The aggregate deal value and M&A volume among European IT companies plunged year over year in February, according to S&P Global Market Intelligence data.
There were 149 announced transactions in the sector, with an aggregate transaction value of $2.06 billion. In comparison, there were 240 deals struck in February 2022, with an aggregate transaction value of $3.15 billion.
None of the deals announced during the month under review in the sector exceeded $1 billion, a trend similar to January.
Application software, systems software, electronic equipment and instruments, internet and direct marketing retail and IT consulting and other services were subsectors that dominated dealmaking in February.
FNZ (UK) Ltd.-owned FNZ IP Ventures' stake acquisition in Nucleus Financial Platforms Ltd. for $862.3 million was the largest deal of the month.
Israeli private investor Teddy Sagi, the founder of gambling software company Playtech PLC, made a nonbinding offer worth $687.8 million to acquire a 45.2% stake in UK digital security tech provider Kape Technologies PLC in the second-largest deal of the month.
Julian Wentzel, Assaf Shlush, Andrew Owens and Alex Thomas of HSBC Bank acted as financial advisers and David Becker, Rob Mathews, Jeremy Edwards, Oliver Jefferies, Nick Bryans, Ben Wilkinson and James Thompson of Baker & McKenzie LLP were legal advisers to the offeror.
– Read about the M&A volume of Europe's IT sector in January.
– Use our Transactions Statistics page to run a custom screen of M&A by industry or geography.
Meanwhile, circuit protection, power control and sensing products manufacturer Littelfuse Inc. bought Ireland-headquartered electrical shock protection device-maker Western Automation Research and Development Ltd. for $162 million in the third top deal of the month.
