This paper examines the motives underlying recent cross border M&A activity undertaken by Indian IT firms during 2000 -2006. It hypothesizes that overseas acquisition is the IT firm�s response to a dynamic competitive landscape in which it simultaneously leveraged existing capabilities to capture new markets and acquired new capabilities through strategic asset and product seeking acquisitions. The study uses secondary firm level data to undertake a content analysis of public information establishing the multiplicity, diversity and dynamic nature of M&A motives. The study establishes the multiplicity, diversity and dynamic nature of M&A motives, establishing that they are simultaneously asset seeking and asset augmenting.