Looking at sellers by geography, 56% of target companies were based in the US, followed by the United Kingdom at 13% and Canada at 5%. Germany represented the headquarters of 4% of sellers, with France and Australia each being home to 3%.

Now looking at buyers by geography, 54% of RegTech acquirers were based in the US, followed by the United Kingdom at 11% and Canada at 10%. Numerous other European countries also saw significant M&A activity in the first quarter of 2025. Dealmaking remained highly international with 46% of transactions being cross-border.