In the mergers and acquisitions landscape, Switzerland stands out: Swiss SMEs are attracting foreign investors. In a highly uncertain environment, these local companies are increasingly seen as safe havens. Insights from the experts at AURIS Finance, an M&A advisory firm.
After two years of decline, mergers and acquisitions involving Swiss SMEs are rising again. According to the latest study conducted by Deloitte, the total number of transactions involving Swiss SMEs reached 208 in 2025, representing a 16% year-on-year increase. Switzerland is returning to its historic 2021 levels.
Safe Haven
In an uncertain geopolitical context, Switzerland is viewed as a safe haven by international investors. While M&A activity today is fueled by available capital, investors are positioning themselves in environments they perceive as low risk.
From an investor’s perspective, Switzerland offers many advantages:
- A strong and diversified economy, supported by an innovation ecosystem recognized worldwide.
- Macroeconomic and institutional stability that has become rare in Europe.
- Strong expertise in niche markets, offering long-term growth prospects.
European Buyers
In this context, the country is highly attractive. Of the 208 transactions recorded in 2025, half (104) were completed by non-Swiss players. This figure is up 65% year-on-year and marks the highest level since Deloitte launched its study in 2013. Within this trend, Europe stands out: European investors account for 83% of transactions carried out by foreign buyers. For the first time, French acquirers represent the largest group, accounting for 27% of transactions, just ahead of Germany. At the same time, the share of American buyers has fallen by more than half, from 17% to 8% of transactions.
IT and Software Lead the Way
Among the companies attracting foreign investors, the IT and software publishing sectors stand out, representing 56% of transactions involving a foreign investor. This surge reflects the strength of Switzerland’s technology ecosystem, particularly in IT services, SaaS solutions, and high value-added software for industry and financial services.
Private Equity Boosts the Market
In the Swiss market, private equity has established itself as one of the main drivers of M&A activity. In 2025, financial investors took part in 116 transactions, a 45% year-on-year increase. This growth has been strongly driven by add-on acquisitions aimed at strengthening existing portfolios.
Domestic Caution
While Switzerland is attracting foreign capital, Swiss groups are proving significantly more cautious beyond their borders. The number of outbound transactions—where Swiss SMEs act as acquirers of foreign assets—fell by 25% to 51 deals in 2025, compared with 68 the previous year.
This slowdown can largely be explained by a riskier international environment. Persistent geopolitical tensions, uncertainty surrounding trade policies, and the growing number of tariff barriers have all reduced visibility on investment returns.
Our Experts by Your Side
Switzerland is now establishing itself as a prime location for external growth transactions. Swiss SMEs offer large corporations and private equity players the opportunity to rely on innovative companies within a particularly secure economic and institutional environment.
AURIS Finance supports you in identifying relevant international targets. Our sector-specialized experts stand by your side at every stage of the transaction—from identifying opportunities and structuring financing to completing and integrating the acquisition.
Contact us for more information.
