Turning to seller geography in Q1 2026, the US remained the largest source of M&A targets in Online-Offline Commerce, accounting for 33% of sellers. Europe also featured prominently, with the UK and Germany each contributing 9% of sellers, while Spain accounted for 6%. India and Mexico each represented 5%, alongside Canada and Brazil at 4% apiece. Overall, this distribution underscores the sector’s increasingly global footprint, combining a strong US core with diversified deal flow across Europe, emerging markets, and other international regions.

As for the buyer geography in Q1 2026, US-based acquirers continued to dominate Online-Offline Commerce M&A, accounting for 47% of completed transactions. This reflects ongoing consolidation dynamics in the US, supported by strong balance sheets and continued strategic appetite for digital commerce capabilities. European buyers were also active, with the UK representing 9% of buyers, Germany 7%, and the Netherlands 6%, highlighting sustained cross-border interest in the sector. India contributed 5% of acquirers, while Canada and Brazil each accounted for 4%. Dealmaking remained international, with 44% of transactions being cross-border.