The North American information technology sector recorded a year-over-year jump in M&A value in July, driven by two multibillion-dollar transactions, including the third-largest deal so far in 2023.

S&P Global Market Intelligence tallied 146 deals with an aggregate value of $12.41 billion in July. The total value increased from $1.16 billion in July 2022 but declined from the $20.15 billion recorded in June 2023.

Deal volume dropped from the 157 transactions tallied in June 2023 and the 176 deals recorded in July 2022.

– Run a custom screen of M&A by industry or geography on S&P Capital IQ Pro's Transactions Statistics page.

Only two of the 10 largest deals announced in July topped $1.00 billion. The biggest transaction was the proposed acquisition of software company New Relic Inc. by Francisco Partners Management LP and TPG Capital LP for a gross transaction value of $6.97 billion. The deal is expected to close late this year or in early 2024.

The New Relic deal is the third-largest M&A transaction in the information technology sector year to date.

France-based Thales SA's proposed $3.60 billion acquisition of cybersecurity company Imperva Inc. from Thoma Bravo LP was the second-largest transaction in July. The deal is expected to close by the start of 2024.

Qualtrics International Inc.'s $11.17 billion sale to private equity firm Silver Lake Technology Management LLC and Canada Pension Plan Investment Board remains the largest deal in the infotech sector so far in 2023.