Tech M&A Insights: who is buying, who is advising, and at what size
A deterministic read of the 1941 deals in the ProCloser Tech & SaaS M&A Deal Index: most active acquirers and advisors, monthly volume split PE versus strategic, sector heat, disclosed value statistics, size buckets, cross-border corridors and PE platform activity. Recomputed on every build. Last updated Sep 28, 2026.
Most active acquirers
The most active acquirers are OpenAI (10), Accenture (9) and Volaris Group (9); 171 buyers made two or more tracked acquisitions and the ten most active account for 65 of 1941 deals (3%).
Most active acquirers
Data table
| Acquirer | Deals |
|---|---|
| OpenAI | 10 |
| Accenture | 9 |
| Volaris Group | 9 |
| MoonPay | 7 |
| Banyan Software | 6 |
| Palo Alto Networks | 6 |
| Apple | 5 |
| Main Capital Partners | 5 |
| Amazon | 4 |
| Bending Spoons | 4 |
| Acquirer | Deals | Buyer type | Sectors | Largest disclosed (source) | Targets |
|---|---|---|---|---|---|
| OpenAI | 10 | Strategic | Vertical AI, Data infrastructure, SaaS | Glass Imaging, $300M (News) | Glass Imaging, Instant, InstantDB, NextSlide and more |
| Accenture | 9 | Public company | IT services, Cybersecurity, Healthtech | Dragos, $4.17B (News) | COMWARE, McCoy, Mjolner Informatics, UniCredit-IBM technology joint venture and more |
| Volaris Group | 9 | Public company | SaaS, Martech | Undisclosed | Matrix Booking, Alertacall, IVES, SureView Systems and more |
| MoonPay | 7 | Strategic | Fintech, Vertical AI | North Capital Investment Technology, $60M (Press release) | Meso, North Capital Investment Technology, Rhythm, Glide and more |
| Banyan Software | 6 | Private equity | Healthtech, SaaS, Martech | Undisclosed | Besco, CRMA, HMM, HMM Germany and more |
| Palo Alto Networks | 6 | Public company | Cybersecurity, Vertical AI, Devtools | Console, $500M (News) | Console, Embrace, Portkey, Koi and more |
| Apple | 5 | Public company | Other tech, Data infrastructure, SaaS | Q.ai, $2B (News) | Sonera, PlasmaSolve, SigScalr, MotionVFX and more |
| Main Capital Partners | 5 | Private equity | SaaS, Fintech | Tribal Group, $240M (News) | Confirma, Qbees, Watermark, Tribal Group and more |
| Amazon | 4 | Public company | Other tech | Undisclosed | Globalstar, Fauna Robotics, Rivr, Bee |
| Bending Spoons | 4 | Strategic | SaaS, Other tech | Vimeo, $1.38B (News) | Miro, Tractive, Airtable, Vimeo |
| Cycurion, Inc. | 4 | Public company | Other tech, Cybersecurity | Secuvant, $2.9M (SEC 8-K) | Digital Ally Video Solutions Business, Kustom Entertainment’s video-solutions division, Secuvant, Video Solutions Division of Kustom Entertainment, Inc. |
| Databricks | 4 | Strategic | Data infrastructure, Cybersecurity | Undisclosed | Row Zero, Electric, Panther, Antimatter |
| GlobalFoundries | 4 | Public company | Other tech | Undisclosed | Photeon's IVR business, ARC Processor IP Solutions business, Synopsys’ ARC Processor IP Solutions business, Processor IP Solutions business |
| HR Path | 4 | Strategic | IT services | Undisclosed | tts digital HR experts, Grupo PHR, Covalence Consulting, Enforce |
| Meta | 4 | Public company | Vertical AI, Cybersecurity | Undisclosed | Stilla.ai, Virtue AI, Assured Robot Intelligence, Moltbook |
| Nexus IT | 4 | Strategic | IT services | Undisclosed | Loyal IT, TecServ Inc, Imagis, Damon Technology Solutions |
| Ondas | 4 | Public company | Other tech | Insignito, Ottopia Defense and Caribou Labs, $56M (News) | Insignito, Ottopia Defense and Caribou Labs, DZYNE Technologies, World View Enterprises, Rotron Aero |
| Siemens | 4 | Public company | Other tech, Devtools | Undisclosed | Defacto Technologies, Precision Innovations, Canopus AI, ASTER Technologies |
| ZenaTech | 4 | Public company | SaaS, Other tech | Undisclosed | ESM Software, Cogswell Engineering, Velocity Geomatics, NOW Solutions Inc. |
| Adobe | 3 | Public company | Vertical AI, Martech | Undisclosed | Reelo, Rilo, Topaz Labs |
Most active advisors
By credited deals the most active advisors are J.P. Morgan (14), Jefferies (13) and Raymond James (8); by total disclosed value the leader is J.P. Morgan at $15.87 billion. 192 of 1941 deals (10%) name at least one advisor in a public source.
