Tech M&A Tracker - Evergreen, First Focus, Interactive and more

Our Tech M&A Tracker rounds up all the mergers and acquisition activity within both the local and international technology industry this past month. Send your M&A news to editors@techpartner.news

For our sister series covering local people movements, click here.

Evergreen’s Pine Services Group acquires Australian ERP partner

The investment marks the official entry into Australia for Pine, a long-term global holding company within Evergreen Services Group, focused on partnering with ERP and technology-enabled services businesses. 

Private equity-backed Integris to acquire First Focus

The acquisition is expected to extend Integris’ geographic footprint while also advancing the company’s strategic roadmap, including increased access to enhanced cybersecurity and artificial intelligence capabilities.

First Focus itself continued its acquisition spree after the Integris buy, purchasing Optimus Systems, an Auckland-based managed IT services provider. Optimus Systems has capability across managed IT, cyber security, compliance, cloud services and IT consultancy, with operations and staff across New Zealand, including Wellington, Christchurch and Dunedin.

Interactive to acquire the managed cloud services business of Thales

“For Interactive, this reinforces our competitive position as a leading Australian provider of sovereign, locally delivered Cloud services, deepening our public sector capability and strengthening our customer base," said Alex Coates, CEO at Interactive.

Queensland Computers buys Optus Business Centre Gold Coast

It expands Queensland Computers’ capabilities in managed IT services, telecommunications, and end‑to‑end business technology solutions, and enhances the company’s ability to deliver “scalable, enterprise-grade services to mid‑market organisations across Queensland”, the acquisition announcement states.

Midnyte City gets acquired by Portable

The Midnyte City team will now be the fifth delivery team at Portable, sitting alongside product, design services, video and motion graphic capabilities.

Braiin acquires ICT contractor and tech consulting firm Nisus Australia

Nisus has been built within Canberra’s government ecosystem and has supported around 30 government and private organisations. The company has a team of over 40 staff, including ICT contractors supporting government and enterprise clients.

Canberra-based cybersecurity evaluation lab acquired by Applus+

The acquisition aims to strengthen Applus+ Laboratories’ cybersecurity capabilities and supports the company's objective of helping manufacturers worldwide achieve compliance with evolving cybersecurity requirements and facilitating secure market access across international schemes. 

Pathkey.AI to acquire AI semiconductor design verification platform

Pathkey’s principal activity is the development and commercialisation of AI technology applied to data-intensive industries.

Skild AI acquires Zebra Technologies’ robotics automation business

Skild AI, a company building generalised robot intelligence, has acquired the robotics automation business of Zebra Technologies Corporation, a company specialising in digitising and automating workflows. In addition to receiving cash consideration, Zebra has also received an equity stake in Skild AI.

The transaction enables Zebra Technologies to further sharpen its strategic focus on accelerating workflows across the supply chain and prioritising investments in high-growth areas such as RFID, machine vision, and AI for the frontline.

Unlike traditional models that are tailored to specific robot designs, the Skild Brain is omni-bodied and can control any robot without prior knowledge of its exact body form.

With this acquisition, Skild AI aims to accelerate the deployment of robotics automation solutions alongside its general-purpose Skild Brain. A key component of this strategy is to build upon the ability of Zebra’s Symmetry Fulfillment orchestration platform to coordinate tasks between robots and frontline workers using Zebra wearable devices.

Belden to acquire RUCKUS Networks from Vistance Networks

Belden, a supplier of specialty networking solutions, has entered into a definitive agreement to acquire RUCKUS Networks, a provider of intelligent network solutions, from Vistance Networks for approximately US$1.85 billion.

The acquisition establishes Belden as a provider of end-to-end IT/OT networking solutions.

RUCKUS is a provider of enterprise networking solutions delivering purpose-built connectivity for high-density, mission-critical environments, serving more than 48,000 customers globally. 

The move adds Wi-Fi and enterprise switching capabilities that directly strengthen the Belden's solutions offering across core enterprise growth verticals, including hospitality, education and healthcare.

RUCKUS adds Wi-Fi and enterprise switching technology, product categories Belden does not currently offer, to markets where Belden already operates, expanding the combined organization's addressable opportunity. The combination positions Belden to deliver a more complete, higher-value active networking solution spanning enterprise campuses, high-density public venues and industrial facilities.

RUCKUS’ high-performance networking platform also creates an opportunity to extend wireless and switching into Belden's industrial customer base, where demand for converged IT and OT connectivity is accelerating.

Vertiv acquires Strategic Thermal Labs

Vertiv, a company specialising in critical digital infrastructure and continuity solutions, has acquired Strategic Thermal Labs LLC (STL), a specialist in advanced liquid-cooling technologies.

