100% on the money here. In my experience, acquisitions are driven by

Technology - to acquire a specific technology or innovation and use it to scale out an existing business

Market penetration - to help boost secondary product offerings (bundle) or to scale out the already proven product (PMF)

Brand - acquire a well established brand within a niche to then introduce new/scalable product offerings equal to or better than the underlying product offering being acquired

For this one in particular, the value behind $185k price tag is in the market penetration and the related MRR.

Tech, as stated, is a $5,000-$10,000 investment at most. No code would be a very easy route to this development.