Vertical or industry-specific applications in sectors like FinTech, HealthTech, energy and AgTech saw the most activity, representing 26% during the first nine months of 2025, followed by IT Services and Internet Content & Commerce spaces - at 18% and 15% respectively. Horizontal or industry-agnostic applications, like ERP, Energy and Payments software specialists were of interest to buyers too, and there was also interest in CRM and content management companies.