Deal-size cut · Tech M&A Deal Index
Tech M&A Deals Between $20M and $200M (2026)
Announced tech acquisitions with a publicly disclosed value between $20 million and $200 million, the range most founder-owned software companies sell in, tracked from public sources with a source link on every row. Part of the ProCloser Tech & SaaS M&A Deal Index.
ProCloser tracks 77 $20M to $200M deals in its Tech M&A Deal Index, 16 announced in the last 30 days, covering Jan 5, 2026 to Sep 11, 2026.
The largest disclosed $20M to $200M deal is Lakeshore Acquisition III Corp.'s acquisition of CPRO for $185 million (Press release).
77 of 77 deals disclosed a value; the others are listed as undisclosed.
The most active acquirers in this cut are Descartes Systems Group (2), Aurum PropTech (2) and Robo.ai (2).
The most frequently credited advisors are Raymond James (2), Cain Brothers, a division of KeyBanc Capital Markets (1) and Houlihan Lokey (1).
Private equity buyers account for 5% of $20M to $200M deals; 27% were cross-border.
Last updated Sep 11, 2026.
77
Deals tracked
16
Last 30 days
$185M
Largest disclosed
5%
PE buyers
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Open data, CC BY 4.0. Cite as "ProCloser Tech M&A Deal Index" with a link.
About this cut
This page collects announced tech acquisitions with a publicly disclosed value between $20 million and $200 million, the range most founder-owned software companies sell in. It currently lists 77 deals announced between Jan 5, 2026 and Sep 11, 2026, with 16 added in the last 30 days. The largest disclosed transaction is Lakeshore Acquisition III Corp.'s purchase of CPRO for $185 million. 77 of the 77 deals carry a disclosed value; the remaining 0 were announced without terms and are shown as undisclosed rather than estimated. Across the cut, public company buyers led with 53 deals and 21 deals crossed a border. Repeat acquirers include Descartes Systems Group (2), Aurum PropTech (2) and Robo.ai (2) and advisors credited in public sources include Raymond James (2), Cain Brothers, a division of KeyBanc Capital Markets (1) and Houlihan Lokey (1). Use the filters to narrow by buyer type, size or geography, or download the CSV and JSON for your own analysis. Every row links to the public source it was taken from.
$20M to $200M deals
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| Date | Target | Acquirer | Buyer type | Sector | Geo (target → acquirer) | Value | Sell-side advisor | Source |
|---|---|---|---|---|---|---|---|---|
| Cloud Wave Technologiesprecision manufacturing for aerospace/defence | AXISCADES Technologies | Public company | Other tech | IN → IN | $28.2Mcash consideration for 90% stake; converted from INR at approx 83 INR/USD | Not disclosed | News | |
| Scanovatedigital identity verification for financial institutions | Prytek | Strategic | Fintech | IL → n/a | $50Mfirst phase; deal could reach up to $100 million in value | Not disclosed | News | |
| Normativecarbon accounting and climate-data software | Greenly | Strategic | SaaS | SE → FR | $69Mconverted from EUR at approx rate; also reported as about SEK 700 million | Not disclosed | News | |
| ScibidsAI-powered ad bid optimization platform | DoubleVerify | Public company | Martech | n/a → US | $125M | Not disclosed | News | |
| Lynk Logisticsretail distribution and logistics | Udaan | Strategic | Ecommerce tech | IN → IN | $60Mconverted from INR at approx market rate; consideration paid in Udaan equity (2.8% stake), not cash | Not disclosed | News | |
| Amazon Payment Servicesregional payments processing infrastructure | PayTabs | Strategic | Fintech | n/a → SA | $100Mmore than stated amount; converted from more than USD 100 million | Not disclosed | News | |
| Icariomember engagement and behavioral health platform | Vitality Group International | Public company | Healthtech | US → US | $59.5Mupfront cash plus contingent earn-out, up to | Cain Brothers, a division of KeyBanc Capital MarketsBuy-side: Houlihan Lokey Preferred | News | |
| Extensivwarehouse management and fulfillment software for 3PLs | The Descartes Systems Group | Public company | SaaS | US → n/a | $120Mapproximate; paid from cash on hand; converted from approximately US $120 million | Not disclosed | News | |
| Jochu TechnologyAI server rack metal fabrication and cooling | Ablecom Technology | Public company | Other tech | TW → TW | $32.9Mconverted from NTD; private placement for stake, not full acquisition | Not disclosed | News | |
| Personality AIkid-safe generative AI character experiences | WildBrain | Public company | Vertical AI | n/a → CA | $69Mup to; cash-and-stock deal | Not disclosed | Press release | |
| TaiTMS platform for freight brokers | Descartes Systems Group | Public company | SaaS | US → CA | $100M | Not disclosed | News | |
| BookMyShowonline ticketing and live entertainment platform | KKR | Private equity | Ecommerce tech | IN → n/a | $40Mrange disclosed for minority stake; deal values BookMyShow between $667 million and $833 million | Not disclosed | News | |
| payabl.payment processing and gateway solutions | ECM Partners | Private equity | Fintech | CY → n/a | $108Mfor 50% stake; converted from EUR at approx 1.08 rate; 'more than' stated amount | Not disclosed | News | |
| AttributeAI and cloud spend management platform | DoiT | Strategic | Data infrastructure | IL → US | $65Mnot officially disclosed, estimated; converted from estimated $65 million | Not disclosed | News | |
| CordelLiDAR-based rail infrastructure scanning | Vossloh | Strategic | Other tech | GB → DE | $36.8Mconverted from GBP | Not disclosed | News | |
| Semtech's cellular module businesscellular connectivity modules for IoT devices | Compal Electronics | Public company | Data infrastructure | US → TW | $62Mcash, subject to customary adjustments | UBS | SEC 8-K | |
| Canopy WaveAI inference and GPU cloud platform | SAIHEAT | Public company | Vertical AI | US → SG | $60Mpre-money equity valuation of Canopy Wave in stock-for-stock merger | Not disclosed | Press release | |
| Cylinder Healthdigital gastrointestinal care management | Hinge Health | Public company | Healthtech | n/a → n/a | $105Mcash | Not disclosed | News | |
| Filogixmortgage connectivity and workflow platform | Dominion Lending Centres | Public company | Fintech | CA → CA | $58.5Mcash; currency not specified as USD, likely CAD | RBC Capital MarketsBuy-side: Raymond James Preferred, Desjardins Capital Markets | Press release | |
| Acogrouplanguage, translation and interpreting services | RWS Holdings | Public company | Other tech | FR → GB | $51Mtotal consideration includes ~£17.8m cash in target at completion; converted from GBP at approx 1.27 USD/GBP | Not disclosed | News | |
| Ju Fu Limitedadvertising and digital marketing services | Hitek Global Inc. | Public company | Martech | CN → CN | $20Mcash plus stock, includes deferred consideration subject to performance targets | Not disclosed | Press release | |
| Mistral DataUK rail software and data platforms | Tracsis | Public company | SaaS | GB → GB | $61.0Menterprise value, cash-free debt-free basis, converted from GBP | Not disclosed | News | |
| Cervo AIautomates customs paperwork filings | Altana | Strategic | Vertical AI | n/a → n/a | $100Mcash-and-stock deal; contingent on performance milestones; converted from more than $100 million | Not disclosed | News | |
| 2degreessupply-chain carbon visualization platform | Asuene | Strategic | SaaS | GB → JP | $36.8Mup to; includes potential earn-out payments; converted from JPY at stated exchange rate (USD/JPY = 163) | Not disclosed | News | |
| FlipturnEV charging and energy management software | Einride | Public company | SaaS | n/a → SE | $38.4Mpaid in Einride ADSs plus earnout consideration | Not disclosed | Press release | |
| Locon Solutionsreal estate marketplace platform | Aurum PropTech | Public company | Ecommerce tech | IN → IN | $55.2Mconverted from INR; approximate | Not disclosed | News | |
| Housing.comonline real estate marketplace and transactions | Aurum PropTech | Public company | SaaS | IN → IN | $55.2Mconverted from INR; all-equity deal via share issuance | Not disclosed | News | |
| Drivinlast mile delivery route optimization software | Descartes Systems Group | Public company | SaaS | CL → n/a | $35Mup to; includes upfront cash plus performance-based earnout; converted from approximately $30 million, plus potential performance-based consideration of up to an additional $5 million | Crestone Advisors, Ameris Capital | Press release | |
| CardinalOpsAI detection engineering for SOC teams | Cribl | Strategic | Cybersecurity | IL → US | $100Mestimated, not officially disclosed; converted from around $100 million | Not disclosed | Press release | |
| QPerfectquantum emulation and simulation software | BTQ Technologies Corp. | Public company | Other tech | FR → CA | $26.2Mcash plus stock consideration plus contingent earnout; converted from EUR at approximate rate | Not disclosed | Press release | |
| SAM Seamless Networktelecom network cybersecurity software | Qualcomm | Public company | Cybersecurity | IL → US | $150Mestimate per Calcalist, deal value may exceed this; converted from more than $150 million | Not disclosed | News | |
| Conduent Tolling Businessgovernment tolling and transportation infrastructure technology | Quarterhill | Public company | Other tech | US → CA | $70Mcash portion only; also includes common shares representing 7.0% of Quarterhill's outstanding shares; total combined deal value not disclosed | Jefferies PreferredBuy-side: AlixPartners | Press release | |
| onPlatinummanaged IT, security, and advisory services | efex | PE-backed strategic | IT services | AU → AU | $30Mup to; converted from AUD | Not disclosed | News | |
| WeXL EduAI-powered student assessment and learning platform | GACM Technologies | Strategic | Vertical AI | IN → IN | $60.2Mconverted from INR at approx 83 INR/USD; deal is for a 30% stake | Not disclosed | News | |
| First Streetphysics-based climate risk data and analytics | MSCI Inc. | Strategic | Data infrastructure | n/a → n/a | $120Mcash at closing, plus potential additional payments over two years if revenue thresholds met | Not disclosed | News | |
| VDA Infosolutionsenterprise IT infrastructure and cybersecurity services | Rashi Peripherals | Public company | IT services | IN → IN | $42.4Mconverted from INR at approx 87 INR/USD; for 67% stake, company valued at ₹550 crore | ProtivitiBuy-side: Singhi Advisors | News | |
| DeductiveAIAI-powered bug detection and resolution | Elastic | Public company | Devtools | n/a → n/a | $85Mup to | Not disclosed | News | |
| QC CapitalAI technology holding and venture-building platform | Robo.ai | Public company | Vertical AI | n/a → AE | $60Mpayable in newly issued Class B ordinary shares, subject to up to eight-year vesting/release tied to revenue targets | Not disclosed | Press release | |
| AtmoAI weather forecasting technology | Vaisala | Public company | Vertical AI | US → FI | $70Mfixed purchase price, cash and debt free, plus additional cash earn-out up to USD 60 million; converted from USD 70 million | Not disclosed | Press release | |
| Fathom Holdingsreal estate brokerage, mortgage, title SaaS platform | Bed Bath & Beyond | Public company | SaaS | US → US | $53.4Mimplied equity value, all-stock transaction | Not disclosed | Press release | |
| GMTmoney transfer, payroll, forex, payments | Western Union | Public company | Fintech | IL → US | $70M | Not disclosed | News | |
| Sarvam AIgenerative AI and LLM startup | HCLTech | Public company | Vertical AI | IN → IN | $150.7M10.5% minority stake, cash, part of Series B round | Not disclosed | News | |
| CyberCatch HoldingsAI-enabled continuous penetration testing SaaS | Datavault AI | Public company | Cybersecurity | CA → US | $99.9Mconverted from CAD, all-stock deal | Not disclosed | News | |
| Kirana ClubB2B grocery ordering platform for kirana retailers | Meesho | Strategic | Ecommerce tech | IN → IN | $24.3Mcash consideration; converted from INR at approx 83 INR/USD | Not disclosed | News | |
| Minusalary-on-demand financial wellbeing platform | Betterfly | Strategic | Fintech | MX → CL | $100Mestimated to close at | Not disclosed | News | |
| Vitalwarehealthcare revenue cycle management software | Med-Metrix | Strategic | SaaS | US → n/a | $147Mcash | Raymond James Preferred | SEC 8-K | |
| BeedigitalAI-powered digital marketing platform for SMEs | GPF Partners | Private equity | Martech | ES → ES | $108Mapproximate enterprise value, converted from EUR | MediobancaBuy-side: EY | News | |
| StackAIno-code AI agent-building platform | Asana | Public company | Vertical AI | n/a → US | $75M | Not disclosed | News | |
