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Turkey’s most active M&A sector.

More Turkish transactions happen in technology than in any other sector. Game studios, software houses and payment companies draw global strategics and growth funds.

558
transactions since January 2023
108
with a foreign buyer, 52 of them European
7.6
USD bn of disclosed value
  • Foreign buyer
  • Turkish fund
  • Turkish strategic
  • Not recorded

The market

36.7
USD bn, the Turkish information and communications technology market in 2024, up 11% in dollars
20.8
USD bn of it information technology, up 23%
600
Turkish technology companies with 50 or more employees, approximately

TÜBİSAD, Bilgi ve İletişim Teknolojileri Sektörü Pazar Verileri 2024 (June 2025); Orion Capital Partners research, October 2026.

The shift

From funding rounds to acquisitions.

In 2025, 39 technology transactions were acquisitions and 65 were minority rounds; disclosed value was USD 4.2bn.

Other and unrecorded: every transaction that is not an acquisition or a minority stake, including those without a recorded type. Percentages: acquisitions as a share of transactions with a recorded type.

What drives the market

Four themes, named transactions.

Game studios draw global capital

Istanbul’s mobile game studios raise from the world’s leading gaming investors.

60gaming transactions since January 2023
  • CVC Capital Partners , target: Dream Games, venture investors’ stakesUSD 2.5bn
  • Balderton Capital , target: Grand GamesUSD 70m
  • DoubleU Games , target: Paxie GamesUSD 30m
  • Tencent , target: Circle GamesUSD 25m

European software groups buy leaders

European software groups enter Turkey through a vertical or ERP leader with a loyal customer base, then build on it.

16European strategic acquisitions of Turkish technology companies since January 2023, seven of them in 2025
  • Aareon , target: Apsiyon100%
  • team.blue , target: TicimaxMajority
  • cleversoft , target: FineksusAcquisition
  • TeamSystem , target: MikrogrupTo 100%

Platforms change hands at scale

The largest control tickets in technology are platforms with millions of Turkish users, and the services behind them.

1.1USD bn, Kaspi.kz for Hepsiburada, 2024
  • Kaspi.kz , target: HepsiburadaUSD 1.1bn
  • Uber , target: Trendyol GOUSD 700m
  • e& , target: GlassHouseUSD 60m
  • Warner Bros. Discovery , target: BluTVUSD 50m

Payments consolidate

Payment and fintech infrastructure is bought by banks, payment groups and global networks.

87USD m, iyzico for Paynet, 2024
  • iyzico , target: PaynetUSD 87m
  • Global Payments , target: Yazara100%
  • Mastercard , target: DgPaysMinority
  • QNB eSolutions , target: Oduyo100%
Who buys

Where Turkish technology’s foreign buyers come from.

The United States is the largest single source, with 37 transactions since January 2023. Europe as a whole leads with 52, and European buyers made the most foreign acquisitions: 16 of 37.

  1. United States37
  2. United Kingdom9
  3. Netherlands7
  4. Germany6
  5. UAE5
  6. Switzerland5
  7. France5
  8. Italy4
  9. Spain3
  10. Japan3
  11. Belgium3
  12. Sweden2

Transactions with a foreign buyer, by the buyer’s own country; the twelve largest of 28 countries.

Control

Largest control transactions since January 2023.

YearTarget and buyerStakeValue
2024HepsiburadaKaspi.kz KZ65.4%USD 1.1bn65.4%
2025Trendyol GOUber US85%USD 700m85%
2024Paynetiyzico TR100%USD 87m100%
2025Tatilsepeti.comTera Yatırım Teknoloji Holding TR100%USD 83m100%
2024GlassHousee& (Emirates Telecommunications) AE100%USD 60m100%
2023BluTVWarner Bros. Discovery US65%USD 50m65%
2024BulutistanSabancı Holding TR65%USD 39m65%
2024Paxie GamesDoubleU Games KR60%USD 30m60%
Growth capital

Largest fund investments.

YearCompany and investorStakeValue
2024InsiderGeneral Atlantic USMinorityUSD 500mMinority
2023GetirMubadala and co-investors AEMinorityUSD 500mMinority
2023InsiderQatar Investment Authority QAMinorityUSD 105mMinority
2026HubXPoint72 US5.9%USD 75m5.9%
2026Grand GamesBalderton Capital GBMinorityUSD 70mMinority
2024ColendiCiti Ventures USMinorityUSD 65mMinority
2025Dream Games, venture investors’ stakesCVC Capital Partners JEStakeUSD 2.5bnStake

Globalscope Partners

Technology: the network at work.

Recent technology transactions advised by Globalscope member firms in other markets. When the buyer for a Turkish company is abroad, the member firm there works with us; the network spans 51 countries.

The network Globalscope Partners

Transactions advised by Globalscope member firms; each card links to the deal’s page on globalscopepartners.com.

Orion notes

Notes on Turkish technology.

Orion view

What this means for a buyer.

  1. The targets are founder ownedAmong larger Turkish technology companies, 43% are founder or family owned and 7% backed by private equity or venture funds.
  2. Control is availableIn 2025, 39 technology transactions were acquisitions. European strategics bought Apsiyon, Ticimax, Fineksus and the rest of Mikrogrup; a Korean group took Paxie Games.
  3. Gaming is the global category60 gaming transactions since January 2023, from CVC’s purchase of the venture investors’ stakes in Dream Games to seed rounds, with investors from the United States, the United Kingdom, Korea and China.

Source: Orion Capital Partners’ register of Turkish M&A, January 2023 to September 2026.