Surge in UK tech M&A activity A new report from technology-focused investment bank ICON Corporate Finance saw a 'remarkable' level of M&A activity in businesses focussed on Digital Transformation last year. The report, which analyses some of the largest and most interesting Hardware Tech deals in 2020, looked at trends in the tech sector and saw M&A activity rally, up 6% in Q4 compared 2019, which had itself been a record year for Tech M&A activity That surge in activity was described as remarkable as it followed a near 50% collapse in activity in the second quarter due to the Covid-19 pandemic..