The 10 Biggest Tech M&A Deals Of 2025

Major IT companies and solution providers looking to expand their technology portfolios—with AI frequently a driving factor—accounted for many of the biggest acquisitions this year. Here’s a look at the biggest tech industry mergers and acquisitions that have been announced, completed or are still in the works as 2025 comes to a close.

Wheelin’ And Dealin’

The AI wave continues to transform the IT industry and in 2025 it has certainly been a major driver for many of the big-ticket merger and acquisition deals that were either announced or concluded in 2025.

This year saw a number of significant acquisition deals involving both IT vendors and solution providers. Most notable were Google’s plan to buy cloud security superstar Wiz for a mind-boggling $32 billion and the completion of HPE’s $13.4 billion acquisition of Juniper Networks.

Established IT companies snapped up startups with leading-edge AI technology as they look to quickly bolster their product portfolios with AI capabilities and expertise.

Capgemini, for example, completed a $3.3 billion deal to acquire India-based WNS in a significant play to build scale with the business process services needed to provide agentic AI services. Cisco, meanwhile, is buying enterprise AI platform company NeuralFabric in a deal announced in November, while Intel is reportedly looking to acquire AI chip developer SambaNova Systems.

Other examples include HP Inc.’s purchase of the software and intellectual property assets from Humane, Datadog’s acquisition of Metaplane and Alation’s deal to buy Numbers Station.

Cato Networks expanded into AI security with September purchase of startup Aim Security while Check Point Software Technologies completed its acquisition of AI security startup Lakera in November.

The cybersecurity space, which some observers have said is ripe for consolidation, saw a great deal of merger and acquisition activity in 2025. In addition to the mega-billions deals listed in this slideshow, other IT security industry acquisitions include Proofpoint’s $1.8 billion acquisition of Microsoft 365 security specialist Hornetsecurity, Sophos’ completion of its $859 million acquisition of XDR specialist Secureworks, Arctic Wolf’s $160 million purchase of endpoint security provider Cylance, F5’s $180 million acquisition of CalypsoAI, Okta’s acquisition of privileged access management startup Axiom, and Zscaler’s acquisitions of Red Canary and SPLX.

Cybersecurity giants Palo Alto Networks and CrowdStrike struck multiple acquisition deals in 2025 with the latter moving to acquire next-generation SIEM developer Onum in August and AI security provider Pangea in September.

Established IT vendors acquired companies to expand their expertise in specific market segments. IBM, for example, increased its capabilities in digital transformation for customers in regulated industries with its agreement to buy SAP services partner Cognitus.

While dollar value is certainly a factor in the following ranking, some mergers and acquisitions have a greater impact on the IT industry in general—and the channel in particular—and that figures into the rankings. In many cases the price tag of the acquisition is not disclosed.

Some 10-figure acquisition deals that just missed making this list but were nevertheless significant include the aforementioned Proofpoint deal to buy Hornetsecurity and Databricks’ $1 billion purchase of database startup Neon in May.

Even mergers and acquisitions that are rumored—and in some cases never happen—can be big news in the IT industry. In early December reports surfaced that ServiceNow was in talks to buy cyber exposure management vendor Armis in a deal that could be valued at up to $7 billion—which would put it high up on this year’s M&A list should it happen.

In a sign of IT industry dynamics, this list has been updated from the “10 Biggest Tech M&A Deals (So Far)” list CRN ran in August. A couple of big-ticket acquisition deals announced since then knocked two major deals of the Top 10 list: World Wide Technology’s $1.3 billion purchase of Softchoice in March and Lenovo’s agreement to acquire Infinidat (price undisclosed).

Here’s a look at the IT industry’s biggest acquisition deals in 2025, starting with No. 10 and working up to No. 1. Some deals were announced last year and were completed this year. Others have been announced but are still working their way through regulatory and/or shareholder approvals before they wrap up—some not expected to do so until 2026.

No. 10: Qualcomm Counting On $2.4B Alphawave Semi Buy For Data Center Push

Just one month after confirming a plan to resume designing and selling server CPUs, Qualcomm on June 9 announced a $2.4 billion deal to buy London-based chip designer Alphawave Semi.

