Key Takeaways
- • Private equity take-private activity in technology reached 46 deals by mid-2024, with 14 transactions valued at $1 billion or more, demonstrating sustained PE appetite for underperforming public tech companies with growth potential despite broader market volatility.
- • Adevinta, a Norwegian classifieds platform spun out by Schibsted in 2019 and strengthened by eBay's classifieds acquisition for $9.2 billion in 2020, represents the largest take-private deal tracked, valued at $13 billion and illustrating consolidation in marketplace verticals.
- • EQT emerged as a notable active acquirer in 2024, deploying capital across multiple technology subsectors, including cybersecurity (Acronis at $4 billion valuation) and enterprise middleware (WSO2 at $600 million), signaling PE confidence in digitalization and security infrastructure.
- • Take-private deal volume across all sectors reached 97 transactions by mid-2024, tracking toward 136+ closings for the full year—matching 2023's total of 136 deals and representing a 15% year-over-year increase, with technology representing 46 of these transactions.
Summary
Private equity firms have maintained significant momentum in the technology take-private market throughout 2024, according to data compiled by TechCrunch and PitchBook. By the midway point of 2024, 97 take-private deals had been executed across all sectors, putting the market on course to match or exceed 2023's total of 136 transactions—representing consistent 15% year-over-year growth in this acquisition channel. Within technology, 46 take-private deals closed or were set to close in 2024, with TechCrunch identifying 14 product-centric transactions valued at $1 billion or more, excluding IT services and consulting acquisitions.
The largest transaction identified is Adevinta's $13 billion take-private, a classifieds platform originally spun out by Norwegian media conglomerate Schibsted in 2019 at a $6 billion valuation. Adevinta's growth trajectory demonstrates the value-creation mechanics underlying these deals: the company acquired eBay's classifieds business for $9.2 billion in 2020, consolidating marketplace operations across France, Spain, Brazil, and the United Kingdom before its take-private transaction.
EQT has emerged as a notably active acquirer in the 2024 technology take-private market, deploying capital across multiple subsectors. In August 2024, the firm acquired a majority stake in cybersecurity company Acronis at approximately $4 billion valuation, following its earlier $600 million acquisition of enterprise middleware provider WSO2. These transactions reflect PE confidence in infrastructure-adjacent technology verticals—specifically cybersecurity and system integration—despite public market uncertainty affecting technology valuations.
The sustained activity in take-private deals underscores private equity's role as an alternative liquidity source for technology entrepreneurs and public shareholders seeking exits from underperforming positions. The market's resilience through 2024, with deal flow matching 2023 levels despite macro volatility, suggests that PE dry powder and strategic acquisition strategies remain robust drivers of technology M&A activity.
The largest transaction identified is Adevinta's $13 billion take-private, a classifieds platform originally spun out by Norwegian media conglomerate Schibsted in 2019 at a $6 billion valuation. Adevinta's growth trajectory demonstrates the value-creation mechanics underlying these deals: the company acquired eBay's classifieds business for $9.2 billion in 2020, consolidating marketplace operations across France, Spain, Brazil, and the United Kingdom before its take-private transaction.
EQT has emerged as a notably active acquirer in the 2024 technology take-private market, deploying capital across multiple subsectors. In August 2024, the firm acquired a majority stake in cybersecurity company Acronis at approximately $4 billion valuation, following its earlier $600 million acquisition of enterprise middleware provider WSO2. These transactions reflect PE confidence in infrastructure-adjacent technology verticals—specifically cybersecurity and system integration—despite public market uncertainty affecting technology valuations.
The sustained activity in take-private deals underscores private equity's role as an alternative liquidity source for technology entrepreneurs and public shareholders seeking exits from underperforming positions. The market's resilience through 2024, with deal flow matching 2023 levels despite macro volatility, suggests that PE dry powder and strategic acquisition strategies remain robust drivers of technology M&A activity.
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