2023Q3 科技并购报告

Tech M&A activity has decreased in Q3 2023, with only 6 of the past 7 quarters seeing fewer deals. Strategic acquirers are showing more restraint compared to prior years, while some investors with capital on-hand are willing to make larger acquisitions. Institutionally backed M&A targets have seen valuation step-ups less than 1x for the past quarter, but this has decreased to 0.7x in Q3. Europe leads in tech M&A volume, with $100M+ deals up 80% QoQ. Big tech companies have not had any significant M&A activity in Q3, due to regulatory challenges. Billion-dollar M&A deals are up 50% from Q1 lows, with the number of M&A targets valued at $1B+ rising to 21 in Q3. Overall, the median valuation for M&A targets has continued to rebound in Q3 to $41M.