Tech mergers and acquisitions are on the rise. Cities all over the world are becoming hotspots for deal-making. But which cities are actually leading the charge?
1. San Francisco accounted for 16% of global tech M&A deal volume in 2023
The Global Capital of Tech M&A
San Francisco is more than just the home of Silicon Valley. It’s the heartbeat of global tech deals. With 16% of global M&A activity in 2023, this city continues to dominate.
Why? The city houses the biggest tech firms—Meta, Salesforce, Uber—and thousands of startups that become acquisition targets or buyers. VC funding is high. Talent is dense. Innovation is constant. And most importantly, exit activity is baked into the culture.
How to Leverage San Francisco’s M&A Activity
If you’re a startup founder:
- Set up a small sales office in SF. Even if your HQ is elsewhere, visibility here matters.
- Build relationships with Bay Area VCs—they often push for exits or make connections to acquirers.
- Monitor SF-based acquirers. Understand their buying patterns. Tailor your pitch accordingly.
If you’re an investor:
- Keep a close eye on secondary cities feeding into SF dealflow—like Oakland and Palo Alto.
- Use SF as a deal benchmark. If your portfolio startup could thrive in SF, it likely has strong product-market fit.
2. New York City ranked 2nd globally with 11% of tech M&A deal activity
Where Finance Meets Tech
New York is no longer just a finance hub. With fintech, adtech, healthtech, and media-tech growing fast, it now owns 11% of global M&A deal volume.
NYC firms are aggressive acquirers. Big names like IBM, Verizon, and Goldman Sachs are constantly in the market for strategic acquisitions.
Tactical Takeaways for NYC Engagement
If you’re in fintech or healthtech:
- Attend NYC startup expos and pitch events. Acquirers often scout these.
- Partner with NY-based compliance and data-security firms—these matter during diligence.
For international startups:
- NYC buyers are open to cross-border acquisitions, especially if the tech can scale into the US.
- Be ready for more structured due diligence. NYC buyers are data-driven and process-heavy
3. London led Europe with 9% of global tech M&A transactions in 2023
Europe’s M&A Gateway
London isn’t just a European leader—it’s a global gateway. Despite Brexit, London still secured 9% of global tech M&A activity last year.
From enterprise software to cleantech and edtech, the city’s diversity is unmatched. And with many US buyers having offices here, London bridges European and American markets.
Making London Work for You
UK-based founders:
- Focus on regulatory clarity. Buyers love companies with clean data and UK-compliant frameworks.
- Build early traction in EU cities. London buyers want European scalability.
For US and APAC firms:
- Use London as your European entry point. Acquire or partner with local firms already plugged into UK systems.
- Attend London Tech Week—it’s a magnet for dealmakers.
4. Beijing ranked 4th globally with 7.5% of global tech M&A deals
China’s Deal Powerhouse
Beijing continues to play a huge role in Asia’s tech M&A ecosystem. With 7.5% of global deal volume, it’s second only to Shanghai in terms of local startup population—but first in M&A.
Large companies like Baidu, JD.com, and ByteDance are frequent acquirers. Many startups in AI, robotics, and big data see acquisition as their core exit.
How to Engage in Beijing’s M&A Scene
If you’re a founder in Asia:
- Establish strong IP protection early. It’s key in China-centered M&A.
- Focus on AI and data tech—these are hot targets in Beijing.
International players:
- Work with Chinese legal advisors to smooth cross-border challenges.
- Consider joint ventures as a first step toward future acquisition.
5. Bangalore was the top Indian city, contributing 3.2% of global tech M&A volume
India’s Tech Capital Is Rising
Bangalore is no longer just India’s tech hub—it’s a global player. With 3.2% of global tech M&A deals, it’s being noticed by US, UK, and SEA buyers.
What’s behind the surge? A massive developer base, low costs, and high-volume startup output. SaaS, edtech, and AI are the primary sectors driving M&A activity.
Winning in Bangalore’s M&A Scene
SaaS founders:
- Build for US customers early. This raises your appeal to acquirers from the Valley or NYC.
- Track exits. Many Bangalore SaaS startups are getting acquired for their tech stack, not user base.
VCs:
- Don’t ignore mid-sized exits ($10–30M). Bangalore is full of them, and they generate healthy IRR.
