In 2025 alone, 182 Composite Commerce transactions were announced—a 26% year-over-year increase and the highest level seen in the past decade. Tech M&A is no longer about scale for its own sake. It’s about preserving and extending competitive advantage, with innovation at the core. In Smart Logistics, deal momentum is driven by six key themes: AI, fleet management, supply chain optimization, last-mile delivery, automation, and procurement management.
Depop acquired by eBay
Dingdong Fresh acquired by Meituan
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