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The effect of customer asset strategies on acquisition performance in business-to-government markets

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Abstract

Firms operating in business-to-government (B2G) markets rely heavily on mergers and acquisitions (M&As) to achieve growth. However, the performance implications of M&As in B2G markets are unclear, due to its unique regulatory environment. Leveraging in-depth interviews and secondary data pertaining to 422 B2G M&As, between 2001 to 2017, this study uncovers a critical, previously unexplored driver of acquisition performance, in the form of two customer asset strategies: government customer penetration (i.e., acquire a firm with shared customers) and government customer expansion (i.e., acquire a firm with new customers). The findings indicate positive abnormal returns for customer expansion but negative returns for penetration as investors value access to new revenue sources, i.e., new customers, more than they do improvements to efficiency and increases in existing revenue streams. The authors also identify two moderating effects related to firm offerings (i.e., target’s relative service focus) and budgetary environment (i.e., government customer growth).

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Notes

  1. See https://www.whitehouse.gov/wp-content/uploads/2021/05/budget_fy22.pdf

  2. For brevity, we refer to them as customer penetration and customer expansion hereafter.

  3. The Department of Justice filed a motion in June 2022 to halt this acquisition, noting that the merger would leave only one viable provider for a particular contract required by the government customer (National Security Agency). On October 11, 2022, a federal judge denied the motion and allowed the merger [https://washingtontechnology.com/companies/2022/10/judge-declines-halt-booz-allens-everwatch-acquisition/378309/].

  4. For example, the Hart-Scott-Rodino Antitrust Improvements Act of 1976 requires firms to submit a premerger notification to the Federal Trade Commission and Department of Justice. Department of Defense (DoD) Directive 5000.62 also gives the Office of the Under Secretary of Defense influence over M&A outcomes.

  5. https://www.businessdefense.gov/Industrial-Assessments/Mergers-and-Acquisitions/

  6. Acquirer and target are mandated to update the registration information of ownership and size status on SAM Website (government contract procurement system) within 30 days after the M&A transaction (Toomey, 2018).

  7. “The Forward Pricing Rate Proposal (FPRP) is submitted by contractors to the government for their rates for the period of time used in their proposals. The Government has the responsibility to perform reviews of contractor rate proposals to establish the Government negotiation position and to negotiate the Forward Pricing Rates (FPR) to ensure contract prices are fair and reasonable” (DCMA Manual 2201–01 Forward Pricing Rates, 2019, p. 5).

  8. The Product Service Codes describe products and services purchased by the federal government. Because “these codes indicate what was bought for each contract action reported in the Federal Procurement Data System,” (U.S. General Services Administration Federal Acquisition Services, 2021, p. 1), they provide granular and accurate information about the extent to which the firm sells services. For example, a contract is identified as a service if the first digit of this code is an alphabetic letter (e.g., B599 is service vs. 1420 is product). More details can be retrieved from the Product Service Codes Management Standard Operating Procedures: https://www.acquisition.gov/psc-manual.

  9. Overall government spending has more than doubled over the years of our study. However, the spending growth rate varies substantially across government agencies. For example, the Army averaged a yearly spending growth rate of 19% between 2010 and 2017; in the same period, spending by the Department of Veterans Affairs showed an average growth rate of 66%. Even if most government agencies have increased spending, the growth rates differ across agencies, such that they represent an important contextual factor for investors to consider in assessing the value of (un)shared customers’ assets.

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Acknowledgments

We thank the Center for Government Contracting at George Mason University for sharing valuable feedback.

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  1. Department of Innovation, Management, and Marketing, University of Stavanger, Stavanger, Norway

    Shuai Yan

  2. Department of Marketing, Iowa State University, Ames, IA, USA

    Ju-Yeon Lee

  3. Department of Marketing, George Mason University, Fairfax, VA, USA

    Brett W. Josephson

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Yan, S., Lee, JY. & Josephson, B.W. The effect of customer asset strategies on acquisition performance in business-to-government markets. J. of the Acad. Mark. Sci. (2023). https://doi.org/10.1007/s11747-023-00955-1

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