All of the FP&A Software M&As in 2025-2026

Here’s a running list of every confirmed FP&A software M&A in 2025- 2026, arranged from the most recent deals back to the first closings.

The FP&A software industry has rarely moved this fast. Between January 2025 and July 2026, there were transactions that reshaped the vendor landscape that finance teams rely on for budgeting, forecasting, consolidation, and reporting. Some of these were straightforward product tuck-ins meant to plug a feature gap. Taken together, the FP&A software M&As in 2025-2026 tell a clear story: private equity and strategic acquirers are betting heavily that AI-native planning tools, unified Office-of-the-CFO platforms, and consolidated regional players are where the next decade of enterprise finance software value will be created.

This article walks through every confirmed deal chronologically. For each transaction, we break down who bought whom, what each company brought to the table, and more importantly, whether the deal logic holds up to scrutiny or whether it looks more like a defensive consolidation play.

Why FP&A Software Companies Are Consolidating

On the surface, Financial Planning and Analysis (FP&A) software looks like a mature, almost boring category. But three forces are pushing FP&A software companies toward consolidation at the same time.

First, AI has changed what FP&A software needs to do. Static templates and manual variance reports are no longer enough; buyers now expect predictive forecasting, agentic workflows, and natural-language querying built into the core platform. Few standalone vendors can fund that kind of R&D on their own, which makes them attractive acquisition targets for larger players that already have the AI investment budget, or attractive shells for private equity firms that want to bolt AI capability onto a platform quickly rather than build it from scratch.

Second, the CFO office has become a single buying center. CFOs increasingly want one connected environment for planning, consolidation, close, reporting, and now workforce and operational data, instead of stitching together five point solutions. That pushes vendors to acquire adjacent capabilities (HR data, Power BI write-back, supply-chain forecasting, ESG and governance tooling) so they can sell a broader platform rather than a single module.

Third, private equity has simply gotten more active again. As the sections below show, several of these transactions are PE-backed roll-ups rather than one strategic buyer absorbing a competitor. That pattern lines up closely with what McKinsey's latest M&A research found across the broader enterprise software market, and it's worth understanding before looking at the individual deals.

Latest FP&A Software M&As in 2025-2026

Four confirmed transactions have closed or been finalized in 2026 so far, ranging from a Microsoft-native planning tie-up to a multibillion-dollar private equity buyout of a publicly traded EPM leader.

1. Hypergene and Stratsys Merge Into a Nordic Governance-and-Planning Leader

Date completed: July 7, 2026

Thoma Bravo closed the merger of two of its own portfolio companies, Hypergene and Stratsys, creating a combined Nordic vendor that spans FP&A, project and portfolio management, compliance, risk management (GRC), and strategy execution. Hypergene brought roughly 600 customers and its budgeting, forecasting, and xP&A platform to the table, while Stratsys added ESG, quality management, and governance tooling built around 600 customers of its own across Sweden and Norway. Thoma Bravo had backed Stratsys since 2020 through Verdane's earlier involvement, and this merger effectively folds two adjacent Nordic SaaS bets into a single platform play.

The strategic logic is straightforward on paper: CFOs increasingly want planning, execution, and governance to live on connected data rather than in separate tools, and combining Hypergene's FP&A strength with Stratsys's compliance and strategy-execution focus creates a broader story to sell into that buying center. It's also a classic private-equity portfolio consolidation. Merging two companies under the same ownership to cut overlapping costs and present a larger, more defensible asset for an eventual exit.

Whether this reads as strategic or defensive depends on execution. Two Nordic SaaS companies with distinct product histories and separate customer bases now need one unified roadmap, one sales motion, and a genuinely shared culture rather than two logos under one holding company. Thoma Bravo's public framing leaned heavily on customer-benefit language rather than specific product roadmap details, which is worth watching as the integration unfolds through the rest of 2026.

