A recent pickup in deal activity, favorable macroeconomic factors, and mounting pressure for dealmakers to get off the sidelines all suggest that next year will be a busy one for M&A, experts told CFO Brew.

“The amount of activity we see and that we’re working on, we’re very optimistic that that momentum is going to continue on to ’26,” Elizabeth Kaske, EY-Parthenon global and Americas M&A leader, said.

Status report. This year started off slower than some expected, due to some dealmaking headwinds (think: tariffs). But market observers noted that activity has picked up in recent months. EY research into US deals valued at $100+ million found that between January and October, total deal value increased 45% YoY to nearly $2.1 trillion, and volume increased 10.4% to 1,409 deals.

Megadeals such as Union Pacific’s $85 billion acquisition of Norfolk Southern helped fuel the uptick. According to PwC, the number of large deals ($1 billion to $5 billion in value) and megadeals (over $5 billion) were on pace to finish 17% and 31%, respectively, ahead of 2024, based on deals recorded through early September.

The technology sector, and more specifically the rush to adopt AI technologies, also drove dealmaking. The tech sector racked up 446 deals valued at $658 billion through October, “making it the undisputed winner in volume and value,” according to the EY report. Activity came from tech companies buying other tech companies—like Google’s $32 billion acquisition of Wiz—but also non-tech companies making an acquisition. Tech M&A activity came from “the AI gold rush,” SaaS, and cybersecurity deals, according to Kaske.

“Our prediction is not only [that] tech and non-tech [companies] want to buy the technology, but also the advancement of technology is going to continue to drive further dealmaking around consolidations and simplification,” she said. “Certain industries that are going to be disrupted by certain tech indicators are then going to have to consolidate to stay relevant.”

Keep reading.—AZ

Accounting once ran on a whole lot of dead trees.

Jim Bourke, a partner at accounting firm Withum who’s been with the firm since 1987, remembers those days. Before the cloud, if you asked your accountant for a copy of an old tax return, for instance, “it could be a couple of weeks by the time you get it,” he told CFO Brew.

Staff would need to get it out of the physical file room at the office, photocopy it, and either mail it to you or have you pick it up, he said. (And cross your fingers that no one shelved your paperwork in the wrong file.)

The advent of cloud-based accounting software changed all that. The cloud “was a revolution,” according to Bourke, who, as managing director of his firm’s advisory services branch, has helped many firms build out their tech stacks.

SaaS made it possible for accountants to work remotely, to hire and find clients from pretty much anywhere with internet access, and to provide clients with faster and more convenient service. But getting firms on the cloud hasn’t all been smooth sailing.

Keep reading.—CV

As 2025 draws to a close, here’s a sample of positive news from stories we published in the past year.

Stat: 12%. That’s how much accounting undergraduate enrollments rose in both fall 2024 and spring 2025, in an encouraging sign for the profession. (CFO Brew)

Quote: “Accounting is one of the most noble professions we have, without qualification.”—acting PCAOB chair George Botic, speaking at the 2025 AICPA Conference on Current SEC and PCAOB Developments. (CFO Brew)

Read: In accounting, 2025 was the year the 150-hour rule said sayonara. (CFO Brew)