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 2024.
Key Highlights
- Global M&A deal value in the TMT sector rebounded by 27% in 2024, reaching a total of $514 billion, a significant increase from $403 billion in the previous year. Moreover, deal volume rose 14% year-over-year, culminating in 512 transactions in 2024.
- However, this momentum slowed in the fourth quarter of 2024, as the TMT sector recorded 129 M&A deals worth $89 billion, a decline from $120 billion in the same period of the previous year.
Scope
- This report provides an overview of merger and acquisition activity in the global TMT market in 2024.
- It identifies the M&A deals announced in the TMT market between January 1, 2022 and December 31, 2024 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, Nvidia, 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:
- 2U
- 3D Systems
- 4iG
- AAC Technologies (Belgium)
- Aaeon Technology
- Aareal Bank and Advent International (Aareon)
- ABB
- ABBYY
- Abu Dhabi Investment Authority
- Acacia
- Accenture
- Activision Blizzard
- Acuity Brands
- Adenza
- Adform
- Adidas
- Adobe
- ADT
- AdTheorent Holding
- Advanced Circuits
- Advantage Solutions (Jun Group)
- Advent International
- Adyoulike
- AE Industrial Partners
- AGBO Films
- AGCO
- AirTrunk
- Akamai
- Alarm.com
- Alibaba
- Alibaba Health
- All3Media
- Allegro MicroSystems
- Alma Media
- Alphabet
- Alphawave
- Altair Engineering
- Alteryx
- Altice Media
- Altium
- Amadeus IT Group
- Amazon
- Ambarella
- AMC Networks
- AMD
- American tower
- AMETEK
- Amobee
- Amphenol
- Analog Bits
- Anaplan
- ANSYS
- Ant Group
- Anthrophic
- Antin Infrastructure (Lyntia)
- AntWorks
- Apax Partners
- APCT
- APG Asset Management NV
- Apollo Funds
- Apollo Global Management
- Apollo S3 Equity Management
- Apple
- AppLovin
- Apptio
- Aptiv
- Ariel Alternatives
- Aristocrat
- Articulate
- Artificial Electronics Intelligent Materials
- Ascent
- Ascential
- ASE holdings
- ASM International
- ASOS
- Astorg
- AT&T
- Atlantia
- Atlas LuxCo 4
- Atoll Bidco
- Atom Computing
- Atos
- Atresmedia
- ATTN:
- AuditBoard
- Australia Tower Network
- AustralianSuper
- Autodesk
- Automation Anywhere
- Automation-Edge
- Automattic
- Avago Technologies International Sales
- Avalara
- Avatel Telecom
- Avathon (formerly SparkCognition)
- Avid Technology
- Axel Springer
- Azure Summit Technology
- BAE Systems
- Baidu
- Bain Capital
- Baltimore Sun
- Banias Labs
- Barracuda Networks
- Bayanat AI
- BCPE Bridge Cayman
- Becton Dickinson
- Beeper
- Beijing Kangda Shengjing Technology
- Bel Fuse
- Belcan
- Belden
- Believe
- Bell Canada
- BeReal
- BEST
- Bharti Telecom
- Bharti Televentures (Bharti Global)
- Bitfarms
- Black Knight
- Blackbaud
- BlackRock
- Blackstone
- Blaize
- Blitz 22
- Block
- Bloomsbury Publishing
- Blue Prism
- Boohoo.com
- Booking Holdings
- Bosch
- Bouygues Telecom
- Box
- BPEA Private Equity Fund VIII
- Dorna Sports
- Bridgeport Partners
- Bridgewater
- Brighton Park Capital
- Brightstar Capital Partners
- Broadcom
- Brookfield Asset Management
- Brookfield Infrastructure
- BT
- Btab Ecommerce
- BurTech Acquisition
- BYD Electronic
- Byju’s
- ByteDance
- C3.ai
- CACI International
- Cadent
- Caisse de dépôt et placement du Québec
- Cambricon
- Candle Media
- Canon
- CaratLane
- Carlyle
- Carmakers
- Carrier Global
- Cartology
