CB Insights - Tech MA Report Q3 2023

Tech M&A
Report
Q3 2023
Global data and analysis on tech M&A activity
Q3’23 tech M&A highlights
M&A deals Losing Europe Big tech $1B+ deals
dry up value goes big disappears buck trends
Tech M&A Institutionally Europe leads in In Q3, no big tech1 Billion-dollar M&A
continues to fall, backed M&A tech M&A volume, M&A activity deals are up 50%
with 6 of the past 7 targets have with $100M+ deals occurred. from Q1’23 lows.
quarters seeing valuation step ups up 80% QoQ. Beyond the prevailing risk-off Though still below 2021’s
fewer deals. less than 1x again. European M&A activity mentality of strategic highs, the number of M&A
continues to outpace the US acquirers, the normally targets valued at $1B+ rose to
Broadly, strategic Despite jumping to 1.5x the acquisitive big tech players 21 in Q3, up from 14 in Q1.
on a pure deal volume basis.
acquirers continue to show prior quarter, valuation step are hobbled by a more
The region is also pushing up Overall, after previous declines,
restraint compared to prior ups are back down to 0.7x in challenging regulatory (anti-
against the US as the leader the median valuation for M&A
years and remain firmly risk- Q3’23 for institutionally trust) climate — especially in
in $100M+ M&A deals, with targets continued to rebound
off. However, some investors backed M&A targets. This the US and Europe.
large Europe deals up to 33 in Q3 to $41M.
with capital on-hand are continues the trend seen in
from 18 the prior quarter.
demonstrating a bit more Q4’22 and Q1’23 of sub-1x
willingness to make sizable valuation step ups compared
acquisitions, reflected by to the valuation from the last
QoQ increases in $100M+ equity round.
deals.
1 Big tech includes Amazon, Apple, Google, Meta, Microsoft, and NVIDIA. Tech M&A Report: Q3’23 | 2
The easiest way
to stay on top of
M&A activity
From 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
SignFind out
up for howtrial
a free
III
Tech M&A Trends 05
Financial vs. Strategic Buyer Trends 15
Contents
M&A & Human Capital Trends 21
Institutionally Backed M&A Trends 26
Big Tech M&A Trends 30
Cross-Border M&A Trends 33
Tech M&A Report: Q3’23 | 4

Tech M&A
Trends
Tech M&A Report: Q3’23
Deal volume continues to slide, but valuations rebound
Global tech M&A deal volume and aggregate disclosed target company valuation, Q1’19 – Q3’23
Deals Valuation
-6% 10% 3,000

$3.5T 2,697 QoQ QoQ
2,645
2,442
$3.0T 2,310 2,359 2,500
2,287
Deal
2,087
2,039
1,962 2,006 volume
$2.5T 1,886
1,776 1,765 2,000
1,653
$2.0T
1,544 1,519 1,531
1,421
Aggregate1,500
$1.5T 1,114 valuation
$1.1T 1,000
$1.0T
500
$0.5T
$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 $1.0T
$0.0T 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Tech M&A Report: Q3’23 | 6
Large deals ($100M+) remain a small portion of overall deals
M&A deal share by valuation ($100M+ vs. all other deals), Q1’19 – Q3’23
100%
90%
80%
70%
60%
94% 94% 95% 95% 94% 95% 94% 93% 94% 93% 93% 94% 95% 96% 95% 97% 97% 97% 96% All other deals
50%
40%
30%
20%
10%
6% 6% 5% 5% 6% 5% 6% 7% 6% 7% 7% 6% 5% 4% 5% 3% 3% 3% 4% $100M+ deals
0%
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Analysis of $100M+ valuation M&A exits compared to total number of technology
M&A deals in each quarter. Tech M&A Report: Q3’23 | 7
Large deals see rebound from Q1’23 lows, particularly
200
$1B+ (up 50% from Q1’23)
M&A transaction count by valuation ($100M+), Q1’19 – Q3’23
173
162
158
150
146 42
138
44 130
44
41
40 29 26
102 25 79
23 98 95
100
88 87 90 21 22
total
20 85 19
23 deals
18 71 27
17 26 28
28 14 64
60 21 $1B+
21 25 54 14 54
14 12 19
50 11 102 18 12 $500M-$999M
14 91 93 14
11 84 82 5 10
7 75 9
65 65
49 50 54
47 46
37
46 $100M-$499M
35 33 31 35
0
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data categorized by disclosed or whisper valuations. Tech M&A Report: Q3’23 | 8
$1B+ M&A targets make up 27% of $100M+ cohort but just
1% of all tech M&A activity
M&A deal share by valuation ($100M+), Q1’19 – Q3’23
100%
90% 20% 20% 20% 19%

