The technology sector enters 2026 with positive expectations in the field of mergers and acquisitions (M&A), following a year marked by significant transactions among major European software players. Consolidation is expected to remain one of the key drivers of the market, particularly in segments where scale, specialisation and the integration of capabilities are critical to competing effectively.

Consolidation among leading software platforms

Over the past year, the market has witnessed strategic transactions between European software platforms, such as Namirial and Signaturit or CoverManager and Zenchef. These deals point to a scenario in which new transactions between large software players are likely to take place in 2026, aimed at strengthening market positioning, expanding geographic reach and consolidating specific verticals.

The search for scale, efficiency and technological differentiation will continue to drive these transactions in an increasingly competitive and demanding environment.

Verticals expected to remain particularly active

Looking ahead to 2026, heightened activity is expected in several verticals, notably compliance, transport and healthcare. These segments combine structural growth, increasing regulation and strong demand for specialised technology solutions, making them priority areas for M&A activity.

Technology applied to these verticals is expected to continue attracting both strategic buyers and financial investors, particularly platforms with the ability to scale and consolidate fragmented markets.

Technology services and consulting: continued activity with a focus on the lower mid-market

Within technology services and consulting, large transactions were once again completed in 2025, following the path set by deals involving Babel and Seidor in 2024. However, the outlook for 2026 suggests that market dynamism will be concentrated primarily in the lower mid-market.

This segment offers significant growth potential, driven by market fragmentation and opportunities to build specialised platforms through consolidation and inorganic growth strategies.

An active and selective market

Overall, Tech M&A in 2026 is expected to remain active and selective, with transactions focused on software, verticalised solutions and technology services, and with the lower mid-market playing an increasingly central role as a source of new opportunities.