NEW YORK — January 12, 2023 — Berkery Noyes, an independent mid-market investment bank, today released its full year 2022 mergers and acquisitions trend report for the Online and Mobile Industry. The report analyzes M&A activity in the Online and Mobile Industry during 2022 and compares it with data covering 2020 and 2021. 

Total deal volume in 2022 decreased by eight percent over 2021, from 3,508 to 3,225. Total deal value in 2022 saw a two percent uptick over 2021, from $359.01 billion to $364.93 billion. The median revenue multiple declined from 4.1x in 2021 to 2.9x in 2022. The median EBITDA multiple moved downward from 13.4x in 2021 to 11.0x in 2022.

Over the past three years, deals in the $10-$20 million range received a median enterprise value multiple of 2.2x revenue, compared to 5.8x revenue for those in the $160 million and above range.

Notable mobile-based transactions during 2022 included Getir’s acquisition of Gorillas, an online and mobile grocery delivery service in Germany, for $1.2 billion; InterPrivate’s announced acquisition of Getaround, a global digital carsharing marketplace, for $783 million; and Twitter’s acquisition of OpenBack, a mobile engagement platform based in Ireland.

The E-Commerce segment underwent a five percent decrease in volume on a yearly basis. Notable transactions in 2022 included EQT Private Equity’s acquisition of Billtrust, a provider of cloud-based software and integrated payment processing solutions, for $1.5 billion; Naver Corp.’s announced acquisition of Poshmark, Inc., a social e-commerce marketplace for new and secondhand style, for $1.2 billion; and CommerceHub’s announced acquisition of ChannelAdvisor Corporation, a multichannel commerce cloud platform, for $635 million.

Transaction activity in the SaaS & Cloud segment declined 11 percent over the past year. High profile segment deals during 2022 included Thoma Bravo’s acquisition of Anaplan, Inc., a cloud-native platform for orchestrating business performance, for $10 billion; SoFi Technologies’ announced acquisition of Technisys, a cloud-native, digital multi-product core banking platform, for $1.1 billion; and Partners Group’s announced acquisition of UK-based Forterro, a pan-European software services provider for small and mid-sized businesses, for $1.1 billion.

As for other selected sectors covered in the report, volume in the Communications segment decreased nine percent on a yearly basis. Notable segment transactions in 2022 included Broadcom’s announced acquisition of VMware, Inc., an enterprise software provider, for $70.2 billion; Adobe’s announced acquisition of Figma, a web-first collaborative design platform, for $20 billion; and Stonepeak’s announced acquisition of Intrado’s Safety business, a market-leading provider of critical public emergency telecommunications services., for $2.4 billiion.

A copy of the ONLINE AND MOBILE INDUSTRY M&A REPORT FOR FULL YEAR 2022 is available at the Berkery Noyes website.