Rebecca Doherty

Programmatic M&A is making a series of acquisitions to support a single business theme or strategy. You might do one or two larger anchor acquisitions, then you would follow up with smaller ones to build out the business. The idea is that you develop capabilities to both identify acquisition targets and integrate them, so M&A is a capability in the same way that sales and marketing are. Our research shows time and time again that a programmatic approach on balance produces the higher excess return to shareholders.

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