Digital Economy
Market Update
March 2026
Welcome
We are pleased to provide our perspectives on the ANZ digital economy following a period of unprecedented change. The dynamics shaping the M&A and growth capital landscapes for technology companies across Australia and New Zealand include:
1. A new M&A cycle is emerging, but it will be selective. Global PE-backed software deal volume fell 21% in 2025 — the third consecutive annual decline — yet aggregate deal value hit its highest level since 2022 as buyers concentrated capital on fewer, larger targets.1 AI is central to that selectivity: nearly half of all tech deals now have an AI component,2 and in 2025 one in five strategic buyers walked away from transactions due to AI-related concerns.3
Private equity remains an active force, supported by substantial dry powder and improved financing conditions for high-quality, cash-generative assets — though sponsors and lenders alike are maintaining discipline where AI disruption risk is elevated.
In ANZ, inbound interest from international strategic and sponsor buyers remains strong, with capability-led acquisitions and AI-adjacent assets a clear priority. Public-to-private opportunities persist where listed valuations lag private market comparables, but execution increasingly hinges on realistic pricing expectations and early regulatory engagement under Australia's new ACCC merger regime and heightened FIRB scrutiny.
2. AI defensibility is top of mind for buyers and investors. Businesses with proprietary data, vertical expertise, and AI-resilient revenue models are attracting strong interest and premium valuations. Businesses exposed to AI disruption, including commoditised horizontal SaaS, face continued valuation compression as AI narrows the functionality gap between incumbents and low-cost alternatives.
3. Private market resilience drives take‑private opportunity. Private market valuations remain more resilient than public markets, creating a sustained arbitrage window for take‑private transactions — particularly in the $50m–$200m market cap range, where listed Australian software companies trade at a median of just 1.6x next‑twelve‑months revenue versus 3.9x for large‑cap listed peers. For many small‑cap listed companies, depressed share prices are constraining their ability to pursue acquisition‑led growth, even where reinvention or capability expansion is critical. The most attractive acquisition targets typically command premium valuations amid heightened competition, leaving boards with a difficult choice: pay up at the expense of shareholder dilution, or stand still and risk a long‑term decline in value.
If you would like to discuss the market or any area of particular interest, please contact us.
Note: All values are in A$ unless otherwise specified.
1 S&P Global. 2 Bain, M&A in Software. 3 Bain, Looking Back at M&A in 2025.
The Big Picture — Global Tech Markets
Over the last three years, technology markets have undergone a structural revaluation driven by AI. Investors have decisively shifted capital toward AI platforms, infrastructure and semiconductors — at the expense of traditional application software.
The Nasdaq Composite rose 104% over the three years to 11 March 2026 (annualised 27%), buoyed by Nvidia, Broadcom, Microsoft and Palantir.
The Bessemer Cloud Index (Global Software) — tracking high-growth SaaS names including Atlassian, Salesforce, ServiceNow and Snowflake — rose 9% over the same period but is down 11% over the last 12 months.
The ASX All Technology Index (which includes Xero, WiseTech, TechnologyOne) returned 27% over three years (annualised 8%) but has fallen 19% in the past 12 months.
Following the release of Claude Cowork (by Anthropic), ~US$830 billion was wiped off the value of global software and services stocks over six trading days.4
Bessemer Cloud Index vs Nasdaq Composite vs ASX All Tech
Note: All market data, trading comparables and M&A data as at 11 March 2026. Source: Bessemer Venture Partners (index data); S&P Capital IQ.
Valuations and AI Reshaping
Software valuations have been resetting since 2021. While the Nasdaq recovered from its 2022 lows, the median EV/Revenue multiple for the Bessemer Cloud Index has compressed from ~14.0x in 2021 to its current level of 3.5x. AI is reshaping software valuations through three structural forces:
- Mispricing of quality: The market has failed to differentiate between mission-critical vertical software — with proprietary data and embedded workflows — and commoditised horizontal SaaS where AI can replicate core functionality. This indiscriminate sell-off is creating significant buy-side opportunity.
- Seat compression: User-based revenue models are under structural pressure as AI agents reduce the number of human seats required. Some vendors are successfully transitioning to usage-based or outcome-based pricing, but many face shrinking per-seat revenue with no clear path to offset.
- Proof over promise: Investors are now demanding evidence, not narrative. Sales results from global software leaders in 2026 will determine whether AI is a net accelerant or cannibal of software spend. Early signals are mixed — Anthropic has scaled to a US$14 billion annualised revenue run rate5 while incumbent software names have underperformed.
Global Software — EV/NTM Revenue
NTM = Next Twelve Months. Source: S&P Capital IQ to 11 March 2026.
What Defines an AI-Resilient Software Business?
Not all software businesses face equal exposure. Companies with proven unit economics, mission-critical positioning in regulated or complex verticals, and proprietary data moats continue to command premium multiples. The key question for every software business is no longer “How fast are you growing?” but “How defensible are you against AI substitution?”
Four key areas separate the winners from the vulnerable:
- Vertical > Horizontal
- Mission-critical utility
- >80% recurring revenue
- Usage-based charging
- AI monetisation path
- Defendable per-user economics
- High switching costs (reflected in low churn <5% ARR)
- High net dollar retention (>100%)
- Predictable expansion
- Proprietary data advantage
- Deterministic (process) not probabilistic (perspective)
- Scale economies
- Category leader or niche specialist
- Defensible TAM
- Rising share of wallet
4 Reuters. 5 Anthropic / Forbes.
The Australian Tech Market
Following a strong M&A market in 2024, deal volumes fell in 2025 – particularly in the second half – as rising interest rates and AI disruption concerns weighed on valuations.
Our outlook for 2026 remains positive. We continue to see solid interest from international strategic and financial buyers and investors in high-quality, AI-resilient businesses, and expect more M&A involving ASX-listed micro-caps trading at depressed valuations.