Qualcomm said the move would accelerate its expansion into the data center market, particularly for AI inferencing tasks. While Qualcomm has been selling its Cloud AI 100 processors for AI inference workloads in data centers for years, the company confirmed in May that it had wider ambitions in the market with a plan to sell server CPUs.

San Diego-based Qualcomm said that Alphawave Semi’s high-speed wired connectivity and compute technologies would complement its next-generation Oryon CPU and Hexagon NPU processors.

The acquisition is expected to close in the first quarter of 2026, subject to regulatory approvals, approval by Alphawave Semi’s shareholders and other conditions.

Qualcomm was active on the acquisition front in 2025. In October the chip designer announced a deal to buy open-source hardware and software company Arduino, in a move to boost its edge computing business. And in early December Qualcomm said it had acquired Ventana Micro Systems, a startup focused on developing server CPU technology based on the RISC-V instruction set architecture.

No. 9: Capgemini’s Planned $3.3B Buy Of WNS Targets Agentic AI Expansion

On Oct. 17, global business and technology services provider Capgemini completed a $3.3 billion deal to acquire India-based WNS in a significant play to build scale with the business process services needed to provide agentic AI.

Capgemini initially announced the deal to buy WNS on July 7.

Paris-based Capgemini, ranked No. 4 on CRN’s 2025 Solution Provider 500, is a $23 billion global business and technology transformation company with a focus on AI, GenAI, cloud and data. WNS, headquartered in New York, London and Mumbai, is a $1.3 billion global provider of business process management and business transformation services.

Through the all-cash transaction Capgemini paid WNS stockholders (U.S.) $76.50 per share for a final price tag of $3.3 billion.

With the acquisition a done deal, Capgemini, in a press statement, described itself as well-positioned to be “a global leader in ‘intelligent operations’ to capture clients’ investment in agentic AI to transform their end-to-end business processes.”

“Capgemini and WNS share a common vision of the potential of agentic AI to transform our clients’ business operations,” said Aiman Ezzat, Capgemini CEO, in the statement.

“By combining Capgemini’s global reach, strategy and transformation capabilities, technology and AI leadership with WNS’s industry expertise and platforms, we’re uniquely positioned to help our clients reinvent their business processes end-to-end and lead in their market,” the CEO said. “We can now move forward in building together a global leader in Intelligent Operations.”

No. 8: Palo Alto Networks To Acquire Chronosphere For $3.3B, Boosting AI Observability

Cybersecurity powerhouse Palo Alto Networks was especially active on the acquisition front in 2025. On November 19, the company said it had reached a deal to acquire observability platform provider Chronosphere for $3.35 billion, with an eye toward addressing major observability challenges due to the growth of AI adoption.

The deal is targeted at helping customers and partners to meet observability needs in the era of AI, Palo Alto Networks CEO Nikesh Arora said during a quarterly earnings call.

“The 17-year-old observability industry was not designed for the AI era,” Arora said. Chronosphere is a provider of “next-generation observability” with a platform that is “always-on,” he said.

With the planned acquisition of Chronosphere — which is expected to close during the second half of Palo Alto Networks' fiscal 2026, which ends July 31 — Chronosphere will be combined with the vendor’s AgentiX platform, which enables building and governing of AI agents.

Ultimately, “AI requires always-on, comprehensive observability at gigawatt-scale. The challenge so far has been that full observability is cost prohibitive for the customer,” Arora said. “The observability solution for Chronosphere has already been deployed and has demonstrated scale at a large frontier model, where they continue to move workloads across.”

Chronosphere, headquartered in New York City, will continue to be run independently following the closing of the acquisition, Arora said.

No. 7: AMD Completes $4.9B ZT Systems Acquisition, Gains ‘Rack-Level Expertise’ For AI Solutions

Taking its competition against Nvidia to a new level, AMD completed its acquisition of ZT Systems on March 31, a move AMD said would allow it to combine ZT Systems’ “industry-leading systems” and “rack-level expertise” with its own portfolio of processors and networking silicon to offer a “new class of end-to-end AI solutions.”

