The DACH HR software market grew to €2.93 billion in 2025 - a 10.5% increase - as consolidation accelerates and AI reshapes vendors' business models. WorkTech Advisory's annual ranking, produced together with Personalmagazin, breaks down the numbers and the trends behind them. Growth loses a step, but stays firmly in double digits The HR software market in the DACH region (Germany, Austria, Switzerland) kept growing in 2025, even if at a somewhat slower pace than in previous

Here comes the update for M&A activity in June 2026. The debate on AI's impact on SaaS business models and valuations keeps running in the background, but it isn't slowing European HR Tech consolidation down. If anything, observing the HRTech market closely it feels like consolidation is even accelerating further whilst larger PE platform deals become more selective. One dominant theme in June: platform players keep rounding out the employee lifecycle by folding payroll, lear

Die HR-Tech-Branche im deutschsprachigen Raum zeigt sich im Frühjahr 2026 in einer interessanten Doppelrolle: Die aktuelle Geschäftslage wird so positiv bewertet wie selten zuvor, gleichzeitig sind die Erwartungen für die kommenden Monate spürbar gedämpft. Dies sind die zentralen Ergebnisse der aktuellen Konjunkturbefragung im Frühjahr 2026. Geschäftslage und -erwartungen Drei Viertel der HR-Softwareanbieter bewerten ihre aktuelle Geschäftslage als „gut“ oder „sehr gut“ - der

Here comes the update for M&A activity in April 2026 - a bit delayed due to my stay at Acadian Ventures Summit in sunny San Diego. Whilst the discussions in WorkTech and B2B SaaS continues to focus on the impact of AI on the SaaS business model and B2B SaaS valuations in general, this does not put M&A to a hold but actually speeds up consolidation and in several areas at the moment. A dominant theme across deals worth flagging are the continued build-up of - oftentimes also P

Here comes the update for M&A activity in February 2026. Whilst the discussion in global HR Tech and B2B SaaS was strongly focusing on the impact of AI on the SaaS business model and B2B SaaS valuations in general, the were still several acquisitions and mergers communicated in February that were probably also negotiated prior to this discussion. Main drivers of this consolidation were again in the payroll segment (combination of payroll outsourcing services and software), in

After a record-breaking third quarter in terms of numbers of transaction in #HRTech ( Venero Capital Advisors counted 111 - highest since they started recording), analysts and advisors including myself expect the wave of consolidation to continue. Economic environment in combination with new tech advancements as well as a lot of "dry powder" = capital to deploy in private equity continue to boost acquisition interest as well as selling interest at the same time. Also in O

Nach den ersten Anzeichen einer Verbesserung des Geschäftsklimas im Frühjahr 2025, bestätigt die Konjunkturbefragung unter HR Software-Anbietern im Herbst diese Entwicklung. Die Bewertung der aktuellen Geschäftslage macht einen deutlichen Sprung nach oben und auch die Geschäftserwartungen verbessern sich weiter gegenüber denen im Frühjahr. Geschäftslage und -erwartungen Der Geschäftsklimaindex für den deutsch­sprachigen HR-Tech-Markt folgt den geäußerten Hoffnungsschimmern

Whilst the August update included some major transactions in HRTech already, this streak continued into September 2025. With more than 100 acquisitions announced in Q3, we are in the midst of a strong consolidation period in HRTech. Also in September there were several transactions of AI-based vendors in the talent acquisition space. Furthermore, also the benefit and payroll consolidation driven by the large employee benefits and payroll groups continued. Here is the summary

Bei der Herbstbefragung 2024 hatte die schwache Gesamtkonjunktur auch im HR-Softwaremarkt bereits erste Spuren hinterlassen. Die...

I realized this evening that the last busy months have kept me from sharing some of the insights collected on my travels to events,...