It's certainly possible to buy both innovation and relevance.

Innovation is possible by acquiring already-innovative companies and letting them flourish as if you hadn't bought them, then stick your name on the work they produce.

Relevance is even easier, just throw $1.1 B and you're going to be the thing that's relevant. At least for a little while.

Is it ideal? Can it scale? Will it last? No, but it gets the job done.