The acquisition, initially announced in August 2024, had a $4.9 billion price tag. The move is seen as a way for AMD to better compete with Nvidia in data centers, particularly among hyperscalers and enterprise customers.

In May AMD said it would sell ZT Systems’ server manufacturing unit to Sanmina for $3 billion. Sanmina will become a preferred new product introduction manufacturing partner for Nvidia’s cloud rack and cluster-scale AI solutions. AMD retained ZT Systems’ rack-scale AI solutions design and customer enablement teams,

AMD has sought to challenge Nvidia’s AI dominance with a number of acquisitions this year. On May 28 AMD announced the acquisition of silicon photonics startup Enosemi whose technology provides the faster, more efficient data movement needed by AI models. And on June 4, AMD said it had acquired Brium, a startup that specializes in AI software optimization.

No. 6: IBM Closes $6.4B HashiCorp Deal After Extra Scrutiny Overseas

In February, IBM completed its $6.4 billion acquisition of HashiCorp, a San Francisco-based provider of software and tools used to provision, manage and secure cloud infrastructure.

IBM is leveraging HashiCorp’s technology, including its Terraform and Vault products, to expand its offerings in cloud infrastructure and security life-cycle management automation, infrastructure provisioning, multi-cloud management, consulting and artificial intelligence, among other areas.

HashiCorp’s products are now available through IBM’s automation software portfolio. IBM is also combining Vault with its Red Hat subsidiary’s OpenShift to boost that product’s secrets management and security capabilities.

IBM initially announced the deal to buy HashiCorp in April 2024 and said it expected to complete the acquisition by the end of the year. But in December the U.K.’s Competition and Markets Authority watchdog agency launched a merger inquiry into whether the acquisition would hurt competition.

IBM has been active on the acquisition front this year. In January, the company struck a deal to acquire Applications Software Technology, a consulting firm in the Oracle cloud applications space. In February, IBM announced a deal to buy AI and data management platform provider DataStax (the acquisition closed May 28). And in April it bought Hakkoda, a global data and AI consultancy.

No. 5: Salesforce Looks To Boost Its Data Management Capabilities For AI With $8B Informatica Purchase

Cloud application giant Salesforce is going big on agentic AI and the company knows that requires a foundation of trusted data. That was the motivation behind the company’s $8 billion acquisition of Informatica, a leading developer of data integration, data catalog, master data management, and data quality and governance software.

Salesforce said the acquisition, completed on Nov. 18, will help the cloud software giant establish “a unified and comprehensive data foundation for agentic AI.”

“You have to get your data right to get your AI right,” Salesforce CEO Marc Benioff said in a statement at the conclusion of the acquisition deal. “Data and context is the true fuel of Agentforce, and without clean, connected, trusted data there is no intelligence – only hallucination. Informatica is the trusted platform that turns fragmented enterprise data into context, so every agent can reason, act, and deliver outcomes with precision. When companies get their data right, they get their AI right, and Agentforce becomes unstoppable."

Salesforce, headquartered in San Francisco, and Informatica, based in Redwood City, Calif., announced the acquisition deal on May 27 under which holders of Informatica’s Class A and Class B-1 common stock were to receive $25 in cash per share.

Reports had circulated in 2024 that the two companies were in discussions about a possible acquisition.

As the acquisition wound its way through various closing steps and regulatory approvals, Informatica continued to innovate around its core platform, the Intelligent Data Management Cloud, and in May introduced the AI Agent Engineering service for linking and managing networks of AI agents. Shortly before the acquisition closed Informatica reported revenue of $439.2 million from its third quarter (ended Sept. 30), up 2.2 percent year over year, including a 29.5 percent increase in cloud subscription annual recurring revenue.

In addition to the Informatica purchase, Salesforce was very active on the acquisition front in 2025. On Aug. 7, it signed an agreement to buy Waii, which develops a natural language-to-SQL platform, and on Aug. 13 it bought Bluebirds, a provider of AI-powered sales prospecting software. Just days before wrapping up the Informatica acquisition Salesforce signed definitive agreements to buy Spindle AI, which develops a leading agentic analytics platform, and Doti, an agentic enterprise search technology provider.

