AI Infrastructure Sector
| # | Company / Sector / HQ | Strategic Fit | Acquisitions |
|---|---|---|---|
| 1 |
Accenture
IT Services & Physical AI
Dublin, Ireland
|
World's largest IT consulting firm. $3B+ annual M&A budget, 23 AI acquisitions in 2025 alone. Acquires AI-native companies across data, model deployment, and AI operations globally. |
|
| 2 |
Akamai Technologies
AI Security
Cambridge, MA
|
Leading cloud delivery and security platform expanding into AI cloud compute. Linode acquisition created Akamai Cloud. 25+ acquisitions including major AI security and edge compute companies. $4B+ revenue. Primary acquirer for AI security, AI edge compute, and AI-driven content... |
|
| 3 |
Amazon (AWS)
Hyperscalers & Frontier Labs
Seattle, WA
|
World's largest cloud provider. Custom silicon (Trainium, Inferentia), Bedrock AI platform, SageMaker. Active acquirer of ML tooling and inference optimization across every stack layer. |
|
| 4 |
AMD
Semiconductor & Silicon
Santa Clara, CA
|
Building complete AI compute stack via acquisitions. ZT Systems for rack-level AI design; Xilinx for FPGAs; Pensando for data center networking. Instinct GPU series competing directly with NVIDIA for AI training. Primary acquirer for AI system design and data center networking... |
|
| 5 |
Analog Devices
Semiconductor & Silicon
Wilmington, MA
|
World's largest analog semiconductor company — $26B+ revenue, 125,000+ products. Flex Logix acquisition adds eFPGA / AI inference IP for edge-to-cloud deployments. Maxim Integrated ($21B) made ADI the dominant supplier of mixed-signal AI silicon for industrial, automotive, and data... |
|
| 6 |
Anthropic
Hyperscalers & Frontier Labs
San Francisco, CA
|
Accelerated M&A in 2026 with Stainless, Coefficient Bio, and Vercept all in a single quarter. Acquires developer infrastructure, biotech AI, and Claude Code ecosystem tooling. $300B+ valuation; primary buyer for AI SDK tooling, developer infrastructure, and vertical AI applications. |
|
| 7 |
Arista Networks
Cloud & Infrastructure
Santa Clara, CA
|
Dominant AI data center networking company — 70%+ share of AI hyperscaler switching. CloudVision AIOps platform. 5 acquisitions. $7B+ revenue growing 20%+ annually. Every major AI data center (Meta, Microsoft, Google) runs Arista. Primary acquirer for AI data center networking, AIOps, and cloud... |
|
| 8 |
Arm Holdings
Semiconductor & Silicon
Cambridge, UK / San Jose, CA
|
Foundational compute IP powering 99% of AI edge devices and growing data center share. Active acquirer of AI software and compiler stack. $130B+ market cap post-IPO (Sept 2023). |
|
| 9 |
Atlassian
Enterprise Software & AI
San Francisco, CA / Sydney, Australia
|
Acquired Loom ($975M, 2023) and Percept.AI. Building Atlassian Intelligence and Rovo AI assistant across Jira and Confluence for 300,000+ customers. Active AI DevOps acquirer. |
|
| 10 |
Automation Anywhere
Agentic AI & Automation
San Jose, CA
|
Acquired Aisera (11/4/25) for AI/ITSM agentic automation. Building the most comprehensive agentic stack for enterprise IT, spanning conversational AI and process automation. |
|
| 11 |
AVEVA (Schneider Electric)
IT Services & Physical AI
Cambridge, UK
|
Global industrial AI software leader, now Schneider subsidiary. 4 acquisitions building industrial AI / digital twin platform. Crosser acquisition adds AI edge computing / IIoT streaming. OSIsoft acquisition made AVEVA the standard for industrial AI data. Primary acquirer for... |
|
| 12 |
Baidu
Hyperscalers & Frontier Labs
Beijing, China
|
China's largest AI infrastructure company. ERNIE Bot (200M+ users), Baidu Cloud (#3 China), Apollo autonomous driving platform. Primarily organic AI builder — AI investment via internal R&D not M&A. Primary partner/acquirer for Chinese AI cloud, LLM, and autonomous driving infrastructure. |
|
| 13 |
BBVA
Enterprise AI Ops
