Around a third of the value came from "cross-border deals", with companies from across the world snapping up US companies.
EY analysts said 2015 will likely be another strong year for deals because of the prospects for innovation.
"Technologies that are transforming entire industries - or have the potential to do so - continue to drive technology mergers and acquisitions," the report said.
Despite the surge in investment, "it was no bubble", the report added.
"Despite the occasional 'moonshot' from a handful of deep-pocketed buyers, the vast majority of deals were measured in reality-based multiples of good-old-fashioned revenue, profit or cash flow," the EY report said.
"So while 2015 may not hit the same lofty highs as 2014, we fully expect another robust year of technology M&A in response to the transformations sweeping technology and rippling through all industries of the global economy."
The report said the largest investments came in the "internet of things", and semiconductors for various connected devices.
Other big segments included security, marketing and advertising and cloud-based services.