Australian Tech M&A Activity — Deal Volume & Value
Note: 2H24 deal value driven by $24bn AirTrunk acquisition by Blackstone and CPP. Source: S&P Capital IQ as at 11 March 2026.
Australian Tech Capital Raise Activity — Deal Volume & Value
Note: 1H25 capital raise driven by $3bn NBN raise. Source: S&P Capital IQ as at 11 March 2026.
ASX Takeover Premia
The median control premium is 67%, reflecting strategic buyer interest in quality assets trading at depressed multiples. With small-cap software companies in the $50m–$200m market-cap range trading at a median EV/Revenue of 1.6x — versus a historical range of 3–5x — the arbitrage opportunity for well-capitalised acquirers will continue to drive takeover interest.
Note: Median premium: 67%. Source: S&P Capital IQ, ASX, Company announcements. ■ Advised by Latimer Partners
Share Price Performance by Sector
Only two sectors posted positive returns over the last year: Communications, which returned 25%, and Industrial Tech with 10% (although the sector is down YTD 2026). All other sectors remain in negative territory. Across our coverage universe of 128 companies, nearly 60% declined over the past twelve months — and the trend has worsened in 2026, with over 80% of companies down year-to-date.
| Sector | 1 Year | YTD 2026 | Notable Movers |
|---|---|---|---|
| Communications | +25.4% | +5.3% |
▲ Superloop +44.9%, Aussie Broadband +32.5% ▼ TPG (12.1%), Spark +0.0% |
| IoT / Industrial Tech | +10.0% | (10.3%) |
▲ Codan +143.0%, Acusensus +42.5% ▼ EROAD (4.3%) |
| Fintech | (10.1%) | (14.2%) |
▲ Change Financial +94.4%, FINEOS +43.0% ▼ Findi (77.5%), OFX (52.8%) |
| Digital Lending | (10.4%) | (13.9%) |
▲ Harmoney +76.0%, Pepper Money +52.7% ▼ MoneyMe (27.2%), Latitude (17.7%) |
| IT Services | (11.8%) | (17.9%) |
▲ DUG +83.2%, Macquarie Tech −1.6% ▼ Atturra (33.3%), Infotrust (7.2%) |
| Software $50–$200m | (13.5%) | (26.7%) |
▲ Vection +50.0%, Betmakers +45.5% ▼ Ai-Media (64.2%), ReadyTech (53.6%) |
| Digital Marketing & Other | (19.8%) | (23.4%) |
▲ IVE +21.2%, Adveritas +11.2% ▼ oOh!media (39.6%) |
| Software >$200m | (21.9%) | (22.2%) |
▲ Lumos +1,352.4%, Wrkr +160.9% ▼ Audinate (57.9%), Vista (57.1%) |
| Broadcasters | (25.9%) | (14.3%) |
▲ SKY Network +34.4%, Southern Cross Media −8.1% ▼ ARN Media (44.5%), Nine Ent (43.6%) |
| Marketplace & Classifieds | (26.5%) | (14.9%) |
▲ Frontier DV +51.2%, Articore +43.5% ▼ Web Travel (38.6%), SEEK (32.1%) |
Note: Median 1-year and YTD 2026 returns of sector constituents to 11 March 2026. Notable movers reference 1 year returns and are limited to companies with market capitalisation above $50m. Source: S&P Capital IQ.
Software
Key Themes
- Rule of 40 separation accelerating: Profitable, high-growth businesses are pulling ahead in the valuation reset. The market is increasingly rewarding balanced growth-and-profitability profiles rather than growth-at-all-costs.
- Small-cap software deeply discounted: Businesses in the $50m–$200m market cap range are trading at a median 1.6x EV/Revenue — well below the historical 3–5x range. This creates compelling entry points for buyers willing to underwrite AI transition risk, particularly where proprietary data and embedded workflows provide natural moats.
- AI bifurcation is the dominant pricing dynamic: Mission-critical vertical software with proprietary data and embedded workflows commands valuation premiums. Commoditised horizontal SaaS — particularly where AI can replicate core functionality — faces sustained multiple compression.
- PE bolt-on activity accelerating: Financial sponsors are deploying capital aggressively into software targets, focusing on profitable businesses where operational AI adoption can drive EBITDA expansion post-acquisition.
