Monthly Transaction Recap
–> Download the full PowerPoint report here.
Software & IT Services M&A: October 2026
285 deals in October, and nine of them priced at $1 billion or more. Plenty of dollars moved at the top. Most of the market stayed small and quiet about price.
The Month at a Glance
285Transactions
192Software deals
93IT & outsourced services deals
$57.1BDisclosed value
83Deals with a sponsor involved
Weekly deal counts ran 28, 78, 73, 58 and 48 across the five reporting weeks, with the first week a short one starting October 1. Only 31 of the 285 deals disclosed a price, and PTC’s $24.3B sale to Schneider Electric accounts for a little over 40% of the disclosed total.
The Read
Volume is holding on a low plateau. Third quarter deal spending came in at about half the level of a year earlier, and the weekly commentary puts much of the blame on AI. Tech M&A looks flat more than it looks like it is falling.
Equity is paying for deals. Cash is tight after heavy AI spending and borrowing is expensive, so big buyers have leaned on their own stock. That works only while their share prices hold up.
AI financing is being repriced. Investors have been marking down the gap between speculative AI plans and hard obligations. Anthropic’s prospectus has a risk-factors section twice as long as the last big tech IPO, and a handful of trillion dollar names now dominate the market.
Sponsors still write big checks. Proofpoint’s Varonis deal is the largest infosec deal of 2026, at roughly 9x trailing sales. That is below what Proofpoint’s own sponsor paid in its LBO. GTCR and Elliott’s $6.2B CCC take-private points the same way.
Software Transactions
192 software deals were announced in October, from PTC’s $24.3B sale down to a long tail of undisclosed add-ons. Largest disclosed deals come first, then the rest by announcement date.
| Target | What it does | Acquirer | PE Sponsor | Value |
|---|---|---|---|---|
| PTC | Product life-cycle management / industrial software | Schneider Electric | – | $24,300M |
| CCC Intelligent Solutions | Claims processing software provider | GTCR and Elliott Investment Management | Direct: GTCR; Elliott Investment Management | $6,200M |
| Varonis Systems | Data security software vendor | Proofpoint | Thoma Bravo | $5,900M |
| Braze | Customer engagement software maker | Salesforce | – | $5,700M |
| Octus | Credit intelligence, data and analytics software company | LSEG | Seller: Permira | $3,500M |
| Listen Labs | AI customer research software (interview agents, digital twins) | Salesforce | – | ~$2,000M |
| Trumid | Electronic fixed-income trading software developer | Tradeweb Markets | – | $2,000M |
| hyperexponential | Insurance underwriting software developer | Guidewire | – | $1,700M |
| Elisity | Network security (microsegmentation) software | IonQ | – | $1,000M |
| Vexcel Group | Aerial imagery and geospatial data software provider | CoStar Group | – | $730M |
| Rocscience | 2D and 3D geotechnical software | Hexagon | Seller: TA Associates (minority) | $535M |
| Flightscape | Airline operations management software developer | SITA | – | $500M |
| First Digital | Digital asset infrastructure software and services | CSLM Digital Asset Acquisition Corp III (reverse merger) | – | $250M |
| Proscia | Digital pathology software | Agilent | – | $240M |
| Atrium Sports | Sports coaching and scouting software | Teamworks Innovations | – | $170M |
| 3E | Renewable energy asset management software specialist | HgCapital | Direct: Hg and Galvanize Climate Solutions (co-buyers) | $84M |
| KQC Quantum | Quantum computing infrastructure management software | Charlton Aria Acquisition (reverse merger) | – | $80M |
| Mortgage Brain | Mortgage sourcing software maker | Fintel | – | $55M |
| KilpiTek | Mobile and IoT device management software | M-KOPA | – | $8M |
| RTM Solutions | Healthcare asset monitoring software provider | Austco Healthcare | – | $7M |
| Fair Games | PC game development studio | Fireshine Games (Enad Global 7) | – | $6M |
