Ecommerce M&A Activity
Ecommerce M&A by Year – Lower Middle Market (In Billions of USD)
Lower Middle Market
Total Deal Size in ($B) # of Deals
In lower middle market, the total number of deals in 2024 reached 575. Consistent amount of activity in Ecommerce space hints towards a positive momentum in the coming years.
848
766
673
575
493
Key Trends:
• Anticipating a Major Uptick: The acquisitions of Tirtir and Tomtop, amounting to $109 and $97 million respectively, brought substantial value to Ecommerce M&A in lower and middle market. This heightened level of activity could lead to a significant increase in M&A transactions. • Sector Resilience: Despite economic challenges, consistent deal activity, especially in 2023 and 2024, highlights sustained investor confidence in the Ecommerce sector.
$2.2
$4.6
$3.8
$3.3
$1.5
2020
2021
2022
2023
2024
M&A Volume by Quarter – Lower Middle Market (In Billions of USD)
Total Deal Size in ($B) # of Deals
236 249
192
184
180 176 170 171
Overall, the Ecommerce M&A landscape is showcasing a positive outlook in 2025.
165
161 158 165
159
230
148
147
136
94 106
90
0.3 0.3 0.7 0.8 1.0 0.9 1.1 1.5 0.8 1.3 0.7 1.0 0.8 0.6 1.2 0.7 0.5 0.5 0.2 0.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024
Source: Pitchbook as of 31 December 2024. Note: Companies valued between $5 - $150 million were considered lower middle market.
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