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In addition to an overview of the general transaction environment in the Swiss TMT sector, the publication delivers comprehensive insights into the past and current valuation levels of eight sub-sectors (advertising, application software, IT services, media and entertainment, online services, publishing, systems software, and telecommunication services) covering the entire Swiss TMT market, as well as sector-specific growth rates and margins.
Current M&A environment in the Swiss TMT sector
August 2024
The Swiss TMT M&A market faced a challenging start in 2024, with global and Swiss deal volumes reaching record lows in the first half of the year. Persistent macroeconomic uncertainties, softened valuations, and increased interest rates contributed to a cautious approach by investors. Despite these headwinds, the TMT sector continues to show resilience, driven by ongoing digitalisation and business transformation needs. Financial investors, accounting for 69% of Swiss TMT transactions, played a dominant role, underscoring the sector's enduring appeal. With 62% of deals being cross-border, Swiss TMT assets remain attractive to global buyers. Looking ahead, the sector's robust fundamentals suggest a potential rebound in M&A activity as conditions stabilise.
Past reports
February 2024
The Swiss TMT M&A market experienced an extraordinary 2023, marked by a record high deal volume in the first half of the year and ending the year with the lowest deal activity in a quarter since the outbreak of the pandemic. This deal activity was driven by strong participation from financial sponsors and a persistent interest from foreign buyers, highlighting the sector's continuous international appeal. While the second half of 2023 was a mixed year for many sectors within TMT, we believe, stabilising valuation levels, a more optimistic outlook for 2024 and the strong fundamentals of many TMT sectors will again see an increase in both strategic as well as financial investors’ interest. Against this backdrop, we expect the Swiss TMT sector to continue being one of the most active industries when it comes to M&A in Switzerland.
June 2023
The stable Swiss macro-economic environment, coupled with growth opportunities and sub-market consolidation, has led to high momentum in the Swiss TMT M&A market, with a shrinking price expectation gap between sellers and buyers attracting strategics and positioning it as a top choice for investors.
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