Most credited advisors
Data table
| Advisor | Credited deals |
|---|---|
| J.P. Morgan | 14 |
| Jefferies | 13 |
| Raymond James | 8 |
| Houlihan Lokey | 7 |
| Evercore | 7 |
| Goldman Sachs | 7 |
| TD Securities | 6 |
| Barclays | 6 |
| KPMG | 6 |
| Morgan Stanley | 6 |
By credited deals
| # | Advisor | Credited deals | Sell-side | Buy-side | Sectors covered | Largest disclosed |
|---|---|---|---|---|---|---|
| 1 | J.P. Morgan | 14 | 8 | 6 | Other tech, SaaS, Ecommerce tech, Fintech | OneStream, $6.40B (Press release) |
| 2 | Jefferies Preferred | 13 | 7 | 6 | Data infrastructure, SaaS, Other tech, Cybersecurity | Pinewood.AI, $692M (News) |
| 3 | Raymond James Preferred | 8 | 5 | 3 | SaaS, Other tech, Data infrastructure, Fintech | Vitalware, $147M (SEC 8-K) |
| 4 | Houlihan Lokey Preferred | 7 | 5 | 2 | SaaS, Healthtech, Fintech, Vertical AI | Accelerant, $4B (News) |
| 5 | Evercore Preferred | 7 | 1 | 6 | Other tech, SaaS, Vertical AI, Ecommerce tech | ARKA Group, $2.60B (SEC 8-K) |
| 6 | Goldman Sachs | 7 | 0 | 7 | SaaS, Fintech, Data infrastructure, Ecommerce tech | OneStream, $6.40B (Press release) |
| 7 | TD Securities | 6 | 3 | 3 | SaaS, Fintech, Other tech, Cybersecurity | KORE Group Holdings, $726M (Press release) |
| 8 | Barclays | 6 | 2 | 4 | Fintech, Data infrastructure, Martech, SaaS | Payoneer, $2.75B (SEC 8-K) |
| 9 | KPMG | 6 | 2 | 4 | SaaS, Data infrastructure, Other tech, Fintech | Orb, $335M (News) |
| 10 | Morgan Stanley | 6 | 2 | 4 | Data infrastructure, Other tech, SaaS, Fintech | Accelerant, $4B (News) |
| 11 | Moelis & Company | 5 | 3 | 2 | Other tech, SaaS, Ecommerce tech | Full Swing, $530M (News) |
| 12 | PJT Partners | 5 | 3 | 2 | Fintech, Martech, Other tech, Data infrastructure | DoubleVerify, $2.15B (SEC 8-K) |
| 13 | William Blair Preferred | 5 | 1 | 4 | Healthtech, SaaS, IT services, Other tech | Undisclosed |
| 14 | FT Partners Preferred | 4 | 4 | 0 | Fintech, Cybersecurity, Healthtech | Kubra Data Transfer LTD, $372M (SEC 8-K) |
| 15 | Piper Sandler Preferred | 4 | 4 | 0 | Cybersecurity, IT services, SaaS | For The Record, $258M (Press release) |
By total disclosed value of credited deals
| # | Advisor | Total disclosed value | Deals with a price | Sectors covered | Largest deal (source) |
|---|---|---|---|---|---|
| 1 | J.P. Morgan | $15.87B | 8 of 14 | Other tech, SaaS, Ecommerce tech, Fintech | Hg / OneStream, $6.40B (Press release) |
| 2 | Goldman Sachs | $14.37B | 6 of 7 | SaaS, Fintech, Data infrastructure, Ecommerce tech | Hg / OneStream, $6.40B (Press release) |
| 3 | Morgan Stanley | $9.11B | 5 of 6 | Data infrastructure, Other tech, SaaS, Fintech | Thoma Bravo / Accelerant, $4B (News) |
| 4 | Wells Fargo | $8.04B | 3 of 3 | Fintech, Other tech | Thoma Bravo / Accelerant, $4B (News) |