| CPROAI camera security and retail analytics | Lakeshore Acquisition III Corp. | Public company | Vertical AI | KR → n/a | $185Maggregate merger consideration in acquirer ordinary shares, minus closing indebtedness adjustment | Maxim Group, AGBA & SME, Year ChampionBuy-side: Promotive Capital | Press release | |
| Genie Securityendpoint-based data leak prevention | Cyera | Strategic | Cybersecurity | IL → n/a | $50Mreported estimate | Not disclosed | News | |
| CaduceusHealthmedical billing and revenue cycle management | Innovaccer | Strategic | SaaS | n/a → US | $66Mreported by unnamed sources, not officially confirmed | Not disclosed | News | |
| the fabless CMOS image sensor groupfabless CMOS image sensor product line | indie Semiconductor | Public company | Other tech | n/a → US | $43.2Mconverted from EUR; cash plus vendor debt note | Not disclosed | SEC 8-K | |
| Neurovia AIAI video data compression and processing | Robo.ai | Public company | Data infrastructure | AE → AE | $100Mall-stock consideration via issuance of Class B ordinary shares | Not disclosed | Press release | |
| Baanx US Corp.self-custodial crypto payments platform | Exodus Movement, Inc. | Public company | Fintech | US → US | $30M$5 million payable upon transfer of specified assets plus $25 million in deferred consideration payable over four years | Not disclosed | Press release | |
| Nokia's Fixed Wireless Access (FWA) CPE businessfixed wireless access CPE hardware business | Inseego | Public company | Other tech | n/a → US | $20Mvalue of ~7% equity stake (common stock and warrants) issued to Nokia as acquisition consideration | Perella Weinberg Partners | SEC 8-K | |
| Skycore Digitaloperates energized power capacity sites for AI compute | Z Squared | Public company | Data infrastructure | US → US | $22Mmaximum aggregate consideration in Series B Convertible Preferred Stock, no cash or debt | Not disclosed | Press release | |
| IdelicAI-powered fleet driver safety platform | Descartes | Public company | SaaS | US → CA | $28Mup-front cash consideration; plus up to US $12 million performance-based earn-out payable in fiscal 2028 and fiscal 2029; converted from approximately US $28 million | Not disclosed | Press release | |
| Theory and Practice Business IntelligenceAI decision intelligence platform | Mphasis | Public company | Vertical AI | CA → IN | $21.9Mupfront CAD 10 million plus up to CAD 20 million contingent consideration; converted from CAD at approximate rate | Not disclosed | Press release | |
| TVision InsightsTV attention and co-viewership measurement | Viant Technology Inc. | Public company | Martech | n/a → US | $40M$22.5 million cash and $17.5 million stock, subject to customary adjustments and hold-backs | Rockefeller Capital Management | SEC 8-K | |
| xClibreAI video intelligence IP assets | VisionWave Holdings | Public company | Vertical AI | n/a → US | $60Mindependent valuation of acquired IP by BDO Consulting Group; total consideration is 7,000,000 shares of VisionWave common stock (3,500,000 at closing, 3,500,000 contingent) plus a $6,000,000 promissory note | Not disclosed | SEC 8-K | |
| DFSLLADAR-based perimeter security detection systems | BiomX | Public company | Other tech | IL → IL | $45Mestimated transaction value when closed; converted from approximately $45 million | Not disclosed | Press release | |
| Fusion Five Continents Securitiescross-border equities brokerage platform | LQR House | Public company | Fintech | NZ → US | $126.9Maggregate consideration for all shares, payable in USDT stablecoin across multiple closings | Not disclosed | News | |
| the American business of Beyondsoft Corporationenterprise IT consulting and technology services | Nuvini | Public company | IT services | US → BR | $80.7Mtotal consideration for 51% controlling stake; implies enterprise value of approximately $158 million, paid in two equal installments by Dec 2026 and Dec 2029 | Not disclosedBuy-side: BTIG | Press release | |
| PathFactoryAI-driven content journey orchestration platform | Kaltura, Inc. | Public company | Martech | n/a → US | $22Mcash; approximate; converted from approximately $22 million in cash | Not disclosed | SEC 8-K | |
| OstroAI chat brand engagement platform for life sciences | Veeva Systems | Public company | Healthtech | n/a → US | $100Mcash and long-term equity retention grants; converted from approximately $100 million | Not disclosed | Press release | |
