followups: Lucasfilm: Star Wars Rouge One trailer drops! Featuring a strong female protagonist! New section: Hot Takes! (thank you @cteitzel on Slack for the idea) Verizon/AOL acquires Yahoo!Lyft reportedly turns down acquisition offer from GM Microsoft acquires Beam Randstad acquires Monster.com The Carve Out:Ben: Michael Mauboussin’s Talk at Google and Reflections on the Ten Attributes of Great Investors after thirty years of honing his craftDavid: Strava, the fantastic social fitness-tracking appNone this week… coverage of Instagram Stories to come next time!

Ben & David are joined by special guest Taylor Barada, VP and Head of Corporate Development & Strategic Partnerships at Adobe, to discuss how large tech acquirers approach buying companies. This episode is full of great insights for startups & entrepreneurs who might find themselves navigating the M&A process, as well as anyone curious about the craft of dealmaking and the strategic approach of large acquirers. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25 More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: How conversations begin between startups and acquirersThe importance of building a relationship with acquirers over time and "investing in lines, not dots” (just like raising VC)The often under-appreciated role of culture fit between acquirers and acquisition targets How entrepreneurs should evaluate acquirers throughout the M&A process Two examples of successful acquisitions Taylor completed at Yahoo in Citizen Sports and IntoNowThe M&A process at large technology acquirers, from initial conversations to LOI, due diligence and the definitive merger agreement The relative roles of Corp Dev, business/product owners and executive sponsors in the M&A processCommon mistakes startups (and VC’s) often make in the M&A processDifferent “categories” of M&A that acquirers think about, and the relative risks & opportunities of “core" acquisitions vs transformative new businesses What percentage of deals Adobe looks at actually happen, and the importance of being willing to say noM&A as a tool for strategy, and the different M&A cultures & approaches at different companies Tech themes Taylor and Adobe think about as part of their M&A strategyEvaluating the longterm success of deals and the importance of the M&A integration function Followups: Ben & David’s quick take on Instagram Stories! The Carve Out: Ben: Why the Concorde failed by VoxDavid: Simone Biles, the greatest gymnast of all timeTaylor: Mindset by Carol Dweck, Shoe Dog by Phil Knight, Originals: How Non-Conformists Move the World by Adam GrantNone this week… coverage of Instagram Stories to come next time!

Topics covered include: Community Showcase: the Nexcast podcasting platform from listener Brian Sanders, along with their podcast chronicling the team’s journey building the company Waze’s origin in cofounder & CTO Ehud Shabtai’s desire to hack his portable GPS navigation unitWaze CEO Noam Bardin’s retrospective blog post on the Waze journey Waze’s Palo Alto office and the bizarre Silicon Valley phenomenon of tech companies being located in retail storefronts Apple’s ill-fated launch of Apple Maps as part of iOS 6 at WWDC 2012, Apple’s subsequent apology letter, and Scott Forstall’s ultimate ouster from the company The climax of the mobile platform wars… which it turns out Apple and Google both won Apple, Facebook, and Google all vying to acquire Waze throughout 2013 Google’s renewed design ethos under Larry PageBen and David spontaneously agree (surprise) to create on a new category of acquisition for the show The increasing strategic value of data and data assets as technology enters the age of machine learning The coming mega trend of autonomous vehicles, and the role Israeli startups are playing in it (including the globalization of startups & innovation)The disruptive power of network and data-based business modelsEmergence of native as *the* definitive advertising medium on mobile, including ability to close the advertising loop via location-based products and services Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCThe Carve Out:Ben: Weezer’s “Summer Elaine and Drunk Dori” on Song Exploder David: Simon Sinek’s “Start with Why” TED Talk Followups: None this week… coverage of Instagram Stories to come next time!

