Dakota has released its inaugural Software & Technology Transactions Report for July 2025, providing timely insights into capital deployment, large-scale M&A, and strategic activity across AI, cybersecurity, connectivity, and enterprise software.
This month’s report highlights landmark transactions, including multi-billion-dollar acquisitions by Synopsys, Palo Alto Networks, and Blackstone, and tracks the growing investor focus on foundational AI, agentic software, and secure digital infrastructure.
Download the July 2025 Software & Technology Transactions Report
Local media consolidation is in focus as Nexstar Media Group struck a definitive agreement to buy TEGNA in a $6.2B cash deal, just as Sinclair surfaced with a competing merger offer that could value TEGNA shares at up to $30 apiece. The outcome could reshape US broadcast television with major implications for local market dominance.
Rail dealmaking chatter hasn’t slowed, either. Fresh off Union Pacific’s $71.5B merger with Norfolk Southern, activist investor Ancora is pushing $68B rail operator CSX to explore tie-ups with either BNSF or Canadian Pacific Kansas City Southern, or face a proxy fight over leadership.
In tech, Databricks signed a term sheet for a new Series K round valuring the company north of $100B in a bid to fund the growth of its AI agent Agent Bricks and database product Lakebase. Meanwhile, Bain and Cinven are preparing for an IPO of German drugmaker Stada after the sale process for the company hit a snag.
Rounding out the day's most notable moves, Black Hills and NorthWestern Energy agreed to merge in a $3.6B utility deal to meet soaring AI-driven power demand, and KKR is acquiring SK Ecoplant’s waste and water units in South Korea for $1.2B.
Read on for a full rundown of all the latest transaction news.
Blue Yonder Bolsters Returns Management With Optoro Buy
Blue Yonder, a digital supply chain platform and a Panasonic portfolio company, acquired Optoro, a returns technology provider that was previously backed by Zebra Technologies. The acquisition is set to enhance Optoro’s Returns Management capabilities and create a solution for retailers and brands, addressing the challenges of product returns by improving efficiency, reducing waste and increasing profitability.
General Atlantic-backed Incode Acquires AuthenticID
Identity and trust technology provider Incode acquired AuthenticID to fight identity fraud in real time. The deal forms an AI powerhouse built for secure, scalable and intelligent digital identity, a market projected to grow to $116B by 2027.
Databricks Lines Up Series K, Values Firm at $100B
Data and AI company Databricks signed a term sheet for a Series K funding round, which values the company at over $100B. The round, which is backed by existing Databricks investors, will accelerate the company's AI strategy by expanding its AI agent product, Agent Bricks, investing in its new database offering Lakebase and fueling global growth. Databricks was previously backed by Thrive Capital, Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management.
SoftBank, Intel Strike $2B Investment Deal
Japan’s SoftBank Group made a $2B investment in Intel, a move aimed at advancing semiconductor technology and manufacturing in the US. Intel shares reportedly rose more than 7% after the deal’s announcement, a reversal from Monday’s 3.6% fall after the Trump administration reportedly expressed interest in taking a 10% stake in the company. Softbank’s investment is said to represent a 2% stake, making the Japanese firm the fifth largest shareholder of the American chipmaker.
Functionize Raises $41M in Series B Round
Mumford Investments and LHH Investments co-led a $41M Series B funding round for Functionize, an AI-powered software test cases platform, bringing the firm’s total funding to $67M. Functionize will use the funding to accelerate the development of its proprietary agentic automation platform.
Nexus Venture Leads $14.5M Series A Round For Firecrawl
Firecrawl, a platform that unlocks web data for developers and AI agents, announced an oversubscribed $14.5M Series A funding round, bringing its total funding to $16.2M. The round was led by Nexus Venture Partners, with participation from Y Combinator and Shopify's CEO Tobias Lütke.
AlbionVC Backs Innerworks’ $4M Round to Tackle AI Fraud
British venture capital firm AlbionVC led a $4M seed funding round for Innerworks, a London-based company that uses synthetic threat intelligence to combat AI-powered fraud with a 97% detection rate. The funding round included investments from Digital Currency Group, Founders Capital, Firestreak Ventures, NVTBL Ventures, Metaversal Ventures, Crypto.com and senior executives from Citi, UBS, Coinbase, Checkout.com, and Apple. Innerworks will use the funds to accelerate product development and expand its presence in global financial centers.
AI imaging startup BetterPic Closes $2.5M Seed Round
MOC Capital and Shilling VC co-led a $2.5M seed funding round for Belgian AI imaging startup BetterPic. The funding round also received support from angel investors including Showpad founder Louis Jonckheere, Matthias Geeroms, and Hyperson, among others.
