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. 

• 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.