德安华（Kroll）：2025年冬季全球软件并购市场更新报告（英文版）（21页）.pdf

1、Winter 2025Global Software Sector UpdateIndustry InsightsLearn MoreExecutiveExecutive SummarySummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive Summary2024 Deal Value Up 64%Compared to 2023,Despite a 4%Reduction in Number of Deals2024 Ended on a Dow

2、nbeat Note with a Slow Q4,Even with the$10 Billion Acquisition of Altair by Siemens Public EV/NTM Revenue Multiples Have Stabilized and Are Back above the 15-Year Median of 4.8x3Key Market Updates Key Market Updates After a strong Q3 that continued into October,the software M&A market slowed in the

3、last two months of Q4 2024 as the pendulum shifted toward smaller,bolt-on deal activity.This shift resulted in a 61%reduction in deal value versus Q3 2024 compared with an almost flat 2%reduction in number of deals.Deal volume was helped by a recovery in strategic M&A activity that resulted in 4%mor

4、e strategic deals in Q4 versus Q3 2024 compared with a 13%reduction in private equity deals over the same period.The slowdown in private equity-led deal activity in November and December coincided with the US elections and a moderation of expectations for the pace of interest rate reductions by the

5、Fed in 2025,and contrasts with an exceptionally busy Q3 where financial sponsors led the six largest software M&A deals.Strategic M&A activity has been supported by a continued improvement in public equity markets,with another bump on median enterprise value to next 12 months revenue multiples from

6、5.0 x to 5.2x over Q4 2024,bringing the median multiple back in line with the three-year average multiple and a slight premium to the 15-year average multiple of 4.8x.Notably during the quarter,the strongest performance in public equity valuation multiples came from the more cyclically exposed secto