European tech valuations & M&A multiples — premium pockets vs PE compression
Key Questions
What trends are observed in European tech valuations and M&A multiples?
Bifurcation persists with premiums in cyber, cloud, AI infrastructure, fintech, and deeptech sectors versus overall PE compression. Notable examples include Zurich-Beazley $11B cyberinsurance and deals like Wiz, BVNK, and Global Blue. PitchBook reports Q1 2026 European VC rebound to €21.9B driven by AI mega-rounds.
How many cyber deals occurred in March 2026?
There were 38 cyber deals in March 2026. This activity highlights ongoing strength in the cybersecurity sector amid broader valuation dynamics.
What does PitchBook's Q1 2026 Venture Monitor indicate for VC activity?
PitchBook's Q1 2026 report shows a rebound in European VC to €21.9B, led by AI mega-rounds. Globally, Q1 2026 broke venture records at $300 billion, though IPO exits lagged.
What is the trend in secondary markets for founders?
Secondaries are rising amid the VC slowdown, with $240B recorded in 2025 and $300B projected ahead. This provides liquidity options for founders facing market challenges.
Why are infrastructure buyers noting scarcity?
Infrastructure buyers highlight scarcity in premium assets like cyber, cloud, and AI infra. Tools like Dealroom and PitchBook are recommended for compiling EV/Rev/EBITDA comps to assess opportunities.
Bifurcation persists: cyber/cloud/AI infra/fintech/deeptech premiums (add Zurich-Beazley $11B cyberinsurance; Wiz/BVNK/Global Blue/CoolIT/Rivr/Fauna/Echelon/Ekinops/Safran/Mynaric/Libra/Agile Robots) vs compression. 38 cyber deals Mar 2026; PitchBook Q1 VC €21.9B rebound with AI mega-rounds; secondaries rising for founders amid slowdown ($240B '25 record, $300B ahead); infra buyers note scarcity; compile Dealroom/PitchBook EV/Rev/EBITDA comps.