Valuation Context: What the Market Is Paying

Valuation context from recently closed transactions in the AI infrastructure sector. Revenue multiples vary significantly by growth rate, category, and strategic fit.

As a Founder, I offer clients in high-demand sectors a no-retainer, success-fee-only engagement. Clients can choose to explore reaching out to a full target list or a more limited number of top targets.

TargetAcquirerDeal SizeARR at CloseMultiple
WizGoogle$32B~$1B~32x
MoveworksServiceNow$2.85B~$100M~28x
ChronospherePalo Alto Networks$3.35B$160M+~21x
Weights & BiasesCoreWeave$1.7B~$100M~17x
HashiCorpIBM$6.4B~$570M~11x
InformaticaSalesforce$8B$1.73B~4.6x

The pattern is clear: AI-native companies in high-growth categories (security, observability, MLOps, agent tooling) transact at 15–32x ARR. Established enterprise software with slower growth transacts at 4–11x.

The Acquirers Themselves Trade at Premium Multiples

Several of the 100 companies in the report trade at significant revenue multiples, which anchors what they are willing to pay:

CrowdStrike~20x forward revenue
Datadog~18x forward revenue
Snowflake~16x forward revenue
Palo Alto Networks~14x forward revenue

Follow me on 𝕏 @benboissevain for daily tech M&A deal highlights.

AI Infrastructure Sector — 100 Acquirers

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.
  • 4/8/26 Keepler (cloud-native AI / data, Madrid, Spain / London / Lisbon)
  • 3/3/26 Ookla ($1.2B, network intelligence / Speedtest, Seattle, WA)
  • 1/6/26 Faculty ($1B, AI advisory / safe AI products, London, UK)
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...
  • 5/7/24 Noname Security ($450M, AI API security, San Jose, CA / Tel Aviv, Israel)
  • 2/15/22 Linode ($900M, cloud compute / developer infrastructure, Philadelphia, PA)
  • 10/2025 Fermyon (WebAssembly / AI edge compute platform, Longmont, CO)
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.
  • 4/14/26 Globalstar ($11.6B, satellite / LEO connectivity infrastructure, Covington, LA)
  • 8/16/24 Perceive (~$80M, on-device AI inference chips, San Jose, CA)
  • 1/2015 Annapurna Labs (~$350M, custom silicon / AWS Graviton CPU origin, Yokneam, Israel)
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...
  • 11/2025 MK1 (enterprise LLM inference stack / AI tools, Menlo Park, CA)
  • 6/5/25 Untether AI (AI inference chip engineers / compiler team, Toronto, Canada)
  • 6/4/25 Brium (AI compiler / software optimization for inference, stealth)
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...
  • 11/11/24 Flex Logix (eFPGA / reconfigurable AI inference IP, Mountain View, CA)
  • 8/26/21 Maxim Integrated ($21B, mixed-signal / power management silicon, San Jose, CA)
  • 7/26/16 Linear Technology ($14.8B, precision analog / power ICs, Milpitas, CA)
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.
  • 5/18/26 Stainless (~$300M, SDK / MCP tooling for AI agents, New York, NY)
  • 4/3/26 Coefficient Bio ($400M+, AI-native drug discovery infrastructure, San Francisco, CA)
  • 2/25/26 Vercept (AI computer-use / agent automation infrastructure, San Francisco, CA)
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...
  • 7/1/25 VeloCloud SD-WAN (from Broadcom, AI-driven WAN / branch networking, undisclosed)
  • 8/2022 Pluribus Networks (AI cloud / software-defined DC networking, Santa Clara, CA)
  • 2020 Awake Security (AI network detection and response, Santa Clara, CA)
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).
  • 11/5/25 DreamBig Semiconductor ($265M, AI networking chiplets, San Jose, CA)
  • 2023 Faraday Technology (AI chip design services, Taiwan)
  • 2022 Ampere Computing (strategic investment, AI server CPUs, Santa Clara, CA)
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.
