Looking at sellers by geography, 40% of target companies were based in Japan, followed by India at 25% and Singapore at 9%. Additionally, South Korea and China were home to 8% of sellers, followed by Malaisia, Indonesia and Vietnam with 2% each. 

Pivoting to buyers by geography, 39% of acquirers were from Japan followed by India at 17% and the US at 13%. Both China and South Korea were home to 7% of buyers, followed by Singapore at 5%. Dealmaking remained international with 30% of transactions being cross-border.