| Gintech Solutions | Specialist practice management software company | Midexpro | Software Circle | $4M |
| Empulser Enterprises | Autonomous energy infrastructure software | Aibotics | – | $2M |
| Blocksight | Real-world asset tokenization software maker | OpenWorld | – | $2M |
| Abstrakt | Contact-center software | TCN | – | Undisc. |
| Closinglock | Real estate fraud prevention software | CertifID | – | Undisc. |
| CreateiQ | Contract life-cycle management software | S&P Global Market Intelligence (S&P Global) | – | Undisc. |
| DoubleO.ai | AI agent orchestration software | ZoomInfo | – | Undisc. |
| Flamel.ai | Multilocation marketing software | Yext | – | Undisc. |
| Flowie | Finance and procurement orchestration software | Sovos | HgCapital | Undisc. |
| FMOD | Interactive game audio software | Bose | – | Undisc. |
| Olmatic | Energy optimization software | The Boysen Group | – | Undisc. |
| Parafin | Embedded financing software | Stripe | – | Undisc. |
| Podscan | Podcast intelligence software | Audiohook | – | Undisc. |
| Synterex | Clinical and regulatory writing software | TransPerfect | – | Undisc. |
| Abett | Healthcare and benefits data management software | Alight | – | Undisc. |
| Granite Partners | Governance, risk and compliance software | WeKomply | VIA Equity | Undisc. |
| Grid Protection Alliance | Utility data management software | Electric Power Group | – | Undisc. |
| Haavi AI | Public tender procurement software | Hilla Group | – | Undisc. |
| Inferize | AI inference optimization software | Nebius | – | Undisc. |
| MBI | Banking infrastructure and financial software | Monarch | – | Undisc. |
| Medipyxis | Healthcare operations and EMR software | Venture Medical | – | Undisc. |
| Solu Digital | Information management software and services | Elmo | – | Undisc. |
| Ultravox | Real-time voice agent developer | Inworld | – | Undisc. |
| Bundledocs | Document bundling software | Opus 2 | Astorg | Undisc. |
| CONTPAQi | Business management and accounting software | Advent | Direct: Advent | Undisc. |
| Information Security | PKI and encryption software | SAIC | – | Undisc. |
| PolicyReview | AI insurance policy analysis software | TrustLayer | – | Undisc. |
| Teknisa | Food service ERP software | Volaris Group (Constellation Software) | – | Undisc. |
| trail ML | Governance, risk and compliance management software (Munich) | Collibra | – | Undisc. |
| Turso | Cloud database software | Supabase | – | Undisc. |
| ZMartek | Recycling ERP software | Tietomitta (Vitec) | – | Undisc. |
| Connectlah | Healthcare AI WhatsApp assistant software | Zeya Health | – | Undisc. |
| Napta | Resource management and skills intelligence software | Unit4 | TA Associates | Undisc. |
| Onomondo | IoT connectivity and network infrastructure software | Aspirity Partners | Direct: Aspirity Partners | Undisc. |
| Softdocs | Document management and process automation software | Aurora Capital Partners | Direct: Aurora Capital Partners | Undisc. |
| Stavvy | Digital mortgage and e-closing software | Mortgage Connect | – | Undisc. |
| TechWolf | AI-driven talent/work intelligence software | SAP | – | Undisc. |
| Tideworks Technology | Terminal operations management software | Diversis Capital | Direct: Diversis Capital (from Carrix) | Undisc. |
| Velou | AI product data enrichment software | Algolia | – | Undisc. |
| Vizby | E-commerce AI product discovery software | Swap Commerce | – | Undisc. |
| Boost.ai | Conversational AI software | Automation Anywhere | Seller: Nordic Capital | Undisc. |
| Circula | Employee benefits and finance software | Personio | – | Undisc. |
| Compliant Tech | Data integrity software | pubX | – | Undisc. |
| Entab | School management software | Nelnet Business Services (Nelnet) | – | Undisc. |
| Popoto Modem | Underwater acoustic modem systems | Anduril | – | Undisc. |
| Senso / Digital Audience | AI knowledge management software | Zeta Global | – | Undisc. |
| StudyStash | AI adaptive learning software | Kortext | – | Undisc. |
| Yellow Tunnel | Stock trading analytics software | Prosperum Fintech Holdings | – | Undisc. |