Bilbao, Spain / Madrid, Spain
|
Spain's second-largest bank. BBVA AI Factory processes 100M+ customers. $10B+ technology investment. Active AI infrastructure acquirer in Europe and Latin America. |
|
| 14 |
Bosch
IT Services & Physical AI
Gerlingen, Germany
|
World's largest automotive supplier building AI manufacturing and IoT infrastructure. $90B+ revenue. Active acquirer of AI software, computer vision, and industrial AI companies. Robert Bosch Ventures invests in 50+ AI startups. Primary acquirer for AI manufacturing software, AI computer... |
|
| 15 |
Broadcom
Semiconductor & Silicon
San Jose, CA
|
Dominant Google TPU and Meta ASIC custom chip design partner. $69B VMware acquisition combined silicon with enterprise software. 24+ acquisitions, $50B+ annual revenue. Primary acquirer for AI semiconductor IP, networking, and enterprise software stack. |
|
| 16 |
ByteDance
Hyperscalers & Frontier Labs
Beijing, China / Cayman Islands
|
World's most valuable private company ($550B). Owns TikTok (1B+ users) and Douyin. $155B revenue 2024. Building BytePlus AI cloud for enterprises. Primary buyer for AI infrastructure, foundation model tooling, and edge AI deployment companies. |
|
| 17 |
Capgemini
IT Services & Physical AI
Paris, France
|
Acquired WNS ($3.3B, 7/7/25) for agentic AI-powered intelligent operations. 50+ acquisitions annually. One of the most active AI infrastructure acquirers globally with European sovereign AI alignment. |
|
| 18 |
Cisco Systems
Cloud & Infrastructure
San Jose, CA
|
215 total acquisitions. Splunk ($28B) made Cisco the leader in security and observability. Galileo AI (4/2026) extends into AI agent observability. Building AI-native security factory with NVIDIA. Primary acquirer for AI observability, AI networking, and AI security infrastructure. |
|
| 19 |
Cloudflare
AI Networking & Edge
San Francisco, CA
|
Acquired Replicate (11/17/25) — 50,000+ AI models now available on Workers AI. Building the leading edge AI inference network. Targets AI networking, edge inference, and AI security tooling. |
|
| 20 |
Cognizant
IT Services & Physical AI
Teaneck, NJ
|
Acquired Astreya ($600M, Apr 2026) for AI OpsHub platform and 35-country managed services. Building enterprise AI infrastructure managed services at global scale. |
|
| 21 |
Commvault
AI Security
Tinton Falls, NJ
|
AI-native cyber resilience and data protection platform. 4 acquisitions in 18 months building AI data security stack. Satori adds AI data governance; Clumio adds cloud-native AI backup; Appranix adds AI cloud recovery. $850M+ ARR, 100,000+ customers. Primary acquirer for AI data security, governance,... |
|
| 22 |
CoreWeave
AI Data & MLOps
Livingston, NJ
|
Leading GPU cloud provider. IPO March 2026 (NASDAQ: CRWV). Building full-stack AI infrastructure beyond pure compute rental. Approaching AI software acquisitions to move up the value stack. |
|
| 23 |
CrowdStrike
Cloud & Infrastructure
Austin, TX
|
11 total acquisitions focused exclusively on AI security. Seraphic Security (1/2026, browser security), SGNL ($740M), Pangea ($260M), Onum ($290M) all in 2025–2026. Falcon AI platform dominates endpoint and cloud security. $4.2B+ ARR. Primary acquirer for AI endpoint security, AI identity, and AI... |
|
| 24 |
Databricks
Hyperscalers & Frontier Labs
San Francisco, CA
|
AI Data & MLOps / Hyperscalers & Frontier Labs. $134B+ valuation, 17+ acquisitions. Building the dominant AI infrastructure stack — lakehouse, agents, real-time data, and LLM evaluation. Acquired Neon ($1B serverless Postgres), Tecton (real-time ML feature store), Quotient AI (agent... |
|
| 25 |
Datadog
AI Observability & DevTools
New York, NY
|
Leading AI observability platform expanding from infrastructure monitoring to full LLM and AI agent observability. NVIDIA LLM observability partnership. $2.7B+ ARR, 29,000+ customers. Primary acquirer for AI monitoring, evaluation, and ML pipeline tooling. |
