North America’s technology industry saw a drop of 41.60% in cross border deal activity during October 2022, when compared with the last 12-month average, led by TELUS International’s $1.23bn acquisition of WillowTree, according to GlobalData’s deals database.
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A total of 146 technology industry cross border deals worth $5.7bn were announced for the region in October 2022, against the 12-month average of 250 deals.
Of all the deal types, venture financing saw most activity in October 2022 with 78 transactions, representing a 53.4% share for the region.
In second place was M&A with 53 deals, followed by private equity deals with 15 transactions, respectively capturing a 36.3% and 10.3% share of the overall cross border deal activity for the month.
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In terms of value of cross border deals, M&A was the leading category in North America’s technology industry with $2.9bn, while venture financing and private equity deals totalled $1.45bn and $1.32bn, respectively.
North America technology industry cross border deals in October 2022: Top deals
The top five technology cross border deals accounted for 63.3% of the overall value during October 2022.
The combined value of the top five technology cross border deals stood at $3.59bn, against the overall value of $5.7bn recorded for the month.
The top five technology industry cross border deals of October 2022 tracked by GlobalData were:
1) TELUS International’s $1.23bn acquisition deal with WillowTree
2) The $1.1bn merger of Super Apps Holdings Sdn and Technology & Telecommunication Acquisition Corp
3) The Investment Managementof Ontario’s $450m private equity deal with DataBank
4) The $410m private equity of NetSPI by KKRInc
5) KKRInc, RedBird Capital Partners, Tencent Holdings and The Ellison Family’s $400m private equity deal with Skydance Media