Looking at the top acquirers in 2025, the PE firm HgCapital topped the list with 13 deals, followed by Thoma Bravo and the Canadian buy-and-hold company Valsoft Corporation with 4 deals each. Strategic buyer JumpCloud purchased 3 Regtech companies during this period. Financial buyers Main Capital Partners, Keensight Capital, Nordic Capital, and Providence Equity Partners all made 3 acquisitions. 

Total disclosed M&A deal values reached $46.1 billion in 2025, well above annual levels seen from 2020 to 2024. Only 12% of deals disclosed financial terms as buyers preferred to keep their M&A strategies private. 

Let’s start by looking at M&A volumes in the Regtech sector during 2025, which were robust with 422 deals seen, growing by 27% annually and exceeding the 10-year high achieved in 2024. There was strong demand from strategic and financial acquirers, with Private Equity being the buyer in 39% of these deals.

VC funding for Regtech firms peaked in 2021, as did deal volumes, and both have declined considerably since then, with these investments and transaction activity remaining subdued throughout 2025. The average VC investment size was $4 million, well below the median disclosed M&A deal value. These dynamics have encouraged CEOs and founders to instead pursue M&A strategies for growth and liquidity.