Tech M&A Insights: who is buying, who is advising, and at what size
A deterministic read of the 506 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 Aug 18, 2026.
Most active acquirers
The most active acquirers are Accenture (5), OpenAI (5) and Banyan Software (3); 29 buyers made two or more tracked acquisitions and the ten most active account for 31 of 506 deals (6%).
Most active acquirers
Data table
| Acquirer | Deals |
|---|---|
| Accenture | 5 |
| OpenAI | 5 |
| Banyan Software | 3 |
| Cycurion, Inc. | 3 |
| HCLTech | 3 |
| Intuit | 3 |
| Thoma Bravo | 3 |
| AMD | 2 |
| Amplix | 2 |
| Apple | 2 |
| Acquirer | Deals | Buyer type | Sectors | Largest disclosed (source) | Targets |
|---|---|---|---|---|---|
| Accenture | 5 | Public company | IT services, Cybersecurity, Healthtech | Dragos, $4.17B (News) | Mjølner Informatics, Dragos, IndX, Industries eXcellence Group and more |
| OpenAI | 5 | Strategic | SaaS, Devtools, Vertical AI | Torch, $100M (News) | NextSlide, Ona, Weights.gg, Torch and more |
| Banyan Software | 3 | Private equity | Healthtech, SaaS | Undisclosed | HMM, HMM Germany, tec4U-Solutions |
| Cycurion, Inc. | 3 | Public company | Other tech, Cybersecurity | Secuvant, $2.9M (SEC 8-K) | Digital Ally Video Solutions Business, Kustom Entertainment’s video-solutions division, Secuvant |
| HCLTech | 3 | Public company | IT services, Vertical AI | Sarvam AI, $150.7M (News) | HPE's Telco Solutions business, Guardian India Operations, Sarvam AI |
| Intuit | 3 | Public company | Data infrastructure, Fintech, Cybersecurity | Undisclosed | Origami Logic, Exactor, Imvision |
| Thoma Bravo | 3 | Private equity | Healthtech, Fintech | Accelerant, $4B (News) | Accelerant, padoa, Kneat |
| AMD | 2 | Public company | Other tech, Data infrastructure | Undisclosed | Taalas, MEXT |
| Amplix | 2 | PE-backed strategic | IT services | Undisclosed | OneConnect, RAS3 Communications and Consulting |
| Apple | 2 | Public company | Other tech, Data infrastructure | Undisclosed | PlasmaSolve, SigScalr |
| Aurum PropTech | 2 | Public company | Ecommerce tech, SaaS | Locon Solutions, $55.2M (News) | Locon Solutions, Housing.com |
| Bending Spoons | 2 | Public company | SaaS, Other tech | Vimeo, $1.38B (News) | Airtable, Vimeo |
| CAI Software | 2 | Strategic | SaaS | Undisclosed | LLumin, PlanetTogether |
| Cursor | 2 | Strategic | Devtools | Undisclosed | Firetiger, Continue |
| Cyera | 2 | Strategic | Cybersecurity | Oasis Security, $1B (News) | Oasis Security, Genie Security |
| Databricks | 2 | Strategic | Data infrastructure, Cybersecurity | Undisclosed | Electric, Panther |
| Deepki | 2 | Strategic | SaaS, Vertical AI | Undisclosed | Evora Global, Camion |
| Elastic | 2 | Public company | Devtools | Deductive AI, $85M (News) | Deductive AI, DeductiveAI |
| Francisco Partners | 2 | Private equity | Healthtech, Cybersecurity | Weave, $650M (SEC 8-K) | Weave, EfficientIP |
| GlobalFoundries | 2 | Public company | Other tech | Undisclosed | ARC Processor IP Solutions business, Synopsys' ARC Processor IP Solutions business |
Most active advisors
By credited deals the most active advisors are Jefferies (4), Goldman Sachs (4) and Raymond James (3); by total disclosed value the leader is Goldman Sachs at $6.53 billion. 45 of 506 deals (9%) name at least one advisor in a public source.
