Tech M&A Deal Radar: Technology M&A Deals in 2026 [Updated Monthly]

Technology M&A in 2026 is moving across a broad set of acquisition theses, from AI infrastructure and cybersecurity to vertical software, payments, data and enterprise workflows.

The L40° Tech M&A Deal Radar tracks selected transactions that help explain where strategic buyers and financial sponsors are deploying capital, which capabilities are being acquired, and where public deal values provide useful valuation evidence. The index combines larger transactions that set the direction of the market with mid-market deals closer to the companies L40° advises.

Following a retrospective expansion, the dataset now contains 144 transactions. The core 2026 coverage includes 141 deals announced from January through July, with Elipse.ai / Runtime added from August; two disclosed L40°-advised transactions from 2025 are included as historical reference points.

The Radar is updated monthly. Deal values are shown where publicly disclosed or, when clearly identified, as reported by credible public sources.

L40º Tech M&A Deal Radar

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What the 2026 Tech M&A Deal Radar is showing

Across the expanded 2026 dataset, activity spans large strategic acquisitions, public-company transactions and smaller capability-led private deals.

The index tracks 144 technology M&A transactions announced between August 2025 and August 2026, all listed on this page and available as a downloadable CSV. The largest disclosed deal is SpaceX's $60 billion all-stock acquisition of Anysphere, the maker of Cursor, and security-related targets account for 41 of the 144 deals, nearly a third of the index. Deals advised by L40° are marked.

Several patterns stand out.

AI M&A is moving across the stack

AI-related acquisitions are not concentrated in one category. Qualcomm’s acquisition of Modular targets AI infrastructure software, Nscale’s acquisition of Anyscale extends from compute into AI workload infrastructure, Salesforce’s acquisition of Fin adds an AI-native customer-service layer, and Asana’s acquisition of StackAI pushes further into enterprise agent orchestration. For more AI-focused deals, see the L40° AI Rollup Transaction Index.

The acquisition thesis therefore varies materially depending on where the target sits in the stack. Infrastructure, models, developer tooling, data and application-layer software are being evaluated against different strategic needs and different alternatives to building internally.

For founders, “AI company” is not a sufficient positioning category. The relevant question in an M&A process is what capability the buyer gains, how difficult it would be to reproduce, and how directly it strengthens the buyer’s existing platform. For a broader valuation framework, read L40°’s AI valuation multiples analysis.

Cybersecurity remains one of the clearest acquisition themes

Security appears repeatedly across the Radar, including transactions involving Cisco, Palo Alto Networks, Zscaler, Akamai, Barracuda, Dragos and Cyera.

The targets span non-human identity, AI-agent governance, browser security, data security, industrial cybersecurity, privileged access and observability. That breadth matters. Buyers are not pursuing one isolated security category; they are filling control gaps created by increasingly distributed infrastructure, data and AI workloads.

The activity also shows how strategic buyers can approach the same underlying problem from different parts of the stack. A security company’s value in M&A therefore depends not only on its standalone market but on which buyer architectures it can strengthen.

Vertical software continues to attract strategic buyers

The Radar also includes transactions across rail software, public safety, life sciences, investment diligence, occupational health, supply-chain carbon management, corporate travel and healthcare workflows.

These deals are important for mid-market founders because they show that strategic value does not require operating in a horizontal category with a large headline market. Specialized software can become highly relevant when it owns a difficult workflow, proprietary domain knowledge, embedded customer relationships or data that extends an acquirer’s existing product.

Mistral Data’s proposed acquisition by Tracsis is one example. The £48 million enterprise value implies approximately 12x adjusted EBITDA based on the financial information disclosed with the transaction, illustrating the valuation that can attach to a specialized vertical asset where the strategic fit is clear.

Private-market disclosure still limits multiple coverage

A meaningful share of private technology acquisitions do not disclose purchase price or target revenue. The Radar therefore combines transaction activity with financial benchmarks where reliable public data exists, rather than excluding private deals that remain strategically relevant.

ND should not be read as a signal of transaction size or quality. It means the relevant field was not publicly disclosed and L40° did not identify sufficiently reliable public information to populate it. Where a transaction value is reported by a credible publication but not disclosed by the parties, the Radar labels it as reported. Approximate EV / Revenue multiples derived by L40° are marked with “~” and material calculation assumptions are disclosed in the table notes.

Selected 2026 technology M&A transactions to watch

Nscale / Anyscale

Nscale’s acquisition of Anyscale connects two layers of the AI infrastructure stack: compute capacity and the software used to build and run distributed AI workloads. The transaction value was not disclosed by the parties, although media reports placed it at approximately $1.65 billion.

The strategic point is the vertical integration. As AI infrastructure providers expand, owning more of the layer between compute and application deployment can strengthen customer retention and increase control over how workloads move through the platform.

Cyera / Oasis Security

Cyera signed a letter of intent to acquire Oasis Security in a $1 billion transaction focused on non-human identity and AI-agent security.

The deal is notable because identity is expanding beyond employees and service accounts. AI agents increasingly operate across enterprise applications and data, creating a new layer of access and governance requirements. Acquirers are moving early to own that control point.

Dassault Systèmes / ArisGlobal

Dassault Systèmes agreed to acquire ArisGlobal for approximately $1.8 billion in cash at close plus up to $200 million of earnout consideration.

ArisGlobal extends Dassault Systèmes further into regulated life-sciences workflows, connecting clinical, safety, regulatory and real-world data. Based on the maximum transaction value and approximately $175 million of expected 2026 revenue disclosed with the transaction, the deal implies roughly 11x 2026E revenue.

This is the type of strategic transaction where domain-specific workflow ownership and data connectivity can matter as much as standalone growth.

Leonardo DRS / Raft

Leonardo DRS agreed to acquire Raft for $450 million, adding AI-enabled mission software, data fusion and digital capabilities to its defense technology platform.

The transaction illustrates a broader pattern in software M&A: buyers are acquiring specialized software capabilities where integration into an existing distribution channel or mission-critical platform can materially increase their strategic value.

Progress Software / Domo AI & Data Platform

Progress Software agreed to acquire Domo’s AI and Data Platform business for $400 million.

Rather than acquiring Domo in its entirety, Progress is buying a defined software platform that expands its capabilities in data, analytics and AI. Carve-outs of this type can create a different buyer universe from a full-company sale and highlight the value that can sit within an individual product or technology asset.

What these transactions mean for technology founders

The Radar is not intended to suggest that every technology company should benchmark itself against the largest transactions in the market. A $3 billion strategic acquisition and a $50 million vertical-software deal reflect different businesses, buyer universes and underwriting frameworks.

What they can show, however, is where buyers are allocating attention and how they’re interpreting value.

Across the current transaction set, buyers repeatedly move toward software that owns an important workflow, secures a critical layer of infrastructure, provides proprietary or difficult-to-recreate capabilities, or can be integrated directly into a larger platform.

For founders considering an exit, the relevant exercise is therefore not simply identifying comparable companies that were acquired. It is understanding which buyers have a strategic reason to value the company differently, what evidence supports that thesis, and how that value can be tested through a competitive process. For the broader valuation context, see L40°’s 2026 SaaS multiples guide.

How this index is built

The L40° Tech M&A Transaction Index tracks selected announced acquisitions across software, SaaS, AI, fintech, cybersecurity, healthtech and adjacent technology categories. Notable private transactions remain part of the Index even when financial terms are not publicly disclosed. Larger and public-market transactions are also included where they provide useful context on buyer appetite, valuation and market direction.

The Index is built using public sources, including company announcements, investor releases, regulatory filings and neutral financial and M&A reporting. Dates refer to public announcement dates unless otherwise noted. Deal values are shown where publicly disclosed or, when clearly identified, as reported by credible public sources. Revenue is included where reliable public financial information is available. EV / Revenue multiples may be source-disclosed or derived by L40° from sufficiently reliable public transaction and financial data; approximate or derived figures are identified with “~” and material calculation assumptions are disclosed.

The Index is updated monthly and powers L40°’s Tech M&A Radar. Transactions advised by L40° are identified only where L40° has elected to disclose its role.

Machine-readable data: download the L40° Tech M&A Transaction Index CSV.

Preparing for a technology M&A process

Transaction data is most useful when it is translated into a buyer-specific view of value.

L40° advises technology, SaaS and AI founders on sell-side M&A, from positioning and valuation through buyer outreach, negotiation and closing. Our team has completed more than 180 technology transactions across the U.S. and Europe.

If you are assessing potential buyers, valuation or timing for an exit, speak with the L40° team.

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Archive: notable technology M&A deals from 2024–2025

The Radar is designed to remain current, but earlier transactions can still provide useful historical context on how technology acquisition theses have evolved. The archive below condenses the original 2024–2025 deal analysis so the page retains historical relevance without competing with the live Radar.

Google / Wiz

Deal value: $32B | Announced: March 2025

Google’s agreement to acquire Wiz was one of the defining cloud-security transactions of the period. The strategic logic was straightforward: strengthen Google Cloud’s security capabilities while preserving Wiz’s multicloud positioning.

For founders, the transaction illustrated the value of products that solve a high-stakes problem, are easy to deploy across complex enterprise environments, and can become a strategic layer inside a much larger platform.

IBM / HashiCorp

Deal value: $6.4B EV | Completed: February 2025

IBM’s acquisition of HashiCorp expanded its hybrid-cloud and automation stack around infrastructure provisioning, secrets management and multi-cloud workflows. Terraform and Vault brought deeply embedded developer and infrastructure use cases into IBM’s broader software portfolio.

The deal reinforced a recurring M&A thesis: software that becomes part of the operating layer for enterprise infrastructure can create strategic value well beyond a standalone product category.

Cisco / SnapAttack

Deal value: Undisclosed | Completed: January 2025

Cisco acquired SnapAttack to strengthen threat detection engineering within Splunk. The target helped security teams assess, manage and improve detection content across complex environments.

The transaction showed how acquirers can value specialist security technology that improves the effectiveness of a broader platform, even where the target is much smaller than the buyer.

SAP / WalkMe

Deal value: ~$1.5B equity value | Announced: June 2024

SAP acquired WalkMe to add a digital-adoption layer across enterprise applications. WalkMe’s product addresses a different part of software value creation: not only what an application can do, but whether employees actually adopt and use it effectively.

For founders, the transaction highlighted the strategic importance of software that sits across workflows and can improve the utilization of a buyer’s existing product estate.

Nvidia / Brev.dev

Deal value: Undisclosed | Announced: 2024

Nvidia’s acquisition of Brev.dev added a developer-focused layer that simplifies access to GPU infrastructure and AI development environments. The target solved a practical bottleneck around provisioning and using accelerated compute.

The transaction is a useful example of a large platform acquiring a focused technical product because it reduces friction for the developers already building on that platform.

Blackstone + Vista / Smartsheet

Deal value: ~$8.4B | Completed: January 2025

The take-private of Smartsheet showed continued financial-sponsor appetite for scaled, recurring-revenue enterprise software with broad adoption and operational levers available under private ownership.

Unlike a strategic acquisition, the thesis depends less on immediate product integration and more on the company’s ability to compound revenue, improve operations and create value over a multi-year holding period.

MongoDB / Voyage AI

Deal value: ~$220M | Announced: February 2025

MongoDB acquired Voyage AI to strengthen retrieval, embedding and reranking capabilities within its database platform. The acquisition addressed a technical bottleneck in AI applications: retrieving the right context with sufficient accuracy for production use.

The deal illustrated why infrastructure beneath the model can be strategically important. Products that improve reliability, data access or workflow integration can become acquisition targets when they make the buyer’s core platform more useful for AI workloads.

Drata / SafeBase

Deal value: ~$250M reported | Announced: February 2025

Drata’s acquisition of SafeBase combined compliance automation with customer-facing trust management. SafeBase added trust centers and AI-assisted security questionnaires, extending Drata’s role from internal compliance into the commercial process where customers evaluate vendor risk.

The transaction showed how governance, risk and compliance products can create value by reducing friction not only for security teams but also for sales and procurement workflows.

ServiceNow / Moveworks

Deal value: $2.85B | Announced: March 2025

ServiceNow agreed to acquire Moveworks to combine its workflow platform with a conversational AI front end and enterprise search. The target gave ServiceNow a more intuitive interface through which employees could search, ask questions and trigger workflows.

The deal reflected the shift from AI as a back-end capability toward AI as an interaction layer across enterprise systems. For founders, the strategic value sits in whether the interface controls a meaningful workflow and can be distributed across an existing enterprise customer base.

Related L40° reading

• Sell-Side M&A Advisory for SaaS, Tech & AI
• SaaS Multiples: Methods and Company Valuation in 2026
• AI Valuation Multiples: Most Valuable Industries in 2026
• What is Sell-Side M&A Advisory? An Overview for SaaS Founders

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