Led by $1bn acquisition of Adjust, Europe’s technology industry saw a drop of 3.65% in future of work deal activity during Q1 2021, when compared to the last four-quarter average, according to GlobalData’s deals database.

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A total of 66 future of work deals worth $2.01bn were announced for the region during Q1 2021, against the last four-quarter average of 68.50 deals.

Of all the deal types, venture financing saw most activity in Q1 2021 with 32 deals, representing a 48.5% share for the region.

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In second place was M&A with 28 deals, followed by private equity deals with six transactions, respectively capturing a 42.4% and 9.1% share of the overall future of work deal activity for the quarter.

In terms of value of future of work deals, M&A was the leading category in Europe’s technology industry with $1000m, while venture financing and private equity deals totalled $825.64m and $188.92m, respectively.

Europe technology industry future of work deals in Q1 2021: Top deals

The top five technology future of work deals accounted for an 82.9% share of the overall value during Q1 2021.

The combined value of the top five future of work deals stood at $1.67bn, against the overall value of $2.01bn recorded for the quarter.

The top five technology industry future of work deals of Q1 2021 tracked by GlobalData were:

1) AppLovin’s $1bn acquisition of Adjust

2) The $184.86m private equity deal with ICT Group by NPM Capital, NPM Investments XI and Teslin Ipanema Acquisition

3) Highland Europe Fund, Index Ventures and Permira Growth Opportunities Fund’s $180m venture financing of Nexthink

4) The $160m venture financing deal with Sennder by Accel, Earlybird Venture Capital GmbHKG, HV Capital Adviser, Lakestar Capital, Next47, Perpetual Ventures, Project A Services GmbHKG and Scania Growth Capital

5) Capnamic Ventures Management, E.Ventures, General Atlantic, Insight Partners and KIZOO Technology Ventures’ venture financing with Staffbase for $145m.