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Jan 30, 2024

H2 2023 | M&A activity report: European and North American mid-market on the rise, as large and mega caps cool off

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We are excited to release our “Software M&A Activity Report” to complement our other periodic research reports, including the Software Benchmark Report, analysing public company valuations, and the B&C Rounds Report covering private growth capital financings.

We hope you find this report insightful and valuable.

Report highlights

  • 2023 ends weakly with total deal volume for the year at $179bn, down 53% compared to 2022
  • Having seen shoots of recovery in early 2023, following a dire Q4 2022, total deal value dropped from $54bn to $33bn (-38%) in the last quarter of 2023
  • However, mid-market deals continue to grow in both value and volume, up $8bn to $14bn (77%) QoQ as buyers show increasing appetite for smaller deals

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