Deal Digest November 5 2026 Five9 Pays 325 Million Dollars for Level AI and MasTec Drops a Deal to Buy Back Stock
Nine deals from November 5. Two acquisitions with prices, two without, one deal walked away from, one big refinancing, a pension fund buying into an AI roll-up and two venture rounds. As usual the headline number is rarely the one that tells you what happened. Here’s each deal and the figure worth keeping.
Five9 to Acquire Level AI
Five9 is paying about $325 million in cash, from its own balance sheet, for Level AI, which sells AI quality management and agent assistance for contact centers. Level AI’s customers include Gusto, Chime and VistaPrint, and it says it handles more than a billion customer interactions a year. The release gives no revenue, no ARR and no accretion math, and says only that closing is expected in 2026.
The number to keep is the one that’s missing. Five9 published its Q3 results the same evening, so it had every chance to tell investors what $325 million buys in revenue. It didn’t. When a buyer gives you the customer logos and the interaction count but not the ARR, the multiple is probably the part it would rather not discuss.
Enhanced Group Takes Control of DEAG
Enhanced Group (ENHA) will buy a 77% stake in DEAG Deutsche Entertainment, the German concert and live-event promoter, for about $115 million, and is raising a $15 million PIPE alongside it. Enhanced describes the result as a global platform for the experience economy.
Keep the PIPE size. Fifteen million dollars of fresh equity next to a $115 million purchase means most of the price has to come from somewhere other than new shareholders. How Enhanced funds the other $100 million is the question the release leaves open.
SS&C Prices $1.05 Billion of Convertible Notes
SS&C upsized its convertible offering to $1.05 billion of 2.75% notes due December 2031, convertible at about $99.46 a share, a 25% premium to the $79.57 close on November 4. About $99 million goes to capped calls that push effective dilution out to $139.25 a share, and about $100 million buys back roughly 1.3 million shares at pricing. The rest, plus new term loans and the revolver, redeems all $2 billion of SS&C’s 5.5% senior notes due 2027.
That’s the figure: 5.5% out, 2.75% in. SS&C is halving the coupon on about half of the debt being replaced by selling equity upside it hopes never to deliver. The capped call costs about 9% of the raise, and in return conversions don’t dilute holders until the stock passes $139.25, 75% above the pricing-day close.
MasTec Walks Away From a Deal
MasTec suspended late-stage talks on what it called a large, potentially accretive acquisition and said it would prioritize buying back its own stock instead. It has $250 million of authorization, all of it unused. The shares fell 5.2% to close the day, hitting a 52-week intraday low of $147.49, and are down about 17% in two days on worries about its data center exposure.
The number is the two-day drop. A company that sees its stock fall 17% in 48 hours and then decides its own shares are a better buy than its target is telling you what it thinks the market got wrong. No target name, no price.
Mercer Advisors Buys Fifteenth
Mercer Advisors, the Denver RIA with $114 billion in client assets, bought Fifteenth, an AI-native tax firm built around equity compensation, tender offers and liquidity events for tech employees. Fifteenth serves more than 1,000 professionals. No price.
Keep the client stat Mercer gave: more than half of its incoming ultra-high-net-worth clients want tax services in-house. Fifteenth gets Mercer in front of people before the IPO or the sale, which is when the money that later needs managing is created.
Ellipsis Health Acquires Kouper Health
Ellipsis Health, which builds AI care-management tools, bought Kouper Health, a care transitions startup that came out of stealth in 2025 with $10 million from General Catalyst, 25Madison and CVS Health Ventures. No terms. Kouper’s whole pitch was the gap between hospital discharge and follow-up care, which is where an AI care manager has the most to do.
CPP Investments Puts $50 Million Into Beacon
CPP Investments is putting $50 million into Beacon Software, a holding company that buys software businesses and rebuilds them around AI. Beacon owns 45 companies in logistics, education, finance, manufacturing and utilities, reports more than $200 million in combined annual revenue, and has now stretched its Series C from $225 million to $425 million at a reported $1.75 billion valuation.
The figure to keep is the ratio. A $1.75 billion valuation on $200 million of revenue is under 9x, low for anything with “AI” in the pitch and about right for a roll-up of old software. The bet is that the AI layer moves that multiple up after the companies are bought.
Fact Base Raises $28.8 Million Series D
Tokyo’s Fact Base, maker of the ZUMEN drawing and parts management software for manufacturers, closed a $28.8 million Series D led by Insight Partners. Insight also led the Series C a year ago, its first investment in a Japanese startup. The money funds expansion outside Japan.
Keep the repeat lead. When the same growth investor writes the next check twelve months later, it’s seen the numbers between rounds and liked them.
Arena.io Raises $4.5 Million
Arena.io closed $4.5 million for AI-driven labor market intelligence aimed at workforce mobility. It’s the smallest deal of the day and the release gives the amount and the pitch, not much else.
Nine deals. The two with the most disclosure, SS&C and MasTec, were the two about the buyer’s own balance sheet.