23 Biggest Technology Acquisitions in 2024

The year 2024 saw a surge in major technology acquisitions as companies pursued strategic buyouts to strengthen their artificial intelligence, cloud computing, and cybersecurity positions. This trend reflected the tech industry’s push for innovation, market dominance, and operational efficiency.

With growing competition and rapid advancements, businesses aimed to acquire specialized technologies and talent pools. AI-driven companies, cloud providers, and cybersecurity firms were at the forefront of these deals, signaling a shift toward consolidation and vertical integration.

These high-profile acquisitions not only reshaped the competitive landscape but also demonstrated how companies are leveraging M&A strategies to drive digital transformation, optimize infrastructure, and enhance security measures.

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Major Technology Acquisitions in 2024

The technology sector experienced a wave of high-profile acquisitions in 2024, with companies strategically merging or acquiring competitors to expand their capabilities in artificial intelligence, cloud computing, and cybersecurity. These deals ranged from multi-billion-dollar takeovers to targeted acquisitions to enhance technological expertise and market reach.

AI-driven automation, data security, and cloud infrastructure were key focus areas, as businesses sought to strengthen their offerings in response to increasing demand for advanced digital solutions. This period of consolidation reflected a broader trend of companies positioning themselves for long-term growth by integrating cutting-edge technologies and top-tier talent.

Below are some of the biggest technology acquisitions of the year, each playing a significant role in shaping the competitive landscape:

Xerox Bought Lexmark for $1.5 Billion

Xerox expanded its presence in the office printing and enterprise solutions market by acquiring Lexmark in a $1.5 billion deal. This move strengthened Xerox’s managed print services, integrating Lexmark’s hardware and software capabilities into its portfolio.

• The acquisition was valued at $1.5 billion, including net debt and other assumed liabilities.
• Lexmark, headquartered in Lexington, Kentucky, is a global leader in business imaging and printing solutions.
• Xerox aimed to enhance its document management services and improve efficiency in enterprise printing.
• The deal allowed Xerox to expand its customer base and strengthen its position in the print technology sector.

Cisco Bought Splunk for $28 Billion

Cisco made a major move in cybersecurity and AI-powered data analytics by acquiring Splunk for $28 billion. This acquisition positioned Cisco as a real-time threat detection and security automation leader.

• The deal was valued at $28 billion in an all-cash transaction, with Cisco paying $157 per share.
• Splunk specializes in data analytics and cybersecurity, helping businesses analyze, monitor, and protect their IT environments.
• Cisco integrated Splunk’s technology into its broader security portfolio to enhance real-time threat detection.
• The acquisition reinforced Cisco’s transition into AI-powered security and observability solutions.

IBM Purchased HashiCorp for $6.4 Billion

IBM expanded its cloud automation capabilities by acquiring HashiCorp for $6.4 billion. The deal aimed to strengthen IBM’s hybrid cloud offerings and improve enterprise infrastructure automation.

• IBM announced the acquisition in early 2024, planning full integration by year-end.
• HashiCorp is known for its infrastructure automation tools, including Terraform, Vault, and Consul, which are widely used in cloud computing.
• The acquisition enabled IBM to provide enterprises with advanced cloud security, automation, and management tools.
• HashiCorp’s software complemented IBM’s AI-driven cloud infrastructure services, making deployments more scalable and secure.

SAP Acquired WalkMe for $1.5 Billion

SAP reinforced its enterprise software ecosystem by acquiring WalkMe for $1.5 billion. This acquisition helped SAP improve digital adoption and user experience within its AI-powered business solutions.

• WalkMe is a leading digital adoption platform that simplifies enterprise software use through automation and guided workflows.
• SAP integrated WalkMe into its Joule AI-powered software, making business applications more intuitive.
• The acquisition aimed to streamline user onboarding, reduce software learning curves, and improve productivity.
• By incorporating WalkMe’s solutions, SAP strengthened its position in enterprise automation and AI-driven workflow management.

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AMD Took Over ZT Systems for $4.9 Billion

AMD strategically pushed into cloud computing infrastructure by acquiring ZT Systems for $4.9 billion. This move helped AMD expand its data center capabilities and strengthen competition with Intel and Nvidia.

