Q1 2017 saw a record 115 M&A deals in the ad and martech spaces, according to a report from Results International.

This was driven by martech, which accounted for 91 of those deals – a major leap from Q4, when there were just 60.

“While the market trends are showing signs of positivity, adtech, martech and the wider tech universe are recovering from a relatively tough few quarters,” said Fallowfield. “Martech has had a notably strong performance this quarter, and with adtech showing signs of recovery, 2017 and beyond remains exciting for both.”

Among the high-profile deals during the quarter were Altice’s $306m acquisition of Teads, and SingTel’s $310m deal for Turn.

“These two acquisitions play into a key trend we have seen in recent quarters: the emergence of traditional business acquiring in the space to better monetise, and digitally transform, their businesses,” said Rosemary Fallowfield, M&A analyst at Results International.

This trend was most visible among traditional media firms, as Time Inc, Condé Nast and Entravision all made martech acquisitions.