Through September 2025, JTL emerged as the most active acquirer with 3 deals, while buyers such as Payroc, Nielsen, Alpine IQ, and Uber each completed 2 acquisitions. This activity reflects strategic moves by leading players to strengthen their positions in the market.

The total disclosed M&A deal value in the Composite Commerce sector reached $55.5B during the first nine months of 2025, already surpassing the full-year totals from 2022, 2023, and 2024. This sharp rebound reflects renewed investor confidence and the return of high-value transactions after a prolonged downturn. While disclosure remains selective, the surge suggests strong momentum heading into year-end, positioning 2025 as one of the most significant recovery periods in recent history.

Following a peak in 2021, VC funding for the Composite Commerce sector declined through 2022 and 2023, with deal values dropping from $195M to $90M and volumes easing from 14.2K to around 12K. However, 2024 marked a renewed uptick, reaching $143M, and momentum has continued into 2025 with $175M recorded by Q3, despite a lower deal count of roughly 8K. VC investments and deal volumes in the Composite Commerce sector remain highly volatile, a trend that’s encouraging companies to instead pursue M&A strategies for growth and liquidity.

The Composite Commerce sector recorded 252 M&A transactions through Q3 2025, with Strategic buyers making 201 acquisitions for 80% of the total and Private Equity contributing 51 deals, equal to 20% of transaction volumes. While activity remains well below the 2021 peak of 490 transactions, the uptick from 2024’s 207 deals signals a modest rebound. Strategic buyers continue to drive the market, and the steady presence of Private Equity suggests sustained interest despite cautious market sentiment. If current momentum holds, the sector could see a stronger finish in the final quarter of the year.