---
id: "quote-distinguishing-value-sources"
type: "quote"
source_timestamps: ["¶3"]
tags: ["valuation", "strategy"]
related: ["concept-resource-based-ma", "concept-ecosystem-synergies"]
speaker: "Natalie Burford, Andrew Shipilov and Nathan Furr"
speakers: ["Natalie Burford", "Andrew Shipilov", "Nathan Furr"]
source_url: "https://hbr.org/2026/06/when-evaluating-an-ma-opportunity-consider-the-broader-digital-ecosystem"
source_title: "When Evaluating an M&A Opportunity, Consider the Broader Digital Ecosystem"
sources: ["ecosystem"]
sourceVaultSlug: "hbr-seg-ecosystem"
originDay: 11
articleStem: "hbr-cl-80-ma-digital-ecosystem"
sourceUrl: "https://hbr.org/2026/06/when-evaluating-an-ma-opportunity-consider-the-broader-digital-ecosystem"
sourceTitle: "When Evaluating an M&A Opportunity, Consider the Broader Digital Ecosystem"
---
# Distinguishing Sources of M&A Value

> "To what extent does an acquisition create value through the resources and capabilities being acquired (e.g. talent, compute, and infrastructure) and to what extent does it create value through the broader ecosystem (e.g. app developers, data providers, and agent platforms)? Distinguishing between sources of value has become critical for evaluating acquisition opportunities."
>
> — Natalie Burford, Andrew Shipilov and Nathan Furr (¶3)

The critical modern distinction in M&A evaluation: separating the value of the raw assets ([[concept-resource-based-ma]]) from the value of the network those assets touch ([[concept-ecosystem-synergies]]). This is the diagnostic question that drives the investor action [[action-distinguish-valuation-sources]].