December 2025 Technology and Consulting Services M&A Update

December activity in technology and consulting services was anchored by strategic buyers scaling AI-native delivery and data/analytics platforms, alongside continued financial sponsor appetite for recurring-revenue managed IT and security platforms. Consolidation also remained active across ecosystem-aligned services (Salesforce, ServiceNow, and Microsoft), with selective vertical expansion in healthcare operations and regulated-industry consulting.

Data, AI, and Digital Platforms

Coforge announced its ~$2.35B acquisition of Encora, an AI-native software engineering and digital services firm with cloud, data, and AI capabilities (including the AIVA composable agentic AI platform) and a nearshore LATAM delivery footprint, to create an AI-led tech services platform and expand Coforge’s U.S. and LATAM scale.

HCLSoftware (HCLTech) announced its acquisition of Jaspersoft, an embedded analytics and reporting platform, to broaden its Data & AI portfolio with embedded BI and strengthen end-to-end data management and AI-powered analytics capabilities.

HCLSoftware (HCLTech) also acquired Wobby, a Belgian startup building agentic AI “data analyst” agents for natural language analytics and semantic-layer driven self-service BI, adding LLM-powered analytics workflows to its Data & AI division.

KMS Technology (backed by Sunstone Partners) acquired Addepto, a Poland-based AI and data consulting firm with blue-chip enterprise clients in industrial and automotive markets, to expand KMS’s global AI/data delivery capacity and deepen its European presence.

Ateko (backed by Bell Canada) acquired SDK Tek, a Canadian data engineering and analytics integration provider serving enterprise and public-sector clients, to strengthen secure AI/data engineering delivery and advance sovereign AI infrastructure capabilities in Canada.

PROLIM acquired Kasmo Digital to accelerate the development and delivery of agentic AI solutions for digital transformation, automation, and enterprise decision support.

Systems Limited acquired Confiz, a global digital transformation and technology consulting firm with cloud, data analytics, and enterprise application capabilities, to expand its footprint in North America and Europe and deepen its cloud-and-data services bench.

Nagarro acquired Charles Hudson Technology Solutions (CHTS), a U.S.-based quality engineering and testing specialist for digital commerce and retail, to broaden Nagarro’s U.S. retail/CPG presence and enhance quality engineering delivery.

Virtusa acquired Valentia Partners, a UK/Ireland consultancy focused on financial services, digital assets, and regulatory advisory, expanding Virtusa’s European presence and adding domain-led consulting capabilities in regulated financial services.

Summit added HorizonIQ to expand its technology consulting and digital transformation capabilities, strengthening its ability to support client modernization programs across cloud and infrastructure.

Managed Services & Cloud Infrastructure

Accenture agreed to acquire a 65% stake in DLB Associates, a U.S.-based data center engineering and consulting firm, to expand end-to-end data center development and AI infrastructure capabilities spanning site selection, design, commissioning, and energy optimization.

Broadwing Capital acquired CloudScale365, a U.S.-based managed IT, cloud, hosting, and security provider, as the foundation for a new MSP platform focused on scalable go-to-market execution and vertical specialization (including finance, healthcare, and legal).

RFE Investment Partners and Mansfield Investment Partners backed the launch of NuView, a unified managed IT and cybersecurity platform formed by combining Beyond Secure, Trusted Internet, NuView Advisors, and AIQL, positioning the platform to serve regulated industries and pursue further consolidation.

HCLTech agreed to acquire HPE’s Telco Solutions business to expand its telecom network software and services portfolio across 5G, core/edge networks, OSS/BSS, and network automation for global telecom operators.

CGI acquired Online Business Systems, a Canadian IT and business consulting firm with digital transformation, cybersecurity, cloud, and managed services capabilities, strengthening CGI’s Canadian footprint and expanding presence in Winnipeg.

Clairvest completed a recapitalization and exit of Canadian MSP F12.net (with the new private equity sponsor not disclosed), reporting a 4.6x MOIC and 35% IRR; the transaction was valued at approximately $163M.

Cybersecurity

Corporate Technologies acquired Cloud Compliance Solutions, a provider focused on cloud security, compliance, and managed IT services, expanding its capability set around regulatory requirements and cloud risk management.

ARETUM (a Renovus Capital portfolio company) acquired Veterans Engineering, a federal IT services provider specializing in cybersecurity and cloud modernization, broadening ARETUM’s secure delivery capabilities for U.S. government clients.

Ecosystem Partners and Enterprise Applications

NTT DATA acquired The Cloud People Group, a European ServiceNow partner providing end-to-end ServiceNow transformations and 24/7 managed services, to expand ServiceNow delivery capabilities across Europe.

Tata Consultancy Services (TCS) announced a $700M all-cash acquisition of Coastal Cloud, a U.S.-based Salesforce consulting partner, strengthening TCS’s Salesforce-led cloud transformation capabilities in North America and adding scaled implementation and managed services capacity.

IGT Solutions (backed by EQT Group) acquired Yexle Limited, a UK-based digital transformation and technology consulting firm specializing in Appian driven solutions, expanding IGT’s global delivery footprint and reinforcing AI-enabled transformation execution.

Court Square Capital Partners invested in AVANT, a technology services distributor and IT decision enablement platform, alongside Pamlico Capital Partners (which reinvested), to support continued platform investment and expansion of AVANT’s partner network.

ERP, HCM, and HR and Workforce Platforms

Pine Services Group (Alpine Investors) acquired Inixion, a UK-based Sage ERP consultancy specializing in Sage X3 and Sage Intacct, expanding Pine’s UK/Europe ERP presence and strengthening cross-Atlantic implementation delivery.

Longshore Capital Partners invested in Enavate, a leading Microsoft Dynamics partner focused on ERP/CRM and cloud migration, to support continued growth, expanded service offerings, and accelerated go-to-market in the Microsoft ecosystem.

Healthcare and Life Sciences

Accordion acquired Pinnacle Healthcare Advisors, a revenue cycle management (RCM) consultancy with Epic and Meditech expertise, to expand Accordion’s RCM Center of Excellence and strengthen combined operational and technical capabilities supporting provider financial performance.

Intandem Capital invested in The Phia Group, a healthcare cost containment platform (subrogation, overpayment recovery, plan document drafting, and consulting), to support growth, technology investment, and expanded service offerings across healthcare payers and administrators.

This material is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. All information is based on publicly available sources believed to be reliable and may include statements from company press releases and other public communications.