Barclays and JP Morgan have emerged as the top financial advisers in the technology, media, and telecom (TMT) sector during the first quarter (Q1) of 2025, according to the latest league table from GlobalData, a data and analytics provider.

GlobalData’s analysis of its deals database showed that Barclays secured the top spot in terms of deal value, advising on a total of $44.1bn worth of mergers and acquisitions (M&A) deals.

JP Morgan led by deal volume, advising on 17 transactions during the same period.

GlobalData lead analyst Aurojyoti Bose said: “JP Morgan registered growth in the total number of deals advised by it during Q1 2025 compared to Q1 2024, and consequently its ranking by volume also improved from fourth to the top position. Of the deals advised by JP Morgan during Q1 2025, nine were billion-dollar deals, which helped it occupy the third position by value as well during Q1 2025.

“Meanwhile, Barclays, despite involvement in a relatively much lesser number of deals, managed to top the chart by value in Q1 2025. Involvement in the $32bn Google-Wiz M&A deal played a pivotal role for Barclays in securing the top position.”

Goldman Sachs ranked second by value, with $38.6bn in deals, followed by JP Morgan at $31.7bn, Morgan Stanley with $21.6bn, and Bank of America with $16.5bn.

In terms of volume, Houlihan Lokey held the second spot with 16 deals, followed by Goldman Sachs with 14, and both Canaccord Genuity Group and Raymond James Financial, each advising on 11 deals.

GlobalData’s league tables are based on the real-time tracking of thousands of company websites, advisory firm websites and other reliable sources available on the secondary domain. A dedicated team of analysts monitors all these sources to gather in-depth details for each deal, including adviser names.

To ensure further robustness to the data, the company also seeks submissions of deals from leading advisers.