M&A advisory for cloud infrastructure companies
Cloud infrastructure M&A has been reshaped by the AI capex cycle and the regulatory push for sovereign and regional cloud build-outs. The hyperscalers, large telcos and major IT services groups, alongside infrastructure-focused PE platforms, have driven recent activity. Deals price on contracted backlog, capacity utilisation and customer commitment durability.
Active buyers are the hyperscalers, large telcos and major IT services groups that consolidate around the infrastructure stack, alongside infrastructure-focused PE platforms building positions in GPU and sovereign cloud. Flow has direct access to the infrastructure strategic acquirers and infrastructure-leaning PE platforms that are active buyers in this category.
Flow team has relevant sector experience and has worked with cloud infrastructure companies across hyperscale-adjacent IaaS, GPU and AI cloud, niche and sovereign cloud, container and Kubernetes platforms, and storage and CDN infrastructure.
"Cloud infrastructure" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing cloud infrastructure M&A targets
Consumption revenue
Contracted backlog (RPO)
Capacity utilisation
Net retention
Gross margin
GPU / compute density
Reserved vs on-demand mix
Capex / revenue
Customer concentration
Time to provision
Cloud infrastructure valuations in May 2026
Public cloud infrastructure comps trade at 3.1x EV/Revenue. Median revenue multiple across cloud infrastructure M&A deals was 2.5x in the last 12 months.
3.1x
Median EV/Revenue as of May 2026 for public cloud infrastructure companies
12x
Alphabet is the highest valued public cloud infrastructure company based on EV/Revenue (excluding outliers)
2.5x
Median EV/Revenue across cloud infrastructure M&A deals in the last 12 months
33x
Median EV/Revenue across cloud infrastructure VC rounds in the last 12 months
Key recent cloud infrastructure M&A deals
$11B acquisition of Confluent by IBM was the largest cloud infrastructure M&A transaction completed in the last year.
See all cloud infrastructure M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | Confluent |  | Confluent Inc operates in the Data Streaming Platform category, setting data in motion to power real time operations, analytics, and artificial intelligence AI. The Company has built a comprehensive platform that enables organizations to stream, connect, process, and govern data in motion across the enterprise. The Data Streaming Platform links applications, systems, and data layers into real time data streams, supporting real time decision making, autonomous agents, and generative AI applications. The platform delivers four key capabilities, Stream, Connect, Process, and Govern, with streaming as the foundation for continuous real time data movement. The Company operates in the United States and international markets, with the majority of revenue coming from the United States. | IBM | $11B | 10x | |
Jul-25 | Green.ch |  | Green.ch is a Zurich-headquartered ICT provider in Switzerland emphasizing renewable energy-powered services. It delivers fiber optic internet up to 10 Gbps, VoIP telephony, cloud hosting, and managed IT infrastructure for SMEs and enterprises. The company operates 15 data centers across the country, certified for energy efficiency and data sovereignty compliance. | IFM Investors | $1.1B | - | |
May-26 | Mirantis | | Mirantis is an enterprise open source software company delivering Kubernetes-based platforms for cloud native and AI infrastructure. Its solutions automate deployment and management of containerized applications, virtual machines, and GPU workloads across on-premises, hybrid, and public cloud environments. The San Francisco-headquartered firm serves clients such as Adobe, PayPal, Ericsson, and Societe Generale with OpenStack, Lens, and VirtuaLens technologies. | IREN | $625M | - | |
Feb-26 | Polarise |  | Polarise delivers an AI infrastructure stack featuring high-density data centers, GPU cloud services, and managed platforms with liquid cooling and green energy for intensive workloads, emphasizing European data sovereignty. | SWI Capital Holding | $538M | - | |
May-26 | Alkira | | Alkira is a San Jose-headquartered cloud networking company delivering multi-cloud connectivity as a service. The firm enables enterprises to deploy hybrid networks spanning AWS, Azure, and Google Cloud with integrated security from Palo Alto Networks and Zscaler. Founded in 2018, Alkira's Network Cloud Platform provisions global infrastructure in minutes, serving Fortune 100 companies and service providers. | Lumen | $475M | - | |
Apr-26 | LEOcloud | | LEOcloud delivers cloud infrastructure and SaaS from its software platform. | Voyager Technologies | $325M | - | |
