The Vertical Applications subsector saw the most M&A activity in the RegTech market, representing 14% of total deal volumes, followed by Identity and Access Management with 11%. Additionally, the Business Intelligence subsector represented 10% of total deal volumes. Other subsectors that saw significant interest include Anti-Fraud, Compliance Management and ERP. Interestingly, 73% of sellers used a SaaS business model as this remains one the of the most popular ways to build highly scalable and profitable companies. Also, at least 20% were developing deep tech such as AI with enormous room for upside as customers demand automation capabilities and powerful actionable insights.