M&A blog June: Last M&A blog of the FY26!

2. eFex boosts healthcare support with Crowd IT acquisition

Efex has continued to bolster its skillset in the healthcare industry with the acquisition of managed service provider (MSP) Crowd IT. The MSP was founded in 2020 and specialises in services around clinical environments, which covers medical imaging systems, clinical applications, and healthcare-specific infrastructure. Its founder, Chris Germon, will transition to the position of efex national healthcare division lead to support existing clients while also providing them with resources of the overall efex business around cyber security, cloud and infrastructure, communications, modern workplace solutions, and AI-enabled services. Crowd IT’s acquisition follows efex’s continued healthcare focus, coming after the purchases of  Medihost Solutions in December 2024 and Priority 1 in April this year.

3. Tasmea expands energy services platform through strategic JPS Group acquisition

Tasmea Limited has agreed to acquire JPS Group, a specialist provider of integrated services to the Australian energy sector, in a transaction valued at up to AU$75 million. The acquisition is expected to strengthen Tasmea’s presence across LNG, gas and critical energy infrastructure markets while adding a high-growth, capital-light services platform with an established Tier-1 customer base. JPS services major energy companies including Chevron, Shell, Santos, INPEX, ConocoPhillips and Woodside, supported by more than 10 long-term Master Services Agreements that provide strong revenue visibility. The transaction comprises approximately AU$50 million in upfront consideration and up to AU$25 million in performance-based earnout payments over four years. JPS is forecast to generate approximately AU$10 million in FY26 underlying EBIT and is expected to deliver around 5% pro forma earnings per share accretion. Tasmea believes the acquisition will diversify earnings, enhance exposure to structurally growing energy markets, and create additional opportunities for cross-selling services across an expanded customer network, while reaffirming its FY26 earnings guidance.

4. Advent Partners acquires training software business aXcelerate

The business started as an RTO before pivoting to building software for the sector. Sources told this column Advent had acquired a majority stake in Brisbane’s aXcelerate, a business that specialises in training management software for vocational training providers, universities, governments and corporates. The deal, led by partners Brad Lynch and Mark Jago, will have the buyout firm acquire 70 per cent ownership of aXcelerate from founders Reay Mackay and Julie Verner-Mackay. The duo started the business in 1989 as a registered trade organisation, ultimately building an end-to-end software suite that is now used by 1300-odd clients, including the NSW State Emergency Service and the Catholic Education Diocese of Wagga Wagga. The offering spans software for training, assessments and compliance reporting. Advent’s team also included associate directors Michael Frawley and Bella Blakiston, and analyst Zac Zhou. The terms were agreed in March, and Advent has since begun working with aXcelerate’s existing chief executive officer David O’Rourke.

5. Halliwell expands AP footprint with acquisition of polymer specialist ExcelPlas

Multidisciplinary forensic and technical consultancy Halliwell has strengthened its presence in the Asia-Pacific (APAC) region with the acquisition of ExcelPlas, Australia’s leading polymer specialist. The addition of ExcelPlas expands the existing suite of specialist services offered by Halliwell APAC, which works with insurers, reinsurers, brokers and legal firms across risk determination, loss investigation, restoration and litigation support. Founded in 1994 by Dr John Scheirs in Melbourne, ExcelPlas brings a team of 14 specialists delivering a sophisticated combination of expert consultancy and technical analysis, underpinned by an ISO/NATA-certified laboratory. The company specialises in polymer materials, including plastics, rubbers, adhesives, sealants, coatings and composites. ExcelPlas’ expertise spans high-stakes investigative matters, including failure diagnosis, performance assessment, remaining asset life evaluation and routine testing programmes. The company delivers a rare combination of advanced analytical equipment and deep technical expertise that serves both regional and global markets. Following the acquisition, ExcelPlas will continue to operate under its existing brand, led by its founding director, Dr Scheirs, with a view to transitioning to the Halliwell brand in due course. The ExcelPlas acquisition continues a period of expansion for Halliwell in APAC, following the acquisitions of IMPARTA Engineers and du Chateau Chun in Australia last year, as well as the launch of Halliwell’s services in Malaysia through the opening of a new office in Kuala Lumpur. Across the region, Halliwell offers expertise in forensic and engineering science, construction advisory services, fire science research, fire failure origin and cause analysis, passive fire protection, building code services, building surveying, quantity surveying, industrial hygiene and restoration services.