Swept AI Raises $1.4M From M25, Wellington Management
Swept AI, a startup that provides intelligent supervision and optimization for AI agents, raised $1.4M in pre-seed funding. The round was led by M25, with participation from Wellington Management Company, and BuffGold Ventures. The company's platform is designed to address the challenges of reliability, security and compliance as AI agents become more autonomous.
KKR Leads Debt Recap For Thoma Bravo Portfolio Company
KKR-managed credit funds served as the lead investor on the debt financing for the recapitalization of Thoma Bravo-backed Flexera, a global leader in technology spend and risk intelligence. KKR Capital Markets acted as lead arranger and bookrunner for the transaction. Latham & Watkins and Kirkland & Ellis provided advice to KKR and Flexera, respectively.
Zipline AI Lands $7M Seed to Speed Up Development on Chronon
Zipline AI, a data platform for developing and deploying AI products, raised $7M in seed funding led by Wing VC. The company's platform, which is built on the open-source data engine Chronon, is designed to simplify and accelerate the AI development cycle. The new capital is set to expand the team and bring the platform to market, which has already seen adoption from companies like Netflix, Uber and OpenAI.
Paradigm Closes $5M Seed Funding Round
Paradigm, a company that developed an AI-powered spreadsheet, announced a $5M seed funding round led by General Catalyst, bringing its total funding to $7M. Paradigm works with models from Anthropic, OpenAI and Google's Gemini, and is now being released to the public after a closed beta period.
TPG Seeds Vanara Capital to Invest in Growth-Stage Tech Firms
TPG is seeding a new San Francisco–based investment firm, Vanara Capital, which was founded by TPG alumni Neil Kamath and Hayden Lekacz. Backed by TPG Next as anchor investor and Acrisure CEO Greg Williams, Vanara is set to invest $10M to $50M in growth-stage software, internet and tech-enabled services companies generating more than $15M in revenue.
Gaming-Focused VC Firm Griffin Backs New AI Platform Palladio
Palladio AI, an intelligence platform for product-led teams, launched with investment from Griffin Gaming Partners. Founded by former Uber and Chime executives David Purdy and George Zhang, the platform is designed to help teams make faster, data-driven decisions.
Nexstar to Acquire TEGNA in $6.2B Deal, Creating Media Powerhouse
Nexstar Media Group announced a definitive agreement to acquire all outstanding shares of TEGNA in a $6.2B cash transaction ($22 per share). The deal will create a leading local media company with an expanded presence in key markets. BofA Securities, J.P. Morgan Securities and Goldman Sachs & Co. served as financial advisors for Nexstar, with Kirkland & Ellis, Wiley Rein and Morrison Foerster acting as legal counsel. For TEGNA, Allen & Company acted as financial advisor, and Wachtell, Lipton, Rosen & Katz and Covington & Burling provided legal counsel.
Sinclair Jumps into Bidding War for TEGNA, Challenging Nexstar
Sinclair Inc, one of the largest television station owners in the US, reportedly offered to merge its broadcast TV business with rival TEGNA. The proposed offer would value Tegna shares at around $25 to $30 apiece, well above what Nexstar Media Group has agreed to pay. The report came after the Hunt Valley, MD-based broadcasting firm said earlier this month that it was exploring “all value-enhancing opportunities” that may result in a sale or company breakup.
Serious Contender Emerges for Buying Pittsburgh Penguins
Chicago-based Hoffmann family, which owns the ECHL’s Florida Everblades, is seen as a serious contender to acquire the NHL team Pittsburgh Penguins. The report came as Fenway Sports Group is considering selling a minority stake in the NHL team Pittsburgh Penguins, with some speculating about a full sale. While previous owners Mario Lemieux and Ron Burkle are reportedly interested in repurchasing the franchise, the current high valuation may be cost-prohibitive. As of now, nothing has been finalized.
David Beckham-Backed Guild Esports Hits Auction Block Amid Financial Woes
Guild Esports, the East London-based esports team co-founded by David Beckham, was put up for sale on an insolvency marketplace. The team, which competed in titles like Fortnite and FC 25, faced financial difficulties, including a 40% decline in revenue as of March 2024. The sale is being handled by investment fund DCB Sports, which acquired all of the team's assets and liabilities in August 2024.
Canadian Investor Acquires Indian Tennis Franchise
Hygiia Ventures, a Canadian-backed investment firm founded by entrepreneur Gaurav Agarwal, acquired the Gurgaon Grand Slammers franchise in India's Tennis Premier League (TPL). In a major move for the team's debut in Season 7, Indian tennis legend Sania Mirza was named the franchise's brand ambassador.
K1’s RethinkFirst Snaps Up Joshin to Redefine Neurodiversity Care
K1 Investment Management-backed global health tech company RethinkFirst acquired Joshin, a provider of neurodiversity and disability support services, to create an all-in-one platform for neurodiversity and disability support. The acquisition combines RethinkCare's existing solutions with Joshin's navigation and accommodation support.
