Looking at sellers by geography, 49% were based in the US, followed by France at 8% and the United Kingdom at 7%. Norway represented the headquarters of 5% of sellers and Canada, Australia, Brazil, Mexico, India and Germany were each home to 3% of sellers. There was also significant Tech M&A activity in the Middle East.

As it concerns the geographic location of buyers, 57% were based in the US, followed by Canada at 7% and the United Kingdom and Germany at 6% each. Norway and India both represented the home of 5% of buyers and there were meaningful transaction volumes in France and Sweden. Dealmaking remained international, with 37% of transactions being cross-border.