|
| 26 |
Deutsche Telekom / T-Systems
IT Services & Physical AI
Bonn, Germany
|
Operates T-Systems Industrial AI Cloud — won Germany's SOOFI sovereign AI contract. Building European sovereign AI infrastructure. Primary gateway for AI companies targeting European enterprise. |
|
| 27 |
DigitalOcean
Cloud & Infrastructure
New York, NY
|
Building AI-native cloud for developers and SMBs via acquisitions. Katanemo Labs for multi-agent orchestration, Paperspace for GPU cloud. $740M ARR, 600,000+ customers. Primary acquirer for AI developer tools, GPU cloud, and AI agent infrastructure at developer scale. |
|
| 28 |
Dynatrace
Cloud & Infrastructure
Waltham, MA
|
Acquired Bindplane for OpenTelemetry pipelines. Rated #1 in ISG 2025 AIOps Buyers Guide. Davis AI engine is core to its platform. Targets open-standards AI observability tools. |
|
| 29 |
Elastic (Elasticsearch)
AI Observability & DevTools
San Francisco, CA
|
Building unified AI search and observability combining vector search (ELSER), security SIEM, and log analytics. Acquired Cmd Security (2020) for cloud Linux security. Natural acquirer of AI-native search, ML inference, and security observability tooling. |
|
| 30 |
Ericsson
IT Services & Physical AI
Stockholm, Sweden
|
Acquired Vonage ($6.2B, 2021) for cloud communications APIs. Strategic NVIDIA partnership for AI-native 5G RAN. Building AI-native network infrastructure converging 5G, AI inference, and edge compute. |
|
| 31 |
F5 Networks
AI Security
Seattle, WA
|
Four AI acquisitions in 2025: CalypsoAI ($180M), MantisNet, Fletch, LeakSignal. Building the most comprehensive AI application delivery and security platform. |
|
| 32 |
Fivetran / dbt Labs
AI Data & MLOps
Oakland, CA
|
Merged 10/13/25 to create open data infrastructure platform ($600M combined ARR). Three acquisitions in five months in 2025. Foundational AI data pipeline infrastructure: automated data movement, transformation, and AI-ready data orchestration for 40,000+ data teams. Primary acquirer for... |
|
| 33 |
Fortinet
AI Security
Sunnyvale, CA
|
Most comprehensive AI-driven security platform, 20 acquisitions. Lacework added AI cloud CNAPP; Perception Point adds AI email security; Next DLP adds AI data protection. $5.6B revenue, 500,000+ customers. Primary acquirer for AI cloud security, AI SASE, and AI-driven data protection. |
|
| 34 |
Google (DeepMind / Google Cloud)
Hyperscalers & Frontier Labs
Mountain View, CA
|
One of the world's largest AI stacks: TPU silicon, Gemini models, Google Cloud. $32B Wiz acquisition signals willingness to pay scarcity premiums for infrastructure-layer companies. |
|
| 35 |
Grab Holdings
Enterprise AI Ops
Singapore
|
Southeast Asia's leading superapp — Grab for Bussiness AI, GrabAI platform. $2.9B+ revenue, 41M+ monthly transacting users. Active AI infrastructure acquirer across fintech, maps, and logistics AI. GXS Bank builds AI-native digital banking. Primary acquirer for Southeast Asian AI fintech, AI... |
|
| 36 |
Grammarly
Enterprise Software & AI
San Francisco, CA
|
AI-native writing and productivity platform, $13B+ valuation, 50,000+ business customers. Building AI productivity suite competing with Microsoft 365 and Notion. Coda added AI docs; Superhuman adds AI-native email. Primary acquirer for AI writing, productivity, and enterprise... |
|
| 37 |
Harness.io
AI DevOps & Dev Tools
San Francisco, CA
|
AI-native DevOps and CI/CD platform with 12 acquisitions to date (Qwiet AI, 9/26/25). $815M raised, $3.7B valuation. Active consolidator in AI DevOps — and itself a strategic acquisition target. |
|
| 38 |
Hitachi
IT Services & Physical AI
Tokyo, Japan
|
Acquired GlobalLogic ($9.6B, 2021) and synvert Germany (9/23/25). OpenAI partnership announced 10/3/25. Building HMAX agentic and physical AI platform through GlobalLogic as its acquisition vehicle. |
