While most stock market indices are down year-on-year after August 2011, the Nasdaq has been one of the few indices to close in positive territory over the last 12 months. There has also been stellar performance from the much maligned IPO of LinkedIn, with its share price trading 76.9% above the offer price. Cross sector M&A volumes in Q3 2011 were 53% down on Q3 2010  volumes, however the Technology sector has weathered the storm with YTD private transaction volumes of $7,326m in 2011 versus full year transaction volumes of $7,220bn in 2010.
The build-up of cash reserves on the balance sheet of the Technology giants is at an all-time high and this combined with the fast moving landscapes within digital media, enterprise software and cleantech is fuelling strong acquisition activity.
The much predicted shift in power from the US to Asia has not transferred to M&A activity in the Technology sector with Asian acquirers of European TMT companies accounting for a meagre 1% of transactions in 2011 versus 18% for US acquirers.
Based on previous technology cycles of shareholder value creation and IPO activity (PC and Mainframe Cycle), the Internet sector is still in the early stages with considerable shareholder value to be created over  the next 10 years.
Attached is the full market update.

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