For deal sourcers, staying current on private company activity is critical to spotting active buyers, tracking market trends, and uncovering emerging investment opportunities ahead of competitors.
In December alone, we added more than 2,500 new private company transactions, bringing the total to over 16,000 searchable deals across sectors, industries, and transaction types in Dakota Marketplace.
Inside Dakota Marketplace, you’ll find the transactions tab that provides structured, filterable data on deal types, values, and dates, while our editorial team curates daily updates through the Dakota transactions newsletter, helping you cut through the noise and focus on what matters most.
To ensure the most comprehensive coverage of private market activity, Dakota monitors over 10,000 websites including company websites, newswires, and numerous third-party news providers to capture and verify transaction data as it happens.
Below are the top 10 information technology transactions.
- Transaction Date: 12/23/2025
- Industry: IT Services
- Type: Acquisition/Merger
- Transaction Value: $7.75B
- Participants: ServiceNow Inc, Armis, Tidal Partners LLC, J.P. Morgan Securities LLC, Barclays, CapitalG, Evolution Equity Partners, General Catalyst Partners, Georgian Partners, One Equity Partners, Insight Partners
ServiceNow entered into an agreement to acquire Armis for $7.75 billion in cash, expanding its security portfolio with industry-leading cyber exposure management and cyber-physical security capabilities across IT, OT, IoT, and medical devices. The transaction, expected to close in the second half of 2026, will create a unified, AI-native security platform that combines real-time asset visibility, risk prioritization, and automated remediation to accelerate proactive cybersecurity at enterprise scale.
- Transaction Date: 12/18/2025
- Industry: Energy Technology
- Type: Buyout/Private Equity
- Transaction Value: $6.36B
- Participants: Schneider Electric S.E., Temasek
Schneider Electric has completed the acquisition of the remaining 35% stake in Schneider Electric India Private Limited from Temasek for €5.5 billion in cash, taking full ownership of the business. The transaction strengthens Schneider Electric’s multi-hub strategy by enhancing decision-making speed and positioning India as a key growth, R&D, and supply-chain hub amid strong economic and electrification tailwinds.
- Transaction Date: 12/4/2025
- Industry: Electronic Equipment & Instruments & Components
- Type: Buyout/Private Equity
- Transaction Value: $6.3B
- Participants: KKR, Goldman Sachs Group Inc, Rothschild & Co., BofA Securities, Inc., Barclays, J.P. Morgan Cazenove, Slaughter and May, Kirkland & Ellis LLP, Simpson Thacher & Bartlett LLP
Bidco has agreed to acquire Spectris plc in a recommended all-cash transaction valuing the company’s equity at approximately £4.1 billion and implying an enterprise value of around £4.7 billion. Spectris shareholders will receive £40.00 per share, comprising £39.72 in cash from Bidco and a 28 pence interim dividend, representing a substantial premium to Spectris’ recent trading prices.
- Transaction Date: 12/2/2025
- Industry: Semiconductors & Semiconductor Equipment
- Type: Acquisition/Merger
- Transaction Value: $5.5B
- Participants: Celestial AI, Wilson Sonsini Goodrich & Rosati, Marvell Technology Inc, Citi Group Investment Banking, Latham & Watkins LLP, Morgan Stanley Investment Management (Eaton Vance)
Marvell has entered into a definitive agreement to acquire Celestial AI in a strategic transaction valued at approximately $3.25 billion upfront, comprising $1.0 billion in cash and $2.25 billion in Marvell stock, with up to an additional $2.25 billion in contingent stock consideration tied to revenue milestones. The acquisition accelerates Marvell’s AI connectivity strategy by adding Celestial AI’s breakthrough photonic scale-up interconnect technology, positioning Marvell to lead next-generation, all-optical data center architectures.
- Transaction Date: 12/16/2025
- Industry: Software
- Type: Growth Equity
- Transaction Value: $4B
- Participants: Andreessen Horowitz (A16Z), Insight Partners, Fidelity Management & Research Company, JP Morgan Asset Management, Inc., BlackRock, Coatue Management, GIC, MGX Fund Management Limited, New Enterprise Associates (NEA), Ontario Teachers' Pension Plan (OTPP), Robinhood Ventures, T. Rowe Price, Temasek, Thrive Capital, Winslow Capital Management
Databricks is raising more than $4 billion in a Series L financing at a $134 billion valuation, led by Insight Partners, Fidelity, and J.P. Morgan Asset Management, as the company surpasses a $4.8 billion revenue run-rate growing over 55% year over year. The capital will be used to accelerate investments in AI-driven products including Agent Bricks, Lakebase, and Databricks Apps, provide employee liquidity, and support future AI acquisitions and research.
