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2025 was a year of big swings in HR technology M&A.
Private equity wrote checks measured in billions. Platform vendors went on acquisition sprees. And the learning technology market saw consolidation that will reshape how organizations think about skills development for years to come.
For instance, through Q3 2025 alone, Drake Star recorded 650+ HR Tech transactions globally with $22.3 billion in disclosed invested capital. Safe to say the market is not slowing down.
A few things stood out this year.
Private equity set the tone. Thoma Bravo’s $12.3 billion take-private of Dayforce was the headline, but it wasn’t alone.
