"Surprise" could be interpreted a few different ways. Here's an example to elaborate:
- Company being acquired ("Target") built a web based application in the mid-2000's using VB.NET and each client installed the software. It requires a desktop widget to be installed at their clients locations to talk back to the VB.NET web backend. In 2016 they switched their licensing model from perpetual license to subscription and now the web application is hosted by the target and not the clients.
- Target tells acquirer they have a "SaaS" application.
So, now its a VB. NET web app with single tenants hosted on the Target's data centers. Not untenable, but the acquirer was probably expecting a multi-tenant SaaS web app in a more generally supported web framework.
And, yes I've absolutely seen this case (or something very similar) in the wild.
- Company being acquired ("Target") built a web based application in the mid-2000's using VB.NET and each client installed the software. It requires a desktop widget to be installed at their clients locations to talk back to the VB.NET web backend. In 2016 they switched their licensing model from perpetual license to subscription and now the web application is hosted by the target and not the clients.
- Target tells acquirer they have a "SaaS" application.
So, now its a VB. NET web app with single tenants hosted on the Target's data centers. Not untenable, but the acquirer was probably expecting a multi-tenant SaaS web app in a more generally supported web framework.
And, yes I've absolutely seen this case (or something very similar) in the wild.