The value of mergers and acquisitions involving UK companies as buyers or sellers increased by 10% from 2007 to €17.7bn (£16bn).
A Chartered Management Institute (CMI) survey revealed that a third of UK businesses in the IT sector are considering merging with competitors to help them ride out the economic storm.
The technology sector is better prepared to deal with the credit crunch because of the harsh lessons learned from the dot.com burst, said Andy Morgan, technology sector leader at PwC.
"Increasingly flexible business models have enabled technology businesses to move more swiftly in response to changing markets across the globe," he said.
The growing number of cross-border acquisitions of UK companies is expected to continue in 2009, driven by the relative weakness of the pound against other major currencies, PwC said.