Q3 2023 Finance Industry Trends

Q3 2023 Key Highlights

The largest deal in Q3 2023 and year-to-date was GTCR’s announced acquisition of Worldpay Group for $11.7 billion. Worldpay is a leading payments technology company with unique capability to power global omni-commerce.

Capital Markets was the most active market segment year-to-date with 111 transactions.

Seven of the industry’s top ten highest value deals year-to-date were completed by strategic acquirers.

Q3 2023 Key Trends

Total transaction volume in Q3 2023 increased by ten percent over Q2 2023, from 87 to 96.

Total transaction value in Q3 2023 increased by 36 percent over Q2 2023, from $14 billion to $19 billion.

Multiples & Value Trends

The median revenue multiple from 2022 through the 1st 3 Quarters of 2023 improved 19 percent, from 3.6x to 4.3x.

The EBITDA multiple from 2022 through the 1st 3 Quarters of 2023 increased 77 percent, from 14.3x to 25.3x.

Top Ten Deals Through Q3 2023

The top ten deals by value have seen four new additions since our half year report: the previously mentioned announced acquisition of Worldpay Group by GTCR, Perseus Group’s acquisition of Optimal Blue, MSCI’s acquisition of Burgiss, and Rapyd’s acquisition of PayU GPO.

These four transactions, with an aggregate value of $13.7 billion, represented 72 percent of Q3 2023 transaction value.