26% 28% 28% 24% 27% 28% 26% 27% $1B+
30% 33% 31% 29% 30% 30%
80%
35%
17% 17% 14%

70%
24% 13% 17% 8% 17% 15%
17% 14% 15% 15% 15% 16%
$500M-$999M
60%
16% 13% 13%
15%
50%
40%
64% 63% 66%

30% 61% 58% 58% 59% 62% 58%
56% 54% 54% 56% 54% 57% 57% 57% 55% $100M-$499M
49%
20%
10%
0%
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data categorized by disclosed or whisper valuations. Tech M&A Report: Q3’23 | 9
Median M&A vals rebound from Q1’23 lows to pre-
pandemic levels
Median M&A valuation, Q1’19 – Q3’23
16%
QoQ
$80. 0M
$70.4M
$70. 0M $66.9M $67.0M
$60. 0M
$58.0M $57.3M
$49.8M $49.4M
Median
$50. 0M $46.6M $46.8M valuation
$45.0M $44.2M $45.5M $45.0M
$39.5M $41.0M
$40. 0M
$34.0M $35.3M
$31.2M
$30. 0M
$23.9M
$20. 0M
$10. 0M
$0.0M
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Median valuation of M&A deals with disclosed or whisper valuations as mined
from regulatory filings, press releases, & media. Tech M&A Report: Q3’23 | 10
Despite a recent pickup in vals for large deals ($100M+),
vals dropped for large deals in Q3’23
Median valuation for $100M+ M&A targets, Q1’19 – Q3’23
-20%
QoQ
$600M
$550M
$500M $475M
$450M $454M
$438M Median
$418M $431M $425M $427M
$400M $400M valuation
$400M $378M
$351M $363M $361M
$295M $300M $292M $302M

$300M
$200M
$100M
$0M
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Median valuation of M&A deals with disclosed or whisper valuations as mined
from regulatory filings, press releases, & media. Tech M&A Report: Q3’23 | 11
US/Europe continue to see M&A deals trend down, while
Asia picks up in recent quarters
M&A deal volume by region, Q1’19 – Q3’23
3000
2500
148 129
121 285 281 Africa, 17
2000
187 193 248 Oceania, 59
233
192
Canada, 54
154 163 216 LatAm, 76
1,017 1,030 213
1500 194 879 Asia, 223
132 861 943
156 164 147 991
126 808 877 866
651 867
631 836
1000
580 518 503 583 Europe, 752
464
500 978 943 980 1,022 989
732 692 793 784 745 707 688
636 655 630 592 632 US, 580
441
0
2019 2020 2021 2022 2023
Large deals in Europe jump more than 80% QoQ after previous
declines
$100M+ M&A deal volume by region, Q1’19 – Q3’23
200
180
160
140
28
12 16
120 10 18
40 46 44 13 Africa, 0
100
40 40 Oceania, 0
14
18 Canada, 3
80 11 41 LatAm, 3
14
23 Asia, 7
17
60
22 30
27 19 29 29 10 11
89 Europe, 33
40 85 86 16
17 76 76 16 18
59 56 60
20 41 45 41 45 45 40
27 31 29 28 US, 33
0
2019 2020 2021 2022 2023
Europe, US dominate share of large deals ($100M+)
$100M+ M&A deal share by region, Q1’19 – Q3’23
Africa, 0%
Oceania, 0%
100%
Canada, 4%
7% LatAm, 4%
90% 10% 9%
14% 9%
13% 12% 7% 12% 8% 10% 18% 17% Asia, 9%
11% 16% 10%
80% 6% 15% 17%
27%
19% 29% 30%
70% 23% 25%
26% 31% 27% 27% 27%
31% 33% 27% 32% Europe, 42%
60% 31%
31% 28%
50%
40%
30%
63% 62%
58% 55% 56% 54%
53% 50% 52% 49% 53% 52%
47% 47% 46% 46% 44%
20% 42% US, 42%
10%
0%
2019 2020 2021 2022 2023
Financial vs.
Strategic Buyer
Trends
Financial deals remain steady, while strategic deals see
slight drop in activity
M&A transaction count: strategic1 vs. financial2 deals, Q1’19 – Q3’23 Strategic deals Financial deals
-7% -1%
QoQ QoQ
209 189
2,500
175
219 223 182
2,000
194 168
165 139
153
181 Financial deals, 151
152
1,500
160 188 157
135
2,488 2,456
2,267
1,000
100 2,091 2,136 2,105
1,845 1,919 1,797 1,867
1,733
1,595 Strategic deals, 1,614
1,384 1,331 1,501 1,286 1,374
500 1,014
0
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data.
1 Strategic deals involve a private or public company purchasing most (or all) of a private company’s shares to gain control of the company and grow the
acquirer's business. This includes Acquisitions, Mergers, Asset Sales, Acquihires, and Corporate Majority rounds. Tech M&A Report: Q3’23 | 16
2 Financial (or financial sponsor) deals involve a PE firm or other investment firm purchasing the majority of a private company’s shares, with the goal of
increasing the value of the acquiree over time and then selling it off for a profit. This includes Acquisitions (Financial), Take Private, Management Buyout, and
Leveraged Buyout transactions.
Majority of financial M&A continues to be private company
buyouts
Financial transaction share by deal type, Q1’19 – Q3’23
100%
9% 8% 7% 7% 6% 6% 6% 7% 7% Take private/LBO, 5%
15% 11% 12% 15% 12%
90%
80%
70%
60%
50% Private buyout, 95%

