Oceanrock Consulting
February 2026: US capital targets UK tech infrastructure, loyalty platforms shift hands, essensys goes private
126 deals, £52.2bn disclosed. GV doubles down on compliance tech, Macquarie builds UK energy infrastructure, K3 Capital works the lower mid-market.
February saw 126 UK transactions with £52.2bn in disclosed value, dominated by technology (35 deals) and business services (25 deals), with US venture capital and strategic acquirers taking meaningful stakes in UK software and AI platforms.
126
UK Target Deals
£52.2bn
Disclosed Value
22
PE-backed
Source: Mergermarket
Deal Activity by Sector, February 2026
+ 29 deals across other sectors
Source: Mergermarket
In the Spotlight
PE in the Spotlight
GV Management Co LLC
GV backed two UK companies this month: SolveAI, an AI-powered no-code platform (£33.3m), and Securely Technology, an AI-native GRC platform that raised £14.6m in Series A with GV leading. Both deals sit in enterprise software infrastructure with AI at the core, suggesting conviction in UK-built tooling for compliance and workflow automation rather than consumer-facing applications.
Advisory in the Spotlight
K3 Capital Group Ltd
K3 advised on four transactions in February: Safe & Sound Control System, Enrogen, WH Stephens, and Safety Shield Global. All appear to be lower mid-market exits, likely owner-managed businesses in industrial or B2B services. K3's volume this month reflects sustained activity in the sub-£50m segment where PE appetite remains strong and vendor expectations have adjusted since 2023.
Key Insights
US venture capital buying UK AI infrastructure, not applications
GV led rounds in SolveAI (no-code platform) and Securely Technology (GRC software), whilst Energy Impact Partners backed FYLD (AI field management software). The common thread is enterprise tooling with AI embedded in workflow automation, compliance, or vertical SaaS, not standalone AI products.
Macquarie building UK energy and infrastructure portfolio at pace
Macquarie completed three acquisitions in February: Certek Group Holdings, Last Mile Infrastructure Group, and Energy Assets Group. All three sit in energy transition or regulated infrastructure. This level of activity in a single month suggests portfolio assembly ahead of a potential infrastructure fund close or consolidation vehicle.
Founder buy-backs surfacing in listed tech
Mark Furness, founder of essensys, made an offer to acquire the remaining 69.58% of the company at £7.0m in late November (announced this month). Essensys is a workspace tech platform. Where public market valuations have compressed and founders retain conviction, we may see more take-private transactions led by management rather than PE.
Deal Highlights
Reward Loyalty UK Ltd
Business Services
£168.3m
Reward Loyalty is a customer engagement and loyalty technology platform acquired by Rezolve AI, a UK-listed salesware provider. This is a scale exit in a sector where SaaS multiples have stabilised but strategic acquirers are willing to pay for embedded customer data and retention infrastructure, particularly where there is cross-sell into AI-driven sales tools.
Motorway Online Ltd
Technology
£25.0m
Motorway is a software and e-commerce platform for vehicle sales. Trinity Capital, a US business development company, took an undisclosed stake at £25.0m. This is a non-traditional acquirer type (BDC rather than VC or PE) deploying capital into UK consumer-facing marketplaces, likely structured as debt or hybrid financing rather than pure equity.
essensys plc
Technology
£7.0m
Founder Mark Furness offered to take essensys private, acquiring the remaining 69.58% at a valuation that reflects listed small-cap software struggling to attract institutional interest. For advisers, this signals an opportunity in assisting founder-led take-privates where AIM valuations have detached from private market equivalents and management believes they can outperform public market expectations.
February's deal flow was driven by conviction plays in infrastructure and enterprise software, not broad-based optimism. For advisers running sell-side mandates in tech or B2B services, focus on strategic acquirers with deployment pressure and US capital looking for UK entry points at adjusted valuations.