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Machine Verified Markets
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 21%
Tech 19%
Platform 18%
Horiz 15%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

3% mix

Small additive deals folded directly into the existing business.

“Integrating with and connecting to source systems and applications is a key requirement necessary to address the technical complexity of reporting and disclosure, and is a high priority for the organizations we serve.”

Workiva Inc. (WK) · FY2024

Bolt On

21% 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

18% 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

15% mix

Acquiring direct competitors to consolidate the market.

“Consolidation through mergers and acquisitions, or alliances formed, among our competitors in this market”

Nice Ltd. (NICE) · FY2025

Vertical Integration

0% mix

Adding upstream or downstream capability inside the value chain.

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

3% mix

Acquisitions led by team or human-capital rationale.

“From time to time, we consider potential strategic transactions, including acquisitions or divestitures of, or investments in, businesses, technologies, services, solutions, and other assets.”

nCino, Inc. (NCNO) · FY2025

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$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10B$100Bmedian annual $44Mmedian total $174MAvg 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 reportedSAPSAP SE (SAP) Geographic Expansion $25B total · $5B / active year 5 active years · 11 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 reportedVERIVeritone, Inc. (VERI) Bolt On $6.8B total · $1.4B / active year 5 active years · 8 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 reportedINLXIntellinetics, Inc. (INLX) Bolt On $6.4B total · $3.2B / active year 2 active years · 1 buys reportedBMBLBumble Inc. (BMBL) Bolt On $5.8B total · $1.4B / active year 4 active years · 3 buys reportedMSTRStrategy Inc. (MSTR) Platform $5.7B total · $1.9B / active year 3 active yearsSAICScience Applications International Corporation (SAIC) Platform $5.6B total · $931M / active year 6 active years · 7 buys reportedNVNINvni Group Limited (NVNI) Mixed strategy $5B total · $5B / active year 1 active years · 1 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 reportedGGenpact Limited (G) Geographic Expansion $4.6B total · $383M / active year 12 active years · 32 buys reportedSWVLSwvl Holdings Corp (SWVL) Horizontal Consolidation $4.6B total · $4.6B / active year 1 active years · 1 buys reportedMIGIMawson Infrastructure Group Inc. (MIGI) Mixed strategy $4.2B total · $2.1B / active year 2 active years · 3 buys reportedCISOCiso Global, Inc. (CISO) Geographic Expansion $4.1B total · $1.4B / active year 3 active years · 7 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 reportedGDDYGoDaddy Inc. (GDDY) Geographic Expansion $3.1B total · $389M / active year 8 active years · 21 buys reportedVYXNCR Voyix Corporation (VYX) Geographic Expansion $3.1B total · $236M / active year 13 active years · 37 buys reportedGIBCGI Inc. (GIB) Bolt On $3B total · $435M / active year 7 active yearsDOXAmdocs Limited (DOX) Bolt On $3B total · $176M / active year 17 active years · 26 buys reportedFFIVF5, Inc. (FFIV) Technology Acquisition $2.9B total · $240M / active year 12 active years · 16 buys reportedBOXBox, Inc. (BOX) Technology Acquisition $2.8B total · $468M / active year 6 active years · 9 buys reportedCTSHCognizant Technology Solutions Corporation (CTSH) Bolt On $2.8B total · $164M / active year 17 active years · 65 buys reportedMLGOMicroAlgo Inc. (MLGO) Bolt On $2.8B total · $1.4B / active year 2 active years · 1 buys reportedSURGSurgePays, Inc. (SURG) Mixed strategy $2.8B total · $552M / active year 5 active yearsPRGSProgress 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 reportedASURAsure Software, Inc. (ASUR) Geographic Expansion $2.6B total · $172M / active year 15 active years · 41 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 reportedRVYLRyvyl Inc. (RVYL) Platform $2.5B total · $843M / active year 3 active years · 1 buys reportedHWNIHigh Wire Networks, Inc. (HWNI) Horizontal Consolidation $2.5B total · $501M / active year 5 active years · 3 buys reportedADSKAutodesk, Inc. (ADSK) Technology Acquisition $2.2B total · $166M / active year 13 active years · 96 buys reportedCPAYCorpay, Inc (CPAY) Geographic Expansion $2.1B total · $143M / active year 15 active years · 36 buys reportedBSYBentley Systems, Incorporated (BSY) Platform $2.1B total · $353M / active year 6 active years · 27 buys reportedTSSITss, Inc. (TSSI) Tuck In $2.1B total · $702M / active year 3 active years · 2 buys reportedBKKTBakkt Inc. (BKKT) Platform $2B total · $512M / active year 4 active years · 4 buys reportedACIWACI Worldwide, Inc. (ACIW) Geographic Expansion $2B total · $201M / active year 10 active years · 14 buys reportedCSGSCSG Systems International, Inc. (CSGS) Geographic Expansion $2B total · $143M / active year 14 active years · 12 buys reportedALITAlight, Inc. / Delaware (ALIT) Mixed strategy $1.9B total · $627M / active year 3 active years · 4 buys reportedOVTZOculus Inc. (OVTZ) Horizontal Consolidation $1.8B total · $925M / active year 2 active years · 2 buys reportedCDNSCadence Design Systems, Inc. (CDNS) Technology Acquisition $1.8B total · $115M / active year 16 active years · 34 buys reportedTEAMAtlassian Corporation (TEAM) Bolt On $1.8B total · $226M / active year 8 active years · 13 buys reportedUUnity Software Inc. (U) Bolt On $1.8B total · $585M / active year 3 active years · 10 buys reportedEPAMEpam Systems, Inc. (EPAM) Geographic Expansion $1.7B total · $217M / active year 8 active years · 27 buys reportedOPFIOppFi Inc. (OPFI) Bolt On $1.7B total · $568M / active year 3 active years · 1 buys reportedMFONMobivity Holdings Corp. (MFON) Tuck In $1.6B total · $205M / active year 8 active years · 11 buys reportedRSSSResearch Solutions, Inc. (RSSS) Technology Acquisition $1.6B total · $322M / active year 5 active years · 3 buys reportedBLKBBlackbaud, Inc. (BLKB) Geographic Expansion $1.6B total · $93M / active year 17 active years · 20 buys reportedPAYDPaid Inc. (PAYD) Technology Acquisition $1.5B total · $382M / active year 4 active years · 2 buys reportedJFU9F Inc. (JFU) Mixed strategy $1.5B total · $379M / active year 4 active yearsDLBDolby Laboratories, Inc. (DLB) Geographic Expansion $1.5B total · $94M / active year 16 active years · 10 buys reportedGOAIEVA Live Inc. (GOAI) Mixed strategy $1.5B total · $1.5B / active year 1 active yearsDTSQDT Cloud Star Acquisition Corporation (DTSQ) Mixed strategy $1.5B total · $1.5B / active year 1 active yearsNICENice Ltd. (NICE) Horizontal Consolidation $1.5B total · $114M / active year 13 active years · 7 buys reportedCRWDCrowdStrike Holdings, Inc. (CRWD) Bolt On $1.5B total · $242M / active year 6 active years · 11 buys reportedRPAYRepay Holdings Corporation (RPAY) Geographic Expansion $1.4B total · $356M / active year 4 active years · 42 buys reportedAPPAppLovin Corp (APP) Bolt On $1.4B total · $699M / active year 2 active years · 2 buys reportedMAPSWM Technology, Inc. (MAPS) Bolt On $1.3B total · $442M / active year 3 active years · 2 buys reportedCWANClearwater Analytics Holdings, Inc. (CWAN) Geographic Expansion $1.3B total · $315M / active year 4 active years · 3 buys reportedXRXXerox Holdings Corporation (XRX) Geographic Expansion $1.2B total · $204M / active year 6 active years · 15 buys reportedRAMPLiveramp Holdings, Inc. (RAMP) Technology Acquisition $1.2B total · $69M / active year 17 active years · 14 buys reportedTDCTeradata Corporation (TDC) Tuck In $1.2B total · $128M / active year 9 active years · 13 buys reportedRPDRapid7, Inc. (RPD) Bolt On $1.1B total · $98M / active year 11 active years · 4 buys reportedVRRMVerra Mobility Corporation (VRRM) Bolt On $1B total · $347M / active year 3 active years · 5 buys reportedGDHLFGDS Holdings Limited (GDHLF) Mixed strategy $950M total · $119M / active year 8 active years · 2 buys reportedPRTHPriority Technology Holdings, Inc. (PRTH) Bolt On $943M total · $157M / active year 6 active years · 16 buys reportedSTNEStoneCo Ltd. (STNE) Bolt On $937M total · $187M / active year 5 active years · 1 buys reportedXYZBlock, Inc. (XYZ) Bolt On $928M total · $103M / active year 9 active years · 8 buys reportedGTMZoomInfo Technologies Inc. (GTM) Mixed strategy $894M total · $224M / active year 4 active years · 4 buys reportedBLNDBlend Labs, Inc. (BLND) Platform $835M total · $417M / active year 2 active years · 2 buys reportedKPLTKatapult Holdings, Inc. (KPLT) Horizontal Consolidation $833M total · $833M / active year 1 active yearsNCNOnCino, Inc. (NCNO) Talent Acquisition $824M total · $206M / active year 4 active years · 2 buys reportedIIIInformation Services Group Inc. (III) Horizontal Consolidation $811M total · $58M / active year 14 active years · 12 buys reportedTTECTTEC Holdings, Inc. (TTEC) Geographic Expansion $777M total · $78M / active year 10 active years · 22 buys reportedPARPAR Technology Corporation (PAR) Platform $762M total · $76M / active year 10 active years · 16 buys reportedQTWOQ2 Holdings, Inc. (QTWO) Bolt On $737M total · $105M / active year 7 active years · 6 buys reportedBILLBill Holdings, Inc. (BILL) Platform $729M total · $243M / active year 3 active years · 2 buys reportedEVTCEVERTEC, Inc. (EVTC) Geographic Expansion $722M total · $80M / active year 9 active years · 11 buys reportedDOCUDocusign, Inc. (DOCU) Technology Acquisition $699M total · $117M / active year 6 active years · 5 buys reportedZMZoom Communications, Inc. (ZM) Mixed strategy $697M total · $116M / active year 6 active years · 4 buys reportedSNOWSnowflake Inc. (SNOW) Talent Acquisition $682M total · $136M / active year 5 active