Tech M&A Weekly Roundup

This week in Tech M&A, transactions stood out across agentic software, AI coding, cybersecurity, insurance technology and AI infrastructure:

• Affle agreed to acquire Perion for approximately $420m in equity value, combining mobile advertising with Perion’s AI-powered omnichannel adtech platform across CTV, retail media and digital out-of-home.
• Amdocs acquired EIS for approximately $340m in cash plus potential earnout, entering insurance software with a cloud-native core platform spanning policy administration, billing, claims and customer engagement.
• Dialpad and Ada agreed to combine, bringing communications and customer intelligence together with autonomous customer-service agents.
• Docusign acquired Suplari, adding AI-native procurement intelligence to its Intelligent Agreement Management platform and connecting contract data with enterprise purchasing and supplier spend.
• OpenAI agreed to acquire Pierre Computer, adding developer infrastructure already used within Codex for code storage, file browsing and code-review workflows.
• Meta acquired Conductor, a platform that enables developers to coordinate multiple AI coding agents working simultaneously across separate environments.
• First Advantage acquired Data Diver Technologies for approximately $125m, adding automated access to proprietary criminal and court-record data for background screening.
• Salesforce agreed to acquire Cresta in a transaction reported at approximately $2.7bn, strengthening its customer-service platform with AI-native voice agents and real-time support technology.
• Upwork’s Lifted acquired WorkMotion for approximately $130m, expanding from talent sourcing into global payroll, compliance and Employer of Record infrastructure.
• Marvell agreed to acquire Lumentum in an all-stock transaction with an implied enterprise value of approximately $115bn, combining electrical and optical connectivity technology for increasingly large AI data-center clusters.
• onsemi agreed to acquire Ferric for $600m upfront plus up to $175m in earnout, adding advanced power-delivery technology for next-generation AI processors.
• CrowdStrike agreed to acquire Fiddler AI for a reported ~$400m, adding observability and governance for autonomous AI agents.
• CrowdStrike separately agreed to acquire Dreadnode for a reported ~$95m, adding automated red teaming and security testing for AI models and agents.
• Accenture launched a tender offer for Global Security Experts in Japan in a transaction reported at approximately $680m, adding cybersecurity consulting, managed security and specialist talent.
• ARRAY Technologies and Shoals Technologies agreed to combine in an approximately $1.32bn all-stock transaction, creating a larger solar and power-infrastructure platform with exposure to battery storage and data-center demand.
• Lufthansa agreed to acquire an initial 44.9% stake in TAP Air Portugal for €1.025bn, with scope to increase its ownership to 49.9%, subject to regulatory approval.

What matters: AI M&A is moving beyond models and applications. Buyers are acquiring the infrastructure that lets AI systems operate at scale — developer tooling, agent orchestration, security, optical networking and power delivery — while established software platforms are embedding agents directly into mission-critical workflows.

For CEOs, founders and investors, the signal remains consistent: strategic value is concentrating around businesses that own an important workflow, proprietary dataset or infrastructure bottleneck in the AI stack.