ANZ Listed Software Companies — Market Cap >$200m
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/Revenue | Mkt Cap ($'m) | Rev Growth | EBITDA Margin | Rule of 40 |
|---|---|---|---|---|---|
| Pro Medicus | 51.1x | 14,290 | 29% | 89% | NM |
| Wrkr | 14.9x | 238 | 87% | (20%) | 67% |
| Technology One | 12.4x | 8,859 | 15% | 44% | 59% |
| Lumos Diagnostics | 10.9x | 243 | 19% | 14% | 33% |
| WiseTech Global | 9.2x | 16,417 | 77% | 41% | 118% |
| Objective | 9.1x | 1,300 | 8% | 38% | 46% |
| Energy One | 6.4x | 451 | 18% | 29% | 47% |
| Life360 | 5.1x | 5,154 | 26% | 20% | 46% |
| Xero | 4.5x | 13,914 | 27% | 27% | 54% |
| SiteMinder | 3.4x | 968 | 23% | 11% | 34% |
| Qoria | 3.3x | 437 | 20% | 18% | 38% |
| Bravura Solutions | 3.2x | 950 | (11%) | 29% | 18% |
| Gentrack | 3.1x | 749 | 5% | 14% | 19% |
| Hansen Technologies | 2.8x | 1,067 | 4% | 30% | 34% |
| Audinate | 2.7x | 251 | 10% | (8%) | 2% |
| Vista International | 2.5x | 370 | 4% | 19% | 23% |
| Nuix | 2.3x | 603 | 14% | 28% | 42% |
| Serko | 1.5x | 212 | 33% | 5% | 38% |
| Median | 3.9x | 850 | 19% | 24% | 38% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Lumos Diagnostics | LDX | +1352.4% | +7.0% |
| Wrkr | WRK | +160.9% | (7.7%) |
| Energy One | EOL | +40.5% | (17.4%) |
| Hansen Technologies | HSN | +7.6% | (0.8%) |
| Life360 | 360 | +2.0% | (36.1%) |
| Technology One | TNE | (0.4%) | (2.9%) |
| Bravura Solutions | BVS | (5.8%) | (17.5%) |
| Objective | OCL | (6.9%) | (17.9%) |
| Qoria | QOR | (19.0%) | (45.3%) |
| SiteMinder | SDR | (24.9%) | (43.4%) |
| Gentrack | GTK | (30.9%) | (12.1%) |
| Pro Medicus | PME | (40.3%) | (38.1%) |
| WiseTech Global | WTC | (42.8%) | (28.1%) |
| Nuix | NXL | (47.2%) | +0.3% |
| Xero | XRO | (48.4%) | (28.2%) |
| Serko | SKO | (50.4%) | (36.0%) |
| Vista International | VGL | (57.1%) | (33.9%) |
| Audinate | AD8 | (57.9%) | (26.6%) |
| Median | — | (21.9%) | (22.2%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
ANZ Listed Software Companies — Market Cap $50m–$200m
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/Revenue | Mkt Cap ($'m) | Rev Growth | EBITDA Margin | Rule of 40 |
|---|---|---|---|---|---|
| IODM | 27.8x | 117 | 29% | (31%) | (2%) |
| PainChek* | 9.5x | 37 | 26% | NM | NM |
| Vinyl* | 7.8x | 113 | NM | (81%) | NM |
| Oneview Healthcare | 6.4x | 169 | 21% | (50%) | (29%) |
| Urbanise.com* | 3.0x | 51 | 4% | (28%) | (24%) |
| Alcidion | 2.4x | 134 | 25% | 13% | 38% |
| Vection Technologies* | 2.1x | 74 | 10% | (16%) | (6%) |
| Kinatico | 1.8x | 73 | 10% | 16% | 26% |
| ReadyTech | 1.6x | 158 | 3% | 29% | 32% |
| archTIS | 1.6x | 37 | NM | (15%) | NM |
| Betmakers Technology | 1.6x | 179 | 12% | 11% | 23% |
| Mach7 Technologies | 1.5x | 69 | (1%) | (0%) | (1%) |
| Credit Clear | 1.5x | 104 | 24% | 18% | 42% |
| 3P Learning | 1.1x | 123 | 4% | 18% | 22% |
| Reckon | 1.0x | 58 | 3% | 42% | 45% |
| Ai-Media | 0.6x | 51 | (15%) | (1%) | (16%) |
| Janison Education | 0.6x | 39 | (0%) | 4% | 4% |
| Integrated Research | 0.2x | 56 | (12%) | (7%) | (19%) |
| Median | 1.6x | 74 | 10% | (0%) | 4% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Vection Technologies | VR1 | +50.0% | +6.5% |
| Betmakers Technology | BET | +45.5% | (13.5%) |
| Alcidion | ALC | +31.6% | (4.8%) |
| Urbanise.com | UBN | +25.0% | (9.7%) |
| IODM | IOD | +15.6% | +42.3% |
| archTIS | AR9 | +5.5% | (35.8%) |
| Kinatico | KYP | +3.0% | (46.9%) |
| Reckon | RKN | +3.0% | (10.5%) |
| Credit Clear | CCR | (13.0%) | (25.9%) |
| Integrated Research | IRI | (13.9%) | (11.4%) |
| Janison Education | JAN | (14.3%) | (48.3%) |
| Vinyl | VNL | (19.0%) | (4.7%) |
| Mach7 Technologies | M7T | (23.4%) | (52.0%) |
| Oneview Healthcare | ONE | (31.2%) | (44.3%) |
| 3P Learning | 3PL | (31.8%) | (27.4%) |
| PainChek | PCK | (41.7%) | (39.7%) |
| ReadyTech | RDY | (53.6%) | (48.0%) |
| Ai-Media | AIM | (64.2%) | (69.2%) |
| Median | — | (13.5%) | (26.7%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
Selected ANZ M&A Transactions — Software
Sources: S&P Capital IQ, media reports and market intelligence. Dates reflect announcement date.
Note: ■ Advised by Latimer Partners
The transactions shown above represent a selection of relevant deals. For a comprehensive view of transaction activity and valuations in this sector, please contact us.
Deal Information
| Target | Acquirer | EV ($'m) | EV/Revenue | Date |
|---|---|---|---|---|
| NewBook | Storable | 250 | 8.3x | May-24 |
| TASK Group | PAR Technology | 296 | 5.0x | Jul-24 |
| Envato | Shutterstock Aus Emu | 222 | 1.4x | Jul-24 |
| Altium | Renesas Electronics | 8,787 | 20.7x | Aug-24 |
| Compass Education | Investor Group | 700 | 14.0x | Aug-24 |
| Ansarada Group | Datasite Global | 213 | 4.0x | Sep-24 |
| K2fly | Accel-KKR | 36 | 2.9x | Sep-24 |
| Schrole | Tes Aus Global | 18 | 2.6x | Sep-24 |
| LiveHire | Humanforce | 16 | 2.3x | Oct-24 |
| Bigtincan | Vector Capital Management | 150 | 1.4x | Apr-25 |
| Micromine | The Weir | 1,310 | 10.0x | Apr-25 |
| Dropsuite | NinjaOne Australia | 397 | 9.6x | May-25 |
| MedAdvisor | Jonas Software AUS | 42 | 0.7x | Jul-25 |
| E2open Parent | WiseTech Global | 3,381 | 3.6x | Nov-25 |
| Infomedia | TPG Growth Capital Asia | 577 | 3.9x | Nov-25 |
| RPMGlobal | Caterpillar | 1,056 | 14.3x | Feb-26 |
| Qoria | Aura Sub | 1,016 | 8.6x | Feb-26 |
| Median | — | 250 | 4.0x | — |
Fintech & Digital Lending
Key Themes
- Wealth platform oligopoly emerging: Hub24 and Netwealth now command approximately 80% of net platform flows. These platforms are building end-to-end ecosystems to lock in adviser loyalty, creating a widening structural advantage.
