Data obtained by GlobalData has shown that the technology industry in the Middle East and Africa region recorded a total of 177 deals worth $2.94bn during the second quarter of 2020.
This is a rise of 14.9 percent in overall deal activity when compared to the last four-quarter average of 154 deals.
The top five technology deals in the quarter as highlighted by Globaldata are Intel’s $900m acquisition of Moovit App Global, the $450m acquisition of Spotinst by NetApp and National Instruments’ $365m acquisition of OptimalPlus.
Others are the $170m acquisition of CyberX by Microsoft and American Express Ventures, Bain Capital Tech Opportunities, CreditEase Israel Innovation Fund, Industry Ventures, Maverick Ventures and OurCrowd’s venture financing of BioCatch for $145m.
These top five deals, according to GlobalData accounted for 69.05 percent of the overall value during Q2 2020, with the combined value of the top five technology deals standing at $2.03bn, against the overall value of $2.94bn recorded for the quarter.
GlobalData also noted that venture financing saw the most activity in Q2 2020 with 134, representing a 75.7percent share for the region of all the deal types.
In second place was M&A with 38 deals, followed by private equity deals with five transactions, respectively capturing a 21.5percent and 2.8percent share of the overall deal activity for the quarter.
In terms of the value of deals, M&A was the leading category in the Middle East and Africa’s technology industry with $1.99bn, while venture financing and private equity deals totalled $925.5m and $27.96m, respectively.