We are pleased to present our latest quarterly report, offering insights into the dynamic developments within HR Technology throughout the second quarter of 2026. This edition spotlights key trends and M&A activity that have shaped the sector during Q2 2026.

• AI moved to the centre of HRTech deal-making this quarter: Personio acquired recruiting-AI start-up aurio, Greenhouse added AI voice-interview specialist Ezra, and Phenom bought behavioural-assessment platform Plum, as acquirers raced to embed agentic AI across the hiring funnel.
• In Q2 2026, the HRTech sector saw a total of 58 transactions, a 28% decline from Q1 2026 and 26% below the level of Q2 2025. Core HR & Payroll emerged as the most active sector, accounting for 50% of all deals, followed by Talent Acquisition with a 26% share and Talent Management & Development with 24% of the total deal volume.
• Cross-border transactions represented 26% of deals, with domestic deals comprising the remaining 74%. Europe led regional buyer activity with 25 buyers, ahead of North America with 23, while the Asia-Pacific region contributed 9 buyers and 8 targets.