The acquisition extends Vertiv’s thermal-chain strategy by strengthening engineering capability at the interface between server-side liquid cooling and supporting infrastructure - an increasingly critical factor in high-density, liquid-cooled environments supporting AI and high-performance computing workloads.

Strategic Thermal Labs adds proven cold-plate design, server-side liquid cooling, and high-density thermal validation expertise that is expected to strengthen Vertiv’s ability to simulate and emulate real high-density compute conditions, optimize the interaction between the thermal chain and power train, and support customers across design, integration, commissioning, and lifecycle operations.

Vertiv emphasised that the acquisition does not change its commitment to an open ecosystem approach. The company will continue to support interoperable, server‑ and silicon‑agnostic infrastructure solutions, with the goal of improving system‑level performance and customer outcomes across diverse compute environments.

Palo Alto Networks to acquire Portkey 

Palo Alto Networks has announced its intent to acquire Portkey, a company delivering a critical centralised control plane to manage and protect autonomous AI agents, already processing trillions of tokens per month with the low latency required for agent-to-agent communication. 

Following the close of the transaction, Portkey will be the AI Gateway for Prisma AIRS, inspecting AI traffic and enforcing security and governance policies for prevention at runtime, to identify threats and safeguard data. By enforcing AI Identity Security, it will apply strict least-privilege controls to every agent interaction, ensuring all AI workloads remain secure and compliant.

Following the close, Palo Alto Networks will continue to support existing and new Portkey customers, who will also be able to benefit from the tighter integration with Prisma AIRS as part of a comprehensive AI Security platform. Subject to customary closing conditions, the transaction is expected to close in Palo Alto Networks fourth quarter in fiscal 2026.

Cisco announces intent to acquire Astrix Security

Since its founding five years ago, Astrix Security has focused on securing the identities and credentials that power modern systems - API keys, service accounts, and OAuth tokens.

The addition of Astrix Security brings capability to discover and secure every AI agent and non-human identity (NHI), including excessive privileges and real-time threats.

Astrix Security’s capabilities include the ability to provide a map of the org’s agentic activity, vet policy to resolve hygiene issues, reduce attack surfaces and prevent compliance violations; manage AI agents and their NHIs from provisioning to decommissioning; and detect and respond to threats such as compromised credentials and out-of-scope agent actions.

It also includes centralised secret management across vaults and cloud.

Cisco plans to integrate Astrix Security’s capabilities into Cisco Identity Intelligence, strengthening visibility and context across identities within the Cisco Security platform.

It also intend to extend these capabilities into the company's zero trust access solutions, including Cisco Secure Access and Duo Identity and Access Management. Customers will be able to discover, authenticate, and authorise agentic identities, as well as detect and respond when they use Cisco Secure Access as well as Duo.

Datavault AI and CyberCatch announce signing of binding letter of intent 

Datavault AI, a provider of data monetization, credentialing, digital engagement, and real-world asset (RWA) tokenisation technologies, and CyberCatch, a cybersecurity company offering a patented, AI-enabled platform for continuous compliance and cyber risk mitigation, have entered into a binding letter of intent under which Datavault AI and CyberCatch will enter into a definitive agreement for Datavault AI to acquire 100% of CyberCatch in an all-stock transaction.

Following closing, CyberCatch's AI-enabled Software-as-a-Service platform is also expected to operate as the cybersecurity and continuous-compliance layer across Datavault AI's existing technology suite.

OPAQUE acquires Abu Dhabi-developed cryptographic AI technology from TI

OPAQUE has acquired advanced cryptographic AI technologies from the Technology Innovation Institute (TII), the applied research pillar of Abu Dhabi's Advanced Technology Research Council (ATRC).

The acquired technology adds two critical capabilities to OPAQUE's platform: confidential AI model training powered by advanced cryptographic techniques such as multi-party computation and fully homomorphic encryption, as well as post-quantum cryptographic protections.

The acquired technology extends OPAQUE's confidential AI platform across training, fine-tuning, inference, and AI agent execution. It delivers verifiable guarantees at every stage, backed by post-quantum cryptography that protects workloads against current and future threats. The platform generates hardware-attested evidence aligned with SOC 2, ISO 27001, ISO 42001, GDPR Article 32, and EU AI Act high-risk obligations.

The acquisition follows OPAQUE's $24 million Series B at a $300 million valuation and builds on a customer base that includes ServiceNow, Anthropic, Accenture, and Encore Capital.

Applied Materials broadens advanced packaging portfolio with acquisition of NEXX

Applied Materials has entered into a definitive agreement with ASMPT Limited to acquire its NEXX business, a supplier of large-area advanced packaging deposition equipment for the semiconductor industry.

