Marketing technology has become one of the most active areas in the broader technology market, as businesses place greater value on tools and platforms that can support customer acquisition, engagement, retention, and measurable marketing performance.

What was once seen as a fragmented collection of software and agency-led capabilities is increasingly being viewed as a strategic layer of enterprise infrastructure. Novistra’s latest sector overview estimates the global MarTech ecosystem at c. $400–500bn, spanning software, data, platforms, and services across the full customer lifecycle. 

That shift is being driven by the changing structure of modern marketing itself. As brands become more data-driven and AI-enabled, spend is moving toward platforms and services that can influence decisions more effectively, improve personalization, and deliver measurable ROI. In practice, that means a broader and more integrated MarTech stack: search and discovery tools such as SEO, AEO, and emerging AI-led discovery; paid media capabilities across social, programmatic, retail media, and connected TV; CRM and automation platforms that support lifecycle marketing and retention; and analytics solutions that enable attribution, optimization, and first-party data strategies. Increasingly, these layers are connected by a unified data and AI core. 

This is also why M&A activity in MarTech remains strong. Buyer interest is being driven by the need to build integrated, data-rich customer platforms that can support growth across the full marketing lifecycle. Global marketing services and agency holding companies continue to acquire MarTech assets to deepen capabilities in performance marketing, retail media, customer engagement, data, and AI. Private equity-backed marketing and digital services platforms remain highly active, pursuing buy-and-build strategies around assets with strong client retention, recurring revenue, and differentiated positioning.

Technology consulting and IT services firms are also active acquirers, using MarTech capabilities to strengthen offerings in CRM, digital experience, and customer transformation. A smaller group of software companies is participating more selectively, typically targeting assets that add identity, analytics, personalization, or vertical-specific functionality. 

Within the market, buyer interest is not spread evenly. Current deal activity is concentrating around four areas in particular.

The first is AI-, data-, and analytics-led MarTech, where customer data platforms, identity solutions, and analytics capabilities are strategically important because of data ownership and platform integration. The second is performance marketing and retail media, where buyers continue to value measurable acquisition outcomes and commerce enablement. The third is SEO, AEO, and LLM-focused capabilities, reflecting the growing importance of discoverability as consumer behavior shifts across both traditional and generative search environments. The fourth is influencer, content, and creator-led platforms, which continue to attract interest given their growth profile, relevance to younger audiences, and cross-sell potential within larger integrated platforms. 

Valuation trends continue to support M&A across the sector. According to Novistra’s analysis, public market marketing services multiples have remained relatively stable, ranging from 8.2x EV/LTM EBITDA in Q3 2023 to 10.5x in Q3 2024, before settling at 8.1x in Q3 2025. While the market is more disciplined than it was at its peak, stable benchmarks continue to support strategic and financial interest in well-positioned MarTech businesses. 

MarTech is no longer a peripheral category within technology. It has become a core enabler of customer acquisition, retention, and performance measurement, which is why buyer interest continues to concentrate around scalable, data-rich, and ROI-led platforms. As AI reshapes discovery, personalization, and analytics, the strategic value of these capabilities is only increasing.

To explore the market in more detail, including recent transactions, buyer activity, and key areas of M&A interest, download Novistra Capital’s full MarTech report.