2026 Australian Surveying & Spatial Services M&A Overview

Published June 2026  |  Morgan Business Sales  |  Mid-Market M&A Advisory

Executive Summary

The Australian Surveying and Spatial Services sector enters 2026 at the intersection of two powerful forces: sustained structural demand from the largest infrastructure pipeline in Australian history, and intensifying international buyer interest in the country's geospatial capability. Total sector revenue under ANZSIC 6922 (Surveying and Mapping Services) stands at approximately AUD $3.9 billion for FY2026, generated across 3,611 businesses employing around 16,500 people. While revenue contracted modestly between FY2021 and FY2026 as the residential construction cycle softened and workforce constraints bit, the sector is now positioned at the leading edge of a recovery driven by infrastructure acceleration, housing policy reform, and the rapid commercialisation of spatial data.

The M&A record from 2022 to 2026 tells a striking story: of the twelve confirmed acquisitions of Australian surveying and geospatial businesses in this period, eleven involved foreign buyers. Thoma Bravo acquired Nearmap for AUD $1.055 billion in December 2022 — the largest PE acquisition of an Australian geospatial firm ever. Tetra Tech acquired the Australian operations of RPS Group and SAGE Group. Stantec absorbed Cardno's Asia-Pacific divisions. WSP acquired Calibre for $275 million. CLS — a subsidiary of the French Space Agency — acquired NGIS. ZenaTech acquired a Brisbane land surveying and spatial services firm as part of its global Drone as a Service roll-up. Phenna Group, backed by Graphite Capital, acquired ISGroup in Perth. The pattern is consistent and accelerating: international buyers view Australian surveying and geospatial businesses as strategically scarce assets — well-priced relative to comparable US or UK businesses, holding government relationships that cannot be replicated quickly, and positioned on the right side of every major demand driver in the next decade.

The demand outlook is exceptional. A $242 billion public infrastructure pipeline — the highest on record — requires cadastral, construction, and utility surveying on every project. The 1.2 million home National Housing Accord is tracking over 260,000 homes below its target, sustaining subdivision and strata title surveying demand through the decade. State and federal governments have committed over $180 million to digital twin programs in WA, Victoria, NSW, and Queensland — funding the conversion of traditional field survey data into subscription-based spatial platforms. And a structural shortage of approximately 2,000 registered surveyors nationally means that acquiring a licensed, operational survey team is materially faster and more reliable than building one through organic recruitment alone.

For owners of mid-market surveying and spatial services businesses — whether in land/cadastral practice, construction and infrastructure, hydrographic and offshore, geospatial consulting, or drone-enabled survey — the current environment combines buyer depth, structural demand tailwinds, and scarcity-driven pricing into one of the most favourable exit windows the sector has presented.

Industry Overview: Scale, Structure & Classification

The Australian surveying sector is classified under a single ANZSIC 2006 four-digit code — M6922 (Surveying and Mapping Services) — within Division M (Professional, Scientific and Technical Services), Group 692. This single classification encompasses the full breadth of surveying activity, from traditional cadastral and boundary surveys through to photogrammetry, hydrographic charting, and aerial mapping.

Adjacent and increasingly interrelated classifications include M7000 (Architectural, Engineering and Technical Services) and the broader geospatial analytics and spatial data platform layer, which overlaps with Computer System Design Services (M5921) as traditional survey firms build subscription data and SaaS revenue streams. The commercial distinction between a surveying firm and a geospatial data business is increasingly blurred — and for M&A purposes, this convergence is material: acquirers are paying technology-sector multiples for businesses that generate any meaningful proportion of revenue from spatial data licensing, platform subscriptions, or digital twin maintenance.