years · 11 buys reportedWAYWaystar Holding Corp. (WAY) Bolt On $671M total · $335M / active year 2 active years · 3 buys reportedTEADTeads Holding Co. (TEAD) Platform $668M total · $167M / active year 4 active years · 4 buys reportedVRSNVerisign Inc. (VRSN) Mixed strategy $617M total · $308M / active year 2 active years · 1 buys reportedALRMAlarm.com Holdings, Inc. (ALRM) Technology Acquisition $601M total · $60M / active year 10 active years · 13 buys reportedFTNTFortinet, Inc. (FTNT) Bolt On $591M total · $45M / active year 13 active years · 13 buys reportedDBXDropbox, Inc. (DBX) Technology Acquisition $580M total · $116M / active year 5 active years · 5 buys reportedIIIVi3 Verticals, Inc. (IIIV) Platform $579M total · $72M / active year 8 active years · 27 buys reportedPCORProcore Technologies, Inc. (PCOR) Bolt On $577M total · $192M / active year 3 active years · 2 buys reportedFROGJFrog Ltd. (FROG) Geographic Expansion $551M total · $110M / active year 5 active years · 3 buys reportedINFYInfosys Limited (INFY) Platform $550M total · $69M / active year 8 active years · 20 buys reportedALKTAlkami Technology, Inc. (ALKT) Bolt On $526M total · $175M / active year 3 active years · 2 buys reportedVERXVertex, Inc. (VERX) Technology Acquisition $511M total · $102M / active year 5 active years · 8 buys reportedHQHorizon Quantum Holdings Ltd. (HQ) Platform $508M total · $508M / active year 1 active years · 1 buys reportedZSZscaler, Inc. (ZS) Bolt On $508M total · $73M / active year 7 active years · 14 buys reportedAPPSDigital Turbine, Inc. (APPS) Geographic Expansion $505M total · $46M / active year 11 active years · 13 buys reportedSNPSSynopsys Inc. (SNPS) Technology Acquisition $503M total · $26M / active year 19 active years · 26 buys reportedSPSCSPS Commerce, Inc. (SPSC) Bolt On $501M total · $36M / active year 14 active years · 16 buys reportedAVPTAvePoint, Inc. (AVPT) Bolt On $500M total · $125M / active year 4 active years · 7 buys reportedEXLSExlservice Holdings, Inc. (EXLS) Geographic Expansion $497M total · $33M / active year 15 active years · 15 buys reportedHUBSHubSpot, Inc. (HUBS) Technology Acquisition $493M total · $55M / active year 9 active years · 8 buys reportedLYFTLyft, Inc. (LYFT) Geographic Expansion $480M total · $96M / active year 5 active years · 4 buys reportedAGYSAgilysys, Inc. (AGYS) Bolt On $477M total · $53M / active year 9 active years · 12 buys reportedOKTAOkta, Inc. (OKTA) Bolt On $461M total · $51M / active year 9 active years · 6 buys reportedFRSHFreshworks Inc. (FRSH) Bolt On $452M total · $226M / active year 2 active years · 2 buys reportedGWREGuidewire Software, Inc. (GWRE) Horizontal Consolidation $443M total · $63M / active year 7 active years · 5 buys reportedCCCCCC Intelligent Solutions Holdings Inc. (CCC) Bolt On $443M total · $221M / active year 2 active years · 1 buys reportedPSFEPaysafe Limited (PSFE) Geographic Expansion $434M total · $217M / active year 2 active yearsFIVNFive9, Inc. (FIVN) Mixed strategy $427M total · $107M / active year 4 active years · 4 buys reportedDVDoubleVerify Holdings, Inc. (DV) Technology Acquisition $420M total · $105M / active year 4 active years · 5 buys reportedEVCMEverCommerce Inc. (EVCM) Bolt On $416M total · $139M / active year 3 active years · 5 buys reportedDDOGDatadog, Inc. (DDOG) Mixed strategy $415M total · $59M / active year 7 active years · 16 buys reportedBANDBandwidth Inc. (BAND) Platform $413M total · $413M / active year 1 active years · 1 buys reportedNTWKNetsol Technologies, Inc. (NTWK) Geographic Expansion $412M total · $103M / active year 4 active years · 12 buys reportedGBTGGlobal Business Travel Group, Inc. (GBTG) Geographic Expansion $408M total · $408M / active year 1 active years · 2 buys reportedRXTRackspace Technology, Inc. (RXT) Bolt On $399M total · $100M / active year 4 active years · 1 buys reportedAMPLAmplitude, Inc. (AMPL) Bolt On $394M total · $394M / active year 1 active years · 1 buys reportedPEGAPegasystems Inc. (PEGA) Technology Acquisition $386M total · $35M / active year 11 active years · 9 buys reportedNXPLNextPlat Corp (NXPL) Geographic Expansion $376M total · $188M / active year 2 active years · 2 buys reportedCLSKCleanspark, Inc. (CLSK) Bolt On $370M total · $53M / active year 7 active years · 10 buys reportedLPSNLiveperson, Inc. (LPSN) Technology Acquisition $360M total · $33M / active year 11 active years · 13 buys reportedWFCFWhere Food Comes From, Inc. (WFCF) Geographic Expansion $354M total · $44M / active year 8 active years · 5 buys reportedCOMPCompass, Inc. (COMP) Bolt On $346M total · $69M / active year 5 active years · 28 buys reportedBLBlackLine, Inc. (BL) Geographic Expansion $339M total · $68M / active year 5 active years · 5 buys reportedVNETVNET Group, Inc. (VNET) Geographic Expansion $336M total · $37M / active year 9 active yearsWKWorkiva Inc. (WK) Tuck In $333M total · $83M / active year 4 active years · 6 buys reportedDOCNDigitalOcean Holdings, Inc. (DOCN) Bolt On $310M total · $155M / active year 2 active years · 1 buys reportedVQSSFVIQ Solutions Inc. (VQSSF) Bolt On $308M total · $154M / active year 2 active yearsPRCHPorch Group, Inc. (PRCH) Bolt On $305M total · $76M / active year 4 active years · 11 buys reportedOSPNOneSpan Inc. (OSPN) Technology Acquisition $301M total · $33M / active year 9 active years · 12 buys reportedSSentinelone, Inc. (S) Platform $295M total · $147M / active year 2 active years · 2 buys reportedAURAurora Innovation, Inc. (AUR) Talent Acquisition $294M total · $294M / active year 1 active years · 1 buys reportedDBDDiebold Nixdorf, Incorporated (DBD) Horizontal Consolidation $290M total · $36M / active year 8 active years · 8 buys reportedITGartner, Inc. (IT) Geographic Expansion $287M total · $41M / active year 7 active years · 11 buys reportedEGHT8x8 Inc. (EGHT) Technology Acquisition $285M total · $24M / active year 12 active years · 10 buys reportedFICOFair Isaac Corp (FICO) Technology Acquisition $276M total · $39M / active year 7 active years · 10 buys reportedNTCTNetscout Systems, Inc. (NTCT) Technology Acquisition $255M total · $28M / active year 9 active years · 13 buys reportedFORTYFormula Systems (1985) Ltd. (FORTY) Geographic Expansion $250M total · $13M / active year 20 active years · 6 buys reportedGLOBGlobant S.A. (GLOB) Geographic Expansion $249M total · $28M / active year 9 active years · 9 buys reportedIDCCInterdigital, Inc. (IDCC) Technology Acquisition $248M total · $62M / active year 4 active years · 5 buys reportedBBAIBigBear.ai Holdings, Inc. (BBAI) Platform $248M total · $62M / active year 4 active years · 2 buys reportedUPLDUpland Software, Inc. (UPLD) Bolt On $242M total · $48M / active year 5 active years · 25 buys reportedUISUnisys Corp. (UIS) Mixed strategy $241M total · $80M / active year 3 active years · 3 buys reportedAFRMAffirm Holdings, Inc. (AFRM) Bolt On $239M total · $119M / active year 2 active years · 4 buys reportedDSNYDestiny Media Technologies Inc. (DSNY) Geographic Expansion $237M total · $237M / active year 1 active yearsAVAIAvai Bio, Inc. (AVAI) Technology Acquisition $233M total · $58M / active year 4 active years · 5 buys reportedFSLYFastly, Inc. (FSLY) Bolt On $228M total · $76M / active year 3 active years · 2 buys reportedCVLTCommvault Systems, Inc (CVLT) Technology Acquisition $223M total · $74M / active year 3 active years · 4 buys reportedFRGTFreight Technologies, Inc. (FRGT) Mixed strategy $223M total · $223M / active year 1 active years · 1 buys reportedPDFSPDF Solutions Inc. (PDFS) Bolt On $216M total · $22M / active year 10 active years · 14 buys reportedPLTRPalantir Technologies Inc. (PLTR) Technology Acquisition $216M total · $108M / active year 2 active years · 1 buys reportedDAVAEndava PLC (DAVA) Geographic Expansion $207M total · $41M / active year 5 active years · 7 buys reportedNETCloudflare, Inc. (NET) Technology Acquisition $203M total · $34M / active year 6 active years · 6 buys reportedSPTSprout Social, Inc. (SPT) Mixed strategy $199M total · $66M / active year 3 active years · 5 buys reportedWYYWidePoint Corporation (WYY) Geographic Expansion $198M total · $33M / active year 6 active years · 4 buys reportedBRZEBraze, Inc. (BRZE) Technology Acquisition $198M total · $99M / active year 2 active years · 2 buys reportedESTCElastic N.V. (ESTC) Mixed strategy $188M total · $38M / active year 5 active years · 3 buys reportedRMTHFMagic Software Enterprises Ltd. (RMTHF) Geographic Expansion $188M total · $16M / active year 12 active years · 4 buys reportedADEAAdeia Inc. (ADEA) Technology Acquisition $185M total · $62M / active year 3 active yearsALDSApplife Digital Solutions, Inc. (ALDS) Mixed strategy $185M total · $93M / active year 2 active years · 3 buys reportedMQMarqeta, Inc. (MQ) Technology Acquisition $182M total · $91M / active year 2 active years · 2 buys reportedPLUSePlus inc. (PLUS) Tuck In $180M total · $16M / active year 11 active years · 8 buys reportedREKRRekor Systems, Inc. (REKR) Horizontal Consolidation $175M total · $44M / active year 4 active years · 4 buys reportedZETAZeta Global Holdings Corp. (ZETA) Horizontal Consolidation $174M total · $43M / active year 4 active years · 6 buys reportedCLBTCellebrite DI Ltd. (CLBT) Platform $170M total · $57M / active year 3 active years · 3 buys reportedPDPagerDuty, Inc. (PD) Horizontal Consolidation $170M total · $34M / active year 5 active years · 4 buys reportedRNGRingCentral, Inc. (RNG) Technology Acquisition $169M total · $21M / active year 8 active years · 7 buys reportedSMSISmith Micro Software, Inc. (SMSI) Technology Acquisition $168M total · $17M / active year 10 active years · 11 buys reportedPCTYPaylocity Holding Corporation (PCTY) Mixed strategy $165M total · $24M / active year 7 active yearsCTLPCantaloupe, Inc. (CTLP) Platform $163M total · $20M / active year 8 active years · 7 buys