評估併購機會時，應考量更廣泛的數位生態系統

Traditionally, potential M&A deals are evaluated based on factors like market power and access to new capabilities. Consider Facebook’s acquisition of Instagram in 2012 for $1 billion. At the time, the deal was widely viewed as a defensive maneuver 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.