Exits are still European tech M&A transaction value and tech IPO market cap at muted and led close of first trading day ($B) by announcement year Exit value by M&A $200B $177B Tech IPOs $166B Tech M&A $150B $100B $70B $48B $50B $21B Source: S&P Global Market Intelligence 2019 2020 2021 2022 H1’23 Notes: S&P Capital IQ Platform, as of date 15 May 2023, for illustrative purposes only. H1 figures extrapolated linearly based on year to date figures. Includes announced and completed M&A transactions only (excluding since terminated/withdrawn).