ANZ Technology Services and Specialty Consulting Quarterly Report – Q2 2026
Global markets surged higher in Q2 2026, with the Nasdaq and S&P 500 reaching record highs on increasing AI capex and resilient earnings as investors looked past the Middle East conflict, while the ASX and NZX posted more modest gains given their limited direct AI exposure. Global Technology Services and Specialty Consulting stocks remained suppressed, as firms adapt their operating models to the new environment. Despite this, private market M&A valuations remained resilient in certain pockets, particularly in mission-critical and AI-related segments.
Global M&A volumes moderated as buyers became more selective, though assets exposed to structural growth themes continued to attract strong interest - particularly those supporting AI-related infrastructure investment across data centres, power, networks and specialist engineering, or with cutting-edge AI-enabled capability. In Australia and New Zealand, corporate carve-outs and managed services consolidation were the defining themes of the quarter, with international buyers accounting for the majority of selected Q2 2026 transactions.
Download our latest ANZ Technology Services and Specialty Consulting Quarterly Report to access recent transaction activity, valuation multiples and key market trends across Australia and New Zealand.
Global M&A volumes in Technology Services and Specialty Consulting moderated in Q2 2026, finishing below the eight-quarter median of 667 deals per quarter as buyers became more selective and the Middle East war lifted oil prices and inflation, adding macroeconomic uncertainty that weighed on deal activity. Appetite held up for high-quality assets exposed to structural growth themes. Activity in Australia and New Zealand remained healthy, dominated by two themes: corporate carve-outs of non-core services units, and continued consolidation in the managed services provider segment.
Carve-outs featured heavily, including the sale of Dentsu ANZ's Salesforce consultancy practice to Enduring Ventures (on which Equiteq advised), Thales' Australian managed cloud operations to Interactive, XPON's divestment of Datisan to Incubeta, and Randstad's Australian IT services division to LTM. Cross-border acquirers were prominent, with AtkinsRéalis acquiring engineering and project management consultancy WGA and defence and national security consultancy Coras Solutions, and NEC acquiring Microsoft data and cloud consultancy Exco Partners. In managed services, Integris acquired First Focus, Evergreen acquired Office Solutions IT, and First Focus itself bolted on OneHQ and Optimus Systems.
Yes. Cross-border interest remains strong, with international buyers accounting for the majority of selected Q2 2026 ANZ transactions. Australia continues to attract offshore acquirers given its robust domestic market and strategic positioning as a gateway to Asia, with buyers active from North America, Europe, the UK and Asia. Global engineering and infrastructure consultancies were especially acquisitive during the quarter, and Japanese and North American technology groups continued to use ANZ acquisitions to build regional delivery capability.
AI is now the single biggest driver of valuation dispersion in the sector, and public and private markets are pricing it differently. Global Technology Services and Specialty Consulting stocks remained suppressed through Q2 2026 as firms adapt their operating models to the new environment, with sector EV/NTM EBITDA multiples contracting further on slower growth expectations and a shift in pricing models. Private market M&A valuations remained resilient in certain pockets, particularly mission-critical and AI-related segments, as a greater share of enterprise IT budget is directed towards AI and selective mission-critical work. The clearest winners are businesses supporting AI-related infrastructure investment — data centres, power, networks and specialist engineering — alongside those with cutting-edge AI-enabled capability, and the data, cloud and cybersecurity foundations enterprises need in place before AI can be deployed at scale.
Managed services was the most active ANZ sub-sector in Q2 2026, with multiple platform and bolt-on transactions reflecting strong demand for scaled MSP assets. Data and cloud consulting, cybersecurity, engineering and infrastructure consultancies, and firms with genuine AI-enabled delivery capability also continued to attract competitive interest. Valuation support is uneven across the sector: on an EV/NTM EBITDA basis, ANZ Technology Services traded at 10.1x and Global Engineering Services at 10.0x at 30 June 2026, ahead of Global Consulting at 9.0x, Global IT Services at 7.4x to 7.8x and Media & Marketing Services at 4.5x.