【CBInsights】2025年全球技术并购七大核心趋势报告

TechM&A

Predictions

7predictionsfortheyearahead

1

Bigtechplayerssettheirsightsonhumanoid

robotics

3

Datacenter

energydemandsfuelinterestin

coolingtech

4

ProfessionalservicesfirmsseekAI

capabilities

5

Pharma

companiestargetAIdrugdiscoverystartups

6

SaaSgiants

fortifytheir

offeringswithAIagentacquisitions

Our2025techM&Apredictions

2

EnterprisetechheavyweightscompeteforAIinfrastructuredominance

7

CodingAIagentsdrivenextwaveofAIagent

consolidation

ThenumberofM&Adealsisontheriseafter2years

ofdecline

Aggregatedealvalue,ontheotherhand,remainswellbelow2020levels

9,814

+5%YoY

8,996

Deals

7,712

8,063

6,248

Aggregatevaluation$381.3B

$578.3B$699.5B$687.2B$467.1B

20202021202220232024

3

AIcompaniesemergeasaverybrightspot层号CBINSIGHTS

ThetypicalAIacquisitionhasgrowninvaluewhileexitingfaster

Medianvaluation

+$43M

$50M

in2023

$93M

in2024

Averageyearstoexit

-8months

9.3years

in2023

8.6years

in2024

4

BuildingfoundationsforAIdrivesthe2largesttech

acquisitionsof2024

2024’stop10largestacquisitionsbydisclosedvaluationAcquirers

$28.0B

出出"

$16.1B

Blackstone

$13.4B

⃞WINDSTREAM

$13.4B

$10.9B

$8.9B

ovodafone[Italia]

$8.7B

$7.4B

$7.2B

$5.9B

5

Note:Excludespendingacquisitions.

AInowaccountsfor37%oftotalventurefunding,层号CBINSIGHTS

settingstageforevenmoreM&Adeals

6

Source:

CBInsightsStateofVenture2024Report

EnterprisetechheavyweightscompeteforAlinfrastructuredominance

Datacenter

energydemandsfuelinterestin

coolingtech

professionalservicesfirmsseekA

capabilities

Our2025techM&Apredictions

1

Bigtechplayerssettheirsightsonhumanoid

robotics

pharma

companiestargetAldrugdiscoverystartups

saasgiants

fortifytheir

offeringswithAIagentacquisitions

codingAlagentsdrivenextwave

ofAlagent

consolidation

Prediction#1:Bigtechplayerssettheirsightsonhumanoidrobotics

Strategicacquisitionswillacceleratebigtech’sroboticsambitions

TechgiantslaythefoundationforhumanoidroboticsviaR&D,investments,&partnerships

8

Source:CBInsightscommercialtransactiondata,

NVIDIAFYQ42025earningstranscript

Prediction#1:

Bigtechplayerssettheirsightsonhumanoidrobotics

40%

Interestzone

StrongIPandpre-

M&Aprobability

Exitlikelihood

35%

30%

scaletractionboostappealofhumanoidroboticstargets

Theindustrialhumanoidrobots

(ZhiyuanRobot)

acquisitionradar:mappingstrongstartupswithM&Apotential

10%

5%

Interestzonebasedonhigh-potentialMosaicscores(above600)andabove-averageM&Aprobabilityscorescomparedtoothercompanieswithinthis

0%

Startuphealth

Mosaicscore

market(>17.2%)

400500600

8009001,000

Source:

CBInsightsadvancedsearch

.Dataisdynamic(asof2/27/2025).

Note:Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobability

9

measuresaprivatecompany’schanceofanM&Aexitwithinthenext2years.

Bigtechplayerssettheirsightsonhumanoid

robotics

Datacenter

energydemandsfuelinterestin

coolingtech

professionalservicesfirmsseekA

capabilities

Our2025techM&Apredictions

2

EnterprisetechheavyweightscompeteforAIinfrastructuredominance

pharma

companiestargetAldrugdiscoverystartups

saasgiants

fortifytheir

offeringswithAlagentacquisitions

codingAlagentsdrivenextwave

ofAlagent

consolidation

Prediction2:EnterprisetechheavyweightscompeteforAIinfrastructuredominance

EnterprisetechgiantswillcontinueM&Aspreein

efforttobuildAIinfrastructurecapabilities

Enterprisetechcompanies’acquisitioncounts,2020-2024

40

出出"

intel.