- Cross-border payment consolidation: Larger fintech platforms continue to acquire regional and niche payment providers to build scale and geographic reach.
- AI transforming risk and compliance: Tier-1 fintech platforms are deploying AI across fraud detection, credit scoring, and regulatory reporting — lowering customer acquisition costs and improving risk models.
- BNPL regulatory clarity: From June 2025, BNPL providers must hold an Australian credit licence under the National Consumer Credit Protection Act. This regulatory maturation is expected to consolidate the market around well-capitalised operators and support long-term sector growth.
ANZ Listed Fintech Companies
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/Revenue | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| HUB24 | 14.4x | 7,262 | 25% | 42% |
| Netwealth | 14.2x | 5,771 | 22% | 49% |
| DigitalX | 8.7x | 45 | 40% | (83%) |
| Computershare | 3.8x | 17,167 | 0% | 39% |
| FINEOS | 3.2x | 855 | 4% | 24% |
| Praemium | 3.0x | 366 | 10% | 28% |
| Iress | 2.9x | 1,387 | (5%) | 29% |
| Change Financial | 2.5x | 69 | 14% | 23% |
| Cuscal | 2.4x | 774 | (35%) | 23% |
| Findi | 1.9x | 67 | 66% | 11% |
| Raiz Invest | 1.9x | 64 | 14% | 18% |
| Spenda | 1.4x | 11 | NM | NM |
| EML Payments | 1.3x | 237 | (5%) | 27% |
| Complii FinTech Solutions | 1.2x | 13 | 31% | (26%) |
| Tyro Payments | 0.7x | 425 | 2% | 14% |
| Novatti | 0.3x | 16 | 24% | (19%) |
| OFX | 0.3x | 133 | (5%) | 13% |
| Median | 2.4x | 237 | 14% | 23% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Change Financial | CCA | +94.4% | +56.7% |
| Cuscal | CCL | +49.6% | (11.3%) |
| FINEOS | FCL | +43.0% | (18.0%) |
| Raiz Invest | RZI | +21.0% | (20.9%) |
| HUB24 | HUB | +19.6% | (9.3%) |
| Tyro Payments | TYR | +8.1% | (19.9%) |
| Praemium | PPS | +5.8% | (8.2%) |
| Novatti | NOV | (6.9%) | (6.9%) |
| Iress | IRE | (10.1%) | (14.1%) |
| Netwealth | NWL | (14.5%) | (10.0%) |
| Complii FinTech | CF1 | (23.1%) | (20.0%) |
| Computershare | CPU | (24.7%) | (14.2%) |
| DigitalX | DCC | (34.8%) | (21.1%) |
| EML Payments | EML | (36.8%) | (34.1%) |
| OFX | OFX | (52.8%) | +21.6% |
| Findi | FND | (77.5%) | (37.2%) |
| Spenda | SPX | (77.8%) | (20.0%) |
| Median | — | (10.1%) | (14.2%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
ANZ Listed Digital Lending Companies
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | Market Cap/EBITDA | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| Judo Capital | 9.0x | 1,749 | 22% | 37% |
| Zip Co | 8.9x | 2,141 | 26% | 18% |
| Plenti | 8.0x | 159 | 37% | 7% |
| Liberty Financial | 6.0x | 1,060 | 4% | 28% |
| Harmoney Corp | 5.7x | 86 | NM | 10% |
| Beforepay | 5.5x | 82 | 22% | 30% |
| Wisr | 5.5x | 42 | 18% | 7% |
| Pepper Money | 5.4x | 1,011 | (3%) | 41% |
| Latitude | 4.9x | 988 | 65% | 23% |
| Solvar | 3.2x | 306 | NM | 48% |
| Earlypay | 1.8x | 41 | (7%) | 45% |
| MoneyMe | N/A | 75 | NM | (12%) |
| Median | 5.5x | 233 | 22% | 26% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Harmoney | HMY | +76.0% | (7.1%) |
| Pepper Money | PPM | +52.7% | +4.6% |
| Beforepay | B4P | +27.5% | (36.2%) |
| Solvar | SVR | +24.6% | (6.9%) |
| Plenti | PLT | +6.2% | (22.9%) |
| Liberty Financial | LFG | (7.3%) | (14.7%) |
| Zip Co | ZIP | (13.4%) | (48.0%) |
| Judo Capital | JDO | (15.3%) | (8.4%) |
| Latitude | LFS | (17.7%) | (8.7%) |
| Earlypay | EPY | (25.0%) | (13.2%) |
| Wisr | WZR | (25.0%) | (22.6%) |
| MoneyMe | MME | (27.2%) | (24.2%) |
| Median | — | (10.4%) | (13.9%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
Selected ANZ M&A Transactions — Fintech & Digital Lending
Sources: S&P Capital IQ, media reports and market intelligence. Dates reflect announcement date.
The transactions shown above represent a selection of relevant deals. For a comprehensive view of transaction activity and valuations in this sector, please contact us.
