Top Ten Tech M&A Transactions This Week 9/29/23
Technology Investment Banking
Curated by Ben Boissevain and Junoh Jo
9/28/23 AGCO Corp to acquire $2 billion stake in Trimble unit to boost agri portfolio
AGCO Corp (AGCO.N) said on Thursday it would acquire an 85% stake in navigation products maker Trimble's (TRMB.O) agribusiness for $2.0 billion in cash as the tractor and seeding equipment firm seeks to boost its precision-agriculture portfolio.

The race among farm-equipment companies to automate agriculture has accelerated, as drought in key grain-producing countries and the war in Ukraine fuels a global food crisis, with U.S. farmers scrambling to boost crop yields.

"This deal significantly enhances AGCO's technology stack with disruptive technologies that cover every aspect of the crop cycle," AGCO Chief Executive Eric Hansotia said.
9/28/23 Epic sells two acquisitions (Bandcamp, SuperAwesome) in addition to layoffs
Epic Games is selling two of its acquisitions as part of spending cutbacks the company announced Thursday, including some 16% of its workforce.

Details follow from announcements published at Epic: Songtradr, a music licensing platform and marketplace company supporting artists, labels and publishers, and Epic Games, a leading interactive entertainment company and provider of 3D engine technology, announced today that Songtradr is acquiring Bandcamp. Songtradr will continue to operate Bandcamp as a marketplace and music community with an artist-first revenue share.
9/27/23 apexanalytix acquires Darkbeam to extend Supplier Risk Management platform
Supply chain risk vendor apexanalytix has acquired Darkbeam, a London-based cyber vulnerability and threat management capability provider. The acquisition will enable clients to sense and reduce risk to their critical operations caused by cyberattacks on the suppliers in the supply chain.

Terms of the deal were not announced. It was financed by the majority investment it received from KKR in 2022. While cyber-attacks increased by 38% between 2021 and 2022 (Source Check Point Research), Supply chain attacks have increased by 742% between 2019 and 2022 (Source: Sonatype).

Terms of the acquisition were not announced. However, it was funded by the investment that KKR made in July 2022. Webster Chua, Partner at KKR, said, “When you ask business leaders about their top priorities today, they will inevitably bring up cybersecurity, supply chain and operational efficiency.
9/27/23 Xsolla Acquires Live Service Game Platform AcceleratXR
Xsolla, a global video game commerce company, has announced its acquisition of AcceleratXR, a provider of in-game server backend technology designed for live service games and software.

This purchase should offer players "the ability to maintain their gaming identity and purchase history, no matter which platform they choose – PC, web, console, mobile, or VR."

According to Xsolla, this will bring cross-platform potential, consistent player identity, increased engagement, and cross-pay solutions. Players can enjoy seamless transitions between platforms without losing data or resources, while developers and publishers create immersive and interconnected gaming ecosystems.
9/26/23 Alchemy acquires blockchain data indexing platform Satsuma
Alchemy, a web3 developer infrastructure firm that was valued at $10.2 billion last year, has acquired Satsuma, a blockchain data indexing platform. As part of the deal, Satsuma will merge with Alchemy and operate as Alchemy Subgraphs, Alchemy said Tuesday. The terms of the deal weren't disclosed.

The acquisition comes amid bearish crypto market conditions, but Alchemy's product manager, Mike Garland, told The Block that the deal is unrelated to the bear market. "Acquiring Satsuma right now has nothing to do with the bear market," he said. "Their team built a phenomenal product and quickly growing, fanatical user base that reminded us of the early days at Alchemy. Folding the Satsuma team and technology into Alchemy was the obvious next step in continuing to solve the biggest pain points for developers."
9/26/23 Enovacom, Orange Business’ healthcare subsidiary, strengthens its leadership in e-health with the acquisition of NEHS Digital and Xperis
Today Enovacom, the French leader for healthcare data interoperability and subsidiary of Orange Business since 2018, announces the acquisition of NEHS Digital and Xperis, both subsidiaries of the MNH group.

NEHS Digital, a service provider and distributor of healthcare solutions, particularly in medical imaging, and Xperis, a healthcare data interoperability specialist, are both present in 600 healthcare institutions, 900 social healthcare establishments, and more than 800 radiology practices in France. NEHS Digital and Xperis cover five key areas of expertise: medical imaging, telemedicine, the organization of medical interpretation services, the production and coordination of care, and the security and interoperability of information systems.
9/26/23 Benefit acquires Bahrain Fintech Bay
Benefit, Bahrain's leading company in Fintech and electronic financial transactions services, has signed an agreement to acquire Bahrain FinTech Bay (BFB), a leading fintech hub in the region that incubates impactful and scalable initiatives.

This agreement seeks to accelerate the sustainable investment in Bahrain’s fintech ecosystem thereby paving the way for a robust, future ready financial services sector, said a statement.

The partnership brings together Bahrain’s leading fintech market players to develop a more systematic and institutional framework for collaboration across the ecosystem, it said.
9/25/23 Computer Modelling to acquire Bluware-Headwave for $22M
Computer Modelling (OTCPK:CMDXF) said on Monday it will acquire software and services company Bluware-Headwave for $22M.

The company added the deal will help it to expand its portfolio of upstream energy solutions.

In addition to the total consideration paid, there is also a potential earn out provision of up to $8M if certain milestones are met by Bluware during the 18-month period after closing.
9/25/23 Actionstep Acquires North American Legal Accounting Platform Soluno
Actionstep, the global cloud practice management platform for midsize law firms, today announced the acquisition of Toronto-based legal accounting software company Soluno, from professional services payments company AffiniPay. The acquisition brings together two complementary, category-leading software products with exceptional legal practice management and legal accounting capabilities to best serve the needs of modern, midsize law firms across the U.S. and Canada.

Actionstep intends to integrate the two products and ultimately create a unified platform for midsize law firms by combining the powerful capabilities of Actionstep's practice management software and Soluno's best-in-class accounting software.
9/25/23 Veracio acquires scanning and data innovator Minalyze
With the unique combination of Veracio’s AI and advanced analytics solutions and Minalyze’s geological data visualisation technology, this strategic acquisition will transform the way the industry captures, analyses, and interprets geological information, ushering in an era of informed decision-making in an increasingly complex and data-driven world.

“This acquisition represents an exciting new chapter for both Veracio and Minalyze,” states Veracio Chief Executive Officer, JT Clark. “We see this as a ‘better together’ opportunity, leveraging our collective expertise to push boundaries and create a product portfolio that goes beyond anything previously available for the mining and exploration industry.”
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Ben Boissevain
Managing Partner
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Edwin Kwon
Industry Expert
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Junoh Jo
Associate
New York City
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junoh@ascentocapital.com