96% 93% 93% 94% 94% 94% 97% 97% 96% 93% 93%
89% 88% 91% 92% 88%
85% 85%
40%
30%
20%
10%
0%
2019 2020 2021 2022 2023

Take private transactions involve a private equity firm, a consortium of private equity firms, or other investors purchasing the stock of a publicly traded company to
convert it to a private company. LBO transactions involve a company getting acquired through borrowed funding (bonds or loans) to meet costs. Private buyouts Tech M&A Report: Q3’23 | 17
involve financial sponsors purchasing a majority (>50%) of a private company's shares.
While financial deal share remains steady overall…
M&A transaction share: strategic1 vs. financial2 deals, Q1’19 – Q3’23
100%
10% 10% 9% 10% 9% 10% 10% 9% 9% 7% 8% 7% 8% 8% 8% 7% 8% Financial deals, 9%
12%
90%
80%
70%
60%
50%
90% 90% 91% 90% 91% 90% 90% 91% 91% 93% 92% 93% 92% 92% 92% 93% 92% Strategic deals, 91%
88%
40%
30%
20%
10%
0%
2019 2020 2021 2022 2023
…large financial deal share ($100M+) jumped in Q4’22 and
remains elevated in Q3’23
$100M+ M&A transaction share: strategic1 vs. financial2 deals, Q1’19 – Q3’23
100%
6%
14% 14% 10% 12% 12% 12% 13%
20% 18% 16% 18% 20% Financial deals, 18%
90%
23% 21%
27% 30% 27%
80%
70%
60%
50%
94%
86% 86% 90% 88% 88% 88% 87%
80% 82% 84% 82% 80% Strategic deals, 82%
40%
77% 79%
73% 70% 73%
30%
20%
10%
0%
2019 2020 2021 2022 2023
However, the number of large strategic deals are starting to
climb again
$100M+ M&A transaction count by strategic1 vs. financial2, Q1’19 – Q3’23
160
18
19
140
29
20
22
120 15
100
14 12 12
80
20 17 15 19 155
143 Financial deals, 14
60 19 126 129
116 115 17
3 18 11
40
88 86 83
68 70 70 71
Strategic deals, 65
52 51 47
20 42 43
0
2019 2020 2021 2022 2023
M&A & Human
Capital Trends
78% of M&A deals involved companies with 100 employees
or less
M&A deal share by number of employees, Q1’21 – Q3’23
100%
16% 14% 17% 15% 12% 13% 12% 13% 13% 14% 11% 200+ employees
90%
4% 151-200
5% 5% 7% 7% 101-150
80%
7% 8% 7% 7%
7% 9%
14% 11%
70%
16% 14% 17% 15% 14% 16% 51-100
14% 17% 13%
60%
50%
40%
66% 67%
30% 58% 58% 60% 59% 61% 60% 62% 62% 62% <=50
20%
10%
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Source: CB Insights global M&A transaction and company headcount data. Tech M&A Report: Q3’23 | 22
Median headcount for large deals ($100M+) reversed
course in Q3’23 and dropped 28%…
Median headcount at time of acquisition for $100M+ target companies, Q1’21 – Q3’23
-28%
QoQ
350
300
286
Median
239 247 248
250 227 227 headcount
213 207
200 176 177
166
150
100
50
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Source: CB Insights global M&A transaction and company headcount data. Median headcount taken from M&A targets with
disclosed headcount data.
…driven by an increasing share of large deals ($100M+) going
to companies with 50 employees or less
M&A deal share by number of employees for target companies valued at $100M+, Q1’21 – Q3’23
100%
90%
80%
48% 46% 48%
54% 52% 56% 57% 57%
51% 200+ employees
70% 58%
65%
60%
50% 7%
9% 10%
7% 9% 151-200
40% 11% 8%
19% 9%
15% 14% 7% 14%
6%
10% 101-150
30% 12% 9% 15%
13%
10% 7% 16% 16% 51-100
20% 12% 17% 22%
11% 12%
19%
10% 18% 20% 18%
13% 14% 12% 10% 14% 12% 14% <=50
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Source: CB Insights global M&A transaction and company headcount data. Tech M&A Report: Q3’23 | 24
Median valuation per employee remains steady across all
types of deals after rebound from Q1’23
Median valuation per employee across all tech M&A deals, those with targets worth $100M+, and those to
institutionally backed1 companies, Q1’21 – Q3’23
$1.5M
$1.0M $1.1M $1.1M $1.2M
$0.9M $0.8M $0.7M $0.7M $0.7M $0.7M
$1.0M
Median val/employee for $0.5M
$0.5M
all tech M&A deals
$0.0M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
$3.0M $2.2M $2.2M $2.4M

