Companies in Technology M&A Activity - 2025
Major Technology Acquirers
OpenAI OpenAI has joined forces with designer Jony Ive in a monumental $6.5 billion deal, aiming to develop advanced artificial intelligence devices. This represents one of the largest AI hardware ventures as OpenAI expands beyond software into physical AI-enabled products.
Cisco Systems Cisco completed its $28 billion acquisition of Splunk in March 2024, creating a robust AI-powered platform to enhance visibility and insights across digital footprints. The deal represents Cisco's strategic push into cybersecurity and data analytics to complement its networking infrastructure.
Microsoft Microsoft acquired Inflection AI startup in March, though the UK's Competition and Markets Authority classified it as a merger despite Microsoft initially not describing it as such. The company continues to aggressively pursue AI talent and capabilities through strategic acquisitions.
Hewlett Packard Enterprise (HPE) HPE announced a $14 billion acquisition of Juniper Networks to expand its AI-enabled network offerings by acquiring technology for faster server communications. However, the deal was halted by the US Department of Justice just days after Trump took office due to industry concentration concerns.
Synopsys Synopsys completed a $35 billion acquisition of Ansys, a leader in AI-augmented simulation software that enables businesses to analyze and simulate engineered parts before manufacturing. This represents one of the largest technology deals focused on AI-enhanced engineering capabilities.
Johnson & Johnson J&J announced a proposed $14.6 billion buyout of Intra-Cellular Therapies, marking the biggest pharmaceutical transaction since 2023. The acquisition targets mental health drugs and represents J&J's strategic expansion into neuroscience therapeutics.
Capital One Capital One announced the acquisition of Discover Financial Services in an all-stock transaction valued at $35.3 billion in February 2024. The deal aims to create a payments network that can compete with the largest payments companies while leveraging Discover's customer base and technology.
Cybersecurity Sector Players
Mastercard Mastercard agreed to a $2.65 billion deal to acquire threat intelligence company Recorded Future from Insight Partners in September 2024. The acquisition emphasizes Mastercard's commitment to cybersecurity by adding real-time visibility into potential threats to complement its fraud prevention services.
Thoma Bravo Thoma Bravo acquired Darktrace for $5.3 billion, continuing its strategy of investing in enterprise software companies. The private equity firm has a particular focus on cybersecurity and has made numerous acquisitions in the sector to support portfolio company growth.
CyberArk CyberArk completed its $1.54 billion acquisition of Venafi from Thoma Bravo in October 2024, after the deal was agreed in May. The acquisition strengthens CyberArk's identity and access management capabilities by adding Venafi's machine identity security solutions.
Proofpoint Proofpoint announced the acquisition of Hornetsecurity, a cloud email security and backup provider serving over 50,000 organizations worldwide. The deal strengthens Proofpoint's offering in mid-market and SMB cloud environments with enhanced threat detection capabilities.
Healthcare & Biotechnology Companies
Novartis Novartis announced plans to acquire Regulus Therapeutics Inc. in a deal valued at up to $1.7 billion to strengthen its pipeline in RNA-targeted therapies. The company also agreed to acquire Anthos Therapeutics from Blackstone Life Sciences for up to $3.1 billion to secure treatments for preventing strokes and blood clots.
Jazz Pharmaceuticals Jazz Pharmaceuticals announced its intention to acquire Chimerix for approximately $935 million in cash at $8.55 per share. The acquisition aims to secure Chimerix's lead drug candidate, dordaviprone, which is under FDA review for treating a rare brain tumor affecting children and young adults.
Vertex Pharmaceuticals Vertex completed the $4.9 billion acquisition of Alpine Immune Sciences, representing the largest biopharma deal of 2024. The acquisition focuses on expanding Vertex's capabilities in immunology and inflammatory diseases beyond its core cystic fibrosis franchise.
AstraZeneca AstraZeneca announced the acquisition of Gracell Biotechnologies' assets for $425 million initially, with additional milestone payments possible. The deal aligns with AstraZeneca's strategy to expand investments in innovative cancer treatments and cell therapy technologies.
Financial Technology Companies
Shift4 Payments Shift4 inked a definitive agreement to acquire Global Blue, headquartered in Switzerland, for an enterprise value of approximately $2.5 billion. The acquisition will see Shift4 pay $7.50 per common share, representing a 15% premium to Global Blue's closing share price as of February 14, 2025.