Most credited advisors
Data table
| Advisor | Credited deals |
|---|---|
| Jefferies | 4 |
| Goldman Sachs | 4 |
| Raymond James | 3 |
| Morgan Stanley | 3 |
| Arma Partners | 2 |
| AXOM Partners | 2 |
| D.A. Davidson | 2 |
| Houlihan Lokey | 2 |
| Moelis & Company | 2 |
| Qatalyst Partners | 2 |
By credited deals
| # | Advisor | Credited deals | Sell-side | Buy-side | Sectors covered | Largest disclosed |
|---|---|---|---|---|---|---|
| 1 | Jefferies Preferred | 4 | 4 | 0 | Data infrastructure, Healthtech, SaaS | Weave, $650M (SEC 8-K) |
| 2 | Goldman Sachs | 4 | 0 | 4 | SaaS, Data infrastructure, Fintech | Payoneer, $2.75B (SEC 8-K) |
| 3 | Raymond James | 3 | 2 | 1 | SaaS, Other tech | Vitalware, $147M (SEC 8-K) |
| 4 | Morgan Stanley | 3 | 1 | 2 | Fintech, Data infrastructure, Other tech | Accelerant, $4B (News) |
| 5 | Arma Partners | 2 | 2 | 0 | Fintech, Cybersecurity | Undisclosed |
| 6 | AXOM Partners | 2 | 2 | 0 | SaaS, Fintech | Airtable, $1.28B (News) |
| 7 | D.A. Davidson | 2 | 2 | 0 | Fintech, Data infrastructure | Undisclosed |
| 8 | Houlihan Lokey Preferred | 2 | 2 | 0 | Fintech, Healthtech | Accelerant, $4B (News) |
| 9 | Moelis & Company | 2 | 2 | 0 | Ecommerce tech, Other tech | Full Swing, $530M (News) |
| 10 | Qatalyst Partners Preferred | 2 | 2 | 0 | Data infrastructure, Fintech | Payoneer, $2.75B (SEC 8-K) |
| 11 | The McLean Group | 2 | 2 | 0 | IT services, Other tech | Undisclosed |
| 12 | Barclays | 2 | 1 | 1 | Data infrastructure, Fintech | Payoneer, $2.75B (SEC 8-K) |
| 13 | Citi | 2 | 1 | 1 | SaaS, Data infrastructure | DroneDeploy, $845M (SEC 8-K) |
| 14 | J.P. Morgan | 2 | 1 | 1 | Other tech, SaaS | Airtable, $1.28B (News) |
| 15 | KPMG | 2 | 1 | 1 | SaaS, Fintech | Orb, $335M (News) |
By total disclosed value of credited deals
| # | Advisor | Total disclosed value | Deals with a price | Sectors covered | Largest deal (source) |
|---|---|---|---|---|---|
| 1 | Goldman Sachs | $6.53B | 4 of 4 | SaaS, Data infrastructure, Fintech | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| 2 | Morgan Stanley | $6.10B | 3 of 3 | Fintech, Data infrastructure, Other tech | Thoma Bravo / Accelerant, $4B (News) |
| 3 | Qatalyst Partners Preferred | $4.40B | 2 of 2 | Data infrastructure, Fintech | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| 4 | Barclays | $4.25B | 2 of 2 | Data infrastructure, Fintech | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| 5 | Houlihan Lokey Preferred | $4B | 1 of 2 | Fintech, Healthtech | Thoma Bravo / Accelerant, $4B (News) |
| 6 | BMO Capital Markets | $4B | 1 of 1 | Fintech | Thoma Bravo / Accelerant, $4B (News) |
