In an era where digital transformation extends beyond software and hardware into decentralized finance, digital assets, and blockchain innovation, the art of the deal remains one of technology’s most powerful catalysts.
The same strategic thinking that underpins today’s crypto mergers, token acquisitions, and Web3 infrastructure investments was first honed in the crucible of technology M&A. Long before blockchain became a buzzword, a select group of advisors were redefining how value moves through the tech ecosystem, building the frameworks that would one day influence everything from Silicon Valley IPOs to crypto-fintech consolidation.
By applying sharp judgment, deep expertise, and a willingness to challenge convention, they didn’t just close transactions, they defined how tech M&A gets done. Their individual contributions, and the institutions they’ve helped build, continue to shape the industry and influence the very nature of one of the world’s most disruptive sectors.
1. George Boutros
George Boutros, renowned for his sharp intellect and unrelenting negotiation style, stands as one of the most influential figures in tech M&A. His long partnership with Frank Quattrone at Qatalyst Partners placed him at the center of some of the most pivotal transactions in Silicon Valley history.
Boutros challenged the conventional wisdom of M&A as a zero-sum contest. Instead, he forged a new playbook: prioritize the client’s interests above all, push boundaries, and never leave value on the table. The landmark sale of Motorola Mobility to Google in 2011 — struck at $40 per share, a 63% premium on a struggling asset — exemplifies his ability to reset expectations and generate transformative results.
Even more enduring is his influence on future leaders. Over several decades Boutros also helped Jason DiLullo and Storm Duncan develop into two of the top tech M&A bankers as well, embedding his hard-edged, client-first philosophy into the next generation of dealmakers. His legacy is not just in the billions of dollars transacted, but in the culture of strategic boldness he instilled across the industry.
2. Sam Britton
While many advisors benefit from the weight of their institution, Sam Britton has built a reputation that transcends even the Goldman Sachs name. Joining the firm in 1997 and rising steadily through its famously competitive ranks, Britton is now co-head of Goldman’s global Technology, Media and Telecom group, a position earned by decades of execution at the highest level.
Britton’s career is defined by his hand in transactions that reshaped the software landscape. He helped orchestrate Slack’s $27.7 billion sale to Salesforce and advised Tableau on its $15.7 billion acquisition by Salesforce. These are deals that not only made headlines but cemented Salesforce’s dominance in the cloud era.
What distinguishes Britton is his ability to thrive within Goldman’s culture while still standing out as an individual force. Clients trust him not just for technical expertise but for the rare balance he brings: institutional heft combined with personal judgment. His trajectory is a reminder that even in the most powerful franchises, singular advisors can leave their mark.
3. Jason DiLullo
Where others chased hype cycles, Jason DiLullo built his career on deep, enduring expertise in one of the most technical and strategically vital corners of the industry: semiconductors. Today, as President of Qatalyst Partners, he is recognized as the preeminent advisor in semiconductor M&A.
DiLullo has advised on more than 100 completed transactions totaling nearly $300 billion. What sets him apart, however, is not just the volume but the outcomes. The sale of Matterport to CoStar, delivering a 216% premium, is a recent example of his ability to extract extraordinary value while maintaining strong long-term client relationships.
In a field often dominated by abrasive personalities, DiLullo is known for combining sharp technical mastery with a collaborative, approachable style. It is this rare mix, rigor without arrogance, that has made him the trusted hand behind some of the most complex and transformative deals in technology’s core infrastructure.
4. Storm Duncan
Few advisors embody both longevity and reinvention like Storm Duncan. He led technology M&A as a decades-long partner of Boutros and Frank Quattrone, helping define the early days of their firm’s dominance and guiding deals that altered the trajectory of Silicon Valley itself. He was part of the teams behind Google’s acquisitions of DoubleClick and YouTube, both of which remain among the most consequential tech transactions ever completed.
Later, at Jefferies, Duncan transformed a struggling 30th-ranked technology practice into a top-ranked franchise in less than six years. Among his highlights was advising Careem on its $3.5 billion sale to Uber, recognized as “Deal of the Year” by the M&A Atlas Awards. He also played roles in transactions from Lycos’s $12.5 billion sale to Terra, Tinder’s sale to the Match Group, MySQL’s sale to Sun, and Sun’s subsequent sale to Oracle. Each of these deals underscores his ability to find creative structures around long-term industry trends.
Unlike peers who continue to focus exclusively on billion-dollar headline deals, Duncan has pivoted. He was one of the earliest leaders to embrace artificial intelligence, helping Google with its Waymo strategy and in evaluating its sale of Boston Dynamics to Softbank before humanoids were prevalent in the tech world.
Through his own advisory firm Ignatious, he now works with the next generation of AI and other growth-stage technology companies, lending world-class experience to founders poised to become the industry’s next disruptors.
5. Anthony Armstrong
Anthony Armstrong represents the modern evolution of the tech M&A playbook. After a distinguished run at Credit Suisse, where he served as co-head of Americas M&A and led activity in the Middle East & North Africa, Armstrong joined Morgan Stanley in 2015 to co-lead its global technology M&A group. He rose quickly to Vice Chairman of Investment Banking, a recognition of his stature as one of the sector’s top rainmakers, before departing Morgan Stanley to help lead DOGE.
Armstrong has been a driving force behind some of the largest recent transactions in enterprise technology. He co-led Morgan Stanley’s advisory role for Splunk in its $30 billion sale to Cisco, one of the defining software deals of the decade, and has been a key player in proposed mega-deals such as Nvidia’s $40 billion bid for Arm. His inclusion on Business Insider’s “Rainmakers” list, credited with $180 billion across four transactions in 2022–23, underscores both the scale and consistency of his impact.
What makes Armstrong stand out is not only the scale of his transactions but his ability to navigate both boardrooms and markets with precision. He represents a newer archetype of M&A advisor: less defined by sheer force of personality, more by global reach, analytical rigor, and a fluency across both Wall Street and Silicon Valley.
The Lasting Impact
While each of these advisors has a distinct style, together they demonstrate that technology M&A is not simply about league tables or fees. It is about foresight, creativity, and the ability to orchestrate transactions that reverberate across industries and generations.
From Boutros’s uncompromising advocacy, to Britton’s balance of institutional and personal power, to DiLullo’s command of semiconductors, Duncan’s reinvention into Artificial Intelligence and emerging growth technology, and Armstrong’s modern global reach, these five figures helped write the playbook for technology M&A.
The industry they shaped is still being written, but their chapters will endure as the foundation on which the next era of tech dealmaking is built.
