If you want to understand the themes that drive an industry, simply look at the list of recent mergers and acquisitions (M&A). This report analyzes the disruptive themes that drove M&A activity across the technology, media, and telecoms (TMT) industry in 2022.
In 2022, the software and services sector accounted for 58% of the overall TMT M&A deal value. The sector had a total of 292 deals worth $431 billion.
The big themes driving the top 100 TMT M&A deals in 2022 were cloud, gaming, and connectivity. The big cloud deals were Broadcom's acquisition of VMware for $69 billion and the acquisition of Citrix by PE firms Evergreen Coast Capital and Vista Equity Partners for $16.5 billion. The most notable gaming deal was the acquisition of Activision Blizzard by Microsoft for $68.7 billion. The big connectivity deal was $19 billion Orange Espana merger with Masmovil Ibercom. The other big themes driving the TMT M&A market in 2022 were big data, social media, cybersecurity, and ecommerce.
Key Highlights
M&A activity in the global technology, media, and telecom (TMT) sector has been increasing since 2018, but the trend reversed in 2022. Total global M&A deal value dropped 39% in 2022 to $754 billion, compared to $1.1 trillion in the previous year. Deal volume reached 612 deals in 2022, down 39% from 2021.In 2022, the software and services sector accounted for 58% of the overall TMT M&A deal value. The sector had a total of 292 deals worth $431 billion.
The big themes driving the top 100 TMT M&A deals in 2022 were cloud, gaming, and connectivity. The big cloud deals were Broadcom's acquisition of VMware for $69 billion and the acquisition of Citrix by PE firms Evergreen Coast Capital and Vista Equity Partners for $16.5 billion. The most notable gaming deal was the acquisition of Activision Blizzard by Microsoft for $68.7 billion. The big connectivity deal was $19 billion Orange Espana merger with Masmovil Ibercom. The other big themes driving the TMT M&A market in 2022 were big data, social media, cybersecurity, and ecommerce.
Scope
- This report provides an overview of merger and acquisition activity in the global TMT market in 2022
- It identifies the M&A deals announced in the TMT market between January 1, 2018 and December 31, 2022 and provides comprehensive sector-by-sector analysis of the themes driving this activity
Reasons to Buy
- This report offers a unique perspective on M&A activity in the TMT sector by focusing on the themes driving deals. This allows for a deeper understanding of the themes that are shaping the industry
- It provides analysis of M&A activity in major geographic regions, including North America, Europe, and Asia-Pacific
- It evaluates the M&A deals announced by the leading technology companies (Google, Amazon, Meta, Microsoft, and Apple), identifying the five themes on which they are focusing
- The report also includes our predictions for future acquisitions targets across all TMT sectors.
Table of Contents
- Executive Summary
- M&A Market Review
- Thematic Drivers, 2018-2022
- Future Acquisition Targets
- Deal Selection Methodology
- Glossary
- Further Reading
- Thematic Research Methodology