DBG Bags $1B from BDT & MSD, Eyes $647M More for Growth
BDT & MSD Partners agreed to make a AUD 1.6B ($1B) minority investment in DBG Global Enterprises, an Australia-based health, pharmaceuticals and beauty company, with the potential for an additional AUD 1B ($647M) in future acquisition capital. The deal, which values DBG Global at over AUD 7B ($4.5B), marks one of Australia’s largest private, founder-led transactions. Legal counsel Sidley advised the investor. Additional legal and financial advisors involved were Allens and MinterEllison for DBG Health, and Goldman Sachs and KKR for debt refinancing.
F1’s Leclerc, Other Investors Raise $100M for Eight Sleep
Eight Sleep, a pioneer in sleep fitness, raised $100M in new funding to accelerate the development of an AI-powered Sleep Agent and expand medical initiatives into menopausal sleep and sleep apnea. The funding round received support from notable F1 personalities Charles Leclerc (Ferrari) and McLaren FI CEO Zak Brown. Valor Equity Partners, HSG, Atreides, Y Combinator and Founders Fund also participated in the round.
Vensana Anchors $23.6M Series A for Luna’s Insulin Patch Pump
Minneapolis-based late-stage investor Vensana Capital led a $23.6M Series A financing for San Diego-based medical device company Luna Health to accelerate the development of the company's flagship product, Luna, an automated insulin patch pump for people with Type 1 and Type 2 diabetes who use insulin pens. Participating investors include Swiss Diabetes Venture Fund, Ascensia Diabetes Care and Winklevoss Capital.
Kleiner Perkins, Dimension Back $8.6M Seed for Convoke’s AI Biopharma OS
Kleiner Perkins and Dimension Capital co-led an $8.6M seed funding round for Convoke, a San Francisco-based AI-native operating system for biopharma. The financing, which also included participation from investors ACME, Comma Capital, Liquid2, Not Boring Capital, Audacious, Lux Capital and angels Qasar Younis and Erik Torenberg, aims to reduce the preparation time in new drug development.
Delaware Backs CorriXR with $1M for Cancer Therapies
Newark, DE-based oncology biotherapeutics company CorriXR Therapeutics secured a $1M investment from the Delaware Accelerator & Seed Capital Program (DASCP) as part of its Series A financing round. The funding, which is also a component of the federal State Small Business Credit Initiative (SSBCI), will advance CorriXR's lead program for next-generation solid tumor treatments, specifically focusing on head and neck and lung cancers.
Sequencing.com, PGxAI Join Hands to Target $150B Drug Reaction Crisis
Lerer Hippeau’s Los Angeles-based biotech portfolio company Sequencing.com joined forces with Palo Alto, CA-based PGxAI to offer AI-driven pharmacogenomic reports. The collaboration, backed by New York-based ATEM Capital, aims to reduce the estimated $150B in annual US healthcare costs from adverse drug reactions by offering reports covering over 730 drugs and 40 genes.
Bain, Cinven Eye Stada IPO After $11.7B CapVest Deal Talks Collapse
Bain Capital and Cinven, joint owners of German drugmaker Stada Arzneimittel AG, are reportedly preparing for a potential IPO of the company as early as October, following a breakdown in sale discussions with London-based buyout firm CapVest Partners. The stalled negotiations with CapVest centered on disagreements over valuation and bid structure for a deal that could have valued Stada at approximately €10B ($11.7B) including debt.
Medtronic Revamps Board After Elliott Investment Reveals Stake
Following the emergence of activist investor Elliott Investment Management as one of its largest shareholders, Irish medical-device maker Medtronic will add two new independent directors to its board: former Dentsply Sirona interim CEO John Groetelaars and former Stryker CFO Bill Jellison.
Arthur J. Gallagher Closes $13.45B AssuredPartners Takeover
Arthur J. Gallagher & Co. closed its $13.45B acquisition of Orlando, FL-based insurance broker AssuredPartners from GTCR and Apax Partners. The deal closing, which follows the company’s $1.2B purchase of Woodruff Sawyer in March, is expected to significantly expand Gallagher's presence in the US, UK and Ireland, strengthening its property and casualty (P&C) and employee benefits offerings. Legal counsel for Gallagher was Sidley Austin, while Kirkland & Ellis and Kekst CNC advised Apax.
Merit Financial Closes on $860M Global Wealth Advisors
Constellation Wealth Capital-backed Merit Financial Advisors acquired $860M Global Wealth Advisors, expanding its footprint in Lewisville, San Antonio, Angleton and Snyder, TX; Naples, FL; and Canonsburg, PA. Along with a team of 14 advisors and client support staff, Global Wealth President Kris Maksimovich and Managing Partner Chris Powers will join Merit as regional directors and partners. The financial and legal terms of the deal, which closed Aug. 18, were not disclosed.
