Strong start to the year for the M&A market in B2B Services

2. Kiwi cyber consultancy Bastion continues Australian push through Phronesis

Established in 2021 by ‘chief realist’ Elliot Dellys, Phronesis has since grown to a team of 20 cyber professionals across the country providing security assessments, strategy, testing, risk & compliance and certification services to public and private sector clients. Bastion, meanwhile, was formed in 2023 through the roll-up of three New Zealand-based cybersecurity firms acquired by Quadrant Private Equity, having since added cyber service providers Cythera in Melbourne and Seamless Intelligence in Perth.

3. AI consultancy Arinco adds Connetico stable-mate D6 Consulting

Established in 2022 with offices in Sydney and Melbourne, D6 Consulting was shortly after backed by private equity firm Quadrant alongside Arinco and AWS consultancy Cevo, with the trio operating independently under the Connetico umbrella. Now, D6 Consulting, which specialises in project management and business consulting with a focus on AI, cloud and data analytics, joins Microsoft AI specialist Arinco, creating a 220-strong AI transformation practice with a presence across Australia and New Zealand.

4. HLB expands business advisory team in Perth through A Plus

Accounting and consulting firm HLB Mann Judd has expanded its business advisory services division in Perth to 30-plus through the acquisition of local outfit A Plus Business Advisors. Based in Subiaco, A Plus has been operating for just shy of two decades, serving individuals and small enterprises and across tax and compliance, financial reporting, super, and other business services, including advisory in areas such as planning and improvement. Led by founder Garry Anderson, A Plus has a team of around one dozen listed accountants and advisors, along with a number of bookkeepers and support staff, with HLB Mann Judd stating the addition would see its local business advisory practice grow to more than 30 professionals.

5. Pemba in $100m-plus pre-Christmas environmental consultancy buyout Ektimo

We are pleased to congratulate Pemba Capital Partners on their partnership with Ektimo. OC&C provided commercial due diligence in support of the transaction. Ektimo is a leading provider of emissions and environmental testing & monitoring services, supporting clients in meeting compliance and sustainability requirements across a range of heavy industries. The investment will help drive the business’s continued growth and expansion in a sector increasingly shaped by environmental regulation and ESG priorities. Pemba specialises in partnering with high-growth businesses in the mid-market, with the acquisition of Ektimo underscoring Pemba’s strategy of backing essential services businesses with strong market positioning and resilient demand fundamentals. We are proud to have supported this deal, aligning with our expanding global expertise within the sustainability sector and continuing our mission as a B Corporation, striving to be a business for good. We wish Ektimo and Pemba Capital Partners every success for the future.

6. PlayHQ has entered into a binding, definitive agreement to join Alpine Software Group (ASG)

PlayHQ has entered into a binding, definitive agreement to join Alpine Software Group (ASG)—a portfolio company of Alpine Investors that buys and builds vertical SaaS companies. The transaction is subject to customary regulatory approvals. PlayHQ is a world-leading platform that connects sporting governing bodies, clubs, leagues, volunteers, parents, and participants in a single application for registrations, competitions, payments, scoring, and game-day experiences.

7. Lavendel Consulting becomes part of Applexus Technologies, expanding AI-Enabled Pricing Transformation

Lavendel Consulting, the world’s largest independent Pricefx consulting partner, today announced it has been acquired by Applexus Technologies Inc., a global leader in SAP consulting, analytics, and Business AI solutions. The partnership strengthens Lavendel’s ability to deliver end-to-end pricing transformation by combining its deep pricing expertise with Applexus’ SAP and AI capabilities. Together, the organizations will help enterprises embed intelligent, AI-driven pricing directly into their SAP environments, enabling greater agility, profitability, and decision-making precision. As the price optimization software market continues to expand—projected to reach $6 billion by 2030—the collaboration positions Lavendel to scale its pricing services globally while accelerating innovation across strategy, implementation, and ongoing support.