| Aiera | Financial event monitoring and transcription software | BlueMatrix | Thoma Bravo | Undisc. |
| Apiax | Financial compliance management software | Behavox | – | Undisc. |
| AtermIT | Maternity care management software | Vitec | – | Undisc. |
| Elina PMS | Reservation management software | ClearCourse | Aquiline Capital Partners | Undisc. |
| Ensignia | Supply chain security software | Serval | – | Undisc. |
| Optimize365 | Microsoft 365 security and optimization software | CyberFOX | – | Undisc. |
| Orca | Trading and liquidity infrastructure software | Loopscale | – | Undisc. |
| Raynet | IT asset management and cybersecurity software | Main Capital Partners | Direct: Main Capital Partners (from PINOVA Capital) | Undisc. |
| SK Chase | Digital gift voucher and e-commerce software | ClearCourse | Aquiline Capital Partners | Undisc. |
| Smartcar | Connected vehicle data access software | Everyday Electric | – | Undisc. |
| Smoothcomp | Combat sports tournament management software | Gymdesk | – | Undisc. |
| Winnow Solutions | Compliance management software | Spring Labs Holdings | – | Undisc. |
| Ardley | Mortgage recapture and retention software | PLACE | – | Undisc. |
| bankVOD | Financial verification software | Veriv | – | Undisc. |
| FastNEAR | Blockchain infrastructure developer | SVRN | – | Undisc. |
| Native | Blockchain lending software | Anyflo | – | Undisc. |
| Order Junky | B2B sales management software | GrowGeneration | – | Undisc. |
| Routable | AP automation software | Anchorage Digital | – | Undisc. |
| Site Bionics | Digital twin and retail analytics software | GreyOrange | – | Undisc. |
| Strata | Agentic systems integration software | Hightouch | – | Undisc. |
| Augment Code (assets) | Software development software vendor | Harness | – | Undisc. |
| Blackford Analysis | AI orchestration and medical imaging software | Sopris Capital | Direct: Sopris Venture Capital (majority; VC firm) | Undisc. |
| Ethiqly | Education writing instruction software | Carnegie Learning | Madison Dearborn Partners | Undisc. |
| Fetcher (IP and other assets) | Candidate sourcing automation | Juicebox | – | Undisc. |
| imCode Partner | Library management software | Open Fifth | – | Undisc. |
| SnapAI | AI governance and compliance software | HR Path | – | Undisc. |
| C1.ai | Agentic AI identity governance software | Workday | – | Undisc. |
| Clinect Healthcare | Healthcare patient analytics software | Emergence (The Pritzker Organization’s) | The Pritzker Organization | Undisc. |
| Deno | JavaScript runtime and application deployment software | Cloudflare | – | Undisc. |
| EFFORCE Group | Energy-efficiency financing and tokenization software | TROOPS | – | Undisc. |
| Geniez AI | Mainframe operations and modernization software | Rocket Software | Bain Capital | Undisc. |
| Ground Signal | Beverage alcohol market intelligence and analytics software | Fintech | – | Undisc. |
| Grunden AI | AI infrastructure software | Monterro | Direct: Monterro | Undisc. |
| Life Peaks | Gift card and ticketing software | Everfield | Aquiline Capital Partners | Undisc. |
| Move AI (assets) | Marker-less motion capture software | Oxford Metrics | – | Undisc. |
| Orbita | Healthcare patient engagement and communications software | Carenet Health | – | Undisc. |
| Torii | SaaS management software | Freshworks | – | Undisc. |
| Bluvo | Cryptocurrency exchange connectivity software | Mesh | – | Undisc. |
| CareerArc | Recruitment marketing software | Humanly | – | Undisc. |
| GRASP Aviation Innovation | Airport operations and security optimization software | Outsight | – | Undisc. |
| Jitsu | Customer data and pipeline software | Helium Ventures | – | Undisc. |
| Leverage AI | Purchase order and supplier management software | Order.co | – | Undisc. |
| Loops | Data analytics / multi-agent coordination software | Salesforce | – | Undisc. |
| MySep | Process separator simulation software | Datacor | – | Undisc. |
| Paraspot AI | Property management software | AppWork | – | Undisc. |
