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April 16, 2025 36 mins

The nature of mergers and acquisitions in the government market is changing and our 2024 roundup of closed transactions further illustrates that evolution toward technology-enabled capabilities, which are largely driven by software.

Jean Stack and John Song, co-managing directors of the defense and government practice at the investment bank Baird & Co., join for this episode to discuss what drove transactions over the past year and what they expect in the year ahead.

A new administration in the White House means there is plenty of change and uncertainty in the market.

But as Stack and Song told Editor Nick Wakeman, these fundamentals of M&A activity will not change:

  • Artificial intelligence, cloud and software-defined solutions are in hot demand
  • Private equity buyers will continue to drive volume
  • Strategic buyers, including the public companies, will remain picky

Also listen out for their predictions on how the coming year will shake out.

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