Oct-26 M&A: Global Buyers Bolt On Australian Specialists, with an SCD Deal in Consulting

2. Cognizant to acquire SAP specialist DyFlex Solutions

Cognizant (NASDAQ:CTSH) has agreed to acquire DyFlex Solutions, a Perth-based SAP Platinum Partner that private equity firm Five V has backed since early 2025. Founded in 2011, DyFlex employs more than 300 people across Australia and New Zealand with a supporting delivery team in the Philippines, and is known for running SAP cloud programs for mining and energy clients. The acquisition gives Cognizant a scaled local SAP practice just as clients accelerate their migration off legacy systems ahead of the 2027 end of mainstream support for SAP ECC. Terms were not disclosed and completion is expected in the first quarter of 2027, delivering Five V a quick exit roughly eighteen months after it invested.

3. Southern Cross Electrical Engineering acquires Entire for up to $112.1 million

Southern Cross Electrical Engineering (ASX:SXE) has agreed to buy Entire Operations, a Victorian fire protection and HVAC services group, for up to $112.1 million on a cash-free, debt-free basis. SXE will pay $70 million upfront, with the remaining $42.1 million in earn-outs tied to Entire’s EBIT performance between FY27 and FY29. On EBIT of around $17.5 million and revenue of $191 million, the price equates to 5.5 times EBIT at the maximum base earn-out. The deal extends SXE’s fire services business into Victoria and takes it into mechanical services for the first time, with managing director Rod Sekulich staying on under a long-term contract. The heavy use of earn-outs makes it a useful benchmark for how listed contractors are pricing mid-market services businesses.

4. Dicker Data acquires Sektor for NZ$138 million

Dicker Data (ASX:DDR) has acquired Asia Pacific technology distributor Sektor Group for NZ$138 million (around A$112 million), funded through an extension of its existing debt facilities. Founded in 2009, Sektor employs around 230 people across New Zealand, Australia, Thailand and Malaysia and specialises in point-of-sale and enterprise mobility products alongside cyber and physical security. The business generated NZ$440 million of revenue and NZ$22.7 million of EBITDA in the year to August 2026, implying a multiple of around 6.1 times. Executive chair Fiona Brown said the deal opens attractive new product categories and gives Dicker Data an established footprint in South-East Asia, with Sektor CEO Rhys Warren and his team continuing to lead the business.

5. The PA agrees $49.8 million takeover of RAS Technology

The Press Association, part of UK-based PA Media Group, has agreed to acquire RAS Technology Holdings (ASX:RTH) for $1.04 cash per share, valuing the business at $49.8 million and representing a 93 percent premium to its undisturbed share price. Founded in 1999 and based in Canberra, RAS provides racing data and wagering technology to clients including Entain, Flutter and Tabcorp. The PA plans to combine RAS with Podium, its own racing and betting data business, giving it a direct entry point into the Australian wagering market. The RAS board unanimously supports the scheme, and the size of the premium shows how much offshore strategic buyers are willing to pay for specialist local data assets.

6. Austco Healthcare acquires RTM Solutions and CareTech Systems

Austco Healthcare (ASX:AHC) has agreed to acquire two Australian healthcare technology businesses, RTM Solutions and CareTech Systems, for $12.4 million upfront, with total consideration reaching around $19 million once CareTech’s uncapped earn-out is included. The deals will be funded from existing cash and a new $12 million debt facility rather than by issuing shares. The upfront price for RTM equates to around 1.7 times revenue and 7.3 times EBITDA. For Austco, which grew revenue 16 percent to $94.2 million in FY26, the acquisitions add recurring software revenue to its core hardware business while the earn-out structure limits the risk of overpaying.

7. Five V Capital takes a majority stake in First AML

Five V Capital has agreed to acquire a majority stake in First AML, an Auckland-based compliance software company that helps private equity, venture capital and property firms run anti-money laundering checks. Founded in 2017, First AML counts Grant Thornton and AirTree among its clients and generates around $26 million in revenue, with particularly strong growth in the UK. The deal follows a Barrenjoey-run process to sell around $80 million of shares held by early investors, allowing Blackbird, Bedrock Capital and Icehouse Ventures to exit. With IPO markets still largely closed to growth software, private equity is becoming the most realistic exit route for local venture-backed companies.

