Acquired

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:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs: * Ben: HQ * David: Wooden on Leadership

11 Dec 20171h 20min

Ben and David dive into the most talked-about tech IPO of 4Q 2017: Stitch Fix. After downsizing the offering and pricing below the range, does this signal a warning that public markets won’t value high-flying silicon valley “disruptors” as high as VCs hope? Or is this a textbook example of a great return for a disciplined management team and well-run company? Most importantly, what happens next? Tune in for our heroes’ take.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCCarve Outs:Ben: The iPhone XDavid:  Coach Wooden and Me: Our 50-Year Friendship On and Off the Court

4 Dec 20171h 18min

Ben & David cover the proposed largest tech M&A deal of all time, and in the process dive into the evolving dynamics of the industry that started everything in Silicon Valley—silicon. Just when VCs thought innovation was dead in semiconductors, a new wave of startups and large companies are redrawing the lines of competition in an industry dominated for a half-century by the “Wintel” duopoly of Intel and Microsoft.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:Innovation and disruption in the semiconductor industry over the past two years Intel’s acquisition of Nervana Graphcore and other ML-focused semiconductor startupsCDMA and the telephone network effect Qualcomm’s early cell phone handsets Vertical integration + commoditization in smartphone chipsets The Carve Out:Ben: The de-watering of Niagara FallsDavid: Big Daddy’s AntiquesBonus: The Mystery Show

20 Nov 201758min

Ben & David venture to the land down under (and reunite in-person!) to tell the story of the granddaddy of all bootstrapped tech success stories, collaboration software company Atlassian. How did two plucky college grads from Sydney, Australia go from just trying to escape working for the man to becoming two of the top 10 wealthiest people in the entire country, all without raising a dollar of venture capital? We dive in.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:How Atlassian founders Mike Cannon-Brookes and Scott Farquhar met in college at the University of New South Wales in Sydney, Australia, and their decision to bootstrap a startup as an alternative to finding a “real job” after graduationAtlassian’s “no sales” model, and the resultant efficiency of their sales & marketing spend relative to other SAAS companies Organic product growth and acquisitions over the years, starting with Jira and later adding Confluence, BitBucket, HipChat / Stride, Jira Service Desk and TrelloRapid revenue growth and the decision to continue as a bootstrapped company, only raising secondary capital prior to going publicThe IPO in November 2015 and subsequent stock performance (spoiler: it’s been good) The Carve Out:Ben: Phil Knight’s memoir,  Shoe DogDavid: Bruce Springsteen memoir,  Born to Run

7 Nov 20171h 11min

Today our heroes cover a deal that might have more impact on life in Silicon Valley than AI, wearables and AR/VR combined… Nestle’s acquisition of Blue Bottle Coffee. Will hipster entrepreneurs and the VCs who love/need them continue to line up around the block for their minimalist coffee experience of choice, now that it’s owned by the Nesquik Bunny? Is this the beginning of Blue Bottle pod machines filling the empty counter space left by Juicero’s demise in VC offices throughout South Park? We investigate.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:The rise of “Third Wave” coffeeBlue Bottle founder James Freeman’s “classical” (music) influences Venture capital and the coffee business Achieving liquidity when companies and founders’ don’t want to go public, and don’t want to sell their stakes Nestle’s position in single-serve coffee market and potential brand impact of Blue Bottle The Carve Out: Ben: There Never Was a Real Tulip FeverDavid: iPhone SE

8 Okt 20171h 9min

Acquired is back and live on the scene! After months of speculation, Google announces today their acquisition (err, "Cooperation Agreement”) of a large portion of HTC’s hardware division. What does this mean for the future of mobile? Can Google transform itself into a vertically integrated device company and compete directly with Apple? Most importantly, when will we see more  Beats Android handsets??? (We hope never) Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include: The origins of HTC as a Taiwanese OEM, dating back to the Compaq iPAQ and Palm Treo 650!HTC’s long history with Google, starting as the manufacturer of the first Android phone, the HTC Dream / T-Mobile G1HTC’s ownership of Beats, for a hot minuteGoogle’s own winding history in hardware, with its Motorola acquisition in 2011 and divestiture in 2014Google & HTC’s joint work on the Pixel smartphones in 2016And much analysis and speculation on what this means for Google, Apple, Samsung, vertical vs horizontal business models and more!  The Carve Out: Ben: Odesza’s new album A Moment ApartDavid:  Bruce Springsteen on Fresh Air

21 Sep 20171h 25min

On this extra-long episode of Acquired, Brian McCullough from the Internet History Podcast returns to discuss perhaps the most (in)famous merger of all time: AOL - Time Warner. Who doesn’t remember the soothing sounds of 56k modems and the timeless phrase, “You’ve Got Mail”? Join us all as we unpack how one of the biggest ISP’s of the 90’s tried to take over the world… and fell far short. Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include: AOL’s status in the 90’s / early 00’sExplaining just what it is that AOL did at the height of their popularityHow AOL pioneered a number of internet paradigmsAOL’s persistent money troubles and bailouts from other companiesSteve Case foreseeing the coming era of broadband, inspiring AOL to pursue working with a cable companyEbay vs. Time Warner in a down-to-the-wire war for a merger with AOLWhy the money dried up for AOL after their merger with Time WarnerAOL and its value in the post-Time-Warner eraSpeculating about what would have happened had AOL and others stayed independent businessesAnd much discussion on how to grade this one…  The Carve Out: Ben: Give and Take by Adam Grant David:  Season of the Witch by David Talbot Brian: A Mind at Play: How Claude Shannon Invented the Information Age by Rob Goodman

18 Sep 20171h 48min

Unicorns and ratchets and lawsuits, oh my! Our heroes dive into the history of Jack Dorsey’s famous “other” company, Square. Was the Square IPO a canary in the coal mine signaling doom & gloom for the so-called unicorn companies of the early 2010’s, or a mispriced and misunderstood diamond in the rough? Acquired weighs in.Sponsors:Rippling: https://bit.ly/acquiredripplingStatsig: https://bit.ly/acquiredstatsig25Odd Lots: https://bit.ly/acquiredoddlotsServiceNow: https://bit.ly/acquiredsnMore Acquired!Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2Merch Store!© Copyright 2015-2025 ACQ, LLCTopics Covered Include:Square’s deep origins in the early 90’s in St. Louis, MO with the initial meeting of its co-founders, Jack Dorsey & Jim McKelveyMcKelvey’s side glass blowing business and the “inspiration” for Square that came much later in the late 2000’sThe complicated involvement of Washington University (in St. Louis) professor Robert Morley, who had worked for years developing payment card reading technologyThe company’s early meeting with Scott Forstall at Apple, and its “significant” impact on the its name and designThe real disruptive innovation of Square and its business model (hint: not just building a mobile card reader)Square’s massive payments deal with Starbucks in 2012 and its impact on the companyThe evolution of Square’s business from a simple card reader to cloud-based Point of Sale (PoS) system and entire suite of merchant tools & business management servicesThe drama leading up to Square’s IPO (including at Jack Dorsey’s “other” company, Twitter), dynamics and narratives affecting its pricing, the effect of IPO “ratchets”, and the company’s performance over the ~2 years since The Carve Out:David: Bob Iger on Nick Bilton’s  Inside the Hive podcastBen:  The World After Capital on GitBooks

16 Aug 20171h 21min