Deal Information
| Target | Acquirer | EV ($'m) | EV/Revenue | Date |
|---|---|---|---|---|
| Symple Loans | Latitude | 188 | 34.8x | Oct-21 |
| Afterpay | Square | 39,000 | 29.3x | Feb-22 |
| SocietyOne Australia | MoneyMe | 132 | 2.6x | Mar-22 |
| FIRMA Foreign Exchange | OFX | 99 | 1.9x | May-22 |
| Stratton Finance | Pepper Money | 120 | 3.2x | Jul-22 |
| PayGroup | Deel | 93 | 3.5x | Nov-22 |
| Pushpay | Investor group | 1,567 | 4.9x | May-23 |
| Link Administration | Mitsubishi UFJ | 1,912 | 1.9x | May-24 |
| Prospa | Investor Group | 74 | 0.3x | Aug-24 |
| Bankit Services Pvt | Transaction Solutions Intl | 24 | 0.7x | Apr-25 |
| SelfWealth | Syfe | 37 | 1.3x | May-25 |
| Smartpay | Shift4 Payments | 282 | 3.0x | Nov-25 |
| Median | — | 120 | 2.6x | — |
IT Services
Key Themes
- AI productivity tools reshaping delivery models: AI-assisted coding and deployment tools are driving measurable efficiency gains across the services sector, reshaping project economics and creating competitive separation between firms that adopt early and those that lag.
- Value-based pricing shift: Services firms are migrating from time-and-materials to value-based pricing models as AI tools compress billable hours. This transition rewards firms that can demonstrate measurable client outcomes rather than those that rely on input-based billing.
- PE interest remains strong: Private equity-backed platforms, including VITG, Bastion and EFEX, continue to acquire bolt-ons to extend capabilities and expand geographically. Automation and agentic AI are being rapidly adopted to lower support and back-office costs and improve service levels.
- International strategic interest: Infosys' $98 million acquisition of The Missing Link, Accenture's acquisition of CyberCX and 11:11's acquisition of Digital Sense, where Latimer Partners was the sell-side advisor for Aussie Broadband, illustrate the growing international appetite for mid-market Australian IT services and cybersecurity specialists, particularly those with government and enterprise client relationships.
Trading Comparables — ANZ Listed IT Services Companies
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/EBITDA | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| Macquarie Technology | 16.4x | 1,731 | 5% | 30% |
| Data#3 | 13.9x | 1,124 | 9% | 2% |
| Infotrust† | 11.5x | 86 | (38%) | 10% |
| Comms Group* | 8.1x | 37 | 2% | 10% |
| COSOL | 7.9x | 38 | (12%) | 8% |
| DUG Technology | 7.3x | 280 | 32% | 33% |
| Atturra | 6.6x | 207 | 23% | 8% |
| StepChange | 4.1x | 19 | 25% | 6% |
| SOCO* | N/A | 8 | 4% | (0%) |
| 5G Networks* | N/A | 18 | 29% | (8%) |
| Median | 8.0x | 62 | 7% | 8% |
† Infotrust EBITDA is an estimate based on H2 FY26 uEBITDA guidance for continuing operations.
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| DUG Technology | DUG | +83.2% | (5.5%) |
| Comms Group | CCG | +30.8% | +3.0% |
| Macquarie Technology | MAQ | (1.6%) | +1.0% |
| Data#3 | DTL | (4.6%) | (19.5%) |
| Infotrust | ITS | (7.2%) | (18.2%) |
| SOCO | SOC | (16.4%) | +16.7% |
| Atturra | ATA | (33.3%) | (19.4%) |
| 5G Networks | 5GN | (52.0%) | (49.2%) |
| COSOL | COS | (74.7%) | (57.6%) |
| StepChange (ticker STH) | STH | N/A | (17.9%) |
| Median | — | (11.8%) | (17.9%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
Selected ANZ M&A Transactions — IT Services
Sources: S&P Capital IQ, media reports and market intelligence. Dates reflect announcement date.
Note: ■ Advised by Latimer Partners
The transactions shown above represent a selection of relevant deals. For a comprehensive view of transaction activity and valuations in this sector, please contact us.
Deal Information
| Target | Acquirer | EV ($'m) | EV/EBITDA | Date |
|---|---|---|---|---|
| Intalock | Spirit Technology Solutions | 23 | 9.8x | Dec-20 |
| onGroup | Comms Group | 18 | 6.0x | Feb-22 |
| Acurus | Superloop | 34 | 6.0x | Jun-22 |
| Micro Channel | FUJIFILM Business Innovation | 110 | 12.5x | Mar-23 |
| Somerville | Atturra | 19 | 5.9x | Apr-23 |
| Axsym Technology | SOCO | 11 | 4.6x | Nov-23 |
| Cirrus Networks | Atturra | 46 | 11.5x | Dec-23 |
| InfoSurety | Spirit Technology Solutions | 36 | 7.9x | Apr-24 |
| Exent | Atturra | 8 | 6.5x | Jul-24 |
| Plan B | Cirrus Networks | 22 | 6.2x | Dec-24 |
| ComActivity | Atturra | 14 | 7.0x | Jan-25 |
| The Missing Link | Infosys Singapore | 98 | N/A | Apr-25 |
| DalRae Solutions | Atturra PHC | 20 | 6.2x | Jul-25 |
| Blue Connections | Cirrus Networks | 25 | 10.2x | Sep-25 |
| Digital Sense | 11:11 Systems | 18 | 5.0x | Oct-25 |
| Median | — | 22 | 6.4x | — |
Communications
Key Themes
- Standout sector performance: The ASX-listed Communications sector has delivered a median return of +25.4% over the last 12 months (to March 2026). The sector provides investors with exposure to attractive market tailwinds (increasing demand for high-capacity, low-latency connectivity to support generative and agentic AI and cloud-based workloads) and, at the same time, it offers defensive characteristics (annuity-style infrastructure cash flows and high barriers to entry).