| PickTrace | Agriculture workforce and harvest management software | Terminus Capital Partners | Direct: Terminus Capital Partners | Undisc. |
| Sagacity Solutions | Customer data management software and analytics services | Accenture | Seller: QPE | Undisc. |
| Sohar Health | Healthcare insurance verification software | Zocdoc | – | Undisc. |
| ConeLabs | Construction inspection and 3D modeling software | Consor | – | Undisc. |
| Hansa | Embedded business credit management software | Array | – | Undisc. |
| Hive | Employee engagement and listening software | WorkBuzz | – | Undisc. |
| Keystone Public Safety | Public safety software | Recur Software | – | Undisc. |
| NetNumber | Phone number intelligence data software | Transaction Network Services (Koch Industries’) | Seller: ABRY Partners | Undisc. |
| OPAQUE Systems (team assets) | Enterprise data confidential AI software | Anthropic | – | Undisc. |
| PieQ | Agentic AI and predictive intelligence software | Navara Technologies | – | Undisc. |
| Quartic | Manufacturing decision intelligence software | ParkourSC | – | Undisc. |
| RateNow | Customer experience management software | Abingdon | – | Undisc. |
| Sequence HQ | Revenue automation software | Intuit | – | Undisc. |
| Usherpa | Marketing automation and CRM software | Optimal Blue | Perseus Operating Group | Undisc. |
| Zluri | Identity governance and SaaS management software | Infotech | – | Undisc. |
| FLYR Hospitality | Hospitality revenue optimization and BI software developer | Duetto | GrowthCurve Capital | Undisc. |
| INRIX | Transportation intelligence and mobility analytics software provider | Arity | – | Undisc. |
| Regla | Accounting and payroll management software firm | Finago | KKR (from Hawk Infinity) | Undisc. |
| Revir Technologies | Digital evidence management software maker | Daily Journal | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| 340BIntel | Drug pricing program optimization software specialist | 8 Bridge Group | Direct: 8 Bridge Group | Undisc. |
| Asolvi | Field service management software company | Bregal Milestone | Direct: Bregal Milestone (from Volpi Capital) | Undisc. |
| Cooperative Technologies | Insurance annuity replacement software vendor | Solen Software Group | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| dvo Software | Tax and accounting management software vendor | Symfonia | Accel-KKR | Undisc. |
| Dymaptic | Geospatial data collection and mining software provider | Bowman Consulting Group | – | Undisc. |
| Elementary Data | Data observability software provider | Boomi | Francisco Partners; TPG Capital | Undisc. |
| Lgmar | Shipping email and communication software maker | Signal Ocean | – | Undisc. |
| Public key infrastructure software business unit of HID | PKI software business unit | Vista Equity Partners | Direct: Vista Equity Partners (from HID) | Undisc. |
| Zepben | Utility network modeling software developer | Neara | – | Undisc. |
| AlloMia | Patient communication and AI conversational software vendor | MEDFAR | – | Undisc. |
| Connectif | E-commerce marketing automation software company | Investcorp | Direct: Investcorp | Undisc. |
| eInsights | Healthcare insurance discovery software maker | Experian Health | – | Undisc. |
| Electude | Automotive training software specialist | BD-CAPITAL Partners | Direct: BD-CAPITAL Partners | Undisc. |
| EoScene | Healthcare compliance software vendor | Cetina Capital | Direct: Cetina Capital | Undisc. |
| Moondream | Computer vision and vision-language model software developer | Prime Intellect | – | Undisc. |
| NoRedInk | Writing education software provider | IXL Learning | – | Undisc. |
| Verix | Pharmaceutical commercial operations management software maker | Trinity | – | Undisc. |
| Lumi AI | ERP data analytics software vendor | Newforma | Ethos Capital | Undisc. |
| Tenniscores | Sports league management software maker | Rally | – | Undisc. |
| ZeroComa | Tax compliance and document management software developer | Namirial | Bain Capital Private Equity | Undisc. |