- Transaction Date: 12/15/2025
- Industry: Software
- Type: Acquisition/Merger
- Transaction Value: $2.85B
- Participants: ServiceNow Inc, Moveworks, Sapphire Ventures, ICONIQ Capital, Kleiner Perkins, Tiger Global Management, Alkeon Capital Management, Lightspeed Venture Partners, Bain Capital, J.P. Morgan & Co., Skadden, Arps, Slate, Meagher & Flom LLP, Qatalyst Partners, O'Melveny & Myers LLP, Tidal Partners LLC
ServiceNow has completed its acquisition of Moveworks, strengthening the ServiceNow AI Platform by combining trusted agentic AI and workflow automation with Moveworks’ front-end AI assistant, enterprise search, and reasoning capabilities. The transaction expands ServiceNow’s ability to deliver AI-native employee experiences that autonomously resolve requests, accelerate productivity, and scale AI adoption across the enterprise.
- Transaction Date: 12/9/2025
- Industry: Software
- Type: Buyout/Private Equity
- Transaction Value: $2B
- Participants: Thoma Bravo, Jefferies Investment Banking, Jones Day, Perella Weinberg Partners LP, Banco Santander, S.A., Kirkland & Ellis LLP, Calabrio
Thoma Bravo has completed its all-cash acquisition of Verint Systems, valuing the company at approximately $2 billion in enterprise value, and has combined Verint with its portfolio company Calabrio. The transaction creates a leading AI-powered customer experience automation platform with a broad, end-to-end CX portfolio serving organizations across the global $50+ billion CX market.
- Transaction Date: 12/8/2025
- Industry: Software
- Type: Acquisition/Merger
- Transaction Value: $1.8B
- Participants: Proofpoint, Hornetsecurity
Proofpoint has signed and completed the acquisition of Hornetsecurity, adding a leading pan-European, AI-powered Microsoft 365 security platform to strengthen its human-centric security offering for SMBs delivered through managed service providers. The transaction expands Proofpoint’s reach in the MSP ecosystem globally, bringing a high-growth business with over $160 million in ARR and positioning Hornetsecurity as the group’s central hub for MSP and SMB customers.
- Transaction Date: 12/10/2025
- Industry: IT Services
- Type: Buyout/Private Equity
- Transaction Value: $700M
- Participants: Sverica Capital Management, Tata Consultancy Services Limited, Guggenheim Securities Investment Banking, Choate Hall & Stewart LLP
Sverica Capital has agreed to sell its portfolio company Coastal Cloud to Tata Consultancy Services for $700 million, marking a successful exit following a five-year partnership in which Coastal more than quadrupled in size and strengthened its leadership as a top Salesforce and AI consultancy. The transaction positions Coastal to scale globally under TCS, leveraging its expanded data, AI, and cloud services capabilities to serve enterprise customers worldwide.
- Transaction Date: 12/9/2025
- Industry: Software
- Type: Growth Equity / Venture
- Transaction Value: $700M
- Participants: KKR, Sixth Street, Ten Eleven Ventures, Carrick Capital Partners, Piper Sandler & Co., Cooley LLP, Latham & Watkins LLP, Gibson Dunn & Crutcher LLP, Moelis & Company, Kirkland & Ellis LLP
Saviynt has raised $700 million in a Series B growth equity financing at an approximately $3 billion valuation, led by KKR with participation from Sixth Street Growth, TenEleven, and existing investor Carrick Capital. The investment will accelerate Saviynt’s AI-driven identity security platform, supporting expanded product development, deeper ecosystem integrations, and global scaling as identity security becomes foundational to enterprise AI adoption.
Transactions in Dakota Marketplace
At Dakota, we understand how important it is to stay current on deal activity as it happens. That’s why our editorial team continuously monitors the news for real-time updates on platform investments, add-ons, divestitures, and more to deliver daily highlights straight to your inbox through our transactions newsletter.
Inside Dakota Marketplace, the transactions tab provides structured, filterable data with deal dates, types, sectors, and financials, allowing you to build a customized feed that aligns with your focus areas.
Whether you're evaluating a new investment opportunity or tracking trends within a target sector, Dakota Marketplace helps you cut through the noise and focus on what matters most.
For more information on these transactions and a deeper dive into their industries and sub-industries, book a demo of Dakota Marketplace.
