Ciesco Market Intelligence 24 November 2023

Ciesco Global M&A Update Q3 2023

In Q3 2023, the year-to-date M&A activity in Technology and Media climbed back to the level of 2022, despite a slower start to the year.

November 2023, London

  • Technology & Media sector activity is on an upward trajectory. As of Q3, the volume of deals at 1,584 remains level compared with the same period in 2022 (1,590 deals).
  • Digitally-led agencies continue to attract the most buyer interest, accounting for 55% of all deal volume.
  • The disclosed value of M&A deals (including mega-deals) has increased from $64bn to $68bn.
  • M&A activity in the USA, UK & Western Europe lead the deal activity in YTD Q3 2023, accounting for 77% of all activity. Notably, the deal volume in the APAC region has increased from 181 to 235 deals – a 30% increase.
  • Corporate-led (strategic buyer) acquisitions continue to account for the majority of transactions with 60% recorded in year-to-date (YTD) Q3, but PE-backed deals account for a significant 40% of total deal volume.


1,584 transactions were announced in YTD Q3 2023 in the Technology & Media sectors. This is a slight 1% decrease in deal activity compared with the same period in 2022 but a significant growth on the same period in 2021 – up 18%, continuing to demonstrate strong post-pandemic recovery.

Ciesco Market Intelligence is tracking strong activity across all focus sectors, with the highest deal volume across Digital Services and Content/Production. PR & Communications has already seen a 69% growth at the Q3 point in the year.

The two largest M&A markets remain the USA and the UK, accounting for 49% of total deal volume. They were followed by France, Japan, Germany, Canada and the Netherlands, all of which combined represent 71% of total deal volume.

Our Market Intelligence found that in the APAC region across all sectors, Japan was the sole major economy to see an increase in both volume and value of deals during the first half of 2023. This growth can be attributed to low interest rates, recent regulatory reforms, shareholder demands, and a deceleration in organic growth.

Download the Q3 2023 M&A update

About Ciesco

Ciesco is a leading specialist M&A firm with a focus on the technology, media, healthcare and sustainability sectors. Headquartered in London and operating globally, Ciesco offers a unique combination at partnership level of senior industry practitioners and sector specialist investment bankers. This enables an extensive network of contacts and strong relationships that reach into organisations worldwide at C-suite sponsor levels. Ciesco is well regarded in the market for its specialist advice derived from the deep understanding of the sector, industry and buyer landscape insights, and execution expertise.