Marketplace Apps M&A Activity
USD Mn
Select FE Advised Deals
19
6.9%
Salesforce Payment Solution
16
Sold to
13
17.2%
12
11
10
10
10
B2B SaaS Shopify App
8
2024
Sold to
5
10.3%
iOS Data Privacy App
3
3
65.5%
Sold to
22 21
20242824 14 257538 8 17
Q1
Q2 Q3 Q4 Q1
Q2 Q3 Q4 Q1
Q2 Q3 Q4
B2B SaaS Shopify App
2022
2023
2024
Sold to
<25Mn 25Mn to 50Mn 50Mn to 100Mn 100Mn and above
Average Deal Value
Count
• Deals valued under $25M continued to drive M&A activity in this sector with ~66% of the total deals in 2024 under $25M. • Although the total number of deals in this space has decreased over the years, the industry is poised for growth, driven by anticipated lower interest rates, renewed interest in application development fueled by growing business needs, and emerging trends such as AI, blockchain, and virtual reality.
• The average deal value over the quarters since 2022 ranges between $8M to $38M (bearing Q1 2024) which fits well in the lower middle market - where FE International specializes. • The average deal value in Q1 2024 was higher than the previous quarters because of the acquisition of an app-based e-mobility solutions company.
25
Source: Pitchbook as of 31 December 2024.
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