reportedNXTTNext Technology Holding Inc. (NXTT) Platform $158M total · $158M / active year 1 active years · 1 buys reportedAPPFAppFolio, Inc. (APPF) Bolt On $157M total · $31M / active year 5 active years · 5 buys reportedYOUClear Secure, Inc. (YOU) Bolt On $157M total · $39M / active year 4 active years · 4 buys reportedRELYRemitly Global, Inc. (RELY) Bolt On $155M total · $77M / active year 2 active years · 2 buys reportedVRNSVaronis Systems, Inc. (VRNS) Technology Acquisition $153M total · $76M / active year 2 active years · 3 buys reportedTCXTucows Inc. (TCX) Bolt On $150M total · $15M / active year 10 active years · 12 buys reportedCINTCI&T Inc (CINT) Geographic Expansion $145M total · $145M / active year 1 active years · 4 buys reportedCXAICXApp Inc. (CXAI) Mixed strategy $140M total · $70M / active year 2 active years · 2 buys reportedSMRTSmartrent, Inc. (SMRT) Technology Acquisition $136M total · $68M / active year 2 active years · 1 buys reportedCLPSCLPS Incorporation (CLPS) Horizontal Consolidation $130M total · $32M / active year 4 active yearsRBRKRubrik, Inc. (RBRK) Technology Acquisition $126M total · $63M / active year 2 active yearsPDYNPalladyne AI Corp. (PDYN) Technology Acquisition $125M total · $42M / active year 3 active years · 3 buys reportedBBBlackBerry Limited (BB) Technology Acquisition $124M total · $62M / active year 2 active years · 4 buys reportedEBZTEverything Blockchain, Inc. (EBZT) Horizontal Consolidation $121M total · $60M / active year 2 active years · 1 buys reportedNABLN-able, Inc. (NABL) Platform $117M total · $39M / active year 3 active years · 3 buys reportedATDSData443 Risk Mitigation, Inc. (ATDS) Mixed strategy $117M total · $39M / active year 3 active years · 2 buys reportedLIFLife360, Inc. (LIF) Geographic Expansion $114M total · $57M / active year 2 active years · 3 buys reportedVIIQChina Bilingual Technology & Education Group Inc. (VIIQ) Platform $112M total · $56M / active year 2 active years · 3 buys reportedSLAISOLAI Limited (SLAI) Mixed strategy $109M total · $22M / active year 5 active years · 1 buys reportedYEXTYext, Inc. (YEXT) Bolt On $108M total · $54M / active year 2 active years · 1 buys reportedCRWVCoreWeave, Inc. (CRWV) Mixed strategy $108M total · $108M / active year 1 active yearsRDWRRadware Ltd. (RDWR) Technology Acquisition $106M total · $12M / active year 9 active years · 3 buys reportedGRABGrab Holdings Limited (GRAB) Geographic Expansion $102M total · $102M / active year 1 active years · 4 buys reportedGCTGigacloud Technology Inc. (GCT) Bolt On $100M total · $50M / active year 2 active yearsWIXWix.com Ltd. (WIX) Technology Acquisition $100M total · $33M / active year 3 active years · 3 buys reportedMTCMmtec, Inc. (MTC) Mixed strategy $97M total · $97M / active year 1 active years · 1 buys reportedINTAIntapp, Inc. (INTA) Bolt On $93M total · $19M / active year 5 active years · 6 buys reportedMDBMongodb, Inc. (MDB) Technology Acquisition $92M total · $18M / active year 5 active years · 4 buys reportedTOSTToast, Inc. (TOST) Bolt On $91M total · $23M / active year 4 active years · 4 buys reportedODDOddity Tech Ltd (ODD) Technology Acquisition $91M total · $45M / active year 2 active years · 1 buys reportedCMRCCommerce.com, Inc. (CMRC) Mixed strategy $90M total · $22M / active year 4 active years · 4 buys reportedRTCJFBaijiayun Group Ltd (RTCJF) Mixed strategy $86M total · $29M / active year 3 active yearsSHOPShopify Inc. (SHOP) Technology Acquisition $86M total · $43M / active year 2 active years · 1 buys reportedTENBTenable Holdings, Inc. (TENB) Technology Acquisition $85M total · $12M / active year 7 active years · 4 buys reportedANYSphere 3d Corp. (ANY) Technology Acquisition $85M total · $17M / active year 5 active years · 3 buys reportedPATHUiPath, Inc. (PATH) Mixed strategy $84M total · $28M / active year 3 active years · 1 buys reportedPAYOPayoneer Global Inc. (PAYO) Geographic Expansion $81M total · $41M / active year 2 active years · 2 buys reportedCALXCalix, Inc (CALX) Bolt On $73M total · $36M / active year 2 active years · 2 buys reportedGROOGroovy Company, Inc. (GROO) Geographic Expansion $72M total · $36M / active year 2 active years · 9 buys reportedDTDynatrace, Inc. (DT) Talent Acquisition $70M total · $23M / active year 3 active years · 2 buys reportedULYUrgent.ly Inc. (ULY) Mixed strategy $70M total · $35M / active year 2 active years · 2 buys reportedCRCWThe Crypto Company (CRCW) Horizontal Consolidation $67M total · $17M / active year 4 active years · 2 buys reportedMITKMitek Systems, Inc. (MITK) Geographic Expansion $66M total · $11M / active year 6 active years · 3 buys reportedSOUNSoundhound Ai, Inc. (SOUN) Geographic Expansion $66M total · $33M / active year 2 active years · 5 buys reportedGDYNGrid Dynamics Holdings, Inc. (GDYN) Geographic Expansion $65M total · $11M / active year 6 active years · 8 buys reportedPAYPaymentus Holdings, Inc. (PAY) Mixed strategy $65M total · $22M / active year 3 active years · 4 buys reportedCORZCore Scientific, Inc. (CORZ) Technology Acquisition $65M total · $65M / active year 1 active years · 1 buys reportedCDChaince Digital Holdings Inc. (CD) Platform $61M total · $61M / active year 1 active years · 2 buys reportedIMXIInternational Money Express, Inc. (IMXI) Geographic Expansion $58M total · $15M / active year 4 active years · 3 buys reportedFIGFigma, Inc. (FIG) Talent Acquisition $58M total · $58M / active year 1 active years · 3 buys reportedCNXCConcentrix Corporation (CNXC) Geographic Expansion $57M total · $11M / active year 5 active years · 6 buys reportedIDNIntellicheck, Inc. (IDN) Technology Acquisition $56M total · $11M / active year 5 active years · 5 buys reportedIEIvanhoe Electric Inc. (IE) Geographic Expansion $56M total · $19M / active year 3 active years · 2 buys reportedHCKTHackett Group, Inc. (HCKT) Technology Acquisition $55M total · $6M / active year 9 active years · 7 buys reportedOMQSOmniq Corp. (OMQS) Geographic Expansion $55M total · $9M / active year 6 active years · 6 buys reportedTGCBTego Cyber Inc. (TGCB) Mixed strategy $54M total · $54M / active year 1 active yearsCLRICleartronic, Inc. (CLRI) Technology Acquisition $51M total · $17M / active year 3 active years · 4 buys reportedCLOQCyberloq Technologies, Inc. (CLOQ) Mixed strategy $51M total · $25M / active year 2 active years · 1 buys reportedBVCSantech Holdings Limited (BVC) Mixed strategy $50M total · $25M / active year 2 active years · 4 buys reportedNTNXNutanix, Inc. (NTNX) Mixed strategy $50M total · $17M / active year 3 active years · 3 buys reportedNYAXNayax Ltd. (NYAX) Technology Acquisition $48M total · $12M / active year 4 active years · 2 buys reportedLSAKLesaka Technologies, Inc. (LSAK) Geographic Expansion $47M total · $12M / active year 4 active years · 11 buys reportedYMMFull Truck Alliance Co. Ltd. (YMM) Mixed strategy $47M total · $16M / active year 3 active yearsSSTISoundThinking, Inc. (SSTI) Technology Acquisition $47M total · $12M / active year 4 active years · 3 buys reportedQLYSQualys, Inc. (QLYS) Technology Acquisition $47M total · $7M / active year 7 active years · 7 buys reportedKDKyndryl Holdings, Inc. (KD) Mixed strategy $45M total · $45M / active year 1 active years · 1 buys reportedWYFIWhitefiber, Inc. (WYFI) Bolt On $44M total · $44M / active year 1 active years · 1 buys reportedDUOLDuolingo, Inc. (DUOL) Talent Acquisition $44M total · $15M / active year 3 active years · 4 buys reportedKCKingsoft Cloud Holdings Ltd (KC) Mixed strategy $42M total · $14M / active year 3 active yearsGTLBGitlab Inc. (GTLB) Technology Acquisition $42M total · $21M / active year 2 active years · 3 buys reportedFTFTFuture FinTech Group Inc. (FTFT) Mixed strategy $40M total · $13M / active year 3 active years · 5 buys reportedVIAVIA Transportation, Inc. (VIA) Platform $40M total · $40M / active year 1 active years · 1 buys reportedCETXCemtrex Inc. (CETX) Horizontal Consolidation $40M total · $6M / active year 7 active years · 9 buys reportedTAOPTaoping Inc. (TAOP) Bolt On $38M total · $38M / active year 1 active yearsEGANeGain Corporation (EGAN) Platform $37M total · $12M / active year 3 active years · 1 buys reportedAPPNAppian Corporation (APPN) Technology Acquisition $37M total · $18M / active year 2 active years · 2 buys reportedCREXCreative Realities, Inc. (CREX) Bolt On $35M total · $7M / active year 5 active years · 4 buys reportedDXCDXC Technology Co. (DXC) Bolt On $35M total · $12M / active year 3 active years · 9 buys reportedBCRDBlueOne Card, Inc. (BCRD) Platform $33M total · $33M / active year 1 active years · 1 buys reportedSVCOSilvaco Group, Inc. (SVCO) Bolt On $33M total · $33M / active year 1 active years · 3 buys reportedXBPXBP Global Holdings, Inc. (XBP) Technology Acquisition $32M total · $32M / active year 1 active yearsSAILSailpoint, Inc. (SAIL) Technology Acquisition $32M total · $16M / active year 2 active years · 2 buys reportedIMMRImmersion Corporation (IMMR) Mixed strategy $31M total · $31M / active year 1 active years · 1 buys reportedKVYOKlaviyo, Inc. (KVYO) Bolt On $31M total · $31M / active year 1 active years · 1 buys reportedCGNTCognyte Software Ltd. (CGNT) Mixed strategy $28M total · $14M / active year 2 active years · 1 buys reportedPUBMPubmatic, Inc. (PUBM) Platform $28M total · $28M / active year 1 active years · 1 buys reportedPGYPagaya Technologies Ltd. (PGY) Technology Acquisition $27M total · $9M / active year 3 active years · 3 buys reportedATCHAtlasClear Holdings, Inc. (ATCH) Mixed strategy $27M total · $27M / active year 1 active years · 2 buys reportedSRADSportradar Group AG (SRAD) Bolt On $27M total · $9M / active year 3 active years · 8 buys reportedPTRNPattern Group Inc. (PTRN) Mixed strategy $27M total · $27M / active year 1 active yearsNIQNIQ Global Intelligence plc (NIQ) Tuck In $27M total · $27M / active year 1 active years · 2 buys reportedHKDAMTD