The 20 Biggest Tech Acquisitions of the Last Decade
Here are the 20 largest tech acquisitions from 2014–2025, ranking by deal value and impact. These transformative mergers reshaped entire industries—from gaming and cloud computing to enterprise software—representing over $600 billion in combined transaction value.
Major tech acquisitions demonstrate strategic priorities of the world's largest companies: Microsoft investing in gaming and cloud, Google expanding cybersecurity and cloud capabilities, Salesforce building comprehensive enterprise suites. These deals also showcase the importance of professional M&A execution—every acquisition required sophisticated due diligence, secure data rooms, and complex negotiations.
For companies preparing for acquisition or strategic partnerships, professional M&A infrastructure is critical. Peony provides secure data rooms for M&A transactions, track buyer engagement on materials, organize due diligence documents with AI automation, and maintain complete audit trails—enabling smooth M&A processes.
Major Tech Acquisitions (2014–2025)
1. Microsoft → Activision Blizzard (~$75.4B, 2023)
A landmark acquisition giving Microsoft control over iconic gaming franchises like Call of Duty and Warcraft.Wikipedia
2. Walt Disney → 21st Century Fox ($71B, 2019)
This media deal enriched Disney’s portfolio and fueled its streaming expansion, including Disney+.The Daily Star
3. Avago → Broadcom (~$37B, 2016)
A massive semiconductor consolidation, strengthening Avago’s market scope.M&A Community PortalWikipedia
4. Dell → EMC (~$67B, 2016)
A pivotal merger combining Dell’s hardware leadership with EMC’s storage expertise.M&A Community PortalDealroom
5. Microsoft → VMware (~$69B, 2023)
Broadcom’s acquisition of VMware marked one of the decade’s biggest tech mergers.The Daily Star
6. IBM → Red Hat (~$34B, 2019)
IBM’s move to strengthen its hybrid cloud strategy via open-source leader Red Hat.M&A Community PortalDealroom
7. Google → Wiz ($32B, 2025)
A strategic acquisition aimed at boosting Google Cloud's cybersecurity and AI-driven edge.AP NewsBusiness Insider
8. Palo Alto Networks → CyberArk (~$25B, 2025)
An ambitious purchase expanding Palo Alto’s identity security presence amid AI-driven cybersecurity concerns.Reuters
9. Salesforce → Slack (~$27.7B, 2020)
A high-profile deal integrating workplace communication into Salesforce’s enterprise ecosystem.Wikipedia
10. Salesforce → Tableau (~$15.7B, 2019)
This acquisition bolstered Salesforce’s analytics and business intelligence capabilities.Wikipedia
11. AMD → Xilinx (~$49B, 2022)
A strategic merger that combined high-performance processors with adaptable FPGA technologies.M&A Community Portal
12. Take-Two Interactive → Zynga (~$12.7B, 2022)
A major consolidation shaping the merged future of console and mobile gaming.Wikipedia
13. Microsoft → ZeniMax Media (~$8.1B, 2020)
Strengthened Microsoft's portfolio with major Bethesda game franchises.Wikipedia
14. HPE → Juniper Networks (~$14B, 2025)
A key acquisition in enterprise networking, completed after regulatory negotiation.Wikipedia
15. Salesforce → Informatica (~$8B, 2025)
Recent announced acquisition reinforcing Salesforce's data management offerings.Wikipedia
16. Facebook → WhatsApp (~$21.8B, 2014)
One of the biggest acquisitions of the decade, greatly expanding Facebook’s messaging reach.DealroomWikipedia
17. Microsoft → LinkedIn (~$26B, 2016)
A strategic combination linking enterprise and professional networking.Dealroom
18. Salesforce → Demandware (~$2.8B, 2016)
Expanded Salesforce’s e-commerce capabilities, setting stage for its commerce cloud.Wikipedia
19. Fine formatting—Adobe → Figma (~$20B, proposed but cancelled)
A bold attempt that was ultimately abandoned due to regulatory hurdles; still notable in scale.Wikipedia
20. Oracle → Cerner (amount undisclosed)
A substantial vertical expansion into health-tech by a key enterprise platform provider.Wikipedia
At a Glance
| Rank | Acquisition | Year | Value (Approx.) |
|---|---|---|---|
| 1 | Microsoft → Activision Blizzard | 2023 | $75B+ |
| 2 | Disney → 21st Century Fox | 2019 | $71B |
| 3 | Microsoft → VMware | 2023 | $69B |
| 4 | Dell → EMC | 2016 | $67B |
| 5 | Avago → Broadcom | 2016 | $37B |
| 6 | IBM → Red Hat | 2019 | $34B |
| 7 | Google → Wiz | 2025 | $32B |
| 8 | Salesforce → Slack | 2020 | $27.7B |
| 9 | Salesforce → Tableau | 2019 | $15.7B |
| 10 | HPE → Juniper Networks | 2025 | $14B |
These mega-deals reflect decades of evolving strategic priorities: from gaming consolidation and cloud leadership to enterprise intelligence and cybersecurity. They not only shifted market dynamics but redefined competitive landscapes across industries—from enterprise software to entertainment.