- Automation and AI driving down operating costs: Telstra has partnered with Accenture to accelerate its data roadmap, which includes evaluating 380 AI use cases. Superloop agentic AI now handles more than half of its customer service interactions and delivers higher customer experience scores than traditional channels.
- Mid-tier ISP consolidation continues: Aussie Broadband, Superloop and Comms Group continue to acquire complementary businesses, and privately owned MaxoTel outbid Swoop to acquire ASX-listed Vonex, where Latimer Partners advised.
- Refocus on core business: Telstra's divestment of cloud services provider Versent was part of a renewed focus on Data and Connectivity products rather than Network Applications and Services. Likewise, Aussie Broadband agreed to sell Digital Sense to US-based 11:11 Systems as part of its strategy to focus on core communications services.
ANZ Listed Communications Companies
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/EBITDA | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| Hubify* | 18.6x | 9 | (9%) | 2% |
| Superloop | 13.2x | 1,529 | 22% | 17% |
| Aussie Broadband | 9.6x | 1,446 | 11% | 12% |
| Telstra | 8.7x | 57,639 | 3% | 37% |
| Comms Group* | 8.1x | 37 | 2% | 10% |
| TPG Telecom | 6.9x | 7,691 | 2% | 33% |
| Swoop* | 6.9x | 40 | 31% | 8% |
| Spark New Zealand | 5.9x | 3,531 | (5%) | 29% |
| Pentanet* | N/A | 10 | 6% | (1%) |
| Median | 8.4x | 1,446 | 3% | 12% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Hubify | HFY | +88.9% | +112.5% |
| Superloop | SLC | +44.9% | +14.7% |
| Aussie Broadband | ABB | +32.5% | (2.2%) |
| Comms Group | CCG | +30.8% | +3.0% |
| Telstra | TLS | +25.4% | +5.3% |
| Swoop | SWP | +4.0% | +30.0% |
| Spark New Zealand | SPK | +0.0% | (0.9%) |
| TPG Telecom | TPG | (12.1%) | +4.0% |
| Pentanet | 5GG | (29.0%) | +10.0% |
| Median | — | +25.4% | +5.3% |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
Selected ANZ M&A Transactions — Communications
Sources: S&P Capital IQ, media reports and market intelligence. Dates reflect announcement date.
Note: ■ Advised by Latimer Partners
The transactions shown above represent a selection of relevant deals. For a comprehensive view of transaction activity and valuations in this sector, please contact us.
Deal Information
| Target | Acquirer | EV ($'m) | EV/EBITDA | Date |
|---|---|---|---|---|
| Switched On | Comms Group | 4 | 4.3x | Aug-21 |
| TasmaNet | Field Solutions | 15 | 15.0x | Dec-21 |
| Aqura technologies | Kloud Managed Services | 30 | 19.2x | Jan-22 |
| Over The Wire | Aussie Broadband | 380 | 16.3x | Mar-22 |
| Spirit FW Network | Maret Infrastructure | 21 | 6.0x | Jun-22 |
| VostroNet | Superloop | 50 | 9.3x | Oct-22 |
| Symbio | Aussie Broadband | 262 | 8.4x | Feb-24 |
| Skymesh | Salter Brothers | 50 | 6.0x | Dec-24 |
| Vonex | Maxo | 39 | 9.5x | Feb-25 |
| TasmaNet | Comms Group | 10 | 2.5x | Jul-25 |
| TPG Fibre Assets | Vocus | 5,250 | 12.2x | Oct-25 |
| Nexgen | Aussie Broadband | 50 | 6.5x | Feb-26 |
| Median | — | 50 | 8.4x | — |
Marketplaces & E-Commerce
Key Themes
- Proprietary data and network effects remain highly defensible: Vertical marketplaces with proprietary datasets and strong network effects continue to command premium multiples (eg, REA and CAR).
- CoStar/Domain signals global buyer appetite: CoStar Group's $3 billion acquisition of Domain (completed April 2025) confirms the depth of international strategic interest in Australian digital marketplace assets with strong market positions.
- AI shopping agents pressuring horizontal platforms: Generative AI and agentic commerce tools are disrupting horizontal e-commerce by commoditising product discovery and comparison.
ANZ Listed Marketplace & Classifieds Companies
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/Revenue | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| REA | 12.2x | 22,345 | (5%) | 58% |
| CAR | 8.6x | 9,722 | 8% | 55% |
| SEEK | 5.5x | 5,537 | 10% | 44% |
| Frontier Digital Ventures | 2.3x | 135 | (4%) | 16% |
| Web Travel | 1.9x | 1,012 | 18% | 39% |
| Airtasker | 1.3x | 117 | 13% | (63%) |
| Freelancer | 1.2x | 81 | 6% | 12% |
| Gumtree* | 1.0x | 40 | (8%) | 7% |
| hipages | 0.9x | 104 | 9% | 25% |
| Gratifii* | 0.5x | 33 | 82% | (9%) |
| Articore | 0.1x | 96 | (16%) | 4% |
| Camplify | 0.0x | 24 | 7% | (6%) |
| Median | 1.3x | 111 | 8% | 14% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Frontier Digital Ventures | FDV | +51.2% | +19.2% |
| Articore | ATG | +43.5% | +26.9% |
| Freelancer | FLN | +9.1% | (21.7%) |
| Gumtree | GUM | (7.4%) | (7.4%) |
| Airtasker | ART | (20.0%) | (30.4%) |
| CAR | CAR | (26.1%) | (16.5%) |
| hipages | HPG | (26.9%) | (38.7%) |
| REA | REA | (27.8%) | (7.6%) |
| Gratifii | GTI | (31.8%) | (6.2%) |
| SEEK | SEK | (32.1%) | (32.9%) |
| Camplify | CHL | (33.7%) | (13.2%) |
| Web Travel | WEB | (38.6%) | (41.4%) |
| Median | — | (26.5%) | (14.9%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
ANZ Listed E-Commerce Companies
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/EBITDA | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| Temple & Webster | 27.9x | 871 | 19% | 4% |
| Step One Clothing | 17.9x | 37 | (24%) | 1% |
| Kogan.com | 8.0x | 391 | 7% | 8% |
| Adore Beauty | 4.9x | 37 | 13% | 5% |
| Cettire | 4.4x | 112 | (1%) | 2% |
| Median | 8.0x | 112 | 7% | 4% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| Kogan.com | KGN | (12.8%) | +9.3% |
| Adore Beauty | ABY | (51.8%) | (68.9%) |
| Temple & Webster | TPW | (54.4%) | (45.9%) |
| Cettire | CTT | (68.1%) | (66.3%) |
| Step One Clothing | STP | (77.2%) | (38.8%) |
| Median | — | (54.4%) | (45.9%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
Selected ANZ M&A Transactions — Marketplace & Classifieds, E-Commerce
Sources: S&P Capital IQ, media reports and market intelligence. Dates reflect announcement date.