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 22C Capital
- 4iG
- 51job
- 888 Holdings
- Abaco Systems
- Acacia
- Accruent
- Acies Acquisition
- Activision Blizzard
- Acuris
- Acxiom
- Adaptive Insights
- Adevinta
- Adjust
- Adobe
- ADTRAN
- ADVA
- Advance Publications
- Advanced Info Service
- Advanced Micro Devices
- Advantage Solutions
- Advent
- Advent International
- Adyoulike
- Aerospace Feihong
- Aeva
- Affinity Equity Partners
- Afterpay
- AGBO Films
- AI Medical Systems
- Airspan Networks
- AirTrunk
- Akamai Technologies
- Alarm.com
- Alibaba
- Alight Solutions
- Allied Resources
- Allied Universal Security Services
- Alpha
- Alphabet
- Alphawave
- AlpInvest Partners
- Alter
- Alteryx
- Altice
- Altice UK
- Altimeter Capital
- Altran
- Amadeus
- Amazon
- Amazon.com
- Ambarella
- AMC Networks
- AMD
- American Tower
- AMETEK
- Amobee
- Amphenol
- AMS
- Analog Bits
- Analog Devices
- Analytical Graphics
- Anaplan
- Anixter International
- ANSYS
- Antin Infra
- Antin Infrastructure
- AONIC
- Apax Partners
- APi Group
- APN Outdoor
- Apollo Global
- Apollo Global Management
- Apple
- AppLovin
- AppLovin Corp
- AppNexus
- Apptio
- Aptiv
- Ardian
- Arqiva
- ARRIS
- Arrival
- ASAII
- Ascenty
- ASM International
- ASOS
- Aspen Technology (AspenTech)
- Astound Broadband
- AT&T
- ATC Europe
- Athenahealth
- Atlantia
- Atlantic Coastal Acquisition
- Atlas Copco
- Atlas Holdings
- Atoll Bidco
- Atos
- Atotech Deutschland
- ATTN:
- Auris Health
- Australia Tower Network
- Auth0
- Authentic Brands
- Autodesk
- Automation Anywhere
- AutoStore
- Avalara
- Avast
- Avatel Telecom
- Axel Springer
- Axicom
- Azrieli Group
- Baidu
- Bain Capital
- Ballys Corporation
- Banias Labs
- Banijay Entertainment
- Baring Private Equity Asia
- Barracuda Networks
- BC Partners
- BCE
- Becton Dickinson
- Beijing Infinities Interactive Media
- Beijing Mobike
- Belkin
- Bharti Infratel
- Bharti Telecom
- Bigo
- Bill.com
- BillDesk
- Black Knight
- Blackbaud
- BlackRock
- Blackstone
- Blue Yonder
- BMC Software
- Boohoo.com
- Boomi
- Boston Dynamics
- Bottomline Technologies
- Box
- Bridgeport Partners
- Bridgestone
- Broadcom
- Brookfield
- Brookfield Asset Management
- Brookfield Business
- Brookfield Infrastructure
- Brooks Automation
- Brunswick
- BT
- BT Group
- Budderfly
- Butterfly Network
- Buzzfeed
- Byju’s
- ByteDance Technology
- CA Technologies
- Caesars Entertainment
- Caisse de dépôt et placement du Québec (CDPQ)
- Callidus
- Cambricon
- Canada Pension Plan
- Candle Media
- Canson Capital
- Capgemini
- Careem
- Carlyle
- carsales.com
- Cartology
- CBRE Caledon Capital
- CBS
- CBS Studio Center
- CC Capital and consortium
- CDK Global
- CDW
- Cedacri
- Cegid Group
- Cellnex
- Centerbridge Partners
- Cerner Corp
- CF Finance Acquisition
- Change Healthcare
- Charlesbank
- Charterhouse Capital
- Chatham Asset Management
- Chicken Soup for the Soul Entertainment
- China Literature
- Chubb Fire & Security
- Churchill Capital
- CIIG Merger
- Cisco
- Cisco Systems
- Cision
- Citrix Systems
- CityFibre Infra
- CK Hutchison
- CK Hutchison
- Clarivate
- Clarivate Analytics
- Clayton, Dubilier & Rice
- Clearlake Capital Group
- ClickSoftware
- CloudEndure
- Cloudera