  • 1/27/22 Percept.AI (AI customer support automation, Santa Clara, CA)
  • 2022 Airbyte (data integration / ELT pipeline infrastructure — strategic investment)
  • 2021 Dogwood Labs (Confluence AI / team collaboration infrastructure)
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.
  • 11/4/25 Aisera (AIOps / ITSM agentic AI, Santa Clara, CA)
  • 12/23/21 FortressIQ ($150M, process intelligence, San Francisco, CA)
  • 2020 Catheon Computing (AI data extraction)
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...
  • 1/2026 Crosser Technologies (AI edge computing / IIoT data streaming, Sundsvall, Sweden)
  • 3/2021 OSIsoft ($5B, industrial AI data platform / PI System, San Leandro, CA)
  • 2020 7 Technologies (AI SCADA / industrial operations software, Denmark)
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.
  • 2/2023 GBI (AI healthcare data analytics platform, Shanghai)
  • 2021 JOYY YY Live ($2.1B, proceeds fully reinvested in Baidu AI cloud / ERNIE infrastructure)
  • 2019 YY search assets (AI search / NLP infrastructure, Beijing)
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.
  • 2023 Holvi (AI-native digital banking infrastructure, Helsinki, Finland)
  • 2022 Denizen (AI-powered cross-border banking platform, San Francisco, CA)
  • 2021 Solarisbank (strategic investment, AI-native banking-as-a-service, Berlin)
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...
  • 2024 Pallon (AI computer vision / infrastructure inspection, Zurich, Switzerland)
  • 2023 Mipos (AI retail / embedded commerce platform, Switzerland)
  • 2022 First Sensor (MEMS / sensor fusion for AI edge compute, Berlin, Germany)
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.
  • 5/26/22 VMware ($69B, cloud infrastructure / AI networking, Palo Alto, CA)
  • 8/8/19 Symantec Enterprise ($10.7B, AI-powered cybersecurity, Mountain View, CA)
  • 7/11/18 CA Technologies ($18.9B, enterprise IT / AIOps platform, San Jose, CA)
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.
  • 2024 Oladance (AI wearable / on-device AI audio processing, Boulder, CO)
  • 2023 Jukedeck assets (AI music generation / audio synthesis infrastructure, London, UK)
  • 2022 Pico Interactive ($1.4B+, AR/VR headsets / edge AI compute platform, Beijing)
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.
  • 7/7/25 WNS ($3.3B, AI-powered BPS / agentic process automation)
  • 2023 Quantmetry (AI / data science consulting, France)
  • 2021 Empired (AI cloud / data services, Australia)
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.
  • 5/4/26 Astrix Security (~$300M, AI agent / non-human identity security, Tel Aviv, Israel)
  • 4/9/26 Galileo AI (AI agent observability / evaluation, San Francisco, CA)
  • 9/21/23 Splunk ($28B, security and observability, San Francisco, CA)
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.
  • 11/17/25 Replicate (50K+ open-source AI models, San Francisco, CA)
  • 2/23/22 Area 1 Security ($162M, email security / Zero Trust, San Francisco, CA)
  • 1/7/20 S2 Systems (browser isolation / Zero Trust, Kirkland, WA)
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.
  • 4/29/26 Astreya ($600M, AI OpsHub, 35-country managed services)
  • 2024 Belcan (engineering services, $1.3B)
  • 2023 Thirdera (ServiceNow platform services)
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,...
  • 7/24/25 Satori Cyber (AI data security / governance, Tel Aviv, Israel)
  • 9/24/24 Clumio (autonomous AI cloud backup, AWS-native, San Jose, CA)
  • 4/16/24 Appranix (AI cloud application recovery, San Jose, CA)
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.
  • 7/7/25 Core Scientific ($9B, AI / HPC data center power infrastructure, Austin, TX)
  • 3/4/25 Weights & Biases ($1.7B, AI developer / MLOps platform, San Francisco, CA)
  • Only 2 confirmed outbound acquisitions to date; IPO'd March 2025 at $19B valuation
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...