Digital Inc. (HKD) Platform $26M total · $7M / active year 4 active yearsOLBThe OLB Group, Inc. (OLB) Technology Acquisition $26M total · $7M / active year 4 active years · 9 buys reportedIPMIntelligent Protection Management Corp. (IPM) Horizontal Consolidation $25M total · $5M / active year 5 active years · 4 buys reportedATENA10 Networks, Inc. (ATEN) Technology Acquisition $25M total · $13M / active year 2 active years · 2 buys reportedINNIInnovaro, Inc. (INNI) Geographic Expansion $25M total · $8M / active year 3 active years · 5 buys reportedWEAVWeave Communications, Inc. (WEAV) Mixed strategy $24M total · $24M / active year 1 active yearsSSGCSafeSpace Global Corporation (SSGC) Mixed strategy $23M total · $23M / active year 1 active yearsINGMIngram Micro Holding Corp (INGM) Platform $23M total · $23M / active year 1 active years · 1 buys reportedPAGSPagseguro Digital Ltd. (PAGS) Technology Acquisition $22M total · $6M / active year 4 active years · 1 buys reportedTLSTelos Corporation (TLS) Tuck In $22M total · $7M / active year 3 active years · 2 buys reportedSEMRSemrush Holdings, Inc. (SEMR) Bolt On $22M total · $5M / active year 4 active years · 7 buys reportedSDCHSideChannel, Inc. (SDCH) Bolt On $21M total · $7M / active year 3 active years · 6 buys reportedALLTAllot Ltd. (ALLT) Technology Acquisition $21M total · $4M / active year 5 active yearsGGRPTHE Glimpse Group, Inc. (GGRP) Technology Acquisition $21M total · $5M / active year 4 active years · 6 buys reportedMKTWMarketWise, Inc. (MKTW) Platform $20M total · $5M / active year 4 active years · 2 buys reportedDSPViant Technology Inc. (DSP) Technology Acquisition $20M total · $10M / active year 2 active years · 1 buys reportedUPYYUPAY, Inc. (UPYY) Mixed strategy $20M total · $20M / active year 1 active years · 2 buys reportedAPYPAppyea, Inc. (APYP) Horizontal Consolidation $20M total · $20M / active year 1 active yearsTTANServicetitan, Inc. (TTAN) Bolt On $20M total · $20M / active year 1 active yearsTRAKRepositrak, Inc. (TRAK) Mixed strategy $20M total · $10M / active year 2 active years · 3 buys reportedIONII-on Digital Corp. (IONI) Horizontal Consolidation $18M total · $18M / active year 1 active years · 3 buys reportedNATLNCR Atleos Corporation (NATL) Mixed strategy $18M total · $9M / active year 2 active years · 1 buys reportedTTDTrade Desk, Inc. (TTD) Mixed strategy $18M total · $9M / active year 2 active yearsVTEXVTEX (VTEX) Bolt On $17M total · $6M / active year 3 active years · 3 buys reportedUSIOUsio, Inc. (USIO) Technology Acquisition $16M total · $4M / active year 4 active years · 4 buys reportedTROOTROOPS, Inc. (TROO) Platform $15M total · $5M / active year 3 active years · 5 buys reportedBLINBridgeline Digital, Inc. (BLIN) Geographic Expansion $14M total · $2M / active year 7 active years · 8 buys reportedMTLSMaterialise NV (MTLS) Horizontal Consolidation $13M total · $13M / active year 1 active years · 2 buys reportedAUUDAuddia Inc. (AUUD) Mixed strategy $13M total · $13M / active year 1 active years · 1 buys reportedCCSIConsensus Cloud Solutions, Inc. (CCSI) Platform $12M total · $12M / active year 1 active yearsAEYEAudioEye, Inc. (AEYE) Bolt On $12M total · $3M / active year 4 active years · 4 buys reportedDMRCDigimarc Corporation (DMRC) Technology Acquisition $12M total · $4M / active year 3 active years · 5 buys reportedALYAFAlithya Group Inc. (ALYAF) Horizontal Consolidation $12M total · $12M / active year 1 active years · 2 buys reportedSOPASociety Pass Incorporated (SOPA) Geographic Expansion $11M total · $5M / active year 2 active years · 7 buys reportedAPIAgora, Inc. (API) Technology Acquisition $11M total · $5M / active year 2 active years · 1 buys reportedPHUNPhunware, Inc. (PHUN) Geographic Expansion $11M total · $11M / active year 1 active years · 2 buys reportedALARAlarum Technologies Ltd. (ALAR) Mixed strategy $10M total · $3M / active year 3 active years · 1 buys reportedAGPUAxe Compute Inc. (AGPU) Mixed strategy $10M total · $10M / active year 1 active years · 1 buys reportedAUIDauthID Inc. (AUID) Technology Acquisition $9M total · $9M / active year 1 active years · 8 buys reportedMNDOMind CTI Ltd. (MNDO) Geographic Expansion $9M total · $3M / active year 3 active years · 4 buys reportedIFBDInfobird Co., Ltd (IFBD) Geographic Expansion $9M total · $4M / active year 2 active years · 2 buys reportedKAROKarooooo Ltd. (KARO) Geographic Expansion $8M total · $3M / active year 3 active years · 5 buys reportedAWREAware, Inc. (AWRE) Bolt On $8M total · $3M / active year 3 active years · 3 buys reportedDVLTDatavault AI Inc. (DVLT) Bolt On $8M total · $4M / active year 2 active years · 1 buys reportedKLTRKaltura, Inc. (KLTR) Platform $7M total · $7M / active year 1 active years · 1 buys reportedDUOTDuos Technologies Group, Inc. (DUOT) Bolt On $7M total · $7M / active year 1 active years · 1 buys reportedLAWCS Disco, Inc. (LAW) Mixed strategy $7M total · $3M / active year 2 active years · 2 buys reportedJGAurora Mobile Limited (JG) Mixed strategy $6M total · $3M / active year 2 active years · 2 buys reportedINVUInvestview, Inc. (INVU) Technology Acquisition $6M total · $2M / active year 3 active years · 8 buys reportedHUBCHUB Cyber Security Ltd. (HUBC) Platform $5M total · $5M / active year 1 active years · 1 buys reportedPSQHPSQ Holdings, Inc. (PSQH) Bolt On $5M total · $3M / active year 2 active years · 2 buys reportedNOTEFiscalNote Holdings, Inc. (NOTE) Geographic Expansion $5M total · $5M / active year 1 active years · 1 buys reportedLCHDLeader Capital Holdings Corp. (LCHD) Mixed strategy $4M total · $1M / active year 3 active years · 3 buys reportedCXMSprinklr, Inc. (CXM) Mixed strategy $4M total · $4M / active year 1 active yearsAMZEAmaze Holdings, Inc. (AMZE) Platform $4M total · $4M / active year 1 active yearsRMNIRimini Street, Inc. (RMNI) Mixed strategy $3M total · $2M / active year 2 active yearsCSPICSP Inc (CSPI) Technology Acquisition $3M total · $1M / active year 3 active years · 3 buys reportedFLYWFlywire Corporation (FLYW) Geographic Expansion $3M total · $660K / active year 5 active years · 5 buys reportedAPCXAppTech Payments Corp. (APCX) Technology Acquisition $3M total · $967K / active year 3 active years · 3 buys reportedBNZIBanzai International, Inc. (BNZI) Technology Acquisition $3M total · $3M / active year 1 active years · 6 buys reportedWALDWaldencast plc (WALD) Mixed strategy $3M total · $3M / active year 1 active years · 2 buys reportedAIFFFirefly Neuroscience, Inc. (AIFF) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedMYSEMyseum, Inc. (MYSE) Technology Acquisition $2M total · $1M / active year 2 active years · 2 buys reportedCNDTConduent Incorporated (CNDT) Technology Acquisition $2M total · $1M / active year 2 active years · 1 buys reportedPAYSPaysign, Inc. (PAYS) Technology Acquisition $2M total · $2M / active year 1 active years · 1 buys reportedCYCUCycurion, Inc. (CYCU) Horizontal Consolidation $2M total · $2M / active year 1 active yearsQHUODQUHUO Ltd (QHUOD) Mixed strategy $2M total · $533K / active year 3 active yearsMYSZMY Size, Inc. (MYSZ) Geographic Expansion $2M total · $800K / active year 2 active years · 1 buys reportedIPSIInnovative Payment Solutions, Inc. (IPSI) Technology Acquisition $2M total · $2M / active year 1 active yearsLTCHLatch, Inc. (LTCH) Platform $1M total · $1M / active year 1 active years · 3 buys reportedFCCNSpectral Capital Corporation (FCCN) Tuck In $1M total · $1M / active year 1 active years · 1 buys reportedSEAVSeatech Ventures Corp. (SEAV) Mixed strategy $1M total · $600K / active year 2 active years · 2 buys reportedEAXREalixir Inc. (EAXR) Bolt On $1M total · $1M / active year 1 active years · 6 buys reportedSKKYSkkynet Cloud Systems, Inc. (SKKY) Bolt On $1M total · $1M / active year 1 active years · 4 buys reportedBTDRBitdeer Technologies Group (BTDR) Mixed strategy $800K total · $800K / active year 1 active years · 2 buys reportedGLEGlobal Engine Group Holding Limited (GLE) Mixed strategy $800K total · $800K / active year 1 active years · 1 buys reportedCETICyber Enviro-Tech, Inc. (CETI) Mixed strategy $800K total · $800K / active year 1 active yearsDFDVDeFi Development Corp. (DFDV) Platform $700K total · $350K / active year 2 active years · 1 buys reportedCRNCCerence Inc. (CRNC) Geographic Expansion $700K total · $700K / active year 1 active years · 1 buys reportedVISMVisium Technologies, Inc. (VISM) Technology Acquisition $600K total · $600K / active year 1 active years · 1 buys reportedTASKTaskUs, Inc. (TASK) Geographic Expansion $400K total · $400K / active year 1 active years · 2 buys reportedARBBARB IOT Group Limited (ARBB) Mixed strategy $300K total · $300K / active year 1 active years · 2 buys reportedEHVVFEhave, Inc. (EHVVF) Mixed strategy $300K total · $300K / active year 1 active yearsDJCODaily Journal Corporation (DJCO) Mixed strategy $200K total · $100K / active year 2 active years · 1 buys reportedINODInnodata Inc. (INOD) Mixed strategy $200K total · $100K / active year 2 active years · 1 buys reportedSUPXSuperx AI Technology Limited (SUPX) Platform $200K total · $200K / active year 1 active years · 4 buys reportedKCRDKindcard, Inc. (KCRD) Mixed strategy $200K total · $200K / active year 1 active years · 1 buys reportedSBIGSpringbig Holdings, Inc. (SBIG) Geographic Expansion $200K total · $200K / active year 1 active yearsRZLVRezolve AI plc (RZLV) Bolt On $100K total · $100K / active year 1 active years · 1 buys reportedNTCLNetClass Technology Inc (NTCL) Mixed strategy $100K total · $100K / active year 1 active years · 1 buys reportedASFTAppsoft Technologies, Inc. (ASFT) Technology Acquisition $100K total · $100K / active year 1 active yearsMANHManhattan Associates, Inc. (MANH) Technology Acquisition $100K total · $100K / active year 1 active years · 2 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%