Kinective Acquires ESQ to Create Unified Banking Operations Platform
Kinective, a banking operations platform provider backed by TA Associates and OceanSound Partners, acquired ESQ Data Solutions, a leading provider of ATM and self-service device management solutions. The acquisition extends Kinective’s platform to include comprehensive cash device management.
CSI Boosts Financial Software Offerings with Apiture Acquisition
CSI, a financial software and tech provider and supported by Centerbridge Partners, Bridgeport Partners and TA Associates, agreed to acquire Apiture, a digital banking solutions provider. The acquisition would allow CSI to integrate Apiture’s business and consumer banking platform, aiming to create a more robust ecosystem for financial institutions.
Farsight's Latest Acquisition Aims to Revolutionize Slide Editing with AI
Farsight, a workflow automation provider backed by SignalFire, Blackstone, BofA and Oaktree, acquired Presentable AI to enhance its capabilities in editing PowerPoint slides. The acquisition extends Farsight’s leadership from structured slide automation to free-form editing, offering a more comprehensive solution for professionals.
UK Challenger Bank Buys Ember To Simplify Taxes for SMEs
UK challenger bank Starling Bank acquired London-based accounting startup Ember, previously supported by Valar Ventures, Viola Fintech and Shapers, for less than £10M ($13.5M). The deal enables Starling to integrate Ember's tax and bookkeeping software into its platform, creating an all-in-one solution for its 500,000 SME customers.
Credgenics Acquires Arrise, Rolls Out CG Setu
New Delhi-based SaaS debt collections platform Credgenics acquired Arrise, a collections service provider for the banking, financial services and insurance (BFSI) sector, to launch its new field collections initiative, CG Setu. The deal, which brings Credgenics' total funding to $80M, including a $50M Series B led by WestBridge Capital, will enable the company to offer a full-stack collections solution with a pan-India presence and on-field operations across 18K pin codes.
Anderson Global Marks 10th Deal with JENGA Acquisition
Anderson Global, an international corporate and fund services platform formed in 2023 by an affiliate of Sun European Partners, completed its 10th global acquisition with its expansion into Asia by acquiring Singapore-based consultancy and full-service business provider JENGA Group. The acquisition allows JENGA to act as Anderson Global's Asia platform, accessing its worldwide network and capital for further regional acquisitions.
Simplicity Expands Network with Northeast Brokerage Buy
SkyKnight Capital- and Dragoneer Investment Group-backed financial distribution firm Simplicity Group Holdings acquired New England-based brokerage general agency Northeast Brokerage. The deal expands Simplicity's presence in the financial institution and property and casualty (P&C) agency markets, while giving Northeast Brokerage access to Simplicity's broader network and resources.
Lightspeed, Premji Fuel Weaver’s $170M Push Into India’s Smaller Cities
Lightspeed and Premji Invest co-led a $170M funding round for Mumbai, India-based technology-led housing finance platform Weaver Services, with participation from Gaja Capital. The funding will be used for asset acquisitions, technology development and expansion into tier-II and tier-III cities.
Midas Raises $80M Series B as QED Bets Big on Turkish Fintech
Alexandria, VA-based venture capital firm QED Investors led an $80M Series B funding round for Turkey-based investment platform Midas, bringing its total funding to over $140M. The round saw participation from existing investors Spark Capital, Portage Ventures and Bek Ventures, alongside new investors International Finance Corporation (IFC), HSG, QuantumLight, Spice Expeditions and George Rzepecki. The funding will be used to enhance Midas' security infrastructure and accelerate the launch of new products.
Canapi Ventures Leads $29M Bet on Casca’s AI Lending Platform
Washington, DC-based Canapi Ventures led a $29M Series A funding round for AI-native loan origination platform Casca, bringing its total funding to $33M. The round saw participation from existing investors Live Oak Bank, Huntington National Bank, Bankwell Bank, Y Combinator and Peterson Ventures, alongside new investor Alliance Funding Group. The funding will be used to scale operations and accelerate go-to-market efforts.
USD.AI Secures $13M From Framework, Dragonfly
Framework Ventures led a $13M Series A funding round for Permian Labs-developed stablecoin protocol USD.AI. Dragonfly and Arbitrum Ventures joined Framework in the round. The two-year-old San Francisco-based platform issues loans to startups that develop AI using GPUs as collateral.
O2 Investment-Backed 4M Building Acquires 2 Commercial Cleaning Firms
O2 Investment Partners-backed 4M Building Solutions, a commercial cleaning and janitorial services company, acquired Akron, OH-based Miracle Clean Services and Washington, MO-based FKI Cleaning Services. Financial terms of the transactions were not disclosed. These transactions mark the 10th and 11th acquisitions for 4M since partnering with O2 in January 2023.
