Acquisition
定義
An acquisition is the purchase of one company by another, and the most common exit for venture-backed startups. Consideration can be cash, acquirer stock, or a mix.
資金調達における位置づけ
For founders and investors, an acquisition converts illiquid equity into cash or liquid stock, with proceeds divided according to the liquidation waterfall.
よくある質問
What is an acqui-hire?
An acquisition made primarily for the team rather than the product, common when a startup has strong talent but limited traction.
Who gets paid first in an acquisition?
Investors with liquidation preferences are paid before common shareholders such as founders and employees, per the distribution waterfall.