$2.0M
$2.0M $1.9M
$1.5M $1.5M $1.7M $1.7M $1.8M $1.7M
Median val/employee for
$1.0M
deals with $100M+ targets
$0.0M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
$1.7M $1.7M $1.6M

$2.0M
$1.2M $1.4M
$1.0M $1.0M
$1.4M $1.3M
$1.5M $1.0M $0.8M
Median val/employee for$1.0M
deals to inst’l backed cos$0.5M
$0.0M
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Source: CB Insights global M&A transaction and company headcount data.

1 "Institutionally backed" refers to companies that received equity funding prior to the acquisition from an institutional investor (e.g.,
VC firms, private equity firms, or growth equity firms) or a firm that invests money on behalf of clients or members.
Institutionally
Backed M&A
Trends
Just 1 out of every 5 M&A targets continues to be
institutionally backed
Share of M&A targets with institutional backing1 vs. not, Q1’19 – Q3’23
100%
90%
80%
70%
79% 78% 79% 79% 77% 77% 78% 80% 79% 78% 78% 80% 80% 81% Non-institutionally
60% 82% 82% 83% 82%
backed, 81%
50%
40%
30%
20%
Institutionally
21% 22% 21% 21% 23% 23% 22% 20% 21% 22% 22% 20% 20%
10% 18% 18% 17% 18% 19% backed, 19%
0%
2019 2020 2021 2022 2023

For institutionally backed targets, M&A valuations return to
being less than their last round’s valuation
Median valuation step-up1 from previous round for institutionally backed2 M&A targets, Q1’19 – Q3’23
3. 0x
2.6x
2.5x 2.5x 2.5x 2.5x
2. 5x
2.1x
2. 0x 1.9x
1.8x 1.8x
1.7x
1.5x 1.5x 1.5x 1.5x
1. 5x 1.4x
1.1x
1. 0x
0.8x
0.7x
0.6x
0. 5x
0. 0x
2019 2020 2021 2022 2023
1 Valuation step-up is calculated as the company's acquisition price (when disclosed) divided by its valuation at the time of its last
funding round. Tech M&A Report: Q3’23 | 28

Median prior-equity funding for institutionally backed M&A
targets plummets 67%, down from recent highs
Median prior equity funding for institutionally backed1 M&A targets, Q1’19 – Q3’23
-67%
QoQ
$100M
$90M
$80M $75M $73M