  • 1/13/26 Seraphic Security (AI browser / runtime security, Tel Aviv, Israel)
  • 1/8/26 SGNL ($740M, identity for AI agents, Palo Alto, CA)
  • 9/16/25 Pangea ($260M, AI security APIs, Santa Clara, CA)
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...
  • 3/11/26 Quotient AI (AI agent evaluation / reinforcement learning, Boston, MA)
  • 8/22/25 Tecton (~$900M, real-time ML feature store for AI agents, San Francisco, CA)
  • 5/14/25 Neon ($1B, serverless Postgres / agentic database infrastructure, San Francisco, CA)
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.
  • 2024 Eppo (feature flags / experimentation)
  • 2022 CoScreen (collaborative engineering)
  • 2022 Seekret (API catalog and observability)
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.
  • 2024 Luware (AI cloud contact center / CCaaS, Switzerland)
  • 2022 SVA System Vertrieb Alexander (AI IT services, Germany)
  • 2021 T-Systems partner network AI managed services consolidation
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.
  • 4/2/26 Katanemo Labs (multi-agent orchestration)
  • 7/6/23 Paperspace ($111M, GPU cloud)
  • 8/23/22 Cloudways ($350M, managed cloud hosting)
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.
  • 4/8/26 Bind Plane International (OpenTelemetry pipeline, Boulder, CO)
  • 1/13/26 DevCycle (feature flags / experimentation, Toronto, Canada)
  • 3/5/25 Metis Data (AI database query optimization, Tel Aviv, Israel)
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.
  • 2020 Cmd Security (AI cloud Linux / runtime security)
  • 2019 Endgame ($234M, AI endpoint security)
  • 2019 Optricity (data center AI layout optimization)
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.
  • 11/22/21 Vonage ($6.2B, AI cloud communications APIs)
  • 9/17/20 Cradlepoint ($1.1B, AI-driven 4G / 5G enterprise networking)
  • 2020 Optiva (AI telecom billing / BSS software)
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.
  • 9/11/25 CalypsoAI ($180M, AI security guardrails)
  • 2025 MantisNet (eBPF network intelligence)
  • 2025 Fletch (agentic SOC automation)
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...
  • 10/13/25 dbt Labs merger (all-stock, ~$600M combined ARR)
  • 9/3/25 Tobiko Data (SQLMesh / SQLGlot, data transformation)
  • 5/1/25 Census (reverse ETL / data activation)
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.
  • 5/2025 Suridata.ai (AI SaaS security posture management)
  • 12/11/24 Perception Point (AI email / content security)
  • 8/1/24 Lacework (AI-driven cloud CNAPP, $1.9B raised)
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.
  • 3/18/25 Wiz ($32B, cloud security / CNAPP, New York, NY)
  • 2/2026 Producer (generative AI music agent, acqui-hire)
  • 5/2025 Cameyo (app virtualization / AI-powered DaaS, acqui-hire)
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...
  • 2024 Kudo (AI-powered agent commerce / payments infrastructure, Indonesia)
  • 2023 GrabMaps (AI mapping / geospatial data infrastructure, Southeast Asia)
  • 2021 Uber Eats SEA (AI logistics / last-mile delivery infrastructure, Southeast Asia)
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...
  • 2025 Superhuman (AI-native email client)
  • 12/17/24 Coda (~$1.3B valuation, AI productivity / docs platform)
  • No prior confirmed acquisitions — Coda and Superhuman are first two
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.
  • 9/26/25 Qwiet AI (AI application security)
  • 2023 Split.io (feature flags / experimentation)
  • 2022 Drone.io (CI / CD pipeline)
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.
  • 4/2026 Clever Devices (AI intelligent transportation systems)
  • 9/23/25 Synvert (AI / agentic software engineering, Germany)
  • 3/31/21 GlobalLogic ($9.6B, AI digital engineering platform)
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.
  • 1/9/24 Juniper Networks ($14B, AI-native networking)
  • 2022 OpsRamp (IT operations management)
  • 2021 Zerto ($374M, IT resilience / cloud DR)
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.