No. 4: IBM Strikes $11B Deal To Buy Streaming Data Tech Developer Confluent

On Dec. 8, IBM said it had struck a deal to buy real-time data streaming platform developer Confluent in a deal valued at $11 billion, making it one of the biggest acquisitions announced in 2025.

The move comes as AI applications and agents are increasing the demand for trusted data, often in real-time.

IBM plans to combine the Confluent platform with its AI infrastructure software and automation system and provide an “end-to-end platform for businesses to connect, process and govern data for applications and AI agents,” IBM said.

“IBM and Confluent together will enable enterprises to deploy generative and agentic AI better and faster by providing trusted communication and data flow between environments, applications and APIs. Data is spread across public and private clouds, datacenters and countless technology providers,” said IBM President and CEO Arvind Krishna, in a press statement announcing the acquisition. “With the acquisition of Confluent, IBM will provide the smart data platform for enterprise IT, purpose-built for AI.”

Confluent, based in Mountain View, Calif., develops a series of products used to collect, process and manage continuous flows of real-time data from multiple sources—data in motion, as Confluent refers to it—for operational applications, data analysis and, more recently, artificial intelligence applications and AI agents.

“The real-time nature of Confluent’s platform is critical for organizations as they leverage data living across all IT environments,” the two companies said in the press statement. “Confluent addresses the challenges of today’s technology and data landscape. Confluent excels at preparing data for AI, keeping it clean and connected across systems and applications, eliminating silos inherent in agentic AI. In the last four years alone, Confluent’s total addressable market has doubled from $50 billion to $100 billion in 2025.”

“Confluent’s real-time data and event streaming capabilities, combined with IBM’s AI infrastructure software and automation offerings, will better position the companies to capture this opportunity,” the companies said, while not disclosing IBM’s detailed plans for Confluent once the acquisition is complete.

IBM is paying $31 per share for all issued and outstanding common shares for publicly held Confluent. That represents a nearly 34 percent premium over the $23.14 closing price for Confluent’s shares on Friday, Dec. 5.

The companies expect to close the acquisition by mid-2026. IBM’s board of directors and Confluent’s board of directors, as well as an independent special committee at Confluent, have approved the deal.

The deal is subject to approval by Confluent shareholders, regulatory approvals and other customary closing conditions. Confluent’s largest shareholders and investors, who collectively hold about 62 percent of the company’s outstanding stock, have agreed to vote their shares in favor of the acquisition.

No. 3: Palo Alto Networks To Buy CyberArk In $25 Billion Deal

On July 30, Palo Alto Networks announced an agreement to acquire identity security powerhouse CyberArk for approximately $25 billion. If completed, it would be the biggest acquisition in Palo Alto Network’s history and one of the largest M&A deals in the security industry to date.

The acquisition aims to provide a crucial missing piece within Palo Alto Network’s broad cybersecurity platform, according to industry analysts, and would mark the company’s formal entry into the identity security space.

Palo Alto Networks CEO Nikesh Arora called CyberArk the “definitive leader” in the fast-growing identity security space. During an earnings call following the acquisition announcement, Arora said that with CyberArk he saw a massive opportunity to meet both the identity security needs of today as well as security requirements for the coming wave of agentic AI.

The deal is expected to close during the second half of Palo Alto Networks’ fiscal 2026, which ends July 31, 2026.

In February, before the Palo Alto Networks-CyberArk deal was struck, CyberArk itself acquired identity governance startup Zilla for up to $175 million.

(On July 22 Palo Alto Networks said it had completed its acquisition of Protect AI, a startup developer of technology to secure AI applications and models. That deal, first announced April 28, is expected to strengthen Palo Alto Networks’ position in AI security posture management.)

No. 2: Google Closes In On Buying Cloud Security Startup Wiz For $32B

On March 18, Google parent Alphabet announced that it had inked a definitive agreement to acquire Wiz, a high-flying startup in the cloud security space, for a whopping $32 billion in an all-cash deal.

