Technology Dealtracker: Q1 2026

Q1 2026 marks the highest quarterly values in the sector since Q3 2022 with total deal value rising 43% QoQ, even as volumes declined 8% QoQ. The sharp increase in value, despite lower activity, was driven by two large-ticket transactions in M&A and PE worth USD 3 billion, indicating a clear shift towards concentrated, high-value dealmaking.

M&A volumes remained stable at 21 deals, but deal values increased sharply by more than 3x to USD 2.6 billion QoQ. This was primarily driven by one high value outbound deal worth USD 2.4 billion. Outbound transactions contributed ~USD 2.5 billion (~97% of total M&A value), highlighting a strong focus on cross-border expansion and capability-led acquisitions.

Private equity activity declined to 45 deals, with values dropping by 49% QoQ to USD 0.8 billion, primarily due to the absence of large-ticket investments. Despite this, PE continued to dominate volumes, accounting for ~66% of total deal activity, indicating sustained early- and mid-stage investment momentum.