Information technology companies in North America struck 146 transactions in February with a total value of $4.56 billion, according to S&P Global Market Intelligence data.

Last month's deal volume represents a 28.43% drop from the 204 deals in February 2022 with an aggregate value of $8.08 billion.

Total deal value in the sector also sequentially declined 57.86% from $10.82 billion in January, when 185 transactions were announced.

Only two of the sector's 10 largest transactions in February crossed the $1.0 billion mark.

Francisco Partners Management LP's agreement to buy cloud-based machine data analytics company Sumo Logic Inc. for a gross transaction value of $1.74 billion was the biggest infotech deal of the month. The deal, announced Feb. 9, is expected to be completed in the second quarter.

The second-largest transaction was Waters Technologies Corp.'s planned $1.36 billion purchase of Santa Barbara, Calif.-based electronic equipment and instruments company Wyatt Technology Corp.

* Read the terms of February's largest infotech M&A transaction. * Run a custom screen of M&A by industry or geography on S&P Capital IQ Pro's Transactions Statistics page.

PCP Managers LP or Parthenon Capital Partners' proposed $415 million acquisition of Global Payments Inc.'s gaming solutions business Global Payments Gaming Services Inc. was the third-biggest deal.

The Francisco Partners/Sumo Logic and Parthenon/Global Payments Gaming deals are the only top infotech transactions to involve a private equity firm as a buyer, reflecting views that the current slowdown in private equity-backed M&A would continue through at least the first half of 2023.

Broadcom Inc.'s planned $71.71 billion acquisition of VMware Inc. still tops the list of the largest infotech deals over the past 13 months. Adobe Inc.'s $19.41 billion bid for rival Figma Inc. ranked second, while Intercontinental Exchange Inc.'s offer for integrated software, data and analytics services company Black Knight Inc. came in third place.

The ICE/Black Knight deal is now worth $14.80 billion from the initially agreed $16.36 billion, following a renegotiation of terms that included the sale of a Black Knight division to help secure regulatory approval. The Federal Trade Commission is challenging the proposed merger.