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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Accelerating posture

Vertical Software & IT Services

Higher Spend Concentration + Accelerating · $723.4B disclosed spend · led by Geographic Expansion plays · activity holding steady across 379 public buyers.

Repeat buyers disclose product or capability acquisitions, not just large episodic transactions.

Geographic Expansion dominantSpend HHI 655Accelerating +5

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is accelerating.

Public buyers

379

164 core (10+)

Recorded buys

2,910

588 last 3 yrs

Disclosed spend

$723.4B

$217.7B recent

Matched issuers

570

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 21%
Bolt 20%
Platform 19%
Tech 19%
Horiz 16%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationTechnology AcquisitionTalent Acquisition

Tuck In

2% mix

Small additive deals folded directly into the existing business.

Bolt On

20% mix

Mid-sized acquisitions extending the existing product or service core.

“Our selective and active acquisition program is another important element of our corporate strategy. We believe that our acquisitions enhance the products and services that we can offer to customers, expand our customer base, provide greater scale to accelerate innovation, grow our revenues and earnings and increase stockholder value. We have invested billions of dollars over time to acquire a number of companies, products, services and technologies that add to, are complementary to, or have otherwise enhanced our existing offerings. We expect to continue to acquire companies, products, services and technologies to further our corporate strategy.”

Oracle Corporation (ORCL) · FY2024

Platform

19% mix

Foundational deals establishing a new platform or business line.

“The acquisition will accelerate the growth in our gaming business across mobile, PC, console, and cloud gaming.”

Microsoft Corporation (MSFT) · FY2024

Geographic Expansion

21% mix

Buying density or new geographies to extend the footprint.

“Our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same”

Fiserv, Inc. (FISV) · FY2025

Horizontal Consolidation

16% mix

Acquiring direct competitors to consolidate the market.

Technology Acquisition

19% mix

Buying products, IP, or engineering depth for capability gain.

“The success of our strategy of acquiring or making investments in complementary businesses, joint ventures, services, technologies and intellectual property rights”

