M&A advisory for e-commerce software companies
E-commerce software M&A has matured into a category dominated by strategic acquirers at the major commerce platforms and payments groups, alongside PE platforms running commerce software roll-ups. Deals price on payments attach, merchant cohort durability and the realistic synergy of layering additional merchant services onto the customer base.
Active strategic buyers include Shopify, Adobe, Salesforce and the major payments groups like Stripe and PayPal, alongside PE platforms running commerce software roll-ups. Flow has direct access to the commerce and payments strategic acquirers and PE platforms that are active buyers in this category.
Flow team has relevant sector experience and has worked with e-commerce software companies across commerce platforms and storefront builders, headless and composable infrastructure, payments and checkout, post-purchase and logistics, and merchant financial services.
"E-commerce software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing e-commerce software M&A targets
Subscription ARR
GMV
Payments revenue
Payments penetration
Merchant count
Net merchant retention
ARPU per merchant
App / ancillary revenue
Software gross margin
CAC payback
E-commerce software valuations in May 2026
Public e-commerce software comps trade at 1.3x EV/Revenue. Median revenue multiple across e-commerce software M&A deals was 2.4x in the last 12 months.
1.3x
Median EV/Revenue as of May 2026 for public e-commerce software companies
11x
ShopifyShopify is the highest valued public e-commerce software company based on EV/Revenue (excluding outliers)
2.4x
Median EV/Revenue across e-commerce software M&A deals in the last 12 months
28x
Median EV/Revenue across e-commerce software VC rounds in the last 12 months
Key recent e-commerce software M&A deals
$1.7B acquisition of Fortidia by BC Partners was the largest e-commerce software M&A transaction completed in the last year.
See all e-commerce software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | Fortidia |  | Fortidia is a Milan-headquartered global commerce platform enabling e-commerce, fulfillment, and shipping for SMBs via networks like PrestaShop and Mail Boxes Etc. Operating 2,900 service centers in 53 countries, the company supports brands including PostNet and PACK & SEND. Fortidia processes orders through its open-source e-commerce software, serving over one million business customers annually. | BC Partners | $1.7B | 1.1x | |
Sep-25 | PROS |  | PROS is a Houston-headquartered software company founded in 1985 that delivers AI-driven revenue management, pricing, and eCommerce solutions to airlines, hotels, and manufacturing firms worldwide. Listed on NYSE under PROS, it powers dynamic pricing engines and CPQ configurations for B2B sales optimization across global enterprises. | Thoma Bravo | $1.4B | 4.0x | |
Jun-25 | Voyado |  | Voyado is a Stockholm-headquartered customer data platform tailored for e-commerce and retail sectors. The platform integrates data collection from online and offline channels, advanced customer segmentation, churn scoring algorithms, marketing automation workflows, and omnichannel delivery across email, SMS, push notifications, and web personalization. It enables unified commerce functionalities like centralized inventory views and cross-channel order management. Serving retailers throughout Europe, Voyado originated from a 2013 merger of email marketing firms Profiler Online and StrongMail Europe, now supporting over 400 brands with its all-in-one suite. | Viking Global Investors | $529M | 5.5x | |
Apr-26 | Skio | | Skio is a subscription management platform integrated with Shopify for direct-to-consumer brands. The software handles recurring billing, retention, and personalized offers. Skio serves clients such as Liquid I.V., Milk Bar, Polaroid, Barstool Sports, Unilever, KraveBeauty, Boba Tea Protein, and Siete, optimizing subscription flows and customer lifetime value. | Recharge | $105M | 3.3x | |
Dec-25 | Crownpeak | | Crownpeak is a Denver-headquartered digital experience platform provider founded in 2001. The company delivers a composable SaaS DXP for content orchestration across websites, microsites, and intranets. Crownpeak acquired e-Spirit in 2021 for enhanced CMS capabilities and Evidon in 2017 for privacy compliance tools supporting GDPR and CCPA. Its Digital Quality Management integrates WCAG, ADA, and EAA standards. As a remote-first firm with global offices, Crownpeak serves mid-market enterprises in North America and Europe. | Rezolve AI | $90M | 1.3x | |