| 7 | Wells Fargo | $4B | 1 of 1 | Fintech | Thoma Bravo / Accelerant, $4B (News) |
| 8 | J.P. Morgan | $1.73B | 2 of 2 | Other tech, SaaS | Bending Spoons / Airtable, $1.28B (News) |
| 9 | AXOM Partners | $1.61B | 2 of 2 | SaaS, Fintech | Bending Spoons / Airtable, $1.28B (News) |
| 10 | PJT Partners | $1.50B | 1 of 2 | Fintech, Data infrastructure | Analog Devices / Empower Semiconductor, $1.50B (SEC 8-K) |
| 11 | Citi | $1.25B | 2 of 2 | SaaS, Data infrastructure | Procore Technologies / DroneDeploy, $845M (SEC 8-K) |
| 12 | Jefferies Preferred | $1.05B | 2 of 4 | Data infrastructure, Healthtech, SaaS | Francisco Partners / Weave, $650M (SEC 8-K) |
| 13 | BofA Securities | $800M | 1 of 1 | SaaS | CoStar Group / Zonda, $800M (SEC 8-K) |
| 14 | Moelis & Company | $530M | 1 of 2 | Ecommerce tech, Other tech | Versant / Full Swing, $530M (News) |
| 15 | ATB Cormark | $474.5M | 1 of 1 | Healthtech | Thoma Bravo / Kneat, $474.5M (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
220 deals were tracked in Jun 2026, the busiest month so far; across all months private equity buyers (PE firms and PE-backed platforms) took 14% 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 | 10 | 0 | 10 | 0 |
| May 2026 | 34 | 5 | 29 | 0 |
| Jun 2026 | 220 | 38 | 182 | 0 |
| Jul 2026 | 155 | 18 | 136 | 1 |
| Aug 2026 | 87 | 11 | 76 | 0 |
| Month | Deals | PE buyers | Strategic buyers | PE share |
|---|---|---|---|---|
| Jan 2026 | 10 | 0 | 10 | 0% |
| May 2026 | 34 | 5 | 29 | 15% |
| Jun 2026 | 220 | 38 | 182 | 17% |
| Jul 2026 | 155 | 18 | 136 | 12% |
| Aug 2026 | 87 | 11 | 76 | 13% |
Sector heat: deals per sector per month
The hottest sector-month is SaaS in Jun 2026 with 49 deals; SaaS leads overall with 104 deals (21%).
| Sector | Jan 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Total |
|---|---|---|---|---|---|---|
| SaaS | 2 | 8 | 49 | 31 | 14 | 104 |
| Fintech | 2 | 4 | 31 | 24 | 10 | 71 |
| Vertical AI | 1 | 5 | 26 | 13 | 10 | 55 |
| Other tech | 3 | 1 | 20 | 20 | 9 | 53 |
| Data infrastructure | 0 | 2 | 17 | 19 | 14 | 52 |
| IT services | 0 | 3 | 17 | 15 | 8 | 43 |
| Cybersecurity | 0 | 4 | 19 | 9 | 9 | 41 |
| Martech | 1 | 3 | 18 | 7 | 4 | 33 |
| Healthtech | 1 | 1 | 10 | 9 | 5 | 26 |
| Devtools | 0 | 1 | 7 | 4 | 3 | 15 |
| Ecommerce tech | 0 | 2 | 6 | 4 | 1 | 13 |
Deals per sector per announcement month. Brighter cells mean more deals; the scale is relative to the busiest cell (49).
Disclosed value statistics
94 of 506 deals (19%) disclosed a price; the median disclosed value is $200 million, the mean $2.01 billion and the total $189.41 billion. 412 deals (81%) were announced without terms and are never estimated.
