Full Year 2022 Finance Industry Trends

2022 KEY HIGHLIGHTS

The largest Financial Technology and Information transaction in 2022 was Intercontinental Exchange’s announced acquisition of Black Knight, Inc., for $15.92 billion.

There were 110 financially sponsored transactions in 2022, with an aggregate value of $7.78 billion, representing 24 percent of the total volume and 16 percent of the total value, respectively.

2022 KEY TRENDS

Total transaction volume in 2022 decreased four percent over 2021, from 513 to 491.

Total transaction value in 2022 increased by five percent over 2021, from $46.40 billion to $48.61 billion.

The median revenue multiple shifted slightly from 3.1x in 2021 to 3.6x in 2022.

The segment with the largest rise in volume in 2022 over 2021 was Payments, which improved six percent, from 147 to 156 deals.

M&A MARKET OVERVIEW

Berkery Noyes tracked 1,504 Financial Technology and Information transactions between 2020 and 2022, of which 308 disclosed financial terms, and calculated the aggregate value to be $150.31 billion. Based on known transaction values, we project values of 1,196 undisclosed transactions to be $32.15 billion, totaling $182.46 billion worth of transactions tracked over the past three years.

Disclosed median enterprise value multiples for all segments combined in this report during the last 36 months were 3.3x revenue and 14.3x EBITDA.

Over the past three years, deals in the $10-$20 million range received a median enterprise value multiple of 1.8x revenue, compared to 4.6x revenue for those in the $160 million and above range.