The addition of the NEXX team and products will broaden Applied’s portfolio of panel-level advanced packaging technologies which are designed to enable chipmakers and systems companies to build larger-body AI accelerators for higher energy-efficient performance.

It will also expand Applied's served addressable market, allowing the company to develop co-optimized solutions for fine-pitch I/O wiring and accelerate advanced packaging roadmaps for AI chipmakers and systems companies.

The transaction is expected to close within the next several months and is subject to customary closing conditions. No regulatory approvals are required.

Following the close of the transaction, the NEXX team will be incorporated into Applied’s Semiconductor Products Group and will continue to be based in Billerica, Massachusetts. 

SAP to acquire Prior Labs, Dremio

SAP SE and Prior Labs, a pioneer of Tabular Foundation Models (TFMs), have entered into a definitive agreement for SAP to purchase Prior Labs, accelerating SAP’s experience in TFMs that started with SAP-RPT-1.

Prior Labs will continue to operate as an independent entity, with SAP committing to invest more than €1 billion over the next four years to scale it into a globally leading frontier AI lab for the structured data that runs the world’s businesses. 

Once the transaction is closed, SAP will have the opportunity to establish an AI research lab and shape a new category in TFMs. The lab will operate as an independent unit to ensure research velocity, while SAP provides long-term investment and a direct path to productisation across the SAP portfolio with SAP AI Core and SAP Business Data Cloud as well as the agentic layer with Joule.

With over 3 million downloads, Prior Labs’ TabPFN is a widely adopted open-source tool for tabular AI. SAP is fully committed to further support this open-source strategy. 

After the close, SAP and Prior Labs plan to turn top AI research into enterprise-ready innovation, allowing customers to get even more value out of their tabular business data. True intelligence requires moving beyond correlation to understand causation. Answering “What will happen?” is useful, but answering why it will happen is transformative.

The transaction is expected to close in Q2 or Q3 of 2026, subject to customary closing conditions, including regulatory approvals. Terms of the deal were not disclosed and the transaction is still pending regulatory approval.

The company also announced that it had acquired Dremio, an open, high-performance data lakehouse platform built to accelerate agentic AI.

The acquisition will complement the SAP Business Data Cloud and SAP HANA Cloud offerings to ensure data integration across SAP and non-SAP data with high performance and low cost to accelerate AI-ready context and time-to-value for AI.

With Dremio, SAP Business Data Cloud will become an Apache Iceberg-native enterprise lakehouse that unifies SAP and non-SAP data to power agentic AI at enterprise scale. Apache Iceberg is the industry-standard open table format, and SAP Business Data Cloud will natively support it as its foundation.

This means no data movement or format conversion will be necessary. SAP and non-SAP data can coexist on the same open foundation, with federated analytical reach across every enterprise data source, combined with SAP HANA Cloud’s in-memory engine for real-time transactions and operational performance.

With Dremio, SAP will deliver a universal, open catalog built on Apache Polaris and the open Apache Iceberg REST Catalog API. It serves as both the discovery and semantic layer of SAP Business Data Cloud, giving every connected engine – SAP or non-SAP – a single point of access to unified business context: meaning, relationships, access rights and data lineage.

This catalog will form the foundation of the SAP Knowledge Graph, embedding business relationships, organizational hierarchies, regulatory classifications and cross-system lineage as native properties.

Dremio has been a steward of open-source projects at the heart of its platform: Apache Iceberg, Apache Polaris and Apache Arrow, and SAP is fully committed to continuing to invest in and prioritize these contributions.

The transaction is expected to close in Q3 of 2026, subject to customary closing conditions, including regulatory approvals. Terms of the deal were not disclosed and the transaction is still pending regulatory approval.

WatchGuard acquires Perimeters.io to scale cloud security for MSPs 

WatchGuard Technologies has acquired Perimeters.io, a provider of cloud application security. 

At the same time, the company announced the availability of WatchGuard Cloud Detection and Response (CloudDR). Powered by Perimeters’ security technology, the solution delivers continuous visibility, built-in detection, and automated response across cloud applications through a single, multi-tenant platform designed specifically for MSP operations.

At acquisition, the service supports 40+ applications including Microsoft 365, OpenAI, HubSpot, ConnectWise, Salesforce, Google Workspace, and Jira.

The terms of the deal were not disclosed.  

Rocket Software completes acquisition of Vertica

Rocket Software, a technology company specialising in modernisation software, has acquired Vertica, an enterprise-grade analytics database platform, from OpenText.

The acquisition brings more than 600 global customers and 170 employees to Rocket Software’s global organisation.

