德安华（Kroll）：2025年春季全球软件行业交易更新报告（英文版）（21页）.pdf

1、Spring 2025Global Software Sector UpdateIndustry InsightsLearn MoreExecutiveExecutive SummarySummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryExecutive SummaryStrong Q1 with Deal Value Up 23%and Deal Volume Up 36%YoY Public SaaS Companies EV/NTM Revenue Mul

2、tiples Slipped Below the 15-Year MedianPolitical Uncertainty and the Potential Impact of Trade Tariffs Are Likely to Slow Down Future Deal Activity3Key Market Updates Key Market Updates Software M&A activity opened 2025 on a strong footing,with 714 announced transactions in Q1a 36%increase over the

3、same period in 2024.Deal value rose 23%YoY,setting a pace that could make 2025 the second most active year on record,behind only 2021.The quarter featured several high-profile deals,most notably Googles$32 billion acquisition of Wiz,emphasizing the continued strategic focus on cloud security.Other m

4、ajor transactions included the take-private acquisitions of Dun&Bradstreet,Fortnox and Paycor,totaling$16 billion.Valuation multiples for privately held software companies showed widening stratification.Companies generating over$25 million in revenue commanded median premiums of 0.7x to 1.6x enterpr

5、ise value/last 12 months(EV/LTM)revenue compared to smaller peers,reflecting ongoing market polarization.Scaled,high-performing SaaS businesses continue to attract outsized buyer interest and premium pricing.Public software markets faced macro-driven pressure during the quarter.Inflation concerns an

6、d uncertainty about tariffs contributed to a decline in median SaaS valuation multiples,down 0.6x to 5.1x EV/NTM revenue.However,sentiment improved by early May as earnings and forward guidance broadly met or exceeded expectations and progress appeared to be made on tariff negotiations.Cybersecurity