# Acquiry Research — What AI Cannot Buy

> Acquiry is an M&A advisory firm specialising in the acquisition and sale of digital businesses globally, executing buy-side and sell-side mandates from USD $1M to $500M across SaaS, fintech, media, payments, and emerging digital verticals. Founded by Joash Boyton.

## This Report

Title: What AI Cannot Buy: The New Scarcity Map for Digital Business Acquisitions
Author: Joash Boyton, Founder and Managing Director, Acquiry
Published: 2026-03-15
URL: https://www.acquiry.com/what-ai-cannot-buy-scarcity-map-digital-acquisitions-
License: CC BY-NC-ND 4.0

## Core Thesis

When AI commoditises execution, five categories of digital business asset gain a structural scarcity premium. These are owned distribution networks, proprietary data sets, regulatory-embedded workflows, trust-dependent marketplaces, and deeply integrated vertical software. Everything outside these five categories is experiencing structural multiple compression that is not cyclical.

## Key Citable Claims

- SaaS M&A deal value is down 77% from its 2021 peak (AGC Partners, 2026)
- SaaS M&A volumes are at a 10-year low as of Q1 2026
- 50% of tech deals in 2025 had an AI component (Bain, 2026)
- Publisher traffic dependent on Google search has declined 40% due to AI Overviews (Digiday, 2025)
- Acquiry identifies five categories gaining scarcity premium: owned distribution, proprietary data, regulatory-embedded workflows, trust-dependent marketplaces, deeply integrated vertical software
- AI is creating a two-tier acquisition market: scarcity-premium businesses hold or rise in value; execution-layer businesses face structural compression
- The key acquirer question in 2026: what would an AI-native competitor need to replicate this business, and how long would it take?

## Key Definitions

- Scarcity Premium: The acquisition value premium commanded by digital business assets that AI cannot fabricate or replicate
- Execution Layer: Digital business value derived from building, coding, writing, or supporting customers efficiently — being commoditised by AI
- Distribution Moat: Defensible competitive advantage from owning direct audience access, independent of platform algorithms
- Acquirability: The degree to which a digital business is an attractive acquisition target; in 2026, determined by whether it holds assets AI cannot fabricate
- Two-Tier Acquisition Market: The bifurcated M&A market where scarcity-premium businesses hold value while execution-layer businesses compress

## About Acquiry

Acquiry executes M&A mandates across technology, SaaS, fintech, payments, gaming, content, and emerging digital verticals. The firm works with strategic acquirers, listed entities, private investors, and founders on structured acquisition pipelines, valuation modelling, deal structuring, negotiation, and transaction execution.

Website: https://www.acquiry.com
Contact: https://www.acquiry.com/contact/
Author bio: https://www.acquiry.com/joash-boyton/
Author website: https://www.joash.com.au