The cloud, smart mobility, big data and social networking were key drivers in the private equity (PE) deal making market, according to accounting and consulting firm Ernst & Young.

In the second quarter of 2013, says EY, there were global merger and acquisition deals worth $33.4 billion, which was a flat amount when compared to the same quarter last year.

In contrast though, as part of this amount, total PE values soared 208 percent year-on-year to US$13.9 billion from $4.5 billion in the second quarter of 2012.

While private investors piled in, corporate deal-making fell 32 percent year-on-year to $19.5 billion.

EY said strategic technologies, such as mobile, social, cloud, and big data analytics, drove most of the top 10 deals for the quarter.

It added that many smaller deals were around application programming interfaces (APIs), start-up software development and mobile back-end as a service (MBaaS) initiatives.

Simon Pearson, EY technology M&A partner, said: "The strong overall deal value driven primarily by PE buyers was encouraging in the second quarter.

"I expect conditions such as low interest rates, lack of confidence among corporate buyers, the need for some technology companies to improve shareholder returns, and PE firms' 'dry powder' to foster ongoing PE deal strength."

EY said PE's strength also came from some PE technology targets being weakened by not keeping up with innovation, and some activist shareholders taking positions in the stock.