The transactions shown above represent a selection of relevant deals. For a comprehensive view of transaction activity and valuations in this sector, please contact us.
Deal Information
| Target | Acquirer | EV ($'m) | EV/EBITDA | Date |
|---|---|---|---|---|
| Hampers And Gifts Australia | Maggie Beer | 55 | 12.5x | May-21 |
| Hampers With Bite | Pental | 28 | 5.5x | Sep-21 |
| Realbase | Domain | 228 | 20.5x | Apr-22 |
| Mysale Group | Frasers | 34 | N/A | Oct-22 |
| iSelect | Innovation | 79 | N/A | Dec-22 |
| Catena Media sports betting | Moneta Communications | 10 | 6.7x | Aug-23 |
| ClubConnect (Ticketmates) | Gratifii | 8 | 4.9x | Nov-24 |
| Domain | CoStar | 2,983 | 25.2x | Apr-25 |
| Locomote IP | Webjet Group | 23 | N/A | Oct-25 |
| Mad Paws | Rover | 61 | N/A | Nov-25 |
| Hardware & Building Traders | Stealth | 22 | 5.9x | Nov-25 |
| Gumtree Capital Markets | ADVFN Plc | 7 | N/A | Ongoing |
| Median | — | 31 | 6.7x | — |
Digital Media
Key Themes
- Scale-driven consolidation accelerating: The Seven West/Southern Cross merger (completed 7 January 2026) and DAZN's $3.4 billion Foxtel acquisition (completed April 2025) signal a structural imperative for scale. Smaller media properties cannot compete on content spend, advertising inventory, or technology investment.
- Streaming economics demanding consolidation: The DAZN-Foxtel transaction (retaining Foxtel, Kayo, Binge and Hubbl brands) illustrates how global streaming economics are forcing content aggregation. Expect further cross-border media M&A as operators pursue scale across content, distribution and advertising.
- AI transforming content creation and ad targeting: Automated content creation and programmatic advertising are improving unit economics for scaled operators. AI-driven personalisation is widening the performance gap between large platforms and smaller publishers.
- AI becoming core marketing infrastructure: AI is moving from experimentation to core execution across creative generation, media buying, and predictive targeting. Lower production costs and faster campaign cycles are compressing margins for traditional agencies while rewarding technology-led platforms.
- AI-mediated discovery and "LLM Marketing": As consumers increasingly use AI assistants for product and service recommendations, brands must optimise for AI-mediated discovery. Generative Engine Optimisation (GEO) is emerging as a complement to traditional SEO, and the prospect of advertising within AI assistants represents a significant new channel.
- Measurable ROI and performance marketing: The shift from impressions and clicks to revenue attribution and customer lifetime value is accelerating. AI-driven marketing mix modelling — led by platforms such as Mutinex — is enabling marketers to measure and optimise spend with greater precision.
ANZ Listed Digital Media — Broadcasters
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/EBITDA | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| ARN Media | 5.6x | 111 | 2% | 16% |
| Nine Entertainment Co. | 4.7x | 1,434 | (18%) | 15% |
| Southern Cross Media | 4.6x | 297 | NM | 12% |
| SKY Network Television | 2.7x | 390 | 5% | 19% |
| Median | 4.7x | 343 | 4% | 15% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| SKY Network Television | SKT | +34.4% | +0.0% |
| Southern Cross Media | SXL | (8.1%) | (21.5%) |
| Nine Entertainment Co. | NEC | (43.6%) | (18.5%) |
| ARN Media | A1N | (44.5%) | (10.1%) |
| Median | — | (25.9%) | (14.3%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
ANZ Listed Digital Media — Digital Marketing & Other
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/EBITDA | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| Pureprofile | 6.8x | 47 | 15% | 10% |
| IVE | 5.0x | 414 | (0%) | 15% |
| oOh!media | 4.8x | 501 | 4% | 45% |
| GTN | 2.6x | 42 | 7% | 10% |
| Enero | 2.0x | 45 | (26%) | 11% |
| RMA Global | N/A | 33 | 22% | (4%) |
| Unith* | N/A | 11 | 19% | (62%) |
| Adveritas | N/A | 92 | 53% | (30%) |
| Median | 4.8x | 46 | 11% | 10% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| RMA Global | RMY | +42.9% | +6.4% |
| IVE | IGL | +21.2% | (10.6%) |
| Adveritas | AV1 | +11.2% | (26.7%) |
| Pureprofile | PPL | +0.0% | (24.5%) |
| oOh!media | OML | (39.6%) | (28.5%) |
| Enero | EGG | (41.1%) | (21.4%) |
| Unith | UNT | (46.2%) | (22.2%) |
| GTN | GTN | (60.7%) | (26.7%) |
| Median | — | (19.8%) | (23.4%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
Selected ANZ M&A Transactions — Digital Media
Sources: S&P Capital IQ, media reports and market intelligence. Dates reflect announcement date.
