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 telecom (TMT) industry in 2023.
Total global M&A deal value dropped 46% in 2023 to $403 billion, compared to $745 billion in the previous year.
Deal volume reached 451 deals in 2023, down 26% from 2022.
It identifies the M&A deals announced in the TMT market between January 1, 2019 and December 31, 2023 and provides comprehensive sector-by-sector analysis of the themes driving this activity.
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) and identifies the themes on which they are focusing.
The report also includes our predictions for future acquisitions targets across all TMT sectors.
Key Highlights
M&A activity in the global technology, media, and telecom (TMT) sector has been increasing since 2019, but the trend reversed in 2021.Total global M&A deal value dropped 46% in 2023 to $403 billion, compared to $745 billion in the previous year.
Deal volume reached 451 deals in 2023, down 26% from 2022.
Scope
This report provides an overview of merger and acquisition activity in the global TMT market in 2023.It identifies the M&A deals announced in the TMT market between January 1, 2019 and December 31, 2023 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) and identifies the 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
- M&A Themes by Sector
- M&A Themes by Geography
- Future Acquisition Targets
- Deal Selection Criteria
- Further Reading
- Glossary
- Thematic Research Methodology
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 22C Capital
- 4iG
- 888 Holdings
- AAC Technologies
- Aaeon Technology
- Abaco Systems
- Abu Dhabi Investment Authority
- Acies Acquisition
- Activision Blizzard
- Adenza
- Adept AI
- Adjust
- Adobe
- ADT
- ADTRAN
- ADVA
- Advent International Corporation
- Adyoulike
- Aerospace Feihong
- Affinity Equity Partners
- Afterpay
- AGBO Films
- AGCO
- AI21 Labs Ltd
- Airspan Networks
- Akamai Technologies
- Alibaba Health
- Alibaba Investment
- Alight Solutions
- Allegro MicroSystems
- Allied Resources
- Alma Media
- Alphabet
- AlphaSense, Inc.
- Alphawave
- Alteryx
- Altice UK
- Altimeter Capital
- Amazon
- AMD
- American Tower
- AMETEK
- Amobee
- AMP Robotics LLC
- Anaplan
- Anthropic
- Antin Infrastructure
- Apax Partners
- APCT
- APi Group
- Apollo Global Management
- Apple
- AppLovin
- Apptio
- Ariel Alternatives
- Aristocrat Leisure
- Ascential
- ASM International
- Aspen Technology (AspenTech)
- ATC Europe
- Atlantia
- Atlantic Coastal Acquisition
- Atoll Bidco
- Atotech Deutschland
- ATTN:
- Austin Russell
- Australia Tower Network
- AustralianSuper
- Auth0
- AutoStore
- Avalara
- Avast
- Avatel Telecom
- Avid Technology
- Axicom
- Azrieli Group
- Bain Capital
- Bain Capital Private Equity
- Ballys Corporation
- Barracuda Networks
- Bayanat AI
- BCPE Bridge Cayman
- BCPE Stack
- Becton Dickinson
- Beijing Kangda Shengjing Technology
- BEST
- Bharti Telecom
- Bill.com
- BillDesk
- BJ Russell Holdings Limited
- Black Knight
- Blackbaud
- Blackshark.ai GmbH
- Blackstone
- Blaize
- Blitz 22
- Blue Yonder
- Boomi
- Bottomline Technologies
- BP-FLAC
- Bridgeport Partners
- Broadcom
- Brookfield Asset Management
- Brookfield Business
- Brookfield Infrastructure Partners
- Brooks Automation
- Brunswick
- BT Group
- Budderfly
- Builder.ai
- BurTech Acquisition
- Buzzfeed
- BYD Electronic
- ByteDance Technology
- Cainiao Smart Logistics Network Limited
- Caisse de dépôt et placement du Québec (CDPQ)
- Canada Pension Plan Investment Board (CPP Investments)
- Candle Media
- CaratLane
- Carlyle
- Carrier Global
- carsales.com
- Cartology
- CBS Studio Center
- CDK Global
- CDW
- CEA Technologies
- Cedacri
- Cegid Group
- Cellnex Telecom
- Centerbridge Partners
- CentML Inc
- Cerner
- Change Healthcare
- Chatham Asset Management
- Chenghe Acquisition
- Chicken Soup for the Soul Entertainment
- China Aviation Development
- China Mobile Investment
- Chindata Group
- Chubb Fire & Security
- Churchill Capital
- Cisco
- Citrix Systems
- City AM
- CK Hutchison
- Clarivate
- Clayton, Dubilier & Rice
- Clearlake Capital Group
- Climate Change Crisi (CRIS)
- Cloudera
- CMA CGM
- CNH Industrial
- Cognex
- CognosysAI Inc
- Cohere Inc
- Coherent
- Colt Technology Services
- Commonwealth Superannuation
- Compass Datacenters
