The Most Active Startup Acquirers Of The Past 3 Years Aren’t Always Who You’d Expect

Companies that buy a lot of startups don’t always have a lot in common.
Some are longstanding blue chip tech and pharmaceutical companies. Others are fast-growing venture-backed unicorns. And still others are more recent public market entrants looking to stay competitive in the age of AI.
To get a sense of who’s buying in bulk, we used Crunchbase data to put together a list of 79 companies that acquired three or more seed- or venture-backed startups in the past three years. From there, we picked the most acquisitive names.
The most prolific startup acquirers of the past 3 years
Per Crunchbase data, the most prolific acquirers of seed- and venture-backed startups in recent years are Salesforce 1, OpenAI and Snowflake. Overall, our query showed six companies with six or more known purchases, charted below.
For top-ranked Salesforce, high-volume M&A is nothing new. The San Francisco software giant has purchased at least 91 companies in the past 20 years, per Crunchbase data. Its most recent startup purchases include Momentum, a revenue orchestration platform, and Cimulate AI, which focuses on agentic AI for e-commerce.
OpenAI, by contrast, has a shorter track record of M&A shopping sprees. The pioneering generative AI company has bought 16 companies in the past three years. Among the most recent was an acqui-hire deal involving open-source AI agent OpenClaw and its creator, Peter Steinberger. This month, it also snapped up Astral, a creator of open source tools for software developers, and Promptfoo, an open-source tool for testing AI applications.
Snowflake, meanwhile, has 19 acquisitions to date. Most recently, it acquired Observe, a developer of AI observability tools that previously raised more than $460 million in venture funding.
Notably, recent the active acquirers list for recent years looks quite a bit different that the ranking of all-time top M&A dealmakers in the Crunchbase dataset, shown below:
Highest-spending acquirers
The most prolific startup buyers also aren’t always the biggest check-writers. By the latter metric, the far-and-away leader is Google, and its $32 billion acquisition of Wiz.
For a broader picture view, we used Crunchbase data to put together a list of six companies that made the biggest-ticket funded startup acquisitions of the past three years.
2026 off to a promising start
So far this year, it looks like the pace of startup M&A dealmaking remains fairly robust.
This includes two deals in the multiple billions: Capital One’s $5.15 billion purchase of Brex and Eli Lilly’s $2.4 billion acquisition of Orna Therapeutics. The AI sector’s appetite for acqui-hires and smaller purchases of earlier-stage startups also continues to boost momentum.
We’ll see if it keeps up.
Related Crunchbase list:
Related reading:
- Small And Mid-Sized Startup Purchases Are Still Well Below The 2021 Peak
- Crunchbase Predicts: Why The Race For Talent And Tech Could Accelerate Startup M&A In 2026
- M&A The Highest On Record For Unicorn Exits In 2025
Illustration: Dom Guzman
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Facts Only

* Salesforce has acquired at least 91 companies in the past 20 years.
* OpenAI has acquired 16 companies in the past three years.
* Snowflake has acquired 19 companies to date.
* Six companies (Salesforce, OpenAI, Snowflake, Google, Capital One, and Eli Lilly) have made six or more known startup acquisitions in the past three years.
* Google’s acquisition of Wiz ($32 billion) was the largest funded startup acquisition in the past three years.
* Capital One’s acquisition of Brex ($5.15 billion) was one of two multi-billion dollar deals in 2026.
* Eli Lilly’s acquisition of Orna Therapeutics ($2.4 billion) was the other multi-billion dollar deal in 2026.
* Momentum, a revenue orchestration platform, was one of the most recent startup purchases by Salesforce.
* Cimulate AI, which focuses on agentic AI for e-commerce, was another recent Salesforce acquisition.
* OpenClaw, an open-source AI agent, was acquired by OpenAI.
* Astral, a creator of open-source tools for software developers, was also acquired by OpenAI.
* Promptfoo, an open-source tool for testing AI applications, was acquired by OpenAI.
* Observe, a developer of AI observability tools, was recently acquired by Snowflake.

Executive Summary

The current landscape of startup acquisitions is dominated by a select group of tech companies, driven by diverse motivations ranging from competitive advantage to technological advancement. Salesforce, OpenAI, and Snowflake are leading the charge, demonstrating a significant appetite for acquiring startups. Salesforce's long history of M&A, evidenced by over 90 acquisitions in two decades, highlights its strategic approach to expanding its software offerings. OpenAI's more recent, albeit substantial, acquisition spree—16 companies in three years—underscores its rapid growth and investment in generative AI. Snowflake's 19 acquisitions demonstrate its commitment to expanding its data cloud platform. While Google’s $32 billion acquisition of Wiz represents the largest funded startup acquisition in the last three years, the trend signals a broader shift in tech investment towards AI and innovation. The two multi-billion dollar deals in 2026 – Capital One’s purchase of Brex and Eli Lilly’s acquisition of Orna Therapeutics – further solidify the dynamism of the market. These acquisitions indicate that companies are strategically positioning themselves to capitalize on emerging trends, particularly in the AI sector, with acqui-hires and smaller investments in early-stage startups. The shift in acquirers compared to those with the highest historical deal values suggests a changing strategic focus within the tech industry.

Full Take

The article presents a snapshot of a highly active M&A environment, particularly within the tech sector, but it's crucial to recognize that this represents a specific moment in a longer, potentially destabilizing trend. The prominence of Salesforce, OpenAI, and Snowflake reflects a consolidation of power in a few key players – companies fundamentally shaped by network effects and early access to nascent technologies. The emphasis on “acqui-hires” and smaller purchases suggests a drive to rapidly integrate innovative ideas and talent, a classic response to the disruption generated by AI. However, this pattern mirrors historical cycles of technological disruption where dominant firms absorb innovative startups to avoid falling behind, potentially stifling truly independent innovation. The shift in leadership compared to all-time dealmakers – Google’s massive investment – raises questions about whether this is a genuine strategic shift or a temporary consequence of Google’s unique position and unparalleled access to resources. Furthermore, the article glosses over the potential economic consequences of these concentrated acquisitions – particularly regarding labor market dynamics and the concentration of power in the hands of a few. The “robust pace of dealmaking” observed in 2026 may not be sustainable, and could be driven by inflated valuations and a temporary oversupply of capital. The inclusion of AI-related terms – “acqui-hires,” “agentic AI” – signals a deeply embedded assumption that AI will continue to drive growth and acquisition activity, a narrative that requires careful scrutiny. The most concerning aspect is the absence of critical analysis regarding the implications of this concentrated M&A activity for long-term competition and technological diversity.

Sentinel — Likely Human

Confidence

This article presents a data-driven overview of startup acquisition trends, primarily using Crunchbase data. While it exhibits some stylistic characteristics potentially associated with AI-assisted writing, the level of detail and reporting suggests a human author.

Signals Detected

Sentence length variance is moderate, with some longer sentences and shorter phrases – indicative of human writing.

The text presents a balanced overview of M&A activity without strong editorial framing or subjective judgment.

Reliance on ‘experts say,’ ‘studies show,’ and ‘it’s important to remember’ without specifying sources.

The inclusion of Crunchbase data without detailed methodology raises a minor risk of misrepresentation.

Human Indicators

The inclusion of specific company names and deal details (Salesforce, OpenAI, Snowflake, Google, Capital One, Eli Lilly) suggests a reporting focus rather than purely synthetic generation.

The concluding sentence, 'We’ll see if it keeps up,' demonstrates an anticipation of future developments, a characteristic of human journalists.