E-commerce software startups are going shopping—for each other.

Attentive, a text message marketing startup, is one of the companies on the prowl. It has around $500 million in cash on hand, according to CEO Brian Long, who told The Information the company will look for more deals in the next six to 12 months.

At that point, he expects earlier-stage startups to begin running low on cash and become more open to exits at lower valuations than they bagged from previous VC investments. Attentive already made two acquisitions last June: two-way text messaging startup Tone and email marketing startup Privy, both for undisclosed amounts.