Looking at M&A activity by subsector, General SCM, comprising solutions for route, order, inventory, supplier, and document management, represented 37% of total deals. Fleet Management followed at 17% trailed by Shipping & Freight at 14%. Rounding out the top 5 subsectors in terms of volume, Commerce accounted for 11% of all acquisitions, while specialists in the Food & Consumables market were targets in 6% of deals. Other active markets included Hospitality, Energy, Agriculture, Construction, Healthcare, as well as Marine and Automotive.