It's 2015, and the technology bubble continues to inflate.
Or does it?
While private market valuations are going through the stratosphere, overall deal making tells a different story.
In the first quarter, the total value of technology mergers and acquisitions dropped 20 percent to $22.3 billion from $27.8 billion in the same period last year, according to a report released Thursday by PricewaterhouseCoopers. The average deal value plunged 27 percent to $305 million over that same stretch.
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PwC attributes the declining values seen in the first quarter to the high volume of megadeals, or acquisitions valued at more than $1 billion, in 2014. For the first quarter, only five megadeals closed—a decrease from the average of nine seen in each quarter in 2014.
The number of technology initial public offerings is also on the decline. In the first quarter, there were only five tech IPOs, with $1.3 billion in proceeds, compared with 13 IPOs in the same quarter last year and an average of 15 per quarter in 2014.