M&A advisory for B2B marketplaces companies
B2B marketplace M&A is a younger and more concentrated environment than consumer marketplaces. Strategic buyers come from incumbent distributors, trade publishers and vertical software platforms looking to disintermediate offline channels, alongside PE platforms building portfolios of vertical B2B network businesses. Faire, Knowde and Ankorstore reset expectations on category leadership, and buyers now underwrite on take rate net of payments and financing, repeat cohorts and credit performance.
Strategic acquirers in B2B marketplaces come from the major distributors - Grainger, Fastenal, HD Supply, Sonepar, Bunzl, Wesco - defending their position against network disintermediation, plus Mirakl on the marketplace technology side and the vertical software platforms moving into transactional revenue. PE platforms running B2B network theses include KKR, Apollo, Permira and Cinven. Flow has direct access to corp-dev at the major distributors and to the PE platforms underwriting B2B network businesses.
Flow team has relevant sector experience and has worked with B2B marketplace companies across wholesale and retail buying, industrial and MRO, food and beverage ingredients, chemicals and materials and professional services procurement.
"B2B marketplaces" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing B2B marketplaces M&A targets
GMV
Net revenue
Net take rate
Active buyers
Active sellers
Buyer-seller density
Repeat order cohort
Fill rate
Payments float
Credit loss rate
B2B marketplaces valuations in May 2026
Public B2B marketplaces comps trade at 1.7x EV/Revenue. Median revenue multiple across B2B marketplaces M&A deals was 1.2x in the last 12 months.
1.7x
Median EV/Revenue as of May 2026 for public B2B marketplaces companies
6.1x
Copart is the highest valued public B2B marketplaces company based on EV/Revenue (excluding outliers)
1.2x
Median EV/Revenue across B2B marketplaces M&A deals in the last 12 months
11x
Median EV/Revenue across B2B marketplaces VC rounds in the last 12 months
Key recent B2B marketplaces M&A deals
Disclosed B2B marketplaces M&A deals in the last twelve months, ranked by valuation.
See all B2B marketplaces M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jan-26 | BLK |  | BLK is an online marketplace for commodity and raw materials trading. At blkcommodities.com, it connects global businesses directly to manufacturers, cutting procurement costs by 60 percent on average. Business units include a storefront for small buyers, supply chain pooling for negotiations, proprietary ratings on quality-cost-delivery, and carbon credit trading to reduce footprints. | - | $250M | - | |
Apr-26 | PartnerStack |  | PartnerStack is a Toronto-headquartered partnership automation platform for B2B SaaS companies enabling affiliate, referral, reseller, and agency programs. The Y Combinator-backed software handles partner onboarding, deal registration, commission tracking, and marketplace features. PartnerStack powers ecosystems for clients including Notion, Webflow, and Semrush across North America and Europe. Founded in 2014, it processes billions in partner-generated revenue annually through integrations with Stripe and Marketo. | AppDirect | $200M | - | |
Oct-25 | Gojob |  | Gojob is a Paris-headquartered workforce platform matching temporary workers with employers across France in sectors such as logistics, construction, industry, sales, services, and transportation. The company deploys proprietary algorithms for rapid job matching and handles payroll processing, serving thousands of daily job openings primarily in blue-collar roles. Gojob expanded into Spain in recent years, partnering with major firms to address labor shortages in manufacturing and retail. | Persol Holdings | $168M | 0.9x | |
Dec-25 | Agrizon |  | - | - | $148M | - | |
May-26 | DFlow |  | DFlow is a decentralized marketplace for payment-for-order-flow providing transparent price discovery for token pairs. The platform ensures optimal execution for retail traders through live market-driven pricing on blockchain networks. | MoonPay | $100M | - | |
