M&A blog Mar-26: Diversity of deals in BtoB Services

2. New Zealand-based MSP Securecom acquired by Sharp NZ

Securecom, an NZ-managed and owned MSSP providing end-to-end IT services, has been acquired by Sharp Corporation NZ. Securecom, which has operated in New Zealand for over 20 years and manages the IT infrastructure of over 250 NZ based clients, is primarily aimed at the mid-market of around 150-500 seats. As a result of the acquisition, Sharp NZ will significantly increase in size and its capabilities will be expanded to include a suite of managed IT services. These services will complement Sharp’s existing range of business technology solutions, including multifunction print systems, commercial displays and software systems. Securecom’s Auckland-headquartered operations and 24/7 Integrated Operations Centre (IOC) will continue with no structural nor operational changes under the leadership of current Securecom MD Greg Mikkelsen. The business will adopt a refreshed brand identity with the byline ‘Powered by Sharp’. Under the new agreement, Sharp NZ MD Jan Nicol-Winitana will continue in her capacity as MD and has also been appointed as the new chair of Securecom, replacing Chris New. The Securecom purchase represents a “significant investment” by Sharp in New Zealand’s technology economy, following similar global initiatives by its parent company Sharp Global. Sharp NZ is the first subsidiary within the Asia-Pacific region to integrate an MSP into its operations.

3. IFS acquires warehouse management software provider Softeon

IFS, a provider of Industrial AI software, has acquired Softeon, a provider of warehouse management software (WMS) and solutions. Operating as IFS Softeon, the move will bring together IFS’ Industrial AI capabilities with Softeon’s over 20 years of tier-1 WMS expertise. IFS Softeon will aim to combine industrial domain knowledge, robotics orchestration and warehouse execution into a single offering, processing millions of orders per month and managing warehouse operations across 30 countries, including Australia. Existing Softeon customers will see continued investment and no disruption. existing IFS customers gain access to ‘best-in-class’ WMS and new prospects now have the choice of a single vendor for end-to-end supply chain intelligence.

4. First Focus acquires NZ-based MSP CNX

First Focus has acquired CNX, a New Zealand managed services provider with offices in Nelson and Christchurch. First Focus has operated in Auckland for more than a decade, primarily supporting its Australian clients with operations in New Zealand. The acquisition of CNX now establishes the foundation of a national platform, strengthening First Focus’ long term commitment to the NZ market. The existing CNX team will remain in place, continuing to serve customers locally from Nelson and Christchurch. Clients will retain the same relationships, while gaining access to the broader scale and capability of First Focus. Through the integration, customers will benefit from expanded services including 24×7 support, advanced cybersecurity, AI and automation solutions, and software development, according to First Focus. As part of the transition, CNX CEO Paul Burt will continue with First Focus, focusing on leading growth initiatives across the South Island and strengthening strategic client and partner relationships.

5. IPscape acquires VoxHero to drive AI voice customer experience

Australian AI-enabled cloud customer experience and contact centre technology provider IPscape has boosted its agentic AI capabilities with the acquisition of key software assets from VoxHero. These assets have been rolled into the company’s existing agentic AI technology platform to be launched through IPscape’s AI subsidiary, AI SCAPE. The addition of VoxHero’s software is designed to fast-track the company’s ability to provide agentic AI solutions. The organisation also said it has brought on a specialist team that has designed, developed and supported agentic AI voice offerings in live customer experience environments across APAC. Along with software, the acquisition brings an established customer base across to IPscape, with proven agentic AI deployments in APAC environments, including in healthcare, education and professional training, marketing and retail. The company said the VoxHero acquisition will enhance AI SCAPE’s ability to deliver the rapid deployment of AI agents, along with enterprise-grade reliability and security and “greater innovation opportunities” for channel partners.

6. Five V digs into mining tech with majority stake in FTP

Five V Capital has snapped up 60 per cent of FTP Solutions, a tech company that provides software to the mining and agriculture sectors, in a deal valuing the business at around $70 million. Five V Capital is excited to announce our partnership with FTP, a leading provider of integrated network and operational monitoring software and services to the mining sector. This marks the fifth investment for our Frontier strategy. Founded in 2012, FTP delivers market-leading network and operational technology and support services to the mining sector, supporting a global customer base across 9 countries. Through their cutting-edge network and operational technology monitoring software solution, IMS, FTP is enabling global mining companies to effectively transition towards autonomous operations.

7. National Reconstruction Fund invests $200m in Macquarie Technology Group

The National Reconstruction Fund Corporation (NRFC) has dropped a $200 million investment into Macquarie Technology Group to accelerate the use of sovereign cloud services and AI by Australian Government agencies, Defence, critical infrastructure and other Australian businesses. The NRFC is a sovereign investor established by the Australian Government to invest in Australian businesses to support nationally significant technological innovation, digital infrastructure, defence, and national security. The deal effectively establishes the NRFC as a long-term, strategic partner to Macquarie, and the investment is designed to enhance Macquarie’s capability development initiatives focused on its Cloud Services and Government business unit. Under the terms of the investment, the NRFC will issue Macquarie with $200 million of perpetual, callable subordinated, unsecured and non-convertible securities by or before the beginning of March 2027. David Tudehope, chief executive of Macquarie Technology Group, said the investment provides long-term capital to support the company’s growth initiatives while providing additional financial flexibility and diversification of funding sources.