| Alia Software Inc.AI pop-up and SMS/email list-growth platform for Shopify | Dotdigital Group plc | Public company | Martech | n/a → GB | $60Minitial consideration $30m, with total maximum consideration up to $60m dependent upon future performance; converted from up to $60m | Not disclosed | Press release | |
| Flockdigital telemetry-based commercial fleet insurance | Admiral Group | Public company | Fintech | GB → GB | $101.6Mconverted from GBP; values equity in Flock | ContinuumBuy-side: GP Bullhound | Press release | |
| IndiCueCTV advertising monetization platform | Cineverse Corp. | Public company | Martech | n/a → US | $22Mcash plus Cineverse common stock, subject to adjustments | Not disclosed | Press release | |
| StereoLabsvision-based perception sensors for robotics | Ouster | Strategic | Other tech | n/a → n/a | $35Mcash plus 1.8 million shares; total combined value not stated in USD | Not disclosed | News | |
| Garden IntelAI-driven patent intelligence platform | SIM IP | Strategic | Vertical AI | n/a → n/a | $150M | Not disclosed | Press release | |
| Plan Acarbon accounting and decarbonization software | Diginex | Public company | SaaS | n/a → GB | $59.4Mconverted from EUR total (€3M cash + €52M stock = €55M) | Torch Partners | Press release | |
| Teyame 360 SL and Datono Mediacion SLAI-powered omnichannel customer experience platform | Healthcare Triangle, Inc. | Public company | Martech | ES → US | $50Mup to; cash, common stock, non-voting convertible preferred stock, and contingent earnout-based equity | Not disclosed | Press release | |
| LuminarLiDAR hardware and software platforms | Quantum Computing Inc. | Public company | Other tech | US → US | $22Mstalking horse bid, subject to higher or better offers through bankruptcy auction; converted from approximately $22 million | Not disclosed | SEC 8-K | |
| Torchpersonal health records aggregation app | OpenAI | Strategic | Healthtech | n/a → n/a | $100Mreportedly paid in equity per unnamed source cited by The Information; deal officially undisclosed | Not disclosed | News | |
| SweetRushcustom corporate learning and training design | NIIT Learning Systems Limited | Public company | IT services | US → n/a | $26Mup to; includes annual performance-based earnouts over five years; converted from up to USD 26 million | Not disclosed | Press release | |
| Nativoadvertising technology platform for publishers | Life360 | Public company | Martech | US → US | $120M65% cash and 35% stock; converted from approximately $120 million | Not disclosed | SEC 8-K | |
| Monoopen banking API and data infrastructure | Flutterwave | Strategic | Fintech | NG → n/a | $25Mrange disclosed (no single figure); all-stock deal | Not disclosed | Press release |
Frequently asked questions
How many $20M to $200M deals does the index track?
77 deals so far, 16 of them announced in the last 30 days. The count changes as the daily pipeline verifies new announcements; the full dataset is downloadable as CSV or JSON from the hub.
What counts as a $20M to $200M deal here?
This cut includes announced tech acquisitions with a publicly disclosed value between $20 million and $200 million, the range most founder-owned software companies sell in. Sector and buyer type are taken from the announcement text; rows where those had to be inferred are marked medium confidence in the JSON.
Why do some $20M to $200M deals show no value?
Because the parties did not publish one. We record a value only when a dollar figure appears in the public source and never estimate, so undisclosed means undisclosed.
I am selling a software company. Who should I talk to?
The advisor league lists firms publicly credited on tracked deals. For a fit-based introduction, get matched with a vetted M&A advisory firm, free to sellers. For pricing context see EBITDA multiples by industry.
How to cite: Tech M&A Deals Between $20M and $200M (2026), ProCloser Tech M&A Deal Index, ProCloser.ai, updated Sep 11, 2026. Data is CC BY 4.0; a link back is required.
ProCloser.ai. "Tech M&A Deals Between $20M and $200M (2026), ProCloser Tech M&A Deal Index." https://procloser.ai/deals/20m-200m/. Updated 2026-09-11.
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