Digital Commerce dealmaking continues to climb, but buyers staying selective with targets

The new Digital Commerce M&A report from Hampleton Partners, the international M&A and corporate finance advisory firm for software and technology companies, reveals that 2H2024 was the second consecutive six-month period to see a rise in dealmaking. However, buyers remain cautious and highly profit-conscious when selecting acquisition targets, with transaction numbers continuing to lag markedly behind what was seen during the feeding frenzy of the pandemic years.  

Hampleton Partners’ Digital Commerce expert Ralph Hübner said: “Our latest market data confirms that deal flow is steadily recovering in the Digital Commerce space, although the pace of the resurgence has been kept in check by the lingering effects of recent macroeconomic headwinds.. We now see again transactions in all kind of deal sizes and a wider spread of multiples. Especially the agency and IT-services sector is back and will remain very busy.”

The report highlights key reasons why dealmaking within Digital Commerce is anticipated to continue its upward trajectory. One of these is the ever-growing demand for digital tools and services which allow companies to better leverage the power of influencers. Some of the most notable deals of the past year have involved influencer marketing platforms and agencies, underscoring how indispensable online taste-makers have become to the e-commerce ecosystem.

Another factor expected to continue to fuel M&A in the sector is the race to develop and implement AI-powered solutions, with investors and acquirers eyeing startups specializing in conversational AI agents, semantic search, generative tools and associated solutions which are rapidly transforming how consumers interact with e-commerce companies.

The top three Digital Commerce acquirers over the past 30 months have been:

Frasers Group – 7 acquisitions, including boohoo group (online clothing retailer), N Brown Group (online clothing retailer), and Marks Electrical Group (online electronics retailer)

Valsoft – 7 acquisitions, including Exeevo (life sciences CRM software), Above the Treeline (Edelweiss) (digital catalog creation software), and ACOM Systems (document and payment management software)

Publicis Groupe – 6 acquisitions, including Mars United (e-commerce and retail marketing services), Influential (influencer marketing services), and Advertise BG (performance marketing company)

Download the full Hampleton Partners Digital Commerce M&A Market Report 1H2025, which reveals the most significant trends impacting the sector and discusses key deals within five subsectors: Internet Services & Portals, Digital Commerce Software, Agencies & Services Providers, Media, Social & Gaming, and Online Retail.

Hampleton Partners’ M&A Market Reports are compiled using data and information from the 451 Research database (www.451research.com); Capital IQ, CB Insights, Gartner, IDC and more.

Hampleton Partners advises owners of software and technology companies on M&A transactions and growth financing with strategic buyers or financial investors. Hampleton’s experienced deal makers have advised hundreds of tech industry shareholders to date, providing hands-on expertise and targeted advice to entrepreneurs looking to sell, partially retire, or accelerate their growth.

With hubs in London, Frankfurt, Stockholm, San Francisco and Shanghai, Hampleton offers a global perspective with industry expertise in the following areas: Enterprise Software, Digital Commerce, IT & Business Services, Artificial Intelligence, Autotech & Mobility, Cybersecurity, Fintech, Healthtech, Supply Chain Management, Healthtech, HR Tech, and Insurtech. 

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