$72M
$70M
$61M
$60M $56M
$51M Median
$50M
$48M funding
$43M
$39M $39M $38M prior
$40M
$32M to exit
$28M $29M $31M
$30M $24M $26M $25M $24M
$20M
$10M
$0M
2019 2020 2021 2022 2023

Big Tech M&A
Trends
Big tech pulls back from M&A completely in Q3’23
Number of M&A transactions by big tech, Q1’19 – Q3’23
16
15
14
13
12
12
11
10 10 10 10
10
9 9
8 8
8
6
6
5 5 5
4
4
2
1 Deals
0
0
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Big tech includes Amazon, Apple, Google, Meta, Microsoft, and NVIDIA. Tech M&A Report: Q3’23 | 31
Not even Apple — the sole big tech acquirer last quarter —
18 is making tech M&A moves
Number of M&A transactions by big tech investor, Q1’19 – Q3’23
16
1
14
1
12 4
1
2
10 2
3 1 1 1
1 1 1
8 4 4 2
1 1 5
2 4
3 3 3 1 1
6 2 6
1 NVIDIA, 0
2 2
3 1 1 3 1 3 1 1 Microsoft, 0
4 2 2
2
1 1 3 3 1
4
1 Meta, 0
1 1 1 1 1 1 3 1 Google, 0
2 4 4 2
1 1 3 3 1 1 1 1 Amazon, 0
2 2 2 2
1 1 1 1 1 1 1 1 1 Apple, 0
0
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Big tech includes Amazon, Apple, Google, Meta, Microsoft, and NVIDIA. Tech M&A Report: Q3’23 | 32
Cross-Border
M&A Trends
Cross-border deals fall, in line with overall deal declines
Number of cross-border M&A transactions and share of cross-border vs. within, Q1’19 – Q3’23
Cross-border deal count

1200
1,009 947 Cross-border
840 836 899
1000
825
753 deals
692 696 709
800
567 600 651 620 -5%
600 515 474 481 509
381 QoQ
400
200
0
2019 2020 2021 2022 2023
Deal share
100%
90%
80%
70%
60%
67% 66% 68% 63% 66% 66% 67% 66% 64% 64% 63% 63% 64% 64% 64% 64% 65% 65% Within border, 65%
50%
40%
30%
20%
33% 34% 32% 37% 34% 34% 33% 34% 36% 36% 37% 37% 36% 36% 36% 36% 35% 35% Cross-border, 35%
10%
0%
2019 2020 2021 2022 2023
Source: CB Insights global M&A transaction data. Cross-border deals involve a buyer from one country acquiring a company
headquartered in a different country. Tech M&A Report: Q3’23 | 34
Large cross-border deals ($100M+) increase
Number of $100M+ cross-border M&A transactions and share of cross-border vs. within, Q1’19 – Q3’23

90
77 76
80 69 Cross-border
70 59 57 59 deals
24%
60
50 44 40 45 43 42 41
37 37
40 28 30 33 QoQ
30 21 23
20
10
0
2019 2020 2021 2022 2023
Deal share
100%
90%
80%
57% 56% 48% 57% 52% 53% 55% 57% 56% 45% 50% Within border, 48%
70% 60% 61% 60% 58% 61% 60% 62%
60%
50%
40%
30%
44% 52% 48% 47% 45% 44% 55% 50% Cross-border, 52%
20% 43% 40% 43% 39% 40% 42% 39% 40% 43% 38%
10%
0%
2019 2020 2021 2022 2023
$1B+ cross-border deals remain steady
Number of $1B+ cross-border M&A transactions and share of cross-border vs. within, Q1’19 – Q3’23

