In pursuit of business sustainability, high-tech enterprises seek an approach that can improve their competitive advantages, especially through mergers and acquisitions (M&As). Traditional financial measures cannot assess the performance of this overall organizational strategy; this study uses a data envelopment analysis combined with balanced scorecard indicators to examine changes in efficiency. A non-parametric Wilcoxon signed-rank test and Malmquist productivity index also analyze productivity changes. The results confirm that M&As do not provide a means to short-circuit the process of organic growth. A successful M&A requires firms to recognize how to integrate appropriate partners within the strategy of the relevant business.