During 2025, Online Marketing & E-Commerce led M&A activity with 51 deals representing 17% of deal volumes, followed by Online Services at 43 transactions equal to 14% of the total and Industry-Specific Software with 40 deals or 13% of deal volumes. Payment Service Providers, Retail Solutions, SCM, CRM, Business Intelligence, and ERP also saw meaningful activity. This distribution highlights a strong focus on digital capabilities and operational technologies, as buyers prioritize solutions that enhance customer engagement, streamline commerce infrastructure, and support integrated digital ecosystems.