8. WSP completes its acquisition of e2m

WSP Global (TSX:WSP) has completed its acquisition of e2m, a Queensland ecology and environmental approvals consultancy with more than 60 specialists. Chief executive Scott Baker founded e2m in 2015 and built it into the state’s largest team of terrestrial ecologists, advising resources, renewables and infrastructure clients on approvals and offsets across the full project lifecycle. For WSP, the deal adds scarce approvals expertise in a market where environmental approval is often on the critical path for major projects. Coming a month after RSK acquired renewables advisory firm Cogency, it confirms that global engineering groups are competing hard for Australian approvals talent.

9. AESG acquires The Energy Project

AESG, a Dubai-headquartered engineering and advisory group, has acquired The Energy Project (TEP), a South Australian consultancy advising on solar, battery storage, microgrids and virtual power plants. TEP becomes the renewables pillar of AESG’s global sustainability practice and gives the group a base in Australia from which to grow. AESG has appointed Andrew Mather as Managing Director, Australia, bringing more than 40 years of consulting experience that includes building and integrating acquired firms. His appointment suggests AESG sees TEP as a platform for further growth, as offshore groups continue to buy their way into Australian energy transition advisory.

10. PRM acquires Swietelsky Rail Australia

PRM, the Australian rail business owned by Italy’s Salcef Group, has acquired Swietelsky Rail Australia from the Austrian Swietelsky construction group. Best known for rail maintenance in the Pilbara, PRM gains an east coast presence for the first time through Swietelsky’s New South Wales operations and its specialist mechanised maintenance fleet. Salcef described the deal as a further investment in PRM and the Australian rail market, while Swietelsky Australia managing director Anne Connors said clients and staff would see continuity through the transition. The deal shows European groups actively reshaping their Australian infrastructure portfolios, with some exiting non-core units as others double down.

11. CRMIT Australia acquires Brooke Global

CRMIT Australia, a Salesforce implementation partner, has acquired Brooke Global, a business transformation consultancy that works with government agencies and regulated organisations. Brooke Global’s 40 strategy consultants join CRMIT and add advisory capability to its implementation and agentic AI work. CRMIT founder and CEO Vinod Reddy said the deal deepens the group’s understanding of public sector transformation, while Brooke Global managing partner Bruce McGregor pointed to the benefits of global delivery and advanced AI. The deal reflects a wider trend of implementation partners buying advisory firms to move up the value chain as AI erodes the value of pure delivery work.

12. AUB Group to acquire One Underwriting Australia from Aon

AUB Group (ASX:AUB) has agreed to acquire specialist underwriting agency One Underwriting Australia from global broker Aon. One Underwriting distributes tailored insurance products through a network of more than 250 brokers and will join AUB’s agencies division, which the group is building to increase its scale in underwriting and strengthen its relationships with insurers. Specialist agencies with established broker networks are scarce, and AUB has secured one from a global group refining its local portfolio. The deal adds to a busy period for Australian insurance distribution, which also includes the $7.7 billion takeover of Steadfast by KKR, Dragoneer and Amwins.

13. Software Combined acquires Acendre

Software Combined has completed the acquisition of Acendre from US-based HireRoad, bringing the government talent management platform back into Australian ownership. Founded in Australia in 1997, Acendre supports merit-based hiring for government agencies and holds IRAP certification to Protected level, which creates a high barrier to entry and long customer relationships. Sydney-based Software Combined was founded in 2020 to buy and hold vertical market software businesses for the long term, and Acendre is its 14th acquisition across Australia, New Zealand and the Benelux. The deal shows certified government software attracting patient buy-and-hold capital.

14. Webexpenses merges with Zudello

Webexpenses, a UK expense management software provider owned by Tenzing Private Equity, has merged with finance automation platform Zudello. Founded in 2000, Webexpenses already sells into the UK, Australia and North America, while Zudello automates accounts payable and procurement workflows for finance teams. Together they give CFOs a single platform covering expenses and broader finance automation. Webexpenses was previously owned by ASX-listed ELMO before Tenzing acquired it in 2023, and the merger is a typical private equity buy-and-build move that adds product breadth to a platform with established international distribution.

