The only time we’ve seen M&A work for software companies is when a very large company with significant infrastructure (significant HR function, middle management, etc) is acquiring a much smaller one. The size means the acquirer has the personnel to integrate not only the code but also the employees. It also makes it crystal clear which company’s brand, culture, processes, etc will be the one that survives. We’ve actually never seen M&A work when two equally sized SaaS companies smash together. It’s typically a desperate move.