Ripple Ripple announced its acquisition of global prime brokerage firm Hidden Road for $1.25 billion to expand its cryptocurrency and digital asset trading capabilities. The deal represents Ripple's strategic move into institutional trading infrastructure and prime brokerage services.
Rocket Companies Rocket Companies agreed to acquire digital real estate brokerage Redfin for $1.75 billion in an all-stock deal expected to close in Q2 or Q3 of 2025. The transaction aims to streamline the homebuying experience from search to close by integrating Redfin's platform with Rocket's mortgage capabilities.
nCino nCino acquired Sandbox Banking for $52.5 million to help financial institutions overcome costly integration challenges. The acquisition of the low-code integration platform will enable nCino to develop an integration hub for streamlined fintech integrations.
Technology Services & Infrastructure
IBM IBM closed its $6.4 billion acquisition of HashiCorp after ten months, integrating the infrastructure automation company into its hybrid cloud and AI offerings. HashiCorp's Terraform tool will contribute to IBM's focus across Red Hat, watsonx, data security, and IT automation businesses.
SAP SAP closed its $1.5 billion acquisition of WalkMe, paying a 45% premium for the Israeli digital adoption software company. The deal highlights SAP's commitment to helping customers get maximum value from their enterprise applications through enhanced user experience.
BlackRock BlackRock completed its acquisition of Preqin, a leading provider of alternative assets data and analytics, for approximately $3.2 billion. The combination consolidates data, research and investment processes for fund managers across fundraising, deal sourcing, and portfolio management.
Private Equity & Investment Firms
Vista Equity Partners Vista completed the acquisition of tax compliance software provider Avalara in an all-cash transaction valued at approximately $8.4 billion. The deal represents Vista's continued focus on enterprise software companies with recurring revenue models and global compliance capabilities.
GTCR GTCR acquired a majority stake in FIS's Worldpay Merchant Solutions business in a transaction valuing the unit at $18.5 billion. The agreement enables greater management focus for FIS while GTCR committed an additional $1.25 billion in equity capital for inorganic growth opportunities.
Thrive Capital Thrive Capital participated in Databricks' $10 billion funding round, the biggest US venture deal of the year for the AI and data analytics group. The investment reflects continued strong investor appetite for companies at the intersection of AI and data infrastructure.
Target Companies & Assets
HashiCorp HashiCorp was acquired by IBM for $6.4 billion, known primarily for its Terraform infrastructure automation tool. The company's technology will be integrated across IBM's hybrid cloud and AI portfolio including Red Hat and watsonx platforms.
Splunk Splunk was acquired by Cisco for $28 billion, bringing machine-data analytics capabilities that are widely used for managing cyber operations. The acquisition enhances Cisco's ability to provide comprehensive networking, security, and operations solutions to enterprise customers.
Darktrace Darktrace was acquired by Thoma Bravo for $5.3 billion, representing one of the largest cybersecurity acquisitions of 2024. The AI-powered cybersecurity company will continue to operate independently under Thoma Bravo's ownership with support for continued growth.
Recorded Future Recorded Future was acquired by Mastercard for $2.65 billion from Insight Partners, bringing real-time threat intelligence capabilities. The company's threat visibility platform will complement Mastercard's existing fraud prevention and cybersecurity services.
WalkMe WalkMe was acquired by SAP for $1.5 billion, representing a 45% premium for the Israeli digital adoption platform. The company's software helps organizations improve user experience and adoption rates for enterprise applications.
Global Blue Global Blue is being acquired by Shift4 for $2.5 billion, bringing tax refund and payment solutions for international travelers. The Swiss-based company will be delisted from the New York Stock Exchange following the transaction completion.
Intra-Cellular Therapies Intra-Cellular Therapies is the target of Johnson & Johnson's proposed $14.6 billion acquisition, focusing on treatments for neuropsychiatric and neurological disorders. The deal represents one of the largest pharmaceutical acquisitions announced since 2023.
Discover Financial Services Discover Financial Services is being acquired by Capital One in a $35.3 billion all-stock transaction announced in February 2024. The company brings a large customer base, payment network technology, and data ecosystem to enhance Capital One's capabilities.