Strong M&A Momentum in November as B2B and IT Services Head Toward a Strong Finish to 2025

On the role of SCD Advisory, Adam Head (Co-Founder and Managing Director) said: “The SCD team provided clear advice and kept us well informed throughout this important process. Their deep sector knowledge and access to international strategic partners were instrumental in securing the right acquirer for IQ. The team was highly efficient while bringing strong technical expertise to every stage of the transaction. Thank you, Pierre and Marc, for your support and guidance along every step of the journey and helping achieve this important milestone.”

2. Turnium Technology Group proposes acquisition of Insentra to accelerate global TaaS and channel-led expansion

Canadian TaaS provider Turnium Technology Group (TTGI) has proposed to acquire Sydney-based channel-only services firm Insentra for up to C$15 million. Founded in 2010, Insentra delivers partner-focused consulting and managed services globally. Turnium, headquartered in Vancouver, specialises in SD-WAN, TaaS solutions and AI-driven partner-enablement tools. The proposal includes C$5.7 million in cash and shares, with up to C$7.25 million in earn-outs over two fiscal years, plus a further C$2 million for over-performance. The combined organisation will have 150 staff, with Insentra founders Ronnie Altit, Steven Boi and Itzik Gur taking senior global roles across sales, product and security. Turnium CEO Doug Childress said the deal aligns with Turnium’s growth strategy and could potentially triple the size of the business while expanding its partner ecosystem to more than 280 worldwide. Altit said the partnership enhances opportunities for channel partners by broadening service offerings while maintaining Insentra’s 100 per cent channel-only commitment. The transaction is expected to close by 31 December, subject to conditions.

3. FleetPartners acquires Remunerator to strengthen novated leasing and salary packaging capabilities

FleetPartners (ASX: FPR) will acquire long-standing Melbourne novated leasing provider Remunerator in a deal worth up to $40 million, adding new salary packaging capability and deepening its competitive position in the sector. Founded in 1991 Matthew Honan, Remunerator will be acquired for $31.4 million upfront, with a further $8.6 million subject mainly to two-year performance targets. A $1 million portion also depends on the continuation of current electric vehicle tax incentives. FleetPartners said the transaction, struck at a 5.9x FY25 EBITDA multiple, brings proprietary technology, a loyal customer base and a strong service reputation. The acquisition will be funded from existing cash and debt facilities and is expected to be low single-digit EPS accretive. The announcement accompanied FleetPartners’ FY25 results, with NPAT of $75 million which is down 3% in what the company described as a challenging year marked by operational streamlining and $6 million in annualised cost savings. FleetPartners shares rose 3.15% to $2.95 following the news, giving the company a market capitalisation of $638 million.

4. Banyan Software acquires Catch-e expanding presence in fleet-leasing and salary-packaging software

Banyan Software has acquired Melbourne-based Catch-e, a cloud platform used by novated leasing providers and fleet management companies across Australia and New Zealand. Founded in 2002, Catch-e delivers mission-critical functionality across lease origination, payroll integration, regulatory compliance and fringe benefits tax processing, with deep integrations into payroll, HR and vehicle-data systems. Catch-e’s founders Ian Rawlings and Gray Quinn said the partnership positions the company for its next growth phase, noting “we found a partner who shares our long-term vision and will support Catch-e’s next chapter while staying true to the values that got us here.” Following the acquisition, Matthew Talia, current CEO of Linxio, another Banyan portfolio company, will become CEO of Catch-e, focusing on product modernisation, customer engagement and long-term growth execution.

5. Iron Mountain acquires ACT Group to bolster IT asset lifecycle capabilities

Iron Mountain has acquired Brisbane-based ACT Group, a multi-division ICT asset lifecycle specialist serving government, financial services, healthcare and education customers across Australia. ACT Logistics, the largest arm of the group, purchases and transports retired ICT assets, providing nationwide audit, storage, sanitisation, redeployment and remarketing services. Its ACT Networks division focuses on datacentre and networking equipment, remanufacturing and reselling servers, switches and firewalls once data has been sanitised. Iron Mountain said the acquisition expands its Asset Lifecycle Management (ALM) footprint and strengthens its ability to support customers’ digital transformation and data-security needs. “ACT Logistics’ exceptional reputation and deep market expertise will significantly enhance our presence in the region, benefiting customers through expanded capabilities and service offerings,” said Stuart Dahlenburg, Iron Mountain’s APAC ALM MD.

6. First Focus acquires Melbourne-based Red IT to expand national MSP footprint

First Focus has acquired Red IT, a Melbourne-based IT services provider led by Matthew Purvis, marking the MSP’s fourteenth acquisition as it continues to scale its national presence across ANZ. The deal follows recent purchases including Adelaide’s Tie Networks and past acquisitions of Section Group, Enee and Rock IT, reflecting First Focus’s ongoing strategy to deepen regional coverage and strengthen mid-market capabilities. Purvis will remain involved in an ambassador role to support client relationships and future growth initiatives. First Focus CEO Ross Sardi said the acquisition aligns with the company’s people- and client-focused philosophy, noting “Red IT appealed to us for the same reasons that have underpinned all of our acquisitions – great clients and great staff.” Founded in 2003, First Focus now has more than 320 staff and offices in every major Australian capital, delivering IT support, cybersecurity, cloud, AI and SharePoint services to mid-market organisations across ANZ and the world.

