Looking at sellers by geography, 40% were based in the US, followed by the United Kingdom at 11%, and France at 7%. Germany, Norway, and Canada represented the headquarters of 4% of sellers while the Netherlands and Brazil were each home to 3% of sellers. There was also significant Tech M&A activity in the Middle East and Africa.

As it concerns the geographic location of buyers, 52% were based in the US, followed by the United Kingdom, Germany, and Canada at 7% each. Norway, France, and India were the headquarters of 4% of buyers followed by Sweden at 2%. There were also material transaction volumes in East Asia and the Middle East. Dealmaking remained highly international, with 48% of transactions being cross-border.