The report analyses 1,485 transactions from 130 of the most active global buyers in the agency, consultancy, and technology services markets. The research draws on proprietary transaction data, listed market performance, and direct survey feedback from investors and corporate buyers worldwide.
While global M&A volumes declined 8% year-to-date, the number of active buyers increased by 4%. Activity rebounded in Q3 2025 as investor confidence returned. 70% of surveyed buyers expect M&A volumes to rise in 2026, indicating growing optimism even as inflation, interest rates, and geopolitical uncertainty remain headwinds.
Artificial intelligence has become a defining theme of dealmaking. 50% of survey respondents identified AI and machine learning as top investment priorities for the year ahead. Set this is alongside the amount of data and cyber security transactions in the past 12 months, technology maturity and data strategy increasingly determine transaction attractiveness and value.
“AI is now central to every conversation, both as a disruptor and an enabler,” said Joe Hine, Partner and report author at SI Global. “Sellers with an AI-first strategy are commanding premium valuations.”
Private equity continues to play a crucial role in sustaining market activity. By volume of transactions PE and PE-backed businesses accounted for 30% of the total market. However, at the but at the mid-market transactions anecdotally this is higher with PE / PE-backed businesses involved in 80% of SI Global’s deals in the last 12 months and this is seen in the data with PE-backed acquisitions rising 16% YoY, reflecting a strong buy-and-build environment.
With over $2.5 trillion in undeployed capital and improving financing conditions, PE is expected to sustain deal momentum well into 2026.
Technology Consultancies remains the most active M&A sector (32%), led by acquisitions in automation, data, and AI capabilities. Industry leaders such as Accenture, IBM, and Capgemini continue to expand in AI and cybersecurity.
Marketing and communications groups have rebounded 22% year-on-year, with networks such as Publicis and Havas increasing acquisition activity. However, the sector remains one of mixed fortune as some groups pursue divestment strategies.
Management consulting activity is stabilising as firms pivot toward cyber security, data and AI-driven advisory services.
The Middle East is the fastest-growing M&A region, with transaction volumes up 133% year-to-date, supported by Saudi Vision 2030 and the UAE Economic Agenda 2031.
APAC follows with a 5% increase, led by AI-focused investments in Vietnam, Indonesia, and Australia.
Continental Europe and the Americas saw modest declines, with European dealmaking down 18% and U.S. volumes off 5%, impacted by interest-rate and fiscal policy shifts. The UK has remained robust.
The report concludes that AI has become a new baseline for valuation, while private equity’s dry powder ensures sustained deal energy into 2026.
“We expect 2026 to mark a turning point,” said Hine. “Quality assets and strong management teams remain highly sought after—especially those with robust AI strategies and proven resilience.”
SI Global is the leading M&A advisor in the lower and mid-market for agencies, consultancies, and technology service providers. We represent entrepreneurs, corporates, and financial investors across digital, media, and technology sectors—completing over 40 transactions in the past three years.