According to Wikipedia, Google has made 21 acquisitions and two investments (Baidu, Current Communications) since 2001. The biggest was dMarc Broadcasting, which cost $102-million (and an additional $1.1-billion if certain performance targets are met over the next three years). While everyone keeps waiting for Google to make a big splash (eBay?, Walt Disney?), the company has focused on making small, strategic acquisitions to acquire people and technology to bolster existing services. If you look at little closer, many of these acquisitions are either layered on top of other ones or clustered to establish an asset base. A good example is the back-to-back-to-back purchases last year of Android, ReqWireless and Dodgeball, which enhanced Google's wireless technology portfolio. The acquisition of MeasureMap fits into this M&A approach as it builds on top of Urchin and the launch of Google Blog search. Look for Google to make another deal to round out the portfolio (Technorati). Kuro5Hin put together an extensive list last summer that may provide some clues as to future moves.