June 22, 2026 – Solganick has published its latest mergers and acquisitions (M&A) update report on the artificial intelligence sector. The report covers the latest M&A transactions, valuations, top buyers, market growth data, and an industry landscape. AI segments include AI software and applications, AI infrastructure, Generative AI, AI consulting and implementation services, and AI Analytics Companies. Solganick is a data-driven investment banking firm that has covered the AI sector for 6+ years.
You can download the complete report here:
Solganick-AI-MA-Update-YTD-2026
The report summary highlights include:
AI M&A activity accelerated through Q4 2025 and the first five months of 2026, with Q1 2026 deal count up ~90% YoY as strategic acquirers consolidated agentic, infrastructure, and vertical AI capabilities.
- Q1 2026 AI M&A: ~305 AI-related deals globally (+90% YoY), and global M&A value hit $861B — the strongest Q1 since 2021.
- YTD 2026 Mega-Deals: Google/Wiz closed at $32B (Mar); Autodesk/MaintainX $3.6B (May); SAP’s €1B+ trio of Dremio + Prior Labs + Reltio (May).
- AI as Strategic Driver: One-third of the 100 largest corporate M&A deals in 2025 cited AI; ~50% of strategic tech deals >$500M in YTD 2026.
- Global M&A Record: Full-year 2025 M&A hit $4.9T (second-highest on record). Tech/TMT M&A Q1 2026: 1,359 deals / $446.9B (+88% QoQ).
- AI VC Funding: 2025 AI venture funding $211B (+85% YoY); SpaceX/xAI $250B and OpenAI $122B-led 2026 rounds extending the cycle.
- Key YTD 2026 Deals: Google/Wiz ($32B), Autodesk/MaintainX ($3.6B), Cisco/Astrix + Galileo, Anthropic/Stainless, Accenture/Faculty (~$1B).
Top 20 AI M&A Transactions: Last 12 Months (June 2025 – May 2026)
# | Buyer | Target | Value | Focus Area | Date |
1 | Google (Alphabet) | Wiz | $32.0B | Cloud security platform for AI workloads | Mar 2026 |
2 | Palo Alto Networks | CyberArk | $25.0B | Identity security for AI infrastructure | Jul 2025 |
3 | NVIDIA | Groq | ~$20.0B | AI inference chip and LPU technology | Dec 2025 |
4 | IBM | Confluent | $11.0B | Real-time data streaming for enterprise AI | Dec 2025 |
5 | Eaton | Boyd Thermal | $9.5B | AI data center liquid cooling infrastructure | Mar 2026 |
6 | Salesforce | Informatica | $8.0B | Data management platform for agentic AI | Nov 2025 |
7 | ServiceNow | Armis | $7.75B | AI-powered cybersecurity & IoT platform | Dec 2025 |
8 | Autodesk | MaintainX | $3.6B | AI-powered asset & maintenance operations | May 2026 |
9 | Palo Alto Networks | Chronosphere | $3.35B | AI observability platform | Nov 2025 |
10 | Capgemini | WNS | $3.3B | Agentic AI intelligent operations & BPS | Jul 2025 |
11 | SAP | Dremio + Prior Labs + Reltio | €1B+ / undisc. | AI-native data layer & TFM foundation models | May 2026 |
12 | Diginex | Resulticks | $1.5B | AI customer intelligence & engagement | Apr 2026 |
13 | Accenture | Ookla | ~$1.2B | Network intelligence & AI-powered analytics | Mar 2026 |
14 | Workday | Sana | $1.1B | AI-native enterprise learning platform | Nov 2025 |
15 | Clio | vLex | $1.0B | AI-powered legal research platform | Nov 2025 |
16 | Accenture | Faculty | ~$1.0B | Applied AI & machine learning consulting (UK) | Mar 2026 |
17 | Roche | PathAI | $750M+ | AI-powered digital pathology & companion dx | May 2026 |
18 | TCS | Coastal Cloud | $700M | Salesforce/AWS AI consulting partner | Dec 2025 |
19 | Cognizant | Astreya | ~$600M | AI-first IT managed services & hyperscaler ops | Apr 2026 |
20 | Anthropic | Stainless | $300M+ | SDK / MCP infrastructure for Claude | May 2026 |
Artificial Intelligence
Private Company M&A Valuation Multiples
Sector | EV / Revenue | EV / EBITDA | Market Trend / Notes |
AI-Native Software (M&A, Q1 2026) | ~11.5x | 25.0x – 40.0x | Finro Q1 2026 — AI-native M&A median 11.5x EV/Revenue vs. 3.8x for legacy SaaS (3x AI premium). VC primary rounds averaged 21.2x. |
AI Infrastructure (Chips, Cooling, Power) | 4.0x – 8.0x | 20.0x – 35.0x | Extreme premiums driven by AI compute demand. NVIDIA/Groq implied ~50x forward revenue; Eaton/Boyd ~15–18x EBITDA for cooling. |
AI Consulting & Implementation | 2.0x – 4.0x | 12.0x – 16.0x | Highest premiums in services on talent scarcity. Pure AI/GenAI consulting at top of range; public IT consulting median 10.2x EV/EBITDA (Mar 2026, Aventis). |
Generative AI & Frontier Labs | 15.0x – 50.0x+ | n/a (loss-making) | Private round valuations dominate. OpenAI $122B round at ~168x implied revenue; Anthropic at ~183x. Extreme multiples reflect forward growth and option value. |
Agentic AI & Workflow Automation | 5.0x – 15.0x | 22.0x – 35.0x | Commands 2–3x SaaS sector median (Finro). Recent comps: Cisco/Galileo, Asana/StackAI ($75M), Coupa/Tonkean, Autodesk/MaintainX ($3.6B). |
Vertical AI (Healthcare, Legal, Indus.) | 3.0x – 6.0x | 15.0x – 22.0x | Domain-specific AI solutions premium. Roche/PathAI ($750M+ upfront), Mistral/Emmi AI, Legora’s 3 legal AI acquisitions (Walter, Qura, Graceview). |
Note (Q1 2026 update — Finro, Aventis): AI-native software median 11.5x EV/Revenue in M&A vs. 3.8x for legacy SaaS, and 21.2x in VC rounds vs. 5.5x. Public AI software comps trade at ~3.4x EV/Revenue; agentic AI and proprietary-model targets command the top of every range.
Drivers of Valuation Variance for AI Companies:
- The AI Moat Premium
- The Agentic Effect
- The Talent Scarcity Premium
- Rule of 40 in AI
- Recurring Revenue Quality
About Solganick
Solganick is a data-driven investment bank that specializes in mergers and acquisitions (M&A) advisory exclusively for software and technology services companies. For more information, please contact us.