We are in the midst of a new frontier in political technology. Over the past six months, we have experienced more M&A activity in our portfolio than ever before. With acquirers both within and outside of our portfolio, we are seeing consolidations and acquisitions that demonstrate a clear signal: our ecosystem is maturing, and alongside it, the market is demanding smarter, stronger, more connected solutions.

Over the past decade, a strong and growing ecosystem of startups has emerged to serve the progressive ecosystem—reimagining the tools that now shape how campaigns are run, how voters are reached, and how people engage with the political process. Political technology is no longer a novel nice-to-have; it’s essential infrastructure at every level.

As the political tech space continues to mature, practitioners face an expanding landscape of tools to navigate, evaluate, and integrate. There is a rising demand for consolidation—a natural evolution as the market seeks efficiency, scale, and sustainability.

The acquisitions within our portfolio are a direct response to that moment. They reflect the evolving needs of the field and the growing push for platforms that can do more, integrate more seamlessly, and better support practitioners on the ground.

While every transaction is unique, we have observed several trends that help us understand more about this market:

• From product to feature: A small, trusted company becomes a feature of a larger company within our ecosystem.
• Complementary mergers: Two companies with distinct but complementary features merge to offer a more useful platform for their customers.
• Code with a second life: Asset sales of companies that have struggled with adoption, to continue to make use of the valuable code.
• Cross-sector expansion: A company within our ecosystem finds a home in a company relevant in other markets to expand its impact and use.

Each of these paths serves to strengthen our industry. The founders in each scenario have worked to maximize impact and worked with respect for their counterparts.

This moment also reflects something deeper: the increasing maturity of our field, and HGL’s evolving role within it. We were built to back the disruptors. And we still do. But as our portfolio companies grow into foundational infrastructure, we are now also the connective tissue—helping founders scale, adapt, and evolve through every stage of their journey.

That’s the real power of our model. HGL doesn’t just invest—we grow the infrastructure of progress. From first pitch to strategic exit, we help build enduring companies with mission-centered leadership. This new wave of consolidation validates that vision.

These consolidations are simplifying the ecosystem. With fewer overlapping tools, practitioners spend less time evaluating options and more time doing the work. That clarity helps campaigns and organizations move faster and smarter.

For builders, it reduces overhead and creates more space to focus. With less pressure to compete on every front, companies can zero in on what they do best—strengthening their core offerings and contributing more meaningfully to the ecosystem as a whole.

And with reduced duplication, the best tools can scale more efficiently. Stronger platforms, clearer lanes, and more focused investment create better outcomes for everyone in the ecosystem.

We see these movements as healthy growth for our space and are excited for the work ahead. To the builders, acquirers, and practitioners shaping this new chapter: thank you. Our ecosystem is stronger for it.