| Cyberly and Outkept | Security awareness and phishing simulation software | Aikido Security | – | Undisc. |
| Neobrain | Talent management and skills intelligence software vendor | MentorcliQ | – | Undisc. |
| Ner Chat | Assistive communications software developer | PRC-Saltillo | – | Undisc. |
| Ridgeway | AI retirement management software specialist | Chapter | – | Undisc. |
| Time Key | Workforce management software maker | Worklinq | – | Undisc. |
| Ribbon AI | Recruitment management software company | Dayforce | Thoma Bravo | Undisc. |
| RIMSS | Equipment dealer management software developer | Procede Software | Rubicon Technology Partners | Undisc. |
| Third Dimension AI | Autonomous driving simulation software specialist | Rivian | – | Undisc. |
| CAM Logic’s software tools division | Product life-cycle management software reseller’s software tools division | TrueInsight | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| Naehas | Financial offer and disclosure management software company | Zafin | Nordic Capital | Undisc. |
| Qubiotech | Neuroimaging analysis software specialist | Claritas | – | Undisc. |
| Welbi Technologies | Senior living resident engagement software provider | Further Technology | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| Classiq | Quantum computing software (algorithm synthesis) | Intel | – | Undisc. |
| Freestar | Advertising monetization and website management software provider | Stagwell | Seller: ABRY Partners | Undisc. |
| Kramer | Pharmacy management software developer | Stealth Health | – | Undisc. |
| Legets | HR compliance software specialist | OutSolve | The Riverside Company | Undisc. |
| Livesight | Financial compliance automation software provider | NEWITY | – | Undisc. |
| MediReport | Cardiovascular information and analytics software vendor | Royal Philips | – | Undisc. |
| NeuReality | Inference infrastructure management software vendor | Unconventional AI | – | Undisc. |
| Onyx | Open-source enterprise knowledge search software vendor | Zoom | – | Undisc. |
| Orchestra Bio | Drug development management software maker | OpenAI | – | Undisc. |
| Page | Government relations software maker | Clio | – | Undisc. |
| Wakam | Insurance management software company | AmTrust International | – | Undisc. |
| Beyond Civic | Government data collaboration software developer | Elca Informatique | – | Undisc. |
| Channel99 | Marketing intelligence software vendor | Marketbridge | – | Undisc. |
| Quantimon | Anti-money-laundering transaction monitoring software company | Hummingbird | – | Undisc. |
| Banner Technologies | Real estate capital expenditure management software provider | HappyCo | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| Daily | Conversational AI / real-time communications development software vendor | Deepgram | – | Undisc. |
| Dataggo | Product management integration software developer | Akeneo | – | Undisc. |
| Entytle | Industrial OEM aftermarket intelligence software company | RapidCanvas | – | Undisc. |
| Estima Scientific | Health economics and outcomes research software specialist | EVERSANA | – | Undisc. |
| Lexi AI | Medical interpretation and language access software vendor | Equiti | GTCR | Undisc. |
| Medsee | AI radiology reporting software vendor | Cent | – | Undisc. |
| NetBenefit Software | Stakeholder engagement and socioeconomic impact software developer | Irth | TPG Capital | Undisc. |
| Pulpos | Business operations management software specialist | Clip | – | Undisc. |
| RagMetrics | AI configuration and evaluation software maker | TrustScale | – | Undisc. |
| Suite | Financial analytics software maker | Numerix | Genstar Capital | Undisc. |
| Tieto pulp, paper and fiber software business division | Pulp, paper and fiber software business division of IT services firm Tieto | Valmet | – | Undisc. |
| Veck | Startup business intelligence software provider | Evertrace | – | Undisc. |
IT & Outsourced Services
93 services deals, and only seven put a price on the table. The biggest were Maximus buying Agile Defense for $660M and CBRE paying $610M for Onnec.