Jun-25 | Base44 | | Base44 is a San Francisco-based provider of a no-code platform for building web and mobile applications via natural language prompts. The platform includes native databases, authentication systems, analytics dashboards, email automation, file storage, AI features, and one-click deployment. Base44 targets internal tools, customer portals, and workflow apps for non-technical users. | Wix.com | $80M | - | |
Sep-25 | Simpleshow |  | Simpleshow is a SaaS platform for AI-generated explainer videos supporting 20 languages and used by clients like Siemens and Deutsche Telekom. Berlin-headquartered with offices in London, Zurich, Miami, Singapore, Hong Kong, and Tokyo, it produces videos from text scripts for eLearning and marketing. Founded in 2008, it serves enterprises across three continents. | D-ID | $60M | 1.4x | |
Sep-25 | Optimum7 | | Optimum7 is a web development agency specializing in e-commerce enhancements for platforms including Shopify, BigCommerce, Magento, and Volusion. Based in Miami, the company builds custom apps, themes, and integrations such as advanced search tools, SEO optimizers, and payment gateways to boost store performance and conversion rates. | Zen Media | $10M | - | |
Apr-26 | Shopflo |  | Shopflo is a Bangalore-headquartered SaaS platform that delivers embeddable, no-code checkout solutions for direct-to-consumer e-commerce brands. It supports integration across websites, SMS links, QR codes, and social media channels to streamline purchases. The platform handles payments via Razorpay, Stripe, and PayU, while offering features like one-click buying and abandoned cart recovery. Founded in 2021 by former Razorpay executives, Shopflo serves over 500 brands including Bombay Shaving Company and The Man Company across India. | Pine Labs | $9.5M | - | |
Dec-25 | ROI Hunter |  | ROI Hunter operates a Product Performance Management platform connecting e-commerce product data to ad campaigns on Google Shopping and Meta. Prague-headquartered, it segments inventory for promotions targeting best-sellers, new arrivals, and deadstock while factoring margins and returns. Serving Marks & Spencer, Magalu, and Farfetch as Meta Business Partner and Google Premier Partner, the tool bridges marketing and merchandising teams. | Pattern | $7.0M | - | |
Oct-25 | Jasper PIM |  | Jasper PIM is an Amsterdam-headquartered SaaS solution for product information management in e-commerce merchandising. Brands centralize data for catalogs across channels like Shopify, Magento, and marketplaces, enriching listings with images, specs, and translations. The platform automates workflows for retailers in Europe and North America handling thousands of SKUs in fashion and consumer electronics. | Venzee Techs | $2.0M | - | |
May-25 | Likeo | | Likeo is a provider of augmented reality solutions for virtual try-on experiences in e-commerce. Its platform integrates real-time product visualization for apparel, accessories, and cosmetics. Retailers use Likeo to enhance customer interactions and boost conversion rates through mobile and web apps. Headquartered in France, the service supports sales teams with analytics on user engagement. | Kirana Pro | $1.0M | - | |
May-26 | 35up | | 35up is a Vienna-headquartered cross-selling API for European online merchants, recommending physical and digital products from its vendor network during checkout. Leading retailers integrate it to boost margins without inventory commitments. | Sovendus | - | - | |
May-26 | W | Wealth Management | Wealth Management provides vertically integrated eCommerce automation services for Amazon and Walmart sellers. | Smart Launch | - | - | |
May-26 | legalstart.fr |  | Legalstart.fr is a Paris-based legal technology platform that automates the creation of compliant legal documents for French businesses and connects users to specialized lawyers. Launched in 2013, it supports company incorporation for SARL and SAS structures, employee hiring contracts, trademark registrations, home service provider agreements, and dispute settlements. The service integrates with French government portals for seamless online filings, including INPI for intellectual property and URSSAF for social declarations. Legalstart.fr serves startups and SMEs across France with standardized templates reviewed by in-house jurists, enabling faster and more affordable legal compliance than traditional notaries. | LegalPlace | - | - |
Most active buyers of e-commerce software companies
Main Capital Partners, Ultra Commerce and Tarkle are the most active acquirers of e-commerce software companies in the last three years.
