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1、Fall 2025Global Software Sector UpdateIndustry InsightsLearn MoreExecutiveExecutive SummarySummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive Summary2025 Deal Volume Is Already on Par with 2024,with One Quarter Remaining;Deal Value Is the Third High

2、est in the Past DecadeQ3 2025 Deal Volume Sets a New Record Surpassing Q1 2025;Third Quarter with Over 700 Deals in a RowDeal Activity and Multiples Are Increasingly Bifurcated,Rewarding the Top Quartile in both Public and Private Markets 3Key Market Updates Key Market Updates Software M&A activity

3、accelerated further in Q3 2025,with year-to-date deal volume already matching the full year 2024.The market is now on track to exceed last years total by 33%.Q3 set a new record,surpassing Q1,marking the third consecutive quarter with more than 700 transactions.Deal value for 2025 is projected to re

4、ach$307.7 bn by year-endthe highest since 2021.Q3 deal value rose 30%year-over-year,driven by a surge in transactions above$10 bn,including Palo Alto Networks$24.1bn acquisition of CyberArk and Thoma Bravos$12.7bn acquisition of Dayforce.Activity remains bifurcated between mega-cap($10bn)transaction

5、swhere depressed public valuations create opportunities for large PE,sovereign wealth funds and major strategicsand sub-$100mn bolt-on acquisitions.The middle market($100mn$1bn)has yet to see a sustained rebound as both buyers and sellers remain cautious in a slower-growth,lower-multiple environment

6、.PE activity rebounded sharply,recording the highest number of PE-led deals since Q1 2022.Strategic buyers continue to pay meaningful premiums,with median enterprise value/last 12 months(EV/LTM)revenue multiples rising to 5.4x for strategics versus 4.6x for financial buyers,the largest strategic pre