6. Accenture takes majority stake in Dragos

Accenture is taking a majority stake in operational technology (OT) cybersecurity provider Dragos, as well as full ownership of runZero and NetRise, at a combined enterprise value of approximately US$4.175 billion (A$5.96 billion). The move comes just under a year after Accenture acquired CyberCX, the company’s largest cyber security acquisition to date. The Dragos’ Platform, the company’s OT threat detection platform, will expand to cover the extended environment that controls physical processes, as well as be enhanced through Accenture’s acquisitions of runZero and NetRise. The addition of runZero will bring exposure assessment and attack-surface intelligence, while NetRise will add a software supply chain dataset and firmware-level visibility into device exposure. Combining Dragos with runZero and NetRise aims to deliver a unified solution that enhances visibility, accelerates threat detection and response and strengthens Dragos’ ability to scale adoption of its broadened platform.  LTogether, Dragos, runZero and NetRise are estimated to generate approximately US$208 million in annual recurring revenue as of June 2026, representing 53% year-over-year growth. Accenture stated that the acquisitions deliver strong gross margins and, while initially dilutive, are expected to be accretive to earnings per share and free cash flow over time.

7. Beca acquires regional environmental firm CQG Consulting

The transaction was completed on 1 June 2026 and marks a milestone for Beca in Australia, taking its national team to more than 1,000 people. Established in 2003, headquartered in Rockhampton and with offices in Gladstone, Mackay, Townsville and Brisbane, CQG’s team of more than 45 specialists will join Beca in Australia, adding complementary capability in environmental science, ecology, GIS, stakeholder engagement, planning and approvals advisory. Local CQG teams will continue to provide clients with the same high level of personalised, local expertise and experience, now backed by the breadth of Beca’s multidisciplinary business. This acquisition supports Beca’s growth strategy of Australian expansion in key markets, particularly water, energy and defence. Adding CQG’s trusted early-stage environmental advisory, planning and engagement capability positions Beca throughout regional Queensland. Andrew Mailer, Managing Director, Australia, Beca said regional Queensland is a deliberate choice for Beca’s growth agenda in Australia, with major industries and significant water, defence, energy and infrastructure opportunities in the pipeline. CQG is regional Queensland’s leading environmental and planning specialist consultancy headquartered in Rockhampton, with offices in Gladstone, Mackay, Townsville and Brisbane. Its multidisciplinary team provides environmental assessments, ecology, First Nations and stakeholder engagement and practical planning and advisory services to public and private sector clients in a range of sectors. Beca is one of Asia Pacific’s largest independent advisory, design and engineering consultancies. A century after its founding in New Zealand, it has grown into an employee owned firm of more than 4,000 professionals across 24 offices in Asia Pacific, with projects delivered in over 70 countries. In Australia, Beca partners with clients to deliver advisory, engineering, project and asset delivery services across markets including water, energy, defence, industrial, transport and infrastructure.

8. XPON to offload Google business to Incubeta

Brisbane-based digital marketing firm XPON Technologies Group (XPON) has entered into a binding agreement to divest its Google Marketing Platform (GMP) and Google Cloud Platform (GCP) business through the sale of Datisan to Incubeta Australia, which is part of the international Incubeta Group. Datisan is an Australian digital marketing technology company and one of a select group of certified GMP and GCP reseller and managed services businesses in the Asia-Pacific region, according to XPON, delivering data analytics, marketing technology, and GMP services to enterprise clients across Australia and New Zealand. Incubeta will acquire the entire issued share capital of Datisan with a completion payment of A$5.5 million in cash, payable at completion, plus a contingent earn-out consideration of up to A$2 million. The proceeds from the sale are intended to be applied to recalibrating the company’s balance sheet, funding the growth and continued development of the Wondaris AI Marketing Platform, and providing capital to pursue XPON’s strategic M&A objectives in the AI sector.

9. Emergence Insurance boosts cyber offering with partial Blue Zebra acquisition

Cyber insurance underwriting specialist Emergence Insurance has acquired Blue Zebra’s cyber insurance renewal rights, bolstering its own offerings in the process. Under the terms of the deal, all cyber policies from Blue Zebra from 1 July will be issued renewal terms — otherwise known as replacement policies — by Emergence, with brokers receiving renewal notices from the specialist this month. Policyholders will be provided with Emergence’s cyber cover, which includes its Smarter Cyber Services, comprising of access to one-hour resilience sessions with cyber experts, threat monitoring, and risk reduction resources. Also included are its response capabilities, which provides specialists the insurer notes are available 24/7 to assist with recovery responses to cyber incidents. Emergence CEO Troy Filipcevic said the purchase is proof of the insurance agency’s continued focus on the cyber market.

