M&A advisory for online marketplaces companies
Online marketplace M&A has picked up steadily since the 2020-2021 valuation peak and correction. Strategic acquirers and PE platforms have been most active in profitable two-sided businesses and vertical operators; less mature marketplaces face a more selective buyer environment.
Strategic acquirers in this space include the major horizontal platforms - Amazon, Walmart, Target, eBay, Etsy - and on the infrastructure side Shopify and Mirakl, all of which buy to extend reach, supply or category coverage. PE platforms running marketplace consolidation theses include KKR, Apollo, Permira and Cinven, alongside more specialist consumer and commerce-focused sponsors. Flow has direct access to corp-dev at the major strategics and to the PE platforms active in the category.
Flow team has relevant sector experience and has worked with online marketplace companies across resale, classifieds, handmade and craft commerce, vertical and B2B marketplaces, authenticated goods and consumer services platforms.
"Online marketplaces" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing online marketplaces M&A targets
GMV
Net revenue
Gross take rate
Net take rate
Active buyers
Active sellers
Liquidity ratio
Repeat purchase rate
Cohort retention
Contribution margin / tx
Buyer CAC payback
Refund & dispute rate
Online marketplaces valuations in May 2026
Public online marketplaces comps trade at 1.7x EV/Revenue. Median revenue multiple across online marketplaces M&A deals was 2.5x in the last 12 months.
1.7x
Median EV/Revenue as of May 2026 for public online marketplaces companies
4.1x
AmazonAmazon is the highest valued public online marketplaces company based on EV/Revenue (excluding outliers)
2.5x
Median EV/Revenue across online marketplaces M&A deals in the last 12 months
6.3x
Median EV/Revenue across online marketplaces VC rounds in the last 12 months
Key recent online marketplaces M&A deals
$7.5B acquisition of Playlist by EGYM was the largest online marketplaces M&A transaction completed in the last year.
See all online marketplaces M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jan-26 | Playlist |  | Playlist is a comprehensive platform integrating Mindbody, Booker, and ClassPass to equip fitness, wellness, and lifestyle businesses with AI-enhanced SaaS tools for discovery and booking. | EGYM | $7.5B | 9.4x | |
Apr-26 | Kakaku.com |  | Kakaku.com Inc. is a Japan-based internet company operating various web services. The company operates through four segments. The Incubation Business includes real estate and housing site Smity, travel review site Fort Travel, movie information site Movie.com, automotive site web CG, dynamic package systems, and the bus comparison site Bus Comparison Navi. The Job Box Business operates the job search site Job Box and job information site Jobcube. The Kakaku.com Business operates the purchasing support site Kakaku.com and engages in insurance services through Kakaku.com Insurance Co., Ltd. The Tabelog Business operates the restaurant search and reservation site Tabelog. It generates the majority of its revenue from the Tabelog business segment. | EQT | $3.3B | - | |
Jul-25 | Adevinta Spain |  | Adevinta Spain is a Madrid-based operator of digital classifieds sites including Milanuncios, Fotocasa, and Coches.net. The platforms facilitate transactions in second-hand goods, property rentals, vehicle sales, and job searches across Spain. As part of the Adevinta group, it leverages pan-European expertise for mobile-first user experiences and monetization tools. | EQT | $2.2B | - | |
Dec-25 | Boats Group | | Boats Group is a Miami-headquartered marketing services company serving the recreational marine industry through ownership of leading portals such as boats.com, YachtWorld, Boat Trader, CosasDeBarcos, and YachtCloser. It delivers internet advertising, lead generation, CRM systems, data management, and website hosting to marine businesses. The firm maintains offices in the United Kingdom, Spain, and Italy, with localized sites supporting multiple languages for international reach. | General Atlantic | $2.0B | - | |
May-26 | Voi |  | VOI Technology is a micromobility operator providing e-bikes and e-scooters across more than 150 cities in Europe. The Sweden-headquartered company achieved EBIT profitability in 2024 through efficient fleet management and urban partnerships. Voi collaborates with city governments in countries like the United Kingdom, Germany, and Sweden to deliver sustainable last-mile transportation solutions. | Uber | $1.2B | 5.9x | |