|
| 39 |
HPE (Hewlett Packard Enterprise)
Cloud & Infrastructure
Houston, TX
|
Completed $14B Juniper Networks acquisition (7/2/25) to create an AI-native networking platform. New HPE Networking division led by former Juniper CEO Rami Rahim. |
|
| 40 |
IBM
Cloud & Infrastructure
Armonk, NY
|
219 total acquisitions. Confluent ($11B, 12/8/25) the most recent — real-time data streaming for AI agents. watsonx AI platform built on HashiCorp, Apptio, and Confluent. Primary acquirer for enterprise AI operations, hybrid cloud, and real-time AI data infrastructure. |
|
| 41 |
Indie Semiconductor
Semiconductor & Silicon
Aliso Viejo, CA
|
Acquired image sensor business ($47.1M, May 2026) for Physical AI and ADAS sensing. Building AI sensing capabilities for automotive and edge AI applications. |
|
| 42 |
Infosys
IT Services & Physical AI
Bengaluru, India
|
Actively acquiring AI infrastructure via Cobalt cloud and Topaz AI platform. Targets AI model deployment, MLOps, and AI operations tools for enterprise managed services delivery. |
|
| 43 |
Intel
Semiconductor & Silicon
Santa Clara, CA
|
Rebuilding AI infrastructure position via Intel Foundry Services — primary TSMC alternative for Western AI chip manufacturing. Gaudi AI accelerators compete with NVIDIA. 20+ acquisitions in AI and semiconductor space. Primary acquirer for AI compiler tooling, foundry technology, and AI... |
|
| 44 |
Juniper Networks (via HPE)
Cloud & Infrastructure
Sunnyvale, CA
|
AI-native networking company acquired by HPE for $14B (7/2025). Mist AI platform is the gold standard for AI-driven networking operations. 28 acquisitions. Pre-acquisition buyers include enterprises building AI data center networking. Primary buyer for AI-native network management, AIOps,... |
|
| 45 |
KKR
PE & Consortia
New York, NY
|
World's largest alternative asset manager with $600B+ AUM and active AI infra investment thesis. Owns BMC Software (AIOps) and data center assets globally. Primary PE acquirer for enterprise AI software, data center infrastructure, and AI-enabled IT services platforms. |
|
| 46 |
Kong Inc.
AI API Infrastructure
San Francisco, CA
|
Leading open-source API gateway for 5,000+ enterprises. Acquired OpenMeter (9/3/25) for usage-based billing. As AI agents scale API traffic, Kong becomes essential AI infrastructure. |
|
| 47 |
Lattice Semiconductor
Semiconductor & Silicon
Hillsboro, OR
|
Acquired AMI ($1.65B, May 2026) for server firmware and AI data center management. Focuses on low-power FPGAs for AI edge and data center control. |
|
| 48 |
Marvell / Celestial AI (optical)
Semiconductor & Silicon
San Jose, CA
|
Optical interconnects are the next AI data center frontier. Marvell's Celestial AI acquisition established the category benchmark. Multiple hyperscalers actively pursuing photonic interconnect. |
|
| 49 |
Marvell Technology
Semiconductor & Silicon
Santa Clara, CA
|
Primary partner for hyperscaler custom ASIC design. Acquired Celestial AI (~$700M, optical) and XConn ($540M, PCIe/CXL) in 2026 alone. Targets custom ASIC IP and optical interconnects. |
|
| 50 |
Meta (AI Infrastructure)
Hyperscalers & Frontier Labs
Menlo Park, CA
|
$60B–$65B AI capex in 2025. Building AI factories, custom inference silicon (MTIA), and open-source AI ecosystem. Acquires AI infrastructure to control its compute supply chain. |
|
| 51 |
Microsoft (Azure AI)
Hyperscalers & Frontier Labs
Redmond, WA
|
Primary AI cloud backbone globally. $80B+ FY2026 capex with deep OpenAI integration. Acquires across every AI infrastructure layer — silicon tooling, developer platforms, security, and observability. |
|
| 52 |
MongoDB
AI Data & MLOps
New York, NY
|
Acquired Voyage AI ($220M, 2/24/25) for AI embedding and reranking models. Leading operational database for AI applications with native vector search. 51,000+ customers, $2B+ ARR. Primary acquirer of AI data, vector search, and AI database tooling. |
