Tyro and Nitro are also still dancing with their suitors, seven-odd months after initial bids were lobbed. In 20, Altium, Hansen, Appen, EML Payments, Iress and ReadyTech were subject to failed approaches, while an expected bid for Infomedia never materialised. However, for all the deals that were completed, there are just as many that fell through. Pemba Capital Partners director Mark Bryan says tech company valuations are starting to become more reasonable. There has been a boom in tech takeover offers in the last year, in both private and public markets, with deals including Thoma Bravo purchasing Nearmap for more than $1 billion, MRI Software acquiring PropTech Group for $93 million, Pemba Capital swooping on MSL Solutions and Instaclustr being snapped up by NASDAQ-listed company NetApp. Private equity funds will be forced to resort to hostile tactics, or look for non-monetary ways to get tech merger and acquisition deals across the line, leading dealmakers say, noting there is now a valuation mismatch between company founders and would-be buyers in the market.

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