- CompScience
- Computer Services
- Comunicaciones Celulares
- Concentrix
- Concord Acquisition Corp III
- Connexity (Inactive)
- Cordiant Digital Infrastructure
- CoreLogic
- Coresite
- CoreSite Realty
- Cornerstone OnDemand
- Cornerstone Telecommunications Infrastructure
- Corvinus
- Courir France
- Cox Media Group
- Criteo
- Crosspoint Capital Partners
- CVC Capital Partners
- Cvent
- CyberOptics
- CyrusOne
- Cyxtera
- D2iQ
- Dai Nippon Printing
- Daily Mail & General Trust
- DataBank
- Databricks Inc
- Datto
- Dazheng Group (Hong Kong) Investment
- Deepset GmbH
- Deezer
- Denlux Logistics Invest
- Denso
- Desktop Metal
- Deutsche Telekom
- Digicel Pacific
- Digimoc
- Digital Realty Trust
- DigitalBridge Group
- DirecTV
- Discovery
- DISH Network
- DivvyPay
- d-Matrix Corp
- DNEG
- DoorDash
- Dotdash
- DPG Media
- DraftKings
- Duck Creek Technologies
- DUET Acquisition
- DuPont de Nemours
- EA Elektro-Automatik
- Eaton Corporation
- Ecentres.ie
- EchoStar
- Ecobee
- EDF
- EdgeCore
- Editis
- Elatec
- Electronic Arts
- Elliott Management
- Elon Musk
- eMagin
- Embracer Group
- Emerson Electric
- Emirates Telecommunications (Etisalat)
- Emirates Telecommunications Group (e&)
- Endeavor Group
- EngageSmart
- Ensono
- Entain
- EOFlow
- EQS Group
- EQT Active Core Infrastructure Fund
- EQT IX Fund
- Essential AI
- Essentium
- Eutelsat
- EverFi
- Evergreen Coast Capital
- EVgo Services
- EVOC Intelligent
- Evozyne LLC
- Fenix 360
- Figma
- Fileread Inc
- Filuta AI
- FL Entertainment
- Flipkart
- FLIR Systems
- Flywheel Exchange LLC
- Foley Trasimene Acquisition
- Forbes Media
- Foresight Sports
- ForgeRock
- Fortive
- Foxconn
- Francisco Partners
- Frasers Group
- Freedom Mobile
- Frontier Tower
- Frontline Education
- Fujitsu
- Gamehaus
- Gamesys Group
- GD Towers
- Gearbox
- Generac
- General Motors
- Generally Intelligent
- Genesis Therapeutics Inc
- Getaround
- Getir
- GI Partners
- GIC Private Limited
- GK Software
- GLIL Infrastructure
- Global Infrastructure Partners
- GlobalLogic
- Globe Telecom
- Glu Mobile
- GM Cruise
- GN Store
- Gogoro
- Gojek
- Golden Nugget Online Gaming
- Golden Star Acquisition
- Gores Guggenheim
- Gorillas Technologies
- GoTo Gojek Tokopedia
- GPU Network
- Grab
- Graft Inc
- Gray Television
- Green Mountain
- GSN Games
- GTCR
- Guidehouse
- Gulf Energy Development
- Hackman Capital Partners
- Hainan Zhongxing Future
- Hamamatsu Photonics
- Hazy Ltd
- Hefei Xinmei Materials
- Hellman & Friedman
- Hemisphere GNSS
- Hengdian Entertainment
- HengTen Networks
- Hensoldt
- Hexaware Technologies
- HG Vora Capital Management
- HiddenLayer, Inc
- Hitachi
- Hivory
- Holitech Technology
- Hollysys Automation Technologies
- Honeywell
- Houghton Mifflin Harcourt
- HP
- HRL Morrison
- Hubei Dinglong
- Hugging Face Inc
- Hugo Boss
- Hulu
- Humane Inc
- Hutchison 3G (Three UK)
- Hyper Online, Inc
- Hyperconnect
- I2PO
- IAA
- IBM
- ICBC Investment
- Ideanomics
- IDEX
- IDFC
- IDFC FIRST Bank
- IDX
- IFM Investors
- II-VI
- Iliad
- Imbue
- IMM Credit Solution
- Imperva
- indie Semiconductor
- Indosat Ooredoo
- Inflection AI Inc
- Informa
- Information Resources
- Ingram Micro
- Inmarsat Group
- Innovium
- Innplay Labs
- Inovalon
- Insight Enterprises
- Insight Partners
- Insight Venture Management
- Intel
- Intercontinental Exchange
- International Media Investment
- InterPrivate II
- Intuit
- Inworld AI
- ION Acquisition
- Ion Investment Group
- IPONWEB
- Iridian Spectral Technologies
- iRobot
- ironSource
- ISOC edotco Towers
- Jabil Circuit
- Janus Henderson Group
- Japan Industrial Partners
- Japan Investment
- JD Sports
- Jiangsu Phoenix Publishing & Media
- Jinshi Investment
- JobKorea
- Kape Technologies
- Kaseya
- Khosla Ventures
- KKR & Co
- KKR North America Fund XIII
- KnowBe4
- KT Cloud
- L&F Acquisition
- L&T Infotech (renamed as LTIMindtree)
- L3Harris Technologies
- Laird Performance Materials
- Lambda Labs
- LangChain
- LastMile AI Inc
- Lazada
- Lee Equity Partners
- Leonardo
- LG Chem
- Liberty Latin America
- Light & Wonder
- Lightmatter Inc
- Lightspeed Commerce
- Ligue 1
- Linode
- Live Oak
- Local Media Group
- Lottomatica
- Lotus
- Lucid Motors
- Luma AI Inc
- Lumen Technologies
- Lumentum
- Machina Labs Inc
- Madison Square Garden Entertainment
- Magic AI Inc.