| 5 | Barclays | $7.84B | 4 of 6 | Fintech, Data infrastructure, Martech, SaaS | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| 6 | PJT Partners | $6.44B | 4 of 5 | Fintech, Martech, Other tech, Data infrastructure | Nielsen / DoubleVerify, $2.15B (SEC 8-K) |
| 7 | Centerview Partners | $6.40B | 1 of 2 | SaaS, Other tech | Hg / OneStream, $6.40B (Press release) |
| 8 | Qatalyst Partners | $5.75B | 3 of 3 | Other tech, Data infrastructure, Fintech | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| 9 | BMO Capital Markets | $5.44B | 2 of 2 | Fintech | Thoma Bravo / Accelerant, $4B (News) |
| 10 | Evercore Preferred | $5B | 3 of 7 | Other tech, SaaS, Vertical AI, Ecommerce tech | CACI International Inc / ARKA Group, $2.60B (SEC 8-K) |
| 11 | Houlihan Lokey Preferred | $4.06B | 2 of 7 | SaaS, Healthtech, Fintech, Vertical AI | Thoma Bravo / Accelerant, $4B (News) |
| 12 | Jefferies Preferred | $2.39B | 6 of 13 | Data infrastructure, SaaS, Other tech, Cybersecurity | Ridgeview Partners / Pinewood.AI, $692M (News) |
| 13 | RBC Capital Markets | $2.19B | 3 of 4 | Fintech, SaaS | Francisco Partners / Moneris Solutions Corporation, $1.44B (News) |
| 14 | AXOM Partners | $1.61B | 2 of 2 | SaaS, Fintech | Bending Spoons / Airtable, $1.28B (News) |
| 15 | BNP Paribas | $1.36B | 1 of 1 | SaaS | Bending Spoons / Miro, $1.36B (News) |
Firms in gold are ProCloser preferred firms: each is ranked #1 in one of our best-advisor guides. Other advisors are named as credited in the source. Source links open the original announcement. Credits appear only where the advisor was named in a public announcement. Full table: advisor league.
Deal volume by month: PE vs strategic
372 deals were tracked in Sep 2026, the busiest month so far; across all months private equity buyers (PE firms and PE-backed platforms) took 13% of deals and strategic or public-company buyers 86%. The current month is partial and early months reflect when the index started tracking, not market volume.
Deals per month, PE vs strategic
Data table
| Month | Total | PE | Strategic | Undisclosed |
|---|---|---|---|---|
| Jan 2026 | 142 | 18 | 124 | 0 |
| Feb 2026 | 123 | 23 | 100 | 0 |
| Mar 2026 | 135 | 19 | 116 | 0 |
| Apr 2026 | 135 | 18 | 116 | 1 |
| May 2026 | 134 | 13 | 121 | 0 |
| Jun 2026 | 289 | 39 | 250 | 0 |
| Jul 2026 | 269 | 29 | 239 | 1 |
| Aug 2026 | 342 | 44 | 297 | 1 |
| Sep 2026 | 372 | 57 | 313 | 2 |
| Month | Deals | PE buyers | Strategic buyers | PE share |
|---|---|---|---|---|
| Jan 2026 | 142 | 18 | 124 | 13% |
| Feb 2026 | 123 | 23 | 100 | 19% |
| Mar 2026 | 135 | 19 | 116 | 14% |
| Apr 2026 | 135 | 18 | 116 | 13% |
| May 2026 | 134 | 13 | 121 | 10% |
| Jun 2026 | 289 | 39 | 250 | 13% |
| Jul 2026 | 269 | 29 | 239 | 11% |
| Aug 2026 | 342 | 44 | 297 | 13% |
| Sep 2026 | 372 | 57 | 313 | 15% |
Sector heat: deals per sector per month
The hottest sector-month is SaaS in Sep 2026 with 87 deals; SaaS leads overall with 397 deals (20%).
