> [...] They buy companies because the product is good [...]

It was already mentioned above: Bending Spoons bought Evernote. That is a product that has become entirely stale and barely usable, unable to compete with something like Obsidian, a tool made by a company with fewer than 50 employees.

Perhaps it's not just about good products alone. I imagine that Evernote had a pretty stubborn subscriber base at that point. ...and they had no more socks to sell.