In a landscape characterized by resilience, UK M&A has remained highly active, boasting a record-breaking 301 deals in 2022 and another 277 deals in 2023, 61 more deals than in 2021. 2024 has kept pace with the heightened activity, annualizing to 227 deals this year, a 35% increase from pre-pandemic deal flow. Notably, North American buyers have been the most active, representing 45% of deal volume and 77% of deal value over the past three years. The most active sectors in the UK in the last 12 months for Private Equity are Productivity Software, Financial Services Software and Industrial Technology, while the most active sectors for strategics are Martech/Ecommerce, Financial Services Software and Built Ecosystem technology. Strategics have done more deals over the period tracked, but they have been smaller deals for the most part – 68% of software acquisitions by Strategics have been for target companies of 50 FTEs or fewer.