SAP SESAPGeographic Expansion
$25B
$5B11

Cooling

-40% (count)

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%

Workday, Inc.WDAYTechnology Acquisition
$7.3B
$667M21

Cooling

-30%

Castellum, Inc.CTMBolt On
$7.2B
$1.8B4

New cycle

$7.2B recent

Clarivate PLCCLVTBolt On
$7B
$1.2B9

Winding down

$6.9B → $37M

Veritone, Inc.VERIBolt On
$6.8B
$1.4B8

Steady

-12%

Data Storage CorporationDTSTGeographic Expansion
$6.7B
$1.1B7

Paused

$6.1B prior

CACI International IncCACIGeographic Expansion
$6.7B
$335M56

Accelerating

+67%

Leidos Holdings, Inc.LDOSPlatform
$6.6B
$821M22

Cooling

-89%

Intellinetics, Inc.INLXBolt On
$6.4B
$3.2B1

Paused

$6.4B prior

Bumble Inc.BMBLBolt On
$5.8B
$1.4B3

Winding down

$5.8B → $10M

Strategy Inc.MSTRPlatform
$5.7B
$1.9BN/A

Cooling

-49%

Science Applications International CorporationSAICPlatform
$5.6B
$931M7

Cooling

-86%

Nvni Group LimitedNVNIN/A
$5B
$5B1

New cycle

$5B recent

Broadridge Financial Solutions, Inc.BRBolt On
$4.9B
$307M33

Winding down

$3B → $228M

Palo Alto Networks IncPANWTechnology Acquisition
$4.7B
$431M21

Accelerating

+43%

Uber Technologies, Inc.UBERGeographic Expansion
$4.6B
$768M4

Accelerating

+99%

Genpact LimitedGGeographic Expansion
$4.6B
$383M32

Cooling

-79%

Swvl Holdings CorpSWVLHorizontal Consolidation
$4.6B
$4.6B1

Paused

$4.6B prior

Mawson Infrastructure Group Inc.MIGIN/A
$4.2B
$2.1B3

Paused

$4.2B prior

Ciso Global, Inc.CISOGeographic Expansion
$4.1B
$1.4B7

Paused

$4.1B prior

WEX Inc.WEXGeographic Expansion
$4.1B
$239M23

Cooling

-60%

Akamai Technologies, IncAKAMBolt On
$3.9B
$194M31

Cooling

-64%

CDW Corp.CDWGeographic Expansion
$3.8B
$480M7

Cooling

-85%

Servicenow, Inc.NOWTechnology Acquisition
$3.8B
$293M3

Accelerating

+50%

Everforth, Inc.ASGNGeographic Expansion
$3.8B
$237M25

Cooling

-66%

Shift4 Payments, Inc.FOURGeographic Expansion
$3.7B
$618M6

New cycle

$3.5B recent

Wipro LimitedWITHorizontal Consolidation
$3.3B
$207M44

Cooling

-65%

Jack Henry & Associates, Inc.JKHYBolt On
$3.3B
$233M12

Winding down

$2.3B → $230M

Tyler Technologies, Inc.TYLBolt On
$3.2B
$188M20

Winding down

$2.3B → $85M

GoDaddy Inc.GDDYGeographic Expansion
$3.1B
$389M21

Paused

$865M prior

NCR Voyix CorporationVYXGeographic Expansion
$3.1B
$236M37

Cooling

-46%

CGI Inc.GIBBolt On
$3B
$435MN/A

Steady

no signal

Amdocs LimitedDOXBolt On
$3B
$176M26

Steady

+0%

F5, Inc.FFIVTechnology Acquisition
$2.9B
$240M16

Cooling

-83%

Box, Inc.BOXTechnology Acquisition
$2.8B
$468M9

New cycle

$2.7B recent

Cognizant Technology Solutions CorporationCTSHBolt On
$2.8B
$164M65

Cooling

-26%

MicroAlgo Inc.MLGOBolt On
$2.8B
$1.4B1

New cycle

$2.8B recent

SurgePays, Inc.SURGN/A
$2.8B
$552MN/A

New cycle

$2.5B recent

Progress Software Corp.PRGSBolt On
$2.6B
$165M23

Accelerating

+163%

Check Point Software Technologies Ltd.CHKPBolt On
$2.6B
$201M5

Accelerating

+178%

Asure Software, Inc.ASURGeographic Expansion
$2.6B
$172M41

Accelerating

+145%

Upbound Group, Inc.UPBDGeographic Expansion
$2.5B
$127M138

Cooling

-75%

Euronet Worldwide, Inc.EEFTGeographic Expansion
$2.5B
$141M12

Winding down

$1.4B → $116M

Ryvyl Inc.RVYLPlatform
$2.5B
$843M1

Winding down

$2.5B → $700K

High Wire Networks, Inc.HWNIHorizontal Consolidation
$2.5B
$501M3

New cycle

$2.5B recent

Autodesk, Inc.ADSKTechnology Acquisition
$2.2B
$166M96

Accelerating

+805%

Corpay, IncCPAYGeographic Expansion
$2.1B
$143M36

Accelerating

+194%

Bentley Systems, IncorporatedBSYPlatform
$2.1B
$353M27

Cooling

-87%

Tss, Inc.TSSITuck In
$2.1B
$702M2

Steady

+0% (count)

Bakkt Inc.BKKTPlatform
$2B
$512M4

Winding down

$1.9B → $128M

ACI Worldwide, Inc.ACIWGeographic Expansion
$2B
$201M14

Steady

+0% (count)

CSG Systems International, Inc.CSGSGeographic Expansion
$2B
$143M12

Cooling

-54%

Alight, Inc. / DelawareALITN/A
$1.9B
$627M4

Winding down

$1.9B → $1M

Oculus Inc.OVTZHorizontal Consolidation
$1.8B
$925M2

Paused

$1.8B prior

Cadence Design Systems, Inc.CDNSTechnology Acquisition
$1.8B
$115M34

Accelerating

+222%

Atlassian CorporationTEAMBolt On
$1.8B
$226M13

Accelerating

+452%

Unity Software Inc.UBolt On
$1.8B
$585M10

Paused

$1.8B prior

Epam Systems, Inc.EPAMGeographic Expansion
$1.7B
$217M27

Accelerating

+2700%

OppFi Inc.OPFIBolt On
$1.7B
$568M1

Steady

-10%

Mobivity Holdings Corp.MFONTuck In
$1.6B
$205M11

Steady

+0% (count)

