TL;DR: Your competitor’s new owners are likely to double down on exploitation of their current product line and strip-mine their company of cost centers like R&D in order to try and achieve something like 5x EBITDA in 5 years. Your focus should be on 1. picking up talent that is either cast off or disincentivized in the aftermath of the acquisition, 2. being prepared for your sales and sales support people to be approached, and 3. delivering meaningful innovation and messaging that differentiates your product from theirs. As with any change of control in your market, you should also review whether you have any exposure to IP threats (eg. patent litigation) from a newly adversarial competitor.