1st Half 2025 Finance Industry Trends

1ST HALF 2025 KEY HIGHLIGHTS

The largest deal in 1st Half 2025 was Global Payment’s announced acquisition of Worldpay Group, a leading payments technology company with unique capability to power global omni-commerce, for $24.3 billion. In a related transaction, Global Payments’ Issuer Solutions business (TSYS) was sold to Fidelity National Information Services (FIS) for $13.5 billion.

There were 40 financially sponsored transactions in 1st Half 2025, with an aggregate value of $5.31 billion, representing 15 percent of the total volume and 8 percent of the total value, respectively.

1ST HALF 2025 KEY TRENDS

Total transaction volume in 1st Half 2025 increased by 33 percent over 2nd Half 2024, from 200 to 266.

In terms of acquirer type, strategic volume increased 53 percent on a half year basis, from 148 to 226. Private equity volume decreased from 52 to 40.

Total transaction value in 1st Half 2025 increased 3.6x over 2nd Half 2024, from $18.9 billion to $68.8 billion.

The median revenue multiple decreased from 3.3x in 2nd Half 2024 to 2.9x in 1st Half 2025.

M&A MARKET OVERVIEW

Berkery Noyes tracked 1,043 Financial Technology and Information transactions between 2023 and 1st Half 2025, of which 214 disclosed financial terms, and calculated the aggregate transaction value to be $133.89 billion. Based on known transaction values, we project values of 829 undisclosed transactions to be $20.29 billion, totaling $154.18 billion worth of transactions tracked over the past two and a half years.

Transactions from 1st Half 2023 to 1st Half 2025 with enterprise values above $160 million had a median revenue multiple of 4.4x and those between $10-$160 million received a median revenue multiple of 2.8x.