Looking at sellers by geography, 40% of the target companies were based in Japan, followed by India at 26% and Singapore at 11%. Additionally, South Korea was home to 9% of sellers, followed by China at 7%.

Pivoting to buyers by geography, 36% of acquirers were from Japan followed by India at 16% and the US at 14%. South Korea was home to 8% of buyers, followed by Singapore at 6% and China at 5%. Dealmaking remained highly international with 41% of transactions being cross-border.