During the first half of 2025, we saw 124 deals, which is 28% more than in the same period last year. Private Equity firms were the buyers in 32% of these transactions as demand from both strategic and financial buyers remained strong.

VC funding in the ANZ region peaked in 2021 and has been drying up ever since, a trend that continued in the first half of 2025. The median VC funding size was only $3.2M, several times below M&A deal size, so sellers have been encouraged to pursue M&A strategies for growth and liquidity.

In the half of 2025, disclosed deal values reached $4.7 billion, representing only 25% of transactions publicly reported as buyers continued to keep their M&A strategies private.

Technology portfolio investors Accel-KKR, Software Combined and Vela APX and governance, risk, and compliance software provider Ideagen each made 2 acquisitions in the first half of the year.