- Caseton Partners
- CBS
- CDK Global
- Cellnex Telecom
- Celonis
- Centerbridge Partners
- CGI
- Check Point Software
- Chegg
- Chenghe Acquisition
- Chicken Soup for the Soul Entertainment
- China Aviation Development
- China Mobile Investment
- Chindata Group
- Chord Music
- Ciena
- Cisco
- Citrix Systems
- City AM
- Clayton
- Clear Sale
- Clearlake Capital
- Climate.ai
- Cloudera
- CMA CGM
- CNH Industrial NV
- Coatue Tactical Solutions
- Coforge
- Cognex
- Cognizant
- Cohere
- Coherent
- Cohesity
- Colt Technology Services
- Comcast
- Compass Datacenters
- CompoSecure
- Computer Services
- Comscore
- Concentrix
- Concord Acquisition Corp III
- ConnectWave
- Continental
- Cordiant Digital Infrastructure
- Coresite
- Cornerstone OnDemand
- Corvinus
- Cotiviti
- Courir France
- Course Hero
- Coursera
- Cox Media Group
- Crayon Group Holding
- Criteo
- Crocus Technology
- CTS Eventim
- Curated.com
- Curtiss-Wright
- CVC Capital
- Cvent
- CyberArk Software
- CyberOptics
- CyrusOne
- Cyxtera
- D2iQ
- Dai Nippon Printing
- Darktrace
- Dassault Systèmes
- Data Infrastructure Trust
- Data Insight
- DataBank
- Datamatics
- Datto
- David D Smith
- Dazheng Group (Hong Kong) Investment
- DAZN Group
- Deep Green Technologies
- Deezer
- Delivery Hero
- Dell
- Denis Ladeqaillerie
- EQT & Tvc funds
- Denso
- Dentsu
- Deutsche Telekom
- Dharma Sinar Semesta
- Digimoc
- Digital Netherlands Holding
- Digital Realty Trust
- DigitalBridge
- DigitalBridge Group
- Diodes
- Diraq
- DirecTV
- DISH Network
- Disney
- DJI
- D-Market Elektronik Hizmetler Tic
- DNEG
- Domo
- DoorDash
- Downtown Music Holdings
- DPCM Capital
- DPG Media
- DraftKings
- Dropbox
- Duck Creek Technologies
- DUET Acquisition
- Dundee
- D-Wave Systems
- DXC
- EA Elektro-Automatik
- Easybrain
- Ecentres.ie
- EchoStar
- Ecovacs
- EDF
- EdgeConneX
- EdgeCore
- Editis
- Elatec
- Electrolux South Africa
- Electronic Arts
- Eletromidia Group
- Elliott
- Elliott Management
- eMagin
- Embracer Group
- Emerson Electric
- Emirates Telecommunications
- Endeavor Group
- EngageSmart
- Enova
- Entain
- Envestnet
- EOFlow
- Epic Games
- Epiris
- EQS Group
- EQT Active Core Infrastructure Fund
- Ericsson
- Etisalat Group
- Euromoney
- European and international telcos
- Eutelsat
- EverFi
- Evergreen Coast
- Everi Holdings
- EVOC Intelligent
- Expedia
- Experian
- Fang Holdings
- Fanuc
- Fenix 360
- Figma
- First Advantage
- Fitbit
- FK
- FL Entertainment
- Flipkart
- Flutter Entertainment
- Forbes Media
- ForgeRock
- Fortive
- Foxconn
- Francisco Partners
- Frasers Group
- Freedom Mobile
- French state
- Freshworks
- Freya Investissement
- Frontier Communications Parent
- Frontier Tower
- Frontline Education
- Fujisoft
- Fujitsu
- Gamehaus
- Gannett
- Garmin
- GASC APF
- GCT Semiconductor
- GE
- Gem Security
- General Atlantic
- General Motors
- Genesic Semiconductors
- Genpact
- Gentex
- GEO Semiconductor
- Getaround
- Getir
- GK Software
- GLIL Infrastructure
- Glitrafjord
- Global Infrastructure Partners
- Global Switch Australia
- Glu Mobile
- Gogo
- Golden Star Acquisition
- GoPro
- Gorillas Technologies
- GoTo Gojek Tokopedia
- Graf Industrial
- Graphcore
- Groupon
- Grubhub
- Grupo Globo
- GTCR
- Guidehouse
- H2O.ai
- Haier Smart Home
- Hainan Zhongxing Future
- Hamamatsu
- Hamamatsu Photonics
- Hanam Data Center (Seoul)
- Harmonic Drive
