Deloitte M&A Activity of Swiss SMEs Report 2026

We are pleased to present the latest edition of our review of mergers and acquisitions (M&A) activity of small and medium-sized enterprises (SMEs) in Switzerland, covering the year 2025. This year’s report includes an interview with Christophe Utelli, CEO of Cité Gestion SA, who discusses the bank's strategic partnership with EFG International through the sale of its share capital.

Globally, M&A activity increased by 4% in 2025 compared to 2024, driven by a resurgence in mega-deals. The total aggregate value of all deals reached 3.7 trillion CHF, approaching levels last seen in 2021. This positive momentum was also reflected in Swiss SME M&A activity, which grew by 16% in volume compared to 2024.

IT services and software transactions were the primary growth driver in 2025, representing 90% of the increase in deal volume and highlighting the sector’s strategic importance and ongoing consolidation. Inbound transactions rose by 65% to a record of 104 deals, while domestic transactions grew by 10% year-on-year. Outbound deals fell by 25% to 51 deals, as companies took a cautious approach amid tariff uncertainty. Private equity activity surged by 45% to 116 deals, driven by a 156% rise in inbound PE bolt-on acquisitions.

M&A activity overview

More transactions despite market volatility

Despite ongoing geopolitical and economic challenges, dealmakers have navigated market fluctuations to boost M&A activity. Supported by substantial availability of capital, the aggregate number and value of global deals rose in 2025, with 41,362 transactions worth CHF 3.7 trillion, up from 39,644 deals valued at CHF 2.9 trillion in 2024 - a 28% increase in deal value. European firms participated in 19,175 deals (CHF 1.3 trillion), while US companies took part in 14,475 deals (CHF 2.3 trillion). The positive trend was true for Swiss SME’s, with a total of 208 transactions recorded, reflecting a 16% increase from 179 in 2024. This growth is largely attributable to the significant rise in inbound transactions.

Transactions in Switzerland

(Domestic and inbound M&A transactions, excluding outbound deals)

Transactions involving the sale of Swiss SMEs rose by 41% from 2024 to 2025, driven mainly by the growth in inbound deals. 32% of these transactions took place in the canton of Zurich. 

Transactions in Switzerland by sector

IT services & software dominated with 28% of domestic and inbound deals, versus 14% in 2024, offsetting declines of 4% in both industrials and consumer service sectors. Life sciences and healthcare remained stable at 16% overall, though inbound transactions rose by 110% while domestic transactions declined by 43%, reflecting a shift in ownership toward foreign investors.  

Economic environment in Switzerland
 

Resilience amid global turbulence 

The latest Deloitte CFO Survey, conducted in September 2025, showed Swiss CFOs remained cautiously optimistic about their companies despite a weaker economic outlook for Switzerland. While tariff shocks and geopolitical risks weigh on the broader economy, modest revenue and profit growth is still anticipated. International risks including geopolitical tensions, trade disputes, and currency fluctuations are top concerns for CFOs. In response, companies are adopting cautious strategies, including price adjustments, cost-cutting, and increased investment in automation and technology.

Economic expectations vary across key markets: Switzerland’s outlook is slightly negative but improving; the US remains deeply pessimistic; Germany shows cautious recovery; and China has rebounded to mostly positive sentiment. Swiss firms are actively managing these challenges, though the difficult environment continues to strain operations.

The Swiss Franc has strengthened notably against the US dollar over the past year, while remaining stable versus the Euro. CFOs foresee rising currency pressures, with the US dollar expected to become nearly as important as the Euro for business exposure, making currency management critical for protecting margins.

2026 outlook

The M&A Market rebounded in 2025 but was tempered by unexpected macroeconomic shocks, notably US tariff announcements that added global trade uncertainty. Nonetheless, Switzerland saw strong growth in inbound deals and a surge in private equity bolt-on transactions.

Looking ahead to 2026, the Swiss economy is well placed to support the increased level of dealmaking activity, with GDP growth forecast at 1.1%, and low inflation at around 0.2%. The Swiss National Bank's measured approach to monetary policy, alongside ECB easing, should maintain favorable financing conditions. Although SMEs face funding challenges, alternative lenders are increasingly filling the gap.

The supply side of the M&A market will be driven by pent-up succession cases, corporate portfolio rationalisation, and private equity divestments, due to increased pressure to return capital to investors. Simultaneously, buyers are targeting undervalued assets and turnaround opportunities, while digitalisation and supply-chain security remain key acquisition drivers. Private equity firms, flush with dry powder, are expected to sustain momentum through buy-and-build strategies and improved exit options. Swiss companies may also increase outbound deals, particularly in the US, to mitigate geopolitical risks as well as diversify and strengthen supply chains.

Sector-wise, IT services and software consolidation will continue, while luxury goods and watches may see renewed activity as buyers capitalise on attractive valuations. Life sciences and healthcare is set to continue to attract foreign investors seeking access to Switzerland’s innovation ecosystem. In contrast, traditional industrials may recover only selectively amid ongoing trade tensions.

Challenges remain significant as ongoing geopolitical uncertainty continues to cause caution among buyers and sellers. While the macroeconomic environment remains broadly supportive, risks persist, particularly if inflation rises again or central banks delay or reverse planned rate cuts, which could tighten financing conditions and slow deal momentum. Additionally, supply-chain disruptions and margin pressures continue to limit valuations, especially in tariff-exposed and traditional industrial sectors. Navigating this complex landscape will require agility and strategic foresight.

Nevertheless, Switzerland’s robust economic resilience, stable political environment, attractive regulatory framework, and openness to foreign investment provide a strong foundation. Combined with supportive monetary policies from the Swiss National Bank and the European Central Bank, companies with access to financing are well positioned to capitalise on strategic M&A opportunities and drive growth in 2026.

About the study

This is the 20^th edition of the Deloitte study on M&A activity of SMEs in Switzerland. It uses various sources of information to identify the transactions involving Swiss SMEs, such as the Mergermarket database, Swiss economic press, Capital IQ, SIX Swiss Exchange and Deloitte M&A databases. The analysis exclusively concerns Swiss small and medium-sized enterprises (SMEs) and is based on transactions that were completed between 01/01/2025 and 31/12/2025. More details can be found in the report.

Contributors

We are grateful to Camille de Seroux and Nicolas De Oliveira for their valuable inputs to this report.

Previous editions
 

If you are interested in the reports of the previous years, please contact us.