Macroeconomic Update Global GDP growth outlook for 2025 improved for the second straight quarter after downward revisions in April; while still marginally below prior year expectations, global growth outlook rose to 3.2% Financial conditions in most major economies are adjusting to a landscape shaped by new policy measures and have been fairly resilient after the … Continue reading Industrial Technology: Automation Market Update | Fall 2025

Three key focus areas as we move towards the end of 2025 1. Multinational food & beverage giants continue to reshape portfolios: Q3 saw continued portfolio tidy-up with divestment of non-core assets to focus on high-growth platforms. Kraft Heinz sold its Italian baby and specialty food unit to New Princes Group, while Nestlé is rumoured to … Continue reading Food, Beverage & Agriculture | M&A Industry Update | Q3 2025

Aerospace New trade deal restores zero-for-zero aerospace tariffs In late July 2025, the Trump administration reached a trade agreement with the European Union (“EU”) which restored zero-for-zero tariffs for all aircraft and component parts –Industry participants welcomed the reciprocal policy, stating it would lead to more jobs, allow for further innovation in aerospace, and grow … Continue reading Aerospace, Defense & Government Services | Industry Update Fall 25

Key Takeaways | Governance, Risk and Compliance Technology Regulatory tailwinds remain an ever present within the broad GRC sector, influencing product evolution, investment and M&A activity. M&A Momentum Returns, while Valuations Hold Firm: Transaction activity in GRC technology has rebounded, with deal flow and average transaction values trending upwards. Multiples remain steady at ~4.3x EV/Revenue, … Continue reading Governance, Risk & Compliance Technology | Oct 2025

Insights on the Travel & Hospitality Tech space Key takeaways in this edition include: The European market remains fragmented, with consolidators driving a fast-paced M&A environment. Vertical software players like Access Group, Zucchetti, and Septeo continue pursuing acquisitions both within and beyond their core regions, alongside a growing number of financial investors In previous editions, … Continue reading Travel & Hospitality Tech Insights | Q3 2025

Market Exhibiting “green shoots” Despite Questions Around Economy While economic uncertainty persists, which have been further made vulnerable by tariffs and changing U.S. policies, many food and beverage industry executives that the D.A. Davidson Industrial Technology team met during the show regularly stated a need to invest in their processing and packaging operations. These sentiments … Continue reading Key Takeaways from PACK EXPO 2025

Key takeaways | Q3 2025 public software valuations Software shares extend gains, but market discipline returns Software equities extended their AI-fuelled rally through Q3, with most subsectors pushing to new highs and participation broadening.  While headline valuations are near records, EV/NTM revenue remains subdued versus the 2021 peak – median multiple across our peer groups … Continue reading SOFTWARE VALUATIONS INSIGHTS | Q3 2025

We had numerous discussions with many exhibitors and attendees, with our key take-aways highlighted below: The tense geopolitical climate is still very front and center, as news broke during the conference that Russian attack drones penetrated Polish airspace requiring Poland and Dutch fighters to engage. Drones and counter-drones were pervasive throughout the exhibit hall – … Continue reading DSEI 2025 | Key Take-aways

Key takeaways – What has been getting our attention in HR Tech HCM is expanding into office of the CFO The lines between traditional HR and finance functions are becoming increasingly intermingled. More strategic CFO involvement is driving a need for unified platforms to improve financial planning, workforce analytics and spend visibility to gain control … Continue reading HR Tech Insights – Industry Update Q3 2025

Our five key takes on the current market environment Steady generation of waste materials within the EU, with rising FTE levels across all regions in the status quo paired with steadily increasing resource productivity underscore rising reusage and recycling market Rising recycling initiatives and increased common ground for waste treatment will boost M&A market, unlocking … Continue reading Circular Economy – Industry Update Q3 2025

Macroeconomic Update Global GDP outlook at 2.8% driven by tariffs and policy uncertainty with the U.S. showing the sharpest drop Global real GDP growth outlook for 2025 slipped in the most recent quarter after remaining relatively stable; current outlook is 2.8% globally, which is below the 2000 – 2019 average of 3.7% Lower growth outlook … Continue reading Industrial Automation – Industry Update Q3 2025

Aerospace Trump administration increases the tariff rate on steel and aluminum imports On April 2, 2025, what is now referred to as “Liberation Day”, Trump announced a 10% import tariff on all products for ~90 countries and imposed higher “reciprocal” tariffs on targeted geographies and industries (incremental to prior tariffs imposed) In early June 2025, … Continue reading Industry Update: Aerospace, Defense & Government Services

Three key focus areas as we move through 2025 1. Strategic repositioning by multinational food & beverage giants: Multinationals continued to divest non-core assets with a focus on premiumisation. In the beverages segment, Diageo withdrew from Distill Ventures, the global drinks accelerator, streamlining its business to focus on existing brands; in a similar vein, Pernod Ricard … Continue reading Food, Beverage & Agriculture | M&A Industry Update | Q2 2025

Key takeaways from the Q2 software valuations insight update include: Analysis of the broad IPO market recovery in the second quarter, led by a notable surge in technology listings. Tech IPOs significantly outpaced the market, delivering an average Q2 return of over 125 percent and rebuilding investor confidence after a period of volatility Founders of … Continue reading SOFTWARE VALUATIONS INSIGHTS | Q2 2025

1. Searching for smooth air amidst geopolitical and market turbulence: Despite intensifying geopolitical tensions and dark shadow following the recent India Air tragedy, the world’s biggest aviation trade show felt healthy and vibrant —the exhibit halls, chalets, and cafes were crowded and buzzing with activity, attracting nearly 400,000 visitors and 2,500 exhibitors representing 48 countries. … Continue reading 2025 Paris Air Show — Top 10 Takeaways

Key takeaways from the Q1 software valuations insight update include: Software valuations endured a turbulent Q1 2025. While early gains were driven by sustained AI focus and market optimism following Trump’s inauguration anticipating new highs, these highs faltered significantly due to escalating tariff concerns and implementation, which increased volatility and weakened sentiment towards the end … Continue reading SOFTWARE VALUATIONS INSIGHTS | Q1 2025