M&A activity among information technology companies in North America increased sequentially in May, but deal volume and value remained significantly below the levels recorded during the same month in 2022, according to S&P Global Market Intelligence data.

Market Intelligence tallied 146 M&A deals announced in the IT sector in May, with an aggregate value of $2.35 billion. By comparison, IT companies struck 122 deals in April with an aggregate value of $1.30 billion.

The number of transactions in May and their aggregate value marked a decline from May 2022, when 215 deals with a total value of $109.44 billion were announced.

None of the transactions in the month had a gross transaction value of more than $1.00 billion. The largest deal was the proposed $917.8 million sale of Canada-based Absolute Software Corp. to funds affiliated with Crosspoint Capital Partners LP. The deal is expected to be completed during the second half of 2023.

The second-largest deal was Israel-based Nano Dimension Ltd.'s offer to acquire an additional stake in 3D printing company Stratasys Ltd. for a gross transaction value of $519.3 million.

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

Two other transactions exceeded the $100.0 million mark in May. EMagin Corp. entered into a definitive agreement to be acquired by Samsung Display Co. Ltd., a subsidiary of Samsung Electronics Co. Ltd., for $232.6 million. Additionally, Snowflake Inc. purchased Neeva Inc. for $150.0 million.

Year to date, the largest announced deal in the IT sector is the planned $11.17 billion sale of software company Qualtrics International Inc. to private equity firm Silver Lake Technology Management LLC and Canada Pension Plan Investment Board.