2023上半年电子商务并购报告（英）-12页_931kb

报告摘要

Overall M&A market in Digital Commerce is recovering, with 1,017 deals closed in H1 2023 (491 in Q1, 526 in Q2), showing a decrease from 2022 but a significant increase from pre-pandemic levels.
Deal activity resumed after a decline in 2022, attributed to reduced tech market momentum, but online sales growth supports M&A recovery.
The market has returned to more normal deal-making, with valuations on the rise despite slower IPOs and fundraise activity.

Internet Services & Portals: Deal volume rose in H1 2023 with 231 transactions; EBITDA multiples reached a record high of 15.2x in Q2 2023, while revenue multiples remained stable.
Media, Social & Gaming: Transaction count declined to 147 in H1 2023, but EBITDA multiples recovered to 12.6x; this subsector saw a spike during COVID but is now stabilizing after peaking in 2021.
Agencies & Services Providers: Deal volume surged with nearly 300 transactions in H1 2023; EBITDA multiples increased to 10.3x from previous lows.
Digital Commerce Software: Deal count improved to 234 in H1 2023, with valuation multiples reflecting renewed competition.
Online Retail: Transaction volume is lower compared to H1 2021, with EBITDA multiples recovering gradually.

Key metrics: trailing 30-month median EBITDA multiple was 14.3x in Q2 2023, indicating healthy acquirer interest.
Valuations vary by subsector: Media, Social & Gaming at 12.6x EBITDA; Agencies & Services Providers at 10.3x EBITDA; Digital Commerce Software at post-pandemic highs.
Despite high interest rates and caution in other finance areas, digital commerce assets remain attractive due to online sales growth and selective investment.

Examples include TeamSystem's $77 million acquisition of MailUp, Entain's $150 million deal for 365Scores, WPP's acquisitions, and PetMedExpress's $36 million purchase of PetCareRx.
These deals highlight strategic inorganic growth, particularly in pet care, marketing services, and e-commerce platforms.
Despite slower finance sentiment, M&A in digital commerce is poised for continued activity, driven by sector resilience and online expansion.

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