Now let’s look at sellers by geography. In the first quarter of 2025, 33% of CommsTech target companies were based in the US, followed by France and Japan at 7% each, Germany at 6% and South Korea and the Netherlands at 5% each.

Pivoting to buyers by geography, the hubs remain similar: 44% were based in the US followed by Japan and the United Kingdom at 7% each. Furthermore, France was home to 6% of acquirers followed by South Korea at 5% and Sweden at 4%. Dealmaking remained international with 33% of transactions being cross-border.