2. SAP Acquires Dremio and Prior Labs to Power AI-Ready Finance Data

Date completed: July 6, 2026 (announced May 4, 2026)

This one sits slightly outside the core FP&A software category, but it's directly relevant to anyone using SAP-adjacent EPM tools. SAP announced two acquisitions on the same day in May 2026: Dremio, an Apache Iceberg-native data lakehouse platform, and Prior Labs, a research lab behind Tabular Foundation Models purpose-built for structured business data rather than text. Terms were undisclosed for Dremio, while SAP committed more than €1 billion over four years to scale Prior Labs into what it calls a frontier AI lab for structured data, based in Europe.

The deal logic is that most enterprise AI pilots fail not because models are weak, but because underlying financial and operational data is fragmented across proprietary formats without shared business context. This is precisely the kind of data problem that sits underneath every FP&A forecast and consolidation. Dremio lets SAP's Business Data Cloud unify SAP and non-SAP data on an open standard without costly migration, while Prior Labs' TabPFN models are aimed at prediction tasks (payment delays, churn, supplier risk) that are closer to what an FP&A or CPM engine actually needs than a general-purpose large language model.

For finance software buyers, the deal is worth rethinking less as "another SAP acquisition" and more as a signal that the next competitive battleground in EPM and FP&A software isn't the planning UI, it's who owns the AI-ready data layer underneath it. SAP's willingness to spend over a billion euros on a European, open-source-committed AI research lab also reads as a direct response to EU AI Act pressure and data-sovereignty concerns among its core enterprise customer base.

3. Hg Capital Takes OneStream Private in a $6.4 Billion Buyout

Date completed: April 1, 2026

OneStream, one of the most prominent publicly traded Office-of-the-CFO platforms, was taken private by UK-based private equity firm Hg Capital in an all-cash deal valuing the company at roughly $6.4 billion. Shareholders received $24 per share (a 31 percent premium over OneStream's pre-announcement price), and General Atlantic and Tidemark stayed on as minority investors. Founder and CEO Tom Shea remains in place, along with the existing leadership team, and OneStream's Class A shares stopped trading on the Nasdaq once the deal closed.

This is the clearest example in the entire list of a strategic-versus-financial trade-off playing out in real time. Going private removes the pressure of quarterly earnings and gives OneStream room to keep investing aggressively in AI-driven finance automation without Wall Street second-guessing every R&D dollar. Hg brings roughly 100 AI specialists and an existing AI incubator structure to the table, plus a track record with other CFO office assets like AuditBoard. The 31 percent premium also suggests Hg is confident OneStream's public-market valuation had lagged its long-term potential.

Whether that confidence pays off is genuinely uncertain. OneStream had more than doubled its AI customer base year over year heading into the deal, which is a strong growth signal. But, a $6.4 billion valuation against roughly $595 million in trailing revenue and modest EBITDA implies aggressive multiples that only make sense if Hg can accelerate growth meaningfully faster than OneStream could have managed as a public company. The deal also still faces the usual post-close integration risks that come with folding a rapidly scaled, recently IPO'd company into a private-equity portfolio, and regulators have flagged potential concentration concerns given Hg's existing footprint in corporate performance management software.

4. Vena Solutions Acquires Acterys to Build a Microsoft-Native Planning Stack

Date confirmed: March 26, 2026 (definitive agreement entered February 3, 2026)

Vena Solutions, the Excel-native FP&A platform, entered a definitive agreement to acquire Acterys, a Power BI–based operational planning and app-development platform serving more than 300 global organizations. The stated goal is to build what Vena is calling the first "Microsoft-native Orchestrated Planning" environment; combining Vena's Excel-based FP&A workflows with Acterys's Power BI write-back engine and Microsoft Fabric analytics, all inside the Microsoft ecosystem customers already use.

The acquisition is a fairly clean example of a horizontal capability play rather than a defensive roll-up:

• Vena serves Finance teams comfortable in Excel;

• Acterys serves IT teams building in Power BI;

• and the combination is meant to give both groups a shared environment instead of forcing one side to abandon its preferred tool.

