Four supply chain technology acquisitions, including Descartes’ recent purchase of Tai Software, carried a publicly disclosed price of $100 million or more. Many of the segment’s largest deals, however, have been executed without disclosing pricing information at all.
4
Deals with disclosed value ≥$100M Sept 2025 – Aug 2026
Announced April 20, 2026 · Closed August 3, 2026 · All cash, ~8x trailing EBITDA · Mobile computers, barcode and RFID scanning, voice-directed picking and workflow software; ~$1.1B in 2025 sales.
Announced May 26, 2026 · Closed July 1, 2026 · $350M upfront, roughly half cash / half shares, plus up to $75M earnout tied to 2026 results (max ~$425M) · Multi-carrier cross-border shipping with integrated duties and customs handling across 220+ markets.
Announced Nov 13, 2025 · Closed Dec 31, 2025 · $230M announced; $232.1M total consideration at close · Carve-out of Matthews International’s order fulfillment and warehouse automation systems business (~$72M FY2025 sales). Duravant is backed by Warburg Pincus.
$232M
4Descartes Systems Group acquiresTai SoftwareBroker TMS
Announced August 2026 · Closed at announcement · ~$100M cash on hand · AI-enabled transportation management platform purpose-built for freight brokers: quoting, carrier sourcing, load execution, billing and customer engagement across truckload, LTL, drayage and cross-border.
$100M
$0$350M$700M$1.05B$1.4B
How This Year Stacks Up
This year’s four disclosed deals sit inside a range that runs from two to eleven, but it is a steep fall from the eleven priced deals of the immediately preceding year. It is important to note that over the same two years, the number of in-scope deals closing with no disclosed price roughly doubled, suggesting most of the decline is due to a change in disclosure habits.
3
Sept 2021 – Aug 2022
~$1.7B
6
Sept 2022 – Aug 2023
~$3.5B
2
Sept 2023 – Aug 2024
~$1.5B
11
Sept 2024 – Aug 2025
~$4.3B
4
Sept 2025 – Aug 2026
~$2.08B
Some of this year’s most consequential deals came with no numbers attached. Honeywell’s warehouse automation business changed owners in July 2026 with terms undisclosed. So did the WWEX–Auctane merger that created ShipStation Global and Bain Capital’s carve-out of SupplyOn. Non-disclosure is not new, but it is becoming more commonplace. This year saw roughly 40 in-scope acquisitions with no published price, a ratio of ten to one.
Major Deals Closed with No Disclosed Price
Each of these deals could represent a nine- or ten-figure transaction based on the revenue or scale of the business acquired, but no figure was ever made public.
Acquirer / Target
Segment
Date
Scale indicator
American Industrial Partners / Honeywell Warehouse & Workflow Solutions
Warehouse automation
Jul 2026
~$935M 2025 revenue · 3,300 employees
Thoma Bravo / WWEX Group + Auctane → ShipStation Global
Parcel & shipping software, brokerage
Jun 2026
~$5.1B debt financing raised
Toyota Industries / IHI Logistics & Machinery (80%)
Material handling & logistics systems
May 2026
Price expressly not disclosed
Bain Capital / SupplyOn
Supply chain collaboration platform
Jul 2026
Carve-out from Bosch, ZF, Schaeffler
IFS / Softeon
Tier-1 WMS / WES
Mar 2026
20+ yr WMS vendor
Skild AI / Zebra Robotics Automation (ex-Fetch)
Warehouse robotics
Apr 2026
Zebra took equity stake in lieu of cash
project44 / LunaPath.ai
AI agent orchestration, visibility
Apr 2026
Terms not disclosed
Ingka Group (IKEA) / Locus
Agentic TMS, all-mile delivery
Oct 2025
Terms not disclosed
Adjacent Megadeals Disclosed · Not core supply chain software
Advent International, FedEx, A&R and PPF acquireInPostParcel locker network
Announced Feb 9, 2026 · €15.60/share values InPost at €7.8 billion (~$9.2B) · 61,000 out-of-home lockers. FedEx takes a 37% stake alongside Advent.
SoftBank Group acquiresABB Robotics divisionIndustrial robotics
Announced Oct 8, 2025 · $5.375 billion enterprise value · Close expected mid-to-late 2026 · $2.3B 2024 revenue. Partial warehouse automation exposure.
