After rebounding following the pandemic slowdown (2021), M&A volume globally has continued to struggle to return to its pre-pandemic levels. Throughout the first half of 2024, total deal value has surpassed $1T. And while this is an improvement upon 2023’s volume, it’s still well below the 10-year average of $1.5T across Q1 and Q2.
Also, certain industries are seeing more volume than others. For example, the tech industry is no stranger to big-ticket mergers and acquisitions. So far, 2024 has been an eventful year. As artificial intelligence (AI) and tech innovation continues to grow, so does the market’s appetite for M&A deals involving such companies.
Here, you’ll find the top 10 tech M&A deals of 2024 that have captured the industry’s attention.
Deal #10: Ahead Buys CDI to Create $3.7 Billion Digital Transformation Channel Powerhouse
This acquisition created a $3.7 billion global digital transformation powerhouse. IT solution provider Ahead acquired Computer Design & Integration (CDI) on February 1. The deal enhances Ahead’s portfolio in hybrid IT and cybersecurity. It also expands its presence in the Northeastern U.S. Both companies were already major players in their space, with Ahead ranked 30th and CDI 57th in the CRN Solution Provider 500.
Key Metrics of the Deal
- Combined Revenue: $3.7 billion
- Ranking: Ahead (#30) and CDI (#57) on CRN Solution Provider 500
- Coverage Expansion: Northeast U.S. and global reach
- Technical Capabilities: Enhanced portfolio in hybrid IT and cybersecurity
Deal #9: HPE Sells 30% Stake in H3C for $2.1 Billion
Hewlett Packard Enterprise (HPE) sold 30% of its shares in H3C to Unisplendour for $2.1 billion. H3C is an exclusive provider of servers and storage in China. The transaction, expected to be completed by August 31, reduces HPE’s stake in H3C to 19%, with an option to sell the remaining stake later.
Key Metrics of the Deal
- Stake Sold: 30%
- Sale Value: Approximately $2.1 billion
- Remaining Stake: 19%
- Transaction Completion: Expected by August 31
Deal #8: OpenText Sells App Business to Rocket Software for Over $2 Billion
After acquiring Micro Focus, OpenText sold its mainframe software and application modernization business to Rocket Software for $2.275 billion. The deal enables OpenText to reduce its debt. Also, Rocket Software can expand its IT modernization services.
Key Metrics of the Deal
- Sale Value: $2.275 billion
- Use of Proceeds: Reducing OpenText’s debt by $2 billion
- Buyer: Rocket Software, a Bain Capital portfolio company
- Completion Date: May 1
Deal #7: EQT to Acquire Perficient for $3 Billion
Global IT solution provider Perficient announced an agreement to be acquired by private equity firm EQT for $3 billion. This all-cash deal offered a 75% premium over Perficient’s share price at the time. This deal will enhance EQT’s digital consulting portfolio.
Key Metrics of the Deal
- Acquisition Value: $3 billion
- Per Share Value: $76
- Premium: 75% over share price
- Revenue: $907 million in 2023
- Employees: Approximately 7,000
Deal #6: T-Mobile to Acquire UScellular Wireless Operations for $4.4 Billion
In a strategic move, T-Mobile announced the acquisition of UScellular’s wireless operations for $4.4 billion. This deal aims to provide T-Mobile with a competitive edge in pricing, transmission speeds, and 5G performance. This will expand its customer base.
Key Metrics of the Deal
- Acquisition Value: Approximately $4.4 billion
- Assets Acquired: Wireless customers, stores, spectrum assets
- Expected Completion: Mid-2025
- Debt Assumed: Up to $2 billion
Deal #5: KKR to Acquire VMware’s End-User Computing Business for $4 Billion
Following Broadcom’s acquisition of VMware, private equity firm KKR announced the purchase of VMware’s End User Computing (EUC) business. This $4 billion deal allows the EUC division to operate as a stand-alone company with a focus on digital workspace solutions.
Key Metrics of the Deal
- Acquisition Value: Approximately $4 billion
- Division: VMware’s End User Computing (EUC)
- Completion Date: Expected by end of 2024
- Strategic Focus: Digital workspace solutions
Deal #4: Thoma Bravo Acquiring Darktrace for $5.3 Billion
Thoma Bravo announced a $5.3 billion deal to acquire cybersecurity AI pioneer Darktrace. This acquisition enhances Thoma Bravo’s portfolio in cybersecurity. It adds to its collection of companies like Proofpoint and Sophos.
Key Metrics of the Deal
- Acquisition Value: Approximately $5.3 billion
- Company Focus: AI and machine learning for cybersecurity
- Year Founded: 2013
- Completion Date: Expected later in the year
Deal #3: IBM Acquiring HashiCorp for $6.4 Billion
IBM struck a deal to acquire HashiCorp, the developer of Terraform, for $6.4 billion. This acquisition aims to enhance IBM’s hybrid cloud capabilities. It will enable a more comprehensive hybrid cloud platform.
Key Metrics of the Deal
- Acquisition Value: $6.4 billion
- Technology: Terraform infrastructure-as-code platform
- Expected Completion: By the end of the year
- Regulatory Review: Under FTC scrutiny
Deal #2: HPE Buying Juniper Networks for $14 Billion
HPE announced a $14 billion deal to acquire Juniper Networks. This move aims to strengthen its AI-native networking capabilities. The acquisition is set to double HPE’s networking business and enhance its portfolio with Juniper’s Mist AI and other assets.
Key Metrics of the Deal
- Acquisition Value: $14 billion
- Technology Focus: AI-native network platform
- Assets Acquired: Mist AI capabilities, its campus networking business
- Expected Completion: Early 2025
Deal #1: Cisco Completes $28B Splunk Acquisition
Cisco completed its $28 billion acquisition of Splunk. This deal aims to combine cybersecurity and observability into an AI-powered data platform. The integration of its product lines can help revolutionize the way customers leverage data.
Key Metrics of the Deal
- Acquisition Value: $28 billion
- Acquisition Date: March 18
- Integration: Cisco’s observability team moved to Splunk
- Strategic Goal: AI-powered data platform
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