Pet Tech M&A: what is happening now?

What are all the recent M&A deals in the Pet Tech market?

When we look at all the M&A deals in the Pet Tech market over the last 24 months, we find 11 public deals.

The activity is concentrated in four areas: pet care marketplaces, connected pet health devices, veterinary software, and tech-enabled pet healthcare.

Date	Target	Acquirer	Deal value	Strategic rationale	Status and additional comment
Apr 2026	Modern Animal	Chewy	Undisclosed officially	Chewy acquired a tech-enabled veterinary platform with 29 clinics, 24/7 virtual care, 100,000+ member families, and more than $125M in annualized run-rate revenue.	Announced and reported completed by June 2026. This is the clearest signal that Pet Tech M&A is moving toward integrated pet healthcare, not just apps or online retail.
Mar 2026	Tractive	Bending Spoons	Undisclosed officially	Bending Spoons acquired a global pet GPS and health-monitoring platform with connected devices, subscriptions, apps, and pet health data.	Closed in May 2026. This is probably the most important pure Pet Tech exit in the period because Tractive sits exactly at the device, app, subscription, and health-data intersection.
Jan 2026	Meowtel	Rover	Undisclosed	Rover acquired a cat-sitting marketplace to deepen its cat-care offer in the US.	Announced as acquired. Meowtel was described as the No. 1 cat-sitting marketplace in the US and continues the cat-care angle Rover had already opened with Cat In A Flat.
Jan 2026	ScribbleVet	Instinct Science	Undisclosed	Instinct acquired an AI veterinary scribing platform to add clinical documentation and AI workflow into its veterinary software stack.	Announced as acquired. This is a clean veterinary AI software deal, and it shows that Pet Tech M&A is also happening inside clinics, not only in consumer-facing apps.
Oct 2025	SmartEquine / SmartPak Equine	Chewy	Undisclosed	Chewy acquired an equine health platform known for subscription-based supplement programs, personalized nutrition plans, and therapeutic products.	Announced, with completion reported later in 2025. This is slightly adjacent to core Pet Tech because part of the business is commerce, but the subscription-health logic makes it relevant.
Jul 2025	Whistle	Tractive	Undisclosed	Tractive acquired Whistle from Mars Petcare to expand in the US and absorb customer and technology assets from another connected pet wearable brand.	Announced as acquired. The post-deal migration, with Whistle devices being replaced by Tractive devices, shows this was more about consolidating users and subscriptions than preserving two parallel brands.
Jul 2025	Mad Paws	Rover	A$58.1M announced	Rover acquired Australia’s leading online pet care marketplace, adding more than 300,000 pet parents and 70,000 pet care providers.	Closed and implemented in November 2025. This is the only deal in the 24-month window with a clean public deal value, at A$0.14 per share and a large premium to the pre-deal share price.
Jun 2025	Tractive UK pet insurance business	Yes Insurance	Undisclosed	Yes Insurance acquired Tractive’s UK pet insurance business while Tractive refocused on GPS tracking and health monitoring.	Closed with regulatory approval. This is a borderline Pet Tech deal, but it matters because it shows Tractive selling a non-core insurance activity shortly before becoming an acquisition target itself.
Apr 2025	Gudog	Rover	Undisclosed	Rover acquired a European dog-sitting and dog-walking platform with around 20,000 sitters and walkers across multiple European markets.	Announced as acquired. The deal helped Rover accelerate expansion in Denmark and Ireland and extend its European marketplace footprint.
Oct 2024	Cat In A Flat	Rover	Undisclosed	Rover acquired a cat-sitting marketplace with 50,000+ care providers, 2 million visits, and activity across 9 countries.	Announced as acquired. This was not just a small cat-care feature; it gave Rover a ready-made specialist network in an underserved part of pet care.
Oct 2024	SpeakToAVet.com	Dial A Vet	Undisclosed	Dial A Vet acquired a tele-vet domain and digital asset to strengthen online pet telehealth access.	Announced as integrated into Dial A Vet. It is a smaller asset deal, but it fits the digital pet health definition because the service is built around remote veterinary advice.

