FIGURE 3: EXPERIENCE COUNTS Companies that had a strong focus on acquiring digital capabilities in the past two years have a first-mover advantage. They are better prepared for further digital investments: LEGEND: Companies with less than a quarter Companies with at least half of acquisitions related to gaining of acquisitions related to gaining digital capabilities digital capabilities ACQUIRED FIVE OR MORE BUSINESSES MODIFIED THEIR PLAYBOOK IN THE PAST TWO YEARS FOR DIGITAL INVESTMENTS % % % 57% 15 64 37 USE DIFFERENT VALUATION AND DEVELOPED A DATA STRATEGY COST MODELS FOR DIGITAL DEALS % % % % 49 61 79 90 INTERESTED IN DIGITIZING LEVERAGE TECHNOLOGY TO DRIVE PARTS OF THE M&A PROCESS SYNERGY AND INTEGRATION 80% 89% 51% 61% 10 | M&A: FROM ART TO SCIENCE