Both companies were already available on the Microsoft Marketplace, which should smooth procurement and lets Vena tap into Microsoft Azure Consumption Commitment discounts for customers.

The open question is integration depth rather than deal logic. "Excel for Finance, Power BI for IT" is a compelling pitch, but reconciling two genuinely different planning engines (one spreadsheet-native, one BI-native) under one roadmap is a heavier lift than the press-release framing suggests. How quickly Vena ships a truly unified experience, rather than two products sold as a bundle, will determine whether this becomes a defining Microsoft-ecosystem FP&A platform or simply a wider product catalog.

FP&A Software Companies Acquired in 2025

Eight confirmed FP&A software mergers and acquisitions closed in 2025, spanning North America, Latin America, the Nordics, and EMEA. Listed from the most recent (September 2025) back to the first deal of the year (January 2025).

5. Hawk Infinity Acquires VIS Performance to Expand Its Nordic CPM Footprint

Date completed: September 23, 2025

Norwegian software investor Hawk Infinity acquired VIS Performance, a Denmark-based Corporate Performance Management vendor whose budgeting, forecasting, planning, and reporting suite had been developed over roughly 30 years and served more than 110 clients. Financial terms weren't disclosed, though VIS Performance reported a gross profit of DKK 19.9 million and EBITDA of DKK 2.4 million for 2024; a modest but profitable business by CPM software standards.

This is a smaller, less headline-grabbing deal than the others on this list, but it's a useful data point on where roll-up activity is actually happening: mid-market Nordic CPM vendors with decades of customer relationships and thin but positive margins. For Hawk Infinity, the acquisition strengthens its presence in the Nordic B2B software sector rather than transforming its product line, which suggests a classic buy-and-scale strategy rather than a transformative platform bet.

6. Prophix Acquires AllStrategy to Enter the Brazilian FP&A Market

Date completed: September 2025

Prophix, a global financial performance management vendor with roughly 3,000 customers, acquired AllStrategy, a Brazilian budgeting, planning, and cash-management software company founded in 2003 by Carlos Augusto Moreira and Claudio Moreira. AllStrategy's two flagship products (AllStrategy Plano for budget planning and AllStrategy Fluxo for cash management) had become established tools among Brazilian finance teams looking to modernize manual planning processes.

The rationale here is geographic expansion rather than product consolidation: Prophix gains an established local brand, existing customer trust, and Portuguese-language regional expertise in a market it likely couldn't have built organically at the same speed. Notably, Prophix's public messaging leaned heavily on preserving AllStrategy's culture and leadership rather than absorbing it. By appointing Roberto Dariva as Managing Director for LATAM and explicitly framing the deal as culture "evolving" rather than disappearing, this lines up with the cultural-integration research which will be discussed further in this article.

The test for this deal isn't the announcement, it's retention. Regional finance software buyers in Brazil chose AllStrategy in part because it understood local regulatory and business context better than a global platform could. Whether Prophix can keep that local responsiveness intact while migrating customers toward its global Prophix One platform will determine if this was a genuinely additive acquisition or a slower path to product consolidation dressed up as a partnership.

7. Anaplan Acquires Syrup Tech to Sharpen AI-Driven Retail Forecasting

Date completed: September 9, 2025

Anaplan acquired Syrup Tech, an AI-native supply chain planning platform used by omnichannel retailers such as Faherty and Reformation to plan, buy, price, and allocate inventory. Syrup's neural-network forecasting engines are trained on granular sales data, product imagery, and external signals like social sentiment and weather patterns. It’s a notably more specialized and data-intensive approach than a typical FP&A add-on. According to figures shared in the announcement, Syrup's platform had delivered 5–10% margin improvements and 10% higher sell-through for its retail customers, translating to more than $20 million in annual savings per $1 billion in revenue on average.