10. Centrestone Capital acquires majority interest in Synergy Group to build a new model for Sovereign Australian Consultancy

Synergy Group today announces that Centerstone Capital has acquired a majority ownership interest in the Canberra-headquartered consultancy, in a move designed to accelerate growth, strengthen technology-enabled service delivery and reinforce Synergy’s position as a sovereign public sector-focused consulting firm. Founded in 1999, Synergy Group has built a strong reputation in consulting to the Australian public sector. Synergy Group is recognised as a trusted, sovereign-owned consultancy with deep expertise across technology, data and AI transformation; strategic risk advisory; program design and delivery; managed services and, strategy, design and innovation through its ThinkPlace brand. Headquartered in Canberra, Synergy Group has a national presence with offices in Brisbane, Melbourne and Sydney. Synergy Group has a company structure and is not a partnership. Centerstone Capital (Centerstone) is an Australian-owned, operated and governed investor specialising in professional services and the technology capabilities that enhance professional services delivery. The firm combines capital with deep sector expertise to help professional services businesses shape the future through leveraging technology, data and AI to create greater value for clients. Centerstone is led by John Meacock, Luc Maasdorp and Peter Forrester, senior professional services leaders with decades of experience across strategy, growth, transformation and technology-enabled service delivery. Over the past 3 years, Centerstone has been investing in companies with the technology, data and AI platforms that enable and transform the service delivery of professional services firms.

11. Black Kite Partners signs a $100 million deal for after-hours doc helpline 13Sick

It’s a sweet victory for ex-IFM Investors deal makers – David Odgers, Adrian Kerley and Stuart Wardman-Browne – at 13Sick, the country’s largest bulk-billed doctor helpline. The trio’s freshly minted private equity firm, Black Kite Partners, has signed a $100 million deal to buy a majority stake in 13Sick, marking the firm’s debut investment. The acquisition, flagged by Street Talk last month, comes after the team came within inches of signing this very deal at IFM Investors – only for their past employer to pull the plug on the investment firm’s private equity unit. Black Kite will own 75 per cent of DR2, the holding company for its flagship 13Sick helpline, 24-7MedCare daytime telehealth business and Doctor Doctor, which is another after-hours player. Founder James Liang, a doctor-turned-entrepreneur, will exit alongside a handful of early-stage investors after hiring Allier Capital and law firm Hamilton Locke to steer the exit. Another shareholder, ASX-listed MA Financial Group’s growth investment team, has decided to come along for the ride, as has management. Kerley, who led the deal alongside Jonathan Ramasamy and Scott Butchers, said 13Sick was precisely the sort of “resilient and tech-enabled” business that Black Kite would seek to back. Kerley and Ramasamy will join the board, alongside MA Growth Ventures’ managing director Will Botha. In addition to after-hours care, 13Sick also focuses on aged care residents and people living in regional areas, who may struggle to access timely primary care. Its network of 300 doctors is among the largest in Australia. Black Kite, spun out of IFM in April, manages a $1.3 billion portfolio of ex-IFM private equity bets, including radiology chain PRP Diagnostics and rideshare financier Splend. The 18-strong team typically cuts equity cheques of between $30 million and $150 million.

12. Vinyl Group snares its second acquisition this week after scooping up Time Out Australia

Digital media company Vinyl Group (ASX: VNL) has signed an agreement to acquire urban culture brand Time Out Australia, marking its second acquisition in as many days as the company pushes to build a dominant Australian digital media network. The deal comes just a day after Vinyl struck an agreement to acquire Pedestrian Group from Nine Digital, also for nominal consideration, in a move that lifts the combined group’s de-duplicated online audience reach to about 55 per cent of Australians. Alongside the Time Out acquisition, which the company says was also struck at a nominal sum, Vinyl has completed a $2.4 million placement to support integration costs across both acquisitions. Time Out Australia operates as a franchise of the global Time Out brand, publishing city guides and lifestyle content across Sydney, Melbourne and other Australian markets. The business is described as currently profitable and earnings accretive in FY27, though specific revenue and EBITDA figures for the Australian operation have not been disclosed. Under the terms of the deal, Vinyl will enter into a franchise agreement with UK parent company Time Out Group plc, securing the rights to operate the Time Out brand in Australia.