Mountaingate Capital Facilitates Podean Acquisition of Commerce Canal
New York-based global marketplace agency Podean acquired marketplace strategy and operations specialist Commerce Canal for an undisclosed amount. Mountaingate Capital facilitated the transaction with an equity investment in the combined company, which offers a full suite of services across major platforms like Amazon, Walmart, Target, Instacart and Mercado Libre.
Lovell Minnick-Backed Net at Work Acquires AppSolute Consulting
Private equity firm Lovell Minnick Partners-backed technology advisor Net at Work acquired IT services firm AppSolute Consulting Group for an undisclosed amount. The transaction includes AppSolute’s managed services business, as well as Sage and Acumatica clients. The company’s co-founders, Bruce Baron and David Hoffman will join Net at Work.
The Riverside Company-Backed Impact XM Acquires Shelton Fleming
The Riverside Company-backed experiential marketing agency Impact XM acquired London-based immersive storytelling and digital engagement company Shelton Fleming for an undisclosed amount. The acquisition marks an expansion of Impact XM's global footprint and deepens its presence in the UK and EU.
Soundcore-Backed TrussPoint Acquires Mario's Roofing
Soundcore Capital Partners-backed residential home exterior services provider TrussPoint Roofing & Exterior Renovations acquired Stoughton, MA-based Mario's Roofing for an undisclosed amount. Mario's Roofing specializes in residential roofing, siding and window services, and the acquisition expands TrussPoint operations into the Northeast.
Overhaul Acquires FreightVerify to Enhance Supply Chain Platform
Supply chain risk management company Overhaul acquired Austin, TX-based FreightVerify, which operates an end-to-end supply chain visibility platform, for an undisclosed amount. Overhaul is backed by Springcoast Partners, Edison Partners and Americo. The strategic acquisition enhances Overhaul's platform with FreightVerify's item-level tracking and advanced data, allowing for a more comprehensive and intelligence-driven solution.
Ruppert Landscape Acquires Enviro-Scapes
Knox Lane-backed Ruppert Landscape acquired Enviro-Scapes, a Nashville, TN-based commercial landscaping company. Financial terms of the acquisition were not disclosed. The transaction is part of Ruppert’s growth plan to expand into key markets, and the platform now includes more than 50 locations nationwide.
Burford Capital Eyes Minority Stakes in US Law Firms, Rivaling Private Equity
Burford Capital is reportedly exploring the acquisition of minority stakes in US law firms, a plan that rivals private equity's growing involvement in the space. Burford, with a $3B market capitalization, is an asset management firm that has traditionally invested in single litigation cases and portfolios of commercial litigation for nearly two decades. Burford is considering both direct equity stakes and managed service organization structures that will place it as an alternative to traditional private equity firms.
ShiftUp Raises $3M Seed Round
AI-powered sales intelligence company ShiftUp raised $3M in a seed funding round led by Phil Reed and included participation from former VCs and executives from Fortune 500 companies. The funding will be used to accelerate product development, customer success initiatives and brand building.
Tenex Capital Management Invests in Rick's Custom Fencing & Decking
Private equity firm Tenex Capital Management made a growth investment of an undisclosed amount in Hillsboro, OR-based Rick's Custom Fencing & Decking, which provides residential fencing and decking installation services in Oregon and Washington. The investment is part of Tenex's strategy to back founder-owned, regionally entrenched businesses with national expansion potential. Rick's founder Rick Stanley will retain a significant ownership stake and join the board of directors. BRIG Partners advised Rick’s on the transaction.
Valsoft Corporation Acquires Three Business Units from SOVRA
Montreal-based Valsoft Corporation acquired three business units from public sector procurement software and services provider SOVRA for an undisclosed amount. The acquired businesses include Carrus, a provider of management software for the automotive aftermarket; Polygon, an online marketplace for jewelry professionals; and, The Broker Forum, an e-marketplace for electronic components. Valsoft, which is backed by investors like Portage Capital Solutions, PROPELR Growth and Viking Global Investors, was represented by its internal legal counsel, while SOVRA was advised by Dechert.
Fireside Ventures Leads $4M Round for Beyond Appliances
Bengaluru, India-based Fireside Ventures led a $4M Series A funding round for smart kitchen technology company Beyond Appliances. Dharana Capital also participated in the funding round. The capital raised will be used to scale manufacturing capabilities.
House of Biryan Raises $3.7M in Growth Round
Food-technology platform House of Biryan raised INR 320M ($3.7M) in a growth funding round led by Bestvantage Investments. The funding will be used to scale the business to 120 to 150 outlets over the next three years.