| Statistic | Value |
|---|---|
| Deals with a disclosed value | 94 of 506 (19%) |
| Share undisclosed | 81% |
| Median disclosed value | $200M |
| Mean disclosed value | $2.01B |
| Total disclosed value | $189.41B |
| Largest disclosed value | $60B |
| Smallest disclosed value | $140,000 |
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 | Jun 16, 2026 | SpaceX | Anysphere | Vertical AI | Public company | $60B | News |
| 3 | Aug 16, 2026 | Stripe | OpenRouter | Data infrastructure | Strategic | $7B | News |
| 4 | Jan 22, 2026 | Capital One | Brex | Fintech | Public company | $5.15B | News |
| 5 | Jun 19, 2026 | Accenture | Dragos | Cybersecurity | Public company | $4.17B | News |
| 6 | Aug 13, 2026 | Thoma Bravo | Accelerant | Fintech | Private equity | $4B | News |
| 7 | Jun 24, 2026 | Qualcomm | Modular | Data infrastructure | Public company | $3.90B | News |
| 8 | Jun 15, 2026 | Salesforce | Fin | Vertical AI | Public company | $3.60B | News |
| 9 | May 28, 2026 | Autodesk | MaintainX | SaaS | Public company | $3.60B | SEC 8-K |
| 10 | Jul 1, 2026 | Schneider Electric | Cognite | Data infrastructure | Public company | $3.10B | News |
Size-bucket distribution
Among the 94 deals with a disclosed value, the most common size band is $20M to $200M (30 deals, 32% of disclosed); 22 deals were over $1 billion.
Size-bucket distribution
Data table
| Size bucket | Deals (share of disclosed) |
|---|---|
| Under $20M | 16 (17%) |
| $20M to $200M | 30 (32%) |
| $200M to $1B | 26 (28%) |
| Over $1B | 22 (23%) |
| Size bucket | Deals | Share of disclosed | Share of all deals |
|---|---|---|---|
| Under $20M | 16 | 17% | 3% |
| $20M to $200M | 30 | 32% | 6% |
| $200M to $1B | 26 | 28% | 5% |
| Over $1B | 22 | 23% | 4% |
| Undisclosed | 412 | 81% |
Cross-border corridors
102 of 506 deals (20%) were cross-border and 28 (6% of all deals, 27% of cross-border deals) crossed between the US and Europe: 14 European targets bought by US acquirers and 14 US targets bought by European acquirers. The busiest corridor is IL to US with 12 deals.
Top cross-border corridors
Data table
| Corridor (target to acquirer) | Deals |
|---|---|
| IL to US | 12 |
| US to GB | 5 |
| US to CA | 4 |
| CA to US | 4 |
| GB to US | 4 |
| DE to US | 4 |
| DE to CA | 3 |
| GB to CA | 2 |
| US to IN | 2 |
| US to SE | 2 |
| Corridor (target to acquirer) | Deals | Sectors | Largest disclosed (source) |
|---|---|---|---|
| IL → US | 12 | Cybersecurity, Data infrastructure, Other tech | Visa / BioCatch, $2.40B (News) |
| US → GB | 5 | SaaS, Data infrastructure, Ecommerce tech | Nscale / Anyscale, $1.65B (Press release) |
| US → CA | 4 | Other tech, SaaS, Fintech | Nuvei / Payoneer, $2.75B (SEC 8-K) |
| CA → US | 4 | Other tech, Fintech, Cybersecurity | Datavault AI / CyberCatch Holdings, $99.9M (News) |
| GB → US | 4 | IT services, Data infrastructure, SaaS | Undisclosed |
| DE → US | 4 | SaaS, Martech, Data infrastructure | Salesforce / Contentful, $1.25B (News) |
| DE → CA | 3 | Healthtech, SaaS | Undisclosed |
| GB → CA | 2 | SaaS | Undisclosed |
| US → IN | 2 | IT services, Martech | Undisclosed |
| US → SE | 2 | Data infrastructure, Vertical AI | Einride / Flipturn, $38.4M (News) |
PE platforms and add-ons
1 PE-backed platforms made two or more tracked add-on acquisitions, led by Amplix (2); PE-backed platforms account for 48 of 506 deals (9%) and direct PE buyers for 24 (5%).
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 2026-08-18.
Frequently asked questions
Who are the most active acquirers of tech and SaaS companies in this index?
The most active acquirers are Accenture (5), OpenAI (5) and Banyan Software (3); 29 buyers made two or more tracked acquisitions and the ten most active account for 31 of 506 deals (6%). 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: Jefferies (4), Goldman Sachs (4) and Raymond James (3). 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?
94 of 506 tracked deals (19%) 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 14% 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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