The PwC report is based on transactions with a disclosed deal value of $15 million, as provided by Thomson Reuters.
The number of such deals was 62 in the second quarter, totaling $26.7 billion. The average deal value of $430 million was up slightly from the first quarter ($406 million) but down from $510 million for the previous 12 months.
There were four deals that topped $1 billion.
“While the number of new billion-dollar deals announced remained in line with the first quarter, the volume of smaller and middle market transactions notably grew,” Rob Fisher, U.S. technology industry deals leader for PwC, said in a release.
Tech initial public offerings numbered 22 with proceeds of more than $5.1 billion.
The software, hardware and semiconductor sectors all helped lead the growth in the second quarter. In the semiconductor sector, volume increased 40 percent, and average deal size quadrupled.