Feb-26 | Depop |  | Depop is a London-headquartered fashion resale marketplace that connects buyers and sellers of secondhand clothing and accessories worldwide. The mobile app features vintage, streetwear, and designer items, drawing a young demographic in 147 countries with offices in Manchester, New York, Los Angeles, and Sydney. Acquired by Etsy in 2021, Depop integrates social discovery elements like live sales and creator tools to rank among leading shopping apps by engagement. | eBay | $1.2B | 6.4x | |
Sep-25 | La Centrale |  | La Centrale is a French online marketplace for new and used cars, motorcycles, and vans listing vehicles from dealers and private sellers. Users access search filters by brand, model, mileage, and region alongside valuation tools and expert advice articles. Headquartered in Paris, the platform connects buyers with over 300,000 listings monthly and covers the entire French automotive market. | OLX Group | $1.2B | - | |
Dec-25 | Yad2 |  | Yad2 is an Israeli online classifieds marketplace headquartered in Tel Aviv. It lists second-hand goods including electronics, furniture, vehicles, real estate, pets, jobs, and professional services. Yad2 dominates the local market with millions of monthly listings and user-generated ads across 20 categories. | Apax Partners | $950M | 10x | |
Aug-25 | Wallapop | | Wallapop is a Barcelona-headquartered mobile marketplace connecting over 15 million users for secondhand goods trading across Spain, France, Italy, and the US. Launched in 2013, the app leverages geolocation to enable hyper-local buying and selling of clothing, electronics, furniture, and vehicles, facilitating over 180 million item transactions. Wallapop integrates shipping via Correos partnerships and in-app payments, while its sustainability focus promotes circular economy practices through verified seller badges and anti-fraud AI detection. | NAVER | $699M | 6.0x | |
Mar-26 | Foodpanda Taiwan |  | Foodpanda Taiwan is an online food and grocery delivery platform operating in Taiwan. | Grab | $600M | - | |
Dec-25 | Boats Group | | Boats Group is a Miami-headquartered marketing services company serving the recreational marine industry through ownership of leading portals such as boats.com, YachtWorld, Boat Trader, CosasDeBarcos, and YachtCloser. It delivers internet advertising, lead generation, CRM systems, data management, and website hosting to marine businesses. The firm maintains offices in the United Kingdom, Spain, and Italy, with localized sites supporting multiple languages for international reach. | CPP Investments | $600M | - | |
Dec-25 | Eventbrite | | Eventbrite Inc is a self-service ticketing and experience technology platform that serves event creators. The company's two-sided marketplace connects creators and consumers every month to share their passions, artistry, and causes through live experiences. Creators use its self-service ticketing and marketing tools to plan, promote, and sell tickets to their events, and event seekers use its website and mobile application to discover and purchase tickets to experiences. Geographically, it generates maximum revenue from the United States. The company generates revenues principally from service fees and payment processing fees from the sale of paid tickets on its platform. | Bending Spoons | $500M | 1.7x | |
Mar-26 | Auto.ru |  | Auto.ru is Russia's leading online portal for new and used cars, trucks, and automotive parts. Moscow-based since 1997, the platform features extensive classifieds, model catalogs, manufacturer news, test drives, and forums. Auto.ru supports sales of tires, accessories, and commercial vehicles alongside job listings in the auto sector. | T-Technologies | $456M | - | |
Feb-26 | G | Getir (food delivery unit) |  | Getir's food delivery unit operates as the restaurant meal delivery arm of the Turkish ultrafast logistics company, connecting eateries to consumers via app-based rapid service. | Uber | $435M | - |
Jul-25 | Indiegogo | | Indiegogo is a San Francisco-headquartered crowdfunding platform established in 2008. It enables creators to fund creative projects, startups, and charitable causes through flexible funding models that allow pre-sales and community validation before production. Notable successes include the Pebble smartwatch, which raised over $10 million, and the Oculus Rift prototype. Indiegogo offers campaign toolkits, expert advice on team assembly, and enterprise solutions for corporate innovation challenges. | Gamefound | $330M | 6.0x |
Most active buyers of online marketplaces companies
Uber, EQT and eBay are the most active acquirers of online marketplaces companies in the last three years.