Key Themes in Major Tech Acquisitions
Strategic rationale patterns:
Cloud infrastructure consolidation:
- Dell-EMC, IBM-Red Hat, Microsoft-VMware
- Building comprehensive cloud platforms
- Combining hardware, software, and services
- Competing with AWS and Google Cloud
Gaming and entertainment:
- Microsoft-Activision, Disney-Fox, Take-Two-Zynga
- Content is king (controlling IP and franchises)
- Subscription and recurring revenue models
- Cross-platform gaming ecosystems
Cybersecurity:
- Google-Wiz, Palo Alto-CyberArk
- Rising threat landscape
- AI-powered security
- Cloud security focus
Enterprise software:
- Salesforce (Slack, Tableau, Informatica)
- Building comprehensive platforms
- Reducing customer tool sprawl
- Data and workflow integration
Semiconductor consolidation:
- Avago-Broadcom, AMD-Xilinx
- Technology leadership through scale
- Vertical integration
- AI chip capabilities
Acquisition Success Factors
What makes acquisitions successful:
Strong due diligence:
- Comprehensive data rooms (all materials organized)
- Quick information access (no delays)
- Complete documentation (financial, legal, technical)
- Professional presentation (signals operational quality)
Cultural alignment:
- Similar company cultures and values
- Compatible operating styles
- Shared strategic vision
- Leadership chemistry
Clear integration plans:
- Day-one readiness
- 90-day integration milestones
- Customer retention strategies
- Synergy realization timelines
Appropriate valuation:
- Fair pricing based on thorough diligence
- Realistic synergy assumptions
- Proper risk adjustment
- Market comparables
M&A Data Room Requirements
For companies being acquired:
Organized materials:
- Financial statements (3-5 years historical)
- Customer contracts and pipeline
- Employee census and compensation
- Technology and IP documentation
- Legal entity structure
- Tax returns and liabilities
- Insurance and litigation
Professional presentation:
- Investor-friendly categorization
- AI-organized structure
- Current information (updated weekly)
- Complete documentation (no gaps)
- Branded experience (signals operational maturity)
Secure sharing:
- Granular access controls (different buyers see different sections)
- Dynamic watermarks (identify sources if leaks)
- Audit trails (track buyer interest)
- Revocable access (control after sharing)
How Peony helps M&A: Peony's M&A data rooms provide AI organization, buyer engagement analytics (know which buyers are serious), secure sharing with watermarks, and professional branded presentation—accelerating M&A processes while protecting confidential information.
Lessons for Startups
Acquisition readiness:
- Maintain organized records continuously (not just when selling)
- Professional documentation signals operational quality
- Clean financials and legal structure increase valuations
- Deal-ready companies command premium pricing
Strategic positioning:
- Understand which acquirers target your space
- Build relationships before acquisition discussions
- Demonstrate strategic value (not just financial)
- Multiple interested buyers create leverage
Valuation optimization:
- Strong customer retention (reduces risk)
- Clear revenue visibility (increases confidence)
- Demonstrated product-market fit
- Growth trajectory and scalability
Data room preparation:
- Build data room 6-12 months before anticipated M&A
- Keep materials current (update monthly)
- Professional organization signals operational excellence
- Analytics show buyer interest patterns
M&A Transaction Timelines
Typical M&A process:
Phase 1: Initial discussions (2-4 weeks)
- Preliminary meetings
- High-level terms discussion
- NDA execution
- Initial materials sharing
Phase 2: Due diligence (4-12 weeks)
- Comprehensive data room access
- Financial, legal, technical, commercial review
- Management presentations
- Customer and partner calls
Phase 3: Negotiation (4-8 weeks)
- Purchase agreement drafting
- Final price negotiation
- Condition negotiations
- Regulatory filings
Phase 4: Closing (2-4 weeks)
- Final approvals
- Regulatory clearance
- Wire transfer and closing
- Transition planning
Total timeline: 3-7 months typical
Data room impact: Professional, complete data rooms can reduce due diligence time by 30-50%, accelerating overall M&A timelines.
For founders and startup teams navigating strategic agendas or preparing to present M&A material, using Peony can elevate your process. With AI-powered file organization, secure branded data rooms, and engagement analytics, Peony ensures your materials are polished and ready for high-stakes discussions.