See all e-commerce software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Main Capital Partners |  | Main Capital Partners is an Amsterdam-headquartered private equity firm exclusively investing in enterprise software companies across Benelux, DACH, and Nordics regions. It pursues buy-and-build strategies in SaaS, cloud, and vertical market software, partnering with management for operational scaling. | EikonacisboxXential+2 | 3 | |
Ultra Commerce |  | Ultra Commerce is a Sydney-headquartered eCommerce platform powering multi-vendor marketplaces. The software enables B2B and D2C sites with inventory synchronization, payment gateways, and headless storefronts for brands like Kathmandu and Lorna Jane. Operating globally since 2010, Ultra processes billions in annual GMV across Australia, New Zealand, and Southeast Asia. | ComestriOmnyfyPinnacle Cart eCommerce Solution | 3 | |
Tarkle | | - | Reel UnlimitedSharebrandBrandpress+2 | 2 | |
Rezolve AI |  | Rezolve AI PLC is an AI-powered solutions company, specializing in enhancing customer engagement, operational efficiency, and revenue growth for the retail and e-commerce sectors. The company's product, Brain Commerce, powered by its proprietary Large Language Model (LLM) brainpowa, transforms the online shopping experience. By surpassing traditional site search and product discovery tools, Brain Commerce improves conversion rates, increases average order value (AOV), and reduces cart abandonment. The company has one reportable segment, which is cloud-based services. Geographically, the company generates revenue from Canada, the United States, Mexico, Australia, the United Kingdom, and Japan, with the majority of revenue generated from the United States. | CrownpeakGroupByReward Insight+1 | 2 | |
Instacart | | Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, allows couriers to earn income, and helps grocers to scale their business through digital channels. The marketplace gathers valuable consumer behavior data, attracting consumer-packaged-goods advertisers that seek to reach consumers at the point of purchase. With approximately 600,000 shoppers and 1,800 retail partners, Instacart delivers to about 98% of households in the United States and Canada. | Instaleap LLCWynshopRosie | 2 | |
SPINS | | SPINS is a Chicago-headquartered analytics provider tracking sales data for natural, organic, and specialty products across 50,000 retailers in North America. It delivers insights via SPINS Data, Access, and Checkout services covering CPG brands like Clif Bar and Annie's. Partnerships with NielsenIQ enhance syndicated reports on trends in supplements, beverages, and snacks for manufacturers and grocers. | MikMakLuckyDatasembly | 2 | |
Salesforce | | Salesforce provides enterprise cloud computing solutions. The company offers customer relationship management technology that brings companies and customers together. Its Customer 360 platform helps the group deliver a single source of truth, connecting customer data across systems, apps, and devices to help companies sell, service, market, and conduct commerce. It also offers Service Cloud for customer support, Marketing Cloud for digital marketing campaigns, Commerce Cloud as an e-commerce engine, the Salesforce Platform, which allows enterprises to build applications, and other solutions, such as MuleSoft for data integration. | Cimulate AIAirkitMomentum+1 | 2 | |
Fiverr | | Fiverr International Ltd is involved in buying and selling digital services in the same fashion as physical goods on an e-commerce platform. It is set out to design a digital marketplace that is built with a comprehensive SKU-like services catalog and a search, finds, and order process that mirrors a typical e-commerce transaction. The service offerings of the company include Graphics and Design, Digital Marketing, Wiring and Translation, and Video and Animation among others. | YaballeAutoDSStoke | 2 | |
WPFactory |  | - | WooBeWooExtend-WP | 2 | |
Synolia | | Synolia is a Lyon-headquartered digital agency implementing Salesforce CRM, Shopify e-commerce, and Akeneo PIM systems for mid-sized retailers in Europe. The firm deploys 150 projects yearly, integrating Magento with ERP backends like SAP for clients including Lacoste. Synolia's teams provide post-launch maintenance from offices in Paris and Bordeaux. | W3leadBlackbird AgencyHappy Technologies | 2 |
Founders and investors we've worked with
We've supported winning builders across e-commerce software 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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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.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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