Schneider Electric Buys PTC for $23 Billion, Plus 9 More M&A Deals

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Schneider Electric has agreed to buy Boston-based industrial software maker PTC for about $22.6 billion in cash, the largest acquisition in the French group’s history. PTC’s design, engineering and product lifecycle software serves automotive, aerospace and medtech manufacturers, filling what Jefferies called one of the last gaps in Schneider’s software portfolio. The price works out to roughly 8.8x revenue and 22x EBITA; analysts point to about 8.5x 2027 estimated ARR and 22x 2027 estimated free cash flow.

The deal extends a run of industrial companies buying into AI and data center demand, following Schneider’s $3.1 billion Cognite deal and ABB’s $5.5 billion acquisition of Rotork in July. Schneider shares fell as much as 9.4% in Paris on the news, while PTC jumped. Autodesk had pursued PTC last year before walking away.

Thoma Bravo-Backed BlueMatrix to Acquire AI Research Platform Aiera

Thoma Bravo-backed BlueMatrix has agreed to acquire Aiera, an AI financial research platform that lets institutions pull broker research, transcripts, expert content and filings into AI tools while respecting licensing permissions. The deal pairs BlueMatrix’s research authoring, compliance and distribution infrastructure with Aiera’s AI access layer.

BlueMatrix serves more than 1,000 financial institutions and 7,000 research analysts. The thesis is that AI systems are becoming major consumers of sell-side research, which turns rights management, attribution and audit trails into core infrastructure. Aiera had raised about $35.5 million in total, including a $25 million Series B in June 2025 led by a consortium of 10 large investment banks and Third Bridge, with Microsoft as a strategic partner.

Automation Anywhere Buys Norway’s Boost.ai to Expand Voice AI

Automation Anywhere has agreed to acquire Boost.ai, a Norwegian conversational and voice AI company, from Nordic Capital. Boost.ai’s agents take customer and employee requests in more than 36 languages and route them into back-office workflows, extending Automation Anywhere’s push toward what it calls the autonomous enterprise.

Boost.ai has more than 650 deployments and has handled over 150 million automated conversations, with customers concentrated in European banking, telecom and insurance, including Nordea and DNB. It is Automation Anywhere’s second AI acquisition in a year, after Aisera in late 2025.

Harness Acquires Augment Code to Connect AI Coding and Deployment

Harness, which runs an AI-driven platform for building, testing and deploying software, has acquired select assets of AI coding startup Augment Code, and Augment’s team is joining the company. The deal brings over Cosmos, Augment’s cloud platform that coordinates multiple AI agents for engineering teams, along with its Auggie command-line tools and Code Context Engine. Cosmos will be rebranded as Harness Cosmos Software Factory.

CEO Jyoti Bansal pitched the combination as closing the gap between writing code and shipping it: Augment handles the step from idea to code, while Harness’s existing agents take over testing, security and deployment. Customers can keep using their preferred coding tools, adopt Cosmos, or both. Augment had raised about $252 million in total, including a $227 million Series B in April 2024 at a $977 million post-money valuation.

Acuity Analytics Expands in the US With Continuus Acquisition

Acuity Analytics has acquired Continuus, a US data consultancy that helps asset managers and other financial institutions build data strategy, governance and cloud data platforms. The deal adds 37 specialists and an onshore team in the US, Acuity’s largest market.

It is Acuity’s third data and technology tuck-in in three years, after PPA Group in 2024 and Ascent in 2025, as the former Moody’s research unit repositions itself as a technology-led firm. Acuity has more than 7,800 employees across 28 locations.

SAP Buys Belgian AI Skills Platform TechWolf

SAP has signed an agreement to acquire TechWolf, a Ghent-based AI platform that maps the skills and work inside large organizations. TechWolf’s skills graph and AI models will sit at the core of SAP SuccessFactors and feed SAP’s Joule assistant for workforce planning, reskilling and internal mobility.

It is SAP’s fourth acquisition of 2026, after Reltio, Dremio and Prior Labs. Terms were not disclosed, but TechWolf says it is the largest acquisition of a VC-backed software company in Belgian history. TechWolf, which had raised more than $50 million, including a $42.75 million Series B in June 2024 led by Felix Capital, will remain an independent entity under CEO Andreas De Neve and keep serving non-SAP customers.

Carlyle-Backed Adastra Acquires Poland’s Infinite Services

Toronto-based Adastra has acquired Infinite Services, a Poland-headquartered enterprise data and AI firm with delivery teams in India and the Philippines. The deal gives Adastra a foothold in Poland and adds a Snowflake Premier Partner that Snowflake named its CEE AI Data Cloud Partner of the Year for 2025.

Infinite Services will keep its name and brand, bringing more than 100 data professionals, over 400 completed projects across banking, telecom and pharma, and round-the-clock coverage across EU, US and APAC time zones. Adastra, majority-owned by Carlyle, has more than 2,200 employees across three continents; the deal is an add-on to the Carlyle-backed platform.

BT Buys TalkTalk to Save It From Administration

BT is buying TalkTalk and its wholesale arm, PlatformX Communications, for roughly £400 million (about $540 million) to keep them out of administration. BT framed the deal as protecting service for 1.5 million residential broadband and 1 million wholesale customers after a long sale process for TalkTalk failed.

TalkTalk, taken private by Toscafund in 2021 and later backed by creditor Ares, runs its retail service over wholesale networks including BT’s own Openreach. It generated about £1.2 billion in revenue over the past year while losing money and is shedding roughly 100,000 to 130,000 subscribers a quarter. New Street Research thinks the deal could still prove accretive through cost overlap. Ares will reportedly receive about £100 million and KKR, as securitization agent, about £60 million, leaving other creditors with large shortfalls.

FVLCRUM Funds Buys Military Flight Simulation Provider Fidelity Technology Services

Lower-middle-market private equity firm FVLCRUM Funds has acquired Fidelity Technology Services, a Reading, Pennsylvania-based provider of military flight simulation and training systems for the US Navy, Air Force and allied forces. Founded in 1987, FTS supports simulation training and field service on key defense programs.

FTS joins Advanced IT Concepts as the second company in FVLCRUM’s Project Maverick buy-and-build, creating a simulation and training platform that spans all military branches. The two companies will contract separately but roll up under a single holding company led by CEO Juan Navarro.

Alight Acquires Benefits Data Firm Abett

Alight has acquired Abett, a Seattle-based benefits data company whose Data Engine combines medical, pharmacy and point-solution vendor data for Fortune 500 employers. The goal is to help employers measure what their benefit programs actually deliver. Terms were not disclosed.

Alight, which administers health, wealth and leave benefits for organizations covering more than 30 million participants, will plug Abett into its enrollment, administration, customer care and navigation services. CEO Rohit Verma framed the deal around turning benefits data into guidance employees can act on. Abett had raised about $18.1 million, including a $6.5 million seed round in November 2022 and an $11.6 million Series A in May 2024 led by Acrew Capital.

About the author: Ben Boissevain [in] [𝕏] is the founder of Ascento Capital Invest (www.techbanking.com), a boutique investment bank providing M&A, capital raise and valuation advisory to technology companies in the U.S. and internationally. He compiles the weekly Top Ten Tech M&A Transactions list and is a contributor to TechCrunch.