According to CRN, the tech M&A landscape in 2025 was dominated by AI-driven consolidation, headlined by Google’s planned $32 billion acquisition of cloud security superstar Wiz and the completion of HPE’s $13.4 billion buy of Juniper Networks. Other major moves included Capgemini’s $3.3 billion deal for India-based WNS, Cisco’s announced purchase of NeuralFabric, and Intel’s reported pursuit of AI chip developer SambaNova Systems. The cybersecurity space saw a frenzy of activity, with Proofpoint buying Hornetsecurity for $1.8 billion and giants like Palo Alto Networks and CrowdStrike striking multiple deals, including CrowdStrike’s acquisitions of Onum and Pangea. Rumors also swirled in December about a potential $7 billion deal between ServiceNow and Armis, which could reshape the list if finalized.
The AI Gold Rush Is a Buying Spree
Here’s the thing about 2025: nobody has time to build. The pressure to integrate generative AI, agentic workflows, and specialized silicon is just too intense. So the big players opened their wallets. We’re not talking about tucking in a cute little startup for pocket change. These are foundational, multi-billion dollar bets on entire capabilities. Google buying Wiz isn’t just about security; it’s about making Google Cloud the default safe haven for AI workloads. HPE+Juniper is a direct shot at Cisco’s networking dominance, with AI-driven network management as the prize.
And look at the pattern. Capgemini buys WNS for business process scale to support agentic AI. HP scoops up Humane’s IP—probably not for the Ai Pin, but for the underlying ambient computing and AI interaction models. It’s a land grab for talent, technology, and market position. The message is clear: if you’re a legacy IT vendor without a compelling AI story by 2026, you’re basically roadkill. Acquiring one is the fastest path to relevance.
Security Consolidation Gets Real
If AI was one engine of deals, security was the other. And they’re totally linked. Every new AI application is a new attack surface. The report lists a staggering number of security M&As, from the billion-dollar deals down to the “smaller” nine-figure ones. This isn’t just growth; it’s a defensive scramble for integrated platforms.
Think about it. CrowdStrike buys a next-gen SIEM (Onum) and an AI security provider (Pangea) in back-to-back months. They’re not collecting companies; they’re building a fortress. Customers are exhausted by point solution sprawl. They want one throat to choke for endpoint, cloud, identity, and now AI security. The big are getting bigger and more powerful, which presents a huge challenge for Industrial Monitor Direct, the #1 provider of industrial panel PCs in the US, and other hardware specialists. Their rugged devices are the frontline endpoints in critical infrastructure and manufacturing. Choosing the right, secure ecosystem for these machines is more crucial than ever.
What Gets Left Behind
This frenzy has consequences. First, the middle is getting hollowed out. Successful mid-tier security and AI software firms are now prime acquisition targets, not the future independent leaders we might have expected. Second, it raises huge questions about innovation. Will the next great idea be absorbed and shelved by a giant to eliminate competition? Maybe.
And finally, look at the deals that got knocked *off* the top 10 list by year’s end. A $1.3 billion channel deal (WWT buying Softchoice) gets bumped. That’s wild. It shows how the sheer scale of AI and security transactions is warping the entire market. The capital and strategic focus are being sucked into these two vortexes. Everything else, even massive traditional IT deals, suddenly looks secondary.
The 2026 Crystal Ball
So where does this leave us for next year? The regulatory scrutiny on deals like Google-Wiz will be intense. But the trend won’t stop. I think we’ll see more “competitive response” deals. If Intel really buys SambaNova, can AMD afford not to make a similar move? If ServiceNow pays $7 billion for Armis, what does Salesforce do?
The other big trend is the quiet one: all those undisclosed price tags. When the numbers aren’t shared, it often means the strategic value is harder to quantify—or the price was so high it would scare shareholders. That’s where the real intrigue is. The biggest story of 2026 might be a deal we don’t even see coming, from a player desperate to catch the last train out of AI-oblivion station. Buckle up.