• ZT Systems is a key supplier of server solutions for hyperscale cloud providers and enterprise data centers.
• The acquisition allowed AMD to scale its high-performance computing (HPC) and AI-driven data center offerings.
• AMD leveraged ZT Systems’ expertise to improve cloud workload performance and efficiency.
• This deal positioned AMD to compete more aggressively in AI, machine learning, and cloud computing markets.

ThoughtWorks Acquired by Apax Partners for $1.7 Billion

ThoughtWorks, a global technology consultancy, was acquired by private equity firm Apax Partners for $1.7 billion. This acquisition took ThoughtWorks private, allowing for strategic expansion under Apax’s leadership.

• ThoughtWorks specializes in software development, cloud solutions, and enterprise digital transformation.
• Apax Partners, a private equity firm, focused on scaling ThoughtWorks’ AI and cloud-based service offerings.
• The acquisition enabled ThoughtWorks to expand its global presence and deepen partnerships with AWS and Google Cloud.
• Under private ownership, ThoughtWorks aimed to accelerate innovation and improve enterprise technology solutions.

Nvidia Acquired Run:AI for $700 Million

Nvidia strengthened its AI infrastructure capabilities by acquiring Run:AI for $700 million. This acquisition enabled Nvidia to optimize AI workload orchestration and expand its AI data center management dominance.

• Run:AI specializes in AI workload orchestration, allowing companies to optimize GPU usage for machine learning and deep learning applications.
• Nvidia aimed to integrate Run:AI’s solutions into its AI-driven cloud and data center operations.
• The deal allowed Nvidia to improve the efficiency of AI model training and deployment across cloud environments.
• By acquiring Run:AI, Nvidia expanded its influence in AI research, enterprise AI adoption, and high-performance computing.

Salesforce Bought Own Company for $1.9 Billion

Salesforce made a strategic move by reacquiring a previously divested business unit for $1.9 billion. The transaction focused on reinforcing Salesforce’s core CRM and AI-powered business automation tools.

• The deal allowed Salesforce to regain control over a critical segment of its customer relationship management (CRM) portfolio.
• The acquisition aligned with Salesforce’s strategy of consolidating AI-driven business automation within its ecosystem.
• Salesforce aimed to enhance its AI-powered analytics, sales automation, and customer service tools.
• The move strengthened Salesforce’s ability to deliver seamless enterprise solutions while maintaining product innovation.

Google Invested $2.7 Billion in Character.AI

Google deepened its investment in artificial intelligence by committing $2.7 billion to Character.AI. This investment bolstered Google’s Gemini initiative and accelerated the development of advanced AI chatbots and virtual assistants.

• Character.AI is an AI-driven platform focused on personalized chatbot interactions and conversational AI models.
• Google’s investment supported Character.AI’s expansion into enterprise applications, virtual assistants, and creative AI tools.
• The funding helped Google integrate Character.AI’s capabilities into its Gemini AI ecosystem, enhancing AI-driven user interactions.
• Google aimed to compete with OpenAI and Anthropic by leveraging Character.AI’s conversational AI expertise.

Thoma Bravo Took Darktrace for $5.3 Billion

Thoma Bravo, a leading private equity firm, expanded its cybersecurity portfolio by acquiring Darktrace for $5.3 billion. This acquisition reinforced its position in AI-powered threat detection and network security solutions.

• Darktrace is a UK-based cybersecurity company specializing in AI-driven threat detection and response.
• Thoma Bravo sought to integrate Darktrace’s AI-powered security tools into its existing cybersecurity investments.
• The acquisition strengthened Thoma Bravo’s portfolio of security-focused companies, enhancing its presence in enterprise cybersecurity.
• Darktrace continued to operate independently while leveraging Thoma Bravo’s financial backing for global expansion.

Veeam Invested $21 Million in Alcion

Veeam, a leader in data backup and disaster recovery solutions, invested $21 million in Series A funding for Alcion. This investment aimed to enhance cloud-based data protection and ransomware recovery capabilities.

