October’s deal flow carried a clear message from the buy side: specialist capability is worth paying for. Global services firms reached into Australia and New Zealand for SAP, public sector and health software expertise, while one of the region’s largest distributors went the other way and bought its way into South-East Asia. Private equity found a rare venture-backed exit in compliance software. And the AI infrastructure trade had its first real reality check, with Firmus pulling what would have been one of the largest floats in ASX history.
Announced 22 October 2026 | Value: Undisclosed
Nasdaq-listed IT services giant Cognizant has signed a definitive agreement to acquire Perth-based DyFlex Solutions, an SAP Platinum Partner founded in 2011. DyFlex has grown to more than 300 people across Australia and New Zealand, with a delivery presence in the Philippines and deep exposure to mining, utilities, energy and the public sector. It entered New Zealand only last year through its acquisition of Bluetree Solutions.
Cognizant plans to pair DyFlex’s local SAP capability with its own AI platforms, including its SAP agentic AI offering. Financial terms were not disclosed. Completion is expected in the first quarter of 2027, and it is Cognizant’s third acquisition of the year.
With SAP customers facing a long migration runway to cloud ERP, global integrators are paying for trusted local delivery teams rather than trying to build them from scratch.
Announced 6 October 2026 | Value: approx. A$111.8 million
ASX-listed distributor Dicker Data has agreed to acquire 100% of Sektor New Zealand, an Asia Pacific technology distributor with operations in New Zealand, Thailand and Malaysia. The deal is on a cash-free, debt-free basis and will be funded through an extension of Dicker Data’s existing debt facilities.
Sektor generated NZ$440 million in gross revenue and NZ$22.7 million in normalised EBITDA in the twelve months to 31 August 2026, implying a multiple of roughly 6x trailing earnings. Dicker Data is targeting NZ$28–32 million of annualised EBITDA post-integration and expects the deal to be earnings accretive in FY26.
It is Dicker Data’s most significant international move to date, adding point-of-sale, enterprise mobility and security categories alongside an immediate operating footprint in South-East Asia. A rare example this year of an ANZ acquirer looking outward rather than being the target.
Announced 6 October 2026 | Value: Undisclosed (all-cash)
CRMIT Solutions PVT LTD, through its Australian entity, has acquired Brooke Global, an Australian consultancy focused on business process transformation and service redesign for government and regulated organisations. Brooke Global’s 40 strategy consultants join the group, with the business retaining its brand and leadership.
CRMIT brings Salesforce, customer experience and agentic AI capability backed by engineering scale in India. Brooke Global brings what is hardest to buy in this market: established relationships and credibility across Australian public sector transformation.
It is a well-worn but effective playbook. Offshore technology services firms are acquiring local, consulting-led front ends to win advisory work that then pulls through larger delivery engagements.
Announced October 2026 | Value: Undisclosed
Dublin-based health technology group Lanas Healthcare Technology Ltd has agreed to acquire indici NZ, a New Zealand provider of cloud-based electronic health record and practice management software used by more than 250 healthcare organisations. Lanas was formed after Boston private equity firm TA Associates acquired Clanwilliam, and already owns HealthLink, Toniq and KonnectNET in New Zealand.
The deal forms part of a planned NZ$150 million investment by Lanas into New Zealand health technology over the next two years, and takes the group directly into general practice software.
Vertical health software with embedded clinical workflows remains one of the most sought-after categories for PE-backed platforms, and New Zealand’s government spending on digital health is only adding to the appeal.
Reported 20 October 2026 | Value: Undisclosed
Five V Capital has reportedly agreed terms to acquire a majority stake in Auckland-founded First AML , which provides know-your-client and anti-money laundering compliance software to private equity, venture capital, property and professional services firms. Founded in 2017, the business is generating around A$26 million in revenue, with strong growth in the UK.
The deal follows a process run by Barrenjoey to arrange a secondary sale of around $80 million for early investors, and delivers a meaningful return to backers including Blackbird, Bedrock Capital and Icehouse Ventures.
Compliance software with rising regulatory tailwinds and recurring revenue is exactly the kind of asset mid-market PE is paying up for. It is also a welcome venture exit in a year when most local funds have recorded none.
Announced 23 October 2026 | Value: Approximately $4.5 million
ASX-listed telco Swoop has signed a binding agreement to sell its Sydney fibre assets to Xenith IG Australia Holdings, part of Singapore-headquartered Xenith Infrastructure Group. It is the second sale to Xenith this year, following the $11 million divestment of Swoop’s Melbourne Fibre Project in June.
Proceeds will go towards reducing debt, as Swoop narrows its focus to its consumer NBN and mobile businesses.
A small deal, but a clear signal of where metro fibre is heading: out of the hands of capital-constrained operators and into specialist, infrastructure-backed owners with the balance sheets to build.
Global buyers are buying local capability, not building it. Cognizant, CRMIT and Lanas each paid for something that takes years to develop organically: trusted client relationships, sector credibility and local delivery teams. The AI narrative headlines the press releases, but the real asset in each case is the people and the client base.
%20(1).png)