The meta show: Ben and David turn their gaze inward and examine the podcasting industry through E. W. Scripps’ recent acquisitions of the Midroll podcast advertising network and Stitcher podcast client. Featuring discussion of our own product process and metrics at Acquired. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCAnnouncements: We’re pivoting! (not really) Our new show description: A Podcast About Technology Acquisitions That Actually Went WellBut we are launching a new feature! Since so many of you, our listeners, are also tech and startup folks and/or other builders, we wanted to create a space to feature cool products, companies and side projects you’re working on. Thus we’re adding a "Community Showcase” section to the show. If you’d like to be included just send us a Slack message or email, and we’ll choose one submission to feature on each show. This episode we’re highlighting BESTR, from community member David Resnick (aka @the_rezonator in Slack), which is an online platform to share lists of great things. Check it out and let David know what you think. Topics covered include: Top Google search results for “acquired podcast"Midroll’s origins in the comedy podcast Comedy Bang Bang (now an tv show on IFC) and exit last year to Scripps The structural challenges inherent to podcasting as a medium and the gap between audience size/engagement and industry revenuesOpportunities for independent podcasters and our own audience and business metrics at Acquired Stitcher’s long corporate history as a venture backed company, first acquisition by French music company Deezer, and now second acquisition from Deezer by ScrippsProblems with Stitcher as a product and industry reaction to the acquisition including John Gruber's response, Ben Thompson’s article on Stratechery, and Ben & James Allworth's discussion on their excellent podcast ExponentHandicapping Stitcher+Midroll’s chances for success within Scripps, and opportunities for new startups & innovation in the podcasting spacePioneer Square Labs’ own past efforts in the podcasting space and their process for evaluating potential new company ideas Shoutout to Pocket Casts and our listeners down under Followups: Twitch: bringing tipping onto the platform with the launch of Cheering + Bits (H/t Slack community member jamesk)Facebook Instant Articles: pour one out for Facebook Paper (developed by the Push Pop Press team)LinkedIn: the hotly anticipated SEC filing detailing all the negotiation drama is now live (scroll down to "Background of the Merger” on p.31) The Carve Out: Ben: Mark Titus, AKA @ClubTrillion is joining the RingerDavid: OKR’s and regular goal setting, including great “how to" from GV partner Rick Klau

Ben and David return to make their first foray into enterprise software, covering Salesforce’s $2.5B acquisition of ExactTarget in 2013 with the help of special guest and ExactTarget cofounder & CEO, Scott Dorsey. Technical note: due to an issue we didn’t catch during recording, audio quality is significantly lower than usual for this episode (especially David’s voice). We apologize but hope you’ll give it a chance anyway— Scott offers great wisdom & insights, and the ExactTarget success story is a inspiring one underdog entrepreneurs, especially (but not limited to!) anyone located in the Midwest or elsewhere outside of traditional "Silicon Valley-style” tech hubs. Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics covered include: The decision to start ExactTarget post-internet bubble and in Indianapolis, with zero software experience between Scott and cofounders Chris Baggott & Peter McCormickRaising initial money from friends & family, followed by early investment and mentoring from Indianapolis venture pioneer Bob ComptonBuilding and scaling a great sales organization within a technology companyThe importance of focusing early on a clearly defined target market (SMBs in the case of ExactTarget), and then “stair-stepping” up as the product and business scale grow over timeExactTarget’s unsuccessful first IPO filing during the financial crisisBuilding a "capital-efficient” early stage company, and the value of raising growth capital at the right time to step on the acceleratorThe value of “secondary” investments allowing founders, employees & early investors to “stay hungry” by achieving some liquidity along the wayWhen and how to expand internationally and the importance of strategic resellersExactTarget’s second successful IPO filing and life as a public company with quarterly financial reporting to Wall StreetHow the acquisition process played out with Salesforce and other bidders (including reference to ExactTarget’s incredible SEC filing detailing the entire negotiation—scroll down to "Background and Reasons for the ExactTarget Board’s Recommendation”, starting at the bottom of page 13)Approaching the difficult task of integrating a major acquisition involving thousands of peopleThe fun story of ExactTarget’s winning Microsoft as a large customer—including actual sledgehammersScott’s new Indianapolis-based venture studio, High AlphaPlus as always the "hard hitting" analysis across acquisition category, what would have happened otherwise, tech themes—and final grading The Carve Out Ben: The Talk Show live at WWDC 2016 with Phil Schiller & Craig FederighiDavid: The Score Takes Care of Itself by legendary 49ers coach Bill Walsh, originally recommended by Jack Dorsey [no relation to Scott :) ] at YC Startup School '13Scott: 2016 Scipps National Spelling Bee, including one of the finalists’ favorite words: indefatigable Followups: Instagram’s incredible user numbers announcement: 500M monthly active users / 300M daily active users

Ben and David cover the 3-day-old acquisition of LinkedIn by Microsoft for $26.2 billion. They cover LinkedIn’s founding story by Reid Hoffman, break down their core businesses, analyze recent stock behavior, and speculate on the future of the company inside Microsoft. The big question - were they worth the price tag?Sponsors:WorkOS: https://bit.ly/workos25Intapp: https://bit.ly/intappcelesteSentry: https://bit.ly/acquiredsentryAnthropic: https://bit.ly/acquiredclaude25More Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCItems Mentioned On The Show: Adweek: Snapchat Launches a Colossal Expansion of Its Advertising, Ushering in a New Era for the AppThe Facebook Effect - David KirkpatrickLinkedIn’s Series B pitch deck LinkedIn’s S-1Microsoft and Apple Double Down - Stratechery NYT Dealbook on stock based compensation at LinkedIn Josh Elman - When people get confused about “BS metrics”Fred Wilson: The Dentist Office Software StoryThe Carve Out: Jeff Bezos at Code 2016 Elon Musk at Code 2016