|
| 53 |
Nebius Group
AI Data & MLOps
Amsterdam, Netherlands
|
NVIDIA-backed European AI cloud. $400M Tavily acquisition signals aggressive buy-and-build strategy. Targets AI compute, inference, and agent infrastructure to compete with US hyperscalers. |
|
| 54 |
NetApp
Enterprise Software & AI
San Jose, CA
|
AI-native data infrastructure via Instaclustr and CloudCheckr. NVIDIA DGX SuperPOD + ONTAP partnership. Foundational storage infrastructure for AI training datasets at scale. |
|
| 55 |
New Relic (Francisco Partners / TPG)
AI Observability & DevTools
San Francisco, CA
|
Taken private ($6.5B, 2023) and rebuilding as AI-native observability platform under PE mandate. Likely to pursue targeted acquisitions against Datadog and Dynatrace. |
|
| 56 |
Nokia
AI Networking & Edge
Espoo, Finland
|
Acquired RapidAPI (11/2024) and Infinera ($2.3B, 2024). Pivoting to AI-native data center networking and 6G. New CEO Justin Hotard (ex-NVIDIA). $4B US AI-ready network initiative launched 2026. |
|
| 57 |
NTT Data
IT Services & Physical AI
Tokyo, Japan / Plano, TX
|
Japan's largest IT services firm ($30B+ revenue). Building NTT DATA AI platform through acquisitions globally. Particularly strong in Japan, Europe, and Latin America for AI managed services. |
|
| 58 |
Nubank
Enterprise AI Ops
São Paulo, Brazil / New York, NY
|
Latin America's largest digital bank. 110M+ customers, $28.9B revenue (2025). One of the most sophisticated AI data platforms in LatAm. Primary buyer for AI companies targeting LatAm at scale. |
|
| 59 |
Nutanix
Cloud & Infrastructure
San Jose, CA
|
Leading on-premises AI infrastructure vendor. GPT-in-a-Box makes Nutanix the top choice for enterprises running private AI. $1.9B+ ARR. Targets AI orchestration and hybrid cloud deployment tools. |
|
| 60 |
NVIDIA
Semiconductor & Silicon
Santa Clara, CA
|
Dominant AI accelerator company building a vertically integrated stack: silicon to software (CUDA, NIM, NeMo). Acquired Groq ($20B, inference IP) and Run:ai ($700M, orchestration). |
|
| 61 |
Okta
AI Security
San Francisco, CA
|
Leading AI-native identity platform. Auth0 ($6.5B) established Okta as developer identity standard. Expanding into AI agent identity — non-human identity management is the fastest-growing security segment. 19,000+ enterprise customers. Primary acquirer for AI agent identity and privileged... |
|
| 62 |
OpenAI
Hyperscalers & Frontier Labs
San Francisco, CA
|
Most acquisitive AI company in 2026 YTD — six transactions in a single quarter. Building the Frontier platform and Codex coding agents. Acquires for talent and technology gaps. |
|
| 63 |
OpenText
Enterprise Software & AI
Waterloo, Ontario, Canada
|
Canada's largest software company, 43 acquisitions. Micro Focus ($5.8B) doubled OpenText's size and added AI/ML DevOps and security. Building AI-native information management platform (Titanium X). $5.8B+ revenue, 100,000+ enterprise customers. Primary buyer for enterprise AI content... |
|
| 64 |
Oracle
Enterprise Software & AI
Austin, TX
|
World's largest enterprise database company. OCI AI Infrastructure competing with AWS, Azure, GCP for AI workloads. Stargate consortium member ($500B AI infrastructure investment). Primary acquirer for AI database tooling, cloud infrastructure, and AI-native enterprise applications. |
|
| 65 |
Palantir Technologies
Enterprise AI Ops
Denver, CO
|
Leading AI operations platform — AIP deployed across defense, intelligence, and enterprise. $3B+ ARR, 711+ customers. Synapse acquisition adds AI threat detection for defense. Primary buyer for AI defense analytics, AI computer vision, and AI-powered intelligence platforms. $80B+ market cap. |
|
| 66 |
Palo Alto Networks
Cloud & Infrastructure
Santa Clara, CA
|
