The paper is dedicated to the effects of external (prior venture capital investments) and internal (education, prior work experience, number of founders) signalling effects of high tech European startups on the value of acquisition deals. The sample consists of 170 European high tech startups, which were acquired in the period from 2002 to 2018. Three hypotheses were developed: (1) both external and internal signals affect the value of acquisitions positively. (2) In different countries the effect of the signals is different. (3) When external and internal effects appear simultaneously, the effect is additive. To answer the research questions, we applied the regression analysis. The results show that (1) Some of the internal signals may have negative effect on the value of acquisitions. (2) In different countries the effects of the signals are different. (3) Such signals have a substantive effect.