Australian technology deal activity over the last quarter has seen a significant drop when compared to activity over the last 12 months.
The Australian technology industry saw a decline of 31.03 per cent during Q2, compared to the last four-quarter average.
This is according to research firm GlobalData, which claimed there were a total of 60 deals worth US$748.40 million during the quarter, down on the four-quarter average of 87 deals.
The leading deal category during the quarter was venture financing which made up 61.7 per cent of all deals at 37.
Mergers and acquisition (M&A) activity was in second place with 22 deals, but was the leading category for deal value with a total of US$459.63 million. Despite leading the deal value pack however, COVID-19 has 'badly shaken' the confidence of M&A investors.
Private equity deals were in second place for deal value, totalling US$288.77 million.
In terms of specific deals, Uniti Group’s acquisition of OptiComm topped the charts as the highest value deal at US$364.98 million, or $532 million.
The next highest value deal drops off significantly to the US$60 million venture financing of Canva by Blackbird Ventures, Bond Capital Management, Felicis Ventures, General Catalyst Partners and Sequoia China Fund.
This was followed by IRESS’ US$50.90 million acquisition of OneVue Holdings, the US$40 million venture financing of Go1 by Madrona Venture Group, M12, Our Innovation Fund, Salesforce Ventures and SEEK and then Global Growth Capital Advisors’ venture financing of Openpay for $30.86 million.
Overall, these top five deals accounted for 73.1 per cent of the overall deal value during the quarter, or US$546.75 million.