TechStrat

This week in Tech M&A, several transactions stood out across enterprise data, AI infrastructure, cybersecurity, tokenized market infrastructure, streaming technology, and a number of broader market-moving deals:

• SAP announced acquisitions of Dremio and Prior Labs, doubling down on AI-ready enterprise data infrastructure and structured-data AI models.

• Lattice Semiconductor entered a definitive agreement to acquire AMI, adding firmware and infrastructure manageability capabilities to build a more complete secure control platform for cloud and AI environments.

• IREN signed a definitive agreement to acquire Mirantis in an all-stock deal valued at around $625m, expanding beyond GPU capacity into cloud infrastructure, Kubernetes orchestration, and enterprise AI delivery.

• DAZN agreed to acquire ViewLift, strengthening its direct-to-consumer streaming and digital services capabilities for sports leagues and teams in the US.

• Bullish announced it will acquire Equiniti from Siris in a $4.2bn transaction, combining traditional transfer agency infrastructure with ambitions around tokenized securities.

• Version 1 signed a definitive agreement to acquire CreateFuture, building greater scale in AI-led digital transformation services across regulated industries.

• Cisco announced its intent to acquire Astrix Security, targeting one of the fastest-growing cybersecurity priorities: non-human identities, machine credentials, and AI agent security.

• Palo Alto Networks was reported to be acquiring Portkey, a move that would add governance, routing, safety controls, and infrastructure security for AI applications and agents.

• American Express Global Business Travel agreed to go private in a $6.3bn all-cash deal, one of the week’s more notable sponsor-backed take-private transactions.

• Regis Resources and Vault Minerals agreed to merge in a deal creating an Australian gold producer valued at roughly $7.7bn.

• GameStop made an unsolicited $55.5bn takeover offer for eBay, one of the week’s biggest headline situations even if highly uncertain.

What matters: buyers continue to prioritise assets that improve control over data, infrastructure, and mission-critical workflows. This week’s activity also made one theme especially clear: AI infrastructure and AI security are quickly becoming some of the most active strategic battlegrounds in the market.

For CEOs, founders, and investors, that reinforces the value of building businesses with clear platform relevance, strong infrastructure importance, and defensible strategic fit.

This week in Tech M&A, several transactions stood out across logistics software, life sciences SaaS, warehouse automation, fiber infrastructure, AI agents, photonics, cybersecurity, and a handful of larger market-moving deals:

• Descartes acquired Idelic for about $28m upfront plus up to $12m in earn-out, adding AI-driven fleet safety and telematics analytics to its logistics software stack.

• Blue Mountain acquired CompuCal, expanding its European footprint and deepening its position in calibration and maintenance software for regulated life sciences environments.

• American Industrial Partners agreed to acquire Honeywell’s Warehouse and Workflow Solutions business, another sign of continued investment in automation and mission-critical workflow technology.

• GCI announced it will acquire Quintillion, strengthening Alaska’s fiber network in a picks-and-shovels connectivity deal tied to growing cloud and AI traffic demand.

• Silo Pharma said it acquired the assets of Qwikagents and launched a dedicated AI subsidiary around the platform, pointing to continued interest in agentic AI as a buy-versus-build category.

• Marvell announced the acquisition of Polariton Technologies, adding photonics IP to support next-generation AI networking and optical interconnect performance.

• ServiceNow completed its $7.75bn acquisition of Armis, one of the biggest recent cybersecurity platform moves, bringing real-time asset intelligence into its workflow and AI control plane.

• Airbus agreed to acquire Quarkslab, reinforcing the sovereign cyber theme in Europe as defense and critical infrastructure buyers continue to add specialized capability.

• QXO agreed to acquire TopBuild for about $17bn, one of the week’s biggest deals and another major scale move in building products distribution and services.

• Blue Owl agreed to acquire Sila Realty Trust for about $2.4bn in cash, highlighting ongoing appetite from private capital for cash-flowing real asset portfolios.

• UCB agreed to acquire Neurona Therapeutics for up to $1.15bn, continuing the trend of buyers paying for differentiated clinical assets.

• Roche entered a merger agreement to acquire SAGA Diagnostics for up to $595m, adding tumor-informed MRD capabilities and reinforcing ongoing consolidation in oncology diagnostics.

• Paramount’s proposed transaction with Warner Bros. Discovery also remained in focus, with shareholders voting on one of the largest potential media combinations in years.

What matters: buyers continue to prioritize assets that deepen workflow ownership, strengthen infrastructure, and add differentiated IP in high-value markets. Across software, cyber, AI infrastructure, and adjacent sectors, the consistent pattern is that strategic relevance and platform fit remain the key drivers of M&A activity.