| Target | What it does | Acquirer | PE Sponsor | Value |
|---|---|---|---|---|
| Nexora | AV and audio systems distributor | One Equity Partners | Direct: One Equity Partners (from DCC) | $725M |
| Agile Defense | IT consultancy | Maximus Federal Services | Seller: Enlightenment Capital | $660M |
| Onnec Group | IT infrastructure specialist | CBRE Group | – | $610M |
| Gorilla Circuits | PCB fabrication and assembly service | PCB Technologies | – | $120M |
| CyberOne | Managed security services firm | Bytes Technology Group | – | $26M |
| NeoVAD | Value-added IT distributor | Climb Global Solutions | – | $18M |
| AdTech IT | IT service provider | Intelligent Protection Management | – | $3M |
| Calvi Sistemi | Remote control and automation systems integrator | Bitron Electronics | – | Undisc. |
| Fellowmind Poland | Microsoft-partnered systems integrator | Euvic | – | Undisc. |
| Geometric Solutions | Product life-cycle management systems integrator | Saratech | – | Undisc. |
| Siemens Manufacturing | Printed circuit board and electronics manufacturer | Aragra Technologies | – | Undisc. |
| Photon Gear | Custom optical component and systems manufacturer | Labsphere | Industrious Equity Partners | Undisc. |
| Sonitrol El Paso | Electronic security integrator | Securitas Technology (Securitas) | – | Undisc. |
| US Communications & Electric | IT electrical communication systems integrator | ArchKey | 26North Partners | Undisc. |
| Prescient Security | Cybersecurity compliance and audit services firm | SGS | – | Undisc. |
| Azimuth | Electronics engineering and software development company | Mile 2 | – | Undisc. |
| IVC Technologies | Predictive maintenance and condition monitoring specialist | Reliability Won | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| NetSentries | Cybersecurity and digital assurance services | SGS | – | Undisc. |
| Qmulus Solutions (Sage customer base) | ERP and CRM software integrator; Sage customer base only | Pinnacle | – | Undisc. |
| Wesbell Communications | Network integration and engineering firm | TXO | TowerBrook Capital Partners | Undisc. |
| Zambezi | Digital marketing and creative communications agency | Manna Tree Partners | Direct: Manna Tree Partners | Undisc. |
| BT El | Electrical telecom installer | Assemblin Electrical | – | Undisc. |
| Cloud 9 ERP Solutions | Acumatica-partnered ERP software integrator | Net at Work | – | Undisc. |
| Compass | Data and AI consultancy | Kicksaw | Rallyday Partners | Undisc. |
| Infinite Services | Data and AI consultancy | Adastra | The Carlyle Group | Undisc. |
| KL Software Technologies | Legal application developer and IT services firm | Frontline Managed Services | Broad Sky Partners | Undisc. |
| Modulai | AI and machine learning consultancy | Analysys Mason | Bridgepoint Group | Undisc. |
| Rosetree Solutions | Enterprise AI consultancy | Citrin Cooperman Advisors | – | Undisc. |
| The Reserves Network | Staffing and recruitment agency | JobSource | – | Undisc. |
| Athletics | Digital brand design and marketing agency | Lippincott (Oliver Wyman) | – | Undisc. |
| BlueStar | Electronic device distributor | TD SYNNEX | – | Undisc. |
| Continuus | Data engineering and cloud consultancy | Acuity Analytics | Permira (from Borgman Capital) | Undisc. |
| Serviam | IT consultancy | E78 Partners | – | Undisc. |
| The Data Co | Data consultancy | CorralData | – | Undisc. |
| Belyea Company | Electrical power supply distributor | Integrated Power Services | Searchlight Capital Partners | Undisc. |
| Dragon Army | Digital marketing firm | Alloy | – | Undisc. |