Is Pet Tech M&A active now, or still half asleep?

Pet Tech M&A is active now, and the acceleration is visible when we compare the last 12 months with the 12 months before. We count 7 deals in the last 12 months, versus 4 in the previous 12 months, which means deal count rose by 75%.

That increase is more convincing because it is not driven by one subcategory. The recent period includes Rover buying Mad Paws and Meowtel, Tractive buying Whistle, Bending Spoons buying Tractive, Chewy buying Modern Animal and SmartEquine, and Instinct buying ScribbleVet. So yes, the activity touches marketplaces, wearables, vet software, virtual care, clinics, and pet health subscriptions.

The strongest interpretation is that Pet Tech M&A has moved from occasional add-on deals to a more deliberate consolidation phase. It is still selective, but it is not quiet anymore.

Did Pet Tech M&A really accelerate recently?

Yes, Pet Tech M&A really accelerated recently. The easiest way to see it is to split the last 24 months into two equal periods: 4 deals in the first 12 months, then 7 deals in the latest 12 months.

The shorter-term picture is even more revealing. Four of the 11 deals happened in the first half of 2026 alone: Instinct bought ScribbleVet, Rover bought Meowtel, Bending Spoons closed Tractive, and Chewy moved on Modern Animal. That means around 36% of the full 24-month deal count happened in just six months.

Buyer activity has recently become denser. A market where more than one-third of the 24-month M&A sample happens in the most recent six months is showing fresh momentum. No need to overcomplicate that.

Are the latest Pet Tech deals more strategic than the older ones?

The latest Pet Tech deals are more strategic than the older ones. The previous 12-month period was mostly about smaller platforms, domains, or narrower assets: Cat In A Flat, SpeakToAVet.com, Gudog, and Tractive’s UK insurance carve-out.

The latest 12 months look different. Chewy acquired Modern Animal and instantly expanded Chewy Vet Care from 18 to 47 locations. Tractive acquired Whistle, then Tractive itself was acquired by Bending Spoons. Rover bought Mad Paws, adding more than 300,000 pet parents and 70,000 pet care providers in Australia. Instinct acquired ScribbleVet to embed AI scribing inside veterinary practice software.

The shift is clear. Earlier deals were often about adding a useful asset. Recent deals are more often about changing the shape of the acquirer’s platform.

If you want more recent data on this point, please see our latest Pet Tech market report.

Are Pet Tech buyers paying up now?

Pet Tech buyers are paying up when the asset gives them immediate market position, but the market still hides most prices. Out of the 11 public M&A deals in the Pet Tech market over the last 24 months, only one has a clean public deal value: Rover’s A$58.1M acquisition of Mad Paws.

That one disclosed transaction is still useful. Rover offered A$0.14 per share, which represented an 87% premium to Mad Paws’ last closing price before the deal, a 125% premium to the 30-day VWAP, and a 123% premium to the 60-day VWAP. That is not a casual tuck-in price. It shows Rover was willing to pay a clear premium for a leading local marketplace with ready-made pet parent and provider density.

For the other deals, terms were mostly undisclosed, so we should not pretend we can calculate a clean sector multiple. The better conclusion is narrower but stronger: when a Pet Tech asset gives immediate supply, users, geography, workflow, or recurring health relationships, strategic buyers are willing to move.

Is Rover quietly rolling up pet care marketplaces again?

Rover is the clearest Pet Tech consolidator right now. It appears in 4 of the 11 deals we found, which means it represents around 36% of all public Pet Tech M&A deals in the last 24 months.

The more interesting point is how focused the strategy is. Rover bought Cat In A Flat for cat-sitting supply across nine countries. It bought Gudog for dog sitting and walking across several European markets. It bought Mad Paws to enter Australia with more than 300,000 pet parents and 70,000 pet care providers. It bought Meowtel to strengthen cat sitting in the US.

