SWITZERLAND Trends and Developments Contributed by: Marco Toni and Lara Pafumi, Loyens & Loeff
Notable transactions in 2025 Key Swiss-related tech deals in 2025 include: • Shift4 Payments’ USD2.5 billion acquisition of Global Blue Group Holding AG, a Swiss-based tax- free shopping technology provider; • Advent’s acquisition of U-blox Holding AG, a Swiss-based provider of leading positioning and short-range communication technologies and ser- vices and former ETH Zurich spin-off, for USD1.3 billion; and • Swiss-listed SoftwareOne Holding AG’s takeover of Crayon Group Holding ASA, a Norwegian cloud Zurich, Switzerland, has emerged as one of Europe’s most dynamic tech hubs thanks to its renowned insti- tutions (ETH Zurich), high quality of life and growing concentration of global tech firms. Global players like Google, Meta, Microsoft and IBM have established major R&D centres in Zurich, with Google’s Zurich office being its largest outside the USA, and leading global AI and machine learning initiatives. ETH Zurich plays a central role, having produced numerous spin-offs, contributing to a vibrant start-up ecosystem focused on deep tech, AI, robotics and quantum computing. The city’s compact geography fosters collaboration between academia, start-ups and corporates, making Zurich a launchpad for deep tech innovation and a magnet for international invest- ment. services provider, for USD1.3 billion. Zurich’s rise as a European tech hub Switzerland’s stable regulatory environment, access to talent and vibrant start-up ecosystem make it an attractive base for both domestic and international investors. Many Swiss tech companies originate from Zurich’s innovation clusters. The concentration of software firms and digital service providers in Zurich has made it a focal point for M&A activity, especially in AI, automation and data analytics. Outlook Rapid advances in AI and the accelerating pace of digital transformation are prompting companies to rethink and adapt their business models. This shift is expected to continue driving M&A activity in Swit-
Deal Activity and Market Insights In 2025, the global technology, media and telecom- munications (TMT) M&A market is showing signs of recovery following a sharp decline in 2024. Easing inflation and interest rates have helped restore deal confidence. Although the number of deals remained relatively low, the overall value of transactions increased significantly. This was largely due to high- value strategic acquisitions and growing investment in artificial intelligence (AI). This also affected the Swiss TMT sector. Swiss TMT M&A activity peaked in early 2023 but declined stead- ily through mid-2024 according to Pricewaterhouse- Coopers (PwC). A brief rebound in late 2024 was followed by a strong Q1 2025, before slowing again in Q2. As of mid-2025, deal volume remains modest amid ongoing market volatility. As in previous years, the Swiss TMT sector continued to attract a high proportion of both cross-border and cross-sector deals. The strong presence of foreign investors reflects the sector’s international appeal. Moreover, many buyers come from outside the TMT sector, which underlines an ongoing trend driven by the need for innovation and digital transformation across industries. Private equity and financial investors remain highly active, accounting for roughly two-thirds of all TMT transactions in the first half of 2025. This is notably higher than in other sectors and underscores the attractiveness of Swiss tech companies for buyout activity. Technology remains the dominant force in Swiss TMT M&A, representing about 80% of all deals. Within this category, software companies led the way, driving over two-thirds of transactions, followed by IT ser- vice providers. Key areas of investor interest includ- ed cloud computing, data analytics, AI, collaboration tools and cybersecurity.
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