PwC report reveals increase in technology M&A

A report by PricewaterhouseCoopers’ advisory group to gauge M&A activity in the technology industry has found that 2004 M&A volumes in the sector increased by 23% on 2003 figures. The report claims that increased deal numbers were driven by mid-market activity as well as an increased propensity for technology industry players to execute deals beyond their national borders. Transactions valued at between E10m and E250m represented 97% of UK technology deals. There was also a pronounced increase in activity in the E50m to E250m range which represented 36% of UK deals in 2004 compared to 24% in 2003. Increased competition from trade buyers and a general preoccupation with realisations of existing portfolio companies meant that private equity investment in the technology sector remained relatively subdued in 2004. However, the report shows that about one-third of all disclosed technology deals in the UK above E10m last year involved a PE investor on the buy or sell-side.

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