Sometimes this language is used specifically when the acquiring company doesn't actually acquire them. Depending on the product/IP, sale price, investors, etc. it's can often be simpler to just extend the entire team individual job offers that include substantial bonuses and retention packages, rather than formally acquire the company and it's IP.
This can be a really nice form of "soft landing" for a startup. It can usually happen quickly too, since job offers don't require board consent like legal acquisition. And unless it's a sizable return (>3x) most seed-stage VCs aren't going to squeeze to get their cash out.
Everyone is happy in the end, and the startup's product also has a better chance of living on since the "acquiring" company doesn't actually take the IP.
(I have no idea if that's what happened in this case. I've just seen it happen elsewhere plenty.)
This can be a really nice form of "soft landing" for a startup. It can usually happen quickly too, since job offers don't require board consent like legal acquisition. And unless it's a sizable return (>3x) most seed-stage VCs aren't going to squeeze to get their cash out.
Everyone is happy in the end, and the startup's product also has a better chance of living on since the "acquiring" company doesn't actually take the IP.
(I have no idea if that's what happened in this case. I've just seen it happen elsewhere plenty.)