2025-02-23-PitchBook-企业SaaS并购回顾（英）_14页_850kb

报告摘要

Total deal value declined significantly to $14.7 billion, the lowest quarter since early COVID-19 in 2020, driven by high interest rates and market uncertainty.
Deal counts remained elevated, estimated at 160 transactions, slightly lower than Q2 estimates.
PE buyouts and corporate acquisitions pushed through, though deal values were compression: PE down 47.6% QoQ, corporate down 36.4% QoQ.
Lower valuations reflect market outlook, with only 36.6% of deals disclosing valuation metrics in Q3, contrasting with Q3 2023's 68.8%.

VC-backed companies led deal counts (59.1% of total transactions) and deal value ($28.5 billion YTD, up 89% YoY).
PE deals focused on smaller transactions, with average deal value down to $120 million, while corporate deals saw a slight decline in deal count and average valuations.

ERP and CRM segments shrank the most in deal value, down 74.1% and 79.1% YoY respectively, but remained top targets: ERP (50.6% deal value), CRM (24%).
Top active subsegments included manufacturing & operations, human capital management, and analytics & business intelligence.
Declines in segments like other analytics platforms underscore concentration risks.

M&A activity is expected to persist through backlog but may require further rate cuts for full recovery.
PE deal volumes face uncertainty due to interest rates, making corporate M&A potentially more resilient in the medium term.
AI companies are increasingly prioritizing fundraising over acquisition, delaying potential valuations in SaaS transactions.

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