M&A in 2026: Five Signals Founders Should Understand
Highlights:
AI is now a common feature of M&A discussions, but buyer interest is focused on credibility and delivery rather than positioning alone.
Private equity continues to exert greater influence on the market, shaping deal structures and expectations well beyond PE-led transactions.
In technology services, deal activity remains selective, with buyer attention concentrating in defined areas of specialist capability.
In life sciences, M&A remains closely tied to the sector’s reliance on external innovation and long-term growth dynamics.
Across the market, buyers are prioritising proven capability over scale or headline growth.
For founders thinking about selling, understanding how buyers assess businesses is just as important as tracking market activity. Buyer expectations are evolving, and those changes directly impact how businesses are valued, structured, and approached in M&A processes.
This article shares five signals our advisors are seeing from recent buyer activity across technology services and life sciences that will help you think more clearly about the M&A market and how to prepare your business for a sale.
The perspectives in this article draw on insights from Tura Co-Founder and Managing Director, Bruce Green, and Tura’s Head of Healthcare & Life Sciences, Tim Sturgeon.
Signal 1: AI interest is running ahead of AI maturity
AI is now being discussed in many M&A processes, but buyer intent is often misinterpreted.
Buyer interest in AI-enabled capability has increased, yet in many cases that interest is arriving before internal standards, confidence, and operating models have fully settled (Goldman Sachs). Activity can look decisive from the outside, but it is frequently driven by uncertainty rather than conviction.
What our advisors say
“Buyer interest in AI is less about becoming AI-led and more about demonstrating credible capability. In technology services and hybrid consulting businesses, buyers are looking for practical AI expertise that improves delivery, operations, and go-to-market models. Every business needs an AI plan, but clarity and realism matter far more than positioning as AI-first.”
— Bruce
“Buyer interest is increasing for AI-enabled tools that support a shift from project-based delivery to subscription and SaaS-type models. Larger groups are acquiring these capabilities to reduce reliance on hiring, and improve margins. Across healthcare and life sciences, slower, more risk-averse in-house adoption creates opportunities for partners with proven and scalable solutions.”
— Tim
What this means in practice
AI may open doors, but it does not close deals on its own. Buyers are testing whether AI capability is real, repeatable, and aligned to the operating model, not whether it features prominently in a pitch. Credibility matters more than optics, and preparedness matters more than momentum.
Signal 2: Private equity is playing an increasingly influential role in dealmaking
Private equity (PE) continues to increase its share of M&A activity, and that growth is now clearly influencing how deals are approached across the market.
This shift is less about volume alone and more about influence. As PE participation has expanded, it has brought with it a distinct way of assessing risk, structuring transactions, and planning for value creation. Even where PE is not the ultimate buyer, its approach is increasingly shaping what founders encounter during a sale process.
What our advisors say
“PE interest in services businesses has grown as the market has matured and competition has increased. Many firms now pursue buy-and-build strategies in the lower mid-market, creating greater buyer choice, including for businesses with sub-£1 million EBITDA that can act as bolt-ons.”
— Bruce
“PE interest in healthcare and life sciences continues to grow, driven by stable long-term trends such as ageing populations and increasing disease burden. Although buying cycles are slow, they often deliver predictable, durable revenue, particularly for businesses selling into pharma and healthcare systems. This stability underpins sustained PE interest across the sector.”
— Tim
What this means in practice
As private equity’s presence grows, the shape of a ‘typical’ deal is changing. Founders should expect a wider range of potential buyers, but also a narrower set of assumptions about how deals are structured and how value is realised.
PE-style mechanisms including equity rollover, tighter integration timelines, and a clearer focus on exit pathways are becoming more common. Preparing for sale increasingly means understanding these dynamics in advance and deciding which type of deal, and which type of buyer, best aligns with long-term objectives.
Signal 3: Technology services deal activity is concentrating in defined hotspots
There is growing evidence that speed to execution is influencing dealmaking across parts of the technology market (EY). However, this pattern is not uniform. Within technology services our advisors are seeing behaviour that suggests buyer behaviour is less about moving faster and more about where sustained quality can be found.
