Corporates like SAP do not acquire products, they close portfolio gaps. Mani Pirouz of SAP, who worked on deals like Signavio, LeanIX and WalkMe, explains on DEALMACHER that buying wins when a space becomes critical, building takes too long and partnering is not enough. Founders should map to strategic themes and build partnerships early.
If you’re building a B2B SaaS company and dreaming of a strategic exit – here’s the hard truth: Acquisitions don’t start with a pitch deck. They start with portfolio strategy.
In one of my latest DEALMACHER episode, I spoke with Mani Pirouz, Head of Business Transformation Management at SAP. He’s been instrumental in SAP’s €3B+ acquisition strategy – including deals like Signavio, LeanIX, and WalkMe.
And what he shared is essential knowledge for any founder hoping to one day sell to a corporate buyer.
Corporates don’t acquire products. They close portfolio gaps.
Mani explains it like this: At the start of any strategic M&A process, there’s one key question – Where are the “white spaces” in our portfolio?
These are the segments where:
- The buyer knows the space is becoming critical (e.g. Process Mining, Enterprise Architecture, Change Management)
- Their current offering isn’t competitive or fast enough
- Building internally would take too long
- Partnering doesn’t deliver sufficient integration or control
→ That’s when “Buy” becomes the answer.
If you’re playing for a strategic exit, this is your north star:
Can your company be the solution to a portfolio gap – and is the timing right?
“We didn’t just buy Signavio – we bought a critical transformation lever.”
SAP already had strong customer relationships with Signavio and LeanIX. What pushed these into M&A territory wasn’t the product alone – it was strategic context:
- Disruption cycles were accelerating: COVID, supply chain shocks, AI
- Enterprises needed help not just running but rebuilding their business processes
- SAP needed to evolve from pure software provider to transformation enabler
So Signavio became the modeling layer.
LeanIX became the architecture layer.
WalkMe became the user execution layer.
Together, they filled a transformation white space that SAP couldn’t cover on its own.
You can’t make yourself acquirable overnight – but you can make yourself relevant
Here’s what founders can do with this insight:
1. Map yourself to strategic themes, not just features.
Don’t position your product as “faster” or “cheaper”. Position it as the enabler of a category-defining shift buyers care about.
2. Watch for when your space becomes critical – before it becomes crowded.
LeanIX started working with SAP years before the “Enterprise Architecture” wave hit peak urgency. When the moment came, they were already embedded.
3. Build partnerships that could become pipelines.
SAP didn’t just buy these companies out of nowhere – they were already customers or go-to-market partners.
→ If a strategic buyer uses your product, loves your API, or co-sells with you – that’s a seed worth nurturing.
4. Think in “build, buy, partner” logic.
Put yourself in the buyer’s seat: Why wouldn’t they just build this internally? Why not partner?
→ Your goal is to be the one company that makes “buy” the obvious call.
Acquirers don’t wait to be pitched. They scan the market for what fits their long-term narrative – and move when timing and trust align.
The full conversation with Mani Pirouz is rich with insights on how these deals really happen:
YouTube: https://www.youtube.com/@dealmacher
Spotify: https://open.spotify.com/show/4Th7rV4JGpGdKEn839KIMq
Apple Podcasts: https://podcasts.apple.com/podcast/id1826876133
Frequently asked questions
How does SAP decide which startups to acquire?
It starts with portfolio strategy: where are the white spaces in the portfolio? Buy becomes the answer when a space is becoming critical, the current offering is not competitive or fast enough, building would take too long and partnering does not deliver enough integration or control.
Why did SAP acquire Signavio, LeanIX and WalkMe?
To fill a transformation white space. Signavio became the modeling layer, LeanIX the architecture layer and WalkMe the user execution layer, as SAP evolved from software provider to transformation enabler.
How can a B2B SaaS startup become attractive to a strategic acquirer?
Map yourself to strategic themes, not just features, watch for when your space becomes critical before it becomes crowded, build partnerships that could become pipelines, and make buy the obvious choice over build or partner.
Do corporate acquirers wait to be pitched?
No. They scan the market for what fits their long-term narrative and move when timing and trust align. SAP already had customer relationships with Signavio and LeanIX before the deals.
