Based on Zahra (1996), who has recognized early that innovative performance is important to gain a competitive advantage, several academic studies investigate the effects of technologically motivated M&As on the acquirer’s post-acquisition innovative performance. Surprisingly, the acquisition of new technology-based ventures (NTBVs), has received little attention (Andersson & Xiao, 2016). Especially nowadays, NTBVs play a major role in technology-driven industries, as they reflect important sources of highly valuable technology assets (Zahra, 1996). However, we lack an understanding which NTBV characteristics predict and have the greatest impact on the improvement of the acquirer’s postacquisition innovative performance and established companies lack skill and experience in selecting promising NTBV targets (Yang et al., 2009).