ACT| The App Association Issues Statement: EU Commission Dims Exit Opportunities for Entrepreneurs

WASHINGTON, January 19, 2024 (Newswire.com) - Morgan Reed, president of ACT | The App Association, issued the following statement on reports that competition officials from the European Commission (EC) intend to block Amazon’s acquisition of startup iRobot:

“Restrictions on companies being acquired dim opportunities for our members. This possible limitation becomes a barrier to exit, and for our members, a barrier to acquisition equates to a barrier to entry.

“Our members look to acquisitions as a key part of building their future. The EC’s decision does nothing to help small companies for whom joining another company is a way to grow the product they have poured their lives into, or to give back to the families that have taken risks and supported them for years.

“A barrier to exit is a barrier to entry. If entrepreneurs, like our members, in the EU or anywhere else across the world can’t get acquired, they have a much harder time getting funding in the first place."

About ACT | The App Association: The App Association is a global trade association for small and medium-sized technology companies. Our members are entrepreneurs, innovators, and independent developers within the global app ecosystem that engage with verticals across every industry. We work with and for our members to promote a policy environment that rewards and inspires innovation while providing resources that help them raise capital, create jobs, and continue to build incredible technology.

Source: ACT| The App Association