8. Infotrust acquires Canberra-based cyber security consultancy, Catalyst Cyber PL

Infotrust has agreed to acquire 100% of Canberra‑based specialist cyber security firm Catalyst Cyber Pty Ltd in a performance‑linked transaction valued at approximately $5 million. The acquisition consideration comprises of approximately $3.5 million in cash and $1.5 million in Infotrust shares, based on a 5x multiple of Catalyst Cyber’s underlying EBIT. An uncapped earn‑out mechanism, calculated at a 6x multiple of incremental EBIT growth delivered across FY27 and FY28, has also been included in the acquisition agreement to align management incentives with long‑term shareholder value creation. Founded and led by George Katavic, Catalyst Cyber has expertise in federal government cyber assurance, advisory and compliance‑driven engagements. Katavic brings more than 20 years of specialist cyber security management experience, having built a business focused on delivering services into tightly regulated and high‑assurance environments. Catalyst Cyber provides Infotrust with immediate entry into the federal government cyber security market through established agency relationships, security‑cleared personnel, and specialist accreditations across IRAP assessments and the Essential Eight framework. These capabilities complement Infotrust’s existing managed security, 24×7 Security Operations Centre and digital forensics offerings, while materially expanding its reach into accreditation‑driven procurement environments.

9. Tally Group announced the acquisition of Skipping Stone

Tally Group announced today the acquisition of Skipping Stone, a global energy strategy and implementation consulting firm.  Skipping Stone will continue operations under its own brand as a wholly owned subsidiary. The companies will combine their strengths to expand the Group’s global go‑to‑market reach and strategic energy market solutions. Skipping Stone is an award-winning global energy markets strategy consulting and implementation services firm.

10. Red Marble AI announced a strategic investment partnership with Centerstone Capital

This is a deliberate partnership of two organisations that see the same future and are committed to building it. Shaped through shared values, deep roots in professional services, and an unshakeable belief in the transformational power of agentic AI. Centerstone Capital, founded by former global leaders of the world’s largest professional services firm, brings the capital, network and deep industry expertise this next chapter demands. After nearly a decade of delivering AI solutions across strategy, engineering, governance and agentic transformation, Red Marble AI enters this partnership from a position of strength, creating the conditions for a step-change in what we can deliver for our clients. Greater engineering depth, broader strategic reach, with the ambition to match. Together, we’re building AI-native businesses and proving that the next generation of great global companies will be built on intelligence.

11. PKF’s Brisbane practice reportedly set to join start-up Horizon Nexus Partners

Accounting and advisory start-up Horizon Nexus Partners is in the process of poaching PKF’s Brisbane practice according to the AFR, a bold move which would send a clear signal to the market. Backed by private equity firm BGH Capital and fast assembling a team of highly experienced professionals, Horizon Nexus Partners hardly feels like your average start-up, expressing its ambitions to create a national mid-tier competitor. Led by former PwC partners Rob Silverwood and Sanjiv Jeraj, Horizon Nexus Partners now looks like it could be on the verge of making an early market splash, with the AFR reporting that the new venture has signed up the Brisbane practice of PKF. Nationally, PKF generates close to $200 million in revenues – recently slipping out of the top ten of the AFR’s annual top 100 accounting list at the expense of William Buck – with the publication suggesting the firm’s Brisbane branch contributes around ten percent of the overall take, or between $15 million to $20 million in annual revenues, driven by five equity partners. Led by audit boss Liam Murphy, the AFR says those partners have already signed on the dotted line to defect to Horizon Nexus, and will pick up equity in the new venture as partners after working through a six-month notice period. At the time of its acquisition of local accountancy PT Partners in 2021, the Brisbane practice also had a headcount of around 85 employees.

12. Aura announces acquisition of Qoria: Creates a Global Leader in Digital Safety Products and Solutions

Aura, a leading AI-powered online safety platform for individuals and families, and Qoria (ASX: QOR), a global leader in student safety and wellbeing, today announced a binding agreement under which Aura proposes to acquire Qoria through an Australian scheme of arrangement, subject to the satisfaction of a number of conditions (Scheme) along with listing of Aura on the Australian Securities Exchange (ASX). Upon completion of the transaction, Qoria will become a wholly-owned subsidiary of Aura and the newly combined group will then begin trading on the ASX under the ticker symbol AXQ.  The combination of Aura and Qoria will establish a global industry leader in online safety and security, bringing together Aura’s rapidly growing, AI-powered suite of online safety and wellbeing features and Qoria’s global footprint, connected schools ecosystem and deep expertise in student safety and digital wellbeing, which will give the company access to more than 9 million families around the world and more than 20 percent of schools in the United States.  On a combined basis the group generated more than $300 million in annual recurring revenue (ARR) in the year ending December 31, 2025 and is expected to grow by more than 20 percent in calendar year 2026. The implied pre-money equity value of the combined business is approximately $2.1 billion (USD), equivalent to A$0.72 per share.