Looking at sellers by geography, 39% of the target companies were based in Japan, followed by India at 28% and Singapore at 10%. Additionally, China was home to 8% of sellers, followed by South Korea with 5%.

Pivoting to buyers by geography, 38% of acquirers were from Japan followed by India at 18% and the US at 14%. China was home to 7% of buyers, followed by Singapore and South Korea at 5% each. Dealmaking remained international with 32% of transactions being cross-border.