The sector is exceptionally fragmented. Of the 3,611 businesses operating under M6922, an estimated 85–90% are micro-enterprises with fewer than five employees — the sector averages just 4.6 employees per business, making it one of the most atomised professional services markets in Australia. Most firms are structured around one or two licensed surveyors operating either as sole practitioners or in small partnerships, generating project-based revenue from residential subdivisions, development applications, infrastructure projects, and government contract work. The top firms — Fugro (market leader), Veris Limited (ASX: VRS, AUD $97M revenue), Woolpert Asia-Pacific (~AUD $185M estimated), and the Australian arms of global groups including WSP, GHD, Stantec, and Tetra Tech — account for a disproportionate share of total sector revenue, but the long tail of small independent firms represents the most active segment of the M&A market for domestic and PE buyers.

The broader geospatial industry — which extends beyond ANZSIC 6922 to include GIS software, spatial analytics, remote sensing, and digital twin services — contributes significantly more to the Australian economy when measured on a total value basis. The Geospatial Council of Australia and ACIL Allen project the geospatial sector's GDP contribution at a 5–9% CAGR through 2033–34, driven by the monetisation of spatial data across infrastructure, agriculture, resources, and urban planning. The ANZ geospatial analytics sub-market specifically is growing at 9.1% CAGR to 2030. For surveying business owners, this growth trajectory in adjacent spatial markets is directly relevant: it is why international buyers are paying technology-sector multiples for Australian businesses that were previously valued as traditional project-based service firms.

Key Operators

Recent M&A Transactions: 2022–2026

The following transactions involve Australian surveying, geospatial, and spatial services businesses from 2022 through to mid-2026. Each is a genuine acquisition or merger. Where transactions involve larger groups with Australian surveying capability embedded (e.g., Cardno, RPS Group), the Australian surveying component is noted. The pattern across all twelve transactions is the same: foreign buyers, moving decisively, for Australian geospatial and surveying capability.

Valuation Benchmarks: What Are Surveying & Spatial Services Businesses Worth?

Surveying businesses are valued differently depending on their subsegment, revenue model (project vs. recurring), technology capability, client mix, and the buyer cohort they attract. The following benchmarks draw on disclosed transaction data, global AEC sector research, and current Australian M&A market intelligence. The single most consistent pattern across all subsegments is the premium attached to recurring revenue over project-based income — a business with contractual, non-discretionary survey revenue consistently achieves 30–100% higher multiples than a comparable business generating the same EBITDA from one-off project work.

A note on the AEC sector benchmark: Capstone Partners' June 2025 AEC Services M&A Coverage Report — drawing on Capital IQ data across all AEC transactions — confirms a full-year 2025 average of 13.2x EV/EBITDA for the sector, up from a 2021–YTD 2025 average of 10.0x. This reflects both the increase in PE activity (PE buyers pay an average 2.9x premium over strategic buyers in professional services) and the quality-flight dynamics of the current mid-market, where well-credentialled, government-oriented AEC firms are attracting a buyer premium not seen in prior cycles.

Demand Drivers: What Is Fuelling Surveying & Spatial Services M&A in 2026?

1. A $242 Billion Infrastructure Pipeline — Every Project Starts with a Survey

Infrastructure Australia's 2025 Infrastructure Market Capacity Report places the Major Public Infrastructure Pipeline at $242 billion — its highest level on record — within total construction demand of $1.14 trillion for 2024–25 to 2028–29. Every project in this pipeline requires surveying services: road and rail alignment surveys before civil works commence, cadastral surveys to establish easements and acquisition corridors, construction surveying to guide earthworks and structure placement, and as-built surveys for handover and asset management. Transport infrastructure accounts for $129 billion of the pipeline, with utilities (energy, transmission, water) doubling to $36 billion and buildings (health, education, social housing) contributing $77 billion.

State commitments are similarly unprecedented. Western Australia's 2026–27 budget announced the largest capital works program in the state's history at $44.3 billion over four years, including $6.4 billion in water infrastructure and $5.5 billion in health facilities. New South Wales has committed $118.3 billion over four years to 2028–29. Queensland's Cross River Rail alone — now revised to $19 billion — requires detailed geotechnical, cadastral, and construction survey services across a multi-year delivery timeline. For surveying businesses positioned to service this demand — particularly those with government panel pre-qualification, cadastral licensing, and construction survey capability — the pipeline creates multi-year, forward-contracted revenue visibility that is directly valued in any M&A process.

