The first month of the year yielded 187 completed middle-market deals, down from 207 the previous month. (See related graphic.) Separately, M&A pros polled in January reported the lowest deal flow in six months, according to the Mid-Market M&A Conditions Index (MACI), a barometer created by Mergers & Acquisitions and sponsored by PwC. 

Among the significant deals to close in January was the $800 million purchase of stock-photography provider Fotolia LLC by Adobe Systems Inc. (Nasdaq: ADBE). The deal was fueled by revenues from Adobe’s Creative Cloud, a suite of production tools used by content producers, including SourceMedia, the publisher of Mergers & Acquisitions.

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