LOS ANGELES, October 8, 2026 — Solganick, a data-driven investment bank and M&A advisory firm focused exclusively on software and technology services, today released its HR Technology M&A Update for Q3 and YTD 2026. The report tracks software and technology consulting transactions announced or completed from January 1 to September 30, 2026.

We identified 44 HR technology transactions year to date: 32 involving software companies and 12 involving HR technology consulting firms. Six transactions were announced in the third quarter, including the largest HR-related deal of the quarter, the planned merger of Cegid and Silae at a combined enterprise value of more than €10 billion.

Key Findings

• Payroll and talent acquisition lead deal volume. Each subsector recorded seven transactions. Assessment and skills platforms continued to consolidate, with Phenom completing three acquisitions and Docebo two.
• Workday partner scarcity is driving services M&A. Nine Workday partner acquisitions closed in 1H 2026, more than in any full year from 2015 to 2025. HR Path completed three acquisitions year to date.
• Private equity is behind the largest HCM deals. Thoma Bravo completed its ~$12.3 billion take-private of Dayforce in February, and Silver Lake announced the Cegid and Silae merger in September.

Q3 2026 Transactions

What the Report Covers

The update reviews transactions in nine subsectors: AI for HR; HR Compliance and Workforce Management; HR Tech Consulting and Digital Transformation; Learning and Development; Performance and Talent Management; Talent Acquisition and Recruiting; Payroll, Benefits and Compensation; Core HCM and HRIS; and Employee Engagement and Experience. Each subsector separates software and technology consulting transactions. The report also includes the most active acquirers, the largest transactions and public HR technology valuation multiples.