Today I learned that Active Network has acquired FellowshipOne. The first thing you should do is read the press release here.
They are saying all the right things, the kind of things that are always said at acquisitions, but I have very serious reservations about this. I'm trying to think of a single product that has gotten better through acquisition for the userbase.
The first thing that came to mind for me was this excellent article at 37 signals, What happens after Yahoo acquires you. While FellowshipOne is not being purchased by Yahoo, I don't think we should ignore this type of precedent. At the very least this acquisition inserts a giant amount of uncertainty into the ChMS market.