1、M&A market report 1H 2025 EnterpriseSoftware1|17 Enterprise Software M&A Overview 1H 2025Tech acquirers seek AI targets,but no longer at a premiuminching up slightly from 16.6x to 17.0 x throughout the course of last year.This reflects continued investor confidence in the sector as businesses around

2、 the world increasingly deploy Enterprise Software solutions to optimize workflows.Its notable,however,that AI technology is no longer inspiring higher valuations,as we discuss below.Dealmaking has stayed strong in the Enterprise Software sector,with the total number of transactions in 2H2024 growin

3、g by 18%compared to the previous reporting period.Zooming out,we can see that the total transaction volume for 2024 was in line with that of 2023.EBITDA multiples have also been relatively stable,The graph above covers the period between July 2019 and December 2024.Throughout this Enterprise Softwar

4、e M&A report,median“trailing 30-month”multiples plotted in the graphs refer to the 30-month period prior to and including the half year.The dataset for this report has been expanded retrospectively so figures displayed in this edition may differ from prior editions.Total number of deals&valuation mu

5、ltiples in Enterprise Software per half-year,2H2019-2H20243.9x3.9x4.0 x4.6x5.0 x5.2x5.2x5.2x4.3x3.7x3.6x17.3x14.3x14.2x14.8x15.8x18.2x18.2x17.1x17.0 x16.6x17.0 x02004006008001000120014002H20191H20202H20201H20212H20211H20222H20221H20232H20231H20242H2024Transaction volumeMedian EV/R(trailing 30 months

6、)Median EV/EBITDA(trailing 30 months)0.0 x1.0 x2.0 x3.0 x4.0 x5.0 x6.0 x7.0 x8.0 x9.0 x10.0 xMedian EV/R(trailing 30 months)AI-Median EV/R(trailing 30 months)3030-NovNov-20222022:InitialInitial releaserelease ofof ChatGPTChatGPTin AI-focused solutions remains strong,the significant premiums that suc