Some very good comments on tech M&A by Rick Sherlund (vice chairman investment banking Bank of America, formerly top tech analyst at Goldman Sachs for 17 years).
The very high valuations in 2020 and 2021 make it hard to find willing sellers, as they see the current valuation (-80%) as too low. Rich points out that fast growing unicorns can get back to the same valuation in dollars as in 2020/2021 in an acquisition offer through high annual revenue growth (50%+), higher margins (after cost cutting), possibly lower US interest rates and bid premium (40%). All in all it sounds like end of 2023 or 2024 to see all that play out, and that if $100 million+ software companies can continue growing fast this year with a likely recession and cost cuts in their sales & marketing organizations.