| Hexa Creation | Digital design and branding agency | XMax | – | Undisc. |
| Select IBM VMware cloud service-provider enterprise customers | Customer book from IBM | 11:11 Systems | Tiger Infrastructure Partners (minority) | Undisc. |
| SPEYK | IT services provider | Your.World’s Your.Cloud | – | Undisc. |
| Static Power and Alternative Power Solutions | Backup power supply systems distributors | GenServe | Aurora Capital Partners | Undisc. |
| Vubiquity | Video content acquisition and delivery services | Premiere Digital | Clarion Capital Partners (from Amdocs) | Undisc. |
| ADM Interactive | Custom software development specialist | ELEKS | – | Undisc. |
| MOBI Solutions | Marketing operations and analytics agency | Refine Labs | – | Undisc. |
| netIP | IT and outsourcing services firm | Synova | Direct: Synova (from Adelis Equity Partners) | Undisc. |
| OGI | Cloud management software integrator | SYXPERIANE (Odyssee Venture’s) | MBO+; Ouest Croissance; Sofival (all minority) | Undisc. |
| Solviks | Software developer | Advance Capital Partners | Direct: Advance Capital Partners | Undisc. |
| Oktana | Salesforce consulting and software development | Argano | – | Undisc. |
| RightDirection Technology Solutions | Federal IT and mission support services | GCubed Enterprises | – | Undisc. |
| Shieldcom | Defense communications outsourcer | Moon Equity Holdings | – | Undisc. |
| Cosmic Fischer | Strategic security integration services | Badlands Security | – | Undisc. |
| Forentec | Cybersecurity and digital forensics services | Lineal (Global Workflow Solutions’) | – | Undisc. |
| Saige Consulting | AI and IT consulting services | FormativGroup | Rockbridge Growth Equity | Undisc. |
| Stride | Software engineering and consulting service | Accordion | Motive Partners (minority); Charlesbank (minority) | Undisc. |
| Invene | Healthcare software developer | Carenet Health | – | Undisc. |
| KC Robotics | Robotic systems integrator | Capital Machine | – | Undisc. |
| SAY | Digital marketing and customer experience firm | DEKUPLE Group | – | Undisc. |
| SRI | IT and professional staffing agency | 24 Seven | – | Undisc. |
| SVL | Contact-center and customer experience services | FourNet | Palatine Private Equity | Undisc. |
| Access Systems | Access control and security systems integrator | RapidFire Safety & Security | Concentric Equity Partners | Undisc. |
| CYPFER | Cyber incident response specialist | Jason J. Hogg | – | Undisc. |
| Netion | Telecom and electrical network infrastructure service | Nimlas Finland | – | Undisc. |
| CloudWave | Healthcare cybersecurity and cloud hosting services firm | Tegria | Altaris (from Providence Health & Services) | Undisc. |
| Coalmarch Marketing | Digital marketing agency | Scorpion | – | Undisc. |
| A&J Programming | Outsourced semiconductor device programming services provider | Data I/O | – | Undisc. |
| Avicado | IT consulting services firm | Accenture | – | Undisc. |
| Data Surge | Data and AI consultancy | Computomic | – | Undisc. |
| ERP services practice of Charted | ERP services practice | WilliamsMarston | – | Undisc. |
| Halcyon Days Consulting | Defense IT and consulting service | NexTech Solutions | – | Undisc. |
| Rocket55 | Digital marketing agency | Hawke Media | – | Undisc. |
| AC Database Services | Marketing data management services firm | Telescope Group | – | Undisc. |
| AppSys ICT Group | IT services firm | Previder Belgium | – | Undisc. |
| Be-Cloud | Systems integrator | QualityHosting | – | Undisc. |
