Will we see a dealmaking bump in 2025? Or will it be another year of muted M&A?
Many predicted an explosion in tech deals in 2024. It didn’t happen. But there were standouts, including London-based biotech EyeBio’s acquisition by US pharma group Merck for $1.3bn and Italian unicorn Bending Spoons’s takeover of Dutch file transfer service startup WeTransfer for a (Pitchbook reported) $700m.
So far in 2025, M&A activity hasn’t meaningfully ticked up. If anything, it’s below expectations again — and not just in Europe. The Financial Times reported that the US has seen the lowest number of new deals announced in a decade.
Yet there will always be deal hunters — this week, for example, Munich-based drone maker Quantum Systems bought competitor AirRobot.
In January, London fintech ClearScore acquired Manchester-based embedded banking startup Aro Finance, a purchase that took some seven months to complete, says ClearScore CFO Brian Cole. The fintech is scoping further deals. “Things are beginning to heat up in the market again,” says Cole.
Companies buy for two reasons: to boost revenue or bring new skills in-house. This second reason could become the most popular excuse to go out and buy this year, particularly with companies requiring new AI know-how. French carbon accounting company Sweep bolstered its AI capabilities last year with its takeover of UK company Consequence, which creates tools to speedily crunch big data sets. Similar tie-ups could follow.
Below, we list companies that say they’re looking to acquire this year. We also list companies that have recently banked big fundraises and/or have a track record of purchases — two conditions that make future acquisitions more likely. We contacted these companies for comment and will update this list weekly.
Out to buy
Software
- Amsterdam-based hotel software unicorn Mews topped up its coffers with $75m this year and is eyeing more deals. The company has made 12 acquisitions to date.
- Paris-based accounting platform Pennylane’s €40m Series C last year will be used to finance deals. “We want to be predators, not prey,” CEO Arthur Waller told Sifted last year.
- Jordi Romero, CEO of Barcelona-based HR software company Factorial, tells Sifted he’s “very actively pursuing” seed to Series B SaaS companies.
Fintech
- After raising a €45m debt facility last month, Amsterdam prepaid payments company Recharge is eyeing two or three buys.
- Revolut last year advertised M&A roles on LinkedIn, as first reported by Tech.eu.
Mobility
- Travel operator Blablacar, one of France’s oldest unicorns, has bought 11 companies. It told Sifted last year it’s on the hunt for more.
- Berlin-based travel booking platform Omio banked a $120m loan in December, which will help finance M&A deals.
AI
- AI analytics firm Quantexa raised $175m this month and will use some of the money for acquisitions.
Healthtech
- Period-tracking app unicorn Flo Health, which raised $200m last year, tells Sifted it’s eyeing deals.
Ones to watch
These companies have recently boosted their coffers and/or made acquisitions.
Software
- Barcelona travel management company TravelPerk raised $200m in January and bought Swiss expense management software Yokoy.
- Bending Spoons went on a buying spree in 2024, including the purchase of events platforms Hopin and Meetup.
- Belgium’s Team.blue, which helps companies bolster their online offerings, is another serial acquirer.
Healthtech
- Finnish smart ring maker Oura has made three acquisitions in two years. It topped up its Series D with $125m in December last year, adding to the $75m it raised in November.
- Paris-based unicorn Doctolib, an online booking platform that lets patients schedule doctor appointments, acquired two companies in 2024.
Fintech
- UK fintech Allica Bank, the fastest-growing startup in Europe last year, made one acquisition in 2024.
Climate tech
- German company 1KOMMA5°, which supplies heat pumps and solar panels to households, has bought up a string of smaller installer businesses over the years.
Consumer
- London-based Fresha, a marketplace for beauty and wellness services, raised a €27.8m loan in 2024. The company acquired Australian competitor Bookwell in 2022.
- Ticketing platform Seat Unique, one of Europe’s fastest-growing startups, banked a £14.5m raise last year.
Read the orginal article: https://sifted.eu/articles/ma-these-tech-companies-are-on-the-hunt-for-acquisitions-this-year/
