What’s Inside?

We are pleased to be sharing our latest report with you. In this report, we look at the emerging trends and notable M&A transactions in Financial Technology during the first 
half of 2025.

During this half year we saw significant interest in the Asset & Wealth Management space (Factset’s acquisition of trading management software Liquiditybook, as well as Clearwater Analytics’ acquisition of investment management Saas provider, Enfusion). We also saw notable deals in Data and Analytics (Blackrock’s purchase of private equity financial database software Preqin, along with Austria-based Baha’s acquisition of market data and trading infrastructure provider QuantHouse).

• Payments experienced a high level of M&A in H1 2025, with 27 companies acquired in this sector, representing 23% of total deals reported. Banking Software was in second place at 23 transactions, representing 19% of total deals reported. 
  Data & Analytics earned the third place at 19 transactions, representing 16%.
• Overall, deal volumes decreased markedly in H1 2025 vs H2 2024, with 118 in the current half versus 272 in the prior period.
• Average deal values, where reported, saw a marked overall increase in H1, with a roughly $15 million increase when excluding deals larger than $1 billion as outliers. 
  H1 saw nine transactions valued at more than $1 billion.
• Public company valuations grew during the quarter, returning to the highs of late 2021.
• Overall, the M&A market for Financial Technology saw a lower level of activity compared to the previous half-year, with the number of acquisitions notably increasing in Banking Software and a decrease in Blockchain deals. Acquisition numbers were mostly flat across other sectors.

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