ANZ Technology Services and Specialty Consulting Quarterly Report Q1 2026
Markets finished Q1 FY26 lower as investors repriced for a higher interest rate environment, compounded by inflationary pressure linked to the Middle East instability. Despite this, M&A activity across Technology Services and Specialty Consulting remained resilient through Q1 FY26, with the engineering services segment particularly active. Cross-border interest also remained a key theme, supported by Australia’s robust domestic market and strategic geographic position.
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Global deal volumes in Technology Services and Specialty Consulting edged modestly higher in Q1 2026, improving from Q3 2025 lows as delayed processes and Q4 2025 spillover supported completions. Activity in Australia and New Zealand remained healthy, with a strong cross-border component and continued demand for cybersecurity, managed services and engineering assets.
Notable Q1 2026 transactions included Aspire Systems' acquisition of Assurity (software testing and QA), AFRY's acquisition of AMC Consultants (mining and engineering consultancy), CLS's acquisition of NGIS (geospatial consulting), RP Infrastructure's acquisition of DCWC (quantity surveying and project management) and Geosyntec's acquisition of JBS&G (environmental consultancy). Cross-border buyers featured prominently across the deal list.
Yes. Cross-border interest remains strong, with Australia continuing to attract international acquirers given its robust domestic market and strategic geographic positioning as a gateway to Asia. A significant portion of Q1 2026 ANZ transactions involved offshore buyers, with activity from North American, European, UK and Asian acquirers.
AI is reshaping the sector on two fronts. First, listed valuations across the broader IT services universe have decreased since Anthropic's February 2026 Claude 4.6 releases, reflecting expectations of slower revenue growth and a shift toward outcomes-based pricing. Second, a new class of AI consultants is emerging as OpenAI and Anthropic establish dedicated partner ecosystems, focusing on production-scale AI deployment and enterprise adoption. Early enterprise AI spend is concentrated in cloud modernisation, data pipelines and governance frameworks.
Cybersecurity, managed services, engineering consulting and data and AI-led consultancies continue to attract the most competitive buyer interest. Engineering assets in particular have seen an uptick in demand, illustrated by AFRY's acquisition of AMC Consultants, RP Infrastructure's acquisition of DCWC and Geosyntec's acquisition of JBS&G.