1、1|10 Digital Commerce M&A Overview 1H 20232022:Back to(new)normal?Waking-up from a pandemic-induced highAs seen in the M&A activity during the pandemic yearsof 2020 and 2021,the Digital Commerce sector wasflying high.From one day to the other,COVID caused amassive acceleration of digitalisation in t

2、he industryand society.However,in 2022,we saw a decline innumberoftransactions.Politicalandeconomicuncertaintieshaveaffectedinvestormoodstheprivate and VC sectors have seen a massive decline indealsoverthepastyear,ashavepubliclylistedcompanies.The Global Online Retail(GLORE50)index below clearly ill

3、ustrates this development.Since the pandemic high in 2021,the global index share price has dropped by whopping-51%.The deal activity in the private sector,on the other hand,by-9%.That said,for M&A in Digital Commerce business public markets are currently not the right proxy and therefore not directl

4、y comparable or relevant for the markets transaction volume.We see the Digital Commerce M&A market as a stable,mature,and resistant market within the global economy.Evolution of the Global Online Retail“GLORE50”index share price,2016-presentIs it a new normal?Despite seeing a decline in deal activit

5、y in the sector,many people are still bullish about the developments of the Digital Commerce M&A market.They see the decline in deal volume from 2021 to 2022 as a normalisation of a high phase during the pandemic or in other words,as the new normal.They believe that the lack of euphoria within the m

6、arket is merely caused by the comparison of 2022 results with the pandemic highs of 2021.However,overall,we are seeing a stabilizing and slowly increasing deal count in some of our subsectors,as well as positive new developments and long-term trends that are holding up the market segment.0%100%200%3