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2024 India IT Services M&A Deals Tracker

The report includes the Indian IT Services M&A (PE and Strategic) details for CY24. The Indian IT services M&A remains the dominant force in the India M&A landscape, leading in both deal volume and value. Despite global economic uncertainty, the sector demonstrates resilience driven by digital transformation, cloud adoption, and AI integration.
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Key Findings

01

  • IT services led with majority share in the overall India M&A volumes.
  • Strategic deals contributed 59% to the overall India M&A deal value, driven by digital transformation, cloud adoption, and emerging technologies like AI.
  • M&A deal value in IT services sector increased in CY24 over CY23.
02

  • Strategic M&A deal value increased by 25% in CY24 over CY23.
  • Domestic strategic M&A deals witnessed an increase in value in CY24 aided by positive economic environment.
  • FinTech led strategic M&As in CY24 with an y-o-y increase in deal value, maintaining its top position.
  • Access to IP and existing platforms, followed by scale and geographic expansion are the top strategic imperatives.
  • Building capabilities in Digital Experience and Digital Product Engineering, accounted for 28% of the strategic deals volume in CY24.
03

  • PE deal value and volume declined in CY24 due to rising cost of capital and cautious investment sentiment leading to reduction in mega deals. 
  • PE deals were driven by sub $25 Mn transactions, highlighting a strategic emphasis on acquiring niche technologies and addressing capability gaps.

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