Taking the longer-term view Despite almost two full years of quiet on the exit front, it’s worth taking a longer-term perspective on the state of Europe’s ability to produce large-scale companies that succeed in going from founding to a billion-dollar liquidity event. In the past 昀椀ve years alone, there have been a remarkable 111 billion-dollar exits of European tech companies, the majority of which (60%) have been realised via M&A. While reaching $B+ outcomes via initial public listings has been somewhat less common than via M&A for European tech companies historically, the reopening of the IPO window and the development of deep and liquid public capital markets is a critical factor for the long-term health and progress of the European tech ecosystem. As this report has consistently highlighted, outsized exits are an important component of the European tech 昀氀ywheel, with success stories unlocking capital and talent as well as inspiring the next generation of found- ers. Count of European $B+ IPOs and M&A transactions M&A IPO 125 100 s 75 t i x e f o # 50 25 0 2019 2020 2021 2022 2023YTD Last 5 Years Notes: Sources: S&P Capital IQ Platform, as of date 30 September 2023, for illustrative purposes only. 243 | Outcomes