Tech's biggest acquisitions have reshaped industries, created monopolies, and generated fortunes. From Microsoft's record-breaking $68.7 billion Activision deal to transformative purchases like Google-YouTube and Facebook-Instagram, these mega-deals define the modern tech landscape.
The Top 25 Largest Tech Acquisitions
| # | Acquirer | Target | Year | Value |
|---|---|---|---|---|
| 1 | Microsoft | Activision Blizzard | 2023 | $68.7B |
| 2 | Dell | EMC Corporation | 2016 | $67.0B |
| 3 | Broadcom | VMware | 2023 | $61.0B |
| 4 | Salesforce | Slack | 2021 | $27.7B |
| 5 | Microsoft | 2016 | $26.2B | |
| 6 | Microsoft | Nuance Communications | 2021 | $19.7B |
| 7 | Meta | 2014 | $19.0B | |
| 8 | Oracle | Cerner | 2022 | $28.3B |
| 9 | Amazon | Whole Foods | 2017 | $13.7B |
| 10 | Motorola Mobility | 2012 | $12.5B | |
| 11 | HP | Autonomy | 2011 | $11.1B |
| 12 | Microsoft | Skype | 2011 | $8.5B |
| 13 | Amazon | MGM | 2022 | $8.45B |
| 14 | Microsoft | ZeniMax Media | 2021 | $7.5B |
| 15 | Microsoft | GitHub | 2018 | $7.5B |
| 16 | Microsoft | Nokia Devices | 2014 | $7.2B |
| 17 | Adobe | Figma | 2022* | $20.0B |
| 18 | Microsoft | aQuantive | 2007 | $6.3B |
| 19 | Mandiant | 2022 | $5.4B | |
| 20 | Amazon | One Medical | 2023 | $3.9B |
| 21 | Nest Labs | 2014 | $3.2B | |
| 22 | DoubleClick | 2008 | $3.1B | |
| 23 | Microsoft | Mojang (Minecraft) | 2014 | $2.5B |
| 24 | Meta | Oculus VR | 2014 | $2.0B |
| 25 | Fitbit | 2021 | $2.1B |
*Adobe-Figma was announced but later cancelled due to regulatory concerns.
Deals #26-50
| # | Acquirer | Target | Year | Value |
|---|---|---|---|---|
| 26 | YouTube | 2006 | $1.65B | |
| 27 | Waze | 2013 | $1.1B | |
| 28 | Amazon | Ring | 2018 | $1.2B |
| 29 | Amazon | Zappos | 2009 | $1.2B |
| 30 | Amazon | Twitch | 2014 | $970M |
| 31 | Meta | 2012 | $1.0B | |
| 32 | Amazon | Kiva Systems | 2012 | $775M |
| 33 | Amazon | PillPack | 2018 | $753M |
| 34 | Apple | Beats Electronics | 2014 | $3.0B |
| 35 | Apple | Intel Modem | 2019 | $1.0B |
| 36 | Apple | Shazam | 2018 | $400M |
| 37 | MoPub | 2013 | $350M | |
| 38 | DeepMind | 2014 | $500M | |
| 39 | Amazon | Zoox | 2020 | $1.2B |
| 40 | Cisco | Splunk | 2023 | $28B |
| 41 | IBM | Red Hat | 2019 | $34B |
| 42 | Nvidia | Mellanox | 2020 | $6.9B |
| 43 | Intel | Altera | 2015 | $16.7B |
| 44 | Intel | Mobileye | 2017 | $15.3B |
| 45 | Avago | Broadcom | 2016 | $37B |
| 46 | Qualcomm | NXP (failed) | 2018 | $44B |
| 47 | SAP | Qualtrics | 2019 | $8B |
| 48 | Nvidia | Arm (failed) | 2022 | $40B |
| 49 | Oracle | NetSuite | 2016 | $9.3B |
| 50 | Visa | Plaid (failed) | 2021 | $5.3B |
Trends in Mega-Deal M&A
Microsoft Dominates
Microsoft appears more than any other company in the top 25, with deals including Activision Blizzard, LinkedIn, Nuance, GitHub, ZeniMax, and Skype. Under Satya Nadella, Microsoft has become tech's most aggressive acquirer.
Rising Regulatory Scrutiny
Several mega-deals have been blocked or abandoned due to regulatory concerns: Nvidia-Arm ($40B), Adobe-Figma ($20B), Qualcomm-NXP ($44B), and Visa-Plaid ($5.3B). Future mega-deals face higher hurdles.
Gaming Goes Mainstream
Microsoft's $68.7B Activision deal and $7.5B ZeniMax acquisition show gaming is now a strategic priority for tech giants. Expect more consolidation in gaming.
Deal Value vs. Success
Bigger doesn't always mean better. Several mega-deals appear in both this list and our Failed Acquisitions analysis, including Microsoft-Nokia ($7.2B), HP-Autonomy ($11.1B), and Microsoft-aQuantive ($6.3B).
Frequently Asked Questions
What is the biggest tech acquisition ever?
Microsoft's acquisition of Activision Blizzard for $68.7 billion in 2023 is the largest tech acquisition ever. The Dell-EMC deal ($67 billion in 2016) is a close second, followed by Broadcom-VMware ($61 billion in 2023).
Which company makes the most acquisitions?
By number, Google leads with 260+ acquisitions. By total value spent, Microsoft likely leads due to mega-deals like Activision ($68.7B) and LinkedIn ($26.2B). Apple is the most secretive, rarely disclosing deal values.
What makes a tech acquisition "mega"?
Generally, deals over $1 billion are considered "mega-deals" in tech M&A. Deals over $10 billion are truly massive and often face significant regulatory scrutiny. There's no official definition.
Are big acquisitions successful?
Research shows 70-90% of acquisitions fail to create expected value, and mega-deals are particularly risky. However, some mega-deals like Google-YouTube and Meta-Instagram have been spectacularly successful despite skepticism at the time.
Why was Meta's Instagram acquisition so cheap?
Instagram had only 13 employees and no revenue when Facebook acquired it for $1 billion in 2012. At the time, $1 billion seemed expensive. Today, Instagram is worth an estimated $100+ billion - perhaps the best acquisition in tech history.
What happened to the Adobe-Figma deal?
Adobe's proposed $20 billion acquisition of Figma was abandoned in December 2023 after regulators in the EU and UK raised competition concerns. Adobe paid Figma a $1 billion termination fee. The deal would have been one of the largest in software history.