In its recent quarterly market report, LUMA Partners noted how deal volume in the second quarter of the year was up 5% from Q1, with scaled deals (greater than $100 million) “largely driven by strategic buyers who accounted for 75% of deal activity in the quarter.”
Speaking with Digiday in mid-June, Terence Kawaja, LUMA Partners’ CEO, noted that any subsequent dealmaking activity in the remainder of 2024 will likely fall into two categories: rationalization (or consolidation) deals and strategic expansion deals.
“There’s strategic deals where someone is acquiring another geography [market] or another technology … and they tend to be higher multiple deals,” he said. “Then there’s consolidation deals, you don’t tend to see groundbreaking valuation multiples there.”
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