Muse Capital Leads Funding Round for Ohai.ai
Santa Monica, CA-based venture capital firm Muse Capital led a new round of funding for Ohai.ai, an AI-powered household assistant. The funding amount was not disclosed. The new investment will fuel product development, including a new feature that automatically syncs school calendars. The round included a prominent group of high-profile backers including actress Olivia Munn and writer Mindy Kaling.
Shein Eyes Return to China for Hong Kong IPO
Singaporean fast-fashion retailer Shein Group is reportedly considering a move back to its China, aiming to secure approval from Beijing authorities for a potential Hong Kong IPO. Shein’s valuation has also declined significantly from a high of $100B three years ago to around $30B, putting pressure on investors like IDG Capital, Mubadala Investment Co., Tiger Global Management and HSG.
Black Rock Coffee Brews Wall Street Debut
Scottsdale, AZ-based Black Rock Coffee Bar reportedly filed for an IPO under the ticker BRCB, as it posted a net loss of $1.95M on $95.2M in revenue for the first half of 2025. The coffee chain, with 158 drive-thru locations, is supported by investors including Cynosure Group and its co-founders, with the offering being led by JPMorgan Chase & Co., Jefferies Financial Group, Morgan Stanley and Robert W. Baird & Co.
Ancora Turns Up Pressure on CSX, Demands Merger Talks
Mayfield Heights, OH-based activist investor Ancora Holdings urged railroad operator CSX, with a market value of $68B, to pursue a deal with rivals Berkshire Hathaway’s BNSF Railway or Canadian Pacific Kansas City Southern, or face a potential proxy fight for board seats. The pressure follows the $71.5B merger of Union Pacific and Norfolk Southern to create a transcontinental US railroad. Ancora is also advocating for the replacement of CSX's CEO, Joe Hinrichs, citing a decline in operational efficiency.
Thompson Street, Cequel Sell DDC To HVAC Manufacturer
Thompson Street Capital Partners (TSCP) and Cequel III sold DDC Solutions, a provider of high-density GPU cooling solutions, to Japanese HVAC manufacturer Daikin Applied. DDC will continue to operate as an independent subsidiary from its headquarters in San Diego, CA, while gaining access to Daikin’s global resources, R&D capabilities and commercial footprint. Financial advisory to TSCP and Cequel was provided by Lincoln International, while Seyfarth Shaw provided legal counsel.
Black Hills, NorthWestern Strike $3.6B Merger
Black Hills and NorthWestern Energy Group agreed to merge in a $3.6B all-stock deal, creating a regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8B and a combined enterprise value of $15.4B. The deal aims to address the soaring electricity demand from data centers and AI, creating a combined company that will serve 2.1M customers across eight states. Goldman Sachs provided financial advisory to Black Hills, while Faegre Drinker Bidlle & Reath served as legal counsel. Mizuho-affiliate Greenhill advised NorthWestern along with Morgan, Lewis & Bockius.
ADNOC-led Consortium's $18.7B Bid for Santos Hits a Snag
Australian energy company Santos said the Abu Dhabi National Oil Company (ADNOC)-led consortium's $18.7B bid for the company is going to be delayed by at least a month, missing its due diligence deadline. The consortium, which includes Abu Dhabi Development Holding Company and private equity firm Carlyle, said it needed more time to secure all required approvals.
Raisa Energy Seeks Buyers for $1.5B Shale Oil, Gas Wells
Denver-based energy investor Raisa Energy is reportedly seeking buyers for a package of non-operating oil and gas wells in US shale basins that may fetch around $1.5B. The assets have a total net production of approximately 63K barrels of oil equivalent per day, with roughly half being natural gas. Perella Weinberg Partners' energy-focused investment banking arm, TPH, is serving as advisor to Raisa.
Align Capital-backed E Source Acquires Opinion Dynamic
Align Capital Partners-backed E Source, a Boulder, CO-based financial advisory firm, acquired Opinion Dynamics, a Waltham, MA-based consulting firm specializing in energy evaluation, advising and market research. The acquisition will expand E Source’s utility-sector services. McGuireWoods advised E Source, while FOCUS Investment Banking and Saul Ewing advised Opinion Dynamics.
CBRE Heats Up Geothermal Play with Aitoenergia Acquisition
CBRE Investment Management acquired Aitoenergia, a Finnish energy-as-a-service provider, as a strategic add-on to its geothermal energy platform, Geonova. The acquisition nearly triples Geonova's existing contract base by integrating Aito's portfolio of 62 long-term contracts. Aito's current CEO, Tuomas Humalajoki, will lead the combined company, which aims to become a market leader in sustainable heating solutions in Finland.
