PB: VC's M&A wave more of a drizzle

PITCHBOOK’s Marina Temkin writes:

Last year, many investors predicted a wave of M&A activity in early 2023 amid dramatically lower valuations and a closed IPO window.

But so far, M&A dealmaking waters have been calmer than ever thanks to an unpredictable course of interest rates, geopolitical instability and a renewed focus on profitability for large tech companies.

In Q1, acquisitions of VC-backed companies fell to the lowest quarterly level in a decade, according to the latest PitchBook-NVCA Venture Monitor…

More here.