2. The Housing Shortfall — 260,000+ Lots Requiring Cadastral Survey

Australia's National Housing Accord targets 1.2 million new homes by mid-2029 but is tracking over 260,000 dwellings below that target, driven by construction cost inflation, workforce shortages, and planning constraints. Every new residential lot in Australia requires a registered cadastral survey before title can be issued — making the housing backlog a direct, translatable demand figure for cadastral surveying services. FY2025 completions of 174,271 dwellings are running approximately 40% below the 240,000 per annum rate required to meet the accord target, and cumulative housing undersupply from 2022 to 2025 is estimated at over 179,000 dwellings.

The state government density policy response — mandatory transit-oriented development precinct upzoning, activity centre intensification, and strata title reforms — is adding additional cadastral and strata survey demand on top of the greenfield subdivision pipeline. Victoria's ePlan digital cadastral lodgement system, NCC 2025 compliance mapping requirements, and NSW's TOD upzoning program are all creating structural, policy-mandated survey demand through the latter half of the decade. For cadastral surveyors, this environment represents a multi-year demand pipeline that is structurally underpinned by government housing policy rather than cyclical development market confidence.

3. The Surveyor Shortage — Scarcity Value and the Acqui-Hire Imperative

Australia faces a structural shortage of approximately 2,000 registered surveyors nationally, confirmed by Surveying Australia's current workforce data and supported by the Construction Skills Network's 2022–2032 workforce study. The shortage is structural rather than cyclical: becoming a registered surveyor in Australia requires a four-year accredited university degree followed by a minimum two-year supervised experience period and registration examination — a six-to-eight year minimum pathway that cannot be accelerated regardless of labour market conditions. At the same time, the surveying profession has an ageing workforce, with a significant cohort of senior registered surveyors approaching retirement age and a graduate supply that is insufficient to replace them at the rate required.

For acquirers, this creates a powerful acqui-hire rationale: buying a mid-market surveying firm does not just acquire its earnings — it acquires its licensed surveyor workforce, which in the current market is genuinely scarce and cannot be replicated through recruitment. ZenaTech explicitly identifies a "licensed Surveyor-in-Charge" as a highly valuable designation that drives acquisition rationale. For vendors, this scarcity premium should be actively quantified and communicated in any sale process: the workforce has strategic value to acquirers that is separate from, and additional to, the EBITDA multiple.

4. Digital Twin Programs — Converting Survey Work into Recurring Revenue

State and federal governments have committed over $180 million to digital twin programs that are systematically converting one-off survey and spatial data capture work into subscription-based spatial platform revenue. Western Australia's Spatial WA program ($140 million committed) is building a whole-of-state digital twin infrastructure. Victoria's Digital Twin Victoria program ($37.4 million) is creating a continuously updated 3D model of the built and natural environment. New South Wales's Spatial Digital Twin received a further $6.1 million boost in the 2024 budget. Australia's digital twin market is forecast to grow at 23.6% CAGR to USD $5.77 billion by 2034.

For surveying businesses, digital twin programs represent the most significant structural revenue model transformation available: instead of conducting a survey, issuing a report, and moving to the next project, digital twin participants maintain continuously updated spatial models on subscription contracts — converting lumpy project revenue into predictable, recurring income. The multiple impact of this transition is material: a surveying business with 20–30% recurring digital twin or spatial data subscription revenue would be expected to command a 2.0x–4.0x EBITDA premium over an identical business operating on a purely project-based model.

