IMAP Germany Technology Sector Report | IT-Services Q4 2025

In addition to trends in the M&A market and a current capital market analysis, we have examined the investment activity of financial investors in the IT-Services sector.

Our report contains an analysis of 86 IT-Services companies and 60 financial investors in the DACH region and provides a detailed look at PE investment activity, M&A strategy of corporate buyers, valuation developments, share price performance, and M&A dynamics. Furthermore, the report offers in-depth insights into the M&A strategies of major IT-Services companies and the current company valuations in the IT-Services sector, covering both publicly listed companies and transactions involving privately held firms.

The valuation section provides a comprehensive overview of private and public markets. Our sector mapping further includes insights into the size and subsectors of the companies, the investors, and the investment date.

Key Highlights

• Investment Activity Trends: Continued, strong deal activity from private equity and growth investors, creating substantial buy-and-build IT-Services platforms across all regions and sectors.

• IT-Services Platform Holding Periods & Exit Scenarios: Financial sponsors have currently held their platform investments for c. three years on average with first exits executed in 2025 through secondaries or trade sales to strategic investors.

• Stock Market Performance: Until October 2025, the performance of European IT-Services stocks was mixed with the sector marginally growing by 3.6% LTM. EV/EBITDA multiples improved to c. 8x in line with 5-year historical development.

• Valuation Trends: Valuations in the IT services M&A space stayed stable despite market fluctuations, with scarce companies attracting premiums due to rising foreign investor interest in Germany.

We look forward to your feedback. Please do not hesitate to contact us if you have any questions.