Total disclosed M&A deal values through September 2024 reached $7.9B, with only 10% of deals being disclosed as buyers preferred to keep their M&A strategies private. The median disclosed M&A deal size was $49M.

RegTech continues to be a popular segment for Private Equity buyers with Inflexion Private Equity Partners making 3 deals and Accel-KKR acquiring 2 companies through the first nine months of 2024. Among strategic acquirers, Descartes Systems, made 3 deals while Delinea and iCoreConnect each bought 2 RegTech companies during this period.

Dealmaking activity was robust with 264 transactions seen. There was strong demand from strategic and financial acquirers, with Private Equity representing the buyer in 37% of total deals.

Venture capital funding for RegTech firms continued to dry up through the first nine months of 2024 after peaking in 2021. The median venture capital deal was $3.2M, a fraction of the median disclosed M&A transaction value. CEOs and founders have instead been encouraged to pursue M&A strategies for growth and liquidity.