Tim Cook: Apple Won’t Acquire Unless It Needs To

Tim Cook says Apple (NASDAQ:AAPL) has looked at more than one large company in the past as a potential acquisition target, but that none passed the test.

The chief executive, speaking at the Goldman Sachs technology conference on Tuesday, was answering a question on whether there was something about Apple’s culture that turned it against the concept of large acquisitions. Apple has been criticized for not making its $137 billion in cash holdings work by either buying companies or returning cash to investors.

“We have looked at large companies,” Cook said. “In each case, it didn’t pass our test. We will look at more, I think. But we’re disciplined and thoughtful, and we don’t feel a pressure to go out and acquire revenue. We want to make great products. If a large company could help us, then that would be of interest. But again, deliberate, thoughtful, is our mantra.”

According to Cook, Apple picks acquisition targets based on opportunity and that the company was instead on the hunt for looking for small deals to help it control the primary technologies behind its products.