Middle East and Africa’s technology industry saw a drop of 37.50% in cross border deal activity during December 2020, when compared with the last 12-month average, led by $350m acquisition of Collective Growth and Innoviz Technologies, according to GlobalData’s deals database.

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A total of 20 technology industry cross border deals worth $593.96m were announced for the region in December 2020, against the 12-month average of 32 deals.

Of all the deal types, venture financing saw most activity in December 2020 with 13 transactions, representing a 65% share for the region.

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In second place was M&A with seven deals capturing a 35% of the overall cross border deal activity for the month.

In terms of value of cross border deals, M&A was the leading category in Middle East and Africa’s technology industry with $407.31m, followed by venture financing deals totalled $186.65m.

Middle East and Africa technology industry cross border deals in December 2020: Top deals

The top five technology cross border deals accounted for 88.6% of the overall value during December 2020.

The combined value of the top five technology cross border deals stood at $526.04m, against the overall value of $593.96m recorded for the month.

The top five technology industry cross border deals of December 2020 tracked by GlobalData were:

1) The $350m merger of Collective Growth and Innoviz Technologies

2) The $100m venture financing deal with Wiz by CyberStarts, Index Ventures and Insight Partners

3) Epiroc Canada’s $31.04m acquisition of MineRP Holdings

4) The $25m venture financing of Noname Security by CyberStarts, Insight Partners and Lightspeed Management Company

5) Dreamtech’s venture financing of NanoScent Labs for $20m.