Looking at sellers by geography, 38% of the target companies were based in Japan, followed by India at 27% and Singapore at 19%. Additionally, China was home to 8% of sellers, followed by South Korea with 8%.

Pivoting to buyers by geography, 38% of acquirers were from Japan followed by India at 18% and the US at 13%. South Korea was home to 7% of buyers, followed by China at 6% and Singapore at 4%. Dealmaking remained international with 31% of transactions being cross-border.