From Synergies to Systems: The Next Era of Deal Making

Overview

In this episode of Jabian’s Strategy That Works Podcast, Brian Betkowski and Rob Amberg sit down with Dan Hickey to explore the next evolution of mergers and acquisitions. As global dealmaking shifts from scale-driven transactions to ecosystem-building strategies, they unpack how leading organizations are using M&A to gain position, influence, and long-term advantage. From AI-enabled diligence to cross-industry convergence and disciplined deal theses, this conversation examines how modern dealmakers are thinking beyond ownership—and toward orchestration.

The takeaway: M&A is no longer just about buying assets for scale, it’s about building position within an ecosystem. The winners of the next decade won’t simply own more; they’ll design systems that shape markets.

PODCAST TRANSCRIPT

Brian Betkowski:

Welcome, everyone, to Jabian’s Strategy That Works Podcast. My name is Brian Betkowski. I’m here in our studio with my friend and colleague, Rob Amberg. We’re your hosts today.

We’ve got a fun topic—one that’s been around for a while, probably since the beginning of business time—and that’s mergers and acquisitions, M&A. But we’re going to take a little different spin on it today.

The traditional context of mergers and acquisitions is combining companies for scale or the consulting buzzword of “synergies.” We’re going to take a bit of a different take on that.

Instead of perhaps just combining companies, what if the focus of M&A was curating companies—not just combining, but curating over the next 10 years? The next chapter in the M&A world is around access, influence, positioning, and all those different ways of looking at it.

We’ve got a fun guest, too, that we will explore this with. But before we do, Rob, can you put it into context objectively and quantitatively for us before we jump into this?

Rob Amberg:

Sure, absolutely. Thank you, Brian.

When we look at global M&A deal volume last year, it rose a little more than 12% to a little over $3.5 trillion. What that tells us is that dealmaking is very much still alive and active, but it’s also changing shape.

The average deal size last year was a little over $440 million. Deals considered mid-sized—between $1 and $10 billion—made up 46% of total deal value.
That’s really a sign that we’re seeing more of those modular “string of pearls” type acquisitions rather than traditional M&A blockbuster deals.

When we hear from corporate leaders, a recent study showed that 90% have shifted their targeting strategy. You mentioned position, and over the last two years, they’ve started to shift what they’re looking for.

It really goes to companies not just looking for scale or cost savings, but for positioning.

The analogy we like to use is from chess: controlling the board versus owning the pieces. It’s a fascinating time to be in M&A.

Brian Betkowski:

Yeah. The whole platform play—that concept’s been around for a little while. That’s what we’re going to explore today. What’s the next evolution of that? Is it more of an ecosystem?

We’ve got a really good guest I’m happy to welcome. Not only is he the lead of Jabian’s Chicago office, but he’s also a shareholder in the firm and leads our mergers, acquisitions, and divestitures service area.

Welcome, Dan Hickey.

Dan Hickey:

Thanks, Brian. I’m excited to be here. Looking forward to the conversation.

Rob Amberg:

While we were prepping for this, you mentioned that the next decade of deals will be about building position, not possession.

At a high level, can you talk about what that means in practice?

Dan Hickey:

Yeah. You guys touched on it a bit.

To me, the next decade of deals looks a lot less like transactions in the classic sense and a lot more like building ecosystems.

Traditionally, M&A has been about combining businesses for top-line growth, scale, or cost synergies. I think it’s moving more toward convergence—companies using deals to connect, not just combine.

Connecting on capabilities and data. Connecting with customer reach and market access.

It’s no longer just about owning assets and managing portfolios of independent businesses. It’s about orchestrating influence and building systems to shape markets, rather than just participating in them.

The platform play has evolved. For a while, it was pure financial engineering. I think the winners going forward will focus less on financial engineering and more on building something bigger and better than either organization could have done on its own.

Brian Betkowski:

Are there certain industries leading this? Is it strategic? Private equity?

Dan Hickey:

Tech has always been at the forefront.

But we’re seeing more cross-industry convergence. For example, a major online retailer buying a healthcare company—not just for growth, but because they can apply their data and logistics capabilities to amplify that healthcare business.

Data is a big driver. Companies are buying businesses simply for the data and figuring out how to monetize it.

Brian Betkowski:

Are you seeing this across all deal sizes?

Dan Hickey:

Yes, across all sizes.

Rob Amberg:

How much has geopolitics influenced this—regulation, tariffs, foreign footprint?

Dan Hickey:

A lot. Buying a company in a different regulatory environment can be easier than entering that market organically. That’s definitely influencing global deal activity.

Brian Betkowski:

Let’s talk about AI and automation. How are you seeing advanced technologies play into M&A?

Dan Hickey:

It’s helping companies get smarter about their M&A strategy and target screening. It’s accelerating diligence—processing large volumes of data more quickly and precisely.

We’re also using AI to support integrations—leveraging large language models to help plan and execute integrations.

Brian Betkowski:

Can you share some real-world examples?

Dan Hickey:

Think about a global tech company buying a social network, a developer platform, and a video game company.

That doesn’t just provide access to customers—it allows them to influence how those industries evolve, driving usage of their infrastructure, technology, and cloud computing power.

Rob Amberg:

It seems like dealmaking is shifting from pure financial engineering to more strategic orchestration.

Dan Hickey:

Absolutely. The next generation of dealmakers will look less like traditional bankers and more like architects—designing systems and putting big pieces together in new ways.

Corporate strategy and M&A are becoming much more integrated.

Brian Betkowski:

If you’re advising a corporate deal team, what are you emphasizing most?

Dan Hickey:

Start with clarity of strategy and thesis.

In past tech booms, companies bought aggressively but didn’t always realize value. Now we’re advising clients to be disciplined—clear on their strategy, their thesis, and why they’re doing a deal.

More work needs to be done upfront before signing an LOI.

Brian Betkowski:

In a world where knowledge is widely accessible, what becomes the differentiator?

Dan Hickey:

Not just knowledge—but how you access and use it. The differentiator will be how effectively companies harness and institutionalize AI and knowledge systems.

Brian Betkowski:

What about joint ventures?

Dan Hickey:

We’re seeing more time-bound M&A. In volatile markets, optionality is valuable.

In fast-changing industries like energy or cleantech, companies may prefer joint ventures or options instead of full acquisitions—building in off-ramps.

Brian Betkowski:

What are you seeing on time horizons?

Dan Hickey:

Chaos may be the new normal. Private equity still has defined horizons, but we’re seeing more family offices with longer-term or even infinite time horizons becoming active buyers.

That makes them attractive to sellers.

Brian Betkowski:

For companies positioning themselves for sale, what’s different now?

Dan Hickey:

Think about what parts of your business no longer serve your larger system.

There may be buyers who value those assets more highly than you do. We expect continued activity in divestitures.

Rob Amberg:

Are smaller deals a “toe in the water” approach?

Dan Hickey:

Most clients I’m seeing are simply more disciplined and clearer about their strategy. They may be selective, but they’re not necessarily downsizing their ambition.

Brian Betkowski:

Good. Any topics we haven’t hit?

Dan Hickey:

Measuring ROI will be interesting as M&A becomes more about influence and control rather than just financial return. We’ll need better ways to assess value going forward.

Brian Betkowski:

That’s a great point. Dan, thanks for joining us.

Dan Hickey:

Thank you. I enjoyed it.

Rob Amberg:

Really insightful conversation.

Brian Betkowski:

Looking forward to doing it again soon.

Dan Hickey:

Absolutely. Thanks for having me.

Brian Betkowski:

All right. Thank you.