15. Axelo acquires Cynch Security

Axelo, a Melbourne-based managed services provider owned by Singapore’s ShoreTree Holdings, has acquired cyber risk platform Cynch Security. Founded in Melbourne in 2017, Cynch counts Telstra, KPMG and the Victorian Government among its customers, and co-founder Adam Selwood joins Axelo as cyber advisory lead. Cynch will be combined with 4walls, the human risk management business Axelo bought last year, under a single Axelo Protect brand. Group CEO Nik Devidas described the deal as a build-versus-buy decision, and with more than 330 staff and an IPO targeted for 2027, Axelo has signalled further acquisitions are on the way.

16. ctrl:cyber acquires Razilio

ctrl:cyber, a cyber security consultancy backed by Pemba Capital, has acquired Razilio, a Sydney cyber firm founded by Ashley Jones, adding around 20 staff to the group. The deal follows ctrl:cyber’s earlier purchase of Sydney privacy and AI governance consultancy elevenM, and the group has signalled that more acquisitions will follow. Pemba holds a 50 percent stake and is backing ctrl:cyber to build a sovereign Australian cyber services platform through acquisitions. Since Accenture’s acquisition of CyberCX, private equity-backed platforms have become some of the most active buyers of boutique cyber consultancies in Australia.

17. HR Path acquires Payroll Experts Australia

HR Path, a Paris-based HR consulting and HRIS group, has acquired Payroll Experts Australia, a Brisbane specialist in payroll compliance and remediation that has delivered more than 530 projects for over 260 organisations since 2009. The business will trade as Payroll Experts Australia, an HR Path Company, with chief executive Steve Keenaghan remaining in place. HR Path entered Australia through its 2019 acquisition of DDG and added SAP SuccessFactors specialist RKM Consulting in 2025, and co-founding partner François Boulet said this latest deal supports its ambition to lead globally in HR transformation. With wage underpayment still a major compliance risk for Australian employers, specialist payroll expertise is a valuable addition to an HR technology business.

18. Gallagher acquires Intelligent Communications Experiences

Arthur J. Gallagher & Co. (NYSE:AJG) has acquired Intelligent Communications Experiences, a Melbourne firm that designs and delivers digital employee communications. The team, led by Chris Cansfield, Steve Mann, Glyn Wallens and Kevin McDougall, joins Gallagher’s employee benefits and HR consulting business in Australia and New Zealand under Graham Campbell. Gallagher has been building its employee communications capability globally since buying Buck for US$660 million in 2023. Following its purchase of Gold Coast planner Asset Partners Private Wealth earlier this year, the deal shows Gallagher expanding its Australian consulting offer through small and targeted acquisitions.

19. TBA Group takes a majority stake in Second Sunday

UK-based experiential agency TBA Group has taken a majority stake in Second Sunday, marking its first Australian acquisition close to a year after it began operating locally. Founded by Cameron Coghlan and Brendan Maher, Second Sunday produces major events including the ARIA Awards, SailGP and X Games Sydney. TBA founder and CEO Guy Horner pointed to the agency’s loyal client base and its expertise across sport and entertainment as the key attractions. Coming a month after Trivandi merged with SoldOut Events, the deal shows offshore events groups building local production capability ahead of the Brisbane 2032 Olympic and Paralympic Games.

20. Merchantwise Group acquires WP Brands

Merchantwise Group, a Melbourne brand management and media group backed by Parc Capital since 2019, has agreed to acquire licensing agency WP Brands. WP Brands manages the Australian licensing programs for brands including Peanuts, Paddington and Squishmallows. The deal adds licensing to a group that acquired Sydney creative agency Jaywing and its digital arm Frank Digital in August 2025, following earlier purchases of social media agencies The Social CliQ and The Content CliQ. It is a clear example of private equity building an integrated marketing services group through steady bolt-on acquisitions.

21. Dragonfly makes its first strata management acquisition

Dragonfly, a Sydney AI roll-up founded by Misha Saul and former Invisible Technologies CEO Ben Plummer, has acquired its first strata management business eight months after launching. The model is to buy strata managers and run them on a shared AI platform, on the view that owning the operating business allows changes that software vendors cannot make. Dragonfly has signed term sheets with two or three more operators and is preparing to raise around $10 million alongside debt to fund $40 million to $50 million of acquisitions, targeting businesses that typically sell for 2 to 3.5 times recurring management fees. Plummer believes around 80 percent of the technology could later be applied to accounting, insurance and professional services.