For Anaplan, this is a vertical-specialization play instead of a horizontal platform expansion: rather than buying broader FP&A functionality, Anaplan bought deeper retail-specific forecasting precision to defend and grow its position with omnichannel and luxury retail customers, a segment where more than 300 of the world's top retailers already use its platform.

The deal is a good example of the AI-hype-versus-substance question that now shadows almost every enterprise software acquisition. Anaplan's own CEO framed the deal explicitly around Syrup's demonstrated, already-monetized results rather than speculative AI potential. It’s a distinction worth taking seriously given how many 2025-2026 FP&A software acquisitions leaned on AI narrative with fewer disclosed performance metrics to back it up.

8. AARO Joins Aico and Mercur Under Accel-KKR to Form a Unified EMEA CPM Platform

Date completed: July 14, 2025

Global investment firm Accel-KKR closed its acquisition of AARO, a Corporate Performance Management vendor founded in 1989 that specializes in enterprise-grade consolidation and group reporting under IFRS and local GAAP standards. AARO was brought together with two other Accel-KKR-backed companies (Aico, a Finnish financial close automation platform, and Mercur, a 50-year-old Swedish budgeting and forecasting vendor )under new Group CEO Michael Teixeira. This acquisition combined platform intended to cover the full finance value chain from transaction-level close through group consolidation and xP&A.

This is a private-equity-orchestrated roll-up in the clearest sense: Accel-KKR had already invested in Aico and Mercur before acquiring AARO specifically to complete the trio, rather than reacting to a single opportunistic target coming to market. The combined company now operates across the Nordics, UK, Ireland, BENELUX, DACH, and the Middle East and Africa, giving Accel-KKR a genuinely pan-EMEA Office-of-the-CFO platform spanning close, consolidation, and planning.

The strategic case is coherent: record to report, consolidation, and xP&A really do sit adjacent to each other in most finance teams' workflows. But, three previously independent companies with distinct product architectures, customer bases, and corporate histories (one dating back to 1989, one founded in 2019) now need to converge on a single platform vision under one new CEO. That's a heavier post-merger integration lift than the "unified SaaS platform" framing in the announcement lets on, and it's worth watching how much of the combined roadmap is genuine product unification versus three brands operating in parallel under shared ownership.

9. Hypergene Acquires Profitbase for Nordic Expansion, Backed by Thoma Bravo

Date: May 2025

Swedish planning and performance management vendor Hypergene acquired Profitbase, a Norwegian CFO platform as part of its Nordic growth strategy, shortly after Thoma Bravo took a majority stake in Hypergene from prior investor Monterro. Hypergene, founded in 2000 and headquartered in Malmö, serves roughly 500 customers across Sweden, Norway, and Germany with cloud-based planning, analysis, and project-and-portfolio-management (xP&A) tools aimed at the C-suite and finance office.

The timing here is worth noting: Thoma Bravo's growth investment and Hypergene's acquisition of Profitbase happened close together, which signals the Profitbase deal was very likely part of a pre-planned buy-and-build strategy rather than an opportunistic bolt-on. Under Monterro's prior ownership, Hypergene had already grown annual recurring revenue more than eightfold, so this acquisition reads as a continuation of an existing playbook (regional consolidation to build scale ahead of further investment) that Thoma Bravo doubled down on rather than a new direction entirely.

The Profitbase acquisition set up the much larger Stratsys merger that closed roughly fourteen months later (covered above), which makes it a useful early signal for readers trying to anticipate where private-equity-backed FP&A software mergers tend to head next: smaller regional tuck-ins first, followed by a larger platform-defining merger once the sponsor has consolidated enough scale.

10. HiBob Acquires Mosaic to Merge HR and FP&A Data

Date completed: February 13, 2025

HiBob, the company behind the HCM platform Bob, acquired Mosaic, a cloud-based FP&A platform, to build what it billed as the first fully integrated solution connecting workforce management with financial planning for mid-market companies. Mosaic FP&A had built a reputation for dynamic, strategic planning tools aimed at giving finance teams real-time visibility rather than static spreadsheet-based budgeting.