6. Tel Aviv led the Middle East with 2.9% of global tech M&A deal count
The Startup Nation’s Exit Engine
Tel Aviv has built a reputation for deep tech. Now it’s also proving itself in exits—with 2.9% of global M&A deals coming from this compact yet hyper-active ecosystem.
From cybersecurity to defense-tech and medical AI, Tel Aviv startups often get acquired even before hitting scale.
Action Steps to Break into Tel Aviv M&A
Deep tech founders:
- Pitch to US-based corporates with local presence (e.g., Palo Alto Networks, Microsoft).
- Keep your cap table clean. Tel Aviv buyers value straightforward structures.
International investors:
- Partner with local accelerators. They often get first dibs on acquisition deals.
- Pay attention to dual HQ startups—many Tel Aviv startups have a US branch, which eases acquisition.
7. Berlin ranked 2nd in Europe and 6th globally with 4.5% of tech M&A deals
Germany’s Tech Heartbeat
Berlin has grown from a creative tech scene to a real M&A market. With 4.5% of global deals, it now rivals cities like Austin and Tokyo in deal flow.
E-commerce, mobility tech, and green tech are the main targets. Large players like Delivery Hero and Zalando are both buyers and role models.
How to Use Berlin’s M&A Energy
For startup teams:
- Prioritize EU market access. Berlin acquirers want reach across major European markets.
- Focus on team quality and product design—two things Berlin buyers value highly.
For investors:
- Watch out for quiet acquisitions. Many Berlin M&As are under $50M and happen without much press.
8. Tokyo represented 2.7% of worldwide tech M&A activity in 2023
Tradition Meets Innovation
Tokyo combines deep-rooted business tradition with a growing appetite for digital transformation. Its 2.7% share in global tech M&A comes from acquisitions driven by legacy companies modernizing their tech stacks.
Japanese giants like SoftBank, Rakuten, and Hitachi are aggressive buyers. But smaller enterprises are now entering the market too, especially in areas like robotics, fintech, and industrial automation.
How to Break into Tokyo’s Deal Pipeline
Founders:
- Focus on enterprise-friendly tech. Japanese acquirers prioritize reliability, not hype.
- Hire bilingual biz dev teams. Cultural and language fluency helps shorten deal cycles.
Investors:
- Work with Japanese M&A advisory firms. Local relationships matter.
- Follow Japan’s corporate venture capital arms—they often lead to acquisition.
9. Toronto led Canada with 2.5% of global tech M&A deals
The Quiet Powerhouse
Toronto doesn’t get as much press as San Francisco or New York, but its tech scene is humming. With 2.5% of global M&A activity, it leads in AI, enterprise SaaS, and healthtech.
Canada’s generous R&D credits and friendly immigration policies attract global firms to set up shop—or acquire.
Make Toronto Your North American Springboard
Startups:
- Focus on collaboration with universities like U of T and Waterloo. Acquirers value IP born from academia.
- Document your innovation roadmap—Canadian acquirers want clear growth trajectories.
International founders:
- Use Toronto as a soft launch into the North American market. It’s more affordable and less crowded.
10. Singapore accounted for 2.3% of global tech M&A transactions
Asia’s Deal Hub
Singapore’s small size belies its global importance. With 2.3% of global tech M&A activity, it serves as a financial and legal gateway for APAC deals.
It’s a preferred base for holding companies and deal execution across Southeast Asia. Fintech, logistics tech, and e-commerce are the top M&A drivers here.
Navigating M&A in Singapore
Founders:
- Structure your startup with a Singapore holding entity early—it simplifies future exits.
- Emphasize compliance. Singapore buyers and investors value clean governance above all.
Cross-border buyers:
- Use Singapore as a launchpad to access Malaysia, Indonesia, and Vietnam via acquisitions.
11. Austin, Texas emerged as a rising hub with 2.1% of global tech M&A activity
America’s Fastest Growing Deal City
Austin has grown beyond its reputation as a hip tech city. With 2.1% of global M&A deals, it’s now home to fast-growing startups and active acquirers like Oracle, Dell, and newer PE firms.
The city’s combination of talent, affordability, and startup energy makes it a hotbed for strategic and tuck-in acquisitions.
How to Ride the Austin M&A Wave
Startups:
- Build strong local partnerships. Many acquisitions here happen through ecosystem relationships.
- Emphasize culture fit—Austin buyers care about team dynamics and founder alignment.
Investors:
- Scout for underpriced companies. Austin valuations are often more reasonable than SF or NYC.
