The Tech M&A Podcast
Tech M&A in February 2026: Deal Volume, Valuations & Mega Deal Trends Explained
Why It Matters
Understanding these deal dynamics helps investors, founders, and corporate strategists gauge where capital is flowing and which subsectors are commanding premium valuations. The episode’s granular data on multiples and mega‑deal activity provides timely insight for anyone planning exits or acquisitions in a rapidly evolving tech market.
Key Takeaways
- •February 2026 recorded 394 M&A deals, five billion‑plus mega deals
- •Horizontal sector led in deal volume and total value
- •Supply chain management subsector posted highest EBITDA multiples at 22.7×
- •AI and data infrastructure acquisitions surged, highlighted by NVIDIA‑Illumix deal
- •Cross‑border transactions involved 35% of sellers, showing global reach
Pulse Analysis
The February 2026 Coram Index captured a brisk pace of technology mergers and acquisitions, logging 394 transactions across the ecosystem. Five deals crossed the $1 billion threshold, with the largest disclosed at $9.9 billion. Private‑equity platforms secured 23 new companies while venture‑backed exits reached 105, underscoring the liquidity of the market. Start‑ups accounted for 45 % of activity, and 35 % of sellers participated in cross‑border deals, reflecting the increasingly global nature of tech consolidation. These figures signal robust investor confidence and a fertile environment for strategic exits.
Sector‑level analysis reveals the horizontal segment still dominates both deal count and aggregate value, even as vertical niches generate high‑multiple mega deals. In the horizontal space, EBITDA‑based multiples averaged 2.9× while sales multiples sat at 14.6×; the supply‑chain management subsector posted the steepest EBITDA multiple at 22.7× and a revenue multiple of 7.3×. The internet subsector held near‑12‑month‑high EBITDA multiples of 15×, and the consumer sector saw EBITDA multiples climb to 15.8×. These valuation spreads illustrate where buyers are willing to pay premium for scale and strategic fit.
Flagship transactions illustrate shifting strategic priorities. FedEx’s $9.2 billion acquisition of InPost anchors a self‑service delivery play in Europe, while NVIDIA’s $60 million purchase of Illumix deepens its enterprise AI portfolio. Anthropic’s buyout of Vercept signals a move toward full computer interaction, and eBay’s $1.2 billion takeover of Depop targets the fast‑growing resale market. Meanwhile, cross‑border activity—exemplified by Grab’s $425 million purchase of Stash and Uber’s $335 million acquisition of Getir’s food‑delivery unit—highlights the appetite for geographic expansion. As valuation multiples stabilize, the market is poised for continued deal flow, especially in AI‑enabled infrastructure and vertical health‑tech segments.
Episode Description
February 2026 was an active month for technology mergers and acquisitions, with 394 tech M&A transactions, including five billion‑dollar mega deals and a top disclosed transaction valued at $9.9 billion.
In this market update, we break down the latest tech M&A data from the Corum Index, including deal volume, valuation multiples, private equity activity, cross‑border trends, and sector‑level performance across horizontal, vertical, infrastructure, gaming, IT services, healthcare, AI, cybersecurity, and supply chain management.
You'll hear where valuations are expanding, which subsectors are commanding premium multiples, and how strategic buyers, private equity firms, and non‑tech acquirers are shaping today's deal landscape. If you're a founder, CEO, investor, or corporate development leader, this report offers practical insight into exit timing, buyer demand, and market momentum.
Takeaways
February 2026 recorded 394 tech M&A deals, including five $1B+ mega transactions
Private equity acquired 23 platform companies; VC‑backed exits totaled 105
35% of deals were cross‑border, highlighting strong global buyer demand
Startups represented 45% of all transactions, with an average target age of 12 years
The horizontal sector continues to lead in total deal volume and value
Supply Chain Management (SCM) delivered the highest revenue and EBITDA multiples
Healthcare, education software, AI, cybersecurity, gaming, and infrastructure saw robust activity
Strategic buyers increasingly pursued AI capabilities, data platforms, and sector‑specific software
Valuation multiples varied widely by subsector—underscoring the importance of positioning and timing
Chapters
00:13 – Mega Deals and Market Scale
00:24 – Private Equity, VC Exits & Cross‑Border
00:47 – Vertical vs Horizontal Sector Performance
04:22 – IT Services Valuation Trends (Developed & Emerging Markets)
06:15 – Consumer Sector Deals
09:06 – Infrastructure Sector Valuations
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