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If that were the case, Okta would not have acquired Auth0.

Acquisitions don't happen exclusively because a company is buying out someone who is better than them.

Sometimes they happen so a company can buy out someone so they won't have the chance to become better than them and a serious competitor.

And for those in the back that don't know, using that as a reason for an acquisition is illegal and considered anti-competitive practice, hence you'll never hear a company publicly state that reason.

but you will hear:

Sometimes they happen so a company can create synergies and improve the scope of their product offerings

Taking over a competitor is always a good idea, simply to reduce the amount of players you compete with. This is why Facebook gobbled up Instagram and Whatsapp.

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