Now let’s look at sellers by geography. During the first three quarters of 2024, 44% of target companies were based in the US, followed the United Kingdom and Germany at 7% each and Australia at 5%.

Pivoting to buyers by geography, 47% were based in the US followed by the United Kingdom at 12%. Furthermore, Sweden, the Netherlands, Australia and Germany were each home to 4% of buyers. Dealmaking remained international with 35% of transactions being cross-border.