| Sector | Feb 2026 | Mar 2026 | Apr 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 | Total |
|---|---|---|---|---|---|---|---|---|---|
| SaaS | 30 | 19 | 27 | 19 | 62 | 55 | 63 | 87 | 397 |
| Other tech | 15 | 17 | 21 | 18 | 41 | 37 | 55 | 54 | 281 |
| Fintech | 16 | 11 | 11 | 17 | 35 | 40 | 45 | 40 | 231 |
| IT services | 13 | 20 | 13 | 16 | 26 | 25 | 47 | 47 | 225 |
| Vertical AI | 12 | 14 | 24 | 14 | 35 | 33 | 41 | 40 | 224 |
| Data infrastructure | 8 | 17 | 4 | 18 | 20 | 25 | 29 | 38 | 167 |
| Cybersecurity | 14 | 8 | 8 | 8 | 19 | 14 | 24 | 29 | 131 |
| Healthtech | 5 | 13 | 15 | 12 | 15 | 13 | 17 | 19 | 115 |
| Martech | 8 | 10 | 9 | 6 | 23 | 13 | 12 | 7 | 102 |
| Devtools | 0 | 3 | 0 | 2 | 8 | 8 | 5 | 6 | 34 |
| Ecommerce tech | 2 | 3 | 3 | 4 | 5 | 6 | 4 | 5 | 34 |
Deals per sector per announcement month. Brighter cells mean more deals; the scale is relative to the busiest cell (87).
Disclosed value statistics
318 of 1941 deals (16%) disclosed a price; the median disclosed value is $108 million, the mean $1.43 billion and the total $455.61 billion. 1623 deals (84%) were announced without terms and are never estimated.
| Statistic | Value |
|---|---|
| Deals with a disclosed value | 318 of 1941 (16%) |
| Share undisclosed | 84% |
| Median disclosed value | $108M |
| Mean disclosed value | $1.43B |
| Total disclosed value | $455.61B |
| Largest disclosed value | $60B |
| Smallest disclosed value | $125,000 |
Largest 10 disclosed deals
| # | Announced | Acquirer | Target | Sector | Buyer type | Value | Source |
|---|---|---|---|---|---|---|---|
| 1 | Aug 4, 2026 | SpaceX | Cursor | Vertical AI | Public company | $60B | SEC 8-K |
| 2 | Jul 16, 2026 | Stripe and Advent International | PayPal | Fintech | Private equity | $53B | News |
| 3 | Mar 11, 2026 | Wiz | Cybersecurity | Public company | $32B | Press release | |
| 4 | Jun 15, 2026 | Fox Corporation | Roku | Other tech | Public company | $22B | Press release |
| 5 | Apr 24, 2026 | Cohere | Aleph Alpha | Vertical AI | Strategic | $20B | News |
| 6 | Jul 16, 2026 | Uber | Delivery Hero | Ecommerce tech | Public company | $14.04B | News |
| 7 | Aug 26, 2026 | Nvidia | Hugging Face | Vertical AI | Public company | $12.90B | News |
| 8 | Sep 9, 2026 | Cegid | Silae | SaaS | PE-backed strategic | $11.60B | News |
| 9 | Sep 11, 2026 | Francisco Partners and KKR | TeamSystem | SaaS | Private equity | $10.43B | News |
| 10 | Jun 29, 2026 | Rocket Lab | Iridium | Other tech | Public company | $8B | Press release |
Size-bucket distribution
Among the 318 deals with a disclosed value, the most common size band is $20M to $200M (88 deals, 28% of disclosed); 69 deals were over $1 billion.
