Tech M&A Weekly Roundup

This week in Tech M&A, several transactions stood out across federal IT services, vertical software, transport tech, advanced manufacturing, and a few larger market-moving situations:

• Computacenter agreed to acquire Government Acquisitions, a federal-focused value-added reseller, for up to $92m, adding scale and contract access in the US public-sector IT channel.
• Oakley Capital agreed to acquire a majority stake in XTEL, a provider of revenue management and trade promotion software for CPG companies, in another example of continued private equity appetite for vertical enterprise software.
• Delivery Hero confirmed it received an indicative takeover proposal from Uber at €33 per share, a potential consolidation move that would be one of the most significant in food delivery if it progresses.
• Hg agreed to acquire Rightsline for around $500m including debt, backing a software platform focused on rights, royalties, and IP licensing workflows.
• Modaxo signed a definitive agreement to acquire Conduent’s Transit Fare Management and Fleet Management Solutions businesses, building a broader public transit technology platform.
• IREN announced a $1.6bn agreement with Dell for NVIDIA Blackwell systems, not a corporate acquisition but still one of the week’s clearest signals of how aggressively AI infrastructure capacity is being secured.
• Stratasys agreed to acquire Markforged for $42.5m in cash, combining additive manufacturing hardware with workflow software and materials capability for aerospace and defense customers.
• Fertitta Entertainment agreed to acquire Caesars Entertainment in a deal valued at about $17.6bn including assumed debt, one of the week’s biggest take-private transactions.
• AkzoNobel rejected a takeover proposal from Nippon Paint / Sherwin-Williams and reiterated support for its planned merger with Axalta, highlighting how strategic and contested large-scale consolidation has become in coatings.

What matters: buyers continue to prioritise assets that deepen workflow ownership, strengthen sector-specific distribution, or add differentiated infrastructure and software capability. Even across very different sectors, the pattern is consistent: strategic value is concentrating around platforms that control more of the operating stack.

For CEOs, founders, and investors, that reinforces the importance of building businesses with strong integration value, defensible positioning, and a clear role inside a larger strategic roadmap.