27

13

8

7

4

11

Source:CBInsightsM&Atransactiondata,

AnalyzingCisco’sgrowthstrategy:HowthenetworkinggiantisbettingonemerginginfrastructureinAIandcybersecurity

Prediction2:

50%

45%

40%

35%

EnterprisetechheavyweightscompeteforAIinfrastructuredominance

AIinfrastructure

targetshave

M&Aprobability

Exitlikelihood

Interestzone

alreadypartnered&integratedwith

majortechcos

TheAIinfrastructureradar:mappingstrongstartupswithM&Apotential

15%

10%

5%

Interestzonebasedonhigh-potentialMosaicscores(above600)andabove-averageM&Aprobabilityscorescomparedtoothercompanieswithinthesemarkets(>12.1%)

Startuphealth

Mosaicscore

0%

Source:

CBInsightsadvancedsearch

.Dataisdynamic(asof2/27/2025).

300

400

500

700800900

Note:Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobability

measuresaprivatecompany’schanceofanM&Aexitwithinthenext2years.

12

Note:excludesAIsecuritycompanies.

Strongstrategicrationaleforhardware-awareAIoptimization

acquisitions

•ComplementIBM'sfocuson

smaller,morecost-efficientAI

modelsforenterprisedeployment

13

Source:CBInsights’

ChatCBI

Bigtechplayerssettheirsightsonhumanoid

robotics

EnterprisetechheavyweightscompeteforAlinfrastructuredominance

professionalservicesfirmsseekA

capabilities

Our2025techM&Apredictions

3

Datacenter

energydemandsfuelinterestin

coolingtech

pharma

companiestargetAldrugdiscoverystartups

saasgiants

fortifytheir

offeringswithAIagentacquisitions

codingAlagentsdrivenextwave

ofAlagent

consolidation

Prediction3:Datacenterenergydemandsfuelinterestincoolingtech

EnergydemandsforAIcomputingsparksacquisitioninterest

indatacentercoolingtechnologies

Equityfunding&dealstoimmersionandliquidcoolingtech

9

Funding$120M

7

6

5

$108M

2021

$55M

2023

$108M

2024

2022

Source:

Datacenterliquidcoolingmarketreport,

Datacenterimmersioncoolingmarketreport.

Dataasof2/27/2025.

Motivaircompanyprofile

15

Prediction3:

Datacenterenergydemandsfuelinterestincoolingtech

60%

Interestzone

Standoutcooling

50%

techfirmsoffer

geographic

40%

expansion

probability

likelihood

M&A

Exit

30%

opportunitiesduetoregionalstrengths

20%

Thedatacenterimmersion&liquidcoolingacquisitionradar:mappingstrongstartupswithM&Apotential

10%

0%Startuphealth

Interestzonebasedonhigh-potentialMosaicscores(above600)andabove-averageM&Aprobabilityscorescomparedtoothercompanieswithinthesemarkets(>17.6%)

800

900

40050060osaicscore700

Source:

CBInsightsadvancedsearch

.Dataisdynamic(asof2/27/2025).Note:Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobability

measuresaprivatecompany’schanceofanM&Aexitwithinthenext2years.16

Bigtechplayerssettheirsightsonhumanoid

robotics

Datacenter

energydemandsfuelinterestin

coolingtech

EnterprisetechheavyweightscompeteforAlinfrastructuredominance

Our2025techM&Apredictions

4

ProfessionalservicesfirmsseekAI

capabilities

pharma

companiestargetAldrugdiscoverystartups

saasgiants

fortifytheir

offeringswithAlagentacquisitions

codingAlagentsdrivenextwave

ofAlagent

consolidation

Prediction4:ProfessionalservicesfirmsseekAIcapabilities

StartupsbridgingAIsecurity&governancewillbeattractivetargets

forprofessionalservicesfirmseyeingresponsibleAIimplementation

AIacquisitionactivitybytop52businessservicesfirms

21

15

14

8

6

20202021202220232024

Source:CBInsightsM&Atransactiondata,

Accenturebusinessrelationshipinsights

.18

Prediction4:

ProfessionalservicesfirmsseekAIcapabilities

70%

Risingacquisition

M&Aprobability

Interestzone

60%

50%

targetsinAIsecurityshowstrongdefense&publicsector

Exitlikelihood

momentum

TheAIsecurityacquisitionradar:mappingstrongstartupswithM&Apotential

20%

10%

Interestzonebasedonhigh-potentialMosaicscores(above600)andabove-

Startuphealth

Mosaicscore

0%

400

500

800

900

averageM&Aprobabilityscorescomparedtoothercompanieswithinthismarket(>23.8%)

Source:

CBInsightsadvancedsearch

.Dataisdynamic(asof2/27/2025).Note:

19

Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobabilitymeasuresaprivatecompany’schanceofanM&Aexitwithinthenext2years.

Our2025techM&Apredictions

Bigtechplayerssettheirsightsonhumanoid

robotics

Datacenter

energydemandsfuelinterestin

coolingtech

professionalservicesfirmsseekA

capabilities

saasgiants

fortifytheir

offeringswithAlagentacquisitions

codingAlagentsdrivenextwave

ofAlagent

consolidation

EnterprisetechheavyweightscompeteforAlinfrastructuredominance

5

Pharma

companiestargetAIdrugdiscoverystartups

Prediction5:PharmacompaniestargetAIdrugdiscoverystartups

PharmacompanieswillintensifyAIdrugdiscovery

acquisitionsfollowing2yearsofstrongM&Aactivity

RecentAIdrugdiscoveryM&Atransactionsrankedbyexit

valuation

Source:

CBInsightsadvancedsearch.

Dataasof2/27/2025.

*ExcludesdrugR&Dcompaniesfocusedonpreclinicalandclinicaldevelopment

Company

Acquirer

Valuation

Round

Date

⃞Exscientia

$688M

Acq-P2P

11/20/2024

DInstaDeep"

$682M

Acquired

01/10/2023

$250M

Acquired

06/27/2024

$206MMerger

10/19/2023

$203MMerger

10/09/2024

$79M

CorporateMajority

06/30/2023

$75M

Acquired

01/10/2024

$48MAcquired

05/08/2023

$40MAcquired

05/08/2023

N/AAcquired

07/08/2024

N/AAcquired01/01/2023

21

Prediction5:

PharmacompaniestargetAIdrugdiscoverystartups

Interestzone

80%

70%

High-profileAIdrug

discoveryM&A

M&Aprobability

Exitlikelihood

60%

targetsspecializeinniche,high-valuetherapeuticareas

TheAIdrugdiscoveryacquisitionradar:

mappingstrongstartupswithM&Apotential

20%

10%

Startuphealth

Mosaicscore

0%

Interestzonebasedonhigh-potentialMosaicscores(above510)andabove-averageM&AprobabilityscorescomparedtoothercompanieswithinAIdrugdiscovery

800900

400500

(>26.8%)

Source:

CBInsightsadvancedsearch

.Dataisdynamic(asof2/27/2025).Note:

22

Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobabilitymeasuresaprivatecompany’schanceofanM&Aexitwithinthenext2years.

Our2025techM&Apredictions

Bigtechplayerssettheirsightsonhumanoid

robotics

Datacenter

energydemandsfuelinterestin

coolingtech

professionalservicesfirmsseekA

capabilities

pharma

companiestargetAldrugdiscoverystartups

codingAlagentsdrivenextwave

ofAlagent

consolidation

EnterprisetechheavyweightscompeteforAlinfrastructuredominance

6

SaaSgiants

fortifytheir

offeringswithAIagentacquisitions

Prediction6:SaaSgiantsfortifytheirofferingswithAIagentacquisitions

FragmentedAIagentlandscapepresentsacquisitionopportunities

forSaaSgiantsfacingdisruptionfromdigitalworkforcesolutions

物salesforce

Agentforce

Source:

TheAIagentmarketmap,

SalesforceQ3FY2025earningscallinsights

24

Prediction6:

privatecompany’schanceofanM&Aexitwithinthenext2years.25

80%

SaaSgiantsfortifytheirofferingswithAIagentacquisitions

Interestzone

70%

Salesandmarketing

AIagentsofferlow-

M&Aprobability

60%

hangingfruitforSaaSleaders’agentplans

Exitlikelihood

Thesales&marketingAIagentsacquisitionradar:mappingstrongstartupswithM&A

potential

20%

10%

Interestzonebasedonhigh-potentialMosaicscores(above580)andabove-

Startuphealth

Mosaicscore

0%

averageM&Aprobabilityscorescomparedtoothercompanieswithinthismarket(>12.7%)

800900

400500

Source:

CBInsightsadvancedsearch.

