2026: M&A review for Digital Agencies in the Benelux

Raoul Duysens

Partner, Managing Director

IN COOPERATION WITH INDUSTRY MAGAZINE EMERCE

Following our continued collaboration with Emerce, we present the latest insights into the evolving mergers and acquisitions landscape for digital agencies in the Benelux. Building on our previous editions, this report reflects on deal activity in 2025 and outlines the key drivers shaping the market outlook for 2026. Drawing on an extensive dataset of transactions and ongoing dialogue with investors, platforms and agency founders, we provide a clear view of how the sector is recalibrating in response to changing market conditions.

The Benelux digital agency landscape

The Benelux digital agency market continues to evolve through ongoing consolidation, with agencies increasingly becoming part of larger platform structures. This shift is primarily driven by the need for scale and the ability to offer more integrated client solutions. At the same time, agency groups are moving away from broad full-service models towards more clearly defined capability clusters and positioning. This results in more focused organisations, where technology and data play a central role in both service delivery and acquisition strategies.

M&A deal trends and market dynamics

The report provides insight into how buyers and sellers are navigating M&A processes in the current environment, including changes in deal structuring and valuation approaches. Market sentiment remains measured, with increased attention on performance visibility and scalability when assessing opportunities.

Year in review: 2025

While 2025 showed early signs of recovery, activity was unevenly distributed throughout the year. Momentum in the first half was followed by a more subdued second half, reflecting a more cautious transaction environment.

At the same time, deal activity remained predominantly domestic, with cross-border activity gradually regaining traction. Platform-driven consolidation continued to shape the market, with investor-backed activity becoming more selective and disciplined.

Outlook for 2026 and beyond

Looking ahead, the market is expected to gradually regain momentum. A number of platforms are approaching the next phase of their lifecycle, which is expected to result in larger transactions and platform exits. In parallel, cross-border expansion is likely to increase as agency groups look beyond their home markets to support further growth and diversification.

Key developments observed

55 transactions were completed in 2025, a modest increase compared to 2024, but still below peak years
Deal activity was front-loaded, with a strong first half and a significantly quieter second half, particularly in Q4
Domestic transactions accounted for approximately 73% of deals, with cross-border activity representing around 27%
The average size of targets increased to 23 FTE, reflecting a shift towards larger and more established agencies
Technology and data-driven agencies accounted for the majority of acquisitions (44% and 27% respectively)
Investor-backed add-on transactions declined to approximately 39%, reflecting a more cautious investment environment
Buyer activity became more concentrated, with the top five acquirers accounting for around 36% of total deals
Platform strategies continue to shift towards focused, specialist buy-and-build approaches

To access the full report, please visit the Emerce website (note: an Emerce Team Subscription is required).

Get in touch with us

Would you like to explore how these developments could impact your agency or investment strategy? Please feel free to contact Sebastiaan Renting or Raoul Duysens for further insights or a tailored introduction.