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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Financial Infrastructure, Credit & Asset Management

Lower Spend Concentration + Accelerating · $494B disclosed spend · led by Geographic Expansion plays · activity accelerating across 186 public buyers.

Useful acquirers add AUM, proprietary data, distribution, accounts, origination flow, or regulated market infrastructure that can be scaled across existing platforms.

Geographic Expansion dominantSpend HHI 536Accelerating +60

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

186

96 core (10+)

Recorded buys

1,661

265 last 3 yrs

Disclosed spend

$494B

$186.1B recent

Matched issuers

826

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 26%
Bolt 25%
Platform 22%
Horiz 12%
Tech 11%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

2% mix

Small additive deals folded directly into the existing business.

Bolt On

25% mix

Mid-sized acquisitions extending the existing product or service core.

“Selective bolt-on acquisitions that accelerate the ability to scale and grow Moody’s businesses;”

Moody’s Corporation (MCO) · FY2018

Platform

22% mix

Foundational deals establishing a new platform or business line.

“KKR plans to continue the existing strategy and business of KJRM.”

KKR & Co. Inc. (KKR) · FY2022

Geographic Expansion

26% mix

Buying density or new geographies to extend the footprint.

“acquired Featurespace Limited, a developer of real-time artificial intelligence payments protection technology”

Visa Inc. (V) · FY2025

Horizontal Consolidation

12% mix

Acquiring direct competitors to consolidate the market.

“consolidation and increasing competition among global markets for trading, clearing and listings.”

Intercontinental Exchange, Inc. (ICE) · FY2025

Vertical Integration

1% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

11% mix

Buying products, IP, or engineering depth for capability gain.

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

“We may incur significant expense in connection with expanding our existing businesses, recruiting financial advisors, or making strategic acquisitions or investments.”

