May 2026 Technology and Consulting Services M&A Update

May 2026 activity in technology and consulting services spanned data and AI platforms, managed services and cloud, cybersecurity, enterprise applications and HCM, and healthcare and life sciences, with both financial sponsors and strategic buyers active across North America and Europe. Buyers continued to consolidate around AI-enabled delivery, cloud and Microsoft- and Oracle-ecosystem capabilities, and sector-focused expertise in healthcare and life sciences.

Data, AI, and Digital Platforms

OpenAI Deployment Company agreed to acquire Tomoro, a UK-based AI deployment and workforce transformation consultancy, in a founding acquisition aimed at helping enterprises operationalize AI across their workforces.

Tribe AI, an AI consulting and talent platform, acquired Candor, a boutique recruiting firm specializing in forward-deployed AI engineers, and established a Lisbon-based European office to scale its talent network.

Bounteous, backed by New Mountain Capital, acquired Cartesian, a London-based technology, media, and telecom specialist consultancy with data science and analytics capabilities, creating a combined organization of more than 5,000 specialists.

FortyAU, a Nashville-based firm backed by ASH Investment Partners, acquired Ronin Consulting, an engineer-founded software engineering and AI development firm serving healthcare, financial services, and defense clients, expanding FortyAU’s AI and data capabilities and engineering talent.

Exadel acquired Tangent, a UK-based digital experience consultancy focused on UX and product design, AI-powered digital experiences, and marketing technology, with the two firms planning a joint AI accelerator.

Performance Improvement Partners, a technology-focused M&A advisory and IT consulting firm serving middle-market private equity, acquired AlphaAdvisors, an AI and data advisory firm, whose co-founders will lead the combined firm’s AI and Data practice.

Cyient signed a definitive agreement to acquire TAO Digital Solutions, a Santa Clara-based AI-native data and product engineering firm with more than 3,500 experts across the U.S., Canada, India, Taiwan, and Europe, expanding Cyient’s AI-native engineering scale and North American footprint across the automotive, hi-tech, and healthtech sectors.

Databricks Ventures, together with Tquila, which led the round, made a Series A investment in v4c.ai, a Scottsdale-based pure-play Databricks services partner with more than 400 data and AI professionals specializing in data engineering, machine learning, and generative AI within the Databricks Lakehouse ecosystem.

Managed Services and Cloud Infrastructure

NTT DATA signed an agreement to acquire WinWire, a Santa Clara-based Microsoft partner specializing in agentic AI and AI delivery on Azure, Fabric, and Foundry, with more than 1,000 Azure engineers; WinWire will join NTT DATA’s Microsoft Cloud business unit.

Harbor IT acquired ComTech Computer Services, a North Carolina-based managed services provider founded in 1990, in its ninth acquisition, expanding its footprint across the Southeast and the Research Triangle.

5Q Partners, an Atlanta-based provider of managed IT and OT services exclusively for the commercial real estate sector, received a platform investment from Stone-Goff Partners and concurrently acquired One11 Advisors, a proptech advisory and application support firm.

Cybersecurity

AYCE Capital, a Canadian acquirer of managed service providers, acquired Kernel Advisory, a Toronto-based cybersecurity advisory firm offering M&A cyber due diligence, virtual CISO, managed security operations, offensive security, and incident response, deepening AYCE’s cybersecurity capabilities across North America, the UK, and Europe.

ERP, Enterprise Applications, and HCM

Argano acquired Ascend, one of the largest exclusive UKG partners in North America with more than 130 consultants, expanding Argano’s UKG Pro workforce management and HCM capabilities.

Argano also acquired Gaea Global Technologies, an Oracle partner specializing in Oracle Primavera project portfolio management and supply chain solutions, continuing a steady cadence of acquisitions.

Grant Thornton Advisors, backed by New Mountain Capital, signed an agreement to acquire MCA Connect, a Denver-based Microsoft Dynamics 365 consultancy serving manufacturing and distribution clients, with the transaction expected to close in summer 2026.

Alpha FMC, backed by Bridgepoint, agreed to acquire Elgin White, a London-based investment technology consultancy with a Charles River Development practice focused on investment platform transformation, marking Alpha’s second acquisition within a month.

Healthcare and Life Sciences

VMG Health, backed by Incline Equity Partners, acquired Community Link Consulting, a healthcare consulting firm focused on federally qualified health centers and community health centers, with services spanning revenue cycle management, Medicare and Medicaid cost reporting, grant management, and compliance.

Med Tech Solutions, backed by Silversmith Capital Partners, acquired Avarion (formerly Huntzinger Management Group), a Best in KLAS healthcare IT advisory firm specializing in EHR strategy and implementation, revenue cycle, and analytics.

Impact Advisors acquired Canopii Collaborative, a healthcare consulting firm specializing in Epic payer (Tapestry) implementations, revenue cycle operations, and application managed services.

Red Iron Group made a growth investment in Engine Room, a provider of outsourced finance and accounting services exclusively for venture-backed life sciences companies, with capabilities across GAAP accounting, FP&A, clinical trial and grant accounting, and equity administration.

Carlyle acquired majority stakes in Knack RCM and EqualizeRCM simultaneously, combining the two into an AI-native global healthcare revenue cycle management platform, with the founders reinvesting alongside Carlyle.

Achieve Partners invested in Celito Tech, a Palo Alto-based life sciences consulting firm providing clinical quality assurance, regulatory and audit readiness, medical affairs enablement, enterprise application management, cybersecurity, and cloud migration services, through its Workforce II Fund.

Consulting and Advisory Services

Sikich, which holds a minority investment from Bain Capital, acquired the U.S. operations of Jefferson Wells from ManpowerGroup for $100 million, adding risk and compliance, finance and accounting, and tax advisory services along with more than 300 professionals.

Ascend, backed by Alpine Investors, added William Vaughan Company, a Maumee, Ohio-based IPA 100 accounting and advisory firm with FY24 net revenue of $24.7 million; tax and advisory services will be delivered through Ascend-affiliated WVC Advisors, while attest services continue through an independently owned CPA firm.

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.