技术并购23年第三季度报告（英）

Tech M&A ReportQ3 2023Global data and analysis on tech M&A activityTech M&A Report: Q3’23 | 2M&A deals dry upTech M&A continues to fall, with 6 of the past 7 quarters seeing fewer deals.Broadly, strategic acquirers continue to show restraint compared to prior years and remain firmly risk-off. However, some investors with capital on-hand are demonstrating a bit more willingness to make sizable acquisitions, reflected by QoQ increases in $100M+ deals.Losing valueInstitutionally backed M&A targets have valuation step ups less than 1x again.Despite jumping to 1.5x the prior quarter, valuation step ups are back down to 0.7x in Q3’23 for institutionally backed M&A targets. This continues the trend seen in Q4’22 and Q1’23 of sub-1x valuation step ups compared to the valuation from the last equity round.Europe goes bigEurope leads in tech M&A volume, with $100M+ deals up 80% QoQ.European M&A activity continues to outpace the US on a pure deal volume basis.The region is also pushing up against the US as the leader in $100M+ M&A deals, with large Europe deals up to 33 from 18 the prior quarter.Big tech disappearsIn Q3, no big tech1 M&A activity occurred.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.$1B+ deals buck trendsBillion-dollar M&A deals are up 50% from Q1’23 lows.Though still below 2021’s highs, the number of M&A targets valued at $1B+ rose to 21 in Q3, up from 14 in Q1.Overall, after previous declines, the median valuation for M&A targets continued to rebound in Q3 to $41M.Q3’23 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 33Tech M&A Report: Q3’23 | 4ContentsTech M&A TrendsTech M&A Report: Q3’23Tech M&A Report: Q3’23 | 6Deal volume continues to slide, but valuations reboundGlobal tech M&A deal volume and aggregate disclosed target company valuation, Q1’19 – Q3’23$0.9T$0.9T$2.4T$1.2T$1.6T$0.8T$1.8T$1.6T$1.6T$2.3T$2.0T$2.0T$2.9T$1.9T$1.9T$1.2T$0.8T$1.0TAggregatevaluation$1.1T1,7761,5441,5191,6531,4211,1141,5312,0392,3102,3592,4422,6972,6452,2872,0871,9622,0061,886Dealvolume1,76505001,0001,5002,0002,5003,000$0.0T$0.5T$1.0T$1.5T$2.0T$2.5T$3.0T$3.5TQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q320192020202120222023DealsValuation -6%10%QoQQo