Technology M&A in Q2 2019 was driven by consolidation in the market with deal value totaling $113b across 823 acquisitions. Major deals in Q2 focused on mature industries rather than high-growth verticals that have led deal volume in recent quarters. Habitual acquirers Google and Salesforce each announced major deals, with Salesforce announcing its largest acquisition to date with its $15b all-stock purchase of Tableau and Google announcing its own $2.6b acquisition of Tableau competitor Looker. Strategic acquirers are paying premiums for synergistic deals with the top 50 largest disclosed corporate deals having a median revenue multiple of 5.7x through Q2 2019, the second highest median multiple since 2012.
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