- CMA CGM
- CNH Industrial
- Codemasters Group
- Cognex
- Coherent
- Colt Technology Services
- Comcast
- CommScope
- Computer Services
- Compuware
- Comunicaciones Celulares
- Connexity
- Control4
- Convergys
- Conyers Park II Acquisition
- CoreLogic
- Coresite
- CoreSite Realty
- Cornerstone OnDemand
- Corvinus
- Coursera
- Cox Media Group
- CPA Global
- Cradlepoint
- Cray
- Credit Karma
- Criteo
- Crosspoint Capital
- CSRA
- CTRL-Labs
- CVC
- CVC Capital
- CVC Capital Partners
- CyberOptics
- Cyberx
- Cypress
- CyrusOne
- Daily Mail & General Trust
- Dassault
- Dassault Systèmes
- DataBank
- Datorama
- Datto
- Dazheng Group
- Deezer
- Dehong Capital
- Delivery Hero
- Demiroren Holding
- Denso
- Desktop Metal
- Deutsche Telekom
- Dialog
- Dialog Semiconductor
- Diamond Eagle
- Digicel Pacific
- Digital Colony
- Digital Media Solutions
- Digital Realty
- Digital Realty Trust
- DigitalBridge
- DigitalBridge Group
- Digitel Mobile
- Diploma
- DirecTV
- Discovery
- Dish Network
- DivvyPay
- DNEG
- Domo
- DoorDash
- Dotdash
- DraftKings
- DST Systems
- Dun & Bradstreet
- Duo Security
- DuPont de Nemours
- DXC
- E8 storage
- Eaton Corporation
- Eaton Towers
- eBay's Classifieds
- Ecentres.ie
- Ecobee
- EDF
- EdgeConneX
- EdgeCore
- Editis
- Eero
- eHarmony
- Elastifile
- Electronic Arts
- Electronics Arts
- Ellie Mae
- Elliott
- Elliott Management
- Elon Musk
- Embracer Group
- Emerson
- EMI Music Publishing
- Emirates Telecommunications (Etisalat)
- Endeavor Group
- Endemol
- EnerSys
- Engility
- Engineering Ingegneria Informatica
- Ensono
- Entain
- Epic Games
- Epsilon
- EQT Infra IV
- EQT Infrastructure IV
- EQT Infrastructure IV Fund
- Equinix
- Ericsson
- ESI
- Essentium
- E-Trade
- Eutelsat
- EverFi
- Evergre
- Evergreen Coast Capital
- EVOC Intelligent
- Evolution Gaming
- EVRY
- Exclusive Group
- exmox
- Fairfax Media
- Fairway Media
- Fanduel
- Figma
- Fimalac
- Finisar
- First Data
- FIS
- Fiserv
- Fisker
- Fitbit
- FL Entertainment
- Flipkart
- FLIR Systems
- Flutter Entertainment
- Flying Eagle Acquisition
- Focus Media
- Foley Trasimene
- Foley Trasimene Acquisition
- ForeScout
- ForgeRock
- Fortive
- Fox
- Foxconn
- Francisco
- Francisco Partners
- Francisco Partners Management
- Frasers Group
- Freedom Mobile
- Frontier Tower
- Frontline Education
- G4S
- Gamesys Group
- Gannett
- Gannett Media
- Garmin
- Gatan
- GateHouse Media
- GBL
- GCI Liberty
- GD Towers
- GE Digital
- Gearbox
- Generac
- General Dynamics
- General Motors
- Genesic Semiconductors
- Getaround
- Getir
- GI Partners
- GIC
- GigCapital3
- Giphy
- GitHub
- Glassdoor
- Global Infrastructure
- Global Infrastructure Partners
- Global Payments
- Global Switch
- GlobalLogic
- Globe Telecom
- Glu Mobile
- GM Cruise
- GN Store
- GoDaddy
- Gogoro
- Gojek
- Golden Nugget Online Gaming
- GoPro
- Gores Metropoulos
- Gores Guggenheim
- Gorillas Technologies
- Grab
- Graf Industrial
- Graphiq
- Gray Television
- Green Mountain
- Groupon
- GrubHub
- GS Infra
- GSN Games
- GTT Communications
- Guillemot Family
- Gulf Energy Development
- Guojin Industrial Transfer
- H&F and consortium
- Habana
- Hainan Zhongxing Future
- Hamamatsu Photonics
- Hefei Yuxin
