M&A advisory for mobile apps companies
Mobile app M&A has been through a clear cycle. Casual and utility roll-ups peaked through 2020 and 2021, valuations corrected when UA costs rose and ATT reshaped attribution, and activity since has concentrated on subscription apps with durable retention and apps with defensible store rankings that do not depend on paid acquisition to maintain them.
Acquirers cluster in three groups. App holdcos and subscription portfolio operators like AppLovin, ironSource (now part of Unity), Applovin's portfolio companies, AppHarbr-style aggregators and the European app consolidators acquire for portfolio fit. PE platforms - Vista, Insight, Providence, Francisco Partners and the mid-market sponsors building app groups - back the larger transactions. A handful of strategic acquirers from adjacent categories round out the buyer universe. Flow has direct access across the active holdcos, app aggregators and PE platforms.
Flow team has relevant sector experience and has worked with mobile app companies across consumer subscription apps, utility apps, photo and video tools, health and lifestyle apps and freemium content publishers.
"Mobile apps" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing mobile apps M&A targets
DAU
MAU
DAU / MAU
D1 / D7 / D30 retention
Paid conversion
Subscriber ARPU
App store fee leakage
Refund & chargeback rate
Cost per install
Paid LTV
Organic install share
Store rank stability
Mobile apps valuations in May 2026
Public mobile apps comps trade at 1.3x EV/Revenue. Median revenue multiple across mobile apps M&A deals was 1.6x in the last 12 months.
1.3x
Median EV/Revenue as of May 2026 for public mobile apps companies
7.7x
Meta is the highest valued public mobile apps company based on EV/Revenue (excluding outliers)
1.6x
Median EV/Revenue across mobile apps M&A deals in the last 12 months
8.1x
Median EV/Revenue across mobile apps VC rounds in the last 12 months
Key recent mobile apps M&A deals
$5.7B acquisition of NGL by Mode Mobile was the largest mobile apps M&A transaction completed in the last year.
See all mobile apps M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | N | NGL |  | NGL is an anonymous social app allowing users to send and receive candid messages about feelings and opinions. | Mode Mobile | $5.7B | 1.6x |
Sep-25 | SimpliSafe | | SimpliSafe is a Boston-headquartered home security company selling wireless alarm systems, cameras, and sensors directly online. Its Gen 3 platform features 24/7 monitoring via cellular, smoke detectors, and video doorbells with 1080p HD. SimpliSafe serves 2 million customers across the US without contracts, earning CNET Editors' Choice and A+ BBB rating. Redesigned in 2018 for extended range, it integrates with Alexa and Google Assistant. | GTCR | $2.5B | - | |
Sep-25 | The Browser Company | | The Browser Company is a San Francisco-based startup behind Arc, a web browser launched in 2023 that emphasizes focus, organization, and customization. Available on macOS, Windows, iOS, and Android, Arc features Spaces for tab management, a command bar for quick actions, and built-in tools like Easels for note-taking. It has attracted over 100,000 daily users by prioritizing privacy with no data tracking and integration with productivity apps like Notion and Slack. | Atlassian | $1.8B | 0.3x | |
Aug-25 | ConsumerVoice | | ConsumerVoice is an India-based platform for product ratings, reviews, and recommendations across categories. It supplies reference articles on consumer topics to inform purchasing decisions at consumervoice.org. | Centerfield | $229M | - | |
May-26 | Shara |  | Shara is a Lagos-based route-to-market platform for fast-moving consumer goods companies in emerging markets. The mobile app provides sales automation, order reminders, digital wallets, and performance statements to distributors in Nigeria and Kenya. | FairMoney | $70M | - | |
Dec-25 | GoMechanic |  | GoMechanic is a Delhi-based online platform for car servicing, repairs, and maintenance across 30 Indian cities. Customers book denting, painting, insurance claims, and AC services through the app, with transparent pricing and OEM parts. Founded in 2016, the company operates 500+ garages partnering with brands like Maruti Suzuki and Hyundai for cashless repairs. | Spinny | $54M | 18x | |
Mar-26 | Krave Mart |  | Krave Mart is a Mumbai-based quick-commerce startup delivering groceries, essentials, and pharmaceuticals within 10 minutes across urban India. Operating dark stores in Mumbai, Bangalore, and Delhi since 2023, it stocks 3,000 SKUs from brands like Nestlé, Unilever, and Patanjali, fulfilling 50,000 daily orders via a network of 200 stores and 2,000 riders. Backed by Blume Ventures, Krave Mart integrates AI route optimization for hyperlocal coverage in high-density neighborhoods. | inDrive | $45M | - | |
Feb-26 | SessionM | | SessionM is a Boston-headquartered customer engagement platform acquired by Mastercard in 2019 for $100 million. It enables global brands like PepsiCo and Marriott to build loyalty programs through personalized offers, gamification, and data-driven interactions. The enterprise-scale solution processes billions of consumer data points daily across mobile, web, and in-store channels. With offices in New York, London, and Tokyo, SessionM supports over 200 brands, delivering measurable lifts in retention and revenue through its Mastercard-owned infrastructure. | Capillary Techs India | $20M | 0.4x | |
Feb-26 | Ergatta | | Ergatta is a Brooklyn-headquartered developer of digital fitness equipment, including a connected wooden rowing machine launched in 2019. Users engage in gamified workouts through an app delivering personalized training plans and social challenges. | Interactive Strength | $20M | 1.9x | |
Jan-26 | Claim | | Claim is a viral social shopping app that enables brands to run weekly product Drops for Gen Z users. Headquartered in Los Angeles, it facilitates direct customer acquisition through friend referrals and rewards, turning users into advocates for fashion and lifestyle products from partners like Urban Outfitters. | Wonder | $14M | - | |
Mar-26 | T | TempéBreault |  | TempéBreault developed a weather app with over 1M Google Play downloads and web-based games including word search and Destiny Orb before an investment firm acquired it for talent and products. Operations ended on April 9, 2026. | Real Ventures | $6.1M | - |
Nov-25 | Qeepsake | | Qeepsake is a San Francisco-headquartered app capturing family milestones through daily text prompts answered by 350,000 parents in the US and Canada. Launched in 2013, it compiles responses into printed annual books via Shutterfly integration. The service stores 50 million memories and offers premium tiers with voice recordings. Qeepsake partners with Procter & Gamble for sponsored prompts and pediatric clinics for developmental tracking. Annual revenue exceeds $5 million from subscriptions. | Tinybeans Group | $2.7M | - | |
Dec-25 | DuckMath | | DuckMath is an unblocked gaming platform designed to evade school network filters, popular among students worldwide through TikTok marketing. | FreezeNova | $100K | - | |
May-26 | JetCharge |  | JetCharge is a company that runs a powerbank-sharing network with charging locations across the UAE. | Ray | - | - | |
May-26 | SuppCo | | SuppCo is a San Francisco-based app helping users discover personalized health supplements, schedule routines, and monitor wellness metrics. Launched in 2023, it analyzes user profiles against 5,000+ products from brands like Thorne and Ritual for tailored stacks delivered nationwide. | Function Health | - | - |
Most active buyers of mobile apps companies
Automattic, The Pangea Technology Group and Strava are the most active acquirers of mobile apps companies in the last three years.