12. Paris ranked 3rd in Europe and 10th globally with 2.0% of tech M&A deals
French Tech’s Global Moment
Paris isn’t just fashion and art anymore. With 2.0% of global M&A volume, it’s becoming a stronghold for B2B SaaS, fintech, and mobility tech.
Backed by French government innovation programs and local venture capital, many startups grow with acquisition in mind.
Winning in the Parisian M&A Landscape
Founders:
- Apply to Station F and FrenchTech programs. Many acquirers scout here.
- Keep financials and legal docs bilingual—this accelerates cross-border M&A.
International buyers:
- Consider Paris-based firms for design, UX, and AI talent. The creative edge is real.
13. Shanghai accounted for 1.8% of global tech M&A volume
China’s Commercial Tech Engine
While Beijing leads in deep tech, Shanghai is all about commercial tech—e-commerce, fintech, consumer apps. With 1.8% of global M&A, it’s China’s second tech M&A capital.
Domestic acquisitions dominate, but cross-border deals are increasing, especially with SEA and EU firms.
Making Shanghai Work for You
Startups:
- Focus on monetization early. Shanghai acquirers look at revenue over users.
- Align your go-to-market with local shopping and payment behaviors.
Buyers:
- Look into local market expansion through acquisition. Shanghai is a gateway to urban China.
14. Sydney led Oceania with 1.6% of global tech M&A activity
Australia’s Gateway to Global Deals
Sydney isn’t just Australia’s financial capital—it’s also its M&A leader. With 1.6% of global tech M&A, it focuses on healthtech, edtech, and green energy startups.
The presence of global funds and corporate buyers (like Atlassian and Canva) increases exit opportunities.
M&A Tips for Navigating Sydney
Founders:
- Lean into government grants. They enhance valuation during M&A discussions.
- Attend startup events like StartCon. Buyers often source from these ecosystems.
Investors:
- Use Sydney startups to gain Australia-wide reach. It’s the best entry point.
15. Los Angeles ranked 5th in the U.S. with 1.5% of global deal volume
Creative Tech Meets Capital
Los Angeles is a unique M&A city. With 1.5% of global activity, it combines entertainment tech, gaming, and adtech with capital from Hollywood and Wall Street.
Companies like Snap, Riot Games, and Hulu are active buyers, often looking for tech that boosts content delivery or audience targeting.
How to Win in the LA M&A Arena
Founders:
- Emphasize visual UX and mobile-first design. These matter to LA buyers.
- Build relationships at events like TechDay LA and Digital Hollywood.
Buyers:
- LA companies are often under-marketed. A good acquisition can unlock significant value.
16. Mumbai contributed 1.3% to global tech M&A transactions
India’s Financial Capital Turning Tech Savvy
Mumbai is India’s finance hub, but it’s also gaining speed in tech. With 1.3% of global M&A deal flow, the city plays a key role in fintech, enterprise solutions, and healthtech.
Legacy financial institutions and conglomerates are starting to invest in and acquire tech-driven companies. Also, many VCs in Mumbai now actively push portfolio firms toward M&A exits.
Unlocking M&A Potential in Mumbai
Founders:
- Build bridges with legacy finance firms. Mumbai-based banks and insurance giants are actively exploring tech acquisitions.
- Focus on compliance and clean cap tables—deals often slow down due to poor structuring.
Investors:
- Look for synergies between fintech startups and banks. Many exits are born from direct integrations.
17. Zurich had 1.2% share in global tech M&A activity
Switzerland’s Quiet M&A Contributor
Zurich might be better known for banking, but its contribution of 1.2% to global M&A shows its tech ambitions. Fintech, insurtech, and cybersecurity dominate here, thanks to a stable business environment and skilled workforce.
Multinationals based in Zurich often prefer to acquire startups rather than build in-house.
How to Tap Into Zurich’s M&A Scene
Founders:
- Pitch your product as secure, compliant, and scalable. Zurich buyers look for safety and precision.
- Highlight B2B traction, especially in banking or insurance sectors.
International buyers:
- Acquire Zurich-based firms to tap into European markets with high trust and low churn.
18. Amsterdam accounted for 1.1% of global tech M&A deals
The Netherlands as an M&A Gateway
Amsterdam is small in size, big on deals. With 1.1% of global tech M&A volume, it thrives in logistics tech, mobility, and SaaS.
The Dutch startup ecosystem is strongly supported by government grants and international investor networks.
