Tech M&A Tracker - Infotrust, Databricks, OpenAI 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 fortnight. Send your M&A news to editors@techpartner.news

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

Infotrust acquires Canberra-based cyber security consultancy

Founded and led by George Katavic, Catalyst Cyber has expertise in federal government cyber assurance, advisory and compliance‑driven engagements. 

Synechron unifies Aussie business, appoints local leadership team

Tech consultancy Synechron has brought together Chamonix IT, Exposé and iGreenData under the Synechron brand, uniting the trio of companies it bought in 2024 under a single name.

Databricks acquires Quotient AI to power AI agent evaluations

Quotient AI helps enterprises monitor agent behavior in production, detect critical issues, and use those signals to continuously improve agent performance. By bringing Quotient into Databricks, the company is aiming to strengthen its Genie, Genie Code and Agent Bricks products with continuous evaluation and learning, empowering both developers and organisations with AI agents that become more accurate, reliable and specialised over time.

The Quotient platform analyses full agent traces from production systems to detect issues such as hallucinations, reasoning failures and incorrect tool use. These signals are automatically clustered and transformed into structured evaluation datasets and reward signals that can be used to monitor and fine-tune agents. This approach enables organisations not only to observe agent behavior, but to systematically improve it, helping AI systems become domain experts that continuously learn from real-world usage, according to the company.

Databricks already provides tools for evaluating and improving AI agents. With Quotient, it is strengthening these capabilities across its platform by embedding a continuous evaluation and improvement layer that provides customers with more accurate and reliable AI systems.

Zendesk to acquire Forethought

Zendesk expects autonomous AI to handle more service interactions than humans this year, and to lead this transition, the company has entered into a definitive agreement to acquire Forethought. This proposed transaction will expand Zendesk’s AI agent offering on the Resolution Platform, operating across all service platforms and channels.

Zendesk AI agents routinely resolve over 80% of interactions end-to-end across a broad customer base – with human and autonomous agents working in concert. The Resolution Learning Loop enables continuous improvement by learning directly from every customer conversation, without the need for manual retraining. With the addition of Forethought, Zendesk will be able to advance this into fully self-learning AI agents that can generate, adapt, and execute complex workflows across any channel or platform. Each interaction strengthens performance over time, expanding what AI can resolve independently.

Forethought AI agents by Zendesk will build on this foundation to support more complex workflows, additional channels, and a wide range of service environments.

Key capabilities will include purpose-built AI agents for B2B, B2C, and B2E use cases by integrating Zendesk AI Agents, Unleash, and Forethought; self-improving AI backed by the Resolution Learning Loop that detects workflow gaps, generates new procedures, and tests optimisations before deployment; autonomous workflow execution, with AI agents autonomously designing and executing complex multi-step procedures; native voice automation, with fully autonomous AI into voice channels; and an expanded reach into enterprise systems, extending AI into existing enterprise systems even where APIs do not exist.

Forethought customers can expect uninterrupted service and "continued product innovation", which will be backed by Zendesk’s global scale, while Zendesk customers will gain access to expanded AI capabilities, improved support, and a more unified experience, the company stated. Additionally, new customers will be able to adopt the solution independently with no requirement to use the Zendesk platform.

The proposed acquisition of Forethought will significantly accelerate Zendesk’s product roadmap by over a year and yhe transaction is expected to close by the end of March, pending customary closing requirements, including regulatory approvals.

OpenAI to acquire Promptfoo

Promptfoo is an AI security platform that helps enterprises identify and remediate vulnerabilities in AI systems during development. Once the acquisition is finalised, OpenAI will integrate Promptfoo’s technology directly into OpenAI Frontier, its platform for building and operating AI coworkers.

The Promptfoo team, led by Ian Webster and Michael D’Angelo, has built a suite of tools used by over 25 percent of Fortune 500 companies, along with an open-source⁠ CLI and library for evaluating and red-teaming LLM applications. 

As a result of the acquisition, OpenAI will build on several core capabilities for enterprises building agents on Frontier.

Automated security testing and red-teaming capabilities will become a native part of the Frontier platform, helping enterprises identify and remediate risks like prompt injections, jailbreaks, data leaks, tool misuse, and out-of-policy agent behaviors.

Frontier will also deeply integrate with the workflows needed to identify, investigate, and remediate agent risks earlier, making security a core part of how enterprise AI systems are developed and operated, while integrated reporting and traceability will help organisations document testing, monitor changes over time, and meet growing governance, risk, and compliance expectations for AI.

Leonardo acquires Becrypt in the UK

Leonardo, through its UK wholly owned subsidiary Leonardo UK Ltd, has entered into a binding agreement for the acquisition of the UK company Becrypt.

Leonardo is a global industrial group that builds technological capabilities in aerospace, defence and security.

