Global M&A volume topped $1.2 trillion in Q1 2026, while transaction count fell 17% YoY.
Deal values rose 26% as larger companies closed, with four of the six biggest deals linked to AI beneficiaries.
The iShares Expanded Tech‑Software ETF (IGV) dropped up to 25% YTD, reflecting valuation pressure on horizontal SaaS firms.
Analyst Zach Haarer notes vertical, mission‑critical software retains strong margins and attracts aggressive bidding, averaging over 20 bids per deal.