- HashiCorp
- Haveli Investments
- HCL
- Hefei Xinmei Materials
- Helium
- Hellman & Friedman
- HelloFresh
- Hengdian Entertainment
- Hewlett Packard
- Hexaware
- HG Vora Capital Management
- HgCapital
- Hikvision
- Hilton worldwide
- Hive
- HMC Capital
- Holitech Technology
- Honda
- Honeywell
- Horizon Robotics
- Houghton Mifflin Harcourt
- HPE
- HRL Morrison and Commonwealth Superannuation
- HTC
- Huawei
- Hubei Dinghui Microelectronics
- Hubei Dinglong
- Hugging Face
- Hugo Boss
- Hulu
- Humans (FlipFit)
- Hutchison 3G
- I2PO
- IAA
- IAC Interactive
- IBM
- ICBC Investment
- IDEX
- IDFC FIRST Bank
- IFM Investors
- Iliad
- IMM Credit Solution
- Imperva
- Ims Nanofabrication
- indie Semiconductor
- Indra Sistemas
- Infineon
- Infinera
- Infocom
- Informa
- Information Resources
- Infosys
- Innovid
- Innplay Labs
- Insight Enterprises
- Insight Venture Management
- Integrated Wellness Acquisition
- Intel
- Intelsat
- Intercontinental Exchange
- International Game Technology
- International Media Investment
- InterPrivate II
- Intuit
- Investment Management Corporation of Ontario
- IPG
- iRobot
- IronScales
- ironSource
- irth Solutions
- Iscvina Manufacturing
- iseek
- ISOC edotco Towers
- ITV Consumer
- JackPocket
- Japan Advanced Semiconductor
- Japan Industrial Partners
- Japan Investment
- Jbb Advanced Technologies
- JCDecaux
- JD Sports
- JD.com
- Jetway Information
- Jiangsu Phoenix Publishing & Media
- Jinshi Investment
- Johnson & Johnson
- Jongsong Investments
- JP Morgan
- Juniper Networks
- Just Eat Takeaway
- JustEat
- Kahoot!
- Kakaku
- Kakao Games
- Kangaroo BidCo
- Kape Technologies
- Kaseya
- Kaspi.kz
- Kawasaki Heavy
- Kazakhtelecom Jsc
- Keyence
- Keysight Technologies
- Kindred Group
- Kirkbi Invest
- KKR
- Klarna
- KnowBe4
- Koch Equity Development
- KT Cloud
- Kyndryl
- L&T Infotech (renamed as LTIMindtree)
- L3Harris Technologies
- La Francaise Des Jeux
- La Poste Telecom
- Largan Precision
- Launchmetrics
- Lazada
- Learning Technologies
- Lectra
- Lee Equity Partners
- Lemonade
- LendingTree
- Lenovo
- Lexmark International
- LG Chem
- LG Display
- LHR1 Data Center Holdings
- Liberty Media
- Light & Wonder
- LightPath technologies
- Ligue 1 (Ligue de Football Professionnel)
- Linode
- Lions Gate Entertainment
- Lockheed Martin
- Lottomatica
- Lotus
- LPE
- Luke Bidco
- Lumen Technologies
- Lumentum
- M&C Saatchi
- Macquarie Asset Management Holding
- Magic Investment
- Magna International
- Mainline
- Mandiant (formerly FireEye)
- ManTech
- Maple Leaf Sports & Entertainment
- Marchex
- Marriott International
- Masmovil Ibercom (MasMovil)
- MasterCard
- Match Group
- Maxpower Semiconductor
- MBC
- MBK Partners
- McGraw-Hill
- Mediaocean
- Mediaset
- MediFox
- Medtronic
- Meituan
- Meltwater
- MercadoLibre
- Merck
- MERIT France
- Meta
- Micro Focus
- Microchip
- Micron
- Microsoft
- MiddleGround Capital
- Midea
- Midjourney
- Millicom International Cellular
- Mindtree
- Miniclip
- Mistral
- Mitsubishi Electric
- Mitsui Chemicals
- MLU BV
- Molex
- Monolithic Power Systems
- Moritex
- Motivair
- Mphasis
- Mubadala Investment
- MultiQ International
- Multiverse computing
- MW Investment
- My Code Media
- Mytheresa.com
- Nabtesco
- Nanning Minsheng New Energy Industry Investment Partnership
- Nasdaq
- Naver
- Navitar
- RTDS Technologies
