At least not in SaaS and B2B.
There are few very acquirers in SaaS that can pay > $1b to buy another company. Salesforce has a $50b+ market cap, so it can occassionally pay >$1b (e.g., ExactTarget). SAP and Oracle can afford a $1b+ check. Workday could only afford it as a huge, core stretch. And that’s about it. Add in Microsoft, Cisco, IBM, etc. that can do a few deals in SaaS, and we’re close to done.
Most Unicorns are making the 95%+ assumption they are going to IPO, not get acquired.
And that’s fine.
That’s the bet.