5. Defence, AUKUS, and the HydroScheme Program

Australia's AUKUS commitments and the associated expansion of defence infrastructure are creating significant demand for specialist hydrographic and geospatial surveying services. The HydroScheme Industry Partnership Program (HIPP) — managed by the Australian Hydrographic Office — outsources national hydrographic charting to a commercial panel of accredited providers including Fugro Australia, with contract values in the $150 million range over the program term. AUKUS submarine basing requirements at Henderson WA, Stirling WA, and Osborne SA require extensive hydrographic, geotechnical, and site survey capability. A $16.5 million Esri/Defence enterprise GIS platform deal covering 65,000 Defence personnel confirms the scale of Defence geospatial investment.

For Australian hydrographic and defence-adjacent surveying businesses, this pipeline represents a category of government revenue that is structurally more durable and more valuable than commercial project work — government defence contracts are funded from committed capital, are not subject to commercial property market cycles, and carry inflation-linked pricing provisions. Businesses with IHO Category A hydrographic certification, CASG vendor approval, or Baseline Security clearances for their workforce are in a genuinely restricted buyer pool for this work, which translates directly into a valuation premium.

6. International Buyer Appetite — Data Sovereignty and Strategic Acquisition

The cumulative pattern of foreign acquisition of Australian geospatial and surveying businesses — eleven confirmed foreign acquisitions since 2021, against one domestic — has attracted national commentary on data sovereignty from the Australian geospatial industry. Spatial Source flagged the CLS/NGIS acquisition in January 2026 as the most recent and prominent example of sensitive Australian government geospatial data and capability passing to foreign ownership. The same publication has noted that Australian geospatial capability — built on decades of government-funded mapping, cadastral data infrastructure, and spatial research — is being acquired by international buyers at a pace that raises questions about long-term national interest.

For vendors, this international buyer appetite translates into a competitive sale environment and a buyer cohort — North American, European, and Asian geospatial groups, global engineering consultancies, PE-backed TICC platforms — that in many cases values Australian surveying businesses more highly than domestic buyers, because they are paying for market access and geospatial data rights that are uniquely difficult to replicate. International buyers paid an average 7.6% premium above domestic buyer pricing across all Australian M&A transactions in 2024. In a sector as strategically concentrated as surveying, that premium can be meaningfully higher when the right acquirer is motivated by platform access rather than financial return alone.

Buyer Profiles: Who Is Acquiring Australian Surveying Businesses?

Global Engineering & Geospatial Groups

The dominant buyer cohort in Australian surveying M&A is global engineering and geospatial consulting groups. WSP Global, Stantec, Tetra Tech, Woolpert, Bureau Veritas, and CLS/CNES have collectively spent well over AUD $2 billion acquiring Australian businesses with surveying, spatial, or geospatial capability since 2021. Their shared acquisition logic: Australian surveying businesses hold government cadastral and infrastructure survey relationships, geospatial data archives, and specialist workforce credentials that take decades to build and cannot be replicated through organic growth. Acquiring an established firm provides immediate access to these assets — at a price that, in AUD terms, remains competitive relative to comparable US or European assets when adjusted for the AUD/USD exchange rate.

WSP, Tetra Tech, and Stantec in particular are running systematic, continuous acquisition programs globally and have demonstrated willingness to pay 9x–13x EBITDA for quality Australian professional services businesses. For vendors, these global groups represent the highest-multiple buyer cohort — and the one most likely to be missed by a domestic-only advisory process.

Technology-Driven Acquirers

A new and rapidly growing buyer cohort is technology companies — particularly drone technology, AI, and geospatial platform businesses — that are specifically targeting traditional surveying firms as platforms for technology-enabled transformation. ZenaTech's DaaS roll-up strategy (22 acquisitions globally, now including Australia) is the clearest current example, but it reflects a broader global trend of technology acquirers using traditional surveying businesses as distribution channels for drone, LiDAR, and AI-driven spatial data capability. Hexagon AB, Trimble, and Esri — the world's three largest geospatial technology companies — are all monitoring Australian surveying businesses as potential acquisition targets, seeking to vertically integrate from hardware/software platforms into field service delivery.