Most acquisitive AI security company. CyberArk (~$25B, closed 2/11/26) + Chronosphere ($3.35B, closed 1/29/26) + Protect AI + Koi Security = the most comprehensive AI security platform. QRadar SaaS (IBM, 9/4/24). Primary acquirer for AI security, identity security, and AI observability tooling. |
|
| 67 |
Perplexity AI
Agentic AI & Automation
San Francisco, CA
|
Fastest-growing AI search platform. 6 acquisitions in 3 years. $9B+ valuation, $100M+ ARR. Building AI-native content and search platform. Primary acquirer for AI generation tools, AI data infrastructure, and agentic AI capabilities. |
|
| 68 |
Pure Storage
Enterprise Software & AI
Mountain View, CA
|
Leading AI-native all-flash storage platform. DirectFlash and Portworx power AI/ML workloads at scale. $3.2B+ revenue, 25%+ growth. Portworx acquisition made Pure the leader in Kubernetes data services for AI. Primary acquirer for AI storage, Kubernetes data management, and AI data... |
|
| 69 |
Qualcomm
Semiconductor & Silicon
San Diego, CA
|
Expanding AI from mobile to automotive, IoT, and PC via Snapdragon. Acquiring AI edge inference, ADAS, and on-device AI companies. $10B+ annual revenue from AI-enabled chips. Primary acquirer for automotive AI, edge inference, and on-device AI tooling. |
|
| 70 |
Rakuten
AI Networking & Edge
Tokyo, Japan
|
Japan's largest e-commerce and fintech group expanding aggressively into AI infrastructure. Rakuten Mobile builds AI-native open RAN; Rakuten Symphony exports AI telecom OS globally. $15B+ revenue. Primary acquirer for AI telecom infrastructure, AI fintech, and AI-native cloud platform tooling. |
|
| 71 |
Reliance Jio / Jio Platforms
AI Networking & Edge
Mumbai, India
|
India's largest telecom (500M+ subscribers) building national AI infrastructure. $20B+ invested by Meta, Google, Intel, Qualcomm, Silver Lake. Acquired Haptik. JioAI cloud platform launched 2024. |
|
| 72 |
Rubrik
AI Security
Palo Alto, CA
|
AI-native data security platform. Acquired Predibase (6/25/25) for agentic AI model deployment, adding AI inference to its data resilience platform. Expanding from backup and recovery into AI-powered security operations. $784M ARR (FY2025). Primary acquirer for AI deployment infrastructure, LLM... |
|
| 73 |
Salesforce
Cloud & Infrastructure
San Francisco, CA
|
75 total acquisitions building full-stack AI agent platform (Agentforce). Informatica ($8B), Qualified (4/1/26), Slack ($27.7B) — systematic AI agent infrastructure acquisition strategy. $34B+ annual revenue, 150,000+ customers. Primary acquirer for AI agent infrastructure, CRM AI, and... |
|
| 74 |
Samsung Electronics
Semiconductor & Silicon
Suwon, South Korea
|
World's largest memory chip producer. HBM3E and HBM4 for AI accelerators. Foundry for NVIDIA, AMD, Qualcomm. $200B+ revenue. Building AI semiconductor and on-device AI ecosystem. Primary acquirer for AI chip IP, memory AI optimization, and on-device inference tooling. |
|
| 75 |
SAP
Enterprise Software & AI
Walldorf, Germany
|
World's largest ERP vendor building AI-native enterprise data platform. Reltio, Dremio, and Prior Labs form a single pipeline: prepare data → integrate data → run AI models. 300M+ enterprise users on S/4HANA. Primary acquirer for enterprise AI data, tabular AI models, and agentic enterprise... |
|
| 76 |
Scale AI
AI Data & MLOps
San Francisco, CA
|
World's leading AI data infrastructure company — data labeling, RLHF, and model evaluation at scale. Meta acquired 49% stake ($14.3B, 6/13/25). Powers training infrastructure for OpenAI, Microsoft, Anthropic, US DoD, and major hyperscalers. Primary acquirer for AI data pipeline, evaluation... |
|
| 77 |
Schlumberger (SLB) / Tachyon
IT Services & Physical AI
Paris, France / Houston, TX
|