Navigating Deals in Amsterdam
Startups:
- Focus on regional scalability—Benelux buyers value cross-border potential.
- Document your traction in English—Amsterdam investors are used to global deals.
Buyers:
- Use Amsterdam firms to access Western Europe without the high costs of London or Paris.
19. Seoul represented 1.0% of global tech M&A volume
South Korea’s Emerging Deal Market
Seoul contributes 1.0% of global M&A activity, mostly through consumer tech, gaming, and AI. The local tech market is fast-growing, and acquisitions are now part of large conglomerates’ growth strategy.
Samsung, Naver, and Kakao are frequent acquirers, often targeting startups that bring user engagement or mobile innovation.
Entering Seoul’s M&A Market
Founders:
- Focus on mobile-first experiences. Korean consumers are mobile-first, and so are buyers.
- Consider language localization early—it increases your appeal for local acquirers.
Investors:
- Follow the chaebols (conglomerates). Many M&As are strategic bolt-ons.
20. Stockholm ranked as the Nordic leader with 0.9% global share
The Startup Hub of the Nordics
Stockholm leads the Nordic region in tech M&A, with a 0.9% global share. It’s home to unicorns like Spotify and Klarna, and many more are growing with an eye toward exits.
Key sectors include fintech, clean tech, and B2C platforms. Private equity activity is also on the rise.
Strategies for Stockholm M&A Involvement
Founders:
- Build with a global mindset. Stockholm startups scale across Europe early.
- Document sustainability initiatives. Green metrics are a selling point here.
Buyers:
- Acquire in Stockholm to gain technical teams fluent in English and global standards
21. Dublin contributed 0.8% of global tech M&A deals
Ireland’s Rise in Global Tech Circles
Dublin’s 0.8% share in global tech M&A is fueled by its favorable tax structure and concentration of tech multinationals. Google, Facebook, and Amazon all have large operations here.
Startups often build with M&A in mind from day one, especially in enterprise SaaS and compliance tech.
Succeeding in Dublin’s M&A Market
Founders:
- Align early with enterprise buyers—compliance-focused tech is highly desirable.
- Apply to Enterprise Ireland programs—they often connect startups to acquirers.
Buyers:
- Dublin startups are often global-ready, with US-style operations and EU coverage.
22. Hong Kong saw 0.75% of global tech M&A activity in 2023
Finance Meets Tech in Asia
Hong Kong’s strength lies at the intersection of finance and digital transformation. With 0.75% of global tech M&A, it remains a gateway to Greater China and Southeast Asia.
Fintech, regtech, and trading platforms dominate here, often getting acquired by financial firms looking to scale tech operations.
Best Moves in Hong Kong’s Deal Space
Startups:
- Partner with traditional financial institutions to build credibility.
- Ensure top-tier data privacy compliance—it’s a key M&A driver.
Buyers:
- Look for scalable solutions to enter mainland China—Hong Kong firms often bridge the gap.
23. Chicago held a 0.7% share in global tech M&A volume
The Midwestern M&A Magnet
Chicago may not have the flash of SF or NYC, but it packs a punch with 0.7% of global M&A. It’s strong in logistics, edtech, and fintech, often producing solid, revenue-generating companies.
Legacy corporates in Chicago prefer acquiring rather than building, especially when they want fast innovation.
Winning in the Windy City
Founders:
- Focus on recurring revenue and unit economics—Chicago buyers are conservative but generous when the math works.
- Attend local events like Techstars Chicago Demo Day to meet active acquirers.
Investors:
- Chicago deals are often overlooked—there’s value in flying under the radar.
24. São Paulo ranked 1st in Latin America with 0.6% of global M&A activity
Latin America’s M&A Leader
São Paulo is the tech and finance capital of Brazil—and all of LATAM. With 0.6% of global deals, it leads in fintech, logistics tech, and marketplace models.
Acquirers are both local (like Nubank) and international (like SoftBank, which invests heavily here).
Keys to São Paulo M&A Success
Founders:
- Focus on unit economics and growth in underserved markets—this is attractive in LATAM.
- Get your legal and tax structure right—deals fall apart over back-office issues.
International firms:
- Use São Paulo acquisitions to scale into Spanish-speaking LATAM markets.
25. Vancouver contributed 0.55% of global tech M&A deals
Canada’s West Coast Innovation Hub
Vancouver is more than just a scenic city. With 0.55% of global tech M&A volume, it has established itself in gaming, biotech, and green tech. Startups here often grow quietly, raise efficiently, and exit through both U.S. and Asian buyers.