- Hellman & Friedman
- Hellman & Friedman Capital
- Hengdian Entertainment
- HengTen Networks
- Hensoldt
- Hexaware Technologies
- HG Vora Capital Management
- HGGC
- Hispasat
- Hitachi
- Hitachi High-Technologies
- Hivory
- Hollysys Automation Technologies
- Honey Science
- Honeywell International
- Horizon Equity
- Horizon Robotics
- Hortonworks
- Houghton Mifflin Harcourt
- HP
- HPE
- Hubei Dinghui Microelectronics
- Hubei Dinglong
- Hugo Boss
- Hyliion
- Hyperconnect
- Hyundai Motor
- I Squared Capital
- I2PO
- IAA
- IBM
- IDT
- IDX
- IFM Investors
- IHS Markit
- II-VI
- Iliad
- Iliad TowerCo
- IMImobile
- Imperva
- Indosat Ooredoo
- Indus Towers
- Inexio
- Infineon
- Infor
- Informa
- Information Resources
- Infrastrutture Wireless Italiane
- Ingenico
- Ingram Micro
- Inmarsat Group
- Innovium
- Inovalon
- Inphi
- Insight Partners
- Insite Wireless Group
- Intel
- Intercontinental Exchange
- International Speedway
- InterPrivate Acquisition
- InterPrivate II
- InterXion
- Intralinks
- Intuit
- ION Acquisition
- ION Investment
- Ion Investment Group
- ION Media
- IPG
- IPONWEB
- iRobot
- IronSource
- ISOC edotco Towers
- Isra Vision
- J&J
- James M. Peck
- Janus Henderson Group
- Japan Advanced Semiconductor
- JCDecaux
- Jellyfish
- Jiangsu Shagang
- JingAo Solar
- JobKorea
- JR Automation
- Just Eat
- Kantar
- Kaseya
- KCF
- KEMET
- Khosla Ventures
- KKR
- KKR & Co
- KLA-Tencor
- KnowBe4
- Koch Industries
- Kustomer
- L&F Acquisition
- L&T Infotech (renamed as LTIMindtree)
- L3Harris
- L3Harris Technologies
- Laird
- Laird Performance Materials
- Lamar Advertising
- Lecron Internet Media
- Leidos
- Leo Holdings
- Leonardo
- Leyou
- LG Chem
- Liberty Broadband
- Liberty Global
- Lifetouch
- Lightning eMotors
- Lightspeed Commerce
- Ligue 1
- Line
- Linode
- Live Oak
- LiveU
- Livongo
- Local Media Group
- London Stock Exchange
- Longview Acquisition
- Looker
- Lotte Corp
- Lotte IT Tech
- Lotus
- LPE
- LSC Communications
- Lucid Motors
- Lumen Technologies
- Lumentum
- Luminar Technologies
- Luxoft
- Macquarie and consortium
- Macquarie-led consortium
- Madison Square Garden Entertainment
- MagicLab
- Magnite
- Mandiant
- ManTech
- Marketo
- Marvell
- Marvell Technology
- Masmovil Ibercom (MasMovil)
- Mastercard
- Match Group
- Matrox Electronic Systems
- Maxar Technologies
- Maxim Integrated
- MaxLinear
- Maxpower Semiconductor
- Mazor Robotics
- McAfee
- McGraw Hill Companies
- MDA
- Medallia
- Media units/Dogan Sirketler Grubu
- Medidata
- MediFox
- Medtronic
- Meituan Dianping
- Mellanox
- Mendix
- Merrick
- Meta (formely Facebook)
- Metro-Goldwyn-Mayer
- Micro Focus
- Microchip
- Microchip Tech
- Micron
- Microsemi
- Microsoft
- Millicom International Cellular
- Mimecast
- Mindtree
- MKS Instruments
- Momo
- Monotype Imaging
- Morgan Stanley
- Mosaic Shareholder
- Move
- MSG Networks
- MTS Systems
- Mubadala Investment
- MuleSoft
- MultiPlan
- MultiQ International
- MyHeritage
- NASCAR
- National Media Group
- Naver
- Navico Holding
- Navitar
- Navitas Semiconductor
- NeoPhotonics
- NetEnt
- Nets
- NeuStar
- New Beginnings Acquisition
- New Classics Media
- New Media
- News Corporation
- Nexi
- Nexi Payments
- Nexon
- Nexperia