Westlawn’s Ellipsis Taps Permian Assets, Inks Black Stone Deal
Westlawn Group's portfolio company, Ellipsis U.S. Onshore Holdings, a private energy company based in Dallas, TX, completed two deals: the acquisition of non-operated oil and gas assets in the Permian Basin of Texas and New Mexico, and a farmout agreement with Black Stone Minerals covering approximately 270K gross acres in East Texas. Legal counsel for Ellipsis included Winston & Strawn and Gray Reed & McGraw.
Goldi Solar Secures $15.8M from Zerodha’s Nikhil Kamath
Indian solar photovoltaic (PV) module manufacturer Goldi Solar raised INR 1.375B ($15.8M) from investor Nikhil Kamath, co-founder of brokerage firm Zerodha. The capital will support the company’s expansion into solar cell production. The investment follows an earlier investment from Havells India, which will acquire a minority stake.
SK Ecoplant to Sell Waste Units to KKR in $1.2B Deal
In a strategic pivot, Seoul, South Korea-based SK Ecoplant is selling its waste management and water treatment businesses, Renewus Co. (75% stake) and Renewon Co. (100% stake), to KKR for an estimated combined corporate value of KRW 1.7T ($1.2B). Rival bidder STIC Investments exited the process early. The sale is part of SK Ecoplant’s efforts to streamline its business portfolio ahead of a planned 2026 IPO, and focus on more profitable sectors like IT recycling and semiconductors.
Pursuit Aerospace Snaps Up Aeromet From Privet Capital
Aircraft engine components manufacturer Pursuit Aerospace, backed by Clayton, Dubilier & Rice and Greenbriar Equity Group, acquired Aeromet International, a UK-based supplier of aluminum and magnesium castings for the aerospace and defense industries, from its owner Privet Capital. The acquisition expands Pursuit's offerings to include light alloy investment and sand-casting capabilities.
Appian Way Expands Defense Portfolio With SBS Precision Buyout
Dallas-based private equity firm Appian Way Capital Partners acquired SBS Precision Sheet Metal, a Florida-based manufacturer of custom parts for military and aerospace sectors. Terms of the deal were not disclosed. Madison Street Capital acted as exclusive financial advisor to SBS Precision.
Iconiq’s Truckstop.com Integrates Denim to Automate Freight Finance
Iconiq Capital’s freight technology company truckstop.com acquired transportation-focused financial technology company Denim, integrating its recourse factoring product and automation technology to enhance operational stability for carriers and brokers. Denim backers include Pelion Venture Partners, Crosslink Capital, Anthemis, Trucks VC, FJ Labs, Tribeca Early Stage Partners and Refashiond Ventures. Performance Trust Capital Partners served as exclusive financial advisor to Denim and Morrison & Foerster acted as legal advisor.
CORE Expands Services Portfolio With IMMEC Investment
Chicago-based private equity firm CORE Industrial Partners announced its investment in IMMEC, a Georgia-based provider of facility maintenance and renovation services, expanding CORE's industrial services portfolio, with the aim to accelerate IMMEC's growth in the Southeastern US market. Winston & Strawn provided legal counsel to CORE in the transaction.
Argyle Capital, Sharno Cash Out as MC Machinery Buys Ferro Technique
Toronto-based private equity firm Argyle Capital Partners Management and investment partner Sharno Group completed the sale of Ferro Technique, an Ontario, Canada-based distributor of machine tools, to MC Machinery Systems. Argyle and Sharno acquired Ferro in spring 2019, and the company later completed a tuck-in acquisition of Lomar Machine Repair in November 2021.
Rockwood Equity Seals Deal for Case Maker ZERO Manufacturing
Ohio-based investment firm Rockwood Equity Partners acquires ZERO Manufacturing, a designer and manufacturer of aluminum and molded plastic protective cases, enclosures and sub-assemblies. The acquisition will enable Rockwood to leverage its Rockwood Growth System to enhance production capabilities and drive growth.
Keychain Secures $30M Series B to Launch KeychainOS
New York-based Keychain, an AI-powered manufacturing platform for consumer packaged goods (CPG), secured a $30M Series B funding round led by Wellington Management and existing investor BoxGroup. The capital infusion brings Keychain's total funding to $68M. The funds will be used to launch KeychainOS, an AI-based operating system designed to streamline the CPG production cycle. Other investors in the company include Lightspeed Venture Partners, SV Angel, General Mills, The Hershey Company, Schreiber Foods and Rich's Food.
VCs Bet $7.3M on TensorZero’s Industrial-Grade AI Stack
New York-based venture capital firm FirstMark led a $7.3M seed funding round for TensorZero, a tech startup building an open-source stack for industrial-grade large language model (LLM) applications. The round included participation from investors Bessemer Venture Partners, Bedrock, DRW and Coalition.