Research Solutions, Inc.RSSSTechnology Acquisition
$1.6B
$322M3

New cycle

$36M recent

Blackbaud, Inc.BLKBGeographic Expansion
$1.6B
$93M20

Winding down

$440M → $700K

Paid Inc.PAYDTechnology Acquisition
$1.5B
$382M2

Paused

$1.5B prior

9F Inc.JFUN/A
$1.5B
$379MN/A

New cycle

$1.5B recent

Dolby Laboratories, Inc.DLBGeographic Expansion
$1.5B
$94M10

New cycle

$514M recent

EVA Live Inc.GOAIN/A
$1.5B
$1.5BN/A

New cycle

$1.5B recent

DT Cloud Star Acquisition CorporationDTSQN/A
$1.5B
$1.5BN/A

New cycle

$1.5B recent

Nice Ltd.NICEHorizontal Consolidation
$1.5B
$114M7

Accelerating

+4450%

CrowdStrike Holdings, Inc.CRWDBolt On
$1.5B
$242M11

Accelerating

+79%

Repay Holdings CorporationRPAYGeographic Expansion
$1.4B
$356M42

Paused

$493M prior

AppLovin CorpAPPBolt On
$1.4B
$699M2

Winding down

$1.4B → $26M

WM Technology, Inc.MAPSBolt On
$1.3B
$442M2

Paused

$1.3B prior

Clearwater Analytics Holdings, Inc.CWANGeographic Expansion
$1.3B
$315M3

New cycle

$1.2B recent

Xerox Holdings CorporationXRXGeographic Expansion
$1.2B
$204M15

Accelerating

+139%

Liveramp Holdings, Inc.RAMPTechnology Acquisition
$1.2B
$69M14

Accelerating

+76%

Teradata CorporationTDCTuck In
$1.2B
$128M13

Steady

+0% (count)

Rapid7, Inc.RPDBolt On
$1.1B
$98M4

Cooling

-87%

Verra Mobility CorporationVRRMBolt On
$1B
$347M5

Paused

$478M prior

GDS Holdings LimitedGDHLFN/A
$950M
$119M2

Accelerating

+574%

Priority Technology Holdings, Inc.PRTHBolt On
$943M
$157M16

Steady

+9%

StoneCo Ltd.STNEBolt On
$937M
$187M1

Winding down

$918M → $18M

Block, Inc.XYZBolt On
$928M
$103M8

Winding down

$783M → $5M

ZoomInfo Technologies Inc.GTMN/A
$894M
$224M4

Winding down

$894M → $500K

Blend Labs, Inc.BLNDPlatform
$835M
$417M2

Paused

$835M prior

Katapult Holdings, Inc.KPLTHorizontal Consolidation
$833M
$833MN/A

Paused

$833M prior

nCino, Inc.NCNOTalent Acquisition
$824M
$206M2

Accelerating

+44%

Information Services Group Inc.IIIHorizontal Consolidation
$811M
$58M12

Cooling

-59%

TTEC Holdings, Inc.TTECGeographic Expansion
$777M
$78M22

Paused

$624M prior

PAR Technology CorporationPARPlatform
$762M
$76M16

Steady

-20%

Q2 Holdings, Inc.QTWOBolt On
$737M
$105M6

Paused

$70M prior

Bill Holdings, Inc.BILLPlatform
$729M
$243M2

Winding down

$700M → $29M

EVERTEC, Inc.EVTCGeographic Expansion
$722M
$80M11

Accelerating

+799%

Docusign, Inc.DOCUTechnology Acquisition
$699M
$117M5

Accelerating

+49%

Zoom Communications, Inc.ZMN/A
$697M
$116M4

Accelerating

+263%

Snowflake Inc.SNOWTalent Acquisition
$682M
$136M11

Steady

-19%

Waystar Holding Corp.WAYBolt On
$671M
$335M3

New cycle

$671M recent

Teads Holding Co.TEADPlatform
$668M
$167M4

New cycle

$623M recent

Verisign Inc.VRSNN/A
$617M
$308M1

Steady

+0% (count)

Alarm.com Holdings, Inc.ALRMTechnology Acquisition
$601M
$60M13

Accelerating

+140%

Fortinet, Inc.FTNTBolt On
$591M
$45M13

Accelerating

+117%

Dropbox, Inc.DBXTechnology Acquisition
$580M
$116M5

Winding down

$393M → $13M

i3 Verticals, Inc.IIIVPlatform
$579M
$72M27

Cooling

-52%

Procore Technologies, Inc.PCORBolt On
$577M
$192M2

Cooling

-87%

JFrog Ltd.FROGGeographic Expansion
$551M
$110M3

Accelerating

+54%

Infosys LimitedINFYPlatform
$550M
$69M20

Accelerating

+794%

Alkami Technology, Inc.ALKTBolt On
$526M
$175M2

Accelerating

+150%

Vertex, Inc.VERXTechnology Acquisition
$511M
$102M8

Steady

-6%

Horizon Quantum Holdings Ltd.HQPlatform
$508M
$508M1

New cycle

$508M recent

Zscaler, Inc.ZSBolt On
$508M
$73M14

Accelerating

+271%

Digital Turbine, Inc.APPSGeographic Expansion
$505M
$46M13

Winding down

$474M → $7M

Synopsys Inc.SNPSTechnology Acquisition
$503M
$26M26

Cooling

-78%

SPS Commerce, Inc.SPSCBolt On
$501M
$36M16

Cooling

-29%

AvePoint, Inc.AVPTBolt On
$500M
$125M7

Winding down

$485M → $15M

Exlservice Holdings, Inc.EXLSGeographic Expansion
$497M
$33M15

Cooling

-70%

HubSpot, Inc.HUBSTechnology Acquisition
$493M
$55M8

New cycle

$411M recent

Lyft, Inc.LYFTGeographic Expansion
$480M
$96M4

Accelerating

+95%

Agilysys, Inc.AGYSBolt On
$477M
$53M12

Accelerating

+593%

Okta, Inc.OKTABolt On
$461M
$51M6

Cooling

-49%

Freshworks Inc.FRSHBolt On
$452M
$226M2

New cycle

$452M recent

Guidewire Software, Inc.GWREHorizontal Consolidation
$443M
$63M5

Cooling

-39%

CCC Intelligent Solutions Holdings Inc.CCCBolt On
$443M
$221M1

New cycle

$410M recent

Paysafe LimitedPSFEGeographic Expansion
$434M
$217MN/A

Paused

$434M prior

Five9, Inc.FIVNN/A
$427M
$107M4

Accelerating

+50%

DoubleVerify Holdings, Inc.DVTechnology Acquisition
$420M
$105M5

Accelerating

+82%

EverCommerce Inc.EVCMBolt On
$416M
$139M5

Cooling

-86%

Datadog, Inc.DDOGN/A
$415M
$59M16

Cooling

-50%

Bandwidth Inc.BANDPlatform
$413M
$413M1

Paused

$413M prior

Netsol Technologies, Inc.NTWKGeographic Expansion
$412M
$103M12

Cooling

-100%

Global Business Travel Group, Inc.GBTGGeographic Expansion
$408M
$408M2

New cycle

$408M recent

Rackspace Technology, Inc.RXTBolt On
$399M
$100M1

Winding down

$391M → $8M

Amplitude, Inc.AMPLBolt On
$394M
$394M1

Paused

$394M prior

Pegasystems Inc.PEGATechnology Acquisition
$386M
$35M9

Paused

$6M prior

NextPlat CorpNXPLGeographic Expansion
$376M
$188M2

New cycle

$1M recent

Cleanspark, Inc.CLSKBolt On
$370M
$53M10

Winding down

$304M → $7M

Liveperson, Inc.LPSNTechnology Acquisition
$360M
$33M13

Cooling

-78%

Where Food Comes From, Inc.WFCFGeographic Expansion
$354M
$44M5

Accelerating

+67%

Compass, Inc.COMPBolt On
$346M
$69M28

Accelerating

+27%

BlackLine, Inc.BLGeographic Expansion
$339M
$68M5

Winding down

$277M → $28M

VNET Group, Inc.VNETGeographic Expansion
$336M
$37MN/A

Accelerating

+178%

Workiva Inc.WKTuck In
$333M
$83M6

Accelerating

+44%

DigitalOcean Holdings, Inc.DOCNBolt On
$310M
$155M1

Paused

$310M prior

VIQ Solutions Inc.VQSSFBolt On
$308M
$154MN/A

New cycle

$299M recent

Porch Group, Inc.PRCHBolt On
$305M
$76M11

Winding down

$303M → $2M

OneSpan Inc.OSPNTechnology Acquisition
$301M
$33M12

New cycle

$17M recent

Sentinelone, Inc.SPlatform
$295M
$147M2

Winding down

$281M → $14M

Aurora Innovation, Inc.AURTalent Acquisition
$294M
$294M1

Paused

$294M prior

Diebold Nixdorf, IncorporatedDBDHorizontal Consolidation
$290M
$36M8

Steady

+0% (count)

Gartner, Inc.ITGeographic Expansion
$287M
$41M11

Cooling

-73%

8x8 Inc.EGHTTechnology Acquisition
$285M
$24M10

Winding down

$195M → $4M

Fair Isaac CorpFICOTechnology Acquisition
$276M
$39M10

Steady

+0% (count)

Netscout Systems, Inc.NTCTTechnology Acquisition
$255M
$28M13

Paused

$200K prior

Formula Systems (1985) Ltd.FORTYGeographic Expansion
$250M
$13M6

Accelerating

+3550%

Globant S.A.GLOBGeographic Expansion
$249M
$28M9

Winding down

$242M → $7M

Interdigital, Inc.IDCCTechnology Acquisition
$248M
$62M5

New cycle

$9M recent

BigBear.ai Holdings, Inc.BBAIPlatform
$248M
$62M2

New cycle

$243M recent

Upland Software, Inc.UPLDBolt On
$242M
$48M25

Cooling

-100% (count)

Unisys Corp.UISN/A
$241M
$80M3

Winding down

$240M → $1M

Affirm Holdings, Inc.AFRMBolt On
$239M
$119M4

Winding down

$222M → $16M

Destiny Media Technologies Inc.DSNYGeographic Expansion
$237M
$237MN/A

Steady

no signal

Avai Bio, Inc.AVAITechnology Acquisition
$233M
$58M5

Accelerating

+264%

Fastly, Inc.FSLYBolt On
$228M
$76M2

Paused

$228M prior

Commvault Systems, IncCVLTTechnology Acquisition
$223M
$74M4

Cooling

-59%

Freight Technologies, Inc.FRGTN/A
$223M
$223M1

Steady

+0% (count)

