Deal activity by volume related to cybersecurity deceased by 25% year-on-year in 2023 in the retail banking industry

A​​​​​​​nalysis of the key themes driving deal activity reveals that cybersecurity accounted for 44 retail banking deals between 2019 and 2023, worth a total value of $6,501m, according to GlobalData’s Deals database covering mergers and acquisitions, private equity, venture financing, equity offerings and partnerships.  

The $35m venture financing secured by OpenFin from Bank of America and consortium partners was the largest disclosed deal in 2023, while the $52m venture financing secured by First Mile Group from Felicis Ventures and consortium partners was the largest disclosed deal in 2022.  

In volume terms, cybersecurity related deal activity deceased by 25% year-on-year in 2023 and by 38% year-on-year in 2022.  

Venture financing accounted for the highest number of deals in the last five years, with 17 deals, followed by Acquisition (13 deals), and Equity offerings (8 deals).

The top financial advisors supporting deals related to cybersecurity in the retail banking industry in the last five years in terms of value were ABG Sundal Collier, BofA Securities, Nordea Bank, Citigroup, and JPMorgan Chase.

The top legal advisors supporting deals related to cybersecurity in the retail banking industry in the last five years in terms of value were Advokatfirmaet Haavind, Advokatfirmaet Schjodt, Cleary Gottlieb Steen & Hamilton, Hannes Snellman Attorneys, and Roschier Attorneys.

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.  

GlobalData’s Deals database provides comprehensive coverage across industries tracking market activity of global mergers & acquisitions, including asset acquisitions/divestments; private equity deals (PE); venture finance deals (VC); equity offerings, including IPOs, follow-on offerings, and private placements; debt offerings, including private placements, ESG bonds and loans; partnerships; and licensing agreements.  

 This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumored deals.