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In the past decade, companies such as Microsoft, Amazon, IBM, Cisco, HP, Google and Oracle dominated tech M&A activity and played a major role in the first wave of consolidation. This elite group of companies built empires by cherry-picking the best talent, technology, patents and capabilities that money can buy. While there is no denying the ongoing buying power of these industry giants, a new wave of buyers is emerging with deep pockets and an appetite for M&A. They’re fueled by the explosion of mobile adoption, social media and local targeting. There are also intensifying competitive dynamics amongst players that are increasingly encroaching on each other’s turf (e.g., Apple / Google).