Tech M&A Deal Radar: Technology M&A Deals in 2026 [Updated Monthly]

Technology M&A in 2026 spans AI infrastructure, cybersecurity, fintech, vertical software, data and enterprise applications.

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The L40° Tech M&A Radar tracks 169 selected transactions, including 167 announced in 2026 and two disclosed L40°-advised transactions from Q4 2025 included as historical reference points.

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August added 24 transactions, including Visa / BioCatch ($2.4B), Bending Spoons / Airtable ($1.285B enterprise value), Dynatrace / Arize ($915M), Munich Re / At-Bay ($575M), and Stripe / OpenRouter, reported at more than $7B.

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This Tech M&A Deal Radar is updated monthly and includes source links, available revenue data and EV / Revenue multiples where public information supports them.

L40° Tech M&A Deal Radar

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What the 2026 Tech M&A Deal Radar is showing

Across the expanded 2026 dataset, activity spans large strategic acquisitions, public-company transactions and smaller capability-led private deals.

The current L40º Tech M&A Radar includes 169 selected transactions across strategic buyers, financial sponsors and sponsor-backed platforms.
August added meaningful activity in both AI infrastructure and financial technology. Stripe / OpenRouter, Dynatrace / Arize and AWS / DuckLabs sit around model routing, AI evaluation, observability and data infrastructure. In financial services, Visa / BioCatch, Vanguard / Altruist, Citi / Kard Financial and Munich Re / At-Bay extend buyers further into fraud, custody, commerce and cyber risk.

Several patterns stand out.

AI M&A is moving across the stack

AI M&A in 2026 has spread across the infrastructure required to build, deploy and run AI. Qualcomm's acquisition of Modular adds a software layer across heterogeneous compute environments, while Nscale's acquisition of Anyscale combines GPU infrastructure with the software used to scale AI workloads. The Anyscale transaction was reported at approximately $1.65 billion. Stripe's acquisition of OpenRouter extends the theme into model routing, and Dynatrace's $915 million acquisition of Arize adds AI evaluation and observability from development through production.

Together, these transactions show strategic buyers building positions across compute, orchestration, routing, evaluation and observability. The value in AI M&A is increasingly spread across the infrastructure needed to put AI into production, rather than concentrated only in foundation-model IP.

For more AI-focused deals, see the L40° AI Rollup Transaction Index.

Sources: Qualcomm / Modular | Nscale / Anyscale | Anyscale reported value | Stripe / OpenRouter | Dynatrace / Arize

Cybersecurity remains one of the clearest acquisition themes

Security M&A has remained active throughout 2026, particularly around identity, AI agents and exposure management. CrowdStrike agreed to acquire SGNL for $740 million, Cisco acquired Astrix Security in a transaction reported at approximately $400 million, and Cyera signed a letter of intent to acquire Oasis Security for approximately $1 billion.

August broadened the buyer set. Visa agreed to acquire BioCatch for $2.4 billion to strengthen behavioral fraud intelligence, while Munich Re agreed to acquire At-Bay for $575 million, combining cyber insurance with proactive cybersecurity and risk mitigation. These transactions show security technology drawing strategic interest beyond traditional cybersecurity vendors, particularly where it directly affects transaction risk, underwriting or access control.

Sources: CrowdStrike / SGNL | Cisco / Astrix Security | Cyera / Oasis Security | Visa / BioCatch | Munich Re / At-Bay

Vertical software remains active in specialist workflows

Vertical software continues to attract strategic buyers where technology is deeply embedded in specialist operating workflows. Dassault Systèmes agreed to acquire ArisGlobal for approximately $1.8 billion in cash at closing, with up to $200 million of additional consideration. ArisGlobal is expected to generate approximately $175 million of revenue in 2026 and is embedded across regulatory, safety, quality and medical-affairs workflows in life sciences. Tracsis agreed to acquire Mistral Data for £48 million, against approximately £13 million of trailing revenue, around 85% of which was recurring.

More recent transactions reinforce the same logic at different scales. Sage acquired Bangert to bring construction implementation and onboarding expertise into Sage Intacct Construction, while Schneider Electric agreed to acquire AiDASH at an implied enterprise value of $350 million, adding AI-driven vegetation, asset and climate-risk intelligence used by utilities and other critical-infrastructure operators.

Across life sciences, rail, construction and utilities, the attraction is similar: software that is difficult to separate from the underlying workflow, domain expertise and data.

Sources: Dassault Systèmes / ArisGlobal | Tracsis / Mistral Data | Sage / Bangert | Schneider Electric / AiDASH

Private-market disclosure still limits multiple coverage

A meaningful share of private technology acquisitions do not disclose purchase price or target revenue. The Radar therefore combines transaction activity with financial benchmarks where reliable public data exists, rather than excluding private deals that remain strategically relevant.

