The 2025 Online‑Offline Commerce M&A landscape attracted a highly diverse buyer base spanning strategic, financial, buy‑and‑hold, and non‑tech acquirers. PE firms Hg Capital and Thoma Bravo were most acquisitive as they and their portfolio companies added 4 and 3 deals respectively. Together, this broad mix of buyers underscores the sector’s strategic relevance across industries and investment horizons.

In 2025, total disclosed M&A deal value in the Online-Offline Commerce sector surged to $56.6B, marking a sharp rebound from prior years and surpassing the combined totals of 2022, 2023, and 2024. Only 17% of transactions disclosed financial terms as buyers preferred to keep their M&A strategies private. The recovery in deal volumes was driven by several high-value transactions, including a $24.3B megadeal between Worldpay and Global Payments, signaling renewed investor confidence and the return of large-scale strategic moves. While disclosure remains selective, the strong uptick positions 2025 as one of the most significant recovery years in recent history and sets the stage for continued momentum into 2026.

VC funding for the Online-Offline Commerce sector declined sharply from 2021 to 2023 before staging a recovery in 2024 and 2025, while deal volumes have moderately decreased during this period. The recent increase in VC funding reflects renewed investor confidence and a focus on fewer, higher-value opportunities. However, the persistent volatility in both funding and deal activity continues to prompt many companies to adopt M&A strategies as a more reliable path for growth and liquidity. The median VC funding size was $3.6M, well below the median disclosed M&A transaction value.

In 2025, the space recorded 305 M&A transactions, marking a clear recovery from 2024’s 207 deals as volumes grew by 47%. Strategic buyers drove the majority of activity with 248 acquisitions, representing 81% of the total, while Private Equity contributed 57 transactions, equal to 19% of total deals. Although volumes remain below the 2021 peak of 490 transactions, the steady rebound in 2025 signals renewed confidence in the sector. Strategic buyers continued to dominate, reflecting a focus on integration and operational synergies, while Private Equity’s consistent presence highlights sustained investor interest. Overall, 2025 closed as a year of cautious optimism, setting the stage for potential growth in 2026.