The past 5 to 10 years at IBM have shown their aggressive strategy to buy software companies but fail to integrate them into their many different IBM suites properly. Institutional knowledge and strong business relations previously held with purchased companies dies out quickly and ultimately results in low profit.
Not sure where you get your info. IBM acquired my 150 people company 3 years ago. They haven't lost a customer and have increased revenue 4x in that timeframe. In their quarterly report they also highlight performance of all their acquisitions and they have a good track record of 80% or so above business case.
