Tech M&A Weekly Roundup

September 18, 2026

This week in Tech M&A, transactions stood out across vertical SaaS, collaboration software, cybersecurity, industrial AI, autonomous driving and tech-enabled services:

  • Bending Spoons agreed to acquire Miro at approximately $1.36bn enterprise value, a significant reset from Miro’s $17.5bn private-market valuation in 2022.
  • Main Capital Partners announced its intent to acquire Watermark Insights, adding a mission-critical higher-education SaaS platform spanning accreditation, faculty development and student-success workflows.
  • dormakaba agreed to acquire Alliants, moving further up the hospitality technology stack by combining physical access with mobile keys, check-in, payments, messaging and agentic AI.
  • Xpansiv agreed to acquire Formbay, adding AI-enabled renewable-energy compliance, certificate management and payment workflows to its environmental-markets infrastructure.
  • Futuremain entered into a business combination with ChampionsGate at an approximately $80m enterprise value, providing a US public-market platform for its industrial predictive-maintenance and Physical AI technology.
  • Perdoceo Education agreed to acquire South University, expanding its online and healthcare-education footprint in a transaction with base consideration of up to approximately $168m plus earnouts.
  • Quorum Cyber agreed to acquire Ontinue, combining Microsoft-focused managed security with an agentic SOC designed to automate investigation and threat response.
  • Winbond agreed to acquire Infineon’s NOR Flash and F-RAM business for $1.12bn in cash, expanding its embedded-memory portfolio and US presence.
  • May Mobility entered into a business combination with ACP Holdings at an approximately $1.4bn pro forma enterprise value, supporting an asset-light Autonomy-as-a-Service model for self-driving technology.
  • CTS agreed to acquire Millar Holdings, adding MEMS-based pressure and electrochemical sensing technology for medical applications.
  • Sequence Holdings and the Dell Family Office agreed to take The Baldwin Group private at approximately $7.7bn enterprise value, with an explicit strategy to accelerate AI and automation across the insurance brokerage.
  • Brookfield agreed to acquire Reliance Worldwide Corporation at approximately $2.8bn enterprise value, adding a scaled building-products platform with recurring replacement demand.

What matters: mission-critical vertical workflows continue to attract capital, particularly where software sits inside regulated or operationally difficult-to-replace processes. At the same time, AI is moving deeper into the operating model — from autonomous security and factory maintenance to insurance services and transportation.

Miro also provides a reminder that strategic relevance and scale do not eliminate valuation discipline: buyers are still willing to acquire strong software assets, but often at very different multiples from the 2021–22 market.

For CEOs, founders and investors, the signal remains consistent: embedded workflows, differentiated data and a credible path to AI-enabled operating leverage continue to drive strategic interest.