Vertica adds high-performance analytics and AI capabilities to Rocket Software’s modernisation portfolio, complementing core systems modernisation with advanced data insights. This allows enterprises to run next-generation analytics and GenAI directly on trusted data sources, accelerating innovation and adoption.

By combining Vertica’s advanced analytics and data warehousing with Rocket DataEdge and Rocket ContentEdge solutions, which connect, govern, and activate enterprise data across complex hybrid environments, Rocket Software is aiming to create an integrated data platform that expands insights, accelerates decision‑making, and strengthens the value of its data modernisation portfolio.

Building on Rocket Software’s 2024 integration of OpenText’s Application Modernization & Connectivity (AMC) business, this acquisition is expected to accelerate the integration of Vertica’s technology, enabling faster delivery of value to customers across Rocket Software’s global portfolio.

Legora acquires Graceview 

Legora has acquired Graceview, a regulatory horizon scanning platform.

The acquisition adds a new layer to Legora's platform: real-time visibility into regulatory change. Founded three years ago, Graceview monitors tens of thousands of official regulatory sources across 100+ jurisdictions in real time.

At the core of the platform is a proprietary global regulatory taxonomy that maps every source to the relevant regulatory area and jurisdiction.

With this acquisition, Legora's platform gains the capability to surface regulatory developments the moment they occur, mapped to the jurisdictions and practice areas relevant to each firm or in-house team.

Nextpower to acquire Advanced Power Conversion product portfolio

Nextpower, a provider of intelligent power generation systems for solar power plants, has entered into a definitive agreement to acquire complementary assets of Zigor Corporation’s power conversion business and its U.S.-based subsidiary, Apex Power.

Once complete, the transaction will expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion and support its entry into battery energy storage and data center markets.

This acquisition will include modular, field-deployed inverter technology, and experienced engineering talent. The product technology is suitable for new battery storage and solar inverter applications at 1500V, repowering applications at 600V and 1000V, and is 2000V ready. The modular skid design can be configured up to 5.2 MVA.

The transaction is expected to enable rapid scale-up of inverter manufacturing capacity in the U.S. with a production ramp expected to begin in 2027. It also supports closer integration of power electronics with Nextpower’s solar trackers, electrical balance of systems (eBOS), and broader technology platform.

The closing of the acquisition is subject to foreign direct investment (FDI) approval by the Spanish government and other customary conditions. The transaction consideration includes approximately $80.5 million in cash, consisting of $46 million at closing and up to $34.5 million in potential earnouts. In addition to the purchase consideration,

Nextpower plans an incremental investment of approximately $50 million related to growth initiatives, including the acceleration of its entry into the power conversion market.

Following the relevant approval, the acquired assets, including Apex Power, will be integrated into Nextpower’s operations, with the inverter business operating within its growing power electronics platform. Zigor will continue to operate its remaining business independently, separate from the assets acquired by Nextpower.

Bounteous acquires Cartesian

Bounteous, an AI services firm, has acquired Cartesian, a specialist consulting firm focused on the global telecommunications, media, and technology industries.

The acquisition builds on telecommunications experience at Bounteous and strengthens its  presence across North America and Europe, while enhancing capabilities in data, analytics, and AI. 

Cartesian’s global footprint spans London, Boston, New York, and Paris, with several hundred experts supporting clients across key international markets, primarily in North America and EMEA. Cartesian's leadership and client teams will continue under Jim Serafin's direction as part of the combined organisation.

The combined organisation has more than 5,000 specialists across AI services, data, analytics, cloud, and experience design, serving a diverse portfolio of Fortune 1000 companies and global enterprises.

Boomi announces intent to acquire Lunar.dev

Boomi has signed a letter of intent to acquire Lunar.dev. The proposed acquisition is expected to enrich the Boomi Enterprise Platform and Boomi Connect with advanced capabilities to govern and scale AI usage across enterprise systems.

Lunar.dev provides an AI gateway that delivers granular, policy-driven control over AI interactions. With Lunar.dev, Boomi will introduce a centralised and decentralised control layer for managing AI interactions across the enterprise. This enables organizations to:

Lunar.dev is expected to become a key component of Boomi Connect, extending Boomi’s ability to enable secure, governed connectivity between AI tools (e.g. Claude, Copilot, Gemini) and enterprise applications through 1000+ managed, MCP-enabled tools.

With Lunar.dev, Boomi will add a MCP gateway that additionally provides cost management and observability, plus scalable AI connectivity across hybrid and multi-cloud environments Together with the Boomi MCP Registry, organisations can discover, govern, and manage AI services through a centralized catalog across Boomi and third-party environments.