25
20 21 20 20 Cross-border
20 18
16 deals
15
11 12
10
13 12 13
11 12 12 0%
9 QoQ
10
6 5 6
5
0
2019 2020 2021 2022 2023
Deal share
100%
90%
80%
50% 41% 43% Within border, 50%
70% 54% 64% 57% 63% 64% 56% 55% 63% 57% 56% 57% 61% 53% 63%
60% 75%
50%
40%
30%
50% 59% 47% 57% Cross-border, 50%
20% 46% 36% 43% 38% 36% 44% 45% 37% 43% 44% 43% 39% 38%
10% 25%
0%
2019 2020 2021 2022 2023
Europe has 2x more cross-border M&A deals than runner
up US, and 4x more than third place Asia
Europe 314
US 156
Asia 70
Canada 39
Oceania 16
LatAm 9
Africa 6
0 50 100 150 200 250 300 350
Report Methodology Big tech includes Amazon, Apple, Google, Meta, Microsoft, and
NVIDIA.
• Leveraged Buyout: A transaction where a company is
acquired through borrowed funding (bonds or loans) to meet
If you have questions about the definitions or methodological costs.
Cross-border deals involve a buyer from one country acquiring a
principles used, or if you feel that your firm has been company headquartered in a different country. • Management Buyout: A transaction where the company’s
underrepresented, please reach out to info@cbinsights.com.
management purchases the assets and operations of the
company they manage.
What is included:
Definitions: M&A is comprised of the following round types: Acquisition, • Merger: An agreement between two private companies
combining their businesses.
We define “technology companies” as businesses that primarily Acquisition (Financial), Asset Sale, Corporate Majority,
generate revenue from proprietary and/or differentiated Leveraged Buyout, Management Buyout, Merger, Take Private. • Take Private: A private equity firm, a consortium of private
software, hardware, or technology-driven platforms. We define these rounds as the following: equity firms, or another investor purchases the stock of a
publicly traded company. The transaction converts the
Strategic deals involve a private or public company purchasing
• Acquired: Private or public company (acquirer) purchases acquired public company to a private company.
most (or all) of a private company’s shares to gain control of the
most (95% and up) or all of a private company’s shares to
company and grow the acquirer's business. This includes gain control of the company (acquiree).
Acquisitions, Mergers, Asset Sales, Acquihires, and Corporate
Majority rounds. • Acquisition (Financial): Venture capital (VC), private equity What is not included:
(PE), growth equity (GE), family office, or another investment We exclude Reverse Mergers, such as SPACs. Anyone else
Financial (or financial sponsor) deals involve a PE firm or other firm purchases a majority (>50%) of a private company’s remember SPACS? What a great grift that was.
investment firm purchasing the majority of a private company’s
shares. The acquired company gets added to the investor’s
shares, with the goal of increasing the value of the acquiree over investment portfolio with the goal of increasing the value of
time and then selling it off for a profit. This includes Acquisitions the company over time and eventually selling it off for a
(Financial), Take Private, Leveraged Buyout, and Management
profit.
Buyout transactions.
• Acquisition (Talent) or Acquihire: The practice of acquiring a
"Institutionally backed" companies received equity funding prior private company for the sole purpose of recruiting the staff
to the acquisition from an institutional investor (e.g., VC firms,
rather than the product/service.
private equity firms, or growth equity firms) or a firm that invests
money on behalf of clients or members. • Asset Sale: Most or all assets of a private company are
purchased due to bankruptcy/administration/insolvency.
Valuation step-up is calculated as a company's acquisition price
(when disclosed) divided by its valuation at the time of its last • Corporate Majority: Private or public company purchases a
funding round. majority (50% – 95%) of a private company’s shares.

Tech company insights
that help you identify
the best M&A targets
The best way for corporate development and financial
sponsor teams to get deep insights into:
● employee headcount trends
● cap table histories
● companies’ customers
● buyer sentiment on products
● market landscapes
▮▮▮▮III III
Watch the webinar
www.cbinsights.com info@cbinsights.com 212-292-3148 498 Seventh Avenue 12th floor New York, NY 10018

CB Insights - Tech MA Report Q3 2023

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

CB Insights - Tech MA Report Q3 2023

Uploaded by

Copyright:

Available Formats

Tech M&A

Tech M&A Report: Q3’23 | 4

-6% 10% 3,000

90% 20% 20% 20% 19%

17% 17% 14%

64% 63% 66%

$295M $300M $292M $302M

50% Private buyout, 95%

Source: CB Insights global M&A transaction data.

$3.0M $2.2M $2.2M $2.4M

$1.7M $1.7M $1.6M

Source: CB Insights global M&A transaction and company headcount data.

Source: CB Insights global M&A transaction data.

funding round. Tech M&A Report: Q3’23 | 28

$80M $75M $73M

Source: CB Insights global M&A transaction data.

Cross-border deal count

Cross-border deal count

Cross-border deal count

Tech M&A Report: Q3’23 | 38

You might also like