Led by $2.24bn acquisition of LifeWorks, Canada’s technology industry saw a drop of 13.75% in overall deal activity during Q2 2022, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 185 deals worth $6.3bn were announced in Q2 2022, compared with the last four-quarter average of 214.50 deals.

venture financing was the leading category in the quarter with 91 deals which accounted for 49.2% of all deals.

In second place was M&A with 83 deals, followed by private equity with 11 transactions, respectively accounting for 44.9% and 6% of overall deal activity in the Canada’s technology industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in Canada’s technology industry with total deals worth $4.82bn, while venture financing and private equity deals totalled $1.01bn and $433.95m respectively.

Canada technology industry deals in Q2 2022: Top deals

The top five technology industry deals accounted for 81.3% of the overall value during Q2 2022.

The combined value of the top five technology deals stood at $5.09bn, against the overall value of $6.3bn recorded for the quarter.

The top five technology industry deals of Q2 2022 tracked by GlobalData were:

1) Telus $2.24bn acquisition deal with LifeWorks

2) The $2.21bn acquisition of Freedom Mobile by Quebecor

3) Embracer Group $300m acquisition deal with Crystal Dynamics,Eidos Montreal and Square Enix Montreal

4) The $197.83m private equity of Viral Nation by Eldridge Industries and Maverix Private Equity

5) B Capital Tech Opportunities $150m private equity deal with Ataccama