Leading energy technology company building AI-native operations platform. Tachyon AI division deploys LLMs for subsurface intelligence. $36B revenue, 99,000+ employees. Acquires AI data and operational tech. Primary buyer for industrial AI, geospatial AI, and AI-powered operations software. |
|
| 78 |
Schneider Electric
IT Services & Physical AI
Rueil-Malmaison, France
|
Global leader in energy management and AI data center infrastructure. 63 acquisitions. Motivair ($850M, 2025) makes Schneider the leading vendor for AI data center liquid cooling. AVEVA acquisition added industrial AI software. Partnered with NVIDIA on AI-ready data center reference designs.... |
|
| 79 |
SentinelOne
AI Security
Mountain View, CA
|
AI-native cybersecurity platform — Purple AI is the market's first AI security analyst. 6 acquisitions building AI XDR stack. $950M+ ARR, 11,000+ customers. Active acquirer of AI cloud security, AI identity, and AI SOC tooling. Primary acquirer for AI endpoint security, CNAPP, and AI-driven... |
|
| 80 |
ServiceNow
Cloud & Infrastructure
Santa Clara, CA
|
Building the AI control tower for the enterprise. Record 2025: Armis ($7.75B), Moveworks ($2.85B), Veza, data.world, Traceloop. 6 acquisitions in one year. $11.5B+ ARR, 8,100+ customers. Primary acquirer for AI workflow automation, AI agent security, and enterprise data governance. |
|
| 81 |
Shopify
Enterprise Software & AI
Ottawa, Ontario, Canada
|
World's largest commerce infrastructure platform. $10B+ revenue, 2M+ merchants. Building AI-native commerce and payments stack. Acquired 20+ companies. Flexport partnership + Deliverr ($2.1B) make Shopify a logistics AI platform. Primary acquirer for AI commerce, AI logistics, and AI... |
|
| 82 |
Siemens (Digital Industries)
IT Services & Physical AI
Munich, Germany
|
Acquired Mendix (~$700M, 2018). Building AI-driven digital infrastructure through Siemens Xcelerator. Targets AI and industrial edge computing to extend digital twin and AI automation capabilities. |
|
| 83 |
Silver Lake Technology Management
PE & Consortia
Menlo Park, CA / New York, NY
|
World's largest technology-focused PE firm ($130B+ AUM). Owns Altera (AI silicon), Dell Technologies, and Broadcom co-investments. AI infrastructure investment thesis spans silicon, software, and data center services. Primary buyer for AI silicon, enterprise AI software, and technology... |
|
| 84 |
SK Telecom
Semiconductor & Silicon
Seoul, South Korea
|
Merged Sapeon into Rebellions (12/2/24), creating Korea's first AI chip unicorn. 5 trillion won AI investment over 5 years. Owns Astra AI Infra LLC. Active AI silicon acquirer. |
|
| 85 |
Snowflake
Hyperscalers & Frontier Labs
San Mateo, CA
|
Aggressively acquiring AI infrastructure tools to complete the AI Data Cloud. Observe ($1B), Crunchy Data ($250M), TruEra all in 12 months. $3.5B+ ARR, 10,000+ customers. Primary acquirer for AI observability, vector data, and AI data pipeline tooling. |
|
| 86 |
SoftBank Group
Semiconductor & Silicon
Tokyo, Japan / Menlo Park, CA
|
Acquired Ampere Computing ($6.5B) and ABB Robotics ($5.4B). Majority owner of Arm. Architect of the Stargate consortium. Masayoshi Son committed $500B+ in US AI infrastructure. |
|
| 87 |
Tata Consultancy Services (TCS)
IT Services & Physical AI
Mumbai, India / New York, NY
|
India's largest IT company ($30B+ revenue, 600,000 employees). Building WisdomNext AI platform. TCS Pace innovation labs invest in and acquire early-stage AI infrastructure companies globally. |
|
| 88 |
Texas Instruments
Semiconductor & Silicon
Dallas, TX
|
Acquired Silicon Labs ($7.5B, Feb 2026) at 9.5x revenue to vertically integrate edge-AI/IoT silicon supply — a rare premium signaling strategic scarcity. |
|
| 89 |
Thoma Bravo
PE & Consortia
San Francisco, CA / Chicago, IL
|
World's most active software PE firm, 120+ acquisitions. Owns Darktrace (AI cyber), Verint (AI CX), PROS (AI pricing). $183B AUM. Takes enterprise AI software companies private, accelerates AI product strategy, and merges portfolio companies. Primary buyer for AI security, AI operations, and AI... |
