Three $3B B2B Acquisitions in 30 Days Were All Data Buys for AI

SaaStr·medium signal

SaaStr's analysis connects Intercom/Fin, Cognite, and MaintainX — three roughly $3B acquisitions inside a month across unrelated verticals — and argues the common asset was proprietary data to train on, not the products. This reframes 2026 M&A pricing: acquirers are paying software multiples for what is functionally a training corpus. The pattern predicts which categories get bid up next: anything with a deep, exclusive, structured operational dataset.