Today’s M&A deals include announcements on Istari Digital, Dgraph, ASUENE USA, Iconic Air, Ambita Acquires, Prosper AI, FalconX, 21Shares, among others.
Istari Digital Acquires Dgraph
Istari Digital, which builds vendor-neutral data sovereignty and AI-native infrastructure, acquired Dgraph, an open-source graph-database platform supporting GraphQL and complex relationship modelling. The purpose is to unify vendor-locked engineering data and decentralized graph storage so enterprises can manage data intelligence without sacrificing control or speed. Strategy: integrate Dgraph’s graph-intelligence layer into Istari’s data-fabric offering to accelerate AI, insights and cross-domain queries. Though deal size is undisclosed, the innovation centres on graph data for AI-driven enterprise use.
ASUENE USA Acquires Iconic Air
ASUENE USA, the U.S. arm of climate-tech platform ASUENE, acquired Iconic Air to strengthen its carbon-accounting and emissions-monitoring software stack. Purpose: to deliver real-time greenhouse-gas (GHG) and methane-leak analytics especially for oil & gas, combining Iconic Air’s Emissions Intelligence with ASUENE’s supply-chain carbon-transparency cloud. Strategy: expand into North America, leverage regulatory pressures (EPA, IRA) and serve high-emissions sectors. Innovation: integrated platform covering both CO₂ and methane, asset-tracking and real-time analytics. Deal size not disclosed.
Spir Group’s subsidiary Ambita Acquires remaining stake in Prosper AI
Spir Group, via Ambita, acquired the remaining 85 percent of Prosper AI’s real-estate-broker software arm (Prosper Eiendom) to gain full control over an AI-driven prospectus-automation tool for the real estate industry. Purpose: streamline property-listing creation for agents, reduce errors and save hours per listing. Strategy: integrate AI-based content generation into Spir’s real-estate data-software ecosystem. Innovation: using AI to automate sales-prospectus production and property data workflows. The acquisition implies an enterprise-value of NOK 50 million (~US$ 4.7 m), with earn-outs up to NOK 60 m / NOK 81 m
FalconX Acquires 21Shares
FalconX’s purchase of 21Shares brings a powerful combination of their institutional digital-asset trading infrastructure and 21Shares’ top-tier crypto ETP (exchange-traded product) platform. 21Shares managed over US$11 billion in assets across 55 listed crypto products as of September 2025. The purpose is to expedite the convergence of digital-asset markets with traditional listed markets, enabling regulated crypto investment vehicles for institutions and retail alike. Strategy: integrate 21Shares’ asset-management and distribution capabilities with FalconX’s trading, risk and custody stack. Technological innovation arises from combining ETP product design, multi-jurisdictional listing, and institutional crypto brokerage systems.
Thasniya VP
