Looking at sellers by geography, 35% of the target companies were based in Japan, followed by India at 32% and China at 11%. Additionally, Singapore was home to 10% of sellers, followed by the Philippines with 4%.

Pivoting to buyers by geography, 33% of acquirers were from Japan followed by India at 22% and the US at 15%. China was home to 10% of buyers, followed by Singapore at 3% and United Kingdom at 3%. Dealmaking began to be less international with only 31% of transactions being cross-border.