It was a funny year in enterprise tech M&A, one in which the majority of activity came from private equity firms: As tech stock values plunged throughout the year, these companies went bargain hunting. They saw companies with lots of upside being vastly undervalued in the brutal market conditions of 2022.

After you discount those transactions, the top two deals still involved companies scooping up desirable properties for big bucks, but much of the top 10 is dominated by those private equity concerns, with Thoma Bravo attached to three of the top 10 and Vista Equity Partners in two. According to Crunchbase, Thoma tallied up six multibillion-dollar deals in 2022 and Vista three. That’s a lot of action for one year.

Several deals in this list are facing intense regulatory scrutiny, including the top two, so it remains to be seen if all of these deals will make it to the finish line or join Nvidia in choosing to avoid the cost of fighting a government entity, whether in the U.S., the U.K. or the EU. That could be the real M&A legacy of 2022, but time will tell.

Without further ado, here are 2022’s top 10 enterprise M&A deals:

Private equity dominated the top 10 enterprise M&A deals in 2022 by Ron Miller originally published on TechCrunch