Digital Commerce Report 2H2026
Our latest Digital Commerce M&A report finds dealmaking in the sector settling into a steadier rhythm, with transaction volume and valuation multiples moving into a comparatively flat pattern following the sharper swings of recent years.
Agentic commerce has moved from pilot to infrastructure, as platforms and payment providers adopt shared protocols that enable AI agents to discover, negotiate and check out on a shopper's behalf. Buyers are rewarding platforms that deploy this capability directly, while paying less for the broader promise of automation on its own.
Discovery is shifting away from the open web and into AI chat interfaces, compressing revenue at portals and marketplaces that have relied on organic traffic to find their users. Meanwhile, agencies and service providers are consolidating at pace, and some of the largest platforms are choosing to buy proven agentic capability rather than build it internally.
The report covers key subsectors within Agencies & Service Providers, Digital Commerce Software, Internet Services & Portals, Online Retail, Media, Social & Gaming.
Key topics addressed in the report include:
- Trends and analysis of M&A activity
- Transaction overview by region
- Most active acquirers and deal highlights
- Valuation insights and metrics
- Funding activity and highlights
Top Buyers
The above graph covers the period between January 2021 and June 2026. Throughout the M&A report, median “trailing 30-month” multiples plotted in the graphs refer to the 30-month period prior to and including the half year or quarter.
Download our latest Digital Commerce Report now
To read more about current M&A activity in the Digital Commerce sector, download the latest report below.