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Traditionally, potential M&A deals are evaluated based on factors like market power and access to new capabilities. Consider Facebook\u2019s acquisition of Instagram in 2012 for $1 billion<\/a>. At the time, the deal was widely viewed as a defensive maneuver<\/a> against a fast-rising competitor and a way for Facebook to strengthen its position in mobile photo sharing. But nearly 15 years later, the logic of the deal is seen in a different light. As our research suggests, an important and increasingly relevant source of value may have been overlooked: the opportunity to combine two ecosystems and create new value through enhanced connections with developers, partners, and other complementors.<\/p>\n<\/div>\n