Raymond James Financial, Inc. (RJF) · FY2016

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100M$1B$10B$1B$10B$100Bmedian annual $545Mmedian total $4.7BAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)JPMJpmorgan Chase & Co. (JPM) Geographic Expansion $84B total · $7.6B / active year 11 active years · 6 buys reportedVVisa Inc. (V) Geographic Expansion $38.6B total · $2.6B / active year 15 active years · 6 buys reportedNDAQNasdaq, Inc. (NDAQ) Bolt On $34.2B total · $1.8B / active year 19 active years · 31 buys reportedICEIntercontinental Exchange, Inc. (ICE) Horizontal Consolidation $28.8B total · $2.2B / active year 13 active years · 23 buys reportedMSMorgan Stanley (MS) Bolt On $23.3B total · $7.8B / active year 3 active years · 2 buys reportedJEFJefferies Financial Group Inc. (JEF) Bolt On $16.9B total · $1.9B / active year 9 active years · 11 buys reportedMAMastercard Incorporated (MA) Platform $12.8B total · $986M / active year 13 active years · 17 buys reportedGPNGlobal Payments Inc. (GPN) Geographic Expansion $12.6B total · $628M / active year 20 active years · 20 buys reportedPYPLPayPal Holdings, Inc. (PYPL) Bolt On $9.8B total · $1.4B / active year 7 active years · 17 buys reportedCMECME Group Inc. (CME) Horizontal Consolidation $8.9B total · $1.3B / active year 7 active years · 9 buys reportedFRHCFreedom Holding Corp. (FRHC) Geographic Expansion $8.7B total · $1.2B / active year 7 active years · 17 buys reportedMCOMoody’s Corporation (MCO) Bolt On $8.6B total · $430M / active year 20 active years · 29 buys reportedBBUCBrookfield Business Corporation (BBUC) Bolt On $8.2B total · $1.6B / active year 5 active years · 20 buys reportedKKRKKR & Co. Inc. (KKR) Platform $7.7B total · $1.1B / active year 7 active years · 5 buys reportedOWLBlue OWL Capital Inc. (OWL) Platform $7.2B total · $2.4B / active year 3 active years · 5 buys reportedSPGIS&P Global Inc. (SPGI) Bolt On $6.8B total · $520M / active year 13 active years · 34 buys reportedNNINelnet, Inc. (NNI) Geographic Expansion $4.9B total · $448M / active year 11 active years · 25 buys reportedRJFRaymond James Financial, Inc. (RJF) Talent Acquisition $4.8B total · $479M / active year 10 active years · 8 buys reportedSTTState Street Corporation (STT) Geographic Expansion $4.6B total · $456M / active year 10 active years · 9 buys reportedGBDCGolub Capital BDC, Inc. (GBDC) Horizontal Consolidation $4.4B total · $889M / active year 5 active years · 3 buys reportedLPLALPL Financial Holdings Inc. (LPLA) Bolt On $4B total · $308M / active year 13 active years · 93 buys reportedSYFSynchrony Financial (SYF) Bolt On $3.9B total · $2B / active year 2 active years · 7 buys reportedAXPAmerican Express Co. (AXP) Mixed strategy $3.6B total · $329M / active year 11 active yearsARESAres Management Corporation (ARES) Geographic Expansion $3.4B total · $569M / active year 6 active years · 10 buys reportedFDSFactset Research Systems Inc. (FDS) Bolt On $3.4B total · $210M / active year 16 active years · 17 buys reportedBENFranklin Resources, Inc. (BEN) Bolt On $3.3B total · $302M / active year 11 active years · 16 buys reportedMSCIMsci Inc. (MSCI) Bolt On $3B total · $332M / active year 9 active years · 13 buys reportedVCTRVictory Capital Holdings, Inc. (VCTR) Bolt On $2.7B total · $679M / active year 4 active years · 4 buys reportedPRAAPRA Group, Inc (PRAA) Geographic Expansion $2.6B total · $216M / active year 12 active years · 5 buys reportedALLYAlly Financial Inc. (ALLY) Platform $2.5B total · $415M / active year 6 active years · 9 buys reportedTPGTPG Inc. (TPG) Geographic Expansion $1.7B total · $434M / active year 4 active years · 1 buys reportedSFStifel Financial Corp. (SF) Horizontal Consolidation $1.7B total · $94M / active year 18 active years · 35 buys reportedPIPRPiper Sandler Companies (PIPR) Bolt On $1.5B total · $105M / active year 14 active years · 13 buys reportedBGCBGC Group, Inc. (BGC) Bolt On $1.2B total · $67M / active year 18 active years · 37 buys reportedSNEXStoneX Group Inc. (SNEX) Geographic Expansion $913M total · $54M / active year 17 active years · 37 buys reportedHLIHoulihan Lokey, Inc. (HLI) Platform $584M total · $58M / active year 10 active years · 3 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
Jpmorgan Chase & Co.JPMGeographic Expansion
$84B
$7.6B6

New cycle

$81.8B recent

Visa Inc.VGeographic Expansion
$38.6B
$2.6B6

Steady

-14%

Nasdaq, Inc.NDAQBolt On
$34.2B
$1.8B31

Accelerating

+881%

Intercontinental Exchange, Inc.ICEHorizontal Consolidation
$28.8B
$2.2B23

Steady

+7%

Morgan StanleyMSBolt On
$23.3B
$7.8B2

Paused

$20.6B prior

Jefferies Financial Group Inc.JEFBolt On
$16.9B
$1.9B11

New cycle

$1.4B recent

Mastercard IncorporatedMAPlatform
$12.8B
$986M17

Winding down

$5.4B → $30M

Global Payments Inc.GPNGeographic Expansion
$12.6B
$628M20

Accelerating

+149%

PayPal Holdings, Inc.PYPLBolt On
$9.8B
$1.4B17

Winding down

$6.4B → $19M

CME Group Inc.CMEHorizontal Consolidation
$8.9B
$1.3B9

Paused

$410M prior

Freedom Holding Corp.FRHCGeographic Expansion
$8.7B
$1.2B17

Cooling

-25%

Moody’s CorporationMCOBolt On
$8.6B
$430M29

Cooling

-86%

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“acquired Featurespace Limited, a developer of real-time artificial intelligence payments protection technology”

Visa Inc.VFY2025

“The acquisition aligns with our technology-enabled payments strategy”

Global Payments Inc.GPNFY2025

“The Firm believes that the First Republic acquisition is complementary to the Firm's existing franchises.”