Sep-25 | Lendo Group |  | Lendo Group is a Stockholm-headquartered fintech operator of online marketplaces for comparing personal loans, business loans, mortgages, credit cards, and insurance products across Scandinavia. It serves customers in Sweden, Norway, and Denmark via dedicated brands such as Lendo Sweden launched in 2011, Lendo Norway established in 2014, Lendo Denmark, Mybanker Denmark from 2006, and Compricer Sweden originating in 2007. The platforms aggregate offers from more than 35 partner banks and financial institutions including Nordea and Danske Bank. Lendo Group maintains a physical presence in Oslo and Copenhagen while emphasizing transparent comparisons and responsible borrowing practices through credit checks and affordability assessments. | CLAR | $94M | - | |
Jul-25 | Shopkirana |  | Shopkirana operates a B2B commerce platform emphasizing technology and supply chain for kirana stores in India. Indore-headquartered since 2015, it supplies 10,000+ retailers daily with products from 300+ brands including Hindustan Unilever and ITC. The platform offers demand forecasting, last-mile delivery in Tier 2/3 cities, and market intelligence dashboards. | Udaan | $89M | 15x | |
Sep-25 | StartSe |  | StartSe is a São Paulo-based ecosystem platform uniting 120,000 entrepreneurs, investors, and corporations in Brazil. It facilitates matchmaking for deals in fintech, agritech, and edtech through virtual summits and corporate challenge programs. Hosting 500+ events yearly including Startup Weekend Brazil, StartSe accelerates 200 ventures via its Rise accelerator with Globant backing. Operational since 2012, the network spans 20 cities with tools for pitch submissions and mentor matching. | Alun | $83M | - | |
Jun-25 | Dice | | Dice is an India-based corporate spending platform integrating B2B marketplaces with UPI and banking APIs. The super-app handles employee expenses like travel and vendor payments via no-code workflows, serving over 50,000 users nationwide. Headquartered in India, Dice eliminates cash, cards, and reimbursements for enterprises. It supports PO and non-PO spends through open partner integrations, enhancing visibility and cost control across sectors. | Zaggle Prepaid Ocean | $15M | 1.1x | |
Jul-25 | B2B Rocket | | B2B Rocket is a lead generation service that uses artificial intelligence and machine learning to schedule sales appointments for B2B companies. The platform identifies prospects, crafts personalized outreach via email and LinkedIn, and books qualified meetings directly into calendars. Targeting SaaS and tech firms, B2B Rocket operates globally with a focus on high-ticket services, filling pipelines through automated multi-channel campaigns. | Black Pearl Group | $13M | - | |
Jan-26 | The Debt Exchange | | DebtX facilitates the trading of non-performing loans and distressed debt via its online marketplace from bases in the US, UK, Spain, and Germany. | Heritage DebtX | $8.5M | - | |
Jun-25 | Yeoman Technology Group | | - | Meet The People | $1.4M | 1.4x | |
Feb-26 | Flexi.now |  | Flexi.now is a protocol transforming e-commerce into intelligent B2B negotiations. It enables AI agents to scan inventories, vet suppliers, and execute contracts autonomously across logistics, media, and employment services. | EBS Network | $1.0M | - | |
Aug-25 | Business AI |  | Business AI is a B2B marketplace connecting enterprises with vetted AI providers, platforms, and data centers. Headquartered in San Francisco, it launched in 2023 to streamline AI procurement for sectors including finance and healthcare. | Mustek | $1.0M | - | |
Mar-26 | China conexión limited hk |  | China Conexión Limited HK runs a trade tech AI-powered ecosystem that links China-based suppliers and clients. | YU-GET | $100K | - |
Most active buyers of B2B marketplaces companies
GTY Technology Holdings, Artificial Superintelligence Alliance and SILQ are the most active acquirers of B2B marketplaces companies in the last three years.