PDF Solutions Inc.PDFSBolt On
$216M
$22M14

Accelerating

+89%

Palantir Technologies Inc.PLTRTechnology Acquisition
$216M
$108M1

Accelerating

+123%

Endava PLCDAVAGeographic Expansion
$207M
$41M7

Winding down

$164M → $100K

Cloudflare, Inc.NETTechnology Acquisition
$203M
$34M6

Steady

-12%

Sprout Social, Inc.SPTN/A
$199M
$66M5

New cycle

$199M recent

WidePoint CorporationWYYGeographic Expansion
$198M
$33M4

Paused

$5M prior

Braze, Inc.BRZETechnology Acquisition
$198M
$99M2

New cycle

$198M recent

Elastic N.V.ESTCN/A
$188M
$38M3

Cooling

-71%

Magic Software Enterprises Ltd.RMTHFGeographic Expansion
$188M
$16M4

Cooling

-85%

Adeia Inc.ADEATechnology Acquisition
$185M
$62MN/A

Paused

$185M prior

Applife Digital Solutions, Inc.ALDSN/A
$185M
$93M3

New cycle

$185M recent

Marqeta, Inc.MQTechnology Acquisition
$182M
$91M2

New cycle

$182M recent

ePlus inc.PLUSTuck In
$180M
$16M8

Paused

$42M prior

Rekor Systems, Inc.REKRHorizontal Consolidation
$175M
$44M4

Cooling

-80%

Zeta Global Holdings Corp.ZETAHorizontal Consolidation
$174M
$43M6

New cycle

$164M recent

Cellebrite DI Ltd.CLBTPlatform
$170M
$57M3

Accelerating

+651%

PagerDuty, Inc.PDHorizontal Consolidation
$170M
$34M4

Cooling

-54%

RingCentral, Inc.RNGTechnology Acquisition
$169M
$21M7

Accelerating

+70%

Smith Micro Software, Inc.SMSITechnology Acquisition
$168M
$17M11

Paused

$77M prior

Paylocity Holding CorporationPCTYN/A
$165M
$24MN/A

Accelerating

+424%

Cantaloupe, Inc.CTLPPlatform
$163M
$20M7

Accelerating

+1583%

Next Technology Holding Inc.NXTTPlatform
$158M
$158M1

New cycle

$158M recent

AppFolio, Inc.APPFBolt On
$157M
$31M5

New cycle

$78M recent

Clear Secure, Inc.YOUBolt On
$157M
$39M4

Winding down

$152M → $5M

Remitly Global, Inc.RELYBolt On
$155M
$77M2

Steady

+1%

Varonis Systems, Inc.VRNSTechnology Acquisition
$153M
$76M3

Accelerating

+320%

Tucows Inc.TCXBolt On
$150M
$15M12

Paused

$9M prior

CI&T IncCINTGeographic Expansion
$145M
$145M4

Paused

$145M prior

CXApp Inc.CXAIN/A
$140M
$70M2

New cycle

$140M recent

Smartrent, Inc.SMRTTechnology Acquisition
$136M
$68M1

Paused

$136M prior

CLPS IncorporationCLPSHorizontal Consolidation
$130M
$32MN/A

Cooling

-43%

Rubrik, Inc.RBRKTechnology Acquisition
$126M
$63MN/A

New cycle

$126M recent

Palladyne AI Corp.PDYNTechnology Acquisition
$125M
$42M3

Accelerating

+221%

BlackBerry LimitedBBTechnology Acquisition
$124M
$62M4

Steady

+0% (count)

Everything Blockchain, Inc.EBZTHorizontal Consolidation
$121M
$60M1

Paused

$121M prior

N-able, Inc.NABLPlatform
$117M
$39M3

New cycle

$108M recent

Data443 Risk Mitigation, Inc.ATDSN/A
$117M
$39M2

New cycle

$115M recent

Life360, Inc.LIFGeographic Expansion
$114M
$57M3

Winding down

$111M → $3M

China Bilingual Technology & Education Group Inc.VIIQPlatform
$112M
$56M3

Steady

+0% (count)

SOLAI LimitedSLAIN/A
$109M
$22M1

Cooling

-95%

Yext, Inc.YEXTBolt On
$108M
$54M1

New cycle

$108M recent

CoreWeave, Inc.CRWVN/A
$108M
$108MN/A

New cycle

$108M recent

Radware Ltd.RDWRTechnology Acquisition
$106M
$12M3

Accelerating

+14900%

Grab Holdings LimitedGRABGeographic Expansion
$102M
$102M4

New cycle

$102M recent

Gigacloud Technology Inc.GCTBolt On
$100M
$50MN/A

New cycle

$100M recent

Wix.com Ltd.WIXTechnology Acquisition
$100M
$33M3

Cooling

-68%

Mmtec, Inc.MTCN/A
$97M
$97M1

New cycle

$97M recent

Intapp, Inc.INTABolt On
$93M
$19M6

Accelerating

+200%

Mongodb, Inc.MDBTechnology Acquisition
$92M
$18M4

Accelerating

+611%

Toast, Inc.TOSTBolt On
$91M
$23M4

Cooling

-74%

Oddity Tech LtdODDTechnology Acquisition
$91M
$45M1

New cycle

$91M recent

Commerce.com, Inc.CMRCN/A
$90M
$22M4

Cooling

-90%

Baijiayun Group LtdRTCJFN/A
$86M
$29MN/A

Accelerating

+2127%

Shopify Inc.SHOPTechnology Acquisition
$86M
$43M1

New cycle

$86M recent

Tenable Holdings, Inc.TENBTechnology Acquisition
$85M
$12M4

Steady

+20%

Sphere 3d Corp.ANYTechnology Acquisition
$85M
$17M3

Steady

+0% (count)

UiPath, Inc.PATHN/A
$84M
$28M1

Accelerating

+84%

Payoneer Global Inc.PAYOGeographic Expansion
$81M
$41M2

New cycle

$81M recent

Calix, IncCALXBolt On
$73M
$36M2

Steady

+0% (count)

Groovy Company, Inc.GROOGeographic Expansion
$72M
$36M9

Steady

+0% (count)

Dynatrace, Inc.DTTalent Acquisition
$70M
$23M2

Accelerating

+333%

Urgent.ly Inc.ULYN/A
$70M
$35M2

New cycle

$70M recent

The Crypto CompanyCRCWHorizontal Consolidation
$67M
$17M2

Accelerating

+426%

Soundhound Ai, Inc.SOUNGeographic Expansion
$66M
$33M5

New cycle

$66M recent

Mitek Systems, Inc.MITKGeographic Expansion
$66M
$11M3

Cooling

-98%

Grid Dynamics Holdings, Inc.GDYNGeographic Expansion
$65M
$11M8

Cooling

-60%

Paymentus Holdings, Inc.PAYN/A
$65M
$22M4

Cooling

-93%

Core Scientific, Inc.CORZTechnology Acquisition
$65M
$65M1

Paused

$65M prior

Chaince Digital Holdings Inc.CDPlatform
$61M
$61M2

Steady

-100% (count)

International Money Express, Inc.IMXIGeographic Expansion
$58M
$15M3

Cooling

-53%

Figma, Inc.FIGTalent Acquisition
$58M
$58M3

New cycle

$58M recent

Concentrix CorporationCNXCGeographic Expansion
$57M
$11M6

Cooling

-68%

Intellicheck, Inc.IDNTechnology Acquisition
$56M
$11M5

Steady

+0% (count)

Ivanhoe Electric Inc.IEGeographic Expansion
$56M
$19M2

Accelerating

+282%

Hackett Group, Inc.HCKTTechnology Acquisition
$55M
$6M7

New cycle

$7M recent

Omniq Corp.OMQSGeographic Expansion
$55M
$9M6

Paused

$9M prior

Tego Cyber Inc.TGCBN/A
$54M
$54MN/A

Paused

$54M prior

Cleartronic, Inc.CLRITechnology Acquisition
$51M
$17M4

Accelerating

+8233%

Cyberloq Technologies, Inc.CLOQN/A
$51M
$25M1

Steady

+0% (count)

Santech Holdings LimitedBVCN/A
$50M
$25M4

Accelerating

+222%

Nutanix, Inc.NTNXN/A
$50M
$17M3

Paused

$19M prior

Nayax Ltd.NYAXTechnology Acquisition
$48M
$12M2

Accelerating

+11825%

Lesaka Technologies, Inc.LSAKGeographic Expansion
$47M
$12M11

Cooling

-58%

Full Truck Alliance Co. Ltd.YMMN/A
$47M
$16MN/A

New cycle

$47M recent

Qualys, Inc.QLYSTechnology Acquisition
$47M
$7M7

Paused

$13M prior

SoundThinking, Inc.SSTITechnology Acquisition
$47M
$12M3

Accelerating

+33%

Kyndryl Holdings, Inc.KDN/A
$45M
$45M1

New cycle

$45M recent

Whitefiber, Inc.WYFIBolt On
$44M
$44M1

New cycle

$44M recent

Duolingo, Inc.DUOLTalent Acquisition
$44M
$15M4

Accelerating

+893%

Kingsoft Cloud Holdings LtdKCN/A
$42M
$14MN/A

Accelerating

+5063%

Gitlab Inc.GTLBTechnology Acquisition
$42M
$21M3

Accelerating

+105%

Future FinTech Group Inc.FTFTN/A
$40M
$13M5

Accelerating

+1371%

VIA Transportation, Inc.VIAPlatform
$40M
$40M1

New cycle

$40M recent

Cemtrex Inc.CETXHorizontal Consolidation
$40M
$6M9

Accelerating

+522%

Taoping Inc.TAOPBolt On
$38M
$38MN/A

New cycle

$38M recent

eGain CorporationEGANPlatform
$37M
$12M1

Steady

+0% (count)

Appian CorporationAPPNTechnology Acquisition
$37M
$18M2

Paused

$37M prior

DXC Technology Co.DXCBolt On
$35M
$12M9

Paused

$27M prior

Creative Realities, Inc.CREXBolt On
$35M
$7M4

Paused

$17M prior

BlueOne Card, Inc.BCRDPlatform
$33M
$33M1

Steady

+100% (count)