That is not random expansion. Rover is buying density: geography, supply, reviews, trust, and species specialization. For a marketplace, those things are painful to build city by city. Buying them is faster.

If you want more recent data on this point, please see our latest Pet Tech market report.

Is cat care suddenly a real Pet Tech M&A theme?

Cat care is now a real Pet Tech M&A theme inside marketplace consolidation. Rover bought Cat In A Flat in October 2024, then Meowtel in January 2026. That gives us two cat-centric acquisitions by the same buyer in roughly 15 months.

Cat care is not just a smaller version of dog walking. Dog care marketplaces often start with walking, boarding, daycare, and drop-ins. Cat sitting is more specialized, more home-visit driven, and historically less visible in the big marketplace story. Cat In A Flat brought Rover 50,000+ care providers and 2 million completed visits across nine countries. Meowtel gave Rover a US cat-sitting specialist trusted by thousands of cat owners.

The smart read is that Rover is not only expanding geographically but also filling species-level gaps. In Pet Tech M&A, that is exactly the kind of small signal that can matter later, because it shows where a large platform still had weak coverage.

Are smart collars and pet wearables becoming acquisition targets again?

Smart collars and pet wearables are becoming acquisition targets again, but only when they come with software, subscriptions, and health data. The two key deals are Tractive buying Whistle and Bending Spoons buying Tractive.

The Whistle deal is useful because it shows what consolidation looks like in practice. Tractive did not simply keep Whistle running as a second brand forever. Whistle users were pushed toward replacement Tractive devices, and remaining subscription time could transfer into the Tractive ecosystem. That tells us the value was not just the hardware but the customer base, subscription relationship, and technology assets.

Then Bending Spoons bought Tractive. A consumer software acquirer buying a pet GPS and health-tracking company is a strong signal that the best pet wearables are being viewed less like gadgets and more like recurring app businesses. The device gets the pet owner into the system. The subscription keeps the relationship alive.

If you want more recent data on this point, please see our latest Pet Tech market report.

Is Pet Tech M&A moving into veterinary software now?

Pet Tech M&A is moving into veterinary software now, and the Instinct Science acquisition of ScribbleVet is the cleanest proof. ScribbleVet is not a pet toy, a marketplace, or a consumer tracker. It is an AI scribing platform for veterinary teams.

Veterinary software sits at a different point in the value chain. Consumer Pet Tech tries to win the pet owner. Veterinary software tries to win the clinic workflow. Instinct already had veterinary practice management software, EMR, clinical content, and workflow tools. By acquiring ScribbleVet, it added AI documentation directly into that stack.

The bigger pattern is that Pet Tech M&A is no longer limited to the pet owner’s phone. It is also moving into the systems vets use every day. That is a healthier sign than pure consumer hype, because workflow software often has clearer pain points and more repeatable value.

Is Chewy becoming a pet healthcare acquirer now?

Chewy is becoming a pet healthcare acquirer, and it is doing it with more than one type of asset. The Modern Animal deal gives Chewy clinics, virtual care, membership relationships, and more than $125M in annualized run-rate revenue. The SmartEquine deal gives Chewy a subscription-based equine health and nutrition platform.

Modern Animal is the bigger signal. Chewy’s clinic footprint moved from 18 to 47 locations with that acquisition. The company also pointed to revenue per location above the industry average, mature clinic EBITDA margins above 20%, and a 15% to 20% expected uplift in customer spending across the vet network.

SmartEquine adds another piece of the same logic. Chewy is not only selling pet products online; it is pushing into health categories where subscriptions, personalization, pharmacy, vet care, and recurring demand can connect.

If you want more recent data on this point, please see our latest Pet Tech market report.

Are non-pet acquirers entering Pet Tech now?

Yes, non-pet acquirers are entering Pet Tech now, and Bending Spoons buying Tractive is the proof. Bending Spoons is a consumer software company, not a classic pet retailer, vet group, or animal health company.