See all online marketplaces acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Uber | | Uber Technologies is a technology provider that matches riders with drivers, hungry people with restaurants and food couriers, and shippers with carriers. The firm's on-demand technology platform is currently utilized by traditional cars as well as autonomous vehicles, but could eventually be used for additional products and services, such as delivery via drones or electronic vehicle take-off and landing (eVTOL) technology. Uber operates in over 70 countries, with over 202 million users who order rides or food at least once a month. | VoiFly TaxiSpotHero+1 | 4 | |
EQT | | Swedish conglomerate Investor AB set up EQT as its private equity division in 1994. In its early days, EQT focused primarily on private equity investments in Sweden and the rest of Scandinavia. Today, EQT is one of the largest global private-market investors, with funds that focus on private equity, real estate, and infrastructure globally. Investor AB retains a minority stake. | Kakaku.comAdevinta SpainPropertyGuru Group+1 | 4 | |
eBay | | EBay operates one of the largest e-commerce marketplaces in the world, with $79.6 billion in 2025 gross merchandise volume, rendering the firm a top 10 global e-commerce company. It generates sales from listing fees, advertising, revenue-sharing arrangements with service providers, and managed payments, with its platform connecting about 135 million buyers and roughly 20 million sellers across almost 190 global markets at the end of 2025. EBay generates just north of 50% of its GMV in international markets, with a large presence in the UK, Germany, and Australia. | DepopTiseGoldin Auctions | 3 | |
Rover | | Rover is a Seattle-headquartered network connecting pet owners with sitters and walkers for dogs across the U.S. and Canada. Services include drop-in visits, overnight boarding, and group daycare with real-time GPS updates and vet access. Rover verifies caregivers through background checks and insurance coverage up to 1 million dollars. Launched in 2011, it operates in 100 countries with millions of bookings annually. | Mad PawsGudogCat in a Flat | 3 | |
Liplyn IG |  | Liplyn IG is a Dutch media and data company operating Drimble, a news aggregation website covering business and regional updates. It provides Drimble Data for company information, Matrixian for real estate analytics, and Hanze Media Groep job boards focused on northern Netherlands employment. The firm delivers insights to businesses and professionals across information services. | Bouwvacatures.nlTechniekvacaturebank.nlVacant.nl | 3 | |
Distilled |  | Distilled is a Dublin-based online platform facilitating seamless buying and selling of consumer goods through integrated marketplaces. It manages logistics, payments, and vendor tools for electronics, fashion, and home products across Ireland, connecting retailers with nationwide delivery networks. | PropertyPalUSED CARS NI | 2 | |
Destinia | | Destinia is a Madrid-headquartered online travel agency offering hotel bookings, flights, and packages worldwide, with operations in Europe, Middle East, and Latin America, supporting multilingual reservations. | NetflightsTravel Republic | 2 | |
AutoScout24 |  | AutoScout24 runs a pan-European online marketplace connecting buyers and sellers of new and used cars, motorcycles, and accessories. | AutotrackGaspedaal.nlTRADER Corporation | 2 | |
Scout24 | | Scout24 SE is a German digital company that operates a digital marketplace, ImmoScout24, for residential and business real estate. In addition, it offers software solutions for real estate valuations to banks and the real estate sector. Through ImmoScout24, the company is engaged in developing new products and building a digital ecosystem for rentals, purchases, and commercial real estate in Germany and Austria. It has different brands offering digital services in the real estate industry, such as FlowFact, Vermietet.de, Immoverkauf24, Propstack, BauFi, and others. Its operating segments are Professional, which generates maximum revenue by offering digital real estate products to its professional clients, and Private. Geographically, the group derives its key revenue from Germany. | fotocasaHabitacliaImmounited | 2 | |
Bending Spoons |  | Bending Spoons is a Milan-headquartered technology company that acquires, develops, and scales mobile applications serving over a billion users globally. The firm owns Evernote for note-taking, Splice for video editing, Remini for AI photo enhancement, 8fit for fitness tracking, Issuu for digital publishing, Meetup for social events, StreamYard for live streaming, and WeTransfer for file sharing. Founded in 2013, Bending Spoons employs machine learning across its apps to personalize user experiences in productivity, creativity, and social tools. The company operates studios in cities including Copenhagen, New York, and Turin. | EventbriteMeetupTractive+1 | 2 |
Founders and investors we've worked with
We've supported winning builders across online marketplaces and beyond.
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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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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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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