- Magnite
- Mandiant
- ManTech
- Marvell Technology
- Masmovil Ibercom (MasMovil)
- Match Group
- Matrox Electronic Systems
- Maxar Technologies
- McAfee
- McGraw Hill Companies
- Medallia
- MediFox
- Medtronic
- Meltwater
- Meta
- Metro-Goldwyn-Mayer
- Micro Focus
- Microsoft
- Millicom International Cellular
- Mimecast
- MindsDB
- Mindtree
- MineOS
- Mitsubishi Electric
- Mitsui Chemicals
- MKS Instruments
- MLU BV
- Modular AI
- Modulus Labs
- Moritex
- MSG Networks
- Mubadala Investment
- MultiQ International
- MW Investment
- My Code Media
- MyHeritage
- Nasdaq
- National Instruments
- National Media Group
- Naver
- Navico Holding
- Navitar
- Navitas Semiconductor
- NeoGames
- NeoPhotonics
- Neptune Retail
- Network International
- NeuStar
- New Beginnings Acquisition
- New H3C Technologies
- New Relic
- News Corporation
- Nexon
- Nextdoor
- NIC
- Nielsen Holdings
- Nikon
- Nitro Bidco
- NKT Photonics
- Noble Artificial Intelligence, Inc
- Nordic Capital
- Nordson
- NortonLifeLock
- NRG Energy
- Nuance Communications
- NuORDER
- Nutanix
- Nvidia
- Oak BidCo
- Ocean Outdoor
- Oil Price Information Service
- Okta
- Omnicom
- OmniML
- On Tower Poland
- OneWeb
- Ontario Teachers' Pension Plan
- Open Text
- OpenAI
- Openbet Limited
- OpenWeb
- Optimal Blue
- OptumInsight
- Oracle
- Orange Espana
- ORBCOMM
- Osmo
- Otava
- Oxford Instruments
- Paige.AI Inc
- Panasonic
- Paramount Global
- Parata Systems
- Partners Group
- PayU
- Pegasus Entrepreneurial
- Permira Advisers
- Permira Holdings
- Perspecta
- Phoenix Tower
- Photomath
- Plantronics
- Platinum Equity
- Playdemic
- Playstudios
- Playtika
- Plusgrade
- Poema Global
- Points.com (Inactive)
- Polestar
- Poly Group
- Poshmark
- PPF Telecom
- Premium Sounds Solutions
- Proofpoint
- ProQuest
- Prosit (Mexico)
- PSP INVESTMENTS
- PT Dayamitra Telekomunikasi (Mitratel)
- PT EPID Menara Asset
- PT Sarana Menara Nusantara
- PT. Solusi Tunas Pratama
- PTC
- Public Sector Pension Investment Board
- QTS Realty Trust
- Quebecor
- QuEST Global
- Quest Software
- Quotient Technology
- R. R. Donnelley & Sons
- Radius Global Infrastructure
- Range Finance, Inc.
- Raven Industries
- Razer
- Recco Control Technology
- Redactable, Inc.
