What’s Inside?

In this report, we provide an in-depth overview of the HRTech M&A market, including the most active players, key drivers, and recent transactions in the third quarter of 2023.

In this report, we look at the emerging trends and notable M&A transactions in HR Technology during the third quarter of 2023.

• Generative AI and foundation models continue to transform the user experience and capabilities of leading HRTech products in this rapidly evolving technology.
• Deal volumes increased slightly, with 68 reported transactions in Q4 vs. 61 in Q3 2023.
• Talent Development remained the most active sub-sector, representing 44% of identified deals.
• Compensation and Benefits saw an increase from 5% to 18% of all transactions this quarter, with notable transactions reported among cloud payroll, and compensation planning and analytics providers.