  • 12/8/25 Confluent ($11B, real-time data streaming, closed 3/17/26)
  • 4/24/24 HashiCorp ($6.4B, IaC / cloud automation)
  • 2/14/24 IntelliMagic (AIOps, Netherlands)
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.
  • 5/11/26 Image sensor business ($47.1M, AI sensing / ADAS)
  • 2022 Ay Die (automotive AI vision, Germany)
  • 2021 GEO Semiconductor (image processor ICs)
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.
  • 2025 Versent Group (75% stake, AI cloud / digital transformation, Australia)
  • 7/17/24 in-tech Holding (€465M, AI engineering R&D, Germany)
  • 2023 oddity (AI UX design / digital product studio, Germany)
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...
  • 12/16/19 Habana Labs ($2B, AI training / inference accelerators, Caesarea, Israel)
  • 6/15/17 Mobileye ($15.3B, AI computer vision / autonomous driving silicon, Jerusalem, Israel)
  • 8/9/16 Nervana Systems ($408M, AI deep learning accelerators, San Diego, CA)
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,...
  • 2/2024 KK Networks (AI network connectivity / consultancy)
  • 2022 WiteSand (AI cloud-native network access control)
  • 2021 Apstra (AI data center networking automation)
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.
  • 8/8/24 Fuji Soft ($4.1B, AI / cloud IT services, Japan)
  • 7/25/24 Instructure Holdings ($4.8B, AI-powered education / LMS software, Salt Lake City, UT)
  • 2022 Barracuda Networks (AI-powered email / cloud security, Campbell, CA)
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.
  • 9/3/25 OpenMeter (usage-based billing infrastructure)
  • 2022 Insomnia (API design and testing)
  • 2021 Optic (API documentation / change detection)
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.
  • 5/4/26 AMI ($1.65B, server firmware for AI data centers)
  • 2021 Mirametrix (gaze and attention sensing AI)
  • 2011 SiliconBlue Technologies (low-power FPGA)
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.
  • 12/2/25 Celestial AI ($3.25B, photonic interconnects for AI scale-up, Santa Clara, CA)
  • Entry highlights Marvell's optical interconnect M&A thesis
  • See Marvell Technology row for full acquisition history
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.
  • 1/6/26 XConn Technologies ($540M, PCIe / CXL switching silicon, San Jose, CA)
  • 12/2/25 Celestial AI ($3.25B, photonic interconnects for AI networking, Santa Clara, CA)
  • 8/3/21 Innovium ($1.1B, cloud networking silicon, San Jose, CA)
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.
  • 3/12/25 Superintelligence (AI inference / reasoning research team, acqui-hire, San Francisco, CA)
  • 2/2025 Playai (AI voice agents / real-time speech synthesis, San Francisco, CA)
  • 4/2026 Manus (~$2-3B, general AI agent platform — announced, blocked by Chinese regulators, deal withdrawn)
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.
  • 4/2026 Fintool (AI equity research copilot)
  • 1/5/26 Osmos (agentic AI data engineering, Fabric)
  • 3/21/24 Inflection AI (talent acqui-hire, $650M)
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.
  • 2/24/25 Voyage AI ($220M, AI embedding / reranking models)
  • 2019 Realm (mobile database, $39M)
  • 2018 mLab (MongoDB cloud hosting service)
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.
  • 2/10/26 Tavily (~$275–400M, agentic AI search infrastructure)
  • 2024 Avride (autonomous driving AI / edge compute, incubated)
  • No prior confirmed acquisitions — Tavily and Avride are first two
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.
  • 4/7/22 Instaclustr (managed open-source cloud data services, Canberra, Australia)
  • 10/4/21 CloudCheckr (cloud cost optimization / FinOps, Rochester, NY)
  • 2020 Spot.io ($450M, cloud compute optimization, San Francisco, CA)
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.
  • 7/31/23 Taken private by Francisco Partners and TPG ($6.5B)
  • 2022 Zebrium (ML root cause analysis)
  • 2021 Pixie Labs (Kubernetes observability)
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.