The transactions shown above represent a selection of relevant deals. For a comprehensive view of transaction activity and valuations in this sector, please contact us.
Deal Information
| Target | Acquirer | EV ($'m) | EV/EBITDA | Date |
|---|---|---|---|---|
| Ninja Kiwi | MTG Gaming | 253 | 9.6x | Jun-21 |
| Prime Media | Seven West Media | 132 | 2.9x | Dec-21 |
| Grant Broadcasters | Australian Radio Network | 308 | 8.7x | Jan-22 |
| Beyond International | Screentime | 49 | 6.8x | Dec-22 |
| Ebet Gaming Systems | Venue Digital Technology | 62 | 14.1x | Feb-23 |
| Southern Cross Media | ARN Media | 493 | 6.5x | Jun-23 |
| ARN Media | Seven West Media | 518 | 7.9x | Nov-23 |
| GTN | Viburnum Funds | 81 | 6.0x | Nov-24 |
| Foxtel Management | DAZN | 3,400 | 7.0x | Apr-25 |
| Seven West Media | Southern Cross Media | 658 | 4.9x | Jan-26 |
| QMS Media | Nine Entertainment Co. | 850 | 6.8x | Ongoing |
| Median | — | 280 | 6.8x | — |
IoT / Industrial Tech
Key Themes
- Market growing rapidly: Australia's industrial IoT market reached US$9.1 billion in 2025 and is projected to grow to US$27.3 billion by 2034 (12.5% CAGR), driven by adoption across mining, manufacturing and agriculture — sectors where Australia has natural strength.6
- AI-driven operational intelligence: Smart sensors, edge computing and AI-driven analytics are transforming asset-intensive industries through remote monitoring, predictive maintenance and energy efficiency. These capabilities are moving from pilot to production deployment across major industrial operators.
- Regulatory tailwinds strengthening: The Cyber Security Act 2024, enacted November 2024, introduces mandatory IoT device security standards commencing on 4 March 2026, following a 12-month transition period. These standards build market confidence and create compliance-driven upgrade cycles that benefit established vendors with certified products.7
- Digital transformation of traditional industries: Mining software acquisitions (Caterpillar/RPM Global, Weir Group/Micromine) demonstrate the premium that global industrial buyers place on Australian-developed operational technology with deep domain expertise.
6 IMARC. 7 Australian Government Department of Home Affairs; Parliament of Australia.
Trading Comparables — IoT / Industrial Tech
Note: Where available, multiples and growth metrics reflect NTM (FY26) estimates; otherwise LTM actuals are used (*). NM = not meaningful, N/A = not available. Source: S&P Capital IQ as at 11 March 2026.
Company Information
| Company | EV/Revenue | Mkt Cap ($'m) | Rev Growth | EBITDA Margin |
|---|---|---|---|---|
| HITIQ* | 8.2x | 11 | (58%) | NM |
| Codan | 8.1x | 6,584 | 23% | 31% |
| icetana* | 7.6x | 16 | (49%) | NM |
| Catapult Sports | 5.5x | 1,122 | 14% | 13% |
| ikeGPS Group | 5.2x | 158 | 11% | (17%) |
| RocketDNA* | 3.5x | 30 | 6% | (20%) |
| Acusensus | 2.6x | 257 | 44% | 8% |
| SenSen Networks | 2.5x | 44 | 16% | 20% |
| Pointerra | 1.8x | 30 | 61% | 25% |
| Aerometrex* | 1.6x | 26 | (3%) | 8% |
| Intelligent Monitoring Group | 1.3x | 226 | 25% | 20% |
| EROAD | 0.9x | 139 | 0% | 30% |
| Connexion Mobility* | 0.7x | 19 | 15% | 24% |
| Orcoda* | 0.7x | 10 | (34%) | (7%) |
| AoFrio* | 0.5x | 30 | 3% | (0%) |
| Median | 2.5x | 30 | 11% | 8% |
Share Price Performance
| Company | Ticker | 1 Year | YTD 2026 |
|---|---|---|---|
| RocketDNA | RKT | +150.0% | +4.2% |
| Codan | CDA | +143.0% | +27.3% |
| icetana | ICE | +121.4% | (40.4%) |
| SenSen Networks | SNS | +89.3% | (41.8%) |
| Acusensus | ACE | +42.5% | (10.3%) |
| ikeGPS Group | IKE | +18.1% | (10.1%) |
| Intelligent Monitoring | IMB | +10.0% | (22.0%) |
| Aerometrex | AMX | +10.0% | (3.5%) |
| Catapult Sports | CAT | +8.5% | (10.4%) |
| Connexion Mobility | CXZ | (3.6%) | +3.8% |
| EROAD | ERD | (4.3%) | (28.8%) |
| AoFrio | AOF | (12.8%) | (10.9%) |
| Orcoda | ODA | (31.2%) | (9.8%) |
| Pointerra | 3DP | (48.6%) | (7.5%) |
| HITIQ | HIQ | (51.4%) | (14.3%) |
| Median | — | +10.0% | (10.3%) |
Note: 1 Year: 12 March 2025 to 11 March 2026. YTD: 1 January 2026 to 11 March 2026. Median of constituent companies. Fixed universe; delisted companies carry forward last known value.
M&A activity in ANZ IoT / Industrial Tech has been limited, with most deals occurring as bolt-on acquisitions within larger IT services or defence technology platforms.
Get in Touch
Thank you for reading our Digital Economy Market Update. If you would like to discuss any of the themes in this report, explore valuations in a specific sector, or understand how these trends apply to your business, we would welcome the conversation.
Mark Nesbitt | Hugh Richards | Andrew Milsom
Latimer Partners is the ANZ affiliate of Arma Partners, a leading global technology M&A advisory firm.