Rather than accelerating across the board, deal activity has concentrated over the past 18 months in defined hotspots where quality is scarce and difficult to replicate. There are early signs that activity may pick up, with buyers showing greater flexibility, even as the focus on sustained quality remains.
What our advisors say
“In technology services, deal activity is concentrating where specialist capability is scarce. Buyer interest is focused on AI-related services, the data engineering layer that supports AI, and enterprise platforms where regulatory knowledge and technical complexity create barriers to entry. Recent acquisitions by Snowflake, including Select Star and Observe, illustrate where buyers continue to pay for differentiated capability in complex environments.”
— Bruce
What this means in practice
For technology services businesses, this signal is less about pace and more about position. Buyers are concentrating capital in specific areas where sustained quality is difficult to replicate and strategically important to their future platforms.
For founders preparing for a sale, attempting to manufacture momentum in a market that is behaving selectively is unlikely to improve outcomes. Demonstrating sustained quality and a clear fit within areas of concentrated demand is far more likely to do so.
Signal 4: Innovation continues to shape life sciences dealmaking
Innovation remains central to how life sciences businesses grow and compete. That reality continues to shape how buyers think about acquisitions. Rather than responding to short-term pressures, many organisations are using M&A as part of a longer-term approach to accessing and scaling innovation that is difficult to build internally (Deloitte).
What our advisors say
“Innovation has always been difficult to industrialise within large life sciences organisations. Internal pipelines rarely meet long-term growth needs on their own, which is why acquiring technology, platforms, or early-stage assets is an established sector dynamic.”
— Tim
What this means in practice
For founders in life sciences, this signal points to continuity rather than change. Buyers are not responding to a sudden shortfall, but operating within a long-established innovation logic. Businesses that can demonstrate credible innovation, scalability, and strategic fit are more likely to attract interest than those positioned solely as a solution to a temporary gap.
Signal 5: Strategic buyers are prioritising proven capability over scale
The idea of the “transformational” deal hasn’t disappeared, but its meaning has changed. In a market shaped by prolonged uncertainty, strategic buyers are placing less emphasis on size or expansion for its own sake, and more on acquisitions that deliver clear, proven capability and reduce execution risk.
What our advisors say
“Since 2022, ongoing uncertainty and higher interest rates have made buyers more selective. This does not signal a return to 2021 conditions, but a move towards more typical levels of activity. Buyers are prioritising proven capability over capacity, with less appetite for deals reliant on optimistic growth assumptions or improved market conditions.”
— Bruce
“When buyers talk about transformational deals, they may simply be referring to size. But frequently what matters more is proven capability that integrates with existing services. Technology and AI-enabled businesses with clear use cases, demonstrable return on investment, and strong foundations in data security are particularly attractive, especially where recurring, subscription-based revenues complement existing offerings.”
— Tim
What this means in practice
For founders, this signal reframes what makes a business attractive. Scale alone is unlikely to be decisive. Buyers are prioritising businesses that can clearly demonstrate how their capability strengthens an existing platform, reduces risk, and delivers value without relying on future conditions improving.
Signals in summary
Interest in AI is widespread, but scrutiny is increasing. Private equity is playing a more influential role, shaping not just who buys, but how deals are structured. In technology services, demand is concentrating around a narrower set of high-quality capabilities rather than accelerating across the board. In life sciences, innovation remains central, but dealmaking reflects long-standing structural realities rather than short-term pressure. And across sectors, strategic buyers are prioritising proven capability over scale or ambition alone.
Taken together, these signals point to a market that is more selective, more disciplined, and clearer about what it values.
For founders considering a sale, the implication is not to chase momentum or mirror headlines, but to prepare with intent. Understanding how buyers are assessing risk, capability, and fit, and how those assessments are already shaping deal conversations, is now a core part of sale readiness.
Ready to start the conversation? Whether you’re planning ahead or actively considering a sale, we’ll guide you through your options with complete confidentiality. Get in touch.
