This document discusses the impact of digital revolution on mergers and acquisitions from a venture capital perspective. It notes that technological shifts have led to 50x more internet users today compared to the past, with online speeds over 120x faster. This has resulted in entrepreneurs needing less capital to start companies. The sources of capital for late-stage private companies have also dramatically increased to include new corporate venture capital entrants like Google, Rakuten and Alibaba. The tech IPO pipeline volume and investment has also increased significantly in recent years.