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Ben Gilbert and David Rosenthal

Acquired

In 1999, Microsoft became the most valuable company in the world. And in 2019, Microsoft became the most valuable company in the world, again. But… what happened in the twenty years in between? The answer, as we discovered in our research, is probably not what you think.

In this episode we explore and analyze the browser wars and the DOJ case, Windows XP through 8, Surface, Xbox, search, Yahoo!, Bing, the iPhone, Nokia, mobile, social, Facebook… and oh yeah, a little thing called Azure and the enterprise — which ended up becoming so big that no failures mattered. Tune in for Microsoft, Volume II.

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Sponsors:

Many thanks to our fantastic Season 14 partners:

J.P. Morgan PaymentsServiceNowPilot
Links:

Bill Gurley on Android’s “Less Than Free” business modelAll episode sources
Carve Outs:

Meta Ray-BansOzlo SleepbudsM3 Macbook AirModel Y
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Note: references to Fortune in ServiceNow sponsor sections are from Fortune ©2023. Used under license.

© Copyright 2024 ACQ, LLC

‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Microsoft Volume II

M&M’s, Snickers, Milky Way, Double Mint, Ben’s Rice, Pedigree, Whiskas, VCA, Banfield… all the brands you know, owned by the company you know nothing about: Mars, Incorporated. And Mars itself is 100% owned and deeply intertwined with the Mars family, who are currently the second wealthiest (and perhaps first most secretive!) family in the United States. Tune in for one of the 20th century’s most incredible entrepreneurial stories across candy and pet care, and one that’s all the more incredible because it’s so little-known!

Sponsors:

Many thanks to our fantastic Fall ‘24 Season partners:

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Links:

Hershey’s M&M response: Hershey-etsOur past episodes on Berkshire Hathaway, LVMH, and Novo NordiskWorldly Partners Multi-Decade Mars StudyEpisode sources

Carve Outs:

Dandelion Chocolate and the Dandelion Advent CalendarTesla Model Y + repair serviceSiloHome Alone

More Acquired:

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‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Mars Inc. (the chocolate story)

Ben and David discuss Disney's acquisition of Pixar in 2006. Was it a success? If so, what are the criteria that made it work? What lessons can be learned for other acquisitions in the future?

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© Copyright 2015-2025 ACQ, LLC

Episode 1: Pixar

Ben and David discuss Facebook's acquisition of Instagram in 2012. Was it a success? If so, what are the criteria that made it work? What lessons can be learned for other acquisitions in the future?

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WorkOS: https://bit.ly/workos25
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Episode 2: Instagram

Ben and David discuss Amazon's acquisition of Twitch in 2014. Unlike previous episodes, this recent acquisition still has a lot of open questions, and Amazon hasn't publicly reported growth of Twitch since the purchase. Ben and David talk about Justin Kan's original product with Justin.tv, and the transformation into the Twitch that Emmett Shear is running today.

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Episode 3: Twitch

Ben and David are joined by Former Microsoft VP and Co-Founder of Xbox, Ed Fries, to discuss the Bungie acquisition and the development of Halo. Highlights include: 

 • Ed’s call with Steve Jobs after the acquisition, and sharing the stage with Steve and Bungie Co-Founder Alex Seropian at the Macworld Keynote.
 • Bungie today, and the unlikely path to get there led by Harold Ryan.
 • How to find something that all parties want to get a deal done, the creation Peter Tamte’s spin-out Mac gaming studio, and orchestrating the division of current Bungie projects and assets with Take-Two, led by Ryan Brandt.
 • Saving a project that’s off schedule and missing the mark, and how Jason Jones led the effort to make Halo 2 a hit at launch.

Sponsors:

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© Copyright 2015-2025 ACQ, LLC

Episode 4: Bungie (with Xbox Co-Founder Ed Fries)

In the last episode of 2015, Ben and David discuss Apple's acquisition of Siri. Notable topics include: 

 • The founding of Siri by Dag Kittlau, Adam Cheyer, and Chris Brigham.
 • Scott Forstall on the Apple side, and the end of his time at the company.
 • The other Apple acquisitions around Siri, including Topsy, Novauris Technologies, OttoCat.
 • Cue, Spotsetter, VocalIQ, and Perceptio.
 • The team Apple built around Siri post-acquisition, including Alex Acero from Microsoft Research.
 • Speculation on the future of voice and its role in everyday computing.

Sponsors:

WorkOS: https://bit.ly/workos25
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Statsig: https://bit.ly/acquiredstatsig24

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Episode 5: Siri

Riding closely on the tails of Star Wars: The Force Awakens, Ben and David cover Disney's 2012 acquisition of Lucasfilm. In the episode, they mention Walt Disney's original flywheel diagram, seen below.

Sponsors:

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Statsig: https://bit.ly/acquiredstatsig24

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Episode 6: Lucasfilm

Ben and David test the widely-held belief that YouTube was one of the most successful tech acquisitions of all time. In today's world of next-generation video platforms, mobile video, streaming, and chord-cutting, was it actually a great purchase by Google? 

As discussed in the show, here is Sequoia's original YouTube investment memo - a rarely-shared gold mine for anyone interested in startup investing.

Sponsors:

WorkOS: https://bit.ly/workos25
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Episode 7: YouTube

Ben and David have special guest Kurt DelBene on to discuss Microsoft's acquisition of Acompli, Sunrise, and Wunderlist. Kurt is the EVP of Corporate Strategy and Planning at Microsoft, and joins to discuss Microsoft’s cloud-first, mobile-first strategy, and the importance of being cross-platform in the modern era. They cover: 

 • How the app of Outlook Mobile on iPhone and Android came to be.
 • How to decide whether to build vs. buy, and how it plays into the strategy for Office.
 • How to preserve a culture and a team, and how Javier Soltero came to run all of Outlook at Microsoft.
 • The origin of Outlook on the PC, originally led by Brian MacDonald as “Ren”.
 • How to balance a business with competing priorities, and a decision-making framework for acquisitions in a large company.
 • How to measure the success of an acquisition, and how sometimes, it’s not by measuring revenue at all.

Sponsors:

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© Copyright 2015-2025 ACQ, LLC

Episode 8: Acompli, Sunrise, and Wunderlist (w/ Kurt DelBene)

Acquired crosses the half-century mark with an instant classic: Apple’s 2014 purchase of Beats, its largest acquisition ever. If you knew Beats as just another headphone company, think again—the history on this one will keep your heads ringin’.

Sponsors:

WorkOS: https://bit.ly/workos25
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Statsig: https://bit.ly/acquiredstatsig24

More Acquired!:

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© Copyright 2015-2025 ACQ, LLC

Carve Outs: * Ben: HQ * David: Wooden on Leadership

Episode 50: Apple - Beats

Episode 50: Apple - Beats

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