For vendors of surveying businesses with any drone, LiDAR, or digital twin capability, this technology buyer cohort can pay materially higher multiples than traditional AEC acquirers, because they are valuing the business as a technology platform entry point rather than a professional services earnings stream.

Private Equity — Domestic and Offshore

Private equity entry into Australian surveying is nascent but accelerating. Phenna Group (Graphite Capital) acquired ISGroup in August 2025 — explicitly framed as a first geospatial sector investment with roll-up intent. Thoma Bravo acquired Nearmap at $1.055 billion in December 2022. In the US, PE now accounts for 47% of all AEC sector acquisitions — up from 16% in 2016 — and global PE dry powder available for professional services investment exceeds USD $500 billion. Domestically, no PE-backed Australian surveying roll-up platform has yet emerged, but the structural conditions are identical to those that triggered PE consolidation in the UK surveying sector: fragmented market, licensing barriers, recurring government revenue, scarce skilled workforce, and owners approaching retirement age.

For vendors — particularly those with $1M–$5M EBITDA and government-oriented recurring revenue — the question is not whether Australian surveying will attract PE consolidation, but when. Owners who position their businesses as PE platform targets (multiple licensed surveyors, management team, documented processes, recurring revenue) will be the first to benefit when that capital arrives.

ASX-Listed Consolidators

Veris Limited (ASX: VRS) is the primary ASX-listed vehicle for domestic surveying sector consolidation, with its August 2025 broker initiation note confirming capacity for "margin-accretive bolt-on acquisitions" within existing covenant limits. Aerometrex (ASX: AMX) is pursuing a Data as a Service model that may create bolt-on acquisition rationale for spatial data businesses. More broadly, ASX-listed engineering groups (WSP Australia, SRG Global, NRW Holdings, Downer) all carry surveying capability alongside their core engineering operations and would consider surveying bolt-ons where the fit is strong. For vendors of surveying businesses in the $1M–$5M EBITDA range, domestic listed buyers provide clean deal structures and ASX-backed execution certainty — though international buyers typically pay higher multiples for the same quality asset.

Key Valuation Factors for Surveying & Spatial Services Businesses

Licensed Surveyor Workforce: Your Most Valuable and Undervalued Asset

The single most undervalued asset in most surveying business sale processes is the licensed surveyor workforce. Because surveying registration requires a 6–8 year pathway (degree, supervised experience, registration examination) and national shortages sit at approximately 2,000 registered surveyors, a practice with three or more licensed registered surveyors holds a genuinely scarce asset that acquirers cannot build through recruitment alone. Businesses with a single principal surveyor attract significant key-person risk discounts; those with a developed team of licensed professionals across multiple registration categories (cadastral, engineering, hydrographic) remove that discount entirely and add a meaningful workforce premium.

Recurring Revenue vs. Project Revenue

The impact of recurring versus project revenue on surveying business valuations is proportionally larger than in most other professional services sectors, because project-based surveying revenue is inherently lumpy, short-cycle, and dependent on external development activity. A business generating 30–40% of its revenue from long-term framework agreements, master service agreements with utilities or government agencies, geospatial data subscriptions, or digital twin maintenance contracts will consistently achieve a 1.5x–3.0x EBITDA premium over an identical-sized business operating on a purely project-by-project basis. Building even a modest recurring revenue base before a sale — through panel agreements, multi-year government contracts, or spatial data licensing — is one of the highest-return pre-sale preparation activities available to surveying business owners.

Technology Capability: The Premium Is Real and Quantifiable

Surveying businesses that have integrated drone/UAV operations, LiDAR scanning, digital twin delivery, or GIS platform capability into their service offering command a documented 1.0x–3.0x EBITDA premium above comparable non-technology-integrated peers. This premium reflects not just the revenue contribution of technology services — though that matters — but the strategic value to acquirers of a workforce that can operate technology-enabled workflows. ZenaTech's entire acquisition strategy is built on this premise: acquire licensed surveying businesses at traditional surveying multiples, integrate drone and AI capability, and convert the revenue model to subscription DaaS. Vendors who have already made this transition — even partially — will attract the technology buyer cohort alongside the traditional AEC buyer cohort, creating genuine competitive tension that drives valuation outcomes higher.

