技术并购2023年第二季度报告（英）

Tech M&A ReportQ2 2023Global data and analysis on tech M&A activityTech M&A Report: Q2’23 | 2Hitting Covid lowsTech M&A deal volume drops to its lowest level since 2020.Risk-off strategic acquirers are the primary drivers of a slowdown in tech M&A activity.Financial sponsors with heaps of dry powder remain active, but not exuberantly so. A dearth of high-quality assets, more expensive debt, and macro uncertainty have them also proceeding cautiously.$700,000per employeeMedian valuation per employee rises ~$120K QoQ in Q2.Buyers paid more per employee in Q2’23 than in the previous quarter.However, valuation per employee levels remain depressed from 2021 highs, reflecting today’s more conservative and sober buying environment.USA loses (sorta)Europe leads in tech M&A volume, but the US gets the largest deals.For the sixth quarter in a row, European M&A activity outpaced the US on a pure deal volume basis.That said, the US remains the undisputed champion of larger M&A, comprising 41% of $100M+ M&A deals in Q2. However, that 41% is below the US’ historical share (typically 45-60%) of deals with the largest valuations.Big tech scared of M&AIn Q2, big tech1 M&A activity hits an 18-quarter low.Apple was the only big tech firm to acquire a company in Q2’23. Beyond the prevailing risk-off mentality of strategic acquirers, the normally acquisitive big tech players are hobbled by a more challenging regulatory (anti-trust) climate — especially in the US and Europe.1% of M&A deals are > $1BBillion-dollar M&A deals make up a fraction of total M&A activity.Though still below 2021 highs, the number of M&A targets valued at $1B+ rose to 21 in Q2, up from 14 the prior quarter.Overall, after 2 quarters in decline, the median valuation for M&A targets rebounded in Q2, nearly doubling to $45M.Q2’23 tech M&A highlights1 Big tech includes Amazon, Apple, Google, Meta, Microsoft, and NVIDIA.The easiest way to stay on top of M&A activityFrom Bain Capital to big tech to Thoma Bravo and everyone in between, CB Insights is the industry’s most trusted way to track the M&A and investment activity of tens of thousands of financial sponsors and strategics.Get M&A and investment transaction data, valuations, comparables, and more in our platform or piped directly into your internal systems via our API.▮▮▮▮III IIIFind out howSign up for a free trialTech M&A Trends 05Financial vs. Strategic Buyer Trends 15M&A & Human Capital Trends 21Institutionally Backed M&A Trends 26Big Tech M&A Trends 30Cross-Border M&A Trends 35Tech M&A Report: Q2’23 | 4ContentsTech M&A TrendsTech M&A Report: Q2’23Tech M&A Report: Q2’23 | 6In Q2, tech M&A deal volume falls to its lowest level since 2020’s Covid lockdowns. M&A valuations rebound a bit.Global tech M&A deal volume and aggregate disclosed target company valuation, Q1’19 – Q2’23$0.9T$1.2T$2.4T$1.2T$1.5T$0.7T$1.8T$1.6T$1.6T$2.3T$2.0T$2.0T$3.6T$1.9T$2.0T$1.2T$0.8TAggregate valuation$1.1T1,7691,5411,5121,6491,4181,1101,5282,0332,2992,3552,4372,69