Deal volume is actually falling, and that's exactly why multiples are near the highest in this series
Everyone's watching Microsoft and Salesforce as they sweep up cloud-service partners across Asia Pacific. But while those ecosystems dominate headlines, Oracle's story has been unfolding in silence: a group of highly specialised, profitable, and deeply entrenched partners quietly anchoring some of the most mission-critical systems in the enterprise world. That quiet is exactly what makes this market worth watching, because when the noise fades elsewhere, buyers start looking for what Oracle partners already have: sticky revenue, long-standing clients, and deep vertical trust.
A smaller but deeper ecosystem
Oracle partners operate differently. They manage essential business functions such as ERP, HCM, finance, and supply chain for clients that cannot afford disruption. These firms are often founder-led, technically specialised, and built on long-term client relationships. They may not scale as fast as others, but they deliver something more valuable: resilience. As the Microsoft and Salesforce ecosystems mature and multiples compress, Oracle's defensibility and recurring revenue are becoming its biggest advantages.
Deal volume is actually shrinking, and that's the point
Global Oracle service provider M&A peaked at 42 transactions in 2021 and has fallen every year since, down to 18 in 2025 and just 3 in the first two months of 2026. Read that as declining interest and you'd be reading it wrong. With fewer independent Oracle firms of real scale left to buy, buyers are moving earlier, paying more, and prioritising strategic fit over sheer size. Scarcity, not indifference, is driving the numbers down.
What the multiples tell you
Recent private transactions in Oracle system integrators show an EV/Gross Revenue range of roughly 1.1x to 5.3x, averaging around 3.2x. That average ties Oracle with Data & AI Services for the richest multiple of any category in this series, ahead of ServiceNow, Google Cloud, and meaningfully ahead of the Salesforce and Microsoft ecosystems. It's a direct product of the scarcity above: when there are only a handful of scaled, credible Oracle specialists in a given market, the ones that exist command a real premium.
Where the activity actually is
Oracle has focused more on organic growth since acquiring Cerner in 2022, but consolidation continues around its ecosystem, driven by global consultancies and technology groups picking off Oracle partners for delivery depth and regional reach.
- Alithya acquired eVerge (2025, US) in a US$23.5 million deal that expanded Alithya's Oracle HCM and CX delivery, added AI analytics capability, and brought offshore capacity in India.
- Skyform acquired a controlling stake in PS Global Consulting (2025, Singapore), creating the largest Oracle NetSuite consulting and solutions provider in Southeast Asia in a single move.
- Fusion5 acquired Applejack (2025, Australia), one of the country's longest-operating NetSuite partners, adding certified ERP delivery capability and a Brisbane presence to Fusion5's growing Trans-Tasman platform.
- IBM acquired Applications Software Technology (2025, US), building on its 2024 purchase of Accelalpha to deepen its ability to deploy, manage, and extract value from Oracle Cloud for public sector and commercial clients.
These transactions are few, but they're deliberate. Every one of them targets recurring revenue, vertical expertise, or regional scale, not just headcount.
What this means if you're building an Oracle-focused business
Scarcity is currently working in your favour, more than in almost any other category we track. A 3.2x average multiple, tied for the richest in this series, reflects just how few credible, scaled Oracle specialists remain in most markets.
Resilience and stickiness are the actual asset, not just a nice narrative. Long client tenure, mission-critical workloads, and low churn are exactly what's compressing elsewhere in tech services but holding up here. If you can document that resilience with real retention and renewal data, it's a genuine valuation lever.
The market rewards patience and preparation, not speed. Oracle engagements are complex and clients are long-term by nature, so buyers move carefully and selectively. Founders who use that time to build defensible operations, clean financial reporting, and clear client-renewal evidence will be the ones noticed first when activity does pick up.
This is a good time to start getting ready, not wait for the market to get louder. The whitepaper's own data suggests consolidation will keep intensifying through 2026, led by PE-backed platforms and regional partners scaling end-to-end Oracle Cloud capability. Being ready before that accelerates further is worth more than being ready after.
If you want to talk through where your business fits in this landscape, or what a realistic valuation looks like given your client base and delivery model, we're happy to help. Our full breakdown of the Oracle partner M&A landscape, including buyer segmentation, deal multiples, and our READY framework for exit preparation, is available in the whitepaper below.
