Tech M&A Weekly Roundup

October 23, 2026

This week in Tech M&A, transactions stood out across enterprise software, financial data, AI infrastructure, cybersecurity, digital infrastructure and tech-enabled services:

  • Salesforce agreed to acquire Braze for approximately $5.66bn enterprise value, adding real-time customer engagement and personalization software to its Marketing Cloud, Data 360 and Agentforce ecosystem.
  • LSEG agreed to acquire Octus for $3.535bn in cash, adding proprietary private-credit intelligence, data and workflow software to its fixed-income platform.
  • Tradeweb agreed to acquire Trumid for approximately $1.97bn, extending its electronic credit platform further across the corporate bond trading lifecycle.
  • CBRE agreed to acquire Onnec for £460m upfront plus up to £300m in earnout, adding network, fiber and data-center infrastructure services across Europe and Asia Pacific.
  • Boomi acquired Elementary Data, adding data observability, quality and lineage capabilities as reliable enterprise data becomes increasingly important for AI deployment.
  • Allstate-owned Arity agreed to acquire substantially all of INRIX, combining road and traffic intelligence with large-scale driving-behavior data.
  • Accenture acquired Avicado, adding specialist implementation expertise around construction technology platforms including Procore, Autodesk, Trimble and Oracle.
  • Trinity Life Sciences acquired Verix, embedding AI-powered targeting and next-best-action software into its life-sciences commercialization offering.
  • OpenAI acquired Orchestra Bio, adding agentic workflow technology for coordinating complex drug-development programs to its Rosalind life-sciences platform.
  • KORT Payments agreed to acquire AptPay, adding real-time payouts, cross-border payments and multi-rail orchestration to its Canadian payments infrastructure.
  • Maximus agreed to acquire Agile Defense for $660m plus potential contingent consideration, expanding further into cybersecurity, AI, analytics and cloud modernization for US government customers.
  • Vista Equity Partners agreed to acquire HID’s PKI business, including IdenTrust, HydrantID and ZeroSSL, adding identity and certificate-management infrastructure.
  • Tegria acquired CloudWave, strengthening its healthcare-focused cybersecurity, cloud-hosting and managed IT capabilities.
  • Hex-Rays was reported to be acquiring HexAI for approximately $30–35m, adding technology that enables AI agents to perform vulnerability, malware and binary-analysis research.
  • TTM Technologies agreed to acquire MKS’s Ophir Optics business for $650m, adding high-precision infrared imaging and laser-optics technology used in defense and industrial applications.
  • EQT agreed to acquire QIAGEN at approximately €10.8bn enterprise value, one of the week’s largest private equity take-privates.
  • Silgan and American Industrial Partners agreed to acquire Trivium Packaging for approximately $3.4bn enterprise value.
  • Ares agreed to acquire Infinity Transportation from KKR for approximately $2.9bn enterprise value, adding a fleet of roughly 50,000 North American railcars.
  • Cencora agreed to acquire American Oncology Network for approximately $2.4bn enterprise value, deepening its position in community oncology.
  • Ember Infrastructure agreed to acquire Ashtead Technology for approximately £505m, taking private a specialist subsea technology and services provider.
  • Alcon acquired Neurotech Pharmaceuticals for $550m upfront plus potential contingent payments, adding an FDA-approved cell-based treatment for a rare retinal disease.

What matters: proprietary data is becoming a core M&A asset in the AI era. Salesforce/Braze, LSEG/Octus and Arity/INRIX all show buyers seeking control over data and workflows that can make broader platforms more valuable.

At the same time, AI infrastructure is broadening beyond compute. Data quality, identity, connectivity, cybersecurity and specialist implementation expertise are all becoming strategically important layers of the stack.

For CEOs, founders and investors, the signal remains consistent: businesses that own differentiated data, embedded workflows or critical infrastructure are increasingly difficult — and expensive — for larger platforms to replicate organically.