If and when the acquisition—the largest in Google’s history—is completed, Wiz will become part of Google Cloud, Google’s $48 billion cloud business.

Google has said the acquisition will accelerate two significant and growing trends in the AI era that Google Cloud is driving: improved cloud security and the ability to implement and use multi-cloud architectures.

“Wiz and Google Cloud share a vision to improve security by making it easier and faster for organizations of all types and sizes to protect themselves, end-to-end, across all major clouds,” Google Cloud CEO Thomas Kurian said in a blog post announcing the acquisition deal.

The acquisition faced potential hurdles from regulators: In June published reports said the U.S. Department of Justice was reviewing whether the acquisition would limit competition in the cloud security space.

But in October the DOJ ended its review of the deal and in November Wiz CEO Assaf Rappaport said Google and Wiz expect to complete the acquisition in 2026. Google faced the prospect of having to pay a $3.2 billion breakup fee, approximately 10 percent of the deal value, if regulators block the acquisition.

Wiz, meanwhile, isn’t sitting idle. On Dec. 1 the company unveiled a refreshed Wiz Partner Alliance program with a dedicated services track with the goal of deepening its channel engagement.

Alphabet and Wiz were first reported to be in acquisition talks in 2024 with a reported price tag of $23 billion. But those discussions broke off without a deal—reportedly because Wiz wanted to remain independent.

No. 1: HPE Completes $13.4B Acquisition of Juniper Networks

On July 2, HPE ended its long road to complete its $13.4 billion acquisition of networking products provider Juniper Networks. HPE CEO Antonio Neri declared that day the start of a “new era” for HPE as Juniper became a wholly owned subsidiary of the company.

HPE announced the deal to buy Sunnyvale, Calif.-based Juniper on Jan. 9, 2024, setting up a competitive battle with Cisco Systems for dominance in the AI networking arena. Juniper was especially strong with its service provider and campus networking businesses as well as its acclaimed Juniper Mist AI portfolio.

But the acquisition plan ran into problems in January of this year when the U.S. Department of Justice sued to halt the deal, claiming the acquisition would “reduce competition and weaken innovation.”

HPE and Juniper called the lawsuit “fundamentally flawed,” setting off about five months of legal wrangling between the companies and the DOJ. All the while CEO Neri expressed confidence that the acquisition would get done.

On June 27, the DOJ agreed to settle the case under an agreement that required the combined HPE-Juniper to license the source code for Juniper’s Mist AIOps software used in Juniper’s WLAN products and to divest HPE’s Instant On wireless networking business.

“Our agreement with the DOJ paves the way to close HPE’s acquisition of Juniper Networks and preserves the intended benefits of this deal for our customers and shareholders, while creating greater competition in the global networking market,” Neri said in a prepared statement announcing the settlement. “For the first time, customers will now have a modern network architecture alternative that can best support the demands of AI workloads. The combination of HPE Aruba Networking and Juniper Networks will provide customers with a comprehensive portfolio of secure, AI-native networking solutions and accelerate HPE’s ability to grow in the AI data center, service provider and cloud segments.”

HPE and Juniper, the latter now under the name “HPE Juniper Networking,” are now taking steps to leverage the combination of the two companies. Former Juniper Networks CEO Rami Rahim is now president and general manager of HPE’s $9.6 billion networking business and Juniper channel chief Gordon Mackintosh was named vice president, worldwide channel and partner ecosystem networking sales for HPE.

The stakes are high for HPE: In September, Pat O’Dell, HPE Partner Advisory Council chief, said a poll from the advisory group showed that successfully integrating HPE and Juniper was the number one issue for the organization’s 25 elite partners.

On Dec. 3, HPE unveiled the first new products combining technologies from the Juniper Mist and HPE Aruba Networking portfolios, including a dual platform Wi-Fi 7 Access Point. The new combined HPE Aruba and Juniper product barrage moves key AI networking capabilities from Juniper Mist to HPE Aruba Networking Central and at the same time moves HPE Aruba AI technology to Mist.