Jpmorgan Chase & Co.JPMFY2023

“Strategic Initiatives includes the Ares SSG platform subsequent to the completion of the acquisition on July 1, 2020.”

Ares Management CorporationARESFY2020

“goodwill impairment charge and higher legal collection costs and fees associated with expanded activity in our legal collections channel”

PRA Group, IncPRAAFY2025

“the acquisition of Great Lakes Educational Loan Services, Inc. ("Great Lakes") on February 7, 2018 and the ability to successfully integrate technology and other activities”

Nelnet, Inc.NNIFY2018

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Asset & Wealth Management

387

Asset managers, wealth platforms, BDCs, investment managers, and advisor networks.

Buyers

76

Core

37

Spend

$175.8B

2006–2025 · last year 24

Credit, Payments & Non-Bank Finance

691

Credit services, specialty finance, consumer lending, payments, and receivables platforms.

Buyers

44

Core

25

Spend

$119.4B

2006–2025 · last year 13

Capital Markets & Brokerage

418

Brokerage, trading, market making, advisory, wholesale financial, and capital-markets platforms.

Buyers

56

Core

25

Spend

$103.3B

2006–2025 · last year 70

Financial Data & Exchanges

205

Market data, indexes, exchanges, clearing, trading infrastructure, and workflow platforms.

Buyers

10

Core

9

Spend

$95.5B

2006–2025 · last year 14

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

01673342006: 80 buys · $12.7B spend · 21 buyers2007: 89 buys · $25.2B spend · 20 buyers2008: 62 buys · $13.7B spend · 24 buyers2009: 31 buys · $6.2B spend · 20 buyers2010: 48 buys · $10.4B spend · 29 buyers2011: 70 buys · $6.8B spend · 27 buyers2012: 116 buys · $4.5B spend · 31 buyers2013: 35 buys · $16.6B spend · 19 buyers2014: 73 buys · $14B spend · 38 buyers2015: 47 buys · $21.7B spend · 30 buyers2016: 334 buys · $32.6B spend · 25 buyers2017: 57 buys · $15.5B spend · 27 buyers2018: 61 buys · $9.7B spend · 31 buyers2019: 67 buys · $20.1B spend · 33 buyers2020: 98 buys · $39.7B spend · 36 buyers2021: 79 buys · $40.3B spend · 52 buyers2022: 49 buys · $18.2B spend · 34 buyers2023: 68 buys · $45.8B spend · 35 buyers2024: 82 buys · $98.1B spend · 40 buyers2025: 115 buys · $42.3B spend · 54 buyers2006: 80 buys · $12.7B spend · 21 buyers2007: 89 buys · $25.2B spend · 20 buyers2008: 62 buys · $13.7B spend · 24 buyers2009: 31 buys · $6.2B spend · 20 buyers2010: 48 buys · $10.4B spend · 29 buyers2011: 70 buys · $6.8B spend · 27 buyers2012: 116 buys · $4.5B spend · 31 buyers2013: 35 buys · $16.6B spend · 19 buyers2014: 73 buys · $14B spend · 38 buyers2015: 47 buys · $21.7B spend · 30 buyers2016: 334 buys · $32.6B spend · 25 buyers2017: 57 buys · $15.5B spend · 27 buyers2018: 61 buys · $9.7B spend · 31 buyers2019: 67 buys · $20.1B spend · 33 buyers2020: 98 buys · $39.7B spend · 36 buyers2021: 79 buys · $40.3B spend · 52 buyers2022: 49 buys · $18.2B spend · 34 buyers2023: 68 buys · $45.8B spend · 35 buyers2024: 82 buys · $98.1B spend · 40 buyers2025: 115 buys · $42.3B spend · 54 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)