What's Inside?

We are pleased to share our latest report with you. In this report, we look at the emerging trends and notable M&A and fundraising transactions in Sustainability - Software & Data during the first half of 2026.

The largest M&A transactions this half were concentrated in ESG consulting and energy-data platforms. WSP Global's $3.3bn acquisition of TRC Companies and Applus+'s $454m purchase of APEM Group extended the environmental consulting subsector, while Johnson Controls' acquisition of Nantum AI and Deepki's purchase of Sobre Énergie added AI-driven building-energy capability. On the fundraising side, Tomorrow.io closed the half's largest round at $210m, and osapiens' $100m Series C made it Germany's first unicorn of 2026.

• ESG Consulting & Services led M&A activity in H1 2026, accounting for 26% of the 98 deals tracked. Energy & Built Environment Decarbonisation placed second at 15%, and Carbon Accounting & Management placed third at 13%.

• Overall M&A volume rose in H1 2026 versus H1 2025, with 98 deals completed against 85 in the prior half, a 15% increase. Fundraising volume grew to 279 rounds from 188 over the same period.

• Fundraising round sizes averaged $6.9m, with a median of $2.5m where disclosed. Of the 207 rounds with a disclosed size, 87% closed at $10m or below.

• AI capability is now the sector's most common stated deal driver: 25 of the 98 acquisitions and 112 of the 279 fundraises tracked in H1 2026 named it as a factor.

• Cross-border activity remained material across both deal types, with 45% of M&A transactions and 48% of fundraising rounds involving a party headquartered outside the target's country.

• Overall, the sector saw broad-based growth against H1 2025: total transactions rose to 377 from 273, with strategic buyers driving 61% of M&A volume and PE-backed platforms a further 31%.

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