|
| 90 |
Thomson Reuters
Enterprise Software & AI
Toronto, Ontario, Canada
|
Leading AI-native professional information platform — CoCounsel GenAI assistant. $7.2B+ revenue, $200M+ AI investment annually. Systematic AI acquisition strategy: SafeSend, Materia, Pagero all in 12 months. Building the agentic AI platform for law, tax, and accounting professionals. Primary... |
|
| 91 |
TOTVS
Enterprise Software & AI
São Paulo, Brazil
|
Brazil's largest enterprise software company ($1B+ revenue). Acquired RD Station ($305M). TOTVS AI platform for 650,000+ LatAm customers. Primary AI ERP acquirer in Latin America. |
|
| 92 |
Trend Micro
AI Security
Tokyo, Japan / Irving, TX
|
Enterprise AI security platform with 30+ years of ML/AI-powered threat detection. Vision One XDR integrates AI across endpoints, cloud, email, and OT. $1.9B revenue, 500,000+ customers. 15 acquisitions including AI cloud and risk management companies. Primary acquirer for AI threat intelligence,... |
|
| 93 |
Twilio
Cloud & Infrastructure
San Francisco, CA
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Leading customer engagement platform. Acquired Stytch (10/30/25) for AI agent identity and authentication. Segment ($3.2B, 2020) made Twilio the leader in customer data infrastructure. $4.5B revenue, 300,000+ active customer accounts. Expanding from communications into AI agent... |
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| 94 |
UiPath
Agentic AI & Automation
New York, NY
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Transitioning from RPA to AI-native agentic automation with Autopilot AI and AgentX. Competes with ServiceNow and Automation Anywhere for enterprise AI agent infrastructure. |
|
| 95 |
Vertiv
Enterprise AI Ops
Columbus, OH
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$9B+ revenue, growing 20%+ from AI data center demand. NVIDIA preferred infrastructure partner. Acquires power management software, thermal AI, and data center monitoring tools. |
|
| 96 |
Wipro
IT Services & Physical AI
Bengaluru, India / East Brunswick, NJ
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Acquired HARMAN DTS (8/21/25) — 5,600 engineers across AI digital engineering and embedded software. Building Wipro Intelligence™ AI platform. Active acquirer in AI engineering services. |
|
| 97 |
Workday
Enterprise Software & AI
Pleasanton, CA
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Enterprise AI platform for HR and finance. Most active acquisition year ever in 2025. Building AI agent layer across 11,000+ enterprise customers including 65%+ of Fortune 500. Primary acquirer for enterprise AI agents, workflow automation, and AI-native HR/finance tools. |
|
| 98 |
xAI / SpaceX (Elon Musk)
Hyperscalers & Frontier Labs
San Francisco, CA / Memphis, TN
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Built Colossus (100,000 H100s) in 122 days. Acquired X Corp ($33B) and Hotshot. SpaceX acquired xAI in Feb 2026, creating a $1.2T+ entity. Active acquirer of AI infrastructure and talent. |
|
| 99 |
Zendesk
Cloud & Infrastructure
San Francisco, CA
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Taken private by Permira/H&F ($10.2B, 2022), rebuilt as AI-native CX platform. Acquired Forethought for AI agents processing 1B+ monthly interactions. Active CX AI acquirer. |
|
| 100 |
Zscaler
AI Security
San Jose, CA
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Leading zero-trust cloud security platform with 13 acquisitions and $266M average deal size. Targeting AI-native security: LLM inspection, AI DLP, browser-based AI security. $2B+ ARR, 8,700+ customers. Primary acquirer for AI security, zero-trust AI access, and AI data loss prevention. |
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