Mergers and acquisitions (M&A) remain a dominant business expansion strategy for firms worldwide, despite there having no conclusive evidence whether it creates value or not. This paper analyses the impact of M&A on synergy success and efficiency gains through trade-off matrix and their impact on research and development (R&D). The dataset has 64 firms of the non-financial sector. The data period has been divided into two period of time, i.e., pre-merger period (2012 to 2014) and post-merger period (2016 to 2018). The panel data methodology has been applied, which has two techniques of estimation, one is the fixed effect model and the other is the random effect model. This study concludes that the M&A creates a trade-off between efficiency gains and synergy success; it also suggests that if acquiring companies' increases expenditure on R&D, it can achieve success in synergies which will lead to technological innovation and will impact technological advancement after M&A of acquiring companies significantly.