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E-commerce's discounted disruptors

For the second time in as many weeks, a would-be digital disruptor of the commerce world has been snapped up on the cheap by an analogue antecedent. RetailMeNot and eBags are both now part of sprawling, old-world businesses that paid old-world valuations for the startups. It's a reminder, once again, that disruption – that clichéd goal of much of Silicon Valley – doesn't necessarily generate value. Sometimes trying to knock a market on its head just gives everyone involved a headache.

Brenon Daly

Research Director, Financials