• Alcion develops next-generation backup and cybersecurity solutions, focusing on protecting cloud workloads from ransomware threats.
• Veeam’s investment enabled Alcion to scale its operations and accelerate innovation in AI-powered data protection.
• The partnership positioned Veeam as a leader in AI-driven backup and disaster recovery solutions.
• Alcion’s technology was integrated into Veeam’s cloud backup platform, improving ransomware detection and mitigation.

Wiz Acquired Cloud Remediation Startup Dazz for $450 Million

Wiz expanded its cloud security capabilities by acquiring Dazz for $450 million. The deal focused on strengthening automated cloud security remediation and compliance solutions.

• Dazz specializes in cloud security automation, helping companies identify and fix security vulnerabilities in real-time.
• Wiz aimed to integrate Dazz’s solutions into its cloud security posture management (CSPM) platform.
• The acquisition allowed Wiz to offer more advanced security automation tools for enterprises managing multi-cloud environments.
• Wiz strengthened its position as a leading cloud security and vulnerability management provider.

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Cognizant Bought Belcan for $1.3 Billion

Cognizant expanded its technical workforce solutions by acquiring Belcan for $1.3 billion. This acquisition strengthened Cognizant’s position in engineering, aerospace, and digital transformation services.

• Belcan provides engineering, technology, and workforce solutions, serving aerospace, defense, and manufacturing industries.
• Cognizant leveraged Belcan’s expertise to expand its digital transformation offerings for industrial sectors.
• The acquisition positioned Cognizant as a leader in high-tech engineering and workforce solutions.
• Belcan’s workforce solutions complemented Cognizant’s IT and business process services.

CyberArk Acquired Machine Identity Firm Venafi for $1.54 Billion

CyberArk strengthened its cybersecurity portfolio by acquiring Venafi for $1.54 billion. The deal focused on securing machine identities and enhancing enterprise security frameworks.

• Venafi specializes in machine identity management and protecting digital certificates and cryptographic keys.
• CyberArk integrated Venafi’s technology into its identity security solutions to prevent cyber threats.
• The acquisition positioned CyberArk as a leader in zero-trust security and identity management.
• Enterprises using CyberArk’s security solutions gained enhanced protection for machine identities and cloud applications.

OpenText Sold App Modernization Business to Rocket Software for $2.275 Billion

OpenText streamlined its portfolio by selling its application modernization business to Rocket Software for $2.275 billion. The move allowed OpenText to focus on AI-driven enterprise information management.

• OpenText’s divestiture aligned with its strategy of prioritizing cloud-based AI and analytics solutions.
• Rocket Software expanded its enterprise modernization offerings by acquiring OpenText’s legacy application tools.
• The sale enabled OpenText to reinvest in AI, machine learning, and cloud-based business solutions.
• Rocket Software gained access to a mature application modernization business, enhancing its software transformation services.

Sophos Bought Secureworks for $859 Million

Sophos expanded its managed security services by acquiring Secureworks for $859 million. The deal focused on improving threat intelligence and cybersecurity management solutions.

• Secureworks provides advanced threat detection and incident response services.
• Sophos integrated Secureworks’ cybersecurity intelligence into its managed security services platform.
• The acquisition enhanced Sophos’s ability to offer AI-driven cybersecurity solutions for enterprises.
• Secureworks’ expertise in threat intelligence complemented Sophos’s endpoint security and cloud protection offerings.

Presidio Acquired by Private Equity Giant CD&R for $2.1 Billion

Presidio, a provider of digital infrastructure and cloud services, was acquired by private equity firm Clayton, Dubilier & Rice (CD&R) for $2.1 billion. This acquisition aimed to strengthen Presidio’s position in digital transformation and managed IT services.

• Presidio specializes in IT consulting, cloud computing, cybersecurity, and digital infrastructure solutions.
• CD&R sought to accelerate Presidio’s growth by investing in AI-driven IT automation and cloud migration services.
• The deal allowed Presidio to expand its managed service offerings and enhance its partnerships with cloud providers like AWS and Microsoft Azure.
• The acquisition positioned CD&R as a major player in IT infrastructure and enterprise cloud solutions.

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Perficient Acquired by Private Equity Firm EQT for $3 Billion

Perficient, a digital consulting firm, was acquired by EQT for $3 billion, marking a significant investment in AI-driven enterprise software and cloud transformation.

