The AI acquisition market is changing as acquirers look for technology that is beyond a prototype and AI-native targets become scarce. 

Global deal value is expected to reach $4 trillion in 2026, according to PwC’s 2026 Midyear Outlook: Global M&A Industry Trends, released June 23. 

In 2025, one-third of deals analyzed by PwC cited AI as part of their merger and acquisition strategy. In the first half of 2026, that has decreased to 17% of deals, according to the firm’s report. 

Rather than pursuing acquisitions, many companies that seek AI capabilities are looking at partnerships rather than full ownership, according to the report. 

Additionally, acquirers are focused on companies that are past the prototype and pilot stages and have deployed agentic capabilities with real outcomes and real customers, according to Telegraph Hill Advisors’ AI M&A Trends in 2026 report, released in May, a San Francisco-based investment bank that provides M&A, capital raising and advisory services to emerging and growth technology companies.  

Despite this shift, the following AI acquisitions were announced in June: 

Backbase acquires Kasisto

Financial services technology provider Backbase announced June 23 that it closed its acquisition of agentic AI for banking and financial services platform Kasisto. Terms of the deal were not disclosed. 

New York City-based Kasisto, founded in 2013, is a software company that develops conversational AI for the financial services industry, according to the company.  

Kasisto’s patents — specific to financial services — bring innovation, talent and value to Backbase, Tim Rutten, chief marketing officer at Backbase, told FinAi News.  

Along with technology, “we are acquiring 10 years of that deep domain expertise,” Rutten said. 

Kasisto is embedded into Backbase’s AI-native Banking OS platform, according to Backbase’s release. With Kasisto on board, Backbase is leaning on the platform to: 

• Deliver banking-grade agentic AI; 

• Offer AI-driven customer operations and resolution; and 

• Expand in the United States. 

“This acquisition sharpens our position as the strategic partner for banks serious about AI transformation,” Backbase Chief Executive Jouk Pleiter said in the release. 

Backbase and Kasisto share some mutual clients, including Westpac, Rutten said. 

K2 Integrity acquires RiskFront AI

Risk management company K2 Integrity announced its acquisition of agentic AI system provider RiskFront AI on June 9. Terms of the deal were not disclosed. 

“Integrating RiskFront AI into K2 enables us to combine cutting-edge AI technology with our deep regulatory, investigative and compliance expertise to help clients modernize their compliance and risk operations,” K2 Chief Executive Aaron Karczmer told FinAi News. 

Karczmer became CEO in October 2025. 

Among banks that use K2 is Iraq-based Rafidain Bank, according to the company. Rafidain Bank tapped K2 in August 2025 to enhance risk management and crime prevention efforts.  

“The acquisition significantly expands our ability to deliver AI-driven solutions and reinforces our commitment to combining leading technology and deep regulatory and investigative expertise,” Karczmer said. 

Figure Technology Solutions to acquire Kiavi

Funding platform Figure Technology Solutions is set to acquire AI-powered lending platform Kiavi, the companies announced June 10.  

Kiavi is an AI-powered platform that provides real estate investors with capital to buy, renovate or rent investment properties at scale, according to a Kiavi release. 

“Among the elements we’re really excited about is how they use machine learning to accurately map out post-renovation values, maximizing borrowing power,” Figure CEO Michael Tannenbaum told FinAi News. 

The Kiavi acquisition also allows Figure to expand its reach, Tannenbaum said. 

Figure originated $1.4 billion in volume last month, mostly in HELOCs, Tannenbaum said, adding that the Kiavi acquisition will add $7 billion annually in real estate investment volume while doubling Figure’s presence in the first-lien market, he said. 

The total transaction purchase price is $717 million, according to Kiavi’s release. The deal is expected to close in the second half of 2026. 

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