November 2020: The country may be heading into ‘Lockdown 2.0’ but corporate activity and financial performance in the UK tech and digital sector continue to demonstrate remarkable resilience. In particular, mid-market private equity is back with a bang, and M&A activity continues to return to pre-COVID levels, especially in Enterprise Software. I discuss the key deals and valuation trends. Also this month, the wave of IPOs seems definitely now to have reached European shores and I look at where the next IPOs might come from - and where they won't. On trading, the picture remains broadly positive but there is something of an SME-shaped cloud on the horizon.