ND should not be read as a signal of transaction size or quality. It means the relevant field was not publicly disclosed and L40° did not identify sufficiently reliable public information to populate it. Where a transaction value is reported by a credible publication but not disclosed by the parties, the Radar labels it as reported. Approximate EV / Revenue multiples derived by L40° are marked with “~” and material calculation assumptions are disclosed in the table notes.

Selected 2026 technology M&A transactions to watch

SpaceX / Anysphere (Cursor)

SpaceX agreed to acquire Anysphere, the company behind Cursor, in a transaction valued at $60 billion. The deal is one of the largest in the 2026 Radar and stands out for the scale of a non-software strategic buyer moving directly into AI developer tooling.

Sources: Source

Fox / Roku

Fox Corporation agreed to acquire Roku for approximately $22 billion in enterprise value. The transaction combines premium content and advertising with Roku's connected-TV platform, first-party data and direct relationship with more than 100 million streaming households. It is as much a distribution and data transaction as a media consolidation deal.

Sources: Source

Qualcomm / Modular

Qualcomm agreed to acquire Modular, an AI software infrastructure company whose platform is designed to run workloads across CPUs, GPUs, NPUs and custom accelerators. For Qualcomm, the strategic rationale is broader than adding software revenue: Modular gives the chipmaker a larger role in how developers deploy AI across heterogeneous hardware and strengthens its software layer from edge to cloud.

Sources: Source

Visa / BioCatch

Visa agreed to acquire BioCatch for $2.4 billion in cash. BioCatch uses behavioral, device and network signals to identify account takeovers, scams and other forms of digital fraud. The acquisition brings fraud intelligence closer to Visa's core payments and risk infrastructure, where detection quality has a direct impact on transaction risk and client outcomes.

Sources: Source

Bending Spoons / Airtable

Bending Spoons agreed to acquire Airtable at a $1.285 billion enterprise value. Airtable had approximately $480 million of ARR as of June 2026, growing more than 20% year over year, implying roughly 2.7x EV / ARR. Airtable had been valued at $11 billion pre-money in its 2021 Series F. The comparison is not a market benchmark, but it is a useful example of how far an M&A valuation can move from a historical financing mark as growth, profitability and market conditions change.

Sources: Bending Spoons | Airtable 2021 financing

Stripe / OpenRouter

Stripe agreed to acquire OpenRouter in August, with the transaction reported at more than $7 billion. OpenRouter routes and optimizes token usage across more than 400 models from more than 80 providers. For Stripe, the acquisition extends its infrastructure role into the economics of AI usage, including model selection, cost and performance optimization.

Sources: Stripe | Reported value

‍What these transactions mean for technology founders

The Tech M&A Radar is not intended to suggest that every technology company should benchmark itself against the largest transactions in the market. A $3 billion strategic acquisition and a $50 million vertical-software deal reflect different businesses, buyer universes and underwriting frameworks.

What they can show, however, is where buyers are allocating attention and how they’re interpreting value.

Across the current transaction set, buyers repeatedly move toward software that owns an important workflow, secures a critical layer of infrastructure, provides proprietary or difficult-to-recreate capabilities, or can be integrated directly into a larger platform.

For founders considering an exit, the relevant exercise is therefore not simply identifying comparable companies that were acquired. It is understanding which buyers have a strategic reason to value the company differently, what evidence supports that thesis, and how that value can be tested through a competitive process. For the broader valuation context, see L40°’s 2026 SaaS multiples guide.

How this index is built

The L40° Tech M&A Transaction Index tracks selected announced acquisitions across software, SaaS, AI, fintech, cybersecurity, healthtech and adjacent technology categories. Notable private transactions remain part of the Index even when financial terms are not publicly disclosed. Larger and public-market transactions are also included where they provide useful context on buyer appetite, valuation and market direction.

The Index is built using public sources, including company announcements, investor releases, regulatory filings and neutral financial and M&A reporting. Dates refer to public announcement dates unless otherwise noted. Deal values are shown where publicly disclosed or, when clearly identified, as reported by credible public sources. Revenue is included where reliable public financial information is available. EV / Revenue multiples may be source-disclosed or derived by L40° from sufficiently reliable public transaction and financial data; approximate or derived figures are identified with “~” and material calculation assumptions are disclosed.

The Index is updated monthly and powers L40°’s Tech M&A Radar. Transactions advised by L40° are identified only where L40° has elected to disclose its role.

Machine-readable data: download the L40° Tech M&A Transaction Index CSV.

Preparing for a technology M&A process

Transaction data is most useful when it is translated into a buyer-specific view of value.