  • 6/27/24 Infinera ($2.3B, AI-optimized optical networking)
  • 11/2024 RapidAPI (API hub / AI developer infrastructure)
  • 2023 Fenix Group (private network AI services, France)
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.
  • 2024 Athenais AI (AI professional services / automation platform)
  • 2022 Nexient (AI software engineering, US, ~$400M)
  • 2021 Intelligent Medical Objects (clinical AI / NLP, $800M)
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.
  • 2021 Olivia (AI personal finance assistant, Brazil)
  • 2021 Spin Pay (AI payments infrastructure, Brazil)
  • 2019 Cognitect (Datomic distributed AI database technology)
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.
  • 2018 Frame (cloud desktops / DaaS)
  • 2018 Calm.io (infrastructure automation)
  • 2017 Netsil (application operations analytics)
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).
  • 12/24/25 Groq ($20B licensing/acqui-hire, LPU inference IP + key engineering talent, Mountain View, CA)
  • 4/24/24 Run:ai ($700M, AI workload orchestration, Tel Aviv, Israel)
  • 3/11/19 Mellanox ($6.9B, high-speed networking / InfiniBand, Yokneam, Israel)
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...
  • 8/27/25 Axiom Security (~$100M, PAM / AI agent identity)
  • 2024 Spera (identity security posture management)
  • 3/3/21 Auth0 ($6.5B, developer identity platform, Buenos Aires / San Francisco)
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.
  • 4/14/26 Hiro Finance (AI personal finance, acqui-hire)
  • 3/19/26 Astral (Python toolchain)
  • 3/9/26 Promptfoo (AI red-teaming / LLM testing)
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...
  • 5/2024 Novacoast (AI cybersecurity services / MDR)
  • 5/2024 Pillr (AI-powered MDR platform for MSPs)
  • 1/31/23 Micro Focus ($5.8B, DevOps / AI security / automation)
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.
  • 12/20/21 Cerner ($28.3B, AI-powered healthcare cloud / data platform, Kansas City, MO)
  • 4/2022 Federos (AI network / service assurance)
  • 8/2019 DataFox (AI-powered firmographic data platform, San Francisco, CA)
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.
  • 2024 Synapse Technology (AI threat detection / defense visual analysis)
  • 2022 Silk (cloud data access / AI data querying)
  • 2014 Kimono Labs (AI web data extraction)
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.
  • 2/17/26 Koi ($400M, agentic endpoint security, San Francisco, CA — announced)
  • 11/19/25 Chronosphere ($3.35B, AI observability, New York, NY — announced)
  • 7/30/25 CyberArk (~$25B, identity security, Newton, MA / Petah Tikva, Israel — announced)
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.
  • 10/2025 Visual Electric (AI image / video generation)
  • 2025 Invisible (AI data labeling / RLHF)
  • 2024 Carbon (AI research tools)
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...
  • 10/2022 Portworx ($370M, Kubernetes / cloud-native data services)
  • 2021 Compuverde (software-defined file and object storage)
  • 2020 Elastic Cloud Storage heritage (StorReduce compression AI)
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.
  • 12/10/25 Ventana Micro Systems (RISC-V CPU IP, Cupertino)
  • 12/10/25 Augentix (AI image signal processing, Taiwan)
  • 4/2025 MovianAI (generative AI / computer vision, Vietnam)
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.
  • 2024 ViXS Systems (AI video processing / media tech, Canada)
  • 2022 AIauto (AI automotive data platform, Germany)
  • 2021 Innervate (AI personalization / recommender systems)
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.
  • 2019 Haptik (conversational AI / NLP)
  • 2018 Radisys ($74M, telecom software)
  • 2017 Reverie Language Technologies (Indian NLP AI)
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...
  • 6/25/25 Predibase (agentic AI model deployment)
  • 2023 Laminar (cloud data security posture)
  • 2021 Igneous Systems (unstructured data management)
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...
  • 4/1/26 Qualified (agentic AI marketing)
  • 5/27/25 Informatica ($8B, data integration)
  • 8/1/23 Own ($1.9B, data protection)
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.
