The acquisition of firms as a significant, albeit costly strategy to aid growth and expansion is fairly well established in the literature. Despite recent proliferation of platforms, we know little about whether platform ecosystems differentially impact acquisitions. Hence, we investigate the differences in acquisition strategies between platform and non-platform companies, by focusing on their unique capabilities and ecosystem dynamics. We posit that platform companies are likely to make their first global acquisitions sooner, navigate greater cultural distances, and pursue more diverse acquisition portfolios compared to their non-platform counterparts by leveraging shared resources, extensive networks and flexibility. Results from 2,965 companies across 67 countries show that platform companies tend to undertake acquisitions across greater cultural distances compared to non-platform companies, highlighting a nuanced approach to strategic growth dependent on firm type. However, platform companies did not significantly differ in the timing of their first global acquisitions or in the diversity of their acquisition portfolios. Future research can extend understanding of strategic dynamics of firm acquisitions within the platform ecosystem context. Additionally, our novel use of Large Language Models (LLMs) and development of a machine learning model for classifying companies across sectors is a notable contribution advancing management research.
