M&A as an important route to $B+ outcomes M&A is a critical feature of any healthy industry, providing a path to new opportunities and liquidity for any company, whether VC-backed or not. The European tech industry is no different. Over the past 昀椀ve years, 68 technology companies from the region have been acquired in tractions valuing the companies at over a billion dollars, of which 30 (44%) were VC-backed. This compares to 168 billion-dollar acquisitions of US tech compa- nies over the same period. Not surprisingly, 2023 has recorded the lowest number of $B+ M&A transactions for many years, both in Europe and in the US. But despite a much slower market, Europe has still seen 昀椀ve $B+ acquisitions of tech companies this year to date, though only a single VC-backed company is within that cohort. It should be noted that these numbers include acquisitions of both private companies and take-private trans- actions involving formerly publicly-listed tech companies. Number of $B+ M&A transactions per year, by region and VC-backed or not, 2019 to 2023 Non-VC backed VC backed 80 s60 n o i t c a s n a40 r t + B $ f o #20 0 e s e s e s e s e s p e p e p e p e p e o t o t o t o t o t Eur Sta Eur Sta Eur Sta Eur Sta Eur Sta ed ed ed ed ed t t t t t i i i i i Un Un Un Un Un 2019 2020 2021 2022 2023YTD Notes: S&P Capital IQ Sources: Platform, as of date 30 September 2023, for illustrative purposes only. 223 | Outcomes