1、M&A market report 1H 2025 DigitalCommerce1|11 Digital Commerce M&A Overview 1H252.5x2.4x2.0 x2.2x2.3x2.3x2.7x2.7x2.4x2.0 x1.8x11.1x10.4x9.6x9.5x9.6x10.0 x10.7x10.3x10.2x10.1x9.9x020040060080010001200140016002H20191H20202H20201H20212H20211H20222H20221H20232H20231H20242H2024Transaction volumeMedian EV

2、/R(trailing 30 months)Median EV/EBITDA(trailing 30 months)Source:451 Database,S&P CapitalIQ,Hampleton Research.M&A summaryThe tentative resurgence of M&A activity noted in our previous Digital Commerce report has continued,with deal numbers increasing for the second consecutive six-month period.The

3、easing of inflationary pressures has created a more favorable macroeconomic context for transactions,although the political uncertainty engendered by elections in the US and Europe did instill caution in 2024.Investors and acquirers have also been highly selective in Digital Commerce and across the

4、tech sphere in general,placing an emphasis on both cost and revenue synergies when considering scale and scope deals alike.The takeaway is that,while market conditions have ripened and deals are on the up,buyers are still treading carefully,prioritizing tangible,immediate returns vs top-line growth

5、over the long term.Total number of deals&valuation multiples in Digital Commerce,2019-2024The aggressive leveraging of social media stars by e-commerce retailers has made influencer marketing companies one of the major targets for acquirers in this sector.An emblematic deal in 2024 was Publicis Grou

6、pes USD 500m purchase of Influential,the worlds biggest influencer platform which connects over 3.5m creators with hundreds of brands around the world.This transaction has been hailed as marking the maturation of the influencer marketing subsector,whileother notable deals have included Dulcedo Group