The US financial services industry saw a drop of 30.5% in overall deal activity during May 2020, when compared with the last 12-month average, according to GlobalData’s deals database.

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A total of 82 deals worth $3.42bn were announced in May 2020, compared to the 12-month average of 118 deals.

M&A was the leading category in the month in terms of volume with 44 deals which accounted for 53.7% of all deals.

In second place was venture financing with 33 deals, followed by private equity with five transactions, respectively accounting for 40.2% and 6.1% of overall deal activity in the country’s financial services industry during the month.

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In terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $1.76bn, while venture financing and private equity deals totalled $1.5bn and $150m, respectively.

US financial services industry deals in May 2020: Top deals

The top five financial services industry deals accounted for 37.7% of the overall value during May 2020.

The combined value of the top five financial services deals stood at $1.29bn, against the overall value of $3.42bn recorded for the month.

The top five financial services industry deals of May 2020 tracked by GlobalData were:

1) Alphabet and Ontario Teachers Pension Plan Board’s $400m venture financing of Sidewalk Infrastructure Partners

2) The $280m venture financing of Robinhood Financial by 9Yards Capital, New Enterprise Associates, Ribbit Capital, Sequoia Capital Operations and Unusual Ventures

3) USI Insurance Services’ $265.76m acquisition of Associated Benefits and Risk Consulting

4) The $180.02m acquisition of Hint by Revance Therapeutics

5) Forge Global’s acquisition of SharesPost for $160m.

Verdict deals analysis methodology

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.