Local tech players have been the most active buyers Looking at European M&A activity since 2019, the top 10 buyers are all local players with the notable exception of Meta. But no single country dominates, with buyers spanning across the continent from Italy to Norway. Furthermore, nearly all of the top buyers are tech-昀椀rst players themselves, excluding the 昀椀nancial services provider Sberbank. For strategic buyers, M&A is the quickest way to scale their customer base or add new features without the need to develop them in house. Visma Meta Cegid Sberbank HQ Location - Norway HQ Location - USA HQ Location - France HQ Location - Russia # of transactions: 12 # of transactions: 7 # of transactions: 6 # of transactions: 6 Main Capital Partners SAP Total Speci昀椀c Solutions Delivery Hero HQ Location- Netherlands HQ Location - Germany HQ Location - Netherlands HQ Location - Germany # of transactions: 5 # of transactions: 5 # of transactions: 5 # of transactions: 5 MGI Team System HQ Location - Sweden HQ Location - Italy # of transactions: 5 # of transactions: 5 | 230