1st Half 2024 Finance Industry Trends

1ST HALF 2024 KEY HIGHLIGHTS

The largest deal in 1st Half 2024 was Advent International’s announced acquisition of Nuvei, a Canadian fintech company accelerating the business of clients around the world, for $6.3 billion.

Seven of the top ten highest value transactions in 1st Half 2024 occurred in the Capital Markets segment. These seven deals, with a combined value of $9.18 billion, accounted for 43 percent of the industry’s aggregate value year-to-date.

1ST HALF 2024 KEY TRENDS

Total transaction volume in 1st Half 2024 decreased by 3.2 percent over 2nd Half 2023, from 188 to 182.

In terms of acquirer type, strategic volume decreased 11 percent on a half year basis, from 144 to 128. Private equity volume increased from 44 to 54.

Total transaction value in 1st Half 2024 decreased by 7.3 percent over 2nd Half 2023, from $23.2 billion to $21.5 billion.

The median revenue multiple decreased from 4.2x in 2nd Half 2023 to 2.2x in 1st Half 2024.

M&A MARKET OVERVIEW

Berkery Noyes tracked 1,068 Financial Technology and Information transactions between 2022 and 1st Half 2024, of which 201 disclosed financial terms, and calculated the aggregate transaction value to be $92.69 billion. Based on known transaction values, we project values of 867 undisclosed transactions to be $20.48 billion, totaling $113.17 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2022 to 1st Half 2024 with enterprise values above $160 million had a median revenue multiple of 4.7x, whereas those in the $40-$160 million range garnered a median revenue multiple of 3.3x and those between $10-$20 million received a median revenue multiple of 2.5x.