Week of September 15–22, 2026 | Solganick & Co.
Technology M&A over the past week was defined less by headline value than by a specific kind of buyer behavior: scaled acquirers paying up for delivery capability — engineers, certifications, and customer relationships in data center, network, and AI infrastructure. The largest disclosed transaction of the week was not a software platform at all. It was a value-added reseller and solutions provider. For owners of IT services firms, MSPs, and technology consultancies, that is the signal worth reading.
IT Services and MSPs Led the Week
Softcat plc / GDT. On September 17, UK-listed Softcat announced the acquisition of Dallas-based GDT (General Datatech, LP) from H.I.G. Capital, in a transaction widely reported at approximately $1.05 billion. It is Softcat’s entry into the United States, funded in part by an equity placing, and management simultaneously raised its FY2026 profit growth guidance. GDT will operate as a wholly owned subsidiary, retaining its name and leadership, and the deal is expected to close no later than the end of Q1 2027.
The strategic logic is worth underlining. Softcat CEO Graham Charlton cited “meaningful US scale, an established U.S. enterprise customer base, deep data center and networking capabilities.” GDT’s carrier-network heritage — including Cisco Internet and Mass Infrastructure certifications — maps directly onto enterprise AI infrastructure buildouts, even as carriers have fallen from roughly 80% of GDT’s customer base in 2021 to about 35% today. Softcat also plans to invest in GDT’s Global Operations Center in Bangalore. This is Computacenter’s North American playbook being run a second time, and it establishes a real, recent comparable for scaled North American solutions providers.
Niobrara Capital / MSP Corp. On September 16, Niobrara Capital Partners acquired Montreal-based MSP Corp. from Alfar Capital and Walter Capital Partners. Terms were not disclosed; the platform was reported at roughly $20 million of EBITDA. Founded in 1993, MSP Corp. delivers managed IT support, cybersecurity, multicloud management, and disaster recovery to Canadian SMBs. Niobrara — founded in 2024 by Chip Schorr, Todd Bradley, and Mike Pompeo — described the deal as an entry point into the North American managed services market, with stated plans to expand south of the border.
Gemspring Capital’s TRG / Vista Technology Support. Also this week, TRG added Vista Technology Support, a provider of field services, help desk, and IT procurement to retail, hospitality, leisure, and healthcare customers. Terms undisclosed.
TVH Consulting / Goom. In Europe, 21 Invest-backed TVH Consulting acquired Goom, a Microsoft Dynamics 365 Business Central specialist with 45 employees and €4 million of 2025 revenue, taking the combined ERP services platform past €20 million. A useful datapoint on where sub-scale ERP practices are clearing.
Three platform or add-on transactions in the services stack in a single week — nearly all with undisclosed terms — is the pattern we have flagged all year. Sponsor appetite for recurring-revenue managed services remains strong, but private-market multiple visibility stays thin, which is precisely why sellers benefit from an advisor carrying live process data rather than published comparables.
Software and AI: Fewer Deals, Bigger Checks
The software tape this month has been defined by concentration. PwC’s mid-year data puts global TMT deal value at $472 billion in H1 2026, up 48% year over year, with technology alone at $420 billion (+67%). Deal volume, however, fell 9%. Fifteen of the sixteen megadeals above $5 billion were in technology. Capital is concentrating, not broadening.
Recent weeks bear that out: Silver Lake-backed Cegid’s €10 billion combination with payroll and HR platform Silae; Nvidia’s $12.9 billion acquisition of Hugging Face; OpenAI’s $300 million purchase of Glass Imaging; and Palo Alto Networks’ $500 million acquisition of Console. Set against those, Bending Spoons’ $1.36 billion acquisition of Miro — roughly 90% below its 2022 private mark — is the single clearest illustration of the software re-rating now underway.
Adtech and Data Consolidation
Two adtech transactions landed on September 18. Infillion acquired Foursquare for undisclosed consideration, combining location intelligence with purchase data and adding an expected 20–25% to Infillion’s revenue and headcount. Separately, Taboola acquired finance-vertical ad network Dianomi for roughly $38 million, bringing 600-plus finance advertisers onto its Realize platform. Both are consistent with a sector consolidating around proprietary data assets as AI compresses the value of undifferentiated inventory.
Cybersecurity: OT Emerges as a Distinct Thread
Aiuken Cybersecurity, part of Allurity, acquired 4Elitech this week, adding industrial and critical-infrastructure protection capability. It follows Accenture’s $4.175 billion platform build across Dragos, runZero, and NetRise in June — roughly $208 million of combined ARR growing 53% year over year. Operational technology security has separated from the broader cyber category and is now commanding its own buyer set and its own multiples.
What This Means for Owners and Sellers
- Delivery capability is being repriced upward. The largest disclosed deal of the week bought engineers, certifications, and enterprise relationships — not software IP. Firms with credentialed data center, network, and AI infrastructure practices are in an unusually strong position.
- Buyers are underwriting AI exposure explicitly. Acquirers now sort targets into AI-native, AI-resilient, and AI-exposed. Businesses without defensible data, embedded workflow, and genuine switching costs are facing multiple compression and tighter financing. Sellers should be prepared to answer the AI durability question directly and with evidence.
- Cross-border scale is back on the agenda. Softcat’s move follows Computacenter’s. European and UK acquirers are actively hunting North American platforms, which broadens the buyer universe for U.S. services firms well beyond domestic strategics and sponsors.
- Sponsors remain the most consistent bid in the middle market. Three of this week’s services transactions were PE-backed. Recurring revenue, contracted renewals, and clean customer concentration continue to command premium attention.
- Scarcity of disclosed comparables is itself a negotiating factor. When most middle-market services transactions close on undisclosed terms, valuation expectations get set by whoever holds better data. That asymmetry is worth neutralizing before entering a process.
Outlook
We expect the pace of IT services and MSP consolidation to hold through year-end, with continued sponsor-led platform formation and an increasing share of cross-border interest in North American assets. On the software side, the bifurcation between AI-durable and AI-exposed businesses should widen further, and we anticipate it showing up in bid spreads before it shows up in published multiples. Cybersecurity — particularly identity, AI agent protection, and operational technology — remains the most reliably active middle-market sector.
Solganick is a technology-focused investment bank and M&A advisory firm serving software and IT services companies, with offices in Los Angeles, Dallas, and San Francisco. We advise founders and owners on sell-side and buy-side transactions across cloud, cybersecurity, data analytics consulting and engineering, managed services, AI consulting and engineering, technology consulting, systems integrators, and adjacent sectors.
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