Founded in 1996 and headquartered in London, Becrypt employs around 100 people, developing technology designed to protect data up to Top Secret classification. The SME’s core offering portfolio includes secure operating systems, secure collaboration, and secure data transfer solution and mobile device management platforms, responding to the UK Ministry of Defence (MOD) needs for Multi-Domain Integration.

The acquisition will enhance Leonardo positioning in UK and Five Eyes cyber defences domain and complements the existing collaboration between Leonardo, the UK Government and the National Cyber Security Centre (NCSC) to secure the country’s most sensitive environments.

The operation builds also on the company’s delivery of next-generation cyber solutions across Italy, NATO, and the wider European defence landscape.

The initiative marks the next phase of Leonardo’s continuous enhancement of its Zero Trust solutions, leveraging Becrypt’s capabilities in secure data transfer, endpoint security, data and cloud security. It builds on Leonardo’s recent industrial partnerships and acquisitions in cybersecurity across Europe, notably Axiomatics (Attribute-Based Access Control), SSH Communication (Privileged Access Management and Post-Quantum Encryption) and Arbit (Data Diode and Cross Domain Solutions), in line with Leonardo’s industrial strategy.

Closing of the Becrypt acquisition is subject to regulatory approvals and expected within Q2 2026.  

Rogo acquires Offset

Rogo,  an AI platform purpose-built for finance, has announced the acquisition of Offset, a HF0-backed AI agent company founded by Raj Khare and Shiv Shrivastava.

Offset spent the last eighteen months developing learning agents designed to operate directly inside financial workflows across investment banking, private equity, hedge funds, and corporate finance.

The duo's work focuses on building agentic systems that develop memory for how financial models are built, updated, and maintained over time.

Offset’s technology will be integrated into the Rogo platform used by over 25,000 finance professionals each day.

This announcement follows Rogo's recent $75M Series C led by Sequoia.

Kaltura to Acquire PathFactory.ai
 
Kaltura, a company whose platform combines intelligent content creation, enterprise-grade content management and intelligence and multimodal conversational engagement capabilities, has signed a definitive agreement to acquire PathFactory, a company specialising in AI-driven content intelligence, personalisation and conversation automation for enterprises.

The acquisition is intended to further accelerate Kaltura’s evolution from a video experience platform into a complete agentic digital experiences platform that engages customers, employees, learners, and audiences. 

PathFactory enables organisations to understand user behaviour, context, and intent, and to automatically assemble and sequence personalised digital experiences that utilise all data and media types and that are designed to drive engagement and business outcomes. Its solutions are primarily used by enterprise marketing and go-to-market teams to power personalised content journeys and conversational experiences. 

Kaltura expects the acquisition to expand the applicability of its platform across a broader range of agentic engagement scenarios, including customer-facing marketing, sales, enablement, and support experiences; employee recruiting, onboarding, training, and internal communications; personalised teaching, tutoring, and certification; and interactive audience engagement in media, telecom, and live events.

By adding PathFactory's AI-powered content intelligence, conversational AI, and journey orchestration capabilities to Kaltura's media infrastructure and interactive avatar experiences, Kaltura intends to gradually provide organisations with an integrated platform to create rich and interactive media content, at scale; manage and govern enterprise content libraries; apply intelligence to understand user behaviour and intent; dynamically sequence personalised content and interactions; and deliver conversational, multimodal, rich-media-infused agentic experiences 

Kaltura believes that the combination of rich media infrastructure, conversational AI, and journey-level intelligence will help organisations move beyond static, one-size-fits-all digital touchpoints toward contextual, outcome-oriented digital experiences that are personalised at scale.  

Following this acquisition, and the recent acquisition of eSelf.ai, Kaltura’s platform will combine intelligent AI-based rich media content creation, enterprise-grade content and user management, and outcome-oriented, conversational, agentic experiences across digital touchpoints. Kaltura believes this positions the company strongly within emerging categories, such as conversation automation, avatar-based video, agentic AI, and intelligent content orchestration. 

Under the terms of the acquisition agreement and subject to customary closing conditions, Kaltura expects to acquire PathFactory for approximately $22 million in cash, and for the transaction to close in the second quarter of 2026.

Smartly to scquire INCRMNTAL

Smartly, an AI-powered advertising technology company, has entered into a letter of intent to acquire INCRMNTAL, an AI-powered incrementality measurement platform that delivers real-time insights into the incremental impact of marketing investments across channels without relying on user-level data or tracking.

By combining INCRMNTAL’s real-time incrementality insights with Smartly's platform that enables advertisers to turn insights into action across channels, marketers can continuously direct investment to what drives business outcomes. The integration will translate incrementality signals into real-time planning and optimisation within Smartly, helping brands and agencies allocate budgets with greater confidence.

INCRMNTAL’s AI-powered always-on methodology analyses natural fluctuations in campaign activity instead of forcing marketers to exclude audiences, pause campaigns, or run formal experiments. The solution complements marketers’ existing measurement tools, including marketing mix modeling (MMM) and multi-touch attribution (MTA).