  • 9/4/24 Sonio AI ($92M, medical imaging AI, Paris, France)
  • 7/18/24 Oxford Semantic Technologies (knowledge graph AI / reasoning, Oxford, UK)
  • 11/14/16 Harman International ($8B, automotive AI / connected car / IoT, Stamford, CT)
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...
  • 5/4/26 Dremio (data lakehouse / Apache Iceberg, ~$2B, Santa Clara, CA)
  • 5/4/26 Prior Labs (tabular foundation models, €1B+ commitment, Freiburg, Germany)
  • 5/2026 Reltio (master data management, Redwood City, CA)
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...
  • 6/13/25 Meta acquired 49% stake ($14.3B, AI data labeling / RLHF infrastructure, San Francisco, CA)
  • 2023 Surge AI (crowdsourced data labeling / RLHF platform, San Francisco, CA)
  • 2022 Semantic Machines assets (conversational AI / NLP data infrastructure)
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.
  • 9/23/25 RESMAN (AI tracer / reservoir monitoring analytics)
  • 8/1/25 Stimline Digital (AI well intervention software, Calgary)
  • 2022 Aker Carbon Capture (AI-enabled carbon management)
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....
  • 8/21/25 WattBuy (AI energy management / residential electrification, Boston, MA)
  • 2/2025 Motivair ($850M, 75% stake, AI data center liquid cooling, Buffalo, NY)
  • 1/2023 AVEVA ($10.8B, industrial AI / digital twin software)
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...
  • 2/1/24 PingSafe (AI cloud CNAPP, multi-cloud security)
  • 2/2024 Stride Security (AI hyper-automation / security workflows)
  • 5/4/22 Attivo Networks ($616M, AI identity threat detection / ITDR)
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.
  • 3/3/26 Traceloop (~$60-80M, LLM observability / AI monitoring, Tel Aviv, Israel)
  • 3/2/26 Veza (identity security / AI access governance, Redwood City, CA)
  • 3/10/25 Moveworks ($2.85B, enterprise AI agent / agentic workflow automation, Mountain View, CA)
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...
  • 2024 Checkout Blocks (AI checkout personalization, Canada)
  • 5/3/22 Deliverr ($2.1B, AI-powered fulfillment / logistics, San Francisco, CA)
  • 2021 Primer.io / Global-e (AI cross-border commerce infrastructure)
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.
  • 10/30/24 Altair Engineering ($10.6B, industrial simulation AI, Troy, MI)
  • 2023 Brightly Software ($1.58B, AI asset management, Cary, NC)
  • 9/2021 Supplyframe ($700M, electronics supply chain AI, Pasadena, CA)
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...
  • 9/12/25 Altera 51% from Intel ($3.3B, FPGA / programmable AI silicon)
  • 2024 Zuora ($1.7B, AI subscription / revenue management SaaS)
  • 2023 Ant Group (strategic investment, AI fintech infrastructure)
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.
  • 12/2/24 Sapeon / Rebellions merger (~$929M, Korea's first AI chip unicorn)
  • 2023 IDQ (quantum cryptography / AI-secure comms, Switzerland)
  • No prior confirmed AI infra acquisitions — 3 total company acquisitions
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.
  • 5/28/26 Natoma (MCP governance / AI agent connectivity & observability, undisclosed)
  • 1/9/26 Observe ($800M, cloud observability / AIOps, San Jose, CA)
  • 6/2/25 Crunchy Data (enterprise Postgres / cloud-native database, Charleston, SC)
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.
  • 12/29/25 DigitalBridge ($4B, AI data center / digital infrastructure asset mgmt, Boca Raton, FL)
  • 3/19/25 Ampere Computing ($6.5B, AI server CPUs / cloud-native ARM silicon, Santa Clara, CA)
  • 3/2024 Graphcore (IPU AI accelerator technology / talent, Bristol, UK)
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.
