Looking at sellers by geography, 39% of the target companies were based in Japan, followed by India with 26% and 12% in Singapore. Additionally, South Korea was home to 10% of sellers, followed by China with 7%.

Pivoting to buyers by geography, 39% of acquirers were from Japan followed by India with 16% and the US with 15%. South Korea was home to 8% of buyers, followed by Singapore at 6% and China at 5%. Dealmaking remained international with 31% of transactions being cross-border.