The median disclosed M&A deal value was $20M during the first half of 2025 and disclosed transaction sizes reached as high as $5 billion. Online Game Developers saw the highest disclosed revenue multiples in the Gaming sector, coming in at an average of 3.7x, followed by Mobile Game Developers at 2.3x and PC Game Developers at 1.6x. Interestingly, only 17% of sellers used a SaaS business model and at least 5% were developing deep tech such as AI, leaving ample room for growth on these fronts.