Salesforce, Inc. (CRM) · FY2021

Talent Acquisition

2% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100M$1B$10B$10B$100Bmedian annual $565Mmedian total $5.7BAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)MSFTMicrosoft Corporation (MSFT) Platform $148.9B total · $8.3B / active year 18 active years · 139 buys reportedORCLOracle Corporation (ORCL) Bolt On $80.9B total · $5.1B / active year 16 active years · 16 buys reportedCRMSalesforce, Inc. (CRM) Technology Acquisition $41.6B total · $2.1B / active year 20 active years · 64 buys reportedFISVFiserv, Inc. (FISV) Geographic Expansion $23.9B total · $1.5B / active year 16 active years · 36 buys reportedACNAccenture plc (ACN) Technology Acquisition $20.8B total · $1.5B / active year 14 active years · 14 buys reportedADBEAdobe Inc. (ADBE) Platform $15.7B total · $924M / active year 17 active years · 27 buys reportedSSNCSs&c Technologies Holdings, Inc. (SSNC) Bolt On $15.1B total · $944M / active year 16 active years · 35 buys reportedOTEXOpen Text Corp. (OTEX) Bolt On $13.4B total · $788M / active year 17 active years · 31 buys reportedGENGen Digital Inc. (GEN) Bolt On $12.6B total · $788M / active year 16 active years · 29 buys reportedFISFidelity National Information Services, Inc. (FIS) Horizontal Consolidation $12.6B total · $898M / active year 14 active years · 9 buys reportedINTUIntuit Inc. (INTU) Platform $12.4B total · $955M / active year 13 active years · 10 buys reportedPTCPTC Inc. (PTC) Bolt On $9.2B total · $512M / active year 18 active years · 33 buys reportedWDAYWorkday, Inc. (WDAY) Technology Acquisition $7.3B total · $667M / active year 11 active years · 21 buys reportedCTMCastellum, Inc. (CTM) Bolt On $7.2B total · $1.8B / active year 4 active years · 4 buys reportedCLVTClarivate PLC (CLVT) Bolt On $7B total · $1.2B / active year 6 active years · 9 buys reportedDTSTData Storage Corporation (DTST) Geographic Expansion $6.7B total · $1.1B / active year 6 active years · 7 buys reportedCACICACI International Inc (CACI) Geographic Expansion $6.7B total · $335M / active year 20 active years · 56 buys reportedLDOSLeidos Holdings, Inc. (LDOS) Platform $6.6B total · $821M / active year 8 active years · 22 buys reportedBRBroadridge Financial Solutions, Inc. (BR) Bolt On $4.9B total · $307M / active year 16 active years · 33 buys reportedPANWPalo Alto Networks Inc (PANW) Technology Acquisition $4.7B total · $431M / active year 11 active years · 21 buys reportedUBERUber Technologies, Inc. (UBER) Geographic Expansion $4.6B total · $768M / active year 6 active years · 4 buys reportedWEXWEX Inc. (WEX) Geographic Expansion $4.1B total · $239M / active year 17 active years · 23 buys reportedAKAMAkamai Technologies, Inc (AKAM) Bolt On $3.9B total · $194M / active year 20 active years · 31 buys reportedCDWCDW Corp. (CDW) Geographic Expansion $3.8B total · $480M / active year 8 active years · 7 buys reportedNOWServicenow, Inc. (NOW) Technology Acquisition $3.8B total · $293M / active year 13 active years · 3 buys reportedASGNEverforth, Inc. (ASGN) Geographic Expansion $3.8B total · $237M / active year 16 active years · 25 buys reportedFOURShift4 Payments, Inc. (FOUR) Geographic Expansion $3.7B total · $618M / active year 6 active years · 6 buys reportedWITWipro Limited (WIT) Horizontal Consolidation $3.3B total · $207M / active year 16 active years · 44 buys reportedJKHYJack Henry & Associates, Inc. (JKHY) Bolt On $3.3B total · $233M / active year 14 active years · 12 buys reportedTYLTyler Technologies, Inc. (TYL) Bolt On $3.2B total · $188M / active year 17 active years · 20 buys reportedDOXAmdocs Limited (DOX) Bolt On $3B total · $176M / active year 17 active years · 26 buys reportedPRGSProgress Software Corp. (PRGS) Bolt On $2.6B total · $165M / active year 16 active years · 23 buys reportedCHKPCheck Point Software Technologies Ltd. (CHKP) Bolt On $2.6B total · $201M / active year 13 active years · 5 buys reportedUPBDUpbound Group, Inc. (UPBD) Geographic Expansion $2.5B total · $127M / active year 20 active years · 138 buys reportedEEFTEuronet Worldwide, Inc. (EEFT) Geographic Expansion $2.5B total · $141M / active year 18 active years · 12 buys reportedCDNSCadence Design Systems, Inc. (CDNS) Technology Acquisition $1.8B total · $115M / active year 16 active years · 34 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Microsoft CorporationMSFTPlatform
$148.9B
$8.3B139

Accelerating

+158%

Oracle CorporationORCLBolt On
$80.9B
$5.1B16

New cycle

$27.7B recent

Salesforce, Inc.CRMTechnology Acquisition
$41.6B
$2.1B64

Cooling

-27%

Fiserv, Inc.FISVGeographic Expansion
$23.9B
$1.5B36

Winding down

$2B → $10M

Accenture plcACNTechnology Acquisition
$20.8B
$1.5B14

Steady

+0%

Adobe Inc.ADBEPlatform
$15.7B
$924M27

Paused

$4.3B prior

Ss&c Technologies Holdings, Inc.SSNCBolt On
$15.1B
$944M35

Steady

-8%

Open Text Corp.OTEXBolt On
$13.4B
$788M31

Accelerating

+164%

Gen Digital Inc.GENBolt On
$12.6B
$788M29

New cycle

$6.6B recent

Fidelity National Information Services, Inc.FISHorizontal Consolidation
$12.6B
$898M9

Steady

+4%

Intuit Inc.INTUPlatform
$12.4B
$955M10

Winding down

$9.1B → $184M

PTC Inc.PTCBolt On
$9.2B
$512M33

Cooling

-44%

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“Our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same”

Fiserv, Inc.FISVFY2025

“We have a relatively small share of the addressable market for our Expertise and Technology and intend to achieve growth and increase market share both organically and through strategic acquisitions.”

