Dealmaking in the tech sector has jumped to the highest levels since the dot-com boom but there is no "bubble", according to a new report.
The EY report stated that the majority of the deals over the past year were founded on "reality-based" valuations.
Key deals last year included Facebook buying popular messaging app WhatsApp for US$19 billion in February, Apple snapping up headphones company Beats for US$3 billion in May and Microsoft spending US$2.5 billion on Minecraft maker Mojang in September.
The report revealed that 3512 mergers or acquisitions were completed in the tech sector last year, at a total value of US$237.6 billion, the highest figure since 2000.
The pace slowed a bit in the fourth quarter, with 959 deals and a total value of US$44.9 billion, EY said.