That widens the buyer universe. A few years ago, the obvious buyers for a pet tracker would have been a pet food company, a hardware company, or a pet retail platform. In this case, a software acquirer bought the asset because Tractive looks like a subscription app business wrapped around a physical device.

This is one of the most important signals in the market. If a Pet Tech company has recurring revenue, a direct consumer relationship, strong engagement, and proprietary data, it can attract buyers from outside the traditional pet industry.

Is Pet Tech M&A still mostly private and opaque?

Pet Tech M&A is still private and opaque. Around 91% of the deals in the last 24 months had undisclosed official terms. That is the opposite of a transparent public M&A market where every deal gives us revenue, EBITDA, and valuation multiples.

But opacity does not mean there is no information. We can still read the market through operating metrics. Cat In A Flat had 50,000+ care providers and 2 million visits. Gudog had around 20,000 sitters and walkers. Mad Paws had more than 300,000 pet parents and 70,000 providers. Modern Animal had 29 clinics, 100,000+ member families, and more than $125M in annualized run-rate revenue. Tractive served over 1.4 million active users before acquiring Whistle.

That is why a simple valuation analysis would miss the point. In Pet Tech M&A today, the disclosed story is more often about scale, user base, supply density, clinical footprint, and recurring relationships than about headline price.

If you want more recent data on this point, please see our latest Pet Tech market report.

So what is the latest Pet Tech M&A update now?

Pet Tech M&A is accelerating now, and the strongest deals are happening where a buyer can capture a recurring relationship with pet owners or veterinarians. The latest 12 months produced 7 deals versus 4 in the previous 12 months, and the most recent six months alone included 4 deals.

The market is not a broad boom in every pet category. Basic pet food, toys, and offline services are not the story here.

The real M&A action is in digital marketplaces, connected pet health devices, veterinary software, tele-vet access, and integrated pet healthcare.

Check	Current status	Recent activity
Recent activity	Active now	Pet Tech M&A is active now. We count 7 deals in the last 12 months versus 4 in the previous 12 months, which means deal count rose by 75%.
Short-term momentum	Recently denser	Momentum is recent. Four of the 11 deals happened in the first half of 2026, so the market became denser lately rather than simply active across the whole period.
Deal values	Mostly hidden	Deal values remain mostly hidden. Only Mad Paws has a clean public value, so the market still needs to be analyzed through operating metrics and strategic patterns.
Buyer behavior	Scale-driven	Buyers are targeting assets with immediate scale. Examples include Mad Paws’ pet parent and provider network, Modern Animal’s clinic footprint, and Tractive’s active user base.
Main consolidator	Rover	Rover is the most active consolidator. It acquired Cat In A Flat, Gudog, Mad Paws, and Meowtel, which makes it responsible for about 36% of the deal count.
Marketplace trend	Still alive	Pet care marketplace consolidation is still alive. Rover is buying local density, trusted supply, and category specialization rather than trying to build every market from scratch.
Cat-care signal	Real subtheme	Cat care has become a real subtheme. Rover bought both Cat In A Flat and Meowtel, showing that cat sitting is now strategic enough to justify dedicated acquisitions.
Wearables trend	Back, selectively	Pet wearables are back as acquisition targets when they behave like subscription software. Tractive bought Whistle, then Bending Spoons bought Tractive.
Vet software	Now relevant	Veterinary software is now part of the Pet Tech M&A story. Instinct buying ScribbleVet shows AI documentation moving into clinic workflow software.
Pet healthcare	Expanding	Chewy is building a pet healthcare ecosystem. Modern Animal gives it clinics and virtual care, while SmartEquine adds subscription-based health and nutrition.
Buyer universe	Wider	The buyer universe is expanding. Bending Spoons buying Tractive shows that strong Pet Tech assets can attract consumer software acquirers, not only pet companies.
Overall status	Selectively accelerating	Pet Tech M&A is selective but clearly accelerating. The best targets are platforms with supply density, recurring revenue, health data, clinic workflow, or direct pet owner relationships.

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