In the first nine months of 2025, the Vertical Applications subsector remained the largest by volume in terms of M&A activity, the same as last year, with 199 deals representing about 15% of total transactions. It was followed by CRM with 12% of transaction volumes, IT Services with 11% and ERP with 10%. Other AI subsectors in high demand include Information Management, Business Intelligence, Security, and Application Development & Deployment.

AI companies in the Security sector achieved the highest disclosed median multiple at a striking 12.7 times revenue followed by Industry-specific Applications at 5.6 times revenue, Internet Content & Commerce at 3.7 times revenue, Information Management at 2.8 times revenue and finally IT Services at 2.7 times revenue. The largest disclosed deal value in the AI sector was $25 billion with a median disclosed M&A deal size of $65 million.