Looking now at AI sellers, almost half – 47% – were based in the US, followed by the United Kingdom at 8%, Germany at 5% and India at 3%. Japan and Australia were each home to 2% of sellers which represented the most active M&A markets for AI firms from the APAC region.

Looking at buyers by geography, 54% of acquirers were from the US followed by the United Kingdom at 7% and Canada and France at 4% each. About 38% of all transactions were cross-border as dealmaking remained international.