Analysis of the key themes driving private equity deal activity reveals that cloud accounted for 58 technology deals announced in Q3 2023, worth a total value of $9.5bn. The $6.5bn institutional buy-out (ibo) New Relic by Francisco Partners Management and TPG was the industry’s largest disclosed deal. A thorough analysis of the disruptive themes and the Private Equity deal activity are included in GlobalData’s Tech, Media and Telecom (TMT) Industry Mergers and Acquisitions Deals by Top Themes report. Buy the report here.

In value terms, cloud-related deal activity decreased by 27% in Q3 2023 compared with the previous quarter’s total of $13bn and fell by 24% as compared to Q3 2022. Related deal volume decreased by 26% in Q3 2023 versus the previous quarter and was 35% lower than in Q3 2022.

The top-ranked financial advisors supporting these private equity deals in Q3 2023 were WBC Holdings; Morgan Stanley; Evercore with 8, 6, 5 deals respectively.

The top-ranked legal advisors supporting these private equity deals in Q3 2023 were Kirkland & Ellis; Paul Hastings; Allen & Overy with 25, 8, 6 deals respectively.

For further understanding of GlobalData's Tech, Media and Telecom (TMT) Industry M&A Deals by Top Themes in Q3 2023 – Thematic Intelligence, buy the report here.

This content was updated on 20 October 2023

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Deals Database tracks global deal activity, including mergers, acquisitions, capital raising, strategic alliances, and licensing agreements. Proprietary analysis is used to group deals into key thematic areas and granular sectors across the world’s largest industries.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Deal type includes Buyouts and Direct Investments done by Private Equity firms.