7. Entag acquires Rubicon 8 to accelerate growth in cloud, cybersecurity and managed services

Entag has acquired Rubicon 8 in a move that strengthens its national technology services capabilities and advances its strategy to deliver scalable, future-ready solutions. Backed by Anchorage Capital Partners, the deal brings together Entag’s enterprise-grade delivery model with Rubicon 8’s deep expertise across cloud networking, cybersecurity and endpoint services, expanding the combined team to 145 specialists. Entag CEO Kris Carver said the acquisition marks a pivotal moment for the business, noting “this is more than a strategic move, it’s a clear signal to the market that we’re anticipating industry change and focused on delivering intelligent solutions that evolve with our clients’ ambitions.” The announcement follows recent national recognition at the 2025 Telstra Partner Awards, where Entag and Rubicon 8 won multiple honours across enterprise, cloud, AI, data and connectivity categories.

8. Hansen Technologies acquires UK-based Digitalk to expand MVNO and carrier-grade software capabilities

Hansen Technologies (ASX: HSN) has entered a binding agreement to acquire Digitalk Group Holdings, a UK-based provider of MVNO and carrier-grade communication platforms, in a deal valued at £33.1 million (A$66.4 million). The acquisition will be funded through a mix of existing cash and debt and is expected to complete by the end of 2025, subject to regulatory approvals. Founded in 1996, Digitalk delivers mission-critical platforms to mobile operators worldwide, including its full-stack MVNO-in-a-box solution covering billing, CRM, OCS, provisioning and IVR. The company also offers a cloud wholesale voice trading platform with capabilities across routing, billing, fraud prevention and monitoring. Digitalk employs around 60 staff and supports 150 customers across 30+ countries and is described as historically profitable, immediately accretive to adjusted Hansens EPS. Global CEO Andrew Hansen called Digitalk a strategically aligned addition to the group, noting “Digitalk is a highly complementary acquisition for Hansen – technologically, commercially, and culturally. It expands our recurring revenue base and unlocks new growth avenues in MVNOs and wholesale voice.”

9. Fusion5 acquires Kordia’s managed IT business to accelerate ANZ services growth

Fusion5 has acquired the managed IT division of New Zealand technology and critical-communications provider Kordia, with the 26 strong IT team joining Fusion5’s Auckland operations. The deal marks Fusion5’s second recent expansion following its September acquisition of Queensland-based NetSuite partner Applejack and continues a multi-year strategy to scale managed IT capabilities across ANZ. For Kordia, the sale reflects a continued focus on core strengths in cybersecurity, critical communications and connectivity, following earlier divestments including its Australian contracting arm in 2021 and its ISP Orcon in 2013. Kordia Group CEO Neil Livingston said the move benefits customers by aligning them with an organisation committed to long-term growth in managed IT, noting “the sale will enable Kordia to focus on opportunities in cyber security and critical communications.” Fusion5 NZ CEO Kristy Brown said the two companies share a closely aligned approach and culture, emphasising strong client outcomes and people-centric values. The acquisition builds on Fusion5’s investment trajectory, following its purchases of Vigilant IT in 2023 and GoCloud Systems in 2024.

10. Revolution Asset Management and ColCap Financial Form Strategic Partnership

Revolution Asset Management has formed a strategic partnership with non-bank lender ColCap Financial, with ColCap acquiring a 14% minority stake and Channel Capital increasing its ownership to 25.8%. Revolution’s investment team will retain majority control, ensuring continuity of strategy, governance and investor alignment. The partnership combines ColCap’s $19 billion lending and mortgage-origination platform with Revolution’s $3 billion institutional-grade private credit funds management capabilities across Australia and New Zealand. ColCap co-founder and CEO Andrew Chepul said the investment strengthens the group’s funding diversity as it transitions beyond traditional securitised mortgage lending, noting “Revolution’s disciplined credit approach and strong institutional relationships complement our strategic vision and operational strengths in origination.” ColCap COO Ilias Pavlopoulos said the move reflects a deliberate shift to become a diversified non-bank lender with broader asset-management offerings for professional investors. Channel Capital, which provides operational and distribution support to Revolution, said the partnership will drive new product innovation and long-term growth opportunities.

