The largest disclosed acquisition multiple during the first three quarters of 2024 was at 3.9 times revenue for an order management company. The average disclosed M&A deal size was $25M.

Venture capital funding for Online-Offline Commerce has declined since peaking in 2021, a trend that continued through September 2024. Companies have instead been encouraged to pursue M&A options for growth and liquidity.

The first three quarters of 2024 saw a healthy level of activity in the Online-Offline Commerce sector with a total of 138 deals. Private equity remained a significant force in this market, accounting for the buyer in 25% of these transactions.