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I am talking about the new-found bravado from Microsoft who finally found the balls to buy a company (read: aQuantive). Sitting on at least $30 billion of spare cash, it always stumps me why they keep losing out on the cool deals to Google who only has half their valuation. This time round, it looks like they lost their nerve and bought in panic..

TheStreet.com fills us in with sagely advice:

“aQuantive gets most of its revenue — 60%, by investment bank Goldman Sachs’ estimates — by selling services to advertisers who want to reach customers through digital forums. That sets aQuantive apart from other online ad companies like DoubleClick, which was recently acquired by Google, or ValueClick, which has seen its stock soar amid takeover speculation. Those companies are known for selling technologies to Web publishers who want to place ads on their own sites, not advertisers.

And while aQuantive is often mentioned in the same breath as DoubleClick or ValueClick, it’s unique in having the ear of so many top notch online advertisers. And that’s why aQuantive is so valuable to Microsoft. The traditional method of selling software in shrink-wrapped packages and through expensive annual licenses is being displaced by a more nimble way in which software is delivered over the Internet. Some of this so called Software-as-a-Service, or SaaS, model will rely on having ads placed next to it, which Microsoft knows.

Its interesting how TheStreet points towards SaaS as a potential revenue goldmine for Microsoft, we know Salesforce is the king on the SaaS front. But it looks like the big ol’d dinosaur organization from Seattle is one step behind their fleet-footed Mountain View nemesis:

Google and Salesforce.com are reportedly discussing a broad partnership that might help them in their ongoing battles against Microsoft. Both companies are the largest in their chief markets - Web search and advertising for Google and online customer relationship management for Salesforce - and have recently expanded into areas of business software now dominated by Redmond, Wash., software giant Microsoft. (via Mercury News)

The drama doesn’t seem to end, does it? Stay tuned for the next episode…