德安华（Kroll）：2026年春季全球软件行业交易更新报告（英文版）（22页）.pdf

1、Spring 2026Global Software Sector UpdateIndustry InsightsLEARN MOREExecutiveExecutive SummarySummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryQ1 2026 Deal Volume on Pace for Second-Most-Active Year,With Deals Skewed to the Lower Mid-Market

2、as Annualized Deal Value Drops to Nine-Year LowStrategic Buyers Dominated Deal Activity at 76%Share,Up from 71%in 2025,as PE Buyers Remain SelectiveDramatic Sell-Off in Public SaaS Stocks With Median EV Multiple Falling 33%to a Decade Low of 3.1x NTM Revenues3Key Market Updates Key Market Updates So

3、ftware M&A activity remained robust in Q1 2026,with annualized deal volume on track for the second-highest year on record.In Q1 total announced transactions were 661,with annualized volume of 2,644 deals,while annualized deal value reached$92.6 billion,implying a softer value backdrop than 2025 desp

4、ite continued activity.The quarter was led again by strategic acquirers,who accounted for 76%of total deals,up from the already elevated 71%in 2025,reflecting ongoing demand for artificial intelligence-critical(AI)capabilities,data infrastructure and workflow automation assets.Strategic buyers also

5、continued to underpin valuations for differentiated assets with strong growth and clear AI relevance.That said,public software valuations remained under pressure,with the median enterprise value/next twelve months(EV/NTM)revenue multiple for Software-as-a-Service(SaaS)companies falling to 3.1x in Q1

6、 2026,well below the long-term median of 5.3x.In private markets,EBITDA-based transaction multiples show more resilience than revenue-based metrics,underscoring that profitability and cash generation are becoming more important in buyer underwriting.M&A in Q1 2026 remained concentrated in strategica