The presence of major studios like EA and biotech companies with cross-border appeal makes Vancouver a launchpad for international exits.
Strategic Advice for Vancouver M&A
Founders:
- Build with scalability in mind—Vancouver startups get acquired for their clean tech stacks and lean models.
- Leverage government innovation tax credits. It adds perceived value during diligence.
Investors:
- Use Vancouver’s U.S. proximity to tap into cross-border arbitrage—valuation gaps are real and exploitable.
26. Madrid represented 0.5% of global tech M&A activity
Southern Europe’s Steady Performer
Madrid has quietly built a strong foundation for M&A, contributing 0.5% to global deal activity. Its strength lies in mobile apps, B2C platforms, and renewable energy tech.
While not as flashy as London or Berlin, Madrid’s affordability and quality talent have made it a go-to city for acquirers looking for cost-effective innovation.
Making the Most of Madrid’s Deal Flow
Founders:
- Build partnerships across the EU early—Madrid startups get more attention when they show regional traction.
- Keep operations efficient. Madrid’s appeal lies in value-for-money tech builds.
Buyers:
- Look to Madrid for long-term plays—acquisitions here tend to produce high retention and strong local loyalty.
27. Dubai accounted for 0.45% of global tech M&A deals
The Middle East’s Fastest Climber
Dubai may be known for luxury and tourism, but it’s also climbing fast in tech. With 0.45% of global M&A volume, it’s the region’s go-to hub for fintech, healthtech, and logistics-driven tech.
Thanks to favorable tax structures and regional funding programs, more startups are building in Dubai with an eye toward exit.
Tactics for Dubai-Driven M&A
Founders:
- Focus on region-specific problems like cross-border payments and supply chain efficiency.
- Build in Arabic and English—language agility enhances valuation.
Investors:
- Dubai deals come with speed. Have your diligence checklist ready—it’s a fast-moving market with high liquidity.
28. Johannesburg led Africa with 0.4% global share
Africa’s M&A Trailblazer
Johannesburg is South Africa’s economic heart and now a growing M&A city with 0.4% of global tech deal activity. It leads in fintech, agritech, and mobile-first solutions built for emerging markets.
Acquisitions here are often driven by international players looking to enter Sub-Saharan Africa with a reliable first step.
Winning Tactics for the Johannesburg Market
Founders:
- Prioritize social impact alongside financials—many acquirers view Africa through both lenses.
- Prove your local traction. African deals are all about trust and market validation.
Buyers:
- Use Johannesburg acquisitions to build a beachhead for broader African market expansion.
29. Helsinki contributed 0.35% of global tech M&A volume
A Nordic Innovation Leader
Helsinki punches above its weight. With 0.35% of global M&A, it’s built around deep tech, mobile games, and AI. Companies like Supercell and Wolt paved the way for strong exits and a well-connected ecosystem.
The Finnish government also supports M&A readiness with incentives and startup grants.
Navigating M&A in Helsinki
Founders:
- Double down on user experience and engineering quality. Helsinki acquirers care deeply about both.
- Engage early with angel investors—they often have links to larger international funds.
Buyers:
- Helsinki is full of undervalued gems, especially in gaming and AI—move fast when you spot potential.
30. Barcelona rounded out the top 30 with 0.3% of global tech M&A deals
Spain’s Design-Centric Deal Hub
Barcelona blends art and engineering, and it shows in its M&A scene. With 0.3% of global deal volume, it excels in UX-heavy SaaS, proptech, and e-commerce.
It’s especially appealing for acquirers looking to pick up visually strong platforms with EU-wide potential.
Best Practices for Barcelona M&A Involvement
Founders:
- Showcase your product’s design edge. Acquirers value front-end finesse as much as back-end functionality.
- Participate in Mobile World Congress—it’s hosted in Barcelona and attracts global buyers.
Buyers:
- Use Barcelona deals to gain high-quality UI/UX teams at great value.
Conclusion
Each of these 30 cities tells a different story. Some are global heavyweights. Others are fast risers. But all of them are shaping the future of tech through M&A.
If you’re a founder, knowing which cities are hot (and why) can shape your expansion and fundraising strategy. If you’re an investor or acquirer, tracking these cities gives you a real edge in sourcing smart deals.