Silvaco Group, Inc.SVCOBolt On
$33M
$33M3

New cycle

$33M recent

XBP Global Holdings, Inc.XBPTechnology Acquisition
$32M
$32MN/A

New cycle

$32M recent

Sailpoint, Inc.SAILTechnology Acquisition
$32M
$16M2

New cycle

$32M recent

Immersion CorporationIMMRN/A
$31M
$31M1

New cycle

$31M recent

Klaviyo, Inc.KVYOBolt On
$31M
$31M1

New cycle

$31M recent

Cognyte Software Ltd.CGNTN/A
$28M
$14M1

Cooling

-82%

Pubmatic, Inc.PUBMPlatform
$28M
$28M1

Paused

$28M prior

Pagaya Technologies Ltd.PGYTechnology Acquisition
$27M
$9M3

New cycle

$27M recent

AtlasClear Holdings, Inc.ATCHN/A
$27M
$27M2

New cycle

$27M recent

Sportradar Group AGSRADBolt On
$27M
$9M8

New cycle

$27M recent

NIQ Global Intelligence plcNIQTuck In
$27M
$27M2

New cycle

$27M recent

Pattern Group Inc.PTRNN/A
$27M
$27MN/A

New cycle

$27M recent

AMTD Digital Inc.HKDPlatform
$26M
$7MN/A

Accelerating

+25%

The OLB Group, Inc.OLBTechnology Acquisition
$26M
$7M9

New cycle

$1M recent

Intelligent Protection Management Corp.IPMHorizontal Consolidation
$25M
$5M4

New cycle

$8M recent

A10 Networks, Inc.ATENTechnology Acquisition
$25M
$13M2

New cycle

$19M recent

Innovaro, Inc.INNIGeographic Expansion
$25M
$8M5

Steady

+0% (count)

Weave Communications, Inc.WEAVN/A
$24M
$24MN/A

New cycle

$24M recent

SafeSpace Global CorporationSSGCN/A
$23M
$23MN/A

Steady

no signal

Ingram Micro Holding CorpINGMPlatform
$23M
$23M1

New cycle

$23M recent

Pagseguro Digital Ltd.PAGSTechnology Acquisition
$22M
$6M1

Accelerating

+35%

Telos CorporationTLSTuck In
$22M
$7M2

Paused

$6M prior

Semrush Holdings, Inc.SEMRBolt On
$22M
$5M7

Cooling

-49%

SideChannel, Inc.SDCHBolt On
$21M
$7M6

Steady

+0%

Allot Ltd.ALLTTechnology Acquisition
$21M
$4MN/A

Paused

$500K prior

THE Glimpse Group, Inc.GGRPTechnology Acquisition
$21M
$5M6

Accelerating

+183%

MarketWise, Inc.MKTWPlatform
$20M
$5M2

Cooling

-98%

UPAY, Inc.UPYYN/A
$20M
$20M2

Paused

$20M prior

Viant Technology Inc.DSPTechnology Acquisition
$20M
$10M1

New cycle

$20M recent

Appyea, Inc.APYPHorizontal Consolidation
$20M
$20MN/A

Steady

no signal

Servicetitan, Inc.TTANBolt On
$20M
$20MN/A

New cycle

$20M recent

Repositrak, Inc.TRAKN/A
$20M
$10M3

Steady

+0% (count)

I-on Digital Corp.IONIHorizontal Consolidation
$18M
$18M3

New cycle

$18M recent

NCR Atleos CorporationNATLN/A
$18M
$9M1

New cycle

$18M recent

Trade Desk, Inc.TTDN/A
$18M
$9MN/A

Cooling

-68%

VTEXVTEXBolt On
$17M
$6M3

Accelerating

+93%

Usio, Inc.USIOTechnology Acquisition
$16M
$4M4

Paused

$7M prior

TROOPS, Inc.TROOPlatform
$15M
$5M5

Paused

$9M prior

Bridgeline Digital, Inc.BLINGeographic Expansion
$14M
$2M8

Paused

$4M prior

Materialise NVMTLSHorizontal Consolidation
$13M
$13M2

Steady

+0% (count)

Auddia Inc.AUUDN/A
$13M
$13M1

New cycle

$13M recent

Consensus Cloud Solutions, Inc.CCSIPlatform
$12M
$12MN/A

Paused

$12M prior

Digimarc CorporationDMRCTechnology Acquisition
$12M
$4M5

Steady

+0%

AudioEye, Inc.AEYEBolt On
$12M
$3M4

Accelerating

+63%

Alithya Group Inc.ALYAFHorizontal Consolidation
$12M
$12M2

Paused

$12M prior

Society Pass IncorporatedSOPAGeographic Expansion
$11M
$5M7

Accelerating

+1150%

Agora, Inc.APITechnology Acquisition
$11M
$5M1

Accelerating

+84%

Phunware, Inc.PHUNGeographic Expansion
$11M
$11M2

Paused

$11M prior

Alarum Technologies Ltd.ALARN/A
$10M
$3M1

Paused

$5M prior

Axe Compute Inc.AGPUN/A
$10M
$10M1

Paused

$10M prior

authID Inc.AUIDTechnology Acquisition
$9M
$9M8

Steady

+0% (count)

Mind CTI Ltd.MNDOGeographic Expansion
$9M
$3M4

New cycle

$2M recent

Infobird Co., LtdIFBDGeographic Expansion
$9M
$4M2

Accelerating

+4050%

Karooooo Ltd.KAROGeographic Expansion
$8M
$3M5

Steady

-5%

Aware, Inc.AWREBolt On
$8M
$3M3

Cooling

-31%

Datavault AI Inc.DVLTBolt On
$8M
$4M1

New cycle

$8M recent

Kaltura, Inc.KLTRPlatform
$7M
$7M1

New cycle

$7M recent

Duos Technologies Group, Inc.DUOTBolt On
$7M
$7M1

Steady

+0% (count)

CS Disco, Inc.LAWN/A
$7M
$3M2

Cooling

-77%

Aurora Mobile LimitedJGN/A
$6M
$3M2

Paused

$5M prior

Investview, Inc.INVUTechnology Acquisition
$6M
$2M8

New cycle

$2M recent

HUB Cyber Security Ltd.HUBCPlatform
$5M
$5M1

New cycle

$5M recent

PSQ Holdings, Inc.PSQHBolt On
$5M
$3M2

New cycle

$5M recent

FiscalNote Holdings, Inc.NOTEGeographic Expansion
$5M
$5M1

New cycle

$5M recent

Leader Capital Holdings Corp.LCHDN/A
$4M
$1M3

Paused

$4M prior

Sprinklr, Inc.CXMN/A
$4M
$4MN/A

Paused

$4M prior

Amaze Holdings, Inc.AMZEPlatform
$4M
$4MN/A

New cycle

$4M recent

CSP IncCSPITechnology Acquisition
$3M
$1M3

Steady

+0% (count)

Rimini Street, Inc.RMNIN/A
$3M
$2MN/A

Paused

$2M prior

Flywire CorporationFLYWGeographic Expansion
$3M
$660K5

Accelerating

+350%

AppTech Payments Corp.APCXTechnology Acquisition
$3M
$967K3

Accelerating

+525%

Banzai International, Inc.BNZITechnology Acquisition
$3M
$3M6

New cycle

$3M recent

Waldencast plcWALDN/A
$3M
$3M2

New cycle

$3M recent

Firefly Neuroscience, Inc.AIFFN/A
$2M
$2M1

New cycle

$2M recent

Myseum, Inc.MYSETechnology Acquisition
$2M
$1M2

Steady

+0%

Conduent IncorporatedCNDTTechnology Acquisition
$2M
$1M1

Steady

+0% (count)

Paysign, Inc.PAYSTechnology Acquisition
$2M
$2M1

New cycle

$2M recent

Cycurion, Inc.CYCUHorizontal Consolidation
$2M
$2MN/A

New cycle

$2M recent

MY Size, Inc.MYSZGeographic Expansion
$2M
$800K1

New cycle

$2M recent

QUHUO LtdQHUODN/A
$2M
$533KN/A

Accelerating

+200%

Innovative Payment Solutions, Inc.IPSITechnology Acquisition
$2M
$2MN/A

Steady

no signal

Latch, Inc.LTCHPlatform
$1M
$1M3

New cycle

$1M recent

Spectral Capital CorporationFCCNTuck In
$1M
$1M1

New cycle

$1M recent

Ealixir Inc.EAXRBolt On
$1M
$1M6

Steady

+0% (count)

Seatech Ventures Corp.SEAVN/A
$1M
$600K2

Paused

$1M prior

Skkynet Cloud Systems, Inc.SKKYBolt On
$1M
$1M4

Steady

-100% (count)

Bitdeer Technologies GroupBTDRN/A
$800K
$800K2

New cycle

$800K recent

Global Engine Group Holding LimitedGLEN/A
$800K
$800K1

New cycle

$800K recent

Cyber Enviro-Tech, Inc.CETIN/A
$800K
$800KN/A

New cycle

$800K recent

DeFi Development Corp.DFDVPlatform
$700K
$350K1

New cycle

$700K recent

Cerence Inc.CRNCGeographic Expansion
$700K
$700K1

Steady

+0% (count)

Visium Technologies, Inc.VISMTechnology Acquisition
$600K
$600K1

Steady

+0% (count)

TaskUs, Inc.TASKGeographic Expansion
$400K
$400K2

Paused

$400K prior

ARB IOT Group LimitedARBBN/A
$300K
$300K2

New cycle

$300K recent

Ehave, Inc.EHVVFN/A
$300K
$300KN/A

Paused

$300K prior

Superx AI Technology LimitedSUPXPlatform
$200K
$200K4

New cycle

$200K recent

Daily Journal CorporationDJCON/A
$200K
$100K1

Steady

+0% (count)

Innodata Inc.INODN/A
$200K
$100K1

Steady

+0% (count)

Kindcard, Inc.KCRDN/A
$200K
$200K1

Paused

$200K prior

Springbig Holdings, Inc.SBIGGeographic Expansion
$200K
$200KN/A

Paused

$200K prior

Manhattan Associates, Inc.MANHTechnology Acquisition
$100K
$100K2

Steady

+0% (count)

Rezolve AI plcRZLVBolt On
$100K
$100K1

New cycle

$100K recent

NetClass Technology IncNTCLN/A
$100K
$100K1

New cycle

$100K recent

Appsoft Technologies, Inc.ASFTTechnology Acquisition
$100K
$100KN/A

Steady

no signal

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)