M&A Revenue Multiples in Technology Transactions

M&A Revenue Multiples in Technology Transactions

Thanks to our friends at Crunchbase, we have clear data on what's happening with M&A activity in the tech sector in Europe versus the US. 

Disclosed M&A Deal Technology Revenue Multipliers (Crunchbase) Europe United States
Q2 2023 1.7x 7.3x
Q2 2022 6.0x 7.2x

Crunchbase Median Revenue Multiples in M&A Transactions

  • There were signs of life in European M&A revenue multiples in Q2 2023 versus an anaemic Q1, where multiples corrected from their covid-era peak.

  • The correction (and recovery) happened earlier in the US market, where revenue multiples have been relatively stable since the second half of 2022.
  • Revenue multiples remain stubbornly higher in the US market versus Europe, making the US a tempting fundraising location for European start-ups with a credible proposition in the US market.