Facebook contributed around half of the money spent on the top 10 tech acquisitions in 2014 in the US, paying $22bn for Whatsapp and $2bn for Oculus. However let's not forget 2014 was a good year for European companies - there were highly valued IPOs for the likes of Zalando, Rocket Internet, Just Eat, Markit, King.com, AO and Zoopla, as well as exits >$500mn for Viber, Natural Motion, Deepmind and Fotolio, and I'm sure there are others. We are seeing lots of US acquirers shopping for European assets, and expect European companies to start appearing on these lists over the next couple of years.