See all mobile apps acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Automattic | | Automattic is a San Francisco-headquartered technology company powering the open-source WordPress ecosystem. It operates WordPress.com hosting millions of sites, WooCommerce for online stores serving Shopify alternatives, and Tumblr following its 2019 acquisition. Additional products include Jetpack security plugins and Day One journaling app. Founded in 2005, Automattic supports a global network of plugins and themes. | ClayBeeperTexts+1 | 3 | |
The Pangea Technology Group | | The Pangea Technology Group operates a social travel platform where users share detailed trip itineraries, destination recommendations, and travel statistics. London-based, it fosters community through interactive maps, photo journals, and analytics on costs and durations. Travelers discover offbeat spots via peer reviews and collaborate on group plans, integrating bookings with partners like Booking.com. | NomadagoOverlap | 2 | |
Strava | | Strava is a San Francisco-headquartered mobile app for athletes tracking runs, bike rides, hikes, and swims via GPS, aggregating data on distance, elevation, and pace. The platform hosts 100 million user accounts, integrates with Garmin and Apple Watch devices, and organizes virtual challenges with leaderboards across segments in 190 countries. | The BreakawayRunnaFATMAP | 2 | |
OpenAI | | OpenAI is an artificial intelligence research and deployment company that develops large language models, including the GPT series, and consumer-facing products such as ChatGPT. Founded in 2015 as a nonprofit research lab, the organization transitioned to a capped-profit structure in 2019 to attract the capital needed for large-scale AI development. The company offers API access to its models for enterprise and developer use, alongside image generation through DALL-E and code-assistance tools. Headquartered in San Francisco, OpenAI has become one of the most prominent players in the generative AI space, backed by a multibillion-dollar investments from Microsoft, Amazon, NVIDIA, SoftBank and many more. | HiroIoChalkie+1 | 2 | |
WHOOP | | WHOOP offers a wearable performance optimization system with the WHOOP Strap 3.0 that monitors physiological data continuously. It tracks strain, recovery, and sleep for athletes, coaches, and teams to optimize training, prevent injuries, and forecast performance. Boston-headquartered WHOOP serves elite sports professionals, military units, and fitness enthusiasts with actionable insights from 24/7 heart rate variability, respiratory rate, and resting heart rate metrics. | AnyQuestionWhoopSportsPUSH | 2 | |
Admyt |  | Admyt is a smart parking solution using license plate recognition in Vienna. Deployed in garages across Austria and Germany, it eliminates tickets and barriers for frictionless entry-exit. Property owners access dashboards for occupancy analytics, revenue tracking, and dynamic pricing in shopping centers and office complexes. | SHôPING | 1 | |
Rival |  | - | Shake | 1 | |
Platinum Equity | | Platinum Equity is a private equity firm headquartered in El Segundo, California. It targets control investments in manufacturing, distribution, media, and technology companies with enterprise values from $75 million to $1.5 billion. The firm has completed over 400 acquisitions since 1995, including deals in automotive parts, consumer goods, and logistics sectors across North America and Europe. | PlaypowerInfratechCzarnowski Collective+2 | 1 | |
MyFitnessPal | | MyFitnessPal is a San Francisco-headquartered mobile application for nutrition and fitness tracking. Users log meals via barcode scanning or a database of 14 million foods, monitor calories, macros, and exercise from 350 activities. The app syncs with wearables like Fitbit and Apple Health. Acquired by Under Armour in 2015 and later by Francisco Partners in 2020, MyFitnessPal supports intermittent fasting and weight management plans. Launched in 2005, it remains a top-downloaded health app. | Cal AIIntentSessions | 1 | |
Simpro | | Simpro Group is a Brisbane-headquartered developer of job management software for field service trades including plumbing, HVAC, electrical, and construction. The suite covers quoting, scheduling, invoicing, asset tracking, and compliance reporting, serving over 5,000 businesses in Australia, New Zealand, the UK, and the US. | DelightBigChangeAroFlo+1 | 1 |
Founders and investors we've worked with
We've supported winning builders across mobile apps and beyond.
Pure
We provided buy-side advice to Russmedia on its acquisition of Pure, a London-based casual online dating platform, supporting commercial diligence and deal execution.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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