During the first six months of 2025, Online-Offline Commerce M&A activity focused on digital expertise, with the Online Marketing & E-Commerce subsector leading at 36 deals, making up 22% of transaction volumes. That was followed by Payment Service Providers and Gateways and Online Services, which both had 23 transactions, each representing 14% of total deals. The Industry-Specific Software, Supply Chain Management, and CRM subsectors also saw significant activity.