The US remained a dominant force in Online-Offline Commerce M&A during the first three months of 2025, representing 35% of sellers. The United Kingdom followed as the headquarters of 9% of sellers, while India contributed 6%, the Netherlands represented 5% and Switzerland accounted for 3%.

The US led the list of buyer locations, accounting for 41% of transactions. The United Kingdom followed at 11%, with Germany and India representing 7% and 5% respectively. Dealmaking remained highly international with 44% of transactions being cross-border.