- Redbox Entertainment
- Renesas Electronics
- Replicate Inc
- Resistant AI s.r.o
- ResMed
- Rightbot
- Ritchie Bros Auctioneers
- Rocket Software
- Rogers Communications
- Roper Technologies
- Rothermere Continuation
- Rotor Acquisition
- Rover Group
- Rovio Entertainment
- RTDS Technologies
- RTL Nederland
- Runway AI Inc
- Ryder System
- SADA
- Safaricom Telecommunications Ethiopia
- SailPoint
- Samsung Display
- Santa Cruz Works
- Sarcos Robotics
- Sarvam AI
- Savvy Games Group
- Schibsted (Polaris Media)
- Scientific Games
- SciPlay
- Scopely
- Seachange
- Sega Europe
- Semi Five
- Semtech
- ServiceMax
- Service-Telecom
- SGT Capital
- Shanghai Jingcai New Material Technology
- Shanghai Mutong Technology
- Shanghai STEP Electric
- Shanghai Xingyi Cinema
- Shanghai Xinshida Intelligent
- Shangqi Capital
- Shao-Ning Johnny Chou
- Shaw Communications
- Shenzhen EVOC Intelligence
- Shenzhen Huishe Technology
- Shenzhen Sunway Communication
- Shenzhen Transsion Holdings
- Shopper Media
- Siemens
- Sierra Wireless
- Signos Inc
- Silver Lake Partners
- Singtel
- Sirius Computer Solutions
- SITEL
- SK Ecoplant
- SKS365 Malta
- Skyworks Solutions
- SLM Solutions
- Smart Communications, Digitel Mobile
- SmartyMeet Sp zoo
- Snackable AI
- Snap
- SoFi Technologies
- SoftBank
- Software AG
- Spectris
- Speed Fibre Group
- Speedy Brand Inc
- Splunk
- Sports Ventures Acquisition
- SpotX
- Square
- Square Mile Capital Management
- Stamps.com
- Standard Bariatrics
- Standard General
- SteelSeries
- STG Partners
- Stone Point Capital
- Stonepeak Partners
- StreamSets
- Stryker
- Sumo Logic
- Super Apps
- SuperSport
- SVF Investment III
- Swiss Life Asset Management
- Switch
- SYKES
- Symbotic
- Symphony Technology
- SYNNEX
- Synthesia Ltd
- Syrup Tech, Inc
- TA Associates Management
- Taboola
- Taiwan Color Optics
- Take-Two Interactive Software
- Talend
- Taobao
- Tapjoy
- Tata Group
- Tech Data
- Technisys
- Technology & Telecommunication
- TEGNA
- Teledyne Technologies
- Teleflex
- Telefonaktiebolaget LM Ericsson
- Telenet Group
- Telkomsel
- Telstra
- TELUS International
- Telxius Telecom
- Teraco Data Environments
- Teradyne
- TES-Envirocorp
- Tesla
- Tessco Technologies
- Thales
- The Australian Government
- The Blackstone Group
- The Carlyle Group
- The Exone
- The Rocket Science
- The Saudi Public Investment
- The Walt Disney
- THG
- Thoma Bravo
- Thomas H Lee Partners
- Thycotic Software
- TikTok
- TIM
- Tinius Trust
- Titan Company
- T-Mobile Netherlands
- Together Computer Inc
- Toshiba
- TPG Capital
- Trader Interactive
- TransUnion
- Tremor International
- Triller (TrillerNet)
- Trimble Agriculture
- Tripp Lite
- Tsinghua Unisplendour
- Turk Telekomunikasyon
- Turkey Wealth Fund
- Twelve Labs
- Twin Point Capital
- Twitter (renamed X)
- Tyler Technologies
- Typeface Inc
- Unikmind Holdings
- UnitedHealth
- Uniti Group
- Unity Technologies
- Unstructured Technologies Inc
- UPC Polska
- U-Verse TV
- Uveye
- Vantage Data Centers UK
- Vantage Towers
- Veon
- Veritas (Peraton)
- Veritas Capital Fund Management
- Verizon Media
- Versed
- Vertiseit
- VIA Motors
- ViaSat
- Vishay Intertechnology
- Vista Equity Partners
- Vista Outdoor
- Vivint Smart Home
- VMware
- Vocera Communications
- Vodacom
- Vodafone
- Vonage
- Walmart
- Warburg Pincus
- Warner Media (renamed to Warner Bros. Discovery)
- Waters
- WaveOne
- WaveOptics
- Webhelp Groupe
- webMethods
- Weishi Technology
- Weta Digital
- William Hill
- WillowTree
- Winsight
- Wise World
- Wistron Infocomm Manufacturing (India)
- Wolt Enterprises
- WOM
- World Wrestling Entertainment (WWE)
- Worldpay
- Wrtn Technologies
- Wurl
- Wyatt Technology
- X Holdings
- Yahsat
- Yandex
- Yuexiu Industrial Fund
- Yunex Traffic
- Zebra Technologies
- Zegona Communications
- ZeroFOX
- zooplus
- Zynga
