Traditionally, companies that have acquired others or merged have done so to drive synergies, acquiring targets similar to their own organization. But, digital deals—fast gaining M&A share —are different. In a digital deal, the acquiring company pursues technologies or capabilities it does not possess. The rise in digital deals indicates many large organizations are realizing organic growth will not give them the rapid rise in digital capabilities they desire. They pursue these capabilities with dogged determination because digital fuels new business growth, the Holy Grail of today’s activist shareholders. Without continued new business growth, obsolescence looms. With it, the sky is the limit. 2 | M&A: FROM ART TO SCIENCE