2026年春季科技、传媒和电信行业并购策略报告

I N D U S T R YR E P O R TSpring|2026 Table of Contents Market Observations ................................................................................. 3Transaction Highlights …...........................................................................10Public Companies ....................................................................................13CFA Overview ............................................................................................20 Market Summary Technology Market The Technology, Media, and Telecommunications sector entered Q1 2026 with strong momentum, supported by expanding enterpriseIT budgets andaccelerating investment in AI-driven infrastructure. Gartner forecasts global IT spending to reach $6.15 trillion in 2026, reflecting 10.8% growth over2025. Server spending is expected to increase 36.9% year over year, while total data center investment is projected to exceed$650 billion in 2026.Hyperscalers including Amazon, Google, Microsoft, and Meta collectively invested over $350 billion in AI-related capital expenditure in 2025, withelevated spending expected to continue in 2026. Supply constraints for AI-optimized server infrastructure persisted, extending delivery timelines fornon-hyperscale buyers. The software segment remains a key growth driver. U.S. Software Publishing revenue is projected to reach $567 billion in 2026,representing a 3.6% CAGR since 2021. Generative AI spending grew 80.8%, a primary driver behind the broader software market's14.7% growth forecastfor 2026. The global SaaS market is expected to reach $375.6 billion in 2026, while data processing and hosting services areprojected at $131 billionwith sustained double-digit growth. Hybrid and multi-cloud adoption continues to outperform broader hosting trends, with North America maintaining aleading revenue share. The technology consulting market shows stronger expansion, expected to surpass $400 billion in 2026. Enterprise demandremains robust, with most organizations planning technology upgrades and anticipating higher consulting spend driven by AI-enabled advisory services.Telecommunications growth remains moderate, with sub-3% CAGR projected through 2026. Carriers are directing capital toward 5G densification,private network buildouts, and edge computing services as operators work to diversify revenue beyond legacy connectivity. Public Company Valuation The CFAW Select Technology Index decreased by 17.3% in the first quarter of 2026, and the 12-month return on the indexwas up by 3.9%. The Selected Telecom Index recorded highest increase of 10.3% among all the indices in the and theSelected Software Publishers Index saw highest decline of 25.8% in the 3-month return. The Selected Professional andCommercial Equipment and Supplies Merchant Wholesalers Index saw the highest increase of 34.6% and the SelectedComputer Systems Design and Related Services Index at highest decline of 24.1% in the 12-month return. The SelectedSoftware Publishers Index had the highest median EBITDA multiple of 15.47x and the highest median revenue multiple of6.14x. Selected Professional and Commercial Equipment and Supplies Merchant Wholesalers Index had the lowest medianEBITDA multiple of 7.05x and the lowest median Revenue multiple of 0.27x respectively. The publictechnology marketdecreased in thefirst quarter of2026... Merger & Acquisition Technology M&A in Q1 2026 was defined by platform consolidation and large-scale take-privates, with deal value for transactions above $100 millionrising 224% year-over-year and transactions above $1 billion surging 319% in value. Private equity acquisitions increased 9% month-over-month inFebruary, with buyer-focus on AI-native platforms, vertical SaaS, cybersecurity assets, and data center infrastructure. The SaaS segment recordedapproximately 2,700 transactions in 2025, with deal flow accelerating intoQ1 2026 on AI-enabled platform demand. A February 2026 court ruling struckdown expanded Hart-Scott-Rodino pre-merger filing rules, lowering the administrative burden on deal closings. The telecommunications landscape alsodrew strategic attention, with operators and infrastructure funds pursuing tower portfolios, fiber assets, and managed service platforms as consolidationcontinued. Industry Trends AI Regulation Tightens Across Key Global Markets AI regulation strengthened across major jurisdictions at the start of 2026, increasing compliance requirements and associatedcosts. In the United States, California implemented theAI Transparency Act alongside a training data disclosure requirement effective January 1, 2026, while Texas introduced the Responsible AI Governance Act on the same date. SouthKorea enacted its Basic AI Act in January, with extraterritorial scope for systems serving Korean users. The European Union is expected to implement high-risk AI regulations in August2026. The regulatory burden is unevenly distributed. Large enterprises are prioritizing compliance, with