Cbinsights-技术并购2023年第二季度报告（英）-42页_4mb

Tech M&A activity in Q2 2023 experienced a significant decline, with deal volume dropping to its lowest level since 2020. This slowdown is primarily driven by a risk-off mentality among strategic acquirers, while financial sponsors remain active but proceed cautiously due to factors like a dearth of high-quality assets, more expensive debt, and macro uncertainty.

Median valuation per employee increased by about $120,000 quarter-over-quarter to $700,000, though overall valuations remain below 2021 highs. Deal volume recovered slightly in Q2 after two quarters of decline, with the median deal valuation rebounding to $45 million.

Regionally, Europe saw higher deal volume than the US for the sixth consecutive quarter, but the US dominates large transactions (41% of $100M+ deals), below its historical average. Cross-border activity decreased overall but showed a rebound in $100M+ deals.

Strategic buyers accounted for the fewest deals since 2020, while financial buyers saw a slight increase in activity, particularly in larger transactions. Among all tech M&A, two-thirds of deals target smaller companies (under 50 employees), and institutional backing remained low, with only about 22% of targets previously funded by institutions. Big tech companies led by Apple showed minimal activity, with no $100M+ deals in Q2.

Key trends include a rebound in $100M+ deal valuations and a shift towards larger acquisitions, reflecting a conservative market environment.