2025 Global M&A Review & 2026 Outlook: In-Depth Analysis of Technology, Media & Marketing with Expert Guest Insights
Ciesco’s 2025 Global M&A Review & 2026 Outlook analyses M&A activity across the Technology, Media & Marketing sectors, combining deal statistics with thematic insights on buyer behaviour, private equity dynamics, sector sub-trends and geographic shifts.
The report reflects a market that has moved beyond the most acute phase of disruption, with deal values rising as capital concentrates around high-quality assets, and a continued focus on mid-market transactions alongside renewed appetite for select large-scale deals.
Media & Marketing – Volumes normalise, value rebounds
- 2,308 transactions completed in 2025 – a 12.6% decline YoY, but still ~17% above 2020 levels, reinforcing M&A as an embedded growth lever across the sector.
- Disclosed value (excluding mega-deals) increased to $91.1bn, up 61.8% YoY, driven by the re-emergence of large-scale transactions at the top end of the market.
- Notable completed deals included Omnicom’s $15.9bn acquisition of IPG, reflecting strategic consolidation behind scaled platforms with diversified revenues and defensible positions across content, data and distribution.
- Strategic buyers accounted for 69% of transactions, with Private Equity at 31%, signalling a mature buyer ecosystem where both cohorts remain active but increasingly selective.
Technology & Software – Selective recovery, stronger willingness to transact at scale
- Global Technology M&A volumes increased to 6,436 transactions in 2025 – +2.0% YoY, extending the post-2022 recovery.
- Disclosed value (excluding mega-deals) rose to $338.8bn, a 46.4% YoY increase, reflecting improved confidence as valuation expectations stabilised and financing conditions improved.
- Mega-deals and high-profile strategic transactions across software, infrastructure and cybersecurity reinforced renewed conviction at the upper end of the market.
- Take-private was a significant theme, with $154.8bn of announced take-private deal value in 2025.
- Private equity represented 54% of transactions, driven by platform-led buy-and-build strategies and portfolio bolt-ons.
Outlook for 2026
Looking ahead, we expect 2026 to be characterised by continued selective momentum rather than broad-based acceleration.
In Technology, activity is likely to remain concentrated around AI infrastructure, cybersecurity and mission-critical enterprise software, where strategic urgency and defensibility continue to attract both corporate and sponsor capital. Private equity-led consolidation is expected to remain a structural feature of the market.
In Media & Marketing, consolidation among scaled global networks and specialist digital platforms is likely to continue, with performance accountability, data integration and measurable ROI shaping investment decisions.
Across both sectors, the return of large-scale strategic transactions in 2025 provides a strong signal of renewed confidence heading into 2026. Capital remains available – but increasingly disciplined – with valuation premiums awarded to quality, resilience and scalability.
Download the Ciesco Global M&A Review 2025/2026
Enquiries:
For enquiries, please contact:
William Oldcorn, Senior Analyst: william.oldcorn@ciesco.com
About Ciesco
Ciesco is a leading specialist M&A firm with a focus on the Technology, NMedia, and Marketing sectors. Headquartered in London and operating globally, Ciesco offers a unique combination at partnership level of senior industry practitioners and sector specialist investment bankers. This enables an extensive network of contacts and strong relationships that reach into organisations worldwide at C-suite sponsor levels. Ciesco is well regarded in the market for its specialist advice derived from the deep understanding of the sector, industry and buyer landscape insights, and execution expertise.