Government and Utility Contract Base

Government and utility counterparties are the most valuable client type in surveying M&A for two reasons: they do not go insolvent, and their procurement frameworks (panels, standing offers, master service agreements) create durable, renewable revenue relationships. A surveying business with 60%+ government or utility revenue consistently achieves a higher multiple than a comparable business with predominantly private developer or commercial client revenue — a differential that has widened as private residential construction insolvencies have increased and government infrastructure spending has accelerated. State government panel pre-qualification certificates, federal agency approved supplier status, and utility master service agreements are tangible M&A assets that should be actively maintained and documented in the lead-up to any sale.

Specialist Accreditations Create Genuine Regulatory Moats

Cadastral licensing (state-level; BOSSI in NSW, Surveyors Board in QLD etc.) restricts who can perform boundary surveys legally, underpinning pricing power and creating a competitive barrier that new entrants cannot cross without a registered cadastral surveyor on staff. IHO Category A hydrographic certification — the international standard for hydrographic surveys used for navigation charting — restricts the eligible pool for port authority, HIPP panel, and defence hydrographic contracts to a small number of accredited Australian firms. Security clearances (Baseline, NV1, NV2) for a surveying firm's workforce open defence and intelligence sector contract eligibility. Each of these accreditations is a documented, transferable asset that adds to sale value and, critically, reduces the field of competing buyers — because only buyers who value those specific credentials will pay a premium for them.

Frequently Asked Questions

Is now a good time to sell a surveying or spatial services business in Australia?

Yes — the current environment is one of the most favourable M&A windows for Australian surveying and spatial services businesses in recent memory. Eleven foreign acquisitions of Australian geospatial and surveying businesses have been completed since 2021. A $242 billion infrastructure pipeline, the 1.2 million home National Housing Accord, government digital twin programs, AUKUS defence infrastructure, and a structural surveyor shortage of ~2,000 nationally are all creating and sustaining demand. The global AEC sector M&A median reached 13.2x EBITDA in 2025 — the highest on record. For owners with government-oriented revenue, licensed surveyor depth, and any technology capability, the combination of buyer depth and scarcity pricing creates a favourable exit window.

What EBITDA multiples do surveying businesses achieve?

Multiples range from 2.5x (small, owner-dependent, project-only cadastral practices) to 15x+ (geospatial SaaS or digital twin platforms with recurring subscription revenue). Mid-market land and cadastral surveying: 4.0x–7.0x. Construction and infrastructure surveying: 6.0x–9.5x. Hydrographic and offshore: 7.0x–11.0x. GIS and geospatial analytics: 8.0x–14.0x. Digital twin and LiDAR platforms: 9.0x–15.0x. Integrated engineering and surveying firms: 7.0x–13.2x, with the AEC sector averaging 13.2x in 2025. The most directly cited benchmark is Stantec/Cardno at 9.4x EV/EBITDA — the only disclosed multiple for a large Australian professional services firm with embedded surveying capability in the current cycle.

Who is buying Australian surveying businesses?

Four cohorts: global engineering and geospatial groups (Thoma Bravo, Woolpert, Stantec, Tetra Tech, WSP, CLS/CNES, Bureau Veritas); technology-driven acquirers (ZenaTech, Hexagon, Trimble, Esri — targeting drone, LiDAR, and digital twin capability); private equity (Phenna Group/ISGroup as the first confirmed PE entry; domestic PE roll-up formation expected imminently); and domestic ASX consolidators (Veris as primary vehicle). Of the twelve confirmed transactions since 2021, eleven involved foreign buyers — confirming that international buyers represent the deepest and most motivated demand pool.

What drives valuations higher for a surveying business?

