德安华：2024年秋季全球软件行业交易更新报告（英文版）（20页）.pdf

1、FALL 2024INDUSTRY INSIGHTSLearn MoreGlobal Software Sector Update ExecutiveExecutive SummarySummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryQ3 YTD Deal Value Already Surpasses 2023 by 32%Despite Deal Volume Expected to Fall by 9%$1 bn-$10

2、bn Deal Value Segment Posts Strongest Quarter Since Q3 2021 with Private Equity Accounting for+80%of Deal ValuePublic EV/NTM Revenue Multiples Increased Moderately to 4.9x in Q3 2024,Surpassing Long-Term Average of 4.7x3Key Market Updates Key Market Updates Helped by a busy September,Q3 software M&A

3、 activity closed out with a 19%sequential increase in number of deals and 15%increase in deal value over Q2.The long awaited 0.5 percentage point interest rate reduction by the Fed in September certainly helped grease the post-summer deal wheels.However,the generally strong technology sector earning

4、s reports together with higher observed and expected growth rates in technology spending have been equally important.On a run rate basis,2024 is now on track to close with a 75%increase in deal value versus 2023,contrasting however with a 9%reduction in number of deals.This reflects a continued flig

5、ht to quality,with fewer but larger deals crossing the finish line as financial and strategic buyers prefer to pay up for the strongest performers while remaining cautious about median-or lower-quartile ranked software assets.Much of the action in Q3 was led by financial sponsors,with the six larges

6、t software deals of the quarter all being accounted for by private equity buyers,and notably mainly by generalist funds rather than the software-focused specialists.Here the improvement in credit market conditions,combined by strong secular market drivers and opportunities for transformational AI-fo