ChemFinity Raises $7M for Mineral Recovery Tech
At One Ventures and Overture Ventures co-led an oversubscribed $7M seed round for New York-based ChemFinity Technologies, a provider of high-performance recovery systems for critical minerals. The funding, which included participation from Closed Loop Ventures Group, Pace Ventures, WovenEarth Ventures and Climate Capital, will be used to accelerate the company's piloting and deployment of its breakthrough sorbent-based technology that recovers over 20 targeted minerals from waste streams.
Khosla Leads $4M Seed for TerraBlaster’s NASA-Inspired AgriTech
Khosla Ventures led a $4M pre-seed funding round for TerraBlaster, a Redwood City, CA-based soil analysis startup, with participation from Trailhead Capital, OCP Group and The Reservoir. TerraBlaster, which aims to improve precision agriculture with technology adapted from NASA's Mars missions, will use the capital to further develop its platform that provides real-time, high-resolution soil data to farmers.
Fathom Fund Powers $2.5M Seed for Nullspace
Houston-based venture capital firm Fathom Fund led a $2.5M seed funding round for Nullspace, an Irvine, CA-based deep-tech company that develops electromagnetic simulation software, with participation from Golden Seeds and strategic angel investors. The funding will be used to expand the company’s engineering team, accelerate product development and scale go-to-market efforts.
Unik System Design Expands into Nordic Market with LEB System Purchase
Unik System Design, a Danish housing and property management software provider, acquired LEB System AB, a Stockholm-based property management system provider. The acquisition is Unik's first add-on since Main Capital Partners became a majority investor of the company in September 2023. The combined entity is projected to have revenues exceeding €25M ($29M).
Sixth Street Proposes Takeover of Plymouth REIT
Plymouth Industrial REIT, a real estate investment trust, received an unsolicited, non-binding proposal from Sixth Street Partners to acquire all of its outstanding shares in cash. Sixth Street already owns nearly 10% of Plymouth's common stock. KeyBanc Capital Markets is serving as financial advisor to Plymouth, and Morrison & Foerster is serving as legal counsel.
W.P. Carey Secures $166M Food Plant Leaseback
New York-based net-lease REIT W.P. Carey acquired a food processing facility in Tennessee from a subsidiary of Canadian manufacturer Premium Brands Holding Corp. in a $166M sale-leaseback deal.
DLC, DRA Advisors Acquire Baton Rouge Shopping Center for $81M
A partnership between DLC and DRA Advisors acquired Towne Center at Cedar Lodge, a 316,031-square-foot shopping center in Baton Rouge, LA, for $81M. Located near the LSU campus, the property is anchored by Whole Foods Market and was 93% leased at the time of the sale.
White Oak Offers $51M Loan to Xin Capital for Times Square West Acquisition
White Oak Real Estate Capital (WOREC) provided a $51M senior secured loan to Xin Capital for its acquisition of Times Square West, a 144,500-square-foot mixed-use property in New York City. The property, located at 303 W 42nd Street and 300 W 43rd Street, consists of newly renovated office space and ground-level retail.
Boston-Based Lena Centers Purchases Phoenix Retail Hub for $10.3M
Boston-based Lena Centers completed its purchase of Foothill Shopping Center in Phoenix, AZ, from longtime owners S Clay Management for $10.3M. Lena Centers' acquisition strategy is guided by its commitment to curating retail options that reflect an understanding of local preferences and cultural nuances. Newmark arranged the transaction on behalf of S Clay Management.
Harbor Capital Acquires 190,000-Square-Foot Industrial Park in Arlington, TX
Harbor Capital, a Texas-based industrial real estate investment firm, acquired Shoreline Business Park, a 190,008-square-foot industrial park in Arlington, TX. The firm plans to implement a capital improvement strategy to support tenant renewals and capitalize on market rent growth. Stream Realty brokered the sale, representing the seller. S2 Industrial Property Management was hired to manage the property.
Lancashire Apartments Sold to Berger Communities, Rebranded as Larkwood Place
Berger Communities completed its purchase of 88-unit multifamily property Lancashire Apartments, now operating as Larkwood Place Apartments, in Wilmington, DE. NAI Emory Hill brokered the sale, while Bennett Williams Commercial represented the buyer.
Tri-Firm Partnership Secures Hilliard Commerce Center for Upgrade
Industrial Realty Group, Provider Real Estate Partners and DW Real Estate Partners jointly acquired the Hilliard Commerce Center, an industrial property on 18.6 acres in Columbus, OH. The firms plan to improve the facility, which is located in a prime industrial corridor.
3SL Secures $3M Seed to Scale AI-Powered Real Estate VR
Boston-based Three Space Lab (3SL), a proptech company specializing in virtual reality real estate visualization, raised $3M in seed funding to expand its global sales team and leverage AI. The round was led by Swiss real estate asset management firm Arminius Verwaltung.
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