  • 2025 Versent Group (75% stake, AI cloud / managed services, Australia)
  • 7/17/24 in-tech Holding (€465M, AI embedded / engineering R&D, Germany)
  • 5/10/24 InSemi Technology Services (AI semiconductor design services, India)
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.
  • 2/4/26 Silicon Labs ($7.5B, edge-AI / IoT connectivity)
  • 2021 Micron wireless connectivity assets
  • 2011 National Semiconductor ($6.5B, analog chips)
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...
  • 12/10/25 Verint ($2B, AI CX automation platform)
  • 12/9/25 PROS Holdings ($1.6B, AI pricing / revenue management)
  • 4/26/24 Darktrace ($5.3B, AI cybersecurity)
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...
  • 1/2025 SafeSend ($600M, AI tax automation / e-signature)
  • Q3/2024 Materia (agentic AI for tax / audit / accounting)
  • 2/26/24 Pagero (~$800M, AI e-invoicing / indirect tax network)
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.
  • 2021 RD Station ($305M, AI marketing automation platform, Brazil)
  • 2021 Supplier (AI procurement intelligence platform, Brazil)
  • 2020 Consinco (AI retail / ERP platform, Brazil)
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,...
  • 2/2023 Anlyz (AI SOC / threat detection platform, Bengaluru)
  • 10/2019 Cloud Conformity ($70M, AI cloud security posture mgmt)
  • 11/2017 Immunio (AI application runtime security)
93. Twilio
Cloud & Infrastructure
San Francisco, CA
 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...
  • 10/30/25 Stytch (AI agent identity / auth, San Francisco, CA)
  • 10/12/20 Segment ($3.2B, customer data platform, San Francisco, CA)
  • 10/15/18 SendGrid ($3B, email infrastructure, Denver, CO)
94. UiPath
Agentic AI & Automation
New York, NY
 Transitioning from RPA to AI-native agentic automation with Autopilot AI and AgentX. Competes with ServiceNow and Automation Anywhere for enterprise AI agent infrastructure.
  • 2/6/26 WorkFusion (AI agents for financial crime compliance)
  • 3/12/25 Peak (AI inventory / pricing optimization, UK)
  • 2022 reinfer (NLP / AI document processing)
95. Vertiv
Enterprise AI Ops
Columbus, OH
 $9B+ revenue, growing 20%+ from AI data center demand. NVIDIA preferred infrastructure partner. Acquires power management software, thermal AI, and data center monitoring tools.
  • 2022 STS Power ($1.8B+, UPS / power systems)
  • 2022 E+I Engineering (power distribution, Ireland)
  • 2021 Energy Labs (precision cooling for data centers)
96. Wipro
IT Services & Physical AI
Bengaluru, India / East Brunswick, NJ
 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.
  • 8/21/25 HARMAN DTS (~$314M, AI digital engineering / IoT)
  • 2023 Rizing (SAP / AI enterprise consulting)
  • 2022 Edgile (AI cybersecurity consulting)
97. Workday
Enterprise Software & AI
Pleasanton, CA
 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.
  • 11/2025 Pipedream (cloud API integration)
  • 11/4/25 Sana Labs ($1.1B, enterprise AI knowledge / agents)
  • 8/2025 Flowise (AI agent builder)
98. xAI / SpaceX (Elon Musk)
Hyperscalers & Frontier Labs
San Francisco, CA / Memphis, TN
 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.
  • 2/2/26 SpaceX acquired xAI ($1.25T combined valuation)
  • 3/28/25 X Corp ($33B, data / social distribution platform)
  • 3/17/25 Hotshot (AI video generation tools)
99. Zendesk
Cloud & Infrastructure
San Francisco, CA
 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.
  • 3/2026 Forethought AI (AI CX agents)
  • 12/19/25 Unleash (enterprise AI search / RAG)
  • 7/2025 HyperArc (GenAI-powered analytics)
100. Zscaler
AI Security
San Jose, CA
 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.
  • 2/2026 SquareX (browser-based AI data security)
  • 11/4/25 SplxAI (AI security / LLM red-teaming)
  • 2024 Red Canary (MDR / cloud threat detection)