CACI International IncCACIFY2025

“our ability to execute, as well as the effectiveness of, lease-to-own store consolidations, including our ability to retain the revenue from customer accounts merged into another store location as a result of a store consolidation”

Upbound Group, Inc.UPBDFY2025

“advances our strategy of having a leading ridesharing category position in every major region”

Uber Technologies, Inc.UBERFY2021

“This strategic acquisition strengthens the Company’s capabilities to deliver full lifecycle projects and complements its existing cloud, data, artificial intelligence and software platform engineering solution capabilities.”

CDW Corp.CDWFY2024

“expanding its product suite and creating additional cross-sell opportunities”

WEX Inc.WEXFY2023

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Infrastructure, Cloud & Cyber

944

Infrastructure software, cloud operations, cybersecurity, DevOps, identity, and network software.

Buyers

118

Core

53

Spend

$343.8B

2006–2025 · last year 93

Vertical Application Software

1,310

Industry-specific applications, workflow software, ERP/CRM extensions, and product modules.

Buyers

186

Core

75

Spend

$230.2B

2006–2025 · last year 129

IT Services & Managed Services

1,119

IT services, managed services, systems integration, consulting, outsourcing, and implementation capability.

Buyers

75

Core

36

Spend

$149.5B

2006–2025 · last year 63

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

01262512006: 60 buys · $10.5B spend · 34 buyers2007: 66 buys · $11.1B spend · 33 buyers2008: 84 buys · $16.5B spend · 40 buyers2009: 77 buys · $7.2B spend · 36 buyers2010: 86 buys · $9.9B spend · 45 buyers2011: 166 buys · $12.9B spend · 53 buyers2012: 143 buys · $24.2B spend · 52 buyers2013: 159 buys · $23.7B spend · 48 buyers2014: 145 buys · $21.6B spend · 62 buyers2015: 128 buys · $20.2B spend · 59 buyers2016: 123 buys · $16B spend · 62 buyers2017: 115 buys · $47.9B spend · 59 buyers2018: 126 buys · $37.4B spend · 62 buyers2019: 173 buys · $49.8B spend · 84 buyers2020: 191 buys · $36.4B spend · 97 buyers2021: 249 buys · $91.1B spend · 120 buyers2022: 231 buys · $69.5B spend · 132 buyers2023: 128 buys · $62B spend · 88 buyers2024: 209 buys · $117.9B spend · 120 buyers2025: 251 buys · $37.7B spend · 146 buyers2006: 60 buys · $10.5B spend · 34 buyers2007: 66 buys · $11.1B spend · 33 buyers2008: 84 buys · $16.5B spend · 40 buyers2009: 77 buys · $7.2B spend · 36 buyers2010: 86 buys · $9.9B spend · 45 buyers2011: 166 buys · $12.9B spend · 53 buyers2012: 143 buys · $24.2B spend · 52 buyers2013: 159 buys · $23.7B spend · 48 buyers2014: 145 buys · $21.6B spend · 62 buyers2015: 128 buys · $20.2B spend · 59 buyers2016: 123 buys · $16B spend · 62 buyers2017: 115 buys · $47.9B spend · 59 buyers2018: 126 buys · $37.4B spend · 62 buyers2019: 173 buys · $49.8B spend · 84 buyers2020: 191 buys · $36.4B spend · 97 buyers2021: 249 buys · $91.1B spend · 120 buyers2022: 231 buys · $69.5B spend · 132 buyers2023: 128 buys · $62B spend · 88 buyers2024: 209 buys · $117.9B spend · 120 buyers2025: 251 buys · $37.7B spend · 146 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)