But scratch the surface and there’s more to the story. The number of pure marketing services agencies being acquired is falling, but this is being offset by an increase in acquisitions of tech-enabled businesses.
Clients are looking for ever more effective and efficient ways of targeting, delivering and measuring content which is tailored to different customers - and those businesses that combine human talent with technology are starting to hit their stride.
The profile of buyers in the market has shifted once again - we've seen a big increase in the number of marketing mergers and acquisitions fuelled by Private Equity money.
The steady advance of the tech and management consultancies and a number of emerging or evolving marcoms groups, combined with increased interest from PE houses has resulted in deals volumes holding up despite the macro-economic risks.