See all B2B marketplaces acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
GTY Technology Holdings | | GTY Technology Holdings is a Nasdaq-listed holding company consolidating SaaS solutions for public sector operations across North America. Its portfolio includes Bonfire for e-procurement used by 1,000 agencies, CityBase for digital payments serving Chicago and Philadelphia utilities, and eCivis for grants management tracking $10 billion annually. Additional units cover Questica budgeting for Canadian municipalities, OpenCounter permitting for San Francisco, and Sherpa consulting for New York State. Headquartered in New York, GTY serves 5,000 government entities in procurement, finance, and compliance. | GrantExecEqualLevelAmpliFund | 2 | |
Artificial Superintelligence Alliance | - | SingularityNETOcean ProtocolFetch.AI | 2 | ||
SILQ |  | SILQ is a Dubai-based digital commerce platform connecting manufacturers in South Asia and the Gulf for B2B trade in consumer goods and commodities. The ecosystem integrates logistics via partners like Aramex and payment rails for seamless transactions between SMEs. Inspired by the Silk Road, SILQ launched in 2023 targeting textiles, electronics, and FMCG exports from Pakistan and Bangladesh to UAE markets. | SaryShopUp | 2 | |
Mustek |  | Mustek Ltd is an assembler and distributor of personal computers and complementary Information and Communication Technology (ICT) products in South Africa. The company's segments include Mustek, Rectron, MIE, and the Group. Mustek includes assembly and distribution of computer products and peripherals, including Mecer-branded products and related services. Rectron includes the distribution of computer components and peripherals. Mecer Inter-Ed (MIE) includes a training provider of accredited training programmes, and the group includes investments in associates and other investments, and loans. Geographically, operates in the region of South Africa. It derives a substantial part of its revenue from the Mustek segment. | Business AICyberAntix | 1 | |
Zirtual | | Zirtual is a Las Vegas-headquartered service matching professionals with U.S.-based virtual assistants for administrative tasks. Assistants handle scheduling via Google Calendar, travel bookings on Expedia, and expense tracking in QuickBooks. Operating since 2010, it serves entrepreneurs and executives with month-to-month plans across all 50 states. | Virtual Gurus | 1 | |
Knorr-Bremse |  | Knorr-Bremse AG is engaged in the development, production, marketing, and servicing of Automotive parts. It operates its business activities in two divisions: Rail Vehicle Systems and Commercial Vehicle Systems. Its product portfolio comprises Braking, entrance, and HVAC systems; power electric and control technology; digital solutions; couplers; signal systems; pneumatic braking systems; energy supply and distribution systems; wiper and wash systems; and others. Majority of revenue is from Rail Vehicle System. Its geographical segments are Europe/Africa, North America, South America, and Asia-Pacific. | Travis Road ServicesAlstom (North America conventional signalling unit)Kiepe Electric+1 | 1 | |
Block Renovation | | - | BuildZoom | 1 | |
GlobalSpec | | GlobalSpec is a vertical search and information services provider for engineering, manufacturing, and technical sectors. It offers domain-specific search engines, web content, product catalogs, and e-newsletters for buyers alongside sales leads, advertising platforms, and e-media services for sellers. Users access categories such as electrical components, fluid power systems, sensors, laboratory equipment, and services including engineering design, contract manufacturing, and industrial maintenance. Headquartered in Troy, New York, with sales offices in Tarrytown, New York, and Baltimore, Maryland, plus media representatives in Shanghai, Mannheim, and Taipei, GlobalSpec was founded in 1996. | Qviro | 1 | |
Genesis Growth Equity |  | Genesis Growth Equity is a Prague-based growth equity manager targeting mid-market companies in Central and Eastern Europe. Led by professionals with extensive investment experience, it collaborates with Genesis Capital on deals in technology, healthcare, and consumer sectors across the Czech Republic and Slovakia. The firm provides expansion capital alongside operational guidance to drive enterprise value. | iFORO GroupTechPlastyHC electronics | 1 | |
G | Global Trade Review (GTR) | | Global Trade Review is a London-, Hong Kong-, and Singapore-based publisher and event organizer delivering news, analysis, conferences, and networking for trade finance, commodities, and supply chain professionals worldwide. | TFD Initiative | 1 |
Founders and investors we've worked with
We've supported winning builders across B2B marketplaces and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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