| Computer Enhancement Systems | Network security and managed IT services provider | Network Brainiacs | – | Undisc. |
| Intelligent Communications Experiences | Digital communications and employee experience consultancy | Arthur J. Gallagher & Co. | – | Undisc. |
| Razilio | Cybersecurity consultancy | ctrl:cyber | – | Undisc. |
| Business Cyber Security Solutions | Managed cybersecurity and compliance services firm | Forte Technologies | Broadwing (growth capital); Saalex majority parent | Undisc. |
| Daelight Solutions | IT consultancy | Astrix | – | Undisc. |
| DyFlex Solutions | SAP-partnered digital transformation service | Cognizant | – | Undisc. |
| eisbach.media | Digital marketing and performance advertising agency | Bauer Media Group | – | Undisc. |
| JoyComm | Cybersecurity and network infrastructure services provider | Nethive | Bregal Milestone | Undisc. |
| Nethive | Managed cybersecurity services firm | Bregal Milestone | Direct: Bregal Milestone (from Alcedo) | Undisc. |
| Roboto Entertainment | Outsourced game art production service | Side | – | Undisc. |
| Arbour Group | Life sciences compliance and validation consultancy | Novatio Solutions | Keystone Capital Management (minority) | Undisc. |
| Honey Bee | IT systems maintenance service | Nihon Enterprise | – | Undisc. |
| Bluetowne | IT services firm | Katalyst | – | Undisc. |
| Fastrics | IT audit, cybersecurity and data analytics specialist | KNAV Advisory | – | Undisc. |
| ITQuotes | IT hardware and software value-added reseller | Bechtle | – | Undisc. |
| Quantum Building Solutions | Building automation systems integrator | Albireo Energy | Huron Capital Partners | Undisc. |
| Stationed AI | AI implementation service | Terminal | – | Undisc. |
| Synaptic Era (Salesforce technology and services business) | Salesforce technology and services business of an SAP-partnered integrator | Oddball | – | Undisc. |
| Arcario Group | IT consultancy | Dotwork | – | Undisc. |
| Freeit Data Solutions | IT and cybersecurity services provider | Alchemy Technology Group | – | Undisc. |
| INFOLOB Global | IT consulting and managed services firm | Peloton Consulting Group | – | Undisc. |
Sector buckets follow the source classification. Some services rows, such as PCB makers, marketing agencies and staffing firms, are adjacent to classic IT services, so treat them as not directly comparable.
What Stood Out
1. Nine deals priced at $1B or more
PTC went to Schneider Electric for $24.3B. GTCR and Elliott agreed to take CCC Intelligent Solutions private for $6.2B, Proofpoint bought Varonis for $5.9B, and Salesforce paid $5.7B for Braze. LSEG’s $3.5B Octus deal rounds out the top five.
2. Application vendors bought AI startups
Salesforce added Listen Labs (about $2B) and Loops. Workday bought C1.ai, Dayforce took Ribbon AI, SAP added TechWolf and Zoom bought Onyx. Apart from Listen Labs, none of these carried a disclosed price.
3. Sponsor-backed platforms kept building
A PE sponsor is named on 83 of the 285 deals. Aquiline’s ClearCourse bought SK Chase and Elina PMS, Boomi bought Elementary Data, and Rocket Software, backed by Bain Capital, bought Geniez AI. Thoma Bravo’s BlueMatrix took Aiera.
4. IT services stayed small and fragmented
IT & outsourced services had 93 deals, and only seven were priced. Most of the rest were data and AI consultancies, security firms and integrators, such as Adastra’s purchase of Infinite Services.
Wondering how any of this touches your business specifically? That’s a conversation, not a blog post.
Source: S&P451, CapIQ. Prepared by Tequity Advisors.