Tech M&A Weekly Roundup

This week in Tech M&A, transactions stood out across vertical AI, proprietary data, quantum software, IT operations, compliance technology and AI infrastructure:

• DoorDash agreed to acquire Instacart for approximately $17bn in equity value, combining restaurant and local-commerce delivery with grocery fulfilment, retailer relationships and advertising technology.
• Guidewire agreed to acquire hyperexponential for $1.7bn upfront plus up to $400m in contingent consideration, bringing AI-native pricing and underwriting technology deeper into the core systems used by commercial and specialty insurers.
• CoStar Group agreed to acquire Vexcel for $730m in cash, adding high-resolution aerial imagery and geospatial infrastructure that can be used to generate proprietary property and infrastructure intelligence with AI.
• SITA agreed to acquire CAE’s Flightscape business for $500m enterprise value, adding mission-critical flight planning, crew management and airline operations software.
• Zafin agreed to acquire Naehas, combining banking product and pricing technology with offer management, disclosure automation and marketing-compliance software.
• Clio acquired Page, adding AI-powered legislative and regulatory monitoring to its legal AI platform.
• Hg agreed to acquire a majority stake in 3E, backing a renewable-energy SaaS platform that uses operational data, digital twins and AI to monitor and optimise more than 50 GW of solar, wind and battery assets.
• Oddball acquired Synaptic Era’s Salesforce business, adding more than 600 projects of implementation experience and Agentforce capabilities for government customers.
• Hummingbird acquired Quantimon, adding adaptive machine learning to anti-money-laundering detection and financial-crime compliance workflows.
• Intel agreed to acquire quantum-software company Classiq in a transaction reported at approximately $2.3bn, combining Intel’s quantum hardware ambitions with a software layer for designing algorithms across different architectures.
• Acuity agreed to acquire Parameter Technologies for $675m, adding environmental sensing, leak detection and battery monitoring for data centers and other critical infrastructure.
• Freshworks acquired Robusta, adding AI-driven incident investigation, root-cause analysis and remediation to its IT operations platform.
• EQT agreed to acquire Range Resources in an approximately $13bn transaction, creating a larger US natural-gas platform as power demand from AI data centers continues to rise.
• GE Vernova agreed to acquire Trench Group for $9bn, adding high-voltage grid equipment used by utilities and hyperscalers as electricity infrastructure becomes increasingly critical to AI expansion.
• HealthSpan Partners agreed to acquire Surgery Partners at approximately $5.7bn enterprise value, expanding further into outpatient surgical facilities and lower-cost care delivery.

What matters: AI M&A is becoming increasingly vertical and infrastructure-heavy. Buyers are paying for specialized software that makes decisions inside mission-critical workflows, proprietary datasets that create defensible AI advantages, and the physical power and data-center infrastructure required to support continued compute growth.

For CEOs, founders and investors, the signal remains consistent: strategic value is concentrating around businesses that own differentiated data, embedded workflows or hard-to-replicate infrastructure.