HUNGARY TRENDS AND DEVELOPMENTS Contributed by: Pál Szabó, Barnabás Simon, Eszter Katona, Ádám Simon, Mihály Harcos, Karim Laribi, Gábor Kutai and István Szalay-Csala, Bird & Bird
in the first nine months of 2025 were cross-border transactions, primarily involving software-focused businesses. Notable acquisitions included Flexi Medi - cal Cloud, Hungary’s leading cloud-based healthcare management software provider; Arenim Technolo - gies, a software development company specialising in custom enterprise solutions; Jegymester, a leading Hungarian online ticketing platform for various events; and MiniCRM, a customer relationship management software provider tailored for SMEs, all acquired by international strategic and financial investors from Europe, North America, and China. Q2 2025 also marked the return of Chinese strategic buyers to the Hungarian M&A market, with Gstarsoft acquiring CadLine, a software development com - pany, and Haier Europe purchasing Klima, a provider of HVAC solutions. These were the first direct Chi - nese acquisitions in Hungary in the past five years, though Chinese buyers continue to represent only a small fraction of inbound M&A activity, accounting for around 2% of cross-border transactions and less than 1% overall.
The renewed interest in technology assets was largely driven by the global AI boom, which continues to fuel digital transformation and sustain demand for tech products and services. While the CEE region remains attractive due to lower competition and valuations, the growth potential of Hungarian tech companies is somewhat constrained by their reliance on the domes - tic market and the challenges posed by a slowing Hungarian economy. The regulatory environment in 2025 continued to move toward closer alignment with EU processes, with more scrutiny in FDI and competition reviews. While transactions in Hungary remain manageable, they require careful attention to evolving regulatory expectations, particularly in sectors considered stra - tegic. Increased oversight in both the EU and the USA, especially in technology-related transactions, also shaped deal timelines and structures. With national elections scheduled for 2026, government policy activity is expected to remain high in the near term, while the outlook for the second half of 2026 is more uncertain as fiscal and regulatory priorities may shift after the election.
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