The Identity and Access Management and Vertical Applications subsectors saw the most M&A activity in the RegTech market, with each representing 13% of total deal volumes. Additionally, the Business Intelligence and Anti-Fraud subsectors each represented 9% of total deal volumes. Other subsectors that saw significant interest include Compliance Management and ERP. Intestingly, 72% of sellers used a SaaS business model and at least 20% were developing deep tech such as AI technologies.