Size-bucket distribution
Data table
| Size bucket | Deals (share of disclosed) |
|---|---|
| Under $20M | 84 (26%) |
| $20M to $200M | 88 (28%) |
| $200M to $1B | 77 (24%) |
| Over $1B | 69 (22%) |
| Size bucket | Deals | Share of disclosed | Share of all deals |
|---|---|---|---|
| Under $20M | 84 | 26% | 4% |
| $20M to $200M | 88 | 28% | 5% |
| $200M to $1B | 77 | 24% | 4% |
| Over $1B | 69 | 22% | 4% |
| Undisclosed | 1623 | 84% |
Cross-border corridors
448 of 1941 deals (23%) were cross-border and 129 (7% of all deals, 29% of cross-border deals) crossed between the US and Europe: 83 European targets bought by US acquirers and 46 US targets bought by European acquirers. The busiest corridor is GB to US with 25 deals.
Top cross-border corridors
Data table
| Corridor (target to acquirer) | Deals |
|---|---|
| GB to US | 25 |
| US to CA | 25 |
| IL to US | 21 |
| CA to US | 19 |
| US to GB | 17 |
| DE to US | 13 |
| AU to US | 11 |
| FR to US | 10 |
| IN to US | 10 |
| US to IN | 8 |
| Corridor (target to acquirer) | Deals | Sectors | Largest disclosed (source) |
|---|---|---|---|
| GB → US | 25 | Data infrastructure, Cybersecurity, IT services | Ridgeview Partners / Pinewood.AI, $692M (News) |
| US → CA | 25 | SaaS, Other tech, Healthtech | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| IL → US | 21 | Cybersecurity, Other tech, Vertical AI | Visa / BioCatch, $2.40B (News) |
| CA → US | 19 | Fintech, SaaS, Other tech | Motorola Solutions / Bell Canada's LMR networks services business, $500M (SEC 8-K) |
| US → GB | 17 | SaaS, IT services, Vertical AI | Nscale / Anyscale, $1.65B (Press release) |
| DE → US | 13 | SaaS, Data infrastructure, Martech | Uber / Delivery Hero, $14.04B (News) |
| AU → US | 11 | IT services, SaaS, Cybersecurity | Undisclosed |
| FR → US | 10 | Vertical AI, SaaS, Cybersecurity | RadNet / Gleamer, $248M (Press release) |
| IN → US | 10 | Vertical AI, IT services, Martech | Roadzen / VehicleCare, $277M (Press release) |
| US → IN | 8 | IT services, Martech, Healthtech | Capital Numbers / Epitome Cloud, $4.8M (Press release) |
PE platforms and add-ons
9 PE-backed platforms made two or more tracked add-on acquisitions, led by Amplix (3), Rep Data (3) and Woven Solutions (3); PE-backed platforms account for 178 of 1941 deals (9%) and direct PE buyers for 82 (4%).
| PE-backed platform | Add-ons | Sectors | Targets (date, value, source) |
|---|---|---|---|
| Amplix | 3 | IT services | OneConnect (Jul 15, 2026, Undisclosed, Press release); CORE Communications (Jul 1, 2026, Undisclosed, Press release); RAS3 Communications and Consulting (Jun 10, 2026, Undisclosed, Press release) |
| Rep Data | 3 | Other tech, Martech, Vertical AI | OWL Solutions (May 27, 2026, Undisclosed, Press release); SightX (Apr 14, 2026, Undisclosed, Press release); ReDem (Feb 10, 2026, Undisclosed, Press release) |
| Woven Solutions | 3 | IT services, Vertical AI | Insignis (Jun 11, 2026, Undisclosed, Press release); Valence (Feb 26, 2026, Undisclosed, Press release); Apira Technologies (Feb 5, 2026, Undisclosed, Press release) |
| Acron Technologies | 2 | Other tech | Sightline Intelligence (Apr 28, 2026, Undisclosed, Press release); Alereon (Apr 14, 2026, Undisclosed, Press release) |
| Alchemy Technology Group | 2 | Cybersecurity, IT services | IOvations (Apr 23, 2026, Undisclosed, Press release); Enterprise Computing Solutions (Mar 5, 2026, Undisclosed, Press release) |
| Nexus IT | 2 | IT services | TecServ Inc (Jun 1, 2026, Undisclosed, Press release); Damon Technology Solutions (Feb 25, 2026, Undisclosed, Press release) |
| TRG | 2 | IT services | Reverse IT (Aug 27, 2026, Undisclosed, News); Barcode Supply (Jul 14, 2026, Undisclosed, Press release) |
| Valiant Solutions | 2 | Cybersecurity | BreakPoint Labs (Jun 2, 2026, Undisclosed, Press release); Abile Group (Feb 17, 2026, Undisclosed, Press release) |
| Virtual Technologies Group | 2 | IT services | Vector Tech Group (Mar 3, 2026, Undisclosed, Press release); Whitlock Infrastructure Solutions (Feb 2, 2026, Undisclosed, Press release) |
Publicly stated multiples
9 of 1941 deals came with a publicly stated valuation multiple. Multiples are shown exactly as written in the source and are never computed or inferred.