13. iCatalyst acquires Brisbane-based Beyond CRM

Microsoft AI Business Solutions partner iCatalyst has acquired Microsoft Dynamics 365 Customer Engagement and Microsoft Power Platform specialist, Beyond CRM. The acquisition strengthens iCatalyst’s expertise across Microsoft Dynamics 365 and Power Platform, complementing its existing capability and further building its national delivery footprint. Founded in Brisbane, Beyond CRM has built a reputation in the market for delivering highly specialised solutions built on the Microsoft Dynamics and Power Apps platform. The team brings strength in the membership and not-for-profit sectors, with established intellectual property and solution frameworks that aim to enable organisations to better engage their stakeholders, streamline operations and drive sustainable growth. Beyond CRM will integrate into iCatalyst as part of a structured transition, maintaining continuity for customers while continuing to focus on its specialist CRM capability and existing customer base. Andrew Devitt, Co-Founder and Director at iCatalyst, said the acquisition represents a deliberate step forward in expanding capability and supporting customers at scale.

14. Evergreen buys WA-based MSP OSIT marks largest ANZ acquisition

Evergreen has announced its largest acquisition in the ANZ region, welcoming Office Solutions IT (OSIT) to its growing portfolio of managed IT services and software partners under Evergreen’s operating company Lyra Technology Group. The news marks its first acquisition of an MSP there with an existing employee share option plan (ESOP); OSIT will join two other ESOPs in the Evergreen portfolio. Founded in 1996 and headquartered in Western Australia, OSIT supports 1,000 small and midsize businesses and more than 20,000 users across Perth, Sydney, and Melbourne. The company delivers a full suite of services, including managed IT services, IT support, cybersecurity, cloud, Microsoft 365, and vCIO advisory. OSIT also has experience in M&A, having acquired three MSPs between 2022 and 2023, and has seen 10x organic revenue growth over the last 10 years.

15. FirstFocus deepens NZ presence with OneHQ acquisition

First Focus has developed its New Zealand footprint further with the acquisition of local managed services provider (MSP) OneHQ. Taking its headcount to over 100 in New Zealand and over 450 across both Australia and New Zealand, the deal strengthens First Focus’ position in the local small- to medium-sized business (SMB) and midmarket sector. According to First Focus, OneHQ provides a “highly regarded” team, long-standing client relationships and experience offering New Zealand businesses services around managed support, cyber security, cloud, connectivity and technology. Operations manager Troy Stodart will transition to head of delivery for First Focus in New Zealand. Working alongside him will be New Zealand general manager Travis Brunton, who joined the company in May as a result of its Optimus Systems acquisition. Additionally, OneHQ clients will continue to receive support by its team but will also gain access to First Focus’ platform, which covers capability across AI, cyber security, cloud, automation, application development, modern workplace, connectivity, communications, consulting and 24/7 support services. First Focus CEO Ross Sardi said the deal is “another important step” in its New Zealand growth strategy, with the country considered as a major strategic market.

16. Centrino Technologies acquires Centauri to expand Microsoft Dynamics 365 capabilities

Centrino Technologies (CT) has acquired Microsoft AI Business Solutions specialist Centauri Consulting. The acquisition, which completed last month, sees the Centauri team formally join CT’s Data Services division, expanding the organisation’s end-to-end capability across managed IT services, cyber security, cloud, data, AI and now Microsoft Dynamics 365. Centauri co-founder Kevin Horseman has taken on a permanent role leading CT’s new Dynamics Practice, while fellow co-founder George Darwent will support CT’s Growth Teams through the transition. Centauri has built expertise across Dynamics 365, with a focus on case management, grants management, stakeholder engagement portals and Power Apps development. Centauri was already ISO 27001 certified, and has delivered solutions nationally across finance, retail, education and not-for-profit sectors, with consultants based in Melbourne, Sydney and Brisbane. The Centauri brand will now be retired, with the business operating fully under the CT banner; the transition follows an integration model developed through previous acquisitions. According to CT CEO Adam Centorrino, the acquisition addresses growing customer demand for Microsoft AI Business Solutions, with Dynamics 365 and Power Platform expertise filling a key gap within the broader Microsoft ecosystem offered by CT.