112 M&A deals were announced representing $32B+ in enterprise value with a median of 7.7x EV / Revenue. Around 2/3's of all transactions were strategic tuck-ins with the majority of activity focused on the single and multifamily residential end markets. Industry outsiders and private equity claimed the largest and highest profile deals led by ICE’s acquisition of Ellie Mae for $11.0B (12.2x EV / Revenue) and Thoma Bravo’s acquisition of Real Page for $10.4B (9.4x EV / Revenue).Private placements also notched up a record year with $10.0B announced across 232 deals including major debt rounds by MRI and Airbnb. MRI topped the fundraising list with its $3.5B growth round funded by TA, GI and Harvest including $1.8B of debt. Airbnb received a $2.0B injection of capital during the height of COVID-19 lockdowns including $1.0B of debt.The Core PropTech Index(1) which AGC tracks, ended the year up 16.3% representing a median 16.9x EV/LTM Revenue multiple while Alternative Lodging & OTA Index(1) was up 8.8% at a median of 6.1x EV/LTM Revenue; both indexes are at sizable premiums to their long-term average EV/TTM Revenue. The 2H equity market rally paved the way for Airbnb’s long awaited IPOs while SPAC mergers brought Porch.com, Opendoor, and Vivint Smart Home public at substantial multiples.2021 has started with a bang with over a dozen transactions announced to date, three of which had $1B+ EVs: Latch’s SPAC merger for $1.1B (58.5x EV / 2020E Revenue or 21.5x EV / 2021E Revenue), Matterport’s SPAC merger for $2.3B (26.3x EV / 2020E Revenue), and Insight Partners / Stone Point’s joint take-private of CoreLogic for $7.6B (4.7x EV / 2020 Revenue). Significant SPAC dry powder coupled with near record public company valuations and abundant, inexpensive, debt sets up a favorable backdrop for 2021 deal making.