11. SYSTRA acquires BG&E to expand ANZ footprint and launch a global complex-buildings offering

SYSTRA has acquired BG&E, a leading Australian multi-disciplinary engineering firm renowned for its work in transport infrastructure and complex buildings. Founded in Australia and now operating across ANZ, Asia, the Middle East and the UK, BG&E brings more than 800 employees to the group. The acquisition significantly strengthens SYSTRA’s presence in the region and creates a combined team of over 1,000 specialists across Australia and New Zealand. BG&E’s deep structural and civil engineering expertise extends SYSTRA’s traditional strengths in transport-related structures, enabling a new international offering spanning stations, depots, major buildings and other technically challenging assets. Together, the combined network will include more than 700 complex-buildings experts able to deliver sustainable, high-quality engineering solutions worldwide. SYSTRA CEO Jean-Charles Vollery said the partnership advances the group’s global ambitions, noting “together, we have a unique lever to support the transformation of infrastructure in Australia, New Zealand, and beyond… and to be the signature team for engineering in the transport and complex buildings sectors worldwide.” BG&E managing director Frank Cerra said the alignment made strong strategic and cultural sense, enabling BG&E to enter the next phase of its growth journey.

12. Cadgroup and Cadpro merge to create ANZ’s only dual Autodesk Platinum Partner

Cadgroup Australia and Cadpro Australia & Cadpro New Zealand have announced a strategic merger, bringing together two of the ANZ region’s most established Autodesk Platinum Partners to enhance service capability and strengthen client outcomes. Under the consolidation, Cadpro Australia will cease operations with its customers transitioning to Cadgroup, while Cadpro New Zealand will continue operating under its existing brand. Cadgroup + Cadpro CEO Ibrahim Thanawalla said the merger reflects a shared commitment to customer-centric service, noting “Cadgroup & Cadpro have both demonstrated their customer centric approach for over 35+ years… This merger reflects our commitment to expanding our services to a broader customer base across ANZ.” Cadpro founder Hans Grootegoed described the move as the start of a new chapter offering expanded opportunities for both clients and staff.Customers across Australasia will benefit from deeper technical capability, extended service hours, and access to the only Autodesk partner with Platinum accreditation in both Australia and New Zealand.

13. Linktree acquires emerging Melbourne-based competitor Fingertip to strengthen creator and SME ecosystem

Social media tech unicorn Linktree has acquired Fingertip, a fast-growing Melbourne startup offering an all-in-one mobile business platform for freelancers, sole traders and small businesses. Founded in 2023 by Olly Hoffman and Matthew Blode, Fingertip enables users to manage their website, bookings, invoicing, payments, product sales and client communications directly from their phone. Fingertip has scaled quickly, surpassing 20,000 users since its beta rollout and earning accolades including Forbes 30 Under 30 Asia and the 2025 Prodigy Award. While financial terms were not disclosed, Linktree said the acquisition reflects its commitment to building intuitive tools that support creators and small businesses globally. “Fingertip’s thoughtful approach to design and to creator and small-business workflows aligns closely with our vision,” the company said, noting its community now includes more than 70 million users. Fingertip’s founders and team will join Linktree, with Fingertip’s standalone platform set to close on 1 May 2026 ahead of a user migration program.

14. Orion Group acquires SurveyPlus to expand surveying capability across NSW & QLD

Orion Group has acquired SurveyPlus, bringing the respected NSW and QLD surveying firm into its multidisciplinary network. The merger strengthens Orion’s surveying capability, expands regional coverage, and creates new opportunities for staff and clients across the east coast.SurveyPlus director Jeremy MacCue said the partnership significantly enhances what the business can offer, noting “backed by a large, multidisciplinary group, we can now offer greater capability and deliver more value than ever before.” Orion Group Director Philip Byrum said SurveyPlus is a strong cultural and strategic fit, adding that the deal bolsters Orion’s existing survey team and creates “new growth opportunities for our people across NSW, QLD and beyond.” SurveyPlus will continue trading under its existing name during a 12-month transition period, with current project arrangements remaining unchanged.

15. Software Combined acquires Netherland-based workforce solutions provider WCC Group

Software Combined has acquired WCC Group, the Dutch pioneer in intelligent workforce-matching software, marking its third Dutch acquisition in four months and its thirteenth global transaction since 2020. The deal strengthens Software Combined’s European footprint and adds a long-established provider of mission-critical matching technology used by public employment services and staffing agencies worldwide. WCC Group supplies matching and identity solutions to major public institutions—including Germany’s Bundesagentur für Arbeit, France Travail, and Malaysia’s Perkeso—as well as staffing groups such as Robert Half and large global enterprises. WCC CEO Jan Jensen said the partnership provides long-term stability and a strong global platform for expansion, noting that Software Combined “is building a permanent home for companies that have found their niche and want to grow sustainably.”

16. Decidr to enter US market with acquisition of Sugarwork

The acquisition strengthens Decidr’s product suite with a purpose-built platform for capturing operational knowledge and generating structured workflow documentation across enterprise environments. Founded in 2022, Sugarwork helps organisations surface where to prioritise AI initiatives by capturing process knowledge through structured interviews and producing detailed, actionable documentation. Its customer base includes Supergoop, Appen and L-Cubed, alongside clients in finance, healthcare, industrial services and professional services. Integrating Sugarwork will enable Decidr to accelerate product development and expand distribution by leveraging its engineering capability. For Decidr, the acquisition provides access to well-defined enterprise workflows that can be orchestrated through DecidrOS, giving customers a more seamless path from insight to execution.