Canada closed out the second quarter as one of the top 10 countries for tech sector mergers and acquisitions, according to Ernst & Young’s (E&Y) global technology M&A update.
The update recorded 30 deals in the second quarter of this year compared with 21 for the same period in 2010.
“Average global deal value skyrocketed to US$194 million in the second quarter of 2011, and the numbers here at home were just as strong,” said Tony Lanni, leader of corporate finance in E&Y’s Transaction Advisory Services practice.
“Canada saw the second-highest number of cross-border deals, behind the United States – an uptick in volume and value we’ve seen developing over the last several quarters.”
Meantime, the value of global tech M&A in the second quarter totalled US$52.1 billion, nearly doubling the first quarter’s deal value, E&Y said.
The increase in activity was driven by “industry consolidation and ongoing disruptive innovation” in areas such as cloud computing, smart mobility, Internet and mobile video and smart grid and solar energy.
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Joel McKay
Twitter:jmckaybiv