Nov-25 | Latitude.sh |  | Latitude.sh is a bare-metal cloud provider enabling developers to deploy physical servers in data centers across Europe, Asia, and North America via API and dashboard. Amsterdam-headquartered Latitude.sh supports instant provisioning of customizable servers for high-performance computing needs. The platform caters to workloads requiring low-latency and dedicated hardware without virtualization overhead. | Megaport | $300M | 8.4x | |
Aug-25 | Exaion |  | Exaion is a Paris-based blockchain subsidiary of TotalEnergies that offers decentralized cloud storage and NFT platforms for energy trading. Launched in 2021, it powers 3D visualization tools for oil and gas simulations and secure data sharing for financial institutions. Exaion hosts nodes across five continents, supporting media clients with immutable content ledgers. | MARA Holdings | $263M | - | |
Dec-25 | S | Synchronoss | - | Lumine Group | $258M | 1.5x | |
Jun-25 | Crunchy Data | | Crunchy Data is a Charleston, South Carolina-based provider of PostgreSQL database solutions including Crunchy Bridge managed service on AWS, Azure, and Google Cloud, plus Crunchy Postgres for Kubernetes Operator. It offers enterprise support, security tools like pg_partman, and contributes to PostgreSQL extensions for high-availability clusters. | Snowflake | $250M | 8.3x | |
Mar-26 | GoodVision AI | GoodVision AI supplies global cloud-computing and AI infrastructure solutions with multi-cloud services and a shift to hybrid cloud-edge platforms. | Calisa Acquisition | $180M | - | ||
Mar-26 | SION |  | SION offers telecommunications infrastructure including broadband internet, cable modems, network security, IaaS, and web hosting. | Ballarpur Industries | $30M | - | |
Feb-26 | Digital Sense |  | Digital Sense is a Sydney-based provider of enterprise-grade IT hosting, cloud infrastructure, and managed services supporting secure data centers for Australian businesses. | 11:11 Systems | $18M | 1.0x | |
Feb-26 | interworks.cloud |  | interworks.cloud is a cloud services provider offering cybersecurity solutions, hosting, and digital transformation support to businesses globally. | Climb Global Solutions | $9.4M | - | |
Jun-25 | Hosterion |  | Hosterion is a Bucharest-based web hosting firm. The company offers shared Linux and Windows plans, VPS instances, and domain registrations for .ro and international TLDs. Its data centers in Romania provide SSD storage, daily backups, and one-click CMS installs for websites serving Eastern European clients. | cyber_Folks | $7.0M | 3.5x |
Most active buyers of cloud infrastructure companies
HOSTAFRICA, NVIDIA and Limestone Networks are the most active acquirers of cloud infrastructure companies in the last three years.
See all cloud infrastructure acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
HOSTAFRICA |  | HOSTAFRICA is a web hosting provider based in Johannesburg, South Africa. It supplies SSD-based shared hosting, reseller plans, VPS, and dedicated servers with NVMe storage and LiteSpeed servers. The company guarantees 99.9% uptime from Tier 3 data centers in South Africa and London, serving clients with cPanel management and free migrations. | zanode.co.zaHOSTAFRICAZesha+2 | 6 | |
NVIDIA | | Nvidia is a leading developer of graphics processing units. Traditionally, GPUs were used to enhance the experience on computing platforms, most notably in gaming applications on PCs. GPU use cases have since emerged as important semiconductors used in artificial intelligence to run large language models. Nvidia not only offers AI GPUs, but also a software platform, Cuda, used for AI model development and training. Nvidia is also expanding its data center networking solutions, helping to tie GPUs together to handle complex workloads. | SchedMDLepton AIBrev.dev+2 | 5 | |
Limestone Networks | | Limestone Networks is a Dallas-headquartered infrastructure-as-a-service provider offering dedicated servers, cloud hosting, and colocation from its Tier-3 data center in Dallas, Texas. Facilities feature N+1 redundancy, biometric security, and carrier-neutral connectivity via providers like Level 3 and Cogent. It supports resellers with white-label billing and a self-service control panel, alongside 24/7 network operations center support. Launched in 2007, Limestone Networks caters to enterprises requiring HIPAA-compliant and high-uptime environments. | BreezeHostNextArraySilver Hosting+1 | 4 | |