Dataisdynamic(asof2/27/2025).Note:

Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobabilitymeasuresa

Our2025techM&Apredictions

Bigtechplayerssettheirsightsonhumanoid

robotics

Datacenter

energydemandsfuelinterestin

coolingtech

professionalservicesfirmsseekA

capabilities

pharma

companiestargetAldrugdiscoverystartups

saasgiants

fortifytheir

offeringswithAlagentacquisitions

EnterprisetechheavyweightscompeteforAlinfrastructuredominance

7

CodingAIagentsdrivenextwaveofAIagent

consolidation

Prediction7:CodingAIagentsdrivenextwaveofAIagentconsolidation

ThecodingAIagent&copilotsmarketisripeforconsolidationamid

explosivegrowth,soaringvaluations,andafracturedlandscape

ComparisonofvaluationgrowthforAIcodingstartupsin2024

$2,600M

$2,000M

$1,748M*

$1,250M

$500M$500M$350M$400M

6.5x

in6months

2.5x

in7months

3.5x

in6months

6x

in1month

27

Source:

Codeiumcompanyprofile,

Magiccompanyprofile,

Cognitioncompanyprofile

,

Cursorcompanyprofile

and

ScoutingReport

.Dataasof2/27/25.

Note:BasedonstartupsdevelopingcodingAIagents&copilotsthatraised2ormorefundingroundsin2024.*Statefilingsourced.

privatecompany’schanceofanM&Aexitwithinthenext2years.28

层号CBINSIGHTS

Prediction7:

Interestzone

60%

CodingAIagentsdrivenextwaveofAIagentconsolidation

Partnershipswith

50%

majortechandAI

M&Aprobability

Exitlikelihood

40%

playerssetaparttopcodingM&Atargets

ThecodingAIagents&

copilotsacquisitionradar:

20%

mappingstartupswithhighM&Apotential

10%

Startuphealth

Mosaicscore

0%

Interestzonebasedonhigh-potentialMosaicscores(above510)andabove-averageM&Aprobabilityscorescomparedtoothercompanieswithinthismarket(>14.7%)

400500600

8009001,000

Source:

CBInsightsadvancedsea

rch

.Dataisdynamic(asof2/20/2025).Note:

Mosaicscoresmeasureaprivatecompany’shealth.M&Aprobabilitymeasuresa

Ourpredictionsarealreadymaterializing层号CBINSIGHTS

High-profileAIM&AtransactionsinMarchsignalstrongpotentialforacquisitionsthisyear

Source:

ServiceNowAcquisitionInsights,

CoreWeaveAcquisitionInsights

29

Appendix

30

TechM&APredictions层号CBINSIGHTS

31

ReportMethodology

Ifyouhavequestionsaboutthedefinitionsormethodologicalprinciplesused,orifyoufeelthatyourfirmhasbeen

underrepresented,pleasereachoutto

info@.

Definitions:

Wedefine“technoIogycompanies”asbusinessesthatprimariIygeneraterevenuefromproprietaryand/ordifferentiatedsoftware,hardware,ortechnology-drivenplatforms.

Strategicdealsinvolveaprivateorpubliccompanypurchasingmost(oraII)ofaprivatecompany’ssharestogaincontroIofthecompanyandgrowtheacquirer'sbusiness.ThisincludesAcquisitions,

Mergers,AssetSales,Acquihires,andCorporateMajorityrounds.Financial(orfinancialsponsor)dealsinvolveaPEfirmorotherinvestmentfirmpurchasingthemajorityofaprivatecompany’sshares,withthegoalofincreasingthevalueoftheacquireeovertimeandthensellingitoffforaprofit.ThisincludesAcquisitions(Financial),Take