M&A in Australia & New Zealand as a bellwether for larger markets

We are planning to regularly review the state of marketing services and technology M&A in each global region. This is our first review of Australia and New Zealand (ANZ) which we consider to be deceptively important to the global market. Historically ANZ has tended to be a bellwether for the larger English speaking regions. 

ANZ is also regulatory stable, digitally mature and packed with ‘exportable’ specialists, especially across digital disciplines such as performance, CRM, CX, data and commerce. In addition, developments in media mix, procurement pressure and operating expectations are showing up early in the region before likely making their way into the UK, US and Middle East markets.

If Australia does the heavier lifting on scale, then it could be argued that New Zealand consistently produces high quality independents and specialist operators that travel well.

The demand backdrop is firmer than it’s been for a while. Australia’s digital advertising market reached AUD$16.4n in 2024 (+11.1%) with video and search again among the key growth drivers. New Zealand’s total advertising revenues were NZ$3.6b in 2024 with digital representing roughly two-thirds of that. Needless to say these figures reinforce how structurally digital the market has become. We await the 2025 data but would expect consistent YoY growth.

Our view is that this all points towards 2026 being an active year for mid-market M&A in ANZ and the winners are likely to be those with’ specialism + proof’ rather than ‘full-service by default’.

ANZ MARKET IS EVOLVING AND CLIENTS ARE AUDITING IT HARDER 

We have noticed five important shifts in the region:

1. Performance and platform services are no longer an add-on. Buyers remain most consistent where services sit close to measurable growth. Performance media, SEO, CRO, CRM / lifecycle, analytics etc. If the work ties clearly to revenue, it will travel well in diligence.

2. Independence is being redefined. Founder-led speed and closeness to clients still matter but they are no longer enough to guarantee stability and durability of relationship. Clients, as well as investors and buyers, increasingly want to understand what’s truly ‘in-house’ and whether the business relies on hidden partners or structures that recreate the complexity independents claim to avoid. The rush towards AI-supported solutions / margins will shine an even brighter light on this

3. Procurement and finance are now at the table. Commercial scrutiny is rising. Incentives, trading mechanics and fee structures are being questioned more directly. Agencies that win trust explain how they make money in plain language. ANZ’s increased scrutiny is likely a preview for what will become standard practice in larger English-speaking markets. Clearer contracts and fewer places for complexity to hide.

4. Live experience is bigger than ever but expect to be asked to prove value. Experiential and activation are asserting themselves as central to brand strategy and a key growth driver. The difference this time is accountability. Clients want live work that connects to outcomes, not just spectacle. Think retail impact, lead capture, content creation, community-building etc.

5. Creator and influencer is moving from ‘brand spend’ to ‘core channel’. Influencer and creator are being managed more like a repeatable channel. Structured creator programmes, paid amplification, clearer measurement and tighter governance. These are no longer fringe digital or PR activities and in ANZ are moving fast into the centre of media and content strategy for many brands.

SOME DEAL SIGNALS THAT CAN'T BE IGNORED 

There are a number of recent deals that already point to where momentum could build over the coming months. A common thread is that buyers are selective but clear positioning and dependable delivery wins.

Big cheques still appear for premium ‘attention’ assets

Nine Entertainment × QMS Media (Australia, DOOH): AUD$850m. Nine’s move is a clear signal that scaled, premium ad inventory can still command large value when the commercial logic is straightforward.

Holdco consolidation continues

Omnicom × Clemenger Group (ANZ): AUD$77.8m for the remaining 13.16% stake, implying an overall valuation north of AUD$500m. Scaled, long-standing groups can still hold significant value even as operating models evolve.

Adtech and monetisation plays remain active

Life360 × Nativo (adtech): USD$120m (cash + stock). A reminder that data and monetisation assets continue to attract capital when the revenue logic is clear.

Creator capability is being formalised inside the networks

Publicis Groupe launched its newly acquired global creator platform, Influenital, into the Australian market. Its integration already looks like a good example of how the global holding companies will embed creator capabilities directly into their operating models. Influencer is being industrialised with structure, measure and scale, rather than just treated as a peripheral service.

Marketing platforms keep buying depth

• Accenture × The Lumery (Australia) - martech and marketing transformation capability

• Publicis Groupe ANZ × Atomic 212° (Australia) - scaled media capability

• Havas × Kaimera (ANZ) - targeted media and data capability

The insight here is that the large strategic buyers remain active, especially when the capability is differentiated and scalable.

Experiential and activation is consolidating into broader offerings 

• The Mars Agency × The In Group (NZ) - brand activation with commerce adjacency

• SE Group × FutureLabs (Australia) - experiential and immersive capability

• Today the Brave × The Zoo Republic (Australia) - retail/shopper/experiential combination

‘Live’ is being valued most when it sits inside a connected offer, rather than as a standalone events shop. Think ‘experience + content + commerce’.

WHERE WE EXPECT TO SEE DEMAND FOCUSED

Demand is clearest (and most financeable) where positioning and services map directly to measurable growth and are easy to explain. We would expect to see deals across the following over the coming months. 

• Performance media, SEO and CRO

• CRM, lifecycle and marketing operations

• Shopper, retail and activation

• Experiential and brand activation when it produces content, data capture or retail outcomes

• Influencer, creator and paid social programmes that run as a system, not one-offs

• Premium attention and DOOH adjacencies

Notably, both experiential and creator are benefiting from a broader shift in the market. Brands want content that travels across channels, and they want it produced efficiently. Live experiences now double as content engines, creator programmes now double as performance media.

WHAT WILL DRIVE 2026 M&A IN ANZ?

We see four themes that are likely to shape the next wave:

Platform-led consolidation of specialists

Groups assembling growth engines by combining performance, CRM and content capabilities. Then adding commerce, creative and vertical depth.

Deal terms doing more of the valuation work

Risk is increasingly priced through structure such as earn-outs, milestones and tighter conditions. Closing is becoming the start of a proving period, not the finish line.

Experiential platforms with better commerce capabilities

More combinations that bring together activation, production, retail tie-ins and partnership capability. Building ‘experience systems’ rather than standalone event shops.

Creator capability embedded, not bolted on

The Publicis / Influential move illustrates a broader direction of travel. Creator is becoming part of core infrastructure. Expect further investment and more local ANZ acquisitions in this space.

WHAT ALL OF THIS MEANS FOR ANZ FOUNDERS

The region will still reward founder-led specialists but the bar is becoming higher.

Ask yourself the following:

• Is our positioning sharp enough?

• Can we prove outcomes and repeatability?

• Can we explain our economics clearly?

• If we’re experiential, do we link live work to measurable results?

• If we’re creator, do we run influencer like a system?

• Could the business hold up if a founder steps back or a major client changes the rules?

We will finish on the bellwether point again. ANZ usually moves early on industry developments, so these questions are likely to foreshadow what larger English speaking markets will soon demand.