The strategic logic is genuinely differentiated rather than purely defensive: workforce costs are typically the single largest line item on a mid-market company's P&L. Yet, HR and finance systems have historically stayed disconnected, forcing manual reconciliation between headcount plans and budget forecasts. Combining HiBob's people data with Mosaic's FP&A capabilities directly targets that gap, giving CFOs and CHROs a shared, real-time view of how workforce decisions move financial outcomes.

The bigger question for existing Mosaic customers is platform independence. Mosaic was previously usable alongside any HRIS or payroll system a company already had; folding it into HiBob's Bob platform raises the practical question of how much of Mosaic's value proposition survives for finance teams that aren't HiBob customers, and whether "full support through the transition" (HiBob's stated commitment) ultimately means continued flexibility or gradual migration pressure toward the combined platform.

11. IBM Acquires Applications Software Technology and Hakkoda to Expand Oracle and Data Consulting

Date completed: Announced January 16, 2025; closed Q1 2025

IBM rounded out its early-2025 acquisition activity with two consulting-focused deals adjacent to the FP&A and EPM software ecosystem instead of a software platform purchase outright. Applications Software Technology (AST), a global Oracle consultancy with deep expertise in Oracle Fusion Cloud ERP and EPM, brought public-sector and K-12 education implementation experience to IBM Consulting. Around the same period, IBM also folded in Hakkoda, a New York-based data and AI consultancy known for Snowflake-based data modernization work across healthcare, financial services, and government clients.

Neither deal adds a new FP&A product to buy (both are services acquisitions), but they matter to this list because IBM Consulting's Oracle EPM implementation capacity directly affects how quickly enterprise customers can deploy or migrate the FP&A and EPM software covered elsewhere in this article. IBM Consulting delivered $5.2 billion in Q4 2024 revenue, roughly 29.5 percent of IBM's total revenue that quarter, and generative AI (Gen AI) bookings had already surpassed $5 billion by year-end, underscoring how central AI-enabled consulting has become to IBM's broader strategy.

Read skeptically, both acquisitions are IBM buying implementation capacity and vertical credibility rather than acquiring differentiated technology. It’s a reminder that not every deal touching the FP&A software industry is really about the software itself. Some of this consolidation wave is really about who gets paid to implement, integrate, and support the platforms other companies on this list are building.

12. insightsoftware Acquires JustPerform to Round Out Its EPM Portfolio

Date completed: January 15, 2025

The earliest confirmed deal in this list is also one of the clearest examples of straightforward portfolio expansion. insightsoftware, which positions itself as the most comprehensive provider of solutions for the Office of the CFO, acquired JustPerform, a cloud-native planning, consolidation, and reporting platform known for process-first design, role-based authorizations, and strong audit trails. The acquisition extended insightsoftware's existing EPM lineup, which already included Certent and Longview Tax, and continued a pattern of aggressive buying: insightsoftware had acquired 29 companies in the six years leading up to this deal, including LeaseAccelerator and FXLoader.

The strategic case is about completeness rather than differentiation. The General Manager for EPM & Controllership of insightsoftware framed JustPerform's addition around unifying the journey from planning to disclosure. It signals that this deal is primarily about closing gaps in an existing suite rather than acquiring a genuinely novel capability. Industry advisory firm BPM Partners echoed that framing, noting the deal put insightsoftware among vendors capable of streamlining financial and operational planning, consolidation, close, and reporting in one place.

Given how frequently insightsoftware makes acquisitions (roughly five per year on average over the prior six years) the more interesting question for FP&A software buyers isn't whether this particular deal made sense (it clearly rounds out a real product gap), but whether insightsoftware's broader acquire-and-integrate-repeatedly model is delivering a genuinely unified platform experience for customers, or a growing collection of formerly independent tools stitched together.

