Tech M&A Weekly Roundup

Last week in Tech M&A, transactions stood out across vertical SaaS, AI observability, insurance technology, payments, industrial software and autonomous systems:

• Thoma Bravo agreed to acquire Accelerant for approximately $4.0bn enterprise value, taking private a technology- and data-driven marketplace connecting specialty-insurance underwriters with risk-capital providers.
• Francisco Partners agreed to acquire Moneris for C$2.0bn, adding a scaled Canadian payments and commerce platform with long-term referral relationships retained by BMO and RBC.
• Thoma Bravo completed its C$650m acquisition of Kneat, whose software digitises validation, quality and regulatory-compliance workflows for pharmaceutical and other highly regulated businesses.
• CAI Software acquired LLumin, adding AI-assisted predictive maintenance and asset-management capabilities to its industrial software portfolio.
• Radar Healthcare acquired Cemplicity, expanding its healthcare quality and compliance platform with patient-experience and outcomes data.
• Nielsen agreed to acquire DoubleVerify for approximately $2.15bn enterprise value, combining audience measurement with ad verification, fraud detection and campaign optimisation.
• Pinnacle Technology Solutions acquired Network Solutions, adding engineering, cloud, cybersecurity and managed-services capabilities.
• Dynatrace agreed to acquire Arize for $915m, extending application observability into the monitoring, evaluation and troubleshooting of AI models and agents.
• Archer Aviation agreed to acquire Boeing’s Wisk Aero, Insitu and SkyGrid businesses, creating a broader aerospace platform spanning autonomous aircraft, drones, airspace software and defense technology.
• Ondas completed its acquisition of Cyberhawk for $118.2m in cash plus shares, combining drone-based inspection with AI-powered infrastructure analytics.
• SAIHEAT entered into a merger agreement with Canopy Wave, bringing together data-centre infrastructure with GPU cloud, orchestration and AI-inference software.
• NetApp acquired JetStream Software, strengthening its disaster-recovery and cloud-migration capabilities for VMware environments.
• Outside software, a CPP Investments-led consortium agreed to take ReNew Energy Global private at an implied enterprise value of approximately $10.2bn.
• Mari agreed to acquire ATG Entertainment in a transaction reported at approximately $6bn including debt, adding a global portfolio of 70 live-entertainment venues.
• Dream Finders Homes agreed to acquire Beazer Homes for approximately $2.2bn enterprise value, creating what the companies expect to be the sixth-largest US homebuilder.
• Apollo reached agreement to acquire easyJet for approximately £5.7bn equity value, a rare large-scale private equity transaction in the airline sector.

What matters: last week’s activity highlights two recurring M&A themes. Buyers continue to pay for vertical platforms with proprietary data, embedded workflows and high switching costs, while AI-related acquisitions are increasingly moving beyond applications into observability, inference infrastructure and autonomous physical systems.

For CEOs, founders and investors, the signal remains consistent: strategic value is concentrating around businesses that own mission-critical workflows, differentiated data or difficult-to-replicate technical capabilities.