- Nexstar
- Nextdoor
- NIC
- Nielsen Holdings
- Nikon
- Nine Entertainment
- Ningbo Shanshan
- Nitro Bidco
- NKT Photonics
- Nordic Capital
- Nordson
- Northern (NPC)
- NortonLifeLock
- NRG Energy
- Nuance
- Nuance Communications
- NuCom
- NuORDER
- Nutanix
- NVC Lighting
- Nvidia
- NXP
- O2
- Oak BidCo
- Ocean Outdoor
- Oclaro
- Oil Price Information Service
- Okta
- Omron
- OMTEL
- OneWeb
- Ontario Teachers'
- Opcity
- Open Door Labs
- Open Text UK
- Openbet Limited
- OpenText
- OpenWeb
- Optimal Blue
- OptumInsight
- Oracle
- Orange Espana
- ORBCOMM
- Orbotech
- Orkila Capital
- OSRAM
- Oxford Instruments
- Panasonic
- Pandora Media
- Parata Systems
- Park Place
- Parrot
- Partners Group
- PayPal
- Paysafe
- PayU
- Peak Oyun Yazilim ve Pazarlama
- Pegasus Entrepreneurial
- Penguin Random House
- Pensando
- Permira
- Permira Holdings
- Perspecta
- Phoenix Tower
- Pivotal Software
- PlanGrid
- Plantronics
- Platinum Equity
- Play
- Playdemic
- Playstudios
- Plusgrade
- Poema Global Holdings
- Points.com (Inactive)
- Polestar
- Polycom
- Porch
- Poshmark
- Postmates
- Presidio
- Proofpoint
- PropTech Acquisition
- ProQuest
- ProSiebenSat.1
- PsiQuantum
- PSP INVESTMENTS
- PT Dayamitra Telekomunikasi (Mitratel)
- PT EPID Menara Asset
- PT Sarana Menara Nusantara
- PT. Solusi Tunas Pratama
- PTC
- Publicis Groupe
- PullString
- Pulse Electronics
- Qinhuangdao Tianye Tolian Heavy Industry
- QMS
- Qorvo
- QTS Realty Trust
- Quadrant
- Qualcomm
- Qualtrics
- Quebecor
- Quebecor Media
- QuEST Global
- Quest Software
- R. R. Donnelley & Sons
- Rapid7
- Raven Industries
- Raycom Media
- Razer
- RealPage
- Recco Control Technology
- Recruit
- Red Hat
- Redbox Entertainment
- Refinitiv
- Reliance Industrial
- Reliance Jio
- Renesas
- Renesas Electronics
- Renren
- ResMed
- RF360
- Ring
- Riskiq
- Ritchie Bros Auctioneers
- RMG Acquisition
- Rockwell
- Rogers Communications
- Roku
- Romeo Power
- Roper Technologies
- Rothermere Continuation
- Rotor Acquisition
- RSA Security
- RTDS Technologies
- Ryder System
- S&P Global
- Saber Servicos Educacionais
- Safaricom Telecommunications Ethiopia
- SailPoint
- Salesforce
- Salt TowerCo
- Samsung Display
- Samsung Electro-Mechanics
- Samsung Electronics
- Santa Cruz Works
- SAP
- Sarcos Robotics
- SBTech
- Science Applications
- Scienjoy
- Scientific Games
- Scopely
- Seachange
- SecureWorks
- Semanticmachines
- Semi Five
- Semtech
- ServiceMax
- Service-Telecom
- Shanghai Autokol Network
- Shanghai Mutong Technology
- Shanghai Xingyi Cinema
- Shaw Communications
- Shengyue Network
- Shenzhen EVOC Intelligence
- Shenzhen O-film Tech
- Shopper Media
- Shutterfly
- SIA
- Siemens
- Siemplify
- Sierra Wireless
- Silicon Labs
- Silicon Motion
- Silver Peak
- Sinclair
- Singtel
- Siris Capital
- Sirius
- Sirius Computer Solutions
- SITEL
- SK Ecoplant
- SK Hynix
- SKC
- Skillz
- Sky
- Skyworks Solutions
- Slack Technologies
- SLM Solutions
- Smart Communications
- SnapAV
- Social Capital Hedosophia
- SoFi Technologies
- SoftBank
- SoftBank Group
- Somos Educacao
- Sonos
- Sony
- Spark Networks
- Sparta Systems
- Spartan Energy Acquisition
- Spectris
- Splunk
- Sports Ventures Acquisition
- Spotify
