Software continued be one of the chief drivers for tech IPO activity during the second quarter, according to global consulting firm PricewaterhouseCoopers.
According to the PwC Q2 Tech IPO Review published on Thursday, the total number of deals blossomed to 43, compared to just 17 the same time last year.
The value of the Q2 2014 deals rang up to approximately $12.3 billion, up a whopping 327 percent annually.
The Internet Software & Services vertical alone contributed the most IPOs with 21 deals worth $5.2 billion, up from 11 worth $3.1 billion during Q2 2013.
Semiconductors also saw four IPOs worth $118 million during the quarter-- up from zero the same time last year, which PwC attributed to the China IPO freeze.
Raman Chitkara, a partner and global technology industry leader at PwC, posited in the report that IPO activity was more broad-based on a geographical basis this quarter.
Nevertheless, analysts emphasized the significant contribution demonstrated by the software industry:
Multiple forces are driving opportunity and innovation in the Internet Software & Services and Software sectors. Expanding commerce in China and ASEAN emerging economies, rapidly evolving Internet-connected wearables and smart devices as the Internet of Things becomes a reality, the associated need for big data analytics and the exploding demand for software defined systems that provide agility and flexibility to companies of all sizes. The impact of innovation is far-reaching in these subsectors.
The positive sentiment prolongs a continuing theme from PwC's tech deals report out earlier this month, boasting heights unseen for several years.
Image via PwC