When Software Companies Buy Other Software Companies

Lucas and Luna dive into the mechanics of tech M&A in 2026, using ServiceNow's recent acquisition spree as a case study. ServiceNow's stock is up 14 percent over the past week — and the company has been on a buying tear, snapping up AI startups and workflow tools. Lucas explains why strategic buyers like ServiceNow, Adobe, and Salesforce are outbidding venture capital for hot startups, and how the math works when a $200 billion market-cap company buys a $50 million startup. Luna pushes back on whether these deals actually deliver innovation or just consolidate market share. Along the way, they reference the latest data on M&A multiples, the role of earnouts, and why the 'acqui-hire' model is making a quiet comeback. If you work in tech, invest in tech, or just wonder where all the independent software companies go, this episode is for you. #ServiceNow #TechMAndA #SoftwareAcquisitions #StrategicBuyers #AIStartups #MAndAStrategy #AcquiHire #WorkflowAutomation #EnterpriseSoftware #VentureCapital #Innovation #Consolidation #BusinessAndTechnology #FexingoBusiness #BusinessPodcast #TechDeals #NowPlatform #AcquisitionMultiples Keep every episode free: buymeacoffee.com/fexingo