- SpotX
- Sprint
- Square
- SS&C
- Stamps.com
- Standard Bariatrics
- Standard General
- SteelSeries
- STG Partners
- STMicro
- Stone Point Capital
- Stonepeak Infrastructure
- Stonepeak Partners
- Stratasys
- Stryker
- StubHub
- Super Apps
- Superpod
- SuperSport
- SVF Investment III
- Swiss Life Asset Management
- Switch
- SYKES
- Symantec
- Symbotic
- Symphony Technology
- SYNNEX
- Syntel
- Tableau
- Taboola
- Takeaway.com
- Take-Two Interactive Software
- Talend
- Tantan
- Tapjoy
- Tarsus Group
- TCL
- TCL Huaxing Optoelectronics
- TDC
- Tech Data
- Technisys
- Technology & Telecommunication
- TEGNA
- Teladoc Health
- Teledyne Technologies
- Teleflex
- Telefonaktiebolaget LM Ericsson
- Telefonica Deutschland
- Telenet Group
- Telepass
- Telkomsel
- Telstra
- TELUS International
- Telxius Telecom
- Tencent
- Teraco Data Environments
- TES-Envirocorp
- Texture
- The Blackstone
- The Blackstone Group
- The Carlyle Group
- The E. W. Scripps
- The Exone
- The IRONMAN Group
- The Meet Group
- The New York Times Company
- The Rocket Science
- The Saudi Public Investment
- Thoma Bravo
- Thomas H Lee Partners
- Thycotic Software
- Tianjin Zhonghuan Electronics
- Tieto
- TIM
- TiVo
- T-Mobile Netherlands
- T-Mobile US
- T-Mobile-Sprint
- Tokopedia
- TomTom
- Tortoise Acquisition
- Tower Semiconductor
- TPG Capital
- TracFone Wireless
- Trader Interactive
- TransUnion
- TravelClick
- Tremor International
- Trend Micro
- Tribune Media
- Tribute Technology
- Triller (TrillerNet)
- TripAdvisor
- Tripp Lite
- Tsinghua Unigroup
- TSYS
- TTM Technologies
- Tubi
- Turk Telekomunikasyon
- Turkey Wealth Fund
- Twilio
- Tyler Technologies
- Uber
- Uber Technologies
- Ubiquiti
- Ubisoft
- UBM
- UiPath
- Ultimate Software
- Unacademy
- UnitedHealth
- Uniti Group
- Unity Software
- Unity Technologies
- Universal Music
- UPC Polska
- US Cellular
- U-Verse TV
- Valve
- Vantage Data Centers Management
- Vantage Towers
- Varonis
- Velodyne Lidar
- Veon
- Verifone
- Veritas
- Veritas (Peraton)
- Veritas Capital Fund Management
- Verizon Communications
- Verizon Media
- Vertafore
- Vertiseit
- Viacom (remaned to ViacomCBS)
- ViacomCBS
- Viagogo
- Viasat
- View
- Virgin Media
- Virtusa
- Vishay Intertechnology
- Vista Equity
- Vista Equity Partners
- Vivendi
- Vivint Smart Home
- Vlocity
- VMware
- Vocera Communications
- Vodacom
- Vodacom Group
- Vodafone
- Vodafone Hungary
- Vonage
- Vungle
- Walmart
- Wanda Film
- Wanda Media
- Warburg Pincus
- Warner Media (renamed to Warner Bros. Discovery)
- Wealthbridge Acquisition
- Web.com
- Webhelp
- Wentai Technology
- WESCO
- Weta Digital
- Will Be S&T
- William Hill
- WillowTree Inc
- Winchester Interconnect
- Windy City Wire Cable & Technology Products
- WingTech
- Wise World
- Wolt Enterprises
- WOM
- Wondery
- Woowa Brothers
- Workday
- WorkFusion,
- Worldline
- Worldpay
- Wurl
- X Holdings
- Xiamen
- Xilinx
- Xively
- Xnor.ai
- Xperi
- Yageo
- Yahoo Japan
- Yandex
- Yankees
- YES Network
- Yunex Traffic
- YY
- YY.com
- Zayo
- Zebra Technologies
- ZeniMax Media
- ZeroFox
- Zhejiang Century
- Zhuhai Orbit Aerospace
- Ziguang Guowei
- Ziguang Liansheng
- Zoom Video Communications
- zooplus
- Zoosk
- Zozo
- Zynga
