Ecommerce M&A Activity Following a stellar 2021, ecommerce M&A volume experienced a correction, declining by 12% in both 2022 and 2023. The total number of deals in Q1 2024 has already reached 274 and is expected to remain at a similar level as last year.
Ecommerce M&A by Year (In Billions of USD)
Total Deal Size in ($B) # of Deals
706
623
Annualized
547
501
387
Key trends:
274
7.4 13.6
• Anticipating a Major Uptick: The acquisitions of On the Dot and Herbal Essentials, amounting to $1.5 billion and $1.2 billion respectively, brought substantial value to ecommerce M&A. This heightened level of activity could lead to a significant increase in M&A transactions. • Global Surge in M&A Activity Across Geographies: M&A activity in the first half of 2024 encompassed diverse regions, including the US, Sweden, Saudi Arabia, Singapore, South Korea, and others. Overall, the ecommerce M&A landscape is showcasing a positive outlook in 2024.
17.7
39.7
19.7
23.1
2020
2021
2022
2023
YTD 2024
M&A Volume by Quarter (In Billions of USD)
Total Deal Size in ($B) # of Deals
211
189
155
151
149 147
149 143
135 134
134
131
182
118
113
111
79
73
5.6 3.2 2.6 6.2 3.0 18.4 6.1 12.2 6.2 7.6 1.7 4.0 3.1 6.0 13.1 0.9 5.6 1.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024
Source: Pitchbook as of July 2024. Data consists of those transactions also where deal value was not disclosed.
22
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