The global consulting firm reported in its third quarter recap on Thursday that tech M&A activity levels have rebounded to 2012 levels when comparing the third quarter of 2013 to the same time a year prior.
Over the three month period, the number of tech transactions grew by 97 percent on a sequential basis alone with 63 deals completed -- compared to just 32 deals in the second quarter.
Average deal value increased to $440 million, up from $253 million in Q1 and $433 million in Q2 2013.
The total deal value during the third quarter rang up to $27.7 billion, doubling that of the second quarter, thanks to at least eight done deals worth more than $1 billion each.
The number of IT services deals also doubled during the quarter with deal value increasing by a whopping 758 percent.
That's a huge uptick from the dismal mood within the industry and on Wall Street earlier this year.
In Q1 2013, PwC analysts found that tech M&As had dropped abruptly to a 4-year low. Nevertheless, they maintained a positive outlook for more robust deal activity ahead as political and economic uncertainties subside.
The optimistic mood seemed to be justified as soon as the second quarter, albeit analysts found that rumors about mergers were actually on the rise compared to actual agreements being inked.
Rob Fisher, U.S. technology industry deals leader at PwC, predicted that the good times will continue -- at least for the short term:
The significant technology deal announcements made during the third quarter provides ample reason to expect that the remainder of the year will be equally active as companies seek to close deals before year-end. The increase in announcements, coupled with a rising trend in technology divestitures in the the third quarter, is creating significant deal momentum which we expect to carry over into 2014 and drive higher technology deal volumes