IBM | | Incorporated in 1911, International Business Machines, or IBM, is one of the oldest technology companies in the world. It provides software, IT consulting services, and hardware to help business customers modernize their technology workflows. IBM operates in 175 countries and employs approximately 300,000 people. The company has a robust roster of business partners to service its clients, which includes 95% of all Fortune 500 companies. IBM’s products, including Red Hat, watsonx, and mainframes, handle some of the world’s most important data workloads in areas like finance and retail. | ConfluentKubecostSkyarch Networks+1 | 4 | |
DoiT | | DoiT is a global cloud management firm offering DoiT Cloud Intelligence, an intent-aware FinOps platform for AWS, Google Cloud, and Azure. The platform optimizes costs, enhances reliability, performance, and security through automated implementations at enterprise scale. Headquartered in Tel Aviv with offices worldwide, DoiT serves over 3,000 organizations including Fortune 500 companies by managing billions in annual cloud spend and providing 24/7 support. | SELECTCloudWizePerfectScale | 3 | |
Flexera | | Flexera is a Schaumburg-headquartered software company offering IT asset management and cloud cost optimization platforms. Its solutions provide visibility into hybrid environments encompassing software licenses, SaaS subscriptions, cloud resources, and hardware assets. Flexera serves enterprises in technology spend analysis, license compliance, and security risk mitigation across global operations. | ProsperOpsSpotSpot by NetApp (FinOps unit) | 3 | |
Snowflake | | Founded in 2012, Snowflake is a fully managed platform that consolidates data hosted on different public clouds for centralized analytics and governance. Snowflake’s cloud-native architecture allows users to independently scale the compute and storage layers, providing customers with optimized performance at lower costs. The company’s data lake and data warehouse products support a variety of use cases, including business analytics, data engineering, and artificial intelligence. Snowflake is widely used by Fortune 2000 companies in financial services, media, and retail sectors. | DatometryCrunchy DataObserve+1 | 2 | |
ALIANDO |  | ALIANDO is a Copenhagen-based Microsoft Solutions Partner providing cloud innovation, data analytics, AI solutions, and managed services to enterprises. It helps Nordic and international clients migrate to Microsoft Azure, implement Power Platform tools, and deploy Dynamics 365 for operational efficiency. | Henson GroupMyclouddoor | 2 | |
Antimatter |  | Antimatter is a data platform that handles high-speed ingestion, permission controls, and API access with encryption across clouds. Security teams, DevOps, finance, and SaaS firms use its tools for AI threat detection, real-time log analysis, and data lake integration to support observability and compliance. | HivePoliCloudDatafactory | 2 | |
Kyndryl Holdings | | Kyndryl Holdings Inc is a technology services and infrastructure services provider company. It provides advisory, implementation, and managed services across a range of technology domains to help customers manage and modernize enterprise IT environments in support of their business and transformation objectives. The company's reportable segments consist of the following: Principal Markets which represents its operations in operations in Australia / New Zealand, Canada, France, Germany, India, Italy, Spain, Portugal, and the United Kingdom / Ireland, United States, Japan, and Strategic Markets. It derives maximum revenue from the United States. | SolvinitySkytap | 2 |
Founders and investors we've worked with
We've supported winning builders across cloud infrastructure and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
See more
TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
See more
Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See more
Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
See more
Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
See moreRecent M&A advisory track record
See our M&A advisory experience across cloud infrastructure and beyond.
Explore our M&A advisory offering for similar verticals
We're a specialized M&A advisor to software companies.
Our M&A experience spans across all software verticals.
Explore other sectors
We know tech inside & out.
We provide M&A advisory services to companies operating across the entire tech.
More services
M&A is the ultimate goal, but we play a long game. We're your fractional CFO to help you build financial discipline, and advise you on raising growth capital.
Fractional CFO for cloud infrastructure companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreVC fundraising for cloud infrastructure companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO