German Tech M&A Study 2024

Decoding the German Technology Sector: The German tech landscape shows strong growth potential, with M&A activity in 2024 stabilizing above 2020 level.



Venture Capital 2025

German Tech M&A Study 2024

Authors: Dr. Thomas Prüver, Artyom Nikifarau
Publication: March 2025
Language: English
Number of pages: 54
Document type: PDF

These topics await you:

  • The German tech sector today is highly fragmented and offers strong growth opportunities fueled by the need for further digitalization of SMEs to catch up with European peer countries.
  • Cybersecurity, AI and Big Data are expected to play a shaping role going forward.
  • M&A activity in German tech in 2024 comprised 387 deals and was driven by several large acquisitions, with software companies as the preferred targets. The investor landscape is fairly diversified, with significant activity of domestic investors.
  • The largest disclosed tech deal was the acquisition of Aareon AG by private equity houses TPG and CDPQ.
  • Startups remain an important pillar of the German tech landscape. While the number of funding rounds declined as compared to 2023, new funding raised by startups increased by 18%, reflecting investors’ cautious confidence. Software & Analytics startups continued attracting strong investors’ interest.
  • Accumulated funding by top 100 German startups increased by USD 3.1b in 2024, reaching USD 32.2b.

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