| Announced | Acquirer | Target | Sector | Value | Multiple as stated | Source |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Bending Spoons | Miro | SaaS | $1.36B | 2.26x ARR | News |
| Aug 26, 2026 | Nvidia | Hugging Face | Vertical AI | $12.90B | 86x revenue | News |
| Aug 25, 2026 | Nayax | IPS Group | Other tech | $350M | 17x EBITDA | Press release |
| Aug 18, 2026 | TTM Technologies | Epiq Design Solutions | Other tech | $1.10B | 17.4x EBITDA | News |
| Aug 16, 2026 | Stripe | OpenRouter | Data infrastructure | $7B | 50x revenue | News |
| Jul 22, 2026 | Progress Software | Domo | Data infrastructure | $400M | 1x revenue | SEC 8-K |
| Apr 20, 2026 | Brady Corporation | Honeywell’s Productivity Solutions and Services | Other tech | $1.40B | 8x EBITDA | Press release |
| Apr 6, 2026 | Nuvini | the American business of Beyondsoft Corporation | IT services | $80.7M | 1.4x revenue | Press release |
| Mar 31, 2026 | Veralto | GlobalVision | SaaS | Undisclosed | 15x EBITDA | Press release |
Methodology
Public sources only. Every deal links to a press release, SEC filing, news article or advisor announcement that names both parties. No PitchBook, Crunchbase or CB Insights data is used.
Undisclosed is never estimated. Value statistics, size buckets and value-based rankings use only deals whose price appears in the source. Undisclosed deals are counted as undisclosed and excluded from value math.
Advisor credits only where publicly named. A firm is credited only when its name appears in the linked source. Advisor names are grouped under one canonical name where the same firm was written differently. Firms in gold are ProCloser preferred firms, ranked #1 in one of our best-advisor guides; the gold link opens that guide.
Deterministic. Every sentence, table and chart on this page is generated from the dataset by the build script, so the numbers always match the CSV and JSON. Counts describe this index, not the whole market.
ProCloser.ai. "Tech M&A Insights: who is buying, who is advising, and at what size." https://procloser.ai/deals/insights/. Updated 2026-09-28.
Frequently asked questions
Who are the most active acquirers of tech and SaaS companies in this index?
The most active acquirers are OpenAI (10), Accenture (9) and Volaris Group (9); 171 buyers made two or more tracked acquisitions and the ten most active account for 65 of 1941 deals (3%). Counts are deals verified by the ProCloser index, not the buyers' full acquisition history.
Which advisors are credited most often on tracked tech M&A deals?
By credited deals: J.P. Morgan (14), Jefferies (13) and Raymond James (8). A firm is credited only when it is named in the public source linked on the deal; undisclosed advisors are never attributed.
What share of tech M&A deals disclose a price?
318 of 1941 tracked deals (16%) disclosed a value. The rest were announced without terms and are recorded as undisclosed, never estimated.
How much tech M&A is private equity versus strategic?
Private equity buyers (PE firms plus PE-backed platforms) account for 13% of tracked deals and strategic or public-company buyers for 86%. The month-by-month split is in the volume section above.
How is this analysis produced and how often does it change?
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