MARCHÉS24 septembre 2026· 16 min
European Tech M&A 2026: Valuations, Multiples & Weak Signals You Cannot Afford to Miss
European tech M&A is entering a recalibration cycle with EV/Revenue multiples compressing 34% since peak 2021. This report decodes the valuation mechanics, sector-specific compression patterns, and the five weak signals pointing to the next wave of consolidation.
SOURCES
[1]PitchBook European Venture & M&A Report Q3 2025 — pitchbook.com
[2]Dealogic M&A Analytics: European Technology Sector 2021–2025 — dealogic.com
[3]Refinitiv (LSEG) European M&A Review — Full Year 2024 — lseg.com/refinitiv
[4]European Commission: AI Innovation Package & Digital Decade Policy Programme 2024 — digital-strategy.ec.europa.eu
[5]Bain & Company Global M&A Report 2025: Technology Sector Deep Dive — bain.com/insights/global-ma-report-2025
[6]KPMG European Technology M&A Trends H1 2025 — kpmg.com/eu/tech-ma
[7]Goldman Sachs European Equity Research: Software & IT Services Valuation Monitor Q2 2025 — goldmansachs.com
[8]Companies House UK — Annual Returns & Floating Charge Register 2024–2025 — companieshouse.gov.uk
[9]Klarna AB Annual Report 2023 — klarna.com/investor-relations
[10]Thoma Bravo: Darktrace Acquisition Press Release & Integration Update 2024 — thomabravo.com