8. ctrl:cyber acquires elevenM to strengthen sovereign cyber capabilities

Australian-owned cyber security provider ctrl:cyber has acquired elevenM, to continue its build of sovereign, end-to-end cyber capability. The acquisition provides ctrl:cyber with new services across cyber advisory, privacy, and AI and data governance, while also reinforcing its existing cybersecurity offering. Founded by Peter Quigley in 2016, elevenM is a Sydney-based team of 32 cyber and technology specialists. In a LinkedIn post, elevenM said the acquisition marks an important step in its growth.

9. DCWC and RP Infrastructure Announce Merger

DCWC and RP Infrastructure announce merger to create one of Australia’s largest independent property and infrastructure consultancies — 500+ strong. Two established Australian property and infrastructure consultancies have come together with more than 90 years of combined experience delivering projects nationwide. End-to-end capability strengthened across project management, quantity surveying and cost management, independent review and certification, investment advisory, procurement and commercial management, and integrated project controls. A single project and delivery partner with more than 500 professionals nationwide, offering the scale, depth and technical expertise to support projects of any size across Australia.

10. Geosyntec to Acquire JBS&G in Strategic Move to Scale Niche Environmental Consulting

Geosyntec, a global leader in science, engineering, and environmental consulting services, has signed a definitive agreement to acquire JBS&G, one of Australia’s leading environmental consultancies. This acquisition unites two industry leaders to create one of the largest niche providers of diverse environmental consulting services in Australia. Founded in 1996, JBS&G employs more than 300 professionals across Australia and is recognized for delivering exceptional outcomes for complex projects in the public and private sectors. JBS&G delivers end-to-end client service with agility and technical rigor, deploying a robust suite of environmental services in contaminated land and groundwater remediation, auditing and compliance, assessments and approvals, sustainability and corporate affairs, public relations, and stakeholder engagement.

11. Banyan Software Acquires GaP Solutions, Supporting the Future of Independent Retail Technology

Banyan Software, an acquirer and operator of mission-critical software businesses, is pleased to announce the acquisition of GaP Solutions Pty Ltd, a leading Australian provider of integrated point-of-sale, back-office, and loyalty software built specifically for independent grocery retailers. This partnership supports GaP’s ongoing growth and product innovation while staying true to the values that have guided the business. Founded in 1992 and headquartered in Adelaide, South Australia, GaP Solutions began as a supplier of hardware to local supermarkets and bakeries. Through close relationships with store owners, founder John Goodacre recognized a critical need for technology tailored to the complexities of independent grocery, fresh food, and fuel retail. That insight led GaP to evolve into a full-service retail software provider, developing the proprietary Easy Manager Cloud platform to offer retailers a single, integrated solution. From the beginning, GaP has prioritized domain expertise, long-term customer partnerships, and operational reliability. This focus has helped establish GaP as a trusted technology partner to independent retailers across Australia.

12. Merchant Wealth Partners has secured a strategic minority investment in Infinity Financial Consultants

Merchant Wealth Partners (“Merchant”) has secured a strategic minority investment in Brisbane-based multidisciplinary financial services firm, Infinity Financial Consultants (“IFC”) as it positions itself to play a more active role in the consolidation of Australia’s wealth management, accounting and lending sectors. IFC is an Australian financial services firm that offers financial planning, accounting, lending and personal risk advice under a single multidisciplinary model. Like many mid-sized advice groups, it has benefited from industry consolidation pressures that are reshaping ownership structures across the sector. Merchant is the local Australian arm of New York-based Merchant Investment Management, a global investor known for backing founder-led wealth and advisory firms pursuing long-term acquisition strategies. Merchant provides life cycle growth capital and strategic guidance to independent financial services companies, particularly those focused on wealth and asset management. Merchant’s ecosystem comprises of more than 125 partner firms and financial services practices in six countries, collectively managing more than $300 billion in assets.