L40° advises technology, SaaS and AI founders on sell-side M&A, from positioning and valuation through buyer outreach, negotiation and closing. Our team has completed more than 180 technology transactions across the U.S. and Europe.

If you are assessing potential buyers, valuation or timing for an exit, speak with the L40° team.

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Archive: notable technology M&A deals from 2024–2025

The Radar is designed to remain current, but earlier transactions can still provide useful historical context on how technology acquisition theses have evolved. The archive below condenses the original 2024–2025 deal analysis so the page retains historical relevance without competing with the live Radar.

Google / Wiz

Deal value: $32B | Announced: March 2025

Google’s agreement to acquire Wiz was one of the defining cloud-security transactions of the period. The strategic logic was straightforward: strengthen Google Cloud’s security capabilities while preserving Wiz’s multicloud positioning.

For founders, the transaction illustrated the value of products that solve a high-stakes problem, are easy to deploy across complex enterprise environments, and can become a strategic layer inside a much larger platform.

IBM / HashiCorp

Deal value: $6.4B EV | Completed: February 2025

IBM’s acquisition of HashiCorp expanded its hybrid-cloud and automation stack around infrastructure provisioning, secrets management and multi-cloud workflows. Terraform and Vault brought deeply embedded developer and infrastructure use cases into IBM’s broader software portfolio.

The deal reinforced a recurring M&A thesis: software that becomes part of the operating layer for enterprise infrastructure can create strategic value well beyond a standalone product category.

Cisco / SnapAttack

Deal value: Undisclosed | Completed: January 2025

Cisco acquired SnapAttack to strengthen threat detection engineering within Splunk. The target helped security teams assess, manage and improve detection content across complex environments.

The transaction showed how acquirers can value specialist security technology that improves the effectiveness of a broader platform, even where the target is much smaller than the buyer.

SAP / WalkMe

Deal value: ~$1.5B equity value | Announced: June 2024

SAP acquired WalkMe to add a digital-adoption layer across enterprise applications. WalkMe’s product addresses a different part of software value creation: not only what an application can do, but whether employees actually adopt and use it effectively.

For founders, the transaction highlighted the strategic importance of software that sits across workflows and can improve the utilization of a buyer’s existing product estate.

Nvidia / Brev.dev

Deal value: Undisclosed | Announced: 2024

Nvidia’s acquisition of Brev.dev added a developer-focused layer that simplifies access to GPU infrastructure and AI development environments. The target solved a practical bottleneck around provisioning and using accelerated compute.

The transaction is a useful example of a large platform acquiring a focused technical product because it reduces friction for the developers already building on that platform.

Blackstone + Vista / Smartsheet

Deal value: ~$8.4B | Completed: January 2025

The take-private of Smartsheet showed continued financial-sponsor appetite for scaled, recurring-revenue enterprise software with broad adoption and operational levers available under private ownership.

Unlike a strategic acquisition, the thesis depends less on immediate product integration and more on the company’s ability to compound revenue, improve operations and create value over a multi-year holding period.

MongoDB / Voyage AI

Deal value: ~$220M | Announced: February 2025

MongoDB acquired Voyage AI to strengthen retrieval, embedding and reranking capabilities within its database platform. The acquisition addressed a technical bottleneck in AI applications: retrieving the right context with sufficient accuracy for production use.

The deal illustrated why infrastructure beneath the model can be strategically important. Products that improve reliability, data access or workflow integration can become acquisition targets when they make the buyer’s core platform more useful for AI workloads.

Drata / SafeBase

Deal value: ~$250M reported | Announced: February 2025

Drata’s acquisition of SafeBase combined compliance automation with customer-facing trust management. SafeBase added trust centers and AI-assisted security questionnaires, extending Drata’s role from internal compliance into the commercial process where customers evaluate vendor risk.

The transaction showed how governance, risk and compliance products can create value by reducing friction not only for security teams but also for sales and procurement workflows.

ServiceNow / Moveworks

Deal value: $2.85B | Announced: March 2025

ServiceNow agreed to acquire Moveworks to combine its workflow platform with a conversational AI front end and enterprise search. The target gave ServiceNow a more intuitive interface through which employees could search, ask questions and trigger workflows.

The deal reflected the shift from AI as a back-end capability toward AI as an interaction layer across enterprise systems. For founders, the strategic value sits in whether the interface controls a meaningful workflow and can be distributed across an existing enterprise customer base.

Related L40° reading

• Sell-Side M&A Advisory for SaaS, Tech & AI
• SaaS Multiples: Methods and Company Valuation in 2026
• AI Valuation Multiples: Most Valuable Industries in 2026
• What is Sell-Side M&A Advisory? An Overview for SaaS Founders

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