Six consistent premium drivers: (1) recurring revenue — framework agreements, data subscriptions, digital twin maintenance — adding 1.5x–6.0x EBITDA over project-only businesses; (2) government and utility counterparties — reducing risk and opening multi-year contract access; (3) licensed surveyor workforce depth — three or more registered surveyors removes key-person discount and adds workforce scarcity premium; (4) technology integration — LiDAR, UAV/drone, digital twin capability adding 1.0x–3.0x; (5) specialist accreditations — cadastral licensing, IHO Category A, security clearances creating regulatory moats; and (6) geographic diversification — multi-state operations signalling scalability and management infrastructure.

What is driving M&A activity in Australian surveying in 2026?

Five reinforcing drivers: a $242 billion infrastructure pipeline where every project starts with a survey; a 260,000+ home housing shortfall requiring cadastral surveys for every new lot; a $180M+ government digital twin investment program converting spatial data to subscription revenue; AUKUS defence infrastructure and the HIPP hydrographic program funding specialist survey demand; and a structural shortage of ~2,000 registered surveyors making workforce acquisition the fastest path to capacity for larger buyers. These are structural, policy-driven demand forces — not cyclical tailwinds.

How do I find out what my surveying business is worth?

The most accurate way is a confidential valuation from a specialist business broker with direct experience in professional services and technical consulting transactions. Surveying businesses are frequently undervalued by generic tools because they do not account for the licensed workforce scarcity premium, the strategic value of government contract bases, or the technology capability uplift. Morgan Business Sales advises on surveying, geospatial, and professional services business sales nationally. Contact us for a confidential conversation.

Sources & References

• Australian Bureau of Statistics — ANZSIC 2006 Class M6922: Surveying and Mapping Services (Classification Reference)
• IBISWorld — Surveying and Mapping Services (M6922): AUD $3.9 Billion Revenue, 3,611 Businesses, 16,527 Employees (FY2026)
• Capstone Partners — AEC Services Sector M&A Update (March 2026): 13.2x EV/EBITDA Sector Average in 2025; 10.0x Average 2021–YTD 2025
• Capstone Partners — AEC Services M&A Coverage Report (June 2025): 1.5x EV/Revenue; PE vs. Strategic Premium Analysis
• Phenna Group — ISGroup Acquisition Announcement: First Geospatial Intelligence Investment; 15th Acquisition of 2025 (August 2025)
• NGIS — CLS/CNES Acquisition Announcement: Perth Geospatial Consultancy Joins French Space Agency Subsidiary (January 2026)
• Spatial Source — NGIS/CLS Acquisition: Data Sovereignty Concerns Flagged by Australian Geospatial Industry (January 2026)
• ZenaTech — Australian DaaS Acquisition Announcement: Brisbane Land Surveying Firm Acquired as 22nd Global DaaS Acquisition (May 2026)
• Infrastructure Australia — 2025 Infrastructure Market Capacity Report: $242 Billion Major Public Infrastructure Pipeline; $1.14 Trillion Total Construction Demand (November 2025)
• IMARC Group — Australia Digital Twin Market: 23.6% CAGR to USD $5.77 Billion by 2034 (2025)
• Treasury — National Housing Accord: 1.2 Million Homes Target; ~938,000 Forecast Completions; ~262,000 Shortfall (2024–2026)
• Tetra Tech — SAGE Group Acquisition: ~AUD $150 Million; Digital Automation and Systems Integration Capability (May 2025)
• Innovera Partners — Australian M&A Outlook 2025: $94.1 Billion Total Transaction Value (+7.4% YoY); International Premium +7.6% (2025)
• Mordor Intelligence — ANZ Geospatial Analytics Market: 9.1% CAGR to 2030 (2025)

Disclaimer: This report has been prepared by Morgan Business Sales for general informational purposes only. It does not constitute financial, legal, or investment advice. Transaction values, EBITDA multiples, and market data are sourced from publicly available information and industry research and should not be relied upon as a guarantee of future performance or value. Business owners considering a sale should seek independent professional advice. All dollar values are in Australian dollars (AUD) unless otherwise stated.