Following six consecutive quarters of accelerating activity, with the number of deals and deal volumes reaching record levels in Q4 2021, Q1 2022 was a mixed quarter. Deal activity (number of deals) continued to accelerate and hit a quarterly record of 709 deals, but total deal value dropped significantly relative to 2021. Undertying this was continued robust activity in mid-market (<$1bn) software M&A from both PE and strategic acquirers, but a sharp fall of around 5096 (from $98bn to $47bn) in deal volume from large cap deals (>$1bn values). SPAC deal activity was also down siqnificantly relative to 2021. The robust mid-market activity in Q1 2022 highlights the continued confidence in software as a growth sector and continued appetite from software-focused P buvers.