In Q3 2025, Online Marketing & E-Commerce led M&A activity with 46 deals, representing 13% of the total, followed by Online Services at 14% and Industry-Specific Software at 13%. Payment Service Providers, Supply Chain Management, Retail Solutions, CRM, and ERP also contributed—highlighting a strong focus on digital capabilities and operational tech. This trend reflects buyers prioritizing solutions that enhance customer engagement and streamline commerce infrastructure, signaling a shift toward integrated digital ecosystems.