In the first quarter of 2023, the Human Capital Management industry witnessed a continuous reduction in M&A activity after an unprecedented year for M&A and investment in 2022. There were a total of 75 acquisitions, an 18% decrease from the 97 deals in the fourth quarter of 2022. This decline in M&A transactions can be attributed to the current economic uncertainty and market instability that continue to affect investor confidence. Despite these challenges, our outlook remains optimistic for M&A activity as strategic acquirers seek to ramp up inorganic growth strategies and acquire complementary companies in a less frothy valuation environment.
Learn more about broader trends examined in the HCM space and our sub-sector spotlight on Background Screening. Download our Q1 2023 report
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