TechStrat acted as exclusive M&A advisor to Opensend in its acquisition of Fueled.io

Opensend’s acquisition of Fueled.io is a smart combination of two businesses addressing one of the biggest challenges in e-commerce today: turning fragmented customer signals into something brands can actually use. TechStrat is proud to have acted as the exclusive M&A advisor to Opensend on the transaction.

Read more: https://bit.ly/4vhZP5V

TechStrat acted as exclusive M&A advisor to Opensend in its acquisition of Fueled.io - TechStrat | Mergers, Acquisitions and Midmarket Investment Strategy Opensend’s acquisition of Fueled.io is a smart combination of two businesses addressing one of the biggest challenges in e-commerce today: turning fragmented customer signals into something brands can actually use. TechStrat is proud to have acted as the exclusive M&A advisor to Opensend on the tr...

This week in Tech M&A, several transactions stood out across enterprise software, cybersecurity, defense tech, tech-enabled services, and a few broader market-moving deals:

• SAP agreed to acquire Reltio, adding a leading master data management platform to strengthen its enterprise data foundation and help customers make SAP and non-SAP data more AI-ready.

• Palo Alto Networks completed its acquisition of IBM’s QRadar SaaS assets, further consolidating the SIEM / SecOps stack around its platform and accelerating migration toward AI-powered security operations.

• Shield AI announced it will acquire Aechelon, adding simulation software to deepen its autonomy training and validation stack in defense.

• Infosys signed a definitive agreement to acquire Stratus, strengthening its capabilities in P&C insurance modernization and expanding its position in a budget-resilient vertical.

• Red Cat closed its acquisition of Apium Swarm Robotics, adding distributed control and autonomy software to its defense drone platform.

• Rapid7 acquired Kenzo Security, reinforcing the shift from AI-assisted workflows toward more autonomous, agentic security operations.

• McCormick agreed to merge with Unilever’s food business in one of the largest consumer deals in recent years, highlighting renewed appetite for scale-driven portfolio reshaping.

• CrossCountry Mortgage agreed to acquire Two Harbors for $10.80 per share in cash, a reminder that competitive bidding and strategic cash offers are returning in selected financial sectors.

What matters: buyers are continuing to prioritise assets that strengthen core platforms, improve data readiness, add AI-enabled workflows, and deepen vertical expertise. Even where the sectors differ, the theme is consistent: strategic value is concentrating around infrastructure, workflow ownership, and category depth.

For CEOs, founders, and investors, that reinforces the importance of building businesses with clear platform relevance, defensible positioning, and strong adjacency value.

𝗧𝗲𝗰𝗵 𝗠&𝗔 𝘄𝗲𝗲𝗸𝗹𝘆 𝘂𝗽𝗱𝗮𝘁𝗲

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀
Two legacy financial services companies announced transactions designed to modernize their offerings overnight by absorbing innovators.

• Capital One, a consumer credit company, announced the acquisition of modern banking platform Brex.
• PayPal, which consolidated the payments market decades ago, is trying to step out front again by acquiring Cymbio, which will expand PayPal’s role from payment processing to multichannel orchestration.

𝗛𝗲𝗮𝗹𝘁𝗵 𝘁𝗲𝗰𝗵
• Spring Health announced its buyout of Alma, a digital mental health platform, as regulators continue to press health care providers to improve mental health care.

𝗔𝗜
• Maase announced the takeover of Times Good, a Chinese AI company.

𝗩𝗲𝗿𝘁𝗶𝗰𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗼𝗳𝘁𝘄𝗮𝗿𝗲
• Solen Software acquired waste hauling software company Cairn Applications.

𝗠𝗮𝗿𝗸𝗲𝘁 𝗱𝗮𝘁𝗮
• PitchBook released its 2025 M&A report, which emphasized the trend toward mega-deals: deal value totaled $4.93 trillion in M&A, with about 57% of the total value coming from deals valued at over $1 billion—the highest share since 2015.

Data102 + ColoHouse: Marking a Major Milestone in a Red-Hot Data Infrastructure Market

Congratulations to Data102—a former TechStrat client—on reaching another important milestone. Data102 first joined Quonix Group in 2019, a transaction where TechStrat served as exclusive M&A advisor. In the next chapter, ColoHouse (backed by Valterra Partners) subsequently acquired acquired Quonix Group—including Data102—adding facilities in Albany (NY), Philadelphia (PA), and Colorado Springs (CO) to its platform.

The move reflects a broader surge in demand for data centers, cloud processing, and AI resources. Power-constrained markets, capacity shortages, and accelerating AI workloads are pushing utilization and pricing higher across the sector. High-quality regional facilities like Data102’s are increasingly valuable to scaled platforms seeking to meet customers’ performance and latency needs.

Kudos to the Data102 and ColoHouse teams—we’re excited to see what’s next in this fast-growing corner of digital infrastructure.