• Perficient provides digital transformation services, including AI, data analytics, and enterprise cloud integration.
• EQT aimed to leverage Perficient’s expertise to expand its presence in AI-powered business automation.
• The acquisition helped Perficient scale its operations across North America and Europe.
• Perficient’s AI consulting services were expected to play a key role in EQT’s long-term growth strategy.

KKR Acquired VMware’s End-User Computing Business for $4 Billion

KKR made a strategic move into enterprise software by acquiring VMware’s End-User Computing (EUC) business for $4 billion. The deal positioned KKR as a major player in desktop virtualization and cloud-based remote work solutions.

• VMware’s EUC division specializes in virtual desktop infrastructure (VDI), remote work solutions, and application delivery.
• KKR planned to scale the EUC business by expanding its cloud-native and AI-powered desktop solutions.
• The acquisition allowed KKR to tap into the growing demand for remote work and cloud-based enterprise solutions.
• VMware used the deal to streamline its portfolio and focus on hybrid cloud and AI-driven data center solutions.

ConnectWise Bought Axcient and SkyKick for Around $500 Million

ConnectWise expanded its managed services platform by acquiring data protection firms Axcient and SkyKick for approximately $500 million. The acquisitions strengthened ConnectWise’s cybersecurity and disaster recovery solutions.

• Axcient specializes in business continuity, backup, and disaster recovery solutions for IT service providers.
• SkyKick offers cloud automation and migration tools, helping businesses transition to cloud-based operations.
• ConnectWise integrated Axcient’s backup solutions into its managed service provider (MSP) platform.
• The acquisitions allowed ConnectWise to provide end-to-end cloud security and disaster recovery services.

Ahead Bought CDI in $3.7 Billion Digital Transformation Channel Play

Ahead, a leading digital transformation services provider, acquired CDI for $3.7 billion to expand its cloud and cybersecurity solutions.

• CDI specializes in enterprise IT solutions, including hybrid cloud, cybersecurity, and AI-driven automation.
• The acquisition allowed Ahead to scale its managed services and consulting capabilities.
• The deal positioned Ahead as a dominant force in cloud migration and digital infrastructure.
• CDI’s partnerships with AWS, Microsoft, and Google Cloud strengthened Ahead’s market reach.

Palo Alto Networks Completed $500 Million IBM QRadar Deal

Palo Alto Networks acquired IBM’s QRadar security business for $500 million to enhance its AI-driven cybersecurity analytics and threat detection platform.

• QRadar is a security information and event management (SIEM) tool used to monitor and detect cyber threats.
• Palo Alto Networks planned to integrate QRadar into its Cortex XSIAM platform for AI-powered threat detection.
• The deal helped Palo Alto Networks strengthen its cybersecurity analytics and cloud security capabilities.
• IBM redirected its focus toward hybrid cloud security and AI-driven automation solutions.

Hewlett Packard Enterprise Acquired Juniper Networks for $14 Billion

Hewlett Packard Enterprise (HPE) made a bold move in the networking space by acquiring Juniper Networks for $14 billion. The acquisition doubled HPE’s networking business and positioned it as a leader in AI-native networking solutions.

• Juniper Networks specializes in networking hardware, cloud solutions, and AI-driven network automation.
• HPE aimed to integrate Juniper’s technologies into its edge-to-cloud networking portfolio.
• The acquisition allowed HPE to enhance its AI-powered data center networking solutions.
• HPE strengthened its position as a top competitor in the enterprise networking space, challenging Cisco and Arista.

Final Thoughts

The wave of technology acquisitions in 2024 reshaped the digital landscape, reinforcing the dominance of major players in AI, cloud computing, cybersecurity, and enterprise software. Companies like Google, Cisco, IBM, HPE, and Nvidia led the charge, making strategic deals that expanded their technological capabilities and competitive edge.

These acquisitions reflected broader trends in digital transformation, emphasizing the growing importance of AI, data security, and cloud computing. Businesses focused on market expansion and acquiring specialized expertise and innovation-driven assets.

Successful technology acquisitions require careful planning, from integration strategies to cultural alignment and regulatory compliance. As the tech industry evolves, M&A activity is expected to continue, driven by emerging technologies, shifting market demands, and the ongoing race for digital leadership.

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