During the first nine months of 2025, we saw 172 deals, up 9% compared to 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 nine months of 2025. The median VC funding size was only $3.2M, several times below the median disclosed M&A deal size, so sellers have instead been encouraged to pursue M&A strategies for growth and liquidity.

The amount of disclosed deal values in the first nine months of 2025 reached $6.4B, with the financial terms of only 26% of transactions publicly reported as buyers continued to keep their M&A strategies private.

Compliance software provider Ideagen, and technology portfolio investor Vela APX led the list with 3 acquisitions each, followed by Software Combined, Jonas Software, Accel-KKR and Banyan Software which all made 2 acquisitions during the first nine months of the year.