Finance Software M&A Trends: What McKinsey's 2026 Report Shows

McKinsey's 2026 M&A Trends report offers useful context for why FP&A software acquisitions accelerated through 2025 and into 2026. Global M&A activity jumped 43% in 2025, reaching roughly $4.7 trillion in total deal value (well above the ten-year average) after a slower start to the year rattled by trade and tariff uncertainty. Technology, media, and telecommunications retook the top spot among sectors, growing 61% to roughly $1.1 trillion, as technology and hard-to-find AI talent became competitive necessities across nearly every industry rather than a differentiator reserved for tech-native companies.

The report also highlights a shift toward what McKinsey calls arena industries — fast-growing categories, including enterprise software, that combined technological step-changes with large addressable markets. These arenas accounted for roughly 40% of global deal value in 2025, up from just 7% two decades ago, and traded at an average enterprise-value-to-EBITDA multiple of about 27, nearly double the multiple for established, non-arena businesses. FP&A and EPM software sits squarely inside that premium-valued zone, which helps explain why deals like OneStream's $6.4 billion take-private carried such a rich multiple relative to its revenue.

Private equity's own resurgence is another piece of the puzzle. PE-led deal value grew 54% in 2025 to about $1.2 trillion, even as overall deal volume stayed roughly flat, meaning sponsors chased fewer, larger transactions rather than spreading capital across many small ones. With an estimated $2.2 trillion in dry powder still sitting on the sidelines and average PE holding periods stretching past six years, firms like Hg Capital, Thoma Bravo, and Accel-KKR have clear incentive to consolidate mid-sized FP&A and CPM vendors into larger, more defensible platforms before eventually exiting. McKinsey's researchers also note that Gen AI is now shortening M&A deal cycles by 10 to 30% and cutting deal costs by roughly a fifth. It’s a trend visible in how quickly several of the deals below moved from announcement to close.

Why Cultural Integration Matters in FP&A Software Mergers

A separate McKinsey study on cultural integration in M&A offers a useful lens for judging which of these deals are likely to actually work. The research is blunt about the odds: across industries, 70 to 90% of M&A deals fail to deliver on their intended value, even though acquisitions have historically driven roughly three-quarters of growth at the world's largest companies. Culture is one of the most commonly overlooked variables in that failure rate, even though McKinsey's analysis found that companies that manage culture deliberately during integration planning are about 50% more likely to meet or exceed both their cost and revenue synergy targets.

That matters directly for FP&A software mergers because so many of the acquired companies in this list are founder-led businesses with tight-knit, regionally rooted teams: AllStrategy in Brazil, VIS Performance in Denmark, AARO's decades-old Nordic and EMEA base. McKinsey's framework points to three steps that separate integrations that stick from ones that quietly unravel: diagnosing how work actually gets done inside each organization before assuming either culture is "right,". This clearly articulates what the combined culture should look like rather than defaulting to the acquirer's playbook, and driving change through leaders on both sides who model the new behavior rather than issuing it top-down. Deals where leadership explicitly commits to preserving the target's culture and identity tend to signal that this lesson has been absorbed. Deals that go quiet on integration specifics are worth watching more closely.

What the Latest FP&A Software Acquisitions Tell Us Going Into 2026

Looking at all 12 FP&A software M&A Deals in 2025-2026 together, a few patterns stand out. AI capability is now a primary acquisition driver rather than a nice-to-have. Private equity has re-entered the category aggressively, and regional consolidation suggests the FP&A software industry still has meaningful geographic fragmentation left to consolidate.

Not every deal on this list will age well. As McKinsey's cultural integration research makes clear, the technical logic of combining two FP&A platforms is often the easy part; the harder, less visible work is aligning two organizations' ways of working, decision-making styles, and customer relationships without losing what made the acquired company valuable in the first place. Evaluating any of these vendors as prospective FP&A software buyers should watch not just the announced product roadmap, but how much of the acquired company's team, leadership, and customer-facing culture is still intact a year after close.