- Navitas Semiconductor
- NBT Social Networking
- NCR Payment Solutions
- NEC
- NeoGames
- Neptune Retail
- Nestle
- Net One Systems
- NetApp
- Netflix
- Network International
- Neurala
- New H3C Technologies
- New Relic
- New Work (formerly Xing)
- NewBorn Town
- News Corp
- Newsela
- Nexon
- Next Fifteen Communications Group
- NEXTDC
- Nielsen Holdings
- NightCafe
- Nikon
- Nintendo
- Nippon Ceramic
- Nisene Technology Group
- NKT Photonics
- Nokia
- Noname Security
- Nordson
- Northwest Fiber
- NRG Energy
- NTT Data
- Nuance Communications
- Nutanix
- Nuvei
- Nvidia
- NXE Australia
- NXP
- Oak BidCo
- Ocado
- Ocean Outdoor
- OceanSound (SMX)
- Octopus Energy
- Oi
- Omnicom
- Omron
- On Semi
- OnDeck
- Onesoft Solutions
- OneWeb
- Ontario Teachers' Pension Plan
- OpenText
- OpenWeb
- Optimal Blue
- OQS Media
- Oracle
- Orange Espana
- Organovo
- Otava
- OwnBackup
- Oxford Instruments
- Oxford Quantum Circuit
- Palantir
- Panasonic
- PAR Technology
- Paragon Solutions
- Paramount Global
- Parsons
- Partners Group
- Pasqal
- Paylocity
- Pearson
- Pegasus Entrepreneurial
- Pensando
- Perficient
- Permira
- Philips
- Phoenix Tower
- Photonic
- Pinduoduo
- Ping An
- Pink Floyd
- Plantronics
- PlayAGS
- Playtech (aborted)
- Playtika
- PlayVS
- Plusgrade
- Points.com
- Poly Group
- Poshmark
- Power International Holding
- PowerSchool
- PPF Telecom
- PQShield
- Precision Optical Technologies
- Premium Sounds Solutions
- Preqin
- Procare Software
- ProSiebenSat.
- PSG Equity
- PsiQuantum
- PT Dayamitra Telekomunikasi (Mitratel)
- PTC
- Public Sector Pension Investment Board
- Publicis
- Pure Storage
- QSC
- Qualcomm
- Qualys
- Quantum Machines
- Quebecor
- QuEST Global
- Quizlet
- Quotient Technology
- QuSecure
- Rakuten
- Rapid7
- Raytheon
- Rea Group
- Rebel Foods
- Recco Control Technology
- Recorded Future
- RedBird IMI
- Redbox Entertainment
- Redwood Software
- Relx
- Renesas Electronics
- Resideo Technologies
- ResMed
- Resolute Holdings
- Revel Systems
- Reverence Capital Partners
- Revolut
- Rightmove
- Ritchie Bros Auctioneers
- Roblox
- Rocket Software
- Rockwell Automation
- Rogers Communications
- Rokid
- Roku
- Roland DG
- Roper Technologies
- Rover Group
- Rovio Entertainment
- Rowman & Littlefield
- RTL Nederland
- Rumble
- Ryder System
- S&P Global
- S7 Data Centre Site (Sydney)
- SADA
- SailPoint
- Samsung
- SAP
- Saudi Public Investment Fund
- Savvy Games Group
- Scala Data Centers
- Schibsted (Polaris Media)
- Schneider Electric
- SciPlay
- Scopely
- Screaming Eagle Acquisition
- SCSK
- Secureworks
- See Tickets
- Sega Europe
- Semi Five
- Semtech
- Sequans Communications
- ServiceMax
- ServiceNow
- SES
- SGG Holding
- SGT Capital
- Shanghai Electric Group
- Shanghai Jingcai New Material Technology
- Shanghai STEP Electric
- Shanghai Xingyi Cinema
- Shanghai Xinshida Intelligent
- Shangqi Capital
- Shenzhen Huishe Technology
- Shenzhen Sunway Communication
- Shenzhen Transsion Holdings
- Shift4 Payments
- Shinko Electric Industries
- Shoflo
- Shopify
- Shopper Media
- Siemens
- Sierra Wireless
- Silchester International Investors
- Silver Lake Partners
- Singtel
- SK Ecoplant
- SK Group
- SK Hynix
- SKS365 Malta
- Slack Technologies
- Smartsheet
- SNAITECH
- Snap
- Snap One
- Snowflake
- Sociedad Estatal de Participaciones Industriales (SEPI)
- SoFi Technologies
- Softbank
