[ajross]

The whole point of an acquisition is that the acquirer can realize value from the acquired firm that it couldn't get in the open market (e.g. via synergy with its own offerings, or by denying its competitors access to the technology, or just as an "aquihire" where the team is the thing being acquired and not the product). It's routine to see companies acquired that don't have a stable revenue stream, or even an obvious path to one. Think Google acquiring Android for a good example.