Looking at sellers by geography, 50% of target companies were based in the US, followed by the United Kingdom at 12%, and Germany at 4%. France, Canada, the Netherlands and Australia each represented the headquarters of 3% of sellers.

Now looking at buyers by geography, 51% of RegTech acquirers were based in the US, followed by the United Kingdom at 10% and Canada at 7%. Numerous other European countries also saw significant M&A activity in this period. Dealmaking remained international with 37% of transactions being cross-border.