- Softchoice
- Software AG
- SoftwareONE Holding
- Somacis
- Sony Music Entertainment
- Sony
- Sophos
- Sopra Steria
- Spectris
- Spirent Communications
- Splunk
- Sports Ventures Acquisition
- Spotify
- Squarespace
- SS&C Technologies
- Stability.ai
- Standard Bariatrics
- Standard General
- Sterlingcheck
- STG Partners
- STMicro
- Stonepeak Partners
- Stratasys
- StreamSets
- webMethods
- Strike
- Stripe
- Stronghold Digital Mining
- Stryker
- Sumo Logic
- Sunny Optical
- Super Apps
- SuperPlay
- SuperSport
- Swiss Life Asset Management
- Swisscom
- Switch
- Syft Analytics
- Symphony Ventures (Ireland)
- Synopsys
- TA Associates Management
- Taiwan Color Optics
- Takeaway.com
- Take-Two Interactive
- Talend
- Taobao (AJK Technology)
- Task Group
- Tata Consultancy Services
- Tata Group
- TDCX
- Tech titans
- Technisys
- Technology & Telecommunication
- Technoprobe
- Tegna
- Tele2
- Telecom Italia
- Teleflex
- Telefonica
- TELUS International
- Tencent
- Teraco Data Environments
- Teradyne
- Tesco
- TES-Envirocorp
- Tesla
- Tether Operations
- Thales
- The Australian Government
- The Carlyle Group
- The Interpublic Group of Companies
- The Investment Management Corporation of Ontario
- The New York Times Company Gakken
- The Saudi Public Investment Fund
- The Spectator
- The Walt Disney
- THG
- Thoma Bravo
- TickPick
- TIDAL
- TikTok
- TIM
- Tinius Trust
- Titan Company
- T Mobile
- TomTom
- Tongxiang Government Capital Investment Operation Co Enterprise
- Toshiba
- Tower Semiconductor
- Toyota
- TPG
- TPG Telecom
- Transact Campus
- Transformative Investments
- Transphorm Technology
- Tremor International
- Trend Micro
- Trip.com Group (formerly known as Ctrip.com)
- TripAdvisor
- Tronic Ventures
- Tsinghua Unigroup
- Tsinghua Unisplendour
- Turk Telekomunikasyon
- Turkey Wealth Fund
- Twilio
- Twin Point Capital
- Uber
- Ubiquiti
- UBtech
- Udemy
- UiPath
- Unacademy
- UniCredit
- Unikmind Holdings
- UnitedHealth
- Uniti Group
- Unity Technologies
- Universal Music Group
- US Cellular
- V.tal
- Vanderlande Industries Holding
- Vantage Data Centers UK (minority stake)
- Varonis
- Velodyne
- Venafi
- Veritas Capital Fund Management
- Verizon
- Vertical Bridge Holdings
- Vertiseit
- Verve Group
- Viacom18 Media
- Viasat
- Virgin Music Group
- Visa
- Vishay Intertechnology
- Vision Box
- Vista Equity Partners
- Visteon
- Vivendi
- Vivint Smart Home
- Vizio Holding
- VMware
- Vocera Communications
- Vocus Group
- Vodafone
- Vodeno
- Volkswagen
- Voodoo
- VOXX International
- Walmart
- Warburg Pincus
- Waters
- Webhelp Groupe
- Weishi Technology
- WESCO International
- Western Digital
- Will Be S&T
- WillowTree
- Winsight
- Wipro
- Wise (formerly TransferWise)
- Wise World
- Wistron Infocomm Manufacturing (India)
- Wiz
- Wolters Kluwer
- Workday
- WorkFusion
- Workiva
- World Wide Technology Holding
- World Wrestling Entertainment (WWE)
- Worldpay
- WPP
- Wurl
- Wyatt Technology
- X (formerly Twitter)
- Xanadu
- Xerox Holdings
- Xiaomi
- Xilinx
- XYZ
- Yahsat
- Yandex
- Yelooo Integra Datanet
- Yichun Jinheng Equity Investment Co.
- Yiren Digital
- Yoox Net-A-Porter Group
- Yuexiu Industrial Fund
- Yunex Traffic
- Zebra Technologies
- Zegona Communications
- Zendesk
- ZeroFox Holdings
- Zhuhai Orbit Aerospace
- Zillow
- Zoho
- Zoom Video Communications
- ZT Systems
- ZTE
- Zynga